sr53114mmi.htm

May 31, 2014

Semiannual Report

to Shareholders

DWS Multi-Market Income Trust

(On August 11, 2014, DWS Multi-Market Income Trust will be renamed Deutsche Multi-Market Income Trust.)

Ticker Symbol: KMM

Contents

3 Performance Summary

5 Portfolio Management

5 Portfolio Summary

7 Investment Portfolio

34 Statement of Assets and Liabilities

36 Statement of Operations

37 Statement of Cash Flows

39 Statement of Changes in Net Assets

40 Financial Highlights

42 Notes to Financial Statements

57 Dividend Reinvestment Plan

60 Additional Information

62 Privacy Statement

The fund's investment objective is to provide high current income consistent with prudent total return asset management.

Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the fund's shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.

Bond investments are subject to interest-rate and credit risks. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments in lower-quality ("junk bonds") and non-rated securities present greater risk of loss than investments in higher-quality securities. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Leverage results in additional risks and can magnify the effect of any gains or losses. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks.

Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries, including the Advisor and DWS Investments Distributors, Inc.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Performance Summary May 31, 2014 (Unaudited)

Performance is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when sold, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please visit dws-investments.com for the Fund's most recent month-end performance.

Fund specific data and performance are provided for informational purposes only and are not intended for trading purposes.

Average Annual Total Returns as of 5/31/14
DWS Multi-Market Income Trust	6-Month‡	1-Year	5-Year	10-Year
Based on Net Asset Value(a)	5.75%	7.34%	15.09%	11.31%
Based on Market Price(a)	2.56%	–3.25%	16.63%	11.01%
Credit Suisse High Yield Index(b)	5.31%	7.99%	14.37%	8.74%
Blended Index(c)	7.07%	6.91%	12.49%	9.12%
Morningstar Closed-End High Yield Bond Funds Category (based on Net Asset Value)(d)	5.75%	9.46%	17.08%	7.84%

‡ Total returns shown for periods less than one year are not annualized.

(a) Total return based on net asset value reflects changes in the Fund's net asset value during each period. Total return based on market price reflects changes in market price. Each figure assumes that dividend and capital gain distributions, if any, were reinvested. These figures will differ depending upon the level of any discount from or premium to NAV at which the Fund's shares traded during the period. Expenses of the Fund include management fee, interest expense and other fund expenses. Total returns shown take into account these fees and expenses. The annualized expense ratio of the Fund for the six months ended May 31, 2014 was 1.50% (1.00% excluding interest expense).

(b) The Credit Suisse High Yield Index is an unmanaged, unleveraged, trader-priced portfolio constructed to mirror the global high-yield debt market.

(c) The Blended Index consists of 50% in the Credit Suisse High Yield Index and 50% in the JPMorgan Emerging Markets Bond Global Diversified Index. The unmanaged, unleveraged JPMorgan Emerging Markets Bond Global Diversified Index tracks total returns for U.S.-dollar-denominated debt instruments issued by emerging-market sovereign entities, including Brady bonds, loans and Eurobonds, and quasi-sovereign entities. The index limits exposure to any one country.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

(d) Morningstar's Closed-End High Yield Bond Funds category represents high-yield bond portfolios that concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These portfolios generally offer higher yields than other types of portfolios, but they are also more vulnerable to economic and credit risk. These portfolios primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below. Morningstar figures represent the average of the total returns based on net asset value reported by all of the closed-end funds designated by Morningstar, Inc. as falling into the Closed-End High Yield Bond Funds category. Category returns assume reinvestment of all distributions. It is not possible to invest directly in a Morningstar category.

Net Asset Value and Market Price
	As of 5/31/14		As of 11/30/13
Net Asset Value	$	10.17	$	9.98
Market Price	$	9.30	$	9.41

Prices and net asset value fluctuate and are not guaranteed.

Distribution Information
Six Months as of 5/31/14: Income Dividends	$	.35
May Income Dividend	$	.0550
Current Annualized Distribution Rate (based on Net Asset Value) as of 5/31/14†		6.49	%
Current Annualized Distribution Rate (based on Market Price) as of 5/31/14†		7.10	%

† Current annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value/market price on May 31, 2014. Distribution rate simply measures the level of dividends and is not a complete measure of performance. Distribution rates are historical, not guaranteed and will fluctuate. Distributions do not include return of capital or other non-income sources.

Portfolio Management

Gary Russell, CFA, Managing Director

Portfolio Manager of the fund. Began managing the fund in 2006.

— Joined Deutsche Asset & Wealth Management in 1996. Served as the head of the High Yield group in Europe and as an Emerging Markets portfolio manager.

— Prior to that, he spent four years at Citicorp as a research analyst and structurer of collateralized mortgage obligations. Prior to Citicorp, he served as an officer in the US Army from 1988 to 1991.

— Head of US High Yield Bonds: New York.

— BS, United States Military Academy (West Point); MBA, New York University, Stern School of Business.

Portfolio Summary (Unaudited)

Investment Portfolio as of May 31, 2014 (Unaudited)

		Principal Amount ($)(a)		Value ($)

Corporate Bonds 103.7%
Consumer Discretionary 13.8%
Ally Financial, Inc., 3.5%, 1/27/2019			1,020,000		1,027,650
AMC Entertainment, Inc., 5.875%, 2/15/2022			295,000		305,325
AMC Networks, Inc., 7.75%, 7/15/2021			130,000		145,275
AmeriGas Finance LLC:
6.75%, 5/20/2020			625,000		681,250
7.0%, 5/20/2022			485,000		535,925
APX Group, Inc.:
6.375%, 12/1/2019			295,000		302,375
8.75%, 12/1/2020			40,000		40,800
Arcelik AS, 144A, 5.0%, 4/3/2023			815,000		784,437
Asbury Automotive Group, Inc., 8.375%, 11/15/2020			365,000		406,975
Ashtead Capital, Inc., 144A, 6.5%, 7/15/2022			455,000		495,950
Ashton Woods U.S.A. LLC, 144A, 6.875%, 2/15/2021			465,000		468,487
Avis Budget Car Rental LLC, 5.5%, 4/1/2023			290,000		295,800
BC Mountain LLC, 144A, 7.0%, 2/1/2021			280,000		262,500
Beazer Homes U.S.A., Inc., 144A, 5.75%, 6/15/2019			855,000		850,725
Block Communications, Inc., 144A, 7.25%, 2/1/2020			580,000		619,875
Boyd Gaming Corp., 9.0%, 7/1/2020			215,000		237,575
Cablevision Systems Corp.:
5.875%, 9/15/2022			150,000		152,625
8.0%, 4/15/2020			85,000		97,113
Carlson Wagonlit BV, 144A, 6.875%, 6/15/2019			320,000		342,784
CCO Holdings LLC:
6.625%, 1/31/2022			675,000		729,844
7.375%, 6/1/2020			85,000		93,075
Century Intermediate Holding Co. 2, 144A, 9.75%, 2/15/2019 (PIK)			145,000		154,788
Cequel Communications Holdings I LLC:
144A, 5.125%, 12/15/2021			785,000		777,150
144A, 6.375%, 9/15/2020			1,630,000		1,727,800
Chrysler Group LLC, 8.25%, 6/15/2021			200,000		228,000
Clear Channel Communications, Inc.:
9.0%, 12/15/2019			710,000		756,150
11.25%, 3/1/2021			195,000		220,350
Clear Channel Worldwide Holdings, Inc.:
Series A, 6.5%, 11/15/2022			355,000		377,631
Series B, 6.5%, 11/15/2022			525,000		561,750
Series A, 7.625%, 3/15/2020			85,000		90,950
Series B, 7.625%, 3/15/2020			865,000		929,875
Cogeco Cable, Inc., 144A, 4.875%, 5/1/2020			35,000		35,613
Columbus International, Inc., 144A, 7.375%, 3/30/2021			1,200,000		1,270,500
Crown Media Holdings, Inc., 10.5%, 7/15/2019			215,000		243,219
CSC Holdings LLC, 144A, 5.25%, 6/1/2024			700,000		700,000
Cumulus Media Holdings, Inc., 7.75%, 5/1/2019			265,000		279,575
DISH DBS Corp.:
4.25%, 4/1/2018			380,000		397,100
5.0%, 3/15/2023			460,000		468,050
6.75%, 6/1/2021			110,000		124,438
Getty Images, Inc., 144A, 7.0%, 10/15/2020			290,000		267,525
Group 1 Automotive, Inc., 144A, 5.0%, 6/1/2022 (b)			285,000		286,425
Harron Communications LP, 144A, 9.125%, 4/1/2020			605,000		677,600
Hot Topic, Inc., 144A, 9.25%, 6/15/2021			195,000		211,575
Jo-Ann Stores Holdings, Inc., 144A, 9.75%, 10/15/2019 (PIK)			520,000		539,500
L Brands, Inc., 7.0%, 5/1/2020			230,000		262,200
Live Nation Entertainment, Inc.:
144A, 5.375%, 6/15/2022			70,000		70,525
144A, 7.0%, 9/1/2020			470,000		513,475
MDC Partners, Inc., 144A, 6.75%, 4/1/2020			330,000		348,975
Mediacom Broadband LLC:
144A, 5.5%, 4/15/2021			70,000		70,875
6.375%, 4/1/2023			610,000		643,550
Mediacom LLC, 7.25%, 2/15/2022			165,000		179,025
MGM Resorts International:
6.625%, 12/15/2021			870,000		967,875
6.75%, 10/1/2020			510,000		565,462
8.625%, 2/1/2019			880,000		1,049,400
Numericable Group SA:
144A, 4.875%, 5/15/2019			715,000		729,300
144A, 6.0%, 5/15/2022			1,070,000		1,110,125
144A, 6.25%, 5/15/2024			315,000		329,569
PNK Finance Corp., 144A, 6.375%, 8/1/2021			330,000		347,325
Quebecor Media, Inc., 5.75%, 1/15/2023			295,000		300,162
Schaeffler Finance BV, 144A, 7.75%, 2/15/2017			610,000		689,300
Seminole Hard Rock Entertainment, Inc., 144A, 5.875%, 5/15/2021			180,000		180,000
Seminole Tribe of Florida, Inc., 144A, 7.804%, 10/1/2020			410,000		459,200
Serta Simmons Holdings LLC, 144A, 8.125%, 10/1/2020			165,000		180,262
Sirius XM Radio, Inc., 144A, 5.875%, 10/1/2020			310,000		328,600
SIWF Merger Sub, Inc., 144A, 6.25%, 6/1/2021			415,000		419,150
Starz LLC, 5.0%, 9/15/2019			230,000		239,200
Taylor Morrison Communities, Inc., 144A, 5.25%, 4/15/2021			360,000		363,600
UCI International, Inc., 8.625%, 2/15/2019			165,000		157,988
Unitymedia Hessen GmbH & Co., KG:
144A, 5.5%, 1/15/2023			1,320,000		1,353,000
144A, 7.5%, 3/15/2019			300,000		321,750
Unitymedia KabelBW GmbH, 144A, 9.625%, 12/1/2019	EUR		610,000		897,004
Univision Communications, Inc.:
144A, 6.875%, 5/15/2019			85,000		90,950
144A, 7.875%, 11/1/2020			185,000		203,731
144A, 8.5%, 5/15/2021			105,000		115,238
Viking Cruises Ltd., 144A, 8.5%, 10/15/2022			295,000		331,137
Visant Corp., 10.0%, 10/1/2017			305,000		282,887
					34,302,769
Consumer Staples 5.4%
Ajecorp BV, 144A, 6.5%, 5/14/2022			1,000,000		935,000
BRF SA, 144A, 4.75%, 5/22/2024			1,800,000		1,779,750
Chiquita Brands International, Inc., 7.875%, 2/1/2021			127,000		138,906
Controladora Mabe SA de CV, 144A, 7.875%, 10/28/2019			1,000,000		1,140,000
FAGE Dairy Industry SA, 144A, 9.875%, 2/1/2020			500,000		541,250
JBS Investments GmbH, 144A, 7.25%, 4/3/2024			710,000		740,175
JBS U.S.A. LLC:
144A, 7.25%, 6/1/2021			775,000		837,000
144A, 8.25%, 2/1/2020			240,000		261,300
Marfrig Overseas Ltd., 144A, 9.5%, 5/4/2020			500,000		538,000
Pilgrim's Pride Corp., 7.875%, 12/15/2018			220,000		234,300
Post Holdings, Inc.:
144A, 6.0%, 12/15/2022 (b)			270,000		272,363
144A, 6.75%, 12/1/2021			600,000		636,000
Reynolds Group Issuer, Inc.:
5.75%, 10/15/2020			3,720,000		3,868,800
6.875%, 2/15/2021			760,000		818,900
8.25%, 2/15/2021			155,000		164,881
Roundy's Supermarkets, Inc., 144A, 10.25%, 12/15/2020			310,000		327,050
Smithfield Foods, Inc., 6.625%, 8/15/2022			300,000		328,875
					13,562,550
Energy 20.0%
Access Midstream Partners LP, 6.125%, 7/15/2022			500,000		545,000
Afren PLC, 144A, 10.25%, 4/8/2019			1,492,000		1,685,960
Antero Resources Finance Corp., 5.375%, 11/1/2021			165,000		171,806
Baytex Energy Corp.:
144A, 5.125%, 6/1/2021 (b)			125,000		126,563
144A, 5.625%, 6/1/2024 (b)			125,000		125,781
Berry Petroleum Co., LLC:
6.375%, 9/15/2022			285,000		298,538
6.75%, 11/1/2020			805,000		853,300
BreitBurn Energy Partners LP:
7.875%, 4/15/2022			970,000		1,042,750
8.625%, 10/15/2020			150,000		163,875
Chaparral Energy, Inc., 7.625%, 11/15/2022			255,000		271,575
Chesapeake Energy Corp.:
3.479%**, 4/15/2019			410,000		416,150
7.25%, 12/15/2018			1,975,000		2,335,437
Chesapeake Oilfield Operating LLC, 6.625%, 11/15/2019			315,000		332,325
CITGO Petroleum Corp., 144A, 11.5%, 7/1/2017			375,000		397,500
CONSOL Energy, Inc., 144A, 5.875%, 4/15/2022			140,000		145,250
Crestwood Midstream Partners LP:
144A, 6.125%, 3/1/2022			245,000		256,638
7.75%, 4/1/2019			445,000		476,150
Delek & Avner Tamar Bond Ltd., 144A, 3.839%, 12/30/2018			1,000,000		1,007,928
Dresser-Rand Group, Inc., 6.5%, 5/1/2021			585,000		625,950
Ecopetrol SA, 5.875%, 5/28/2045			1,800,000		1,854,000
El Paso LLC, 7.25%, 6/1/2018			405,000		461,003
Endeavor Energy Resources LP, 144A, 7.0%, 8/15/2021			740,000		782,550
EnLink Midstream Partners LP, 7.125%, 6/1/2022			122,000		141,673
EP Energy LLC:
6.875%, 5/1/2019			520,000		556,400
7.75%, 9/1/2022			270,000		302,737
9.375%, 5/1/2020			120,000		137,850
EV Energy Partners LP, 8.0%, 4/15/2019			1,280,000		1,337,600
EXCO Resources, Inc., 8.5%, 4/15/2022			215,000		221,988
Halcon Resources Corp.:
8.875%, 5/15/2021			674,500		718,342
9.75%, 7/15/2020			540,000		591,300
Holly Energy Partners LP, 6.5%, 3/1/2020			165,000		176,138
Kinder Morgan Finance Co., LLC, 144A, 6.0%, 1/15/2018			610,000		668,762
Kodiak Oil & Gas Corp., 5.5%, 1/15/2021			570,000		588,525
Linn Energy LLC:
6.5%, 5/15/2019			375,000		394,687
144A, 7.25%, 11/1/2019			715,000		750,750
Lukoil International Finance BV, 144A, 6.125%, 11/9/2020			1,600,000		1,700,000
MEG Energy Corp.:
144A, 6.5%, 3/15/2021			325,000		344,094
144A, 7.0%, 3/31/2024			810,000		874,800
Midstates Petroleum Co., Inc.:
9.25%, 6/1/2021			1,140,000		1,225,500
10.75%, 10/1/2020			665,000		741,475
Murphy Oil U.S.A., Inc., 144A, 6.0%, 8/15/2023			400,000		416,000
Newfield Exploration Co., 5.75%, 1/30/2022			305,000		330,925
Northern Oil & Gas, Inc., 8.0%, 6/1/2020			875,000		929,687
Nostrum Oil & Gas Finance BV, 144A, 6.375%, 2/14/2019			1,500,000		1,548,750
Oasis Petroleum, Inc.:
6.5%, 11/1/2021			240,000		256,800
144A, 6.875%, 3/15/2022			605,000		657,937
6.875%, 1/15/2023			175,000		190,313
7.25%, 2/1/2019			750,000		798,750
Offshore Drilling Holding SA, 144A, 8.375%, 9/20/2020			1,000,000		1,102,500
Offshore Group Investment Ltd.:
7.125%, 4/1/2023			580,000		585,800
7.5%, 11/1/2019			650,000		682,500
Pacific Rubiales Energy Corp., 144A, 7.25%, 12/12/2021			1,800,000		1,993,500
Petrobras Global Finance BV, 4.875%, 3/17/2020			1,800,000		1,842,471
Petroleos de Venezuela SA, 144A, 9.0%, 11/17/2021			1,500,000		1,230,000
PT Pertamina Persero, 144A, 4.3%, 5/20/2023			1,800,000		1,716,750
Regency Energy Partners LP, 5.875%, 3/1/2022			35,000		37,188
Reliance Holding U.S.A., Inc., 144A, 5.4%, 2/14/2022			1,250,000		1,350,471
Sabine Pass Liquefaction LLC:
5.625%, 2/1/2021			980,000		1,026,550
5.625%, 4/15/2023			220,000		226,050
Sabine Pass LNG LP, 7.5%, 11/30/2016			145,000		160,588
Samson Investment Co., 144A, 10.75%, 2/15/2020			210,000		219,450
SandRidge Energy, Inc.: 7.5%, 3/15/2021			1,130,000		1,203,450
8.125%, 10/15/2022			1,130,000		1,226,050
SESI LLC, 7.125%, 12/15/2021			1,050,000		1,186,500
Swift Energy Co., 7.875%, 3/1/2022			410,000		422,300
Talos Production LLC, 144A, 9.75%, 2/15/2018			545,000		574,975
Welltec A/S, 144A, 8.0%, 2/1/2019			200,000		212,000
Whiting Petroleum Corp., 5.0%, 3/15/2019			375,000		395,156
Woodbine Holdings LLC, 12.0%, 5/15/2016			1,345,000		1,429,062
					49,801,123
Financials 9.1%
AerCap Aviation Solutions BV, 6.375%, 5/30/2017			1,040,000		1,144,000
Akbank TAS, 144A, 5.125%, 7/22/2015			480,000		493,680
Alfa SAB de CV, 144A, 5.25%, 3/25/2024			500,000		518,750
Banco de Credito del Peru, 144A, 6.875%, 9/16/2026			1,000,000		1,110,070
Banco Nacional de Costa Rica, 144A, 4.875%, 11/1/2018			1,800,000		1,819,800
Banco Santander Brasil SA, 144A, 8.0%, 3/18/2016	BRL		1,000,000		420,703
BBVA Bancomer SA, 144A, 6.5%, 3/10/2021			1,800,000		2,009,250
CIT Group, Inc.:
3.875%, 2/19/2019			1,475,000		1,491,594
4.25%, 8/15/2017			1,850,000		1,937,875
Country Garden Holdings Co., Ltd.:
144A, 7.875%, 5/27/2019			1,000,000		1,015,000
144A, 11.125%, 2/23/2018			800,000		871,040
Credit Agricole SA, 144A, 7.875%, 1/23/2024			455,000		490,626
E*TRADE Financial Corp., 6.375%, 11/15/2019			1,002,000		1,088,422
Hellas Telecommunications Finance, 144A, 8.328%*, 7/15/2015 (PIK)	EUR		278,431		0
International Lease Finance Corp.:
3.875%, 4/15/2018			1,060,000		1,089,150
6.25%, 5/15/2019			465,000		516,731
Morgan Stanley, Series H, 5.45%, 7/29/2049			215,000		222,525
MPT Operating Partnership LP:
(REIT), 6.375%, 2/15/2022			415,000		445,088
(REIT), 6.875%, 5/1/2021			415,000		452,350
Neuberger Berman Group LLC:
144A, 5.625%, 3/15/2020			245,000		259,700
144A, 5.875%, 3/15/2022			405,000		431,325
Schahin II Finance Co. SPV Ltd., 144A, 5.875%, 9/25/2022			742,933		725,474
Societe Generale SA, 144A, 7.875%, 12/18/2023			1,155,000		1,216,215
The Goldman Sachs Group, Inc., Series L, 5.7%, 12/29/2049			360,000		378,000
Turkiye Is Bankasi AS, 144A, 5.5%, 4/21/2019			1,000,000		1,048,800
Yapi ve Kredi Bankasi AS, 144A, 5.5%, 12/6/2022			1,500,000		1,434,750
					22,630,918
Health Care 9.3%
Aviv Healthcare Properties LP:
6.0%, 10/15/2021			165,000		174,075
7.75%, 2/15/2019			730,000		779,275
Biomet, Inc.:
6.5%, 8/1/2020			500,000		542,500
6.5%, 10/1/2020			145,000		155,875
Community Health Systems, Inc.:
5.125%, 8/15/2018			2,405,000		2,528,256
144A, 5.125%, 8/1/2021			75,000		76,125
144A, 6.875%, 2/1/2022			300,000		315,750
7.125%, 7/15/2020			2,715,000		2,945,775
Crimson Merger Sub, Inc., 144A, 6.625%, 5/15/2022			730,000		724,525
Endo Finance LLC, 144A, 5.75%, 1/15/2022			305,000		312,625
Fresenius Medical Care U.S. Finance II, Inc., 144A, 5.625%, 7/31/2019			330,000		360,113
Fresenius Medical Care U.S. Finance, Inc.:
144A, 5.75%, 2/15/2021			255,000		276,675
144A, 6.5%, 9/15/2018			170,000		192,313
HCA, Inc.:
5.875%, 3/15/2022			415,000		451,831
6.5%, 2/15/2020			2,865,000		3,255,356
7.5%, 2/15/2022			620,000		714,550
Hologic, Inc., 6.25%, 8/1/2020			300,000		318,750
IMS Health, Inc., 144A, 6.0%, 11/1/2020			365,000		385,075
LifePoint Hospitals, Inc., 144A, 5.5%, 12/1/2021			385,000		403,287
Par Pharmaceutical Companies, Inc., 7.375%, 10/15/2020			475,000		515,375
Physio-Control International, Inc., 144A, 9.875%, 1/15/2019			228,000		253,684
Salix Pharmaceuticals Ltd., 144A, 6.0%, 1/15/2021			225,000		241,313
Tenet Healthcare Corp.:
4.375%, 10/1/2021			550,000		540,375
4.5%, 4/1/2021			70,000		69,475
6.25%, 11/1/2018			1,550,000		1,708,875
Valeant Pharmaceuticals International, Inc.:
144A, 6.75%, 8/15/2018			3,025,000		3,267,000
144A, 7.5%, 7/15/2021			1,455,000		1,615,050
					23,123,878
Industrials 12.9%
ADT Corp.:
4.125%, 4/15/2019			65,000		65,000
6.25%, 10/15/2021			235,000		247,338
Aguila 3 SA, 144A, 7.875%, 1/31/2018			685,000		726,525
Air Lease Corp., 4.75%, 3/1/2020			415,000		446,644
Alphabet Holding Co., Inc., 7.75%, 11/1/2017 (PIK)			530,000		547,225
Artesyn Escrow, Inc., 144A, 9.75%, 10/15/2020			395,000		369,325
AWAS Aviation Capital Ltd., 144A, 7.0%, 10/17/2016			527,880		544,376
BE Aerospace, Inc., 6.875%, 10/1/2020			235,000		255,563
Belden, Inc., 144A, 5.5%, 9/1/2022			505,000		511,312
Bombardier, Inc.:
144A, 4.75%, 4/15/2019			215,000		217,688
144A, 5.75%, 3/15/2022			340,000		345,950
144A, 6.0%, 10/15/2022			355,000		361,212
144A, 7.75%, 3/15/2020			1,700,000		1,921,000
Casella Waste Systems, Inc., 7.75%, 2/15/2019			785,000		824,250
Cemex Finance LLC, 144A, 9.375%, 10/12/2022			1,300,000		1,527,500
Covanta Holding Corp., 5.875%, 3/1/2024			295,000		302,375
CTP Transportation Products LLC, 144A, 8.25%, 12/15/2019			385,000		414,356
Darling Ingredients, Inc., 144A, 5.375%, 1/15/2022			310,000		322,400
DigitalGlobe, Inc., 5.25%, 2/1/2021			210,000		206,325
Ducommun, Inc., 9.75%, 7/15/2018			520,000		581,100
DynCorp International, Inc., 10.375%, 7/1/2017			485,000		509,250
Florida East Coast Holdings Corp., 144A, 6.75%, 5/1/2019			635,000		661,194
FTI Consulting, Inc.:
6.0%, 11/15/2022			295,000		302,375
6.75%, 10/1/2020			1,095,000		1,168,912
Garda World Security Corp., 144A, 7.25%, 11/15/2021			400,000		420,500
GenCorp, Inc., 7.125%, 3/15/2021			690,000		750,375
Grupo KUO SAB de CV, 144A, 6.25%, 12/4/2022			400,000		413,000
Huntington Ingalls Industries, Inc., 7.125%, 3/15/2021			85,000		92,863
Interactive Data Corp., 144A, 5.875%, 4/15/2019			360,000		362,700
KazAgro National Management Holding JSC, 144A, 4.625%, 5/24/2023			2,800,000		2,772,000
Kazakhstan Temir Zholy Finance BV, 144A, 6.375%, 10/6/2020			1,000,000		1,115,000
Kenan Advantage Group, Inc., 144A, 8.375%, 12/15/2018			805,000		861,350
Meritor, Inc.:
6.25%, 2/15/2024			285,000		289,988
6.75%, 6/15/2021			400,000		427,000
Navios Maritime Holdings, Inc.:
144A, 7.375%, 1/15/2022			1,150,000		1,171,562
8.125%, 2/15/2019			290,000		300,875
Nortek, Inc., 8.5%, 4/15/2021			315,000		347,287
Odebrecht Offshore Drilling Finance Ltd., 144A, 6.75%, 10/1/2022			3,015,990		3,227,109
Oshkosh Corp., 144A, 5.375%, 3/1/2022			217,500		223,209
Ply Gem Industries, Inc., 144A, 6.5%, 2/1/2022			375,000		367,500
Spirit AeroSystems, Inc.:
144A, 5.25%, 3/15/2022			390,000		396,825
6.75%, 12/15/2020			330,000		357,225
Titan International, Inc., 144A, 6.875%, 10/1/2020			945,000		976,894
TransDigm, Inc.:
144A, 6.0%, 7/15/2022 (b)			350,000		352,625
144A, 6.5%, 7/15/2024 (b)			210,000		213,150
7.5%, 7/15/2021			460,000		507,150
Triumph Group, Inc., 144A, 5.25%, 6/1/2022 (b)			175,000		176,313
United Rentals North America, Inc.:
6.125%, 6/15/2023			35,000		37,625
7.375%, 5/15/2020			1,785,000		1,990,275
7.625%, 4/15/2022			455,000		515,856
Watco Companies LLC, 144A, 6.375%, 4/1/2023			220,000		224,400
					32,269,851
Information Technology 6.0%
ACI Worldwide, Inc., 144A, 6.375%, 8/15/2020			140,000		147,700
Activision Blizzard, Inc., 144A, 5.625%, 9/15/2021			1,255,000		1,352,262
Alliance Data Systems Corp., 144A, 5.25%, 12/1/2017			370,000		388,500
Audatex North America, Inc., 144A, 6.0%, 6/15/2021			305,000		324,825
BMC Software Finance, Inc., 144A, 8.125%, 7/15/2021			615,000		647,287
Boxer Parent Co., Inc., 144A, 9.0%, 10/15/2019 (PIK)			425,000		420,750
CDW LLC, 8.5%, 4/1/2019			625,000		680,469
CyrusOne LP, 6.375%, 11/15/2022			145,000		154,063
eAccess Ltd., 144A, 8.25%, 4/1/2018			235,000		255,269
EarthLink Holdings Corp., 7.375%, 6/1/2020			345,000		360,956
Entegris, Inc., 144A, 6.0%, 4/1/2022			215,000		216,075
Equinix, Inc.:
5.375%, 4/1/2023			995,000		1,014,900
7.0%, 7/15/2021			335,000		372,688
First Data Corp.:
144A, 6.75%, 11/1/2020			2,430,000		2,609,212
144A, 7.375%, 6/15/2019			365,000		391,462
144A, 8.75%, 1/15/2022 (PIK)			660,000		722,700
144A, 8.875%, 8/15/2020			635,000		704,850
Freescale Semiconductor, Inc., 144A, 6.0%, 1/15/2022			380,000		405,650
Hughes Satellite Systems Corp.:
6.5%, 6/15/2019			1,100,000		1,222,375
7.625%, 6/15/2021			335,000		381,900
Jabil Circuit, Inc., 5.625%, 12/15/2020			400,000		429,000
Micron Technology, Inc., 144A, 5.875%, 2/15/2022			145,000		154,788
NCR Corp.:
144A, 5.875%, 12/15/2021			75,000		79,125
144A, 6.375%, 12/15/2023			190,000		204,725
NXP BV, 144A, 3.75%, 6/1/2018			540,000		542,700
Sanmina Corp., 144A, 4.375%, 6/1/2019 (b)			35,000		35,175
Seagate HDD Cayman, 144A, 3.75%, 11/15/2018			790,000		813,700
					15,033,106
Materials 10.5%
Ashland, Inc., 3.875%, 4/15/2018			1,145,000		1,176,487
AuRico Gold, Inc., 144A, 7.75%, 4/1/2020			210,000		206,325
Berry Plastics Corp.:
5.5%, 5/15/2022			600,000		601,500
9.75%, 1/15/2021			305,000		351,512
BOE Intermediate Holding Corp., 144A, 9.0%, 11/1/2017 (PIK)			471,481		492,698
BOE Merger Corp., 144A, 9.5%, 11/1/2017 (PIK)			295,000		310,487
Braskem Finance Ltd., 6.45%, 2/3/2024			1,000,000		1,060,000
Crown Americas LLC, 6.25%, 2/1/2021			70,000		75,250
CSN Resources SA, 144A, 6.5%, 7/21/2020			1,000,000		1,032,500
Evraz Group SA, 144A, 6.75%, 4/27/2018			800,000		779,000
Exopack Holding Corp., 144A, 10.0%, 6/1/2018			335,000		360,125
Exopack Holdings SA, 144A, 7.875%, 11/1/2019			405,000		431,325
First Quantum Minerals Ltd.:
144A, 6.75%, 2/15/2020			730,000		744,600
144A, 7.0%, 2/15/2021			730,000		744,600
FMG Resources (August 2006) Pty Ltd.:
144A, 6.0%, 4/1/2017			490,000		507,150
144A, 6.875%, 4/1/2022			100,000		105,500
144A, 8.25%, 11/1/2019			410,000		445,875
Fresnillo PLC, 144A, 5.5%, 11/13/2023			1,700,000		1,797,750
Greif, Inc., 7.75%, 8/1/2019			870,000		1,004,850
GTL Trade Finance, Inc., 144A, 5.893%, 4/29/2024			2,000,000		2,080,000
Hexion U.S. Finance Corp.:
6.625%, 4/15/2020			700,000		736,750
8.875%, 2/1/2018			245,000		255,413
Huntsman International LLC, 8.625%, 3/15/2021			185,000		206,275
IAMGOLD Corp., 144A, 6.75%, 10/1/2020			435,000		387,150
Kaiser Aluminum Corp., 8.25%, 6/1/2020			395,000		446,350
KGHM International Ltd., 144A, 7.75%, 6/15/2019			900,000		965,250
Metalloinvest Finance Ltd., 144A, 6.5%, 7/21/2016			1,000,000		1,022,500
Novelis, Inc., 8.75%, 12/15/2020			1,820,000		2,022,475
OI European Group BV, 144A, 6.75%, 9/15/2020	EUR		255,000		411,475
Perstorp Holding AB, 144A, 8.75%, 5/15/2017			400,000		430,000
Plastipak Holdings, Inc., 144A, 6.5%, 10/1/2021			390,000		409,500
Polymer Group, Inc., 7.75%, 2/1/2019			415,000		441,456
Rain CII Carbon LLC:
144A, 8.0%, 12/1/2018			370,000		387,575
144A, 8.25%, 1/15/2021			225,000		233,438
Samarco Mineracao SA, 144A, 5.75%, 10/24/2023			400,000		416,500
Signode Industrial Group Lux SA, 144A, 6.375%, 5/1/2022			285,000		287,850
Tronox Finance LLC, 6.375%, 8/15/2020			275,000		285,313
Turkiye Sise ve Cam Fabrikalari AS, 144A, 4.25%, 5/9/2020			1,000,000		956,250
Volcan Cia Minera SAA, 144A, 5.375%, 2/2/2022			1,565,000		1,541,525
					26,150,579
Telecommunication Services 13.1%
Altice Financing SA:
144A, 6.5%, 1/15/2022			240,000		253,200
144A, 7.875%, 12/15/2019			335,000		365,762
Altice Finco SA, 144A, 9.875%, 12/15/2020			335,000		385,166
Altice SA, 144A, 7.75%, 5/15/2022			335,000		352,169
B Communications Ltd., 144A, 7.375%, 2/15/2021			370,000		394,050
Bharti Airtel International Netherlands BV, 144A, 5.125%, 3/11/2023			1,400,000		1,450,260
CenturyLink, Inc.:
Series V, 5.625%, 4/1/2020			145,000		153,338
Series W, 6.75%, 12/1/2023			615,000		670,350
Cincinnati Bell, Inc., 8.375%, 10/15/2020			2,005,000		2,200,487
CommScope, Inc., 144A, 5.0%, 6/15/2021			350,000		351,750
CPI International, Inc., 8.75%, 2/15/2018			180,000		187,200
Digicel Group Ltd.:
144A, 7.125%, 4/1/2022			355,000		365,650
144A, 8.25%, 9/30/2020			1,703,000		1,834,982
Digicel Ltd., 144A, 7.0%, 2/15/2020			200,000		209,250
ERC Ireland Preferred Equity Ltd., 144A, 7.69%*, 2/15/2017 (PIK)	EUR		281,038		0
Frontier Communications Corp.:
7.125%, 1/15/2023			1,925,000		1,992,375
7.625%, 4/15/2024			155,000		161,200
8.5%, 4/15/2020			130,000		151,613
Intelsat Jackson Holdings SA:
144A, 5.5%, 8/1/2023			600,000		597,000
7.25%, 10/15/2020			1,625,000		1,755,000
7.5%, 4/1/2021			1,770,000		1,938,150
8.5%, 11/1/2019			835,000		890,319
Intelsat Luxembourg SA:
7.75%, 6/1/2021			945,000		1,001,700
8.125%, 6/1/2023			145,000		155,875
Level 3 Communications, Inc., 8.875%, 6/1/2019			45,000		49,275
Level 3 Financing, Inc.:
144A, 6.125%, 1/15/2021			230,000		243,225
7.0%, 6/1/2020			550,000		595,375
8.125%, 7/1/2019			290,000		316,825
8.625%, 7/15/2020			240,000		269,400
MetroPCS Wireless, Inc., 6.625%, 11/15/2020			600,000		639,000
Millicom International Cellular SA, 144A, 4.75%, 5/22/2020			800,000		786,000
Pacnet Ltd., 144A, 9.0%, 12/12/2018			240,000		261,000
SBA Communications Corp., 5.625%, 10/1/2019			285,000		301,031
SBA Telecommunications, Inc., 8.25%, 8/15/2019			97,000		102,093
Sprint Corp., 144A, 7.125%, 6/15/2024			1,030,000		1,109,825
T-Mobile U.S.A., Inc.:
6.125%, 1/15/2022			155,000		164,300
6.464%, 4/28/2019			615,000		651,131
6.5%, 1/15/2024			155,000		164,688
6.625%, 4/1/2023			360,000		388,800
tw telecom holdings, Inc.:
5.375%, 10/1/2022			465,000		474,881
6.375%, 9/1/2023			335,000		358,450
UPCB Finance III Ltd., 144A, 6.625%, 7/1/2020			2,115,000		2,247,187
UPCB Finance V Ltd., 144A, 7.25%, 11/15/2021			725,000		799,313
UPCB Finance VI Ltd., 144A, 6.875%, 1/15/2022			495,000		539,550
Wind Acquisition Finance SA:
144A, 6.5%, 4/30/2020			290,000		310,300
144A, 7.25%, 2/15/2018			365,000		385,075
Windstream Corp.:
6.375%, 8/1/2023			350,000		347,375
7.5%, 4/1/2023			590,000		626,875
7.75%, 10/15/2020			115,000		124,775
7.75%, 10/1/2021			990,000		1,074,150
7.875%, 11/1/2017			1,155,000		1,331,137
Zayo Group LLC, 8.125%, 1/1/2020			220,000		240,350
					32,718,232
Utilities 3.6%
AES Corp.:
3.229%**, 6/1/2019			245,000		247,144
8.0%, 10/15/2017			32,000		37,520
8.0%, 6/1/2020			375,000		449,063
AES Gener SA, 144A, 5.25%, 8/15/2021			900,000		954,003
Calpine Corp.:
144A, 7.5%, 2/15/2021			512,000		556,800
144A, 7.875%, 7/31/2020			568,000		619,120
DPL, Inc., 6.5%, 10/15/2016			1,885,000		2,035,800
Enel SpA, 144A, 8.75%, 9/24/2073			540,000		631,800
Energy Future Holdings Corp., Series Q, 6.5%, 11/15/2024*			400,000		206,000
Hrvatska Elektroprivreda, 144A, 6.0%, 11/9/2017			1,000,000		1,061,250
IPALCO Enterprises, Inc., 5.0%, 5/1/2018			662,392		707,103
NRG Energy, Inc.:
144A, 6.25%, 5/1/2024			1,050,000		1,086,750
7.625%, 1/15/2018			285,000		325,256
					8,917,609
Total Corporate Bonds (Cost $248,385,807)					258,510,615

Government & Agency Obligations 9.7%
Other Government Related (c) 2.6%
Bank of Moscow, 144A, 6.699%, 3/11/2015			1,385,000		1,418,822
Novatek OAO, 144A, 6.604%, 2/3/2021			1,300,000		1,389,375
Russian Railways, REG S, 5.7%, 4/5/2022			1,300,000		1,330,875
TMK OAO, 144A, 6.75%, 4/3/2020			1,350,000		1,285,875
VTB Bank OJSC, 144A, 6.315%, 2/22/2018			985,000		1,035,481
					6,460,428
Sovereign Bonds 7.1%
Federative Republic of Brazil, REG S, 12.5%, 1/5/2016	BRL		2,070,000		970,183
Government of Romania, 4.875%, 11/7/2019	EUR		400,000		608,101
Kingdom of Morocco, 144A, 4.25%, 12/11/2022			2,020,000		2,024,545
Perusahaan Penerbit SBSN, 144A, 6.125%, 3/15/2019			800,000		893,000
Republic of Argentina-Inflation Linked Bond, 5.83%, 12/31/2033	ARS		654		226
Republic of Belarus, REG S, 8.75%, 8/3/2015			1,500,000		1,546,800
Republic of Croatia, 144A, 6.75%, 11/5/2019			800,000		899,504
Republic of El Salvador, 144A, 7.65%, 6/15/2035			800,000		852,800
Republic of Ghana, 144A, 8.5%, 10/4/2017			275,000		290,799
Republic of Hungary, 4.125%, 2/19/2018			2,180,000		2,253,575
Republic of Panama, 9.375%, 1/16/2023			2,610,000		3,546,337
Republic of Slovenia, 144A, 4.75%, 5/10/2018			800,000		858,400
Republic of South Africa:
5.875%, 9/16/2025			1,600,000		1,800,000
6.875%, 5/27/2019			185,000		215,988
Republic of Sri Lanka, 144A, 5.125%, 4/11/2019			1,000,000		1,022,500
					17,782,758
Total Government & Agency Obligations (Cost $23,549,445)					24,243,186

Loan Participations and Assignments 31.0%
Senior Loans**
Consumer Discretionary 11.9%
Air Distribution Technologies, Inc., First Lien Term Loan, 4.25%, 11/9/2018			636,962		638,822
Atlantic Broadband Finance LLC, Term Loan B, 3.25%, 12/2/2019			4,003,023		3,967,997
Avis Budget Car Rental LLC, Term Loan B, 3.0%, 3/15/2019			1,353,166		1,352,658
Burger King Corp., Term Loan B, 3.75%, 9/28/2019			723,975		727,642
Cequel Communications LLC, Term Loan B, 3.5%, 2/14/2019			1,558,076		1,558,730
CSC Holdings, Inc., Term Loan B, 2.65%, 4/17/2020			1,779,812		1,764,515
Cumulus Media Holdings, Inc., Term Loan, 4.25%, 12/23/2020			692,962		695,887
Gates Investments, Inc., Term Loan B2, 3.75%, 9/29/2016			3,890,225		3,899,523
Goodyear Tire & Rubber Co., Second Lien Term Loan, 4.75%, 4/30/2019			3,520,000		3,542,440
Hilton Worldwide Finance LLC, Term Loan B2, 3.5%, 10/26/2020			881,250		879,047
Petco Animal Supplies, Inc., Term Loan, 4.0%, 11/24/2017			540,619		542,814
Pilot Travel Centers LLC:
Term Loan B, 3.75%, 3/30/2018			1,002,979		1,006,730
Term Loan B2, 4.25%, 8/7/2019			2,480,813		2,491,641
Polymer Group, Inc., First Lien Term Loan B, 5.25%, 12/19/2019			1,526,175		1,537,621
Quebecor Media, Inc., Term Loan B1, 3.25%, 8/17/2020			1,399,425		1,385,144
Seminole Tribe of Florida, Term Loan, 3.0%, 4/29/2020			3,664,200		3,660,371
					29,651,582
Consumer Staples 4.1%
Albertson's LLC:
Term Loan B1, 4.75%, 3/21/2016			1,201,802		1,208,748
Term Loan B2, 4.75%, 3/21/2019			1,468,640		1,477,129
Big Heart Pet Brands, Term Loan, 3.5%, 3/8/2020			904,760		898,255
Del Monte Foods, Inc., First Lien Term Loan, 4.25%, 2/18/2021			1,147,125		1,147,486
HJ Heinz Co., Term Loan B2, 3.5%, 6/5/2020			2,550,725		2,567,241
Pinnacle Foods Finance LLC, Term Loan G, 3.25%, 4/29/2020			440,550		438,898
Vogue International, Inc., Term Loan, 5.25%, 2/14/2020			615,000		618,847
Weight Watchers International, Inc., Term Loan B1, 3.15%, 4/2/2016			1,910,352		1,830,747
					10,187,351
Energy 2.7%
MEG Energy Corp., Term Loan, 3.75%, 3/31/2020			2,316,313		2,326,817
Ruby Western Pipeline Holdings LLC, Term Loan B, 3.5%, 3/27/2020			262,660		262,880
Samson Investment Co., Second Lien Term Loan, 5.0%, 9/25/2018			2,000,000		2,000,500
Tallgrass Operations LLC:
Term Loan B, 4.25%, 11/13/2018			1,625,689		1,637,541
Delayed Draw Term Loan, 4.75%, 11/13/2017			520,000		523,900
					6,751,638
Financials 0.8%
Asurion LLC, Second Lien Term Loan, 8.5%, 3/3/2021			510,000		525,088
Delos Finance Sarl, Term Loan B, 3.75%, 3/6/2021			1,575,000		1,577,166
					2,102,254
Health Care 1.7%
Community Health Systems, Inc., Term Loan D, 4.25%, 1/27/2021			807,975		813,570
Par Pharmaceutical Companies, Inc., Term Loan B2, 4.0%, 9/30/2019			1,192,796		1,190,410
Valeant Pharmaceuticals International, Inc.:
Term Loan B, 3.75%, 2/13/2019			1,257,236		1,256,941
Term Loan B, 3.75%, 12/11/2019			846,407		845,438
					4,106,359
Industrials 2.0%
Buffalo Gulf Coast Terminals LLC, Term Loan, 5.25%, 10/31/2017			763,375		768,146
Ply Gem Industries, Inc., Term Loan, 4.0%, 2/1/2021			510,000		505,856
Transdigm, Inc., Term Loan C, 3.75%, 2/28/2020			2,036,115		2,027,747
WP CPP Holdings LLC, First Lien Term Loan, 4.75%, 12/27/2019			1,665,191		1,672,818
					4,974,567
Information Technology 1.0%
First Data Corp., Term Loan, 4.15%, 3/24/2021			1,775,000		1,779,162
Freescale Semiconductor, Inc., Term Loan B4, 4.25%, 2/28/2020			510,000		511,714
Spansion LLC, Term Loan, 4.0%, 12/19/2019			310,000		310,000
					2,600,876
Materials 2.6%
Ardagh Holdings U.S.A., Inc., Term Loan B, 4.25%, 12/17/2019			710,000		712,662
Axalta Coating Systems U.S. Holdings, Inc., Term Loan, 4.0%, 2/1/2020			1,892,064		1,894,003
Berry Plastics Holding Corp., Term Loan D, 3.5%, 2/8/2020			2,977,444		2,956,051
MacDermid, Inc., First Lien Term Loan, 4.0%, 6/7/2020			818,813		819,631
					6,382,347
Telecommunication Services 2.7%
Crown Castle International Corp., Term Loan B, 3.0%, 1/31/2019			4,364,091		4,365,684
DigitalGlobe, Inc., Term Loan B, 3.75%, 1/31/2020			54,450		54,661
Level 3 Financing, Inc., Term Loan B, 4.0%, 1/15/2020			1,480,000		1,484,995
Syniverse Holdings, Inc., Term Loan B, 4.0%, 4/23/2019			790,160		791,397
					6,696,737
Utilities 1.5%
Calpine Corp., Term Loan B1, 4.0%, 4/1/2018			2,321,071		2,330,866
NRG Energy, Inc., Term Loan B, 2.75%, 7/2/2018			1,457,550		1,450,408
					3,781,274
Total Loan Participations and Assignments (Cost $77,252,645)					77,234,985

Convertible Bonds 0.4%
Consumer Discretionary 0.1%
Live Nation Entertainment, Inc., 144A, 2.5%, 5/15/2019			200,000		207,500
Materials 0.3%
GEO Specialty Chemicals, Inc., 144A, 7.5%, 3/31/2015 (PIK)			428,424		862,632
Total Convertible Bonds (Cost $628,561)					1,070,132

Preferred Security 0.3%
Materials
Hercules, Inc., 6.5%, 6/30/2029 (Cost $455,684)			675,000		604,125

	Shares		Value ($)

Common Stocks 0.0%
Consumer Discretionary 0.0%
Dawn Holdings, Inc.* (d)		7		21,907
Trump Entertainment Resorts, Inc.*		32		0
				21,907
Industrials 0.0%
Congoleum Corp.*		7,900		0
Materials 0.0%
GEO Specialty Chemicals, Inc.*		7,125		5,507
GEO Specialty Chemicals, Inc. 144A*		649		502
				6,009
Total Common Stocks (Cost $114,863)				27,916

Preferred Stock 0.4%
Financials
Ally Financial, Inc. Series G, 144A, 7.0% (Cost $856,579)		896		908,096
Warrants 0.0%
Materials
GEO Specialty Chemicals, Inc., Expiration Date 3/31/2015*		39,514		30,248
Hercules Trust II, Expiration Date 3/31/2029*		400		2,916
Total Warrants (Cost $87,876)				33,164

	Contract Amount		Value ($)

Call Options Purchased 0.0%
Options on Interest Rate Swap Contracts
Pay Fixed Rate — 3.72% – Receive Floating — LIBOR, Swap Expiration Date 4/22/2026, Option Expiration Date 4/20/20161 (Cost $44,415)		900,000		21,912

	Shares		Value ($)

Cash Equivalents 2.1%
Central Cash Management Fund, 0.05% (e) (Cost $5,332,689)		5,332,689		5,332,689

	% of Net Assets			Value ($)

Total Investment Portfolio (Cost $356,708,564)†		147.6			367,986,820
Other Assets and Liabilities, Net		(0.3	)		(668,620	)
Notes Payable		(47.3	)		(118,000,000	)
Net Assets		100.0			249,318,200

The following table represents bonds that are in default:

Security	Coupon			Maturity Date	Principal Amount		Cost ($)		Value ($)
ERC Ireland Preferred Equity Ltd.*		7.69	%	2/15/2017	EUR	281,038		382,577		0
Energy Future Holdings Corp.*		6.5	%	11/15/2024	USD	400,000		232,541		206,000
Hellas Telecommunications Finance*		8.328	%	7/15/2015	EUR	278,431		79,885		0
								695,003		206,000

* 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 May 31, 2014.

† The cost for federal income tax purposes was $357,635,971. At May 31, 2014, net unrealized appreciation for all securities based on tax cost was $10,350,849. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $12,106,939 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,756,090.

(a) Principal amount stated in U.S. dollars unless otherwise noted.

(b) When-issued security.

(d) 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

26,381

21,907

0.01

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

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

LIBOR: London Interbank Offered Rate

PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal.

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, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

REIT: Real Estate Investment Trust

At May 31, 2014, open written options contracts were as follows:

Options on Interest Rate Swap Contracts

Swap Effective/

Expiration

Date

Contract Amount

Option Expiration Date

Premiums Received ($)

Value ($) (f)

Call Options

Receive Fixed — 4.22% – Pay Floating — LIBOR

4/22/2016

4/22/2026

900,000

4/20/2016

32,085

(12,375

)

(f) Unrealized appreciation on written options on interest rate swap contracts at May 31, 2014 was $19,710.

At May 31, 2014, open credit default swap contracts sold were as follows:

Bilateral Swaps
Effective/ Expiration Date	Notional Amount ($) (g)			Fixed Cash Flows Received			Underlying Debt Obligation/ Quality Rating (h)	Value ($)		Upfront Payments Paid/ (Received) ($)			Unrealized Appreciation ($)
6/21/2010 9/20/2015		1,555,000	2		5.0	%	Ford Motor Co., 6.5%, 8/1/2018, BBB–		113,483		(35,560	)		149,043
12/20/2011 3/20/2017		565,000	3		5.0	%	CIT Group, Inc., 5.5%, 2/15/2019, BB–		66,709		13,350			53,359
9/20/2012 12/20/2017		720,000	4		5.0	%	General Motors Corp., 3.3%, 12/20/2017, BB+		109,035		38,050			70,985
6/20/2013 9/20/2018		1,000,000	2		5.0	%	Sprint Communications, Inc., 6.0%, 12/1/2016, BB–		131,387		51,147			80,240
6/20/2013 9/20/2018		380,000	3		5.0	%	DISH DBS Corp., 6.75%, 6/1/2021, BB–		58,019		29,228			28,791
6/20/2013 9/20/2018		950,000	5		5.0	%	HCA, Inc., 8.0%, 10/1/2018, B–		137,477		65,378			72,099
Total unrealized appreciation														454,517

(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, if any.

(h) 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 Nomura International PLC

2 Bank of America

3 Credit Suisse

4 UBS AG

5 Goldman Sachs & Co.

At May 31, 2014, the Fund had the following open forward foreign currency exchange contracts:

Contracts to Deliver

In Exchange For

Settlement Date

Unrealized Appreciation ($)

Counterparty

EUR

961,000

USD

1,317,616

6/20/2014

7,680

Bank of America

ZAR

4,800,000

USD

462,690

6/27/2014

11,099

JPMorgan Chase Securities, Inc.

Total unrealized appreciation

18,779

Contracts to Deliver

In Exchange For

Settlement Date

Unrealized Depreciation ($)

Counterparty

USD

454,309

ZAR

4,800,000

6/27/2014

(2,718

)

Commonwealth Bank of Australia

Currency Abbreviations

ARS Argentine Peso

BRL Brazilian Real

EUR Euro

USD United States Dollar

ZAR South African Rand

For information on the Fund's policy and additional disclosures regarding options purchased, credit default swap contracts, forward foreign currency exchange contracts and written options contracts, please refer to Note B in the accompanying Notes to Financial Statements.

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 May 31, 2014 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2			Level 3		Total

Fixed Income Investments (i)
Corporate Bonds	$	—	$	258,510,615		$	0	$	258,510,615
Government & Agency Obligations		—		24,243,186			—		24,243,186
Loan Participations and Assignments		—		77,234,985			—		77,234,985
Convertible Bonds		—		207,500			862,632		1,070,132
Preferred Security		—		604,125			—		604,125
Common Stocks (i)		—		—			27,916		27,916
Preferred Stock (i)		—		908,096			—		908,096
Warrants (i)		—		—			33,164		33,164
Short-Term Investments		5,332,689		—			—		5,332,689
Derivatives (j)
Purchased Options		—		21,912			—		21,912
Credit Default Swaps		—		454,517			—		454,517
Forward Foreign Currency Exchange Contracts		—		18,779			—		18,779
Total	$	5,332,689	$	362,203,715		$	923,712	$	368,460,116
Liabilities	Level 1		Level 2			Level 3		Total

Derivatives (j)
Written Options	$	—	$	(12,375	)	$	—	$	(12,375	)
Forward Foreign Currency Exchange Contracts		—		(2,718	)		—		(2,718	)
Total	$	—	$	(15,093	)	$	—	$	(15,093	)

There have been no transfers between fair value measurement levels during the period ended May 31, 2014.

(i) See Investment Portfolio for additional detailed categorizations.

(j) Derivatives include value of options purchased and written options, at value, and unrealized appreciation (depreciation) on open credit default swap contracts and forward foreign currency exchange contracts.

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities

as of May 31, 2014 (Unaudited)
Assets
Investments: Investments in non-affiliated securities, at value (cost $351,375,875)	$	362,654,131
Investment in Central Cash Management Fund (cost $5,332,689)		5,332,689
Total investments in securities, at value (cost $356,708,564)		367,986,820
Cash		2,414,136
Foreign currency, at value (cost $12,859)		12,924
Deposit from broker on bilateral swap contracts		260,000
Receivable for investments sold		1,472,702
Receivable for investments sold — when-issued securities		140,175
Interest receivable		4,743,060
Unrealized appreciation on bilateral swap contracts		454,517
Unrealized appreciation on forward foreign currency exchange contracts		18,779
Upfront payments paid on bilateral swap contracts		197,153
Other assets		3,600
Total assets		377,703,866
Liabilities
Payable for investments purchased		7,915,096
Payable for investments purchased — when-issued securities		1,715,000
Notes payable		118,000,000
Interest on notes payable		156,423
Payable upon return of deposit for swap contracts		260,000
Options written, at value (premiums received $32,085)		12,375
Unrealized depreciation on forward foreign currency exchange contracts		2,718
Upfront payments received on bilateral swap contracts		35,560
Accrued management fee		173,953
Accrued Trustees' fees		3,801
Other accrued expenses and payables		110,740
Total liabilities		128,385,666
Net assets, at value	$	249,318,200

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of May 31, 2014 (Unaudited) (continued)
Net Assets Consist of
Distributions in excess of net investment income		(390,934	)
Net unrealized appreciation (depreciation) on: Investments		11,278,256
Swap contracts		454,517
Foreign currency		17,020
Written options		19,710
Accumulated net realized gain (loss)		(9,725,058	)
Paid-in capital		247,664,689
Net assets, at value	$	249,318,200
Net Asset Value
Net Asset Value per share ($249,318,200 ÷ 24,508,088 outstanding shares of beneficial interest, $.01 par value, unlimited shares authorized)	$	10.17

The accompanying notes are an integral part of the financial statements.

Statement of Operations

for the six months ended May 31, 2014 (Unaudited)
Investment Income
Income: Interest	$	9,832,508
Dividends		26,010
Income distributions — Central Cash Management Fund		2,796
Total income		9,861,314
Expenses: Management fee		1,043,759
Services to shareholders		11,161
Custodian fee		36,213
Professional fees		44,525
Reports to shareholders		42,830
Trustees' fees and expenses		8,068
Interest expense		617,333
Stock exchange listing fees		11,999
Other		31,403
Total expenses		1,847,291
Net investment income		8,014,023
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments		2,153,676
Swap contracts		230,234
Foreign currency		(66,800	)
Payments by affiliates (see Note I)		625
		2,317,735
Change in net unrealized appreciation (depreciation) on: Investments		3,064,944
Swap contracts		(116,519	)
Unfunded loan commitments		(650	)
Written options		22,572
Foreign currency		26,238
		2,996,585
Net gain (loss)		5,314,320
Net increase (decrease) in net assets resulting from operations	$	13,328,343

The accompanying notes are an integral part of the financial statements.

Statement of Cash Flows

for the six months ended May 31, 2014 (Unaudited)
Increase (Decrease) in Cash: Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations	$	13,328,343
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided (used) by operating activities: Purchases of long-term investments		(141,630,392	)
Net purchases, sales and maturities of short-term investments		(2,961,574	)
Net amortization of premium/(accretion of discount)		399,487
Proceeds from sales and maturities of long-term investments		133,000,707
(Increase) decrease in interest receivable		90,197
(Increase) decrease in other assets		5,327
Increase (decrease) in written options, at value		(22,572	)
(Increase) decrease in receivable for investments sold		1,239,638
(Increase) decrease in receivable for investments sold — when-issued securities		2,450
Increase (decrease) in interest on notes payable		1,253
Increase (decrease) in payable for investments purchased		1,678,974
Increase (decrease) in payable for investments purchased — when-issued securities		1,190,000
(Increase) decrease in upfront payments paid/received on credit swap contracts		51,192
Increase (decrease) in other accrued expenses and payables		(48,043	)
Change in unrealized (appreciation) depreciation on investments		(3,064,944	)
Change in unrealized (appreciation) depreciation on swaps		116,519
Change in unrealized (appreciation) depreciation on forward foreign currency exchange contracts		(39,344	)
Change in unrealized (appreciation) depreciation in unfunded commitments		650
Net realized (gain) loss from investments		(2,153,676	)
Cash provided (used) by operating activities	$	1,184,192

The accompanying notes are an integral part of the financial statements.

Statement of Cash Flows for the six months ended May 31, 2014 (Unaudited) (continued)
Cash Flows from Financing Activities
Net increase (decrease) in cash overdraft		(712,411	)
Net increase (decrease) in notes payable		9,000,000
Distributions paid (net of reinvestment of distributions)		(8,577,831	)
Cash provided (used) by financing activities		(290,242	)
Increase (decrease) in cash		893,950
Cash at beginning of period (including foreign currency)		1,533,110
Cash at end of period (including foreign currency)	$	2,427,060
Supplemental Disclosure
Interest paid on notes	$	(616,080	)

The accompanying notes are an integral part of the financial statements.

Statement of Changes in Net Assets


Increase (Decrease) in Net Assets	Six Months Ended May 31, 2014 (Unaudited)			Year Ended November 30, 2013
Operations: Net investment income	$	8,014,023		$	17,124,801
Net realized gain (loss)		2,317,735			8,407,506
Change in net unrealized appreciation (depreciation)		2,996,585			(11,733,273	)
Net increase (decrease) in net assets resulting from operations		13,328,343			13,799,034
Distributions to shareholders from: Net investment income		(8,577,831	)		(21,420,080	)
Fund share transactions: Net proceeds from reinvestment of distributions		—			659,362
Increase (decrease) in net assets		4,750,512			(6,961,684	)
Net assets at beginning of period		244,567,688			251,529,372
Net assets at end of period (including distributions in excess of and undistributed net investment income of $390,934 and $172,874, respectively)	$	249,318,200		$	244,567,688
Other Information
Shares outstanding at beginning of period		24,508,088			24,445,323
Shares issued to shareholders from reinvestment of distributions		—			62,765
Shares outstanding at end of period		24,508,088			24,508,088

The accompanying notes are an integral part of the financial statements.

Financial Highlights

				Years Ended November 30,
	Six Months Ended 5/31/14 (Unaudited)			2013			2012			2011			2010			2009
Selected Per Share Data
Net asset value, beginning of period	$	9.98		$	10.29		$	9.38		$	9.75		$	8.99		$	6.52
Income (loss) from investment operations: Net investment incomea		.33			.70			.81			.87			.90			.76
Net realized and unrealized gain (loss)		.21			(.13	)		1.02			(.33	)		.71			2.49
Total from investment operations		.54			.57			1.83			.54			1.61			3.25
Less distributions from: Net investment income		(.35	)		(.88	)		(.92	)		(.91	)		(.85	)		(.78	)
Net asset value, end of period	$	10.17		$	9.98		$	10.29		$	9.38		$	9.75		$	8.99
Market price, end of period	$	9.30		$	9.41		$	10.51		$	9.98		$	10.17		$	8.28
Total Return
Based on net asset value (%)b		5.75	**		5.58			20.20			5.64			18.71			54.34
Based on market price (%)b		2.56	**		(2.53	)		15.39			7.65			34.58			81.73
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		249			245			252			228			237			218
Ratio of expenses (including interest expense) (%)		1.50	*		1.60			1.66			1.49			1.62			1.53
Ratio of expenses (excluding interest expense) (%)		1.00	*		1.00			1.00			1.02			1.07			1.04
Ratio of net investment income (%)		6.53	*		6.89			8.09			8.84			9.57			9.69
Portfolio turnover rate (%)		39	**		76			45			55			78			113
Total debt outstanding end of period ($ thousands)		118,000			109,000			103,000			98,247			92,000			88,500
Asset coverage per $1,000 of debtc		3,113			3,244			3,442			3,324			3,572			3,464
a Based on average shares outstanding during the period. b Total return based on net asset value reflects changes in the Fund's net asset value during each period. Total return based on market price reflects changes in market price. Each figure assumes that dividend and capital gain distributions, if any, were reinvested. These figures will differ depending upon the level of any discount from or premium to NAV at which the Fund's shares trade during the period. c Asset coverage equals the total net assets plus borrowings of the Fund divided by the borrowings outstanding at period end. * Annualized ** Not annualized

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

DWS Multi-Market Income Trust (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, diversified management investment company organized as a Massachusetts business trust.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America which require the use of management estimates. Actual results could differ from those estimates. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

Debt securities and loan participations and assignments are valued at prices supplied by independent pricing services approved by the Fund's Board. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers and loan participations and assignments are valued at the mean of the most recent bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1 securities.

Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and are categorized as Level 2.

Swap contracts are valued daily based upon prices supplied by a Board approved pricing vendor, if available, and otherwise are valued at the price provided by the broker-dealer. Swap contracts are generally categorized as Level 2.

Exchange-traded options are valued at the last sale price or, in the absence of a sale, the mean between the closing bid and asked prices or at the most recent asked price (bid for purchased options) if no bid or asked price are available. Exchange-traded options are categorized as Level 1. Over-the-counter written or purchased options are valued at prices supplied by a Board approved pricing vendor, if available, and otherwise are valued at the price provided by the broker-dealer with which the option was traded. Over-the-counter written or purchased options are generally categorized as Level 2.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

Securities Lending. The Fund is approved to participate in securities lending, but had no securities on loan during the six months ended May 31, 2014. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of the Security Lending Agreement. The Fund retains the benefits of owning the securities it has loaned and continues to receive interest and dividends generated by the securities and to participate in any changes in their market price. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

When-Issued/Delayed Delivery Securities. The Fund may purchase or sell securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. At the time the Fund enters into a purchase transaction it is required to segregate cash or other liquid assets at least equal to the amount of the commitment. Additionally, the Fund may be required to post securities and/or cash collateral in accordance with the terms of the commitment.

Certain risks may arise upon entering into when-issued or delayed delivery transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

Loan Participations and Assignments. Loan Participations and Assignments are portions of loans originated by banks and sold in pieces to investors. Floating-rate loans ("Loans") in which the Fund invests are arranged between the borrower and one or more financial institutions ("Lenders"). These Loans may take the form of Senior Loans, which are corporate obligations often issued in connection with recapitalizations, acquisitions, leveraged buy outs and refinancing. The Fund invests in such Loans in the form of participations in Loans ("Participations") or assignments of all or a portion of Loans from third parties ("Assignments"). Participations typically result in the Fund having a contractual relationship with only the Lender, not with the borrower. The Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participation and only upon receipt by the Lender of the payments from the borrower. In connection with purchasing Participations, the Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement relating to the Loan, or any rights of set off against the borrower, and the Fund will not benefit directly from any collateral supporting the Loan in which it has purchased the Participation. As a result, the Fund assumes the credit risk of both the borrower and the Lender that is selling the Participation. Assignments typically result in the Fund having a direct contractual relationship with the borrower, and the Fund may enforce compliance by the borrower with the terms of the loan agreement. Loans held by the Fund are generally in the form of Assignments, but the Fund may also invest in Participations. All Loans involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower.

Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders.

Under the Regulated Investment Company Modernization Act of 2010, net capital losses incurred post-enactment may be carried forward indefinitely, and their character is retained as short-term and/or long-term. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At November 30, 2013, the Fund had a net tax basis capital loss carryforward of approximately $11,050,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains until fully utilized or until November 30, 2017.

In addition, from November 1, 2013 through November 30, 2013, the Fund elected to defer qualified late year losses of approximately $61,000 of net short-term realized capital losses and treat them as arising in the fiscal year ending November 30, 2014.

The Fund has reviewed the tax positions for the open tax years as of November 30, 2013 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Distributions from net investment income of the Fund are declared and distributed to shareholders monthly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to forward currency contracts, swap contracts, certain securities sold at a loss and premium amortization on debt securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Statement of Cash Flows. Information on financial transactions which have been settled through the receipt and disbursement of cash is presented in the Statement of Cash Flows. The cash amount shown in the Statement of Cash Flows represents the cash and foreign currency position at the Fund's custodian bank at May 31, 2014.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis net of foreign withholding taxes. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Proceeds from litigation payments, if any, are included in net realized gain (loss) from investments. All premiums and discounts are amortized/accreted for financial reporting purposes, with the exception of securities in default of principal.

B. Derivative Instruments

Swaps. A swap is a contract between two parties to exchange future cash flows at periodic intervals based on the notional amount of the swap. A bilateral swap is a transaction between the fund and a counterparty where cash flows are exchanged between the two parties. A centrally cleared swap is a transaction executed between the fund and a counterparty, then cleared by a clearing member through a central clearinghouse. The central clearinghouse serves as the counterparty, with whom the fund exchanges cash flows.

The value of a swap is adjusted daily, and the change in value, if any, is recorded as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. Gains or losses are realized when the swap expires or is closed. Certain risks may arise when entering into swap transactions including counterparty default; liquidity; or unfavorable changes in interest rates or the value of the underlying reference security, commodity or index. In connection with bilateral swaps, securities and/or cash may be identified as collateral in accordance with the terms of the swap agreement to provide assets of value and recourse in the event of default. The maximum counterparty credit risk is the net present value of the cash flows to be received from or paid to the counterparty over the term of the swap, to the extent that this amount is beneficial to the Fund, 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. Upon entering into a centrally cleared swap, the Fund is required to deposit with a financial intermediary cash or securities ("initial margin") in an amount equal to a certain percentage of the notional amount of the swap. Subsequent payments ("variation margin") are made or received by the Fund dependent upon the daily fluctuations in the value of the swap. In a cleared swap transaction, counterparty risk is minimized as the central clearinghouse acts as the counterparty.

An upfront payment, if any, made by the Fund is recorded as an asset in the Statement of Assets and Liabilities. An upfront payment, if any, received by the Fund is recorded as a liability in the Statement of Assets and Liabilities. Payments received or made at the end of the measurement period are recorded as realized gain or loss in the Statement of Operations.

Credit default swaps are agreements between a buyer and a seller of protection against predefined credit events for the reference entity. The Fund may enter into credit default swaps to gain exposure to an underlying issuer's credit quality characteristics without directly investing in that issuer or to hedge against the risk of a credit event on debt securities. As a seller of a credit default swap, the Fund is required to pay the par (or other agreed-upon) value of the referenced entity to the counterparty with the occurrence of a credit event by a third party, such as a U.S. or foreign corporate issuer, on the reference entity, which would likely result in a loss to the Fund. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the swap provided that no credit event has occurred. If no credit event occurs, the Fund keeps the stream of payments with no payment obligations. The Fund may also buy credit default swaps, in which case the Fund functions as the counterparty referenced above. This involves the risk that the swap may expire worthless. It also involves counterparty risk that the seller may fail to satisfy its payment obligations to the Fund with the occurrence of a credit event. When the Fund sells a credit default swap, it will cover its commitment. This may be achieved by, among other methods, maintaining cash or liquid assets equal to the aggregate notional value of the reference entities for all outstanding credit default swaps sold by the Fund. For the six months ended May 31, 2014, the Fund entered into credit default swap agreements to gain exposure to the underlying issuer's credit quality characteristics.

Under the terms of a credit default swap, the Fund receives or makes periodic payments based on a specified interest rate on a fixed notional amount. These payments are recorded as a realized gain or loss in the Statement of Operations. Payments received or made as a result of a credit event or termination of the swap are recognized, net of a proportional amount of the upfront payment, as realized gains or losses in the Statement of Operations.

A summary of the open credit default swap contracts as of May 31, 2014 is included in a table following the Fund's Investment Portfolio. For the six months ended May 31, 2014, the investment in credit default swap contracts sold had a total notional value generally indicative of a range from $5,170,000 to $6,670,000.

Options. An option contract is a contract in which the writer (seller) of the option grants the buyer of the option, upon payment of a premium, the right to purchase from (call option), or sell to (put option), the writer a designated instrument at a specified price within a specified period of time. Certain options, including options on indices and interest rate options, will require cash settlement by the Fund if exercised. For the six months ended May 31, 2014, the Fund entered into options on interest rate swaps in order to hedge against potential adverse interest rate movements of portfolio assets.

If the Fund writes a covered call option, the Fund foregoes, in exchange for the premium, the opportunity to profit during the option period from an increase in the market value of the underlying security above the exercise price. If the Fund writes a put option it accepts the risk of a decline in the value of the underlying security below the exercise price. Over-the-counter options have the risk of the potential inability of counterparties to meet the terms of their contracts. The Fund's maximum exposure to purchased options is limited to the premium initially paid. In addition, certain risks may arise upon entering into option contracts including the risk that an illiquid secondary market will limit the Fund's ability to close out an option contract prior to the expiration date and that a change in the value of the option contract may not correlate exactly with changes in the value of the securities hedged.

A summary of the open purchased option contracts as of May 31, 2014 is included in the Fund's Investment Portfolio. A summary of open written option contracts is included in a table following the Fund's Investment Portfolio. For the six months ended May 31, 2014, the investment in written option contracts had a total value generally indicative of a range from approximately $12,000 to $35,000, and purchased option contracts had a total value generally indicative of a range from approximately $22,000 to $51,000.

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 U.S. dollar may affect the U.S. dollar value of foreign securities or the income or gains received on these securities. A forward foreign currency exchange contract (forward currency contract) is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. For the six months ended May 31, 2014, the Fund entered into forward currency contracts in order to hedge its exposure to changes in foreign currency exchange rates on its foreign currency denominated portfolio holdings and to facilitate transactions in foreign currency denominated securities.

Forward currency contracts are valued at the prevailing forward exchange rate of the underlying currencies and unrealized gain (loss) is recorded daily. On the settlement date of the forward currency contract, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was closed. 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 unrealized gain on appreciated contracts. Additionally, when utilizing forward currency contracts to hedge, the Fund gives up the opportunity to profit from favorable exchange rate movements during the term of the contract.

A summary of the open forward currency contracts as of May 31, 2014 is included in a table following the Fund's Investment Portfolio. For the six months ended May 31, 2014, the investment in forward currency contracts short vs. U.S. dollars had a total contract value generally indicative of a range from approximately $1,780,000 to $5,074,000, and the investment in forward currency contracts long vs. U.S. dollars had a total contract value generally indicative of a range from approximately $454,000 to $1,276,000.

The following tables summarize the value of the Fund's derivative instruments held as of May 31, 2014 and the related location in the accompanying Statement of Assets and Liabilities presented by the primary underlying risk exposure:

Asset Derivatives	Purchased Options		Swap Contracts		Forward Contracts		Total
Interest Rate Contracts (a)	$	21,912	$	—	$	—	$	21,912
Credit Contracts (a)		—		454,517		—		454,517
Foreign Exchange Contracts (b)		—		—	$	18,779		18,779
	$	21,912	$	454,517	$	18,779	$	495,208
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: (a) Investment in securities, at value (includes purchased options) and unrealized appreciation on bilateral swap contracts, respectively (b) Unrealized appreciation on forward foreign currency exchange contracts

Liability Derivatives	Written Options			Forward Contracts			Total
Interest Rate Contracts (a)	$	(12,375	)	$	—		$	(12,375	)
Foreign Exchange Contracts (b)		—			(2,718	)		(2,718	)
	$	(12,375	)	$	(2,718	)	$	(15,093	)
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: (a) Options written, at value (b) Unrealized depreciation on forward foreign currency exchange contracts

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the six months ended May 31, 2014, and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Realized Gain (Loss)	Forward Contracts			Swap Contracts		Total
Credit Contracts (a)	$	—		$	230,234	$	230,234
Foreign Exchange Contracts (b)		(84,149	)		—		(84,149	)
	$	(84,149	)	$	230,234	$	146,085
Each of the above derivatives is located in the following Statement of Operations accounts: (a) Net realized gain (loss) from swap contracts (b) Net realized gain (loss) from foreign currency (Statement of Operations includes both forward currency contracts and foreign currency transactions)

Change in Net Unrealized Appreciation (Depreciation)	Purchased Options			Written Options		Forward Contracts		Swap Contracts			Total
Interest Rate Contracts (a)	$	(29,381	)	$	22,572	$	—	$	—		$	(6,809	)
Credit Contracts (a)		—			—		—		(116,519	)		(116,519	)
Foreign Exchange Contracts (b)		—			—		39,344		—			39,344
	$	(29,381	)	$	22,572	$	39,344	$	(116,519	)	$	(83,984	)
Each of the above derivatives is located in the following Statement of Operations accounts: (a) Change in net unrealized appreciation (depreciation) on investments (includes purchased options), written options and swap contracts, respectively (b) Change in net unrealized appreciation (depreciation) on foreign currency (Statement of Operations includes both forward currency contracts and foreign currency transactions)

As of May 31, 2014, the Fund has transactions subject to enforceable master netting agreements. A reconciliation of the gross amounts on the Statement of Assets and Liabilities to the net amounts by derivative type, including any collateral exposure, is included in the following tables:

Counterparty	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Cash Collateral Received*			Non-Cash Collateral Received		Net Amount of Derivative Assets
Bank of America	$	236,963	$	—		$	(236,963	)	$	—	$	—
Credit Suisse		82,150		—			—			—		82,150
Goldman Sachs & Co.		72,099		—			—			—		72,099
JPMorgan Chase Securities, Inc.		11,099		—			—			—		11,099
Nomura International PLC		21,912		(12,375	)		—			—		9,537
UBS AG		70,985		—			—			—		70,985
	$	495,208	$	(12,375	)	$	(236,963	)	$	—	$	245,870
Counterparty	Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities		Financial Instruments and Derivatives Available for Offset			Cash Collateral Pledged			Non-Cash Collateral Pledged		Net Amount of Derivative Liabilities
Commonwealth Bank of Australia	$	2,718	$	—		$	—		$	—	$	2,718
Nomura International PLC	$	12,375	$	(12,375	)	$	—		$	—	$	—
	$	15,093	$	(12,375	)	$	—		$	—	$	2,718

* The actual collateral received and/or pledged may be more than the amounts shown.

C. Purchases and Sales of Securities

During the six months ended May 31, 2014, purchases and sales of investment securities (excluding short-term investments) aggregated $141,630,392 and $133,000,707, respectively.

For the six months ended May 31, 2014, transactions for written options on interest rate swaps were as follows:

	Contract Amount		Premiums
Outstanding, beginning of period		900,000	$	32,085
Outstanding, end of period		900,000	$	32,085

D. Related Parties

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund. In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Investment Management Agreement. The management fee payable under the Investment Management Agreement is equal to an annual rate of 0.85% of the Fund's average weekly net assets, computed and accrued daily and payable monthly.

Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended May 31, 2014, the amount charged to the Fund by DISC aggregated $6,066, of which $3,074 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the six months ended May 31, 2014, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $8,797, all of which is unpaid.

Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

Affiliated Cash Management Vehicle. The Fund may invest uninvested cash balances in Central Cash Management Fund, which is managed by the Advisor. The Fund indirectly bears its proportionate share of the expenses of Central Cash Management Fund. Central Cash Management Fund does not pay the Advisor an investment management fee. Central Cash Management Fund seeks a high level of current income consistent with liquidity and the preservation of capital.

E. Investing in High-Yield Securities

The Fund's performance could be hurt if a security declines in credit quality or goes into default, or if an issuer does not make timely payments of interest or principal. Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth-highest category) may be in uncertain financial health, the risk of loss from default by the issuer is significantly greater. Prices and yields of high-yield securities will fluctuate over time and, during periods of economic uncertainty, volatility of high-yield securities may adversely affect a fund's net asset value. Because the Fund may invest in securities not paying current interest or in securities already in default, these risks may be more pronounced.

F. Investing in Emerging Markets

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets.

G. Borrowings

During the period covered by the report, the Fund was party to a secured revolving line of credit with a commercial bank (the "Lender") in an amount up to $125,000,000 (the "Credit Facility"). The Credit Facility automatically renews for a six-month period on each day unless it is terminated by either party or not extended by the Lender in accordance with its terms.

Loans under the Credit Facility, at the option of the Fund and subject to certain conditions, typically bear interest with reference to LIBOR (a "LIBOR Loan") or, less frequently, with reference to a base rate (a "Base Rate Loan"). Each LIBOR Loan shall bear interest at a rate per annum equal to the applicable LIBOR rate (as defined in the Credit Facility) plus 0.85%. As a general matter, each Base Rate Loan shall bear interest at a rate per annum equal to the greatest of certain specified rates as set forth in the Credit Facility. In addition, a commitment fee was charged to the Fund on the unused portion of the credit lines and is included with "interest expense" in the Statement of Operations.

At May 31, 2014, under the Credit Facility, the outstanding loans balance was $118,000,000. The weighted average outstanding daily balance of all loans during the six months ended May 31, 2014 was approximately $107,000,000, with a weighted average annual borrowing cost of 1.16%. The borrowings were valued at cost, which approximates fair value.

Leverage involves risks and special considerations for the Fund's stockholders, including the likelihood of greater volatility of net asset value and market price of, and dividends on, the Fund's shares than a comparable portfolio without leverage; the risk that fluctuations in interest rates on such borrowings will reduce the return to stockholders; and the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the Fund's shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the Fund's shares.

Changes in the value of the Fund's portfolio will be borne by the stockholders. If there is a net decrease (or increase) in the value of the Fund's investment portfolio, leverage will decrease (or increase) the net asset value per share to a greater extent than if leverage were not used. It is also possible that the Fund will be required to sell assets at a time when it would otherwise not do so, possibly at a loss, in order to meet payment obligations on borrowings to comply with asset coverage or other restrictions imposed by the Lender. The Fund is subject to certain restrictions on its investments, including asset coverage and portfolio composition requirements, under the terms of the Credit Facility. Such restrictions and covenants contained in the Credit Facility impose asset coverage and portfolio composition requirements that are more stringent than those imposed on the Fund by the 1940 Act.

There is no assurance that the Fund's leveraging strategy will be successful.

H. Share Repurchases

The Board has authorized the Fund to effect periodic repurchases of its outstanding shares in the open market from time to time when the Fund's shares trade at a discount to their net asset value. During the six months ended May 31, 2014, the Fund did not repurchase shares in the open market.

I. Payments by Affiliates

During the period ended May 31, 2014, the Advisor agreed to reimburse the Fund $625 for losses incurred on trades executed incorrectly. The amount of the reimbursement is 0.00% of the Fund's average net assets, thus having no impact on the Fund's total return.

J. Fund Name Change

Effective August 11, 2014, the "DWS Funds" will be rebranded "Deutsche Funds." As a result, DWS Multi-Market Income Trust will be renamed Deutsche Multi-Market Income Trust.

Dividend Reinvestment Plan

The Board of Trustees of the Fund has approved changes to the Dividend Reinvestment and Cash Purchase Plan that are expected to take effect in the fourth quarter of 2014. Please see page 59 for a summary of the changes to the Plan. Current Participants in the Plan will receive written notice of the changes to the Plan prior to the effective date. Shareholders should contact DWS Investment Services Company at (800) 294-4366 for additional information about the Plan.

A summary of the Fund's Dividend Reinvestment Plan (the "Plan") is set forth below. Shareholders may obtain a copy of the entire Plan by visiting the Fund's Web site at dws-investments.com or by writing or calling DWS Investment Service Company ("DISC") at:

P.O. Box 219066

Kansas City, Missouri 64121-9066

(800) 294-4366

If you wish to participate in the Plan and your shares are held in your own name, simply contact DISC for the appropriate form. If your shares are held in the name of a broker or other nominee, you should contact the broker or nominee in whose name your shares are held to determine whether and how you may participate in the Plan. The Fund's transfer agent and dividend disbursing agent (the "Transfer Agent") will establish a Dividend Investment Account (the "Account") for each shareholder participating in the Plan. The Transfer Agent will credit to the Account of each participant any cash dividends and capital gains distributions (collectively, "Distributions") paid on shares of the Fund (the "Shares"). Shares in a participant's Account are transferable upon proper written instructions to the Transfer Agent. Upon request to the Transfer Agent, a certificate for any or all full Shares in a participant's Account will be sent to the participant.

If, on the record date for a Distribution (the "Record Date"), Shares are trading at a discount from net asset value per Share, funds credited to a participant's Account will be used to purchase Shares (the "Purchase"). The Plan Agent (currently Computershare Inc.) will attempt, commencing five days prior to the Payment Date and ending at the close of business on the Payment Date ("Payment Date" as used herein shall mean the last business day of the month in which such Record Date occurs), to acquire Shares in the open market. If and to the extent that the Plan Agent is unable to acquire sufficient Shares to satisfy the Distribution by the close of business on the Payment Date, the Fund will issue to the Plan Agent, Shares valued at net asset value per Share in the aggregate amount of the remaining value of the Distribution. If, on the Record Date, Shares are trading at a premium over net asset value per Share, the Fund will issue on the Payment Date Shares valued at net asset value per Share on the Record Date to the Transfer Agent in the aggregate amount of the funds credited to the participants' Accounts. The Fund will increase the price at which Shares may be issued under the Plan to 95% of the fair market value of the shares on the Record Date if the net asset value per Share of the Shares on the Record Date is less than 95% of the fair market value of the Shares on the Record Date.

The reinvestment of Distributions does not relieve the participant of any tax that many be payable on the Distributions. The Transfer Agent will report to each participant the taxable amount of Distributions credited to his or her account. Participants will be treated for federal income tax purposes as receiving the amount of the Distributions made by the Fund, which amount generally will be either equal to the amount of the cash distribution the shareholder would have received if the shareholder had elected to receive cash or, for shares issued by the Fund, the fair market value of the shares issued to the shareholder.

The cost of Shares acquired for each participant's Account in connection with a Purchase shall be determined by the average cost per Share, including brokerage commissions, of the Shares acquired in connection with that Purchase. There will be no brokerage charges with respect to Shares issued directly by the Fund as a result of Distributions. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to open market purchases. Brokerage charges for purchasing small amounts of Shares for individual Accounts through the Plan probably will be less than the usual brokerage charges for such transactions, as the Plan Agent will be purchasing Shares for all participants in blocks and prorating the lower commission thus attainable.

A participant may from time to time make voluntary cash contributions to his Account in a minimum amount of $100 (no more than $500 may be contributed per month). Participants making voluntary cash investments will be charged a $0.75 service fee for each such investment and will be responsible for their pro rata share of brokerage commissions. Please contact DISC for more information on voluntary cash contributions.

The Fund reserves the right to amend the Plan, including provisions with respect to any Distribution paid, subsequent to notice thereof sent to participants in the Plan at least ninety days before the record date for such Distribution, except when such amendment is necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, in which case such amendment shall be effective as soon as practicable. The Plan may be terminated by the Fund.

Shareholders may withdraw from the Plan at any time by giving the Transfer Agent a written notice. A notice of withdrawal will be effective for the next Distribution following receipt of the notice by the Transfer Agent provided the notice is received by the Transfer Agent at least ten days prior to the Record Date for the Distribution. When a participant withdraws from the Plan, or when the Plan is terminated by the Fund, the participant will receive a certificate for full Shares in the Account, plus a check for any fractional Shares based on market price; or, if a participant so desires, the Transfer Agent will notify the Plan Agent to sell his Shares in the Plan and send the proceeds to the participant, less brokerage commissions and a $2.50 service fee.

Shareholders will receive tax information annually for personal records and to assist in preparation of their federal income tax returns.

Summary of Changes to the Dividend Reinvestment and Cash Purchase Plan

On the effective date (currently expected to be in the fourth quarter of 2014), the Plan will change as follows:

— DST Systems, Inc. will replace Computershare Inc. as the Plan Agent.

— Current shareholders already participating in the Plan will automatically stay in the Plan. Current shareholders not participating in the Plan may join the Plan by either enrolling their shares with the Transfer Agent or making an initial cash deposit of at least $250 with the Transfer Agent. First-time investors in the Fund may join the Plan by making an initial cash deposit of at least $250 with the Transfer Agent.

— For purposes of determining whether the Fund’s Shares are trading at a discount or premium to net asset value per Share, such determinations will be made as of the payment date for the Distribution rather than the Record Date. Purchases in the open market will be made on or shortly after the payment date.

— Each participant may make voluntary cash contributions to his Account in the amount of at least $100 in any month (with a $36,000 annual limit) for the purchase on the open market of Shares for the participant’s Account. Such voluntary payments will be invested by the Plan Agent on or shortly after the 15th of each month. Optional cash payments received from a participant on or prior to the fifth day preceding the 15th of each month will be applied by the Plan Agent to the purchase of additional Shares as of that investment date.

— Participants will no longer be charged a $0.75 service fee for each voluntary cash investment.

— A notice of withdrawal from the Plan will be effective immediately following receipt of the notice by the Transfer Agent provided the notice is received by the Transfer Agent at least ten calendar days prior to the Record Date for the Distribution; otherwise such withdrawal will be effective after the investment of the current dividend or distribution.

— Participants will no longer be charged a service fee of $2.50, for sales of the participant’s Shares in connection with a termination or withdrawal.

Additional Information


Automated Information Line		DWS Investments Closed-End Fund Info Line (800) 349-4281
Web Site		dws-investments.com Obtain fact sheets, financial reports, press releases and webcasts when available.
Written Correspondence		Deutsche Asset & Wealth Management Attn: Secretary of the DWS Funds One Beacon Street Boston, MA 02108
Legal Counsel		Vedder Price P.C. 222 North LaSalle Street Chicago, IL 60601
Dividend Reinvestment Plan Agent		Computershare Inc. P.O. Box 43078 Providence, RI 02940-3078
Shareholder Service Agent and Transfer Agent		DWS Investments Service Company P.O. Box 219066 Kansas City, MO 64121-9066 (800) 294-4366
Custodian		State Street Bank and Trust Company State Street Financial Center One Lincoln Street Boston, MA 02111
Independent Registered Public Accounting Firm		Ernst & Young LLP 200 Clarendon Street Boston, MA 02116
Proxy Voting		The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Portfolio Holdings		Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The fund's portfolio holdings as of the month-end are posted on dws-investments.com on or after the last day of the following month. More frequent posting of portfolio holdings information may be made from time to time on dws-investments.com.
Investment Management		Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset & Wealth Management, is the investment advisor for the fund. DIMA and its predecessors have more than 80 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance. Deutsche Asset & Wealth Management is the retail brand name in the U.S. for the wealth management and asset management activities of Deutsche Bank AG and DIMA. Deutsche Asset & Wealth Management is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.
NYSE Symbol		KMM
CUSIP Number		23338L 108

Privacy Statement

FACTS	What Does Deutsche Asset & Wealth Management Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share can include: — Social Security number — Account balances — Purchase and transaction history — Bank account information — Contact information such as mailing address, e-mail address and telephone number
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons Deutsche Asset & Wealth Management chooses to share and whether you can limit this sharing.
Reasons we can share your personal information		Does Deutsche Asset & Wealth Management share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations		Yes	No
For our marketing purposes — to offer our products and services to you		Yes	No
For joint marketing with other financial companies		No	We do not share
For our affiliates' everyday business purposes — information about your transactions and experiences		No	We do not share
For our affiliates' everyday business purposes — information about your creditworthiness		No	We do not share
For non-affiliates to market to you		No	We do not share
Questions?	Call (800) 728-3337 or e-mail us at service@dws.com


Who we are
Who is providing this notice?	DWS Investments Distributors, Inc.; Deutsche Investment Management Americas Inc.; DeAM Investor Services, Inc.; DWS Trust Company; the DWS Funds
What we do
How does Deutsche Asset & Wealth Management protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Deutsche Asset & Wealth Management collect my personal information?	We collect your personal information, for example. When you: — open an account — give us your contact information — provide bank account information for ACH or wire transactions — tell us where to send money — seek advice about your investments
Why can't I limit all sharing?	Federal law gives you the right to limit only — sharing for affiliates' everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt and DB Alex Brown.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. Deutsche Asset & Wealth Management does not jointly market.
		Rev. 09/2013

Date of fiscal year end:	11/30

Date of reporting period:	5/31/2014


ITEM 2.	CODE OF ETHICS

	Not applicable.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	Not applicable

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

	Not applicable

ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS

	Not applicable

ITEM 6.	SCHEDULE OF INVESTMENTS

	Not applicable

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS


ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Kenneth C. Froewiss, Independent Chairman, DWS Mutual Funds, P.O. Box 390601, Cambridge, MA 02139.

ITEM 11.	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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 12.	EXHIBITS

	(a)(1)	Not applicable

	(a)(2)	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.

	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

Registrant:	DWS Multi-Market Income Trust


By:	/s/Brian E. Binder Brian E. Binder President

Date:	July 30, 2014

By:	/s/Brian E. Binder Brian E. Binder President

Date:	July 30, 2014



By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer

Date:	July 30, 2014

	(a)	(b)	(c)	(d)
Period	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
December 1 through December 31	-	n/a	n/a	n/a
January 1 through January 31	-	n/a	n/a	n/a
February 1 through February 28	-	n/a	n/a	n/a
March 1 through March 31	-	n/a	n/a	n/a
April 1 through April 30	-	n/a	n/a	n/a
May 1 through May 31	-	n/a	n/a	n/a
Total	-	n/a	n/a	n/a

The Fund may from time to time repurchase shares in the open market.

ITEM 1.	REPORT TO STOCKHOLDERS