Deutsche Multi-Market Income Trust (KMM) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number   811-05689

DWS Multi-Market Income Trust

 (Exact Name of Registrant as Specified in Charter)

345 Park Avenue

New York, NY 10154-0004

 (Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (201) 593-6408

Paul Schubert

100 Plaza One

Jersey City, NJ 07311

 (Name and Address of Agent for Service)

Date of fiscal year end:	11/30
Date of reporting period:	5/31/2011

ITEM 1. REPORT TO STOCKHOLDERS

MAY 31, 2011

Semiannual Report

to Shareholders

DWS Multi-Market Income Trust

Ticker Symbol: KMM

Contents

4 Performance Summary

6 Portfolio Summary

8 Investment Portfolio

27 Statement of Assets and Liabilities

29 Statement of Operations

30 Statement of Cash Flows

31 Statement of Changes in Net Assets

32 Financial Highlights

34 Notes to Financial Statements

44 Shareholder Meeting Results

45 Dividend Reinvestment Plan

47 Additional Information

48 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 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.

DWS Investments is part of Deutsche Bank's Asset Management division and, within the US, represents the retail asset management activities of Deutsche Bank AG, Deutsche Bank Trust Company Americas, Deutsche Investment Management Americas Inc. and DWS Trust Company.

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

Performance Summary May 31, 2011

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 www.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 5/31/11
DWS Multi-Market Income Trust	6-Month‡	1-Year	3-Year	5-Year	10-Year
Based on Net Asset Value(a)	8.32%	20.64%	13.43%	10.88%	11.97%
Based on Market Price(a)	13.10%	39.93%	20.49%	12.24%	11.91%
Credit Suisse High Yield Index(b)	7.61%	16.82%	10.76%	8.73%	9.08%
Lipper Closed-End General Bond Funds Category(c)	7.48%	16.51%	10.08%	7.75%	8.94%

Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.

‡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.

(b)The Credit Suisse High Yield Index is an unmanaged, unleveraged, trader-priced portfolio constructed to mirror the global high-yield debt market. Index returns, unlike fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an index.

(c)Lipper's Closed-End General Bond Funds category represents funds that have no quality or maturity restrictions, can use leverage and tend to invest in lower-grade debt issues. Lipper figures represent the average of the total returns based on net asset value reported by all of the closed-end funds designated by Lipper Inc. as falling into the Closed-End General Bond Funds category. Category returns assume reinvestment of all distributions. It is not possible to invest directly in a Lipper category.

Net Asset Value and Market Price
	As of 5/31/11		As of 11/30/10
Net Asset Value	$	10.09	$	9.75
Market Price	$	11.00	$	10.17

Prices and net asset value fluctuate and are not guaranteed.

Distribution Information
Six Months as of 5/31/11: Income Dividends	$	.45
May Income Dividend	$	.0770
Current Annualized Distribution Rate (based on Net Asset Value) as of 5/31/11+		9.16	%
Current Annualized Distribution Rate (based on Market Price) as of 5/31/11+		8.40	%

+Current annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value/market price on May 31, 2011. 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.

Lipper Rankings — Closed-End General Bond Funds Category as of 5/31/11
Period	Rank		Number of Funds Tracked	Percentile Ranking (%)
1-Year	5	of	12	39
3-Year	4	of	10	37
5-Year	3	of	10	28
10-Year	1	of	6	15

Source: Lipper Inc. Rankings are historical and do not guarantee future results. Rankings are based on net asset value total return with distributions reinvested.

Portfolio Summary

Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral)	5/31/11	11/30/10
Corporate Bonds	84%	80%
Government & Agency Obligations	7%	9%
Loan Participations and Assignments	6%	7%
Cash Equivalents	2%	3%
Preferred Securities	1%	1%
	100%	100%

Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral)	5/31/11	11/30/10
Consumer Discretionary	16%	14%
Financials	16%	18%
Telecommunication Services	13%	10%
Materials	12%	12%
Industrials	11%	8%
Energy	8%	10%
Emerging-Market Sovereign Bonds	7%	9%
Information Technology	5%	4%
Health Care	5%	8%
Consumer Staples	4%	4%
Utilities	3%	3%
	100%	100%

Quality (Excludes Cash Equivalents and Securities Lending Collateral)	5/31/11	11/30/10
A	1%	1%
BBB	8%	8%
BB	29%	28%
B	44%	48%
Below B	15%	13%
Not Rated	3%	2%
	100%	100%

Asset allocation, sector diversification and quality are subject to change.

The quality ratings represent the lower of Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Corporation ("S&P") credit ratings. The ratings of Moody's and S&P represent their opinions as to the quality of the securities they rate. Ratings are relative and subjective and are not absolute standards of quality. The Fund's credit quality does not remove market risk and is subject to change.

Interest Rate Sensitivity	5/31/11	11/30/10
Effective Maturity	8.0 years	9.0 years
Effective Duration	5.7 years	5.6 years

Effective maturity is the weighted average of the bonds held by the Fund taking into consideration any available maturity shortening features.

Effective duration is an approximate measure of the Fund's sensitivity to interest rate changes taking into consideration any maturity shortening features.

Interest rate sensitivity is subject to change.

For more complete details about the Fund's investment portfolio, see page 8. A Fact Sheet is available upon request. Please see the Additional Information section for contact information.

Following the Fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. The form will be available on the SEC's Web site at www.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 www.dws-investments.com on or about the last day of the following month. More frequent posting of portfolio holdings information may be made from time to time on www.dws-investments.com.

Investment Portfolio as of May 31, 2011 (Unaudited)

		Principal Amount ($) (a)		Value ($)
Corporate Bonds 113.7%
Consumer Discretionary 19.7%
Allison Transmission, Inc., 144A, 7.125%, 5/15/2019			195,000		193,538
AMC Entertainment, Inc.:
8.0%, 3/1/2014			355,000		358,550
8.75%, 6/1/2019			735,000		789,206
American Achievement Corp., 144A, 10.875%, 4/15/2016			180,000		168,750
Asbury Automotive Group, Inc.:
7.625%, 3/15/2017			255,000		257,550
144A, 8.375%, 11/15/2020			300,000		312,750
AutoNation, Inc., 6.75%, 4/15/2018			1,440,000		1,508,400
Avis Budget Car Rental LLC:
8.25%, 1/15/2019			365,000		378,231
9.625%, 3/15/2018			160,000		175,600
Beazer Homes USA, Inc., 9.125%, 6/15/2018			95,000		90,250
Bon-Ton Department Stores, Inc., 10.25%, 3/15/2014			280,000		284,900
Bresnan Broadband Holdings LLC, 144A, 8.0%, 12/15/2018			695,000		735,831
Burlington Coat Factory Warehouse Corp., 144A, 10.0%, 2/15/2019			310,000		310,775
Cablevision Systems Corp.:
7.75%, 4/15/2018			1,855,000		2,012,675
8.0%, 4/15/2020			85,000		93,288
Caesar's Entertainment Operating Co., Inc.:
10.0%, 12/15/2018			520,000		481,000
11.25%, 6/1/2017			1,745,000		1,963,125
12.75%, 4/15/2018			190,000		194,750
CanWest LP, 144A, 9.25%, 8/1/2015*			205,000		34,850
Carrols Corp., 9.0%, 1/15/2013			130,000		130,325
CCO Holdings LLC:
7.0%, 1/15/2019			165,000		168,506
7.25%, 10/30/2017			690,000		717,600
7.875%, 4/30/2018			4,645,000		4,923,700
8.125%, 4/30/2020			95,000		102,719
Cequel Communications Holdings I LLC, 144A, 8.625%, 11/15/2017			2,075,000		2,204,687
Chrysler Group LLC, 144A, 8.0%, 6/15/2019			200,000		199,500
Cinemark USA, Inc., 144A, 7.375%, 6/15/2021			125,000		125,000
Claire's Stores, Inc.:
144A, 8.875%, 3/15/2019			235,000		225,600
9.625%, 6/1/2015 (PIK)			80,000		75,650
Clear Channel Communications, Inc., 144A, 9.0%, 3/1/2021			100,000		100,250
Clear Channel Worldwide Holdings, Inc.:
Series A, 9.25%, 12/15/2017			115,000		125,350
Series B, 9.25%, 12/15/2017			175,000		191,188
CSC Holdings LLC, 8.5%, 6/15/2015			1,250,000		1,356,250
Cumulus Media, Inc., 144A, 7.75%, 5/1/2019			95,000		95,000
DineEquity, Inc., 144A, 9.5%, 10/30/2018			665,000		728,175
DISH DBS Corp.:
6.625%, 10/1/2014			355,000		378,075
144A, 6.75%, 6/1/2021			110,000		111,100
7.125%, 2/1/2016			345,000		368,288
Dunkin' Brands Inc., 144A, 9.625%, 12/1/2018			99,000		99,865
EH Holding Corp., 144A, 7.625%, 6/15/2021 (b)			335,000		342,538
Fontainebleau Las Vegas Holdings LLC, 144A, 11.0%, 6/15/2015*			290,000		145
Ford Motor Co., 7.45%, 7/16/2031			260,000		295,227
Gannett Co., Inc.:
144A, 6.375%, 9/1/2015			370,000		386,650
144A, 7.125%, 9/1/2018			370,000		373,700
8.75%, 11/15/2014			160,000		182,400
9.375%, 11/15/2017			320,000		359,200
Goodyear Tire & Rubber Co., 10.5%, 5/15/2016			104,000		117,780
Great Canadian Gaming Corp., 144A, 7.25%, 2/15/2015			220,000		224,950
Hertz Corp.:
144A, 6.75%, 4/15/2019			905,000		914,050
144A, 7.5%, 10/15/2018			1,195,000		1,254,750
8.875%, 1/1/2014			89,000		91,225
J. Crew Group, Inc., 144A, 8.125%, 3/1/2019 (c)			285,000		273,600
Kabel BW Erste Beteiligungs GmbH, 144A, 7.5%, 3/15/2019			150,000		156,188
Lear Corp.:
7.875%, 3/15/2018			145,000		158,956
8.125%, 3/15/2020			150,000		164,813
Levi Strauss & Co., 7.625%, 5/15/2020			480,000		486,000
Limited Brands, Inc., 7.0%, 5/1/2020			230,000		247,250
Lions Gate Entertainment, Inc., 144A, 10.25%, 11/1/2016			390,000		401,212
Macy's Retail Holdings, Inc., 8.125%, 7/15/2015			60,000		72,000
Mediacom Broadband LLC, 8.5%, 10/15/2015 (c)			835,000		867,356
Mediacom LLC, 9.125%, 8/15/2019 (c)			530,000		575,050
MGM Resorts International:
7.5%, 6/1/2016			140,000		137,200
7.625%, 1/15/2017			390,000		381,225
9.0%, 3/15/2020			590,000		656,375
144A, 10.0%, 11/1/2016			160,000		173,600
10.375%, 5/15/2014			275,000		317,625
11.125%, 11/15/2017			345,000		400,200
Michaels Stores, Inc., Step-up Coupon, 0% to 11/1/2011, 13.0% to 11/1/2016			95,000		98,800
Musketeer GmbH, 144A, 9.5%, 3/15/2021	EUR		185,000		290,194
Needle Merger Sub Corp., 144A, 8.125%, 3/15/2019			195,000		197,438
Neiman Marcus Group, Inc., 10.375%, 10/15/2015			100,000		105,250
Norcraft Companies LP, 10.5%, 12/15/2015			620,000		649,450
Palace Entertainment Holdings LLC, 144A, 8.875%, 4/15/2017			285,000		294,975
Penske Automotive Group, Inc., 7.75%, 12/15/2016			985,000		1,014,550
PETCO Animal Supplies, Inc., 144A, 9.25%, 12/1/2018			225,000		241,313
Phillips-Van Heusen Corp., 7.375%, 5/15/2020			300,000		324,000
Regal Entertainment Group, 9.125%, 8/15/2018			250,000		265,625
Sabre Holdings Corp., 8.35%, 3/15/2016			375,000		339,375
Sears Holdings Corp., 144A, 6.625%, 10/15/2018			450,000		414,000
Seminole Indian Tribe of Florida:
144A, 7.75%, 10/1/2017			330,000		346,500
144A, 7.804%, 10/1/2020			535,000		540,928
Simmons Bedding Co., 144A, 11.25%, 7/15/2015			190,000		202,350
Sirius XM Radio, Inc., 144A, 8.75%, 4/1/2015			425,000		474,937
Sonic Automotive, Inc., Series B, 9.0%, 3/15/2018			350,000		373,625
Standard Pacific Corp.:
8.375%, 5/15/2018			375,000		381,562
10.75%, 9/15/2016			300,000		346,500
Toys "R" Us, Inc., 7.375%, 10/15/2018			330,000		330,000
Toys "R" Us-Delaware, Inc., 144A, 7.375%, 9/1/2016			260,000		270,400
Travelport LLC:
4.936%**, 9/1/2014			185,000		160,950
9.0%, 3/1/2016			250,000		219,375
11.875%, 9/1/2016			270,000		234,900
Unitymedia GmbH, 144A, 9.625%, 12/1/2019	EUR		610,000		970,025
Unitymedia Hessen GmbH & Co., KG, 144A, 8.125%, 12/1/2017			1,285,000		1,365,312
Univision Communications, Inc.:
144A, 6.875%, 5/15/2019			85,000		85,000
144A, 7.875%, 11/1/2020			185,000		196,100
UPC Holding BV:
144A, 8.375%, 8/15/2020	EUR		280,000		412,014
144A, 9.75%, 4/15/2018	EUR		595,000		924,765
Vail Resorts, Inc., 144A, 6.5%, 5/1/2019			180,000		183,825
Valassis Communications, Inc., 144A, 6.625%, 2/1/2021			245,000		243,469
Videotron Ltd., 9.125%, 4/15/2018			310,000		346,425
Visant Corp., 10.0%, 10/1/2017			305,000		322,538
Visteon Corp., 144A, 6.75%, 4/15/2019			610,000		591,700
Wynn Las Vegas LLC:
7.75%, 8/15/2020			370,000		405,612
7.875%, 11/1/2017			950,000		1,042,625
Yonkers Racing Corp., 144A, 11.375%, 7/15/2016			240,000		264,300
					48,252,819
Consumer Staples 5.0%
Alliance One International, Inc., 10.0%, 7/15/2016			195,000		196,463
American Rock Salt Co., LLC, 144A, 8.25%, 5/1/2018			240,000		243,000
B&G Foods, Inc., 7.625%, 1/15/2018			340,000		365,500
Central Garden & Pet Co., 8.25%, 3/1/2018			280,000		294,875
Constellation Brands, Inc., 8.375%, 12/15/2014			810,000		928,462
Darling International, Inc., 144A, 8.5%, 12/15/2018			620,000		675,800
Del Monte Foods Co., 144A, 7.625%, 2/15/2019			995,000		1,015,522
Dole Food Co., Inc., 144A, 8.0%, 10/1/2016			225,000		238,781
FAGE Dairy Industry SA, 144A, 9.875%, 2/1/2020			330,000		328,350
NBTY, Inc., 144A, 9.0%, 10/1/2018			185,000		198,412
North Atlantic Trading Co., 144A, 10.0%, 3/1/2012			975,000		965,250
Rite Aid Corp.:
7.5%, 3/1/2017			170,000		170,850
8.0%, 8/15/2020			375,000		403,594
10.25%, 10/15/2019 (c)			160,000		178,400
Smithfield Foods, Inc.:
7.75%, 7/1/2017			940,000		996,400
10.0%, 7/15/2014			3,155,000		3,691,350
Stater Bros. Holdings, Inc., 144A, 7.375%, 11/15/2018			240,000		249,600
SUPERVALU, Inc., 8.0%, 5/1/2016 (c)			245,000		255,106
Tops Holding Corp., 10.125%, 10/15/2015			440,000		470,250
TreeHouse Foods, Inc., 7.75%, 3/1/2018			185,000		199,800
U.S. Foodservice, 144A, 8.5%, 6/30/2019			145,000		146,088
					12,211,853
Energy 10.2%
Allis-Chalmers Energy, Inc., 9.0%, 1/15/2014			420,000		428,400
Alpha Natural Resources, Inc., 6.0%, 6/1/2019 (b)			500,000		503,125
Arch Coal, Inc., 7.25%, 10/1/2020			150,000		158,250
Berry Petroleum Co.:
6.75%, 11/1/2020			330,000		340,725
10.25%, 6/1/2014			325,000		375,375
Bill Barrett Corp., 9.875%, 7/15/2016			280,000		317,800
BreitBurn Energy Partners LP, 8.625%, 10/15/2020			200,000		214,250
Brigham Exploration Co., 144A, 6.875%, 6/1/2019			165,000		165,825
Bristow Group, Inc., 7.5%, 9/15/2017			335,000		351,750
Calumet Specialty Products Partners LP, 144A, 9.375%, 5/1/2019			95,000		99,809
Chaparral Energy, Inc., 8.25%, 9/1/2021			450,000		465,750
Chesapeake Energy Corp.:
6.875%, 11/15/2020			190,000		199,975
9.5%, 2/15/2015			65,000		76,700
CITGO Petroleum Corp., 144A, 11.5%, 7/1/2017			375,000		433,125
Cloud Peak Energy Resources LLC:
8.25%, 12/15/2017			165,000		179,850
8.5%, 12/15/2019			165,000		183,975
CONSOL Energy, Inc.:
144A, 6.375%, 3/1/2021			125,000		126,250
8.0%, 4/1/2017			830,000		908,850
8.25%, 4/1/2020			470,000		521,700
Continental Resources, Inc.:
7.125%, 4/1/2021			230,000		244,950
7.375%, 10/1/2020			245,000		262,150
8.25%, 10/1/2019			110,000		121,000
Crestwood Midstream Partners LP, 144A, 7.75%, 4/1/2019			1,290,000		1,293,225
Crosstex Energy LP, 8.875%, 2/15/2018			425,000		461,125
Dresser-Rand Group, Inc., 144A, 6.5%, 5/1/2021			585,000		604,012
Eagle Rock Energy Partners LP, 144A, 8.375%, 6/1/2019			390,000		390,000
El Paso Corp., 7.25%, 6/1/2018			405,000		476,512
Energy Transfer Equity LP, 7.5%, 10/15/2020			280,000		305,200
Frontier Oil Corp.:
6.875%, 11/15/2018			270,000		282,150
8.5%, 9/15/2016			140,000		151,550
Genesis Energy LP, 144A, 7.875%, 12/15/2018			335,000		335,000
Global Geophysical Services, Inc., 10.5%, 5/1/2017			475,000		510,031
Harvest Operations Corp., 144A, 6.875%, 10/1/2017			180,000		189,900
Holly Corp., 9.875%, 6/15/2017			620,000		695,950
Holly Energy Partners LP, 144A, 8.25%, 3/15/2018			410,000		432,550
Inergy LP:
144A, 6.875%, 8/1/2021			110,000		113,300
144A, 7.0%, 10/1/2018			460,000		473,800
Linn Energy LLC:
144A, 6.5%, 5/15/2019			425,000		425,000
144A, 7.75%, 2/1/2021			465,000		490,575
8.625%, 4/15/2020			390,000		427,050
MEG Energy Corp., 144A, 6.5%, 3/15/2021			325,000		327,438
Newfield Exploration Co., 7.125%, 5/15/2018			955,000		1,023,044
Niska Gas Storage US LLC, 8.875%, 3/15/2018			205,000		220,375
Oasis Petroleum, Inc., 144A, 7.25%, 2/1/2019			370,000		372,775
Offshore Group Investments Ltd., 144A, 11.5%, 8/1/2015 (b)			25,000		27,500
Petrohawk Energy Corp.:
7.25%, 8/15/2018			950,000		996,312
7.875%, 6/1/2015			145,000		152,975
Plains Exploration & Production Co., 7.625%, 6/1/2018			465,000		494,063
Quicksilver Resources, Inc., 11.75%, 1/1/2016			565,000		655,400
Range Resources Corp., 6.75%, 8/1/2020			140,000		147,700
Regency Energy Partners LP:
6.875%, 12/1/2018			275,000		289,438
9.375%, 6/1/2016			650,000		737,750
Sabine Pass LNG LP:
7.25%, 11/30/2013			1,125,000		1,164,375
7.5%, 11/30/2016			615,000		631,912
SandRidge Energy, Inc., 144A, 7.5%, 3/15/2021			410,000		424,350
SESI LLC, 144A, 6.375%, 5/1/2019			335,000		334,163
Southwestern Energy Co., 7.5%, 2/1/2018			530,000		606,187
Stone Energy Corp.:
6.75%, 12/15/2014			525,000		523,688
8.625%, 2/1/2017			390,000		407,550
Venoco, Inc., 144A, 8.875%, 2/15/2019			410,000		415,125
Xinergy Corp., 144A, 9.25%, 5/15/2019			240,000		244,800
					24,933,434
Financials 18.6%
Abengoa Finance SAU, 144A, 8.875%, 11/1/2017			510,000		522,750
Akbank TAS, 144A, 5.125%, 7/22/2015			480,000		480,576
Algoma Acquisition Corp., 144A, 9.875%, 6/15/2015			540,000		503,550
Ally Financial, Inc.:
144A, 6.25%, 12/1/2017			740,000		762,317
8.0%, 3/15/2020			870,000		960,262
8.3%, 2/12/2015			280,000		312,200
Antero Resources Finance Corp., 9.375%, 12/1/2017			390,000		425,100
Ardagh Packaging Finance PLC:
144A, 7.375%, 10/15/2017			285,000		304,238
144A, 7.375%, 10/15/2017	EUR		180,000		266,161
Ashton Woods USA LLC, 144A, Step-up Coupon, 0% to 6/30/2012, 11.0% to 6/30/2015			325,000		195,813
AWAS Aviation Capital Ltd., 144A, 7.0%, 10/15/2016			756,840		785,221
Bumble Bee Acquisiton Corp., 144A, 9.0%, 12/15/2017			430,000		441,825
Calpine Construction Finance Co., LP, 144A, 8.0%, 6/1/2016			420,000		457,800
Case New Holland, Inc.:
7.75%, 9/1/2013			1,110,000		1,207,125
144A, 7.875%, 12/1/2017			830,000		923,375
CIT Group, Inc.:
Series C, 144A, 5.25%, 4/1/2014			2,225,000		2,266,405
7.0%, 5/1/2015			409,700		412,773
7.0%, 5/1/2017			1,370,000		1,375,137
CPI International Acquisition, Inc., 144A, 8.0%, 2/15/2018			180,000		181,125
DuPont Fabros Technology LP, (REIT), 8.5%, 12/15/2017			495,000		545,119
E*TRADE Financial Corp.:
6.75%, 6/1/2016			410,000		410,000
12.5%, 11/30/2017 (PIK)			733,000		881,432
Elster Finance BV, 144A, 6.25%, 4/15/2018	EUR		510,000		734,007
FCE Bank PLC, 9.375%, 1/17/2014	EUR		800,000		1,291,160
FelCor Escrow Holdings LLC, (REIT), 144A, 6.75%, 6/1/2019			290,000		288,550
Fibria Overseas Finance Ltd.:
144A, 6.75%, 3/3/2021			160,000		170,200
144A, 7.5%, 5/4/2020			293,000		325,113
Ford Motor Credit Co., LLC:
5.0%, 5/15/2018			585,000		580,060
6.625%, 8/15/2017			465,000		506,796
8.125%, 1/15/2020			1,410,000		1,655,877
Fresenius Medical Care US Finance, Inc., 144A, 5.75%, 2/15/2021			255,000		250,538
Fresenius US Finance II, Inc., 144A, 9.0%, 7/15/2015			300,000		343,125
Giraffe Acquisition Corp., 144A, 9.125%, 12/1/2018			225,000		209,813
Hellas Telecommunications Finance SCA, 144A, 8.985%**, 7/15/2015 (PIK)*	EUR		278,431		240
Hexion US Finance Corp., 8.875%, 2/1/2018			2,260,000		2,426,675
Host Hotels & Resorts, Inc., Series W, (REIT), 144A, 5.875%, 6/15/2019			335,000		336,675
Inmarsat Finance PLC, 144A, 7.375%, 12/1/2017			955,000		1,012,300
International Lease Finance Corp.:
5.75%, 5/15/2016			155,000		156,243
6.25%, 5/15/2019			390,000		391,468
8.625%, 9/15/2015			300,000		332,625
8.75%, 3/15/2017			1,365,000		1,545,862
iPayment, Inc., 9.75%, 5/15/2014			225,000		230,625
Kinder Morgan Finance Co., LLC, 144A, 6.0%, 1/15/2018			610,000		638,212
Kinder Morgan Finance Co., ULC, 5.7%, 1/5/2016			910,000		965,737
Level 3 Escrow, Inc., 144A, 8.125%, 7/1/2019 (b)			290,000		292,900
MPT Operating Partnership LP, (REIT), 144A, 6.875%, 5/1/2021			415,000		417,075
National Money Mart Co., 10.375%, 12/15/2016			450,000		502,312
Navios Maritime Acquisition Corp., 8.625%, 11/1/2017			100,000		102,250
Nielsen Finance LLC:
144A, 7.75%, 10/15/2018			100,000		107,250
11.5%, 5/1/2016			71,000		83,958
NII Capital Corp., 7.625%, 4/1/2021			235,000		249,394
Nuveen Investments, Inc.:
10.5%, 11/15/2015			510,000		540,600
144A, 10.5%, 11/15/2015			365,000		385,075
OMEGA Healthcare Investors, Inc., (REIT), 144A, 6.75%, 10/15/2022			405,000		403,988
Pinafore LLC, 144A, 9.0%, 10/1/2018			150,000		164,625
Pinnacle Foods Finance LLC:
8.25%, 9/1/2017			700,000		742,875
9.25%, 4/1/2015			785,000		822,287
Rainbow National Services LLC, 144A, 10.375%, 9/1/2014			804,000		834,150
Reynolds Group Issuer, Inc.:
144A, 6.875%, 2/15/2021			760,000		783,750
144A, 7.125%, 4/15/2019			1,355,000		1,409,200
144A, 8.25%, 2/15/2021			155,000		157,713
144A, 8.5%, 10/15/2016			620,000		663,400
144A, 8.75%, 5/15/2018			100,000		104,000
144A, 9.0%, 4/15/2019			390,000		413,887
SLM Corp., 8.0%, 3/25/2020			170,000		187,477
Susser Holdings LLC, 8.5%, 5/15/2016			215,000		232,200
Toys "R" Us Property Co. I, LLC, 10.75%, 7/15/2017			360,000		406,800
Tropicana Entertainment LLC, 9.625%, 12/15/2014*			730,000		365
Uncle Acquisition 2010 Corp., 144A, 8.625%, 2/15/2019			165,000		173,250
UPCB Finance III Ltd., 144A, 6.625%, 7/1/2020			255,000		254,363
Virgin Media Finance PLC, Series 1, 9.5%, 8/15/2016			1,870,000		2,136,475
Virgin Media Secured Finance PLC, 6.5%, 1/15/2018			3,695,000		4,069,119
					45,652,943
Health Care 6.0%
Aviv Healthcare Properties LP, 144A, 7.75%, 2/15/2019			325,000		332,313
Community Health Systems, Inc., 8.875%, 7/15/2015			615,000		634,987
HCA Holdings, Inc., 144A, 7.75%, 5/15/2021			805,000		842,231
HCA, Inc.:
7.875%, 2/15/2020			3,805,000		4,183,122
8.5%, 4/15/2019			270,000		302,063
9.25%, 11/15/2016			3,145,000		3,357,287
9.625%, 11/15/2016 (PIK)			520,000		556,400
9.875%, 2/15/2017			328,000		366,950
Mylan, Inc.:
144A, 7.625%, 7/15/2017			1,945,000		2,141,931
144A, 7.875%, 7/15/2020			190,000		210,425
STHI Holding Corp., 144A, 8.0%, 3/15/2018			240,000		247,200
Vanguard Health Holding Co. II, LLC:
8.0%, 2/1/2018			405,000		422,213
144A, 8.0%, 2/1/2018			370,000		384,800
Vanguard Health Systems, Inc., 144A, Zero Coupon, 2/1/2016			340,000		219,725
Warner Chilcott Co., LLC, 144A, 7.75%, 9/15/2018			545,000		568,162
					14,769,809
Industrials 12.3%
Accuride Corp., 9.5%, 8/1/2018			270,000		296,325
Actuant Corp., 6.875%, 6/15/2017			180,000		186,300
Aguila 3 SA, 144A, 7.875%, 1/31/2018			435,000		444,787
American Airlines, Inc., 144A, 7.5%, 3/15/2016 (c)			340,000		335,750
AMGH Merger Sub, Inc., 144A, 9.25%, 11/1/2018			125,000		134,219
ARAMARK Corp., 8.5%, 2/1/2015			525,000		546,000
ARAMARK Holdings Corp., 144A, 8.625%, 5/1/2016 (PIK)			75,000		76,688
Armored Autogroup, Inc., 144A, 9.25%, 11/1/2018			400,000		405,500
B-Corp Merger Sub, Inc., 144A, 8.25%, 6/1/2019 (b)			240,000		242,700
BE Aerospace, Inc.:
6.875%, 10/1/2020			275,000		290,125
8.5%, 7/1/2018			830,000		919,225
Belden, Inc.:
7.0%, 3/15/2017			185,000		191,013
9.25%, 6/15/2019			425,000		475,469
Boart Longyear Management Pty, Ltd., 144A, 7.0%, 4/1/2021			270,000		281,138
Bombardier, Inc., 144A, 7.75%, 3/15/2020 (c)			2,055,000		2,322,150
Briggs & Stratton Corp., 6.875%, 12/15/2020			275,000		290,125
Casella Waste Systems, Inc., 144A, 7.75%, 2/15/2019			585,000		592,312
Cenveo Corp.:
8.875%, 2/1/2018			1,005,000		1,020,075
144A, 10.5%, 8/15/2016			240,000		241,800
CHC Helicopter SA, 144A, 9.25%, 10/15/2020			645,000		625,650
Clean Harbors, Inc., 7.625%, 8/15/2016			203,000		216,703
Congoleum Corp., 9.0%, 12/31/2017 (PIK)			130,350		92,549
Corrections Corp. of America, 7.75%, 6/1/2017			625,000		684,375
Delta Air Lines, Inc., 144A, 9.5%, 9/15/2014			117,000		126,068
Deluxe Corp., 144A, 7.0%, 3/15/2019			250,000		251,250
DynCorp International, Inc., 144A, 10.375%, 7/1/2017			635,000		673,100
Esterline Technologies Corp., 7.0%, 8/1/2020			400,000		426,000
Florida East Coast Railway Corp., 144A, 8.125%, 2/1/2017			155,000		161,588
FTI Consulting, Inc., 144A, 6.75%, 10/1/2020			1,095,000		1,116,900
Garda World Security Corp., 144A, 9.75%, 3/15/2017			235,000		251,450
H&E Equipment Services, Inc., 8.375%, 7/15/2016			845,000		887,250
Heckler & Koch GmbH, 144A, 9.5%, 5/15/2018	EUR		420,000		568,156
Huntington Ingalls Industries, Inc.:
144A, 6.875%, 3/15/2018			250,000		260,625
144A, 7.125%, 3/15/2021			85,000		88,719
Interline Brands, Inc., 7.0%, 11/15/2018			395,000		404,381
K. Hovnanian Enterprises, Inc., 10.625%, 10/15/2016			255,000		256,275
Kansas City Southern de Mexico SA de CV:
144A, 6.125%, 6/15/2021			305,000		306,525
8.0%, 2/1/2018			850,000		941,375
Kansas City Southern Railway Co., 8.0%, 6/1/2015			455,000		494,812
Meritor, Inc.:
8.125%, 9/15/2015			205,000		215,250
10.625%, 3/15/2018			225,000		255,375
Navios Maritime Holdings, Inc., 144A, 8.125%, 2/15/2019			530,000		530,000
Navios South American Logisitcs, Inc., 144A, 9.25%, 4/15/2019			205,000		209,100
Nortek, Inc., 144A, 8.5%, 4/15/2021			510,000		486,412
Oshkosh Corp.:
8.25%, 3/1/2017			95,000		103,550
8.5%, 3/1/2020			185,000		203,500
Owens Corning, Inc., 9.0%, 6/15/2019			455,000		544,843
Ply Gem Industries, Inc.:
144A, 8.25%, 2/15/2018			190,000		187,625
13.125%, 7/15/2014			355,000		386,950
RailAmerica, Inc., 9.25%, 7/1/2017			264,000		292,380
RBS Global & Rexnord Corp.:
8.5%, 5/1/2018			885,000		960,225
11.75%, 8/1/2016 (c)			130,000		138,775
Rearden G Holdings EINS GmbH, 144A, 7.875%, 3/30/2020			170,000		186,354
Sitel LLC, 11.5%, 4/1/2018			350,000		329,875
Spirit AeroSystems, Inc.:
6.75%, 12/15/2020			330,000		336,600
7.5%, 10/1/2017			230,000		247,250
SPX Corp., 144A, 6.875%, 9/1/2017			250,000		267,500
The Geo Group, Inc., 7.75%, 10/15/2017			795,000		852,637
Titan International, Inc., 144A, 7.875%, 10/1/2017			1,230,000		1,322,250
TransDigm, Inc., 144A, 7.75%, 12/15/2018			500,000		531,250
Triumph Group, Inc.:
8.0%, 11/15/2017			80,000		85,700
8.625%, 7/15/2018			565,000		625,031
Tutor Perini Corp., 144A, 7.625%, 11/1/2018			435,000		432,281
United Rentals North America, Inc.:
9.25%, 12/15/2019			1,215,000		1,360,800
10.875%, 6/15/2016			590,000		676,287
USG Corp., 144A, 9.75%, 8/1/2014			200,000		215,000
					30,108,252
Information Technology 6.0%
Alcatel-Lucent USA, Inc., 6.45%, 3/15/2029			455,000		417,462
Allen Systems Group, Inc., 144A, 10.5%, 11/15/2016			140,000		144,200
Amkor Technology, Inc.:
144A, 6.625%, 6/1/2021			105,000		105,000
7.375%, 5/1/2018			460,000		479,550
Aspect Software, Inc., 10.625%, 5/15/2017			460,000		496,800
Avaya, Inc., 144A, 7.0%, 4/1/2019			1,150,000		1,124,125
CDW LLC:
144A, 8.5%, 4/1/2019			415,000		421,225
11.0%, 10/12/2015			36,000		38,700
CommScope, Inc., 144A, 8.25%, 1/15/2019			665,000		696,587
eAccess Ltd., 144A, 8.25%, 4/1/2018			235,000		237,644
Equinix, Inc., 8.125%, 3/1/2018			1,100,000		1,188,000
Fidelity National Information Services, Inc.:
7.625%, 7/15/2017			135,000		148,500
7.875%, 7/15/2020			175,000		192,938
First Data Corp.:
144A, 7.375%, 6/15/2019			245,000		249,288
144A, 8.25%, 1/15/2021			935,000		932,662
144A, 8.875%, 8/15/2020			635,000		688,975
Freescale Semiconductor, Inc., 144A, 9.25%, 4/15/2018			1,755,000		1,956,825
InterXion Holding NV, 144A, 9.5%, 2/12/2017	EUR		280,000		451,302
Jabil Circuit, Inc.:
5.625%, 12/15/2020			400,000		399,500
7.75%, 7/15/2016			135,000		152,888
MasTec, Inc., 7.625%, 2/1/2017			430,000		438,600
MEMC Electronic Materials, Inc., 144A, 7.75%, 4/1/2019			330,000		338,250
Sanmina-SCI Corp., 144A, 7.0%, 5/15/2019			175,000		170,406
Seagate HDD Cayman, 144A, 7.0%, 11/1/2021			415,000		421,225
Sensata Technologies BV, 144A, 6.5%, 5/15/2019			420,000		424,725
SunGard Data Systems, Inc.:
7.375%, 11/15/2018			185,000		188,700
10.25%, 8/15/2015			1,395,000		1,450,800
10.625%, 5/15/2015			400,000		437,000
Unisys Corp., 144A, 12.75%, 10/15/2014			185,000		218,531
Vangent, Inc., 9.625%, 2/15/2015			160,000		161,600
					14,772,008
Materials 15.6%
Aleris International, Inc., 144A, 7.625%, 2/15/2018			155,000		161,394
APERAM:
144A, 7.375%, 4/1/2016			305,000		316,056
144A, 7.75%, 4/1/2018			365,000		376,863
Appleton Papers, Inc., 11.25%, 12/15/2015			106,000		108,385
Ashland, Inc., 9.125%, 6/1/2017			415,000		473,100
Ball Corp.:
7.125%, 9/1/2016			1,420,000		1,554,900
7.375%, 9/1/2019			170,000		184,875
Berry Plastics Corp.:
5.028%**, 2/15/2015			1,965,000		1,945,350
8.25%, 11/15/2015			745,000		799,012
9.5%, 5/15/2018			235,000		239,113
9.75%, 1/15/2021			305,000		305,381
Boise Paper Holdings LLC, 8.0%, 4/1/2020			215,000		232,200
BWAY Parent Co., Inc., 144A, 10.125%, 11/1/2015 (PIK)			158,382		165,905
Calcipar SA, 144A, 6.875%, 5/1/2018			350,000		362,250
Celanese US Holdings LLC:
5.875%, 6/15/2021			235,000		240,288
6.625%, 10/15/2018			260,000		273,975
China Lumena New Materials Corp., 144A, 12.0%, 10/27/2014			635,000		658,812
Clearwater Paper Corp., 144A, 7.125%, 11/1/2018			515,000		535,600
Clondalkin Acquisition BV, 144A, 2.31%**, 12/15/2013			1,795,000		1,741,150
Compass Minerals International, Inc., 8.0%, 6/1/2019			325,000		359,125
Crown Americas LLC:
144A, 6.25%, 2/1/2021			70,000		72,538
7.625%, 5/15/2017			1,590,000		1,745,025
Crown European Holdings SA, 144A, 7.125%, 8/15/2018	EUR		250,000		375,965
Domtar Corp., 10.75%, 6/1/2017			300,000		385,500
Essar Steel Algoma, Inc., 144A, 9.375%, 3/15/2015			1,770,000		1,789,912
Exopack Holding Corp., 144A, 10.0%, 6/1/2018			335,000		335,000
FMG Resources (August 2006) Pty Ltd., 144A, 7.0%, 11/1/2015			180,000		187,200
GEO Specialty Chemicals, Inc.:
144A, 7.5%, 3/31/2015 (PIK)			428,424		394,150
10.0%, 3/31/2015			421,120		416,909
Georgia-Pacific LLC, 144A, 5.4%, 11/1/2020			1,665,000		1,730,911
Graham Packaging Co., LP, 8.25%, 10/1/2018			190,000		207,100
Graphic Packaging International, Inc.:
7.875%, 10/1/2018			90,000		98,100
9.5%, 6/15/2017			765,000		852,975
Greif, Inc., 7.75%, 8/1/2019			870,000		957,000
Hexcel Corp., 6.75%, 2/1/2015			405,000		413,606
Huntsman International LLC:
8.625%, 3/15/2020			455,000		508,462
8.625%, 3/15/2021			185,000		206,969
Ineos Finance PLC:
144A, 9.0%, 5/15/2015			195,000		211,331
144A, 9.25%, 5/15/2015	EUR		75,000		116,297
JMC Steel Group, 144A, 8.25%, 3/15/2018			240,000		247,800
Koppers, Inc., 7.875%, 12/1/2019			490,000		531,650
Longview Fibre Paper & Packaging, Inc, 144A, 8.0%, 6/1/2016			245,000		248,675
Lyondell Chemical Co., 144A, 8.0%, 11/1/2017			614,000		690,750
Momentive Performance Materials, Inc.:
144A, 9.0%, 1/15/2021			670,000		716,900
144A, 9.5%, 1/15/2021	EUR		255,000		387,154
Nalco Co., 144A, 6.625%, 1/15/2019			330,000		342,788
NewMarket Corp., 7.125%, 12/15/2016			495,000		516,037
Novelis, Inc.:
8.375%, 12/15/2017			1,070,000		1,166,300
8.75%, 12/15/2020			685,000		756,925
OI European Group BV, 144A, 6.75%, 9/15/2020	EUR		255,000		375,227
Owens-Brockway Glass Container, Inc., 7.375%, 5/15/2016			2,030,000		2,243,150
Packaging Dynamics Corp., 144A, 8.75%, 2/1/2016			370,000		387,112
Phibro Animal Health Corp., 144A, 9.25%, 7/1/2018			50,000		53,875
Polymer Group, Inc., 144A, 7.75%, 2/1/2019			415,000		427,450
Radnor Holdings Corp., 11.0%, 3/15/2010*			90,000		9
Rain CII Carbon LLC, 144A, 8.0%, 12/1/2018			370,000		396,825
Sealed Air Corp., 7.875%, 6/15/2017			2,360,000		2,659,390
Silgan Holdings, Inc., 7.25%, 8/15/2016			845,000		904,150
Solo Cup Co., 10.5%, 11/1/2013			1,270,000		1,323,975
Styrolution GmbH, 144A, 7.625%, 5/15/2016	EUR		145,000		208,669
Texas Industries, Inc., 9.25%, 8/15/2020			305,000		322,919
United States Steel Corp., 7.375%, 4/1/2020			595,000		623,262
Verso Paper Holdings LLC, 144A, 8.75%, 2/1/2019			90,000		90,000
Viskase Companies, Inc., 144A, 9.875%, 1/15/2018			545,000		571,569
Wolverine Tube, Inc., 15.0%, 3/31/2012 (PIK)*			328,799		158,646
					38,389,891
Telecommunication Services 15.9%
Buccaneer Merger Sub, Inc., 144A, 9.125%, 1/15/2019			90,000		96,413
CC Holdings GS V LLC, 144A, 7.75%, 5/1/2017			1,015,000		1,115,231
Cincinnati Bell, Inc.:
8.25%, 10/15/2017			1,680,000		1,711,500
8.375%, 10/15/2020			1,360,000		1,377,000
8.75%, 3/15/2018			1,185,000		1,143,525
Clearwire Communications LLC:
144A, 12.0%, 12/1/2015			70,000		76,563
144A, 12.0%, 12/1/2017 (c)			300,000		327,375
Cricket Communications, Inc.:
7.75%, 5/15/2016			1,825,000		1,939,062
7.75%, 10/15/2020 (c)			2,415,000		2,390,850
10.0%, 7/15/2015			495,000		538,931
Crown Castle International Corp.:
7.125%, 11/1/2019			325,000		346,125
9.0%, 1/15/2015			560,000		621,600
Digicel Group Ltd., 144A, 10.5%, 4/15/2018			320,000		361,600
Digicel Ltd., 144A, 8.25%, 9/1/2017			2,015,000		2,115,750
ERC Ireland Preferred Equity Ltd., 144A, 8.42%**, 2/15/2017 (PIK)	EUR		263,548		6,166
Frontier Communications Corp.:
6.25%, 1/15/2013			224,000		235,760
7.875%, 4/15/2015			85,000		92,438
8.25%, 4/15/2017			500,000		548,750
8.5%, 4/15/2020			665,000		729,006
8.75%, 4/15/2022			85,000		92,969
Hughes Network Systems LLC, 9.5%, 4/15/2014			1,215,000		1,251,450
Intelsat Jackson Holdings SA:
144A, 7.25%, 10/15/2020			920,000		922,300
144A, 7.5%, 4/1/2021			1,220,000		1,235,250
8.5%, 11/1/2019			835,000		893,450
11.25%, 6/15/2016			455,000		482,300
Intelsat Luxembourg SA:
11.25%, 2/4/2017			1,365,000		1,474,200
11.5%, 2/4/2017 (PIK)			2,325,468		2,520,226
144A, 11.5%, 2/4/2017 (PIK)			630,000		682,762
iPCS, Inc., 2.398%**, 5/1/2013			115,000		111,406
MetroPCS Wireless, Inc.:
6.625%, 11/15/2020			810,000		807,975
7.875%, 9/1/2018			580,000		624,225
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013			1,990,000		2,007,412
Pacnet Ltd., 144A, 9.25%, 11/9/2015			200,000		201,000
Qwest Communications International, Inc.:
7.125%, 4/1/2018			3,380,000		3,663,075
8.0%, 10/1/2015			360,000		394,200
Qwest Corp., 8.375%, 5/1/2016			90,000		106,875
SBA Telecommunications, Inc.:
8.0%, 8/15/2016			115,000		124,919
8.25%, 8/15/2019			150,000		165,188
Sprint Nextel Corp., 8.375%, 8/15/2017			870,000		980,925
Telesat Canada, 11.0%, 11/1/2015			1,150,000		1,267,875
West Corp.:
144A, 7.875%, 1/15/2019			190,000		193,563
144A, 8.625%, 10/1/2018			50,000		52,688
Windstream Corp.:
7.0%, 3/15/2019			340,000		351,050
7.5%, 4/1/2023			465,000		478,950
7.75%, 10/15/2020			250,000		268,750
7.875%, 11/1/2017			1,155,000		1,263,281
8.125%, 9/1/2018			535,000		583,819
					38,975,728
Utilities 4.4%
AES Corp.:
8.0%, 10/15/2017			255,000		275,719
8.0%, 6/1/2020			375,000		405,937
Calpine Corp.:
144A, 7.5%, 2/15/2021			640,000		665,600
144A, 7.875%, 7/31/2020			745,000		789,700
Centrais Eletricas Brasileiras SA, 144A, 6.875%, 7/30/2019			2,545,000		2,875,850
Edison Mission Energy, 7.0%, 5/15/2017			1,105,000		914,387
Energy Future Holdings Corp., Series Q, 6.5%, 11/15/2024			805,000		426,650
Ferrellgas LP, 144A, 6.5%, 5/1/2021			160,000		159,400
Florida Gas Transmission Co., 144A, 7.9%, 5/15/2019			785,000		975,193
IPALCO Enterprises, Inc.:
144A, 5.0%, 5/1/2018			975,000		982,312
144A, 7.25%, 4/1/2016			185,000		207,663
NRG Energy, Inc.:
7.375%, 1/15/2017			1,145,000		1,207,975
144A, 7.625%, 1/15/2018			285,000		287,850
8.25%, 9/1/2020			285,000		292,125
Suburban Propane Partners LP, 7.375%, 3/15/2020			120,000		128,400
Texas Competitive Electric Holdings Co., LLC, Series A, 10.25%, 11/1/2015			195,000		124,313
					10,719,074
Total Corporate Bonds (Cost $264,656,578)					278,785,811
Commercial Mortgage-Backed Security 0.4%
Citigroup Commercial Mortgage Trust, "AMP3", Series 2006-C5, 144A, 5.501%**, 10/15/2049 (Cost $1,003,493)			1,061,897		959,369
Government & Agency Obligations 9.7%
Other Government Related (d) 0.3%
Pemex Project Funding Master Trust, 5.75%, 3/1/2018			770,000		836,117
Sovereign Bonds 9.4%
Democratic Socialist Republic of Sri Lanka, 144A, 7.4%, 1/22/2015			565,000		617,969
Federative Republic of Brazil, 12.5%, 1/5/2016	BRL		2,070,000		1,538,314
Republic of Argentina-Inflation Linked Bond, 5.83%, 12/31/2033	ARS		788		261
Republic of El Salvador, 144A, 7.65%, 6/15/2035			1,235,000		1,274,520
Republic of Ghana, 144A, 8.5%, 10/4/2017			175,000		195,563
Republic of Lithuania:
144A, 5.125%, 9/14/2017			1,395,000		1,442,376
144A, 7.375%, 2/11/2020			1,450,000		1,696,847
Republic of Panama, 9.375%, 1/16/2023			2,610,000		3,543,075
Republic of Poland, 6.375%, 7/15/2019			2,550,000		2,906,538
Republic of South Africa, 6.875%, 5/27/2019			185,000		220,612
Republic of Uruguay:
7.875%, 1/15/2033 (PIK)			685,000		852,825
9.25%, 5/17/2017			1,825,000		2,388,012
Republic of Venezuela, 9.25%, 9/15/2027			1,090,000		773,900
Russian Federation:
144A, 5.0%, 4/29/2020			1,345,000		1,371,093
REG S, 7.5%, 3/31/2030			3,551,452		4,184,072
					23,005,977
Total Government & Agency Obligations (Cost $21,438,937)					23,842,094
Loan Participations and Assignments 7.7%
Senior Loans** 6.3%
Buffets, Inc., Letter of Credit, First Lien, 7.557%, 4/22/2015			46,772		37,651
Charter Communications Operating LLC, Term Loan, 7.25%, 3/6/2014			26,594		26,713
Chrysler Group LLC, Term Loan, 4.98%, 6/2/2017			100,000		99,585
Clear Channel Communications, Inc., Term Loan B, 3.841%, 1/28/2016			848,342		745,481
Del Monte Foods Co., Term Loan, 4.5%, 3/8/2018			1,470,000		1,471,830
Dunkin' Brands, Inc., Term Loan B, 4.25%, 11/23/2017			518,700		520,225
Hawker Beechcraft Acquisition Co., LLC:
Term Loan, 2.191%, 3/26/2014			1,251,920		1,102,366
Letter of Credit, 2.307%, 3/26/2014			77,416		68,168
Kabel Deutschland GmbH, Term Loan, 8.712%, 11/19/2014 (PIK)	EUR		1,736,539		2,507,992
PETCO Animal Supplies, Inc., Term Loan, 4.5%, 11/24/2017			594,000		594,140
Roundy's Supermarkets, Inc., Second Lien Term Loan, 10.0%, 4/18/2016			495,000		501,393
Syniverse Technologies, Inc., Term Loan B, 5.25%, 12/21/2017			369,075		372,382
Telesat Canada:
Term Loan I, 3.2%, 10/31/2014			1,392,005		1,389,137
Term Loan II, 3.2%, 10/31/2014			119,569		119,323
Tomkins LLC, Term Loan B, 4.25%, 9/29/2016			4,822,359		4,842,565
TowerCo Finance LLC, Term Loan B, 5.25%, 2/2/2017			500,000		503,957
Tribune Co., Term Loan B, LIBOR plus 3.0%, 6/4/2014*			404,875		276,580
VML US Finance LLC:
Delayed Draw Term Loan B, 4.7%, 5/25/2012			112,431		112,564
Term Loan B, 4.7%, 5/27/2013			194,647		194,879
					15,486,931
Sovereign Loans 1.4%
BOM Capital PLC, 144A, 6.699%, 3/11/2015			1,385,000		1,465,261
JSC VTB Bank, 144A, 6.315%, 2/22/2018			985,000		1,021,564
VIP Finance Ireland Ltd.:
144A, 6.493%, 2/2/2016			200,000		208,318
144A, 7.748%, 2/2/2021			565,000		596,996
					3,292,139
Total Loan Participations and Assignments (Cost $18,593,285)					18,779,070
Convertible Bonds 0.2%
Consumer Discretionary
Group 1 Automotive, Inc., 144A, 3.0%, 3/15/2020			235,000		282,881
Sonic Automotive, Inc., 5.0%, 10/1/2029			100,000		124,000
Total Convertible Bonds (Cost $335,250)					406,881
Preferred Securities 0.7%
Financials 0.5%
Citigroup Capital XXI, 8.3%, 12/21/2057			1,235,000		1,268,962
Materials 0.2%
Hercules, Inc., 6.5%, 6/30/2029			675,000		580,500
Total Preferred Securities (Cost $1,679,629)					1,849,462

	Units		Value ($)
Other Investments 0.0%
Consumer Discretionary
AOT Bedding Super Holdings LLC* (Cost $15,000)		15		15,000

	Shares		Value ($)
Common Stocks 0.0%
Consumer Discretionary 0.0%
Buffets Restaurants Holdings, Inc.*		8,911		35,644
Dex One Corp.*		2,638		6,174
SuperMedia, Inc.*		493		2,140
Trump Entertainment Resorts, Inc.*		32		583
Vertis Holdings, Inc.		294		5,216
				49,757
Industrials 0.0%
Congoleum Corp.*		395,000		0
Quad Graphics, Inc.		317		13,111
				13,111
Materials 0.0%
GEO Specialty Chemicals, Inc.*		7,125		6,056
GEO Specialty Chemicals, Inc. 144A*		649		552
				6,608
Total Common Stocks (Cost $1,525,539)				69,476
Preferred Stock 0.2%
Financials
Ally Financial, Inc., Series G, 144A, 7.0% (Cost $378,187)		415		400,903
Warrants 0.0%
Consumer Discretionary 0.0%
Reader's Digest Association, Inc., Expiration Date 2/19/2014*		589		18
Materials 0.0%
Hercules Trust II, Expiration Date 3/31/2029*		400		2,336
Total Warrants (Cost $87,876)				2,354
Securities Lending Collateral 2.9%
Daily Assets Fund Institutional, 0.14% (e) (f) (Cost $7,041,862)		7,041,862		7,041,862
Cash Equivalents 2.8%
Central Cash Management Fund, 0.13% (e) (Cost $6,876,766)		6,876,766		6,876,766

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $323,632,402)+		138.3			339,029,048
Other Assets and Liabilities, Net		(0.8	)		(1,836,995	)
Notes Payable		(37.5	)		(92,000,000	)
Net Assets		100.0			245,192,053

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

Securities	Coupon			Maturity Date	Principal Amount ($)			Acquisition Cost ($)		Value ($)
CanWest LP*		9.25	%	8/1/2015		205,000	USD		205,000		34,850
Fontainebleau Las Vegas Holdings LLC*		11.0	%	6/15/2015		290,000	USD		292,813		145
Hellas Telecommunications Finance SCA*		8.985	%	7/15/2015		278,431	EUR		79,885		240
Radnor Holdings Corp.*		11.0	%	3/15/2010		90,000	USD		79,463		9
Tribune Co.*	LIBOR plus 3.0%			6/4/2014		404,875	USD		404,622		276,580
Tropicana Entertainment LLC*		9.625	%	12/15/2014		730,000	USD		547,250		365
Wolverine Tube, Inc.*		15.0	%	3/31/2012		328,799	USD		328,955		158,646
									1,937,988		470,835

* Non-income producing security. In the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.

** These securities are shown at their current rate as of May 31, 2011. Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.

+The cost for federal income tax purposes was $324,364,257. At May 31, 2011, net unrealized appreciation for all securities based on tax cost was $14,664,791. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $19,390,230 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $4,725,439.

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

(b) When-issued security.

(c) All or a portion of these securities were on loan (see Notes to Financial Statements). The value of all securities loaned at May 31, 2011 amounted to $6,804,060, which is 2.8% of net assets.

(d) Government-backed debt issued by financial companies or government sponsored enterprises.

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

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

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

LIBOR: London Interbank Offered Rate

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

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

REIT: Real Estate Investment Trust

At May 31, 2011, open credit default swap contracts sold were as follows:

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 9/20/2013		1,285,000	1		5.0	%	Ford Motor Co., 6.5%, 8/1/2018, B+		120,750		(6,395	)		127,145
6/21/2010 9/20/2015		1,555,000	2		5.0	%	Ford Motor Co., 6.5%, 8/1/2018, B+		176,716		(35,560	)		212,276
Total unrealized appreciation														339,421

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

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

Counterparties:

1The Goldman Sachs & Co.

2Bank of America

As of May 31, 2011, the Fund had the following open forward foreign currency exchange contracts:

Contracts to Deliver		In Exchange For		Settlement Date	Unrealized Depreciation ($)			Counterparty
EUR	6,868,000	USD	9,790,163	6/15/2011		(89,897	)	JPMorgan Chase Securities, Inc.

Currency Abbreviations

ARS Argentine Peso

BRL Brazilian Real

EUR Euro

USD United States Dollar

For information on the Fund's policy and additional disclosures regarding credit default swap contracts and forward foreign currency exchange 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of May 31, 2011 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	$	—	$	277,564,666		$	1,221,145	$	278,785,811
Commercial Mortgage-Backed Security		—		959,369			—		959,369
Government & Agency Obligations		—		23,842,094			—		23,842,094
Loan Participations and Assignments		—		18,779,070			—		18,779,070
Convertible Bonds		—		406,881			—		406,881
Preferred Securities		—		1,849,462			—		1,849,462
Other Investments		—		—			15,000		15,000
Common Stocks (i)		57,069		—			12,407		69,476
Preferred Stock		—		400,903			—		400,903
Warrants (i)		—		—			2,354		2,354
Short-Term Investments (i)		13,918,628		—			—		13,918,628
Derivatives (j)		—		339,421			—		339,421
Total	$	13,975,697	$	324,141,866		$	1,250,906	$	339,368,469
Liabilities
Derivatives (j)	$	—	$	(89,897	)	$	—	$	(89,897	)
Total	$	—	$	(89,897	)	$	—	$	(89,897	)

There have been no transfers between Level 1 and Level 2 fair value measurements during the six months ended May 31, 2011.

(i) See Investment Portfolio for additional detailed categorizations.

(j) Derivatives include unrealized appreciation (depreciation) on open credit default swap contracts and open forward foreign currency exchange contracts.

Level 3 Reconciliation

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

	Corporate Bonds			Other Investments		Common Stocks
Balance as of November 30, 2010	$	1,228,821		$	15,000	$	7,191
Realized gain (loss)		(1,179,691	)		—		—
Change in unrealized appreciation (depreciation)		1,253,538			0		2,508
Amortization premium/discount		8,339			—		—
Net purchases (sales)		—			—		2,708
Transfers into Level 3		—			—		—
Transfers (out) of Level 3		(89,862	) (k)		—		—
Balance as of May 31, 2011	$	1,221,145		$	15,000	$	12,407
Net change in unrealized appreciation (depreciation) from investments still held at May 31, 2011	$	79,396		$	0	$	2,508

	Preferred Stock			Warrants			Total
Balance as of November 30, 2010	$	89,287		$	3,810		$	1,344,109
Realized gain (loss)		—			—			(1,179,691	)
Change in unrealized appreciation (depreciation)		—			(1,456	)		1,254,590
Amortization premium/discount		—			—			8,339
Net purchases (sales)		—			—			2,708
Transfers into Level 3		—			—			—
Transfers (out) of Level 3		(89,287	) (k)		—			(179,149	)
Balance as of Balance as of May 31, 2011	$	—		$	2,354		$	1,250,906
Net change in unrealized appreciation (depreciation) from investments still held at May 31, 2011	$	—		$	(1,456	)	$	80,448

Transfer between price levels are recognized at the beginning of the reporting period.

(k) The investment was transferred from Level 3 to Level 2 as a result of the availability of a pricing source supported by observable inputs.

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

Statement of Assets and Liabilities

as of May 31, 2011 (Unaudited)
Assets
Investments: Investments in non-affiliated securities, at value (cost $309,713,774) — including $6,804,060 of securities loaned	$	325,110,420
Investment in Daily Assets Fund Institutional (cost $7,041,862)*		7,041,862
Investment in Central Cash Management Fund (cost $6,876,766)		6,876,766
Total investments in securities, at value (cost $323,632,402)		339,029,048
Cash		821,552
Foreign currency, at value (cost $41,592)		47,021
Receivable for investments sold		647,182
Interest receivable		5,923,951
Unrealized appreciation on swap contracts		339,421
Foreign taxes recoverable		23,331
Other assets		74,376
Total assets		346,905,882
Liabilities
Payable upon return of securities loaned		7,041,862
Payable for investments purchased		733,533
Payable for investments purchased — when-issued securities		1,400,836
Notes payable		92,000,000
Unrealized depreciation on forward foreign currency exchange contracts		89,897
Interest on notes payable		60,989
Upfront payments received on closed swap contracts		41,955
Accrued management fee		180,716
Other accrued expenses and payables		164,041
Total liabilities		101,713,829
Net assets, at value	$	245,192,053

* Represents collateral on securities loaned.

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

Statement of Assets and Liabilities as of May 31, 2011 (Unaudited) (continued)
Net Assets Consist of:
Undistributed net investment income		6,209,573
Net unrealized appreciation (depreciation) on: Investments		15,396,646
Swap contracts		339,421
Foreign currency		(78,550	)
Accumulated net realized gain (loss)		(22,297,230	)
Paid-in capital		245,622,193
Net assets, at value	$	245,192,053
Net Asset Value
Net Asset Value per share ($245,192,053 ÷ 24,305,781 outstanding shares of beneficial interest, $.01 par value, unlimited shares authorized)	$	10.09

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

Statement of Operations

for the six months ended May 31, 2011 (Unaudited)
Investment Income
Income: Interest	$	12,850,533
Income distributions — Central Cash Management Fund		5,241
Dividends		14,667
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates		10,548
Total income		12,880,989
Expenses: Management fee		1,028,133
Services to shareholders		23,911
Custodian fee		25,840
Professional fees		48,839
Trustees' fees and expenses		5,574
Reports to shareholders		61,078
Interest expense		506,126
Stock exchange listing fees		12,558
Other		32,531
Total expenses		1,744,590
Net investment income (loss)		11,136,399
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments		3,886,637
Swap contracts		26,163
Foreign currency		(459,387	)
		3,453,413
Change in net unrealized appreciation (depreciation) on: Investments		4,899,915
Swap contracts		74,789
Foreign currency		(328,943	)
		4,645,761
Net gain (loss)		8,099,174
Net increase (decrease) in net assets resulting from operations	$	19,235,573

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

Statement of Cash Flows

for the six months ended May 31, 2011 (Unaudited)
Increase (Decrease) in Cash: Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations	$	19,235,573
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		(116,628,551	)
Net purchases, sales and maturities of short-term investments		4,375,158
Net amortization/accretion of premium (discount)		(217,225	)
Proceeds from sales and maturities of long-term investments		111,108,433
(Increase) decrease in interest receivable		37,680
(Increase) decrease in upfront payments paid on swap contracts		10,753
(Increase) decrease in other assets		(2,946	)
(Increase) decrease in receivable for investments sold		1,307,673
Increase (decrease) in interest on notes payable		(15,571	)
Increase (decrease) in payable for investments and when-issued securities purchased		653,920
Increase (decrease) in net payable for closed swap contracts		(5,203	)
Increase (decrease) in accrued expenses and payables		12,294
Change in net unrealized (appreciation) depreciation on investments		(4,899,915	)
Change in net unrealized (appreciation) depreciation on swap contracts		(74,789	)
Change in net unrealized (appreciation) depreciation on forward foreign currency exchange contracts		344,981
Net realized (gain) loss from investments		(3,886,637	)
Cash provided (used) by operating activities		11,355,628
Cash Flows from Financing Activities
Distributions paid (net of reinvestment of distributions)		(10,684,487	)
Cash provided (used) by financing activities		(10,684,487	)
Increase (decrease) in cash		671,141
Cash at beginning of period (including foreign currency)		197,432
Cash at end of period (including foreign currency)	$	868,573
Supplemental Disclosure
Reinvestment of distributions	$	280,224
Interest paid on notes	$	(521,697	)

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, 2011 (Unaudited)			Year Ended November 30, 2010
Operations: Net investment income	$	11,136,399		$	21,906,916
Net realized gain (loss)		3,453,413			10,813,259
Change in net unrealized appreciation (depreciation)		4,645,761			6,233,440
Net increase (decrease) in net assets resulting from operations		19,235,573			38,953,615
Distributions to shareholders from: Net investment income		(10,964,711	)		(20,620,259	)
Fund share transactions: Net proceeds from reinvestment of distributions		280,224			208,362
Net increase (decrease) in net assets from Fund share transactions		280,224			208,362
Increase (decrease) in net assets		8,551,086			18,541,718
Net assets at beginning of period		236,640,967			218,099,249
Net assets at end of period (including undistributed net investment income of $6,209,573 and $6,037,885, respectively)	$	245,192,053		$	236,640,967
Other Information
Shares outstanding at beginning of period		24,277,999			24,256,668
Shares issued to shareholders from reinvestment of distributions		27,782			21,331
Shares outstanding at end of period		24,305,781			24,277,999

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

Financial Highlights

				Years Ended November 30,
	Six Months Ended 5/31/11 (Unaudited)			2010			2009			2008			2007			2006
Selected Per Share Data
Net asset value, beginning of period	$	9.75		$	8.99		$	6.52		$	9.61		$	10.09		$	9.75
Income (loss) from investment operations: Net investment incomea		.46			.90			.76			.67			.68			.72
Net realized and unrealized gain (loss)		.33			.71			2.49			(2.98	)		(.38	)		.40
Total from investment operations		.79			1.61			3.25			(2.31	)		.30			1.12
Less distributions from: Net investment income		(.45	)		(.85	)		(.78	)		(.78	)		(.78	)		(.78	)
Rights offering costs		—			—			—			—			(.01	)b		—
Advisor reimbursement		—			—			—			—			.01			—
Net asset value, end of period	$	10.09		$	9.75		$	8.99		$	6.52		$	9.61		$	10.09
Market price, end of period	$	11.00		$	10.17		$	8.28		$	5.10		$	8.45		$	10.73
Total Return
Based on net asset value (%)c		8.32	**		18.71			54.34			(24.55	)d		3.12	b,d,f		11.87	d
Based on market price (%)c		13.10	**		34.58			81.73			(32.88	)		(14.74	)		14.28
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		245			237			218			158			233			208
Ratio of expenses before fee reductions (including interest expense) (%)		1.44	*		1.62			1.53			1.49			2.15			2.55
Ratio of expenses after fee reductions (including interest expense) (%)		1.44	*		1.62			1.53			1.48			2.14			2.54
Ratio of expenses after fee reductions (excluding interest expense) (%)		1.02	*		1.07			1.04			1.04			1.02			1.03
Ratio of net investment income (%)		9.21	*		9.57			9.69			7.56			6.85			7.28
Portfolio turnover rate (%)		34			78			113			35			53			79
Total debt outstanding end of period ($ thousands)		92,000			92,000			88,500			41,500			20,000			52,750
Asset coverage per $1,000 of debte		3,665			3,572			3,464			4,810			12,652			4,934

aBased on average shares outstanding during the period.

bDuring the period ending November 30, 2007, the Fund issued 3,647,934 shares in connection with a rights offering of the Fund's shares. Without the effect of the rights offering costs, total return based on net asset value would have been 0.10% higher.

cTotal 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.

dTotal return would have been lower had certain fees not been reduced.

eAsset coverage equals the total net assets plus borrowings of the Fund divided by the borrowings outstanding at period end.

fIncludes a non-recurring reimbursement from the Advisor for a fee previously charged to the Fund. Excluding this non-recurring reimbursement, total return would have been 0.09% lower.

*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.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Debt securities and senior loans are valued by independent pricing services approved by the Fund's Board. If the pricing services are unable to provide valuations, securities are valued at the most recent bid quotation or evaluated price, as applicable, obtained from one or more broker-dealers. 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 and other data, as well as broker quotes. 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 (US or foreign) or over-the-counter market on which they trade and are categorized as Level 1 securities. 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.

Money market instruments purchased with an original or remaining maturity of sixty days or less, maturing at par, are valued at amortized cost, which approximates value, and are categorized as Level 2. 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.

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 used 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 lends securities to certain financial institutions. The Fund retains beneficial ownership of the securities it has loaned and continues to receive interest and dividends paid by the issuer of 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. 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 US dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into US dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into US 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 US 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 of transaction it is required to segregate cash or other liquid assets at least equal to the amount 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. These fixed and 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 refinancings, and Sovereign Loans, which are debt instruments between a foreign sovereign entity and one or more financial institutions. 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 only with 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. All Loan Participations and Assignments 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.

At November 30, 2010, the Fund had a net tax basis capital loss carryforward of approximately $24,924,000, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until November 30, 2015 ($813,000), November 30, 2016 ($10,986,000) and November 30, 2017 ($13,125,000), the respective expiration dates, whichever occurs first.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Act") was enacted. Under the Act, net capital losses may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. 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. As a result of this ordering rule, pre-enactment capital loss carryforwards may expire unused, whereas under the previous rules these losses may have been utilized. This change is effective for fiscal years beginning after the date of enactment.

The Fund has reviewed the tax positions for the open tax years as of November 30, 2010 and has determined that no provision for income tax 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. Net investment income of the Fund, if any, is 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 timing and characterization of certain income and capital gains 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 foreign currency positions and cash position at the Fund's custodian bank at May 31, 2011.

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. All premiums and discounts are amortized/accreted for financial reporting purposes, with the exception of securities in default of principal.

B. Derivative Instruments

Credit Default Swap Contracts. A credit default swap is a contract between a buyer and a seller of protection against pre-defined credit events for the reference entity. For the six months ended May 31, 2011, the Fund bought or sold credit default swap contracts to gain exposure to an underlying issuer's credit quality characteristics without directly investing in that issuer, or to hedge portfolio credit risk. As a seller in the credit default swap contract, 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 US 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 contract 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 swap contracts in order to hedge against the risk of a credit event on debt securities, in which case the Fund functions as the counterparty referenced above. This involves the risk that the contract 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 contract 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 swap contracts sold by the Fund.

The value of the credit default swap is adjusted daily and the change in value, if any, is recorded daily as unrealized appreciation or depreciation in the Statement of Assets and Liabilities. 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. Under the terms of the credit default swap contracts, the Fund receives or makes quarterly 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 contract 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, 2011 is included in a table following the Fund's Investment Portfolio. For the six months ended May 31, 2011, the investment in credit default swap contracts purchased had a total notional value generally indicative of a range from $0 to approximately $555,000, and the investment in credit default swap contracts sold had a total notional value generally indicative of approximately $2,840,000.

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 US dollar may affect the US 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, 2011, 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, 2011 is included in a table following the Fund's Investment Portfolio. For the six months ended May 31, 2011, the investment in forward currency contracts short vs. US dollars had a total contract value generally indicative of a range from approximately $7,727,000 to $9,790,000.

The following tables summarize the value of the Fund's derivative instruments held as of May 31, 2011 and the related location in the accompanying Statement of Assets and Liabilities presented by the primary underlying risk exposure:

Asset Derivative	Swap Contracts
Credit Contracts (a)	$	339,421

The above derivative is located in the following Statement of Assets and Liabilities account:

(a) Unrealized appreciation on swap contracts

Liability Derivative	Forward Contracts
Foreign Exchange Contracts (a)	$	(89,897	)

The above derivative is located in the following Statement of Assets and Liabilities account:

(a) 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, 2011 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)	$	—		$	26,163	$	26,163
Foreign Exchange Contracts (b)		(217,177	)		—		(217,177	)
	$	(217,177	)	$	26,163	$	(191,014	)

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)	Forward Contracts			Swap Contracts		Total
Credit Contracts (a)	$	—		$	74,789	$	74,789
Foreign Exchange Contracts (b)		(344,981	)		—		(344,981	)
	$	(344,981	)	$	74,789	$	(270,192	)

Each of the above derivatives is located in the following Statement of Operations accounts:

(a) Change in net unrealized appreciation (depreciation) on swap contracts

(b) Change in net unrealized appreciation (depreciation) on foreign currency (Statement of Operations includes both forward currency contracts and foreign currency transactions)

C. Purchases and Sales of Securities

During the six months ended May 31, 2011, purchases and sales of investment securities (excluding short-term investments) aggregated $116,628,551 and $111,108,433, respectively.

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 Management Agreement. The Fund pays a monthly investment management fee of 1/12 of the annualized rate of 0.85% of the Fund's average weekly net assets.

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, 2011, the amount charged to the Fund by DISC aggregated $15,640, of which $10,785 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, 2011, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $8,304, of which $7,604 is unpaid.

Trustees' Fees and Expenses. The Fund paid each Trustee not affiliated with the Advisor retainer fees plus specified amounts for various committee services and for the Board 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 prices of their debt securities can be more vulnerable to bad economic news, or even the expectation of bad news, than investment-grade debt securities. 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

The Fund has entered into a revolving credit agreement with a commercial bank (the "Lender"), which allows the Fund to borrow against a secured line of credit in an aggregate amount up to $115,000,000 ($92,000,000 prior to June 23, 2011). The borrowings under the line of credit are secured by a pledge of the Fund's portfolio securities. The revolving credit agreement facility has a maturity date of June 21, 2012 subject to early termination discussed below. There is no assurance the facility will be renewed in 2012. The notes payable represent a secured loan of $92,000,000, which is the amount drawn on the facility at May 31, 2011. The note bears interest at the commercial paper rate plus program fees. A commitment fee on any unused portion of the credit line is charged to the Fund and is included with "interest expense" in the Statement of Operations. The loan amounts and rates are reset periodically under the revolving credit agreement.

At May 31, 2011, the Fund had a notes payable outstanding of $92,000,000. The weighted average outstanding daily balance of all loans during the six months ended May 31, 2011 was approximately $92,000,000, with a weighted average borrowing cost of 1.10%. The borrowings were valued at cost, which approximates fair value.

Draws on the line of credit are funded by the issuance of commercial paper. The Lender's obligation under the revolving credit agreement is supported by a Standby Purchase Agreement between the Lender and a commercial bank. The Lender's commitment under the revolving credit agreement is subject to early termination on the scheduled termination date of the Standby Purchase Agreement. The Standby Purchase Agreement had an initial term of 364 days, and is renewable for additional periods, which may be shorter than 364 days. As such, the revolving credit agreement may be terminated by the Lender upon ninety (90) days notice if the Standby Purchase Agreement is not renewed at any time, and is also subject to other customary termination events.

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 entirely 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 redeem or 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 under the terms of its credit agreement. Moreover, certain covenants contained in the credit agreement impose asset coverage or 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 Fund is authorized 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, 2011, the Fund did not repurchase shares.

Shareholder Meeting Results (Unaudited)

The Annual Meeting of Shareholders (the "Meeting") of DWS Multi-Market Income Trust (the "Fund") was held on June 3, 2011 at the offices of Deutsche Investment Management Americas Inc., 24th Floor, 345 Park Avenue, New York, New York 10154. At the close of business on April 8, 2011, the record date for the determination of shareholders entitled to vote at the Meeting, there were issued and outstanding 24,291,831 shares of beneficial interest, each share being entitled to one vote, constituting all of the Fund's outstanding voting securities. At the Meeting, the holders of 21,884,425 shares of beneficial interest were represented in person or by proxy, constituting a quorum. The following matter was voted upon by the shareholders (the resulting votes are presented below).

1. Election of Trustees — Class III

Number of Votes:
	For	Withheld
John W. Ballantine	21,305,934	578,492
Dawn-Marie Driscoll	21,349,124	535,302
Kenneth C. Froewiss	21,323,132	561,293
Rebecca W. Rimel	21,351,669	532,757

Dividend Reinvestment 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 www.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. If Shares are issued at a discount to the price at market on the Record Date, shareholders are treated for federal income tax purposes as having received a taxable distribution equal to the fair market value of the shares. In effect, the discount from market price is added to the amount of the distribution. Such amount is considered taxable income and is added to the cost basis of the issued Shares.

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 can be expected to 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.

Additional Information

Automated Information Line	DWS Investments Closed-End Fund Info Line (800) 349-4281
Web Site	www.dws-investments.com Obtain fact sheets, financial reports, press releases and webcasts when available.
Written Correspondence	Deutsche Investment Management Americas Inc. 345 Park Avenue New York, NY 10154
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 — www.dws-investments.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — www.sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 621-1048.
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 Lafayette Corporate Center 2 Avenue De Lafayette Boston, MA 02111
Independent Registered Public Accounting Firm	Ernst & Young LLP 200 Clarendon Street Boston, MA 02116
NYSE Symbol	KMM
CUSIP Number	23338L 108

Privacy Statement

FACTS	What Does DWS Investments 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 DWS Investments chooses to share and whether you can limit this sharing.

Reasons we can share your personal information	Does DWS Investments 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) 621-1048 or e-mail us at dws-investments.info@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 DWS Investments 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 DWS Investments 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 nonaffiliates 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. DWS Investments does not jointly market.

Rev. 09/2010

Notes

Notes

Notes

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

Period	(a)	(b)	(c)	(d)
	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	0	n/a	n/a	n/a
January 1 through January 31	0	n/a	n/a	n/a
February 1 through February 28	0	n/a	n/a	n/a
March 1 through March 31	0	n/a	n/a	n/a
April 1 through April 30	0	n/a	n/a	n/a
May 1 through May 31	0	n/a	n/a	n/a
Total	0	n/a	n/a	n/a
The Fund may from time to time repurchase shares in the open market.

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 Paul K. Freeman, Independent Chairman, DWS Funds, P.O. Box 101833, Denver, CO 80250-1833.
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)	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.

Form N-CSRS Item F

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	DWS Multi-Market Income Trust
By:	/s/W. Douglas Beck W. Douglas Beck President
Date:	July 27, 2011

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

By:	/s/W. Douglas Beck W. Douglas Beck President
Date:	July 27, 2011
By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer
Date:	July 27, 2011