nq083110mit.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
100 Plaza One
Jersey City, NJ 07311
(Name and address of agent for service)
 
Registrant's telephone number, including area code:  (201) 593-6408
 
Date of fiscal year end:  11/30
 
Date of reporting period: 8/31/10

ITEM 1.
SCHEDULE OF INVESTMENTS


Investment Portfolio
as of August 31, 2010  (Unaudited)


DWS Municipal Income Trust

 
Principal
Amount ($)
 
Value ($)
 
 
 
Municipal Bonds and Notes 113.8%
 
Alabama 2.0%
 
Camden, AL, Industrial Development Board Revenue, Series B, AMT, Prerefunded, 6.375%, 12/1/2024
 
1,000,000
 
1,182,420
 
Huntsville, AL, Water & Sewer Revenue, AMT, 5.75%, 10/1/2011 (a)
 
8,560,000
 
8,592,271
 
 
 
9,774,691
 
Arizona 0.5%
 
Arizona, Salt Verde Financial Corp., Gas Revenue:
           
 
5.0%, 12/1/2037
 
1,050,000
 
1,001,857
 
 
5.5%, 12/1/2029
 
1,400,000
 
1,448,846
 
 
 
2,450,703
 
California 23.4%
 
California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area, Series F-1, 5.125%, 4/1/2039
 
5,000,000
 
5,434,250
 
California, Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series A, 6.0%, 7/1/2039
 
3,500,000
 
3,865,505
 
California, M-S-R Energy Authority, Series A, 7.0%, 11/1/2034
 
3,180,000
 
3,921,576
 
California, San Gorgonio Memorial Health Care, Election of 2006, Series C, 7.2%, 8/1/2039
 
5,000,000
 
5,620,750
 
California, South Bayside Waste Management Authority, Solid Waste Enterprise Revenue, Shoreway Environmental Center, Series A, 6.25%, 9/1/2029
 
5,345,000
 
5,961,866
 
California, Special Assessment Revenue, Golden State Tobacco Securitization Corp., Series 2003-A-1, Prerefunded, 6.75%, 6/1/2039
 
11,730,000
 
13,697,356
 
California, State General Obligation:
           
 
5.125%, 4/1/2024
 
4,400,000
 
4,789,356
 
 
5.5%, 3/1/2040
 
1,370,000
 
1,473,312
 
 
6.0%, 4/1/2038
 
10,000,000
 
11,167,200
 
California, State Public Works Board, Lease Revenue, Capital Projects, Series I-1, 6.375%, 11/1/2034
 
2,000,000
 
2,217,140
 
California, State Public Works Board, Lease Revenue, Department of Corrections, Series C, 5.5%, 6/1/2021
 
2,500,000
 
2,612,600
 
California, State Public Works Board, Lease Revenue, Department of General Services, Buildings 8 & 9, Series A, 6.25%, 4/1/2034
 
6,640,000
 
7,244,638
 
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
 
10,793,475
 
California, Statewide Communities Development Authority Revenue, American Baptist Homes of the West, 6.25%, 10/1/2039
 
1,250,000
 
1,285,650
 
Corona-Norco, CA, Unified School District, Election of 2006, Series A, 5.0%, 8/1/2031 (a)
 
5,130,000
 
5,403,839
 
Kern, CA, High School District, Election of 2004, Series B, 5.0%, 8/1/2030 (a)
 
13,270,000
 
13,951,813
 
Los Angeles, CA, Community College District, Election of 2008, Series C, 5.25%, 8/1/2039
 
3,000,000
 
3,267,210
 
Port Oakland, CA, Series A, AMT, 5.0%, 11/1/2027 (a)
 
5,850,000
 
5,879,367
 
San Francisco, CA, City & County Airports Commission, International Airport Revenue, Series F, 5.0%, 5/1/2035
 
7,105,000
 
7,386,216
 
Southern California, Metropolitan Water District, Waterworks Revenue, Series B, 0.27% *, 7/1/2028
 
900,000
 
900,000
 
 
 
116,873,119
 
Colorado 2.2%
 
Colorado, E-470 Public Highway Authority Revenue, Series A-1, 5.5%, 9/1/2024 (a)
 
2,500,000
 
2,581,450
 
Colorado, Health Facilities Authority Revenue, Covenant Retirement Communities, Inc., 5.0%, 12/1/2035
 
2,500,000
 
2,233,325
 
Colorado, Health Facilities Authority Revenue, Portercare Adventist Health System, Prerefunded, 6.5%, 11/15/2031
 
1,000,000
 
1,083,040
 
Colorado, Single Family Housing Revenue, Series B2, AMT, 7.25%, 10/1/2031
 
115,000
 
118,227
 
Denver, CO, Airport Revenue, Series A, AMT, 6.0%, 11/15/2014 (a)
 
5,000,000
 
5,046,350
 
 
 
11,062,392
 
Florida 9.5%
 
Broward County, FL, Educational Facilities Authority Revenue, Nova Southeastern University, Inc., Series C, 0.25% *, 4/1/2024, Bank of America NA (b)
 
3,000,000
 
3,000,000
 
Miami-Dade County, FL, Aviation Revenue, Series A, 5.5%, 10/1/2041
 
10,000,000
 
10,536,400
 
Miami-Dade County, FL, Aviation Revenue, Miami International Airport:
           
 
Series A, AMT, 5.25%, 10/1/2033 (a)
 
8,500,000
 
8,750,580
 
 
Series A-1, 5.375%, 10/1/2035
 
2,000,000
 
2,108,160
 
Miami-Dade County, FL, Educational Facilities Authority Revenue, University of Miami, Series A, 5.75%, 4/1/2028
 
3,000,000
 
3,236,130
 
Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%, 7/1/2035 (a)
 
3,000,000
 
3,120,360
 
Miami-Dade County, FL, Transportation/Tolls Revenue, Expressway Authority:
           
 
6.0%, 7/1/2013 (a)
 
1,665,000
 
1,681,916
 
 
6.0%, 7/1/2014 (a)
 
1,000,000
 
1,010,160
 
North Brevard County, FL, Hospital District Revenue, Parrish Medical Center Project:
           
 
5.5%, 10/1/2028
 
5,290,000
 
5,633,850
 
 
5.75%, 10/1/2038
 
5,000,000
 
5,267,000
 
Orlando & Orange County, FL, Expressway Authority Revenue, Series A, 5.0%, 7/1/2040
 
2,975,000
 
3,106,406
 
 
 
47,450,962
 
Georgia 7.3%
 
Atlanta, GA, Water & Wastewater Revenue, Series A, 6.25%, 11/1/2039
 
5,815,000
 
6,644,859
 
Gainesville & Hall County, GA, Hospital Authority Revenue, Anticipation Certificates, Northeast Georgia Healthcare, Series A, 5.5%, 2/15/2045
 
2,135,000
 
2,175,906
 
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
           
 
Series A, 5.0%, 3/15/2020
 
7,250,000
 
7,977,755
 
 
Series A, 5.5%, 9/15/2024
 
5,000,000
 
5,328,050
 
 
Series A, 5.5%, 9/15/2028
 
10,000,000
 
10,577,200
 
Georgia, Medical Center Hospital Authority Revenue, Anticipation Certificates, Columbus Regional Healthcare Systems, 6.5%, 8/1/2038 (a)
 
3,300,000
 
3,752,991
 
 
 
36,456,761
 
Hawaii 1.5%
 
Hawaii, State Airports Systems Revenue, Series A, 5.0%, 7/1/2039
 
4,200,000
 
4,354,980
 
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
 
2,199,917
 
 
6.5%, 7/1/2039
 
1,000,000
 
1,114,280
 
 
 
7,669,177
 
Idaho 1.0%
 
Idaho, Health Facilities Authority Revenue, St. Luke's Regional Medical Center:
           
 
5.0%, 7/1/2035 (a) (c)
 
2,500,000
 
2,581,225
 
 
6.75%, 11/1/2037
 
2,135,000
 
2,428,819
 
 
 
5,010,044
 
Illinois 7.1%
 
Chicago, IL, Airport Revenue, O'Hare International Airport, AMT, 5.5%, 1/1/2014 (a)
 
10,000,000
 
10,129,400
 
Chicago, IL, Midway Airport Revenue, Series B, AMT, 0.31% *, 1/1/2029, JPMorgan Chase Bank (b)
 
5,000,000
 
5,000,000
 
Illinois, Finance Authority Revenue, Advocate Health Care Network:
           
 
Series B, 5.375%, 4/1/2044
 
2,500,000
 
2,632,400
 
 
Series D, 6.5%, 11/1/2038
 
1,000,000
 
1,144,170
 
Illinois, Finance Authority Revenue, Elmhurst Memorial Healthcare, Series A, 5.625%, 1/1/2037
 
3,000,000
 
2,961,180
 
Illinois, Finance Authority Revenue, Memorial Health Systems, 5.5%, 4/1/2039
 
4,200,000
 
4,321,296
 
Illinois, Finance Authority Revenue, Northwest Community Hospital, Series A, 5.5%, 7/1/2038
 
5,750,000
 
6,113,975
 
Illinois, Finance Authority Revenue, Roosevelt University Project, 6.5%, 4/1/2044
 
3,000,000
 
3,214,260
 
 
 
35,516,681
 
Indiana 1.5%
 
Indiana, Finance Authority Hospital Revenue, Deaconess Hospital Obligation, Series A, 6.75%, 3/1/2039
 
1,745,000
 
1,945,413
 
Indiana, Hospital & Healthcare Revenue, Health Facilities Authority, Prerefunded, 5.5%, 11/1/2031
 
5,000,000
 
5,345,950
 
 
 
7,291,363
 
Kentucky 3.1%
 
Kentucky, Economic Development Finance Authority, Health System Revenue, Norton Healthcare:
           
 
Series A, 6.5%, 10/1/2020
 
1,210,000
 
1,224,520
 
 
Series A, Prerefunded, 6.5%, 10/1/2020
 
790,000
 
802,008
 
 
Series A, 6.625%, 10/1/2028
 
865,000
 
874,887
 
 
Series A, Prerefunded, 6.625%, 10/1/2028
 
3,135,000
 
3,182,997
 
Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series A-1, 6.0%, 12/1/2042 (a)
 
4,000,000
 
4,362,920
 
Louisville & Jefferson County, KY, Metropolitan Government Health System Revenue, Norton Healthcare, Inc., 5.0%, 10/1/2030
 
5,000,000
 
5,083,650
 
 
 
15,530,982
 
Louisiana 1.1%
 
Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%, 11/1/2040
 
3,000,000
 
3,074,340
 
Louisiana, St. John Baptist Parish Revenue, Marathon Oil Corp., Series A, 5.125%, 6/1/2037
 
2,315,000
 
2,319,514
 
 
 
5,393,854
 
Maryland 0.6%
 
Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health Systems, Series A, 6.75%, 7/1/2039
 
1,100,000
 
1,279,553
 
Maryland, State Health & Higher Educational Facilities Authority Revenue, Washington County Hospital, 5.75%, 1/1/2033
 
1,500,000
 
1,544,130
 
 
 
2,823,683
 
Massachusetts 2.6%
 
Massachusetts, Airport Revenue, U.S. Airways, Inc. Project, Series A, AMT, 5.875%, 9/1/2023 (a)
 
5,000,000
 
4,618,000
 
Massachusetts, Port Authority Revenue, Series B, AMT, 5.5%, 7/1/2015 (a)
 
3,000,000
 
3,005,880
 
Massachusetts, State Health & Educational Facilities Authority Revenue, Boston Medical Center Project, 5.25%, 7/1/2038
 
1,885,000
 
1,820,702
 
Massachusetts, State Health & Educational Facilities Authority Revenue, Suffolk University, Series A, 5.75%, 7/1/2039
 
3,570,000
 
3,776,025
 
 
 
13,220,607
 
Michigan 2.4%
 
Chippewa County, MI, Hospital & Healthcare Revenue, Chippewa County War Memorial, Series B, 5.625%, 11/1/2014
 
1,085,000
 
1,085,358
 
Michigan, State Building Authority Revenue, Facilities Program:
           
 
Series H, 5.125%, 10/15/2033
 
2,495,000
 
2,610,494
 
 
Series I, 6.0%, 10/15/2038
 
1,000,000
 
1,114,000
 
Michigan, State Hospital Finance Authority Revenue, Henry Ford Health Hospital, 5.75%, 11/15/2039
 
5,000,000
 
5,198,700
 
Royal Oak, MI, Hospital Finance Authority Revenue, William Beaumont Hospital, 8.25%, 9/1/2039
 
1,800,000
 
2,191,140
 
 
 
12,199,692
 
Minnesota 0.3%
 
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 6.75%, 11/15/2032
 
1,140,000
 
1,316,803
 
Mississippi 0.3%
 
Warren County, MS, Gulf Opportunity Zone, International Paper Co., Series A, 6.5%, 9/1/2032
 
1,525,000
 
1,700,268
 
Missouri 0.1%
 
Missouri, Hospital & Healthcare Revenue, Lake of the Ozarks General Hospital, 6.5%, 2/15/2021
 
365,000
 
365,445
 
Nevada 2.1%
 
Henderson, NV, Health Care Facility Revenue, Catholic Healthcare West, Series B, 5.25%, 7/1/2031
 
10,000,000
 
10,282,300
 
New Jersey 3.4%
 
New Jersey, Economic Development Authority Revenue, Cigarette Tax, 5.75%, 6/15/2034
 
1,090,000
 
1,078,740
 
New Jersey, Hospital & Healthcare Revenue, General Hospital Center at Passaic, ETM, 6.75%, 7/1/2019 (a)
 
5,000,000
 
6,345,100
 
New Jersey, Industrial Development Revenue, Economic Development Authority, Harrogate, Inc., Series A, 5.875%, 12/1/2026
 
1,400,000
 
1,353,254
 
New Jersey, Resource Recovery Revenue, Tobacco Settlement Financing Corp., 5.75%, 6/1/2032
 
1,515,000
 
1,620,035
 
New Jersey, State Transportation Trust Fund Authority, Transportation Systems, Series A, 6.0%, 12/15/2038
 
3,000,000
 
3,426,360
 
New Jersey, State Turnpike Authority Revenue, Series E, 5.25%, 1/1/2040
 
1,750,000
 
1,892,030
 
New Jersey, Tobacco Settlement Financing Corp., Series 1-A, 5.0%, 6/1/2041
 
1,700,000
 
1,169,447
 
 
 
16,884,966
 
New York 4.1%
 
New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, City University, Series A, 5.625%, 7/1/2016
 
1,500,000
 
1,719,585
 
New York, Tobacco Settlement Financing Corp., Series B-1C, 5.5%, 6/1/2019
 
15,500,000
 
17,091,850
 
New York City, NY, Transitional Finance Authority Revenue, NYC Recovery, Series 1B, 0.26% *, 11/1/2022
 
280,000
 
280,000
 
Niagara Falls, NY, School District General Obligation, 5.6%, 6/15/2014 (a)
 
1,180,000
 
1,402,100
 
 
 
20,493,535
 
North Carolina 0.9%
 
North Carolina, Electric Revenue, Municipal Power Agency, Series C, 5.375%, 1/1/2017
 
1,000,000
 
1,088,750
 
North Carolina, Medical Care Commission, Health Care Facilities Revenue, University Health Systems, Series D, 6.25%, 12/1/2033
 
3,000,000
 
3,338,790
 
 
 
4,427,540
 
Ohio 5.1%
 
Buckeye, OH, Tobacco Settlement Financing Authority, Series A-2, 5.875%, 6/1/2030
 
19,820,000
 
16,158,850
 
Ohio, State Hospital Facility Revenue, Cleveland Clinic Health:
           
 
Series A, 5.5%, 1/1/2039
 
5,000,000
 
5,423,500
 
 
Series B, 5.5%, 1/1/2039
 
3,500,000
 
3,796,450
 
 
 
25,378,800
 
Oklahoma 1.0%
 
Oklahoma, State Turnpike Authority Revenue, Series C, 0.27% *, 1/1/2028
 
5,000,000
 
5,000,000
 
Pennsylvania 2.3%
 
Allegheny County, PA, Hospital Development Authority Revenue, University of Pittsburgh Medical, 5.625%, 8/15/2039
 
1,700,000
 
1,789,692
 
Franklin County, PA, Industrial Development Authority Revenue, Chambersburg Hospital Project, 5.375%, 7/1/2042
 
7,000,000
 
7,223,440
 
Pennsylvania, Hospital & Healthcare Revenue, Economic Development Financing Authority, UPMC Health System, Series A, Prerefunded, 6.0%, 1/15/2031
 
2,570,000
 
2,650,801
 
 
 
11,663,933
 
Puerto Rico 4.1%
 
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
           
 
Series A, 5.375%, 8/1/2039
 
3,200,000
 
3,380,160
 
 
Series A, 6.5%, 8/1/2044
 
15,000,000
 
17,064,750
 
 
 
20,444,910
 
Rhode Island 0.4%
 
Rhode Island, Health & Educational Building Corp., Higher Education Facility Revenue, University of Rhode Island, Series A, 6.25%, 9/15/2034
 
2,000,000
 
2,233,860
 
South Carolina 2.2%
 
Greenwood County, SC, Hospital & Healthcare Revenue, South Carolina Memorial Hospital, 5.5%, 10/1/2031
 
1,500,000
 
1,511,520
 
South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, Palmetto Health Alliance:
           
 
Series C, Prerefunded, 7.0%, 8/1/2030
 
5,420,000
 
6,377,000
 
 
Series A, Prerefunded, 7.375%, 12/15/2021
 
2,000,000
 
2,080,560
 
South Carolina, Tobacco Settlement Revenue Management Authority, Series B, 6.0%, 5/15/2022
 
790,000
 
818,226
 
 
 
10,787,306
 
Tennessee 3.3%
 
Clarksville, TN, Natural Gas Acquisition Corp., Gas Revenue, 5.0%, 12/15/2021
 
2,000,000
 
2,048,960
 
Jackson, TN, Hospital Revenue, Jackson-Madison Project, 5.625%, 4/1/2038
 
4,000,000
 
4,138,120
 
Memphis-Shelby County, TN, Airport Revenue, Series D, AMT, 6.25%, 3/1/2017 (a)
 
565,000
 
572,322
 
Shelby County, TN, Health, Educational & Housing Facility Board, Hospital Revenue, Methodist Health Care, Prerefunded, 6.5%, 9/1/2026
 
7,000,000
 
7,846,440
 
Sullivan County, TN, Health, Educational & Housing Facilities Board, Hospital Revenue, Wellmont Health Systems Project, Series C, 5.25%, 9/1/2036
 
2,050,000
 
2,004,511
 
 
 
16,610,353
 
Texas 10.8%
 
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann Healthcare System, Series B, 7.25%, 12/1/2035
 
1,000,000
 
1,162,220
 
Harris County, TX, Houston Port Authority, Series A, AMT, 6.25%, 10/1/2029
 
3,000,000
 
3,546,480
 
Houston, TX, Airport Revenue, People Mover Project, Series A, AMT, 5.5%, 7/15/2017 (a)
 
3,300,000
 
3,307,425
 
North Texas, Tollway Authority Revenue:
           
 
First Tier, Series A, 5.625%, 1/1/2033
 
3,500,000
 
3,747,905
 
 
Second Tier, Series F, 5.75%, 1/1/2038
 
6,500,000
 
6,935,370
 
Texas, Dallas/Fort Worth International Airport Revenue, Series A, AMT, 5.875%, 11/1/2016 (a)
 
6,500,000
 
6,814,340
 
Texas, Industrial Development Revenue, Waste Disposal Authority, Series A, AMT, 6.1%, 8/1/2024
 
2,000,000
 
2,033,060
 
Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue:
           
 
Series B, 0.91% **, 12/15/2017
 
10,000,000
 
8,812,100
 
 
Series B, 1.06% **, 12/15/2026
 
1,500,000
 
1,024,230
 
 
Series D, 6.25%, 12/15/2026
 
5,000,000
 
5,601,000
 
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue:
           
 
5.5%, 8/1/2021
 
1,155,000
 
1,244,720
 
 
5.5%, 8/1/2025
 
7,250,000
 
7,826,085
 
West Harris County, TX, Regional Water Authority, Water Systems Revenue, 5.0%, 12/15/2035
 
1,995,000
 
2,071,449
 
 
 
54,126,384
 
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
 
1,598,639
 
Washington 2.1%
 
Seattle, WA, Special Assessment Revenue:
           
 
Series B, AMT, 5.5%, 9/1/2011 (a)
 
1,085,000
 
1,098,714
 
 
Series B, AMT, 5.75%, 9/1/2013 (a)
 
1,045,000
 
1,058,042
 
Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, Series A, 6.125%, 8/15/2037
 
6,000,000
 
6,281,100
 
Washington, State Housing Finance Commission, Multi-Family Housing Revenue, Vintage at Silverdale LLC, Series A, AMT, 0.32% *, 9/15/2039
 
2,000,000
 
2,000,000
 
 
 
10,437,856
 
West Virginia 3.2%
 
West Virginia, Hospital Finance Authority Revenue, Charleston Medical Center:
           
 
Prerefunded, 6.75%, 9/1/2022
 
12,000,000
 
12,120,000
 
 
Prerefunded, 6.75%, 9/1/2030
 
4,000,000
 
4,040,000
 
 
 
16,160,000
 
Wisconsin 2.0%
 
Badge, WI, Tobacco Asset Securitization Corp., 6.125%, 6/1/2027
 
2,310,000
 
2,478,376
 
Wisconsin, State Health & Educational Facilities Authority Revenue, Aurora Health Care, Inc., Series A, 5.6%, 2/15/2029
 
6,000,000
 
6,001,380
 
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc. Obligation Group, 6.625%, 2/15/2039
 
1,555,000
 
1,728,600
 
 
 
10,208,356
 
 
Total Municipal Bonds and Notes (Cost $513,703,018)
 
568,845,965
 
 
 
Municipal Inverse Floating Rate Notes (d) 54.7%
 
California 4.3%
 
California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series F, 5.0%, 4/1/2031 (e)
 
10,000,000
 
10,649,358
 
 
Trust: California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series 1962-5, 144A, 13.334%, 4/1/2031, Leverage Factor at purchase date: 3 to 1
     
California, State General Obligation, 5.0%, 6/1/2023 (a) (e)
 
10,000,000
 
10,844,900
 
 
Trust: California, State General Obligation, Series 1932, 144A, 9.07%, 6/1/2023, Leverage Factor at purchase date: 2 to 1
     
 
 
21,494,258
 
Florida 6.9%
 
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2023 (a) (e)
 
3,740,000
 
3,974,013
 
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2024 (a) (e)
 
3,915,000
 
4,159,963
 
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2025 (a) (e)
 
4,122,500
 
4,380,447
 
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2026 (a) (e)
 
4,317,500
 
4,587,648
 
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2032 (a) (e)
 
16,470,000
 
17,500,534
 
 
Trust: Miami-Dade County, FL, Transit Improvements, Series 2008-1160, 144A, 9.311%, 7/1/2023, Leverage Factor at purchase date: 2 to 1
     
 
 
34,602,605
 
Massachusetts 5.0%
 
Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/1/2032 (e)
 
18,250,000
 
19,821,730
 
Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/1/2037 (e)
 
5,000,000
 
5,430,611
 
 
Trust: Massachusetts, State Pollution Control, Water Utility Improvements, Series 3159, 144A, 13.472%, 8/1/2032, Leverage Factor at purchase date: 3 to 1
     
 
 
25,252,341
 
Nevada 6.2%
 
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2028 (e)
 
9,447,355
 
10,177,668
 
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2029 (e)
 
9,919,723
 
10,686,551
 
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2030 (e)
 
9,627,878
 
10,372,146
 
 
Trust: Clark County, NV, General Obligation, Series 3158, 144A, 13.473%, 6/1/2028, Leverage Factor at purchase date: 3 to 1
     
 
 
31,236,365
 
New York 17.0%
 
New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%, 3/15/2026 (e)
 
13,500,000
 
15,197,895
 
 
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 (e)
 
10,000,000
 
11,107,854
 
 
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 (e)
 
10,000,000
 
11,244,400
 
 
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 (e)
 
5,425,000
 
5,903,079
 
New York, State Dormitory Authority Revenues, State Supported Debt, University Dormitory Facilities, 5.0%, 7/1/2027 (e)
 
8,080,000
 
8,792,052
 
 
Trust: New York, State Dormitory Authority Revenues, Series 3169, 144A, 13.271%, 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 (e)
 
12,000,000
 
12,966,720
 
 
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 (e)
 
17,560,000
 
19,563,245
 
 
Trust: New York City, NY, Series 2008-1190, 144A, 9.15%, 11/1/2027, Leverage Factor at purchase date: 2 to 1
     
 
 
84,775,245
 
Pennsylvania 2.3%
 
Pennsylvania, State General Obligation, Second Series, 5.0%, 1/1/2025 (e)
 
10,000,000
 
11,475,800
 
 
Trust: Pennsylvania, State General Obligation, Public Transit Improvements, Series 2008-1146, 144A, 9.14%, 1/1/2025, Leverage Factor at purchase date: 2 to 1
     
Tennessee 7.1%
 
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2027 (e)
 
10,756,695
 
12,099,328
 
 
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-3, 144A, 17.505%, 1/1/2027, Leverage Factor at purchase date: 4 to 1
     
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2026 (e)
 
10,200,000
 
11,544,258
 
 
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-2, 144A, 17.51%, 1/1/2026, Leverage Factor at purchase date: 4 to 1
     
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2028 (e)
 
10,564,925
 
11,809,104
 
 
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-4, 144A, 17.518%, 1/1/2028, Leverage Factor at purchase date: 4 to 1
     
 
 
35,452,690
 
Texas 2.3%
 
Texas, State General Obligation, Transportation Commission Mobility Fund, 5.0%, 4/1/2025 (e)
 
10,000,000
 
11,453,100
 
 
Trust: Texas, State General Obligation, Series 2008-1147, 144A, 9.14%, 4/1/2025, Leverage Factor at purchase date: 2 to 1
     
Virginia 3.6%
 
Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2027 (e)
 
8,190,000
 
9,337,290
 
Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2028 (e)
 
7,630,000
 
8,698,843
 
 
Trust: Virginia, State Resource Authority, Clean Water Revenue, Series 2917, 144A, 11.057%, 10/1/2027, Leverage Factor at purchase date: 2.5 to 1
     
 
 
18,036,133
 
 
Total Municipal Inverse Floating Rate Notes (Cost $253,811,312)
 
273,778,537
 

 
% of
Net Assets
 
Value ($)
 
 
Total Investment Portfolio (Cost $767,514,330) †
168.5
 
842,624,502
 
Other Assets and Liabilities, Net
(28.8)
 
(143,920,382)
 
Preferred Shares, at Redemption Value
(39.7)
 
(198,750,000)
 
                                                                                                                              
Net Assets Applicable to Common Shareholders
100.0
 
499,954,120
 

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 August 31, 2010.
**
These securities are shown at their current rate as of August 31, 2010.  Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate.
The cost for federal income tax purposes was $766,260,185.  At August 31, 2010, net unrealized appreciation for all securities based on tax cost was $76,364,317.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $78,303,722 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,939,405.
(a)
Bond is insured by one of these companies:

Insurance Coverage
 
As a % of Total
Investment Portfolio
 
Ambac Financial Group, Inc.
    3.4  
Assured Guaranty Corp.
    2.4  
Assured Guaranty Municipal Corp.
    9.7  
Financial Guaranty Insurance Co.
    1.1  
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)
When-issued security.
(d)
Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund.
(e)
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 August 31, 2010 in valuing the Fund's investments.

   
Level 1
   
Level 2
   
Level 3
   
Total
 
Assets
                       
Municipal Bonds and Notes(f)
  $     $ 842,624,502     $     $ 842,624,502  
Total
  $     $ 842,624,502     $     $ 842,624,502  

There have been no transfers in and out of Level 1 and Level 2 fair value measurements during the period ended August 31, 2010.
(f)
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:
October 21, 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.


By:
/s/Michael G. Clark
Michael G. Clark
President
   
Date:
October 21, 2010
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
October 21, 2010