UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

**FORM N-Q**

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANY**

**_______________________________**

Investment Company Act file number  811-05655

DWS Municipal Income Trust

(Exact name of registrant as specified in charter)

 

345 Park Avenue

New York, NY  10154

(Address of principal executive offices)             (Zip code)

 

Paul Schubert

345 Park Avenue

New York, NY  10154-0004

(Name and address of agent for service)

Registrant's telephone number, including area code:  (212) 454-7190

Date of fiscal year end:  11/30

Date of reporting period: 08/31/08

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of August 31, 2008  (Unaudited)** |
|----------------------|----------------------------------------|

 

 

**DWS Municipal Income Trust**

 

 

|   | **Principal****Amount ($)**          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | **Value ($)** |
|--------|--------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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|        |
|   | **Municipal Bonds and Notes 138.9%** |  
**Alabama 3.6%**

 
Camden, AL, Industrial Development Board Revenue, Series B, AMT, Prerefunded, 6.375%, 12/1/2024 

 

1,000,000

 

1,121,460

Huntsville, AL, Hospital & Healthcare Revenue, Health Care Authority, Series A, Prerefunded, 5.75%, 6/1/2031 

 

5,500,000

 

6,018,815

Huntsville, AL, Water & Sewer Revenue, AMT, 5.75%, 10/1/2011 (a) 

 

8,560,000

 

9,052,201

 

**16,192,476**

**Arizona 2.9%**

 
Arizona, Health Facilities Authority Revenue, Banner Health System, Series D, 5.375%, 1/1/2032 

 

3,000,000

 

2,950,800

 

 

 

Arizona, Hospital & Healthcare Revenue, Health Facilities Authority, Catholic Healthcare West, Series A, 6.625%, 7/1/2020 

 

7,000,000

 

7,616,210

Arizona, Salt Verde Financial Corp., Gas Revenue, 5.5%, 12/1/2029 

 

2,400,000

 

2,240,328

 

**12,807,338**

**California 11.7%**

 
California, Special Assessment Revenue, Golden State Tobacco Securitization Corp.:

 
 

Series A-1, 5.0%, 6/1/2033 

 

3,710,000 

 

2,944,924 

 

Series B, Prerefunded, 5.625%, 6/1/2038 

 

7,080,000 

 

7,839,684 

 

Series 2003-A-1, Prerefunded, 6.75%, 6/1/2039 

 

11,730,000 

 

13,566,683 

California, State General Obligation:

 
 

Series 2, 5.0%, 9/1/2019 

 

4,385,000 

 

4,610,827 

 

5.0%, 12/1/2020 

 

2,000,000 

 

2,066,460 

 

5.125%, 4/1/2024 

 

4,400,000 

 

4,490,772 

 

5.25%, 12/1/2021 

 

10,215,000 

 

10,630,444 

 

5.25%, 4/1/2030 

 

110,000 

 

111,140 

California, State Revenue Lease, Public Works Board, Department of Corrections, Series C, 5.5%, 6/1/2021 

 

2,500,000

 

2,625,200

Northern California, Tobacco Securitization Authority, Tobacco Settlement Revenue, Series A-1, 5.375%, 6/1/2038 

 

3,000,000

 

2,405,670

Southern California, Public Power Authority, Natural Gas Project Revenue, Project No. 1, Series A, 5.25%, 11/1/2026 

 

1,155,000

 

1,146,892

 

**52,438,696**

**Colorado 7.5%**

 
Colorado, E-470 Public Highway Authority Revenue, Series A-1, 5.5%, 9/1/2024 (a) 

 

2,500,000

 

2,514,425

Colorado, Hospital & Healthcare Revenue, Portercare Adventist Health Project, Prerefunded, 6.5%, 11/15/2031 

 

1,000,000

 

1,131,540

Colorado, Hospital & Healthcare Revenue, Poudre Valley Health Facilities:

 
 

Series A, Prerefunded, 5.5%, 12/1/2017 (a) 

 

6,145,000 

 

6,475,478 

 

Series A, Prerefunded, 6.0%, 12/1/2015 (a) 

 

5,705,000 

 

6,047,015 

 

Series A, Prerefunded, 6.0%, 12/1/2016 (a) 

 

2,000,000 

 

2,119,900 

Colorado, Public Energy Authority, Natural Gas Purchase Revenue, 6.5%, 11/15/2038 

 

10,000,000

 

9,653,200

Colorado, Single Family Housing Revenue, Series B2, AMT, 7.25%, 10/1/2031 

 

175,000

 

188,011

Denver, CO, Airport Revenue, Series A, AMT, 6.0%, 11/15/2014 (a) 

 

5,000,000

 

5,141,900

 

**33,271,469**

**District of Columbia 3.5%**

 
District of Columbia, Series A, ETM, 5.5%, 6/1/2014 (a) 

 

640,000

 

660,717

District of Columbia, General Obligation:

 
 

Series R-11386, 144A, 2.19% **, 6/1/2020 (a) 

 

2,000,000 

 

2,000,000 

 

Series A-2005, 5.25%, 6/1/2027 (a) 

 

8,245,000 

 

8,340,065 

District of Columbia, Howard University Revenue, Series A, 5.0%, 10/1/2023 (a) 

 

2,810,000

 

2,869,853

District of Columbia, State General Obligation, Series A, 5.5%, 6/1/2014 (a) 

 

1,860,000

 

1,920,208

 

**15,790,843**

**Florida 7.6%**

 
Dade County, FL, Special Assessment Revenue:

 
 

Series B, Prerefunded, Zero Coupon, 10/1/2022 (a) 

 

7,735,000 

 

3,301,917 

 

Series B, Prerefunded, Zero Coupon, 10/1/2024 (a) 

 

16,955,000 

 

6,374,741 

Hillsborough County, FL, Industrial Development Revenue, University Community Hospital Project, Series A, Prerefunded, 5.625%, 8/15/2023 

 

1,000,000

 

1,044,750

Miami-Dade County, FL, Educational Facilities Authority Revenue, University of Miami, Series A, 5.75%, 4/1/2028 

 

3,000,000

 

3,106,020

Miami-Dade County, FL, Transportation/Tolls Revenue, Expressway Authority:

 
 

6.0%, 7/1/2013 (a) 

 

1,665,000 

 

1,769,395 

 

6.0%, 7/1/2014 (a) 

 

1,000,000 

 

1,062,700 

North Brevard County, FL, Hospital District Revenue, Parrish Medical Center Project, 5.75%, 10/1/2043 

 

10,000,000

 

9,616,700

 

 

 

Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare Systems:

 
 

Series B, 5.25%, 12/1/2029 (a) 

 

3,500,000 

 

3,577,455 

 

Prerefunded, 5.75%, 12/1/2032 

 

1,000,000 

 

1,115,100 

Palm Beach County, FL, School District Revenue Lease, Series A, Prerefunded, 5.75%, 8/1/2017 (a) 

 

2,850,000

 

3,060,558

 

**34,029,336**

**Georgia 4.4%**

 
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:

 
 

Series A, 5.0%, 3/15/2022 

 

7,340,000 

 

6,972,339 

 

Series A, 5.5%, 9/15/2027 

 

5,000,000 

 

4,458,100 

Richmond County, GA, Hospital Authority Revenue, Anticipation Certificates, University Health Services, Inc. Project, 1.85% **, 1/1/2036, SunTrust Bank (b) 

 

8,000,000

 

8,000,000

 

**19,430,439**

**Hawaii 4.5%**

 
Hawaii, Airport System Revenue, Series B, AMT, 6.5%, 7/1/2013 (a) 

 

8,800,000

 

9,183,768

Hawaii, Electric Revenue, Department of Budget & Finance, Series D, AMT, 6.15%,     1/1/2020 (a) 

 

2,195,000

 

2,220,594

Hawaii, Port Authority Revenue:

 
 

Series A, AMT, 6.0%, 7/1/2011 (a) 

 

2,950,000 

 

3,099,653 

 

Series A, AMT, 6.0%, 7/1/2012 (a) 

 

3,135,000 

 

3,339,151 

Hawaii, State General Obligation, Series CT, Prerefunded, 5.75%, 9/1/2014 (a) 

 

2,310,000

 

2,420,187

 

**20,263,353**

**Idaho 0.0%**

 
Idaho, Single Family Housing Revenue, Series C2, AMT, 6.9%, 7/1/2025 

 

10,000

 

**10,009**

**Illinois 6.7%**

 
Chicago, IL, Airport Revenue, O'Hare International Airport, AMT, 5.5%, 1/1/2014 (a) 

 

10,000,000

 

10,212,900

Chicago, IL, Core City General Obligation:

 
 

Series A, Prerefunded, 6.0%, 1/1/2014 (a) 

 

2,085,000 

 

2,249,152 

 

Series A, Prerefunded, 6.125%, 1/1/2015 (a) 

 

2,000,000 

 

2,161,940 

 

Series A, Prerefunded, 6.125%, 1/1/2016 (a) 

 

2,000,000 

 

2,161,940 

Chicago, IL, Other General Obligation, Neighborhoods Alive 21 Project:

 
 

Series A, Prerefunded, 6.0%, 1/1/2015 (a) 

 

1,000,000 

 

1,078,730 

 

Series A, Prerefunded, 6.0%, 1/1/2017 (a) 

 

1,000,000 

 

1,078,730 

Illinois, Finance Authority Revenue, Northwest Community Hospital, Series A, 5.5%,   7/1/2038 (c)

 

5,750,000

 

5,633,965

Illinois, Finance Authority Revenue, Rush University Medical Center, Series B, 5.75%, 11/1/2028 (a) 

 

1,250,000

 

1,269,125

Illinois, Health Facilities Authority Revenue, Children's Memorial Hospital, Series A, Prerefunded, 5.625%, 8/15/2019 (a) 

 

4,000,000

 

4,182,520

 

**30,029,002**

**Indiana 1.2%**

 
Indiana, Hospital & Healthcare Revenue, Health Facilities Authority, Prerefunded, 5.5%, 11/1/2031 

 

5,000,000

 

**5,509,000**

**Kansas 0.8%**

 
Overland Park, KS, Industrial Development Revenue, Series A, Prerefunded, 7.375%, 1/1/2032 

 

3,000,000

 

**3,345,300**

**Kentucky 2.4%**

 
Kentucky, Economic Development Finance Authority, Health System Revenue, Norton Healthcare:

 
 

Series A, Prerefunded, 6.5%, 10/1/2020 

 

790,000 

 

865,232 

 

Series A, 6.5%, 10/1/2020 

 

1,210,000 

 

1,249,373 

 

Series A, Prerefunded, 6.625%, 10/1/2028 

 

3,130,000 

 

3,435,989 

 

Series A, 6.625%, 10/1/2028 

 

870,000 

 

907,497 

 

 

 

Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series A-1, 6.0%, 12/1/2042 (a) (c)

 

4,000,000

 

4,068,360

 

**10,526,451**

**Maine 0.1%**

 
Maine, Hospital & Healthcare Revenue, Series D, 5.7%, 7/1/2013 (a) 

 

265,000

 

**265,697**

**Maryland 0.9%**

 
Maryland, Hospital & Healthcare Revenue, University of Maryland Medical System, Prerefunded, 6.75%, 7/1/2030 

 

2,500,000

 

2,731,400

Maryland, State Health & Higher Educational Facilities Authority Revenue, Washington County Hospital, 5.75%, 1/1/2033 

 

1,500,000

 

1,472,895

 

**4,204,295**

**Massachusetts 1.8%**

 
Massachusetts, Airport Revenue, U.S. Airways, Inc. Project, Series A, AMT, 5.875%,   9/1/2023 (a) 

 

5,000,000

 

4,909,650

Massachusetts, Port Authority Revenue, Series B, AMT, 5.5%, 7/1/2015 (a) 

 

3,000,000

 

3,050,580

 

**7,960,230**

**Michigan 2.2%**

 
Chippewa County, MI, Hospital & Healthcare Revenue, Chippewa County War Memorial, Series B, 5.625%, 11/1/2014 

 

1,500,000

 

1,466,145

Michigan, Industrial Development Revenue:

 
 

Prerefunded, 5.5%, 6/1/2018 (a) 

 

3,425,000 

 

3,625,465 

 

Prerefunded, 5.75%, 6/1/2016 (a) 

 

4,640,000 

 

4,931,485 

 

**10,023,095**

**Minnesota 2.5%**

 
Minneapolis & St. Paul, MN, Airport Revenue, Series B, AMT, 6.0%, 1/1/2012 (a) 

 

4,395,000

 

4,549,880

Minneapolis & St. Paul, MN, Port Authority Revenue, Series B, AMT, 5.625%, 1/1/2015 (a) 

 

2,500,000

 

2,532,725

Minnesota, State General Obligation, Series R-11576, 144A, 1.96% **, 8/1/2020 (a) 

 

3,865,000

 

3,865,000

 

**10,947,605**

**Missouri 0.1%**

 
Missouri, Hospital & Healthcare Revenue, Lake of the Ozarks General Hospital, 6.5%, 2/15/2021 

 

365,000

 

**365,325**

**Nevada 2.1%**

 
Henderson, NV, Health Care Facility Revenue, Catholic Healthcare West, Series B, 5.25%, 7/1/2031 

 

10,000,000

 

**9,508,000**

**New Jersey 9.8%**

 
New Jersey, Economic Development Authority Revenue, Cigarette Tax, 5.75%, 6/15/2034 

 

1,090,000

 

1,015,640

New Jersey, Hospital & Healthcare Revenue, General Hospital Center at Passaic, ETM, 6.75%, 7/1/2019 (a) 

 

5,000,000

 

6,044,800

New Jersey, Industrial Development Revenue, American Water Co., Inc. Project, Series A, AMT, 6.875%, 11/1/2034 (a) 

 

10,775,000

 

10,903,546

New Jersey, Industrial Development Revenue, Economic Development Authority, Harrogate, Inc., Series A, 5.875%, 12/1/2026 

 

1,400,000

 

1,294,720

New Jersey, Resource Recovery Revenue, Tobacco Settlement Financing Corp., 5.75%, 6/1/2032 

 

1,875,000

 

2,038,256

New Jersey, State Agency General Obligation Lease, Transportation Trust Fund Authority, Series A, Prerefunded, 5.75%, 6/15/2017 

 

10,000,000

 

10,645,700

New Jersey, Tobacco Settlement Financing Corp.:

 
 

Series 1-A, 5.0%, 6/1/2029 

 

3,325,000 

 

2,582,794 

 

Series 1-A, 5.0%, 6/1/2041 

 

1,000,000 

 

714,820 

New Jersey, Transportation/Tolls Revenue, Garden State Parkway Project, Prerefunded, 5.6%, 1/1/2017 (a) 

 

8,000,000

 

8,464,480

 

**43,704,756**

 

 

 

**New York 9.2%**

 
Nassau County, NY, Hospital & Healthcare, Prerefunded, 6.0%, 8/1/2015 (a) 

 

3,390,000

 

3,565,229

New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, City University, Series A, 5.625%, 7/1/2016 

 

1,500,000

 

1,668,405

New York, State General Obligation, Tobacco Settlement Financing Corp., Series A-1, 5.25%, 6/1/2022 (a) 

 

10,000,000

 

10,399,600

New York, Tobacco Settlement Financing Corp., Series B-1C, 5.5%, 6/1/2019 

 

5,500,000

 

5,834,125

New York, Transportation/Tolls Revenue, Prerefunded, 5.75%, 4/1/2014 (a) 

 

2,000,000

 

2,068,300

New York & New Jersey, Port Authority, Series 3095, 144A, 1.84% **, 12/1/2013 

 

6,000,000

 

6,000,000

New York City, NY, Municipal Water Finance Authority, Series 3092, 144A, 1.84% **, 6/15/2010 

 

5,000,000

 

5,000,000

New York City, NY, Sales & Special Tax Revenue, Transitional Finance Authority:

 
 

Series B, Prerefunded, 6.125%, 11/15/2014 

 

2,000,000 

 

2,158,620

 

Series B, Prerefunded, 6.125%, 11/15/2015 

 

3,000,000 

 

3,237,420 

Niagara Falls, NY, School District General Obligation, 5.6%, 6/15/2014 (a) 

 

1,180,000

 

1,345,306

 

**41,277,005**

**North Carolina 1.8%**

 
Charlotte, NC, Airport Revenue:

 
 

Series B, AMT, 5.75%, 7/1/2013 (a) 

 

2,480,000 

 

2,536,073 

 

Series B, AMT, 5.875%, 7/1/2014 (a) 

 

1,140,000 

 

1,164,943 

North Carolina, Electric Revenue, Municipal Power Agency:

 
 

Series C, 5.375%, 1/1/2017 

 

1,000,000 

 

1,030,500 

 

Series B, 6.375%, 1/1/2013 

 

3,000,000 

 

3,170,580 

 

**7,902,096**

**North Dakota 0.8%**

 
Grand Forks, ND, Hospital & Healthcare Revenue, Altru Health Care System, Prerefunded, 7.125%, 8/15/2024 

 

3,400,000

 

**3,740,170**

**Ohio 2.9%**

 
Buckeye, OH, Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/1/2030 

 

8,820,000

 

7,664,845

Green Springs, OH, Senior Care Revenue, St. Francis Health Care Center Project, Series A, 7.125%, 5/15/2025 *

 

6,000,000

 

5,281,920

 

**12,946,765**

**Oregon 1.1%**

 
Oregon, State General Obligation Lease, Department of Administrative Services, Series A, Prerefunded, 6.25%, 5/1/2017 (a) 

 

1,000,000

 

1,078,070

Oregon, State Revenue Lease, Department of Administrative Services, Series A, Prerefunded, 6.25%, 5/1/2018 (a) 

 

1,000,000

 

1,078,070

Portland, OR, Special Assessment Revenue, Downtown Waterfront, Series A, 5.75%,  6/15/2019 (a) 

 

2,820,000

 

2,920,110

 

**5,076,250**

**Pennsylvania 0.6%**

 
Pennsylvania, Hospital & Healthcare Revenue, Economic Development Financing Authority, UPMC Health System, Series A, 6.0%, 1/15/2031 

 

2,570,000

 

**2,703,357**

**Rhode Island 0.8%**

 
Rhode Island, Special Assessment Revenue, Series A, 6.125%, 6/1/2032 

 

4,000,000

 

**3,766,360**

**South Carolina 3.5%**

 
Greenwood County, SC, Hospital & Healthcare Revenue, South Carolina Memorial Hospital, 5.5%, 10/1/2031 

 

1,500,000

 

1,492,740

South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, Palmetto Health Alliance:

 
 

Series C, Prerefunded, 7.0%, 8/1/2030 

 

5,420,000 

 

6,408,390 

 

Series A, Prerefunded, 7.375%, 12/15/2021 

 

2,000,000 

 

2,259,620 

South Carolina, Tobacco Settlement Revenue Management Authority:

 
 

 

 

 

Series B, 6.0%, 5/15/2022 

 

1,790,000 

 

1,893,516 

 

Series B, ETM, 6.375%, 5/15/2030 

 

3,085,000 

 

3,491,757 

 

**15,546,023**

**South Dakota 0.3%**

 
South Dakota, State Health & Educational Facilities Authority Revenue, Sanford Health, 5.0%, 11/1/2027 

 

1,500,000

 

**1,454,910**

**Tennessee 5.7%**

 
Clarksville, TN, Natural Gas Acquisition Corp., Gas Revenue, 5.0%, 12/15/2021 

 

2,000,000

 

1,750,180

Jackson, TN, Hospital Revenue, Jackson-Madison Project, 5.625%, 4/1/2038 

 

4,000,000

 

3,929,040

Memphis-Shelby County, TN, Airport Revenue, Series D, AMT, 6.25%, 3/1/2017 (a) 

 

4,690,000

 

4,833,514

Shelby County, TN, Health Educational & Housing Facility Board, Hospital Revenue, Methodist Health Care, Prerefunded, 6.5%. 9/1/2026

 

7,000,000

 

8,025,850

Tennessee, Energy Acquisition Corp., Gas Revenue, Series A, 5.25%, 9/1/2019 

 

7,000,000

 

6,866,510

 

**25,405,094**

**Texas 23.2%**

 
Austin, TX, Sales & Special Tax Revenue, Hotel Occupancy Tax:

 
 

Prerefunded, 6.0%, 11/15/2013 (a) 

 

3,190,000 

 

3,344,779 

 

Prerefunded, 6.0%, 11/15/2015 (a) 

 

3,480,000 

 

3,648,850 

 

Prerefunded, 6.0%, 11/15/2016 (a) 

 

3,625,000 

 

3,800,885 

Brazos River, TX, Pollution Control Revenue, Brazos River Authority, Texas Utilities Electric Co. Project, Series C, AMT, 5.75%, 5/1/2036 

 

3,965,000

 

3,691,137

Harris County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., Memorial Hermann Healthcare Systems, Series A, Prerefunded, 6.375%, 6/1/2029 

 

5,500,000

 

6,109,730

Harris County, TX, Houston Port Authority, Series A, AMT, 6.25%, 10/1/2029 

 

3,000,000

 

3,222,750

Houston, TX, Airport Revenue, People Mover Project, Series A, AMT, 5.5%, 7/15/2017 (a) 

 

3,300,000

 

3,304,323

Houston, TX, Port Authority Revenue, Airport Revenue, Series A, AMT, 5.875%, 7/1/2014 (a) 

 

3,960,000

 

4,145,328

North Texas, Tollway Authority Revenue, First Tier, Series A, 5.625%, 1/1/2033

 

3,500,000 

 

3,442,740 

North Texas, Tollway Authority Revenue, Second Tier, Series F, 5.75%, 1/1/2038

 

6,500,000 

 

6,293,755 

Red River, TX, Education Finance Revenue Lease, St. Mark's School Project, Prerefunded, 6.0%, 8/15/2019 

 

5,390,000

 

5,695,667

Tarrant County, TX, Cultural Educational Facilities Finance Corp. Revenue, Texas Health Resources, Series A, 5.0%, 2/15/2026 

 

4,000,000

 

3,886,480

Tarrant County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., Prerefunded, 6.7%, 11/15/2030 

 

4,500,000

 

4,964,985

Texas, Dallas/Fort Worth International Airport Revenue, Series A, AMT, 5.875%, 11/1/2016 (a) 

 

6,500,000

 

6,622,460

Texas, Industrial Development Revenue, Waste Disposal Authority, Series A, AMT, 6.1%, 8/1/2024 

 

2,000,000

 

1,873,280

Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue:

 
 

Series B, 2.56% ***, 12/15/2026 

 

12,000,000 

 

8,568,000 

 

Series D, 6.25%, 12/15/2026 

 

5,000,000 

 

4,892,900 

Texas, State Turnpike Authority, Dallas Northway Revenue, 5.5%, 1/1/2015 (a) 

 

10,865,000

 

11,105,551

Texas, Veteran Housing Assistance Fund II, Series A, AMT, 1.8% **, 12/1/2038 

 

15,000,000

 

15,000,000

 

**103,613,600**

**Virginia 0.2%**

 
Virginia, Tobacco Settlement Financing Corp., Series B-1, 5.0%, 6/1/2047 

 

1,200,000

 

**854,508**

**Washington 5.8%**

 
Seattle, WA, Airport Revenue, Series B, AMT, 6.0%, 2/1/2013 (a) 

 

7,355,000

 

7,789,901

Seattle, WA, Special Assessment Revenue:

 
 

Series B, AMT, 5.5%, 9/1/2011 (a) 

 

1,085,000 

 

1,119,579 

 

Series B, AMT, 5.75%, 9/1/2013 (a) 

 

1,045,000 

 

1,096,048 

Snohomish County, WA, Electric Revenue, Public Utility District No. 1, Prerefunded, 5.375%, 12/1/2024 (a) 

 

3,000,000

 

3,156,720

Washington, Hospital & Healthcare Revenue, Group Health Coop of Puget Sound, 5.375%, 12/1/2017 (a) 

 

1,500,000

 

1,569,555

 

 

 

Washington, State General Obligation, Series A, Prerefunded, 5.5%, 7/1/2016 

 

4,835,000

 

4,987,496

Washington, State Health Care Facilities Authority Revenue, Series C, 5.375%, 8/15/2028 (a) 

 

5,240,000

 

4,995,187

Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, Series A, 6.125%, 8/15/2037 

 

1,000,000

 

967,760

 

**25,682,246**

**West Virginia 4.6%**

 
West Virginia, Hospital & Healthcare Revenue, Hospital Finance Authority, Charleston Medical Center:

 
 

Series A, Prerefunded, 6.75%, 9/1/2022 

 

2,355,000 

 

2,584,236 

 

Prerefunded, 6.75%, 9/1/2030 

 

395,000 

 

433,449 

West Virginia, Hospital Finance Authority, Charleston Medical Center:

 
 

Prerefunded, 6.75%, 9/1/2022 

 

9,645,000 

 

10,583,844 

 

Prerefunded, 6.75%, 9/1/2030 

 

3,605,000 

 

3,955,911 

West Virginia, Water & Sewer Revenue, Water Development Authority, Series B, 5.25%, 11/1/2023 (a) 

 

2,740,000

 

2,843,517

 

**20,400,957**

**Wisconsin 2.1%**

 
Badge, WI, Tobacco Asset Securitization Corp., 6.125%, 6/1/2027 

 

3,670,000

 

3,653,375

Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority, Aurora Health Care, Inc., Series A, 5.6%, 2/15/2029 

 

6,000,000

 

5,714,400

 

**9,367,775**

**Total Municipal Bonds and Notes** (Cost $598,048,319)

 

**620,359,831**

 

**Municipal Inverse Floating Rate Notes (d) 74.2%**

 
**Arizona 2.4%**

 
Phoenix, AZ, Industrial Development Authority, Single Family Mortgage Revenue, AMT, Series 2007-3, 5.625%, 5/1/2039 (e)

 

11,010,213

 

**10,780,831**

 

*Trust: Phoenix, AZ, Puttable Floating Option, Tax Exempt Receipts, RITES-PA-1509,*

*144A, AMT, 16.187%, 5/1/2039, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

**California 10.2%**

 
California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series F, 5.0%, 4/1/2031 (e)

 

10,000,000

 

10,131,850

 

*Trust: California, Bay Area Toll Authority, Toll Bridge Revenue, Series 1962-5, 144A,*

*14.0%, 4/1/2031, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

California, State General Obligation, 5.0%, 6/1/2023 (a) (e)

 

10,000,000

 

10,446,200

 

*Trust: California, State General Obligation, Series 1932, 144A, 11.99%, 6/1/2023,*

*Leverage Factor at purchase date: 4 to 1*

 

 

 

 

Rowland, CA, Unified School District, Series A, 5.0%, 8/1/2031 (a) (e)

 

17,715,000

 

18,004,095

 

*Trust: Rowland, CA, Unified School District, Series 2803, 144A, 15.513%, 8/1/2031,*

*Leverage Factor at purchase date: 5 to 1*

 

 

 

 

Sacramento, CA, Municipal Utility District, Electric Revenue, Series U, 5.0%, 8/15/2026 (a) (e)

 

2,615,144

 

2,689,823

Sacramento, CA, Municipal Utility District, Electric Revenue, Series U, 5.0%, 8/15/2027 (a) (e)

 

2,026,590

 

2,084,463

Sacramento, CA, Municipal Utility District, Electric Revenue, Series U, 5.0%, 8/15/2028 (a) (e)

 

2,044,931

 

2,103,326

 

*Trust: Sacramento, CA, Municipal Utility District, Electric Revenue, Series 2815, 144A,*

*15.513%, 8/15/2026, Leverage Factor at purchase date: 5 to 1***

 

 

 

 

 

**45,459,757**

**Florida 14.7%**

 
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2023 (a) (e)

 

3,740,000

 

3,821,738

Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2024 (a) (e)

 

3,915,000

 

4,000,563

Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2025 (a) (e)

 

4,122,500

 

4,212,597

Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2026 (a) (e)

 

4,317,500

 

4,411,859

Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2032 (a) (e)

 

16,470,000

 

16,829,953

 

*Trust: Miami-Dade County, FL, Series 2008-1160, 144A, 13.395%, 7/1/2023, Leverage*

*Factor at purchase date: 4 to 1*

 

 

 

 

 

 

 

Miami-Dade County, FL, Aviation Revenue, Miami International Airport, Series A, AMT, 5.25%, 10/1/2033 (a) (e)

 

34,000,000

 

32,361,200

 

*Trust: Miami-Dade County, FL, Series 2008-1144, 144A, AMT, 13.86%, 10/1/2033,*

*Leverage Factor at purchase date: 4 to 1*

 

 

 

 

 

**65,637,910**

**Illinois 1.5%**

 
Aurora, IL, Single Family Mortgage Revenue, Series C, AMT, 5.5%, 6/1/2045 (e)   

 

6,820,000

 

**6,828,764**

 

*Trust: Aurora, IL, Puttable Floating Opti*on, Ta*x Exempt Receipts, RITES-PA-1499,*

*144A, AMT, 15.64%, 6/1/2045, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

**Massachusetts 5.3%**

 
Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/1/2032 (e)

 

18,250,000

 

18,648,288

Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/1/2037 (e)

 

5,000,000

 

5,109,120

 

*Trust: Massachusetts, State Water Pollution Abatement Trust, Series 2823, 144A,*

*16.44%, 8/1/2032, Leverage Factor at purchase date: 5 to 1*

 

 

 

 

 

**23,757,408**

**Nevada 6.6%**

 
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2028 (e)

 

9,421,628

 

9,625,086

Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2029 (e)

 

9,892,710

 

10,106,341

Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2030 (e)

 

9,601,660

 

9,809,005

 

*Trust: Clark County, NV, General Obligation, Series 2841, 144A, 16.396%, 6/1/2028,*

*Leverage Factor at purchase date: 5 to 1*

 

 

 

 

 

**29,540,432**

**New York 17.8%**

 
New York City, NY, Transitional Finance Authority Revenue, Series C-1, 5.0%, 11/1/2027 (e)

 

17,560,000

 

18,239,572

 

*Trust: New York City, NY, Series 2008-1190, 144A, 13.49%, 11/1/2027, Leverage Factor*

*at purchase date: 4 to 1***

 

 

 

 

New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%, 3/15/2026 (e)

 

13,500,000

 

14,104,125

 

*Trust: New York, State Dormitory Authority Revenue, Series 2008-1189, 144A, 13.49%,*

*3/15/2026, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

New York, Triborough Bridge & Tunnel Authority Revenues, Series C, 5.0%, 11/15/2033 (e)

 

12,000,000

 

12,229,980

 

*Trust: New York, Triborough Bridge & Tunnel Authority Revenues, Series 2008-1188,*

*144A, 13.49%, 11/15/2033, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

New York, State Dormitory Authority, State Personal Income Tax Revenues, Series A, 5.0%, 3/15/2026 (e)

 

10,000,000 

 

10,408,850 

 

*Trust: New York, State Dormitory Authority Revenues, Secondary Issues, Series 2568,*

*144A, 13.61%, 3/15/2026, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

New York, State Dormitory Authority, State Personal Income Tax Revenues, Series A, 5.0%, 3/15/2024 (e)

 

10,000,000 

 

10,481,350 

 

*Trust: New York, State Dormitory Authority Revenues, Secondary Issues, Series 1955-3,*

*144A, 13.94%, 3/15/2024, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

New York, State Dormitory Authority Revenues, State Supported Debt, University Dormitory                                                                                          Facilities, 5.0%, 7/1/2025 (e)

 

5,425,000 

 

5,624,758 

 

*Trust: New York, State Dormitory Authority Revenues, Secondary Issues, Series 1971-1,*

*144A, 13.998%, 7/1/2025, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

 

 

* *

 

 

 

 

New York, State Dormitory Authority Revenues, State Supported Debt, University Dormitory Facilities, 5.0%, 7/1/2027 (e)

 

8,080,000 

 

8,306,200 

 

*Trust: New York, State Dormitory Authority Revenues, Secondary Issues, Series 1971-2,*

*144A, 14.0%, 7/1/2027, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

 

**79,394,835**

**Pennsylvania 2.3%**

 
Pennsylvania, State General Obligation, Second Series, 5.0%, 1/1/2025 (e)

 

10,000,000

 

**10,416,850**

 

 

 

 

*Trust: Pennsylvania, State General Obligation, Series 2008-1146, 144A, 13.4%,*

*1/1/2025, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

**Tennessee 7.4%**

 
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2027 (e)

 

10,756,695 

 

11,212,650 

 

*Trust: Nashville & Davidson County, TN, Metropolitan Government, Series*

*2631-3, 144A, 13.546%, 1/1/2027, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2026 (e)

 

10,200,000 

 

10,679,910 

 

*Trust: Nashville & Davidson County, TN, Metropolitan Government, Series*

*2631-2, 144A, 13.55%, 1/1/2026, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2028 (e)

 

10,564,925 

 

10,971,485 

 

*Trust: Nashville & Davidson County, TN, Metropolitan Government, Series*

*2631-4, 144A, 13.555%, 1/1/2028, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

 

**32,864,045**

**Texas 2.3%**

 
Texas, State General Obligation, Transportation Commission Mobility Fund, 5.0%, 4/1/2025 (e)

 

10,000,000

 

**10,433,100**

 

*Trust: Texas, Series 2008-1147, 144A, 13.4%, 4/1/2025, Leverage Factor at purchase*

*date: 4 to 1*

 

 

 

 

**Virginia 3.7%**

 
Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2027 (e)

 

9,039,684

 

9,446,742

Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2028 (e)

 

6,770,509

 

7,075,386

 

*Trust: Virginia, State Resource Authority, Clean Water Revenue, Series 2917, 144A,*

*15.987%, 10/1/2027, Leverage Factor at purchase date: 5 to 1***

 

 

 

 

 

**16,522,128**

**Total Municipal Inverse Floating Rate Notes** (Cost $332,755,686)

 

**331,636,060**

 

**% of****Net Assets**

 

**Value ($)**

**Total Investment Portfolio** (Cost $930,804,005) †

213.1

 

**951,995,891**

**Other Assets and Liabilities, Net**

(53.8)

 

**(240,263,994)**

**Preferred Shares, at Redemption Value**

(59.3)

 

**(265,000,000)**

**Net Assets Applicable to Common Shareholders**

100.0

 

**446,731,897**

*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.*

***

*Non-income producing security.  In the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or interest or has filed for bankruptcy. The following table represents bonds that are in default:*

**Securities**

**Coupon**

**Maturity**

**Date**

**Principal**

**Amount ($)**

**Acquisition**

**Cost ($)**

**Value ($)**

 
Green Springs, OH, Senior Care Revenue, St. Francis Health Care Center Project, Series A

7.125%

5/15/2025

6,000,000

5,917,429

**5,281,920**

 
****

*Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of August 31, 2008.*

*****

*Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of August 31, 2008.*

*†*

*The cost for federal income tax purposes was $930,084,340.  At August 31, 2008, net unrealized appreciation for all securities based on tax cost was $21,911,551.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $32,951,726 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $11,040,175.*

*(a)*

*Bond is insured by one of these companies:*

**Insurance Coverage**

**As a % of Total**

**Investment Portfolio**

 
Ambac Financial Group

8.2

 
Assured Guaranty Corp.

3.8

 
 

 

 

Financial Guaranty Insurance Company

7.2

 
Financial Security Assurance, Inc.

13.6

 
MBIA Corp.

4.4

 
Radian Asset Assurance, Inc.

0.5

 
*(b)*

*Security incorporates a letter of credit from the bank listed.*

*(c)*

*When-issued security.*

*(d)*

*Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund.*

*(e)*

*Security forms part of the below tender option bond trust.  The principal amount and value shown take into account the leverage factor.*

*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.*

*AMT: Subject to alternative minimum tax.*

*ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by US Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.*

*Prerefunded: Bonds which are prerefunded are collateralized usually by US Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.*

*RITES: Residual Interest Tax Exempt Security*

 

***Fair Value Measurements***

 

*The following is a summary of the inputs used as of August 31, 2008 in valuing the Fund's investments. Please see below for information on the Fund’s policy regarding valuation inputs, and their aggregate levels used in the table below:*

 

**Valuation Inputs**

**Investments in  Securities**

Level 1 

$                                 -   

Level 2

951,995,891

Level 3 

-   

**Total**

**$              951,995,891**

 

*The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS* *157"), effective at the beginning of the Fund’s fiscal year. FAS* *157 establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and requires additional disclosure about the classification of 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, credit risk, etc.).  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.*

 

**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.

 

 

**SIGNATURES**

 

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

 

Registrant: 

DWS Municipal Income Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

October 22, 2008

 

 

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.

 

Registrant: 

DWS Municipal Income Trust

 

By:

/s/Michael G. Clark

 

Michael G. Clark

President

 

Date:

October 22, 2008

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        October 22, 2008

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