UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
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Investment Company Act file number 811-05655
Scudder Municipal Income Trust
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(Exact name of registrant as specified in charter)
222 South Riverside Plaza
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Paul Schubert
345 Park Avenue
New York, NY 10154
(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 454-7190
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Date of fiscal year end: 11/30
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Date of reporting period: 8/31/05
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Form N-Q is to be used by registered management investment companies, other than
small business investment companies registered on Form N-5 (ss.ss. 239.24 and
274.5 of this chapter), to file reports with the Commission, not later than 60
days after the close of the first and third fiscal quarters, pursuant to rule
30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-4). The
Commission may use the information provided on Form N-Q in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and
the Commission will make this information public. A registrant is not required
to respond to the collection of information contained in Form N-Q unless the
Form displays a currently valid Office of Management and Budget ("OMB") control
number. Please direct comments concerning the accuracy of the information
collection burden estimate and any suggestions for reducing the burden to the
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington,
DC 20549-0609. The OMB has reviewed this collection of information under the
clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS
Investment Portfolio as of August 31, 2005 (Unaudited)
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Scudder Municipal Income Trust
Principal
Amount ($) Value ($)
---------------------------------
------------------------------------------------------------------------------------------------------------
Municipal Bonds and Notes 154.5%
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Alabama 5.2%
Alabama, Port Authority Revenue, Docks Department, AMT, 6.3%, 10/1/2021 (a) 8,250,000 8,678,835
Camden, AL, Industrial Development Board Revenue, AMT, Series B, 6.375%,
12/1/2024 1,000,000 1,103,300
Huntsville, AL, Hospital & Healthcare Revenue, Health Care Authority,
Series A, 5.75%, 6/1/2031 5,500,000 5,885,605
Huntsville, AL, Water & Sewer Revenue, AMT, 5.75%, 10/1/2011 (a) 8,560,000 9,376,453
-------------
25,044,193
Arizona 1.6%
Arizona, Hospital & Healthcare Revenue, Health Facilities Authority,
Catholic Healthcare West, Series A, 6.625%, 7/1/2020 7,000,000 7,900,410
California 19.0%
California, Electric Revenue, Department of Water Resources and Power
Supply, Series A, 5.375%, 5/1/2022 7,350,000 8,044,281
California, General Obligation, Economic Recovery, Series A, 5.0%, 7/1/2015
(a) 8,500,000 9,383,065
California, Hospital & Healthcare Revenue, Health Facilities Funding
Authority, Adventist Health Systems, Series A, 5.0%, 3/1/2028 1,000,000 1,031,210
California, Special Assessment Revenue, Golden State Tobacco Securitization
Corp.:
Series B, 5.625%, 6/1/2038 7,080,000 8,102,423
Series 2003-A-1, 6.75%, 6/1/2039 11,730,000 13,535,130
California, State General Obligation:
5.0%, 12/1/2020 4,600,000 4,955,902
5.0%, 6/1/2026 1,000,000 1,069,040
5.0%, 6/1/2031 (a) 4,965,000 5,284,150
5.125%, 4/1/2024 4,400,000 4,734,972
5.25%, 12/1/2021 10,215,000 11,382,268
5.25%, 4/1/2030 6,250,000 6,822,688
California, State Revenue Lease, Public Works Board, Department of
Corrections, Series C, 5.5%, 6/1/2021 2,500,000 2,776,900
California, State Revenue Lease, Public Works Board, University of
California Projects, Series F, 5.0%, 11/1/2025 1,000,000 1,063,030
Elk Grove, CA, California Finance Authority, Special Tax Revenue, 5.0%,
9/1/2029 (a) 5,000,000 5,330,200
Palmdale, CA, Water District Revenue, Certificates of Participation, 5.0%,
10/1/2034 (a) 3,570,000 3,784,271
Sacramento County, CA, Airport Revenue, AMT, Series A, 5.9%, 7/1/2024 (a) 5,000,000 5,204,100
-------------
92,503,630
Colorado 8.2%
Adams County, CO, Multi-Family Housing Revenue, Oasis Park Apartments
Project, Series A, 6.15%, 1/1/2026 6,000,000 6,149,340
Colorado, Hospital & Healthcare Revenue, Portercare Adventist Health
Project, 6.5%, 11/15/2031 1,000,000 1,123,700
Colorado, Hospital & Healthcare Revenue, Poudre Valley Health Facilities:
Series A, 5.5%, 12/1/2017 (a) 6,145,000 6,763,064
Series A, 6.0%, 12/1/2015 (a) 5,705,000 6,391,369
Series A, 6.0%, 12/1/2016 (a) 2,000,000 2,240,620
Colorado, Single Family Housing Revenue, AMT, Series B2, 7.25%, 10/1/2031 335,000 342,745
Colorado, Transportation/Tolls Revenue, Anticipation Note, Prerefunded,
6.0%, 6/15/2011 (a) 10,000,000 11,289,300
Denver, CO, Airport Revenue, AMT, Series A, 6.0%, 11/15/2014 (a) 5,000,000 5,578,250
-------------
39,878,388
District of Columbia 7.5%
District of Columbia, Core City General Obligation, Series B, 5.5%,
6/1/2011 (a) 20,000,000 22,219,800
District of Columbia, ETM, Series A, Prerefunded, 5.5%, 6/1/2014 (a) 640,000 695,142
District of Columbia, State General Obligation:
Series A, 5.25%, 6/1/2027 (a) 10,830,000 11,446,985
Series A, 5.5%, 6/1/2014 (a) 1,860,000 2,018,342
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36,380,269
Florida 6.3%
Dade County, FL, Airport Revenue, AMT, Series A, 5.75%, 10/1/2026 (a) 13,000,000 13,578,890
Dade County, FL, Special Assessment Revenue:
Series B, Prerefunded, Zero Coupon, 10/1/2022 (a) 7,735,000 2,991,975
Series B, Prerefunded, Zero Coupon, 10/1/2024 (a) 16,955,000 5,776,230
Hillsborough County, FL, Industrial Development Revenue, University
Community Hospital Project, Series A, 5.625%, 8/15/2023 1,000,000 1,040,220
Miami-Dade County, FL, Transportation/Tolls Revenue, Expressway Authority:
6.0%, 7/1/2013 (a) 1,665,000 1,880,051
6.0%, 7/1/2014 (a) 1,000,000 1,129,160
Orange County, FL, Health Facilities Authority Revenue, Orlando Regional
Healthcare System, 5.75%, 12/1/2032 1,000,000 1,079,410
Palm Beach County, FL, School District Revenue Lease, Series A,
Prerefunded, 5.75%, 8/1/2017 (a) 2,850,000 3,205,538
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30,681,474
Georgia 1.3%
Atlanta, GA, Water & Wastewater Revenue, Water Utilities Improvements,
5.0%, 11/1/2024 (a) 4,000,000 4,299,440
Burke County, GA, Development Authority Pollution Control Revenue,
Oglethorpe Power Corp., 2.34% *, 1/1/2022 (a) 2,000,000 2,000,000
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6,299,440
Hawaii 7.3%
Hawaii, Airport System Revenue, AMT, Series B, 6.5%, 7/1/2013 (a) 8,800,000 10,025,840
Hawaii, Electric Revenue, Department of Budget & Finance, AMT:
Series D, 6.15%, 1/1/2020 (a) 2,195,000 2,393,406
Series A, 6.2%, 5/1/2026 (a) 13,200,000 13,585,440
Hawaii, Port Authority Revenue, AMT:
Series A, 6.0%, 7/1/2011 (a) 2,950,000 3,296,625
Series A, 6.0%, 7/1/2012 (a) 3,135,000 3,480,477
Hawaii, State General Obligation, Series CT, Prerefunded, 5.75%, 9/1/2014
(a) 2,310,000 2,557,678
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35,339,466
Idaho 0.0%
Idaho, Single Family Housing Revenue, AMT, Series C2, 6.9%, 7/1/2025 230,000 230,354
Illinois 7.9%
Chicago, IL, Airport Revenue, O'Hare International Airport, AMT, 5.5%,
1/1/2014 (a) 10,000,000 10,818,200
Chicago, IL, Core City General Obligation:
Series A, Prerefunded, 6.0%, 1/1/2014 (a) 2,085,000 2,362,784
Series A, Prerefunded, 6.125%, 1/1/2015 (a) 2,000,000 2,277,580
Series A, 6.125%, 1/1/2016 (a) 2,000,000 2,277,580
Chicago, IL, Other General Obligation, Neighborhoods Alive 21 Project:
Series A, Prerefunded, 6.0%, 1/1/2015 (a) 1,000,000 1,133,230
Series A, 6.0%, 1/1/2017 (a) 1,000,000 1,133,230
Illinois, Higher Education Revenue, DePaul University, Educational
Facilities Authority:
Prerefunded, 5.625%, 10/1/2013 (a) 2,695,000 3,021,553
Prerefunded, 5.625%, 10/1/2015 (a) 1,710,000 1,917,201
Illinois, Hospital & Healthcare Revenue, Children's Memorial Hospital,
Series A, Prerefunded, 5.625%, 8/15/2019 (a) 4,000,000 4,397,640
Illinois, Hospital & Healthcare Revenue, Development Finance Authority,
Adventist Health System, 5.5%, 11/15/2020 2,500,000 2,641,450
Illinois, Sales & Special Tax Revenue, Metropolitan Pier & Exposition
Authority:
Series A, ETM, 5.5%, 6/15/2017 (a) 1,955,000 2,283,538
Series A, 5.5%, 6/15/2017 (a) 1,555,000 1,803,411
Will County, IL, Industrial Development Revenue, Mobil Oil Refining Corp.
Project, AMT, 6.0%, 2/1/2027 2,000,000 2,086,860
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38,154,257
Indiana 1.1%
Indiana, Hospital & Healthcare Revenue, Health Facilities Authority, 5.5%,
11/1/2031 5,000,000 5,314,050
Kansas 0.7%
Overland Park, KS, Industrial Development Revenue, Series A, 7.375%,
1/1/2032 3,000,000 3,293,520
Kentucky 1.4%
Kentucky, Hospital & Healthcare Revenue, Economic Development Finance
Authority, Norton Healthcare, Inc.:
Series A, 6.5%, 10/1/2020 2,000,000 2,222,280
Series A, 6.625%, 10/1/2028 4,000,000 4,428,520
-------------
6,650,800
Louisiana 0.5%
Louisiana, Electric Revenue, 5.75%, 1/1/2013 (a) 2,000,000 2,286,640
Maine 1.7%
Maine, Hospital & Healthcare Revenue, Series D, 5.7%, 7/1/2013 (a) 1,550,000 1,568,848
Maine, Transportation/Tolls Revenue, 5.0%, 7/1/2017 (a) 6,165,000 6,521,954
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8,090,802
Maryland 0.6%
Maryland, Hospital & Healthcare Revenue, University of Maryland Medical
System, 6.75%, 7/1/2030 2,500,000 2,809,925
Massachusetts 3.5%
Massachusetts, Airport Revenue, AMT, Series B, 5.5%, 7/1/2009 (a) 8,000,000 8,626,960
Massachusetts, Airport Revenue, U.S. Airways, Inc. Project, AMT, Series A,
5.875%, 9/1/2023 (a) 5,000,000 5,203,950
Massachusetts, Port Authority Revenue, AMT, Series B, 5.5%, 7/1/2015 (a) 3,000,000 3,215,580
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17,046,490
Michigan 2.1%
Chippewa County, MI, Hospital & Healthcare Revenue, Chippewa County War
Memorial, Series B, 5.625%, 11/1/2014 1,500,000 1,527,420
Michigan, Industrial Development Revenue:
5.5%, 6/1/2018 (a) 3,425,000 3,740,203
5.75%, 6/1/2016 (a) 4,640,000 5,130,355
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10,397,978
Minnesota 1.5%
Minneapolis & St. Paul, MN, Airport Revenue, AMT, Series B, 6.0%, 1/1/2012
(a) 4,395,000 4,828,918
Minneapolis & St. Paul, MN, Port Authority Revenue, AMT, Series B, 5.625%,
1/1/2015 (a) 2,500,000 2,685,875
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7,514,793
Missouri 1.2%
Missouri, Hospital & Healthcare Revenue, Lake of the Ozarks General
Hospital:
Prerefunded, 6.5%, 2/15/2021 760,000 787,094
6.5%, 2/15/2021 365,000 375,315
St. Louis, MO, Industrial Development Authority Revenue, St. Louis Convention
Center:
AMT, Series A, 6.875%, 12/15/2020 1,500,000 1,235,490
AMT, Series A, 7.2%, 12/15/2028 4,000,000 3,296,560
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5,694,459
Nevada 2.4%
Las Vegas, NV, Core City General Obligation, Water & Sewer Revenue, 5.375%,
4/1/2014 (a) 2,705,000 2,973,066
Nevada, State General Obligation, Capital Improvement and Cultural Affairs
Project, Series A, 5.5%, 2/1/2014 2,575,000 2,802,089
Washoe County, NV, School District General Obligation, Prerefunded, 5.75%,
6/1/2014 (a) 5,450,000 6,015,655
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11,790,810
New Jersey 11.0%
New Jersey, Casino Reinvestment Development Authority, Hotel Room Fee
Revenue, 5.0%, 1/1/2025 (a) 4,000,000 4,291,600
New Jersey, Economic Development Authority Revenue, Cigarette Tax, 5.75%,
6/15/2034 1,090,000 1,172,764
New Jersey, Hospital & Healthcare Revenue, General Hospital Center at
Passaic, ETM, 6.75%, 7/1/2019 (a) 5,000,000 6,290,300
New Jersey, Industrial Development Revenue, American Water Co., Inc.
Project, AMT, Series A, 6.875%, 11/1/2034 (a) 10,775,000 11,023,902
New Jersey, Industrial Development Revenue, Economic Development Authority,
Harrogate, Inc., Series A, 5.875%, 12/1/2026 1,400,000 1,442,210
New Jersey, Resource Recovery Revenue, Tobacco Settlement Financing Corp.,
5.75%, 6/1/2032 2,350,000 2,458,617
New Jersey, State Agency General Obligation Lease, Transportation Trust
Fund Authority, Series A, Prerefunded, 5.75%, 6/15/2017 10,000,000 11,145,400
New Jersey, Transportation/Tolls Revenue, Economic Development Authority,
Series A, Prerefunded, 5.75%, 5/1/2013 (a) 6,000,000 6,558,780
New Jersey, Transportation/Tolls Revenue, Garden State Parkway Project,
Prerefunded, 5.6%, 1/1/2017 (a) 8,000,000 8,866,240
-------------
53,249,813
New York 16.6%
Nassau County, NY, Hospital & Healthcare, 6.0%, 8/1/2015 (a) 3,390,000 3,822,734
New York, State Agency General Obligation Lease, Higher Education Revenue,
Dormitory Authority, Bronx-Lebanon, Hospital Center, Series E, 5.2%,
2/15/2016 1,770,000 1,850,765
New York, State Agency General Obligation Lease, Higher Education Revenue,
Dormitory Authority, City University, Series A, 5.625%, 7/1/2016 1,500,000 1,726,185
New York, State Agency General Obligation Lease, Higher Education Revenue,
Dormitory Authority, Jamaica Hospital, Series F, 5.2%, 2/15/2016 1,000,000 1,045,630
New York, State General Obligation, Tobacco Settlement Financing Corp.:
Series A-1, 5.25%, 6/1/2022 (a) 10,000,000 10,933,300
Series A-1, 5.5%, 6/1/2019 7,400,000 8,263,720
New York, Transportation/Tolls Revenue:
Prerefunded, 5.625%, 4/1/2013 (a) 5,000,000 5,493,850
Prerefunded, 5.75%, 4/1/2014 (a) 2,000,000 2,205,980
New York City, NY, Municipal Water Finance Authority, Water & Sewer System
Revenue, Series C, 5.0%, 6/15/2027 (a) 9,825,000 10,576,612
New York City, NY, Municipal Water Finance Authority, Water & Sewer System
Revenue, Fiscal 2003, Series C-3, 2.25% *, 6/15/2018 935,000 935,000
New York, NY, Core City General Obligation:
Series F, 5.25%, 8/1/2015 (a) 10,380,000 10,988,060
Series F, 5.25%, 8/1/2015 5,000,000 5,436,050
New York, NY, General Obligation:
Series G, 5.0%, 12/1/2023 2,000,000 2,125,400
Series D, 5.0%, 11/1/2024 7,500,000 7,949,250
New York, NY, Sales & Special Tax Revenue, Transitional Finance Authority:
Series B, Prerefunded, 6.125%, 11/15/2014 1,645,000 1,877,800
Series B, 6.125%, 11/15/2014 355,000 405,240
Series B, Prerefunded, 6.125%, 11/15/2015 3,000,000 3,424,560
Niagara Falls, NY, School District General Obligation, 5.6%, 6/15/2014 (a) 1,180,000 1,366,700
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80,426,836
North Carolina 1.7%
Charlotte, NC, Airport Revenue, AMT:
Series B, 5.75%, 7/1/2013 (a) 2,480,000 2,692,214
Series B, 5.875%, 7/1/2014 (a) 1,140,000 1,242,611
North Carolina, Electric Revenue, Municipal Power Agency:
Series C, 5.375%, 1/1/2017 1,000,000 1,069,860
Series B, 6.375%, 1/1/2013 3,000,000 3,339,540
-------------
8,344,225
North Dakota 0.8%
Grand Forks, ND, Hospital & Healthcare Revenue, Altru Health Care System,
7.125%, 8/15/2024 3,400,000 3,784,608
Ohio 1.9%
Green Springs, OH, Senior Care Revenue, St. Francis Health Care Center
Project, Series A, 7.125%, 5/15/2025 6,000,000 5,352,420
Ohio, Higher Education Revenue, University of Findlay Project:
6.125%, 9/1/2016 2,000,000 2,043,380
6.15%, 9/1/2011 1,635,000 1,675,548
-------------
9,071,348
Oregon 3.3%
Oregon, Other Revenue Lease, Department of Administrative Services:
Series A, 5.5%, 5/1/2010 (a) 2,245,000 2,360,528
Series A, 5.6%, 5/1/2011 (a) 2,120,000 2,232,508
Oregon, State General Obligation Lease, Department of Administrative
Services, Series A, Prerefunded, 6.25%, 5/1/2017 (a) 1,000,000 1,141,310
Oregon, State Revenue Lease, Department of Administrative Services, Series
A, Prerefunded, 6.25%, 5/1/2018 (a) 1,000,000 1,141,310
Portland, OR, Special Assessment Revenue, Downtown Waterfront:
Series A, 5.625%, 6/15/2015 (a) 3,100,000 3,449,742
Series A, 5.75%, 6/15/2018 (a) 2,225,000 2,486,170
Series A, 5.75%, 6/15/2019 (a) 2,820,000 3,151,012
-------------
15,962,580
Pennsylvania 2.5%
Pennsylvania, Hospital & Healthcare Revenue, Economic Development Financing
Authority, UPMC Health System, Series A, 6.0%, 1/15/2031 2,570,000 2,840,184
Pennsylvania, State University, University & College Improvement Revenue,
5.0%, 9/1/2029 500,000 535,980
Philadelphia, PA, Gas Works Revenue, Series A-1, 5.0%, 9/1/2029 (a) 5,000,000 5,287,600
Philadelphia, PA, Hospitals & Higher Education Facilities Authority
Revenue, Children's Hospital Project, Series B, 2.34% *, 7/1/2025 890,000 890,000
Philadelphia, PA, Municipal Authority Revenue, Series B, 5.25%, 11/15/2018
(a) 2,500,000 2,730,325
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12,284,089
Rhode Island 0.9%
Rhode Island, Special Assessment Revenue, Series A, 6.125%, 6/1/2032 4,000,000 4,248,880
South Carolina 2.6%
Greenwood County, SC, Hospital & Healthcare Revenue, South Carolina
Memorial Hospital, 5.5%, 10/1/2031 1,500,000 1,583,475
South Carolina, Hospital & Healthcare Revenue, Jobs Economic Development
Authority, Palmetto Health Alliance:
Series C, 7.0%, 8/1/2030 5,420,000 6,296,197
Series A, Prerefunded, 7.375%, 12/15/2021 2,000,000 2,425,960
South Carolina, Tobacco Settlement Revenue Management Authority, Series B,
6.0%, 5/15/2022 2,000,000 2,150,740
-------------
12,456,372
Tennessee 3.1%
Clarksville, TN, Public Building Authority Revenue, Pooled Financing
Program, 2.33% *, 7/1/2034, Bank of America NA (b) 1,485,000 1,485,000
Memphis-Shelby County, TN, Airport Revenue, AMT, Series D, 6.25%, 3/1/2017
(a) 4,690,000 5,207,964
Shelby County, TN, Health Educational & Housing Facility Board, Hospital
Revenue, Methodist Health Care:
EMT, 6.5%, 9/1/2026 2,615,000 3,110,830
Prerefunded, 6.5%, 9/1/2026 4,385,000 5,209,862
-------------
15,013,656
Texas 16.6%
Austin, TX, Sales & Special Tax Revenue, Hotel Occupancy Tax:
6.0%, 11/15/2013 (a) 3,190,000 3,549,290
6.0%, 11/15/2015 (a) 3,480,000 3,871,953
6.0%, 11/15/2016 (a) 3,625,000 4,033,284
Brazos River, TX, Pollution Control Revenue, Brazos River Authority, Texas
Utilities Electric Co. Project, AMT, Series C, 5.75%, 5/1/2036 3,965,000 4,242,233
Dallas-Fort Worth, TX, Airport Revenue, International Airport, AMT, Series
A, 5.875%, 11/1/2016 (a) 6,500,000 7,217,925
El Paso, TX, State General Obligation:
5.875%, 8/15/2012 (a) 1,000,000 1,055,760
5.875%, 8/15/2013 (a) 1,570,000 1,657,543
5.875%, 8/15/2014 (a) 1,665,000 1,757,840
Harris County, TX, Hospital & Healthcare Revenue, Health Facilities
Development Corp., Memorial Hermann Healthcare Systems, Series A,
6.375%, 6/1/2029 5,500,000 6,090,425
Houston, TX, Airport Revenue, People Mover Project, AMT, Series A, 5.5%,
7/15/2017 (a) 3,300,000 3,412,464
Houston, TX, Port Authority Revenue, Airport Revenue, AMT, Series A,
5.875%, 7/1/2014 (a) 3,960,000 4,339,606
Lower Neches Valley, TX, Industrial Development Corp. Authority, Exempt
Facilities Revenue, ExxonMobil Project, AMT, Series B, 2.25% *,
11/1/2029 1,300,000 1,300,000
Red River, TX, School District Revenue Lease, St. Mark's School Project,
6.0%, 8/15/2019 5,390,000 5,912,237
Socorro, TX, Independent School District, 5.0%, 8/15/2025 5,135,000 5,511,755
Tarrant County, TX, Hospital & Healthcare Revenue, Health Facilities
Development Corp., 6.7%, 11/15/2030 4,500,000 5,023,710
Texas, Industrial Development Revenue, Waste Disposal Authority, AMT,
Series A, 6.1%, 8/1/2024 2,000,000 2,149,580
Texas, State General Obligation, College Student Loans, AMT, 5.0%, 8/1/2021 4,015,000 4,037,524
Texas, State Turnpike Authority, Dallas Northway Revenue, 5.5%, 1/1/2015
(a) 14,605,000 15,657,582
-------------
80,820,711
Utah 0.0%
Utah, Single Family Housing Revenue, Housing Finance Agency, AMT, Series
B2, 6.65%, 7/1/2026 20,000 20,170
Washington 5.8%
Seattle, WA, Airport Revenue, AMT, Series B, 6.0%, 2/1/2013 (a) 7,355,000 8,355,353
Seattle, WA, Special Assessment Revenue, AMT:
Series B, 5.5%, 9/1/2011 (a) 1,085,000 1,176,878
Series B, 5.75%, 9/1/2013 (a) 1,045,000 1,141,642
Skagit County, WA, School District General Obligation, School District No.
1, Burlington Edison, 5.625%, 12/1/2014 (a) 1,570,000 1,750,958
Snohomish County, WA, Electric Revenue, Public Utility District No. 1,
5.375%, 12/1/2024 (a) 3,000,000 3,251,010
Washington, Electric Revenue, Energy Northwest Columbia Generating, Series
B, 6.0%, 7/1/2018 (a) 3,000,000 3,447,240
Washington, Hospital & Healthcare Revenue, Group Health Coop of Puget
Sound, 5.375%, 12/1/2017 (a) 1,500,000 1,635,975
Washington, State General Obligation:
Series A, 5.5%, 7/1/2013 2,000,000 2,171,760
Series A, 5.5%, 7/1/2016 4,835,000 5,250,230
-------------
28,181,046
West Virginia 4.4%
West Virginia, Hospital & Healthcare Revenue, Hospital Finance Authority,
Charleston Medical Center:
Series A, 6.75%, 9/1/2022 2,355,000 2,635,104
6.75%, 9/1/2030 395,000 438,027
West Virginia, Hospital Finance Authority, Charleston Medical Center:
Prerefunded, 6.75%, 9/1/2022 9,645,000 11,267,578
Prerefunded, 6.75%, 9/1/2030 3,605,000 4,211,469
West Virginia, Water & Sewer Revenue, Water Development Authority, Series
B, 5.25%, 11/1/2023 (a) 2,740,000 3,069,513
-------------
21,621,691
Wisconsin 2.3%
Badge, WI, Tobacco Asset Securitization Corp., 6.125%, 6/1/2027 4,435,000 4,750,240
Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities
Authority, Aurora Health Care, Inc., Series A, 5.6%, 2/15/2029 6,000,000 6,219,780
-------------
10,970,020
% of
Net Assets Value ($)
---------------------------------
Total Investment Portfolio (Cost $ 685,633,129) 154.5 749,758,193
Other Assets and Liabilities, Net 0.1 642,124
Preferred Stock, at Redemption Value (54.6) (265,000,000)
------------------------------------------------------------------------------------------------------------
Net Assets Applicable to Common Shareholders 100.0 485,400,317
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.
* 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, 2005.
(a) Bond is insured by one of these companies:
As a % of Total
Insurance Coverage Investment Portfolio
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Ambac Financial Group 16.8
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Financial Guaranty Insurance Company 11.5
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Financial Security Assurance, Inc. 15.9
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MBIA Corp. 16.9
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(b) Security incorporates a letter of credit from a major bank.
AMT: Subject to alternative minimum tax.
ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized
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 by US Treasury
securities which are held in escrow and are used to pay principal and interest
on tax-exempt issues and to retire the bonds in full at the earliest refunding
date.
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: Scudder Municipal Income Trust
By: /s/Vincent J. Esposito
------------------------------
Vincent J. Esposito
President
Date: October 25, 2005
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: Scudder Municipal Income Trust
By: /s/Vincent J. Esposito
------------------------------
Vincent J. Esposito
President
Date: October 25, 2005
By: /s/Paul Schubert
------------------------------
Paul Schubert
Chief Financial Officer and Treasurer
Date: October 25, 2005