Investment Portfolio

as of August 31, 2009 (Unaudited)

Principal
Amount ($)

Value ($)

Municipal Bonds and Notes 122.0%

Alabama 2.2%

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

1,000,000

1,157,370

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

8,560,000

8,775,798

9,933,168

Arizona 2.1%

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

7,000,000

7,387,310

Arizona, Salt Verde Financial Corp., Gas Revenue:

5.0%, 12/1/2037

1,050,000

880,446

5.5%, 12/1/2029

1,400,000

1,302,938

9,570,694

California 22.3%

California, Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series A, 6.0%, 7/1/2039

3,500,000

3,512,530

California, M-S-R Energy Authority, Series A, 7.0%, 11/1/2034 (b)

3,180,000

3,335,184

California, San Gorgonio Memorial Health Care, Election of 2006, Series C, 7.2%, 8/1/2039

5,000,000

5,163,650

California, South Bayside Waste Management Authority, Solid Waste Enterprise Revenue, Shoreway Environmental, Series A, 6.25%, 9/1/2029 (b)

5,345,000

5,625,025

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

11,730,000

13,822,280

California, State General Obligation:

5.125%, 4/1/2024

4,400,000

4,475,196

6.0%, 4/1/2038

10,000,000

10,581,800

California, State Public Works Board Lease Revenue, Department of General Services, Buildings 8 & 9, Series A, 6.25%, 4/1/2034

6,640,000

6,897,499

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

10,500,000

10,544,835

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

2,500,000

2,529,100

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

5,130,000

5,210,233

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

13,270,000

13,502,225

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

3,000,000

2,323,920

Port Oakland, CA, Series A, AMT, 5.0%, 11/1/2027 (a)

5,850,000

5,383,697

Southern California, Metropolitan Water District, Waterworks Revenue, Series C-1, 0.08% **, 7/1/2036

9,000,000

9,000,000

101,907,174

Colorado 2.3%

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

2,500,000

2,379,875

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

2,500,000

1,902,800

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

1,000,000

1,123,210

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

145,000

148,864

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

5,000,000

5,111,800

10,666,549

District of Columbia 0.4%

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

1,860,000

1,884,608

Florida 8.3%

Miami-Dade County, FL, Aviation Revenue, Series A, 5.5%, 10/1/2041

10,000,000

10,131,600

Miami-Dade County, FL, Aviation Revenue, Miami International Airport, Series A, AMT, 5.25%, 10/1/2033 (a)

12,000,000

11,296,800

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

3,000,000

3,114,540

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

6.0%, 7/1/2013 (a)

1,665,000

1,737,578

6.0%, 7/1/2014 (a)

1,000,000

1,043,590

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

5.5%, 10/1/2028

5,290,000

5,353,850

5.75%, 10/1/2038

5,000,000

5,056,100

37,734,058

Georgia 6.8%

Atlanta, GA, Water & Wastewater Revenue, Series A, 6.25%, 11/1/2039

5,815,000

6,060,916

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

Series A, 5.0%, 3/15/2020

7,250,000

7,359,113

Series A, 5.5%, 9/15/2024

5,000,000

4,730,800

Series A, 5.5%, 9/15/2028

10,000,000

9,361,400

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

3,300,000

3,637,458

31,149,687

Hawaii 2.7%

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

8,800,000

9,048,424

Hawaii, State Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., Inc.:

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

2,195,000

2,200,202

6.5%, 7/1/2039

1,000,000

1,048,740

12,297,366

Idaho 0.5%

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

2,135,000

2,293,118

Illinois 3.7%

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

10,000,000

10,129,000

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

1,000,000

1,089,940

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

5,750,000

5,850,107

17,069,047

Indiana 1.6%

Indiana, Finance Authority Hospital Revenue, Deaconess Hospital Obligation, Series A, 6.75%, 3/1/2039

1,745,000

1,808,064

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

5,000,000

5,506,100

7,314,164

Kentucky 3.3%

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

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

790,000

845,893

Series A, 6.5%, 10/1/2020

1,210,000

1,248,466

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

3,135,000

3,361,033

Series A, 6.625%, 10/1/2028

865,000

877,914

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

4,000,000

4,192,200

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

5,000,000

4,573,450

15,098,956

Louisiana 0.5%

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

2,315,000

2,116,836

Maine 0.0%

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

195,000

195,698

Maryland 1.2%

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

2,500,000

2,656,500

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

1,100,000

1,236,169

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

1,500,000

1,427,820

5,320,489

Massachusetts 1.9%

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

5,000,000

4,265,700

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

3,000,000

3,032,160

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

1,885,000

1,556,463

8,854,323

Michigan 1.0%

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

1,295,000

1,236,103

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

1,000,000

1,053,000

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

1,800,000

2,065,014

4,354,117

Minnesota 1.8%

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

4,395,000

4,476,659

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

2,500,000

2,527,350

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

1,140,000

1,250,364

8,254,373

Mississippi 0.3%

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

1,525,000

1,509,750

Missouri 0.1%

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

365,000

364,985

Nevada 2.0%

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

10,000,000

9,334,800

New Jersey 6.0%

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

1,090,000

998,614

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

5,000,000

6,296,650

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

10,775,000

10,779,202

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

1,400,000

1,063,258

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

1,705,000

1,865,066

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

3,000,000

3,271,710

New Jersey, State Turnpike Authority Revenue, Series E, 5.25%, 1/1/2040

1,750,000

1,811,233

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

1,700,000

1,163,735

27,249,468

New York 6.5%

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

1,500,000

1,660,740

New York, State Mortgage Agency, Homeowner Mortgage Revenue, Series 144, AMT, 0.22% **, 10/1/2037

10,000,000

10,000,000

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

15,500,000

16,539,740

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

1,180,000

1,390,701

29,591,181

North Carolina 2.4%

Charlotte, NC, Airport Revenue:

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

2,480,000

2,509,314

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

1,140,000

1,153,178

North Carolina, Electric Revenue, Municipal Power Agency, Series C, 5.375%, 1/1/2017

1,000,000

1,039,600

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

3,000,000

3,233,250

North Carolina, Municipal Power Agency, No.1 Catawba Electric Revenue, Series B, 6.375%, 1/1/2013

3,000,000

3,066,570

11,001,912

North Dakota 0.8%

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

3,400,000

3,645,072

Ohio 6.4%

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

19,820,000

16,803,594

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

6,000,000

3,705,960

Ohio, State Hospital Facility Revenue, Cleveland Clinic Health:

Series A, 5.5%, 1/1/2039

5,000,000

5,050,500

Series B, 5.5%, 1/1/2039

3,500,000

3,535,350

29,095,404

Pennsylvania 1.0%

Allegheny County, PA, Hospital Development Authority Revenue, University of Pittsburgh Medical, 5.625%, 8/15/2039

1,700,000

1,727,795

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

2,570,000

2,630,267

4,358,062

Puerto Rico 3.6%

Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A, 6.5%, 8/1/2044

15,000,000

16,253,250

Rhode Island 0.5%

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

2,000,000

2,092,620

South Carolina 2.5%

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

1,500,000

1,403,580

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

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

5,420,000

6,470,233

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

2,000,000

2,182,820

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

1,310,000

1,380,439

11,437,072

Tennessee 4.4%

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

2,000,000

1,826,060

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

4,000,000

4,001,120

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

4,690,000

4,768,792

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

7,000,000

8,074,499

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

2,050,000

1,469,133

20,139,604

Texas 13.3%

Brazos River, TX, Pollution Control Revenue, Brazos River Authority, Texas Utilities Electric Co. Project, Series C, AMT, 5.75%, 5/1/2036

3,965,000

3,222,157

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

1,000,000

1,099,550

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

3,000,000

3,183,210

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

3,300,000

3,302,277

North Texas, Tollway Authority Revenue:

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

3,500,000

3,533,285

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

6,500,000

6,418,815

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

6,500,000

6,780,735

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

2,000,000

1,917,740

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

Series B, 1.122% ***, 12/15/2026

12,000,000

6,975,000

Series D, 6.25%, 12/15/2026

5,000,000

5,100,350

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

5.5%, 8/1/2021

1,155,000

1,172,614

5.5%, 8/1/2025

7,250,000

7,226,800

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

10,865,000

11,015,589

60,948,122

Virginia 0.3%

Washington County, VA, Industrial Development Authority, Hospital Facility Revenue, Mountain States Health Alliance, Series C, 7.75%, 7/1/2038

1,370,000

1,527,865

Washington 3.4%

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

7,355,000

7,930,970

Seattle, WA, Special Assessment Revenue:

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

1,085,000

1,107,145

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

1,045,000

1,063,068

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

6,000,000

5,461,320

15,562,503

West Virginia 3.7%

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

Prerefunded, 6.75%, 9/1/2022

12,000,000

12,855,000

Prerefunded, 6.75%, 9/1/2030

4,000,000

4,285,000

17,140,000

Wisconsin 2.2%

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

2,835,000

3,109,910

Wisconsin, State Health & Educational Facilities Authority Revenue, Aurora Health Care, Inc., Series A, 5.6%, 2/15/2029

6,000,000

5,513,700

Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc. Obligation Group, 6.625%, 2/15/2039

1,555,000

1,626,577

10,250,187

Total Municipal Bonds and Notes (Cost $528,618,253)

557,516,282

Municipal Inverse Floating Rate Notes (c) 57.1%

California 4.5%

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

4/1/2031 (d)

10,000,000

10,236,051

Trust: California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series 1962-5, 144A, 13.394%, 4/1/2031, Leverage Factor at purchase date: 3 to 1

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

10,000,000

10,191,000

Trust: California, State General Obligation, Series 1932, 144A, 8.63%, 6/1/2023, Leverage Factor at purchase date: 2 to 1

20,427,051

Florida 7.3%

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

3,740,000

3,842,741

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

3,915,000

4,022,548

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

4,122,500

4,235,748

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

4,317,500

4,436,105

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

16,470,000

16,922,444

Trust: Miami-Dade County, FL, Transit Improvements, Series 2008-1160, 144A, 9.101%, 7/1/2023, Leverage Factor at purchase date: 2 to 1

33,459,586

Massachusetts 5.3%

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

18,250,000

19,136,122

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

5,000,000

5,242,773

Trust: Massachusetts, State Pollution Control, Water Utility Improvements, Series 3159, 144A, 13.472%, 8/1/2032, Leverage Factor at purchase date: 3 to 1

24,378,895

Nevada 6.4%

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

9,447,355

9,528,707

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

9,919,723

10,005,143

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

9,627,878

9,710,785

Trust: Clark County, NV, General Obligation, Series 3158, 144A, 13.433%, 6/1/2028, Leverage Factor at purchase date: 3 to 1

29,244,635

New York 17.7%

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

3/15/2026 (d)

13,500,000

14,437,980

Trust: New York, State Dormitory Authority Revenue, Series 2008-1189, 144A, 9.15%, 3/15/2026, Leverage Factor at purchase date: 2 to 1

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

3/15/2026 (d)

10,000,000

10,625,413

Trust: New York, State Dormitory Authority Revenue, Series 3160, 144A, 13.474%, 3/15/2026, Leverage Factor at purchase date: 3 to 1

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

3/15/2024 (d)

10,000,000

10,736,700

Trust: New York, State Dormitory Authority Revenue, Secondary Issues, Series 1955-3, 144A, 17.51%, 3/15/2024, Leverage Factor at purchase date: 4 to 1

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

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

5,425,000

5,587,237

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

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

8,080,000

8,321,636

Trust: New York, State Dormitory Authority Revenues, Series 3169, 144A, 13.471%, 7/1/2025, Leverage Factor at purchase date: 3 to 1

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

12,000,000

12,328,980

Trust: New York, Triborough Bridge & Tunnel Authority Revenues, Series 2008-1188, 144A, 9.15%, 11/15/2033, Leverage Factor at purchase date: 2 to 1

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

17,560,000

18,659,080

Trust: New York City, NY, Series 2008-1190, 144A, 9.15%, 11/1/2027, Leverage Factor at purchase date: 2 to 1

80,697,026

Pennsylvania 2.3%

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

10,000,000

10,692,550

Trust: Pennsylvania, State General Obligation, Public Transit Improvements, Series 2008-1146, 144A, 9.05%, 1/1/2025, Leverage Factor at purchase date: 2 to 1

Tennessee 7.4%

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

10,756,695

11,512,316

Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-3, 144A, 17.445%, 1/1/2027, Leverage Factor at purchase date: 4 to 1

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

10,200,000

10,983,717

Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-2, 144A, 17.45%, 1/1/2026, Leverage Factor at purchase date: 4 to 1

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

10,564,925

11,252,540

Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-4, 144A, 17.458%, 1/1/2028, Leverage Factor at purchase date: 4 to 1

33,748,573

Texas 2.4%

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

10,000,000

10,885,350

Trust: Texas, State Highway & Transit Improvements, Series 2008-1147, 144A, 9.05%, 4/1/2025, Leverage Factor at purchase date: 2 to 1

Virginia 3.8%

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

8,190,000

8,900,855

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

7,630,000

8,292,249

Trust: Virginia, State Resource Authority, Clean Water Revenue, Series 2917, 144A, 10.982%, 10/1/2027, Leverage Factor at purchase date: 2.5 to 1

17,193,104

Total Municipal Inverse Floating Rate Notes (Cost $253,037,194)

260,726,770

% of
Net Assets

Value ($)

Total Investment Portfolio (Cost $781,655,447) †

179.1

818,243,052

Other Assets and Liabilities, Net

(35.6)

(162,596,639)

Preferred Shares, at Redemption Value

(43.5)

(198,750,000)

Net Assets Applicable to Common Shareholders

100.0

456,896,413

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.

*

Non-income producing security. In the case of a bond, generally denotes that the issuer has defaulted on the payment of principal or interest. The following table represents bonds that are in default:

Security

Coupon

Maturity
Date

Principal Amount ($)

Acquisition
Cost ($)

Value ($)

**

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, 2009.

***

Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of August 31, 2009.

†

The cost for federal income tax purposes was $780,918,590. At August 31, 2009, net unrealized appreciation for all securities based on tax cost was $37,324,462. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $44,952,785 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $7,628,323.

(a)

Bond is insured by one of these companies:

Insurance Coverage

As a % of Total
Investment Portfolio

Many insurers who have traditionally guaranteed payment of municipal issues have been downgraded by the major rating agencies.

(b)

When-issued security.

(c)

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

(d)

Security forms part of the below tender option bond trust. Principal Amount and Value shown take into account the leverage factor.

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

AMT: Subject to alternative minimum tax.

ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by US Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.

Prerefunded: Bonds which are prerefunded are collateralized usually by US Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.

Level 1

Level 2

Level 3

Total

Assets

Municipal Bonds and Notes^(e)

$ —

$ 818,243,052

$ —

$ 818,243,052

Total

$ —

$ 818,243,052

$ —

$ 818,243,052

(e)

See Investment Portfolio for additional detailed categorizations.

ITEM 2.

CONTROLS AND PROCEDURES

(a)          The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b)         There have been no changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 3.

EXHIBITS

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

Registrant:

DWS Municipal Income Trust

By:

/s/Michael G. Clark

Michael G. Clark

President

Date:

October 21, 2009

Registrant:

DWS Municipal Income Trust

By:

/s/Michael G. Clark

Michael G. Clark

President

Date:

October 21, 2009

By:

/s/Paul Schubert

Paul Schubert

Chief Financial Officer and Treasurer

Date:

October 21, 2009