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

Deutsche 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) 250-2500

Diane Kenneally

1 International Place

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	11/30
Date of reporting period:	5/31/2018

ITEM 1. REPORT TO STOCKHOLDERS

May 31, 2018

Semiannual Report

to Shareholders

Deutsche Multi-Market Income Trust

Ticker Symbol: KMM

Contents

3	Performance Summary
4	Important Notice
5	Portfolio Management Team
5	Portfolio Summary
7	Investment Portfolio
23	Statement of Assets and Liabilities
24	Statement of Operations
25	Statement of Cash Flows

26	Statements of Changes in Net Assets
27	Financial Highlights
28	Notes to Financial Statements
36	Liquidation and Dissolution of the Fund
37	Dividend Reinvestment and Cash Purchase Plan
40	Additional Information
42	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, credit, liquidity and market risks to varying degrees. 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. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.

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

2 | Deutsche Multi-Market Income Trust

Performance Summary May 31, 2018 (Unaudited)

Performance is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when sold, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please visit dws.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 5/31/18
Deutsche Multi-Market Income Trust	6-Month‡		1-Year		5-Year		10-Year
Based on Net Asset Value(a)		–0.61%		1.53%		3.97%		8.02%
Based on Market Price(a)		0.65%		3.73%		3.16%		8.78%
JPMorgan Emerging Markets Bond Global Diversified Index(b)		–3.38%		–0.56%		4.34%		6.67%
BofA Merrill Lynch US High Yield Master II Constrained Index(c)		0.02%		2.29%		4.88%		7.78%
Morningstar Closed-End High Yield Bond Funds Category (based on Net Asset Value)(d)		0.54%		3.56%		5.40%		7.72%

^‡  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 expense ratio of the Fund for the six months ended May 31, 2018 was 1.76% (1.02% excluding interest expense).

^(b)  The JPMorgan Emerging Markets Bond Global Diversified Index is an unmanaged, unleveraged index that tracks total returns for U.S.-dollar-denominated debt instruments issued by emerging-market sovereign entities, including Brady bonds, loans and Eurobonds, and quasi-sovereign entities. The index limits exposure to any one country.

^(c)  The BofA Merrill Lynch US High Yield Master II Constrained Index is a market value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities.

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

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

Deutsche Multi-Market Income Trust | 3

Net Asset Value and Market Price
	As of 5/31/18			As of 11/30/17
Net Asset Value	$	9.03		$	9.30
Market Price	$	8.81		$	8.96
Premium (discount)		(2.44	)%		(3.66	)%

Prices and net asset value fluctuate and are not guaranteed.

Distribution Information
Six Months as of 5/31/18:
Income Dividends	$	.21
May Income Dividend	$	.0325
Current Annualized Distribution Rate (based on Net Asset Value) as of 5/31/18†		4.32%
Current Annualized Distribution Rate (based on Market Price) as of 5/31/18†		4.43%

^†  Current annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value/market price on May 31, 2018. Distribution rate simply measures the level of dividends and is not a complete measure of performance. Distribution rates are historical, not guaranteed and will fluctuate. Distributions do not include return of capital or other non-income sources.

Important Notice

On July 13, 2016, the Board of Trustees approved the termination of the Fund, pursuant to which the Fund will make a liquidating distribution to shareholders no later than December 31, 2018. On July 11, 2018, the Board of Trustees approved a Plan of Liquidation and Termination for the Fund (the “Plan”). Under the terms of the Plan, the “Cessation Date” for the Fund’s planned liquidation is expected to occur on or about November 9, 2018. As provided in the Plan, at the close of business on the Cessation Date, the Fund will cease to engage in any business activities, except for the purpose of liquidating and winding up its affairs, and the books of the Fund will be closed. Effective the business day following the Cessation Date, the Fund’s shares will not be transferable (except for the settlement of prior transactions), and it is anticipated that trading in the Fund’s shares on the New York Stock Exchange will cease. The Fund will subsequently seek to reduce all remaining portfolio securities to cash or cash equivalents and make a final liquidating distribution to shareholders on or about November 16, 2018. All Fund shareholders as of the close of business on the Cessation Date will be entitled to receive a liquidating distribution. The Cessation Date may be extended if necessary or appropriate in connection with the orderly liquidation of the Fund or to protect the interests of the Fund’s shareholders.

4 | Deutsche Multi-Market Income Trust

Portfolio Management Team

Gary Russell, CFA, Managing Director

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

– Joined DWS in 1996. Served as the Head of the High Yield group in Europe and as an Emerging Markets Portfolio Manager.

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

– Head of US High Yield Bonds: New York.

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

Thomas R. Bouchard, Director

Portfolio Manager of the Fund. Began managing the Fund in 2016.

– Joined DWS in 2006 with 6 years of industry experience. Prior to joining, served as a High Yield Investment Analyst at Flagship Capital Management. He also served as an officer in the US Army from 1989 to 1997.

– Portfolio Manager for High Yield Strategies: New York.

– BS, University of Wisconsin — Madison; MBA in Finance, Boston College; MA in Strategic Studies from US Army War College.

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio)	5/31/18		11/30/17
Corporate Bonds		77%		71%
Loan Participations and Assignments		19%		19%
Cash Equivalents		2%		6%
Government & Agency Obligations		2%		3%
Asset Backed		0%		1%
Convertible Bonds		0%		0%
		100%		100%
Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents)	5/31/18		11/30/17
Consumer Discretionary		25%		25%
Materials		15%		15%
Energy		14%		12%
Telecommunication Services		8%		8%
Industrials		8%		9%
Health Care		8%		6%
Utilities		7%		6%
Information Technology		4%		4%
Financials		3%		4%
Consumer Staples		3%		5%
Real Estate		3%		2%
Emerging-Market Sovereign Bonds		2%		3%
Asset-Backed		0%		1%
		100%		100%

Deutsche Multi-Market Income Trust | 5

Quality (Excludes Cash Equivalents)	5/31/18		11/30/17
AA		0%		—
A		—		0%
BBB		22%		18%
BB		55%		56%
B		21%		23%
Below B		2%		2%
Not Rated		0%		1%
		100%		100%

The quality ratings represent the higher of Moody’s Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or Standard & Poor’s Corporation (“S&P”) credit ratings. The ratings of Moody’s, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Interest Rate Sensitivity	5/31/18		11/30/17
Effective Maturity		5.1 years		5.4 years
Effective Duration		3.3 years		3.7 years
Leverage (As a % of Total Assets)	5/31/18		11/30/17
		11%		26%

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

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

Leverage results in additional risks and can magnify the effect of any gains or losses to a greater extent than if leverage were not used.

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 7. A fact sheet is available on dws.com or upon request. Please see the Additional Information section on page 40 for contact information.

6 | Deutsche Multi-Market Income Trust

Investment Portfolio as of May 31, 2018 (Unaudited)

	Principal Amount ($)(a)		Value ($)
Corporate Bonds 84.7%
Consumer Discretionary 20.7%
1011778 B.C. Unlimited Liability Co.:
144A, 4.25%, 5/15/2024		495,000		469,013
144A, 4.625%, 1/15/2022		140,000		139,818
144A, 5.0%, 10/15/2025		502,000		475,645
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/2026		885,000		807,562
Ally Financial, Inc.:
4.125%, 3/30/2020		1,810,000		1,816,806
4.25%, 4/15/2021		575,000		579,312
5.75%, 11/20/2025		710,000		723,845
Altice France SA:
144A, 6.0%, 5/15/2022		1,070,000		1,065,987
144A, 7.375%, 5/1/2026		1,155,000		1,123,237
Altice U.S. Finance I Corp., 144A, 5.5%, 5/15/2026		385,000		369,715
AMC Entertainment Holdings, Inc., 5.875%, 11/15/2026		350,000		340,812
AMC Networks, Inc.:
4.75%, 8/1/2025		410,000		384,375
5.0%, 4/1/2024		1,000,000		967,550
American Axle & Manufacturing, Inc.:
6.25%, 4/1/2025		270,000		266,625
6.25%, 3/15/2026		210,000		203,217
Asbury Automotive Group, Inc., 6.0%, 12/15/2024		550,000		544,500
Ashtead Capital, Inc.:
144A, 4.125%, 8/15/2025		200,000		187,750
144A, 4.375%, 8/15/2027		210,000		194,250
Ashton Woods U.S.A. LLC, 144A, 6.75%, 8/1/2025		315,000		302,006
Beacon Roofing Supply, Inc., 144A, 4.875%, 11/1/2025		330,000		303,600
Boyd Gaming Corp., 6.875%, 5/15/2023		165,000		173,250
Caesars Resort Collection LLC, 144A, 5.25%, 10/15/2025		625,000		596,875
Carlson Travel, Inc., 144A, 9.5%, 12/15/2024		400,000		362,800
CCO Holdings LLC:
144A, 5.0%, 2/1/2028		835,000		772,375
144A, 5.125%, 5/1/2027		575,000		538,344
144A, 5.5%, 5/1/2026		1,400,000		1,351,420
144A, 5.875%, 4/1/2024		385,000		388,369
144A, 5.875%, 5/1/2027		550,000		540,719
Cequel Communications Holdings I LLC:
144A, 5.125%, 12/15/2021		1,365,000		1,358,339
144A, 7.5%, 4/1/2028		400,000		400,500
Clear Channel Worldwide Holdings, Inc., Series A, 7.625%, 3/15/2020		85,000		84,363

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

Deutsche Multi-Market Income Trust | 7

	Principal Amount ($)(a)		Value ($)
CSC Holdings LLC:
144A, 5.5%, 4/15/2027		1,160,000		1,110,700
144A, 6.625%, 10/15/2025		200,000		206,500
144A, 10.125%, 1/15/2023		600,000		665,250
144A, 10.875%, 10/15/2025		529,000		612,979
Cumberland Farms, Inc., 144A, 6.75%, 5/1/2025		119,000		122,273
Dana Financing Luxembourg Sarl:
144A, 5.75%, 4/15/2025		740,000		733,525
144A, 6.5%, 6/1/2026		585,000		596,700
DISH DBS Corp., 5.875%, 7/15/2022		1,000,000		938,000
Eldorado Resorts, Inc., 6.0%, 4/1/2025		685,000		681,575
Fiat Chrysler Automobiles NV:
4.5%, 4/15/2020		400,000		402,120
5.25%, 4/15/2023		600,000		604,500
GLP Capital LP:
5.25%, 6/1/2025		315,000		315,561
5.75%, 6/1/2028		165,000		165,619
Goodyear Tire & Rubber Co., 5.125%, 11/15/2023		210,000		208,950
Group 1 Automotive, Inc., 5.0%, 6/1/2022		545,000		546,362
Hanesbrands, Inc., 144A, 4.625%, 5/15/2024		390,000		380,737
HD Supply, Inc., 144A, 5.75%, 4/15/2024		185,000		194,019
Hilton Worldwide Finance LLC, 4.625%, 4/1/2025		185,000		178,525
KFC Holding Co., 144A, 4.75%, 6/1/2027		270,000		253,800
Lennar Corp.:
4.125%, 1/15/2022		465,000		458,895
4.75%, 11/15/2022		500,000		497,550
144A, 5.0%, 6/15/2027		125,000		119,063
144A, 5.25%, 6/1/2026		429,000		420,420
Lithia Motors, Inc., 144A, 5.25%, 8/1/2025		385,000		378,262
Mattel, Inc., 144A, 6.75%, 12/31/2025		280,000		272,734
Merlin Entertainments PLC, 144A, 5.75%, 6/15/2026		200,000		201,376
MGM Resorts International, 6.625%, 12/15/2021		1,900,000		2,014,000
NCL Corp., Ltd., 144A, 4.75%, 12/15/2021		222,000		222,000
Penn National Gaming, Inc., 144A, 5.625%, 1/15/2027		390,000		372,450
Penske Automotive Group, Inc., 5.5%, 5/15/2026		330,000		325,050
PulteGroup, Inc., 4.25%, 3/1/2021		1,065,000		1,067,662
Quebecor Media, Inc., 5.75%, 1/15/2023		295,000		300,163
Rivers Pittsburgh Borrower LP, 144A, 6.125%, 8/15/2021		80,000		79,800
Seminole Hard Rock Entertainment, Inc., 144A, 5.875%, 5/15/2021		180,000		180,846
Sirius XM Radio, Inc.:
144A, 3.875%, 8/1/2022		950,000		916,797
144A, 5.0%, 8/1/2027		175,000		166,275
144A, 5.375%, 7/15/2026		530,000		513,437
Staples, Inc., 144A, 8.5%, 9/15/2025		275,000		255,063

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

8 | Deutsche Multi-Market Income Trust

	Principal Amount ($)(a)		Value ($)
Suburban Propane Partners LP, 5.75%, 3/1/2025		150,000		143,625
Tenneco, Inc., 5.0%, 7/15/2026		360,000		328,392
Toll Brothers Finance Corp., 4.875%, 11/15/2025		345,000		332,494
TRI Pointe Group, Inc., 4.875%, 7/1/2021		2,215,000		2,220,537
UPC Holding BV, 144A, 5.5%, 1/15/2028		685,000		626,775
UPCB Finance IV Ltd., 144A, 5.375%, 1/15/2025		1,075,000		1,032,000
Viking Cruises Ltd., 144A, 5.875%, 9/15/2027		885,000		827,475
Virgin Media Secured Finance PLC:
144A, 5.25%, 1/15/2026		390,000		365,625
144A, 5.5%, 8/15/2026		350,000		332,063
WMG Acquisition Corp., 144A, 5.0%, 8/1/2023		160,000		158,000
				41,879,503
Consumer Staples 1.9%
Aramark Services, Inc.:
4.75%, 6/1/2026		1,105,000		1,069,087
5.125%, 1/15/2024		220,000		223,410
Chobani LLC, 144A, 7.5%, 4/15/2025		85,000		81,813
FAGE International SA, 144A, 5.625%, 8/15/2026		235,000		217,375
JBS U.S.A. LUX SA:
144A, 5.75%, 6/15/2025		220,000		204,600
144A, 7.25%, 6/1/2021		775,000		783,719
Pilgrim’s Pride Corp.:
144A, 5.75%, 3/15/2025		120,000		115,800
144A, 5.875%, 9/30/2027		420,000		394,800
Post Holdings, Inc.:
144A, 5.625%, 1/15/2028		115,000		108,387
144A, 5.75%, 3/1/2027		270,000		261,141
Simmons Foods, Inc., 144A, 5.75%, 11/1/2024		465,000		395,250
				3,855,382
Energy 15.1%
Andeavor:
4.75%, 12/15/2023		180,000		188,017
5.125%, 12/15/2026		405,000		427,886
Antero Midstream Partners LP, 5.375%, 9/15/2024		265,000		259,700
Antero Resources Corp.:
5.375%, 11/1/2021		320,000		323,360
5.625%, 6/1/2023		210,000		213,150
Blue Racer Midstream LLC, 144A, 6.125%, 11/15/2022		235,000		239,164
Carrizo Oil & Gas, Inc.:
6.25%, 4/15/2023		135,000		136,688
8.25%, 7/15/2025		250,000		266,250
Cheniere Corpus Christi Holdings LLC:
5.125%, 6/30/2027		375,000		372,656
5.875%, 3/31/2025		380,000		396,625
7.0%, 6/30/2024		510,000		558,455

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

Deutsche Multi-Market Income Trust | 9

	Principal Amount ($)(a)		Value ($)
Chesapeake Energy Corp.:
4.875%, 4/15/2022		1,250,000		1,215,625
8.0%, 1/15/2025		440,000		437,250
8.0%, 6/15/2027		405,000		401,962
CNX Midstream Partners LP, 144A, 6.5%, 3/15/2026		349,000		340,275
Continental Resources, Inc., 5.0%, 9/15/2022		1,880,000		1,908,516
Crestwood Midstream Partners LP:
5.75%, 4/1/2025		290,000		284,925
6.25%, 4/1/2023		145,000		147,538
DCP Midstream Operating LP, 2.7%, 4/1/2019		700,000		696,500
Diamondback Energy, Inc., 4.75%, 11/1/2024		230,000		221,950
Endeavor Energy Resources LP:
144A, 5.5%, 1/30/2026		110,000		107,800
144A, 5.75%, 1/30/2028		110,000		108,075
Energy Transfer Equity LP, 7.5%, 10/15/2020		2,000,000		2,155,000
Extraction Oil & Gas, Inc., 144A, 7.375%, 5/15/2024		180,000		188,550
Genesis Energy LP:
6.25%, 5/15/2026		650,000		611,000
6.5%, 10/1/2025		795,000		765,187
Gulfport Energy Corp.:
6.0%, 10/15/2024		145,000		136,300
6.375%, 5/15/2025		245,000		235,198
6.375%, 1/15/2026		410,000		391,550
6.625%, 5/1/2023		110,000		110,550
Hess Infrastructure Partners LP, 144A, 5.625%, 2/15/2026		390,000		391,950
Hilcorp Energy I LP, 144A, 5.75%, 10/1/2025		385,000		384,037
Holly Energy Partners LP, 144A, 6.0%, 8/1/2024		370,000		369,075
Ithaca Energy, Inc., 144A, 8.125%, 7/1/2019		215,000		214,731
Jagged Peak Energy LLC, 144A, 5.875%, 5/1/2026		151,000		149,113
KazMunayGas National Co. JSC, 144A, 4.75%, 4/19/2027		200,000		197,586
Laredo Petroleum, Inc., 6.25%, 3/15/2023		310,000		308,450
MEG Energy Corp.:
144A, 6.375%, 1/30/2023		650,000		586,625
144A, 6.5%, 1/15/2025		544,000		545,191
Murphy Oil Corp., 5.75%, 8/15/2025		565,000		563,587
Murphy Oil U.S.A., Inc., 5.625%, 5/1/2027		155,000		153,256
Nabors Industries, Inc.:
5.5%, 1/15/2023		200,000		196,000
144A, 5.75%, 2/1/2025		85,000		80,538
Newfield Exploration Co., 5.375%, 1/1/2026		95,000		97,731
NGPL PipeCo LLC, 144A, 4.875%, 8/15/2027		195,000		189,326
NuStar Logistics LP, 5.625%, 4/28/2027		570,000		542,925
Oasis Petroleum, Inc., 6.875%, 1/15/2023		30,000		30,450
Parsley Energy LLC:
144A, 5.25%, 8/15/2025		130,000		126,100
144A, 5.375%, 1/15/2025		205,000		202,438
144A, 5.625%, 10/15/2027		335,000		330,812

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

10 | Deutsche Multi-Market Income Trust

	Principal Amount ($)(a)		Value ($)
PDC Energy, Inc., 6.125%, 9/15/2024		235,000		239,113
Peabody Energy Corp.:
144A, 6.0%, 3/31/2022		305,000		311,771
144A, 6.375%, 3/31/2025		415,000		430,562
Pertamina Persero PT, 144A, 5.25%, 5/23/2021		410,000		426,271
Petrobras Global Finance BV, 6.125%, 1/17/2022		330,000		345,510
Precision Drilling Corp., 144A, 7.125%, 1/15/2026		330,000		336,600
QEP Resources, Inc., 5.625%, 3/1/2026		255,000		243,525
Range Resources Corp.:
4.875%, 5/15/2025		440,000		413,600
5.0%, 8/15/2022		250,000		247,500
5.875%, 7/1/2022		245,000		246,837
Ras Laffan Liquefied Natural Gas Co., Ltd. II, 144A, 5.298%, 9/30/2020		615,600		629,759
Sabine Pass Liquefaction LLC:
5.625%, 2/1/2021		980,000		1,027,523
5.625%, 4/15/2023		600,000		641,003
5.875%, 6/30/2026		560,000		607,321
Seven Generations Energy Ltd., 144A, 5.375%, 9/30/2025		160,000		154,400
Southwestern Energy Co., 7.75%, 10/1/2027		280,000		292,600
Sunoco LP:
144A, 5.5%, 2/15/2026		220,000		208,175
144A, 5.875%, 3/15/2028		45,000		42,278
Targa Resources Partners LP:
144A, 5.0%, 1/15/2028		540,000		507,438
5.375%, 2/1/2027		750,000		726,562
144A, 5.875%, 4/15/2026		178,000		178,835
Trinidad Drilling Ltd., 144A, 6.625%, 2/15/2025		125,000		119,063
U.S.A. Compression Partners LP, 144A, 6.875%, 4/1/2026		399,000		410,970
Weatherford International Ltd.:
4.5%, 4/15/2022		385,000		350,831
7.75%, 6/15/2021		620,000		629,300
Whiting Petroleum Corp.:
5.75%, 3/15/2021		320,000		326,400
6.25%, 4/1/2023		235,000		239,700
144A, 6.625%, 1/15/2026		330,000		337,837
WildHorse Resource Development Corp.:
6.875%, 2/1/2025		55,000		56,169
144A, 6.875%, 2/1/2025		265,000		270,631
WPX Energy, Inc., 6.0%, 1/15/2022		99,000		103,950
				30,607,657
Financials 3.6%
AerCap Ireland Capital DAC:
3.95%, 2/1/2022		790,000		793,252
4.625%, 10/30/2020		2,375,000		2,434,243

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

Deutsche Multi-Market Income Trust | 11

	Principal Amount ($)(a)		Value ($)
Aircastle Ltd., 4.125%, 5/1/2024		565,000		550,169
CIT Group, Inc.:
3.875%, 2/19/2019		737,500		740,266
4.125%, 3/9/2021		135,000		134,831
5.0%, 8/15/2022		1,300,000		1,321,125
Corp. Financiera de Desarrollo SA, 144A, 4.75%, 2/8/2022		500,000		506,755
Lincoln Finance Ltd., 144A, 7.375%, 4/15/2021		140,000		143,850
National Savings Bank, 144A, 5.15%, 9/10/2019		500,000		496,500
Tempo Acquisition LLC, 144A, 6.75%, 6/1/2025		170,000		164,738
				7,285,729
Health Care 5.7%
Avantor, Inc., 144A, 6.0%, 10/1/2024		130,000		129,350
Centene Escrow I Corp., 144A, 5.375%, 6/1/2026		120,000		121,284
Charles River Laboratories International, Inc., 144A, 5.5%, 4/1/2026		70,000		70,263
DaVita, Inc.:
5.0%, 5/1/2025		280,000		265,384
5.125%, 7/15/2024		280,000		273,000
Endo Dac, 144A, 6.0%, 7/15/2023		240,000		176,400
Endo Finance LLC, 144A, 5.375%, 1/15/2023		285,000		211,527
Fresenius Medical Care U.S. Finance II, Inc., 144A, 6.5%, 9/15/2018		170,000		171,526
HCA, Inc.:
4.5%, 2/15/2027		305,000		288,988
4.75%, 5/1/2023		1,000,000		1,006,250
5.25%, 6/15/2026		610,000		607,712
6.5%, 2/15/2020		1,700,000		1,776,500
LifePoint Health, Inc.:
5.375%, 5/1/2024		435,000		419,775
5.5%, 12/1/2021		385,000		386,444
5.875%, 12/1/2023		310,000		310,000
Mallinckrodt International Finance SA, 144A, 5.625%, 10/15/2023		165,000		136,331
Tenet Healthcare Corp.:
4.375%, 10/1/2021		1,000,000		990,000
144A, 5.125%, 5/1/2025		245,000		237,650
Teva Pharmaceutical Finance Netherlands III BV, 6.75%, 3/1/2028		200,000		202,967
Valeant Pharmaceuticals International, Inc.:
144A, 5.5%, 11/1/2025		500,000		490,625
144A, 5.875%, 5/15/2023		360,000		340,200
144A, 6.125%, 4/15/2025		550,000		508,750
144A, 6.5%, 3/15/2022		250,000		259,800
144A, 7.0%, 3/15/2024		605,000		633,737
144A, 7.5%, 7/15/2021		1,455,000		1,482,281
				11,496,744

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

12 | Deutsche Multi-Market Income Trust

	Principal Amount ($)(a)		Value ($)
Industrials 7.4%
ADT Corp.:
3.5%, 7/15/2022		190,000		174,800
5.25%, 3/15/2020		320,000		325,600
6.25%, 10/15/2021		580,000		597,400
Air Lease Corp., 4.75%, 3/1/2020		3,915,000		4,015,247
Bombardier, Inc.:
144A, 5.75%, 3/15/2022		480,000		480,600
144A, 6.0%, 10/15/2022		1,155,000		1,146,106
Brand Industrial Services, Inc., 144A, 8.5%, 7/15/2025		250,000		255,625
Covanta Holding Corp.:
5.875%, 3/1/2024		295,000		289,838
5.875%, 7/1/2025		205,000		197,630
DAE Funding LLC:
144A, 4.5%, 8/1/2022		26,000		24,830
144A, 5.0%, 8/1/2024		66,000		62,205
DR Horton, Inc., 4.0%, 2/15/2020		100,000		101,484
FTI Consulting, Inc., 6.0%, 11/15/2022		295,000		301,750
GFL Environmental, Inc., 144A, 5.625%, 5/1/2022		200,000		194,500
Huntington Ingalls Industries, Inc., 144A, 5.0%, 11/15/2025		213,000		221,262
IHO Verwaltungs GmbH, 144A, 4.125%, 9/15/2021		730,000		722,700
Masonite International Corp., 144A, 5.625%, 3/15/2023		275,000		282,975
Moog, Inc., 144A, 5.25%, 12/1/2022		175,000		178,719
Novelis Corp.:
144A, 5.875%, 9/30/2026		330,000		323,433
144A, 6.25%, 8/15/2024		300,000		303,780
Oshkosh Corp.:
5.375%, 3/1/2022		217,500		223,346
5.375%, 3/1/2025		803,000		829,499
Park Aerospace Holdings Ltd.:
144A, 4.5%, 3/15/2023		430,000		409,575
144A, 5.25%, 8/15/2022		1,085,000		1,070,081
144A, 5.5%, 2/15/2024		585,000		574,031
Prime Security Services Borrower LLC, 144A, 9.25%, 5/15/2023		8,000		8,464
Ritchie Bros Auctioneers, Inc., 144A, 5.375%, 1/15/2025		220,000		214,225
Standard Industries, Inc., 144A, 4.75%, 1/15/2028		530,000		486,275
Summit Materials LLC:
144A, 5.125%, 6/1/2025		70,000		65,800
6.125%, 7/15/2023		355,000		358,550
8.5%, 4/15/2022		155,000		166,625
Tennant Co., 5.625%, 5/1/2025		65,000		65,163
WESCO Distribution, Inc., 5.375%, 6/15/2024		300,000		300,000
				14,972,118

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

Deutsche Multi-Market Income Trust | 13

	Principal Amount ($)(a)		Value ($)
Information Technology 3.5%
ACI Worldwide, Inc., 144A, 6.375%, 8/15/2020		140,000		141,050
Cardtronics, Inc., 144A, 5.5%, 5/1/2025		220,000		200,750
Change Healthcare Holdings LLC, 144A, 5.75%, 3/1/2025		490,000		468,562
Dell International LLC:
144A, 4.42%, 6/15/2021		735,000		748,738
144A, 5.875%, 6/15/2021		235,000		241,257
EMC Corp., 1.875%, 6/1/2018		1,200,000		1,200,000
First Data Corp., 144A, 7.0%, 12/1/2023		355,000		371,933
Jabil, Inc., 5.625%, 12/15/2020		400,000		418,680
NCR Corp.:
5.875%, 12/15/2021		75,000		75,968
6.375%, 12/15/2023		190,000		195,417
Netflix, Inc.:
5.875%, 2/15/2025		450,000		462,982
144A, 5.875%, 11/15/2028		212,000		213,124
Nielsen Co. Luxembourg SARL, 144A, 5.0%, 2/1/2025		350,000		337,750
NXP BV, 144A, 4.125%, 6/1/2021		990,000		997,524
Riverbed Technology, Inc., 144A, 8.875%, 3/1/2023		155,000		145,313
TTM Technologies, Inc., 144A, 5.625%, 10/1/2025		410,000		400,775
Western Digital Corp., 4.75%, 2/15/2026		445,000		437,769
				7,057,592
Materials 12.7%
AK Steel Corp.:
6.375%, 10/15/2025		230,000		214,475
7.0%, 3/15/2027		815,000		778,325
7.5%, 7/15/2023		800,000		841,000
Anglo American Capital PLC:
144A, 3.75%, 4/10/2022		400,000		397,940
144A, 4.125%, 9/27/2022		500,000		503,759
Ardagh Packaging Finance PLC:
144A, 6.0%, 2/15/2025		530,000		519,400
144A, 7.25%, 5/15/2024		435,000		454,031
Ball Corp., 4.375%, 12/15/2020		155,000		157,630
Berry Global, Inc., 5.5%, 5/15/2022		600,000		610,500
BWAY Holding Co., 144A, 5.5%, 4/15/2024		850,000		839,375
Cascades, Inc., 144A, 5.5%, 7/15/2022		185,000		184,538
Chemours Co.:
5.375%, 5/15/2027		525,000		510,562
6.625%, 5/15/2023		205,000		215,307
7.0%, 5/15/2025		95,000		101,888
Clearwater Paper Corp., 144A, 5.375%, 2/1/2025		175,000		157,500
Constellium NV:
144A, 5.875%, 2/15/2026		814,000		775,335
144A, 6.625%, 3/1/2025		350,000		348,688

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

14 | Deutsche Multi-Market Income Trust

	Principal Amount ($)(a)		Value ($)
Eagle Intermediate Global Holding BV, 144A, 7.5%, 5/1/2025		195,000		198,959
First Quantum Minerals Ltd., 144A, 6.5%, 3/1/2024		200,000		190,000
Freeport-McMoRan, Inc.:
3.55%, 3/1/2022		550,000		531,437
3.875%, 3/15/2023		350,000		336,441
5.4%, 11/14/2034		120,000		110,400
Greif, Inc., 7.75%, 8/1/2019		870,000		904,800
Hexion, Inc.:
6.625%, 4/15/2020		190,000		179,313
144A, 10.375%, 2/1/2022		100,000		98,125
Hudbay Minerals, Inc.:
144A, 7.25%, 1/15/2023		425,000		438,813
144A, 7.625%, 1/15/2025		115,000		120,750
Huntsman International LLC, 5.125%, 11/15/2022		800,000		824,000
Kaiser Aluminum Corp., 5.875%, 5/15/2024		295,000		303,113
Mercer International, Inc., 6.5%, 2/1/2024		250,000		256,875
NOVA Chemicals Corp.:
144A, 4.875%, 6/1/2024		880,000		841,500
144A, 5.25%, 6/1/2027		560,000		530,600
Nufarm Australia Ltd., 144A, 5.75%, 4/30/2026		215,000		208,421
OCI NV, 144A, 6.625%, 4/15/2023		388,000		398,864
Plastipak Holdings, Inc., 144A, 6.25%, 10/15/2025		410,000		391,550
Platform Specialty Products Corp., 144A, 5.875%, 12/1/2025		906,000		872,025
Reynolds Group Issuer, Inc.:
144A, 5.125%, 7/15/2023		625,000		614,062
5.75%, 10/15/2020		3,605,081		3,627,612
6.875%, 2/15/2021		263,368		266,002
144A, 7.0%, 7/15/2024		75,000		76,965
Teck Resources Ltd.:
3.75%, 2/1/2023		1,000,000		966,260
4.75%, 1/15/2022		1,700,000		1,717,527
144A, 8.5%, 6/1/2024		115,000		127,219
Tronox, Inc., 144A, 6.5%, 4/15/2026		363,000		358,009
United States Steel Corp.:
6.25%, 3/15/2026		117,000		115,941
6.875%, 8/15/2025		645,000		659,641
Volcan Cia Minera SAA, 144A, 5.375%, 2/2/2022		1,565,000		1,580,650
WR Grace & Co-Conn:
144A, 5.125%, 10/1/2021		105,000		108,150
144A, 5.625%, 10/1/2024		55,000		56,925
				25,621,202
Real Estate 3.1%
CyrusOne LP:
(REIT), 5.0%, 3/15/2024		505,000		505,631
(REIT), 5.375%, 3/15/2027		720,000		723,600

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

Deutsche Multi-Market Income Trust | 15

	Principal Amount ($)(a)		Value ($)
Equinix, Inc.:
(REIT), 5.375%, 1/1/2022		240,000		246,900
(REIT), 5.375%, 4/1/2023		995,000		1,017,388
(REIT), 5.375%, 5/15/2027		255,000		256,033
(REIT), 5.875%, 1/15/2026		180,000		183,375
Howard Hughes Corp., 144A, 5.375%, 3/15/2025		455,000		439,644
Iron Mountain, Inc.:
144A, (REIT), 4.375%, 6/1/2021		220,000		221,991
144A, (REIT), 5.25%, 3/15/2028		725,000		682,406
MPT Operating Partnership LP:
(REIT), 5.0%, 10/15/2027		385,000		361,923
(REIT), 5.25%, 8/1/2026		70,000		67,900
(REIT), 6.375%, 3/1/2024		390,000		409,500
SBA Communications Corp., 144A, (REIT), 4.0%, 10/1/2022		570,000		547,200
VEREIT Operating Partnership LP:
(REIT), 4.125%, 6/1/2021		455,000		462,516
(REIT), 4.875%, 6/1/2026		165,000		164,547
				6,290,554
Telecommunication Services 8.1%
CenturyLink, Inc.:
Series V, 5.625%, 4/1/2020		145,000		146,813
Series T, 5.8%, 3/15/2022		550,000		543,262
Series S, 6.45%, 6/15/2021		600,000		614,280
Series W, 6.75%, 12/1/2023		705,000		703,237
Series Y, 7.5%, 4/1/2024		590,000		606,608
CommScope, Inc., 144A, 5.0%, 6/15/2021		350,000		351,750
Digicel Ltd., REG S, 6.0%, 4/15/2021		390,000		357,338
Frontier Communications Corp.:
7.125%, 1/15/2023		870,000		638,362
10.5%, 9/15/2022		220,000		198,000
Hughes Satellite Systems Corp., 7.625%, 6/15/2021		335,000		356,775
Intelsat Jackson Holdings SA, 144A, 8.0%, 2/15/2024		725,000		766,687
Level 3 Financing, Inc.:
5.375%, 8/15/2022		750,000		750,000
5.375%, 1/15/2024		210,000		204,750
6.125%, 1/15/2021		230,000		232,588
Sprint Capital Corp., 8.75%, 3/15/2032		290,000		312,113
Sprint Communications, Inc.:
144A, 7.0%, 3/1/2020		320,000		334,480
7.0%, 8/15/2020		2,000,000		2,070,300
Sprint Corp.:
7.125%, 6/15/2024		1,325,000		1,334,937
7.25%, 9/15/2021		1,700,000		1,759,500
7.625%, 3/1/2026		215,000		220,913

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

16 | Deutsche Multi-Market Income Trust

	Principal Amount ($)(a)		Value ($)
Sprint Spectrum Co., LLC, 144A, 3.36%, 3/20/2023		179,375		178,030
T-Mobile U.S.A., Inc.:
6.0%, 4/15/2024		575,000		597,310
6.375%, 3/1/2025		542,000		566,336
6.5%, 1/15/2026		20,000		20,875
Telesat Canada, 144A, 8.875%, 11/15/2024		310,000		337,125
ViaSat, Inc., 144A, 5.625%, 9/15/2025		140,000		131,250
Zayo Group LLC:
144A, 5.75%, 1/15/2027		950,000		919,125
6.0%, 4/1/2023		590,000		598,112
6.375%, 5/15/2025		500,000		506,875
				16,357,731
Utilities 2.9%
AmeriGas Partners LP:
5.5%, 5/20/2025		485,000		470,765
5.75%, 5/20/2027		520,000		490,100
Calpine Corp.:
144A, 5.25%, 6/1/2026		275,000		259,875
5.75%, 1/15/2025		160,000		145,600
NGL Energy Partners LP, 5.125%, 7/15/2019		245,000		245,000
NRG Energy, Inc.:
144A, 5.75%, 1/15/2028		600,000		592,500
6.25%, 7/15/2022		1,800,000		1,854,000
7.25%, 5/15/2026		570,000		611,325
Vistra Energy Corp.:
7.375%, 11/1/2022		350,000		367,640
7.625%, 11/1/2024		485,000		520,769
144A, 8.125%, 1/30/2026		195,000		213,769
				5,771,343
Total Corporate Bonds (Cost $172,530,255)				171,195,555
Asset-Backed 0.6%
Miscellaneous
Apidos CLO XXI, “C”, Series 2015-21A, 144A, 3-month USD-LIBOR + 3.550%, 5.905%**, 7/18/2027 (Cost $1,104,075)		1,125,000		1,125,988
Government & Agency Obligations 1.8%
Other Government Related (b) 0.1%
Southern Gas Corridor CJSC, 144A, 6.875%, 3/24/2026		230,000		249,550

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

Deutsche Multi-Market Income Trust | 17

	Principal Amount ($)(a)		Value ($)
Sovereign Bonds 1.7%
KazAgro National Management Holding JSC, 144A, 4.625%, 5/24/2023		1,250,000		1,208,000
Republic of Argentina-Inflation Linked Bond, 5.83%, 12/31/2033	ARS	654		203
Republic of Armenia, 144A, 7.15%, 3/26/2025		500,000		532,775
Republic of Costa Rica, 144A, 7.158%, 3/12/2045		400,000		385,280
Republic of Hungary, Series 19/A, 6.5%, 6/24/2019	HUF	51,600,000		200,907
Republic of Sri Lanka, 144A, 5.125%, 4/11/2019		1,000,000		1,002,524
ZAR Sovereign Capital Fund Pty Ltd., 144A, 3.903%, 6/24/2020		185,000		184,878
				3,514,567
Total Government & Agency Obligations (Cost $3,798,502)				3,764,117
Loan Participations and Assignments 21.1%
Senior Loans***
Consumer Discretionary 5.6%
1011778 B.C. Unlimited Liability Co., Term Loan B3, 1-month USD-LIBOR + 2.250%, 4.23%, 2/16/2024		1,517,731		1,518,679
Altice U.S. Finance I Corp., Term Loan, 1-month USD-LIBOR + 2.250%, 4.23%, 7/28/2025		1,472,311		1,468,815
Hilton Worldwide Finance LLC, Term Loan B2, 1-month USD-LIBOR + 1.750%, 3.71%, 10/25/2023		2,689,260		2,704,535
Quebecor Media, Inc., Term Loan B1, 3-month USD-LIBOR + 2.250%, 4.593%, 8/17/2020		3,151,224		3,159,102
Visteon Corp.:
Term Loan, 1-month USD-LIBOR + 2.000%, 3.918%, 3/24/2024		1,428,571		1,435,050
Term Loan, 3-month USD-LIBOR + 2.000%, 4.355%, 3/24/2024		1,071,429		1,076,287
				11,362,468
Consumer Staples 1.6%
Albertson’s LLC, Term Loan B6, 3-month USD LIBOR + 3.000%, 5.319%, 6/22/2023		1,221,935		1,210,126
Pinnacle Foods Finance LLC, Term Loan B, 1-month USD LIBOR + 1.750%, 3.659%, 2/2/2024		2,024,540		2,037,750
				3,247,876
Energy 0.0%
MEG Energy Corp., Term Loan B, 3-month USD LIBOR + 3.500%, 5.81%, 12/31/2023		28,500		28,664

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

18 | Deutsche Multi-Market Income Trust

	Principal Amount ($)(a)		Value ($)
Health Care 2.5%
Community Health Systems, Inc.:
Term Loan G, 3-month USD LIBOR + 3.000%, 5.307%, 12/31/2019		195,315		194,595
Term Loan H, 3-month USD LIBOR + 3.250%, 5.557%, 1/27/2021		340,176		331,864
DaVita, Inc., Term Loan B, 1-month USD LIBOR + 2.750%, 4.73%, 6/24/2021		3,853,850		3,893,352
Valeant Pharmaceuticals International, Inc., Term Loan B, 1-month USD LIBOR + 3.500%, 5.42%, 4/1/2022		628,334		630,260
				5,050,071
Industrials 1.7%
Sabre GLBL Inc., Term Loan B, 1-month USD LIBOR + 2.000%, 3.98%, 2/22/2024		1,625,786		1,627,818
TransDigm, Inc.:
Term Loan F, 1-week USD LIBOR + 2.750%, 4.73%, 6/9/2023		1,146,903		1,145,974
Term Loan F, 3-month USD LIBOR + 2.750%, 5.052%, 6/9/2023		600,616		600,130
				3,373,922
Information Technology 1.2%
First Data Corp., Term Loan, 1-month USD LIBOR + 2.000%, 3.965%, 4/26/2024		2,463,238		2,464,778
Materials 2.4%
Berry Global, Inc.:
Term Loan O, 1-month USD LIBOR + 2.000%, 3.929%, 2/8/2020		1,718,582		1,724,150
Term Loan P, 1-month USD LIBOR + 2.000%, 3.929%, 1/6/2021		1,098,075		1,102,023
MacDermid, Inc., Term Loan B6, 1-month USD LIBOR + 3.000%, 4.98%, 6/7/2023		1,419,299		1,426,395
PolyOne Corp., Term Loan B4, 1-month USD LIBOR + 1.750%, 3.679%, 11/11/2022		571,841		574,789
				4,827,357
Telecommunication Services 1.1%
Level 3 Financing, Inc., Term Loan B, 1-month USD LIBOR + 2.250%, 4.211%, 2/22/2024		2,290,000		2,295,095
Utilities 5.0%
Calpine Corp., Term Loan B5, 3-month USD LIBOR + 2.500%, 4.81%, 1/15/2024		6,170,512		6,182,082
NRG Energy, Inc., Term Loan B, 3-month USD LIBOR + 1.750%, 4.052%, 6/30/2023		3,886,754		3,890,193
				10,072,275
Total Loan Participations and Assignments (Cost $42,615,187)				42,722,506

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

Deutsche Multi-Market Income Trust | 19

	Principal Amount ($)(a)			Value ($)
Convertible Bond 0.3%
Materials
GEO Specialty Chemicals, Inc., 3-month USD-LIBOR + 14.0%, 15.709% PIK**, 10/18/2025 (c) (Cost $510,269)		509,742			629,022
	Shares			Value ($)
Common Stocks 0.0%
Industrials 0.0%
Quad Graphics, Inc.		139			2,748
Materials 0.0%
GEO Specialty Chemicals, Inc.* (c)		118,633			26,692
GEO Specialty Chemicals, Inc. 144A* (c)		649			146
					26,838
Total Common Stocks (Cost $107,744)					29,586
Warrant 0.0%
Materials
Hercules Trust II, Expiration Date 3/31/2029* (c) (Cost $87,876)		400			14,488
Cash Equivalents 2.1%
DWS Central Cash Management Government Fund, 1.78% (d) (Cost $4,269,369)		4,269,369			4,269,369
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $225,023,277)		110.6			223,750,631
Other Assets and Liabilities, Net		1.5			2,961,924
Notes Payable		(12.1	)		(24,500,000	)
Net Assets		100.0			202,212,555

A summary of the Fund’s transactions with affiliated investments during the period ended May 31, 2018 are as follows:

Value ($) at 11/30/2017		Purchases Cost ($)		Sales Proceeds ($)		Net Real- ized Gain/ (Loss) ($)		Net Change in Unreal- ized Appreci- ation (Depreci- ation) ($)		Income ($)		Capital Gain Distri- butions ($)		Number of Shares at 5/31/2018		Value ($) at 5/31/2018
	DWS Central Cash Management Government Fund, 1.78% (d)
	15,417,519		68,126,969		79,275,119		—		—		112,612		—		4,269,369		4,269,369

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

20 | Deutsche Multi-Market Income Trust

* Non-income producing security.

** Variable or floating rate security. These securities are shown at their current rate as of May 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables.

*** Senior loans in the Fund’s portfolio generally are subject to mandatory and/or optional payment. As a result, the actual remaining maturity of senior loans in the Fund’s portfolio may be substantially less than the stated maturities shown in this report. Senior loans pay interest at a rate which may be fixed or may vary based on a published reference rate and spread and are shown at their current rate as of May 31, 2018.

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

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

(c) Investment was valued using significant unobservable inputs.

(d) Affiliated fund managed by DWS 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.

CJSC: Closed Joint Stock Company

CLO: Collateralized Loan Obligation

JSC: Joint Stock Company

LIBOR: London Interbank Offered Rate

OJSC: Open Joint Stock Company

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

Currency Abbreviations
ARS Argentine Peso	HUF Hungarian Forint

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

Deutsche Multi-Market Income Trust | 21

Fair Value Measurements

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

The following is a summary of the inputs used as of May 31, 2018 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 (f)
Corporate Bonds	$	—	$	171,195,555	$	—	$	171,195,555
Asset-Backed		—		1,125,988		—		1,125,988
Government & Agency Obligations		—		3,764,117		—		3,764,117
Loan Participations and Assignments		—		42,722,506		—		42,722,506
Convertible Bond		—		—		629,022		629,022
Common Stocks		2,748		—		26,838		29,586
Warrant		—		—		14,488		14,488
Short-Term Investment		4,269,369		—		—		4,269,369
Total	$	4,272,117	$	218,808,166	$	670,348	$	223,750,631

There have been no transfers between fair value measurement levels during the period ended May 31, 2018.

(f) See Investment Portfolio for additional detailed categorizations.

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

22 | Deutsche Multi-Market Income Trust

Statement of Assets and Liabilities

as of May 31, 2018 (Unaudited)
Assets
Investments in non-affiliated securities, at value (cost $220,753,908)	$	219,481,262
Investment in DWS Central Cash Management Government Fund (cost $4,269,369)		4,269,369
Foreign currency, at value (cost $509,337)		489,191
Interest receivable		2,828,530
Foreign taxes recoverable		2,181
Other assets		3,903
Total assets		227,074,436
Liabilities
Cash overdraft		12,177
Notes payable		24,500,000
Accrued management fee		143,810
Accrued Trustees’ fees		4,449
Other accrued expenses and payables		201,445
Total liabilities		24,861,881
Net assets, at value	$	202,212,555
Net Assets Consist of
Undistributed net investment income		996,181
Net unrealized appreciation (depreciation) on:
Investments		(1,272,646	)
Foreign currency		(20,749	)
Accumulated net realized gain (loss)		(19,961,871	)
Paid-in capital		222,471,640
Net assets, at value	$	202,212,555
Net Asset Value
Net asset value per share ($202,212,555 ÷ 22,393,262 outstanding shares of beneficial interest, $.01 par value, unlimited shares authorized)	$	9.03

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

Deutsche Multi-Market Income Trust | 23

Statement of Operations

for the six months ended May 31, 2018 (Unaudited)
Investment Income
Income:
Interest	$	6,407,385
Dividends		83
Income distributions — DWS Central Cash Management Government Fund		112,612
Other income		8,350
Total income		6,528,430
Expenses:
Management fee		870,172
Services to shareholders		8,358
Custodian fee		17,912
Professional fees		57,018
Reports to shareholders		39,762
Trustees’ fees and expenses		8,554
Interest expense		750,490
Stock Exchange listing fees		11,830
Other		33,166
Total expenses		1,797,262
Net investment income		4,731,168
Net realized gain (loss) from:
Investments		767,863
Foreign currency		(440	)
		767,423
Change in net unrealized appreciation (depreciation) on:
Investments		(6,959,424	)
Foreign currency		(28,928	)
		(6,988,352	)
Net gain (loss)		(6,220,929	)
Net increase (decrease) in net assets resulting from operations	$	(1,489,761	)

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

24 | Deutsche Multi-Market Income Trust

Statement of Cash Flows

for the six months ended May 31, 2018 (Unaudited)
Increase (Decrease) in Cash: Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations	$	(1,489,761	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of long-term investments		(26,587,894	)
Net purchases, sales and maturities of short-term investments		11,148,151
Net amortization of premium/(accretion of discount)		62,481
Proceeds from sales and maturities of long-term investments		64,676,944
(Increase) decrease in interest receivable		312,123
(Increase) decrease in other assets		3,925
(Increase) decrease in receivable for investments sold		224,040
(Increase) decrease in receivable for investments sold — when issued		759,538
Increase (decrease) in interest on notes payable		(231,968	)
Increase (decrease) in payable for investments purchased — when issued securities		(2,497,422	)
Increase (decrease) in other accrued expenses and payables		14,498
Change in unrealized (appreciation) depreciation on investments		6,959,424
Net realized (gain) loss from investments		(767,863	)
Cash provided by (used in) operating activities	$	52,586,216
Cash Flows from Financing Activities
Net increase (decrease) in cash overdraft		12,177
Net increase (decrease) in notes payable		(48,000,000	)
Distributions paid		(4,646,613	)
Cash provided by (used in) financing activities	$	(52,634,436	)
Increase (decrease) in cash		(48,220	)
Cash at beginning of period (including foreign currency)		537,411
Cash at end of period (including foreign currency)	$	489,191
Supplemental disclosure
Interest paid on notes	$	(982,458	)

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

Deutsche Multi-Market Income Trust | 25

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended May 31, 2018 (Unaudited)			Year Ended November 30, 2017
Operations:
Net investment income	$	4,731,168		$	9,864,180
Net realized gain (loss)		767,423			2,227,958
Change in net unrealized appreciation (depreciation)		(6,988,352	)		3,052,329
Net increase (decrease) in net assets resulting from operations		(1,489,761	)		15,144,467
Distributions to shareholders from:
Net investment income		(4,646,613	)		(9,405,205	)
Total distributions		(4,646,613	)		(9,405,205	)
Increase (decrease) in net assets		(6,136,374	)		5,739,262
Net assets at beginning of period		208,348,929			202,609,667
Net assets at end of period (including undistributed net investment income of $996,181 and $911,626, respectively)	$	202,212,555		$	208,348,929
Other Information
Shares outstanding at beginning of period		22,393,262			22,393,262
Shares outstanding at end of period		22,393,262			22,393,262

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

26 | Deutsche Multi-Market Income Trust

Financial Highlights

	Six Months Ended 5/31/18				Years Ended November 30,
		(Unaudited)			2017			2016			2015			2014			2013
Selected Per Share Data
Net asset value, beginning of period		$	9.30		$	9.05		$	8.87		$	9.79		$	9.98		$	10.29
Income (loss) from investment operations:
Net investment incomea			.21			.44			.49			.54			.64			.70
Net realized and unrealized gain (loss)			(.27	)		.23			.18			(.92	)		(.16	)		(.13	)
Total from investment operations			(.06	)		.67			.67			(.38	)		.48			.57
Less distributions from:
Net investment income			(.21	)		(.42	)		(.51	)		(.58	)		(.68	)		(.88	)
Return of capital			—			—			(.00	)***		(.03	)		—			—
Total distributions			(.21	)		(.42	)		(.51	)		(.61	)		(.68	)		(.88	)
NAV accretion resulting from repurchases of shares at a discount to NAVa			—			—			.02			.07			.01			—
Net asset value, end of period		$	9.03		$	9.30		$	9.05		$	8.87		$	9.79		$	9.98
Market price, end of period		$	8.81		$	8.96		$	8.42		$	7.36		$	8.79		$	9.41
Total Return
Based on net asset value (%)b			(.61	)**		7.74			8.54			(2.42	)		5.53			5.58
Based on market price (%)b			.65	**		11.57			21.71			(9.82	)		.49			(2.53	)
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)			202			208			203			202			238			245
Ratio of expenses (including interest expense) (%)			1.76	*		1.97			1.76			1.51			1.52			1.60
Ratio of expenses (excluding interest expense) (%)			1.02	*		1.17			1.09			1.02			1.01			1.00
Ratio of net investment income (%)			4.62	*		4.75			5.52			5.77			6.37			6.89
Portfolio turnover rate (%)			11			41			36			50			82			76
Total debt outstanding end of period ($ thousands)			24,500			72,500			73,000			83,000			99,000			109,000
Asset coverage per $1,000 of debtc			9,254			3,874			3,775			3,438			3,401			3,244

^a  Based on average shares outstanding during the period.

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

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

^*  Annualized ^** Not annualized ^*** Amount is less than $.005.

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

Deutsche Multi-Market Income Trust | 27

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

Deutsche 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.

On July 13, 2016, the Board of Trustees approved the termination of the Fund, pursuant to which the Fund will make a liquidating distribution to shareholders no later than December 31, 2018. On July 11, 2018, the Board of Trustees approved a Plan of Liquidation and Termination for the Fund (the “Plan”) Under the terms of the Plan, the Fund will make a liquidating distribution to shareholders on or about November 16, 2018.

The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. 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 level assigned to the securities valuations may not be an indication of the risk or liquidity 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. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, prepayment speeds and other data, as well as broker quotes. If the pricing services are unable to provide valuations, debt securities are valued at the average of the most recent reliable bid quotations or evaluated prices, as applicable, obtained from broker-dealers and loan participations and assignments are valued at the mean of the most recent bid and ask quotations or evaluated prices, as

28 | Deutsche Multi-Market Income Trust

applicable, obtained from broker-dealers. Certain securities may be valued on the basis of a price provided by a single source or broker-dealer. No active trading market may exist for some senior loans and they may be subject to restrictions on resale. The inability to dispose of senior loans in a timely fashion could result in losses. These securities are generally categorized as Level 2.

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

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

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

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

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.

Deutsche Multi-Market Income Trust | 29

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. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

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

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

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

30 | Deutsche Multi-Market Income Trust

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. If affiliates of the Advisor participate in the primary and secondary market for senior loans, legal limitations may restrict the Fund’s ability to participate in restructuring or acquiring some senior loans. All Loans involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower.

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

At November 30, 2017, the Fund had a net tax basis capital loss carryforward of approximately $19,670,000, which may be applied against any realized net taxable capital gains indefinitely or until the liquidation of the Fund, including short-term losses ($6,022,000) and long-term losses ($13,648,000).

At November 30, 2017, the aggregate cost of investments for federal income tax purposes was $274,613,789. The net unrealized appreciation for all investments based on tax cost was $4,628,085. This consisted of aggregate gross unrealized appreciation for all investments which there was an excess of value over tax cost of $6,681,103 and aggregate gross unrealized depreciation for all investments in which was an excess of tax cost over value of $2,053,018.

The Fund has reviewed the tax positions for the open tax years as of November 30, 2017 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

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

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily

Deutsche Multi-Market Income Trust | 31

relate to certain securities sold at a loss and premium amortization on debt securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

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

Statement of Cash Flows. Information on financial transactions which have been settled through the receipt and disbursement of cash is presented in the Statement of Cash Flows. The cash amount shown in the Statement of Cash Flows represents the cash overdraft and foreign currency position at the Fund’s custodian bank at May 31, 2018.

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

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

B. Purchases and Sales of Securities

During the year ended May 31, 2018 purchases and sales of investment securities (excluding short-term investments) aggregated $26,587,894 and $64,676,944, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (formerly Deutsche Investment Management Americas Inc.) (“DIMA” or the “Advisor”), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), the Advisor directs the investments of the

32 | Deutsche Multi-Market Income Trust

Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund. In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Investment Management Agreement. The management fee payable under the Investment Management Agreement is equal to an annual rate of 0.85% of the Fund’s average weekly net assets, computed and accrued daily and payable monthly.

Service Provider Fees. DWS Service Company (“DSC”), 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 DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended May 31, 2018, the amount charged to the Fund by DSC aggregated $4,914, of which $1,466 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the six months ended May 31, 2018, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $7,432, all of which is unpaid.

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

Affiliated Cash Management Vehicle. The Fund may invest uninvested cash balances in DWS Central Cash Management Government Fund, which is managed by the Advisor. The Fund indirectly bears its proportionate share of the expenses of DWS Central Cash Management Government Fund. DWS Central Cash Management Government Fund does not pay the Advisor an investment management fee. DWS Central Cash Management Government Fund seeks maximum current income to the extent consistent with stability of principal.

D. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. The Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield

Deutsche Multi-Market Income Trust | 33

debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, and/or result in increased portfolio turnover, which could result in a decline in net asset value of the fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high yield debt securities could increase liquidity risk for the fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

E. 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.

F. 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 $50,000,000 ($125,000,000 prior to May 1, 2018) (the “Credit Facility”). The Credit Facility automatically renews for a six-month period on each day unless it is terminated by either party or not extended by the Lender in accordance with its terms.

On June 27, 2018, in anticipation of the Fund’s pending liquidation, the Fund eliminated its financial leverage facility by paying back its bank line of credit and terminating its leverage agreement.

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

34 | Deutsche Multi-Market Income Trust

Fund on the unused portion of the credit lines and is included with “interest expense” in the Statement of Operations.

At May 31, 2018 under the Credit Facility, the outstanding loans balance was $24,500,000. The weighted average outstanding daily balance of all loans during the six months ended May 31, 2018 was approximately $54,190,000, with a weighted average annualized borrowing cost of 2.78%. The borrowings were valued at cost, which approximates fair value.

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

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

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

G. 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. There were no shares repurchased during the six months ended May 31, 2018 and the year ended November 30, 2017.

On September 20, 2017, the Fund announced that the Fund’s Board of Trustees extended the Fund’s existing repurchase program for an additional 12-month period. The Fund may continue to purchase outstanding shares of common stocks in open-market transactions over

Deutsche Multi-Market Income Trust | 35

the period from December 1, 2017 until November 30, 2018, when the Fund’s shares trade at a discount to net asset value. The Board’s authorization of the repurchase program extension follows the previous repurchase program, which commenced on December 1, 2016 and ran until November 30, 2017.

Liquidation and Dissolution of the Fund

On July 13, 2016, the Board of Trustees approved the termination of the

Fund, pursuant to which the Fund will make a liquidating distribution to

shareholders no later than December 31, 2018.

On July 11, 2018, the Board of Trustees approved a Plan of Liquidation and Termination for the Fund the “Plan”) related to the previously approved liquidation of the Fund to occur on or before December 31, 2018. Under the terms of the Plan, the “Cessation Date” for the Fund’s planned liquidation is expected to occur on or about November 9, 2018. As provided in the Plan, at the close of business on the Cessation Date, the Fund will cease to engage in any business activities, except for the purpose of liquidating and winding up its affairs, and the books of the Fund will be closed. Effective the business day following the Cessation Date, the Fund’s shares will not be transferable (except for the settlement of prior transactions), and it is anticipated that trading in the Fund’s shares on the New York Stock Exchange will cease. The Fund will subsequently seek to reduce all remaining portfolio securities to cash or cash equivalents and make a final liquidating distribution to shareholders on or about November 16, 2018. All Fund shareholders as of the close of business on the Cessation Date will be entitled to receive a liquidating distribution. The Cessation Date may be extended if necessary or appropriate in connection with the orderly liquidation of the Fund or to protect the interests of the Fund’s shareholders.

On June 27, 2018, the Fund eliminated its financial leverage by paying back its bank line of credit and terminating its leverage agreement. In addition, prior to the Cessation Date and subject to portfolio management’s discretion, the Fund intends to begin the process of converting its portfolio securities to more liquid investments, including cash or cash equivalents. As the Fund begins to transition its portfolio to more liquid investments, its net investment income may decline, which, in turn, may reduce its remaining regular monthly dividends. The Fund’s last anticipated regular monthly dividend will be for the month of October. The Fund does not expect to pay its regular November monthly dividend. Any net investment income earned in November would consequently be included as part of the Fund’s final liquidating distribution to shareholders.

36 | Deutsche Multi-Market Income Trust

Dividend Reinvestment and Cash Purchase Plan

The Board of Trustees of the Fund has established a Dividend Reinvestment and Cash Purchase Plan (the “Plan”) for shareholders that elect to have all dividends and distributions automatically reinvested in shares of the Fund (each a “Participant”). DST Systems, Inc. (the “Plan Agent”) has been appointed by the Fund’s Board of Trustees to act as agent for each Participant.

A summary of the Plan is set forth below. Shareholders may obtain a copy of the entire Dividend Reinvestment and Cash Purchase Plan by visiting the Fund’s Web site at dws.com or by calling (800) 294-4366.

If you wish to participate in the Plan and your shares are held in your own name, contact DWS Service Company (the “Transfer Agent”) at P.O. Box 219066, Kansas City, Missouri 64121-9066 or (800) 294-4366 for the appropriate form. Current shareholders may join the Plan by either enrolling their shares with the Transfer Agent or making an initial cash deposit of at least $250 with the Transfer Agent. First-time investors in the Fund may join the Plan by making an initial cash deposit of at least $250 with the Transfer Agent. Initial cash deposits will be invested within approximately 30 days. 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 Transfer Agent will establish a Dividend Investment Account (the “Account”) for each Participant 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”) and any voluntary cash contributions made pursuant to the Plan. Shares in a Participant’s Account are transferable upon proper written instructions to the Transfer Agent.

If, on the valuation date for a Distribution, Shares are trading at a discount from net asset value per Share, the Plan Agent shall apply the amount of such Distribution payable to a Participant (less a Participant’s pro rata share of brokerage commissions incurred with respect to open-market purchases in connection with the reinvestment of such Distribution) to the purchase on the open market of Shares for a Participant’s Account. If, on the valuation date for a Distribution, 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 valuation date to the Transfer Agent in the aggregate amount of the funds credited to a Participant’s Account. The Fund will increase the price at which Shares

Deutsche Multi-Market Income Trust | 37

may be issued under the Plan to 95% of the fair market value of the Shares on the valuation date if the net asset value per Share of the Shares on the valuation date is less than 95% of the fair market value of the Shares on the valuation date. The valuation date will be the payment date for Distributions. Open-market purchases will be made on or shortly after the valuation date for Distributions, and in no event more than 30 days after such date except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities law.

A Participant may from time to time make voluntary cash contributions to his or her Account in a minimum amount of $100 in any month (with a $36,000 annual limit) for the purchase on the open market of Shares for the Participant’s Account. Such voluntary contributions will be invested by the Plan Agent on or shortly after the 15th of each month and in no event more than 30 days after such dates, except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities law. Voluntary cash contributions received from a Participant on or prior to the fifth day preceding the 15th of each month will be applied by the Plan Agent to the purchase of additional Shares as of that investment date. No interest will be paid on voluntary cash contributions held until investment. Consequently, Participants are strongly urged to ensure that their payments are received by the Transfer Agent on or prior to the fifth day preceding the 15th of any month. Voluntary cash contributions should be made in U.S. dollars and be sent by first-class mail, postage prepaid only to the following address (deliveries to any other address do not constitute valid delivery):

Deutsche Multi-Market Income Trust

Dividend Reinvestment and Cash Purchase Plan

c/o DWS Service Company

P.O. Box 219066

Kansas City, MO 64121-9066

(800) 294-4366

Participants may withdraw their entire voluntary cash contribution by written notice received by the Transfer Agent not less than 48 hours before such payment is to be invested.

The cost of Shares acquired for each Participant’s Account in connection with the Plan shall be determined by the average cost per Share, including brokerage commissions, of the Shares acquired. 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.

38 | Deutsche Multi-Market Income Trust

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 Participant would have received if the Participant had elected to receive cash or, for Shares issued by the Fund, the fair market value of the Shares issued to the Participant.

The Fund may amend the Plan at any time or times but, only by mailing to each Participant appropriate written notice at least 90 days prior to the effective date thereof except when 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 also 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 immediately following receipt of the notice by the Transfer Agent provided the notice is received by the Transfer Agent at least ten calendar days prior to the record date for the Distribution; otherwise such withdrawal will be effective after the investment of the current 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 or her Shares in the Plan and send the proceeds to the Participant, less brokerage commissions.

All correspondence and inquiries concerning the Plan, and requests for additional information about the Plan, should be directed to DWS Service Company at P.O. Box 219066, Kansas City, Missouri 64121-9066 or (800) 294-4366.

Deutsche Multi-Market Income Trust | 39

Additional Information

Automated Information Line	DWS Closed-End Fund Info Line (800) 349-4281
Web Site	dws.com Obtain fact sheets, financial reports, press releases and webcasts when available.
Written Correspondence	DWS Attn: Secretary of the DWS Funds One International Place, 12th Floor Boston, MA 02110
Legal Counsel	Vedder Price P.C. 222 North LaSalle Street Chicago, IL 60601
Dividend Reinvestment Plan Agent	DST Systems, Inc. 333 W. 11th Street, 5th Floor Kansas City, MO 64105
Shareholder Service Agent and Transfer Agent	DWS Service Company P.O. Box 219066 Kansas City, MO 64121-9066 (800) 294-4366
Custodian	State Street Bank and Trust Company State Street Financial Center One Lincoln Street Boston, MA 02111
Independent Registered Public Accounting Firm	Ernst & Young LLP 200 Clarendon Street Boston, MA 02116
Proxy Voting	The Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Portfolio Holdings	Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC’s Web site at sec.gov, and it also may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling (800) SEC-0330. The Fund’s portfolio holdings as of the month-end are posted on dws.com on or after the last day of the following month. More frequent posting of portfolio holdings information may be made from time to time on dws.com.

40 | Deutsche Multi-Market Income Trust

Investment Management	DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group”), is the investment advisor for the Fund. DIMA and its predecessors have more than 90 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 DWS Group. DWS Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.
NYSE Symbol	KMM
CUSIP Number	25160E 102

Deutsche Multi-Market Income Trust | 41

Privacy Statement

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

Reasons we can share your personal information	Does DWS share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes		No
For our marketing purposes — to offer our products and services to you	Yes		No
For joint marketing with other financial companies	No		We do not share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No		We do not share
For our affiliates’ everyday business purposes — information about your creditworthiness	No		We do not share
For non-affiliates to market to you	No		We do not share

Questions? Call (800) 728-3337 or e-mail us at service@dws.com

42 | Deutsche Multi-Market Income Trust

Who we are
Who is providing this notice?	DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds
What we do
How does DWS 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 collect my personal information?	We collect your personal information, for example, when you: —  open an account —  give us your contact information —  provide bank account information for ACH or wire transactions —  tell us where to send money —  seek advice about your investments
Why can’t I limit all sharing?	Federal law gives you the right to limit only — sharing for affiliates’ everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB”) name, such as DB AG Frankfurt.
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 does not jointly market.

Rev. 3/2018, as amended 7/2018

Deutsche Multi-Market Income Trust | 43

DMMIT-3

(R-027923-7 7/18)

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

	(a)	(b)	(c)	(d)
Period	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
December 1 through December 31	-	$                         -	-	n/a
January 1 through January 31	-	$                         -	-	n/a
February 1 through February 28	-	$                         -	-	n/a
March 1 through March 31	-	$                         -	-	n/a
April 1 through April 30	-	$                         -	-	n/a
May 1 through May 31	-	$                         -	-	n/a
Total	-	$                         -	-	n/a
The Fund may from time to time repurchase shares in the open market.
On September 20, 2017, the Fund announced that the Fund's Board of Trustees extended the Fund's existing open market share repurchase program for an additional 12 month period.  The Fund may continue to purchase outstanding shares of common stock in open-market transactions over the period December 1, 2017 until November 30, 2018, when the Fund's shares trade at a discount to net asset value.  The Board's authorization of the repurchase program extension follows the previous repurchase program, which commenced on December 1, 2016 and ran until November 30, 2017.

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 Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.
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.	Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
	Not applicable
ITEM 13.	EXHIBITS
	(a)(1)		Not applicable
	(a)(2)		Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
	(b)		Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

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:	Deutsche Multi-Market Income Trust
By:	/s/Hepsen Uzcan Hepsen Uzcan President
Date:	7/30/2018

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/Hepsen Uzcan Hepsen Uzcan President
Date:	7/30/2018
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	7/30/2018