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ICTXX Investors Cash Trust (MM)

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
Investors Cash Trust (MM) NASDAQ:ICTXX NASDAQ Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)

25/02/2014 4:38pm

Edgar (US Regulatory)


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
_______________________________
 
Investment Company Act file number:  811-04049
 
DWS Income Trust
(Exact name of registrant as specified in charter)

345 Park Avenue
New York, NY 10154
(Address of principal executive offices)  (Zip code)
 

Paul Schubert
60 Wall Street
New York, NY 10005
(Name and address of agent for service)
 
Registrant's telephone number, including area code:   (212) 250-3220
 
Date of fiscal year end:   9/30
 
Date of reporting period:   12/31/2013

ITEM 1.
SCHEDULE OF INVESTMENTS


Investment Portfolio    as of   December 31, 2013  (Unaudited)
 
DWS High Income Fund
 
Principal
Amount ($) (a)
 
Value ($)
 
 
 
Corporate Bonds 91.3%
 
Consumer Discretionary 17.3%
 
AMC Entertainment, Inc., 8.75%, 6/1/2019
   
1,280,000
 
1,368,000
 
AMC Networks, Inc., 7.75%, 7/15/2021
   
720,000
 
810,000
 
AmeriGas Finance LLC:
               
 
6.75%, 5/20/2020 (b)
   
4,215,000
 
4,604,887
 
 
7.0%, 5/20/2022
   
3,260,000
 
3,537,100
 
APX Group, Inc.:
               
 
6.375%, 12/1/2019
   
1,895,000
 
1,923,425
 
 
144A, 8.75%, 12/1/2020
   
240,000
 
244,200
 
Asbury Automotive Group, Inc., 8.375%, 11/15/2020
   
3,960,000
 
4,450,050
 
Ashtead Capital, Inc., 144A, 6.5%, 7/15/2022
   
3,750,000
 
3,998,437
 
Ashton Woods U.S.A. LLC, 144A, 6.875%, 2/15/2021
   
3,130,000
 
3,090,875
 
Avis Budget Car Rental LLC, 5.5%, 4/1/2023 (b)
   
1,845,000
 
1,787,344
 
BC Mountain LLC, 144A, 7.0%, 2/1/2021 (b)
   
1,870,000
 
1,888,700
 
Block Communications, Inc., 144A, 7.25%, 2/1/2020
   
3,469,000
 
3,677,140
 
Boyd Gaming Corp., 9.0%, 7/1/2020 (b)
   
1,400,000
 
1,533,000
 
Cablevision Systems Corp., 8.0%, 4/15/2020 (b)
   
520,000
 
581,100
 
Caesar's Entertainment Operating Co., Inc.:
               
 
8.5%, 2/15/2020
   
6,905,000
 
6,646,062
 
 
9.0%, 2/15/2020 (b)
   
2,380,000
 
2,314,550
 
Carlson Wagonlit BV, 144A, 6.875%, 6/15/2019
   
1,935,000
 
2,007,563
 
CCO Holdings LLC:
               
 
6.5%, 4/30/2021
   
2,680,000
 
2,753,700
 
 
6.625%, 1/31/2022
   
4,060,000
 
4,181,800
 
 
7.0%, 1/15/2019 (b)
   
6,185,000
 
6,517,444
 
 
7.375%, 6/1/2020
   
490,000
 
530,425
 
 
8.125%, 4/30/2020
   
1,200,000
 
1,302,000
 
CDR DB Sub, Inc., 144A, 7.75%, 10/15/2020
   
2,140,000
 
2,129,300
 
Cequel Communications Holdings I LLC:
               
 
144A, 5.125%, 12/15/2021
   
3,515,000
 
3,295,312
 
 
144A, 6.375%, 9/15/2020
   
10,810,000
 
11,080,250
 
Chester Downs & Marina LLC, 144A, 9.25%, 2/1/2020 (b)
   
1,300,000
 
1,303,250
 
Clear Channel Communications, Inc., 11.25%, 3/1/2021
   
2,510,000
 
2,698,250
 
Clear Channel Worldwide Holdings, Inc.:
               
 
Series A, 6.5%, 11/15/2022
   
2,270,000
 
2,301,213
 
 
Series B, 6.5%, 11/15/2022
   
3,380,000
 
3,451,825
 
 
Series A, 7.625%, 3/15/2020
   
990,000
 
1,029,600
 
 
Series B, 7.625%, 3/15/2020 (b)
   
10,455,000
 
10,990,819
 
Cogeco Cable, Inc., 144A, 4.875%, 5/1/2020
   
200,000
 
193,000
 
Crown Media Holdings, Inc., 10.5%, 7/15/2019
   
2,370,000
 
2,689,950
 
Cumulus Media Holdings, Inc., 7.75%, 5/1/2019 (b)
   
3,329,000
 
3,512,095
 
DISH DBS Corp.:
               
 
4.25%, 4/1/2018
   
2,475,000
 
2,524,500
 
 
5.0%, 3/15/2023
   
3,110,000
 
2,900,075
 
 
6.75%, 6/1/2021
   
4,420,000
 
4,685,200
 
 
7.875%, 9/1/2019
   
4,165,000
 
4,768,925
 
GLP Capital LP, 144A, 4.375%, 11/1/2018
   
840,000
 
858,900
 
Griffey Intermediate, Inc., 144A, 7.0%, 10/15/2020 (b)
   
3,760,000
 
2,979,800
 
Harron Communications LP, 144A, 9.125%, 4/1/2020
   
3,705,000
 
4,103,287
 
Hertz Corp., 6.75%, 4/15/2019
   
2,680,000
 
2,887,700
 
Hertz Holdings Netherlands BV, 144A, 4.375%, 1/15/2019
EUR
 
5,500,000
 
7,575,804
 
Hot Topic, Inc., 144A, 9.25%, 6/15/2021
   
1,380,000
 
1,445,550
 
Jo-Ann Stores Holdings, Inc., 144A, 9.75%, 10/15/2019 (PIK)
   
4,450,000
 
4,655,812
 
Libbey Glass, Inc., 6.875%, 5/15/2020
   
1,049,000
 
1,132,920
 
Live Nation Entertainment, Inc., 144A, 7.0%, 9/1/2020
   
3,160,000
 
3,428,600
 
MDC Partners, Inc., 144A, 6.75%, 4/1/2020
   
2,105,000
 
2,202,356
 
Mediacom Broadband LLC, 6.375%, 4/1/2023
   
5,830,000
 
5,961,175
 
Mediacom LLC, 7.25%, 2/15/2022
   
995,000
 
1,054,700
 
MGM Resorts International:
               
 
6.625%, 12/15/2021 (b)
   
5,720,000
 
6,048,900
 
 
6.75%, 10/1/2020 (b)
   
1,625,000
 
1,738,750
 
 
8.625%, 2/1/2019
   
7,695,000
 
9,022,387
 
 
10.0%, 11/1/2016
   
1,795,000
 
2,154,000
 
Midcontinent Communications & Midcontinent Finance Corp., 144A, 6.25%, 8/1/2021
   
1,820,000
 
1,833,650
 
PETCO Animal Supplies, Inc., 144A, 9.25%, 12/1/2018
   
2,515,000
 
2,697,337
 
PNK Finance Corp., 144A, 6.375%, 8/1/2021
   
2,265,000
 
2,315,963
 
Quebecor Media, Inc., 5.75%, 1/15/2023
   
1,885,000
 
1,823,738
 
Rent-A-Center, Inc., 4.75%, 5/1/2021
   
1,380,000
 
1,295,475
 
Sabre Holdings Corp., 8.35%, 3/15/2016
   
2,560,000
 
2,854,400
 
Schaeffler Finance BV, 144A, 7.75%, 2/15/2017
   
3,655,000
 
4,148,425
 
Seminole Hard Rock Entertainment, Inc., 144A, 5.875%, 5/15/2021
   
1,150,000
 
1,129,875
 
Seminole Indian Tribe of Florida, Inc., 144A, 7.804%, 10/1/2020
   
2,715,000
 
2,972,925
 
Serta Simmons Holdings LLC, 144A, 8.125%, 10/1/2020 (b)
   
2,170,000
 
2,359,875
 
Sirius XM Holdings, Inc., 144A, 5.875%, 10/1/2020 (b)
   
1,865,000
 
1,902,300
 
SIWF Merger Sub, Inc., 144A, 6.25%, 6/1/2021 (b)
   
2,765,000
 
2,789,194
 
Starz LLC, 5.0%, 9/15/2019
   
1,545,000
 
1,579,763
 
Taylor Morrison Communities, Inc., 144A, 5.25%, 4/15/2021 (b)
   
2,305,000
 
2,241,613
 
Travelport LLC:
               
 
144A, 6.364% **, 3/1/2016
   
1,541,943
 
1,549,653
 
 
144A, 13.875%, 3/1/2016 (PIK)
   
413,082
 
437,867
 
UCI International, Inc., 8.625%, 2/15/2019
   
2,740,000
 
2,740,000
 
Unitymedia Hessen GmbH & Co., KG:
               
 
144A, 5.5%, 1/15/2023
   
8,260,000
 
8,012,200
 
 
144A, 7.5%, 3/15/2019
   
3,805,000
 
4,137,937
 
 
144A, 7.5%, 3/15/2019
EUR
 
2,000,000
 
2,992,311
 
Unitymedia KabelBW GmbH, 144A, 9.625%, 12/1/2019
EUR
 
6,670,000
 
10,162,326
 
Univision Communications, Inc.:
               
 
144A, 6.875%, 5/15/2019
   
480,000
 
513,000
 
 
144A, 7.875%, 11/1/2020
   
4,065,000
 
4,466,419
 
 
144A, 8.5%, 5/15/2021 (b)
   
1,690,000
 
1,859,000
 
Viking Cruises Ltd., 144A, 8.5%, 10/15/2022
   
1,880,000
 
2,124,400
 
Visant Corp., 10.0%, 10/1/2017 (b)
   
3,535,000
 
3,428,950
 
Visteon Corp., 6.75%, 4/15/2019
   
1,387,000
 
1,473,688
 
 
 
252,394,291
 
Consumer Staples 5.5%
 
B&G Foods, Inc., 4.625%, 6/1/2021
   
2,300,000
 
2,208,000
 
Chiquita Brands International, Inc., 144A, 7.875%, 2/1/2021 (b)
   
1,760,000
 
1,905,200
 
Del Monte Corp., 7.625%, 2/15/2019
   
3,305,000
 
3,433,069
 
FAGE Dairy Industry SA, 144A, 9.875%, 2/1/2020 (b)
   
6,410,000
 
6,698,450
 
Hawk Acquisition Sub, Inc., 144A, 4.25%, 10/15/2020 (b)
   
6,930,000
 
6,704,775
 
JBS Investments GmbH, 144A, 7.75%, 10/28/2020
   
3,600,000
 
3,636,000
 
JBS U.S.A. LLC:
               
 
144A, 7.25%, 6/1/2021
   
4,670,000
 
4,856,800
 
 
144A, 8.25%, 2/1/2020
   
1,450,000
 
1,573,250
 
Michael Foods Group, Inc., 9.75%, 7/15/2018
   
3,240,000
 
3,523,500
 
Pilgrim's Pride Corp., 7.875%, 12/15/2018
   
2,605,000
 
2,839,450
 
Reynolds Group Issuer, Inc.:
               
 
5.75%, 10/15/2020
   
3,820,000
 
3,896,400
 
 
6.875%, 2/15/2021
   
9,230,000
 
9,945,325
 
 
7.125%, 4/15/2019
   
3,240,000
 
3,450,600
 
 
8.25%, 2/15/2021 (b)
   
1,750,000
 
1,868,125
 
Roundy's Supermarkets, Inc., 144A, 10.25%, 12/15/2020
   
1,930,000
 
1,968,600
 
Smithfield Foods, Inc.:
               
 
6.625%, 8/15/2022
   
1,990,000
 
2,109,400
 
 
7.75%, 7/1/2017 (b)
   
5,025,000
 
5,891,812
 
Sun Products Corp., 144A, 7.75%, 3/15/2021
   
3,220,000
 
2,833,600
 
U.S. Foods, Inc., 8.5%, 6/30/2019 (b)
   
3,350,000
 
3,668,250
 
Viskase Companies, Inc., 144A, 9.875%, 1/15/2018
   
7,215,000
 
7,584,408
 
 
 
80,595,014
 
Energy 15.3%
 
Access Midstream Partners LP:
               
 
4.875%, 5/15/2023
   
3,343,000
 
3,225,995
 
 
6.125%, 7/15/2022
   
2,970,000
 
3,177,900
 
Antero Resources Finance Corp.:
               
 
144A, 5.375%, 11/1/2021
   
1,925,000
 
1,944,250
 
 
7.25%, 8/1/2019
   
1,567,000
 
1,684,525
 
Arch Coal, Inc., 7.0%, 6/15/2019 (b)
   
950,000
 
755,250
 
Berry Petroleum Co.:
               
 
6.375%, 9/15/2022
   
1,850,000
 
1,882,375
 
 
6.75%, 11/1/2020
   
3,265,000
 
3,387,437
 
BreitBurn Energy Partners LP:
               
 
7.875%, 4/15/2022
   
6,265,000
 
6,515,600
 
 
8.625%, 10/15/2020
   
1,760,000
 
1,892,000
 
Chaparral Energy, Inc.:
               
 
7.625%, 11/15/2022
   
4,185,000
 
4,477,950
 
 
8.25%, 9/1/2021
   
2,659,000
 
2,885,015
 
Chesapeake Oilfield Operating LLC, 6.625%, 11/15/2019
   
1,380,000
 
1,445,550
 
CITGO Petroleum Corp., 144A, 11.5%, 7/1/2017
   
4,500,000
 
4,927,500
 
Crestwood Midstream Partners LP:
               
 
144A, 6.125%, 3/1/2022
   
1,445,000
 
1,481,125
 
 
7.75%, 4/1/2019
   
2,340,000
 
2,538,900
 
Crosstex Energy LP:
               
 
7.125%, 6/1/2022 (b)
   
925,000
 
1,052,188
 
 
8.875%, 2/15/2018 (b)
   
2,765,000
 
2,906,706
 
Denbury Resources, Inc., 4.625%, 7/15/2023
   
1,975,000
 
1,782,438
 
Dresser-Rand Group, Inc., 6.5%, 5/1/2021
   
3,345,000
 
3,562,425
 
Endeavor Energy Resources LP, 144A, 7.0%, 8/15/2021
   
2,715,000
 
2,742,150
 
EP Energy LLC:
               
 
6.875%, 5/1/2019
   
3,085,000
 
3,320,231
 
 
7.75%, 9/1/2022
   
1,670,000
 
1,870,400
 
 
9.375%, 5/1/2020
   
1,415,000
 
1,632,556
 
EPE Holdings LLC, 144A, 8.875%, 12/15/2017 (PIK)
   
4,607,206
 
4,733,904
 
EV Energy Partners LP, 8.0%, 4/15/2019 (b)
   
7,815,000
 
7,854,075
 
Frontier Oil Corp., 6.875%, 11/15/2018
   
240,000
 
258,900
 
Halcon Resources Corp.:
               
 
8.875%, 5/15/2021 (b)
   
5,155,000
 
5,206,550
 
 
9.75%, 7/15/2020
   
8,665,000
 
9,033,262
 
 
144A, 9.75%, 7/15/2020
   
1,930,000
 
2,009,613
 
Holly Energy Partners LP:
               
 
6.5%, 3/1/2020
   
990,000
 
1,034,550
 
 
8.25%, 3/15/2018
   
2,670,000
 
2,816,850
 
Kodiak Oil & Gas Corp., 5.5%, 1/15/2021 (b)
   
3,650,000
 
3,640,875
 
Linn Energy LLC:
               
 
6.5%, 5/15/2019
   
3,095,000
 
3,156,900
 
 
144A, 7.0%, 11/1/2019
   
6,880,000
 
6,948,800
 
MEG Energy Corp.:
               
 
144A, 6.375%, 1/30/2023
   
2,360,000
 
2,374,750
 
 
144A, 6.5%, 3/15/2021
   
1,880,000
 
1,978,700
 
 
144A, 7.0%, 3/31/2024
   
4,640,000
 
4,698,000
 
Midstates Petroleum Co., Inc.:
               
 
9.25%, 6/1/2021
   
4,650,000
 
4,859,250
 
 
10.75%, 10/1/2020
   
5,295,000
 
5,758,312
 
Murphy Oil U.S.A., Inc., 144A, 6.0%, 8/15/2023
   
2,710,000
 
2,723,550
 
Murray Energy Corp., 144A, 8.625%, 6/15/2021
   
460,000
 
476,100
 
Northern Oil & Gas, Inc., 8.0%, 6/1/2020 (b)
   
5,340,000
 
5,593,650
 
Oasis Petroleum, Inc.:
               
 
6.5%, 11/1/2021
   
3,540,000
 
3,787,800
 
 
144A, 6.875%, 3/15/2022
   
3,735,000
 
3,959,100
 
 
6.875%, 1/15/2023
   
1,120,000
 
1,192,800
 
 
7.25%, 2/1/2019 (b)
   
5,875,000
 
6,315,625
 
Offshore Group Investment Ltd.:
               
 
7.125%, 4/1/2023 (b)
   
3,680,000
 
3,753,600
 
 
7.5%, 11/1/2019 (b)
   
6,815,000
 
7,411,312
 
Pacific Drilling SA, 144A, 5.375%, 6/1/2020
   
2,300,000
 
2,311,500
 
QEP Resources, Inc., 5.25%, 5/1/2023
   
685,000
 
642,188
 
Range Resources Corp., 5.0%, 8/15/2022
   
5,000,000
 
4,912,500
 
Sabine Pass Liquefaction LLC:
               
 
144A, 5.625%, 2/1/2021
   
6,465,000
 
6,319,537
 
 
144A, 5.625%, 4/15/2023
   
1,405,000
 
1,313,675
 
SandRidge Energy, Inc., 7.5%, 3/15/2021
   
11,545,000
 
12,093,387
 
SESI LLC:
               
 
6.375%, 5/1/2019
   
1,925,000
 
2,054,938
 
 
7.125%, 12/15/2021
   
6,355,000
 
7,085,825
 
Swift Energy Co., 7.875%, 3/1/2022 (b)
   
2,730,000
 
2,702,700
 
Talos Production LLC, 144A, 9.75%, 2/15/2018
   
3,640,000
 
3,721,900
 
Tesoro Corp., 5.375%, 10/1/2022 (b)
   
1,440,000
 
1,458,000
 
Ultra Petroleum Corp., 144A, 5.75%, 12/15/2018
   
815,000
 
837,413
 
Venoco, Inc., 8.875%, 2/15/2019
   
4,695,000
 
4,624,575
 
Welltec AS, 144A, 8.0%, 2/1/2019
   
2,800,000
 
2,968,000
 
Whiting Petroleum Corp., 5.0%, 3/15/2019
   
2,335,000
 
2,387,538
 
WPX Energy, Inc., 5.25%, 1/15/2017
   
4,850,000
 
5,177,375
 
 
 
223,278,345
 
Financials 4.3%
 
AerCap Aviation Solutions BV, 6.375%, 5/30/2017 (b)
   
4,210,000
 
4,557,325
 
Ally Financial, Inc., 5.5%, 2/15/2017
   
3,490,000
 
3,777,925
 
CIT Group, Inc., 5.0%, 8/1/2023
   
14,965,000
 
14,403,812
 
E*TRADE Financial Corp.:
               
 
6.375%, 11/15/2019
   
5,395,000
 
5,792,881
 
 
6.75%, 6/1/2016
   
6,070,000
 
6,585,950
 
Hellas Telecommunications Finance, 144A, 8.227% **, 7/15/2015 (PIK) *
EUR
 
2,522,281
 
0
 
International Lease Finance Corp.:
               
 
3.875%, 4/15/2018
   
3,630,000
 
3,639,075
 
 
5.75%, 5/15/2016
   
895,000
 
958,769
 
 
6.25%, 5/15/2019
   
2,695,000
 
2,917,338
 
 
8.625%, 1/15/2022 (b)
   
2,775,000
 
3,279,362
 
 
8.75%, 3/15/2017
   
4,075,000
 
4,798,312
 
MPT Operating Partnership LP:
               
 
(REIT), 6.375%, 2/15/2022
   
2,650,000
 
2,742,750
 
 
(REIT), 6.875%, 5/1/2021
   
2,415,000
 
2,584,050
 
Societe Generale SA, 144A, 7.875%, 12/18/2023
   
7,245,000
 
7,295,715
 
 
 
63,333,264
 
Health Care 6.1%
 
Aviv Healthcare Properties LP:
               
 
144A, 6.0%, 10/15/2021
   
955,000
 
971,713
 
 
7.75%, 2/15/2019
   
4,325,000
 
4,649,375
 
Biomet, Inc.:
               
 
6.5%, 8/1/2020
   
3,350,000
 
3,517,500
 
 
6.5%, 10/1/2020 (b)
   
960,000
 
988,800
 
Community Health Systems, Inc.:
               
 
5.125%, 8/15/2018
   
10,975,000
 
11,331,687
 
 
7.125%, 7/15/2020
   
12,190,000
 
12,647,125
 
Endo Finance Co., 144A, 5.75%, 1/15/2022
   
1,935,000
 
1,944,675
 
Fresenius Medical Care U.S. Finance II, Inc., 144A, 5.625%, 7/31/2019
   
1,980,000
 
2,138,400
 
HCA, Inc.:
               
 
5.875%, 3/15/2022
   
2,505,000
 
2,586,412
 
 
6.5%, 2/15/2020
   
9,615,000
 
10,564,481
 
 
7.5%, 2/15/2022
   
1,109,000
 
1,217,128
 
Hologic, Inc., 6.25%, 8/1/2020 (b)
   
1,935,000
 
2,041,425
 
IMS Health, Inc., 144A, 6.0%, 11/1/2020
   
2,350,000
 
2,496,875
 
LifePoint Hospitals, Inc., 144A, 5.5%, 12/1/2021
   
2,430,000
 
2,439,113
 
Par Pharmaceutical Companies, Inc., 7.375%, 10/15/2020
   
4,662,000
 
4,819,342
 
Physio-Control International, Inc., 144A, 9.875%, 1/15/2019
   
2,726,000
 
3,053,120
 
Salix Pharmaceuticals Ltd., 144A, 6.0%, 1/15/2021
   
1,455,000
 
1,491,375
 
Tenet Healthcare Corp.:
               
 
4.375%, 10/1/2021 (b)
   
3,695,000
 
3,473,300
 
 
4.5%, 4/1/2021 (b)
   
460,000
 
435,850
 
 
6.25%, 11/1/2018
   
14,050,000
 
15,560,375
 
 
 
88,368,071
 
Industrials 9.1%
 
Accuride Corp., 9.5%, 8/1/2018
   
2,721,000
 
2,659,778
 
ADT Corp., 144A, 6.25%, 10/15/2021
   
1,405,000
 
1,475,250
 
Aguila 3 SA, 144A, 7.875%, 1/31/2018
   
3,955,000
 
4,192,300
 
Alphabet Holding Co., Inc.:
               
 
7.75%, 11/1/2017 (PIK)
   
1,870,000
 
1,928,438
 
 
144A, 7.75%, 11/1/2017 (PIK)
   
2,425,000
 
2,500,781
 
Armored Autogroup, Inc., 9.25%, 11/1/2018 (b)
   
4,685,000
 
4,509,312
 
Artesyn Escrow, Inc., 144A, 9.75%, 10/15/2020
   
2,335,000
 
2,451,750
 
AWAS Aviation Capital Ltd., 144A, 7.0%, 10/17/2016
   
2,823,080
 
2,921,888
 
BakerCorp International, Inc., 8.25%, 6/1/2019
   
2,785,000
 
2,778,038
 
Belden, Inc., 144A, 5.5%, 9/1/2022
   
3,360,000
 
3,292,800
 
Bombardier, Inc., 144A, 5.75%, 3/15/2022 (b)
   
2,060,000
 
2,044,550
 
Casella Waste Systems, Inc., 7.75%, 2/15/2019
   
4,935,000
 
5,058,375
 
Clean Harbors, Inc., 5.125%, 6/1/2021
   
2,375,000
 
2,398,750
 
CTP Transportation Products LLC, 144A, 8.25%, 12/15/2019
   
2,415,000
 
2,517,638
 
Darling Escrow Corp., 144A, 5.375%, 1/15/2022 (c)
   
1,925,000
 
1,939,438
 
DigitalGlobe, Inc., 144A, 5.25%, 2/1/2021
   
1,395,000
 
1,360,125
 
Ducommun, Inc., 9.75%, 7/15/2018
   
2,795,000
 
3,109,438
 
DynCorp International, Inc., 10.375%, 7/1/2017
   
3,745,000
 
3,829,262
 
Florida East Coast Railway Corp., 8.125%, 2/1/2017
   
1,750,000
 
1,826,563
 
FTI Consulting, Inc., 6.0%, 11/15/2022
   
1,885,000
 
1,908,563
 
Garda World Security Corp., 144A, 7.25%, 11/15/2021
   
2,550,000
 
2,569,125
 
GenCorp, Inc., 7.125%, 3/15/2021
   
6,990,000
 
7,479,300
 
Huntington Ingalls Industries, Inc.:
               
 
6.875%, 3/15/2018
   
2,400,000
 
2,592,000
 
 
7.125%, 3/15/2021 (b)
   
2,480,000
 
2,721,800
 
Kenan Advantage Group, Inc., 144A, 8.375%, 12/15/2018
   
5,230,000
 
5,504,575
 
Meritor, Inc.:
               
 
6.75%, 6/15/2021 (b)
   
1,860,000
 
1,897,200
 
 
10.625%, 3/15/2018
   
2,870,000
 
3,056,550
 
Navios Maritime Holdings, Inc.:
               
 
144A, 7.375%, 1/15/2022
   
7,315,000
 
7,351,575
 
 
8.125%, 2/15/2019
   
3,255,000
 
3,344,512
 
Navios South American Logistics, Inc., 9.25%, 4/15/2019
   
2,890,000
 
3,117,587
 
Nortek, Inc., 8.5%, 4/15/2021
   
3,615,000
 
4,003,612
 
Ply Gem Industries, Inc., 9.375%, 4/15/2017 (b)
   
981,000
 
1,059,480
 
Spirit AeroSystems, Inc.:
               
 
6.75%, 12/15/2020
   
1,465,000
 
1,576,706
 
 
7.5%, 10/1/2017
   
1,730,000
 
1,799,200
 
Titan International, Inc., 144A, 6.875%, 10/1/2020
   
5,600,000
 
5,838,000
 
TransDigm, Inc.:
               
 
7.5%, 7/15/2021 (b)
   
3,140,000
 
3,375,500
 
 
7.75%, 12/15/2018
   
2,820,000
 
3,024,450
 
United Rentals North America, Inc.:
               
 
5.75%, 7/15/2018
   
3,460,000
 
3,697,875
 
 
6.125%, 6/15/2023
   
210,000
 
213,150
 
 
7.375%, 5/15/2020
   
5,690,000
 
6,308,787
 
 
7.625%, 4/15/2022
   
5,690,000
 
6,323,012
 
Watco Companies LLC, 144A, 6.375%, 4/1/2023
   
1,385,000
 
1,371,150
 
 
 
132,928,183
 
Information Technology 4.7%
 
ACI Worldwide, Inc., 144A, 6.375%, 8/15/2020
   
955,000
 
997,975
 
Activision Blizzard, Inc., 144A, 5.625%, 9/15/2021
   
6,745,000
 
6,981,075
 
Alliance Data Systems Corp., 144A, 5.25%, 12/1/2017
   
2,375,000
 
2,464,063
 
Audatex North America, Inc.:
               
 
144A, 6.0%, 6/15/2021
   
1,440,000
 
1,508,400
 
 
144A, 6.125%, 11/1/2023
   
250,000
 
257,500
 
BMC Software Finance, Inc., 144A, 8.125%, 7/15/2021
   
3,165,000
 
3,259,950
 
CDW LLC, 8.5%, 4/1/2019
   
10,025,000
 
11,077,625
 
CyrusOne LP, 6.375%, 11/15/2022
   
950,000
 
983,250
 
eAccess Ltd., 144A, 8.25%, 4/1/2018
   
2,720,000
 
2,971,600
 
EarthLink, Inc., 7.375%, 6/1/2020 (b)
   
2,310,000
 
2,304,225
 
Equinix, Inc., 5.375%, 4/1/2023 (b)
   
6,455,000
 
6,309,762
 
First Data Corp.:
               
 
144A, 6.75%, 11/1/2020
   
8,955,000
 
9,313,200
 
 
144A, 7.375%, 6/15/2019
   
2,155,000
 
2,300,463
 
 
144A, 8.875%, 8/15/2020
   
3,745,000
 
4,142,906
 
Freescale Semiconductor, Inc., 144A, 6.0%, 1/15/2022
   
2,435,000
 
2,465,437
 
Healthcare Technology Intermediate, Inc., 144A, 7.375%, 9/1/2018 (PIK)
   
680,000
 
707,200
 
Hughes Satellite Systems Corp.:
               
 
6.5%, 6/15/2019
   
4,495,000
 
4,865,837
 
 
7.625%, 6/15/2021
   
1,910,000
 
2,129,650
 
IAC/InterActiveCorp., 4.75%, 12/15/2022
   
1,875,000
 
1,748,438
 
NCR Escrow Corp.:
               
 
144A, 5.875%, 12/15/2021
   
485,000
 
494,094
 
 
144A, 6.375%, 12/15/2023
   
1,210,000
 
1,235,713
 
 
 
68,518,363
 
Materials 7.3%
 
APERAM:
               
 
144A, 7.375%, 4/1/2016
   
850,000
 
873,375
 
 
144A, 7.75%, 4/1/2018
   
905,000
 
927,625
 
Berry Plastics Corp.:
               
 
9.5%, 5/15/2018 (b)
   
3,000,000
 
3,217,500
 
 
9.75%, 1/15/2021
   
3,510,000
 
4,062,825
 
BOE Intermediate Holding Corp., 144A, 9.0%, 11/1/2017 (PIK)
   
2,885,580
 
3,008,217
 
BOE Merger Corp., 144A, 9.5%, 11/1/2017 (PIK)
   
3,745,000
 
3,979,062
 
Clearwater Paper Corp., 7.125%, 11/1/2018
   
3,025,000
 
3,229,187
 
Essar Steel Algoma, Inc.:
               
 
144A, 9.375%, 3/15/2015 (b)
   
10,490,000
 
9,913,050
 
 
144A, 9.875%, 6/15/2015
   
1,680,000
 
1,024,800
 
Exopack Holding Corp., 144A, 10.0%, 6/1/2018
   
1,915,000
 
2,077,775
 
Exopack Holdings SA, 144A, 7.875%, 11/1/2019
   
2,410,000
 
2,458,200
 
FMG Resources August 2006 Pty Ltd.:
               
 
144A, 6.0%, 4/1/2017 (b)
   
2,970,000
 
3,155,625
 
 
144A, 6.375%, 2/1/2016 (b)
   
2,000,000
 
2,070,000
 
 
144A, 6.875%, 4/1/2022 (b)
   
2,415,000
 
2,632,350
 
 
144A, 7.0%, 11/1/2015 (b)
   
3,245,000
 
3,366,687
 
 
144A, 8.25%, 11/1/2019 (b)
   
2,530,000
 
2,839,925
 
FQM Akubra, Inc.:
               
 
144A, 7.5%, 6/1/2021
   
5,405,000
 
5,648,225
 
 
144A, 8.75%, 6/1/2020
   
3,135,000
 
3,401,475
 
Greif, Inc., 7.75%, 8/1/2019
   
910,000
 
1,032,850
 
Hexion U.S. Finance Corp.:
               
 
6.625%, 4/15/2020
   
860,000
 
881,500
 
 
8.875%, 2/1/2018
   
6,745,000
 
7,006,369
 
IAMGOLD Corp., 144A, 6.75%, 10/1/2020
   
2,925,000
 
2,515,500
 
Kaiser Aluminum Corp., 8.25%, 6/1/2020
   
2,370,000
 
2,678,100
 
KGHM International Ltd., 144A, 7.75%, 6/15/2019
   
5,165,000
 
5,449,075
 
Novelis, Inc., 8.75%, 12/15/2020 (b)
   
5,100,000
 
5,673,750
 
OI European Group BV, 144A, 6.75%, 9/15/2020
EUR
 
985,000
 
1,572,552
 
Packaging Dynamics Corp., 144A, 8.75%, 2/1/2016
   
4,200,000
 
4,315,500
 
Perstorp Holding AB, 144A, 8.75%, 5/15/2017 (b)
   
3,445,000
 
3,703,375
 
Plastipak Holdings, Inc., 144A, 6.5%, 10/1/2021
   
2,335,000
 
2,416,725
 
Polymer Group, Inc., 7.75%, 2/1/2019
   
2,335,000
 
2,489,694
 
PolyOne Corp., 5.25%, 3/15/2023
   
2,295,000
 
2,237,625
 
Rain CII Carbon LLC:
               
 
144A, 8.0%, 12/1/2018
   
2,120,000
 
2,194,200
 
 
144A, 8.25%, 1/15/2021
   
1,380,000
 
1,407,600
 
Sealed Air Corp.:
               
 
144A, 8.125%, 9/15/2019
   
1,315,000
 
1,476,088
 
 
144A, 8.375%, 9/15/2021
   
1,315,000
 
1,492,525
 
 
 
106,428,931
 
Telecommunication Services 19.7%
 
Altice Financing SA:
               
 
144A, 6.5%, 1/15/2022
   
1,500,000
 
1,515,000
 
 
144A, 7.875%, 12/15/2019 (b)
   
2,120,000
 
2,305,500
 
Altice Finco SA, 144A, 9.875%, 12/15/2020 (b)
   
2,120,000
 
2,385,000
 
CenturyLink, Inc.:
               
 
Series V, 5.625%, 4/1/2020
   
920,000
 
936,100
 
 
Series W, 6.75%, 12/1/2023
   
3,900,000
 
3,948,750
 
Cincinnati Bell, Inc.:
               
 
8.375%, 10/15/2020 (b)
   
10,625,000
 
11,501,562
 
 
8.75%, 3/15/2018 (b)
   
5,865,000
 
6,158,250
 
CPI International, Inc., 8.0%, 2/15/2018
   
2,060,000
 
2,152,700
 
Cricket Communications, Inc., 7.75%, 10/15/2020 (b)
   
10,040,000
 
11,445,600
 
Digicel Group Ltd.:
               
 
144A, 8.25%, 9/30/2020
   
13,857,000
 
14,359,316
 
 
144A, 10.5%, 4/15/2018
   
4,005,000
 
4,285,350
 
Digicel Ltd.:
               
 
144A, 7.0%, 2/15/2020
   
800,000
 
808,000
 
 
144A, 8.25%, 9/1/2017
   
12,540,000
 
13,041,600
 
ERC Ireland Preferred Equity Ltd., 144A, 7.69% **, 2/15/2017 (PIK) *
EUR
 
4,552,995
 
0
 
Frontier Communications Corp.:
               
 
7.125%, 1/15/2023 (b)
   
12,450,000
 
12,294,375
 
 
7.625%, 4/15/2024
   
980,000
 
977,550
 
 
8.25%, 4/15/2017 (b)
   
2,796,000
 
3,243,360
 
 
8.5%, 4/15/2020 (b)
   
4,270,000
 
4,782,400
 
 
8.75%, 4/15/2022
   
8,085,000
 
8,974,350
 
Intelsat Jackson Holdings SA:
               
 
144A, 5.5%, 8/1/2023
   
4,390,000
 
4,175,987
 
 
7.25%, 10/15/2020
   
10,060,000
 
11,003,125
 
 
7.5%, 4/1/2021
   
10,740,000
 
11,840,850
 
 
8.5%, 11/1/2019
   
4,825,000
 
5,265,281
 
Intelsat Luxembourg SA:
               
 
144A, 7.75%, 6/1/2021
   
5,970,000
 
6,402,825
 
 
144A, 8.125%, 6/1/2023
   
950,000
 
1,018,875
 
Level 3 Communications, Inc., 8.875%, 6/1/2019
   
545,000
 
595,413
 
Level 3 Financing, Inc.:
               
 
144A, 6.125%, 1/15/2021
   
1,460,000
 
1,474,600
 
 
7.0%, 6/1/2020
   
11,605,000
 
12,301,300
 
 
8.125%, 7/1/2019 (b)
   
5,585,000
 
6,115,575
 
 
8.625%, 7/15/2020
   
4,660,000
 
5,219,200
 
MetroPCS Wireless, Inc.:
               
 
6.625%, 11/15/2020
   
6,755,000
 
7,160,300
 
 
144A, 6.625%, 4/1/2023 (b)
   
2,300,000
 
2,374,750
 
 
7.875%, 9/1/2018 (b)
   
3,260,000
 
3,500,425
 
Millicom International Cellular SA, 144A, 4.75%, 5/22/2020
   
6,700,000
 
6,432,000
 
NII Capital Corp., 7.625%, 4/1/2021
   
2,570,000
 
1,053,700
 
Pacnet Ltd.:
               
 
144A, 9.0%, 12/12/2018
   
1,500,000
 
1,528,125
 
 
144A, 9.25%, 11/9/2015
   
3,696,000
 
3,857,700
 
SBA Communications Corp., 5.625%, 10/1/2019
   
1,920,000
 
1,977,600
 
SBATelecommunications, Inc., 5.75%, 7/15/2020
   
4,000,000
 
4,160,000
 
Sprint Communications, Inc.:
               
 
6.0%, 12/1/2016
   
8,320,000
 
9,079,200
 
 
8.375%, 8/15/2017
   
2,810,000
 
3,252,575
 
 
9.125%, 3/1/2017
   
2,880,000
 
3,384,000
 
Sprint Corp., 144A, 7.125%, 6/15/2024
   
2,420,000
 
2,456,300
 
T-Mobile U.S.A., Inc.:
               
 
6.125%, 1/15/2022
   
975,000
 
992,063
 
 
6.5%, 1/15/2024
   
975,000
 
987,188
 
 
6.633%, 4/28/2021
   
250,000
 
263,125
 
Telenet Finance Luxembourg SCA, 144A, 6.375%, 11/15/2020
EUR
 
5,000,000
 
7,394,384
 
tw telecom holdings, Inc.:
               
 
5.375%, 10/1/2022 (b)
   
2,625,000
 
2,579,063
 
 
144A, 5.375%, 10/1/2022
   
450,000
 
442,125
 
 
144A, 6.375%, 9/1/2023
   
2,260,000
 
2,350,400
 
UPCB Finance III Ltd., 144A, 6.625%, 7/1/2020
   
1,495,000
 
1,588,438
 
UPCB Finance V Ltd., 144A, 7.25%, 11/15/2021
   
9,145,000
 
9,922,325
 
UPCB Finance VI Ltd., 144A, 6.875%, 1/15/2022
   
4,850,000
 
5,153,125
 
Wind Acquisition Finance SA:
               
 
144A, 6.5%, 4/30/2020
   
1,850,000
 
1,970,250
 
 
144A, 7.25%, 2/15/2018
   
3,475,000
 
3,657,438
 
Windstream Corp.:
               
 
6.375%, 8/1/2023
   
2,335,000
 
2,183,225
 
 
7.5%, 6/1/2022
   
11,470,000
 
11,728,075
 
 
7.5%, 4/1/2023
   
3,810,000
 
3,829,050
 
 
7.75%, 10/15/2020 (b)
   
485,000
 
514,706
 
 
7.75%, 10/1/2021
   
6,460,000
 
6,847,600
 
 
7.875%, 11/1/2017
   
3,775,000
 
4,312,937
 
 
 
287,459,986
 
Utilities 2.0%
 
AES Corp.:
               
 
8.0%, 10/15/2017
   
2,680,000
 
3,149,000
 
 
8.0%, 6/1/2020
   
4,120,000
 
4,820,400
 
Calpine Corp.:
               
 
144A, 7.5%, 2/15/2021
   
3,136,000
 
3,422,160
 
 
144A, 7.875%, 7/31/2020
   
3,643,000
 
3,989,085
 
Enel SpA, 144A, 8.75%, 9/24/2073
   
4,230,000
 
4,599,562
 
Energy Future Holdings Corp., Series Q, 6.5%, 11/15/2024
   
4,626,000
 
1,619,100
 
Energy Future Intermediate Holding Co., LLC, 10.0%, 12/1/2020 (b)
   
5,805,000
 
6,167,813
 
NRG Energy, Inc., 7.625%, 1/15/2018
   
1,660,000
 
1,892,400
 
 
 
29,659,520
 
 
Total Corporate Bonds (Cost $1,288,733,362)
 
1,332,963,968
 
 
 
Government & Agency Obligations 0.9%
 
Other Government Related (d) 0.3%
 
Vimpel Communications, 144A, 6.493%, 2/2/2016  (Cost $4,053,810)
   
4,130,000
 
4,408,775
 
U.S. Treasury Obligation 0.6%
 
U.S. Treasury Note, 0.75%, 6/15/2014 (e)  (Cost $8,039,792)
   
8,000,000
 
8,023,128
 
 
Total Government & Agency Obligations (Cost $12,093,602)
 
12,431,903
 
 
 
Loan Participations and Assignments 0.5%
 
Senior Loans **
   
Alliance Mortgage Cycle Loan, Term Loan A, 9.5%, 6/15/2010 *
   
3,500,000
 
0
 
Caesars Entertainment Operating Co., Term Loan B6, 5.488%, 1/26/2018
   
1,480,212
 
1,417,688
 
Chesapeake Energy Corp., Term Loan, 5.75%, 12/1/2017
   
3,680,000
 
3,762,542
 
Travelport LLC, Second Lien Term Loan, 9.5%, 1/29/2016
   
2,068,409
 
2,146,626
 
 
Total Loan Participations and Assignments (Cost $10,541,013)
 
7,326,856
 
 
 
Convertible Bonds 1.0%
 
Consumer Discretionary 0.0%
 
MGM Resorts International, 4.25%, 4/15/2015
   
405,000
 
556,875
 
Materials 1.0%
 
GEO Specialty Chemicals, Inc., 144A, 7.5%, 3/31/2015 (PIK)
   
7,287,779
 
14,117,886
 
 
Total Convertible Bonds (Cost $7,667,803)
 
14,674,761
 
 
 
Preferred Security 0.4%
 
Materials
   
Hercules, Inc., 6.5%, 6/30/2029 (Cost $4,661,576)
   
6,975,000
 
6,068,250
 
         
 
Shares
 
Value ($)
 
 
 
Common Stocks 0.1%
 
Consumer Discretionary 0.0%
 
Dawn Holdings, Inc.* (f)
 
107
 
310,092
 
Trump Entertainment Resorts, Inc.*
 
366
 
0
 
Vertis Holdings, Inc.*
 
4,521
 
0
 
 
 
310,092
 
Industrials 0.0%
 
Congoleum Corp.*
 
135,300
 
0
 
Materials 0.1%
 
GEO Specialty Chemicals, Inc.*
 
136,705
 
101,667
 
GEO Specialty Chemicals, Inc. 144A*
 
12,448
 
9,258
 
Wolverine Tube, Inc.*
 
46,935
 
1,513,654
 
 
 
1,624,579
 
 
Total Common Stocks (Cost $3,245,719)
 
1,934,671
 
 
 
Preferred Stock 0.6%
 
Financials
   
Ally Financial, Inc., Series G, 144A, 7.0%  (Cost $7,725,763)
 
8,405
 
8,069,588
 
 
 
Warrants 0.0%
 
Consumer Discretionary 0.0%
 
Reader's Digest Association, Inc., Expiration Date 2/19/2014*
 
7,982
 
0
 
Materials 0.0%
 
GEO Specialty Chemicals, Inc., Expiration Date 3/31/2015*
 
672,806
 
495,320
 
Hercules Trust II, Expiration Date 3/31/2029*
 
6,700
 
70,794
 
 
 
566,114
 
 
Total Warrants (Cost $1,482,531)
 
566,114
 
 
 
Securities Lending Collateral 12.2%
 
Daily Assets Fund Institutional, 0.08% (g) (h) (Cost $177,215,342)
   
177,215,342
 
177,215,342
 
 
 
Cash Equivalents 2.9%
 
Central Cash Management Fund, 0.05% (g) (Cost $42,894,113)
   
42,894,113
 
42,894,113
 
         
 
% of
Net Assets
 
Value ($)
 
 
Total Investment Portfolio (Cost $1,556,260,824) †
109.9
 
1,604,145,566
 
Other Assets and Liabilities, Net
(9.9)
 
(144,761,025)
 
 
Net Assets
100.0
 
1,459,384,541
 

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.
 
The following table represents bonds and senior loans that are in default:
 

Security
 
Coupon
 
Maturity
Date
 
Principal Amount
 
Cost ($)
   
Value ($)
 
Alliance Mortgage Cycle Loan*
    9.5 %
6/15/2010
    3,500,000  
USD
    3,508,969       0  
ERC Ireland Preferred Equity Ltd.*
    7.69 %
2/15/2017
    4,552,995  
EUR
    6,197,952       0  
Hellas Telecommunications Finance *
    8.227 %
7/15/2015
    2,522,281  
EUR
    715,283       0  
                      10,422,204       0  

*
Non-income producing security.
**
Floating rate securities’ yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of December 31, 2013.
The cost for federal income tax purposes was $1,557,654,200.  At December 31, 2013, net unrealized appreciation for all securities based on tax cost was $46,491,366.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $70,906,211 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $24,414,845.
(a)
Principal amount stated in U.S. dollars unless otherwise noted.
(b)
All or a portion of these securities were on loan. In addition, “Other Assets and Liabilities, Net” may include pending sales that are also on loan. The value of securities loaned at December 31, 2013 amounted to $170,301,645, which is 11.7% of net assets.
(c)
When-issued security.
(d)
Government-backed debt issued by financial companies or government sponsored enterprises.
(e)
At December 31, 2013, this security has been pledged, in whole or in part, to cover initial margin requirements for open centrally cleared swap contracts.
(f)
The Fund may purchase securities that are subject to legal or contractual restrictions on resale ("restricted securities").  Restricted securities are securities which have not been registered with the Securities and Exchange Commission under the Securities Act of 1933.  The Fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security.  Moreover, if adverse market conditions were to develop during the period between the Fund's decision to sell a restricted security and the point at which the Fund is permitted or able to sell such security, the Fund might obtain a price less favorable than the price that prevailed when it decided to sell.  This investment practice, therefore, could have the effect of increasing the level of illiquidity of the Fund.  The future value of these securities is uncertain and there may be changes in the estimated value of these securities.

Schedule of
Restricted Securities
Acquisition Date
 
Cost ($)
   
Value ($)
   
Value as %
of Net Assets
 
Dawn Holdings, Inc.*
August 2013
    387,564       310,092       0.02  
 
(g)
Affiliated fund managed by Deutsche Investment Management Americas Inc.  The rate shown is the annualized seven-day yield at period end.
(h)
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.
PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal.
REIT: Real Estate Investment Trust

At December 31, 2013, open credit default swap contracts sold were as follows:

Centrally Cleared Swaps
Effective/
Expiration
Date
 
Notional
Amount ($) (i)
   
Fixed
Cash
Flows
Received
 
Underlying Debt
Obligation/
Quality Rating (j)
 
Value ($)
   
Unrealized
Appreciation ($)
 
3/20/2013
6/20/2018
    7,000,000       5.0 %
Markit Dow Jones CDX North America High Yield Index
    672,354       235,142  
 
Bilateral Swaps
             
 
Effective/
Expiration
Date
 
Notional
Amount ($) (i)
   
Fixed
Cash
Flows
Received
 
Underlying Debt
Obligation/
Quality Rating (j)
 
Value ($)
   
Upfront Payments
Paid/
(Received) ($)
   
Unrealized
Appreciation ($)
 
   
6/21/2010
9/20/2015
    4,270,000 1     5.0 %
Ford Motor Co.,
6.5%, 8/1/2018, BBB-
    346,156       (76,117 )     422,273  
6/21/2010
9/20/2015
    1,500,000 2     5.0 %
Ford Motor Co.,
6.5%, 8/1/2018, BBB-
    121,600       (142,500 )     264,100  
6/21/2010
9/20/2015
    1,650,000 3     5.0 %
Ford Motor Co.,
6.5%, 8/1/2018, BBB-
    133,760       (148,500 )     282,260  
6/21/2010
9/20/2015
    780,000 3     5.0 %
Ford Motor Co.,
6.5%, 8/1/2018, BBB-
    63,232       (62,400 )     125,632  
6/21/2010
9/20/2015
    900,000 4     5.0 %
Ford Motor Co.,
6.5%, 8/1/2018, BBB-
    72,960       (62,061 )     135,021  
6/20/2011
9/20/2015
    7,000,000 4     5.0 %
HCA, Inc.,
6.375%, 1/15/2015, B-
    532,073       153,153       378,920  
12/20/2010
3/20/2016
    5,000,000 2     5.0 %
Ford Motor Co.,
6.5%, 8/1/2018, BBB-
    510,882       222,130       288,752  
12/20/2010
3/20/2016
    10,000,000 4     5.0 %
HCA, Inc.,
6.375%, 1/15/2015, B-
    938,692       246,510       692,182  
3/21/2011
6/20/2016
    5,530,000 2     5.0 %
HCA, Inc.,
6.375%, 1/15/2015, B-
    554,862       102,159       452,703  
3/21/2011
6/20/2016
    8,915,000 5     5.0 %
Ford Motor Credit Co., LLC,
5.0%, 5/15/2018, BBB-
    983,055       527,462       455,593  
6/20/2011
9/20/2016
    3,670,000 5     5.0 %
Forest Oil Corp.,
7.25%, 6/15/2019, B-
    124,977       74,384       50,593  
9/20/2011
12/20/2016
    2,400,000 5     5.0 %
Ford Motor Co.,
6.5%, 8/1/2018, BBB-
    312,575       63,873       248,702  
12/20/2011
3/20/2017
    3,450,000 3     5.0 %
CIT Group, Inc.,
5.5%, 2/15/2019, BB-
    415,966       93,548       322,418  
9/20/2012
12/20/2017
    4,730,000 6     5.0 %
General Motors Corp.,
3.3%, 12/20/2017, BB+
    695,582       279,046       416,536  
6/20/2013
9/20/2018
    6,450,000 1     5.0 %
Sprint Communications, Inc.,
6.0%, 12/1/2016, BB-
    735,490       361,584       373,906  
6/20/2013
9/20/2018
    1,715,000 54     5.0 %
HCA, Inc.,
8.0%, 10/1/2018, B-
    224,819       129,361       95,458  
6/20/2013
9/20/2018
    2,370,000 3     5.0 %
DISH DBS Corp.,
6.75%, 6/1/2021, BB-
    326,150       199,800       126,350  
9/20/2013
12/20/2018
    5,000,000 4     5.0 %
Sprint Communications, Inc.,
6.0%, 12/1/2016, BB-
    562,566       410,018       152,548  
9/20/2013
12/20/2018
    5,000,000 3     5.0 %
Sprint Communications, Inc.,
6.0%, 12/1/2016, BB-
    562,566       403,046       159,520  
9/20/2013
12/20/2018
    2,700,000 5     5.0 %
CSC Holdings LLC,
7.625%, 7/15/2018, BB+
    329,802       252,587       77,215  
9/20/2013
12/20/2018
    9,875,000 2     5.0 %
CSC Holdings LLC,
7.625%, 7/15/2018, BB+
    1,167,256       975,685       191,571  
Total unrealized appreciation
5,712,253
 
 

(i)
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, if any.
(j)
The quality ratings represent the higher of Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Corporation ("S&P") credit ratings and are unaudited.

Counterparties:
 
1
Bank of America
 
2
JPMorgan Chase Securities, Inc.
 
3
Credit Suisse
 
4
The Goldman Sachs & Co.
 
5
Barclays Bank PLC
 
6
UBS AG
 
 
At December 31, 2013, the Fund had the following open forward foreign currency exchange contracts:
 
 
Contracts to Deliver
 
In Exchange For
 
Settlement
Date
 
Unrealized
Depreciation ($)
 
Counterparty
 
EUR
    22,220,000  
USD
    30,514,548  
1/15/2014
    (53,270 )
Citigroup, Inc.
 
Currency Abbreviations
   
 
EUR
Euro
       
USD
United States Dollar
       


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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of December 31, 2013 in valuing the Fund's investments.

Assets
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Fixed Income Investments (k)
                       
Corporate Bonds
  $     $ 1,332,963,968     $     $ 1,332,963,968  
Government & Agency Obligations
          12,431,903             12,431,903  
Loan Participations and Assignments
          7,326,856             7,326,856  
Convertible Bonds
          556,875       14,117,886       14,674,761  
Preferred Security
          6,068,250             6,068,250  
Common Stocks
                               
Consumer Discretionary
                310,092       310,092  
Materials
                1,624,579       1,624,579  
Preferred Stock (k)
          8,069,588             8,069,588  
Warrants (k)
                566,114       566,114  
Short-Term Investments (k)
    220,109,455                   220,109,455  
Derivatives (l)
                               
Credit Default Swap Contracts
          5,947,395             5,947,395  
 
Total
  $ 220,109,455     $ 1,373,364,835     $ 16,618,671     $ 1,610,092,961  
 
Liabilities
 
Derivatives (l)
                               
Forward Foreign Currency Exchange Contracts
  $     $ (53,270 )   $     $ (53,270 )
 
Total
  $     $ (53,270 )   $     $ (53,270 )
 

There have been no transfers between fair value measurement levels during the period ended December 31, 2013.

(k)
See Investment Portfolio for additional detailed categorizations.
(l)
Derivatives include unrealized appreciation (depreciation) on credit default swap contracts and forward foreign currency exchange contracts.
 
 
Derivatives

The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of December 31, 2013 categorized by the primary underlying risk exposure. 
 
Primary Underlying Risk Disclosure
 
Swaps
   
Forward Currency Contracts
 
Credit Contracts
  $ 5,947,395     $  
Foreign Exchange Contracts
  $     $ (53,270 )



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 High Income Fund, a series of DWS Income Trust
   
By:
/s/Brian E. Binder
Brian E. Binder
President
   
Date:
February 21, 2014


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:
/s/Brian E. Binder
Brian E. Binder
President
   
Date:
February 21, 2014
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
February 21, 2014

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