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)

 

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: 2/28/07

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

Investment Portfolio

as of February 28, 2007 (Unaudited)

 

 

DWS Municipal Income Trust

 

 

Principal

Amount ($)

 

Value ($)

 

Municipal Bonds and Notes 154.3%

 

Alabama 3.4%

 

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

 

1,000,000

 

1,103,240

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

 

5,500,000

 

5,880,490

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

 

8,560,000

 

9,074,713

 

16,058,443

 

 


 

Arizona 1.6%

 

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

 

7,000,000

 

7,701,890

California 18.6%

 

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

 

7,350,000

 

8,041,782

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

 

 

Series A, 5.0%, 6/1/2038 (a)

 

2,500,000

 

2,649,825

 

Series B, 5.625%, 6/1/2038

 

7,080,000

 

7,836,852

 

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

 

11,730,000

 

13,453,958

California, State General Obligation:

 

 

Series C-1, 3.52% *, 5/1/2033, Landesbank Hessen-Thuringen (b)

 

1,100,000

 

1,100,000

 

Series 2, 5.0%, 9/1/2019

 

4,385,000

 

4,740,799

 

5.0%, 12/1/2020

 

4,600,000

 

4,933,454

 

5.0%, 3/1/2022 (a)

 

3,500,000

 

3,761,380

 

5.0%, 6/1/2028

 

3,000,000

 

3,190,590

 

5.125%, 4/1/2024

 

4,400,000

 

4,721,112

 

5.25%, 12/1/2021

 

10,215,000

 

11,156,414

 

5.25%, 4/1/2030

 

6,250,000

 

6,607,938

California, State Public Works Board, Lease Revenue, Department of Corrections & Rehabilitation, Series H, 5.0%, 11/1/2031

 

2,500,000

 

2,658,550

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

 

5,000,000

 

5,559,600

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

 

2,500,000

 

2,762,825

Mount Diablo, CA, Unified School District, Election of 2002, 5.0%, 6/1/2029 (a)

 

2,000,000

 

2,141,540

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

 

2,000,000

 

2,118,740

 

87,435,359

Colorado 6.8%

 

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

 

1,000,000

 

1,127,750

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

 

 

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

 

6,145,000

 

6,490,165

 

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

 

5,705,000

 

6,099,615

 

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

 

2,000,000

 

2,138,340

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

 

235,000

 

237,117

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

 

10,000,000

 

10,775,600

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

 

5,000,000

 

5,348,700

 

32,217,287

District of Columbia 8.6%

 

District of Columbia, Ballpark Revenue, Series B-1, 5.0%, 2/1/2017 (a)

 

2,275,000

 

2,473,289

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

 

20,000,000

 

21,409,200

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

 

640,000

 

670,592

District of Columbia, General Obligation:

 

 

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

 

2,585,000

 

2,661,102

 

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

 

8,245,000

 

8,456,402

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

 

2,810,000

 

3,037,751

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

 

1,860,000

 

1,943,551

 

40,651,887

Florida 6.5%

 

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

 

13,000,000

 

13,278,070

Dade County, FL, Special Assessment Revenue:

 

 

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

 

7,735,000

 

3,119,680

 

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

 

16,955,000

 

6,022,924

 

 


 

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

 

1,000,000

 

1,044,300

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

 

 

6.0%, 7/1/2013 (a)

 

1,665,000

 

1,797,884

 

6.0%, 7/1/2014 (a)

 

1,000,000

 

1,079,480

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

 

1,000,000

 

1,099,120

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

 

2,850,000

 

3,063,750

 

30,505,208

Georgia 1.9%

 

Atlanta, GA, General Obligation, Series A, 5.0%, 12/1/2021 (a)

 

4,455,000

 

4,837,774

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

 

4,000,000

 

4,274,160

 

9,111,934

Hawaii 7.3%

 

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

 

8,800,000

 

9,572,728

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

 

 

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

 

2,195,000

 

2,302,292

 

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

 

13,200,000

 

13,251,612

Hawaii, Port Authority Revenue, AMT:

 

 

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

 

2,950,000

 

3,175,793

 

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

 

3,135,000

 

3,351,503

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

 

2,310,000

 

2,447,791

 

34,101,719

Idaho 0.0%

 

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

 

110,000

 

110,187

Illinois 9.2%

 

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

 

10,000,000

 

10,510,000

Chicago, IL, Core City General Obligation:

 

 

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

 

2,085,000

 

2,257,221

 

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

 

2,000,000

 

2,173,000

 

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

 

2,000,000

 

2,173,000

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

 

4,000,000

 

4,321,520

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

 

 

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

 

1,000,000

 

1,082,600

 

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

 

1,000,000

 

1,082,600

Chicago, IL, Water Revenue, Series A, 5.0%, 11/1/2020 (a)

 

3,615,000

 

3,934,241

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

 

2,500,000

 

2,640,650

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

 

4,000,000

 

4,220,600

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

 

 

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

 

2,695,000

 

2,897,637

 

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

 

1,710,000

 

1,838,575

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

 

 

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

 

1,955,000

 

2,247,605

 

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

 

1,555,000

 

1,777,862

 

43,157,111

Indiana 1.2%

 

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

 

5,000,000

 

5,426,100

Kansas 0.7%

 

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

 

3,000,000

 

3,283,440

 

 


 

Kentucky 1.4%

 

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

 

 

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

 

790,000

 

870,785

 

Series A, 6.5%, 10/1/2020

 

1,210,000

 

1,307,841

 

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

 

3,130,000

 

3,463,126

 

Series A, 6.625%, 10/1/2028

 

870,000

 

963,525

 

6,605,277

Louisiana 0.5%

 

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

 

2,000,000

 

2,201,920

Maine 1.4%

 

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

 

375,000

 

375,574

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

 

6,165,000

 

6,322,454

 

6,698,028

Maryland 0.6%

 

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

 

2,500,000

 

2,764,975

Massachusetts 3.5%

 

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

 

8,000,000

 

8,305,200

Massachusetts, Airport Revenue, U.S. Airways, Inc. Project, AMT, Series A,

5.875%, 9/1/2023 (a)

 

5,000,000

 

5,109,700

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

 

3,000,000

 

3,137,100

 

16,552,000

Michigan 2.1%

 

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

 

1,500,000

 

1,511,250

Michigan, Industrial Development Revenue:

 

 

5.5%, 6/1/2018 (a)

 

3,425,000

 

3,615,088

 

5.75%, 6/1/2016 (a)

 

4,640,000

 

4,932,830

 

10,059,168

Minnesota 1.6%

 

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

 

4,395,000

 

4,669,116

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

 

2,500,000

 

2,606,100

 

7,275,216

Missouri 0.1%

 

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

 

365,000

 

369,333

Nevada 2.0%

 

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

 

1,000,000

 

1,065,170

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

 

2,575,000

 

2,687,940

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

 

5,450,000

 

5,751,058

 

9,504,168

New Jersey 11.0%

 

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

 

4,000,000

 

4,314,120

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

 

1,090,000

 

1,176,546

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

 

5,000,000

 

6,166,050

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

 

10,775,000

 

10,908,287

 

 


 

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

 

1,400,000

 

1,440,040

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

 

2,280,000

 

2,445,573

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

 

10,000,000

 

10,663,800

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

 

6,000,000

 

6,267,840

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

 

8,000,000

 

8,501,520

 

51,883,776

New York 14.2%

 

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

 

3,390,000

 

3,637,334

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

 

1,822,304

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

 

1,500,000

 

1,679,910

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

 

1,000,000

 

1,027,040

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

 

 

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

 

10,000,000

 

10,716,800

 

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

 

1,900,000

 

2,075,522

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

 

5,500,000

 

6,001,710

New York, Transportation/Tolls Revenue:

 

 

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

 

5,000,000

 

5,252,100

 

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

 

2,000,000

 

2,105,840

New York, NY, Core City General Obligation, Series F, 5.25%, 8/1/2015

 

5,000,000

 

5,290,000

New York, NY, General Obligation:

 

 

Series G, 5.0%, 12/1/2023

 

2,000,000

 

2,130,780

 

Series D, 5.0%, 11/1/2024

 

7,500,000

 

7,983,375

 

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

 

50,000

 

51,233

 

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

 

4,950,000

 

5,061,820

New York, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Series D, 5.0%, 6/15/2037

 

5,000,000

 

5,315,300

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

 

 

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

 

1,645,000

 

1,787,441

 

Series B, 6.125%, 11/15/2014

 

355,000

 

385,739

 

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

 

3,000,000

 

3,257,850

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

 

1,180,000

 

1,328,987

 

66,911,085

North Carolina 1.7%

 

Charlotte, NC, Airport Revenue, AMT:

 

 

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

 

2,480,000

 

2,595,146

 

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

 

1,140,000

 

1,195,826

North Carolina, Electric Revenue, Municipal Power Agency:

 

 

Series C, 5.375%, 1/1/2017

 

1,000,000

 

1,068,790

 

Series B, 6.375%, 1/1/2013

 

3,000,000

 

3,222,060

 

8,081,822

North Dakota 0.8%

 

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

 

3,400,000

 

3,746,290

Ohio 1.3%

 

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

 

6,000,000

 

6,000,300

 

 


 

Oregon 2.3%

 

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

 

1,000,000

 

1,087,860

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

 

1,000,000

 

1,087,860

Portland, OR, Special Assessment Revenue, Downtown Waterfront:

 

 

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

 

3,100,000

 

3,307,917

 

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

 

2,225,000

 

2,386,735

 

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

 

2,820,000

 

3,024,986

 

10,895,358

Pennsylvania 2.3%

 

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

 

2,570,000

 

2,783,644

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

 

5,000,000

 

5,277,700

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

 

2,500,000

 

2,692,325

 

10,753,669

Puerto Rico 0.2%

 

Commonwealth of Puerto Rico, Public Improvement, Series A, 5.25%, 7/1/2030

 

1,000,000

 

1,088,850

Rhode Island 0.9%

 

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

 

4,000,000

 

4,272,840

South Carolina 2.6%

 

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

 

1,500,000

 

1,585,740

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

 

 

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

 

4,825,000

 

5,717,335

 

Series C, 7.0%, 8/1/2030

 

595,000

 

701,321

 

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

 

2,000,000

 

2,290,880

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

 

2,000,000

 

2,129,940

 

12,425,216

Tennessee 4.9%

 

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

 

2,000,000

 

2,206,300

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

 

4,690,000

 

5,029,978

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

 

 

Prerefunded, 6.5%, 9/1/2026

 

4,385,000

 

5,002,320

 

EMT, 6.5%, 9/1/2026

 

2,615,000

 

2,983,140

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

 

7,000,000

 

7,836,220

 

23,057,958

Texas 21.0%

 

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

 

 

6.0%, 11/15/2013 (a)

 

3,190,000

 

3,383,952

 

6.0%, 11/15/2015 (a)

 

3,480,000

 

3,691,584

 

6.0%, 11/15/2016 (a)

 

3,625,000

 

3,845,400

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

 

4,093,982

Carrollton, TX, Farmers Branch Independent School District, School Building, 4.75%, 2/15/2032

 

5,000,000

 

5,195,100

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

 

6,500,000

 

7,027,540

El Paso, TX, State General Obligation:

 

 

5.875%, 8/15/2012 (a)

 

1,000,000

 

1,010,320

 

5.875%, 8/15/2013 (a)

 

1,570,000

 

1,586,202

 

 


 

Granbury, TX, Independent School District, 5.0%, 8/1/2024

 

3,365,000

 

3,604,824

Harlandale, TX, Independent School District, 5.0%, 8/15/2030

 

6,775,000

 

7,204,738

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

 

5,500,000

 

6,113,360

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

 

3,300,000

 

3,318,282

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

 

3,960,000

 

4,200,055

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

 

5,390,000

 

5,712,376

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

 

5,135,000

 

5,494,861

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

 

4,500,000

 

5,002,560

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

 

2,000,000

 

2,161,920

Texas, Lower Neches Valley Authority, Industrial Development Corp., Exempt Facilities Revenue, AMT, Series B-2, 3.6% *, 12/1/2039

 

1,500,000

 

1,500,000

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

 

4,015,000

 

4,017,088

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

 

14,605,000

 

15,098,357

Texas, White Settlement, Independent School District, 5.125%, 8/15/2026

 

5,035,000

 

5,440,871

 

98,703,372

Washington 5.4%

 

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

 

7,355,000

 

8,144,338

Seattle, WA, Special Assessment Revenue, AMT:

 

 

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

 

1,085,000

 

1,144,339

 

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

 

1,045,000

 

1,101,670

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

 

1,570,000

 

1,686,039

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

 

3,000,000

 

3,163,620

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

 

3,000,000

 

3,323,070

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

 

1,500,000

 

1,605,405

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

 

4,835,000

 

5,036,523

 

25,205,004

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

 

2,583,482

 

6.75%, 9/1/2030

 

395,000

 

433,595

West Virginia, Hospital Finance Authority, Charleston Medical Center:

 

 

Prerefunded, 6.75%, 9/1/2022

 

9,645,000

 

10,697,752

 

Prerefunded, 6.75%, 9/1/2030

 

3,605,000

 

3,998,486

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

 

2,740,000

 

2,976,571

 

20,689,886

Wisconsin 2.3%

 

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

 

4,195,000

 

4,492,677

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

 

6,000,000

 

6,222,060

 

10,714,737

Total Municipal Bonds and Notes (Cost $677,516,397)

 

726,220,813

 

Municipal Inverse Floating Rate Notes 2.1%

 

Texas

 

Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series B, 4.148%, 12/15/2017 (c)

 

10,000,000

 

10,035,000

 

 


 

 

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

PA-1448, 144A, 4.376%, 12/15/2017, Leverage Factor at purchase date: 2 to 1

(Cost $9,994,000)

 

 

 

 

 

 

% of

Net Assets

 

Value ($)

Total Investment Portfolio (Cost $ 687,510,397)

156.4

 

736,255,813

Other Assets and Liabilities, Net

(0.1)

 

(535,798)

 

Preferred Shares, at Redemption Value

(56.3)

 

(265,000,000)

 

Net Assets Applicable to Common Shareholders

100.0

 

470,720,015

 

 

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, 2007.

(a)

Bond is insured by one of these companies:

 

 

As a % of Total

Insurance Coverage

Investment Portfolio

Ambac Financial Group

16.4

Financial Guaranty Insurance Company

12.3

Financial Security Assurance, Inc.

15.2

MBIA Corp.

11.8

 

(b)

Security incorporates a letter of credit from a major bank.

(c)

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 are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.

RITES: Residual Interest Tax Exempt Security

 

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 half-year (the registrant’s second fiscal half-year in the case of the annual report) 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 9, 2007

 

 

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 9, 2007

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:                                                 April 9, 2007