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:  811-04049
 
DWS Income 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
60 Wall Street
New York, NY 10005
(Name and address of agent for service)
 
Registrant's telephone number, including area code:   (212) 250-3220
 
Date of fiscal year end:   9/30
 
Date of reporting period:   6/30/2013

ITEM 1.
SCHEDULE OF INVESTMENTS


Investment Portfolio    as of   June 30, 2013  (Unaudited)

DWS GNMA Fund
 
Principal
Amount ($)
 
Value ($)
 
 
 
Government National Mortgage Association 102.3%
 
Government National Mortgage Association:
               
 
2.99%, with various maturities from 3/15/2042 until 6/15/2042
   
3,735,045
 
3,688,970
 
 
3.0%, with various maturities from 9/15/2042 until 2/15/2043 (a)
   
99,252,406
 
98,288,271
 
 
3.1%, with various maturities from 10/15/2041 until 2/15/2042
   
4,517,311
 
4,510,854
 
 
3.25%, with various maturities from 9/15/2042 until 11/15/2042
   
6,307,396
 
6,368,007
 
 
3.5%, with various maturities from 11/1/2041 until 3/20/2043 (a)
   
590,164,939
 
606,443,536
 
 
4.0%, with various maturities from 8/20/2030 until 5/20/2043 (a)
   
313,325,785
 
330,554,179
 
 
4.2%, 6/15/2040
   
210,041
 
221,713
 
 
4.25%, with various maturities from 9/15/2040 until 10/15/2041
   
4,386,986
 
4,648,099
 
 
4.49%, with various maturities from 6/15/2041 until 7/15/2041
   
2,294,946
 
2,448,771
 
 
4.5%, with various maturities from 6/20/2033 until 5/15/2042
   
312,382,780
 
334,590,939
 
 
4.55%, 1/15/2041
   
4,337,240
 
4,623,938
 
 
4.625%, with various maturities from 4/15/2041 until 5/15/2041
   
1,414,699
 
1,517,986
 
 
5.0%, with various maturities from 3/20/2029 until 2/20/2042
   
317,840,714
 
344,868,527
 
 
5.5%, with various maturities from 12/15/2025 until 6/15/2042
   
248,484,555
 
274,049,244
 
 
6.0%, with various maturities from 8/20/2023 until 5/15/2040
   
156,700,318
 
173,718,072
 
 
6.5%, with various maturities from 11/20/2032 until 3/20/2041
   
41,401,475
 
46,237,873
 
 
7.0%, with various maturities from 1/15/2036 until 6/20/2039
   
4,610,199
 
5,197,928
 
 
7.5%, with various maturities from 6/20/2022 until 8/20/2032
   
230,229
 
270,495
 
 
Total Government National Mortgage Association (Cost $2,265,732,154)
 
2,242,247,402
 
 
 
Collateralized Mortgage Obligations 20.0%
 
Federal Home Loan Mortgage Corp.:
               
 
"EA", Series 2530, Principal Only, Zero Coupon, 1/15/2032
   
1,228,903
 
1,059,282
 
 
"OH", Series 3382, Principal Only, Zero Coupon, 11/15/2037
   
1,403,154
 
983,089
 
 
"CO", Series 3820, Principal Only, Zero Coupon, 3/15/2041
   
12,273,177
 
8,953,599
 
 
"UF", Series 3807, 1.394% *, 2/15/2041
   
1,445,992
 
1,447,836
 
 
"BC", Series 4144, 2.5%, 12/15/2042
   
1,200,000
 
965,652
 
 
"KB", Series 4144, 2.5%, 12/15/2042
   
3,200,000
 
2,582,801
 
 
"KH"', Series 4153, 2.5%, 1/15/2043
   
2,292,400
 
1,807,043
 
 
"IY", Series 3955, Interest Only, 3.0%, 3/15/2021
   
9,672,784
 
636,635
 
 
"YI", Series 3936, Interest Only, 3.0%, 6/15/2025
   
1,638,038
 
88,690
 
 
"AI", Series 4016, Interest Only, 3.0%, 9/15/2025
   
14,585,028
 
1,050,290
 
 
"EI", Series 3953, Interest Only, 3.0%, 11/15/2025
   
3,195,830
 
231,574
 
 
"DI", Series 3952, Interest Only, 3.0%, 11/15/2025
   
2,717,863
 
217,298
 
 
"IO", Series 3974, Interest Only, 3.0%, 12/15/2025
   
2,794,689
 
262,993
 
 
"GI", Series 3985, Interest Only, 3.0%, 10/15/2026
   
1,697,727
 
138,081
 
 
"DI", Series 4010, Interest Only, 3.0%, 2/15/2027
   
2,303,884
 
206,423
 
 
"PI", Series 4017, Interest Only, 3.0%, 3/15/2027
   
4,121,066
 
408,934
 
 
"IP", Series 4046, Interest Only, 3.0%, 5/15/2027
   
4,565,200
 
649,457
 
 
"ZB", Series 4183, 3.0%, 3/15/2043
   
10,075,188
 
8,703,190
 
 
"PT", Series 3586, 3.017% *, 2/15/2038
   
6,608,352
 
6,757,522
 
 
"IA", Series 3800, Interest Only, 3.5%, 12/15/2022
   
2,716,471
 
32,862
 
 
"EI", Series 3749, Interest Only, 3.5%, 3/15/2025
   
6,196,939
 
431,009
 
 
"DZ", Series 4199, 3.5%, 5/15/2043
   
10,029,167
 
8,913,241
 
 
"VZ", Series 4212, 4.0%, 6/15/2043
   
20,000,000
 
19,628,868
 
 
"JI", Series 3558, Interest Only, 4.5%, 12/15/2023
   
2,925,162
 
140,966
 
 
"PI", Series 3843, Interest Only, 4.5%, 5/15/2038
   
17,815,054
 
2,174,016
 
 
"ZW", Series 3763, 4.5%, 11/15/2040
   
11,230,325
 
11,377,821
 
 
"57", Series 256, Interest Only, 5.0%, 3/15/2023
   
2,146,103
 
174,112
 
 
"CZ", Series 3658, 5.0%, 4/15/2040
   
1,945,317
 
2,108,666
 
 
"SY", Series 3035, Interest Only, 5.908% **, 9/15/2035
   
2,858,601
 
446,791
 
 
"SP", Series 3016, Interest Only, 5.918% **, 8/15/2035
   
970,241
 
81,150
 
 
"PE", Series 2489, 6.0%, 8/15/2032
   
4,271,174
 
4,702,310
 
 
"IO", Series 2580, Interest Only, 6.0%, 3/15/2033
   
813,424
 
143,846
 
 
"MI", Series 3871, Interest Only, 6.0%, 4/15/2040
   
3,120,958
 
517,853
 
 
"SJ", Series 3501, Interest Only, 6.258% **, 1/15/2039
   
12,173,931
 
2,083,455
 
 
"SG", Series 3033, Interest Only, 6.458% **, 9/15/2035
   
2,068,271
 
343,178
 
 
"A", Series 172, Interest Only, 6.5%, 1/1/2024
   
243,372
 
36,084
 
 
"SB", Series 2742, Interest Only, 6.808% **, 1/15/2019
   
3,657,101
 
424,479
 
 
"SN", Series 3175, Interest Only, 6.958% **, 6/15/2036
   
6,671,996
 
1,393,787
 
Federal National Mortgage Association:
               
 
"AY", Series 2013-6, 2.0%, 2/25/2043
   
1,244,000
 
915,818
 
 
"DI", Series 2011-136, Interest Only, 3.0%, 1/25/2026
   
2,681,980
 
242,500
 
 
"IG", Sreies 2011-96, Interest Only, 3.0%, 10/25/2026
   
5,217,839
 
584,469
 
 
"LA", Series 2013-30, 3.0%, 3/25/2043
   
2,015,000
 
1,778,249
 
 
"PU", Series 2013-30, 3.0%, 4/25/2043
   
12,575,630
 
11,629,392
 
 
"LZ", Series 2013-45, 3.0%, 5/25/2043
   
12,511,785
 
10,108,440
 
 
"ZC", Series 2013-53, 3.0%, 6/25/2043
   
13,157,813
 
11,344,211
 
 
"HI", Series 2010-123, Interest Only, 3.5%, 3/25/2024
   
5,641,705
 
401,971
 
 
"KI", Series 2011-72, Interest Only, 3.5%, 3/25/2025
   
8,094,380
 
419,034
 
 
"KI", Series 2012-98, Interest Only, 3.5%, 7/25/2027
   
32,171,031
 
3,698,678
 
 
''IO", Series 2012-146, Interest Only, 3.5%, 1/25/2043
   
9,750,300
 
2,335,467
 
 
"ZN", Series 2013-54, 3.5%, 6/25/2043
   
11,706,046
 
11,104,280
 
 
"KZ", Series 2013-66, 3.5%, 7/25/2043
   
9,000,000
 
8,516,250
 
 
"CI", Series 2010-112, Interest Only, 4.0%, 12/25/2023
   
7,916,694
 
216,833
 
 
"BI", Series 2011-42, Interest Only, 4.0%, 8/25/2025
   
2,691,354
 
181,386
 
 
"25", Series 351, Interest Only, 4.5%, 5/1/2019
   
2,100,570
 
181,830
 
 
"AI", Series 2011-24, Interest Only, 4.5%, 8/25/2024
   
2,309,386
 
111,978
 
 
"CZ", Series 2011-99, 4.5%, 10/25/2041
   
6,490,647
 
6,855,461
 
 
"21", Series 334, Interest Only, 5.0%, 3/1/2018
   
2,215,455
 
165,257
 
 
"20", Series 334, Interest Only, 5.0%, 3/1/2018
   
1,742,416
 
130,038
 
 
''23", Series 339, Interest Only, 5.0%, 7/1/2018
   
1,649,102
 
113,363
 
 
"27", Series 351, Interest Only, 5.0%, 4/1/2019
   
540,395
 
41,388
 
 
"26", Series 381, Interest Only, 5.0%, 12/25/2020
   
369,453
 
29,493
 
 
"BI", Series 2010-10, Interest Only, 5.0%, 9/25/2035
   
991,019
 
65,014
 
 
"PZ", Series 2007-47, 5.0%, 5/25/2037
   
13,602,830
 
14,393,664
 
 
"ZA", Series 2008-24, 5.0%, 4/25/2038
   
19,492,014
 
21,355,359
 
 
"ZX", Series 2010-13, 5.0%, 3/25/2040
   
17,714,271
 
19,588,294
 
 
"KT", Series 2007-32, 5.5%, 4/25/2037
   
1,590,319
 
1,729,220
 
 
"PJ", Series 2004-46, Interest Only, 5.807% **, 3/25/2034
   
5,494,207
 
714,266
 
 
"HS", Series 2009-87, Interest Only, 5.957% **, 11/25/2039
   
13,096,814
 
1,700,964
 
 
"ZB", Series 2005-37, 6.0%, 5/25/2035
   
3,013,230
 
3,374,896
 
 
"Z", Series 2006-116, 6.0%, 12/25/2036
   
2,965,848
 
3,307,468
 
 
"WI", Series 2011-59, Interest Only, 6.0%, 5/25/2040
   
6,626,347
 
750,077
 
 
"PI", Series 2007-75, Interest Only, 6.347% **, 8/25/2037
   
19,034,716
 
3,756,518
 
 
"SB", Series 2010-107, Interest Only, 6.397% **, 9/25/2040
   
38,405,967
 
5,900,040
 
 
"PI", Series 2006-20, Interest Only, 6.487% **, 11/25/2030
   
17,433,502
 
3,156,853
 
 
"HI", Series 2010-2, Interest Only, 6.5%, 2/25/2040
   
1,519,669
 
665,554
 
 
"SA", Series 2005-17, Interest Only, 6.507% **, 3/25/2035
   
4,816,559
 
1,074,298
 
 
"SI", Series 2007-23, Interest Only, 6.577% **, 3/25/2037
   
1,549,490
 
274,020
 
 
"SJ", Series 2007-36, Interest Only, 6.577% **, 4/25/2037
   
4,007,463
 
528,917
 
 
"SA", Series 2005-42, Interest Only, 6.607% **, 5/25/2035
   
3,620,710
 
448,182
 
 
"KI", Series 2005-65, Interest Only, 6.807% **, 8/25/2035
   
1,898,412
 
351,954
 
Government National Mortgage Association:
               
 
"SY", Series 2008-83, Interest Only, 0.00 **, 8/20/2034 *
   
1,356,457
 
0
 
 
"PO", Series 2007-18, Principal Only, Zero Coupon, 5/20/2035
   
1,026,089
 
733,741
 
 
"KO", Series 2013-38, Principal Only, Zero Coupon, 1/20/2043
   
2,325,858
 
1,045,456
 
 
"HS", Series 2009-121, Interest Only, 1.0%, 2/20/2037
   
8,111,737
 
306,342
 
 
"IG", Series 2010-147, Interest Only, 2.0%, 11/16/2013
   
20,489,387
 
128,296
 
 
"HX", Series 2012-91, 3.0%, 9/20/2040
   
11,812,155
 
12,143,107
 
 
"BZ", Series 2013-79, 3.0%, 5/20/2043
   
6,015,000
 
5,154,796
 
 
"IE", Series 2011-128, Interest Only, 3.5%, 9/20/2026
   
12,471,471
 
1,303,134
 
 
"BE", Series 2010-164, 3.5%, 1/20/2039
   
10,483,317
 
10,511,638
 
 
"LI", Series 2009-104, Interest Only, 4.5%, 12/16/2018
   
3,240,483
 
220,538
 
 
"BI", Series 2010-95, Interest Only, 4.5%, 8/20/2032
   
5,426,506
 
191,797
 
 
"AI", Series 2009-22, Interest Only, 4.5%, 10/16/2032
   
117,338
 
759
 
 
"PI", Series 2010-20, Interest Only, 4.5%, 9/16/2033
   
40,370
 
15
 
 
"ZC", Series 2003-86, 4.5%, 10/20/2033
   
2,263,575
 
2,451,181
 
 
"BL", Series 2011-46, 4.5%, 10/20/2037
   
5,143,000
 
5,556,050
 
 
"TI", Series 2010-115, Interest Only, 4.5%, 10/20/2037
   
4,246,880
 
423,817
 
 
"CI", Series 2011-111, Interest Only, 4.5%, 11/20/2037
   
3,247,649
 
343,254
 
 
"PI", Series 2010-94, Interest Only, 4.5%, 12/20/2037
   
4,916,354
 
586,939
 
 
"CI", Series 2010-87, Interest Only, 4.5%, 11/20/2038
   
1,500,000
 
574,590
 
 
"GP", Series 2010-67, 4.5%, 3/20/2039
   
10,514,000
 
11,413,968
 
 
"IN", Series 2011-18, Interest Only, 4.5%, 5/20/2039
   
2,994,024
 
523,424
 
 
"IP", Series 2011-132, Interest Only, 4.5%, 12/20/2039
   
18,009,850
 
1,498,384
 
 
"ZA", Series 2010-3, 4.5%, 1/20/2040
   
3,497,592
 
3,680,534
 
 
"AI", Series 2012-15, Interest Only, 4.5%, 9/20/2040
   
7,919,150
 
2,078,985
 
 
"ZY", Series 2010-160, 4.5%, 12/20/2040
   
12,307,205
 
12,710,310
 
 
"ZV", Series 2011-73, 4.5%, 5/20/2041
   
13,177,111
 
13,838,004
 
 
"QI", Series 2013-20, Interest Only, 4.5%, 12/16/2042
   
15,220,352
 
3,040,675
 
 
"VB", Series 2010-26, 5.0%, 1/20/2024
   
5,500,000
 
6,198,575
 
 
"LV", Series 2012-77, 5.0%, 7/20/2026
   
8,000,000
 
8,701,632
 
 
"UI", Series 2010-45, Interest Only, 5.0%, 5/20/2033
   
1,505,746
 
26,850
 
 
"Z", Series 2005-25, 5.0%, 3/16/2035
   
6,037,182
 
6,604,673
 
 
"MI", Series 2009-76, Interest Only, 5.0%, 3/20/2035
   
4,437,072
 
154,468
 
 
"GZ", Series 2005-44, 5.0%, 7/20/2035
   
4,453,201
 
5,043,345
 
 
"Z", Series 2008-5, 5.0%, 1/20/2038
   
6,551,595
 
7,132,462
 
 
"IJ", Series 2010-41, Interest Only, 5.0%, 9/20/2038
   
1,159,382
 
185,392
 
 
"ZN", Series 2009-64, 5.0%, 7/20/2039
   
24,215,689
 
26,570,135
 
 
"Z", Series 2009-112, 5.0%, 11/20/2039
   
10,761,974
 
11,943,570
 
 
"UZ", Series 2010-37, 5.0%, 3/20/2040
   
1,277,943
 
1,405,227
 
 
"AI", Series 2008-40, Interest Only, 5.5%, 5/16/2023
   
1,744,912
 
176,938
 
 
"AI", Series 2008-51, Interest Only, 5.5%, 5/16/2023
   
4,482,706
 
397,855
 
 
"AI", Series 2008-46, Interest Only, 5.5%, 5/16/2023
   
1,529,950
 
144,404
 
 
"IB", Series 2005-73, Interest Only, 5.5%, 4/20/2032
   
329,713
 
5,338
 
 
"PC", Series 2003-19, 5.5%, 3/16/2033
   
5,557,421
 
6,175,547
 
 
"PI", Series 2005-73, Interest Only, 5.5%, 12/20/2034
   
2,630,392
 
325,588
 
 
"Z", Series 2006-12, 5.5%, 3/20/2036
   
96,759
 
112,759
 
 
"HZ", Series 2009-43, 5.5%, 6/20/2039
   
2,064,008
 
2,362,660
 
 
"YI", Series 2010-147, Interest Only, 5.5%, 7/16/2039
   
1,366,379
 
233,811
 
 
"DZ", Series 2009-106, 5.5%, 11/20/2039
   
94,949
 
108,242
 
 
"SJ", Series 2011-66, Interest Only, 5.858% **, 5/16/2041
   
16,850,922
 
2,873,664
 
 
"BS", Series 2011-93, Interest Only, 5.908% **, 7/16/2041
   
23,049,284
 
3,661,870
 
 
"IL", Series 2009-93, Interest Only, 6.0%, 10/16/2014
   
4,534,536
 
287,617
 
 
"CI", Series 2009-42, Interest Only, 6.0%, 8/16/2035
   
573,438
 
155,297
 
 
"AV", Series 2010-14, Interest Only, 6.108% **, 2/16/2040
   
7,014,972
 
1,336,715
 
 
"SA", Series 2012-84, Interest Only, 6.108% **, 12/20/2038
   
16,443,263
 
2,863,205
 
 
"ST", Series 2009-31, Interest Only, 6.158% **, 3/20/2039
   
975,614
 
128,857
 
 
"SM", Series 2009-100, Interest Only, 6.258% **, 5/16/2039
   
2,928,377
 
329,758
 
 
"AI", Series 2007-38, Interest Only, 6.268% **, 6/16/2037
   
5,045,279
 
684,060
 
 
"SA", Series 2006-49, Interest Only, 6.268% **, 2/20/2036
   
5,455,658
 
577,646
 
 
"SI", Series 2008-27, Interest Only, 6.278% **, 3/20/2038
   
4,248,404
 
590,811
 
 
"SL", Series 2009-100, Interest Only, 6.308% **, 5/16/2039
   
3,384,531
 
523,810
 
 
"GI", Series 2006-28, Interest Only, 6.308% **, 3/20/2035
   
1,429,963
 
60,967
 
 
"QA", Series 2007-57, Interest Only, 6.308% **, 10/20/2037
   
3,817,502
 
502,211
 
 
"S", Series 2003-11, Interest Only, 6.358% **, 2/16/2033
   
1,813,126
 
278,497
 
 
"IP", Series 2009-118, Interest Only, 6.5%, 12/16/2039
   
1,483,524
 
299,109
 
 
"SA", Series 2006-69, Interest Only, 6.608% **, 12/20/2036
   
5,805,663
 
954,204
 
 
"S", Series 1999-17, Interest Only, 8.008% **, 5/16/2029
   
949,258
 
184,071
 
 
"SA", Series 1999-44, Interest Only, 8.358% **, 12/16/2029
   
846,654
 
152,581
 
 
Total Collateralized Mortgage Obligations (Cost $440,525,575)
 
437,460,382
 
 
 
U.S. Government Agency Sponsored Pass-Throughs 3.0%
 
Federal National Mortgage Association:
               
 
3.0%, 11/15/2027
   
23,250,000
 
21,292,064
 
 
3.5%, 1/1/2042 (a)
   
43,000,000
 
43,671,875
 
 
Total U.S. Government Agency Sponsored Pass-Throughs (Cost $67,748,547)
 
64,963,939
 
 
 
Government & Agency Obligations 1.6%
 
U.S. Treasury Obligations
   
U.S. Treasury Bill, 0.1% ***, 9/5/2013 (b)
   
6,097,000
 
6,096,774
 
U.S. Treasury Note, 0.75%, 6/15/2014 (c) (d)
   
30,000,000
 
30,158,190
 
 
Total Government & Agency Obligations (Cost $36,429,498)
 
36,254,964
 
         
 
Contracts
 
Value ($)
 
 
 
Call Options Purchased 0.6%
 
Options on Exchange-Traded Futures Contracts 0.0%
 
10 Year U.S. Treasury Note Future, Expiration Date 8/23/2013, Strike Price $132.5
 
1,050
 
49,219
 
         
 
Contract
Amount
 
Value ($)
 
 
Options on Interest Rate Swap Contracts 0.6%
 
Pay Fixed Rate - 3.583% - Receive Floating - LIBOR, Swap Expiration Date 5/11/2026, Option Expiration Date 5/9/2016 1
 
44,600,000
 
2,820,954
 
Pay Fixed Rate - 3.635% - Receive Floating - LIBOR, Swap Expiration Date 4/27/2026, Option Expiration Date 4/25/2016 2
 
42,100,000
 
2,544,234
 
Pay Fixed Rate - 3.72% - Receive Floating - LIBOR, Swap Expiration Date 4/22/2026, Option Expiration Date 4/20/2016 3
 
42,100,000
 
2,389,470
 
Pay Fixed Rate - 4.19% - Receive Floating - LIBOR, Swap Expiration Date 2/3/2027, Option Expiration Date 2/1/2017 4
 
48,400,000
 
2,512,400
 
Pay Fixed Rate - 4.32% - Receive Floating - LIBOR, Swap Expiration Date 2/3/2027, Option Expiration Date 2/1/2017 5
 
47,000,000
 
2,246,797
 
 
 
12,513,855
 
Options on Mortgage-Backed Securities - TBAs 0.0%
 
30 Year-GNSF, Expiration Date 7/15/2013, Strike Price $106.203 2
 
30,000,000
 
2,344
 
30 Year-GNSF, Expiration Date 7/15/2013, Strike Price $106.211 4
 
30,000,000
 
1
 
30 Year-GNSF, Expiration Date 7/15/2013, Strike Price $108.805 4
 
30,000,000
 
0
 
30 Year-GNSF, Expiration Date 7/15/2013, Strike Price $108.828 2
 
30,000,000
 
2,344
 
30 Year-GNSF, Expiration Date 7/15/2013, Strike Price $108.828 6
 
30,000,000
 
0
 
30 Year-GNSF, Expiration Date 7/15/2013, Strike Price $106.219 6
 
30,000,000
 
0
 
 
 
4,689
 
 
Total Call Options Purchased (Cost $11,508,818)
 
12,567,763
 
       
 
Contract
Amount
 
Value ($)
 
 
 
Put Options Purchased 0.0%
Options on Interest Rate Swap Contracts
   
Receive Fixed Rate - 2.19% - Pay Floating - LIBOR, Swap Expiration Date 2/3/2027, Option Expiration Date 2/1/2017 4
 
48,400,000
 
502,595
 
Receive Fixed Rate - 2.32% - Pay Floating - LIBOR, Swap Expiration Date 2/3/2027, Option Expiration Date 2/1/2017 5
 
47,000,000
 
576,498
 
 
Total Put Options Purchased (Cost $3,242,687)
 
1,079,093
 
         
 
% of
Net Assets
 
Value ($)
 
 
Total Investment Portfolio (Cost $2,825,187,279) †
127.5
 
2,794,573,543
 
Notes Payable
(2.5)
 
(54,230,000)
 
Other Assets and Liabilities, Net
(25.0)
 
(548,295,606)
 
 
Net Assets
100.0
 
2,192,047,937
 

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.
*
Floating rate securities’ yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of June 30, 2013.
**
These securities are shown at their current rate as of June 30, 2013.
***
Annualized yield at time of purchase; not a coupon rate.
†
The cost for federal income tax purposes was $2,825,420,249.  At June 30, 2013, net unrealized depreciation for all securities based on tax cost was $30,846,706.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $55,336,889 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $86,183,595.
(a)
When-issued or delayed delivery security included.
(b)
At June 30, 2013, this security has been pledged, in whole or in part, to cover initial margin requirements for open futures contracts.
(c)
At June 30, 2013, this security has been pledged, in whole or in part, as collateral for open swap contracts.
(d)
At June 30, 2013, this security has been pledged, in whole or in part, as collateral for open written options.
Interest Only: Interest Only (IO) bonds represent the "interest only" portion of payments on a pool of underlying mortgages or mortgage-backed securities. IO securities are subject to prepayment risk of the pool of underlying mortgages.
Principal Only: Principal Only (PO) bonds represent the “principal only” portion of payments on a pool of underlying mortgages or mortgage-backed securities.
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 Government National Mortgage Association issues which have similar coupon rates have been aggregated for presentation purposes in this investment portfolio.
At June 30, 2013, open futures contracts purchased were as follows:

Futures
Currency
Expiration
Date
 
Contracts
   
Notional
Value ($)
   
Unrealized
Depreciation ($)
 
   
Ultra Long U.S. Treasury Bond
USD
9/19/2013
    123       18,119,438       (1,066,860 )

At June 30, 2013, open futures contracts sold were as follows:

Futures
      Currency
Expiration
Date
 
Contracts
   
Notional
Value ($)
   
Unrealized
Appreciation ($)
 
 
10 Year U.S. Treasury Note
            USD
9/19/2013
    1,500       189,843,750       483,361  

Currency Abbreviation
 
 
USD
United States Dollar
     


At June 30, 2013, open written option contracts were as follows:

Options on Mortgage-Backed Securities - TBAs
 
   
Coupon
Rate (%)
 
Contract
Amount
 
Expiration
Date
 
Strike
Price ($)
 
Premiums
Received ($)
 
Value ($) (e)
 
 
Call Options
                   
30-Year GNSF
 
3.0
 
60,000,000 2
 
7/15/2013
 
105.828
 
300,000
 
(7,031)
 
30-Year GNSF
 
3.0
 
60,000,000 6
 
7/15/2013
 
105.766
 
300,000
 
(1)
 
30-Year GNSF
 
3.0
 
30,000,000 4
 
7/15/2013
 
105.875
 
150,000
 
—
 
Total Call Options
750,000
 
(7,032)
 
 
Put Options
                   
30-Year GNSF
 
3.5
 
30,000,000 6
 
7/15/2013
 
108.328
 
133,594
 
(1,724,701)
 
30-Year GNSF
 
3.0
 
30,000,000 2
 
7/15/2013
 
104.047
 
225,000
 
(1,555,078)
 
30-Year GNSF
 
3.0
 
30,000,000 6
 
7/15/2013
 
104.063
 
225,000
 
(1,556,160)
 
30-Year GNSF
 
3.0
 
30,000,000 9
 
7/15/2013
 
104.063
 
225,000
 
(1,564,314)
 
30-Year GNSF
 
3.0
 
30,000,000 4
 
7/15/2013
 
105.711
 
203,906
 
(2,080,269)
 
30-Year GNSF
 
3.0
 
30,000,000 6
 
7/15/2013
 
105.719
 
214,453
 
(2,052,768)
 
30-Year GNSF
 
3.5
 
30,000,000 2
 
7/15/2013
 
108.328
 
119,531
 
(1,728,516)
 
30-Year GNSF
 
3.0
 
30,000,000 2
 
7/15/2013
 
105.703
 
194,531
 
(2,044,922)
 
30-Year GNSF
 
3.5
 
30,000,000 4
 
7/15/2013
 
108.305
 
124,219
 
(1,766,353)
 
30-Year GNSF
 
3.0
 
60,000,000 2
 
7/15/2013
 
104.828
 
346,875
 
(3,569,531)
 
30-Year GNSF
 
3.0
 
60,000,000 6
 
7/15/2013
 
104.766
 
346,875
 
(3,533,797)
 
30-Year GNSF
 
3.0
 
30,000,000 4
 
7/15/2013
 
104.875
 
173,438
 
(1,829,694)
 
30-Year GNSF
 
3.5
 
30,000,000 1
 
8/13/2013
 
105.578
 
210,938
 
(1,024,482)
 
30-Year GNSF
 
3.5
 
30,000,000 2
 
8/13/2013
 
105.547
 
206,250
 
(1,059,375)
 
30-Year GNSF
 
3.5
 
30,000,000 4
 
8/13/2013
 
105.531
 
206,250
 
(1,053,934)
 
30-Year GNSF
 
3.0
 
30,000,000 7
 
8/13/2013
 
102.234
 
325,781
 
(1,156,688)
 
30-Year GNSF
 
3.0
 
60,000,000 8
 
8/13/2013
 
102.266
 
637,500
 
(2,210,397)
 
Total Put Options
4,119,141
 
(31,510,979)
 
 
Total
4,869,141
 
(31,518,011)
 
 

(e)
Unrealized depreciation on mortgage-backed securities - TBAs at June 30, 2013 was $26,648,870.

Options on Exchange-Traded Futures Contracts
 
   
Contracts
 
Expiration
Date
 
Strike
Price ($)
 
Premiums
Received ($)
 
Value ($) (f)
 
 
Put Options
                   
10 Year U.S. Treasury Note Future
 
900
 
8/23/2013
 
130.0
 
757,125
 
(3,262,500)
 

(f)
Unrealized depreciation on written options on exchange-traded futures contracts at June 30, 2013 was $2,505,375.

Options on Interest Rate Swap Contracts
 
   
Swap
Effective/
Expiration
Date
 
Contract
Amount
 
Option
Expiration
Date
 
Premiums
Received ($)
 
Value ($) (g)
 
 
Call Options
                   
Receive Fixed - 3.19% - Pay Floating - LIBOR
 
2/3/2017
2/3/2027
 
24,200,000 4
 
2/1/2017
 
1,742,400
 
(2,271,248)
 
Receive Fixed - 3.32% - Pay Floating - LIBOR
 
2/3/2017
2/3/2027
 
23,500,000 5
 
2/1/2017
 
1,699,757
 
(2,052,709)
 
Receive Fixed - 4.064% - Pay Floating - LIBOR
 
5/13/2014
5/13/2044
 
51,000,000 3
 
5/9/2014
 
376,125
 
(1,411,716)
 
Receive Fixed - 4.083% - Pay Floating - LIBOR
 
5/11/2016
5/11/2026
 
44,600,000 1
 
5/9/2016
 
1,516,400
 
(2,002,415)
 
Receive Fixed - 4.135% - Pay Floating - LIBOR
 
4/27/2016
4/27/2026
 
42,100,000 2
 
4/25/2016
 
1,557,700
 
(1,794,858)
 
Receive Fixed - 4.22% - Pay Floating - LIBOR
 
4/22/2016
4/22/2026
 
42,100,000 3
 
4/20/2016
 
1,500,865
 
(1,680,396)
 
Receive Fixed - 5.132% - Pay Floating - LIBOR
 
3/17/2016
3/17/2026
 
51,000,000 5
 
3/15/2016
 
601,800
 
(954,700)
 
Receive Fixed - 5.132% - Pay Floating - LIBOR
 
3/17/2016
3/17/2026
 
51,000,000 3
 
3/15/2016
 
368,475
 
(954,700)
 
Total Call Options
9,363,522
 
(13,122,742)
 
 
Put Options
                   
Pay Fixed - 1.132% - Receive Floating - LIBOR
 
3/17/2016
3/17/2026
 
51,000,000 3
 
3/15/2016
 
368,475
 
(45,201)
 
Pay Fixed - 1.132% -Receive Floating - LIBOR
 
3/17/2016
3/17/2026
 
51,000,000 5
 
3/15/2016
 
130,050
 
(45,201)
 
Pay Fixed - 2.064% - Receive Floating - LIBOR
 
5/13/2014
5/13/2044
 
51,000,000 3
 
5/9/2014
 
376,125
 
(56,569)
 
Pay Fixed - 2.385% - Receive Floating - LIBOR
 
3/31/2014
3/31/2044
 
51,000,000 8
 
3/27/2014
 
696,150
 
(162,731)
 
Pay Fixed - 2.423% - Receive Floating - LIBOR
 
3/20/2014
3/20/2044
 
51,000,000 4
 
3/18/2014
 
734,400
 
(184,885)
 
Pay Fixed - 3.19% - Receive Floating - LIBOR
 
2/3/2017
2/3/2027
 
24,200,000 4
 
2/1/2017
 
1,742,400
 
(748,629)
 
Pay Fixed - 3.32% -Receive Floating - LIBOR
 
2/3/2017
2/3/2027
 
23,500,000 5
 
2/1/2017
 
1,699,757
 
(817,626)
 
Total Put Options
5,747,357
 
(2,060,842)
 
 
Total
15,110,879
 
(15,183,584)
 
 

(g)
Unrealized depreciation on written options on interest rate swap contracts at June 30, 2013 was $72,705.
At June 30, 2013, open interest rate swap contracts were as follows:

Effective/
Expiration
Date
Notional
Amount ($)
Cash Flows
Paid by
the Fund
Cash Flows
Received by
the Fund
Value ($)
Upfront
Payments
Paid/
(Received) ($)
Unrealized
Appreciation/
(Depreciation) ($)
 
 
4/23/2014
4/23/2016
400,000,000 3
Fixed - 0.921%
Floating - LIBOR
208,333
208,333
—
   
4/23/2014
4/23/2019
100,000,000 3
Fixed - 2.077%
Floating - LIBOR
85,714
85,714
—
   
4/23/2014
4/23/2024
100,000,000 2
Fixed - 3.024%
Floating - LIBOR
(43,827)
(43,827)
—
   
4/23/2014
4/23/2034
48,000,000 2
Fixed - 3.532%
Floating - LIBOR
(36,279)
(36,279)
—
   
5/22/2014
5/22/2020
72,900,000 2
Floating - LIBOR
Fixed - 1.686%
(2,905,190)
—
(2,905,190)
   
6/3/2013
6/3/2025
48,500,000 3
Floating - LIBOR
Fixed - 3.0%
450,701
—
450,701
   
Total net unrealized depreciation
(2,454,489)
   
 

Counterparty:
1
Bank of America
2
Citigroup, Inc.
3
Nomura International PLC
4
JPMorgan Chase Securities, Inc.
5
BNP Paribas
6
Credit Suisse
7
Morgan Stanley
8
Barclays Bank PLC
9
Goldman Sachs
GNSF: Government National Single Family
LIBOR: London Interbank Offered Rate
TBA: To Be Announced

 
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 June 30, 2013 in valuing the Fund's investments.

   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Fixed Income Investments (i)
             
 
       
Government National Mortgage Association
  $ —     $ 2,242,247,402     $ —     $ 2,242,247,402  
Collateralized Mortgage Obligations
    —       437,460,382       —       437,460,382  
US Government Agency Sponsored Pass-Throughs
    —       64,963,939       —       64,963,939  
Government & Agency Obligations
    —       36,254,964       —       36,254,964  
Derivatives (j)
                               
    Purchased Options
    49,219       13,597,637       —       13,646,856  
    Futures Contracts
    483,361       —       —       483,361  
    Interest Rate Swap Contracts
    —       450,701       —       450,701  
Total
  $ 532,580     $ 2,794,975,025     $ —     $ 2,795,507,605  
                                 
 
  Liabilities                                
  Derivatives (j)                    
                         
          
    Futures Contracts   $ (1,066,860)     $ —      $   —      $     (1,066,860)   
     Written Options       (3,262,500)           (46,701,595)     $  —        (49,964,095)   
    Interest Rate Swap Contracts     —        (2,905,190)        —        (2,905,190)   
  Total   $ (4,329,360)     $  (49,606,785)     $   —     $     (53,936,145)  
 
 
There have been no transfers between fair value measurement levels during the period ended June 30, 2013.
 
 
(i)
See Investment Portfolio for additional detailed categorizations.
(j)
Derivatives include value of options purchased, written options, at value; and unrealized appreciation (depreciation) on futures contracts and interest rate swap contracts.

Derivatives

The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of June 30, 2013 categorized by the primary underlying risk exposure. 

 
 
Primary Underlying Risk Disclosure
 
Futures
   
Swaps
   
Options
 
Interest Rate Contracts
  $ (583,499 )   $ (2,454,489 )   $ (30,331,599 )

 

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 GNMA Fund, a series of DWS Income Trust
   
By:
/s/W. Douglas Beck
W. Douglas Beck
President
   
Date:
August 19, 2013


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:
August 19, 2013
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
August 19, 2013

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