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: (212) 250-3220

Paul Schubert

60 Wall Street

New York, NY 10005

 (Name and Address of Agent for Service)

Date of fiscal year end:	11/30
Date of reporting period:	5/31/2013

ITEM 1. REPORT TO STOCKHOLDERS

MAY 31, 2013

Semiannual Report

to Shareholders

DWS Multi-Market Income Trust

Ticker Symbol: KMM

Contents

4 Performance Summary

6 Portfolio Management

6 Portfolio Summary

8 Investment Portfolio

34 Statement of Assets and Liabilities

36 Statement of Operations

37 Statement of Cash Flows

38 Statement of Changes in Net Assets

39 Financial Highlights

41 Notes to Financial Statements

53 Dividend Reinvestment Plan

55 Additional Information

57 Privacy Statement

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

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

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

DWS Investments is part of the Deutsche Asset & Wealth Management division of Deutsche Bank AG.

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

Performance Summary May 31, 2013 (Unaudited)

Performance is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when sold, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please visit 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 5/31/13
DWS Multi-Market Income Trust	6-Month‡			1-Year			5-Year			10-Year
Based on Net Asset Value(a)		4.02	%		14.94	%		12.22	%		11.52	%
Based on Market Price(a)		3.33	%		10.06	%		14.70	%		11.40	%
Credit Suisse High Yield Index(b)		5.78	%		14.18	%		10.15	%		9.26	%
Morningstar Closed-End Multisector Bond Funds Category (based on Net Asset Value)(c)		6.04	%		18.51	%		11.58	%		9.05	%

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

(a) Total return based on net asset value reflects changes in the Fund's net asset value during each period. Total return based on market price reflects changes in market price. Each figure assumes that dividend and capital gain distributions, if any, were reinvested. These figures will differ depending upon the level of any discount from or premium to NAV at which the Fund's shares traded during the period. Expenses of the Fund include management fee, interest expense and other fund expenses. Total returns shown take into account these fees and expenses. The annualized expense ratio of the Fund for the six months ended May 31, 2013 was 1.68% (1.00% excluding interest expense).

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

(c) Morningstar's Closed-End Multisector Bond Funds category represents multisector-bond portfolios that seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds and high-yield U.S. debt securities. These portfolios typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds). Morningstar figures represent the average of the total returns based on net asset value reported by all of the closed-end funds designated by Morningstar, Inc. as falling into the Closed-End Multisector Bond Funds category. Category returns assume reinvestment of all distributions. It is not possible to invest directly in a Morningstar category.

Net Asset Value and Market Price
	As of 5/31/13		As of 11/30/12
Net Asset Value	$	10.26	$	10.29
Market Price	$	10.41	$	10.51

Prices and net asset value fluctuate and are not guaranteed.

Distribution Information
Six Months as of 5/31/13: Income Dividends	$	.46
May Income Dividend	$	.0700
Current Annualized Distribution Rate (based on Net Asset Value) as of 5/31/13†		8.19	%
Current Annualized Distribution Rate (based on Market Price) as of 5/31/13†		8.07	%

† Current annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value/market price on May 31, 2013. 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.

Portfolio Management

Gary Russell, CFA, Managing Director

Portfolio Manager of the fund. Joined the fund in 2006.

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

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

• Head of US High Yield Bonds: New York.

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

Portfolio Summary (Unaudited)

Investment Portfolio as of May 31, 2013 (Unaudited)

		Principal Amount ($)(a)			Value ($)
Corporate Bonds 101.8%
Consumer Discretionary 16.3%
AMC Entertainment, Inc., 8.75%, 6/1/2019			735,000			806,662
AMC Networks, Inc., 7.75%, 7/15/2021			130,000			147,225
APX Group, Inc., 144A, 6.375%, 12/1/2019			295,000			294,262
Arcelik AS, 144A, 5.0%, 4/3/2023			815,000			819,075
Asbury Automotive Group, Inc.:
7.625%, 3/15/2017			255,000			262,334
8.375%, 11/15/2020			300,000			336,000
Avis Budget Car Rental LLC:
144A, 5.5%, 4/1/2023			290,000			292,900
8.25%, 1/15/2019			365,000			397,394
BC Mountain LLC, 144A, 7.0%, 2/1/2021			280,000			296,800
Block Communications, Inc., 144A, 7.25%, 2/1/2020			580,000			629,300
Boyd Gaming Corp., 9.0%, 7/1/2020			215,000			231,663
Bresnan Broadband Holdings LLC, 144A, 8.0%, 12/15/2018			695,000			752,337
Cablevision Systems Corp., 8.0%, 4/15/2020			85,000			96,263
Caesar's Entertainment Operating Co., Inc.:
8.5%, 2/15/2020			575,000			547,687
11.25%, 6/1/2017			1,075,000			1,123,375
Carlson Wagonlit BV, 144A, 6.875%, 6/15/2019			320,000			336,800
CCO Holdings LLC:
5.25%, 9/30/2022			2,035,000			2,035,000
5.75%, 1/15/2024			365,000			368,650
6.625%, 1/31/2022			675,000			725,625
7.375%, 6/1/2020			85,000			94,881
8.125%, 4/30/2020			95,000			106,163
CDR DB Sub, Inc., 144A, 7.75%, 10/15/2020			165,000			172,013
Cequel Communications Holdings I LLC:
144A, 5.125%, 12/15/2021			355,000			348,344
144A, 6.375%, 9/15/2020			1,630,000			1,703,350
144A, 8.625%, 11/15/2017			1,601,000			1,708,267
Chester Downs & Marina LLC, 144A, 9.25%, 2/1/2020			110,000			106,700
Clear Channel Communications, Inc., 144A, 11.25%, 3/1/2021			195,000			211,088
Clear Channel Worldwide Holdings, Inc.:
Series A, 144A, 6.5%, 11/15/2022			355,000			372,750
Series B, 144A, 6.5%, 11/15/2022			525,000			553,875
Series A, 7.625%, 3/15/2020			85,000			89,888
Series B, 7.625%, 3/15/2020			865,000			919,062
Cogeco Cable, Inc., 144A, 4.875%, 5/1/2020			35,000			34,913
Columbus International, Inc., 144A, 11.5%, 11/20/2014			1,000,000			1,112,500
Crown Media Holdings, Inc., 10.5%, 7/15/2019			215,000			245,100
Cumulus Media Holdings, Inc., 7.75%, 5/1/2019			265,000			271,625
DISH DBS Corp.:
4.625%, 7/15/2017			1,160,000			1,160,000
144A, 5.0%, 5/15/2017			375,000			375,000
6.75%, 6/1/2021			110,000			116,325
7.125%, 2/1/2016			345,000			377,775
Fontainebleau Las Vegas Holdings LLC, 144A, 11.0%, 6/15/2015*			290,000			0
Griffey Intermediate, Inc., 144A, 7.0%, 10/15/2020			290,000			293,625
Harron Communications LP, 144A, 9.125%, 4/1/2020			605,000			673,062
Hertz Corp., 144A, 4.25%, 4/1/2018			2,160,000			2,219,400
Jo-Ann Stores Holdings, Inc., 144A, 9.75%, 10/15/2019 (PIK)			520,000			553,150
L Brands, Inc., 7.0%, 5/1/2020			230,000			268,237
Libbey Glass, Inc., 6.875%, 5/15/2020			171,000			185,108
Lions Gate Entertainment, Inc., 144A, 10.25%, 11/1/2016			390,000			420,712
LKQ Corp., 144A, 4.75%, 5/15/2023			430,000			428,925
MDC Partners, Inc., 144A, 6.75%, 4/1/2020			215,000			219,838
Mediacom Broadband LLC, 6.375%, 4/1/2023			610,000			634,400
Mediacom LLC:
7.25%, 2/15/2022			165,000			179,438
9.125%, 8/15/2019			530,000			585,650
MGM Resorts International:
6.625%, 12/15/2021			870,000			942,862
144A, 6.75%, 10/1/2020			125,000			136,250
7.625%, 1/15/2017			390,000			445,087
8.625%, 2/1/2019			1,285,000			1,519,512
10.0%, 11/1/2016			160,000			193,400
National CineMedia LLC:
6.0%, 4/15/2022			320,000			343,200
7.875%, 7/15/2021			360,000			403,200
Norcraft Companies LP, 10.5%, 12/15/2015			620,000			647,900
Palace Entertainment Holdings LLC, 144A, 8.875%, 4/15/2017			285,000			304,237
Petco Holdings, Inc., 144A, 8.5%, 10/15/2017 (PIK)			85,000			87,019
Quebecor Media, Inc., 5.75%, 1/15/2023			295,000			302,375
Regal Entertainment Group, 5.75%, 2/1/2025			70,000			69,825
Rent-A-Center, Inc., 144A, 4.75%, 5/1/2021			215,000			210,700
SACI Falabella, 144A, 3.75%, 4/30/2023			500,000			478,750
Seminole Hard Rock Entertainment, Inc., 144A, 5.875%, 5/15/2021			180,000			178,875
Seminole Indian Tribe of Florida:
144A, 7.75%, 10/1/2017			330,000			352,275
144A, 7.804%, 10/1/2020			455,000			493,675
SIWF Merger Sub, Inc., 144A, 6.25%, 6/1/2021 (b)			415,000			412,925
Starz LLC, 5.0%, 9/15/2019			230,000			233,450
Taylor Morrison Communities, Inc., 144A, 5.25%, 4/15/2021			360,000			364,500
Toys "R" Us-Delaware, Inc., 144A, 7.375%, 9/1/2016			260,000			268,125
UCI International, Inc., 8.625%, 2/15/2019			165,000			170,775
Unitymedia Hessen GmbH & Co., KG:
144A, 5.5%, 1/15/2023			1,320,000			1,346,400
144A, 7.5%, 3/15/2019			300,000			325,500
Unitymedia KabelBW GmbH, 144A, 9.625%, 12/1/2019	EUR		610,000			883,073
Univision Communications, Inc.:
144A, 6.875%, 5/15/2019			85,000			90,313
144A, 7.875%, 11/1/2020			185,000			202,575
144A, 8.5%, 5/15/2021			105,000			113,663
UPC Holding BV, 144A, 8.375%, 8/15/2020	EUR		715,000			1,023,275
Viking Cruises Ltd., 144A, 8.5%, 10/15/2022			295,000			331,875
Visant Corp., 10.0%, 10/1/2017			305,000			292,037
Visteon Corp., 6.75%, 4/15/2019			244,000			260,470
Yonkers Racing Corp., 144A, 11.375%, 7/15/2016			240,000			255,000
						40,923,614
Consumer Staples 3.5%
Ajecorp BV, 144A, 6.5%, 5/14/2022			850,000			918,000
Alliance One International, Inc., 10.0%, 7/15/2016			195,000			204,994
B&G Foods, Inc., 4.625%, 6/1/2021 (b)			340,000			339,150
Chiquita Brands International, Inc., 144A, 7.875%, 2/1/2021			130,000			139,750
Constellation Brands, Inc.:
3.75%, 5/1/2021			360,000			351,000
6.0%, 5/1/2022			150,000			168,375
Controladora Mabe SA de CV, 144A, 7.875%, 10/28/2019			1,000,000			1,142,500
Del Monte Corp., 7.625%, 2/15/2019			580,000			601,025
FAGE Dairy Industry SA, 144A, 9.875%, 2/1/2020			500,000			552,500
JBS U.S.A. LLC, 144A, 8.25%, 2/1/2020			240,000			263,400
MHP SA, 144A, 8.25%, 4/2/2020			1,300,000			1,282,651
NBTY, Inc., 9.0%, 10/1/2018			185,000			203,500
Pilgrim's Pride Corp., 7.875%, 12/15/2018			220,000			239,250
Smithfield Foods, Inc.:
6.625%, 8/15/2022			570,000			648,375
7.75%, 7/1/2017			590,000			685,875
Sun Products Corp., 144A, 7.75%, 3/15/2021			505,000			510,050
Tops Holding Corp., 144A, 8.875%, 12/15/2017			145,000			159,500
U.S. Foods, Inc., 8.5%, 6/30/2019			290,000			310,662
						8,720,557
Energy 15.3%
Access Midstream Partners LP:
4.875%, 5/15/2023			355,000			350,563
6.125%, 7/15/2022			500,000			535,000
Afren PLC, 144A, 10.25%, 4/8/2019			700,000			823,438
Arch Coal, Inc.:
7.0%, 6/15/2019			165,000			148,500
7.25%, 10/1/2020			150,000			134,250
Berry Petroleum Co.:
6.375%, 9/15/2022			285,000			295,688
6.75%, 11/1/2020			615,000			662,662
BreitBurn Energy Partners LP:
7.875%, 4/15/2022			285,000			309,225
8.625%, 10/15/2020			150,000			165,000
Chaparral Energy, Inc., 7.625%, 11/15/2022			255,000			275,400
Chesapeake Energy Corp., 7.25%, 12/15/2018			1,975,000			2,276,187
Chesapeake Oilfield Operating LLC, 144A, 6.625%, 11/15/2019			315,000			330,750
CITGO Petroleum Corp., 144A, 11.5%, 7/1/2017			375,000			423,750
Cloud Peak Energy Resources LLC, 8.5%, 12/15/2019			80,000			88,000
Continental Resources, Inc.:
144A, 4.5%, 4/15/2023			85,000			85,850
5.0%, 9/15/2022			255,000			263,925
7.125%, 4/1/2021			230,000			258,175
7.375%, 10/1/2020			245,000			276,238
Crestwood Midstream Partners LP, 7.75%, 4/1/2019			445,000			475,038
Crosstex Energy LP, 7.125%, 6/1/2022			155,000			165,850
Denbury Resources, Inc., 4.625%, 7/15/2023			695,000			672,412
Dresser-Rand Group, Inc., 6.5%, 5/1/2021			585,000			633,262
Eagle Rock Energy Partners LP, 8.375%, 6/1/2019			115,000			120,463
El Paso LLC, 7.25%, 6/1/2018			405,000			470,228
EP Energy LLC:
6.875%, 5/1/2019			520,000			561,600
7.75%, 9/1/2022			125,000			139,375
9.375%, 5/1/2020			120,000			136,050
EPE Holdings LLC, 144A, 8.125%, 12/15/2017 (PIK)			635,000			677,862
EV Energy Partners LP, 8.0%, 4/15/2019			1,280,000			1,315,200
Frontier Oil Corp., 6.875%, 11/15/2018			270,000			292,950
Global Geophysical Services, Inc., 10.5%, 5/1/2017			330,000			295,350
Halcon Resources Corp.:
8.875%, 5/15/2021			565,000			574,888
9.75%, 7/15/2020			230,000			238,913
Holly Energy Partners LP:
6.5%, 3/1/2020			165,000			175,313
8.25%, 3/15/2018			410,000			441,775
HollyFrontier Corp., 9.875%, 6/15/2017			620,000			651,744
KazMunayGas National Co. JSC, 144A, 5.75%, 4/30/2043			200,000			191,000
Kodiak Oil & Gas Corp., 144A, 5.5%, 1/15/2021			350,000			363,125
Linn Energy LLC:
144A, 6.25%, 11/1/2019			855,000			861,412
6.5%, 5/15/2019			1,775,000			1,806,062
MEG Energy Corp.:
144A, 6.375%, 1/30/2023			1,175,000			1,204,375
144A, 6.5%, 3/15/2021			325,000			336,375
Memorial Production Partners LP, 144A, 7.625%, 5/1/2021			505,000			507,525
Midstates Petroleum Co., Inc.:
144A, 9.25%, 6/1/2021			670,000			666,650
144A, 10.75%, 10/1/2020			165,000			176,550
Murray Energy Corp., 144A, 8.625%, 6/15/2021			70,000			72,100
Newfield Exploration Co., 5.75%, 1/30/2022			305,000			326,350
Northern Oil & Gas, Inc., 8.0%, 6/1/2020			875,000			910,000
Oasis Petroleum, Inc.:
6.5%, 11/1/2021			240,000			259,200
6.875%, 1/15/2023			175,000			190,750
7.25%, 2/1/2019			750,000			808,125
Odebrecht Drilling Norbe VIII/IX Ltd., 144A, 6.35%, 6/30/2021			1,900,000			2,048,200
Offshore Group Investment Ltd.:
144A, 7.125%, 4/1/2023			580,000			598,850
7.5%, 11/1/2019			420,000			453,600
Pacific Drilling SA, 144A, 5.375%, 6/1/2020 (b)			340,000			336,600
Plains Exploration & Production Co.:
6.125%, 6/15/2019			345,000			378,638
6.75%, 2/1/2022			760,000			849,300
6.875%, 2/15/2023			740,000			837,125
Quicksilver Resources, Inc., 11.75%, 1/1/2016			565,000			598,900
Range Resources Corp., 144A, 5.0%, 3/15/2023			140,000			141,400
Regency Energy Partners LP, 144A, 4.5%, 11/1/2023			145,000			143,550
Reliance Holdings U.S.A., Inc., 144A, 5.4%, 2/14/2022			1,250,000			1,366,775
Sabine Pass Liquefaction LLC:
144A, 5.625%, 2/1/2021			980,000			983,675
144A, 5.625%, 4/15/2023			220,000			220,000
Sabine Pass LNG LP, 7.5%, 11/30/2016			145,000			161,675
SandRidge Energy, Inc., 7.5%, 3/15/2021			720,000			741,600
SESI LLC:
6.375%, 5/1/2019			335,000			361,800
7.125%, 12/15/2021			1,050,000			1,178,625
Swift Energy Co., 7.875%, 3/1/2022			410,000			428,450
Talos Production LLC, 144A, 9.75%, 2/15/2018			545,000			545,000
Tesoro Corp., 5.375%, 10/1/2022			215,000			225,750
Venoco, Inc., 8.875%, 2/15/2019			410,000			410,000
WPX Energy, Inc., 5.25%, 1/15/2017			955,000			1,014,687
						38,444,673
Financials 16.9%
Abengoa Finance SAU, 144A, 8.875%, 11/1/2017			130,000			124,800
AerCap Aviation Solutions BV, 6.375%, 5/30/2017			1,040,000			1,125,800
Akbank TAS, 144A, 5.125%, 7/22/2015			480,000			504,000
Ally Financial, Inc.:
6.25%, 12/1/2017			740,000			814,406
8.0%, 3/15/2020			870,000			1,035,300
Alphabet Holding Co., Inc., 144A, 7.75%, 11/1/2017 (PIK)			145,000			149,713
Altice Financing SA, 144A, 7.875%, 12/15/2019			335,000			370,594
AmeriGas Finance LLC:
6.75%, 5/20/2020			165,000			179,850
7.0%, 5/20/2022			165,000			179,025
Antero Resources Finance Corp., 7.25%, 8/1/2019			415,000			448,200
Ashtead Capital, Inc., 144A, 6.5%, 7/15/2022			455,000			491,400
Ashton Woods U.S.A. LLC, 144A, 6.875%, 2/15/2021			465,000			481,856
AWAS Aviation Capital Ltd., 144A, 7.0%, 10/17/2016			604,200			632,899
Banco Bradesco SA, 144A, 5.75%, 3/1/2022			1,420,000			1,490,290
Banco Santander Brasil SA, 144A, 8.0%, 3/18/2016	BRL		1,000,000			462,695
BOE Merger Corp., 144A, 9.5%, 11/1/2017 (PIK)			295,000			307,538
Braskem America Finance Co., 144A, 7.125%, 7/22/2041			1,000,000			1,010,000
Caesar's Operating Escrow LLC, 144A, 9.0%, 2/15/2020			365,000			351,313
Case New Holland, Inc., 7.875%, 12/1/2017			830,000			975,250
CIT Group, Inc., 4.25%, 8/15/2017			1,850,000			1,905,500
CNH Capital LLC, 144A, 3.625%, 4/15/2018			575,000			579,312
E*TRADE Financial Corp.:
6.0%, 11/15/2017			1,927,000			2,008,897
6.375%, 11/15/2019			1,002,000			1,052,100
6.75%, 6/1/2016			520,000			556,400
Fibria Overseas Finance Ltd., 144A, 6.75%, 3/3/2021			160,000			175,200
Ford Motor Credit Co., LLC, 5.875%, 8/2/2021			430,000			489,798
Fresenius Medical Care U.S. Finance II, Inc.:
144A, 5.625%, 7/31/2019			330,000			362,175
144A, 5.875%, 1/31/2022			285,000			319,200
Fresenius Medical Care U.S. Finance, Inc.:
144A, 5.75%, 2/15/2021			255,000			283,688
144A, 6.5%, 9/15/2018			170,000			193,800
General Motors Financial Co., Inc., 144A, 3.25%, 5/15/2018			145,000			143,731
Hellas Telecommunications Finance SCA, 144A, 8.21%**, 7/15/2015 (PIK)*	EUR		278,431			0
Hexion U.S. Finance Corp.:
6.625%, 4/15/2020			145,000			150,800
8.875%, 2/1/2018			595,000			621,031
International Lease Finance Corp.:
3.875%, 4/15/2018			1,060,000			1,061,325
4.625%, 4/15/2021			500,000			496,250
6.25%, 5/15/2019			465,000			508,012
8.625%, 1/15/2022			460,000			573,850
Kinder Morgan Finance Co., LLC, 144A, 6.0%, 1/15/2018			610,000			673,409
Level 3 Financing, Inc.:
7.0%, 6/1/2020			550,000			573,375
8.125%, 7/1/2019			290,000			313,925
8.625%, 7/15/2020			240,000			264,000
Metalloinvest Finance Ltd., 144A, 6.5%, 7/21/2016			1,000,000			1,053,750
MPT Operating Partnership LP:
(REIT), 6.375%, 2/15/2022			270,000			295,650
(REIT), 6.875%, 5/1/2021			415,000			458,575
National Money Mart Co., 10.375%, 12/15/2016			450,000			482,062
Neuberger Berman Group LLC:
144A, 5.625%, 3/15/2020			245,000			259,700
144A, 5.875%, 3/15/2022			405,000			431,325
Nielsen Finance LLC, 144A, 4.5%, 10/1/2020			70,000			70,175
NII Capital Corp., 7.625%, 4/1/2021			220,000			183,150
Odebrecht Finance Ltd., 144A, 7.125%, 6/26/2042			1,000,000			1,070,000
Qtel International Finance Ltd., 144A, 3.25%, 2/21/2023			1,000,000			951,250
Reynolds Group Issuer, Inc.:
5.75%, 10/15/2020			575,000			583,625
6.875%, 2/15/2021			760,000			811,300
7.125%, 4/15/2019			2,230,000			2,374,950
8.25%, 2/15/2021			155,000			158,100
8.5%, 5/15/2018			100,000			105,000
9.875%, 8/15/2019			100,000			109,000
Schaeffler Finance BV:
144A, 4.75%, 5/15/2021			390,000			383,175
144A, 7.75%, 2/15/2017			610,000			686,250
Serta Simmons Holdings LLC, 144A, 8.125%, 10/1/2020			165,000			174,488
Sky Growth Acquisition Corp., 144A, 7.375%, 10/15/2020			250,000			265,625
Toys "R" Us Property Co. I, LLC, 10.75%, 7/15/2017			360,000			381,600
Tronox Finance LLC, 144A, 6.375%, 8/15/2020			365,000			358,613
Turkiye Halk Bankasi AS, 144A, 4.875%, 7/19/2017			1,000,000			1,046,870
U.S. Coatings Acquisition, Inc., 144A, 7.375%, 5/1/2021			175,000			184,625
UPCB Finance III Ltd., 144A, 6.625%, 7/1/2020			2,115,000			2,252,475
UPCB Finance V Ltd., 144A, 7.25%, 11/15/2021			320,000			352,800
UPCB Finance VI Ltd., 144A, 6.875%, 1/15/2022			330,000			356,400
Vale Overseas Ltd., 6.875%, 11/10/2039			1,200,000			1,292,414
Wind Acquisition Finance SA:
144A, 6.5%, 4/30/2020			290,000			297,975
144A, 7.25%, 2/15/2018			365,000			380,513
WMG Acquisition Corp., 144A, 6.0%, 1/15/2021			131,000			138,205
						42,390,347
Health Care 6.6%
Aviv Healthcare Properties LP, 7.75%, 2/15/2019			730,000			797,525
Biomet, Inc.:
144A, 6.5%, 8/1/2020			500,000			526,250
144A, 6.5%, 10/1/2020			145,000			146,813
Community Health Systems, Inc.:
5.125%, 8/15/2018			2,405,000			2,507,212
7.125%, 7/15/2020			2,715,000			2,979,712
HCA Holdings, Inc., 7.75%, 5/15/2021			805,000			889,525
HCA, Inc.:
5.875%, 3/15/2022			415,000			455,463
6.5%, 2/15/2020			2,865,000			3,230,287
7.5%, 2/15/2022			1,245,000			1,450,425
Hologic, Inc., 6.25%, 8/1/2020			300,000			320,625
IMS Health, Inc., 144A, 6.0%, 11/1/2020			365,000			385,988
Physio-Control International, Inc., 144A, 9.875%, 1/15/2019			240,000			271,200
STHI Holding Corp., 144A, 8.0%, 3/15/2018			240,000			261,600
Tenet Healthcare Corp.:
144A, 4.375%, 10/1/2021			550,000			533,500
144A, 4.5%, 4/1/2021			70,000			68,775
6.25%, 11/1/2018			1,550,000			1,716,625
						16,541,525
Industrials 8.7%
Accuride Corp., 9.5%, 8/1/2018			235,000			244,988
Aguila 3 SA, 144A, 7.875%, 1/31/2018			685,000			737,231
Air Lease Corp.:
4.75%, 3/1/2020			415,000			421,225
6.125%, 4/1/2017			685,000			738,087
BE Aerospace, Inc., 6.875%, 10/1/2020			235,000			257,912
Belden, Inc., 144A, 5.5%, 9/1/2022			505,000			518,887
Bombardier, Inc.:
144A, 5.75%, 3/15/2022			650,000			676,000
144A, 7.75%, 3/15/2020			1,700,000			1,989,000
Casella Waste Systems, Inc., 7.75%, 2/15/2019			785,000			753,600
Clean Harbors, Inc., 5.125%, 6/1/2021			375,000			386,250
DigitalGlobe, Inc., 144A, 5.25%, 2/1/2021			210,000			211,575
Ducommun, Inc., 9.75%, 7/15/2018			250,000			277,500
DynCorp International, Inc., 10.375%, 7/1/2017			635,000			650,875
Ferreycorp SAA, 144A, 4.875%, 4/26/2020			1,300,000			1,288,950
Florida East Coast Railway Corp., 8.125%, 2/1/2017			155,000			165,075
FTI Consulting, Inc.:
144A, 6.0%, 11/15/2022			295,000			311,962
6.75%, 10/1/2020			1,095,000			1,171,650
Garda World Security Corp., 144A, 9.75%, 3/15/2017			235,000			252,038
GenCorp, Inc., 144A, 7.125%, 3/15/2021			1,040,000			1,112,800
Georgian Railway JSC, 144A, 7.75%, 7/11/2022			1,800,000			2,088,000
Grupo KUO SAB de CV, 144A, 6.25%, 12/4/2022			400,000			422,000
Huntington Ingalls Industries, Inc., 7.125%, 3/15/2021			85,000			93,288
Interline Brands, Inc., 7.5%, 11/15/2018			395,000			422,650
Iron Mountain, Inc., 5.75%, 8/15/2024			350,000			354,375
Kenan Advantage Group, Inc., 144A, 8.375%, 12/15/2018			575,000			615,250
Meritor, Inc.:
6.75%, 6/15/2021			260,000			256,750
10.625%, 3/15/2018			225,000			246,656
Navios Maritime Holdings, Inc.:
8.125%, 2/15/2019			290,000			282,025
8.875%, 11/1/2017			175,000			184,188
Navios South American Logistics, Inc.:
144A, 9.25%, 4/15/2019			40,000			43,500
9.25%, 4/15/2019			205,000			222,938
Nortek, Inc., 8.5%, 4/15/2021			315,000			344,925
Ply Gem Industries, Inc., 9.375%, 4/15/2017			72,000			78,480
Rexel SA, 144A, 5.25%, 6/15/2020			390,000			397,800
Spirit AeroSystems, Inc., 6.75%, 12/15/2020			330,000			353,100
Titan International, Inc.:
7.875%, 10/1/2017			685,000			732,950
144A, 7.875%, 10/1/2017			190,000			203,300
TransDigm, Inc., 7.75%, 12/15/2018			500,000			545,625
U.S. Airways Group, Inc., 6.125%, 6/1/2018			340,000			331,075
United Rentals North America, Inc.:
6.125%, 6/15/2023			35,000			36,663
7.375%, 5/15/2020			455,000			499,362
7.625%, 4/15/2022			455,000			503,912
Watco Companies LLC, 144A, 6.375%, 4/1/2023			220,000			231,550
Welltec A/S, 144A, 8.0%, 2/1/2019			200,000			216,000
						21,871,967
Information Technology 3.5%
Alliance Data Systems Corp., 144A, 5.25%, 12/1/2017			370,000			387,575
CDW LLC, 8.5%, 4/1/2019			625,000			691,406
CyrusOne LP, 144A, 6.375%, 11/15/2022			145,000			154,788
eAccess Ltd., 144A, 8.25%, 4/1/2018			235,000			260,263
EarthLink, Inc., 144A, 7.375%, 6/1/2020			345,000			339,825
Equinix, Inc.:
4.875%, 4/1/2020			375,000			381,562
5.375%, 4/1/2023			995,000			1,027,337
7.0%, 7/15/2021			335,000			372,688
First Data Corp.:
144A, 6.75%, 11/1/2020			1,010,000			1,055,450
144A, 7.375%, 6/15/2019			365,000			385,075
144A, 8.875%, 8/15/2020			635,000			701,675
144A, 10.625%, 6/15/2021			290,000			291,450
144A, 11.25%, 1/15/2021			190,000			194,275
Hughes Satellite Systems Corp.:
6.5%, 6/15/2019			700,000			764,750
7.625%, 6/15/2021			335,000			374,362
IAC/InterActiveCorp., 144A, 4.75%, 12/15/2022			285,000			280,013
Jabil Circuit, Inc., 5.625%, 12/15/2020			400,000			431,000
NXP BV, 144A, 3.75%, 6/1/2018			540,000			531,900
VeriSign, Inc., 144A, 4.625%, 5/1/2023			285,000			286,425
						8,911,819
Materials 10.0%
APERAM:
144A, 7.375%, 4/1/2016			150,000			151,125
144A, 7.75%, 4/1/2018			155,000			154,225
Axiall Corp., 144A, 4.875%, 5/15/2023			85,000			85,425
Berry Plastics Corp.:
9.5%, 5/15/2018			235,000			257,325
9.75%, 1/15/2021			305,000			352,275
Bluescope Steel Ltd., 144A, 7.125%, 5/1/2018			215,000			223,063
BOE Intermediate Holding Corp., 144A, 9.0%, 11/1/2017 (PIK)			430,000			423,550
Cemex SAB de CV, 144A, 9.5%, 6/15/2018			1,300,000			1,452,750
Clearwater Paper Corp., 7.125%, 11/1/2018			515,000			557,487
Compass Minerals International, Inc., 8.0%, 6/1/2019			325,000			352,625
Crown Americas LLC, 6.25%, 2/1/2021			70,000			76,475
Eagle Spinco, Inc., 144A, 4.625%, 2/15/2021			175,000			176,313
Essar Steel Algoma, Inc.:
144A, 9.375%, 3/15/2015			1,620,000			1,506,600
144A, 9.875%, 6/15/2015			150,000			115,500
Exopack Holding Corp., 10.0%, 6/1/2018			335,000			350,913
FMG Resources (August 2006) Pty Ltd.:
144A, 6.0%, 4/1/2017			490,000			496,125
144A, 6.875%, 4/1/2022			350,000			353,500
144A, 7.0%, 11/1/2015			515,000			530,450
144A, 8.25%, 11/1/2019			410,000			432,550
Greif, Inc., 7.75%, 8/1/2019			870,000			1,026,600
Huntsman International LLC:
4.875%, 11/15/2020			330,000			333,300
8.625%, 3/15/2020			455,000			502,775
8.625%, 3/15/2021			185,000	��		206,738
IAMGOLD Corp., 144A, 6.75%, 10/1/2020			435,000			398,025
Inmet Mining Corp.:
144A, 7.5%, 6/1/2021			810,000			824,175
144A, 8.75%, 6/1/2020			475,000			511,812
Inversiones CMPC SA, 144A, 4.375%, 5/15/2023			500,000			490,696
Kaiser Aluminum Corp., 8.25%, 6/1/2020			395,000			445,362
KGHM International Ltd., 144A, 7.75%, 6/15/2019			900,000			940,500
Novelis, Inc., 8.75%, 12/15/2020			1,820,000			2,033,850
OI European Group BV, 144A, 6.75%, 9/15/2020	EUR		255,000			383,704
Packaging Dynamics Corp., 144A, 8.75%, 2/1/2016			370,000			387,113
Perstorp Holding AB, 144A, 8.75%, 5/15/2017			400,000			413,000
Polymer Group, Inc., 7.75%, 2/1/2019			415,000			447,162
PolyOne Corp., 144A, 5.25%, 3/15/2023			820,000			842,550
Polyus Gold International Ltd., 144A, 5.625%, 4/29/2020			1,800,000			1,836,000
Rain CII Carbon LLC:
144A, 8.0%, 12/1/2018			370,000			392,200
144A, 8.25%, 1/15/2021			225,000			240,750
Samarco Mineracao SA, 144A, 4.125%, 11/1/2022			1,200,000			1,131,000
Sealed Air Corp., 144A, 5.25%, 4/1/2023			70,000			70,700
Turkiye Sise ve Cam Fabrikalari AS, 144A, 4.25%, 5/9/2020			1,000,000			981,250
Viskase Companies, Inc., 144A, 9.875%, 1/15/2018			545,000			581,787
Volcan Cia Minera SAA, 144A, 5.375%, 2/2/2022			1,565,000			1,596,300
Wolverine Tube, Inc., 6.0%, 6/28/2014 (PIK)			14,673			14,673
						25,080,298
Telecommunication Services 15.5%
Altice Finco SA, 144A, 9.875%, 12/15/2020			335,000			380,225
CenturyLink, Inc., Series V, 5.625%, 4/1/2020			145,000			149,894
Cincinnati Bell, Inc.:
8.375%, 10/15/2020			1,360,000			1,445,000
8.75%, 3/15/2018			1,185,000			1,214,625
Colombia Telecomunicaciones SA ESP, 144A, 5.375%, 9/27/2022			1,500,000			1,473,750
CPI International, Inc., 8.0%, 2/15/2018			180,000			190,350
Cricket Communications, Inc., 7.75%, 10/15/2020			2,140,000			2,134,650
Crown Castle International Corp., 7.125%, 11/1/2019			325,000			352,625
Digicel Group Ltd.:
144A, 8.25%, 9/30/2020			625,000			665,625
144A, 10.5%, 4/15/2018			320,000			347,488
Digicel Ltd.:
144A, 7.0%, 2/15/2020			200,000			207,500
144A, 8.25%, 9/1/2017			2,015,000			2,095,600
ERC Ireland Preferred Equity Ltd., 144A, 7.69%**, 2/15/2017 (PIK)*	EUR		281,038			0
Frontier Communications Corp.:
7.125%, 1/15/2023			1,925,000			2,011,625
7.625%, 4/15/2024			155,000			162,362
8.25%, 4/15/2017			441,000			513,765
8.5%, 4/15/2020			665,000			761,425
8.75%, 4/15/2022			85,000			95,838
Intelsat Jackson Holdings SA:
144A, 5.5%, 8/1/2023 (b)			870,000			852,600
144A, 6.625%, 12/15/2022 (b)			340,000			354,025
7.25%, 10/15/2020			1,625,000			1,763,125
7.5%, 4/1/2021			1,605,000			1,763,494
8.5%, 11/1/2019			835,000			916,412
Intelsat Luxembourg SA:
144A, 7.75%, 6/1/2021			945,000			993,431
144A, 8.125%, 6/1/2023			145,000			155,150
11.25%, 2/4/2017			820,000			867,560
Level 3 Communications, Inc., 8.875%, 6/1/2019			45,000			48,825
Lynx I Corp., 144A, 5.375%, 4/15/2021			200,000			208,000
MetroPCS Wireless, Inc.:
6.625%, 11/15/2020			600,000			642,000
144A, 6.625%, 4/1/2023			360,000			380,700
7.875%, 9/1/2018			580,000			632,200
Millicom International Cellular SA, 144A, 4.75%, 5/22/2020			800,000			790,000
Pacnet Ltd., 144A, 9.25%, 11/9/2015			512,000			529,920
SBA Communications Corp., 144A, 5.625%, 10/1/2019			285,000			293,550
SBA Telecommunications, Inc., 8.25%, 8/15/2019			97,000			106,215
Sprint Nextel Corp.:
6.0%, 12/1/2016			2,950,000			3,186,000
6.0%, 11/15/2022			495,000			509,850
9.125%, 3/1/2017			235,000			274,950
Syniverse Holdings, Inc., 9.125%, 1/15/2019			90,000			98,325
Telemar Norte Leste SA, 144A, 5.5%, 10/23/2020			1,300,000			1,300,000
Telesat Canada, 144A, 6.0%, 5/15/2017			3,330,000			3,479,850
tw telecom holdings, Inc., 5.375%, 10/1/2022			400,000			414,000
Windstream Corp.:
6.375%, 8/1/2023			350,000			345,625
7.0%, 3/15/2019			340,000			346,800
7.5%, 6/1/2022			240,000			254,400
7.5%, 4/1/2023			590,000			619,500
7.75%, 10/15/2020			250,000			266,875
7.75%, 10/1/2021			490,000			526,750
7.875%, 11/1/2017			1,155,000			1,328,250
8.125%, 9/1/2018			535,000			580,475
						39,031,204
Utilities 5.5%
AES Corp.:
4.875%, 5/15/2023			145,000			142,463
8.0%, 10/15/2017			255,000			298,988
8.0%, 6/1/2020			375,000			450,000
Calpine Corp.:
144A, 7.5%, 2/15/2021			576,000			624,960
144A, 7.875%, 7/31/2020			639,000			702,900
Centrais Eletricas Brasileiras SA, 144A, 6.875%, 7/30/2019			2,545,000			2,844,035
DPL, Inc., 6.5%, 10/15/2016			1,885,000			2,031,087
Energy Future Holdings Corp., Series Q, 6.5%, 11/15/2024			400,000			292,000
Energy Future Intermediate Holding Co., LLC:
10.0%, 12/1/2020			100,000			113,875
11.0%, 10/1/2021			770,000			850,850
Instituto Costarricense de Electricidad, 144A, 6.95%, 11/10/2021			1,500,000			1,665,000
IPALCO Enterprises, Inc., 5.0%, 5/1/2018			662,392			712,072
Mexico Generadora de Energia S de rl, 144A, 5.5%, 12/6/2032			1,300,000			1,306,110
NRG Energy, Inc.:
7.625%, 1/15/2018			285,000			321,337
8.25%, 9/1/2020			90,000			100,913
Transportadora de Gas del Peru SA, 144A, 4.25%, 4/30/2028			1,400,000			1,326,500
						13,783,090
Total Corporate Bonds (Cost $246,432,013)						255,699,094
Government & Agency Obligations 16.7%
Sovereign Bonds
Dominican Republic, 144A, 7.5%, 5/6/2021			3,300,000			3,737,250
Federative Republic of Brazil, 12.5%, 1/5/2016	BRL		2,070,000			1,077,622
Mexican Bonos:
Series M, 7.75%, 5/29/2031	MXN		820,000			74,787
Series M 20, 8.5%, 5/31/2029	MXN		820,000			80,674
Republic of Argentina-Inflation Linked Bond, 5.83%, 12/31/2033	ARS		816			174
Republic of Belarus, REG S, 8.75%, 8/3/2015			1,500,000			1,560,000
Republic of Croatia:
144A, 6.25%, 4/27/2017			1,065,000			1,152,021
144A, 6.375%, 3/24/2021			3,560,000			3,887,413
Republic of El Salvador, 144A, 7.65%, 6/15/2035			1,235,000			1,321,450
Republic of Ghana, 144A, 8.5%, 10/4/2017			175,000			196,875
Republic of Hungary:
4.125%, 2/19/2018			1,640,000			1,634,260
5.375%, 2/21/2023			3,430,000			3,417,138
Republic of Lithuania, 144A, 7.375%, 2/11/2020			1,450,000			1,801,625
Republic of Panama, 9.375%, 1/16/2023			2,610,000			3,732,300
Republic of Poland, 5.125%, 4/21/2021			3,710,000			4,220,125
Republic of Serbia, 144A, 7.25%, 9/28/2021			1,740,000			1,929,660
Republic of South Africa, 6.875%, 5/27/2019			185,000			220,381
Republic of Venezuela, 9.25%, 9/15/2027			1,090,000			991,900
Russian Federation:
144A, 5.0%, 4/29/2020			8,005,000			8,905,562
REG S, 7.5%, 3/31/2030			1,561,315			1,896,998
Series 6207, 8.15%, 2/3/2027	RUB		2,000,000			66,550
Total Government & Agency Obligations (Cost $37,625,375)						41,904,765
Loan Participations and Assignments 24.4%
Senior Loans** 22.9%
Consumer Discretionary 8.3%
Buffets, Inc., Letter of Credit, First Lien, LIBOR plus, 9.25%, 4/22/2015*			36,046			16,852
Burger King Corp., Term Loan B, 3.75%, 9/27/2019			731,325			739,289
Caesars Entertainment Operating Co., Term Loan B6, 5.443%, 1/26/2018			122,153			109,508
Charter Communications Operating LLC, Term Loan E, 3.0%, 4/10/2020			2,345,000			2,336,945
Clear Channel Communications, Inc., Term Loan B, 3.844%, 1/29/2016			372,389			346,944
Cumulus Media Holdings, Inc., Second Lien Term Loan, 7.5%, 9/16/2019			495,000			514,387
Goodyear Tire & Rubber Co., Second Lien Term Loan, 4.75%, 4/30/2019			3,520,000			3,551,785
PETCO Animal Supplies, Inc., Term Loan, 4.0%, 11/24/2017			546,207			552,352
Pilot Travel Centers LLC:
Term Loan B, 3.75%, 3/30/2018			1,015,740			1,004,952
Term Loan B2, 4.25%, 8/7/2019			2,512,375			2,497,929
Seminole Tribe of Florida, Term Loan, 3.0%, 4/29/2020			3,940,000			3,952,805
Tomkins LLC:
First Lien Term Loan, 5.0%, 11/9/2018			643,388			651,163
Term Loan B2, 3.75%, 9/29/2016			4,044,961			4,082,903
Univision Communications, Inc., Term Loan, 4.5%, 3/2/2020			583,601			583,342
						20,941,156
Consumer Staples 2.8%
Albertson's LLC:
Term Loan, 5.75%, 3/21/2016			1,290,000			1,299,882
Term Loan B1, 4.25%, 3/21/2016			440,967			444,345
Term Loan B2, 4.75%, 3/21/2019			839,033			842,703
Del Monte Foods Co., Term Loan, 4.0%, 3/8/2018			1,405,853			1,415,265
HJ Heinz Co., Term Loan B2, 3.5%, 3/27/2020			2,570,000			2,596,445
Pinnacle Foods Finance LLC, Term Loan G, 3.25%, 4/29/2020			445,000			446,159
						7,044,799
Energy 3.5%
Chesapeake Energy Corp., Term Loan, 5.75%, 12/1/2017			1,340,000			1,377,989
MEG Energy Corp., Term Loan, 3.75%, 3/31/2020			2,340,000			2,359,012
NRG Energy, Inc., Term Loan B, 2.75%, 7/2/2018			1,472,273			1,465,662
Ruby Western Pipeline Holdings LLC, Term Loan B, 3.5%, 3/27/2020			295,000			297,213
Samson Investment Co., Second Lien Term Loan, 6.0%, 9/25/2018			2,000,000			2,018,120
Tallgrass Operations LLC, Term Loan, 5.25%, 11/13/2018			1,118,539			1,129,725
						8,647,721
Financials 0.9%
Calpine Construction Finance Co., LP, Term Loan 1, 3.0%, 4/24/2020			2,345,000			2,336,206
Health Care 1.1%
Par Pharmaceutical Companies, Inc., Term Loan B, 4.25%, 9/30/2019			1,213,908			1,219,364
Warner Chilcott Co., LLC, Term Loan B2, 4.25%, 3/15/2018			142,811			144,132
Warner Chilcott Corp.:
Incremental Term Loan B1, 4.3%, 3/15/2018			175,439			177,061
Term Loan B1, 4.25%, 3/15/2018			403,022			406,751
WC Luxco SARL, Term Loan B3, 4.25%, 3/15/2018			317,586			320,524
WP Prism, Inc., Term Loan, 6.25%, 5/31/2018			450,000			452,250
						2,720,082
Industrials 1.8%
Buffalo Gulf Coast Terminals LLC, Term Loan, 5.25%, 10/31/2017			771,125			786,547
Transdigm, Inc., Term Loan C, 3.75%, 2/28/2020			2,056,734			2,084,500
WP CPP Holdings LLC, First Lien Term Loan, 4.75%, 12/27/2019			1,561,088			1,566,942
						4,437,989
Information Technology 1.1%
First Data Corp., Term Loan, 4.193%, 3/24/2017			2,840,000			2,838,765
Telecommunication Services 3.4%
Crown Castle International Corp., Term Loan, 3.25%, 1/31/2019			4,408,071			4,430,133
DigitalGlobe, Inc., Term Loan B, 3.75%, 1/31/2020			55,000			55,440
Kabel Deutschland GmbH, Term Loan F1, 3.25%, 2/1/2019			3,990,000			3,998,978
						8,484,551
Sovereign Loans 1.5%
Financials 1.4%
Bank of Moscow, 144A, 6.699%, 3/11/2015			1,385,000			1,467,338
Sberbank of Russia, 144A, 5.125%, 10/29/2022			1,000,000			986,540
VTB Bank OJSC, 144A, 6.315%, 2/22/2018			985,000			1,067,937
						3,521,815
Materials 0.1%
Uralkali OJSC, 144A, 3.723%, 4/30/2018			200,000			194,000
Total Loan Participations and Assignments (Cost $60,727,944)						61,167,084
Convertible Bonds 0.4%
Consumer Discretionary 0.2%
Group 1 Automotive, Inc., 3.0%, 3/15/2020			235,000			421,678
Materials 0.2%
GEO Specialty Chemicals, Inc., 144A, 7.5%, 3/31/2015 (PIK)			428,424			663,543
Total Convertible Bonds (Cost $659,066)						1,085,221
Preferred Security 0.3%
Materials
Hercules, Inc., 6.5%, 6/30/2029 (Cost $449,395)			675,000			624,375

	Units		Value ($)
Other Investments 0.1%
Consumer Discretionary
AOT Bedding Super Holdings LLC* (c) (Cost $15,000)		45		156,492

	Shares		Value ($)
Common Stocks 0.0%
Consumer Discretionary 0.0%
Buffets Restaurants Holdings, Inc.*		323		1,938
Trump Entertainment Resorts, Inc.*		32		0
Vertis Holdings, Inc.*		294		0
				1,938
Industrials 0.0%
Congoleum Corp.*		7,900		0
Materials 0.0%
GEO Specialty Chemicals, Inc.*		7,125		4,236
GEO Specialty Chemicals, Inc. 144A*		649		386
Wolverine Tube, Inc.*		2,790		50,555
				55,177
Total Common Stocks (Cost $164,008)				57,115
Preferred Stock 0.2%
Financials
Ally Financial, Inc. 144A, 7.0% (Cost $563,169)		600		588,263
Warrants 0.0%
Consumer Discretionary 0.0%
Reader's Digest Association, Inc., Expiration Date 2/19/2014*		589		0
Materials 0.0%
GEO Specialty Chemicals, Inc., Expiration Date 3/31/2015*		39,514		23,199
Hercules Trust II, Expiration Date 3/31/2029*		400		5,972
				29,171
Total Warrants (Cost $87,876)				29,171

	Contracts		Value ($)
Call Options Purchased 0.0%
Options on Interest Rate Swap Contracts
Pay Fixed Rate — 3.583% - Receive Floating — LIBOR, Swap Expiration Date 5/11/2026, Option Expiration Date 5/9/2016		300,000		14,227
Pay Fixed Rate — 3.635% - Receive Floating — LIBOR, Swap Expiration Date 4/27/2026, Option Expiration Date 4/25/2016		900,000		40,534
Pay Fixed Rate — 3.72% - Receive Floating — LIBOR, Swap Expiration Date 4/22/2026, Option Expiration Date 4/20/2016		900,000		37,829
Total Call Options Purchased (Cost $103,005)				92,590

	Shares		Value ($)
Cash Equivalents 6.5%
Central Cash Management Fund, 0.07% (d) (Cost $16,362,639)		16,362,639		16,362,639

	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $363,189,490)†		150.4			377,766,809
Other Assets and Liabilities, Net		(4.6	)		(11,573,056	)
Notes Payable		(45.8	)		(115,000,000	)
Net Assets		100.0			251,193,753

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

Securities	Coupon			Maturity Date	Principal Amount		Cost ($)		Value ($)
Buffets, Inc.*	LIBOR plus 9.25%			4/22/2015	USD	36,046		35,155		16,852
ERC Ireland Preferred Equity Ltd.*		7.69	%	2/15/2017	EUR	281,038		382,577		0
Fontainebleau Las Vegas Holdings LLC*		11.0	%	6/15/2015	USD	290,000		292,813		0
Hellas Telecommunications Finance SCA*		8.21	%	7/15/2015	EUR	278,431		79,885		0
								790,430		16,852

* Non-income producing security.

** Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of May 31, 2013.

† The cost for federal income tax purposes was $363,814,440. At May 31, 2013, net unrealized appreciation for all securities based on tax cost was $13,952,369. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $17,249,132 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,296,763.

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

(b) When-issued security.

(c) The Fund may purchase securities that are subject to legal or contractual restrictions on resale ("restricted securities"). Restricted securities are securities which have not been registered with the Securities and Exchange Commission under the Securities Act of 1933. The Fund may be unable to sell a restricted security and it may be more difficult to determine a market value for a restricted security. Moreover, if adverse market conditions were to develop during the period between the Fund's decision to sell a restricted security and the point at which the Fund is permitted or able to sell such security, the Fund might obtain a price less favorable than the price that prevailed when it decided to sell. This investment practice, therefore, could have the effect of increasing the level of illiquidity of the Fund. The future value of these securities is uncertain and there may be changes in the estimated value of these securities.

Schedule of Restricted Securities	Acquisition Date	Cost ($)		Value ($)		Value as % of Net Assets
AOT Bedding Super Holdings LLC	June 2010		15,000		156,492		0.06

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

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

LIBOR: London Interbank Offered Rate

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

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

REIT: Real Estate Investment Trust

The Fund can invest in certain Senior Loan agreements that include the obligation to make additional loans in certain circumstances. The Fund reserves against such contingent obligations by segregating cash, liquid securities and liquid Senior Loans. At May 31, 2013, the Fund had an unfunded loan commitment of $520,000, which could be extended at the option of the borrower, pursuant to the following loan agreement:

Borrower	Unfunded Loan Commitment ($)		Value ($)		Unrealized Appreciation ($)
Tallgrass Operations LLC, Term Delay Draw, 11/13/2017		520,000		520,000		—

At May 31, 2013, open written options contracts were as follows:

Options on Interest Rate Swap Contracts
	Swap Effective/ Expiration Date	Contract Amount		Option Expiration Date	Premiums Received ($)		Value ($) (e)
Call Options Receive Fixed — 4.083% - Pay Floating — LIBOR	5/11/2016 5/11/2026		300,000	5/9/2016		10,200		(9,869	)
Receive Fixed — 4.135% - Pay Floating — LIBOR	4/27/2016 4/27/2026		900,000	4/25/2016		33,300		(27,944	)
Receive Fixed — 4.22% - Pay Floating — LIBOR	4/22/2016 4/22/2026		900,000	4/20/2016		32,085		(26,052	)
Total						75,585		(63,865	)

(e) Unrealized appreciation on written options on interest rate swap contracts at May 31, 2013 was $11,720.

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

Effective/ Expiration Date	Notional Amount ($) (f)			Fixed Cash Flows Received			Underlying Debt Obligation/ Quality Rating (g)	Value ($)		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, BBB-		32,161		(6,395	)		38,556
6/21/2010 9/20/2015		1,555,000	2		5.0	%	Ford Motor Co., 6.5%, 8/1/2018, BBB-		172,182		(35,560	)		207,742
12/20/2011 3/20/2017		565,000	3		5.0	%	CIT Group, Inc., 5.5%, 2/15/2019, BB-		82,039		18,113			63,926
9/20/2012 12/20/2017		720,000	4		5.0	%	General Motors Co., 3.3%, 12/20/2017, BB+		104,504		48,750			55,754
12/20/2012 12/20/2017		1,500,000	2		5.0	%	Markit Dow Jones CDX North America High Yield Index		104,248		29,897			74,351
Total unrealized appreciation														440,329

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

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

Counterparties:

1 The Goldman Sachs & Co.

2 Bank of America

3 Credit Suisse

4 UBS AG

At May 31, 2013, the Fund had the following open forward foreign currency exchange contracts:

Contracts to Deliver		In Exchange For		Settlement Date	Unrealized Depreciation ($)			Counterparty
EUR	1,789,623	USD	2,321,409	6/19/2013		(4,890	)	Citigroup, Inc.

Currency Abbreviations

ARS Argentine Peso

BRL Brazilian Real

EUR Euro

MXN Mexican Peso

RUB Russian Ruble

USD United States Dollar

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

Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The 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, 2013 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 (h)
Corporate Bonds	$	—	$	255,684,421		$	14,673	$	255,699,094
Government & Agency Obligations		—		41,904,765			—		41,904,765
Loan Participations and Assignments		—		61,167,084			—		61,167,084
Convertible Bonds		—		421,678			663,543		1,085,221
Preferred Securities		—		624,375			—		624,375
Other Investments		—		—			156,492		156,492
Common Stocks (h)		—		1,938			55,177		57,115
Preferred Stock		—		588,263			—		588,263
Warrants (h)		—		—			29,171		29,171
Short-Term Investments		16,362,639		—			—		16,362,639
Derivatives (i)
Purchased Options		—		92,590			—		92,590
Credit Default Swaps		—		440,329			—		440,329
Total	$	16,362,639	$	360,925,443		$	919,056	$	378,207,138
Liabilities
Derivatives (i)
Written Options	$	—	$	(63,865	)	$	—	$	(63,865	)
Forward Foreign Currency Exchange Contracts		—		(4,890	)		—		(4,890	)
Total	$	—	$	(68,755	)	$	—	$	(68,755	)

During the period ended May 31, 2013, the amount of transfers between Level 2 and Level 3 was $291. Investments were transferred from Level 2 to Level 3 because of the lack of observable market data due to a decrease in market activity.

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

(h) See Investment Portfolio for additional detailed categorizations.

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

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

Statement of Assets and Liabilities

as of May 31, 2013 (Unaudited)
Assets
Investments: Investments in non-affiliated securities, at value (cost $346,826,851)	$	361,404,170
Investment in Central Cash Management Fund (cost $16,362,639)		16,362,639
Total investments in securities, at value (cost $363,189,490)		377,766,809
Cash		3,492,947
Foreign currency, at value (cost $350)		318
Receivable for investments sold		3,872,767
Receivable for investments sold — when-issued securities		2,039,444
Interest receivable		4,971,490
Unrealized appreciation on swap contracts		440,329
Upfront payments paid on swap contracts		96,760
Other assets		5,046
Total assets		392,685,910
Liabilities
Payable for investments purchased		21,565,536
Payable for investments purchased — when-issued securities		4,372,377
Notes payable		115,000,000
Interest on notes payable		153,700
Options written, at value (premiums received $75,585)		63,865
Unrealized depreciation on forward foreign currency exchange contracts		4,890
Upfront payments received on swap contracts		41,955
Accrued management fee		179,030
Accrued Trustees' fees		7,667
Other accrued expenses and payables		103,137
Total liabilities		141,492,157
Net assets, at value	$	251,193,753

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

Statement of Assets and Liabilities as of May 31, 2013 (Unaudited) (continued)
Net Assets Consist of
Undistributed net investment income		1,496,188
Net unrealized appreciation (depreciation) on: Investments		14,577,319
Swap contracts		440,329
Foreign currency		(9,513	)
Written options		11,720
Accumulated net realized gain (loss)		(12,788,402	)
Paid-in capital		247,466,112
Net assets, at value	$	251,193,753
Net Asset Value
Net Asset Value per share ($251,193,753 ÷ 24,488,347 outstanding shares of beneficial interest, $.01 par value, unlimited shares authorized)	$	10.26

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

Statement of Operations

for the six months ended May 31, 2013 (Unaudited)
Investment Income
Income: Interest	$	11,070,346
Dividends		18,457
Income distributions — Central Cash Management Fund		6,511
Total income		11,095,314
Expenses: Management fee		1,079,576
Services to shareholders		10,555
Custodian fee		34,216
Professional fees		38,926
Reports to shareholders		51,023
Trustees' fees and expenses		8,315
Interest expense		866,307
Stock exchange listing fees		11,888
Other		30,744
Total expenses		2,131,550
Net investment income		8,963,764
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments		6,799,620
Swap contracts		104,441
Written options		30,441
Foreign currency		(77,490	)
		6,857,012
Change in net unrealized appreciation (depreciation) on: Investments		(5,661,083	)
Swap contracts		134,542
Unfunded loan commitments		(2,600	)
Written options		(30,069	)
Foreign currency		72,874
		(5,486,336	)
Net gain (loss)		1,370,676
Net increase (decrease) in net assets resulting from operations	$	10,334,440

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

Statement of Cash Flows

for the six months ended May 31, 2013 (Unaudited)
Increase (Decrease) in Cash: Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations	$	10,334,440
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		(174,405,224	)
Net purchases, sales and maturities of short-term investments		(3,858,850	)
Net amortization of premium/(accretion of discount)		193,879
Proceeds from sales and maturities of long-term investments		157,717,305
(Increase) decrease in interest receivable		274,367
(Increase) decrease in other assets		5,217
Increase (decrease) in written options, at value		(3,981	)
(Increase) decrease in receivable for investments sold		(1,478,252	)
(Increase) decrease in receivable for investments sold — when-issued securities		(1,810,881	)
Increase (decrease) in interest on notes payable		(16,962	)
Increase (decrease) in payable for investments purchased		13,918,558
Increase (decrease) in payable for investments purchased — when-issued securities		2,652,377
(Increase) decrease in upfront payments paid/received on swap contracts		(76,272	)
Increase (decrease) in other accrued expenses and payables		12,990
Change in unrealized (appreciation) depreciation on investments		5,661,083
Change in unrealized (appreciation) depreciation on swaps		(134,542	)
Change in unrealized (appreciation) depreciation on forward foreign currency exchange contracts		(77,481	)
Change in unrealized (appreciation) depreciation in unfunded commitments		2,600
Net realized (gain) loss from investments		(6,799,620	)
Cash provided (used) by operating activities	$	2,110,751
Cash Flows from Financing Activities
Net increase (decrease) in notes payable		12,000,000
Distributions paid (net of reinvestment of distributions)		(10,670,059	)
Cash provided (used) by financing activities		1,329,941
Increase (decrease) in cash		3,440,692
Cash at beginning of period (including foreign currency)		52,573
Cash at end of period (including foreign currency)	$	3,493,265
Supplemental Disclosure
Reinvestment of distributions	$	460,786
Interest paid on notes	$	(883,269	)

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, 2013 (Unaudited)			Year Ended November 30, 2012
Operations: Net investment income	$	8,963,764		$	19,724,007
Net realized gain (loss)		6,857,012			5,581,569
Change in net unrealized appreciation (depreciation)		(5,486,336	)		19,493,194
Net increase (decrease) in net assets resulting from operations		10,334,440			44,798,770
Distributions to shareholders from: Net investment income		(11,130,845	)		(22,541,628	)
Fund share transactions: Net proceeds from reinvestment of distributions		460,786			929,263
Net increase (decrease) in net assets from Fund share transactions		460,786			929,263
Increase (decrease) in net assets		(335,619	)		23,186,405
Net assets at beginning of period		251,529,372			228,342,967
Net assets at end of period (including undistributed net investment income of $1,496,188 and $3,663,269, respectively)	$	251,193,753		$	251,529,372
Other Information
Shares outstanding at beginning of period		24,445,323			24,353,061
Shares issued to shareholders from reinvestment of distributions		43,024			92,262
Shares outstanding at end of period		24,488,347			24,445,323

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

Financial Highlights

				Years Ended November 30,
	Six Months Ended 5/31/13 (Unaudited)			2012			2011			2010			2009			2008
Selected Per Share Data
Net asset value, beginning of period	$	10.29		$	9.38		$	9.75		$	8.99		$	6.52		$	9.61
Income (loss) from investment operations: Net investment incomea		.37			.81			.87			.90			.76			.67
Net realized and unrealized gain (loss)		.06			1.02			(.33	)		.71			2.49			(2.98	)
Total from investment operations		.43			1.83			.54			1.61			3.25			(2.31	)
Less distributions from: Net investment income		(.46	)		(.92	)		(.91	)		(.85	)		(.78	)		(.78	)
Net asset value, end of period	$	10.26		$	10.29		$	9.38		$	9.75		$	8.99		$	6.52
Market price, end of period	$	10.41		$	10.51		$	9.98		$	10.17		$	8.28		$	5.10
Total Return
Based on net asset value (%)b		4.02	**		20.20			5.64			18.71			54.34			(24.55	)c
Based on market price (%)b		3.33	**		15.39			7.65			34.58			81.73			(32.88	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		251			252			228			237			218			158
Ratio of expenses before fee reductions (including interest expense) (%)		1.68	*		1.66			1.49			1.62			1.53			1.49
Ratio of expenses after fee reductions (including interest expense) (%)		1.68	*		1.66			1.49			1.62			1.53			1.48
Ratio of expenses after fee reductions (excluding interest expense) (%)		1.00	*		1.00			1.02			1.07			1.04			1.04
Ratio of net investment income (%)		7.06	*		8.09			8.84			9.57			9.69			7.56
Portfolio turnover rate (%)		44	**		45			55			78			113			35
Total debt outstanding end of period ($ thousands)		115,000			103,000			98,247			92,000			88,500			41,500
Asset coverage per $1,000 of debtd		3,184			3,442			3,324			3,572			3,464			4,810

a Based on average shares outstanding during the period.

b Total return based on net asset value reflects changes in the Fund's net asset value during each period. Total return based on market price reflects changes in market price. Each figure assumes that dividend and capital gain distributions, if any, were reinvested. These figures will differ depending upon the level of any discount from or premium to NAV at which the Fund's shares trade during the period.

c Total return would have been lower had certain fees not been reduced.

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

* Annualized

** Not annualized

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

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

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

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

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 loan participations and assignments are valued at prices supplied by independent pricing services approved by the Fund's Board. If the pricing services are unable to provide valuations, debt securities are valued at the most recent bid quotation or evaluated price and loan participations and assignments are valued at the mean of the most recent bid and ask quotations, 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 (U.S. 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.

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.

Over-the-counter written or purchased options are valued at prices supplied by a Board-approved pricing vendor, if available, and otherwise are valued at the price provided by the broker-dealer with which the option was traded and 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.

New Accounting Pronouncement. In January 2013, Accounting Standard Update 2013-01 (ASU 2013-01), Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced Accounting Standards Update 2011-11 (ASU 2011-11), Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013, and interim periods within those annual periods. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. The ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements, and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact, if any, on the Fund's financial statements.

Securities Lending. The Fund lends securities to certain financial institutions. The Fund retains the benefits of owning the securities it has loaned and continues to receive interest and dividends generated by the securities and to participate in any changes in their market price. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Fund may invest the cash collateral into a joint trading account in an affiliated money market fund pursuant to Exemptive Orders issued by the SEC. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. 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. The Fund had no securities on loan during the six months ended May 31, 2013.

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

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

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

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. Senior loans are portions of loans originated by banks and sold in pieces to investors. These U.S. dollar-denominated 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. Loans held by the Fund are generally in the form of Assignments, but the Fund may also invest in Participations. 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.

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

At November 30, 2012, the Fund had a net tax basis capital loss carryforward of approximately $18,784,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until November 30, 2016 ($5,659,000) and November 30, 2017 ($13,125,000), the respective expiration dates, whichever occurs first.

The Fund has reviewed the tax positions for the open tax years as of November 30, 2012 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. Distributions from net investment income of the Fund are declared and distributed to shareholders monthly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

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

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

Statement of Cash Flows. Information on financial transactions which have been settled through the receipt and disbursement of cash is presented in the Statement of Cash Flows. The cash amount shown in the Statement of Cash Flows represents the foreign currency position and cash position at the Fund's custodian bank at May 31, 2013.

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 and may include proceeds from litigation. 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. The Fund may enter into credit default swap contracts to gain exposure to an underlying issuer's credit quality characteristics without directly investing in that issuer or to hedge against the risk of a credit event on debt securities. As a seller 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 U.S. or foreign corporate issuer, on the reference entity, which would likely result in a loss to the Fund. In return, the Fund receives from the counterparty a periodic stream of payments over the term of the contract provided that no credit event has occurred. If no credit event occurs, the Fund keeps the stream of payments with no payment obligations. 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 is 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. For the six months ended May 31, 2013, the Fund entered into credit default swap contracts to gain exposure to the underlying issuer's credit quality characteristics.

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, 2013 is included in a table following the Fund's Investment Portfolio. For the six months ended May 31, 2013, the investment in credit default swap contracts sold had a total notional value generally indicative of a range from $3,405,000 to $5,625,000.

Options. An option contract is a contract in which the writer (seller) of the option grants the buyer of the option, upon payment of a premium, the right to purchase from (call option), or sell to (put option), the writer a designated instrument at a specified price within a specified period of time. Certain options, including options on indices and interest rate options, will require cash settlement by the Fund if exercised. For the six months ended May 31, 2013, the Fund entered into options on interest rate swaps in order to hedge against potential adverse interest rate movements of portfolio assets.

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

A summary of the open purchased option contracts as of May 31, 2013 is included in the Fund's Investment Portfolio. A summary of open written option contracts is included in a table following the Fund's Investment Portfolio. For the six months ended May 31, 2013, the investment in written option contracts had a total value generally indicative of a range from approximately $54,000 to $68,000, and purchased option contracts had a total value generally indicative of a range from approximately $54,000 to $93,000.

Forward Foreign Currency Exchange Contracts. The Fund is subject to foreign exchange rate risk in its securities denominated in foreign currencies. Changes in exchange rates between foreign currencies and the U.S. dollar may affect the U.S. dollar value of foreign securities or the income or gains received on these securities. A forward foreign currency exchange contract (forward currency contract) is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. For the six months ended May 31, 2013, 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, 2013 is included in a table following the Fund's Investment Portfolio. For the six months ended May 31, 2013, the investment in forward currency contracts short vs. U.S. dollars had a total contract value generally indicative of a range from approximately $2,321,000 to $4,014,000, and the investment in forward currency contracts long vs. U.S. dollars had a total contract value generally indicative of a range from $0 to approximately $769,000.

The following tables summarize the value of the Fund's derivative instruments held as of May 31, 2013 and the related location in the accompanying Statement of Assets and Liabilities presented by the primary underlying risk exposure:

Asset Derivatives	Purchased Options		Swap Contracts		Total
Interest Rate Contracts (a)	$	92,590	$	—	$	92,590
Credit Contracts (a)		—		440,329		440,329
	$	92,590	$	440,329	$	532,919

Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts:

(a) Investment in securities, at value (includes purchased options) and unrealized appreciation on swap contracts, respectively

Liability Derivatives	Written Options			Forward Contracts			Total
Interest Rate Contracts (a)	$	(63,865	)	$	—		$	(63,865	)
Foreign Exchange Contracts (b)		—			(4,890	)		(4,890	)
	$	(63,865	)	$	(4,890	)	$	(68,755	)

Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts:

(a) Options written, at value

(b) Unrealized depreciation on forward foreign currency exchange contracts

Additionally, the amount of unrealized and realized gains and losses on derivative instruments recognized in Fund earnings during the six months ended May 31, 2013, and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

Realized Gain (Loss)	Written Options		Forward Contracts			Swap Contracts		Total
Interest Rate Contracts (a)	$	30,441	$	—		$	—	$	30,441
Credit Contracts (a)		—					104,441		104,441
Foreign Exchange Contracts (b)		—		(59,193	)		—		(59,193	)
	$	30,441	$	(59,193	)	$	104,441	$	75,689

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

(a) Net realized gain (loss) from written options and swap contracts, respectively

(b) Net realized gain (loss) from foreign currency (Statement of Operations includes both forward currency contracts and foreign currency transactions)

Change in Net Unrealized Appreciation (Depreciation)	Purchased Options		Written Options			Forward Contracts		Swap Contracts		Total
Credit Contracts (a)	$	—	$	—		$	—	$	134,542	$	134,542
Foreign Exchange Contracts (b)		—		—			77,481		—		77,481
Interest Rate Contracts (a)		38,524		(30,069	)		—		—		8,455
	$	38,524	$	(30,069	)	$	77,481	$	134,542	$	220,478

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

(a) Change in net unrealized appreciation (depreciation) on investments (includes purchased options), written options and swap contracts, respectively

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

C. Purchases and Sales of Securities

During the six months ended May 31, 2013, purchases and sales of investment securities (excluding short-term investments) aggregated $174,405,224 and $157,717,305, respectively.

For the six months ended May 31, 2013, transactions for written options on interest rate swaps were as follows:

	Contract Amount			Premiums
Outstanding, beginning of period		4,200,000		$	109,635
Options closed		(2,100,000	)		(34,050	)
Outstanding, end of period		2,100,000		$	75,585

D. Related Parties

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

Service Provider Fees. DWS Investments Service Company ("DISC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DISC and DST Systems, Inc. ("DST"), DISC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DISC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended May 31, 2013, the amount charged to the Fund by DISC aggregated $6,491, of which $3,324 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, 2013, the amount charged to the Fund by DIMA included in the Statement of Operations under "reports to shareholders" aggregated $10,872, of which $10,614 is unpaid.

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

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

E. Investing in High-Yield Securities

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

F. Investing in Emerging Markets

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

G. Borrowings

During the period covered by the report, the Fund was party to a secured revolving line of credit with a commercial bank (the "Lender") in an amount up to $115,000,000 (the "Credit Facility"). The Credit Facility has an initial scheduled maturity date of June 21, 2013 (the "Initial Scheduled Maturity Date"). Unless the Credit Facility is terminated by either party or not extended by the Lender in accordance with its terms, (i) the Initial Scheduled Maturity Date automatically extends by six months on the date that is six months after June 21, 2012; and (ii) each subsequent Scheduled Maturity Date (as defined in the Credit Facility) automatically extends by six months on each date occurring every six months thereafter. Effective June 21, 2013, the Credit Facility was amended to increase the aggregate facility size to $125,000,000 and to modify the renewal terms as amended. The Credit Facility will automatically be renewed for a six-month period on each day after June 21, 2013 unless it is terminated by either party or not extended by the Lender in accordance with its terms.

Loans under the Credit Facility, at the option of the Fund and subject to certain conditions, typically bear interest with reference to LIBOR (a "LIBOR Loan") or, less frequently, with reference to a base rate (a "Base Rate Loan"). Each LIBOR Loan shall bear interest at a rate per annum equal to the applicable LIBOR rate (as defined in the Credit Facility) plus 1.25% (0.85% effective June 21, 2013). As a general matter, each Base Rate Loan shall bear interest at a rate per annum equal to the greatest of certain specified rates as set forth in the Credit Facility. At May 31, 2013, under the Credit Facility, the outstanding loans balance was $115,000,000. The borrowings were valued at cost, which approximates fair value.

Under the Credit Facility, the weighted average outstanding daily balance of all loans during the six months ended May 31, 2013 was approximately $113,478,000, with a weighted average annual borrowing cost of 1.53%. In addition, a commitment fee was charged to the Fund on the unused portion of the credit lines and is included with "interest expense" in the Statement of Operations.

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

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

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

H. Share Repurchases

The Board has authorized the Fund to effect periodic repurchases of its outstanding shares in the open market from time to time when the Fund's shares trade at a discount to their net asset value. During the six months ended May 31, 2013 and the year ended November 30, 2012, the Fund did not repurchase shares in the open market.

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.

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

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

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

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

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

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

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
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
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) 728-3337.

Portfolio Holdings	Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at 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 after 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 Management	Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset & Wealth Management, is the investment advisor for the fund. DIMA and its predecessors have more than 80 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance. DWS Investments is the retail brand name in the U.S. for the asset management activities of Deutsche Bank AG and DIMA. As such, DWS is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.
NYSE Symbol	KMM
CUSIP Number	23338L 108

Privacy Statement

FACTS	What Does 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) 728-3337 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. 09/2012

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	-	n/a	n/a	n/a
January 1 through January 31	-	n/a	n/a	n/a
February 1 through February 28	-	n/a	n/a	n/a
March 1 through March 31	-	n/a	n/a	n/a
April 1 through April 30	-	n/a	n/a	n/a
May 1 through May 31	-	n/a	n/a	n/a
Total	-	n/a	n/a
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 Kenneth C. Froewiss, Independent Chairman, DWS Mutual Funds, P.O. Box 78, Short Hills, NJ 07078.
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 29, 2013

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 29, 2013
By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer
Date:	July 29, 2013