nq022810mit.htm
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)

345 Park Avenue
New York, NY  10154
(Address of principal executive offices)             (Zip code)
 

Paul Schubert
345 Park Avenue
New York, NY  10154-0004
(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: 2/28/10

ITEM 1.
SCHEDULE OF INVESTMENTS
 
 Investment Portfolio  as of February 28, 2010  (Unaudited)

DWS Municipal Income Trust

 
Principal
Amount ($)
  
Value ($)
  
 
 
Municipal Bonds and Notes 114.7%
  
Alabama 2.1%
  
Camden, AL, Industrial Development Board Revenue, Series B, AMT, Prerefunded, 6.375%, 12/1/2024
  
1,000,000
  
1,192,230
  
Huntsville, AL, Water & Sewer Revenue, AMT, 5.75%, 10/1/2011 (a)
  
8,560,000
  
8,772,887
  
 
 
9,965,117
  
Arizona 2.0%
  
Arizona, Hospital & Healthcare Revenue, Health Facilities Authority, Catholic Healthcare West, Series A, 6.625%, 7/1/2020
  
7,000,000
  
7,206,290
  
Arizona, Salt Verde Financial Corp., Gas Revenue:
              
 
5.0%, 12/1/2037
  
1,050,000
  
898,747
  
 
5.5%, 12/1/2029
  
1,400,000
  
1,346,072
  
 
 
9,451,109
  
California 21.7%
  
California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area, Series F-1, 5.125%, 4/1/2039
  
5,000,000
  
5,140,700
  
California, Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series A, 6.0%, 7/1/2039
  
3,500,000
  
3,670,590
  
California, Health Facilities Financing Authority Revenue, Scripps Health, Series C, 0.15% *, 10/1/2040, Barclays Bank PLC (b)
  
1,000,000
  
1,000,000
  
California, M-S-R Energy Authority, Series A, 7.0%, 11/1/2034
  
3,180,000
  
3,577,532
  
California, San Gorgonio Memorial Health Care, Election of 2006, Series C, 7.2%, 8/1/2039
  
5,000,000
  
5,302,950
  
California, South Bayside Waste Management Authority, Solid Waste Enterprise Revenue, Shoreway Environmental Center, Series A, 6.25%, 9/1/2029
  
5,345,000
  
5,770,302
  
California, Special Assessment Revenue, Golden State Tobacco Securitization Corp., Series 2003-A-1, Prerefunded, 6.75%, 6/1/2039
  
11,730,000
  
13,792,955
  
California, State General Obligation:
              
 
5.125%, 4/1/2024
  
4,400,000
  
4,465,472
  
 
6.0%, 4/1/2038
  
10,000,000
  
10,331,800
  
California, State Public Works Board, Lease Revenue, Capital Projects, Series I-1, 6.375%, 11/1/2034
  
2,000,000
  
2,069,840
  
California, State Public Works Board, Lease Revenue, Department of Corrections, Series C, 5.5%, 6/1/2021
  
2,500,000
  
2,541,250
  
California, State Public Works Board, Lease Revenue, Department of General Services, Buildings 8 & 9, Series A, 6.25%, 4/1/2034
  
6,640,000
  
6,801,352
  
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
  
10,605,210
  
California, Statewide Communities Development Authority Revenue, American Baptist Homes of the West, 6.25%, 10/1/2039
  
1,250,000
  
1,231,675
  
Corona-Norco, CA, Unified School District, Election of 2006, Series A, 5.0%, 8/1/2031 (a)
  
5,130,000
  
5,186,943
  
Kern, CA, High School District, Election of 2004, Series B, 5.0%, 8/1/2030 (a)
  
13,270,000
  
13,547,343
  
Northern California, Tobacco Securitization Authority, Tobacco Settlement Revenue, Series   A-1, 5.375%, 6/1/2038
  
3,000,000
  
2,375,250
  
Port Oakland, CA, Series A, AMT, 5.0%, 11/1/2027 (a)
  
5,850,000
  
5,378,724
  
 
 
102,789,888
  
Colorado 2.3%
  
Colorado, E-470 Public Highway Authority Revenue, Series A-1, 5.5%, 9/1/2024 (a)
  
2,500,000
  
2,501,150
  
Colorado, Health Facilities Authority Revenue, Covenant Retirement Communities, Inc., 5.0%, 12/1/2035
  
2,500,000
  
2,085,475
  
Colorado, Health Facilities Authority Revenue, Portercare Adventist Health System, Prerefunded, 6.5%, 11/15/2031
  
1,000,000
  
1,105,620
  
Colorado, Single Family Housing Revenue, Series B2, AMT, 7.25%, 10/1/2031
  
135,000
  
138,897
  
Denver, CO, Airport Revenue, Series A, AMT, 6.0%, 11/15/2014 (a)
  
5,000,000
  
5,139,050
  
 
 
10,970,192
  
Florida 7.9%
  
Miami-Dade County, FL, Aviation Revenue, Series A, 5.5%, 10/1/2041
  
10,000,000
  
10,163,400
  
Miami-Dade County, FL, Aviation Revenue, Miami International Airport:
              
 
Series A, AMT, 5.25%, 10/1/2033 (a)
  
8,500,000
  
8,465,405
  
 
Series A-1, 5.375%, 10/1/2035
  
2,000,000
  
2,026,500
  
Miami-Dade County, FL, Educational Facilities Authority Revenue, University of Miami, Series A, 5.75%, 4/1/2028
  
3,000,000
  
3,166,800
  
Miami-Dade County, FL, Transportation/Tolls Revenue, Expressway Authority:
              
 
6.0%, 7/1/2013 (a)
  
1,665,000
  
1,709,339
  
 
6.0%, 7/1/2014 (a)
  
1,000,000
  
1,026,630
  
North Brevard County, FL, Hospital District Revenue, Parrish Medical Center Project:
              
 
5.5%, 10/1/2028
  
5,290,000
  
5,506,467
  
 
5.75%, 10/1/2038
  
5,000,000
  
5,195,450
  
 
 
37,259,991
  
Georgia 7.4%
  
Atlanta, GA, Water & Wastewater Revenue, Series A, 6.25%, 11/1/2039
  
5,815,000
  
6,187,800
  
Gainesville & Hall County, GA, Hospital Authority Revenue, Anticipation Certificates, Northeast Georgia Healthcare, Series A, 5.5%, 2/15/2045
  
2,135,000
  
2,086,343
  
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
              
 
Series A, 5.0%, 3/15/2020
  
7,250,000
  
7,286,250
  
 
Series A, 5.5%, 9/15/2024
  
5,000,000
  
5,029,700
  
 
Series A, 5.5%, 9/15/2028
  
10,000,000
  
9,739,000
  
Georgia, Medical Center Hospital Authority Revenue, Anticipation Certificates, Columbus Regional Healthcare Systems, 6.5%, 8/1/2038 (a)
  
3,300,000
  
3,636,996
  
Georgia, State General Obligation, Series H-3, 0.18% *, 12/1/2026
  
1,200,000
  
1,200,000
  
 
 
35,166,089
  
Hawaii 2.6%
  
Hawaii, Airport System Revenue, Series B, AMT, 6.5%, 7/1/2013 (a)
  
8,800,000
  
9,023,256
  
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
  
2,198,205
  
 
6.5%, 7/1/2039
  
1,000,000
  
1,078,300
  
 
 
12,299,761
  
Idaho 0.5%
  
Idaho, Health Facilities Authority Revenue, St. Luke's Regional Medical Center, 6.75%, 11/1/2037
  
2,135,000
  
2,349,525
  
Illinois 6.3%
  
Chicago, IL, Airport Revenue, O'Hare International Airport, AMT, 5.5%, 1/1/2014 (a)
  
10,000,000
  
10,126,200
  
Illinois, Finance Authority Revenue, Advocate Health Care Network:
              
 
Series B, 5.375%, 4/1/2044
  
2,500,000
  
2,562,225
  
 
Series D, 6.5%, 11/1/2038
  
1,000,000
  
1,115,690
  
Illinois, Finance Authority Revenue, Elmhurst Memorial Healthcare, Series A, 5.625%, 1/1/2037
  
3,000,000
  
2,753,580
  
Illinois, Finance Authority Revenue, Memorial Health Systems, 5.5%, 4/1/2039
  
4,200,000
  
4,163,628
  
Illinois, Finance Authority Revenue, Northwest Community Hospital, Series A, 5.5%, 7/1/2038
  
5,750,000
  
5,983,622
  
Illinois, Finance Authority Revenue, Roosevelt University Project, 6.5%, 4/1/2044
  
3,000,000
  
3,112,440
  
 
 
29,817,385
  
Indiana 1.6%
  
Indiana, Finance Authority Hospital Revenue, Deaconess Hospital Obligation, Series A, 6.75%, 3/1/2039
  
1,745,000
  
1,876,556
  
Indiana, Hospital & Healthcare Revenue, Health Facilities Authority, Prerefunded, 5.5%, 11/1/2031
  
5,000,000
  
5,451,850
  
 
 
7,328,406
  
Kentucky 3.3%
  
Kentucky, Economic Development Finance Authority, Health System Revenue, Norton Healthcare:
              
 
Series A, Prerefunded, 6.5%, 10/1/2020
  
790,000
  
826,569
  
 
Series A, 6.5%, 10/1/2020
  
1,210,000
  
1,234,527
  
 
Series A, Prerefunded, 6.625%, 10/1/2028
  
3,135,000
  
3,282,470
  
 
Series A, 6.625%, 10/1/2028
  
865,000
  
879,515
  
Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series A-1, 6.0%, 12/1/2042 (a)
  
4,000,000
  
4,323,920
  
Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., 5.0%, 10/1/2030
  
5,000,000
  
4,843,550
  
 
 
15,390,551
  
Louisiana 0.5%
  
Louisiana, St. John Baptist Parish Revenue, Marathon Oil Corp., Series A, 5.125%, 6/1/2037
  
2,315,000
  
2,173,669
  
Maine 0.0%
  
Maine, Hospital & Healthcare Revenue, Series D, 5.7%, 7/1/2013 (a)
  
195,000
  
195,794
  
Maryland 1.1%
  
Maryland, Hospital & Healthcare Revenue, University of Maryland Medical System, Prerefunded, 6.75%, 7/1/2030
  
2,500,000
  
2,582,100
  
Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health Systems, Series A, 6.75%, 7/1/2039
  
1,100,000
  
1,240,503
  
Maryland, State Health & Higher Educational Facilities Authority Revenue, Washington County Hospital, 5.75%, 1/1/2033
  
1,500,000
  
1,460,835
  
 
 
5,283,438
  
Massachusetts 2.6%
  
Massachusetts, Airport Revenue, U.S. Airways, Inc. Project, Series A, AMT, 5.875%, 9/1/2023 (a)
  
5,000,000
  
4,197,000
  
Massachusetts, Port Authority Revenue, Series B, AMT, 5.5%, 7/1/2015 (a)
  
3,000,000
  
3,023,700
  
Massachusetts, State Health & Educational Facilities Authority Revenue, Boston Medical Center Project, 5.25%, 7/1/2038
  
1,885,000
  
1,618,197
  
Massachusetts, State Health & Educational Facilities Authority Revenue, Suffolk University, Series A, 5.75%, 7/1/2039
  
3,570,000
  
3,636,866
  
 
 
12,475,763
  
Michigan 2.5%
  
Chippewa County, MI, Hospital & Healthcare Revenue, Chippewa County War Memorial, Series B, 5.625%, 11/1/2014
  
1,085,000
  
1,085,076
  
Michigan, State Building Authority Revenue, Facilities Program:
              
 
Series H, 5.125%, 10/15/2033
  
2,495,000
  
2,446,273
  
 
Series I, 6.0%, 10/15/2038
  
1,000,000
  
1,078,090
  
Michigan, State Hospital Finance Authority Revenue, Henry Ford Health Hospital, 5.75%, 11/15/2039
  
5,000,000
  
4,901,800
  
Royal Oak, MI, Hospital Finance Authority Revenue, William Beaumont Hospital, 8.25%, 9/1/2039
  
1,800,000
  
2,124,864
  
 
 
11,636,103
  
Minnesota 0.3%
  
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 6.75%, 11/15/2032
  
1,140,000
  
1,271,807
  
Mississippi 0.3%
  
Warren County, MS, Gulf Opportunity Zone, International Paper Co., Series A, 6.5%, 9/1/2032
  
1,525,000
  
1,571,345
  
Missouri 0.1%
  
Missouri, Hospital & Healthcare Revenue, Lake of the Ozarks General Hospital, 6.5%, 2/15/2021
  
365,000
  
365,266
  
Nevada 2.1%
  
Henderson, NV, Health Care Facility Revenue, Catholic Healthcare West, Series B, 5.25%, 7/1/2031
  
10,000,000
  
9,860,400
  
New Jersey 5.8%
  
New Jersey, Economic Development Authority Revenue, Cigarette Tax, 5.75%, 6/15/2034
  
1,090,000
  
1,051,218
  
New Jersey, Hospital & Healthcare Revenue, General Hospital Center at Passaic, ETM, 6.75%, 7/1/2019 (a)
  
5,000,000
  
6,274,800
  
New Jersey, Industrial Development Revenue, American Water Co., Inc. Project, Series A, AMT, 6.875%, 11/1/2034 (a)
  
10,775,000
  
10,780,818
  
New Jersey, Industrial Development Revenue, Economic Development Authority, Harrogate, Inc., Series A, 5.875%, 12/1/2026
  
1,400,000
  
1,308,174
  
New Jersey, Resource Recovery Revenue, Tobacco Settlement Financing Corp., 5.75%, 6/1/2032
  
1,705,000
  
1,842,883
  
New Jersey, State Transportation Trust Fund Authority, Transportation Systems, Series A, 6.0%, 12/15/2038
  
3,000,000
  
3,314,700
  
New Jersey, State Turnpike Authority Revenue, Series E, 5.25%, 1/1/2040
  
1,750,000
  
1,825,338
  
New Jersey, Tobacco Settlement Financing Corp., Series 1-A, 5.0%, 6/1/2041
  
1,700,000
  
1,158,397
  
 
 
27,556,328
  
New York 4.4%
  
New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, City University, Series A, 5.625%, 7/1/2016
  
1,500,000
  
1,704,330
  
New York, State Energy Research & Development Authority, Pollution Control Revenue, New York State Electric & Gas Corp., Series C, 0.14% *, 6/1/2029, Wells Fargo Bank NA (b)
  
1,000,000
  
1,000,000
  
New York, Tobacco Settlement Financing Corp., Series B-1C, 5.5%, 6/1/2019
  
15,500,000
  
16,727,135
  
Niagara Falls, NY, School District General Obligation, 5.6%, 6/15/2014 (a)
  
1,180,000
  
1,403,032
  
 
 
20,834,497
  
North Carolina 0.9%
  
North Carolina, Electric Revenue, Municipal Power Agency, Series C, 5.375%, 1/1/2017
  
1,000,000
  
1,075,650
  
North Carolina, Medical Care Commission, Health Care Facilities Revenue, University Health Systems, Series D, 6.25%, 12/1/2033
  
3,000,000
  
3,314,730
  
 
 
4,390,380
  
North Dakota 0.8%
  
Grand Forks, ND, Hospital & Healthcare Revenue, Altru Health Care System, Prerefunded, 7.125%, 8/15/2024
  
3,400,000
  
3,543,140
  
Ohio 5.4%
  
Buckeye, OH, Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/1/2030
  
19,820,000
  
16,890,406
  
Ohio, State Hospital Facility Revenue, Cleveland Clinic Health:
              
 
Series A, 5.5%, 1/1/2039
  
5,000,000
  
5,220,250
  
 
Series B, 5.5%, 1/1/2039
  
3,500,000
  
3,666,985
  
 
 
25,777,641
  
Pennsylvania 0.9%
  
Allegheny County, PA, Hospital Development Authority Revenue, University of Pittsburgh Medical, 5.625%, 8/15/2039
  
1,700,000
  
1,745,781
  
Pennsylvania, Hospital & Healthcare Revenue, Economic Development Financing Authority, UPMC Health System, Series A, 6.0%, 1/15/2031
  
2,570,000
  
2,650,390
  
 
 
4,396,171
  
Puerto Rico 4.1%
  
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
              
 
Series A, 5.375%, 8/1/2039
  
3,200,000
  
3,203,520
  
 
Series A, 6.5%, 8/1/2044
  
15,000,000
  
16,275,300
  
 
 
19,478,820
  
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
  
2,172,180
  
South Carolina 2.4%
  
Greenwood County, SC, Hospital & Healthcare Revenue, South Carolina Memorial Hospital, 5.5%, 10/1/2031
  
1,500,000
  
1,501,725
  
South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, Palmetto Health Alliance:
              
 
Series C, Prerefunded, 7.0%, 8/1/2030
  
5,420,000
  
6,464,118
  
 
Series A, Prerefunded, 7.375%, 12/15/2021
  
2,000,000
  
2,150,420
  
South Carolina, Tobacco Settlement Revenue Management Authority, Series B, 6.0%, 5/15/2022
  
1,310,000
  
1,362,636
  
 
 
11,478,899
  
Tennessee 3.5%
  
Clarksville, TN, Natural Gas Acquisition Corp., Gas Revenue, 5.0%, 12/15/2021
  
2,000,000
  
1,967,480
  
Jackson, TN, Hospital Revenue, Jackson-Madison Project, 5.625%, 4/1/2038
  
4,000,000
  
4,026,880
  
Memphis-Shelby County, TN, Airport Revenue, Series D, AMT, 6.25%, 3/1/2017 (a)
  
565,000
  
571,695
  
Shelby County, TN, Health, Educational & Housing Facility Board, Hospital Revenue, Methodist Health Care, Prerefunded, 6.5%, 9/1/2026
  
7,000,000
  
7,973,140
  
Sullivan County, TN, Health, Educational & Housing Facilities Board, Hospital Revenue, Wellmont Health Systems Project, Series C, 5.25%, 9/1/2036
  
2,050,000
  
1,857,239
  
 
 
16,396,434
  
Texas 11.0%
  
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann Healthcare System, Series B, 7.25%, 12/1/2035
  
1,000,000
  
1,126,210
  
Harris County, TX, Houston Port Authority, Series A, AMT, 6.25%, 10/1/2029
  
3,000,000
  
3,281,220
  
Houston, TX, Airport Revenue, People Mover Project, Series A, AMT, 5.5%, 7/15/2017 (a)
  
3,300,000
  
3,304,917
  
North Texas, Tollway Authority Revenue:
              
 
First Tier, Series A, 5.625%, 1/1/2033
  
3,500,000
  
3,594,570
  
 
Second Tier, Series F, 5.75%, 1/1/2038
  
6,500,000
  
6,614,335
  
Texas, Dallas/Fort Worth International Airport Revenue, Series A, AMT, 5.875%, 11/1/2016 (a)
  
6,500,000
  
6,813,560
  
Texas, Industrial Development Revenue, Waste Disposal Authority, Series A, AMT, 6.1%, 8/1/2024
  
2,000,000
  
1,988,520
  
Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue:
              
 
Series B, 0.72% **, 12/15/2017
  
10,000,000
  
8,367,500
  
 
Series B, 0.87% **, 12/15/2026
  
1,500,000
  
1,057,500
  
 
Series D, 6.25%, 12/15/2026
  
5,000,000
  
5,327,850
  
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue:
              
 
5.5%, 8/1/2021
  
1,155,000
  
1,215,060
  
 
5.5%, 8/1/2025
  
7,250,000
  
7,612,427
  
West Harris County, TX, Regional Water Authority, Water Systems Revenue, 5.0%, 12/15/2035
  
1,995,000
  
1,991,988
  
 
 
52,295,657
  
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
  
1,570,061
  
Washington 1.7%
  
Seattle, WA, Special Assessment Revenue:
              
 
Series B, AMT, 5.5%, 9/1/2011 (a)
  
1,085,000
  
1,098,443
  
 
Series B, AMT, 5.75%, 9/1/2013 (a)
  
1,045,000
  
1,057,519
  
Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, Series A, 6.125%, 8/15/2037
  
6,000,000
  
6,062,400
  
 
 
8,218,362
  
West Virginia 3.5%
  
West Virginia, Hospital Finance Authority Revenue, Charleston Medical Center:
              
 
Prerefunded, 6.75%, 9/1/2022
  
12,000,000
  
12,516,840
  
 
Prerefunded, 6.75%, 9/1/2030
  
4,000,000
  
4,172,280
  
 
 
16,689,120
  
Wisconsin 2.3%
  
Badge, WI, Tobacco Asset Securitization Corp., 6.125%, 6/1/2027
  
2,835,000
  
3,059,248
  
Wisconsin, State Health & Educational Facilities Authority Revenue, Aurora Health Care, Inc., Series A, 5.6%, 2/15/2029
  
6,000,000
  
5,903,520
  
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc. Obligation Group, 6.625%, 2/15/2039
  
1,555,000
  
1,680,955
  
 
 
10,643,723
  
 
Total Municipal Bonds and Notes (Cost $502,696,879)
  
543,063,012
  
 
 
Municipal Inverse Floating Rate Notes (c) 55.9%
  
California 4.3%
  
California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series F, 5.0%,
        4/1/2031 (d)
  
10,000,000
  
10,202,701
  
 
Trust: California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series 1962-5, 144A, 13.574%, 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
  
10,320,000
  
 
Trust: California, State General Obligation, Series 1932, 144A, 8.97%, 6/1/2023, Leverage Factor at purchase date: 2 to 1
          
 
 
20,522,701
  
Florida 7.2%
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2023 (a) (d)
  
3,740,000
  
3,899,599
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2024 (a) (d)
  
3,915,000
  
4,082,066
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2025 (a) (d)
  
4,122,500
  
4,298,421
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2026 (a) (d)
  
4,317,500
  
4,501,743
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2032 (a) (d)
  
16,470,000
  
17,172,832
  
 
Trust: Miami-Dade County, FL, Transit Improvements, Series 2008-1160, 144A, 9.411%, 7/1/2023, Leverage Factor at purchase date: 2 to 1
          
 
         
33,954,661
  
Massachusetts 5.2%
  
Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/1/2032 (d)
  
18,250,000
  
19,283,799
  
Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/1/2037 (d)
  
5,000,000
  
5,283,233
  
 
Trust: Massachusetts, State Pollution Control, Water Utility Improvements, Series 3159, 144A, 13.692%, 8/1/2032, Leverage Factor at purchase date: 3 to 1
          
 
         
24,567,032
  
Nevada 6.3%
  
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2028 (d)
  
9,447,355
  
9,723,613
  
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2029 (d)
  
9,919,723
  
10,209,794
  
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2030 (d)
  
9,627,878
  
9,909,415
  
 
Trust: Clark County, NV, General Obligation, Series 3158, 144A, 13.673%, 6/1/2028, Leverage Factor at purchase date: 3 to 1
          
 
         
29,842,822
  
New York 17.3%
  
New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%,
       3/15/2026 (d)
  
13,500,000
  
14,673,083
  
 
Trust: New York, State Dormitory Authority Revenue, Series 2008-1189, 144A, 9.26%, 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
  
10,774,987
  
 
Trust: New York, State Dormitory Authority Revenue, Series 3160, 144A, 13.693%, 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
  
10,881,900
  
 
Trust: New York, State Dormitory Authority Revenue, Secondary Issues, Series 1955-3, 144A, 17.84%, 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
  
5,709,607
  
New York, State Dormitory Authority Revenues, State Supported Debt, University Dormitory
       Facilities, 5.0%, 7/1/2027 (d)
  
8,080,000
  
8,503,894
  
 
Trust: New York, State Dormitory Authority Revenues, Series 3169, 144A, 13.69%, 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
  
12,507,180
  
 
Trust: New York, Triborough Bridge & Tunnel Authority Revenues, Series 2008-1188, 144A, 9.26%, 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
  
18,939,250
  
 
Trust: New York City, NY, Series 2008-1190, 144A, 9.26%, 11/1/2027, Leverage Factor at purchase date: 2 to 1
          
 
 
81,989,901
  
Pennsylvania 2.3%
  
Pennsylvania, State General Obligation, Second Series, 5.0%, 1/1/2025 (d)
  
10,000,000
  
10,805,750
  
 
Trust: Pennsylvania, State General Obligation, Public Transit Improvements, Series 2008-1146, 144A, 9.26%, 1/1/2025, Leverage Factor at purchase date: 2 to 1
          
Tennessee 7.3%
  
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2027 (d)
  
10,756,695
  
11,720,468
  
 
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-3, 144A, 17.805%, 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
  
11,186,493
  
 
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-2, 144A, 17.81%, 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
  
11,435,967
  
 
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-4, 144A, 17.818%, 1/1/2028, Leverage Factor at purchase date: 4 to 1
          
 
 
34,342,928
  
Texas 2.3%
  
Texas, State General Obligation, Transportation Commission Mobility Fund, 5.0%, 4/1/2025 (d)
  
10,000,000
  
11,044,250
  
 
Trust: Texas, State General Obligation, Series 2008-1147, 144A, 9.26%, 4/1/2025, Leverage Factor at purchase date: 2 to 1
          
Virginia 3.7%
  
Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2027 (d)
  
8,190,000
  
9,016,599
  
Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2028 (d)
  
7,630,000
  
8,400,080
  
 
Trust: Virginia, State Resource Authority, Clean Water Revenue, Series 2917, 144A, 11.192%, 10/1/2027, Leverage Factor at purchase date: 2.5 to 1
          
 
         
17,416,679
  
 
Total Municipal Inverse Floating Rate Notes (Cost $254,050,173)
  
264,486,724
  
         
 
% of
Net Assets
  
Value ($)
  
 
Total Investment Portfolio (Cost $756,747,052) †
170.6
  
807,549,736
  
Other Assets and Liabilities, Net
(28.6)
  
(135,455,759)
  
Preferred Shares, at Redemption Value
(42.0)
  
(198,750,000)
  
 
Net Assets Applicable to Common Shareholders
100.0
  
473,343,977
  

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, 2010.
**
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 February 28, 2010.
†
The cost for federal income tax purposes was $755,854,091.  At February 28, 2010, net unrealized appreciation for all securities based on tax cost was $51,695,645.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $54,747,084 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,051,439.
(a)
Bond is insured by one of these companies:

Insurance Coverage
As a % of Total
Investment Portfolio
Ambac Financial Group, Inc.
3.6
Assured Guaranty Corp.
2.0
Assured Guaranty Municipal Corp.
9.6
Financial Guaranty Insurance Co.
3.6
National Public Finance Guarantee Corp.
2.8

Many insurers who have traditionally guaranteed payment of municipal issues have been downgraded by the major rating agencies.
  
 
(b)
Security incorporates a letter of credit from the bank listed.
(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.
 

 
Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of February 28, 2010 in valuing the Fund's investments.

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets
                  
Municipal Bonds and Notes(e)
   $ —     $ 807,549,736     $ —     $ 807,549,736  
Total
   $ —     $ 807,549,736     $ —     $ 807,549,736  
(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.


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 23, 2010


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 23, 2010
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
April 23, 2010