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:08/31/07

 

ITEM 1. SCHEDULE OF INVESTMENTS

 

Investment Portfolio                                                as of August 31, 2007 (Unaudited)  

 

DWS Municipal Income Trust

 

 

Principal
Amount ($)

 

Value ($)

 

Municipal Bonds and Notes 149.5%

 

Alabama 3.5%

 

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

 

1,000,000

 

1,069,340

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

 

5,500,000

 

5,932,575

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

 

8,560,000

 

8,990,911

 

15,992,826

Arizona 1.7%

 

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

 

7,000,000

 

7,601,720

 

 

 

California 18.6%

 

California, Health Facilities Financing Authority Revenue, Sutter Health, Series A, 5.0%, 11/15/2042

 

2,000,000

 

1,981,840

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

 

 

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

 

4,000,000

 

3,626,480

 

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

 

2,500,000

 

2,526,225

 

Series B, 5.625%, 6/1/2038

 

7,080,000

 

7,690,650

 

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

 

11,730,000

 

13,479,882

California, State General Obligation:

 

 

4.5%, 10/1/2029

 

15,000,000

 

13,805,700

 

Series 2, 5.0%, 9/1/2019

 

4,385,000

 

4,575,572

 

5.0%, 12/1/2020

 

4,600,000

 

4,755,296

 

5.0%, 3/1/2022 (a)

 

3,500,000

 

3,629,535

 

5.0%, 6/1/2028

 

3,000,000

 

3,039,210

 

5.125%, 4/1/2024

 

4,400,000

 

4,541,108

 

5.25%, 12/1/2021

 

10,215,000

 

10,707,465

 

5.25%, 4/1/2030

 

110,000

 

113,936

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

 

2,500,000

 

2,653,575

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

 

5,000,000

 

5,328,350

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

 

2,000,000

 

2,023,700

 

84,478,524

Colorado 4.7%

 

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

 

1,000,000

 

1,115,590

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

 

 

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

 

6,145,000

 

6,434,491

 

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

 

5,705,000

 

6,034,749

 

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

 

2,000,000

 

2,115,600

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

 

230,000

 

244,732

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

 

5,000,000

 

5,290,150

 

21,235,312

District of Columbia 8.3%

 

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

 

20,000,000

 

21,245,000

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

 

640,000

 

664,646

District of Columbia, General Obligation:

 

 

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

 

2,585,000

 

2,640,035

 

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

 

8,245,000

 

8,392,421

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

 

2,810,000

 

2,908,406

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

 

1,860,000

 

1,927,127

 

37,777,635

Florida 7.6%

 

Alachua County, FL, Health Facilities Authority Revenue, Shands Teaching Hospital, Series A, 4.0%*, 12/1/2012, SunTrust Bank (b)

 

1,100,000

 

1,100,000

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

 

13,000,000

 

13,201,760

Dade County, FL, Special Assessment Revenue:

 

 

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

 

7,735,000

 

3,178,157

 

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

 

16,955,000

 

6,135,845

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

 

1,000,000

 

1,006,450

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

 

 

6.0%, 7/1/2013 (a)

 

1,665,000

 

1,777,604

 

6.0%, 7/1/2014 (a)

 

1,000,000

 

1,067,630

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

 

 

 

 

Series B, 4.0%*, 10/1/2041 (a)

 

1,000,000

 

1,000,000

 

 

 

5.75%, 12/1/2032

 

1,000,000

 

1,093,700

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

 

2,850,000

 

3,033,597

South Miami, FL, Health Facilities Authority Hospital Revenue, Baptist Health South Florida Group, 5.0%, 8/15/2032

 

2,000,000

 

2,000,720

 

34,595,463

Georgia 3.6%

 

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

 

4,455,000

 

4,644,872

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

 

4,000,000

 

4,107,560

Georgia, Main Street National Gas, Inc., Gas Project Revenue, Series A, 5.0%, 3/15/2022

 

7,340,000

 

7,527,023

 

16,279,455

Hawaii 4.5%

 

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

 

8,800,000

 

9,448,384

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

 

2,195,000

 

2,271,737

Hawaii, Port Authority Revenue, AMT:

 

 

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

 

2,950,000

 

3,143,373

 

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

 

3,135,000

 

3,318,397

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

 

2,310,000

 

2,422,636

 

20,604,527

Idaho 0.0%

 

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

 

80,000

 

80,092

Illinois 8.4%

 

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

 

10,000,000

 

10,423,900

Chicago, IL, Core City General Obligation:

 

 

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

 

2,085,000

 

2,232,993

 

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

 

2,000,000

 

2,148,620

 

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

 

2,000,000

 

2,148,620

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

 

 

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

 

1,000,000

 

1,070,980

 

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

 

1,000,000

 

1,070,980

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

 

3,615,000

 

3,783,893

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

 

2,500,000

 

2,613,300

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

 

4,000,000

 

4,179,200

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

 

 

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

 

2,695,000

 

2,870,876

 

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

 

1,710,000

 

1,821,595

 

 

 

 

 

 

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

 

 

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

 

1,955,000

 

2,174,566

 

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

 

1,555,000

 

1,723,686

 

38,263,209

Indiana 1.2%

 

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

 

5,000,000

 

5,386,200

Kansas 0.7%

 

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

 

3,000,000

 

3,162,090

Kentucky 1.4%

 

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

 

 

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

 

790,000

 

860,318

 

Series A, 6.5%, 10/1/2020

 

1,210,000

 

1,266,120

 

 

 

 

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

 

3,130,000

 

3,419,901

 

Series A, 6.625%, 10/1/2028

 

870,000

 

931,378

 

6,477,717

Louisiana 0.5%

 

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

 

2,000,000

 

2,176,000

Maine 1.5%

 

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

 

375,000

 

375,514

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

 

6,165,000

 

6,285,587

 

6,661,101

Maryland 0.6%

 

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

 

2,500,000

 

2,728,150

Massachusetts 3.6%

 

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

 

8,000,000

 

8,242,480

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

 

5,000,000

 

5,057,350

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

 

3,000,000

 

3,100,320

 

16,400,150

Michigan 2.2%

 

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

 

1,500,000

 

1,472,430

Michigan, Industrial Development Revenue:

 

 

5.5%, 6/1/2018 (a)

 

3,425,000

 

3,584,125

 

5.75%, 6/1/2016 (a)

 

4,640,000

 

4,885,642

 

9,942,197

Minnesota 1.6%

 

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

 

4,395,000

 

4,622,705

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

 

2,500,000

 

2,575,625

 

7,198,330

Missouri 0.1%

 

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

 

365,000

 

367,113

Nevada 1.9%

 

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

 

2,575,000

 

2,663,915

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

 

5,450,000

 

5,690,508

 

8,354,423

New Jersey 12.5%

 

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

 

4,000,000

 

4,130,800

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

 

1,090,000

 

1,133,622

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

 

5,000,000

 

5,956,500

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

 

10,775,000

 

10,899,451

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

 

1,400,000

 

1,405,544

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

 

2,025,000

 

2,168,188

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

 

10,000,000

 

10,555,500

 

 

 

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

 

7,000,000

 

6,067,950

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

 

6,000,000

 

6,203,760

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

 

8,000,000

 

8,421,760

 

56,943,075

New York 11.7%

 

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

 

3,390,000

 

3,597,027

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

 

1,808,551

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

 

1,500,000

 

1,641,810

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

 

1,000,000

 

1,021,780

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

 

10,000,000

 

10,481,300

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

 

5,500,000

 

5,851,395

New York, Transportation/Tolls Revenue:

 

 

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

 

5,000,000

 

5,201,150

 

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

 

2,000,000

 

2,084,280

New York, NY, General Obligation:

 

 

Series G, 5.0%, 12/1/2023

 

2,000,000

 

2,067,400

 

Series D, 5.0%, 11/1/2024

 

7,500,000

 

7,687,800

 

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

 

50,000

 

50,824

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

 

5,000,000

 

5,091,650

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

 

 

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

 

1,645,000

 

1,765,776

 

Series B, 6.125%, 11/15/2014

 

355,000

 

381,064

 

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

 

3,000,000

 

3,218,670

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

 

1,180,000

 

1,308,585

 

53,259,062

North Carolina 1.8%

 

Charlotte, NC, Airport Revenue, AMT:

 

 

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

 

2,480,000

 

2,572,653

 

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

 

1,140,000

 

1,185,075

North Carolina, Electric Revenue, Municipal Power Agency:

 

 

Series C, 5.375%, 1/1/2017

 

1,000,000

 

1,020,810

 

Series B, 6.375%, 1/1/2013

 

3,000,000

 

3,162,030

 

7,940,568

North Dakota 0.8%

 

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

 

3,400,000

 

3,741,054

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

 

5,806,140

Oregon 2.4%

 

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

 

1,000,000

 

1,074,830

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

 

1,000,000

 

1,074,830

Portland, OR, Special Assessment Revenue, Downtown Waterfront:

 

 

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

 

3,100,000

 

3,276,514

 

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

 

2,225,000

 

2,360,191

 

 

 

 

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

 

2,820,000

 

2,991,343

 

10,777,708

Pennsylvania 1.7%

 

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

 

2,570,000

 

2,732,064

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

 

5,000,000

 

5,081,150

 

7,813,214

Puerto Rico 0.2%

 

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

 

1,000,000

 

1,022,980

Rhode Island 0.9%

 

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

 

4,000,000

 

4,086,960

South Carolina 2.7%

 

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

 

1,500,000

 

1,520,970

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

 

 

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

 

4,825,000

 

5,612,440

 

Series C, 7.0%, 8/1/2030

 

595,000

 

690,569

 

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

 

2,000,000

 

2,258,740

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

 

2,000,000

 

2,050,340

 

12,133,059

South Dakota 0.3%

 

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

 

1,500,000

 

1,508,475

Tennessee 4.9%

 

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

 

2,000,000

 

2,011,020

Clarksville, TN, Public Building Authority Revenue, Tennessee Municipal Bond Fund, 3.96%*, 7/1/2034, Bank of America NA (b)

 

300,000

 

300,000

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

 

4,690,000

 

4,947,340

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

 

 

EMT, 6.5%, 9/1/2026

 

2,615,000

 

2,949,615

 

Prerefunded, 6.5%, 9/1/2026

 

4,385,000

 

4,946,105

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

 

7,000,000

 

7,264,110

 

22,418,190

Texas 19.7%

 

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

 

 

6.0%, 11/15/2013 (a)

 

3,190,000

 

3,346,916

 

6.0%, 11/15/2015 (a)

 

3,480,000

 

3,651,181

 

6.0%, 11/15/2016 (a)

 

3,625,000

 

3,803,314

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

 

3,947,990

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

 

5,000,000

 

4,911,150

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

 

6,500,000

 

6,872,320

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

 

3,365,000

 

3,454,475

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

 

5,500,000

 

6,045,710

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

 

3,300,000

 

3,303,003

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

 

3,960,000

 

4,156,258

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

 

5,390,000

 

5,617,189

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

 

5,135,000

 

5,258,394

 

 

 

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

 

4,000,000

 

4,013,360

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

 

4,500,000

 

4,940,640

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

 

2,000,000

 

2,061,820

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

 

4,015,000

 

4,015,482

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

 

14,605,000

 

14,974,506

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

 

5,035,000

 

5,184,640

 

89,558,348

Virginia 0.2%

 

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

 

1,200,000

 

1,039,056

Washington 5.5%

 

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

 

7,355,000

 

8,037,765

Seattle, WA, Special Assessment Revenue, AMT:

 

 

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

 

1,085,000

 

1,137,145

 

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

 

1,045,000

 

1,092,432

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

 

1,570,000

 

1,669,507

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

 

3,000,000

 

3,135,960

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

 

3,000,000

 

3,263,190

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

 

1,500,000

 

1,571,730

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

 

4,835,000

 

4,988,946

 

24,896,675

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

 

2,534,098

 

6.75%, 9/1/2030

 

395,000

 

417,839

West Virginia, Hospital Finance Authority, Charleston Medical Center:

 

 

Prerefunded, 6.75%, 9/1/2022

 

9,645,000

 

10,558,092

 

Prerefunded, 6.75%, 9/1/2030

 

3,605,000

 

3,946,285

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

 

2,740,000

 

2,877,713

 

20,334,027

Wisconsin 2.2%

 

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

 

3,980,000

 

4,074,843

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

 

6,000,000

 

6,012,180

 

10,087,023

Total Municipal Bonds and Notes (Cost $646,124,828)

 

679,127,848

 

Municipal Inverse Floating Rate Notes 23.1%

 

Arizona 2.6%

 

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

 

11,250,000

 

11,910,849

 

Trust: Arizona, Puttable Floating Option, Tax Exempt Receipts, RITES-PA-1509, AMT,

144A, 9.685%, 5/1/2039, Leverage Factor at purchase date: 4 to 1

 

 

 

 

California 6.8%

 

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

 

10,000,000

 

10,284,200

 

 

 

 

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

7.49%, 4/1/2014, Leverage Factor at purchase date: 4 to 1

 

 

 

 

San Jose, CA, Redevelopment Agency Tax Allocation, Merged Area Redevelopment Project, Series C, 5.0%, 8/1/2025 (a) (c)

 

10,000,000

 

10,295,200

 

Trust: California, Puttable Floating Option, Tax Exempt Receipts, RITES-PA-1505, 144A, 7.22%, 8/1/2025, Leverage Factor at purchase date: 4 to 1

 

 

 

 

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

 

10,000,000

 

10,426,550

 

Trust: California, State General Obligation, Series 1932, 144A, 7.49%, 6/1/2015,

Leverage Factor at purchase date: 4 to 1

 

 

 

 

 

31,005,950

Illinois 4.0%

 

Chicago, IL, General Obligation, Series A, 5.0%, 1/1/2024 (a) (c)

 

10,360,000

 

10,692,427

 

Trust: Chicago, IL, UBS Municipal (CRVS), Various States, 144A, 7.46%, 1/1/2024,

Leverage Factor at purchase date: 4 to 1

 

 

 

 

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

 

7,000,000

 

7,356,650

 

Trust: Illinois, Puttable Floating Option, Tax Exempt Receipts, RITES-PA-1499, 144A,

AMT, 9.1%, 6/1/2045, Leverage Factor at purchase date: 4 to 1

 

 

 

 

 

18,049,077

Nevada 2.2%

 

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

 

10,000,000

 

9,997,200

 

Trust: Nevada, Puttable Floating Option, Tax Exempt Receipts, RITES-PA-1494, 144A,

8.19%, 7/1/2031, Leverage Factor at purchase date: 4 to 1

 

 

 

 

New York 5.4%

 

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

 

5,425,000

 

5,601,291

 

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

144A, 7.339%, 7/1/2027, Leverage Factor at purchase date: 4 to 1

 

 

 

 

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

 

8,080,000

 

8,303,856

 

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

144A, 7.34%, 7/1/2027, Leverage Factor at purchase date: 4 to 1

 

 

 

 

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

 

10,000,000

 

10,419,600

 

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

144A, 7.43%, 3/15/2015,Leverage Factor at purchase date: 4 to 1

 

 

 

 

 

24,324,747

Texas 2.1%

 

Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series B, 4.141%**, 12/15/2017 (c)

 

10,000,000

 

9,718,300

 

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

RITES-PA-1448, 144A, 3.992%, 12/15/2017, Leverage Factor at purchase date: 2 to 1

 

 

 

 

Total Municipal Inverse Floating Rate Notes (Cost $106,194,584)

 

105,006,123

 

% of
Net Assets

 

Value ($)

Total Investment Portfolio (Cost $752,319,412)

172.6

 

784,133,971

Other Assets and Liabilities, Net

(14.3)

 

(64,915,650)

Preferred Shares, at Redemption Value

(58.3)

 

(265,000,000)

Net Assets Applicable to Common Shareholders

100.0

 

454,218,321

 

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 rate as of August 31, 2007.

 

 

 

**

Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury Bill rate. These securities are shown at their current rate as of August 31, 2007.

(a)

Bond is insured by one of these companies:

 

Insurance Coverage

As a % of Total Investment Portfolio

Ambac Financial Group, Inc.

14.6

Financial Guaranty Insurance Company

11.0

Financial Security Assurance, Inc.

14.8

MBIA Corp.

9.7

(b)

Security incorporates a letter of credit from a major bank.

(c)

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

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

AMT: Subject to alternative minimum tax.

CRVS: Custodial Residual and Variable Securities

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:

October 17, 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:

October 17, 2007

 

 

By:

/s/Paul Schubert

 

Paul Schubert

Chief Financial Officer and Treasurer

 

Date:

October 17, 2007