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:  05/31

Date of reporting period: 2/28/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

| Investment Portfolio | **as of February 28, 2009  (Unaudited)** |
|----------------------|------------------------------------------|

 

 

**DWS Floating Rate Plus Fund**

 

 

|   | **Principal****Amount ($)**                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | **Value ($)** |
|--------|-----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Loan Participations and Assignments 87.4%** |  
**Senior Loans***

 
**Consumer Discretionary 16.0%**

 
AMC Entertainment, Inc., Term Loan B, LIBOR plus 1.75%, 3.869%, 1/26/2013 

 

1,000,000

 

886,075

Bombardier Recreational Products, Inc., Term Loan, LIBOR plus 2.5%, 4.619%, 6/28/2013 

 

500,000

 

148,750

Bresnan Communications LLC, Term Loan 2nd Lien, LIBOR plus 4.5%, 6.619%, 3/29/2014 

 

1,000,000

 

705,000

Buffets, Inc.:

 
 

Credit Link Deposit, LIBOR plus 2.75%, 4.869%, 5/1/2013 

 

117,344 

 

16,428 

 

Term Loan, LIBOR plus 2.75%, 4.869%, 11/1/2013 

 

899,378 

 

125,913 

CanWest MediaWorks LP, Term Loan D, LIBOR plus 2.0%, 4.119%, 7/10/2014 

 

491,250 

 

216,150 

Cequel Communications LLC, Term Loan 1st Lien, LIBOR plus 2.0%, 4.119%, 11/5/2013 

 

997,462

 

842,162

Dollar General Corp., Term Loan B-1, LIBOR plus 2.75%, 4.869%, 7/6/2014 

 

500,000

 

434,637

 

 

 

Golden Nugget, Inc., Term Loan 2nd Lien, LIBOR plus 3.25%, 5.369%, 12/31/2014 

 

1,000,000

 

155,000

Hanesbrands, Inc., Term Loan B 1st Lien, LIBOR plus 1.75%, 3.869%, 9/5/2013 

 

435,980

 

408,323

Hertz Corp.:

 
 

Credit Link Deposit, LIBOR plus 1.75%, 3.869%, 12/21/2012 

 

77,054 

 

51,410 

 

Term Loan B, LIBOR plus 1.75%, 3.869%, 12/21/2012 

 

422,946 

 

282,185 

Idearc, Inc., Term Loan B, LIBOR plus 2.0%, 4.119%, 11/17/2014 

 

982,456

 

350,973

Las Vegas Sand LLC (Venetian):

 
 

Term Delay Draw, LIBOR plus 1.75%, 3.869%, 5/23/2014 

 

166,527 

 

75,492 

 

Term Loan B, LIBOR plus 1.75%, 3.869%, 5/23/2014 

 

824,268 

 

373,665 

MCC (Mediacom Illinois LLC), Term Loan C, LIBOR plus 1.5%, 3.619%, 1/31/2015 

 

500,000

 

429,582

Merrill Communications LLC, Term Loan 2nd Lien, LIBOR plus 6.5%, 8.619%, 11/15/2013 

 

400,000

 

160,000

MGM Holdings II, Inc., Term Loan B, LIBOR plus 3.25%, 5.369%, 4/8/2012 

 

989,848

 

453,266

National CineMedia LLC, Term Loan, LIBOR plus 1.75%, 3.869%, 2/13/2015 

 

500,000

 

414,375

Network Communications, Inc., Term Loan, LIBOR plus 2.0%, 4.119%, 11/30/2012 

 

922,773

 

622,872

New World Gaming Partners Holdings Ltd.:

 
 

Term Delay Draw, LIBOR plus 2.25%, 4.369%, 1/19/2019 

 

166,667 

 

74,167 

 

Term Loan, LIBOR plus 2.25%, 4.369%, 7/19/2014 

 

825,000 

 

367,125 

Reader's Digest Association, Inc., Term Loan, LIBOR plus 2.0%, 4.119%, 3/2/2014 

 

982,500

 

270,188

Regal Cinemas Corp., Term Loan, LIBOR plus 3.75%, 5.869%, 10/27/2013 

 

500,000

 

464,452

Toys "R" Us, Inc., Term Loan, LIBOR plus 4.25%, 6.369%, 7/19/2012 

 

995,025

 

563,612

Tribune Co., Term Loan B, LIBOR plus 3.0%, 5.119%, 5/17/2014 

 

987,500

 

263,080

Univision Communications, Inc.:

 
 

Term Delay Draw, LIBOR plus 2.25%, 4.369%, 9/29/2014 

 

33,557 

 

15,487 

 

Term Loan 1st Lien, LIBOR plus 2.25%, 4.369%, 9/29/2014 

 

966,443 

 

446,013 

 

**9,616,382**

**Consumer Staples 5.1%**

 
Advance Food Co., Inc., Term Loan 2nd Lien, LIBOR plus 4.25%, 6.369%, 9/16/2014 

 

750,000

 

356,250

American Seafoods Group LLC:

 
 

Term Loan B-1, LIBOR plus 1.75%, 3.869%, 9/30/2012 

 

900,000 

 

787,500 

 

Term Loan B-2, LIBOR plus 1.75%, 3.869%, 9/30/2012 

 

100,000 

 

87,375 

Jarden Corp.:

 
 

Term Loan B, LIBOR plus 1.75%, 3.869%, 1/24/2012 

 

500,000 

 

450,625 

 

Term Loan B-2, LIBOR plus 1.75%, 3.869%, 1/24/2012 

 

500,000 

 

450,625 

New UNO Acquisition Corp., Term Loan B, LIBOR plus 3.75%, 5.869%, 8/7/2014 

 

950,000

 

942,034

 

**3,074,409**

**Energy 7.4%**

 
Alon Refinining Krotz Springs, Inc., Term Loan B, LIBOR plus 7.5%, 9.619%, 7/3/2014 

 

1,000,000

 

440,000

Atlas Pipeline Partners LP, Term Loan, LIBOR plus 2.5%, 4.619%, 7/23/2014 

 

853,238

 

739,655

Calumet Specialty Products Partners LP:

 
 

Credit Link Deposit, LIBOR plus 4.0%, 6.119%, 1/3/2014 

 

114,943 

 

62,356 

 

Term Loan, LIBOR plus 4.0%, 6.119%, 1/3/2014 

 

862,265 

 

467,779 

CCS, Inc., Term Loan, LIBOR plus 3.0%, 5.119%, 11/14/2014 

 

496,241

 

302,707

Dresser, Inc., Term Loan 1st Lien, LIBOR plus 2.5%, 4.619%, 5/4/2014 

 

988,251

 

712,598

Express Energy Services Holding LP, Term Loan, LIBOR plus 5.25%, 7.369%, 7/10/2013 

 

477,354

 

250,611

Gulf Tanks Holdings, Inc., Term Loan 2nd Lien, LIBOR plus 3.75%, 5.869%, 4/6/2014 

 

500,000

 

262,500

Quicksilver Resources, Inc., Term Loan, LIBOR plus 4.5%, 6.619%, 8/8/2013 

 

701,363

 

588,710

Western Refining Co., Term Loan, LIBOR plus 4.5%, 6.619%, 4/13/2014 

 

994,950

 

622,838

 

**4,449,754**

**Financials 5.7%**

 
Algoma Acquisition Corp., Term Loan, LIBOR plus 2.5%, 4.619%, 6/20/2013 

 

705,032

 

431,832

Atlantic Broadband Finance LLC, Term Loan B-2, LIBOR plus 2.25%, 4.369%, 9/1/2011 

 

1,000,000

 

907,500

Bankruptcy Management Solutions, Inc., Term Loan, LIBOR plus 4.0%, 6.119%, 7/31/2012 

 

1,000,000

 

575,000

Conseco, Inc., Term Loan, LIBOR plus 2.0%, 4.119%, 10/10/2013 

 

994,920

 

634,262

 

 

 

 
UPC Financing Partnership, Term Loan N, LIBOR plus 1.75%, 3.869%, 12/31/2014 

 

1,000,000

 

850,000

 
 
 

**3,398,594**

 
**Health Care 11.2%**

 
 
Bausch & Lomb, Inc.:

 
 
 

Term Delay Draw, LIBOR plus 3.25%, 5.369%, 4/26/2015 

 

120,724 

 

104,200 

 
 

Term Loan B, LIBOR plus 3.25%, 5.369%, 4/26/2015 

 

796,781 

 

687,721 

 
Community Health Systems, Inc.:

 
 
 

Term Delay Draw, LIBOR plus 2.25%, 4.369%, 7/16/2014 

 

46,404 

 

39,482 

 
 

Term Loan, LIBOR plus 2.25%, 4.369%, 7/16/2014 

 

907,024 

 

771,723 

 
HCA, Inc., Term Loan B, LIBOR plus 2.25%, 4.369%, 11/17/2013 

 

989,899

 

835,435

 
Health Management Associates, Inc., Term Loan B, LIBOR plus 1.75%, 3.869%, 2/28/2014 

 

945,226

 

764,584

 
Life Technologies Corp., Term Loan B, LIBOR plus 3.0%, 5.119%, 9/22/2015 

 

99,750

 

98,285

 
Mylan, Inc., Term Loan B, LIBOR plus 3.25%, 5.369%, 10/2/2014 

 

980,000

 

911,748

 
Surgical Care Affiliates LLC, LIBOR plus 2.25%, 4.369%, 12/29/2014 

 

295,500

 

180,255

 
Symbol Merger Sub, Inc.:

 
 
 

Term Loan A, LIBOR plus 3.25%, 5.369%, 8/23/2013 

 

471,750 

 

263,001 

 
 

Term Loan B, LIBOR plus 3.25%, 5.369%, 8/23/2014 

 

471,750 

 

265,359 

 
Talecris Biotherapeutics Holdings Corp., Term Loan 1st Lien, LIBOR plus 3.5%, 5.619%, 12/6/2013 

 

1,000,000

 

925,000

 
US Oncology, Inc., Term Loan C, LIBOR plus 2.75%, 4.869%, 8/20/2011 

 

1,000,000

 

917,500

 
 
 

**6,764,293**

 
**Industrials 10.9%**

 
 
Acosta, Inc., Term Loan, LIBOR plus 2.25%, 4.369%, 7/28/2013 

 

984,849

 

818,045

 
ARAMARK Corp.:

 
 

Credit Link Deposit, LIBOR plus 2.0%, 4.119%, 1/26/2014 

 

58,002 

 

50,211 

 
 

Term Loan, LIBOR plus 2.0%, 4.119%, 1/26/2014 

 

834,698 

 

722,581 

 
Asurion Corp., Term Loan, LIBOR plus 3.0%, 5.119%, 7/16/2014 

 

1,000,000

 

752,710

 
BE Aerospace, Inc., Term Loan B, LIBOR plus 2.75%, 4.869%, 7/25/2014 

 

398,000

 

371,798

 
FR Brand Acquisition Corp., Term Loan B, LIBOR plus 2.25%, 4.369%, 2/7/2014 

 

987,500

 

651,750

 
GenCorp, Inc.:

 
 
 

Credit Link Deposit, LIBOR plus 2.25%, 4.369%, 4/30/2013 

 

312,500 

 

215,625 

 
 

Term Loan, LIBOR plus 2.25%, 4.369%, 4/30/2013 

 

171,956 

 

118,650 

 
Getty Images, Inc., Term Loan B, LIBOR plus 4.0%, 6.119%, 7/2/2015 

 

869,531

 

833,663

 
Gleason Corp., Term Loan, LIBOR plus 2.0%, 4.119%, 6/30/2013 

 

243,728

 

211,434

 
Sabre, Inc., Term Loan, LIBOR plus 2.25%, 4.369%, 9/30/2014 

 

1,000,000

 

482,250

 
Travelport, Inc., Term Delay Draw, LIBOR plus 2.25%, 4.369%, 8/23/2013 

 

987,469

 

590,477

 
West Corp., Term Loan B2, LIBOR plus 2.375%, 4.494%, 10/24/2013 

 

989,924

 

730,346

 
 
 

**6,549,540**

 
**Information Technology 8.4%**

 
 
Aspect Software, Inc, Term Loan 1st Lien, LIBOR plus 3.0%, 5.119%, 7/11/2011 

 

500,000

 

317,500

 
Caritor, Inc.:

 
 
 

Credit Link Deposit, LIBOR plus 2.25%,, 4.369%, 6/1/2013 

 

70,588 

 

24,235 

 
 

Term Loan, LIBOR plus 2.25%, 4.369%, 6/1/2013 

 

927,059 

 

318,292 

 
First Data Corp., Term Loan B1, LIBOR plus 2.75%, 4.869%, 9/24/2014 

 

987,500

 

654,357

 
JRD Holdings, Inc., Term Loan A, LIBOR plus 2.5%, 4.619%, 7/2/2014 

 

484,375

 

426,250

 
Macrovision Solutions Corp., Term Loan, LIBOR plus 3.75%, 5.869%, 5/2/2013 

 

821,812

 

801,266

 
SunGard Data Systems, Inc., Term Loan, LIBOR plus 2.0%, 4.119%, 2/28/2014 

 

989,899

 

831,674

 
Vangent, Inc., Term Loan, LIBOR plus 2.25%, 4.369%, 2/14/2013 

 

962,264

 

808,302

 
VeriFone, Inc., Term Loan B, LIBOR plus 2.75%, 4.869%, 10/31/2013 

 

1,104,000

 

872,160

 
 
 

**5,054,036**

 
**Materials 6.0%**

 
 
Celanese (BCP Crystal Holding Ltd. 2), Term Loan, LIBOR plus 1.75%, 3.869%, 4/6/2011 

 

997,462

 

824,901

 
Georgia-Pacific Corp., Term Loan B 1st Lien, LIBOR plus 1.75%, 3.869%, 12/23/2012 

 

737,042

 

638,282

 
Graphic Packaging International, Inc., Term Loan C, LIBOR plus 2.75%, 4.869%, 5/16/2014 

 

78,818

 

67,630

 
Ineos Holdings Ltd.:

 
 

 

 

 

Term Loan B-2, LIBOR plus 2.25%, 4.369%, 12/16/2013 

 

494,898 

 

200,186 

 

Term Loan C-2, LIBOR plus 2.75%, 4.869%, 12/16/2014 

 

494,898 

 

201,983 

Lyondell Basell Industries AF SCA, Term Loan B-3, LIBOR plus 3.75%, 5.869%, 12/20/2014 

 

997,481

 

218,199

Newpage Holding Corp., Term Loan B, LIBOR plus 3.75%, 5.869%, 12/7/2014 

 

990,000

 

623,948

Noranda Aluminum Holding Corp., Term Loan B, LIBOR plus 2.0%, 4.119%, 5/18/2014 

 

462,882

 

252,849

Novelis, Inc.:

 
 

Term Loan, LIBOR plus 2.0%, 4.119%, 7/6/2014 

 

677,188 

 

419,179 

 

Term Loan, LIBOR plus 2.0%, 4.119%, 7/14/2014 

 

307,813 

 

190,536 

 

**3,637,693**

**Telecommunication Services 13.3%**

 
Brocade Communications Systems, Inc., Term Loan, LIBOR plus 4.0%, 6.119%, 9/30/2013 

 

246,875

 

226,508

Cavtel Holdings LLC, Term Loan, LIBOR plus 4.75%, 6.869%, 12/31/2012 

 

981,559

 

301,010

Cricket Communications, Inc., Term Loan B, LIBOR plus 3.5%, 5.619%, 6/16/2013 

 

997,442

 

931,676

Gabriel Communications Finance Co., Term Loan B, LIBOR plus 3.25%, 5.369%, 5/31/2014 

 

985,000

 

756,805

Hughes Network Systems LLC, Term Loan, LIBOR plus 2.5%, 4.619%, 4/15/2014 

 

500,000

 

391,250

Intelsat Jackson Holdings Ltd., Term Loan B, LIBOR plus 3.0%, 5.119%, 2/1/2014 

 

1,000,000

 

751,250

MetroPCS Wireless, Inc., Term Loan B, LIBOR plus 2.25%, 4.369%, 2/14/2014 

 

997,449

 

870,778

One Communications Corp., Term Loan C, LIBOR plus 3.5%, 5.619%, 4/19/2013 

 

705,022

 

421,836

Sorenson Communications, Inc., Term Loan C, LIBOR plus 2.5%, 4.619%, 8/16/2013 

 

914,885

 

794,422

Stratos Global Corp., Term Loan B, LIBOR plus 2.5%, 4.619%, 2/13/2012 

 

860,250

 

747,342

Telesat LLC:

 
 

Term Delay Draw, LIBOR plus 3.0%, 5.119%, 10/31/2014 

 

82,250 

 

70,776 

 

Term Loan, LIBOR plus 3.0%, 5.119%, 10/31/2014 

 

957,650 

 

824,058 

Virgin Media Investment Holdings Ltd., Term Loan B-4, LIBOR plus 2.0%, 4.119%, 9/3/2012 

 

1,000,000

 

915,000

 

**8,002,711**

**Utilities 3.4%**

 
Calpine Corp., Term Loan, LIBOR plus 2.875%, 4.994%, 3/29/2014 

 

1,241,233

 

899,894

NRG Energy, Inc.:

 
 

Credit Link Deposit, LIBOR plus 1.75%, 3.869%, 2/1/2013 

 

236,215 

 

219,418 

 

Term Loan, LIBOR plus 1.75%, 3.869%, 2/1/2013 

 

479,182 

 

445,107 

Texas Competitive Electric Holdings Co., LLC:

 
 

Term Loan B2, LIBOR plus 3.5%, 5.619%, 10/10/2014 

 

395,000 

 

245,617 

 

Term Loan B3, LIBOR plus 3.5%, 5.619%, 12/31/2012 

 

395,000 

 

246,134 

 

**2,056,170**

**Total Loan Participations and Assignments** (Cost $69,593,063)

 

**52,603,582**

 

 

**Government & Agency Obligations 0.6%**

 
**US Treasury Obligations**

 
US Treasury Bills:

 
 

0.13% **, 6/11/2009 (a) 

 

241,000 

 

240,806 

 

0.29% **, 6/18/2009 (a) 

 

101,000 

 

100,909 

**Total Government & Agency Obligations** (Cost $341,822)

 

**341,715**

 

**Shares**

 

**Value ($)**

 

**Cash Equivalents 15.3%**

 
Cash Management QP Trust, 0.85% (b)(Cost $9,192,483)

 

 

9,192,483

 

**9,192,483**

 

 

 

 
 

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

 

**Value ($)**

 
 
**Total Investment Portfolio** (Cost $79,127,368) †

103.3

 

**62,137,780**

 
**Other Assets and Liabilities, Net**

(3.3)

 

**(2,002,390)**

 
 
**Net Assets**

100.0

 

**60,135,390**

 
*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.*

 
***

*Senior loans in the Fund’s portfolio generally are subject to mandatory and/or optional payment.  As a result, the actual remaining maturity of senior loans in the Fund’s portfolio may be substantially less than the stated maturities shown in this report.  Senior loans pay interest at rates which vary based on prevailing interest rates, such as the prime rate offered by a major US bank or LIBOR, and are shown at their current rate as of February 28, 2009.*

 
****

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

 
*†*

*The cost for federal income tax purposes was $79,127,368.  At February 28, 2009, net unrealized depreciation for all securities based on tax cost was $16,989,588.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $836,684 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $17,826,272.*

 
*(a)*

*At February 28, 2009, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.*

 
*(b)*

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

 
*LIBOR: Represents the London InterBank Offered Rate.*

 
*At February 28, 2009, the Fund had unfunded loan commitments of $66,054 which could be extended at the option of the borrower, pursuant to the following loan agreements:*

**Borrower**

**Unfunded Loan Commitment ($)**

**Value ($)**

**Unrealized Appreciation ($)**

 
Bausch & Lomb, Inc., Term Delay Draw, 4/26/2015

66,054

69,467

**3,413**

 
 

* *

* *

* *

 
 
*At February 28, 2009, open futures contracts purchased were as follows:*

 
**Futures**

 

**Expiration****Date**

 

**Contracts**

 

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

 

**Value ($)**

 

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

 
 
 

 
2 Year US Treasury Note 

 

6/30/2009 

 

14 

 

3,034,758 

 

3,032,531 

 

(2,227)

 
 
Federal Republic of Germany Euro-Bund 

 

3/6/2009 

 

17 

 

2,688,129 

 

2,687,503 

 

(626)

 
 
Federal Republic of Germany Euro-Schatz 

 

3/6/2009 

 

47 

 

6,407,216 

 

6,448,804 

 

41,588

 
 
United Kingdom Long Gilt Bond

 

6/26/2009 

 

24 

 

4,164,594

 

4,095,866 

 

(68,728)

 
 
**Total net unrealized depreciation**

**(29,993)**

 
 
 

 

*At February 28, 2009, open futures contracts sold were as follows:*

**Futures**

 

 

**Expiration****Date**

 

**Contracts**

 

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

 

**Value ($)**

 

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

 

10 Year Canadian Government Bond 

 

6/19/2009 

 

26 

 

2,552,699 

 

2,531,332 

 

21,367

 
10 Year Mini Japanese Government Bond

 

3/10/2009 

 

29 

 

4,141,166 

 

4,147,569 

 

(6,403)

 
10 Year US Treasury Note 

 

6/19/2009 

 

10 

 

1,210,441 

 

1,200,312 

 

10,129

 
 

 

 

**Total net unrealized appreciation**

**25,093**

 
*As of February 28, 2009, the Fund had the following open forward foreign currency exchange contracts:*

**Contracts to Deliver**

 

**In Exchange For**

 

**Settlement****Date**

 

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

 
 
USD

2,016,042

 

GBP

1,418,000

 

3/18/2009

 

7,393

 
AUD

578,000

 

USD

374,871

 

3/18/2009

 

4,308

 
EUR

2,609,000

 

USD

3,347,190

 

3/18/2009

 

44,418

 
**Total unrealized appreciation**

 

 

 

 

 

**56,119**

 
 
**Contracts to Deliver**

 

**In Exchange For**

 

**Settlement****Date**

 

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

 
 
USD

784,632

 

CAD

977,000

 

3/18/2009

 

(15,732)

 
USD

1,300,754

 

CHF

1,514,000

 

3/18/2009

 

(3,411)

 
USD

1,162,471

 

JPY

104,913,000

 

3/18/2009

 

(89,247)

 
USD

59,416

 

NOK

410,000

 

3/18/2009

 

(1,319)

 
USD

108,350

 

NZD

210,000

 

3/18/2009

 

(2,882)

 
USD

526,770

 

SEK

4,425,000

 

3/18/2009

 

(36,553)

 
**Total unrealized depreciation**

 

 

 

 

 

**(149,144)**

 
 
 

***Currency Abbreviations*****

 **

 **

*AUD***

*Australian Dollar***

*JPY***

*Japanese Yen***

*CAD***

*Canadian Dollar***

*NOK***

*Norwegian Krone***

*CHF***

*Swiss Franc***

*NZD***

*New Zealand Dollar***

*EUR***

*Euro***

*SEK***

*Swedish Krona***

*GBP***

*British Pound***

*USD***

*United States Dollar***

 

***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 February 28, 2009 in valuing the Fund's investments. Please see below for information on the Fund’s policy regarding valuation inputs, and their aggregate levels used in the table below:*

 

**Valuation Inputs**

**Investments in  Securities**

**Other Financial Instruments***††*

Level 1 

$                                 -   

$                    (4,900)   

Level 2 

44,701,523   

(89,612)   

Level 3 

17,436,257   

-   

**Total**

**$                 62,137,780**

**$                  (94,512)**

 

*†† Other financial instruments are derivative instruments not reflected in the Investment Portfolio, such as futures contracts, forward foreign currency exchange contracts and unfunded loan commitments 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 February 28, 2009:*

 

 

**Investments in  Securities**

 

 

 

**Balance as of May 31, 2008**

$                15,659,552

Total realized gain (loss)

(1,022,881)   

Change in unrealized appreciation (depreciation)

(4,454,953)   

Amortization premium/discount

121,344

Net purchases (sales)

7,637,039   

Net transfers in (out) of Level 3 

(503,844)   

**Balance as of February 28, 2009**

**$                17,436,257**

**Net change in unrealized appreciation (depreciation) from investments still held as of February 28, 2009**

**$               (4,319,924)**

 

***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 fair valuations of the Fund's derivative instruments categorized by risk exposure at February 28, 2009.  Please see below for information on the Fund’s policy regarding the objectives and strategies for futures and forward foreign exchange currency contracts.*

 

 

 

**Primary Underlying Risk Disclosure**

 

 

**Futures**

**Forward Currency Contracts**

Interest Rate Contracts

(4,900)

 

Foreign Exchange Contracts

 

(93,025)

Credit Contracts

 

 

Equity Contracts

 

 

Other Contracts

 

 

 

*Futures.  The Fund seeks to enhance returns by employing a global tactical asset allocation overlay strategy.  As part of this strategy, the Fund may use futures contracts to gain exposure to changes in interest rates, and take advantage of short-term and medium-term mispricings within the global bond and currency markets.  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 the counterparty, and guarantees the futures against default.*

 

*Forward Foreign Currency Exchange Contracts.  The Fund seeks to enhance returns by employing a global tactical asset allocation overlay strategy.  As part of this strategy, the Fund may use forward currency exchange contracts to gain exposure to changes in the value of foreign currencies, and to take advantage of short-term and medium-term mispricings within the currency markets.  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 Floating Rate Plus Fund, a series of DWS Portfolio Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

April 22, 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 Floating Rate Plus Fund, a series of DWS Portfolio Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

April 22, 2009

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        April 22, 2009

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