nq022912ce-mmit.htm

DWS Multi-Market Income Trust

			Principal Amount ($) (a)			Value ($)
	Corporate Bonds 117.3%
Consumer Discretionary 19.0%
AMC Entertainment, Inc.:
	8.0%, 3/1/2014 (b)			166,000		166,000
	8.75%, 6/1/2019			735,000		766,237
AMC Networks, Inc., 144A, 7.75%, 7/15/2021				130,000		144,950
American Achievement Corp., 144A, 10.875%, 4/15/2016				180,000		128,250
Asbury Automotive Group, Inc.:
	7.625%, 3/15/2017			255,000		262,650
	8.375%, 11/15/2020			300,000		321,750
AutoNation, Inc., 6.75%, 4/15/2018				1,440,000		1,569,600
Avis Budget Car Rental LLC:
	8.25%, 1/15/2019 (b)			365,000		380,512
	9.625%, 3/15/2018			160,000		174,400
Beazer Homes U.S.A., Inc., 9.125%, 6/15/2018				95,000		81,938
Block Communications, Inc., 144A, 7.25%, 2/1/2020				580,000		594,500
Bresnan Broadband Holdings LLC, 144A, 8.0%, 12/15/2018 (b)				695,000		733,225
Cablevision Systems Corp.:
	7.75%, 4/15/2018			1,855,000		2,021,950
	8.0%, 4/15/2020 (b)			85,000		95,413
Caesar's Entertainment Operating Co., Inc.:
	10.0%, 12/15/2018 (b)			295,000		227,888
	11.25%, 6/1/2017			1,745,000		1,910,775
CCO Holdings LLC:
	6.625%, 1/31/2022			290,000		309,575
	7.0%, 1/15/2019			165,000		178,200
	7.25%, 10/30/2017			1,575,000		1,708,875
	7.375%, 6/1/2020			85,000		93,500
	7.875%, 4/30/2018			4,645,000		5,074,662
	8.125%, 4/30/2020			95,000		106,400
Cequel Communications Holdings I LLC, 144A, 8.625%, 11/15/2017				2,435,000		2,611,537
Chester Downs & Marina LLC, 144A, 9.25%, 2/1/2020				110,000		115,225
Clear Channel Communications, Inc., 9.0%, 3/1/2021				100,000		92,000
Clear Channel Worldwide Holdings, Inc.:
	144A, 7.625%, 3/15/2020 (c)			580,000		580,000
	Series A, 144A, 7.625%, 3/15/2020 (c)			85,000		85,000
	Series A, 9.25%, 12/15/2017			115,000		125,925
	Series B, 9.25%, 12/15/2017			175,000		192,500
Crown Media Holdings, Inc., 10.5%, 7/15/2019				215,000		229,513
Cumulus Media, Inc., 144A, 7.75%, 5/1/2019				95,000		92,863
DineEquity, Inc., 9.5%, 10/30/2018				415,000		457,537
DISH DBS Corp.:
	6.625%, 10/1/2014			355,000		386,950
	6.75%, 6/1/2021			110,000		122,100
	7.125%, 2/1/2016			345,000		381,225
Fontainebleau Las Vegas Holdings LLC, 144A, 11.0%, 6/15/2015 *				290,000		181
Ford Motor Co., 7.45%, 7/16/2031 (b)				260,000		333,775
Gannett Co., Inc.:
	6.375%, 9/1/2015			370,000		391,275
	7.125%, 9/1/2018 (b)			370,000		385,725
	9.375%, 11/15/2017			320,000		361,600
Great Canadian Gaming Corp., 144A, 7.25%, 2/15/2015				220,000		223,575
Hertz Corp.:
	6.75%, 4/15/2019			120,000		125,700
	144A, 6.75%, 4/15/2019 (c)			330,000		343,200
	7.5%, 10/15/2018			1,195,000		1,289,106
	8.875%, 1/1/2014			89,000		89,001
Hughes Satellite Systems Corp., 7.625%, 6/15/2021				335,000		363,475
Kabel BW GmbH, 144A, 7.5%, 3/15/2019				300,000		324,000
Lear Corp.:
	7.875%, 3/15/2018			145,000		160,044
	8.125%, 3/15/2020			150,000		169,125
Levi Strauss & Co., 7.625%, 5/15/2020 (b)				480,000		508,800
Limited Brands, Inc., 7.0%, 5/1/2020				230,000		256,737
Lions Gate Entertainment, Inc., 144A, 10.25%, 11/1/2016				390,000		418,275
Macy's Retail Holdings, Inc., 8.125%, 7/15/2015				60,000		70,821
Mediacom Broadband LLC, 8.5%, 10/15/2015 (b)				835,000		862,137
Mediacom LLC:
	144A, 7.25%, 2/15/2022			165,000		167,063
	9.125%, 8/15/2019			530,000		579,025
MGM Resorts International:
	7.5%, 6/1/2016 (b)			140,000		142,450
	7.625%, 1/15/2017			390,000		397,800
	144A, 8.625%, 2/1/2019 (b)			1,285,000		1,368,525
	9.0%, 3/15/2020			590,000		659,325
	10.0%, 11/1/2016			160,000		176,400
	10.375%, 5/15/2014			275,000		312,812
	11.125%, 11/15/2017			345,000		392,437
Michaels Stores, Inc., 13.0%, 11/1/2016				95,000		101,052
National CineMedia LLC, 7.875%, 7/15/2021				360,000		381,600
Neiman Marcus Group, Inc., 10.375%, 10/15/2015				100,000		104,126
Norcraft Companies LP, 10.5%, 12/15/2015				620,000		547,150
Palace Entertainment Holdings LLC, 144A, 8.875%, 4/15/2017				285,000		296,400
Penske Automotive Group, Inc., 7.75%, 12/15/2016				985,000		1,026,872
PETCO Animal Supplies, Inc., 144A, 9.25%, 12/1/2018				225,000		247,500
PVH Corp., 7.375%, 5/15/2020				300,000		333,000
Regal Entertainment Group, 9.125%, 8/15/2018 (b)				250,000		273,750
Sabre Holdings Corp., 8.35%, 3/15/2016				220,000		200,200
Seminole Indian Tribe of Florida:
	144A, 7.75%, 10/1/2017			330,000		358,050
	144A, 7.804%, 10/1/2020			495,000		484,744
Sirius XM Radio, Inc., 144A, 8.75%, 4/1/2015				425,000		482,375
Sonic Automotive, Inc., Series B, 9.0%, 3/15/2018				350,000		380,625
Standard Pacific Corp.:
	8.375%, 5/15/2018			375,000		401,250
	10.75%, 9/15/2016			300,000		344,625
Toys "R" Us, Inc., 7.375%, 10/15/2018				330,000		298,650
Toys "R" Us-Delaware, Inc., 144A, 7.375%, 9/1/2016				260,000		267,150
Travelport LLC:
	5.152% **, 9/1/2014			185,000		94,813
	9.0%, 3/1/2016 (b)			50,000		26,500
UCI International, Inc., 8.625%, 2/15/2019				165,000		168,713
Unitymedia GmbH, 144A, 9.625%, 12/1/2019		EUR		610,000		877,719
Unitymedia Hessen GmbH & Co., KG, 144A, 8.125%, 12/1/2017				1,545,000		1,676,325
Univision Communications, Inc.:
	144A, 6.875%, 5/15/2019			85,000		86,700
	144A, 7.875%, 11/1/2020			185,000		197,025
	144A, 8.5%, 5/15/2021			105,000		104,213
UPC Holding BV:
	144A, 8.375%, 8/15/2020	EUR		715,000		976,409
	144A, 9.75%, 4/15/2018	EUR		595,000		846,227
Valassis Communications, Inc., 6.625%, 2/1/2021 (b)				245,000		251,125
Videotron Ltd., 9.125%, 4/15/2018				310,000		343,325
Visant Corp., 10.0%, 10/1/2017				305,000		280,600
Visteon Corp., 6.75%, 4/15/2019				610,000		616,100
Yonkers Racing Corp., 144A, 11.375%, 7/15/2016				240,000		260,100

						46,731,027
Consumer Staples 4.8%
Alliance One International, Inc., 10.0%, 7/15/2016				195,000		195,488
American Rock Salt Co., LLC, 144A, 8.25%, 5/1/2018				145,000		117,450
B&G Foods, Inc., 7.625%, 1/15/2018				340,000		368,475
Central Garden & Pet Co., 8.25%, 3/1/2018				280,000		284,200
Constellation Brands, Inc., 8.375%, 12/15/2014				810,000		919,350
Darling International, Inc., 8.5%, 12/15/2018				620,000		697,500
Del Monte Corp., 7.625%, 2/15/2019 (b)				580,000		581,450
Dole Food Co., Inc., 144A, 8.0%, 10/1/2016				225,000		238,500
FAGE Dairy Industry SA, 144A, 9.875%, 2/1/2020				330,000		317,625
JBS U.S.A. LLC, 144A, 8.25%, 2/1/2020				240,000		247,800
NBTY, Inc., 9.0%, 10/1/2018				185,000		203,037
Pilgrim's Pride Corp., 7.875%, 12/15/2018 (b)				220,000		217,800
Post Holdings, Inc., 144A, 7.375%, 2/15/2022				325,000		346,125
Rite Aid Corp.:
	7.5%, 3/1/2017			25,000		25,625
	8.0%, 8/15/2020 (b)			290,000		330,600
	144A, 9.25%, 3/15/2020			95,000		96,188
	10.25%, 10/15/2019 (b)			160,000		182,200
Smithfield Foods, Inc.:
	7.75%, 7/1/2017 (b)			940,000		1,073,950
	10.0%, 7/15/2014			3,155,000		3,699,237
Stater Bros. Holdings, Inc., 7.375%, 11/15/2018 (b)				240,000		260,100
SUPERVALU, Inc., 8.0%, 5/1/2016 (b)				245,000		254,494
Tops Holding Corp., 10.125%, 10/15/2015				440,000		474,650
TreeHouse Foods, Inc., 7.75%, 3/1/2018				370,000		405,150
U.S. Foodservice, 144A, 8.5%, 6/30/2019				290,000		291,450

						11,828,444
Energy 13.8%
Allis-Chalmers Energy, Inc., 9.0%, 1/15/2014				184,000		184,000
Alpha Natural Resources, Inc., 6.0%, 6/1/2019 (b)				500,000		487,500
Arch Coal, Inc.:
	144A, 7.0%, 6/15/2019 (b)			165,000		165,000
	7.25%, 10/1/2020 (b)			150,000		149,625
	144A, 7.25%, 6/15/2021			265,000		264,338
	8.75%, 8/1/2016 (b)			480,000		528,000
Atwood Oceanics, Inc., 6.5%, 2/1/2020				165,000		173,663
Berry Petroleum Co.:
	6.75%, 11/1/2020			330,000		352,275
	10.25%, 6/1/2014			325,000		373,750
Bill Barrett Corp.:
	7.625%, 10/1/2019			85,000		88,825
	9.875%, 7/15/2016			280,000		309,400
BreitBurn Energy Partners LP:
	144A, 7.875%, 4/15/2022			95,000		99,513
	8.625%, 10/15/2020			200,000		217,000
Bristow Group, Inc., 7.5%, 9/15/2017				335,000		350,075
Chaparral Energy, Inc., 8.25%, 9/1/2021				285,000		316,350
Chesapeake Energy Corp.:
	6.875%, 11/15/2020 (b)			190,000		199,500
	7.25%, 12/15/2018			1,975,000		2,142,875
	9.5%, 2/15/2015 (b)			3,540,000		4,071,000
Chesapeake Midstream Partners LP, 144A, 6.125%, 7/15/2022				500,000		517,500
Chesapeake Oilfield Operating LLC, 144A, 6.625%, 11/15/2019				315,000		321,300
CITGO Petroleum Corp., 144A, 11.5%, 7/1/2017				375,000		420,000
Cloud Peak Energy Resources LLC:
	8.25%, 12/15/2017			165,000		176,138
	8.5%, 12/15/2019			165,000		179,438
CONSOL Energy, Inc.:
	144A, 6.375%, 3/1/2021			125,000		125,938
	8.0%, 4/1/2017			830,000		902,625
	8.25%, 4/1/2020			470,000		512,300
Continental Resources, Inc.:
	7.125%, 4/1/2021			230,000		255,300
	7.375%, 10/1/2020			245,000		272,562
	8.25%, 10/1/2019			110,000		123,475
Crestwood Midstream Partners LP, 144A, 7.75%, 4/1/2019				1,290,000		1,302,900
Crosstex Energy LP, 8.875%, 2/15/2018				425,000		461,125
Dresser-Rand Group, Inc., 144A, 6.5%, 5/1/2021				585,000		612,787
Eagle Rock Energy Partners LP, 8.375%, 6/1/2019				390,000		401,700
El Paso Corp., 7.25%, 6/1/2018				405,000		458,492
Energy Transfer Equity LP, 7.5%, 10/15/2020				280,000		320,600
Frontier Oil Corp.:
	6.875%, 11/15/2018			270,000		279,450
	8.5%, 9/15/2016			140,000		149,800
Genesis Energy LP, 7.875%, 12/15/2018				335,000		345,050
Global Geophysical Services, Inc., 10.5%, 5/1/2017				475,000		470,250
Harvest Operations Corp., 144A, 6.875%, 10/1/2017				180,000		190,125
Holly Energy Partners LP:
	144A, 6.5%, 3/1/2020 (c)			165,000		168,506
	8.25%, 3/15/2018			410,000		434,600
HollyFrontier Corp., 9.875%, 6/15/2017				620,000		692,850
Kodiak Oil & Gas Corp., 144A, 8.125%, 12/1/2019				245,000		262,150
Linn Energy LLC:
	144A, 6.25%, 11/1/2019			855,000		853,931
	144A, 6.5%, 5/15/2019			30,000		30,600
MEG Energy Corp., 144A, 6.5%, 3/15/2021				325,000		347,750
Newfield Exploration Co.:
	5.75%, 1/30/2022 (b)			615,000		665,737
	7.125%, 5/15/2018			955,000		1,017,075
Oasis Petroleum, Inc.:
	6.5%, 11/1/2021			240,000		247,200
	7.25%, 2/1/2019			370,000		392,200
Offshore Group Investments Ltd., 11.5%, 8/1/2015				25,000		27,875
Peabody Energy Corp.:
	144A, 6.0%, 11/15/2018			200,000		209,500
	144A, 6.25%, 11/15/2021			230,000		240,925
Plains Exploration & Production Co.:
	6.75%, 2/1/2022			605,000		662,475
	7.625%, 6/1/2018			465,000		499,875
Quicksilver Resources, Inc., 11.75%, 1/1/2016				565,000		601,725
Range Resources Corp.:
	5.0%, 8/15/2022 (c)			235,000		237,350
	6.75%, 8/1/2020			140,000		153,300
Regency Energy Partners LP:
	6.875%, 12/1/2018			275,000		298,375
	9.375%, 6/1/2016			650,000		719,875
Sabine Pass LNG LP, 7.5%, 11/30/2016				145,000		155,875
SandRidge Energy, Inc.:
	7.5%, 3/15/2021			410,000		414,100
	144A, 8.0%, 6/1/2018			365,000		377,775
SESI LLC:
	6.375%, 5/1/2019 (b)			335,000		351,750
	144A, 7.125%, 12/15/2021			1,050,000		1,160,250
Stone Energy Corp.:
	6.75%, 12/15/2014			525,000		527,625
	8.625%, 2/1/2017			390,000		407,550
Swift Energy Co., 144A, 7.875%, 3/1/2022				625,000		653,125
Venoco, Inc., 8.875%, 2/15/2019				410,000		371,050
Welltec A/S, 144A, 8.0%, 2/1/2019				200,000		190,000
WPX Energy, Inc.:
	144A, 5.25%, 1/15/2017			670,000		683,400
	144A, 6.0%, 1/15/2022			490,000		505,925
Xinergy Corp., 144A, 9.25%, 5/15/2019				240,000		168,000

						34,001,843
Financials 20.3%
Abengoa Finance SAU, 144A, 8.875%, 11/1/2017				510,000		507,450
Akbank TAS, 144A, 5.125%, 7/22/2015				480,000		477,600
Algoma Acquisition Corp., 144A, 9.875%, 6/15/2015				345,000		313,088
Ally Financial, Inc.:
	5.5%, 2/15/2017			580,000		587,438
	6.25%, 12/1/2017			740,000		764,877
	8.0%, 3/15/2020			870,000		985,275
	8.3%, 2/12/2015			280,000		309,400
AmeriGas Finance LLC:
	6.75%, 5/20/2020			165,000		169,950
	7.0%, 5/20/2022 (b)			165,000		169,331
Antero Resources Finance Corp.:
	144A, 7.25%, 8/1/2019			415,000		437,825
	9.375%, 12/1/2017			560,000		616,000
Ardagh Packaging Finance PLC, 144A, 9.125%, 10/15/2020				200,000		206,500
Ashton Woods U.S.A. LLC, 144A, Step-up Coupon, 0% to 6/30/2012, 11.0% to 6/30/2015				325,000		274,625
AWAS Aviation Capital Ltd., 144A, 7.0%, 10/17/2016				718,680		751,021
Banco Bradesco SA, 144A, 5.75%, 3/1/2022 (c)				1,420,000		1,432,070
Caesars Operating Escrow LLC, 144A, 8.5%, 2/15/2020				575,000		586,500
Calpine Construction Finance Co., LP, 144A, 8.0%, 6/1/2016				420,000		456,750
Case New Holland, Inc.:
	7.75%, 9/1/2013			1,110,000		1,187,700
	7.875%, 12/1/2017			830,000		975,250
CIT Group, Inc.:
	Series C, 144A, 5.25%, 4/1/2014			2,225,000		2,275,062
	144A, 5.5%, 2/15/2019			165,000		168,506
	144A, 7.0%, 5/4/2015			409,000		410,023
	144A, 7.0%, 5/2/2017			1,370,000		1,371,712
Codere Finance Luxembourg SA, 144A, 9.25%, 2/15/2019				235,000		233,825
DPL, Inc., 144A, 6.5%, 10/15/2016				1,885,000		2,054,650
DuPont Fabros Technology LP, (REIT), 8.5%, 12/15/2017				495,000		546,975
E*TRADE Financial Corp.:
	6.75%, 6/1/2016			520,000		529,100
	12.5%, 11/30/2017 (PIK)			963,000		1,121,895
Felcor Lodging LP, (REIT), 6.75%, 6/1/2019				290,000		296,525
Fibria Overseas Finance Ltd.:
	144A, 6.75%, 3/3/2021 (b)			160,000		156,800
	144A, 7.5%, 5/4/2020 (b)			293,000		305,819
Ford Motor Credit Co., LLC:
	5.0%, 5/15/2018			585,000		616,619
	5.875%, 8/2/2021 (b)			430,000		479,868
	6.625%, 8/15/2017			465,000		526,921
	8.125%, 1/15/2020			1,410,000		1,758,195
Fresenius Medical Care U.S. Finance II, Inc.:
	144A, 5.625%, 7/31/2019			330,000		351,450
	144A, 5.875%, 1/31/2022			285,000		300,675
Fresenius Medical Care U.S. Finance, Inc.:
	144A, 5.75%, 2/15/2021			255,000		267,113
	144A, 6.5%, 9/15/2018			170,000		188,275
Fresenius U.S. Finance II, Inc., 144A, 9.0%, 7/15/2015				300,000		346,500
Hellas Telecommunications Finance SCA, 144A, 8.985% *, 7/15/2015 (PIK)		EUR		278,431		223
Hexion U.S. Finance Corp., 8.875%, 2/1/2018				2,260,000		2,339,100
International Lease Finance Corp.:
	5.75%, 5/15/2016			155,000		157,896
	6.25%, 5/15/2019			390,000		395,405
	8.625%, 9/15/2015			300,000		333,000
	8.625%, 1/15/2022 (b)			460,000		517,206
	8.75%, 3/15/2017			1,365,000		1,542,450
Kinder Morgan Finance Co., LLC, 144A, 6.0%, 1/15/2018				610,000		647,362
Kinder Morgan Finance Co., ULC, 5.7%, 1/5/2016				910,000		963,462
Level 3 Financing, Inc.:
	144A, 8.125%, 7/1/2019			290,000		303,775
	144A, 8.625%, 7/15/2020			240,000		256,200
MPT Operating Partnership LP, (REIT):
	6.375%, 2/15/2022			270,000		278,775
	6.875%, 5/1/2021			415,000		441,197
Nara Cable Funding Ltd., 144A, 8.875%, 12/1/2018				390,000		380,250
National Money Mart Co., 10.375%, 12/15/2016				450,000		498,937
Nielsen Finance LLC, 11.5%, 5/1/2016				71,000		82,183
NII Capital Corp., 7.625%, 4/1/2021				285,000		291,413
Nuveen Investments, Inc.:
	10.5%, 11/15/2015			425,000		444,125
	144A, 10.5%, 11/15/2015			365,000		379,600
Pinnacle Foods Finance LLC:
	8.25%, 9/1/2017			700,000		757,750
	9.25%, 4/1/2015			785,000		806,587
Reynolds Group Issuer, Inc.:
	144A, 6.875%, 2/15/2021			760,000		805,600
	144A, 7.125%, 4/15/2019			1,355,000		1,432,912
	144A, 8.25%, 2/15/2021			155,000		148,025
	144A, 8.75%, 10/15/2016			620,000		660,300
	144A, 9.0%, 4/15/2019			165,000		165,000
	144A, 9.25%, 5/15/2018			100,000		100,500
	144A, 9.875%, 8/15/2019			100,000		103,375
Schaeffler Finance BV:
	144A, 7.75%, 2/15/2017	EUR		430,000		598,680
	144A, 7.75%, 2/15/2017			610,000		648,887
	144A, 8.5%, 2/15/2019			255,000		276,038
	144A, 8.75%, 2/15/2019	EUR		100,000		143,886
Susser Holdings LLC, 8.5%, 5/15/2016				215,000		235,963
Tomkins LLC, 9.0%, 10/1/2018				135,000		149,175
Toys "R" Us Property Co. I, LLC, 10.75%, 7/15/2017 (b)				360,000		399,150
UPCB Finance III Ltd., 144A, 6.625%, 7/1/2020				255,000		262,650
UPCB Finance V Ltd., 144A, 7.25%, 11/15/2021				320,000		336,800
UR Financing Escrow Corp.:
	144A, 5.75%, 7/15/2018 (c)			550,000		565,125
	144A, 7.375%, 5/15/2020 (c)			455,000		466,944
	144A, 7.625%, 4/15/2022 (c)			455,000		470,925
Virgin Media Finance PLC, Series 1, 9.5%, 8/15/2016				1,870,000		2,131,800
Virgin Media Secured Finance PLC, 6.5%, 1/15/2018				1,645,000		1,793,050
Wind Acquisition Finance SA:
	144A, 7.25%, 2/15/2018			200,000		195,000
	144A, 11.75%, 7/15/2017	EUR		250,000		327,246

						49,749,085
Health Care 6.8%
Aviv Healthcare Properties LP, 7.75%, 2/15/2019				325,000		332,313
Community Health Systems, Inc., 8.875%, 7/15/2015 (b)				370,000		387,575
HCA Holdings, Inc., 7.75%, 5/15/2021 (b)				805,000		847,263
HCA, Inc.:
	5.875%, 3/15/2022			415,000		425,375
	6.5%, 2/15/2020			2,865,000		3,072,712
	7.5%, 2/15/2022			1,245,000		1,347,713
	7.875%, 2/15/2020			3,805,000		4,195,012
	8.5%, 4/15/2019			270,000		302,400
	9.875%, 2/15/2017			328,000		358,750
Mylan, Inc.:
	144A, 7.625%, 7/15/2017			1,945,000		2,152,872
	144A, 7.875%, 7/15/2020			190,000		212,325
Physio-Control International, Inc., 144A, 9.875%, 1/15/2019				240,000		252,000
STHI Holding Corp., 144A, 8.0%, 3/15/2018				240,000		255,600
Tenet Healthcare Corp., 144A, 6.25%, 11/1/2018				1,905,000		2,031,206
Warner Chilcott Co., LLC, 7.75%, 9/15/2018				545,000		577,700

						16,750,816
Industrials 9.6%
Accuride Corp., 9.5%, 8/1/2018				270,000		286,200
Actuant Corp., 6.875%, 6/15/2017				180,000		186,750
Aguila 3 SA, 144A, 7.875%, 1/31/2018				435,000		457,294
ARAMARK Corp., 8.5%, 2/1/2015				525,000		538,786
ARAMARK Holdings Corp., 144A, 8.625%, 5/1/2016 (PIK)				75,000		76,875
Armored Autogroup, Inc., 144A, 9.25%, 11/1/2018				400,000		336,000
BakerCorp International, Inc., 144A, 8.25%, 6/1/2019				240,000		244,800
BE Aerospace, Inc.:
	6.875%, 10/1/2020			235,000		262,025
	8.5%, 7/1/2018			680,000		755,650
Belden, Inc.:
	7.0%, 3/15/2017			185,000		190,550
	9.25%, 6/15/2019			425,000		459,000
Boart Longyear Management Pty Ltd., 144A, 7.0%, 4/1/2021				270,000		284,175
Bombardier, Inc., 144A, 7.75%, 3/15/2020 (b)				1,700,000		1,972,000
Briggs & Stratton Corp., 6.875%, 12/15/2020				275,000		290,813
Casella Waste Systems, Inc., 7.75%, 2/15/2019				785,000		781,075
Cenveo Corp., 8.875%, 2/1/2018				1,005,000		974,850
CHC Helicopter SA, 144A, 9.25%, 10/15/2020				475,000		476,187
Congoleum Corp., 9.0%, 12/31/2017 (PIK)				145,082		84,148
Corrections Corp. of America, 7.75%, 6/1/2017				475,000		517,750
Delta Air Lines, Inc., 144A, 9.5%, 9/15/2014 (b)				103,000		110,468
Deluxe Corp., 7.0%, 3/15/2019				250,000		253,125
Ducommun, Inc., 9.75%, 7/15/2018				250,000		265,000
DynCorp International, Inc., 10.375%, 7/1/2017				635,000		561,975
Esterline Technologies Corp., 7.0%, 8/1/2020				400,000		442,000
Florida East Coast Railway Corp., 8.125%, 2/1/2017				155,000		156,550
FTI Consulting, Inc., 6.75%, 10/1/2020				1,095,000		1,183,969
Garda World Security Corp., 144A, 9.75%, 3/15/2017				235,000		247,925
H&E Equipment Services, Inc., 8.375%, 7/15/2016				845,000		874,575
Huntington Ingalls Industries, Inc.:
	6.875%, 3/15/2018			250,000		263,125
	7.125%, 3/15/2021			85,000		91,056
Interline Brands, Inc., 7.0%, 11/15/2018				395,000		417,219
Kansas City Southern de Mexico SA de CV, 8.0%, 2/1/2018				850,000		941,375
Meritor, Inc.:
	8.125%, 9/15/2015			205,000		210,125
	10.625%, 3/15/2018 (b)			225,000		236,250
Navios Maritime Holdings, Inc., 8.125%, 2/15/2019				530,000		426,650
Navios South American Logistics, Inc., 144A, 9.25%, 4/15/2019				205,000		170,150
Nortek, Inc., 8.5%, 4/15/2021				510,000		493,425
Oshkosh Corp.:
	8.25%, 3/1/2017			95,000		103,075
	8.5%, 3/1/2020			185,000		202,113
Ply Gem Industries, Inc., 13.125%, 7/15/2014				355,000		351,450
RailAmerica, Inc., 9.25%, 7/1/2017				231,000		257,565
RBS Global, Inc. & Rexnord Corp.:
	8.5%, 5/1/2018			885,000		953,587
	11.75%, 8/1/2016 (b)			130,000		138,125
Rearden G Holdings EINS GmbH, 144A, 7.875%, 3/30/2020				170,000		177,650
Sitel LLC, 11.5%, 4/1/2018				350,000		259,000
Spirit AeroSystems, Inc.:
	6.75%, 12/15/2020			330,000		358,050
	7.5%, 10/1/2017			230,000		250,125
SPX Corp., 6.875%, 9/1/2017				250,000		277,500
The Geo Group, Inc., 7.75%, 10/15/2017				795,000		856,612
Titan International, Inc., 7.875%, 10/1/2017				1,230,000		1,306,875
TransDigm, Inc., 7.75%, 12/15/2018				500,000		550,000
Triumph Group, Inc.:
	8.0%, 11/15/2017			80,000		87,000
	8.625%, 7/15/2018			565,000		635,625
United Rentals North America, Inc., 10.875%, 6/15/2016				340,000		388,450

						23,672,692
Information Technology 5.2%
Allen Systems Group, Inc., 144A, 10.5%, 11/15/2016				140,000		124,600
Amkor Technology, Inc.:
	6.625%, 6/1/2021			105,000		109,725
	7.375%, 5/1/2018 (b)			460,000		496,800
Aspect Software, Inc., 10.625%, 5/15/2017				460,000		495,650
Avaya, Inc., 144A, 7.0%, 4/1/2019				1,150,000		1,165,812
CDW LLC:
	8.5%, 4/1/2019			415,000		444,050
	144A, 8.5%, 4/1/2019			210,000		224,700
CommScope, Inc., 144A, 8.25%, 1/15/2019				665,000		699,912
eAccess Ltd., 144A, 8.25%, 4/1/2018				235,000		226,775
Equinix, Inc.:
	7.0%, 7/15/2021			335,000		370,175
	8.125%, 3/1/2018			1,100,000		1,227,875
Fidelity National Information Services, Inc.:
	7.625%, 7/15/2017			135,000		147,319
	144A, 7.625%, 7/15/2017			85,000		92,331
First Data Corp.:
	144A, 7.375%, 6/15/2019			245,000		247,756
	144A, 8.875%, 8/15/2020			635,000		687,388
Freescale Semiconductor, Inc., 144A, 9.25%, 4/15/2018				1,520,000		1,672,000
Jabil Circuit, Inc.:
	5.625%, 12/15/2020			400,000		426,000
	7.75%, 7/15/2016			135,000		156,600
MasTec, Inc., 7.625%, 2/1/2017				430,000		446,125
Sanmina-SCI Corp., 144A, 7.0%, 5/15/2019				175,000		179,375
Seagate HDD Cayman, 144A, 7.0%, 11/1/2021				415,000		459,613
Sensata Technologies BV, 144A, 6.5%, 5/15/2019				420,000		444,150
SunGard Data Systems, Inc.:
	10.25%, 8/15/2015 (b)			1,355,000		1,412,587
	10.625%, 5/15/2015			400,000		424,000
Unisys Corp., 144A, 12.75%, 10/15/2014				185,000		207,663
ViaSat, Inc., 144A, 6.875%, 6/15/2020				165,000		169,950

						12,758,931
Materials 17.2%
Aleris International, Inc., 7.625%, 2/15/2018				155,000		162,750
APERAM:
	144A, 7.375%, 4/1/2016			305,000		295,850
	144A, 7.75%, 4/1/2018			365,000		346,750
Appleton Papers, Inc., 11.25%, 12/15/2015				106,000		95,930
Ball Corp.:
	5.0%, 3/15/2022 (c)			360,000		368,100
	7.125%, 9/1/2016			1,420,000		1,554,900
	7.375%, 9/1/2019			170,000		189,550
Berry Plastics Corp.:
	5.322% **, 2/15/2015			1,965,000		1,972,369
	8.25%, 11/15/2015			745,000		800,875
	9.5%, 5/15/2018			235,000		250,863
	9.75%, 1/15/2021 (b)			305,000		326,350
Beverage Packaging Holdings Luxembourg II SA, 144A, 8.0%, 12/15/2016		EUR		160,000		199,312
Boise Paper Holdings LLC, 8.0%, 4/1/2020				215,000		235,963
BWAY Parent Co., Inc., 10.125%, 11/1/2015 (PIK)				166,994		167,411
Celanese U.S. Holdings LLC, 6.625%, 10/15/2018				260,000		284,700
China Lumena New Materials Corp., 144A, 12.0%, 10/27/2014				635,000		581,025
Clearwater Paper Corp., 7.125%, 11/1/2018				515,000		548,475
Clondalkin Acquisition BV, 144A, 2.546% **, 12/15/2013				1,795,000		1,696,275
Compass Minerals International, Inc., 8.0%, 6/1/2019				325,000		357,500
Crown Americas LLC:
	6.25%, 2/1/2021			70,000		77,525
	7.625%, 5/15/2017			1,590,000		1,737,075
CSN Resources SA, 144A, 6.5%, 7/21/2020				2,190,000		2,403,525
Essar Steel Algoma, Inc., 144A, 9.375%, 3/15/2015				1,770,000		1,823,100
Exopack Holding Corp., 10.0%, 6/1/2018				335,000		355,100
FMG Resources (August 2006) Pty Ltd.:
	144A, 7.0%, 11/1/2015			180,000		190,350
	144A, 8.25%, 11/1/2019			825,000		911,625
GEO Specialty Chemicals, Inc.:
	144A, 7.5%, 3/31/2015 (PIK)			428,424		397,149
	10.0%, 3/31/2015			421,120		417,751
Georgia-Pacific LLC, 144A, 5.4%, 11/1/2020				1,665,000		1,875,944
Graphic Packaging International, Inc.:
	7.875%, 10/1/2018			90,000		99,000
	9.5%, 6/15/2017			765,000		851,062
Greif, Inc., 7.75%, 8/1/2019				870,000		978,750
Hexcel Corp., 6.75%, 2/1/2015				405,000		408,544
Huntsman International LLC:
	8.625%, 3/15/2020 (b)			455,000		514,150
	8.625%, 3/15/2021 (b)			185,000		209,050
Ineos Finance PLC, 144A, 9.0%, 5/15/2015				195,000		206,700
JMC Steel Group, 144A, 8.25%, 3/15/2018				240,000		250,500
Koppers, Inc., 7.875%, 12/1/2019				490,000		524,300
Longview Fibre Paper & Packaging, Inc., 144A, 8.0%, 6/1/2016				245,000		251,738
LyondellBasell Industries NV, 144A, 6.0%, 11/15/2021				155,000		170,113
Momentive Performance Materials, Inc.:
	9.0%, 1/15/2021			180,000		166,050
	9.5%, 1/15/2021	EUR		255,000		287,077
NewMarket Corp., 7.125%, 12/15/2016				495,000		511,087
Novelis, Inc.:
	8.375%, 12/15/2017			1,190,000		1,303,050
	8.75%, 12/15/2020			685,000		763,775
OI European Group BV, 144A, 6.75%, 9/15/2020		EUR		255,000		360,121
Owens-Brockway Glass Container, Inc., 7.375%, 5/15/2016 (b)				2,030,000		2,298,975
Packaging Dynamics Corp., 144A, 8.75%, 2/1/2016				370,000		390,350
Polymer Group, Inc., 7.75%, 2/1/2019				415,000		444,050
Quadra FNX Mining Ltd., 144A, 7.75%, 6/15/2019				900,000		1,023,750
Rain CII Carbon LLC, 144A, 8.0%, 12/1/2018				370,000		389,425
Rock-Tenn Co.:
	144A, 4.45%, 3/1/2019			80,000		81,300
	144A, 4.9%, 3/1/2022			245,000		249,312
Sealed Air Corp., 7.875%, 6/15/2017				2,360,000		2,549,260
Silgan Holdings, Inc., 7.25%, 8/15/2016				845,000		912,600
Solo Cup Co., 10.5%, 11/1/2013				1,270,000		1,284,287
SunCoke Energy, Inc., 7.625%, 8/1/2019				250,000		260,000
United States Steel Corp., 7.375%, 4/1/2020 (b)				595,000		620,287
Verso Paper Holdings LLC, 8.75%, 2/1/2019				90,000		44,550
Viskase Companies, Inc., 144A, 9.875%, 1/15/2018				545,000		572,250
Volcan Cia Minera SAA, 144A, 5.375%, 2/2/2022 (b)				1,565,000		1,616,645
Vulcan Materials Co., 6.5%, 12/1/2016 (b)				845,000		895,700
Wolverine Tube, Inc., 6.0%, 6/28/2014 (PIK)				62,935		56,824

						42,168,724
Telecommunication Services 15.7%
CC Holdings GS V, LLC, 144A, 7.75%, 5/1/2017				1,015,000		1,106,350
Cincinnati Bell, Inc.:
	8.25%, 10/15/2017			1,680,000		1,734,600
	8.375%, 10/15/2020			1,360,000		1,390,600
	8.75%, 3/15/2018 (b)			1,185,000		1,128,712
CPI International, Inc., 8.0%, 2/15/2018				180,000		156,150
Cricket Communications, Inc.:
	7.75%, 5/15/2016 (b)			1,825,000		1,943,625
	7.75%, 10/15/2020 (b)			2,415,000		2,402,925
	10.0%, 7/15/2015 (b)			495,000		523,462
Crown Castle International Corp.:
	7.125%, 11/1/2019			325,000		355,875
	9.0%, 1/15/2015			560,000		617,400
Digicel Group Ltd., 144A, 10.5%, 4/15/2018				320,000		348,800
Digicel Ltd.:
	144A, 7.0%, 2/15/2020			200,000		202,000
	144A, 8.25%, 9/1/2017			2,015,000		2,135,900
ERC Ireland Preferred Equity Ltd., 144A, 8.057% **, 2/15/2017 (PIK)		EUR		281,038		112
Frontier Communications Corp.:
	6.25%, 1/15/2013			224,000		231,280
	7.875%, 4/15/2015 (b)			85,000		91,163
	8.25%, 4/15/2017 (b)			500,000		540,000
	8.5%, 4/15/2020			665,000		719,862
	8.75%, 4/15/2022			85,000		92,438
Intelsat Jackson Holdings SA:
	7.25%, 10/15/2020			920,000		968,300
	7.5%, 4/1/2021 (b)			1,220,000		1,290,150
	8.5%, 11/1/2019			835,000		916,412
	11.25%, 6/15/2016			455,000		481,163
Intelsat Luxembourg SA:
	11.25%, 2/4/2017 (b)			1,365,000		1,407,656
	11.5%, 2/4/2017 (PIK)			2,325,468		2,395,232
	144A, 11.5%, 2/4/2017 (PIK)			630,000		642,600
iPCS, Inc., 2.672% **, 5/1/2013				115,000		110,688
MetroPCS Wireless, Inc.:
	6.625%, 11/15/2020			810,000		834,300
	7.875%, 9/1/2018 (b)			580,000		622,050
Nextel Communications, Inc., Series E, 6.875%, 10/31/2013				1,990,000		1,997,462
Pacnet Ltd., 144A, 9.25%, 11/9/2015				200,000		183,000
Qwest Communications International, Inc.:
	7.125%, 4/1/2018			3,380,000		3,616,600
	8.0%, 10/1/2015			360,000		386,438
Qwest Corp., 8.375%, 5/1/2016				90,000		105,400
SBA Telecommunications, Inc.:
	8.0%, 8/15/2016			115,000		123,913
	8.25%, 8/15/2019			150,000		165,000
Sprint Nextel Corp.:
	144A, 7.0%, 3/1/2020			410,000		416,663
	144A, 9.0%, 11/15/2018			1,120,000		1,248,800
	144A, 9.125%, 3/1/2017			235,000		236,175
Syniverse Holdings, Inc., 9.125%, 1/15/2019				90,000		98,100
Telesat Canada, 11.0%, 11/1/2015				1,230,000		1,311,487
West Corp.:
	7.875%, 1/15/2019			190,000		205,438
	8.625%, 10/1/2018			50,000		54,875
Windstream Corp.:
	7.0%, 3/15/2019			340,000		351,900
	7.5%, 4/1/2023			465,000		489,413
	7.75%, 10/15/2020			250,000		273,125
	7.875%, 11/1/2017			1,155,000		1,302,262
	8.125%, 9/1/2018			535,000		585,825

						38,541,681
Utilities 4.9%
AES Corp.:
	7.75%, 10/15/2015			1,525,000		1,723,250
	8.0%, 10/15/2017			255,000		293,887
	8.0%, 6/1/2020			375,000		439,687
Calpine Corp.:
	144A, 7.5%, 2/15/2021			640,000		694,400
	144A, 7.875%, 7/31/2020			455,000		502,775
Centrais Eletricas Brasileiras SA, 144A, 6.875%, 7/30/2019				2,545,000		2,958,562
Edison Mission Energy, 7.0%, 5/15/2017				1,105,000		740,350
Energy Future Holdings Corp., Series Q, 6.5%, 11/15/2024				805,000		390,425
Energy Future Intermediate Holding Co., LLC, 10.0%, 12/1/2020				100,000		108,625
Ferrellgas LP, 6.5%, 5/1/2021				160,000		141,600
Florida Gas Transmission Co., 144A, 7.9%, 5/15/2019				785,000		970,430
IPALCO Enterprises, Inc.:
	5.0%, 5/1/2018			975,000		985,969
	144A, 7.25%, 4/1/2016			185,000		205,350
NRG Energy, Inc.:
	7.375%, 1/15/2017 (b)			1,145,000		1,187,937
	7.625%, 1/15/2018			285,000		288,563
	8.25%, 9/1/2020			285,000		288,563
Suburban Propane Partners LP, 7.375%, 3/15/2020				120,000		127,800
Texas Competitive Electric Holdings Co., LLC, Series A, 10.25%, 11/1/2015 (b)				195,000		52,650

						12,100,823

Total Corporate Bonds (Cost $273,728,662)					288,304,066
	Commercial Mortgage-Backed Security 0.4%
Citigroup Commercial Mortgage Trust, "AMP3", Series 2006-C5, 144A, 5.501% **, 10/15/2049 (Cost $988,632)				1,046,171		985,253
	Government & Agency Obligations 15.8%
Other Government Related (d) 0.4%
Pemex Project Funding Master Trust, 5.75%, 3/1/2018				770,000		858,550
Sovereign Bonds 15.4%
Dominican Republic, 144A, 7.5%, 5/6/2021				3,300,000		3,377,550
Federative Republic of Brazil, 12.5%, 1/5/2016		BRL		2,070,000		1,439,025
Republic of Argentina-Inflation Linked Bond, 5.83%, 12/31/2033		ARS		802		199
Republic of Croatia, 144A, 6.375%, 3/24/2021				3,560,000		3,371,231
Republic of El Salvador, 144A, 7.65%, 6/15/2035				1,235,000		1,264,022
Republic of Ghana, 144A, 8.5%, 10/4/2017				175,000		194,688
Republic of Lithuania:
	144A, 5.125%, 9/14/2017			1,395,000		1,415,925
	144A, 7.375%, 2/11/2020			1,450,000		1,633,135
Republic of Panama, 9.375%, 1/16/2023				2,610,000		3,634,425
Republic of Poland:
	5.125%, 4/21/2021			3,710,000		3,978,975
	6.375%, 7/15/2019			2,550,000		2,983,500
Republic of Serbia, 144A, 7.25%, 9/28/2021				1,740,000		1,757,400
Republic of South Africa, 6.875%, 5/27/2019				185,000		225,931
Republic of Uruguay, 7.875%, 1/15/2033 (PIK)				685,000		953,863
Republic of Venezuela, 9.25%, 9/15/2027				1,090,000		986,450
Russian Federation:
	144A, 5.0%, 4/29/2020			8,005,000		8,565,350
	REG S, 7.5%, 3/31/2030			1,749,930		2,086,792

						37,868,461

Total Government & Agency Obligations (Cost $35,438,429)					38,727,011
	Loan Participations and Assignments 7.4%
Senior Loans ** 6.2%
Buffets, Inc., Letter of Credit, First Lien, 13.5%, 4/22/2015				49,734		22,256
Caesars Entertainment Operating Co., Term Loan B1, 3.244%, 1/28/2015				255,000		239,557
Charter Communications Operating LLC, Term Loan B-2, 7.25%, 3/6/2014				26,388		26,492
Clear Channel Communications, Inc., Term Loan B, 3.894%, 1/28/2016				378,264		312,026
Crown Castle International Corp., Term Loan B, 4.0%, 1/31/2019				3,690,000		3,680,609
Del Monte Foods Co., Term Loan, 4.5%, 3/8/2018				1,462,650		1,439,891
Dunkin Brands, Inc., Term Loan B2, 4.0%, 11/23/2017				510,734		510,489
Lord & Taylor Holdings LLC, Term Loan B, 5.75%, 1/11/2019				910,000		915,233
PETCO Animal Supplies, Inc., Term Loan, 4.5%, 11/24/2017				588,000		586,977
Sealed Air Corp., Term Loan B, 4.75%, 10/3/2018				600,850		608,189
Syniverse Technologies, Inc., Term Loan B, 5.25%, 12/21/2017				366,300		368,075
Telesat Canada:
	Term Loan I, 3.25%, 10/31/2014			1,381,214		1,380,351
	Term Loan II, 3.25%, 10/31/2014			118,647		118,573
Tomkins LLC, Term Loan B, 4.25%, 9/29/2016				4,171,898		4,178,740
TowerCo Finance LLC, Term Loan B, 5.25%, 2/2/2017				496,250		499,041
Tribune Co., Term Loan B, LIBOR plus 3.0%, 6/4/2014 *				404,875		265,025

						15,151,524
Sovereign Loans 1.2%
Bank of Moscow, 144A, 6.699%, 3/11/2015				1,385,000		1,425,442
Sberbank of Russia, 144A, 6.125%, 2/7/2022 (b)				600,000		611,100
VTB Bank OJSC, 144A, 6.315%, 2/22/2018				985,000		995,033

						3,031,575

Total Loan Participations and Assignments (Cost $18,151,655)					18,183,099
	Convertible Bonds 0.2%
Consumer Discretionary
Group 1 Automotive, Inc., 144A, 3.0%, 3/15/2020				235,000		355,731
Sonic Automotive, Inc., 5.0%, 10/1/2029				100,000		147,000

Total Convertible Bonds (Cost $335,250)					502,731
	Preferred Security 0.2%
Materials
Hercules, Inc., 6.5%, 6/30/2029 (Cost $442,312)				675,000		548,437

			Units	Value ($)
	Other Investments 0.0%
Consumer Discretionary
AOT Bedding Super Holdings LLC* (Cost $15,000)		15		13,836

			Shares		Value ($)
	Common Stocks 0.1%
Consumer Discretionary 0.0%
Buffets Restaurants Holdings, Inc.*		8,911			4,455
Postmedia Network Canada Corp.*		5,121			28,466
Trump Entertainment Resorts, Inc.*		32			26
Vertis Holdings, Inc.		294			162

					33,109
Financials 0.1%
Ashton Woods "B"		0.104			77,220
Industrials 0.0%
Congoleum Corp.*		7,900			0
Quad Graphics, Inc.		27			404

					404
Materials 0.0%
GEO Specialty Chemicals, Inc.*		7,125			0
GEO Specialty Chemicals, Inc. 144A*		649			0
Wolverine Tube, Inc.*		2,790			69,750

					69,750

Total Common Stocks (Cost $220,058)				180,483
	Warrants 0.0%
Consumer Discretionary 0.0%
Reader's Digest Association, Inc., Expiration Date 2/19/2014*		589			100
Materials 0.0%
Hercules Trust II, Expiration Date 3/31/2029*		400			5,024

Total Warrants (Cost $87,876)				5,124
	Securities Lending Collateral 14.8%
Daily Assets Fund Institutional, 0.26% (e) (f) (Cost $36,246,799)		36,246,799			36,246,799
	Cash Equivalents 1.5%
Central Cash Management Fund, 0.1% (e) (Cost $3,744,649)		3,744,649			3,744,649

		% of Net Assets		Value ($)

Total Investment Portfolio (Cost $369,399,322) †	157.7		387,441,488
Other Assets and Liabilities, Net	(13.6)		(33,514,829)
Notes Payable	(44.1)		(108,247,303)

Net Assets	100.0		245,679,356

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

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

Security		Coupon		Maturity Date	Principal Amount			Acquisition Cost ($)		Value ($)
Fontainebleau Las Vegas Holdings LLC*			11.0%	6/15/2015		290,000	USD		292,813		181
Hellas Telecommunications Finance SCA*			8.985%	7/15/2015		278,431	EUR		79,885		223
Tribune Co.*	LIBOR plus 3.0%			6/4/2014		404,875	USD		404,622		265,025
									777,320		265,429

*	Non-income producing security. In the case of a bond or senior loan, generally denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy.
**	Floating rate securities’ yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of February 29, 2012.
†	The cost for federal income tax purposes was $370,274,539. At February 29, 2012, net unrealized appreciation for all securities based on tax cost was $17,166,949. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $20,929,944 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,762,995.
(a)	Principal amount stated in U.S. dollars unless otherwise noted.
(b)	All or a portion of these securities were on loan. The value of all securities loaned at February 29, 2012 amounted to $34,922,636, which is 14.2% of net assets.
(c)	When-issued security.
(d)	Government-backed debt issued by financial companies or government sponsored enterprises.
(e)	Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end.
(f)	Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. LIBOR: London Interbank Offered Rate
PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principle.
REG S: Securities sold under Regulation S may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.
REIT: Real Estate Investment Trust
At February 29, 2012, open credit default swap contracts sold were as follows:

Effective/ Expiration Date	Notional Amount ($) (g)	Fixed Cash Flows Received	Underlying Debt Obligation/ Quality Rating (h)	Value ($)	Upfront Payments Paid/ (Received) ($)		Unrealized Appreciation ($)

6/21/2010 9/20/2013	1,285,0001	5.0%	Ford Motor Co., 6.5%, 8/1/2018, BB+	95,759	(6,395)		102,154
6/21/2010 9/20/2015	1,555,0002	5.0%	Ford Motor Co., 6.5%, 8/1/2018, BB+	181,885	(35,560)		217,445
Total unrealized appreciation						319,599

(g)

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

(h)

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

Counterparties:
1	The Goldman Sachs & Co.
2	Bank of America

As of February 29, 2012, the Fund had the following open forward foreign currency exchange contracts:

Contracts to Deliver

In Exchange For

Settlement

Date

Unrealized

Appreciation ($)

Counterparty

EUR

3,486,500

USD

4,693,794

3/26/2012

48,248

JPMorgan Chase Securities, Inc.

Currency Abbreviations

ARS	Argentine Peso
BRL	Brazilian Real
EUR	Euro
USD	United States Dollar

Fair Value Measurements

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

The following is a summary of the inputs used as of February 29, 2012 in valuing the Fund's investments.

	Level 1		Level 2		Level 3		Total
Assets
Fixed Income Investments(i)
Corporate Bonds	$	—	$	287,348,194	$	955,872	$	288,304,066
Commercial Mortgage-Backed Security		—		985,253		—		985,253
Government & Agency Obligation		—		38,727,011		—		38,727,011
Loan Participations and Assignments		—		18,183,099		—		18,183,099
Convertible Bonds		—		502,731		—		502,731
Preferred Security		—		548,437		—		548,437
Other Investments		—		—		13,836		13,836
Common Stocks(i)		28,870		4,455		147,158		180,483
Warrants(i)		—		—		5,124		5,124
Short-Term Investments(i)		39,991,448		—		—		39,991,448
Derivatives(j)		—		367,847		—		367,847
Total	$	40,020,318	$	346,667,027	$	1,121,990	$	387,809,335

There have been no transfers between Level 1 and Level 2 fair value measurements during the period ended February 29, 2012.
(i)	See Investment Portfolio for additional detailed categorizations.
(j)	Derivatives include unrealized appreciation (depreciation) on credit default swap contracts and forward foreign currency exchange contracts.

Level 3 Reconciliation

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

	Corporate Bonds		Other Investments			Common Stocks		Warrants		Total
Balance as of November 30, 2011	$	899,428	$	15,000		$	77,873	$	4,206	$	996,507
Realized gain (loss)		—		—			—		—		—
Change in unrealized appreciation (depreciation)		46,883		(1,164	)		69,285		918		115,922
Amortization premium/discount		1,997		—			—				1,997
Purchases		7,564		—			—		—		7,564
(Sales)		—		—			—		—		—
Transfers into Level 3		—		—			—		—		—
Transfers (out) of Level 3		—		—			—		—		—
Balance as of February 29, 2012	$	955,872	$	13,836		$	147,158	$	5,124	$	1,121,990
Net change in unrealized appreciation (depreciation) from investments still held at February 29, 2012	$	46,883	$	(1,164	)	$	69,285	$	918	$	115,922

Derivatives

The following table presents, by major type of derivative contract, the unrealized appreciation (depreciation) of the Fund's derivative instruments as of February 29, 2012 categorized by the primary underlying risk exposure.

Primary Underlying Risk Disclosure	Swaps		Forward Currency Contracts
Credit Contracts	$	319,599	$
Foreign Exchange Contracts	$	—	$	48,248

ITEM 2.	CONTROLS AND PROCEDURES

	(a) The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

	(b) There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 3.	EXHIBITS

	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

Registrant:	DWS Multi-Market Income Trust

By:	/s/W. Douglas Beck W. Douglas Beck President

Date:	April 20, 2012

By:	/s/W. Douglas Beck W. Douglas Beck President

Date:	April 20, 2012



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

Date:	April 20, 2012