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  811-04760

DWS Advisor Funds

(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:  10/31

Date of reporting period: 7/31/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of July 31, 2009  (Unaudited)** |
|----------------------|--------------------------------------|

 

 

**DWS High Income Plus Fund**

 

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

**Corporate Bonds 89.8%**

 
**Consumer Discretionary 14.5%**

 
AMC Entertainment, Inc.:

 
 

8.0%, 3/1/2014  

 

 

938,000 

 

865,305 

 
 

144A, 8.75%, 6/1/2019  

 

 

1,220,000 

 

1,201,700 

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

 

 

350,000 

 

343,000 

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

 

 

699,026 

 

279,610 

 
Ameristar Casinos, Inc., 144A, 9.25%, 6/1/2014 

 

 

395,000 

 

406,850 

 
Asbury Automotive Group, Inc.:

 
 

7.625%, 3/15/2017  

 

 

830,000 

 

647,400 

 
 

8.0%, 3/15/2014  

 

 

345,000 

 

300,150 

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

 

 

790,000 

 

679,400 

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

 

 

575,000 

 

74,750 

 
 

 

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

 

 

355,000 

 

343,463 

CSC Holdings, Inc.:

 
 

6.75%, 4/15/2012  

 

 

240,000 

 

238,800 

 

144A, 8.5%, 4/15/2014  (b)

 

 

1,330,000 

 

1,369,900 

 

144A, 8.5%, 6/15/2015  

 

 

1,665,000 

 

1,714,950 

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

 

 

1,340,000 

 

1,356,750 

DISH DBS Corp.:

 
 

6.375%, 10/1/2011  

 

 

2,210,000 

 

2,193,425 

 

6.625%, 10/1/2014  

 

 

973,000 

 

934,080 

 

7.125%, 2/1/2016  

 

 

785,000 

 

761,450 

Dollarama Group Holdings LP, 7.468% ***, 8/15/2012 (c) 

 

 

532,000 

 

476,140 

Fontainebleau Las Vegas Holdings LLC, 144A, 11.0%, 6/15/2015 ** 

 

 

735,000 

 

22,050 

Ford Motor Co., 7.45%, 7/16/2031 

 

 

505,000 

 

378,750 

Goodyear Tire & Rubber Co., 10.5%, 5/15/2016 

 

 

370,000 

 

396,825 

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

 

 

690,000 

 

634,800 

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

 

 

345,000 

 

310,500 

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

 

 

2,160,000 

 

2,079,000 

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

 

 

1,470,000 

 

64,313 

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

 

 

450,000 

 

337,500 

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

 

 

374,000 

 

329,120 

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

 

 

445,000 

 

466,138 

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

 

 

450,000 

 

387,000 

Levi Strauss & Co., 8.625%, 4/1/2013 

EUR

 

1,150,000 

 

1,565,335 

Macy's Retail Holdings, Inc.:

 
 

5.35%, 3/15/2012  

 

 

1,515,000 

 

1,485,832 

 

8.875%, 7/15/2015  

 

 

140,000 

 

144,988 

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

 

 

545,000 

 

517,750 

MGM MIRAGE:

 
 

144A, 10.375%, 5/15/2014  

 

 

545,000 

 

584,512 

 

144A, 11.125%, 11/15/2017  

 

 

740,000 

 

814,000 

Michaels Stores, Inc., 10.0%, 11/1/2014 

 

 

425,000 

 

399,500 

Neiman Marcus Group, Inc., 10.375%, 10/15/2015 

 

 

1,085,000 

 

781,200 

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

 

 

1,830,000 

 

1,738,500 

Peermont Global Proprietary Ltd., 144A, 7.75%, 4/30/2014 

EUR

 

625,000 

 

699,287 

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

 

 

1,345,000 

 

1,143,250 

Pinnacle Entertainment, Inc.:

 
 

7.5%, 6/15/2015  

 

 

260,000 

 

230,750 

 

144A, 8.625%, 8/1/2017 (d)

 

 

555,000 

 

555,000 

 

8.75%, 10/1/2013  

 

 

474,000 

 

488,220 

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

 

 

730,000 

 

693,500 

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

 

 

565,000 

 

50,850 

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

 

 

500,000 

 

30,000 

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

 

 

625,000 

 

437,500 

Seminole Hard Rock Entertainment, Inc., 144A, 3.129% ***, 3/15/2014 

 

 

820,000 

 

615,000 

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

 

 

565,000 

 

361,600 

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

 

 

2,320,000 

 

591,600 

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

 

 

680,000 

 

537,200 

Starwood Hotels & Resorts Worldwide, Inc., 7.875%, 10/15/2014 

 

 

615,000 

 

611,925 

Travelport LLC:

 
 

5.293% ***, 9/1/2014  

 

 

520,000 

 

343,200 

 

9.875%, 9/1/2014  

 

 

105,000 

 

85,575 

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

 

 

170,000 

 

22,100 

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

 

 

110,000 

 

75,350 

Unity Media GmbH:

 
 

144A, 8.75%, 2/15/2015  

EUR

 

2,880,000 

 

4,228,008 

 

144A, 10.375%, 2/15/2015  

 

 

430,000 

 

449,350 

 

 

UPC Holding BV:

 
 

144A, 7.75%, 1/15/2014  

EUR

 

1,215,000 

 

1,653,810 

 
 

144A, 8.0%, 11/1/2016  

EUR

 

595,000 

 

754,767 

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

 

 

263,971 

 

1,320 

 
Videotron Ltd.:

 
 

6.875%, 1/15/2014  

 

 

120,000 

 

117,600 

 
 

144A, 9.125%, 4/15/2018  

 

 

735,000 

 

762,562 

 
WMG Acquisition Corp., 144A, 9.5%, 6/15/2016 

 

 

615,000 

 

651,900 

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

 

 

3,217,000 

 

3,217 

 
 

**43,819,177**

 
**Consumer Staples 3.3%**

 
Alliance One International, Inc., 144A, 10.0%, 7/15/2016 

 

 

880,000 

 

866,800 

 
Duane Reade, Inc., 144A, 11.75%, 8/1/2015 (d) 

 

 

60,000 

 

58,450 

 
General Nutrition Centers, Inc., 6.404% ***, 3/15/2014 (PIK)

 

 

390,000 

 

344,175 

 
Great Atlantic & Pacific Tea Co., Inc., 144A, 11.375%, 8/1/2015

 

 

470,000 

 

472,938 

 
Ingles Markets, Inc., 144A, 8.875%, 5/15/2017 

 

 

370,000 

 

374,625 

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

 

 

2,684,000 

 

1,207,800 

 
Rite Aid Corp., 7.5%, 3/1/2017 

 

 

790,000 

 

675,450 

 
Smithfield Foods, Inc., 144A, 10.0%, 7/15/2014 

 

 

715,000 

 

745,387 

 
SUPERVALU, Inc., 8.0%, 5/1/2016 

 

 

980,000 

 

972,650 

 
Tyson Foods, Inc.:

 
 

7.85%, 4/1/2016  

 

 

610,000 

 

616,100 

 
 

144A, 10.5%, 3/1/2014  

 

 

645,000 

 

715,950 

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

 

 

3,620,000 

 

2,896,000 

 
 

**9,946,325**

 
**Energy 12.8%**

 
Arch Coal, Inc., 144A, 8.75%, 8/1/2016 

 

 

380,000 

 

383,800 

 
Atlas Energy Operating Co. LLC, 12.125%, 8/1/2017 

 

 

555,000 

 

584,137 

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

 

 

1,395,000 

 

1,401,975 

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

 

 

3,114,000 

 

2,740,320 

 
Berry Petroleum Co., 10.25%, 6/1/2014 

 

 

670,000 

 

700,150 

 
Bill Barrett Corp., 9.875%, 7/15/2016 

 

 

500,000 

 

521,250 

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

 

 

785,000 

 

733,975 

 
Chaparral Energy, Inc., 8.5%, 12/1/2015 

 

 

1,020,000 

 

632,400 

 
Chesapeake Energy Corp.:

 
 

6.25%, 1/15/2018  

 

 

830,000 

 

738,700 

 
 

6.875%, 1/15/2016  

 

 

2,879,000 

 

2,706,260 

 
 

7.25%, 12/15/2018  

 

 

1,180,000 

 

1,109,200 

 
 

7.5%, 6/15/2014  

 

 

295,000 

 

291,313 

 
 

9.5%, 2/15/2015  

 

 

70,000 

 

74,288 

 
El Paso Corp.:

 
 

7.25%, 6/1/2018  

 

 

790,000 

 

767,365 

 
 

8.25%, 2/15/2016  

 

 

475,000 

 

484,500 

 
 

9.625%, 5/15/2012  

 

 

460,000 

 

477,275 

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

 

 

915,000 

 

896,700 

 
Frontier Oil Corp.:

 
 

6.625%, 10/1/2011  

 

 

490,000 

 

492,450 

 
 

8.5%, 9/15/2016  

 

 

925,000 

 

945,812 

 
Holly Corp., 144A, 9.875%, 6/15/2017 

 

 

665,000 

 

658,350 

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

 

 

2,580,000 

 

2,534,850 

 
Linn Energy LLC, 144A, 11.75%, 5/15/2017 

 

 

1,050,000 

 

1,060,500 

 
Mariner Energy, Inc.:

 
 

7.5%, 4/15/2013  

 

 

560,000 

 

532,000 

 
 

8.0%, 5/15/2017  

 

 

715,000 

 

622,050 

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

 

 

2,155,000 

 

2,095,737 

 
 

 

OPTI Canada, Inc.:

 
 

7.875%, 12/15/2014  

 

 

1,390,000 

 

910,450 

 
 

8.25%, 12/15/2014  

 

 

1,725,000 

 

1,138,500 

 
Petrohawk Energy Corp.:

 
 

7.875%, 6/1/2015  

 

 

350,000 

 

339,500 

 
 

9.125%, 7/15/2013  

 

 

640,000 

 

664,000 

 
 

144A, 10.5%, 8/1/2014  

 

 

395,000 

 

422,650 

 
Plains Exploration & Production Co.:

 
 

7.0%, 3/15/2017  

 

 

590,000 

 

559,025 

 
 

7.625%, 6/1/2018  

 

 

1,180,000 

 

1,141,650 

 
Quicksilver Resources, Inc.:

 
 

7.125%, 4/1/2016  

 

 

1,345,000 

 

1,129,800 

 
 

11.75%, 1/1/2016  

 

 

915,000 

 

1,003,069 

 
Regency Energy Partners LP:

 
 

8.375%, 12/15/2013  

 

 

800,000 

 

804,000 

 
 

144A, 9.375%, 6/1/2016  

 

 

1,215,000 

 

1,239,300 

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

 

 

385,000 

 

138,600 

 
Stone Energy Corp.:

 
 

6.75%, 12/15/2014  

 

 

1,190,000 

 

773,500 

 
 

8.25%, 12/15/2011  

 

 

1,870,000 

 

1,589,500 

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

 

 

1,305,000 

 

1,141,875 

 
Whiting Petroleum Corp.:

 
 

7.25%, 5/1/2012  

 

 

1,200,000 

 

1,206,000 

 
 

7.25%, 5/1/2013  

 

 

160,000 

 

160,000 

 
 

**38,546,776**

 
**Financials 15.0%**

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

 

 

1,475,000 

 

1,003,000 

 
Ashton Woods USA LLC, 144A, Step-up Coupon, 0% to 6/30/2012, 11.0% to 6/30/2015

 

 

917,800 

 

334,813 

 
Bank of America NA, 6.1%, 6/15/2017 

 

 

695,000 

 

661,330 

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

 

 

345,000 

 

50,888 

 
Calpine Construction Finance Co., LP, 144A, 8.0%, 6/1/2016 

 

 

920,000 

 

924,600 

 
Cirsa Capital Luxembourg SA, 144A, 7.875%, 7/15/2012 

EUR

 

120,000 

 

145,381 

 
Citigroup, Inc., 5.0%, 9/15/2014 

 

 

640,000 

 

572,791 

 
Codere Finance Luxembourg SA, 144A, 8.25%, 6/15/2015 

EUR

 

50,000 

 

52,380 

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

 

 

1,416,690 

 

1,491,066 

 
Eaton Vance Corp., CDO II, Series C-X, 13.68%, 7/15/2012 ** 

 

 

3,237,348 

 

0 

 
Ford Motor Credit Co., LLC:

 
 

7.25%, 10/25/2011  

 

 

5,360,000 

 

5,032,901 

 
 

7.375%, 2/1/2011  

 

 

610,000 

 

588,151 

 
 

7.875%, 6/15/2010  

 

 

920,000 

 

906,455 

 
 

9.875%, 8/10/2011  

 

 

1,930,000 

 

1,912,342 

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

 

 

645,000 

 

696,600 

 
GMAC, Inc.:

 
 

144A, 6.875%, 9/15/2011  

 

 

3,674,000 

 

3,389,265 

 
 

144A, 7.25%, 3/2/2011  

 

 

1,210,000 

 

1,140,425 

 
 

7.75%, 1/19/2010  

 

 

385,000 

 

380,551 

 
 

144A, 7.75%, 1/19/2010  

 

 

3,605,000 

 

3,550,925 

 
Harrahs Operating Escrow LLC, 144A, 11.25%, 6/1/2017 

 

 

1,370,000 

 

1,387,125 

 
Hellas Telecommunications Finance, 144A, 8.996% ***, 7/15/2015 (PIK)

EUR

 

470,000 

 

80,387 

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

 

 

325,000 

 

217,750 

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

 

 

1,940,000 

 

2,027,300 

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

 

 

645,000 

 

377,325 

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

 

 

920,000 

 

1,150 

 
Nielsen Finance LLC, 11.5%, 5/1/2016 

 

 

255,000 

 

267,113 

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

 

 

975,000 

 

826,312 

 
 

 

Pinnacle Foods Finance LLC, 9.25%, 4/1/2015 

 

 

25,000 

 

23,750 

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

 

 

143,000 

 

149,435 

 
Sprint Capital Corp.:

 
 

7.625%, 1/30/2011  

 

 

2,045,000 

 

2,060,337 

 
 

8.375%, 3/15/2012  

 

 

855,000 

 

865,687 

 
Toys R Us Property Co. I, LLC, 144A, 10.75%, 7/15/2017 

 

 

640,000 

 

656,000 

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

 

 

1,790,000 

 

8,950 

 
UCI Holdco, Inc., 8.629% ***, 12/15/2013 (PIK)

 

 

914,782 

 

228,696 

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

 

 

2,930,000 

 

2,915,350 

 
Virgin Media Finance PLC:

 
 

8.75%, 4/15/2014  

EUR

 

90,000 

 

127,636 

 
 

8.75%, 4/15/2014  

 

 

2,740,000 

 

2,767,400 

 
 

Series 1, 9.5%, 8/15/2016  

 

 

2,385,000 

 

2,444,625 

 
Wind Acquisition Finance SA:

 
 

144A, 9.75%, 12/1/2015  

EUR

 

2,430,000 

 

3,463,477 

 
 

144A, 10.75%, 12/1/2015  

 

 

130,000 

 

137,800 

 
 

144A, 11.75%, 7/15/2017  

 

 

1,400,000 

 

1,498,000 

 
 

**45,365,469**

 
**Health Care 5.9%**

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

 

 

4,015,000 

 

4,135,450 

 
HCA, Inc.:

 
 

144A, 7.875%, 2/15/2020 (d)

 

 

2,160,000 

 

2,122,200 

 
 

9.125%, 11/15/2014  

 

 

895,000 

 

921,850 

 
 

9.25%, 11/15/2016  

 

 

3,225,000 

 

3,362,062 

 
 

9.625%, 11/15/2016 (PIK) 

 

 

1,283,000 

 

1,337,527 

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

 

 

455,000 

 

476,613 

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

 

 

810,000 

 

805,950 

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

 

 

1,145,000 

 

1,076,300 

 
Valeant Pharmaceuticals International, 144A, 8.375%, 6/15/2016 

 

 

485,000 

 

492,275 

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

 

 

1,045,000 

 

1,052,838 

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

 

 

1,845,000 

 

1,845,000 

 
 

**17,628,065**

 
**Industrials 7.7%**

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

 

 

450,000 

 

411,187 

 
ARAMARK Corp., 8.5%, 2/1/2015 

 

 

1,155,000 

 

1,163,662 

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

 

 

1,195,000 

 

1,189,025 

 
Belden, Inc.:

 
 

7.0%, 3/15/2017  

 

 

585,000 

 

514,800 

 
 

144A, 9.25%, 6/15/2019  

 

 

545,000 

 

542,275 

 
Bombardier, Inc.:

 
 

144A, 6.3%, 5/1/2014  

 

 

415,000 

 

383,875 

 
 

144A, 6.75%, 5/1/2012  

 

 

330,000 

 

318,450 

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

 

 

232,000 

 

227,562 

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

 

 

580,000 

 

481,400 

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

 

 

1,188,000 

 

356,400 

 
Corrections Corp. of America, 7.75%, 6/1/2017 

 

 

245,000 

 

245,613 

 
Esco Corp.:

 
 

144A, 4.504% ***, 12/15/2013  

 

 

560,000 

 

470,400 

 
 

144A, 8.625%, 12/15/2013  

 

 

650,000 

 

598,000 

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

 

 

460,000 

 

400,200 

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

 

 

695,000 

 

451,750 

 
Kansas City Southern de Mexico SA de CV:

 
 

7.375%, 6/1/2014  

 

 

1,665,000 

 

1,465,200 

 
 

7.625%, 12/1/2013  

 

 

1,520,000 

 

1,368,000 

 
 

 

 

9.375%, 5/1/2012  

 

 

2,350,000 

 

2,314,750 

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

 

 

1,080,000 

 

1,047,600 

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

 

 

685,000 

 

666,162 

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

 

 

920,000 

 

782,000 

 
Owens Corning, Inc., 9.0%, 6/15/2019 

 

 

365,000 

 

378,167 

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

 

 

1,900,000 

 

114,000 

 
RailAmerica, Inc., 144A, 9.25%, 7/1/2017 

 

 

605,000 

 

623,150 

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

 

 

515,000 

 

448,050 

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

 

 

1,975,000 

 

1,817,000 

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

 

 

345,000 

 

338,963 

 
United Rentals North America, Inc.:

 
 

6.5%, 2/15/2012 (b)

 

 

1,140,000 

 

1,100,100 

 
 

7.0%, 2/15/2014 (b)

 

 

1,540,000 

 

1,270,500 

 
 

144A, 10.875%, 6/15/2016  

 

 

680,000 

 

680,000 

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

 

 

630,000 

 

404,775 

 
USG Corp., 144A, 9.75%, 8/1/2014 

 

 

360,000 

 

367,200 

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

 

 

350,000 

 

330,750 

 
 

**23,270,966**

 
**Information Technology 3.0%**

 
Advanced Micro Devices, Inc., 5.75%, 8/15/2012 

 

 

590,000 

 

434,388 

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

 

 

914,000 

 

594,100 

 
Jabil Circuit, Inc., 7.75%, 7/15/2016 (d) 

 

 

235,000 

 

225,936 

 
L-3 Communications Corp.:

 
 

5.875%, 1/15/2015  

 

 

1,645,000 

 

1,558,637 

 
 

Series B, 6.375%, 10/15/2015  

 

 

395,000 

 

379,200 

 
 

7.625%, 6/15/2012  

 

 

1,460,000 

 

1,476,425 

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

 

 

805,000 

 

716,450 

 
Seagate Technology International, 144A, 10.0%, 5/1/2014 

 

 

385,000 

 

421,575 

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

 

 

2,200,000 

 

2,255,000 

 
Unisys Corp., 144A, 12.75%, 10/15/2014 

 

 

635,000 

 

631,825 

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

 

 

455,000 

 

404,950 

 
 

**9,098,486**

 
**Materials 11.2%**

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

 

 

325,000 

 

229,938 

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

 

 

4,802,000 

 

1,272,530 

 
Ashland, Inc., 144A, 9.125%, 6/1/2017 

 

 

665,000 

 

701,575 

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

 

 

366,000 

 

333,975 

 
Clondalkin Acquisition BV, 144A, 2.629% ***, 12/15/2013 

 

 

750,000 

 

581,250 

 
Compass Minerals International, Inc., 144A, 8.0%, 6/1/2019 

 

 

670,000 

 

659,950 

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

 

 

1,500,000 

 

1,065,000 

 
Crown Americas LLC, 144A, 7.625%, 5/15/2017 

 

 

250,000 

 

254,375 

 
Domtar Corp., 10.75%, 6/1/2017 

 

 

605,000 

 

614,075 

 
Dow Chemical Co., 8.55%, 5/15/2019 

 

 

615,000 

 

674,713 

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

 

 

1,875,000 

 

1,668,750 

 
Freeport-McMoRan Copper & Gold, Inc.:

 
 

8.25%, 4/1/2015  

 

 

775,000 

 

819,562 

 
 

8.375%, 4/1/2017  

 

 

4,100,000 

 

4,346,000 

 
GEO Specialty Chemicals, Inc.:

 
 

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

 

 

1,273,500 

 

827,775 

 
 

10.0%, 3/31/2015  

 

 

1,260,800 

 

819,520 

 
Georgia-Pacific LLC:

 
 

144A, 7.125%, 1/15/2017  

 

 

665,000 

 

648,375 

 
 

144A, 8.25%, 5/1/2016  

 

 

985,000 

 

1,019,475 

 
 

9.5%, 12/1/2011  

 

 

470,000 

 

493,500 

 
Graphic Packaging International, Inc., 144A, 9.5%, 6/15/2017 

 

 

725,000 

 

721,375 

 
 

 

Greif, Inc., 144A, 7.75%, 8/1/2019 

 

 

190,000 

 

188,575 

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

 

 

2,370,000 

 

2,233,725 

 
Huntsman International LLC:

 
 

144A, 6.875%, 11/15/2013  

EUR

 

1,395,000 

 

1,580,693 

 
 

7.375%, 1/1/2015  

 

 

365,000 

 

299,300 

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

 

 

265,000 

 

251,750 

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

 

 

1,945,000 

 

1,799,125 

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

 

 

290,000 

 

142,100 

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

 

 

1,390,000 

 

1,292,700 

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

 

 

1,095,000 

 

487,275 

 
Owens-Brockway Glass Container, Inc., 144A, 7.375%, 5/15/2016 

 

 

1,275,000 

 

1,262,250 

 
Plastipak Holdings, Inc., 144A, 10.625%, 8/15/2019 

 

 

125,000 

 

127,500 

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

 

 

5 

 

4 

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

 

 

290,000 

 

377 

 
Silgan Holdings, Inc., 144A, 7.25%, 8/15/2016 

 

 

675,000 

 

675,000 

 
Solo Cup Co., 144A, 10.5%, 11/1/2013 

 

 

715,000 

 

752,537 

 
Teck Resources Ltd.:

 
 

144A, 9.75%, 5/15/2014  

 

 

610,000 

 

678,625 

 
 

144A, 10.25%, 5/15/2016  

 

 

615,000 

 

696,487 

 
 

144A, 10.75%, 5/15/2019  

 

 

1,525,000 

 

1,774,719 

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

 

 

1,230,000 

 

1,150,050 

 
Wolverine Tube, Inc., 15.0%, 3/31/2012 (PIK)

 

 

980,000 

 

835,450 

 
 

**33,979,955**

 
**Telecommunication Services 9.0%**

 
BCM Ireland Preferred Equity Ltd., 144A, 8.281% ***, 2/15/2017 (PIK)

EUR

 

741,368 

 

260,429 

 
CC Holdings GS V, LLC, 144A, 7.75%, 5/1/2017 

 

 

635,000 

 

647,700 

 
Centennial Communications Corp., 10.0%, 1/1/2013 

 

 

430,000 

 

442,900 

 
Cincinnati Bell, Inc.:

 
 

7.25%, 7/15/2013  

 

 

1,619,000 

 

1,572,454 

 
 

8.375%, 1/15/2014  

 

 

658,000 

 

651,420 

 
Cricket Communications, Inc.:

 
 

9.375%, 11/1/2014  

 

 

2,730,000 

 

2,770,950 

 
 

10.0%, 7/15/2015  

 

 

465,000 

 

480,112 

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

 

 

1,200,000 

 

1,267,500 

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

 

 

272,326 

 

155,226 

 
Hellas Telecommunications Luxembourg V, 144A, 4.496% ***, 10/15/2012 

EUR

 

560,000 

 

562,708 

 
Hughes Network Systems LLC, 144A, 9.5%, 4/15/2014 

 

 

1,580,000 

 

1,580,000 

 
Intelsat Corp.:

 
 

9.25%, 8/15/2014  

 

 

235,000 

 

237,938 

 
 

9.25%, 6/15/2016  

 

 

2,760,000 

 

2,787,600 

 
Intelsat Jackson Holdings Ltd., 11.25%, 6/15/2016 

 

 

670,000 

 

713,550 

 
Intelsat Subsidiary Holding Co., Ltd.:

 
 

8.875%, 1/15/2015  

 

 

1,410,000 

 

1,424,100 

 
 

Series B, 144A, 8.875%, 1/15/2015  

 

 

235,000 

 

237,350 

 
iPCS, Inc., 3.153% ***, 5/1/2013 

 

 

290,000 

 

242,150 

 
MetroPCS Wireless, Inc.:

 
 

9.25%, 11/1/2014  

 

 

2,785,000 

 

2,882,475 

 
 

144A, 9.25%, 11/1/2014  

 

 

780,000 

 

807,300 

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

 

 

2,420,000 

 

2,516,800 

 
Qwest Corp.:

 
 

144A, 8.375%, 5/1/2016  

 

 

420,000 

 

430,500 

 
 

8.875%, 3/15/2012  

 

 

345,000 

 

357,938 

 
SBA Telecommunications, Inc.:

 
 

144A, 8.0%, 8/15/2016  

 

 

195,000 

 

196,950 

 
 

144A, 8.25%, 8/15/2019  

 

 

260,000 

 

263,900 

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

 

 

450,000 

 

454,500 

 
 

 

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

 

 

2,515,000 

 

2,603,025 

 
Windstream Corp.:

 
 

7.0%, 3/15/2019  

 

 

690,000 

 

641,700 

 
 

8.625%, 8/1/2016  

 

 

115,000 

 

116,725 

 
 

**27,305,900**

 
**Utilities 7.4%**

 
AES Corp.:

 
 

8.0%, 10/15/2017  

 

 

595,000 

 

583,100 

 
 

8.0%, 6/1/2020  

 

 

855,000 

 

816,525 

 
 

144A, 8.75%, 5/15/2013  

 

 

4,020,000 

 

4,100,400 

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

 

 

1,919,000 

 

2,051,822 

 
Energy Future Holdings Corp.:

 
 

10.875%, 11/1/2017  

 

 

865,000 

 

750,388 

 
 

11.25%, 11/1/2017 (PIK) 

 

 

350,000 

 

259,000 

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

 

 

535,000 

 

525,638 

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

 

 

1,040,000 

 

1,050,400 

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

 

 

2,195,000 

 

2,230,669 

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

 

 

420,000 

 

414,750 

 
NRG Energy, Inc.:

 
 

7.25%, 2/1/2014  

 

 

1,345,000 

 

1,321,462 

 
 

7.375%, 2/1/2016  

 

 

1,195,000 

 

1,156,162 

 
 

7.375%, 1/15/2017  

 

 

3,265,000 

 

3,150,725 

 
 

8.5%, 6/15/2019  

 

 

840,000 

 

826,350 

 
NV Energy, Inc.:

 
 

6.75%, 8/15/2017  

 

 

1,345,000 

 

1,245,185 

 
 

8.625%, 3/15/2014  

 

 

249,000 

 

252,778 

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

 

 

660,000 

 

683,100 

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

 

 

1,185,000 

 

930,225 

 
 

**22,348,679**

 
**Total Corporate Bonds** (Cost $296,731,610)

 

**271,309,798**

 
 

**Loan Participations and Assignments 6.6%**

 
**Senior Loans *****

 
Alliance Mortgage Cycle Loan, Term Loan A, Prime plus 6.25%, 10.0%, 6/1/2010 ** 

 

 

700,000 

 

0 

 
Buffets, Inc.:

 
 

Letter of Credit, Term Loan B, LIBOR plus 7.25%, 7.848%, 5/1/2013  

 

 

111,988 

 

52,914 

 
 

Incremental Term Loan, LIBOR (3% floor) plus 15.0%, 15.285%, 4/30/2012  

 

 

310,188 

 

300,107 

 
 

Second Lien Term Loan, LIBOR plus 1.0%, plus 16.25% (PIK), 19.121%, 5/1/2013  

 

 

526,071 

 

241,993 

 
Charter Communications Operating LLC:

 
 

Term Loan, Prime plus 3.0%, 6.25%, 3/6/2014  

 

 

4,071,182 

 

3,742,190 

 
 

Term Loan, Prime plus 6.0%, 9.25%, 3/6/2014  

 

 

1,937,241 

 

1,939,663 

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