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 (formerly Scudder Municipal Income Trust)

(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

Date of fiscal year end: 11/30

Date of reporting period: 02/28/06

Form N-Q is to be used by registered management investment companies, other than small business investment companies registered on Form N-5 (§§ 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. § 3507.

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

 

Investment Portfolio                          as of February 28, 2006 (Unaudited)  

 

DWS Municipal Income Trust

(formerly Scudder Municipal Income Trust)

 

 

Principal
Amount ($)

 

Value ($)

 

Municipal Bonds and Notes 152.9%

 

Alabama 5.2%

 

Alabama, Port Authority Revenue, Docks Department, AMT, 6.3%, 10/1/2021 (a)

 

8,250,000

 

8,544,360

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

 

1,000,000

 

1,096,180

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

 

5,500,000

 

5,826,040

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

 

8,560,000

 

9,200,887

 

24,667,467

Arizona 1.7%

 

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

 

7,000,000

 

7,796,040

California 18.3%

 

California, Electric Revenue, Department of Water Resources and Power Supply, Series A, 5.375%, 5/1/2022

 

7,350,000

 

8,143,285

California, Hospital & Healthcare Revenue, Health Facilities Funding Authority, Adventist Health Systems, Series A, 5.0%, 3/1/2028

 

1,000,000

 

1,019,830

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

 

 

Series B, 5.625%, 6/1/2038

 

7,080,000

 

7,910,555

 

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

 

11,730,000

 

13,227,921

California, State General Obligation:

 

 

5.0%, 12/1/2020

 

4,600,000

 

4,878,990

 

5.0%, 6/1/2031 (a)

 

4,965,000

 

5,229,088

 

5.125%, 4/1/2024

 

4,400,000

 

4,675,044

 

5.25%, 12/1/2021

 

10,215,000

 

11,071,221

 

5.25%, 4/1/2030

 

6,250,000

 

6,611,313

California, State Public Works Board, Lease Revenue, Department of Mental Health, Series A, 5.5%, 6/1/2021

 

5,000,000

 

5,558,000

California, State Public Works Board, Various University of California Projects, Series F, 5.0%, 11/1/2017

 

5,140,000

 

5,503,604

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

 

2,500,000

 

2,764,525

California, State Revenue Lease, Public Works Board, University of California Projects, Series F, 5.0%, 11/1/2025

 

1,000,000

 

1,049,070

Palmdale, CA, Water District Revenue, Certificates of Participation, 5.0%, 10/1/2034 (a)

 

3,570,000

 

3,729,008

Sacramento County, CA, Airport Revenue, AMT, Series A, 5.9%, 7/1/2024 (a)

 

5,000,000

 

5,138,700

 

86,510,154

Colorado 7.0%

 

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

 

1,000,000

 

1,151,620

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

 

 

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

 

6,145,000

 

6,620,685

 

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

 

5,705,000

 

6,246,176

 

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

 

2,000,000

 

2,189,720

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

 

290,000

 

301,168

Colorado, Transportation/Tolls Revenue, Anticipation Note, Prerefunded, 6.0%, 6/15/2011 (a)

 

10,000,000

 

11,026,400

 

 



 

 

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

 

5,000,000

 

5,461,300

 

32,997,069

District of Columbia 7.6%

 

District of Columbia, Core City General Obligation, Series B, 5.5%, 6/1/2011 (a)

 

20,000,000

 

21,774,600

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

 

640,000

 

684,320

District of Columbia, General Obligation:

 

 

Series A, 5.5%, 6/1/2014 (a)

 

1,860,000

 

1,980,509

 

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

 

2,585,000

 

2,710,657

 

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

 

8,245,000

 

8,582,056

 

35,732,142

Florida 6.4%

 

Dade County, FL, Airport Revenue, AMT, Series A, 5.75%, 10/1/2026 (a)

 

13,000,000

 

13,408,850

Dade County, FL, Special Assessment Revenue:

 

 

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

 

7,735,000

 

3,025,468

 

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

 

16,955,000

 

5,840,997

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

 

1,000,000

 

1,032,170

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

 

 

6.0%, 7/1/2013 (a)

 

1,665,000

 

1,838,110

 

6.0%, 7/1/2014 (a)

 

1,000,000

 

1,103,970

Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System, 5.75%, 12/1/2032

 

1,000,000

 

1,119,500

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

 

2,850,000

 

3,132,920

 

30,501,985

Georgia 0.9%

 

Atlanta, GA, Water & Wastewater Revenue, Water Utilities Improvements, 5.0%, 11/1/2024 (a)

 

4,000,000

 

4,237,880

Hawaii 7.3%

 

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

 

8,800,000

 

9,807,600

Hawaii, Electric Revenue, Department of Budget & Finance, AMT:

 

 

Series D, 6.15%, 1/1/2020 (a)

 

2,195,000

 

2,353,216

 

Series A, 6.2%, 5/1/2026 (a)

 

13,200,000

 

13,391,004

Hawaii, Port Authority Revenue, AMT:

 

 

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

 

2,950,000

 

3,231,754

 

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

 

3,135,000

 

3,410,786

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

 

2,310,000

 

2,502,885

 

34,697,245

Idaho 0.0%

 

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

 

165,000

 

165,259

Illinois 8.8%

 

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

 

10,000,000

 

10,649,500

Chicago, IL, Core City General Obligation:

 

 

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

 

2,085,000

 

2,309,763

 

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

 

2,000,000

 

2,225,140

 

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

 

2,000,000

 

2,225,140

Chicago, IL, O'Hare International Airport Revenue, Series A, 5.0%, 1/1/2019 (a)

 

4,000,000

 

4,293,960

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

 

 

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

 

1,000,000

 

1,107,800

 

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

 

1,000,000

 

1,107,800

Illinois, Development Finance Authority, Hospital Revenue, Adventist Health System, Sunbelt Obligation, 5.5%, 11/15/2020

 

2,500,000

 

2,691,825

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

 

4,000,000

 

4,307,720

Illinois, Higher Education Revenue, DePaul University, Educational Facilities Authority:

 

 

Prerefunded, 5.625%, 10/1/2013 (a)

 

2,695,000

 

2,955,849

 

 



 

 

 

Prerefunded, 5.625%, 10/1/2015 (a)

 

1,710,000

 

1,875,511

Illinois, Sales & Special Tax Revenue, Metropolitan Pier & Exposition Authority:

 

 

Series A, ETM, 5.5%, 6/15/2017 (a)

 

1,955,000

 

2,247,175

 

Series A, 5.5%, 6/15/2017 (a)

 

1,555,000

 

1,764,645

Will County, IL, Industrial Development Revenue, Mobil Oil Refining Corp. Project, AMT, 6.0%, 2/1/2027

 

2,000,000

 

2,058,760

 

41,820,588

Indiana 1.1%

 

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

 

5,000,000

 

5,269,000

Kansas 0.7%

 

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

 

3,000,000

 

3,254,760

Kentucky 1.4%

 

Breckinridge County, KY, Lease Program Revenue, Kentucky Association of Counties Leasing Trust, Series A, 3.01% *, 2/1/2032, US Bank NA (b)

 

89,000

 

89,000

Kentucky, Hospital & Healthcare Revenue, Economic Development Finance Authority, Norton Healthcare, Inc.:

 

 

Series A, 6.5%, 10/1/2020

 

2,000,000

 

2,196,620

 

Series A, 6.625%, 10/1/2028

 

4,000,000

 

4,371,040

 

6,656,660

Louisiana 0.5%

 

Louisiana, Electric Revenue, 5.75%, 1/1/2013 (a)

 

2,000,000

 

2,218,300

Maine 1.4%

 

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

 

375,000

 

377,625

Maine, Transportation/Tolls Revenue, 5.0%, 7/1/2017 (a)

 

6,165,000

 

6,414,313

 

6,791,938

Maryland 0.6%

 

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

 

2,500,000

 

2,844,375

Massachusetts 3.5%

 

Massachusetts, Airport Revenue, AMT, Series B, 5.5%, 7/1/2009 (a)

 

8,000,000

 

8,449,600

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

 

5,000,000

 

5,149,700

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

 

3,000,000

 

3,173,760

 

16,773,060

Michigan 2.2%

 

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

 

1,500,000

 

1,522,710

Michigan, Industrial Development Revenue:

 

 

5.5%, 6/1/2018 (a)

 

3,425,000

 

3,687,732

 

5.75%, 6/1/2016 (a)

 

4,640,000

 

5,041,406

Michigan, University of Michigan Hospital Revenues, Series A, 2.95% *, 12/1/2019

 

25,000

 

25,000

 

10,276,848

Minnesota 1.6%

 

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

 

4,395,000

 

4,756,489

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

 

2,500,000

 

2,649,325

 

7,405,814

Missouri 0.1%

 

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

 

365,000

 

372,848

 

 



 

 

Nevada 2.4%

 

Las Vegas, NV, Core City General Obligation, Water & Sewer Revenue, 5.375%, 4/1/2014 (a)

 

2,705,000

 

2,920,318

Nevada, State General Obligation, Capital Improvement and Cultural Affairs Project, Series A, 5.5%, 2/1/2014

 

2,575,000

 

2,743,302

Washoe County, NV, School District General Obligation, Prerefunded, 5.75%, 6/1/2014 (a)

 

5,450,000

 

5,879,623

 

11,543,243

New Jersey 12.2%

 

New Jersey, Casino Reinvestment Development Authority, Hotel Room Fee Revenue, 5.0%, 1/1/2025 (a)

 

4,000,000

 

4,260,040

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

 

1,090,000

 

1,159,716

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

 

5,000,000

 

6,186,200

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

 

10,775,000

 

10,914,860

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

 

1,400,000

 

1,432,228

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

 

2,330,000

 

2,434,803

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

 

10,000,000

 

10,909,500

New Jersey, State Transportation Trust Fund Authority, Transportation System, Series D, 5.0%, 6/15/2019 (a)

 

5,000,000

 

5,366,650

New Jersey, Transportation/Tolls Revenue, Economic Development Authority, Series A, Prerefunded, 5.75%, 5/1/2013 (a)

 

6,000,000

 

6,419,160

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

 

8,000,000

 

8,682,160

 

57,765,317

New York 15.5%

 

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

 

3,390,000

 

3,729,746

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

 

1,834,375

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

 

1,500,000

 

1,692,495

New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, Jamaica Hospital, Series F, 5.2%, 2/15/2016

 

1,000,000

 

1,036,370

New York, State General Obligation, Tobacco Settlement Financing Corp.:

 

 

Series A-1, 5.25%, 6/1/2022 (a)

 

10,000,000

 

10,770,300

 

Series A-1, 5.5%, 6/1/2019

 

7,400,000

 

8,119,650

New York, Transportation/Tolls Revenue:

 

 

Prerefunded, 5.625%, 4/1/2013 (a)

 

5,000,000

 

5,366,450

 

Prerefunded, 5.75%, 4/1/2014 (a)

 

2,000,000

 

2,153,860

New York City, NY, Transitional Finance Authority, Series A-1, 5.0%, 11/1/2016

 

5,000,000

 

5,443,650

New York, NY, Core City General Obligation:

 

 

Series F, 5.25%, 8/1/2015 (a)

 

5,000,000

 

5,200,050

 

Series F, 5.25%, 8/1/2015

 

5,000,000

 

5,356,100

New York, NY, General Obligation:

 

 

Series D, 5.0%, 11/1/2017 (a)

 

5,195,000

 

5,586,963

 

Series G, 5.0%, 12/1/2023

 

2,000,000

 

2,104,880

 

Series D, 5.0%, 11/1/2024

 

7,500,000

 

7,873,575

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

 

 

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

 

1,645,000

 

1,831,378

 

Series B, 6.125%, 11/15/2014

 

355,000

 

395,221

 

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

 

3,000,000

 

3,339,900

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

 

1,180,000

 

1,338,769

 

73,173,732

North Carolina 1.7%

 

Charlotte, NC, Airport Revenue, AMT:

 

 

 



 

 

 

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

 

2,480,000

 

2,641,274

 

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

 

1,140,000

 

1,218,193

North Carolina, Electric Revenue, Municipal Power Agency:

 

 

Series C, 5.375%, 1/1/2017

 

1,000,000

 

1,071,330

 

Series B, 6.375%, 1/1/2013

 

3,000,000

 

3,275,280

 

8,206,077

North Dakota 0.8%

 

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

 

3,400,000

 

3,802,798

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

 

5,338,080

Ohio, Higher Education Revenue, University of Findlay Project:

 

 

6.125%, 9/1/2016

 

2,000,000

 

2,030,000

 

6.15%, 9/1/2011

 

1,635,000

 

1,661,487

 

9,029,567

Oregon 3.3%

 

Oregon, Other Revenue Lease, Department of Administrative Services:

 

 

Series A, 5.5%, 5/1/2010 (a)

 

2,245,000

 

2,321,420

 

Series A, 5.6%, 5/1/2011 (a)

 

2,120,000

 

2,194,582

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

 

1,000,000

 

1,113,810

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

 

1,000,000

 

1,113,810

Portland, OR, Special Assessment Revenue, Downtown Waterfront:

 

 

Series A, 5.625%, 6/15/2015 (a)

 

3,100,000

 

3,375,187

 

Series A, 5.75%, 6/15/2018 (a)

 

2,225,000

 

2,433,393

 

Series A, 5.75%, 6/15/2019 (a)

 

2,820,000

 

3,084,121

 

15,636,323

Pennsylvania 3.2%

 

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

 

2,570,000

 

2,812,711

Pennsylvania, State General Obligation, 5.0%, 1/1/2017

 

3,620,000

 

3,944,243

Pennsylvania, State University, University & College Improvement Revenue, 5.0%, 9/1/2029

 

500,000

 

529,280

Philadelphia, PA, Gas Works Revenue, Series A-1, 5.0%, 9/1/2029 (a)

 

5,000,000

 

5,230,850

Philadelphia, PA, Municipal Authority Revenue, Series B, 5.25%, 11/15/2018 (a)

 

2,500,000

 

2,687,475

 

15,204,559

Rhode Island 0.9%

 

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

 

4,000,000

 

4,233,400

South Carolina 2.6%

 

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

 

1,500,000

 

1,570,725

South Carolina, Hospital & Healthcare Revenue, Jobs Economic Development Authority, Palmetto Health Alliance, Prerefunded, Series A, 7.375%, 12/15/2021

 

2,000,000

 

2,362,220

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

 

 

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

 

4,825,000

 

5,778,275

 

Series C, 7.0%, 8/1/2030

 

595,000

 

695,139

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

 

2,000,000

 

2,108,240

 

12,514,599

Tennessee 2.8%

 

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

 

4,690,000

 

5,118,150

 

 



 

 

Shelby County, TN, Health Educational & Housing Facility Board, Hospital Revenue, Methodist Health Care:

 

 

EMT, 6.5%, 9/1/2026

 

2,615,000

 

3,044,592

 

Prerefunded, 6.5%, 9/1/2026

 

4,385,000

 

5,105,368

 

13,268,110

Texas 16.6%

 

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

 

 

6.0%, 11/15/2013 (a)

 

3,190,000

 

3,464,117

 

6.0%, 11/15/2015 (a)

 

3,480,000

 

3,779,036

 

6.0%, 11/15/2016 (a)

 

3,625,000

 

3,936,496

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

 

4,215,628

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

 

6,500,000

 

7,080,190

El Paso, TX, State General Obligation:

 

 

5.875%, 8/15/2012 (a)

 

1,000,000

 

1,035,180

 

5.875%, 8/15/2013 (a)

 

1,570,000

 

1,625,233

 

5.875%, 8/15/2014 (a)

 

1,665,000

 

1,723,575

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

 

5,500,000

 

6,241,620

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

 

3,300,000

 

3,369,234

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

 

3,960,000

 

4,255,455

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

 

5,390,000

 

5,811,121

Socorro, TX, Independent School District, 5.0%, 8/15/2025

 

5,135,000

 

5,450,956

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

 

4,500,000

 

5,118,705

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

 

2,000,000

 

2,128,000

Texas, State General Obligation, College Student Loans, AMT, 5.0%, 8/1/2021

 

4,015,000

 

4,022,669

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

 

14,605,000

 

15,385,491

 

78,642,706

Washington 5.9%

 

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

 

7,355,000

 

8,208,621

Seattle, WA, Special Assessment Revenue, AMT:

 

 

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

 

1,085,000

 

1,158,758

 

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

 

1,045,000

 

1,120,177

Skagit County, WA, School District General Obligation, School District No. 1, Burlington Edison, 5.625%, 12/1/2014 (a)

 

1,570,000

 

1,717,360

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

 

3,000,000

 

3,224,610

Washington, Electric Revenue, Energy Northwest Columbia Generating, Series B, 6.0%, 7/1/2018 (a)

 

3,000,000

 

3,376,770

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

 

1,500,000

 

1,610,655

Washington, State General Obligation:

 

 

Series A, 5.5%, 7/1/2013

 

2,000,000

 

2,127,280

 

Series A, 5.5%, 7/1/2016

 

4,835,000

 

5,142,700

 

27,686,931

West Virginia 4.5%

 

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

 

 

Series A, 6.75%, 9/1/2022

 

2,355,000

 

2,601,992

 

6.75%, 9/1/2030

 

395,000

 

432,355

West Virginia, Hospital Finance Authority, Charleston Medical Center:

 

 

Prerefunded, 6.75%, 9/1/2022

 

9,645,000

 

10,988,838

 

Prerefunded, 6.75%, 9/1/2030

 

3,605,000

 

4,107,285

 

 



 

 

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

 

2,740,000

 

3,001,040

 

21,131,510

Wisconsin 2.3%

 

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

 

4,390,000

 

4,672,804

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

 

6,000,000

 

6,189,360

 

10,862,164

 

% of

Net Assets

 

Value ($)

Total Investment Portfolio (Cost $ 669,880,705)

152.9

 

723,690,468

Other Assets and Liabilities, Net

3.1

 

14,746,141

Preferred Stock, at Redemption Value

(56.0)

 

(265,000,000)

Net Assets Applicable to Common Shareholders

100.0

 

473,436,609

 

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 February 28, 2006.

(a)

Bond is insured by one of these companies.

 

 

As a % of Total

Insurance Coverage

Investment Portfolio

Ambac Financial Group

16.7

Financial Guaranty Insurance Company

11.7

Financial Security Assurance, Inc.

17.5

MBIA Corp.

13.8

 

(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:

DWS Municipal Income Trust

 

 

By:

/s/Michael Colon

 

Michael Colon

 

President

 

Date:

April 21, 2006

 

 

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 Colon

 

Michael Colon

 

President

 

Date:

April 21, 2006

 

 

 

By:

/s/Paul Schubert

 

Paul Schubert

 

Chief Financial Officer and Treasurer

 

Date:                                                 April 21, 2006