nq022814ce-mit.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
60 Wall Street
New York, NY 10005
(Name and address of agent for service)
 
Registrant's telephone number, including area code:  (212) 250-3220
 
Date of fiscal year end:  11/30
 
Date of reporting period:  2/28/2014

ITEM 1.
SCHEDULE OF INVESTMENTS


Investment Portfolio   as of February 28, 2014  (Unaudited)
 
DWS Municipal Income Trust
 
Principal
Amount ($)
  
Value ($)
  
 
 
Municipal Bonds and Notes 117.8%
  
Arizona 1.1%
  
Arizona, Salt Verde Financial Corp., Gas Revenue:
              
 
5.0%, 12/1/2037, GTY: Citibank NA
  
1,050,000
  
1,103,991
  
 
5.5%, 12/1/2029, GTY: Citibank NA
  
1,400,000
  
1,573,614
  
Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Series A, 5.0%, 7/1/2040
  
3,000,000
  
3,094,320
  
 
 
5,771,925
  
California 19.7%
  
California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area, Series F-1, 5.125%, 4/1/2039
  
5,000,000
  
5,465,000
  
California, Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series A, 6.0%, 7/1/2039
  
3,500,000
  
3,848,460
  
California, M-S-R Energy Authority, Series A, 7.0%, 11/1/2034, GTY: Citigroup, Inc.
  
3,180,000
  
4,190,922
  
California, San Gorgonio Memorial Healthcare, Election of 2006, Series C, 7.2%, 8/1/2039
  
5,000,000
  
5,833,100
  
California, South Bayside Waste Management Authority, Solid Waste Enterprise Revenue, Shoreway Environmental Center, Series A, 6.25%, 9/1/2029
  
5,345,000
  
5,941,235
  
California, State General Obligation:
              
 
5.25%, 4/1/2035
  
4,295,000
  
4,796,484
  
 
5.5%, 3/1/2040
  
1,370,000
  
1,531,071
  
 
6.0%, 4/1/2038
  
10,000,000
  
11,645,100
  
California, State Public Works Board, Lease Revenue, Capital Projects, Series I-1, 6.375%, 11/1/2034
  
2,000,000
  
2,337,560
  
California, State Public Works Board, Lease Revenue, Department of General Services, Buildings 8 & 9, Series A, 6.25%, 4/1/2034
  
6,640,000
  
7,657,779
  
California, Statewide Communities Development Authority Revenue, American Baptist Homes of the West, 6.25%, 10/1/2039, GTY: American Baptist Homes of the Midwest
  
1,250,000
  
1,319,100
  
Corona-Norco, CA, Unified School District, Election of 2006, Series A, 5.0%, 8/1/2031, INS: AGMC
  
5,130,000
  
5,613,913
  
Kern, CA, High School District, Election of 2004, Series B, Prerefunded, 5.0%, 8/1/2030, INS: AGMC
  
7,270,000
  
7,566,761
  
Los Angeles, CA, Community College District, Election of 2008, Series C, 5.25%, 8/1/2039
  
3,000,000
  
3,362,850
  
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport, Series B, 5.0%, 5/15/2035
  
8,500,000
  
9,023,090
  
Port Oakland, CA, Series A, AMT, 5.0%, 11/1/2027, INS: NATL
  
5,850,000
  
6,293,957
  
San Diego County, CA, Regional Airport Authority Revenue, Series B, AMT, 5.0%, 7/1/2043
  
7,000,000
  
7,148,890
  
San Diego, CA, Community College District, Election of 2006, 5.0%, 8/1/2036
  
2,850,000
  
3,087,576
  
San Diego, CA, Unified School District, Election 2012, Series C, 5.0%, 7/1/2035
  
5,000,000
  
5,441,200
  
 
 
102,104,048
  
Colorado 2.6%
  
Colorado, E-470 Public Highway Authority Revenue, Series A-1, 5.5%, 9/1/2024, INS: NATL
  
2,500,000
  
2,638,250
  
Colorado, Health Facilities Authority Revenue, Covenant Retirement Communities, Inc., 5.0%, 12/1/2035
  
2,500,000
  
2,336,300
  
Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A, 5.5%, 1/1/2035
  
5,450,000
  
6,041,543
  
Denver, CO, City & County Airport Revenue, Series A, AMT, 5.25%, 11/15/2043
  
2,400,000
  
2,489,496
  
 
 
13,505,589
  
District of Columbia 0.8%
  
District of Columbia, Metropolitan Airport Authority Systems Revenue:
              
 
Series A, AMT, 5.0%, 10/1/2038
  
800,000
  
841,352
  
 
Series A, AMT, 5.0%, 10/1/2043
  
3,400,000
  
3,551,334
  
 
 
4,392,686
  
Florida 10.5%
  
Miami-Dade County, FL, Aviation Revenue, Series A, 5.5%, 10/1/2041
  
10,000,000
  
10,747,100
  
Miami-Dade County, FL, Aviation Revenue, Miami International Airport:
              
 
Series A, AMT, 5.25%, 10/1/2033, INS: AGC
  
8,500,000
  
9,148,805
  
 
Series A-1, 5.375%, 10/1/2035
  
2,000,000
  
2,133,420
  
Miami-Dade County, FL, Educational Facilities Authority Revenue, University of Miami, Series A, 5.75%, 4/1/2028
  
3,000,000
  
3,234,600
  
Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%, 7/1/2035, INS: AGMC
  
3,000,000
  
3,144,990
  
North Brevard County, FL, Hospital District Revenue, Parrish Medical Center Project:
              
 
5.5%, 10/1/2028
  
5,290,000
  
5,572,010
  
 
5.75%, 10/1/2038
  
5,000,000
  
5,260,700
  
Orlando & Orange County, FL, Expressway Authority Revenue:
              
 
Series C, 5.0%, 7/1/2035
  
2,705,000
  
2,806,681
  
 
Series A, 5.0%, 7/1/2040
  
11,895,000
  
12,268,979
  
 
 
54,317,285
  
Georgia 7.8%
  
Atlanta, GA, Airport Revenue:
              
 
Series A, 5.0%, 1/1/2035
  
1,030,000
  
1,079,028
  
 
Series C, AMT, 5.0%, 1/1/2037
  
1,690,000
  
1,743,522
  
Atlanta, GA, Water & Wastewater Revenue, Series A, 6.25%, 11/1/2039
  
5,815,000
  
6,677,423
  
Gainesville & Hall County, GA, Hospital Authority Revenue, Anticipation Certificates, Northeast Georgia Healthcare, Series A, 5.5%, 2/15/2045
  
2,135,000
  
2,196,061
  
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
              
 
Series A, 5.0%, 3/15/2020, GTY: JPMorgan Chase & Co.
  
7,250,000
  
8,185,322
  
 
Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co., Inc.
  
5,000,000
  
5,703,450
  
 
Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch & Co., Inc.
  
10,000,000
  
11,036,300
  
Georgia, Medical Center Hospital Authority Revenue, Anticipation Certificates, Columbus Regional Healthcare Systems, 6.5%, 8/1/2038, INS: AGC
  
3,300,000
  
3,615,315
  
 
 
40,236,421
  
Guam 0.1%
  
Guam, International Airport Authority Revenue, Series C, AMT, 6.375%, 10/1/2043
  
535,000
  
564,398
  
Hawaii 1.1%
  
Hawaii, State Airports Systems Revenue, Series A, 5.0%, 7/1/2039
  
4,200,000
  
4,364,976
  
Hawaii, State Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., Inc., 6.5%, 7/1/2039, GTY: Hawaiian Electric Co., Inc.
  
1,000,000
  
1,092,470
  
 
 
5,457,446
  
Idaho 1.0%
  
Idaho, Health Facilities Authority Revenue, St. Luke's Regional Medical Center:
              
 
5.0%, 7/1/2035, INS: AGMC
  
2,500,000
  
2,565,375
  
 
6.75%, 11/1/2037
  
2,135,000
  
2,367,566
  
 
 
4,932,941
  
Illinois 7.7%
  
Chicago, IL, Airport Revenue, O'Hare International Airport:
              
 
Series A, 5.75%, 1/1/2039
  
5,000,000
  
5,347,500
  
 
Series B, 6.0%, 1/1/2041
  
9,000,000
  
9,979,470
  
Chicago, IL, General Obligation, Series A, 5.25%, 1/1/2035
  
2,025,000
  
2,072,142
  
Illinois, Finance Authority Revenue, Advocate Health Care Network:
              
 
Series B, 5.375%, 4/1/2044
  
2,500,000
  
2,608,275
  
 
Series D, 6.5%, 11/1/2038
  
1,000,000
  
1,141,780
  
Illinois, Finance Authority Revenue, Memorial Health Systems, 5.5%, 4/1/2039
  
4,200,000
  
4,379,340
  
Illinois, Finance Authority Revenue, Northwest Community Hospital, Series A, 5.5%, 7/1/2038
  
5,750,000
  
5,959,185
  
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, McCormick Place, Series B, 5.0%, 6/15/2050, INS: AGMC
  
3,000,000
  
3,006,120
  
Illinois, Railsplitter Tobacco Settlement Authority, 6.0%, 6/1/2028
  
915,000
  
1,047,519
  
Illinois, State Finance Authority Revenue, Ascension Health Credit Group, Series A, 5.0%, 11/15/2032
  
730,000
  
772,844
  
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%, 5/15/2041
  
1,580,000
  
1,611,884
  
Illinois, State General Obligation, 5.5%, 7/1/2038
  
385,000
  
409,694
  
University of Illinois, Auxiliary Facilities Systems, Series A, 5.25%, 4/1/2041
  
1,250,000
  
1,327,763
  
 
 
39,663,516
  
Indiana 1.3%
  
Indiana, Finance Authority Hospital Revenue, Deaconess Hospital Obligation, Series A, 6.75%, 3/1/2039
  
1,745,000
  
1,937,456
  
Indiana, State Finance Authority Revenue, Community Foundation of Northwest Indiana, 5.0%, 3/1/2041
  
5,000,000
  
5,045,950
  
 
 
6,983,406
  
Kansas 0.6%
  
Olathe, KS, Health Facilities Revenue, Olathe Medical Center, Inc., 144A, 0.05% *, 9/1/2032, LOC: Bank of America NA
  
3,000,000
  
3,000,000
  
Kentucky 1.8%
  
Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series A-1, 6.0%, 12/1/2042, INS: AGC
  
4,000,000
  
4,077,000
  
Louisville & Jefferson County, KY, Metropolitan Government Health Systems Revenue, Norton Healthcare, Inc., 5.0%, 10/1/2030
  
5,000,000
  
5,055,450
  
 
 
9,132,450
  
Louisiana 1.0%
  
Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%, 11/1/2040
  
3,000,000
  
3,089,850
  
Louisiana, St. John Baptist Parish Revenue, Marathon Oil Corp., Series A, 5.125%, 6/1/2037
  
2,315,000
  
2,325,834
  
 
 
5,415,684
  
Maryland 0.5%
  
Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health Systems, Series A, 6.75%, 7/1/2039
  
1,100,000
  
1,300,376
  
Maryland, State Health & Higher Educational Facilities Authority Revenue, Washington County Hospital, 5.75%, 1/1/2033
  
1,500,000
  
1,532,985
  
 
 
2,833,361
  
Massachusetts 2.2%
  
Massachusetts, Airport Revenue, U.S. Airways, Inc. Project, Series A, AMT, 5.875%, 9/1/2023, INS: NATL
  
5,000,000
  
5,003,050
  
Massachusetts, State Development Finance Agency Revenue, Northeastern University, Series A, 5.25%, 3/1/2037
  
2,500,000
  
2,724,425
  
Massachusetts, State Health & Educational Facilities Authority Revenue, Suffolk University, Series A, 5.75%, 7/1/2039
  
3,570,000
  
3,768,278
  
 
 
11,495,753
  
Michigan 3.9%
  
Detroit, MI, Water & Sewerage Department, Sewerage Disposal System Revenue, Series A, 5.25%, 7/1/2039
  
1,120,000
  
1,088,584
  
Michigan, State Building Authority Revenue, Series I-A, 5.375%, 10/15/2041
  
7,500,000
  
8,077,500
  
Michigan, State Building Authority Revenue, Facilities Program:
              
 
Series H, 5.125%, 10/15/2033
  
2,495,000
  
2,666,257
  
 
Series I, 6.0%, 10/15/2038
  
1,000,000
  
1,129,970
  
Michigan, State Hospital Finance Authority Revenue, Henry Ford Health Hospital, 5.75%, 11/15/2039
  
5,000,000
  
5,183,950
  
Royal Oak, MI, Hospital Finance Authority Revenue, William Beaumont Hospital, 8.25%, 9/1/2039
  
1,800,000
  
2,197,260
  
 
 
20,343,521
  
Minnesota 0.3%
  
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 6.75%, 11/15/2032
  
1,140,000
  
1,330,790
  
Mississippi 0.3%
  
Warren County, MS, Gulf Opportunity Zone, International Paper Co., Series A, 6.5%, 9/1/2032
  
1,525,000
  
1,680,184
  
Nevada 3.9%
  
Clark County, NV, Airport Revenue, Series B, 5.125%, 7/1/2036
  
4,305,000
  
4,537,642
  
Henderson, NV, Health Care Facility Revenue, Catholic Healthcare West, Series B, 5.25%, 7/1/2031
  
10,000,000
  
10,226,600
  
Las Vegas Valley, NV, Water District, Series B, 5.0%, 6/1/2037
  
4,830,000
  
5,161,290
  
 
 
19,925,532
  
New Jersey 5.8%
  
New Jersey, Hospital & Healthcare Revenue, General Hospital Center at Passaic, ETM, 6.75%, 7/1/2019, INS: AGMC
  
5,000,000
  
5,967,300
  
New Jersey, Industrial Development Revenue, Economic Development Authority, Harrogate, Inc., Series A, 5.875%, 12/1/2026
  
1,400,000
  
1,397,368
  
New Jersey, State Economic Development Authority Revenue, The Goethals Bridge Replacement Project, AMT, 5.125%, 7/1/2042, INS: AGMC
  
1,250,000
  
1,266,700
  
New Jersey, State Transportation Trust Fund Authority, Transportation Program, Series AA, 5.5%, 6/15/2039
  
1,730,000
  
1,914,850
  
New Jersey, State Transportation Trust Fund Authority, Transportation Systems:
              
 
Series B, 5.25%, 6/15/2036
  
2,500,000
  
2,675,525
  
 
Series B, 5.5%, 6/15/2031
  
6,200,000
  
6,956,090
  
 
Series A, 5.5%, 6/15/2041
  
5,460,000
  
5,946,541
  
 
Series A, 6.0%, 12/15/2038
  
1,955,000
  
2,231,026
  
New Jersey, State Turnpike Authority Revenue, Series E, 5.25%, 1/1/2040
  
1,750,000
  
1,875,878
  
 
 
30,231,278
  
New York 7.1%
  
New York, Metropolitan Transportation Authority Revenue:
              
 
Series C, 5.0%, 11/15/2038
  
6,000,000
  
6,356,160
  
 
Series D, 5.0%, 11/15/2038
  
1,090,000
  
1,157,558
  
 
Series C, 5.0%, 11/15/2042
  
5,000,000
  
5,238,450
  
 
Series A-1, 5.25%, 11/15/2039
  
4,000,000
  
4,326,960
  
New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, City University, Series A, 5.625%, 7/1/2016
  
1,480,000
  
1,577,946
  
New York, State Environmental Facilities Corp., State Clean Water & Drinking Revolving Funds, New York City Municipal Water Finance Authority Projects, 5.0%, 6/15/2036
  
2,000,000
  
2,169,500
  
New York, State Liberty Development Corp. Revenue, World Trade Center Port Authority Construction, 5.25%, 12/15/2043
  
8,000,000
  
8,533,920
  
New York, Utility Debt Securitization Authority, Restructuring Revenue:
              
 
Series TE, 5.0%, 12/15/2034
  
800,000
  
894,888
  
 
Series TE, 5.0%, 12/15/2035
  
1,000,000
  
1,112,490
  
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Second General Resolution, Series EE, 5.375%, 6/15/2043
  
3,750,000
  
4,066,763
  
Niagara Falls, NY, School District General Obligation, 5.6%, 6/15/2014, INS: AGMC
  
1,180,000
  
1,199,305
  
 
 
36,633,940
  
North Carolina 0.7%
  
North Carolina, Medical Care Commission, Health Care Facilities Revenue, University Health System, Series D, 6.25%, 12/1/2033
  
3,000,000
  
3,411,120
  
North Dakota 0.7%
  
Fargo, ND, Sanford Health Systems Revenue, 6.25%, 11/1/2031
  
3,240,000
  
3,731,346
  
Ohio 2.9%
  
Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series A, 6.5%, 11/15/2037
  
1,500,000
  
1,756,995
  
Ohio, State Hospital Facility Revenue, Cleveland Clinic Health:
              
 
Series A, 5.5%, 1/1/2039
  
5,000,000
  
5,553,250
  
 
Series B, 5.5%, 1/1/2039
  
3,500,000
  
3,748,710
  
Ohio, State Turnpike Commission, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/2039
  
3,520,000
  
3,797,763
  
 
 
14,856,718
  
Pennsylvania 2.3%
  
Allegheny County, PA, Hospital Development Authority Revenue, University of Pittsburgh Medical, 5.625%, 8/15/2039
  
1,700,000
  
1,885,708
  
Franklin County, PA, Industrial Development Authority Revenue, Chambersburg Hospital Project, 5.375%, 7/1/2042
  
7,000,000
  
7,228,970
  
Philadelphia, PA, Airport Revenue, Series A, 5.0%, 6/15/2035
  
2,835,000
  
2,940,916
  
 
 
12,055,594
  
Puerto Rico 3.9%
  
Puerto Rico, Electric Power Authority Revenue, Series A, 6.75%, 7/1/2036
  
3,205,000
  
2,351,733
  
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
              
 
Series A, 5.5%, 8/1/2042
  
3,000,000
  
2,332,980
  
 
Series A, 6.0%, 8/1/2042
  
3,200,000
  
2,645,152
  
 
Series A, 6.375%, 8/1/2039
  
15,000,000
  
12,899,250
  
 
 
20,229,115
  
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
  
2,277,480
  
South Carolina 3.5%
  
Charleston County, SC, Airport District, Airport System Revenue, Series A, AMT, 5.875%, 7/1/2032
  
6,560,000
  
7,310,136
  
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2031
  
1,000,000
  
1,066,370
  
South Carolina, State Ports Authority Revenue, 5.25%, 7/1/2040
  
2,550,000
  
2,696,829
  
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, 5.75%, 12/1/2043
  
6,220,000
  
7,019,457
  
 
 
18,092,792
  
Tennessee 1.7%
  
Clarksville, TN, Natural Gas Acquisition Corp., Gas Revenue, 5.0%, 12/15/2021, GTY: Merrill Lynch & Co., Inc.
  
2,000,000
  
2,231,680
  
Jackson, TN, Hospital Revenue, Jackson-Madison Project, 5.625%, 4/1/2038
  
4,000,000
  
4,246,040
  
Sullivan County, TN, Health, Educational & Housing Facilities Board, Hospital Revenue, Wellmont Health Systems Project, Series C, 5.25%, 9/1/2036
  
2,050,000
  
2,059,532
  
 
 
8,537,252
  
Texas 15.8%
  
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann Healthcare System, Series B, Prerefunded, 7.25%, 12/1/2035
  
1,000,000
  
1,289,140
  
Harris County, TX, Houston Port Authority, Series A, AMT, 6.25%, 10/1/2029
  
3,000,000
  
3,484,020
  
Houston, TX, Airport Revenue, People Mover Project, Series A, AMT, 5.5%, 7/15/2017, INS: AGMC
  
2,710,000
  
2,721,111
  
North Texas, Tollway Authority Revenue:
              
 
First Tier, Series A, 5.625%, 1/1/2033
  
3,500,000
  
3,822,245
  
 
Second Tier, Series F, 5.75%, 1/1/2038
  
6,500,000
  
6,906,900
  
 
First Tier, 6.0%, 1/1/2043
  
5,000,000
  
5,481,800
  
North Texas, Tollway Authority Revenue, Special Project Systems, Series D, 5.0%, 9/1/2032
  
2,000,000
  
2,186,220
  
Texas, Dallas/Fort Worth International Airport Revenue:
              
 
Series F, AMT, 5.0%, 11/1/2035
  
2,000,000
  
2,035,620
  
 
Series H, AMT, 5.0%, 11/1/2042
  
5,425,000
  
5,474,530
  
 
Series F, 5.25%, 11/1/2033
  
3,500,000
  
3,814,195
  
 
Series A, 5.25%, 11/1/2038
  
4,000,000
  
4,240,840
  
Texas, Grand Parkway Transportation Corp., System Toll Revenue, Series B, 5.0%, 4/1/2053
  
3,500,000
  
3,597,860
  
Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue:
              
 
Series B, 0.713% **, 12/15/2017, GTY: Merrill Lynch & Co., Inc.
  
5,715,000
  
5,676,653
  
 
Series B, 0.863% **, 12/15/2026, GTY: Merrill Lynch & Co., Inc.
  
1,500,000
  
1,241,445
  
 
Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co., Inc.
  
5,000,000
  
6,000,850
  
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue:
              
 
5.5%, 8/1/2021, GTY: The Goldman Sachs Group, Inc.
  
1,155,000
  
1,326,009
  
 
5.5%, 8/1/2025, GTY: The Goldman Sachs Group, Inc.
  
7,250,000
  
8,182,423
  
Texas, Southwest Higher Education Authority, Inc., Southern Methodist University Project, 5.0%, 10/1/2035
  
1,600,000
  
1,778,128
  
Texas, State Municipal Gas Acquisition & Supply Corp., III Gas Supply Revenue:
              
 
5.0%, 12/15/2030
  
250,000
  
256,605
  
 
5.0%, 12/15/2031
  
3,165,000
  
3,237,130
  
 
5.0%, 12/15/2032
  
2,000,000
  
2,038,360
  
West Harris County, TX, Regional Water Authority, Water Systems Revenue, 5.0%, 12/15/2035
  
6,500,000
  
6,910,735
  
 
 
81,702,819
  
Virgin Islands 0.5%
  
Virgin Islands, Public Finance Authority Revenue, Gross Receipts Tax Loan Note, Series A, 5.0%, 10/1/2032
  
2,500,000
  
2,526,850
  
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
  
1,575,144
  
Washington 3.7%
  
Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, Series A, 6.125%, 8/15/2037
  
6,000,000
  
6,237,240
  
Washington, State Health Care Facilities Authority, Catholic Health Initiatives, Series A, 5.0%, 2/1/2041
  
5,000,000
  
5,102,400
  
Washington, State Health Care Facilities Authority, Swedish Health Services, Series A, Prerefunded, 6.75%, 11/15/2041
  
1,825,000
  
2,427,359
  
Washington, State Motor Vehicle Tax-Senior 520 Corridor Program, Series C, 5.0%, 6/1/2031
  
5,000,000
  
5,546,100
  
 
 
19,313,099
  
Wisconsin 0.3%
  
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc. Obligation Group, 6.625%, 2/15/2039
  
1,555,000
  
1,709,194
  
 
Total Municipal Bonds and Notes (Cost $553,791,704)
  
609,970,677
  
 
 
Municipal Inverse Floating Rate Notes (a) 42.9%
  
California 2.1%
  
California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series F, 5.0%, 4/1/2031 (b)
  
10,000,000
  
11,123,695
  
 
Trust: California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series 1962-5, 144A, 13.813%, 4/1/2014, Leverage Factor at purchase date: 3 to 1
      
Florida 6.9%
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2023, INS: AGMC (b)
  
3,740,000
  
4,112,727
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2024, INS: AGMC (b)
  
3,915,000
  
4,305,168
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2025, INS: AGMC (b)
  
4,122,500
  
4,533,347
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2026, INS: AGMC (b)
  
4,317,500
  
4,747,781
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2032, INS: AGMC (b)
  
16,470,000
  
18,111,395
  
 
Trust: Miami-Dade County, FL, Transit Improvements, Series 2008-1160, 144A, 9.391%, 7/1/2016, Leverage Factor at purchase date: 2 to 1
      
 
 
35,810,418
  
Massachusetts 4.9%
  
Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/1/2032 (b)
  
18,250,000
  
19,877,185
  
Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/28/2037 (b)
  
5,000,000
  
5,445,804
  
 
Trust: Massachusetts, State Pollution Control, Water Utility Improvements, Series 3159, 144A, 13.791%, 8/1/2015, Leverage Factor at purchase date: 3 to 1
      
 
 
25,322,989
  
Nevada 6.2%
  
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2028 (b)
  
9,447,355
  
10,400,206
  
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2029 (b)
  
9,919,723
  
10,920,216
  
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/3/2030 (b)
  
9,627,878
  
10,598,935
  
 
Trust: Clark County, NV, General Obligation, Series 3158, 144A, 13.793%, 6/1/2016, Leverage Factor at purchase date: 3 to 1
      
 
 
31,919,357
  
New York 12.2%
  
New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%, 3/15/2026 (b)
  
10,000,000
  
11,065,132
  
 
Trust: New York, State Dormitory Authority Revenue, Series 3160, 144A, 13.793%, 3/15/2015, 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 (b)
  
10,000,000
  
11,096,200
  
 
Trust: New York, State Dormitory Authority Revenue, Secondary Issues, Series 1955-3, 144A, 18.29%, 3/15/2015, 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 (b)
  
5,425,000
  
6,025,938
  
New York, State Dormitory Authority Revenues, State Supported Debt, University Dormitory Facilities, 5.0%, 7/1/2027 (b)
  
8,080,000
  
8,975,037
  
 
Trust: New York, State Dormitory Authority Revenues, Series 3169, 144A, 13.79%, 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 (b)
  
6,000,000
  
6,603,420
  
 
Trust: New York, Triborough Bridge & Tunnel Authority Revenues, Series 2008-1188, 144A, 9.36%, 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 (b)
  
17,560,000
  
19,614,169
  
 
Trust: New York City, NY, Series 2008-1190, 144A, 9.36%, 11/1/2027, Leverage Factor at purchase date: 2 to 1
      
 
 
63,379,896
  
Tennessee 7.1%
  
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2027 (b)
  
10,756,695
  
12,478,510
  
 
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-3, 144A, 18.285%, 1/1/2016, Leverage Factor at purchase date: 4 to 1
      
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2026 (b)
  
10,200,000
  
11,832,204
  
 
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-2, 144A, 18.29%, 1/1/2016, Leverage Factor at purchase date: 4 to 1
      
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2028 (b)
  
10,564,925
  
12,254,736
  
 
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-4, 144A, 18.298%, 1/1/2016, Leverage Factor at purchase date: 4 to 1
      
 
 
36,565,450
  
Virginia 3.5%
  
Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2027 (b)
  
8,190,000
  
9,284,366
  
Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2028 (b)
  
7,630,000
  
8,649,538
  
 
Trust: Virginia, State Resource Authority, Clean Water Revenue, Series 2917, 144A, 11.477%, 10/1/2028, Leverage Factor at purchase date: 2.5 to 1
      
 
 
17,933,904
  
 
Total Municipal Inverse Floating Rate Notes (Cost $201,485,195)
  
222,055,709
  
         
 
% of
Net Assets
  
Value ($)
  
 
Total Investment Portfolio (Cost $755,276,899) †
160.7
  
832,026,386
  
MTPS, at Liquidation Value
(36.5)
  
(188,865,000)
  
Other Assets and Liabilities, Net
(22.3)
  
(115,679,603)
  
Remarketed Prefunded Shares, at Liquidation Value
(1.9)
  
(9,885,000)
  
 
Net Assets Applicable to Common Shareholders
100.0
  
517,596,783
  

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 payable on demand and are shown at their current rates as of February 28, 2014.
**
Floating rate securities’ yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rate as of February 28, 2014.
†
The cost for federal income tax purposes was $626,367,792.  At February 28, 2014, net unrealized appreciation for all securities based on tax cost was $79,812,018.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $82,947,995 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $3,135,977.
(a)
Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund.
(b)
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.
AGC: Assured Guaranty Corp.
AGMC: Assured Guaranty Municipal Corp.
AMT: Subject to alternative minimum tax.
ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.
GTY: Guaranty Agreement
INS: Insured
LOC: Letter of Credit
NATL: National Public Finance Guarantee Corp.
Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. 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, 2014 in valuing the Fund's investments.

Assets
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Municipal Investments(c)
   $ —     $ 832,026,386     $ —     $ 832,026,386  
Total
   $ —     $ 832,026,386     $ —     $ 832,026,386  

There have been no transfers between fair value measurement levels during the period ended February 28, 2014.
(c)
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/Brian E. Binder
Brian E. Binder
President
   
Date:
April 22, 2014


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/Brian E. Binder
Brian E. Binder
President
   
Date:
April 22, 2014
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
April 22, 2014