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 811-5689
DWS Multi-Market Income Trust
(Exact name of registrant as specified in charter)
222 South Riverside Plaza
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Paul Schubert
345 Park Avenue
New York, NY 10154
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 454-7190
Date of fiscal year end: 11/30
Date of reporting period:08/31/07
ITEM 1. SCHEDULE OF INVESTMENTS
Investment Portfolio as of August 31, 2007 (Unaudited)
DWS Multi-Market Income Trust
|
|
Principal |
|
Value ($) |
|||
|
|
Corporate Bonds 61.2% |
|
||||
|
Consumer Discretionary 14.4% |
|
|||||
|
AAC Group Holding Corp., 14.75%, 10/1/2012 (PIK) (b) |
|
|
182,645 |
|
183,102 |
|
|
Affinia Group, Inc., 9.0%, 11/30/2014 |
|
|
420,000 |
|
387,450 |
|
|
AMC Entertainment, Inc., 8.0%, 3/1/2014 |
|
|
625,000 |
|
578,125 |
|
|
American Achievement Corp., 8.25%, 4/1/2012 |
|
|
110,000 |
|
106,700 |
|
|
American Media Operations, Inc., Series B, 10.25%, 5/1/2009 (b) |
|
|
165,000 |
|
145,200 |
|
|
Asbury Automotive Group, Inc.: |
|
|||||
|
|
144A, 7.625%, 3/15/2017 |
|
|
255,000 |
|
234,600 |
|
|
8.0%, 3/15/2014 |
|
|
165,000 |
|
157,575 |
|
Ashtead Holdings PLC, 144A, 8.625%, 8/1/2015 |
|
|
180,000 |
|
176,400 |
|
|
Buffets, Inc., 12.5%, 11/1/2014 |
|
|
170,000 |
|
130,900 |
|
|
Burlington Coat Factory Warehouse Corp., 11.125%, 4/15/2014 |
|
|
250,000 |
|
227,500 |
|
|
Cablevision Systems Corp., Series B, 9.82% **, 4/1/2009 |
|
|
115,000 |
|
117,875 |
|
|
Caesars Entertainment, Inc., 8.875%, 9/15/2008 |
|
|
240,000 |
|
243,300 |
|
|
CanWest MediaWorks LP, 144A, 9.25%, 8/1/2015 |
|
|
205,000 |
|
202,950 |
|
|
Charter Communications Holdings LLC: |
|
|||||
|
|
10.25%, 9/15/2010 (b) |
|
|
1,180,000 |
|
1,191,800 |
|
|
Series B, 10.25%, 9/15/2010 |
|
|
420,000 |
|
421,050 |
|
|
11.0%, 10/1/2015 |
|
|
1,246,000 |
|
1,221,080 |
|
Cirsa Capital Luxembourg, 144A, 7.875%, 7/15/2012 |
EUR |
|
150,000 |
|
184,803 |
|
|
Claire's Stores, Inc., 144A, 9.25%, 6/1/2015 |
|
|
290,000 |
|
251,575 |
|
|
Cooper-Standard Automotive, Inc., 8.375%, 12/15/2014 (b) |
|
|
165,000 |
|
142,725 |
|
|
CSC Holdings, Inc.: |
|
|||||
|
|
7.25%, 7/15/2008 |
|
|
190,000 |
|
190,000 |
|
|
7.875%, 12/15/2007 |
|
|
555,000 |
|
556,387 |
|
|
Series B, 8.125%, 7/15/2009 |
|
|
985,000 |
|
992,387 |
|
|
Series B, 8.125%, 8/15/2009 |
|
|
70,000 |
|
70,525 |
|
Denny's Corp. Holdings, Inc., 10.0%, 10/1/2012 |
|
|
80,000 |
|
81,200 |
|
|
Dex Media East LLC, 12.125%, 11/15/2012 |
|
|
1,531,000 |
|
1,634,342 |
|
|
Dollar General Corp., 144A, 10.625%, 7/15/2015 (b) |
|
|
245,000 |
|
220,500 |
|
|
Dollarama Group LP, 144A, 11.16% **, 8/15/2012 |
|
|
166,000 |
|
162,680 |
|
|
EchoStar DBS Corp.: |
|
|||||
|
|
6.625%, 10/1/2014 |
|
|
355,000 |
|
343,463 |
|
|
7.125%, 2/1/2016 |
|
|
275,000 |
|
268,813 |
|
Fontainebleau Las Vegas Holdings LLC, 144A, 10.25%, 6/15/2015 |
|
|
350,000 |
|
300,125 |
|
|
Foot Locker, Inc., 8.5%, 1/15/2022 |
|
|
70,000 |
|
67,900 |
|
|
French Lick Resorts & Casinos LLC, 144A, 10.75%, 4/15/2014 |
|
|
750,000 |
|
596,250 |
|
|
General Motors Corp.: |
|
|||||
|
|
7.2%, 1/15/2011 |
|
|
610,000 |
|
539,850 |
|
|
7.4%, 9/1/2025 |
|
|
225,000 |
|
164,250 |
|
|
8.375%, 7/15/2033 |
|
|
280,000 |
|
224,700 |
|
Golden Nugget, 8.84%**, 6/16/2014 |
|
|
70,000 |
|
65,800 |
|
|
Goodyear Tire & Rubber Co., 11.25%, 3/1/2011 |
|
|
1,815,000 |
|
1,944,319 |
|
|
Great Canadian Gaming Corp., 144A, 7.25%, 2/15/2015 |
|
|
220,000 |
|
211,200 |
|
|
Group 1 Automotive, Inc., 8.25%, 8/15/2013 (b) |
|
|
125,000 |
|
125,000 |
|
|
Hanesbrands, Inc., Series B, 8.784% **, 12/15/2014 |
|
|
370,000 |
|
369,537 |
|
|
Hertz Corp.: |
|
|||||
|
|
8.875%, 1/1/2014 |
|
|
595,000 |
|
615,825 |
|
|
10.5%, 1/1/2016 |
|
|
135,000 |
|
145,800 |
|
Idearc, Inc., 8.0%, 11/15/2016 |
|
|
1,235,000 |
|
1,219,562 |
|
|
ION Media Networks, Inc., 144A, 11.61% **, 1/15/2013 |
|
|
195,000 |
|
195,000 |
|
|
Isle of Capri Casinos, Inc., 7.0%, 3/1/2014 |
|
|
470,000 |
|
407,725 |
|
|
Jacobs Entertainment, Inc., 9.75%, 6/15/2014 |
|
|
455,000 |
|
453,862 |
|
|
Jarden Corp., 7.5%, 5/1/2017 |
|
|
210,000 |
|
196,350 |
|
|
Kabel Deutschland GmbH, 10.625%, 7/1/2014 |
|
|
170,000 |
|
179,775 |
|
|
Liberty Media LLC: |
|
|||||
|
|
5.7%, 5/15/2013 |
|
|
35,000 |
|
32,358 |
|
|
8.25%, 2/1/2030 |
|
|
320,000 |
|
310,400 |
|
|
8.5%, 7/15/2029 |
|
|
420,000 |
|
421,628 |
|
Majestic Star Casino LLC, 9.5%, 10/15/2010 |
|
|
40,000 |
|
39,200 |
|
|
Mediacom Broadband LLC, 8.5%, 10/15/2015 (b) |
|
|
25,000 |
|
24,750 |
|
|
MediMedia USA, Inc., 144A, 11.375%, 11/15/2014 |
|
|
110,000 |
|
112,200 |
|
|
Metaldyne Corp.: |
|
|||||
|
|
10.0%, 11/1/2013 (b) |
|
|
165,000 |
|
157,575 |
|
|
11.0%, 6/15/2012 (b) |
|
|
75,000 |
|
67,125 |
|
MGM MIRAGE: |
|
|||||
|
|
6.75%, 9/1/2012 |
|
|
105,000 |
|
101,850 |
|
|
8.375%, 2/1/2011 (b) |
|
|
225,000 |
|
230,063 |
|
Michaels Stores, Inc., 144A, 10.0%, 11/1/2014 (b) |
|
|
375,000 |
|
375,937 |
|
|
MTR Gaming Group, Inc., Series B, 9.75%, 4/1/2010 |
|
|
345,000 |
|
348,450 |
|
|
Norcraft Holdings/Capital, Step-up Coupon, 0% to 9/1/2008, 9.75% to 9/1/2012 |
|
|
680,000 |
|
601,800 |
|
|
OSI Restaurant Partners, Inc., 144A, 10.0%, 6/15/2015 |
|
|
290,000 |
|
250,125 |
|
|
Penske Automotive Group, Inc., 7.75%, 12/15/2016 |
|
|
620,000 |
|
592,100 |
|
|
Pinnacle Entertainment, Inc., 8.75%, 10/1/2013 (b) |
|
|
260,000 |
|
263,900 |
|
|
Quebecor World, Inc., 144A, 9.75%, 1/15/2015 |
|
|
205,000 |
|
192,700 |
|
|
Quiksilver, Inc., 6.875%, 4/15/2015 |
|
|
320,000 |
|
296,000 |
|
|
Reader's Digest Association, Inc., 144A, 9.0%, 2/15/2017 |
|
|
160,000 |
|
137,600 |
|
|
Sabre Holdings Corp., 8.35%, 3/15/2016 |
|
|
225,000 |
|
195,750 |
|
|
Sbarro, Inc., 10.375%, 2/1/2015 |
|
|
145,000 |
|
127,419 |
|
|
Seminole Hard Rock Entertainment, Inc., 144A, 7.86% **, 3/15/2014 |
|
|
290,000 |
|
281,300 |
|
|
Shingle Springs Tribal Gaming Authority, 144A, 9.375%, 6/15/2015 |
|
|
210,000 |
|
206,850 |
|
|
Simmons Co.: |
|
|||||
|
|
Step-up Coupon, 0% to 12/15/2009, 10.0% to 12/15/2014 |
|
|
820,000 |
|
637,550 |
|
|
7.875%, 1/15/2014 |
|
|
165,000 |
|
154,481 |
|
Sinclair Broadcast Group, Inc., 8.0%, 3/15/2012 (b) |
|
|
111,000 |
|
112,110 |
|
|
Sirius Satellite Radio, Inc., 9.625%, 8/1/2013 (b) |
|
|
375,000 |
|
354,375 |
|
|
Six Flags, Inc., 9.75%, 4/15/2013 |
|
|
120,000 |
|
100,800 |
|
|
Sonic Automotive, Inc., Series B, 8.625%, 8/15/2013 |
|
|
250,000 |
|
245,000 |
|
|
Station Casinos, Inc., 6.5%, 2/1/2014 |
|
|
415,000 |
|
351,712 |
|
|
Telenet Group Holding NV, 144A, Step-up Coupon, 0% to 12/15/2008, 11.5% to 6/15/2014 |
|
|
1,229,000 |
|
1,167,550 |
|
|
The Bon-Ton Stores, Inc., 10.25%, 3/15/2014 |
|
|
260,000 |
|
236,600 |
|
|
Toys "R" Us, Inc., 7.375%, 10/15/2018 |
|
|
565,000 |
|
440,700 |
|
|
Travelport LLC: |
|
|||||
|
|
9.875%, 9/1/2014 |
|
|
105,000 |
|
105,788 |
|
|
9.985% **, 9/1/2014 |
|
|
185,000 |
|
185,000 |
|
|
11.875%, 9/1/2016 (b) |
|
|
105,000 |
|
108,413 |
|
Trump Entertainment Resorts, Inc., 8.5%, 6/1/2015 (b) |
|
|
460,000 |
|
374,900 |
|
|
TRW Automotive, Inc., 144A, 7.0%, 3/15/2014 (b) |
|
|
145,000 |
|
134,850 |
|
|
United Components, Inc., 9.375%, 6/15/2013 |
|
|
45,000 |
|
45,000 |
|
|
Unity Media GmbH, 144A, 10.375%, 2/15/2015 |
|
|
165,000 |
|
163,350 |
|
|
Univision Communications, Inc., 144A, 9.75%, 3/15/2015 (PIK) |
|
|
945,000 |
|
900,112 |
|
|
UPC Holding BV, 144A, 7.75%, 1/15/2014 |
EUR |
|
160,000 |
|
205,972 |
|
|
Vitro SAB de CV: |
|
|||||
|
|
144A, 8.625%, 2/1/2012 |
|
|
165,000 |
|
158,813 |
|
|
144A, 9.125%, 2/1/2017 |
|
|
325,000 |
|
312,813 |
|
|
Series A, 11.75%, 11/1/2013 |
|
|
80,000 |
|
85,600 |
|
Wheeling Island Gaming, Inc., 10.125%, 12/15/2009 |
|
|
1,300,000 |
|
1,287,000 |
|
|
XM Satellite Radio, Inc., 9.75%, 5/1/2014 (b) |
|
|
490,000 |
|
465,500 |
|
|
Young Broadcasting, Inc., 8.75%, 1/15/2014 |
|
|
1,005,000 |
|
840,431 |
|
|
|
33,389,337 |
|||||
|
Consumer Staples 2.0% |
|
|||||
|
Alliance One International, Inc., 144A, 8.5%, 5/15/2012 |
|
|
125,000 |
|
124,375 |
|
|
Cerveceria Nacional Dominicana, 144A, 8.0%, 3/27/2014 |
|
|
105,000 |
|
105,525 |
|
|
Del Laboratories, Inc., 8.0%, 2/1/2012 |
|
|
215,000 |
|
194,575 |
|
|
Delhaize America, Inc.: |
|
|||||
|
|
8.05%, 4/15/2027 |
|
|
65,000 |
|
69,195 |
|
|
9.0%, 4/15/2031 |
|
|
550,000 |
|
643,500 |
|
General Nutrition Centers, Inc., 144A, 9.796% **, 3/15/2014 (PIK) |
|
|
240,000 |
|
228,000 |
|
|
Harry & David Holdings, Inc., 10.36% **, 3/1/2012 |
|
|
260,000 |
|
252,200 |
|
|
North Atlantic Trading Co., 144A, 10.0%, 3/1/2012 |
|
|
975,000 |
|
897,000 |
|
|
Pilgrim's Pride Corp., 7.625%, 5/1/2015 |
|
|
105,000 |
|
104,737 |
|
|
Rite Aid Corp.: |
|
|||||
|
|
7.5%, 3/1/2017 |
|
|
355,000 |
|
330,150 |
|
|
144A, 9.5%, 6/15/2017 |
|
|
260,000 |
|
235,950 |
|
Smithfield Foods, Inc., 7.75%, 7/1/2017 |
|
|
290,000 |
|
291,450 |
|
|
Tereos Europe SA, 144A, 6.375%, 4/15/2014 |
EUR |
|
130,000 |
|
162,040 |
|
|
Viskase Companies, Inc., 11.5%, 6/15/2011 |
|
|
1,015,000 |
|
1,015,000 |
|
|
|
4,653,697 |
|||||
|
Energy 7.5% |
|
|||||
|
Belden & Blake Corp., 8.75%, 7/15/2012 |
|
|
910,000 |
|
910,000 |
|
|
Chaparral Energy, Inc., 8.5%, 12/1/2015 |
|
|
290,000 |
|
259,550 |
|
|
Chesapeake Energy Corp.: |
|
|||||
|
|
6.25%, 1/15/2018 |
|
|
160,000 |
|
149,800 |
|
|
6.875%, 1/15/2016 |
|
|
795,000 |
|
777,112 |
|
|
7.75%, 1/15/2015 (b) |
|
|
90,000 |
|
91,238 |
|
Cimarex Energy Co., 7.125%, 5/1/2017 |
|
|
180,000 |
|
175,500 |
|
|
Complete Production Services, Inc., 8.0%, 12/15/2016 |
|
|
370,000 |
|
356,125 |
|
|
Delta Petroleum Corp., 7.0%, 4/1/2015 (b) |
|
|
550,000 |
|
448,250 |
|
|
Denbury Resources, Inc., 7.5%, 12/15/2015 |
|
|
75,000 |
|
74,625 |
|
|
Dynegy Holdings, Inc.: |
|
|||||
|
|
6.875%, 4/1/2011 (b) |
|
|
75,000 |
|
72,000 |
|
|
144A, 7.75%, 6/1/2019 |
|
|
385,000 |
|
356,125 |
|
|
8.375%, 5/1/2016 |
|
|
455,000 |
|
447,038 |
|
Energy Partners Ltd., 144A, 9.75%, 4/15/2014 |
|
|
155,000 |
|
144,150 |
|
|
Frontier Oil Corp., 6.625%, 10/1/2011 |
|
|
150,000 |
|
145,500 |
|
|
GAZ Capital (Gazprom), 144A, 6.51%, 3/7/2022 |
|
|
1,285,000 |
|
1,241,952 |
|
|
Mariner Energy, Inc., 8.0%, 5/15/2017 |
|
|
140,000 |
|
132,650 |
|
|
OPTI Canada, Inc.: |
|
|||||
|
|
144A, 7.875%, 12/15/2014 |
|
|
315,000 |
|
315,788 |
|
|
144A, 8.25%, 12/15/2014 |
|
|
250,000 |
|
253,125 |
|
Pemex Project Funding Master Trust: |
|
|||||
|
|
7.375%, 12/15/2014 |
|
|
1,395,000 |
|
1,524,328 |
|
|
9.5%, 9/15/2027 |
|
|
2,665,000 |
|
3,564,437 |
|
Petronas Capital Ltd., Series REG S, 7.875%, 5/22/2022 |
|
|
620,000 |
|
742,600 |
|
|
Plains Exploration & Production Co., 7.0%, 3/15/2017 |
|
|
105,000 |
|
95,550 |
|
|
Quicksilver Resources, Inc., 7.125%, 4/1/2016 |
|
|
160,000 |
|
152,800 |
|
|
Sabine Pass LNG LP: |
|
|||||
|
|
7.25%, 11/30/2013 |
|
|
100,000 |
|
97,000 |
|
|
7.5%, 11/30/2016 |
|
|
685,000 |
|
666,162 |
|
Secunda International Ltd., 13.36% **, 9/1/2012 |
|
|
295,000 |
|
300,163 |
|
|
Stone Energy Corp., 6.75%, 12/15/2014 |
|
|
605,000 |
|
542,987 |
|
|
Tennessee Gas Pipeline Co., 7.625%, 4/1/2037 |
|
|
180,000 |
|
193,033 |
|
|
Tesoro Corp., 144A, 6.5%, 6/1/2017 |
|
|
325,000 |
|
316,063 |
|
|
VeraSun Energy Corp., 144A, 9.375%, 6/1/2017 |
|
|
170,000 |
|
157,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Whiting Petroleum Corp.: |
|
|||||
|
|
7.0%, 2/1/2014 |
|
|
250,000 |
|
235,625 |
|
|
7.25%, 5/1/2012 |
|
|
160,000 |
|
154,000 |
|
|
7.25%, 5/1/2013 |
|
|
85,000 |
|
80,963 |
|
Williams Companies, Inc.: |
|
|||||
|
|
8.125%, 3/15/2012 |
|
|
755,000 |
|
809,737 |
|
|
8.75%, 3/15/2032 |
|
|
1,205,000 |
|
1,370,687 |
|
Williams Partners LP, 7.25%, 2/1/2017 |
|
|
175,000 |
|
173,250 |
|
|
|
17,527,588 |
|||||
|
Financials 7.9% |
|
|||||
|
Algoma Acquisition Corp., 144A, 9.875%, 6/15/2015 |
|
|
640,000 |
|
598,400 |
|
|
Ashton Woods USA LLC, 9.5%, 10/1/2015 |
|
|
625,000 |
|
496,875 |
|
|
Buffalo Thunder Development Authority, 144A, 9.375%, 12/15/2014 |
|
|
125,000 |
|
117,500 |
|
|
CEVA Group PLC, 144A, 8.5%, 12/1/2014 |
EUR |
|
170,000 |
|
192,213 |
|
|
Conproca SA de CV, Series REG S, 12.0%, 6/16/2010 |
|
|
1,030,000 |
|
1,138,150 |
|
|
E*TRADE Financial Corp.: |
|
|||||
|
|
7.375%, 9/15/2013 |
|
|
180,000 |
|
160,200 |
|
|
7.875%, 12/1/2015 |
|
|
140,000 |
|
122,500 |
|
|
8.0%, 6/15/2011 |
|
|
1,300,000 |
|
1,241,500 |
|
Ford Motor Credit Co., LLC: |
|
|||||
|
|
7.25%, 10/25/2011 |
|
|
1,635,000 |
|
1,490,479 |
|
|
7.375%, 10/28/2009 |
|
|
2,760,000 |
|
2,611,694 |
|
|
7.875%, 6/15/2010 |
|
|
805,000 |
|
755,728 |
|
|
8.11% **, 1/13/2012 |
|
|
165,000 |
|
151,108 |
|
GMAC LLC: |
|
|||||
|
|
6.875%, 9/15/2011 |
|
|
3,500,000 |
|
3,121,510 |
|
|
8.0%, 11/1/2031 |
|
|
480,000 |
|
431,215 |
|
Hawker Beechcraft Acquisition Co., LLC: |
|
|||||
|
|
144A, 8.5%, 4/1/2015 |
|
|
405,000 |
|
402,975 |
|
|
144A, 8.875%, 4/1/2015 (PIK) |
|
|
335,000 |
|
326,625 |
|
|
144A, 9.75%, 4/1/2017 |
|
|
310,000 |
|
306,900 |
|
Hexion US Finance Corp., 9.75%, 11/15/2014 |
|
|
245,000 |
|
264,600 |
|
|
Hub International Holdings, Inc., 144A, 9.0%, 12/15/2014 |
|
|
165,000 |
|
155,100 |
|
|
Inmarsat Finance II PLC, Step-up Coupon, 0% to 11/15/2008, 10.375% to 11/15/2012 |
|
|
200,000 |
|
189,500 |
|
|
iPayment, Inc., 9.75%, 5/15/2014 |
|
|
225,000 |
|
210,937 |
|
|
KAR Holdings, Inc.: |
|
|||||
|
|
144A, 8.75%, 5/1/2014 |
|
|
195,000 |
|
175,500 |
|
|
144A, 10.0%, 5/1/2015 |
|
|
165,000 |
|
147,675 |
|
Local TV Finance LLC, 144A, 9.25%, 6/15/2015 (PIK) |
|
|
200,000 |
|
183,000 |
|
|
New ASAT (Finance) Ltd., 9.25%, 2/1/2011 |
|
|
200,000 |
|
150,000 |
|
|
Petroplus Finance Ltd.: |
|
|||||
|
|
144A, 6.75%, 5/1/2014 |
|
|
190,000 |
|
176,700 |
|
|
144A, 7.0%, 5/1/2017 |
|
|
175,000 |
|
161,000 |
|
Pinnacle Foods Finance LLC, 144A, 9.25%, 4/1/2015 |
|
|
185,000 |
|
170,663 |
|
|
Realogy Corp., 144A, 12.375%, 4/15/2015 (b) |
|
|
160,000 |
|
117,800 |
|
|
Triad Acquisition Corp., Series B, 11.125%, 5/1/2013 |
|
|
140,000 |
|
119,700 |
|
|
U.S.I. Holdings Corp.: |
|
|||||
|
|
144A, 9.433% **, 11/15/2014 |
|
|
105,000 |
|
97,650 |
|
|
144A, 9.75%, 5/15/2015 |
|
|
140,000 |
|
128,100 |
|
UCI Holdco, Inc., 144A, 12.36%**, 12/15/2013 (PIK) |
|
|
227,809 |
|
220,975 |
|
|
Universal City Development Partners, 11.75%, 4/1/2010 |
|
|
840,000 |
|
884,100 |
|
|
Wimar Opco LLC, 144A, 9.625%, 12/15/2014 |
|
|
1,070,000 |
|
791,800 |
|
|
Yankee Acquisition Corp.: |
|
|||||
|
|
Series B, 8.5%, 2/15/2015 |
|
|
165,000 |
|
155,100 |
|
|
Series B, 9.75%, 2/15/2017 (b) |
|
|
125,000 |
|
111,875 |
|
|
18,277,347 |
|||||
|
Health Care 2.7% |
|
|||||
|
Advanced Medical Optics, Inc., 7.5%, 5/1/2017 |
|
|
215,000 |
|
196,188 |
|
|
Community Health Systems, Inc., 144A, 8.875%, 7/15/2015 |
|
|
1,550,000 |
|
1,548,062 |
|
|
HCA, Inc.: |
|
|||||
|
|
6.5%, 2/15/2016 |
|
|
435,000 |
|
354,525 |
|
|
144A, 9.125%, 11/15/2014 |
|
|
325,000 |
|
333,125 |
|
|
144A, 9.25%, 11/15/2016 |
|
|
725,000 |
|
744,937 |
|
HEALTHSOUTH Corp.: |
|
|||||
|
|
10.75%, 6/15/2016 |
|
|
400,000 |
|
412,000 |
|
|
11.409% **, 6/15/2014 |
|
|
80,000 |
|
82,000 |
|
IASIS Healthcare LLC, 8.75%, 6/15/2014 |
|
|
170,000 |
|
165,750 |
|
|
Omnicare, Inc., 6.125%, 6/1/2013 |
|
|
85,000 |
|
77,563 |
|
|
Psychiatric Solutions, Inc., 144A, 7.75%, 7/15/2015 |
|
|
205,000 |
|
200,900 |
|
|
PTS Acquisition Corp., 144A, 9.5%, 4/15/2015 (PIK) |
|
|
125,000 |
|
113,125 |
|
|
Sun Healthcare Group, Inc., 144A, 9.125%, 4/15/2015 |
|
|
175,000 |
|
175,000 |
|
|
Surgical Care Affiliates, Inc., 144A, 8.875%, 7/15/2015 (PIK) |
|
|
245,000 |
|
226,625 |
|
|
Tenet Healthcare Corp., 9.25%, 2/1/2015 |
|
|
640,000 |
|
550,400 |
|
|
The Cooper Companies, Inc., 7.125%, 2/15/2015 |
|
|
360,000 |
|
343,800 |
|
|
Universal Hospital Services, Inc., 144A, 8.5%, 6/1/2015 (PIK) |
|
|
145,000 |
|
137,750 |
|
|
Vanguard Health Holding Co. II, LLC, 9.0%, 10/1/2014 |
|
|
635,000 |
|
593,725 |
|
|
|
6,255,475 |
|||||
|
Industrials 7.2% |
|
|||||
|
Actuant Corp., 144A, 6.875%, 6/15/2017 |
|
|
170,000 |
|
163,625 |
|
|
Aleris International, Inc., 9.0%, 12/15/2014 (PIK) |
|
|
290,000 |
|
276,225 |
|
|
Allied Security Escrow Corp., 11.375%, 7/15/2011 |
|
|
290,000 |
|
288,550 |
|
|
Allied Waste North America, Inc., Series B, 9.25%, 9/1/2012 |
|
|
683,000 |
|
713,735 |
|
|
American Color Graphics, Inc., 10.0%, 6/15/2010 |
|
|
370,000 |
|
284,900 |
|
|
American Railcar Industries, Inc., 7.5%, 3/1/2014 |
|
|
230,000 |
|
223,100 |
|
|
ARAMARK Corp.: |
|
|||||
|
|
8.5%, 2/1/2015 (b) |
|
|
370,000 |
|
368,612 |
|
|
8.856% **, 2/1/2015 |
|
|
290,000 |
|
288,550 |
|
Baldor Electric Co., 8.625%, 2/15/2017 |
|
|
205,000 |
|
211,663 |
|
|
Belden, Inc., 144A, 7.0%, 3/15/2017 |
|
|
185,000 |
|
179,450 |
|
|
Bombardier, Inc.: |
|
|||||
|
|
144A, 6.3%, 5/1/2014 |
|
|
195,000 |
|
186,225 |
|
|
144A, 6.75%, 5/1/2012 |
|
|
100,000 |
|
99,500 |
|
|
144A, 8.0%, 11/15/2014 |
|
|
120,000 |
|
123,900 |
|
Bristow Group, Inc., 144A, 7.5%, 9/15/2017 |
|
|
250,000 |
|
248,750 |
|
|
Browning-Ferris Industries, Inc., 7.4%, 9/15/2035 |
|
|
555,000 |
|
509,212 |
|
|
Building Materials Corp. of America, 7.75%, 8/1/2014 |
|
|
290,000 |
|
246,500 |
|
|
Cenveo Corp., 7.875%, 12/1/2013 |
|
|
520,000 |
|
475,800 |
|
|
Congoleum Corp., 8.625%, 8/1/2008 * |
|
|
395,000 |
|
332,787 |
|
|
DRS Technologies, Inc.: |
|
|||||
|
|
6.625%, 2/1/2016 |
|
|
95,000 |
|
92,625 |
|
|
6.875%, 11/1/2013 |
|
|
580,000 |
|
568,400 |
|
|
7.625%, 2/1/2018 |
|
|
705,000 |
|
690,900 |
|
Education Management LLC, 8.75%, 6/1/2014 |
|
|
200,000 |
|
203,000 |
|
|
Esco Corp.: |
|
|||||
|
|
144A, 8.625%, 12/15/2013 |
|
|
530,000 |
|
519,400 |
|
|
144A, 9.235% **, 12/15/2013 |
|
|
275,000 |
|
269,500 |
|
General Cable Corp.: |
|
|||||
|
|
7.125%, 4/1/2017 |
|
|
190,000 |
|
184,300 |
|
|
7.735% **, 4/1/2015 |
|
|
290,000 |
|
281,300 |
|
Great Lakes Dredge & Dock Co., 7.75%, 12/15/2013 (b) |
|
|
160,000 |
|
152,400 |
|
|
Harland Clarke Holdings Corp., 9.5%, 5/15/2015 (b) |
|
|
200,000 |
|
179,000 |
|
|
Iron Mountain, Inc., 8.75%, 7/15/2018 (b) |
|
|
160,000 |
|
162,000 |
|
|
K. Hovnanian Enterprises, Inc.: |
|
|||||
|
|
6.25%, 1/15/2016 |
|
|
720,000 |
|
540,000 |
|
|
8.875%, 4/1/2012 |
|
|
790,000 |
|
632,000 |
|
|
|
|||||
|
|
|
|||||
|
Kansas City Southern de Mexico SA de CV: |
|
|||||
|
|
144A, 7.375%, 6/1/2014 |
|
|
560,000 |
|
543,200 |
|
|
144A, 7.625%, 12/1/2013 |
|
|
460,000 |
|
450,800 |
|
|
9.375%, 5/1/2012 |
|
|
435,000 |
|
450,225 |
|
Kansas City Southern Railway Co.: |
|
|||||
|
|
7.5%, 6/15/2009 |
|
|
135,000 |
|
135,000 |
|
|
9.5%, 10/1/2008 |
|
|
1,165,000 |
|
1,183,931 |
|
Mobile Services Group, Inc., 144A, 9.75%, 8/1/2014 |
|
|
320,000 |
|
322,400 |
|
|
Navios Maritime Holdings, Inc., 9.5%, 12/15/2014 (b) |
|
|
275,000 |
|
280,844 |
|
|
Panolam Industries International, Inc., 144A, 10.75%, 10/1/2013 |
|
|
105,000 |
|
99,750 |
|
|
R.H. Donnelley, Inc., 10.875%, 12/15/2012 |
|
|
745,000 |
|
789,700 |
|
|
Rainbow National Services LLC, 144A, 10.375%, 9/1/2014 |
|
|
45,000 |
|
48,994 |
|
|
RBS Global & Rexnord Corp., 9.5%, 8/1/2014 |
|
|
185,000 |
|
186,850 |
|
|
Saint Acquisition Corp., 144A, 12.5%, 5/15/2017 (b) |
|
|
145,000 |
|
98,238 |
|
|
Sally Holdings LLC, 9.25%, 11/15/2014 (b) |
|
|
245,000 |
|
241,325 |
|
|
Seitel, Inc., 144A, 9.75%, 2/15/2014 |
|
|
110,000 |
|
101,475 |
|
|
Ship Finance International Ltd., 8.5%, 12/15/2013 |
|
|
195,000 |
|
197,925 |
|
|
Steel Dynamics, Inc., 144A, 6.75%, 4/1/2015 |
|
|
280,000 |
|
269,500 |
|
|
Terex Corp., 7.375%, 1/15/2014 |
|
|
120,000 |
|
120,000 |
|
|
Titan International, Inc., 8.0%, 1/15/2012 |
|
|
685,000 |
|
675,136 |
|
|
TransDigm, Inc., 7.75%, 7/15/2014 |
|
|
125,000 |
|
125,625 |
|
|
U.S. Concrete, Inc., 8.375%, 4/1/2014 |
|
|
235,000 |
|
218,550 |
|
|
United Rentals North America, Inc., 7.0%, 2/15/2014 |
|
|
410,000 |
|
418,200 |
|
|
Xerox Capital Trust I, 8.0%, 2/1/2027 |
|
|
120,000 |
|
119,100 |
|
|
|
16,772,677 |
|||||
|
Information Technology 2.2% |
|
|||||
|
Alion Science & Technology, 10.25%, 2/1/2015 |
|
|
165,000 |
|
157,575 |
|
|
Freescale Semiconductor, Inc., 8.875%, 12/15/2014 |
|
|
200,000 |
|
184,500 |
|
|
L-3 Communications Corp.: |
|
|||||
|
|
5.875%, 1/15/2015 |
|
|
690,000 |
|
653,775 |
|
|
Series B, 6.375%, 10/15/2015 |
|
|
315,000 |
|
304,762 |
|
Lucent Technologies, Inc., 6.45%, 3/15/2029 |
|
|
1,085,000 |
|
911,400 |
|
|
MasTec, Inc., 7.625%, 2/1/2017 |
|
|
250,000 |
|
248,750 |
|
|
Sanmina-SCI Corp.: |
|
|||||
|
|
144A, 8.11% **, 6/15/2010 (b) |
|
|
175,000 |
|
172,813 |
|
|
8.125%, 3/1/2016 |
|
|
125,000 |
|
108,125 |
|
Seagate Technology HDD Holdings, 6.8%, 10/1/2016 |
|
|
390,000 |
|
375,375 |
|
|
SunGard Data Systems, Inc., 10.25%, 8/15/2015 (b) |
|
|
740,000 |
|
762,200 |
|
|
Unisys Corp., 7.875%, 4/1/2008 |
|
|
990,000 |
|
980,100 |
|
|
Vangent, Inc., 144A, 9.625%, 2/15/2015 |
|
|
160,000 |
|
148,000 |
|
|
|
5,007,375 |
|||||
|
Materials 6.3% |
|
|||||
|
Appleton Papers, Inc., Series B, 8.125%, 6/15/2011 |
|
|
105,000 |
|
104,081 |
|
|
ARCO Chemical Co., 9.8%, 2/1/2020 |
|
|
1,685,000 |
|
1,752,400 |
|
|
Associated Materials, Inc., Step-up Coupon, 0% to 3/1/2009, 11.25% to 3/1/2014 (b) |
|
|
410,000 |
|
267,525 |
|
|
Cascades, Inc., 7.25%, 2/15/2013 (b) |
|
|
614,000 |
|
586,370 |
|
|
Chemtura Corp., 6.875%, 6/1/2016 |
|
|
400,000 |
|
365,000 |
|
|
Clondalkin Acquisition BV: |
|
|||||
|
|
144A, 6.147% **, 12/15/2013 |
EUR |
|
50,000 |
|
65,388 |
|
|
144A, 7.359% **, 12/15/2013 |
|
|
80,000 |
|
76,000 |
|
CPG International I, Inc.: |
|
|||||
|
|
10.5%, 7/1/2013 |
|
|
505,000 |
|
494,900 |
|
|
12.13% **, 7/1/2012 |
|
|
120,000 |
|
120,600 |
|
Equistar Chemical Funding LP, 10.625%, 5/1/2011 |
|
|
231,000 |
|
243,705 |
|
|
Exopack Holding Corp., 11.25%, 2/1/2014 |
|
|
685,000 |
|
712,400 |
|
|
Freeport-McMoRan Copper & Gold, Inc., 8.375%, 4/1/2017 |
|
|
325,000 |
|
346,125 |
|
|
GEO Specialty Chemicals, Inc., 144A, 13.86% **, 12/31/2009 (e) |
|
|
1,004,000 |
|
823,280 |
|
|
Georgia-Pacific Corp., 144A, 7.125%, 1/15/2017 |
|
|
145,000 |
|
136,300 |
|
|
Gibraltar Industries, Inc., Series B, 8.0%, 12/1/2015 |
|
|
205,000 |
|
192,700 |
|
|
Hexcel Corp., 6.75%, 2/1/2015 |
|
|
855,000 |
|
831,487 |
|
|
Huntsman LLC, 11.625%, 10/15/2010 |
|
|
855,000 |
|
906,300 |
|
|
Jefferson Smurfit Corp., 8.25%, 10/1/2012 (b) |
|
|
100,000 |
|
97,750 |
|
|
Koppers Holdings, Inc., Step-up Coupon, 0% to 11/15/2009, 9.875% to 11/15/2014 |
|
|
565,000 |
|
471,775 |
|
|
Lyondell Chemical Co.: |
|
|||||
|
|
6.875%, 6/15/2017 |
|
|
1,015,000 |
|
1,098,737 |
|
|
10.5%, 6/1/2013 |
|
|
115,000 |
|
123,913 |
|
Massey Energy Co.: |
|
|||||
|
|
6.625%, 11/15/2010 |
|
|
70,000 |
|
68,775 |
|
|
6.875%, 12/15/2013 (b) |
|
|
395,000 |
|
356,487 |
|
Metals USA Holdings Corp., 144A, 11.36% **, 7/1/2012 (PIK) |
|
|
290,000 |
|
268,250 |
|
|
Millar Western Forest Products Ltd., 7.75%, 11/15/2013 (b) |
|
|
200,000 |
|
156,500 |
|
|
Momentive Performance Materials, Inc., 144A, 9.75%, 12/1/2014 |
|
|
255,000 |
|
242,888 |
|
|
Mueller Water Products, Inc., 144A, 7.375%, 6/1/2017 |
|
|
210,000 |
|
199,500 |
|
|
Neenah Foundry Co., 9.5%, 1/1/2017 |
|
|
120,000 |
|
108,000 |
|
|
NewMarket Corp., 7.125%, 12/15/2016 |
|
|
495,000 |
|
470,250 |
|
|
OI European Group BV, 144A, 6.875%, 3/31/2017 |
EUR |
|
210,000 |
|
269,355 |
|
|
Oxford Automotive, Inc., 144A, 12.0%, 10/15/2010 * |
|
|
580,115 |
|
8,702 |
|
|
Radnor Holdings Corp., 11.0%, 3/15/2010 * |
|
|
90,000 |
|
113 |
|
|
Rhodia SA, 144A, 6.959% **, 10/15/2013 |
EUR |
|
200,000 |
|
266,320 |
|
|
Smurfit-Stone Container Enterprises, Inc.: |
|
|||||
|
|
8.0%, 3/15/2017 |
|
|
360,000 |
|
343,350 |
|
|
8.375%, 7/1/2012 |
|
|
200,000 |
|
196,000 |
|
Terra Capital, Inc., Series B, 7.0%, 2/1/2017 |
|
|
615,000 |
|
590,400 |
|
|
The Mosaic Co., 144A, 7.375%, 12/1/2014 |
|
|
370,000 |
|
376,475 |
|
|
TriMas Corp., 9.875%, 6/15/2012 |
|
|
432,000 |
|
435,240 |
|
|
Witco Corp., 6.875%, 2/1/2026 |
|
|
170,000 |
|
125,800 |
|
|
Wolverine Tube, Inc., 10.5%, 4/1/2009 |
|
|
305,000 |
|
294,325 |
|
|
|
14,593,466 |
|||||
|
Telecommunication Services 5.9% |
|
|||||
|
American Cellular Corp., Series B, 10.0%, 8/1/2011 |
|
|
42,000 |
|
43,575 |
|
|
BCM Ireland, Preferred, 144A, 11.574% **, 2/15/2017 (PIK) |
EUR |
|
184,814 |
|
235,281 |
|
|
Cell C Property Ltd., 144A, 11.0%, 7/1/2015 |
|
|
777,000 |
|
664,335 |
|
|
Centennial Communications Corp.: |
|
|||||
|
|
10.0%, 1/1/2013 (b) |
|
|
650,000 |
|
679,250 |
|
|
10.125%, 6/15/2013 |
|
|
650,000 |
|
680,875 |
|
Cincinnati Bell, Inc.: |
|
|||||
|
|
7.25%, 7/15/2013 |
|
|
435,000 |
|
431,737 |
|
|
8.375%, 1/15/2014 |
|
|
240,000 |
|
237,600 |
|
Cricket Communications, Inc., 144A, 9.375%, 11/1/2014 |
|
|
620,000 |
|
607,600 |
|
|
Dobson Cellular Systems, 9.875%, 11/1/2012 |
|
|
650,000 |
|
698,750 |
|
|
Embratel, Series B, 11.0%, 12/15/2008 |
|
|
78,000 |
|
82,485 |
|
|
Grupo Iusacell SA de CV, Series B, 10.0%, 7/15/2004 * |
|
|
100,000 |
|
100,000 |
|
|
Insight Midwest LP, 9.75%, 10/1/2009 |
|
|
96,000 |
|
96,000 |
|
|
Intelsat Bermuda Ltd.: |
|
|||||
|
|
8.886% **, 1/15/2015 |
|
|
35,000 |
|
35,263 |
|
|
9.25%, 6/15/2016 |
|
|
125,000 |
|
128,750 |
|
|
11.25%, 6/15/2016 |
|
|
385,000 |
|
402,806 |
|
Intelsat Corp., 9.0%, 6/15/2016 |
|
|
120,000 |
|
122,400 |
|
|
Intelsat Ltd., 5.25%, 11/1/2008 |
|
|
1,300,000 |
|
1,264,250 |
|
|
Intelsat Subsidiary Holding Co., Ltd., 8.25%, 1/15/2013 |
|
|
420,000 |
|
422,100 |
|
|
iPCS, Inc., 144A, 7.481% **, 5/1/2013 |
|
|
105,000 |
|
101,325 |
|
|
MetroPCS Wireless, Inc., 144A, 9.25%, 11/1/2014 |
|
|
645,000 |
|
635,325 |
|
|
Millicom International Cellular SA, 10.0%, 12/1/2013 |
|
|
1,365,000 |
|
1,440,075 |
|
|
Nextel Communications, Inc., Series D, 7.375%, 8/1/2015 |
|
|
980,000 |
|
986,537 |
|
|
|
|
|||||
|
Nortel Networks Ltd.: |
|
|||||
|
|
144A, 9.61% **, 7/15/2011 |
|
|
330,000 |
|
330,825 |
|
|
144A, 10.125%, 7/15/2013 |
|
|
295,000 |
|
301,637 |
|
Orascom Telecom Finance, 144A, 7.875%, 2/8/2014 |
|
|
135,000 |
|
123,188 |
|
|
Qwest Corp., 7.25%, 9/15/2025 |
|
|
75,000 |
|
72,563 |
|
|
Rural Cellular Corp., 9.875%, 2/1/2010 |
|
|
305,000 |
|
315,675 |
|
|
Stratos Global Corp., 9.875%, 2/15/2013 |
|
|
140,000 |
|
144,200 |
|
|
SunCom Wireless Holdings, Inc., 8.5%, 6/1/2013 |
|
|
750,000 |
|
754,687 |
|
|
US Unwired, Inc., Series B, 10.0%, 6/15/2012 |
|
|
385,000 |
|
413,577 |
|
|
Virgin Media Finance PLC, 8.75%, 4/15/2014 |
|
|
805,000 |
|
881,879 |
|
|
West Corp., 9.5%, 10/15/2014 |
|
|
245,000 |
|
246,225 |
|
|
|
13,680,775 |
|||||
|
Utilities 5.1% |
|
|||||
|
AES Corp., 144A, 8.75%, 5/15/2013 |
|
|
2,020,000 |
|
2,100,800 |
|
|
Allegheny Energy Supply Co., LLC, 144A, 8.25%, 4/15/2012 |
|
|
1,345,000 |
|
1,388,713 |
|
|
CMS Energy Corp., 8.5%, 4/15/2011 (b) |
|
|
1,165,000 |
|
1,240,208 |
|
|
Edison Mission Energy, 144A, 7.0%, 5/15/2017 |
|
|
370,000 |
|
349,650 |
|
|
Intergas Finance BV, Series REG S, 6.875%, 11/4/2011 |
|
|
1,815,000 |
|
1,841,680 |
|
|
Mirant Americas Generation LLC, 8.3%, 5/1/2011 |
|
|
130,000 |
|
128,375 |
|
|
Mirant North America LLC, 7.375%, 12/31/2013 |
|
|
135,000 |
|
134,325 |
|
|
NRG Energy, Inc.: |
|
|||||
|
|
7.25%, 2/1/2014 |
|
|
670,000 |
|
663,300 |
|
|
7.375%, 2/1/2016 |
|
|
1,415,000 |
|
1,397,312 |
|
PSE&G Energy Holdings LLC, 10.0%, 10/1/2009 |
|
|
1,245,000 |
|
1,320,763 |
|
|
Regency Energy Partners LP, 144A, 8.375%, 12/15/2013 |
|
|
283,000 |
|
291,490 |
|
|
Reliant Energy, Inc., 7.875%, 6/15/2017 (b) |
|
|
415,000 |
|
405,663 |
|
|
Sierra Pacific Resources: |
|
|||||
|
|
6.75%, 8/15/2017 |
|
|
485,000 |
|
466,575 |
|
|
8.625%, 3/15/2014 |
|
|
88,000 |
|
93,125 |
|
|
11,821,979 |
|||||
|
Total Corporate Bonds (Cost $147,329,552) |
|
141,979,716 |
||||
|
|
Government & Agency Obligations 42.1% |
|
||||
|
Sovereign Bonds 41.6% |
|
|||||
|
Dominican Republic: |
|
|||||
|
|
144A, 8.625%, 4/20/2027 |
|
|
460,000 |
|
501,400 |
|
|
Series REG S, 9.5%, 9/27/2011 |
|
|
1,289,421 |
|
1,353,893 |
|
Federative Republic of Brazil: |
|
|||||
|
|
6.0%, 1/17/2017 (b) |
|
|
6,355,000 |
|
6,316,870 |
|
|
7.125%, 1/20/2037 (b) |
|
|
2,095,000 |
|
2,281,455 |
|
|
7.875%, 3/7/2015 |
|
|
1,980,000 |
|
2,215,620 |
|
|
8.75%, 2/4/2025 |
|
|
1,685,000 |
|
2,101,195 |
|
|
8.875%, 10/14/2019 |
|
|
2,415,000 |
|
2,898,000 |
|
|
11.0%, 8/17/2040 (b) |
|
|
4,565,000 |
|
6,041,777 |
|
|
12.5%, 1/5/2016 |
BRL |
|
2,070,000 |
|
1,185,930 |
|
Government of Malaysia, Series 1/04, 4.305%, 2/27/2009 |
MYR |
|
8,855,000 |
|
2,555,113 |
|
|
Government of Ukraine: |
|
|||||
|
|
Series REG S, 4.95%, 10/13/2015 |
EUR |
|
860,000 |
|
1,071,954 |
|
|
Series REG S, 7.65%, 6/11/2013 |
|
|
1,685,000 |
|
1,773,294 |
|
Republic of Argentina: |
|
|||||
|
|
Step-up Coupon, 1.33% to 3/31/2009, 2.5% to 3/31/2019, 3.75% to 3/31/2029, 5.25% to 12/31/2038 |
|
|
2,555,000 |
|
958,125 |
|
|
|
5.389% **, 8/3/2012 (PIK) |
|
|
3,981,250 |
|
3,492,824 |
|
|
|
5.83%, 12/31/2033 (PIK) |
ARS |
|
654 |
|
232 |
|
|
|
7.82%, 12/31/2033 (PIK) |
EUR |
|
4,459,850 |
|
4,799,588 |
|
|
Republic of Colombia: |
|
||||||
|
|
8.25%, 12/22/2014 |
|
|
690,000 |
|
765,279 |
|
|
|
10.0%, 1/23/2012 |
|
|
2,375,000 |
|
2,728,875 |
|
|
|
10.75%, 1/15/2013 |
|
|
780,000 |
|
940,290 |
|
|
Republic of El Salvador, 144A, 7.65%, 6/15/2035 |
|
|
3,780,000 |
|
4,101,300 |
||
|
Republic of Indonesia, 144A, 6.875%, 3/9/2017 (b) |
|
|
2,615,000 |
|
2,615,000 |
||
|
Republic of Panama: |
|
||||||
|
|
7.125%, 1/29/2026 |
|
|
2,005,000 |
|
2,110,263 |
|
|
|
9.375%, 1/16/2023 |
|
|
2,610,000 |
|
3,288,600 |
|
|
Republic of Peru, 7.35%, 7/21/2025 (b) |
|
|
7,395,000 |
|
8,152,987 |
||
|
Republic of Philippines: |
|
||||||
|
|
7.75%, 1/14/2031 (b) |
|
|
610,000 |
|
648,125 |
|
|
|
8.0%, 1/15/2016 (b) |
|
|
3,860,000 |
|
4,178,450 |
|
|
|
8.375%, 2/15/2011 |
|
|
780,000 |
|
824,850 |
|
|
|
9.375%, 1/18/2017 |
|
|
1,535,000 |
|
1,795,950 |
|
|
Republic of Serbia, 144A, Step-up Coupon, 3.75% to 11/1/2009, 6.75% to 11/1/2024 (b) |
|
|
660,000 |
|
580,800 |
||
|
Republic of Turkey: |
|
||||||
|
|
7.0%, 9/26/2016 |
|
|
3,170,000 |
|
3,209,625 |
|
|
|
7.25%, 3/15/2015 |
|
|
665,000 |
|
684,950 |
|
|
|
11.75%, 6/15/2010 |
|
|
4,495,000 |
|
5,124,300 |
|
|
Republic of Uruguay: |
|
||||||
|
|
7.625%, 3/21/2036 |
|
|
615,000 |
|
639,600 |
|
|
|
8.0%, 11/18/2022 |
|
|
1,395,000 |
|
1,499,625 |
|
|
|
9.25%, 5/17/2017 |
|
|
1,825,000 |
|
2,126,125 |
|
|
Republic of Venezuela, 10.75%, 9/19/2013 |
|
|
6,035,000 |
|
6,481,590 |
||
|
Socialist Republic of Vietnam, 144A, 6.875%, 1/15/2016 (b) |
|
|
3,770,000 |
|
3,840,688 |
||
|
United Mexican States, Series A, 6.75%, 9/27/2034 (b) |
|
|
662,000 |
|
718,932 |
||
|
|
96,603,474 |
||||||
|
US Treasury Obligations 0.5% |
|
||||||
|
US Treasury Note, 12.0%, 8/15/2013 (b) |
|
|
1,000,000 |
|
1,069,766 |
||
|
Total Government & Agency Obligations (Cost $97,868,732) |
|
97,673,240 |
|||||
|
|
Shares |
|
Value ($) |
||||
|
|
Common Stocks 0.0% |
|
|||||
|
Materials |
|
||||||
|
GEO Specialty Chemicals, Inc. * |
|
7,125 |
|
6,056 |
|||
|
GEO Specialty Chemicals, Inc. 144A* |
|
649 |
|
552 |
|||
|
Total Common Stocks (Cost $87,834) |
|
6,608 |
|||||
|
|
Warrants 0.0% |
|
|||||
|
Industrials |
|
||||||
|
DeCrane Aircraft Holdings, Inc., 144A, Expiration Date 9/30/2008* |
|
350 |
|
0 |
|||
|
Materials |
|
||||||
|
Dayton Superior Corp., 144A, Expiration Date 6/15/2009 * |
|
25 |
|
0 |
|||
|
Total Warrants (Cost $0) |
|
0 |
|||||
|
|
Convertible Preferred Stock 0.0% |
|
||||||||||
|
Consumer Discretionary |
|
|||||||||||
|
ION Media Networks, Inc. : |
|
|
|
|
||||||||
|
144A, 9.75%, (PIK) |
|
15 |
|
66,750 |
||||||||
|
Series AI, 144A, 9.75%, (PIK) |
|
3 |
|
13,350 |
||||||||
|
Total Convertible Preferred Stocks (Cost $125,925) |
|
80,100 |
||||||||||
|
|
Principal |
|
Value ($) |
|||||||||
|
|
Loan Participations 1.0% |
|
||||||||||
|
Advanced Medical Optics, Inc., LIBOR plus 1.75%, 7.025%**, 4/2/2014 |
|
|
129,675 |
|
121,895 |
|||||||
|
CSFB International (Exim Ukraine), 6.8%, 10/4/2012 |
|
|
1,215,000 |
|
1,142,878 |
|||||||
|
HCA, Inc., LIBOR plus 2.25%, 7.525%**, 11/18/2012 |
|
|
590,000 |
|
564,739 |
|||||||
|
Sabre, Inc., LIBOR plus 2.25%, 7.525%**, 9/30/2014 |
|
|
199,221 |
|
185,275 |
|||||||
|
Tribune Co., 7.86%, 5/24/2014 |
|
|
410,000 |
|
371,562 |
|||||||
|
Total Loan Participations (Cost $2,490,975) |
|
2,386,349 |
||||||||||
|
|
Units |
|
Value ($) |
|||||||||
|
|
Other Investments 0.3% |
|
||||||||||
|
Hercules, Inc., (Bond Unit), 6.5%, 6/30/2029 |
|
400,000 |
|
348,000 |
||||||||
|
IdleAire Technologies Corp. (Bond Unit), 144A, Step-up Coupon, 0% to 6/15/2008, 13.0% to 12/15/2012 |
|
615,000 |
|
350,550 |
||||||||
|
Total Other Investments (Cost $978,637) |
|
698,550 |
||||||||||
|
|
|
|
|
|
Shares |
Value ($) |
||||||
|
|
Securities Lending Collateral 16.7% |
|
||||||||||
|
Daily Assets Fund Institutional, 5.49% (c)
(d) |
|
|
38,706,602 |
|
38,706,602 |
|||||||
|
|
Cash Equivalents 0.2% |
|
||||||||||
|
Cash Management QP Trust, 5.32% (c) |
|
|
567,404 |
|
567,404 |
|||||||
|
|
%
of |
|
Value ($) |
|||||||||
|
Total Investment Portfolio (Cost $288,155,661) |
121.5 |
|
282,098,569 |
|||||||||
|
Other Assets and Liabilities, Net |
(14.8) |
|
(34,395,702) |
|||||||||
|
Notes Payable |
(6.7) |
|
(15,500,000) |
|||||||||
|
Net Assets |
100.0 |
|
232,202,867 |
|||||||||
|
|
For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements. |
|||||||||||
|
* |
Non-income producing security. In the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or the interest or has filed for bankruptcy. The following table represents bonds that are in default: |
|||||||||||
|
Security |
Coupon |
Maturity Date |
Principal Amount ($) |
Acquisition Cost ($) |
Value ($) |
|||||||
|
Congoleum Corp. |
8.625% |
8/1/2008 |
395,000 USD |
393,349 |
332,787 |
|||||||
|
Grupo Iusacell SA de CV |
10.0% |
7/15/2004 |
100,000 USD |
67,894 |
100,000 |
|||||||
|
Oxford Automotive, Inc. |
12.0% |
10/15/2010 |
580,115 USD |
59,714 |
8,702 |
|||||||
|
Radnor Holdings Corp. |
11.0% |
3/15/2010 |
90,000 USD |
82,331 |
113 |
|||||||
|
** |
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 August 31, 2007. |
|||||||||||
|
(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 August 31, 2007 amounted to $37,970,992 which is 16.4% of net assets. |
|||||||
|
(c) |
Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. |
|||||||
|
(d) |
Represents collateral held in connection with securities lending. |
|||||||
|
(e) |
Security has a deferred interest payment of $31,239 from April 1, 2006. |
|||||||
|
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
||||||||
|
LIBOR: Represents the London InterBank Offered Rate. |
||||||||
|
PIK: Denotes that all or a portion of the income is paid in kind. |
||||||||
|
As of August 31, 2007, the Fund had the following open forward foreign currency exchange contracts: |
||||||||
|
|
|
|
|
Settlement |
Unrealized |
|||
|
Contracts to Deliver |
In Exchange For |
Date |
Appreciation ($) |
|||||
|
EUR |
4,479,780 |
USD |
6,110,196 |
9/17/2007 |
2,874 |
|||
|
EUR |
1,153,438 |
USD |
1,573,232 |
9/17/2007 |
740 |
|||
|
EUR |
176,490 |
USD |
241,108 |
9/17/2007 |
498 |
|||
|
EUR |
77,900 |
USD |
106,311 |
9/17/2007 |
110 |
|||
|
Total unrealized appreciation |
|
|
|
4,222 |
||||
|
|
||||||||
|
|
|
|
|
|
|
|||
|
|
|
|
|
Settlement |
Unrealized |
|||
|
Contracts to Deliver |
In Exchange For |
Date |
(Depreciation) ($) |
|||||
|
USD |
492,692 |
EUR |
360,550 |
9/17/2007 |
(1,151) |
|||
|
|
||||||||
|
Currency Abbreviations |
||||||||
|
ARS |
Argentine Peso |
MYR |
Malaysian Ringgit |
|||||
|
BRL |
Brazilian Real |
USD |
United States Dollar |
|||||
|
EUR |
Euro |
|
|
|||||
|
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 half-year (the registrant’s second fiscal half-year in the case of the annual report) 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 Multi-Market Income Trust |
|
By: |
/s/Michael G. Clark |
|
|
Michael G. Clark |
President
|
Date: |
October 17, 2007 |
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 Multi-Market Income Trust |
|
By: |
/s/Michael G. Clark |
|
|
Michael G. Clark |
President
|
Date: |
October 17, 2007 |
|
By: |
/s/Paul Schubert |
|
|
Paul Schubert |
Chief Financial Officer and Treasurer
|
Date: |
October 17, 2007 |