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)

 

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:  11/30

Date of reporting period: 2/28/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

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

 

 

**DWS Multi-Market Income Trust**

 

 

|   | **Principal****Amount ($) (a)** |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | **Value ($)** |
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |          |
|        |
|   | **Corporate Bonds 82.5%**       |  
**Consumer Discretionary 8.3%**

 
AMC Entertainment, Inc., 8.0%, 3/1/2014 

 

 

475,000 

 

380,000 

American Achievement Corp., 144A, 8.25%, 4/1/2012 

 

 

110,000 

 

88,000 

American Achievement Group Holding Corp., 16.75%, 10/1/2012 (PIK)

 

 

226,518 

 

49,834 

Asbury Automotive Group, Inc.:

 
 

7.625%, 3/15/2017  

 

 

255,000 

 

114,750 

 

8.0%, 3/15/2014  

 

 

165,000 

 

75,900 

Ashtead Holdings PLC, 144A, 8.625%, 8/1/2015 

 

 

315,000 

 

189,000 

Cablevision Systems Corp., Series B, 8.334% ***, 4/1/2009 

 

 

135,000 

 

135,000 

 

 

 

CanWest MediaWorks LP, 144A, 9.25%, 8/1/2015 

 

 

205,000 

 

21,525 

Carrols Corp., 9.0%, 1/15/2013 

 

 

130,000 

 

109,850 

Cox Communications, Inc., 144A, 9.375%, 1/15/2019 

 

 

1,020,000 

 

1,075,584 

CSC Holdings, Inc.:

 
 

6.75%, 4/15/2012 (b)

 

 

275,000 

 

264,000 

 

Series B, 7.625%, 4/1/2011  

 

 

225,000 

 

222,750 

 

Series B, 8.125%, 7/15/2009  

 

 

1,010,000 

 

1,027,675 

 

Series B, 8.125%, 8/15/2009  

 

 

530,000 

 

539,275 

 

144A, 8.5%, 6/15/2015  

 

 

310,000 

 

296,050 

 

144A, 8.625%, 2/15/2019  

 

 

120,000 

 

111,600 

Denny's Holdings, Inc., 10.0%, 10/1/2012 

 

 

80,000 

 

68,800 

DirecTV Holdings LLC, 7.625%, 5/15/2016 

 

 

620,000 

 

595,200 

DISH DBS Corp.:

 
 

6.375%, 10/1/2011  

 

 

780,000 

 

744,900 

 

6.625%, 10/1/2014  

 

 

355,000 

 

319,500 

 

7.125%, 2/1/2016  

 

 

345,000 

 

311,362 

Dollarama Group Holdings LP, 8.073% ***, 8/15/2012 (c) 

 

 

216,000 

 

136,080 

Fontainebleau Las Vegas Holdings LLC, 144A, 10.25%, 6/15/2015 

 

 

290,000 

 

18,850 

Great Canadian Gaming Corp., 144A, 7.25%, 2/15/2015 

 

 

220,000 

 

154,000 

Group 1 Automotive, Inc., 8.25%, 8/15/2013 

 

 

125,000 

 

93,750 

Hertz Corp., 8.875%, 1/1/2014 

 

 

645,000 

 

316,050 

Idearc, Inc., 8.0%, 11/15/2016 

 

 

625,000 

 

9,375 

Indianapolis Downs LLC, 144A, 11.0%, 11/1/2012 

 

 

160,000 

 

83,200 

Inergy LP, 144A, 8.75%, 3/1/2015 

 

 

110,000 

 

107,800 

Isle of Capri Casinos, Inc., 7.0%, 3/1/2014 

 

 

140,000 

 

56,000 

Kabel Deutschland GmbH, 10.625%, 7/1/2014 

 

 

490,000 

 

492,450 

Lamar Media Corp., Series C, 6.625%, 8/15/2015 

 

 

170,000 

 

106,250 

Mediacom Broadband LLC, 8.5%, 10/15/2015 

 

 

235,000 

 

199,163 

MediMedia USA, Inc., 144A, 11.375%, 11/15/2014 

 

 

110,000 

 

73,700 

MGM MIRAGE, 6.625%, 7/15/2015 

 

 

130,000 

 

50,700 

MTR Gaming Group, Inc., Series B, 9.75%, 4/1/2010 

 

 

345,000 

 

255,300 

Norcraft Holdings LP, 9.75%, 9/1/2012 

 

 

680,000 

 

569,500 

Penske Automotive Group, Inc., 7.75%, 12/15/2016 

 

 

560,000 

 

268,800 

Pinnacle Entertainment, Inc., 8.75%, 10/1/2013 

 

 

190,000 

 

169,100 

Quebecor Media, Inc., 7.75%, 3/15/2016 

 

 

170,000 

 

138,550 

Quebecor World, Inc., 144A, 9.75%, 1/15/2015 ** 

 

 

205,000 

 

8,713 

Quiksilver, Inc., 6.875%, 4/15/2015 

 

 

220,000 

 

110,000 

Reader's Digest Association, Inc., 9.0%, 2/15/2017 

 

 

185,000 

 

15,725 

Sabre Holdings Corp., 8.35%, 3/15/2016 

 

 

225,000 

 

72,000 

Seminole Hard Rock Entertainment, Inc., 144A, 4.496% ***, 3/15/2014 

 

 

290,000 

 

136,300 

Shaw Communications, Inc., 8.25%, 4/11/2010 

 

 

385,000 

 

385,000 

Shingle Springs Tribal Gaming Authority, 144A, 9.375%, 6/15/2015 

 

 

210,000 

 

122,850 

Simmons Co., Step-up Coupon, 0% to 12/15/2009, 10.0% to 12/15/2014   

 

 

820,000 

 

8,200 

Sirius XM Radio, Inc., 9.625%, 8/1/2013 

 

 

210,000 

 

90,300 

Sonic Automotive, Inc., Series B, 8.625%, 8/15/2013 

 

 

250,000 

 

77,500 

Time Warner, Inc., 9.125%, 1/15/2013 

 

 

985,000 

 

1,029,786 

Travelport LLC:

 
 

6.828% ***, 9/1/2014  

 

 

185,000 

 

59,200 

 

9.875%, 9/1/2014  

 

 

45,000 

 

18,225 

Trump Entertainment Resorts, Inc., 8.5%, 6/1/2015 ** 

 

 

75,000 

 

8,250 

United Components, Inc., 9.375%, 6/15/2013 

 

 

45,000 

 

17,775 

Unity Media GmbH:

 
 

144A, 8.75%, 2/15/2015  

EUR

 

940,000 

 

1,048,683 

 

144A, 10.375%, 2/15/2015  

 

 

165,000 

 

144,375 

UPC Holding BV:

 
 

144A, 7.75%, 1/15/2014  

EUR

 

255,000 

 

276,401 

 

 

 

 

144A, 8.0%, 11/1/2016  

EUR

 

120,000 

 

125,507 

Vertis, Inc., 13.5%, 4/1/2014 (PIK) 

 

 

87,214 

 

654 

Videotron Ltd.:

 
 

6.875%, 1/15/2014  

 

 

60,000 

 

56,100 

 

144A, 9.125%, 4/15/2018  

 

 

175,000 

 

176,750 

 

144A, 9.125%, 4/15/2018 (d)

 

 

135,000 

 

136,519 

Young Broadcasting, Inc., 8.75%, 1/15/2014 ** 

 

 

1,245,000 

 

137 

 

**14,164,123**

**Consumer Staples 4.8%**

 
Alliance One International, Inc., 8.5%, 5/15/2012 

 

 

190,000 

 

164,350 

Altria Group, Inc.:

 
 

8.5%, 11/10/2013  

 

 

210,000 

 

226,606 

 

9.7%, 11/10/2018  

 

 

105,000 

 

109,935 

Bottling Group LLC, 5.125%, 1/15/2019 

 

 

1,145,000 

 

1,140,124 

Delhaize America, Inc.:

 
 

8.05%, 4/15/2027  

 

 

65,000 

 

63,899 

 

9.0%, 4/15/2031  

 

 

585,000 

 

653,006 

General Nutrition Centers, Inc., 7.584% ***, 3/15/2014 (PIK)

 

 

240,000 

 

141,600 

North Atlantic Trading Co., 144A, 10.0%, 3/1/2012 

 

 

975,000 

 

438,750 

PepsiAmericas, Inc., 4.375%, 2/15/2014 

 

 

785,000 

 

785,877 

Philip Morris International, Inc., 6.875%, 3/17/2014 

 

 

1,050,000 

 

1,129,754 

Tyson Foods, Inc., 144A, 10.5%, 3/1/2014 (d) 

 

 

175,000 

 

164,937 

Viskase Companies, Inc., 11.5%, 6/15/2011 

 

 

2,430,000 

 

1,579,500 

Walgreen Co., 5.25%, 1/15/2019 

 

 

1,615,000 

 

1,591,692 

 

**8,190,030**

**Energy 12.0%**

 
Atlas Energy Resources LLC, 144A, 10.75%, 2/1/2018 

 

 

610,000 

 

494,100 

Belden & Blake Corp., 8.75%, 7/15/2012 

 

 

1,170,000 

 

819,000 

Bristow Group, Inc., 7.5%, 9/15/2017 

 

 

280,000 

 

200,900 

Chaparral Energy, Inc.:

 
 

8.5%, 12/1/2015  

 

 

385,000 

 

90,475 

 

8.875%, 2/1/2017  

 

 

255,000 

 

61,200 

Chesapeake Energy Corp.:

 
 

6.25%, 1/15/2018 (b)

 

 

340,000 

 

264,350 

 

6.875%, 1/15/2016  

 

 

940,000 

 

773,150 

 

7.25%, 12/15/2018  

 

 

495,000 

 

402,188 

 

7.5%, 6/15/2014  

 

 

120,000 

 

105,300 

 

9.5%, 2/15/2015  

 

 

65,000 

 

60,450 

Cimarex Energy Co., 7.125%, 5/1/2017 

 

 

140,000 

 

114,800 

Colorado Interstate Gas Co., 6.8%, 11/15/2015 

 

 

645,000 

 

591,515 

ConocoPhillips, 4.75%, 2/1/2014 (b) 

 

 

2,470,000 

 

2,497,923 

Delta Petroleum Corp., 7.0%, 4/1/2015 

 

 

550,000 

 

214,500 

Denbury Resources, Inc., 9.75%, 3/1/2016 

 

 

300,000 

 

282,000 

Devon Energy Corp., 6.3%, 1/15/2019 

 

 

110,000 

 

107,699 

Dynegy Holdings, Inc., 6.875%, 4/1/2011 (b) 

 

 

75,000 

 

62,625 

El Paso Corp.:

 
 

7.25%, 6/1/2018  

 

 

630,000 

 

555,975 

 

7.75%, 6/15/2010  

 

 

790,000 

 

777,432 

 

8.25%, 2/15/2016  

 

 

240,000 

 

223,200 

 

9.625%, 5/15/2012  

 

 

165,000 

 

161,175 

Energy Transfer Partners LP, 6.0%, 7/1/2013 

 

 

750,000 

 

704,269 

EXCO Resources, Inc., 7.25%, 1/15/2011 

 

 

383,000 

 

305,921 

Forest Oil Corp.:

 
 

144A, 7.25%, 6/15/2019  

 

 

155,000 

 

124,000 

 

144A, 8.5%, 2/15/2014  

 

 

115,000 

 

104,650 

 

 

 

Frontier Oil Corp.:

 
 

6.625%, 10/1/2011  

 

 

160,000 

 

153,200 

 

8.5%, 9/15/2016  

 

 

450,000 

 

434,250 

GulfSouth Pipeline Co., LP, 144A, 5.75%, 8/15/2012 

 

 

740,000 

 

672,135 

KCS Energy, Inc., 7.125%, 4/1/2012 

 

 

1,335,000 

 

1,184,812 

Mariner Energy, Inc.:

 
 

7.5%, 4/15/2013  

 

 

245,000 

 

184,975 

 

8.0%, 5/15/2017  

 

 

270,000 

 

179,550 

Newfield Exploration Co., 7.125%, 5/15/2018 

 

 

455,000 

 

400,400 

OPTI Canada, Inc.:

 
 

7.875%, 12/15/2014  

 

 

330,000 

 

108,900 

 

8.25%, 12/15/2014  

 

 

830,000 

 

282,200 

Pemex Project Funding Master Trust, 5.75%, 3/1/2018 

 

 

770,000 

 

623,216 

Petrohawk Energy Corp.:

 
 

144A, 7.875%, 6/1/2015  

 

 

145,000 

 

124,700 

 

9.125%, 7/15/2013  

 

 

250,000 

 

236,250 

Petronas Capital Ltd., REG S, 7.875%, 5/22/2022 

 

 

620,000 

 

659,479 

Plains Exploration & Production Co.:

 
 

7.0%, 3/15/2017  

 

 

235,000 

 

200,338 

 

7.625%, 6/1/2018  

 

 

530,000 

 

461,100 

Quicksilver Resources, Inc., 7.125%, 4/1/2016 

 

 

640,000 

 

422,400 

SandRidge Energy, Inc., 144A, 8.0%, 6/1/2018 

 

 

205,000 

 

159,900 

Southwestern Energy Co., 144A, 7.5%, 2/1/2018 

 

 

320,000 

 

302,400 

Stallion Oilfield Services, 144A, 9.75%, 2/1/2015 

 

 

255,000 

 

30,600 

Stone Energy Corp.:

 
 

6.75%, 12/15/2014  

 

 

525,000 

 

241,500 

 

8.25%, 12/15/2011  

 

 

770,000 

 

485,100 

Tennessee Gas Pipeline Co., 7.625%, 4/1/2037 

 

 

110,000 

 

94,750 

TEPPCO Partners LP, 7.625%, 2/15/2012 

 

 

275,000 

 

275,480 

Tesoro Corp., 6.5%, 6/1/2017 

 

 

595,000 

 

458,150 

TransCanada PipeLines Ltd.:

 
 

7.125%, 1/15/2019 (b)

 

 

165,000 

 

170,308 

 

7.625%, 1/15/2039  

 

 

110,000 

 

109,856 

Whiting Petroleum Corp.:

 
 

7.25%, 5/1/2012  

 

 

505,000 

 

424,200 

 

7.25%, 5/1/2013  

 

 

55,000 

 

44,825 

Williams Companies, Inc.:

 
 

8.125%, 3/15/2012  

 

 

870,000 

 

856,950 

 

8.75%, 3/15/2032  

 

 

520,000 

 

486,200 

 

**20,566,921**

**Financials 14.5%**

 
Algoma Acquisition Corp., 144A, 9.875%, 6/15/2015 

 

 

640,000 

 

249,600 

Ashton Woods USA LLC, 144A, Step-up Coupon, 0.0% to 2/24/2012, 11.0% to 6/30/2015 

 

 

325,000 

 

118,560 

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

 

 

2,535,000 

 

2,138,944 

Bank of New York Mellon Corp., 5.125%, 8/27/2013 (b) 

 

 

670,000 

 

665,246 

Buffalo Thunder Development Authority, 144A, 9.375%, 12/15/2014 

 

 

125,000 

 

6,250 

Caterpillar Financial Services Corp., 6.125%, 2/17/2014 (b) 

 

 

2,350,000 

 

2,289,856 

Citigroup, Inc., 6.5%, 8/19/2013 (b) 

 

 

630,000 

 

587,347 

Conproca SA de CV, REG S, 12.0%, 6/16/2010 

 

 

711,730 

 

740,199 

Ford Motor Credit Co., LLC:

 
 

7.25%, 10/25/2011  

 

 

1,635,000 

 

886,281 

 

7.875%, 6/15/2010  

 

 

610,000 

 

406,520 

Fresenius US Finance II, Inc., 144A, 9.0%, 7/15/2015 

 

 

300,000 

 

312,000 

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

 

 

2,537,000 

 

2,173,324 

GMAC LLC:

 
 

 

 

 

2.488% ***, 5/15/2009  

 

 

420,000 

 

370,650 

 

4.241% ***, 6/30/2009  

EUR

 

80,000 

 

72,516 

 

144A, 6.875%, 9/15/2011  

 

 

1,690,000 

 

1,100,187 

 

7.75%, 1/19/2010 (b)

 

 

175,000 

 

127,969 

 

144A, 7.75%, 1/19/2010  

 

 

675,000 

 

540,047 

Hawker Beechcraft Acquisition Co., LLC:

 
 

8.5%, 4/1/2015  

 

 

680,000 

 

129,200 

 

8.875%, 4/1/2015 (PIK) 

 

 

350,000 

 

29,750 

Hexion US Finance Corp., 9.75%, 11/15/2014 

 

 

130,000 

 

16,900 

Inmarsat Finance PLC, 10.375%, 11/15/2012 

 

 

725,000 

 

739,500 

iPayment, Inc., 9.75%, 5/15/2014 

 

 

225,000 

 

132,750 

JPMorgan Chase & Co., 5.375%, 1/15/2014  

 

 

1,580,000 

 

1,547,929 

JPMorgan Chase Bank NA, 6.0%, 10/1/2017 

 

 

550,000 

 

520,363 

Local TV Finance LLC, 144A, 9.25%, 6/15/2015 (PIK)

 

 

200,000 

 

20,250 

New ASAT (Finance) Ltd., 9.25%, 2/1/2011 ** 

 

 

345,000 

 

5,175 

NiSource Finance Corp.:

 
 

6.15%, 3/1/2013  

 

 

740,000 

 

633,100 

 

7.875%, 11/15/2010  

 

 

510,000 

 

499,481 

Orascom Telecom Finance SCA, 144A, 7.875%, 2/8/2014 

 

 

285,000 

 

171,000 

Qwest Capital Funding, Inc., 7.0%, 8/3/2009 

 

 

280,000 

 

279,300 

Rainbow National Services LLC, 144A, 10.375%, 9/1/2014 

 

 

45,000 

 

46,069 

Sprint Capital Corp.:

 
 

7.625%, 1/30/2011  

 

 

1,000,000 

 

867,500 

 

8.375%, 3/15/2012  

 

 

350,000 

 

283,500 

Toyota Motor Credit Corp., Series B, 4.911% ***, 1/9/2012 

 

 

805,000 

 

795,570 

Tropicana Entertainment LLC, 9.625%, 12/15/2014 ** 

 

 

730,000 

 

7,300 

UCI Holdco, Inc., 9.996% ***, 12/15/2013 (PIK)

 

 

269,666 

 

21,573 

Universal City Development Partners Ltd., 11.75%, 4/1/2010 

 

 

840,000 

 

644,700 

Verizon Wireless Capital LLC, 144A, 5.55%, 2/1/2014 

 

 

3,700,000 

 

3,678,496 

Williams Companies, Inc., Credit Linked Certificate Trust, 144A, 6.75%, 4/15/2009 

 

 

10,000 

 

9,963 

Wind Acquisition Finance SA:

 
 

144A, 9.75%, 12/1/2015  

EUR

 

675,000 

 

744,486 

 

144A, 10.75%, 12/1/2015  

 

 

75,000 

 

75,188 

 

**24,684,539**

**Health Care 6.3%**

 
Abbott Laboratories, 5.125%, 4/1/2019 

 

 

770,000 

 

761,983 

Boston Scientific Corp., 6.0%, 6/15/2011 

 

 

310,000 

 

306,125 

Community Health Systems, Inc., 8.875%, 7/15/2015 

 

 

1,460,000 

 

1,381,525 

HCA, Inc.:

 
 

9.125%, 11/15/2014 (b)

 

 

325,000 

 

304,687 

 

9.25%, 11/15/2016  

 

 

1,590,000 

 

1,454,850 

 

9.625%, 11/15/2016 (PIK) 

 

 

495,000 

 

413,325 

 

144A, 9.875%, 2/15/2017  

 

 

505,000 

 

484,800 

HEALTHSOUTH Corp., 10.75%, 6/15/2016 

 

 

180,000 

 

180,450 

IASIS Healthcare LLC, 8.75%, 6/15/2014 

 

 

395,000 

 

379,200 

Psychiatric Solutions, Inc., 7.75%, 7/15/2015 

 

 

250,000 

 

219,375 

Roche Holdings, Inc., 144A, 4.5%, 3/1/2012 

 

 

3,500,000 

 

3,557,526 

Surgical Care Affiliates, Inc., 144A, 8.875%, 7/15/2015 (PIK)

 

 

245,000 

 

147,000 

The Cooper Companies, Inc., 7.125%, 2/15/2015 

 

 

360,000 

 

321,750 

Vanguard Health Holding Co. I, LLC, Step-up Coupon, 0% to 10/1/2009, 11.25% to 10/1/2015   

 

 

295,000 

 

252,225 

Vanguard Health Holding Co. II, LLC, 9.0%, 10/1/2014 

 

 

675,000 

 

617,625 

 

**10,782,446**

**Industrials 7.2%**

 
Actuant Corp., 6.875%, 6/15/2017 

 

 

180,000 

 

159,300 

 

 

 

Allied Waste North America, Inc., 6.5%, 11/15/2010 

 

 

340,000 

 

338,300 

ARAMARK Corp., 8.5%, 2/1/2015 (b) 

 

 

525,000 

 

477,750 

BE Aerospace, Inc., 8.5%, 7/1/2018 

 

 

560,000 

 

446,600 

Belden, Inc., 7.0%, 3/15/2017 

 

 

185,000 

 

145,225 

Bombardier, Inc., 144A, 6.75%, 5/1/2012 (b) 

 

 

810,000 

 

635,850 

Browning-Ferris Industries, Inc., 7.4%, 9/15/2035 

 

 

555,000 

 

493,951 

Cenveo Corp., 144A, 10.5%, 8/15/2016 

 

 

240,000 

 

146,400 

Congoleum Corp., 8.625%, 8/1/2008 ** 

 

 

395,000 

 

296,250 

Esco Corp.:

 
 

144A, 5.871% ***, 12/15/2013  

 

 

275,000 

 

170,500 

 

144A, 8.625%, 12/15/2013  

 

 

570,000 

 

430,350 

General Cable Corp.:

 
 

3.81% ***, 4/1/2015  

 

 

290,000 

 

200,100 

 

7.125%, 4/1/2017  

 

 

230,000 

 

197,800 

Great Lakes Dredge & Dock Co., 7.75%, 12/15/2013 

 

 

185,000 

 

153,550 

K. Hovnanian Enterprises, Inc., 8.875%, 4/1/2012 

 

 

290,000 

 

104,400 

Kansas City Southern de Mexico SA de CV:

 
 

7.375%, 6/1/2014  

 

 

590,000 

 

522,150 

 

7.625%, 12/1/2013  

 

 

460,000 

 

414,000 

 

9.375%, 5/1/2012  

 

 

985,000 

 

965,300 

Kansas City Southern Railway Co., 8.0%, 6/1/2015 

 

 

455,000 

 

418,600 

Mobile Mini, Inc., 9.75%, 8/1/2014 

 

 

300,000 

 

235,500 

Moog, Inc., 144A, 7.25%, 6/15/2018 

 

 

100,000 

 

90,000 

Navios Maritime Holdings, Inc., 9.5%, 12/15/2014 

 

 

300,000 

 

180,000 

Ply Gem Industries, Inc., 11.75%, 6/15/2013 (b) 

 

 

75,000 

 

34,500 

R.H. Donnelley Corp., Series A-4, 8.875%, 10/15/2017 

 

 

805,000 

 

36,225 

RBS Global & Rexnord Corp., 9.5%, 8/1/2014 

 

 

195,000 

 

164,775 

Seitel, Inc., 9.75%, 2/15/2014 

 

 

150,000 

 

61,500 

Titan International, Inc., 8.0%, 1/15/2012 

 

 

795,000 

 

637,987 

TransDigm, Inc., 7.75%, 7/15/2014 

 

 

200,000 

 

184,000 

Union Pacific Corp., 5.125%, 2/15/2014 

 

 

1,580,000 

 

1,563,958 

United Rentals North America, Inc.:

 
 

6.5%, 2/15/2012  

 

 

460,000 

 

361,100 

 

7.0%, 2/15/2014  

 

 

580,000 

 

319,000 

US Concrete, Inc., 8.375%, 4/1/2014 

 

 

235,000 

 

88,713 

Vought Aircraft Industries, Inc., 8.0%, 7/15/2011 

 

 

130,000 

 

71,500 

Waste Management, Inc., 6.375%, 3/11/2015 (b) 

 

 

1,545,000 

 

1,530,086 

 

**12,275,220**

**Information Technology 3.2%**

 
Alcatel-Lucent USA, Inc., 6.45%, 3/15/2029 

 

 

800,000 

 

290,000 

Alion Science & Technology Corp., 10.25%, 2/1/2015 

 

 

370,000 

 

111,000 

Hewlett-Packard Co., 4.75%, 6/2/2014 (b) 

 

 

1,545,000 

 

1,537,119 

L-3 Communications Corp.:

 
 

5.875%, 1/15/2015  

 

 

690,000 

 

636,525 

 

Series B, 6.375%, 10/15/2015  

 

 

650,000 

 

614,250 

 

7.625%, 6/15/2012  

 

 

1,380,000 

 

1,386,900 

MasTec, Inc., 7.625%, 2/1/2017 

 

 

430,000 

 

346,150 

Seagate Technology HDD Holdings, 6.8%, 10/1/2016 

 

 

255,000 

 

140,250 

SunGard Data Systems, Inc., 10.25%, 8/15/2015 

 

 

535,000 

 

366,475 

Vangent, Inc., 9.625%, 2/15/2015 

 

 

160,000 

 

101,200 

 

**5,529,869**

**Materials 6.2%**

 
Appleton Papers, Inc., Series B, 8.125%, 6/15/2011 

 

 

105,000 

 

71,400 

ARCO Chemical Co., 9.8%, 2/1/2020 ** 

 

 

1,685,000 

 

282,237 

Cascades, Inc., 7.25%, 2/15/2013 

 

 

294,000 

 

168,315 

 

 

 

Chemtura Corp., 6.875%, 6/1/2016 

 

 

500,000 

 

225,000 

Clondalkin Acquisition BV, 144A, 3.996% ***, 12/15/2013 

 

 

290,000 

 

179,800 

CPG International I, Inc., 10.5%, 7/1/2013 

 

 

445,000 

 

235,850 

Exopack Holding Corp., 11.25%, 2/1/2014 

 

 

685,000 

 

399,012 

Freeport-McMoRan Copper & Gold, Inc.:

 
 

6.875%, 2/1/2014  

 

 

55,000 

 

53,213 

 

8.25%, 4/1/2015 (b)

 

 

1,320,000 

 

1,174,800 

 

8.375%, 4/1/2017  

 

 

1,843,000 

 

1,589,587 

GEO Specialty Chemicals, Inc.:

 
 

144A, 7.5% ***, 3/31/2015 (PIK) 

 

 

410,096 

 

205,048 

 

144A, 9.968% ***, 12/31/2009  

 

 

658,000 

 

329,000 

Georgia-Pacific LLC:

 
 

144A, 7.125%, 1/15/2017  

 

 

155,000 

 

142,213 

 

9.5%, 12/1/2011  

 

 

170,000 

 

168,300 

Hexcel Corp., 6.75%, 2/1/2015 

 

 

915,000 

 

800,625 

Huntsman LLC, 11.625%, 10/15/2010 

 

 

855,000 

 

846,450 

Innophos, Inc., 8.875%, 8/15/2014 

 

 

110,000 

 

87,450 

Koppers Holdings, Inc., Step-up Coupon, 0% to 11/15/2009, 9.875% to 11/15/2014   

 

 

710,000 

 

582,200 

Metals USA Holdings Corp., 7.435% ***, 7/1/2012 (PIK)

 

 

164,353 

 

36,158 

Millar Western Forest Products Ltd., 7.75%, 11/15/2013 

 

 

110,000 

 

53,900 

NewMarket Corp., 7.125%, 12/15/2016 

 

 

495,000 

 

388,575 

NewPage Corp., 10.0%, 5/1/2012 

 

 

410,000 

 

124,025 

OI European Group BV, 144A, 6.875%, 3/31/2017 

EUR

 

210,000 

 

226,293 

Radnor Holdings Corp., 11.0%, 3/15/2010 ** 

 

 

90,000 

 

113 

Rhodia SA, 144A, 5.362% ***, 10/15/2013 

EUR

 

200,000 

 

125,507 

Terra Capital, Inc., Series B, 7.0%, 2/1/2017 

 

 

475,000 

 

432,250 

The Mosaic Co., 144A, 7.375%, 12/1/2014 

 

 

1,450,000 

 

1,410,125 

Witco Corp., 6.875%, 2/1/2026 

 

 

170,000 

 

56,100 

Wolverine Tube, Inc., 10.5%, 4/1/2009 

 

 

305,000 

 

244,000 

 

**10,637,546**

**Telecommunication Services 9.5%**

 
AT&T, Inc.:

 
 

4.85%, 2/15/2014 (b)

 

 

2,470,000 

 

2,450,033 

 

6.7%, 11/15/2013 (b)

 

 

1,050,000 

 

1,110,939 

BCM Ireland Preferred Equity Ltd., 144A, 8.959% ***, 2/15/2017 (PIK)

EUR

 

219,993 

 

12,973

Centennial Communications Corp.:

 
 

10.0%, 1/1/2013  

 

 

185,000 

 

196,562 

 

10.125%, 6/15/2013  

 

 

840,000 

 

868,350 

Cincinnati Bell, Inc.:

 
 

7.25%, 7/15/2013  

 

 

670,000 

 

639,850 

 

8.375%, 1/15/2014 (b)

 

 

240,000 

 

219,600 

Cricket Communications, Inc.:

 
 

9.375%, 11/1/2014  

 

 

480,000 

 

438,000 

 

144A, 10.0%, 7/15/2015  

 

 

495,000 

 

456,637 

Crown Castle International Corp., 9.0%, 1/15/2015 (b) 

 

 

560,000 

 

546,000 

Frontier Communications Corp.:

 
 

6.25%, 1/15/2013  

 

 

280,000 

 

254,800 

 

9.25%, 5/15/2011 (b)

 

 

165,000 

 

168,300 

Grupo Iusacell Celular SA de CV, 10.0%, 3/31/2012 

 

 

97,606 

 

66,372 

Hellas Telecommunications Luxembourg V, 144A, 6.112% ***, 10/15/2012 

EUR

 

200,000 

 

139,453 

Intelsat Corp.:

 
 

144A, 9.25%, 8/15/2014  

 

 

100,000 

 

93,250 

 

144A, 9.25%, 6/15/2016  

 

 

1,350,000 

 

1,231,875 

Intelsat Subsidiary Holding Co., Ltd., 144A, 8.875%, 1/15/2015 

 

 

590,000 

 

560,500 

iPCS, Inc., 3.295% ***, 5/1/2013 

 

 

115,000 

 

82,800 

MetroPCS Wireless, Inc.:

 
 

 

 

 

9.25%, 11/1/2014  

 

 

610,000 

 

576,450 

 

144A, 9.25%, 11/1/2014  

 

 

255,000 

 

239,700 

Millicom International Cellular SA, 10.0%, 12/1/2013 

 

 

2,020,000 

 

1,956,875 

Qwest Corp.:

 
 

7.25%, 9/15/2025  

 

 

75,000 

 

54,000 

 

7.875%, 9/1/2011  

 

 

775,000 

 

763,375 

 

8.875%, 3/15/2012  

 

 

145,000 

 

142,825 

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

 

 

715,000 

 

715,799 

Sprint Nextel Corp., 6.0%, 12/1/2016 

 

 

345,000 

 

224,250 

Stratos Global Corp., 9.875%, 2/15/2013 

 

 

140,000 

 

133,700 

Telesat Canada, 144A, 11.0%, 11/1/2015 

 

 

795,000 

 

643,950 

Virgin Media Finance PLC:

 
 

8.75%, 4/15/2014  

 

 

560,000 

 

503,300 

 

8.75%, 4/15/2014  

EUR

 

340,000 

 

377,156 

Windstream Corp.:

 
 

7.0%, 3/15/2019  

 

 

340,000 

 

292,400 

 

8.625%, 8/1/2016  

 

 

45,000 

 

43,200 

 

**16,203,274**

**Utilities 10.5%**

 
AES Corp.:

 
 

8.0%, 10/15/2017 (b)

 

 

255,000 

 

216,750 

 

144A, 8.0%, 6/1/2020  

 

 

470,000 

 

390,100 

 

144A, 8.75%, 5/15/2013  

 

 

1,514,000 

 

1,468,580 

 

9.5%, 6/1/2009  

 

 

420,000 

 

415,800 

Alabama Power Co., 6.0%, 3/1/2039 (d) 

 

 

790,000 

 

784,020 

Allegheny Energy Supply Co., LLC, 144A, 8.25%, 4/15/2012 

 

 

2,115,000 

 

2,146,725 

CenterPoint Energy Houston Electric LLC, Series U, 7.0%, 3/1/2014 

 

 

110,000 

 

113,557 

CenterPoint Energy, Inc., Series B, 7.25%, 9/1/2010 

 

 

470,000 

 

470,073 

CMS Energy Corp., 8.5%, 4/15/2011 

 

 

1,200,000 

 

1,211,099 

CP&L, Inc., 5.3%, 1/15/2019 

 

 

780,000 

 

781,551 

Duke Energy Corp., 6.3%, 2/1/2014 (b) 

 

 

785,000 

 

815,539 

Edison Mission Energy, 7.0%, 5/15/2017 (b) 

 

 

590,000 

 

498,550 

Energy Future Holdings Corp., 10.875%, 11/1/2017 

 

 

395,000 

 

225,150 

Intergas Finance BV, REG S, 6.875%, 11/4/2011 

 

 

1,815,000 

 

1,361,250 

IPALCO Enterprises, Inc., 144A, 7.25%, 4/1/2016 

 

 

185,000 

 

170,200 

Jersey Central Power & Light Co., 7.35%, 2/1/2019 (b) 

 

 

785,000 

 

788,041 

Knight, Inc., 6.5%, 9/1/2012 

 

 

435,000 

 

408,900 

Mirant Americas Generation LLC, 8.3%, 5/1/2011 

 

 

750,000 

 

723,750 

Mirant North America LLC, 7.375%, 12/31/2013 

 

 

145,000 

 

132,675 

NRG Energy, Inc.:

 
 

7.25%, 2/1/2014  

 

 

530,000 

 

499,525 

 

7.375%, 2/1/2016  

 

 

495,000 

 

456,637 

 

7.375%, 1/15/2017  

 

 

435,000 

 

402,375 

NV Energy, Inc.:

 
 

6.75%, 8/15/2017  

 

 

535,000 

 

422,024 

 

8.625%, 3/15/2014  

 

 

108,000 

 

104,133 

Oncor Electric Delivery Co., 7.0%, 9/1/2022 

 

 

165,000 

 

156,269 

Orion Power Holdings, Inc., 12.0%, 5/1/2010 

 

 

1,275,000 

 

1,308,469 

PacifiCorp:

 
 

5.5%, 1/15/2019 (b)

 

 

55,000 

 

55,442 

 

6.0%, 1/15/2039 (b)

 

 

25,000 

 

24,707 

Regency Energy Partners LP, 8.375%, 12/15/2013 

 

 

320,000 

 

266,400 

Reliant Energy, Inc., 7.875%, 6/15/2017 

 

 

565,000 

 

411,037 

Texas Competitive Electric Holdings Co., LLC, Series A, 10.25%, 11/1/2015 

 

 

1,265,000 

 

638,825 

 

**17,868,153**

**Total Corporate Bonds** (Cost $170,782,859)

 

**140,902,121**

 

 

 

 

**Government & Agency Obligations 37.0%**

 
**Sovereign Bonds 34.9%**

 
Federative Republic of Brazil:

 
 

7.875%, 3/7/2015  

 

 

1,980,000 

 

2,133,450 

 

8.875%, 10/14/2019  

 

 

2,415,000 

 

2,771,212 

 

12.5%, 1/5/2016  

BRL

 

2,070,000 

 

863,919 

Government of Ukraine, REG S, 7.65%, 6/11/2013 

 

 

1,685,000 

 

623,450 

Republic of Argentina, 5.83%, 12/31/2033

ARS

 

760 

 

93

Republic of Bulgaria, 144A, 8.25%, 1/15/2015 

 

 

1,580,000 

 

1,576,050 

Republic of Colombia:

 
 

8.25%, 12/22/2014  

 

 

690,000 

 

752,790 

 

10.0%, 1/23/2012  

 

 

2,375,000 

 

2,683,750 

 

10.75%, 1/15/2013  

 

 

780,000 

 

915,330 

Republic of El Salvador, 144A, 7.65%, 6/15/2035 

 

 

3,780,000 

 

2,683,800 

Republic of Ghana, 144A, 8.5%, 10/4/2017 

 

 

175,000 

 

112,000 

Republic of Indonesia, 144A, 6.875%, 3/9/2017 

 

 

2,615,000 

 

2,013,550 

Republic of Panama:

 
 

7.125%, 1/29/2026  

 

 

2,005,000 

 

1,919,788 

 

9.375%, 1/16/2023  

 

 

2,610,000 

 

2,809,012 

Republic of Peru, 7.35%, 7/21/2025 

 

 

7,395,000 

 

7,542,900 

Republic of Philippines, 8.375%, 2/15/2011 

 

 

780,000 

 

836,550 

Republic of South Africa, 6.5%, 6/2/2014 

 

 

7,040,000 

 

6,969,600 

Republic of Turkey:

 
 

7.0%, 9/26/2016  

 

 

2,235,000 

 

2,078,550 

 

7.25%, 3/15/2015  

 

 

665,000 

 

633,413 

 

11.75%, 6/15/2010  

 

 

4,495,000 

 

4,843,362 

Republic of Uruguay:

 
 

7.625%, 3/21/2036  

 

 

615,000 

 

505,838 

 

9.25%, 5/17/2017  

 

 

1,825,000 

 

1,957,313 

Republic of Venezuela, 10.75%, 9/19/2013 

 

 

6,035,000 

 

4,164,150 

Socialist Republic of Vietnam, 144A, 6.875%, 1/15/2016 

 

 

3,770,000 

 

3,242,200 

United Mexican States:

 
 

5.625%, 1/15/2017 (b)

 

 

3,195,000 

 

3,081,577 

 

Series A, 5.875%, 1/15/2014  

 

 

1,845,000 

 

1,872,674 

 

**59,586,321**

**US Government Sponsored Agencies 2.1%**

 
JPMorgan Chase & Co., Series 2, FDIC Guaranteed, 2.125%, 6/22/2012 (b)

 

 

1,990,000 

 

1,980,553 

PNC Funding Corp., FDIC Guaranteed, 2.3%, 6/22/2012 (b) 

 

 

1,580,000 

 

1,580,242 

 

**3,560,795**

**Total Government & Agency Obligations** (Cost $72,689,630)

 

**63,147,116**

 

**Loan Participations and Assignments 8.1%**

 
**Senior Loans*** 7.5%**

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

 

 

407,010 

 

258,451 

Buffets, Inc.:

 
 

Debtor in Possession Term Loan, LIBOR plus 7.25%, 9.369%, 4/30/2009 (PIK)  

 

 

180,649 

 

25,291 

 

Tranche 3, LIBOR plus 7.25%, 9.369%, 4/30/2009 (PIK)

 

 

17,998

 

2,520

 

Letter of Credit, LIBOR plus 7.25%, 9.369%, 5/1/2013 (PIK)  

 

 

55,346 

 

7,748

 

Term Loan B, LIBOR plus 7.25%, 9.369%, 11/1/2013 (PIK)  

 

 

375,766 

 

52,608 

Charter Communications Operating LLC:

 
 

Term Loan, LIBOR plus 2.0%, 4.119%, 3/6/2014  

 

 

1,590,886 

 

1,271,810 

 

Incremental Term Loan, LIBOR plus 5.0%, 7.119%, 3/6/2014  

 

 

977,150 

 

890,834 

Community Health Systems, Inc.:

 
 

Term Delayed Draw, LIBOR plus 2.25%, 4.369%, 7/25/2014  

 

 

84,903 

 

72,238 

 

 

 

 

Term Loan B, LIBOR plus 2.25%, 4.369%, 7/25/2014  

 

 

1,660,097 

 

1,412,460 

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

 

 

985,420 

 

920,446 

Energy Future Holdings Corp.:

 
 

Term Loan B2, LIBOR plus 3.5%, 5.619%, 10/14/2014  

 

 

112,665 

 

69,410 

 

Term Loan B3, LIBOR plus 3.5%, 5.619%, 10/14/2014  

 

 

1,841,688 

 

1,147,602 

Essar Steel Algoma, Inc., Term Loan B, LIBOR plus 2.5%, 4.619%, 12/31/2013 

 

 

219,922 

 

134,702 

General Nutrition Centers, Inc., Term Loan B, LIBOR plus 2.25%, 4.369%, 9/16/2013 

 

 

123,430 

 

91,029 

Georgia-Pacific Corp., First Lien Term Loan, LIBOR plus 2.0%, 4.119%, 12/20/2012 

 

 

471,779 

 

408,563 

Golden Nugget, Second Lien Term Loan, LIBOR plus 3.25%, 5.369%, 12/31/2014 

 

 

230,000 

 

35,650 

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

 

 

524,794 

 

450,302 

Hawker Beechcraft, Inc.:

 
 

Letter of Credit, LIBOR plus 2.0%, 4.119%, 3/26/2014  

 

 

47,680 

 

22,395 

 

Term Loan, LIBOR plus 2.0%, 4.119%, 3/26/2014  

 

 

811,982 

 

381,380 

HCA, Inc., Term Loan A, LIBOR plus 1.5%, 3.619%, 11/17/2012 

 

 

3,190,781 

 

2,798,459 

Hexion Specialty Chemicals:

 
 

Term Loan C1, LIBOR plus 2.25%, 4.369%, 5/6/2013  

 

 

828,239 

 

323,013 

 

Term Loan C2, LIBOR plus 2.25%, 4.369%, 5/6/2013  

 

 

204,323 

 

79,686 

IASIS Healthcare LLC, Term Loan, LIBOR plus 5.25%, 7.369%, 6/15/2014 (PIK)

 

 

324,724 

 

144,908 

Longview Power LLC:

 
 

Term Delayed Draw, LIBOR plus 2.25%, 4.369%, 2/28/2014  

 

 

53,667 

 

38,640 

 

Term Loan, LIBOR plus 2.25%, 4.369%, 2/28/2014  

 

 

46,000 

 

33,120 

 

Letter of Credit, LIBOR plus 2.4%, 4.519%, 2/28/2014  

 

 

15,333 

 

11,040 

NewPage Corp., Term Loan, LIBOR plus 3.75%, 5.869%, 12/19/2014

 

 

49,500 

 

31,197 

Sabre, Inc., Term Loan B, LIBOR plus 2.0%, 4.119%, 9/30/2014 

 

 

199,221 

 

96,074 

Symbion, Inc.:

 
 

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

 

 

94,350 

 

52,600 

 

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

 

 

94,350 

 

53,072 

Telesat Canada:

 
 

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

 

 

47,392 

 

40,781 

 

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

 

 

551,789 

 

474,814 

Tribune Co., Tranche B, 2.119%, 5/19/2014 ** 

 

 

404,875 

 

107,863 

Wm. Wrigley Jr. Co., Tranche B, LIBOR plus 3.5%, 5.619%, 10/6/2014 

 

 

800,000 

 

793,292 

 

**12,733,998**

**Sovereign Loans 0.6%**

 
Export-Import Bank of Ukraine, 6.8%, 10/4/2012 

 

 

1,215,000 

 

281,321****

Gazprom, 144A, 6.51%, 3/7/2022 

 

 

1,285,000 

 

750,183 

 

**1,031,504**

**Total Loan Participations and Assignments** (Cost $18,861,191)

 

**13,765,502**

 

**Preferred Security 0.1%**

 
**Financials**

 
Xerox Capital Trust I, 8.0%, 2/1/2027 (b) (Cost $125,175)

 

 

120,000 

 

**89,721**

 

**Units**

 

**Value ($)**

 

**Other Investments 0.1%**

 
**Materials**

 
Hercules, Inc., (Bond Unit), 6.5%, 6/30/2029 (Cost $340,204)

 

 

400,000 

 

**176,000**

 

 

 

 

**Shares**

 

**Value ($)**

 

**Common Stocks 0.0%**

 
**Consumer Discretionary 0.0%**

 
Vertis Holdings, Inc.*  

 

4,349 

 

**0**

 

 

 

 

 

**Materials 0.0%**

 
GEO Specialty Chemicals, Inc.*  

 

7,125 

 

6,056 

GEO Specialty Chemicals, Inc. 144A*  

 

649 

 

552 

 

**6,608**

**Total Common Stocks** (Cost $87,834)

 

**6,608**

 

**Warrants 0.0%**

 
**Financials 0.0%**

 
New ASAT (Finance) Ltd., Expiration Date 2/1/2011*  

 

52,000 

 

**2,093**

**Industrials 0.0%**

 
Dayton Superior Corp., 144A, Expiration Date 6/15/2009*  

 

25 

 

**0**

**Total Warrants** (Cost $0)

 

**2,093**

 

**Convertible Preferred Stocks 0.0%**

 
**Consumer Discretionary**

 
ION Media Networks, Inc.:

 
 

144A, 12.0%*

 

 

75,000

 

0

 

Series AI, 144A, 12.0%*

 

 

15,000

 

0

**Convertible Preferred Stocks** (Cost $12,580)

 

**0**

 

**Securities Lending Collateral 12.1%**

 
Daily Assets Fund Institutional, 1.05% (e) (f)(Cost $20,617,935)

 

 

20,617,935

 

**20,617,935**

 

**Cash Equivalents 0.9%**

 
Cash Management QP Trust, 0.85% (e)(Cost $1,481,219)

 

 

1,481,219

 

**1,481,219**

 

 

 

 

 

 

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $284,998,627) †

140.8

 

**240,188,315**

**Other Assets and Liabilities, Net**(b)

(11.2)

 

**(19,140,365)**

**Notes Payable**

(29.6)

 

**(50,500,000)**

**Net Assets**

100.0

 

**170,547,950**

*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.*

****

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

**Security**

 

**Coupon**

 

**Maturity****Date**

 

**Principal Amount ($)**

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

 

**Value ($)**

 
ARCO Chemical Co.

 

9.8%

 

2/1/2020

 

1,685,000

 

USD

 

1,769,086

 

282,237

 
Congoleum Corp.

 

8.625%

 

8/1/2008

 

395,000

 

USD

 

392,755

 

296,250

 
New ASAT (Finance) Ltd.

 

9.25%

 

2/1/2011

 

345,000

 

USD

 

298,650

 

5,175

 
Quebecor World, Inc.

 

9.75%

 

1/15/2015

 

205,000

 

USD

 

206,950

 

8,713

 
Radnor Holdings Corp.

 

11.0%

 

3/15/2010

 

90,000

 

USD

 

79,463

 

113

 
Tribune Co.

 

2.119%

 

5/19/2014

 

404,875

 

USD

 

404,622

 

107,863

 
 

 

 

Tropicana Entertainment LLC

 

9.625%

 

12/15/2014

 

730,000

 

USD

 

547,250

 

7,300

 
Trump Entertainment Resorts, Inc.

 

8.5%

 

6/1/2015

 

75,000

 

USD

 

75,994

 

8,250

 
Young Broadcasting, Inc.

 

8.75%

 

1/15/2014

 

1,245,000

 

USD

 

1,111,306

 

137

 
 

 

 

 

 

 

 

 

**4,886,076**

 

**716,038**

 
*****

*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 February 28, 2009.*

*†*

*The cost for federal income tax purposes was $287,664,372.  At February 28, 2009, net unrealized depreciation for all securities based on tax cost was $47,476,057.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $823,368 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $48,299,425.*

*(a)*

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

*(b)*

*All or a portion of these securities were on loan amounting to $19,764,775. In addition, included in other assets and liabilities, net are pending sales, amounting to $195,041, that are also on loan. The value of all securities loaned at February 28, 2009 amounted to $19,959,816 which is 11.7% of net assets.*

*(c)*

*Security has deferred its 6/15/2008 and 12/15/2008 interest payments until 6/30/2009.*

*(d)*

*When-issued security.*

*(e)*

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

*(f)*

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

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

*FDIC: Federal Deposit Insurance Corp.*

*LIBOR: Represents the London InterBank Offered Rate.*

*PIK: Denotes that all or a portion of the income is paid in kind.*

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

*At February 28, 2009, open credit default swap contracts sold were as follows:*

**Effective/****Expiration****Dates**

**Notional****Amount ($) (g)**

**Fixed****Cash****Flows****Received**

**Underlying Debt****Obligation/****Quality Rating (h)**

**Value ($)**

**Upfront Premiums****Paid/****(Received) ($)**

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

 

2/19/2008

3/20/2009

665,0001

3.8%

HCA, Inc.,6.375%, 1/15/2015, B-

127

—

127

 
2/26/2008

3/20/2009

515,0001

5.0%

Tenet Healthcare Corp.,7.375%, 2/1/2013, B

396

—

396

 
**Total unrealized appreciation**

**523**

 
*(g)*

*The maximum potential amount of future undiscounted payments that the Fund could be required to make under a credit default swap contract would be the notional amount of the contract.  These potential amounts would be partially offset by any recovery values of the referenced debt obligation or net amounts received from the settlement of buy protection credit default swap contracts entered into by the Fund for the same referenced debt obligation.*

*(h)*

*The quality ratings represent the lower of Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Corporation ("S&P") credit ratings.*

*Counterparty:*

*1*

*Merrill Lynch & Co., Inc.*

 

*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****Depreciation ($)**

 
USD

77,918

 

EUR

61,100

 

3/20/2009

 

(469)

 
EUR

2,597,100

 

USD

3,273,021

 

3/20/2009

 

(19,002)

 
**Total unrealized depreciation**

 

 

 

 

 

**(19,471)**

 
 

***Currency Abbreviations*****

 **

 **

*ARS***

*Argentine Peso***

*EUR***

*Euro***

*BRL***

*Brazilian Real***

*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 

$                                 -   

$                              -   

Level 2 

238,726,549   

(18,948)   

Level 3 

1,461,766   

-   

**Total**

**$               240,188,315**

**$                  (18,948)**

 

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

 

*The following is a reconciliation of the Fund's Level 3 investments for which significant unobservable inputs were used in determining the value at February 28, 2009:*

 

 

**Investments in  Securities**

**Balance as of November 30, 2008**

$                   433,585

Total realized gain (loss)

(107,992)  

Change in unrealized appreciation (depreciation)

99,800   

Amortization premium/discount

5,977

Net purchases (sales)

(799,341)                                       

Net transfers in (out) of Level 3 

1,829,737                                       

**Balance as of February 28, 2009**

**$                   1,461,766**

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

**$                     (128,391)**

 

***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 using credit default swaps and forward foreign exchange currency contracts.*

 

 

 

 

**Primary Underlying Risk Disclosure**

**Forward Currency Contracts**

 

 

**Swaps**

Interest Rate Contracts

 

 

Foreign Exchange Contracts

(19,471)

 

Credit Contracts

 

523

Equity Contracts

 

 

Other Contracts

 

 

 

*Credit Default Swaps.  The Fund is subject to credit risk.  The Fund may sell credit default swap contracts to obtain long exposure to certain bonds.  Under certain circumstances, this may be a more efficient way for the fund to create exposure to an issuer than trading for the actual underlying bonds themselves.  The maximum counterparty credit risk to the Fund is measured by the current value of the contract, in addition to any related collateral posted to the counterparty by the Fund.  This risk may be partially reduced by a master netting arrangement between the Fund and the counterparty.*

 

*Forward Foreign Currency Exchange Contracts.  The Fund is subject to foreign exchange rate risk in its securities denominated in foreign currencies.  Changes in exchange rates between foreign currencies and the US dollar may affect the US dollar value of foreign securities or the income or gains received on these securities.  To reduce the effect of currency fluctuations, the Fund may enter into forward foreign currency exchange contracts.  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 Multi-Market Income 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 Multi-Market Income 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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