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 Scudder Municipal Income Trust ------------------------------ (Exact name of registrant as specified in charter) 222 South Riverside Plaza Chicago, IL 60606 (Address of principal executive offices) (Zip code) Paul Schubert 345 Park Avenue New York, NY 10154 (Name and address of agent for service) Registrant's telephone number, including area code: (212) 454-7190 -------------- Date of fiscal year end: 11/30 ----- Date of reporting period: 8/31/05 -------- Form N-Q is to be used by registered management investment companies, other than small business investment companies registered on Form N-5 (ss.ss. 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-4). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. SCHEDULE OF INVESTMENTS Investment Portfolio as of August 31, 2005 (Unaudited) ------------------------------------------------------------------------------------------------------------ Scudder Municipal Income Trust Principal Amount ($) Value ($) --------------------------------- ------------------------------------------------------------------------------------------------------------ Municipal Bonds and Notes 154.5% ------------------------------------------------------------------------------------------------------------ Alabama 5.2% Alabama, Port Authority Revenue, Docks Department, AMT, 6.3%, 10/1/2021 (a) 8,250,000 8,678,835 Camden, AL, Industrial Development Board Revenue, AMT, Series B, 6.375%, 12/1/2024 1,000,000 1,103,300 Huntsville, AL, Hospital & Healthcare Revenue, Health Care Authority, Series A, 5.75%, 6/1/2031 5,500,000 5,885,605 Huntsville, AL, Water & Sewer Revenue, AMT, 5.75%, 10/1/2011 (a) 8,560,000 9,376,453 ------------- 25,044,193 Arizona 1.6% Arizona, Hospital & Healthcare Revenue, Health Facilities Authority, Catholic Healthcare West, Series A, 6.625%, 7/1/2020 7,000,000 7,900,410 California 19.0% California, Electric Revenue, Department of Water Resources and Power Supply, Series A, 5.375%, 5/1/2022 7,350,000 8,044,281 California, General Obligation, Economic Recovery, Series A, 5.0%, 7/1/2015 (a) 8,500,000 9,383,065 California, Hospital & Healthcare Revenue, Health Facilities Funding Authority, Adventist Health Systems, Series A, 5.0%, 3/1/2028 1,000,000 1,031,210 California, Special Assessment Revenue, Golden State Tobacco Securitization Corp.: Series B, 5.625%, 6/1/2038 7,080,000 8,102,423 Series 2003-A-1, 6.75%, 6/1/2039 11,730,000 13,535,130 California, State General Obligation: 5.0%, 12/1/2020 4,600,000 4,955,902 5.0%, 6/1/2026 1,000,000 1,069,040 5.0%, 6/1/2031 (a) 4,965,000 5,284,150 5.125%, 4/1/2024 4,400,000 4,734,972 5.25%, 12/1/2021 10,215,000 11,382,268 5.25%, 4/1/2030 6,250,000 6,822,688 California, State Revenue Lease, Public Works Board, Department of Corrections, Series C, 5.5%, 6/1/2021 2,500,000 2,776,900 California, State Revenue Lease, Public Works Board, University of California Projects, Series F, 5.0%, 11/1/2025 1,000,000 1,063,030 Elk Grove, CA, California Finance Authority, Special Tax Revenue, 5.0%, 9/1/2029 (a) 5,000,000 5,330,200 Palmdale, CA, Water District Revenue, Certificates of Participation, 5.0%, 10/1/2034 (a) 3,570,000 3,784,271 Sacramento County, CA, Airport Revenue, AMT, Series A, 5.9%, 7/1/2024 (a) 5,000,000 5,204,100 ------------- 92,503,630 Colorado 8.2% Adams County, CO, Multi-Family Housing Revenue, Oasis Park Apartments Project, Series A, 6.15%, 1/1/2026 6,000,000 6,149,340 Colorado, Hospital & Healthcare Revenue, Portercare Adventist Health Project, 6.5%, 11/15/2031 1,000,000 1,123,700 Colorado, Hospital & Healthcare Revenue, Poudre Valley Health Facilities: Series A, 5.5%, 12/1/2017 (a) 6,145,000 6,763,064 Series A, 6.0%, 12/1/2015 (a) 5,705,000 6,391,369 Series A, 6.0%, 12/1/2016 (a) 2,000,000 2,240,620 Colorado, Single Family Housing Revenue, AMT, Series B2, 7.25%, 10/1/2031 335,000 342,745 Colorado, Transportation/Tolls Revenue, Anticipation Note, Prerefunded, 6.0%, 6/15/2011 (a) 10,000,000 11,289,300 Denver, CO, Airport Revenue, AMT, Series A, 6.0%, 11/15/2014 (a) 5,000,000 5,578,250 ------------- 39,878,388 District of Columbia 7.5% District of Columbia, Core City General Obligation, Series B, 5.5%, 6/1/2011 (a) 20,000,000 22,219,800 District of Columbia, ETM, Series A, Prerefunded, 5.5%, 6/1/2014 (a) 640,000 695,142 District of Columbia, State General Obligation: Series A, 5.25%, 6/1/2027 (a) 10,830,000 11,446,985 Series A, 5.5%, 6/1/2014 (a) 1,860,000 2,018,342 ------------- 36,380,269 Florida 6.3% Dade County, FL, Airport Revenue, AMT, Series A, 5.75%, 10/1/2026 (a) 13,000,000 13,578,890 Dade County, FL, Special Assessment Revenue: Series B, Prerefunded, Zero Coupon, 10/1/2022 (a) 7,735,000 2,991,975 Series B, Prerefunded, Zero Coupon, 10/1/2024 (a) 16,955,000 5,776,230 Hillsborough County, FL, Industrial Development Revenue, University Community Hospital Project, Series A, 5.625%, 8/15/2023 1,000,000 1,040,220 Miami-Dade County, FL, Transportation/Tolls Revenue, Expressway Authority: 6.0%, 7/1/2013 (a) 1,665,000 1,880,051 6.0%, 7/1/2014 (a) 1,000,000 1,129,160 Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System, 5.75%, 12/1/2032 1,000,000 1,079,410 Palm Beach County, FL, School District Revenue Lease, Series A, Prerefunded, 5.75%, 8/1/2017 (a) 2,850,000 3,205,538 ------------- 30,681,474 Georgia 1.3% Atlanta, GA, Water & Wastewater Revenue, Water Utilities Improvements, 5.0%, 11/1/2024 (a) 4,000,000 4,299,440 Burke County, GA, Development Authority Pollution Control Revenue, Oglethorpe Power Corp., 2.34% *, 1/1/2022 (a) 2,000,000 2,000,000 ------------- 6,299,440 Hawaii 7.3% Hawaii, Airport System Revenue, AMT, Series B, 6.5%, 7/1/2013 (a) 8,800,000 10,025,840 Hawaii, Electric Revenue, Department of Budget & Finance, AMT: Series D, 6.15%, 1/1/2020 (a) 2,195,000 2,393,406 Series A, 6.2%, 5/1/2026 (a) 13,200,000 13,585,440 Hawaii, Port Authority Revenue, AMT: Series A, 6.0%, 7/1/2011 (a) 2,950,000 3,296,625 Series A, 6.0%, 7/1/2012 (a) 3,135,000 3,480,477 Hawaii, State General Obligation, Series CT, Prerefunded, 5.75%, 9/1/2014 (a) 2,310,000 2,557,678 ------------- 35,339,466 Idaho 0.0% Idaho, Single Family Housing Revenue, AMT, Series C2, 6.9%, 7/1/2025 230,000 230,354 Illinois 7.9% Chicago, IL, Airport Revenue, O'Hare International Airport, AMT, 5.5%, 1/1/2014 (a) 10,000,000 10,818,200 Chicago, IL, Core City General Obligation: Series A, Prerefunded, 6.0%, 1/1/2014 (a) 2,085,000 2,362,784 Series A, Prerefunded, 6.125%, 1/1/2015 (a) 2,000,000 2,277,580 Series A, 6.125%, 1/1/2016 (a) 2,000,000 2,277,580 Chicago, IL, Other General Obligation, Neighborhoods Alive 21 Project: Series A, Prerefunded, 6.0%, 1/1/2015 (a) 1,000,000 1,133,230 Series A, 6.0%, 1/1/2017 (a) 1,000,000 1,133,230 Illinois, Higher Education Revenue, DePaul University, Educational Facilities Authority: Prerefunded, 5.625%, 10/1/2013 (a) 2,695,000 3,021,553 Prerefunded, 5.625%, 10/1/2015 (a) 1,710,000 1,917,201 Illinois, Hospital & Healthcare Revenue, Children's Memorial Hospital, Series A, Prerefunded, 5.625%, 8/15/2019 (a) 4,000,000 4,397,640 Illinois, Hospital & Healthcare Revenue, Development Finance Authority, Adventist Health System, 5.5%, 11/15/2020 2,500,000 2,641,450 Illinois, Sales & Special Tax Revenue, Metropolitan Pier & Exposition Authority: Series A, ETM, 5.5%, 6/15/2017 (a) 1,955,000 2,283,538 Series A, 5.5%, 6/15/2017 (a) 1,555,000 1,803,411 Will County, IL, Industrial Development Revenue, Mobil Oil Refining Corp. Project, AMT, 6.0%, 2/1/2027 2,000,000 2,086,860 ------------- 38,154,257 Indiana 1.1% Indiana, Hospital & Healthcare Revenue, Health Facilities Authority, 5.5%, 11/1/2031 5,000,000 5,314,050 Kansas 0.7% Overland Park, KS, Industrial Development Revenue, Series A, 7.375%, 1/1/2032 3,000,000 3,293,520 Kentucky 1.4% Kentucky, Hospital & Healthcare Revenue, Economic Development Finance Authority, Norton Healthcare, Inc.: Series A, 6.5%, 10/1/2020 2,000,000 2,222,280 Series A, 6.625%, 10/1/2028 4,000,000 4,428,520 ------------- 6,650,800 Louisiana 0.5% Louisiana, Electric Revenue, 5.75%, 1/1/2013 (a) 2,000,000 2,286,640 Maine 1.7% Maine, Hospital & Healthcare Revenue, Series D, 5.7%, 7/1/2013 (a) 1,550,000 1,568,848 Maine, Transportation/Tolls Revenue, 5.0%, 7/1/2017 (a) 6,165,000 6,521,954 ------------- 8,090,802 Maryland 0.6% Maryland, Hospital & Healthcare Revenue, University of Maryland Medical System, 6.75%, 7/1/2030 2,500,000 2,809,925 Massachusetts 3.5% Massachusetts, Airport Revenue, AMT, Series B, 5.5%, 7/1/2009 (a) 8,000,000 8,626,960 Massachusetts, Airport Revenue, U.S. Airways, Inc. Project, AMT, Series A, 5.875%, 9/1/2023 (a) 5,000,000 5,203,950 Massachusetts, Port Authority Revenue, AMT, Series B, 5.5%, 7/1/2015 (a) 3,000,000 3,215,580 ------------- 17,046,490 Michigan 2.1% Chippewa County, MI, Hospital & Healthcare Revenue, Chippewa County War Memorial, Series B, 5.625%, 11/1/2014 1,500,000 1,527,420 Michigan, Industrial Development Revenue: 5.5%, 6/1/2018 (a) 3,425,000 3,740,203 5.75%, 6/1/2016 (a) 4,640,000 5,130,355 ------------- 10,397,978 Minnesota 1.5% Minneapolis & St. Paul, MN, Airport Revenue, AMT, Series B, 6.0%, 1/1/2012 (a) 4,395,000 4,828,918 Minneapolis & St. Paul, MN, Port Authority Revenue, AMT, Series B, 5.625%, 1/1/2015 (a) 2,500,000 2,685,875 ------------- 7,514,793 Missouri 1.2% Missouri, Hospital & Healthcare Revenue, Lake of the Ozarks General Hospital: Prerefunded, 6.5%, 2/15/2021 760,000 787,094 6.5%, 2/15/2021 365,000 375,315 St. Louis, MO, Industrial Development Authority Revenue, St. Louis Convention Center: AMT, Series A, 6.875%, 12/15/2020 1,500,000 1,235,490 AMT, Series A, 7.2%, 12/15/2028 4,000,000 3,296,560 ------------- 5,694,459 Nevada 2.4% Las Vegas, NV, Core City General Obligation, Water & Sewer Revenue, 5.375%, 4/1/2014 (a) 2,705,000 2,973,066 Nevada, State General Obligation, Capital Improvement and Cultural Affairs Project, Series A, 5.5%, 2/1/2014 2,575,000 2,802,089 Washoe County, NV, School District General Obligation, Prerefunded, 5.75%, 6/1/2014 (a) 5,450,000 6,015,655 ------------- 11,790,810 New Jersey 11.0% New Jersey, Casino Reinvestment Development Authority, Hotel Room Fee Revenue, 5.0%, 1/1/2025 (a) 4,000,000 4,291,600 New Jersey, Economic Development Authority Revenue, Cigarette Tax, 5.75%, 6/15/2034 1,090,000 1,172,764 New Jersey, Hospital & Healthcare Revenue, General Hospital Center at Passaic, ETM, 6.75%, 7/1/2019 (a) 5,000,000 6,290,300 New Jersey, Industrial Development Revenue, American Water Co., Inc. Project, AMT, Series A, 6.875%, 11/1/2034 (a) 10,775,000 11,023,902 New Jersey, Industrial Development Revenue, Economic Development Authority, Harrogate, Inc., Series A, 5.875%, 12/1/2026 1,400,000 1,442,210 New Jersey, Resource Recovery Revenue, Tobacco Settlement Financing Corp., 5.75%, 6/1/2032 2,350,000 2,458,617 New Jersey, State Agency General Obligation Lease, Transportation Trust Fund Authority, Series A, Prerefunded, 5.75%, 6/15/2017 10,000,000 11,145,400 New Jersey, Transportation/Tolls Revenue, Economic Development Authority, Series A, Prerefunded, 5.75%, 5/1/2013 (a) 6,000,000 6,558,780 New Jersey, Transportation/Tolls Revenue, Garden State Parkway Project, Prerefunded, 5.6%, 1/1/2017 (a) 8,000,000 8,866,240 ------------- 53,249,813 New York 16.6% Nassau County, NY, Hospital & Healthcare, 6.0%, 8/1/2015 (a) 3,390,000 3,822,734 New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, Bronx-Lebanon, Hospital Center, Series E, 5.2%, 2/15/2016 1,770,000 1,850,765 New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, City University, Series A, 5.625%, 7/1/2016 1,500,000 1,726,185 New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, Jamaica Hospital, Series F, 5.2%, 2/15/2016 1,000,000 1,045,630 New York, State General Obligation, Tobacco Settlement Financing Corp.: Series A-1, 5.25%, 6/1/2022 (a) 10,000,000 10,933,300 Series A-1, 5.5%, 6/1/2019 7,400,000 8,263,720 New York, Transportation/Tolls Revenue: Prerefunded, 5.625%, 4/1/2013 (a) 5,000,000 5,493,850 Prerefunded, 5.75%, 4/1/2014 (a) 2,000,000 2,205,980 New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Series C, 5.0%, 6/15/2027 (a) 9,825,000 10,576,612 New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue, Fiscal 2003, Series C-3, 2.25% *, 6/15/2018 935,000 935,000 New York, NY, Core City General Obligation: Series F, 5.25%, 8/1/2015 (a) 10,380,000 10,988,060 Series F, 5.25%, 8/1/2015 5,000,000 5,436,050 New York, NY, General Obligation: Series G, 5.0%, 12/1/2023 2,000,000 2,125,400 Series D, 5.0%, 11/1/2024 7,500,000 7,949,250 New York, NY, Sales & Special Tax Revenue, Transitional Finance Authority: Series B, Prerefunded, 6.125%, 11/15/2014 1,645,000 1,877,800 Series B, 6.125%, 11/15/2014 355,000 405,240 Series B, Prerefunded, 6.125%, 11/15/2015 3,000,000 3,424,560 Niagara Falls, NY, School District General Obligation, 5.6%, 6/15/2014 (a) 1,180,000 1,366,700 ------------- 80,426,836 North Carolina 1.7% Charlotte, NC, Airport Revenue, AMT: Series B, 5.75%, 7/1/2013 (a) 2,480,000 2,692,214 Series B, 5.875%, 7/1/2014 (a) 1,140,000 1,242,611 North Carolina, Electric Revenue, Municipal Power Agency: Series C, 5.375%, 1/1/2017 1,000,000 1,069,860 Series B, 6.375%, 1/1/2013 3,000,000 3,339,540 ------------- 8,344,225 North Dakota 0.8% Grand Forks, ND, Hospital & Healthcare Revenue, Altru Health Care System, 7.125%, 8/15/2024 3,400,000 3,784,608 Ohio 1.9% Green Springs, OH, Senior Care Revenue, St. Francis Health Care Center Project, Series A, 7.125%, 5/15/2025 6,000,000 5,352,420 Ohio, Higher Education Revenue, University of Findlay Project: 6.125%, 9/1/2016 2,000,000 2,043,380 6.15%, 9/1/2011 1,635,000 1,675,548 ------------- 9,071,348 Oregon 3.3% Oregon, Other Revenue Lease, Department of Administrative Services: Series A, 5.5%, 5/1/2010 (a) 2,245,000 2,360,528 Series A, 5.6%, 5/1/2011 (a) 2,120,000 2,232,508 Oregon, State General Obligation Lease, Department of Administrative Services, Series A, Prerefunded, 6.25%, 5/1/2017 (a) 1,000,000 1,141,310 Oregon, State Revenue Lease, Department of Administrative Services, Series A, Prerefunded, 6.25%, 5/1/2018 (a) 1,000,000 1,141,310 Portland, OR, Special Assessment Revenue, Downtown Waterfront: Series A, 5.625%, 6/15/2015 (a) 3,100,000 3,449,742 Series A, 5.75%, 6/15/2018 (a) 2,225,000 2,486,170 Series A, 5.75%, 6/15/2019 (a) 2,820,000 3,151,012 ------------- 15,962,580 Pennsylvania 2.5% Pennsylvania, Hospital & Healthcare Revenue, Economic Development Financing Authority, UPMC Health System, Series A, 6.0%, 1/15/2031 2,570,000 2,840,184 Pennsylvania, State University, University & College Improvement Revenue, 5.0%, 9/1/2029 500,000 535,980 Philadelphia, PA, Gas Works Revenue, Series A-1, 5.0%, 9/1/2029 (a) 5,000,000 5,287,600 Philadelphia, PA, Hospitals & Higher Education Facilities Authority Revenue, Children's Hospital Project, Series B, 2.34% *, 7/1/2025 890,000 890,000 Philadelphia, PA, Municipal Authority Revenue, Series B, 5.25%, 11/15/2018 (a) 2,500,000 2,730,325 ------------- 12,284,089 Rhode Island 0.9% Rhode Island, Special Assessment Revenue, Series A, 6.125%, 6/1/2032 4,000,000 4,248,880 South Carolina 2.6% Greenwood County, SC, Hospital & Healthcare Revenue, South Carolina Memorial Hospital, 5.5%, 10/1/2031 1,500,000 1,583,475 South Carolina, Hospital & Healthcare Revenue, Jobs Economic Development Authority, Palmetto Health Alliance: Series C, 7.0%, 8/1/2030 5,420,000 6,296,197 Series A, Prerefunded, 7.375%, 12/15/2021 2,000,000 2,425,960 South Carolina, Tobacco Settlement Revenue Management Authority, Series B, 6.0%, 5/15/2022 2,000,000 2,150,740 ------------- 12,456,372 Tennessee 3.1% Clarksville, TN, Public Building Authority Revenue, Pooled Financing Program, 2.33% *, 7/1/2034, Bank of America NA (b) 1,485,000 1,485,000 Memphis-Shelby County, TN, Airport Revenue, AMT, Series D, 6.25%, 3/1/2017 (a) 4,690,000 5,207,964 Shelby County, TN, Health Educational & Housing Facility Board, Hospital Revenue, Methodist Health Care: EMT, 6.5%, 9/1/2026 2,615,000 3,110,830 Prerefunded, 6.5%, 9/1/2026 4,385,000 5,209,862 ------------- 15,013,656 Texas 16.6% Austin, TX, Sales & Special Tax Revenue, Hotel Occupancy Tax: 6.0%, 11/15/2013 (a) 3,190,000 3,549,290 6.0%, 11/15/2015 (a) 3,480,000 3,871,953 6.0%, 11/15/2016 (a) 3,625,000 4,033,284 Brazos River, TX, Pollution Control Revenue, Brazos River Authority, Texas Utilities Electric Co. Project, AMT, Series C, 5.75%, 5/1/2036 3,965,000 4,242,233 Dallas-Fort Worth, TX, Airport Revenue, International Airport, AMT, Series A, 5.875%, 11/1/2016 (a) 6,500,000 7,217,925 El Paso, TX, State General Obligation: 5.875%, 8/15/2012 (a) 1,000,000 1,055,760 5.875%, 8/15/2013 (a) 1,570,000 1,657,543 5.875%, 8/15/2014 (a) 1,665,000 1,757,840 Harris County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., Memorial Hermann Healthcare Systems, Series A, 6.375%, 6/1/2029 5,500,000 6,090,425 Houston, TX, Airport Revenue, People Mover Project, AMT, Series A, 5.5%, 7/15/2017 (a) 3,300,000 3,412,464 Houston, TX, Port Authority Revenue, Airport Revenue, AMT, Series A, 5.875%, 7/1/2014 (a) 3,960,000 4,339,606 Lower Neches Valley, TX, Industrial Development Corp. Authority, Exempt Facilities Revenue, ExxonMobil Project, AMT, Series B, 2.25% *, 11/1/2029 1,300,000 1,300,000 Red River, TX, School District Revenue Lease, St. Mark's School Project, 6.0%, 8/15/2019 5,390,000 5,912,237 Socorro, TX, Independent School District, 5.0%, 8/15/2025 5,135,000 5,511,755 Tarrant County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., 6.7%, 11/15/2030 4,500,000 5,023,710 Texas, Industrial Development Revenue, Waste Disposal Authority, AMT, Series A, 6.1%, 8/1/2024 2,000,000 2,149,580 Texas, State General Obligation, College Student Loans, AMT, 5.0%, 8/1/2021 4,015,000 4,037,524 Texas, State Turnpike Authority, Dallas Northway Revenue, 5.5%, 1/1/2015 (a) 14,605,000 15,657,582 ------------- 80,820,711 Utah 0.0% Utah, Single Family Housing Revenue, Housing Finance Agency, AMT, Series B2, 6.65%, 7/1/2026 20,000 20,170 Washington 5.8% Seattle, WA, Airport Revenue, AMT, Series B, 6.0%, 2/1/2013 (a) 7,355,000 8,355,353 Seattle, WA, Special Assessment Revenue, AMT: Series B, 5.5%, 9/1/2011 (a) 1,085,000 1,176,878 Series B, 5.75%, 9/1/2013 (a) 1,045,000 1,141,642 Skagit County, WA, School District General Obligation, School District No. 1, Burlington Edison, 5.625%, 12/1/2014 (a) 1,570,000 1,750,958 Snohomish County, WA, Electric Revenue, Public Utility District No. 1, 5.375%, 12/1/2024 (a) 3,000,000 3,251,010 Washington, Electric Revenue, Energy Northwest Columbia Generating, Series B, 6.0%, 7/1/2018 (a) 3,000,000 3,447,240 Washington, Hospital & Healthcare Revenue, Group Health Coop of Puget Sound, 5.375%, 12/1/2017 (a) 1,500,000 1,635,975 Washington, State General Obligation: Series A, 5.5%, 7/1/2013 2,000,000 2,171,760 Series A, 5.5%, 7/1/2016 4,835,000 5,250,230 ------------- 28,181,046 West Virginia 4.4% West Virginia, Hospital & Healthcare Revenue, Hospital Finance Authority, Charleston Medical Center: Series A, 6.75%, 9/1/2022 2,355,000 2,635,104 6.75%, 9/1/2030 395,000 438,027 West Virginia, Hospital Finance Authority, Charleston Medical Center: Prerefunded, 6.75%, 9/1/2022 9,645,000 11,267,578 Prerefunded, 6.75%, 9/1/2030 3,605,000 4,211,469 West Virginia, Water & Sewer Revenue, Water Development Authority, Series B, 5.25%, 11/1/2023 (a) 2,740,000 3,069,513 ------------- 21,621,691 Wisconsin 2.3% Badge, WI, Tobacco Asset Securitization Corp., 6.125%, 6/1/2027 4,435,000 4,750,240 Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority, Aurora Health Care, Inc., Series A, 5.6%, 2/15/2029 6,000,000 6,219,780 ------------- 10,970,020 % of Net Assets Value ($) --------------------------------- Total Investment Portfolio (Cost $ 685,633,129) 154.5 749,758,193 Other Assets and Liabilities, Net 0.1 642,124 Preferred Stock, at Redemption Value (54.6) (265,000,000) ------------------------------------------------------------------------------------------------------------ Net Assets Applicable to Common Shareholders 100.0 485,400,317 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, 2005. (a) Bond is insured by one of these companies: As a % of Total Insurance Coverage Investment Portfolio -------------------------------------------------------------------------------- Ambac Financial Group 16.8 -------------------------------------------------------------------------------- Financial Guaranty Insurance Company 11.5 -------------------------------------------------------------------------------- Financial Security Assurance, Inc. 15.9 -------------------------------------------------------------------------------- MBIA Corp. 16.9 -------------------------------------------------------------------------------- (b) Security incorporates a letter of credit from a major bank. AMT: Subject to alternative minimum tax. ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized 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 by US Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date. 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: Scudder Municipal Income Trust By: /s/Vincent J. Esposito ------------------------------ Vincent J. Esposito President Date: October 25, 2005 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: Scudder Municipal Income Trust By: /s/Vincent J. Esposito ------------------------------ Vincent J. Esposito President Date: October 25, 2005 By: /s/Paul Schubert ------------------------------ Paul Schubert Chief Financial Officer and Treasurer Date: October 25, 2005