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: 2/28/09

 

ITEM 1.  SCHEDULE OF INVESTMENTS

 

| Investment Portfolio | **as of February 28, 2009  (Unaudited)** |
|----------------------|------------------------------------------|

 

 

**DWS Municipal Income Trust**

 

 

|   | **Principal****Amount ($)**          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | **Value ($)** |
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|        |
|   | **Municipal Bonds and Notes 134.8%** |  
**Alabama 3.9%**

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

 

1,000,000

 

1,161,260

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

 

5,500,000

 

6,035,920

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

 

8,560,000

 

8,790,778

 

**15,987,958**

**Arizona 2.9%**

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

 

3,000,000

 

2,823,210

 

 

 

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

 

7,000,000

 

7,533,330

Arizona, Salt Verde Financial Corp., Gas Revenue:

 
 

5.0%, 12/1/2037 

 

1,050,000 

 

677,481 

 

5.5%, 12/1/2029 

 

1,400,000 

 

1,037,988 

 

**12,072,009**

**California 15.2%**

 
California, Bay Area Toll Authority, Toll Bridge Revenue:

 
 

Series B, 0.37% **, 4/1/2039

 

1,195,000

 

1,195,000

 

Series D-1, 0.4% **, 4/1/2045

 

2,000,000

 

2,000,000

California, Housing Finance Agency Revenue, Home Mortgage, Series C, AMT, 1.3% **, 8/1/2037 

 

1,000,000

 

1,000,000

California, Special Assessment Revenue, Golden State Tobacco Securitization Corp., Series 2003-A-1, Prerefunded, 6.75%, 6/1/2039 

 

11,730,000

 

13,819,934

California, State General Obligation:

 
 

5.125%, 4/1/2024 

 

4,400,000 

 

4,401,716 

 

5.25%, 4/1/2030 

 

110,000 

 

108,204 

California, State Public Works Board Lease Revenue, Department of General Services, Capital East End, Series A, 5.25%, 12/1/2020 (a) 

 

10,500,000

 

10,598,910

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

 

2,500,000

 

2,546,550

Corona-Norco, CA, Unified School District, Election of 2006, Series A, 5.0%, 8/1/2031 (a) 

 

5,130,000

 

5,061,720

Kern, CA, High School District, Election of 2004, Series B, 5.0%, 8/1/2030 (a) 

 

13,270,000

 

13,080,770

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

 

3,000,000

 

1,758,360

Sacramento, CA, Municipal Utility District, Electric Revenue:

 
 

Series U, 5.0%, 8/15/2026 (a) 

 

2,615,000 

 

2,611,940 

 

Series U, 5.0%, 8/15/2027 (a) 

 

2,025,000 

 

1,996,164 

 

Series U, 5.0%, 8/15/2028 (a) 

 

2,045,000 

 

1,990,378 

 

**62,169,646**

**Colorado 6.0%**

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

 

2,500,000

 

2,106,750

Colorado, Health Facilities Authority Revenue, Covenant Retirement Communities, Inc., 5.0%, 12/1/2035 

 

2,500,000

 

1,516,675

Colorado, Health Facilities Authority Revenue, Portercare Adventist Health System, Prerefunded, 6.5%, 11/15/2031 

 

1,000,000

 

1,138,760

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

 
 

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

 

6,145,000 

 

6,431,726 

 

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

 

5,705,000 

 

5,992,817 

 

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

 

2,000,000 

 

2,100,900 

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

 

160,000

 

164,122

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

 

5,000,000

 

5,101,850

 

**24,553,600**

**District of Columbia 1.3%**

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

 

640,000

 

652,397

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

 

2,810,000

 

2,872,213

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

 

1,860,000

 

1,896,028

 

**5,420,638**

**Florida 5.6%**

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

 

1,000,000

 

1,033,620

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

 

3,000,000

 

3,066,360

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

 
 

6.0%, 7/1/2013 (a) 

 

1,665,000 

 

1,757,408 

 

 

 

 

6.0%, 7/1/2014 (a) 

 

1,000,000 

 

1,055,500 

North Brevard County, FL, Hospital District Revenue, Parrish Medical Center Project:

 
 

5.5%, 10/1/2028 

 

5,290,000 

 

4,423,339 

 

5.75%, 10/1/2038 

 

5,000,000 

 

4,047,300 

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

 
 

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

 

3,500,000 

 

3,346,280 

 

Prerefunded, 5.75%, 12/1/2032 

 

1,000,000 

 

1,142,130 

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

 

2,850,000

 

3,065,859

 

**22,937,796**

**Georgia 5.1%**

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

 
 

Series A, 5.0%, 3/15/2020 

 

7,250,000 

 

6,063,900 

 

Series A, 5.5%, 9/15/2024 

 

5,000,000 

 

3,854,400 

 

Series A, 5.5%, 9/15/2028 

 

10,000,000 

 

7,410,500 

Georgia, Medical Center Hospital Authority Revenue, Anticipation Certificates, Columbus Regional Healthcare Systems, 6.5%, 8/1/2038 (a) 

 

3,300,000

 

3,487,869

 

**20,816,669**

**Hawaii 4.3%**

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

 

8,800,000

 

9,152,704

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

 

2,195,000

 

2,030,287

Hawaii, Port Authority Revenue:

 
 

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

 

2,950,000 

 

3,076,054 

 

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

 

3,135,000 

 

3,249,145 

 

**17,508,190**

**Idaho 0.5%**

 
Idaho, Health Facilities Authority Revenue, St. Luke's Regional Medical Center, 6.75%, 11/1/2037 

 

2,135,000

 

**2,185,728**

**Illinois 9.0%**

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

 

6,672,980

 

6,559,339

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

 

10,000,000

 

10,080,300

Chicago, IL, Core City General Obligation:

 
 

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

 

2,085,000 

 

2,246,608 

 

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

 

2,000,000 

 

2,158,360 

 

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

 

2,000,000 

 

2,158,360 

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

 
 

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

 

1,000,000 

 

1,077,510 

 

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

 

1,000,000 

 

1,077,510 

Illinois, Finance Authority Revenue, Advocate Health Care Network, Series D, 6.5%, 11/1/2038 

 

1,000,000

 

1,035,080

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

 

5,750,000

 

5,396,260

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

 

1,250,000

 

1,092,713

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

 

4,000,000

 

4,122,560

 

**37,004,600**

**Indiana 1.4%**

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

 

5,000,000

 

**5,580,800**

**Kansas 0.8%**

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

 

3,000,000

 

**3,315,840**

 

 

 

**Kentucky 3.5%**

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

 
 

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

 

790,000 

 

860,168 

 

Series A, 6.5%, 10/1/2020 

 

1,210,000 

 

1,195,867 

 

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

 

3,135,000 

 

3,419,596 

 

Series A, 6.625%, 10/1/2028 

 

865,000 

 

782,522 

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

 

4,000,000

 

4,083,560

Louisville & Jefferson County, KY, Metropolitan Government Health Systems Revenue, Norton Healthcare, Inc., 5.0%, 10/1/2030 

 

5,000,000

 

3,810,250

 

**14,151,963**

**Louisiana 0.4%**

 
Louisiana, St. John Baptist Parish Revenue, Marathon Oil Corp., Series A, 5.125%, 6/1/2037 

 

2,315,000

 

**1,708,308**

**Maine 0.1%**

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

 

265,000

 

**265,861**

**Maryland 1.2%**

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

 

2,500,000

 

2,712,750

Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health Systems, Series A, 6.75%, 7/1/2039 

 

1,100,000

 

1,111,693

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

 

1,500,000

 

1,176,555

 

**5,000,998**

**Massachusetts 2.3%**

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

 

5,000,000

 

3,765,250

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

 

3,000,000

 

3,033,630

Massachusetts, State Health & Educational Facilities Authority Revenue, Boston Medical Center Project, 5.25%, 7/1/2038 

 

3,385,000

 

2,462,926

 

**9,261,806**

**Michigan 3.1%**

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

 

1,295,000

 

1,177,660

Michigan, Industrial Development Revenue:

 
 

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

 

3,425,000 

 

3,615,430 

 

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

 

4,640,000 

 

4,912,461 

Michigan, State Building Authority Revenue, Facilities Program, Series I, 6.0%, 10/15/2038 

 

1,000,000

 

1,052,980

Royal Oak, MI, Hospital Finance Authority Revenue, William Beaumont Hospital, 8.25%, 9/1/2039 

 

1,800,000

 

1,917,684

 

**12,676,215**

**Minnesota 2.0%**

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

 

4,395,000

 

4,521,752

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

 

2,500,000

 

2,526,850

Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 6.75%, 11/15/2032 

 

1,140,000

 

1,194,857

 

**8,243,459**

**Mississippi 0.3%**

 
Warren County, MS, Gulf Opportunity Zone, International Paper Co., Series A, 6.5%, 9/1/2032 

 

1,525,000

 

**1,072,441**

**Missouri 0.3%**

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

 

365,000

 

338,245

 

 

 

St. Charles County, MO, Industrial Development Authority Revenue, National Cart Project, Series A, AMT, 0.7% **, 11/1/2023, US Bank NA (b) 

 

960,000

 

960,000

 

**1,298,245**

**Nevada 2.1%**

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

 

10,000,000

 

**8,631,300**

**New Jersey 5.9%**

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

 

1,090,000

 

795,068

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

 

5,000,000

 

6,249,650

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

 

10,775,000

 

9,669,269

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

 

1,400,000

 

973,980

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

 

1,875,000

 

2,041,444

New Jersey, State Transportation Trust Fund Authority, Transportation Systems, Series A, 6.0%, 12/15/2038 

 

3,000,000

 

3,175,110

New Jersey, Tobacco Settlement Financing Corp., Series 1-A, 5.0%, 6/1/2041 

 

2,200,000

 

1,170,070

 

**24,074,591**

**New York 5.5%**

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

 

3,390,000

 

3,532,888

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

 

1,500,000

 

1,692,570

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

 

15,500,000

 

15,887,810

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

 

1,180,000

 

1,395,905

 

**22,509,173**

**North Carolina 2.7%**

 
Charlotte, NC, Airport Revenue:

 
 

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

 

2,480,000 

 

2,514,943 

 

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

 

1,140,000 

 

1,155,470 

North Carolina, Electric Revenue, Municipal Power Agency:

 
 

Series C, 5.375%, 1/1/2017 

 

1,000,000 

 

1,026,430 

 

Series B, 6.375%, 1/1/2013 

 

3,000,000 

 

3,104,760 

North Carolina, Medical Care Commission, Health Care Facilities Revenue, University Health Systems, Series D, 6.25%, 12/1/2033 

 

3,000,000

 

3,107,130

 

**10,908,733**

**North Dakota 0.9%**

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

 

3,400,000

 

**3,724,972**

**Ohio 4.1%**

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

 

19,820,000

 

12,570,042

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

 

6,000,000

 

4,365,540

 

**16,935,582**

**Oklahoma 1.2%**

 
Oklahoma, State Turnpike Authority Revenue, Series E, 3.5% **, 1/1/2028 

 

5,000,000

 

**5,000,000**

**Pennsylvania 0.6%**

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

 

2,570,000

 

**2,598,527**

**Rhode Island 0.5%**

 
Rhode Island, Health & Educational Building Corp., Higher Education Facility Revenue, University of Rhode Island, Series A, 6.25%, 9/15/2034 

 

2,000,000

 

**1,977,280**

 

 

 

**South Carolina 2.9%**

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

 

1,500,000

 

1,278,720

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

 
 

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

 

5,420,000

 

6,461,807

 

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

 

2,000,000 

 

2,238,100 

South Carolina, Tobacco Settlement Revenue Management Authority, Series B, 6.0%, 5/15/2022 

 

1,790,000

 

1,887,000

 

**11,865,627**

**South Dakota 0.3%**

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

 

1,500,000

 

**1,407,195**

**Tennessee 6.4%**

 
Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-A, 0.68% **, 6/1/2030, Branch Banking & Trust (b) 

 

5,000,000

 

5,000,000

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

 

2,000,000

 

1,522,040

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

 

4,000,000

 

3,834,240

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

 

4,690,000

 

4,788,255

Selmer-McNairy County, TN, Industrial Development Board Revenue, United Stainless, Inc., AMT, 0.9% **, 12/1/2023, Bank of America NA (b) 

 

2,000,000

 

2,000,000

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

 

7,000,000

 

8,102,920

Sullivan County, TN, Health, Educational & Housing Facilities Board, Hospital Revenue, Wellmont Health Systems Project, Series C, 5.25%, 9/1/2036 

 

2,050,000

 

1,240,537

 

**26,487,992**

**Texas 21.7%**

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

 
 

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

 

3,480,000 

 

3,609,665 

 

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

 

3,625,000 

 

3,760,068 

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

 

2,706,390

Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann Healthcare Systems, Series B, 7.25%, 12/1/2035 

 

1,000,000

 

1,052,330

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

 

6,145,755

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

 

3,000,000

 

3,071,460

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

 

3,300,000

 

3,301,947

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

 

3,960,000

 

4,053,139

North Texas, Higher Education Authority, Inc., Student Loan Revenue, Series A, AMT,      0.9% **, 12/1/2038, Lloyds Banking Group PLC (b) 

 

2,600,000

 

2,600,000

North Texas, Tollway Authority Revenue:

 
 

First Tier, Series A, 5.625%, 1/1/2033

 

3,500,000

 

3,347,155

 

Second Tier, Series F, 5.75%, 1/1/2038

 

6,500,000

 

5,946,460

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

 

5,390,000

 

5,664,459

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

 

4,000,000

 

3,683,680

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

 

4,500,000

 

4,939,650

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

 

6,500,000

 

6,728,410

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

 

2,000,000

 

1,422,860

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

 
 

Series B, 2.037% ***, 12/15/2026 

 

12,000,000 

 

5,535,000 

 

Series D, 6.25%, 12/15/2026 

 

5,000,000 

 

4,135,150 

Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue:

 
 

 

 

 

5.5%, 8/1/2021 

 

1,155,000 

 

926,645 

 

5.5%, 8/1/2025 

 

7,250,000 

 

5,574,452 

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

 

10,865,000

 

10,992,772

 

**89,197,447**

**Washington 3.9%**

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

 

7,355,000

 

7,765,483

Seattle, WA, Special Assessment Revenue:

 
 

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

 

1,085,000 

 

1,109,109 

 

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

 

1,045,000 

 

1,061,406 

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

 

1,500,000

 

1,480,620

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

 

5,240,000

 

3,802,249

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

 

1,000,000

 

774,830

 

**15,993,697**

**West Virginia 4.9%**

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

 
 

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

 

2,355,000 

 

2,565,184 

 

Prerefunded, 6.75%, 9/1/2030 

 

395,000 

 

430,254 

West Virginia, Hospital Finance Authority, Charleston Medical Center:

 
 

Prerefunded, 6.75%, 9/1/2022 

 

9,645,000 

 

10,505,816 

 

Prerefunded, 6.75%, 9/1/2030 

 

3,605,000

 

3,926,746

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

 

2,740,000

 

2,826,529

 

**20,254,529**

**Wisconsin 2.0%**

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

 

3,635,000

 

3,468,044

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

 

6,000,000

 

4,587,900

 

**8,055,944**

**Total Municipal Bonds and Notes** (Cost $552,637,333)

 

**552,855,359**

 

**Municipal Inverse Floating Rate Notes (c) 68.6%**

 
**California 4.9%**

 
California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series F, 5.0%, 

4/1/2031 (d)

 

10,000,000

 

9,835,551

 

*Trust: California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series 1962-5, 144A, 13.534%, 4/1/2031, Leverage Factor at purchase date: 3 to 1*

 

 

 

 

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

 

10,000,000

 

10,136,450

 

*Trust: California, State General Obligation, Series 1932, 144A, 13.7%, 6/1/2023, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

 

**19,972,001**

**Florida 15.2%**

 
Miami-Dade County, FL, Aviation Revenue, Miami International Airport, Series A, AMT, 

5.25%, 10/1/2033 (a) (d)

 

34,000,000

 

30,342,110

 

*Trust: Miami-Dade County, FL, Port, Airport & Marina Improvements, Series 2008-1144, 144A, AMT, 9.27%, 10/1/2033, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

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

 

3,740,000

 

3,662,949

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

 

3,915,000

 

3,834,344

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

 

4,122,500

 

4,037,569

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

 

4,317,500

 

4,228,551

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

 

16,470,000

 

16,130,688

 

*Trust: Miami-Dade County, FL, Transit Improvements, Series 2008-1160, 144A, 9.021%, 7/1/2023, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

 

**62,236,211**

 

 

 

**Massachusetts 5.7%**

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

 

18,250,000

 

18,372,354

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

 

5,000,000

 

5,033,522

 

*Trust: Massachusetts, State Pollution Control, Water Utility Improvements, Series 3159, 144A, 12.912%, 8/1/2032, Leverage Factor at purchase date: 3 to 1*

 

 

 

 

 

**23,405,876**

**Nevada 6.9**

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

 

9,447,355

 

9,222,108

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

 

9,919,723

 

9,683,213

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

 

9,627,878

 

9,398,327

 

*Trust: Clark County, NV, Series 3158, 144A, 12.874%, 6/1/2028, Leverage Factor at purchase date: 3 to 1*

 

 

 

 

 

**28,303,648**

**New York 18.9%**

 
New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%, 

3/15/2026 (d)

 

13,500,000

 

13,835,475

 

*Trust: New York, State Dormitory Authority Revenue, Series 2008-1189, 144A, 9.07%, 3/15/2026, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A,

5.0%, 3/15/2026 (d)

 

10,000,000

 

10,225,913

 

*Trust: New York, State Dormitory Authority Revenue, Series 3160, 144A, 12.914%, 3/15/2026, Leverage Factor at purchase date: 3 to 1*

 

 

 

 

New York, State Dormitory Authority Revenues, State Supported Debt, University Dormitory 

Facilities, 5.0%, 7/1/2025 (d)

 

5,425,000

 

5,432,184

New York, State Dormitory Authority Revenues, State Supported Debt, University Dormitory

Facilities, 5.0%, 7/1/2027 (d)

 

8,080,000

 

8,090,701

 

*Trust: New York, State Dormitory Authority Revenues, Series 3169, 144A, 12.911%, 7/1/2025, Leverage Factor at purchase date: 3 to 1*

 

 

 

 

New York, State Dormitory Authority, State Personal Income Tax Revenues, Series A, 5.0%,

3/15/2024 (d)

 

10,000,000

 

10,358,900

 

*Trust: New York, State Dormitory Authority Revenues, Secondary Issues, Series 1955-3, 144A, 17.72%, 3/15/2024, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

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

 

12,000,000

 

11,798,580

 

*Trust: New York, Triborough Bridge & Tunnel Authority Revenues, Series 2008-1188, 144A, 9.07%, 11/15/2033, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

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

 

17,560,000

 

17,780,817

 

*Trust: New York City, NY, Series 2008-1190, 144A, 9.07%, 11/1/2027, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

 

**77,522,570**

**Pennsylvania 2.5%**

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

 

10,000,000

 

**10,416,750**

 

*Trust: Pennsylvania, State General Obligation, Public Transit Improvements, Series 2008-1146, 144A, 9.02%, 1/1/2025, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

**Tennessee 7.9%**

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

 

10,756,695

 

11,081,754

 

*Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-3, 144A, 17.355%, 1/1/2027, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

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

 

10,200,000

 

10,598,361

 

*Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-2, 144A, 17.36%, 1/1/2026, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

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

 

10,564,925

 

10,822,114

 

*Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-4, 144A, 17.368%, 1/1/2028, Leverage Factor at purchase date: 4 to 1*

 

 

 

 

 

**32,502,229**

**Texas 2.6%**

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

 

10,000,000

 

**10,436,200**

 

*Trust: Texas, State Highway & Transit Improvements, Series 2008-1147, 144A, 9.02%, 4/1/2025, Leverage Factor at purchase date: 2 to 1*

 

 

 

 

 

 

 

**Virginia 4.0%**

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

 

8,190,000

 

8,481,361

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

 

7,630,000

 

7,901,439

 

*Trust: Virginia, State Resource Authority, Clean Water Revenue, Series 2917, 144A, 10.802%, 10/1/2027, Leverage Factor at purchase date: 2.5 to 1*

 

 

 

 

 

**16,382,800**

**Total Municipal Inverse Floating Rate Notes** (Cost $286,806,805)

 

**281,178,285**

 

 

 

 

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

 

**Value ($)**

**Total Investment Portfolio** (Cost $839,444,138) †

203.4

 

**834,033,644**

**Other Assets and Liabilities, Net**

(38.8)

 

**(158,929,608)**

**Preferred Shares, at Redemption Value**

(64.6)

 

**(265,000,000)**

**Net Assets Applicable to Common Shareholders**

100.0

 

**410,104,036**

*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. The following table represents bonds that are in default:*

**Security**

 

**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

 

**4,365,540**

****

*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 February 28, 2009.*

*****

*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 February 28, 2009.*

*†*

*The cost for federal income tax purposes was $839,030,681.  At February 28, 2009, net unrealized depreciation for all securities based on tax cost was $4,997,037.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $25,326,191 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $30,323,228.*

*(a)*

*Bond is insured by one of these companies:*

**Insurance Coverage**

**As a % of Total****Investment Portfolio**

 
Ambac Financial Group, Inc.

7.2

 
Assured Guaranty Corp.

4.5

 
Financial Guaranty Insurance Co.

7.0

 
Financial Security Assurance, Inc.

13.8

 
MBIA Corp.

3.5

 
Radian

0.5

 
*(b)*

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

*(c)*

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

*(d)*

*Security forms part of the below tender option bond trust.  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.*

 

***Fair Value Measurements***

 

*Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, “Fair Value Measurements,” establishes a three-tier hierarchy for measuring fair value 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, 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 28, 2009 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 

834,033,644  

Level 3 

-   

**Total**

**$              834,033,644**

 

 

 

**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:

April 22, 2009

 

 

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:

April 22, 2009

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                        April 22, 2009

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