Investment Portfolio

as of February 28, 2009 (Unaudited)

Principal
Amount ($)

Value ($)

Municipal Bonds and Notes 134.8%

Alabama 3.9%

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

1,000,000

1,161,260

Huntsville, AL, Hospital & Healthcare Revenue, Health Care Authority, Series A, Prerefunded, 5.75%, 6/1/2031

5,500,000

6,035,920

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

8,560,000

8,790,778

15,987,958

Arizona 2.9%

Arizona, Health Facilities Authority Revenue, Banner Health, Series D, 5.375%, 1/1/2032

3,000,000

2,823,210

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

7,000,000

7,533,330

Arizona, Salt Verde Financial Corp., Gas Revenue:

5.0%, 12/1/2037

1,050,000

677,481

5.5%, 12/1/2029

1,400,000

1,037,988

12,072,009

California 15.2%

California, Bay Area Toll Authority, Toll Bridge Revenue:

Series B, 0.37% **, 4/1/2039

1,195,000

1,195,000

Series D-1, 0.4% **, 4/1/2045

2,000,000

2,000,000

California, Housing Finance Agency Revenue, Home Mortgage, Series C, AMT, 1.3% **, 8/1/2037

1,000,000

1,000,000

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

11,730,000

13,819,934

California, State General Obligation:

5.125%, 4/1/2024

4,400,000

4,401,716

5.25%, 4/1/2030

110,000

108,204

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

10,598,910

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

2,500,000

2,546,550

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

5,130,000

5,061,720

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

13,270,000

13,080,770

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

3,000,000

1,758,360

Sacramento, CA, Municipal Utility District, Electric Revenue:

Series U, 5.0%, 8/15/2026 (a)

2,615,000

2,611,940

Series U, 5.0%, 8/15/2027 (a)

2,025,000

1,996,164

Series U, 5.0%, 8/15/2028 (a)

2,045,000

1,990,378

62,169,646

Colorado 6.0%

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

2,500,000

2,106,750

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

2,500,000

1,516,675

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

1,000,000

1,138,760

Colorado, Hospital & Healthcare Revenue, Poudre Valley Health Facilities:

Series A, Prerefunded, 5.5%, 12/1/2017 (a)

6,145,000

6,431,726

Series A, Prerefunded, 6.0%, 12/1/2015 (a)

5,705,000

5,992,817

Series A, Prerefunded, 6.0%, 12/1/2016 (a)

2,000,000

2,100,900

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

160,000

164,122

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

5,000,000

5,101,850

24,553,600

District of Columbia 1.3%

District of Columbia, Series A, ETM, 5.5%, 6/1/2014 (a)

640,000

652,397

District of Columbia, Howard University Revenue, Series A, 5.0%, 10/1/2023 (a)

2,810,000

2,872,213

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

1,860,000

1,896,028

5,420,638

Florida 5.6%

Hillsborough County, FL, Industrial Development Revenue, University Community Hospital Project, Series A, Prerefunded, 5.625%, 8/15/2023

1,000,000

1,033,620

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

3,000,000

3,066,360

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

6.0%, 7/1/2013 (a)

1,665,000

1,757,408

6.0%, 7/1/2014 (a)

1,000,000

1,055,500

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

5.5%, 10/1/2028

5,290,000

4,423,339

5.75%, 10/1/2038

5,000,000

4,047,300

Orange County, FL, Health Facilities Authority Revenue, Orlando Regional Healthcare System:

Series B, 5.25%, 12/1/2029 (a)

3,500,000

3,346,280

Prerefunded, 5.75%, 12/1/2032

1,000,000

1,142,130

Palm Beach County, FL, School District Revenue Lease, Series A, Prerefunded, 5.75%, 8/1/2017 (a)

2,850,000

3,065,859

22,937,796

Georgia 5.1%

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

Series A, 5.0%, 3/15/2020

7,250,000

6,063,900

Series A, 5.5%, 9/15/2024

5,000,000

3,854,400

Series A, 5.5%, 9/15/2028

10,000,000

7,410,500

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

3,300,000

3,487,869

20,816,669

Hawaii 4.3%

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

8,800,000

9,152,704

Hawaii, Electric Revenue, Department of Budget & Finance, Series D, AMT, 6.15%, 1/1/2020 (a)

2,195,000

2,030,287

Hawaii, Port Authority Revenue:

Series A, AMT, 6.0%, 7/1/2011 (a)

2,950,000

3,076,054

Series A, AMT, 6.0%, 7/1/2012 (a)

3,135,000

3,249,145

17,508,190

Idaho 0.5%

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

2,135,000

2,185,728

Illinois 9.0%

Aurora, IL, Single Family Mortgage Revenue, Series C, AMT, 5.5%, 6/1/2045

6,672,980

6,559,339

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

10,000,000

10,080,300

Chicago, IL, Core City General Obligation:

Series A, Prerefunded, 6.0%, 1/1/2014 (a)

2,085,000

2,246,608

Series A, Prerefunded, 6.125%, 1/1/2015 (a)

2,000,000

2,158,360

Series A, Prerefunded, 6.125%, 1/1/2016 (a)

2,000,000

2,158,360

Chicago, IL, Other General Obligation, Neighborhoods Alive 21 Project:

Series A, Prerefunded, 6.0%, 1/1/2015 (a)

1,000,000

1,077,510

Series A, Prerefunded, 6.0%, 1/1/2017 (a)

1,000,000

1,077,510

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

1,000,000

1,035,080

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

5,750,000

5,396,260

Illinois, Finance Authority Revenue, Rush University Medical Center, Series B, 5.75%, 11/1/2028 (a)

1,250,000

1,092,713

Illinois, Health Facilities Authority Revenue, Children's Memorial Hospital, Series A, Prerefunded, 5.625%, 8/15/2019 (a)

4,000,000

4,122,560

37,004,600

Indiana 1.4%

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

5,000,000

5,580,800

Kansas 0.8%

Overland Park, KS, Industrial Development Revenue, Series A, Prerefunded, 7.375%, 1/1/2032

3,000,000

3,315,840

Kentucky 3.5%

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

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

790,000

860,168

Series A, 6.5%, 10/1/2020

1,210,000

1,195,867

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

3,135,000

3,419,596

Series A, 6.625%, 10/1/2028

865,000

782,522

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

4,000,000

4,083,560

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

5,000,000

3,810,250

14,151,963

Louisiana 0.4%

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

2,315,000

1,708,308

Maine 0.1%

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

265,000

265,861

Maryland 1.2%

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

2,500,000

2,712,750

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

1,100,000

1,111,693

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

1,500,000

1,176,555

5,000,998

Massachusetts 2.3%

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

5,000,000

3,765,250

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

3,000,000

3,033,630

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

3,385,000

2,462,926

9,261,806

Michigan 3.1%

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

1,295,000

1,177,660

Michigan, Industrial Development Revenue:

Prerefunded, 5.5%, 6/1/2018 (a)

3,425,000

3,615,430

Prerefunded, 5.75%, 6/1/2016 (a)

4,640,000

4,912,461

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

1,000,000

1,052,980

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

1,800,000

1,917,684

12,676,215

Minnesota 2.0%

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

4,395,000

4,521,752

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

2,500,000

2,526,850

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

1,140,000

1,194,857

8,243,459

Mississippi 0.3%

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

1,525,000

1,072,441

Missouri 0.3%

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

365,000

338,245

St. Charles County, MO, Industrial Development Authority Revenue, National Cart Project, Series A, AMT, 0.7% **, 11/1/2023, US Bank NA (b)

960,000

960,000

1,298,245

Nevada 2.1%

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

10,000,000

8,631,300

New Jersey 5.9%

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

1,090,000

795,068

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

5,000,000

6,249,650

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

10,775,000

9,669,269

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

1,400,000

973,980

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

1,875,000

2,041,444

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

3,000,000

3,175,110

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

2,200,000

1,170,070

24,074,591

New York 5.5%

Nassau County, NY, Hospital & Healthcare, Prerefunded, 6.0%, 8/1/2015 (a)

3,390,000

3,532,888

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

1,500,000

1,692,570

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

15,500,000

15,887,810

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

1,180,000

1,395,905

22,509,173

North Carolina 2.7%

Charlotte, NC, Airport Revenue:

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

2,480,000

2,514,943

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

1,140,000

1,155,470

North Carolina, Electric Revenue, Municipal Power Agency:

Series C, 5.375%, 1/1/2017

1,000,000

1,026,430

Series B, 6.375%, 1/1/2013

3,000,000

3,104,760

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

3,000,000

3,107,130

10,908,733

North Dakota 0.9%

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

3,400,000

3,724,972

Ohio 4.1%

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

19,820,000

12,570,042

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

6,000,000

4,365,540

16,935,582

Oklahoma 1.2%

Oklahoma, State Turnpike Authority Revenue, Series E, 3.5% **, 1/1/2028

5,000,000

5,000,000

Pennsylvania 0.6%

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

2,570,000

2,598,527

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

1,977,280

South Carolina 2.9%

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

1,500,000

1,278,720

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

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

5,420,000

6,461,807

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

2,000,000

2,238,100

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

1,790,000

1,887,000

11,865,627

South Dakota 0.3%

South Dakota, State Health & Educational Facilities Authority Revenue, Sanford Health, 5.0%, 11/1/2027

1,500,000

1,407,195

Tennessee 6.4%

Blount County, TN, Public Building Authority, Local Government Public Improvement, Series E-5-A, 0.68% **, 6/1/2030, Branch Banking & Trust (b)

5,000,000

5,000,000

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

2,000,000

1,522,040

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

4,000,000

3,834,240

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

4,690,000

4,788,255

Selmer-McNairy County, TN, Industrial Development Board Revenue, United Stainless, Inc., AMT, 0.9% **, 12/1/2023, Bank of America NA (b)

2,000,000

2,000,000

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

7,000,000

8,102,920

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

2,050,000

1,240,537

26,487,992

Texas 21.7%

Austin, TX, Sales & Special Tax Revenue, Hotel Occupancy Tax:

Prerefunded, 6.0%, 11/15/2015 (a)

3,480,000

3,609,665

Prerefunded, 6.0%, 11/15/2016 (a)

3,625,000

3,760,068

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

3,965,000

2,706,390

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

1,000,000

1,052,330

Harris County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., Memorial Hermann Healthcare Systems, Series A, Prerefunded, 6.375%, 6/1/2029

5,500,000

6,145,755

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

3,000,000

3,071,460

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

3,300,000

3,301,947

Houston, TX, Port Authority Revenue, Airport Revenue, Series A, AMT, 5.875%, 7/1/2014 (a)

3,960,000

4,053,139

North Texas, Higher Education Authority, Inc., Student Loan Revenue, Series A, AMT, 0.9% **, 12/1/2038, Lloyds Banking Group PLC (b)

2,600,000

2,600,000

North Texas, Tollway Authority Revenue:

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

3,500,000

3,347,155

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

6,500,000

5,946,460

Red River, TX, Education Finance Revenue Lease, St. Mark's School Project, Prerefunded, 6.0%, 8/15/2019

5,390,000

5,664,459

Tarrant County, TX, Cultural Educational Facilities Finance Corp. Revenue, Texas Health Resources, Series A, 5.0%, 2/15/2026

4,000,000

3,683,680

Tarrant County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., Prerefunded, 6.7%, 11/15/2030

4,500,000

4,939,650

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

6,500,000

6,728,410

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

2,000,000

1,422,860

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

Series B, 2.037% ***, 12/15/2026

12,000,000

5,535,000

Series D, 6.25%, 12/15/2026

5,000,000

4,135,150

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

5.5%, 8/1/2021

1,155,000

926,645

5.5%, 8/1/2025

7,250,000

5,574,452

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

10,865,000

10,992,772

89,197,447

Washington 3.9%

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

7,355,000

7,765,483

Seattle, WA, Special Assessment Revenue:

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

1,085,000

1,109,109

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

1,045,000

1,061,406

Washington, Hospital & Healthcare Revenue, Group Health Coop of Puget Sound, 5.375%, 12/1/2017 (a)

1,500,000

1,480,620

Washington, State Health Care Facilities Authority Revenue, Series C, 5.375%, 8/15/2028 (a)

5,240,000

3,802,249

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

1,000,000

774,830

15,993,697

West Virginia 4.9%

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

Series A, Prerefunded, 6.75%, 9/1/2022

2,355,000

2,565,184

Prerefunded, 6.75%, 9/1/2030

395,000

430,254

West Virginia, Hospital Finance Authority, Charleston Medical Center:

Prerefunded, 6.75%, 9/1/2022

9,645,000

10,505,816

Prerefunded, 6.75%, 9/1/2030

3,605,000

3,926,746

West Virginia, Water & Sewer Revenue, Water Development Authority, Series B, 5.25%, 11/1/2023 (a)

2,740,000

2,826,529

20,254,529

Wisconsin 2.0%

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

3,635,000

3,468,044

Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority, Aurora Health Care, Inc., Series A, 5.6%, 2/15/2029

6,000,000

4,587,900

8,055,944

Total Municipal Bonds and Notes (Cost $552,637,333)

552,855,359

Municipal Inverse Floating Rate Notes (c) 68.6%

California 4.9%

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

4/1/2031 (d)

10,000,000

9,835,551

Trust: California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series 1962-5, 144A, 13.534%, 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

10,136,450

Trust: California, State General Obligation, Series 1932, 144A, 13.7%, 6/1/2023, Leverage Factor at purchase date: 4 to 1

19,972,001

Florida 15.2%

Miami-Dade County, FL, Aviation Revenue, Miami International Airport, Series A, AMT,

5.25%, 10/1/2033 (a) (d)

34,000,000

30,342,110

Trust: Miami-Dade County, FL, Port, Airport & Marina Improvements, Series 2008-1144, 144A, AMT, 9.27%, 10/1/2033, Leverage Factor at purchase date: 2 to 1

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

3,740,000

3,662,949

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

3,915,000

3,834,344

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

4,122,500

4,037,569

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

4,317,500

4,228,551

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

16,470,000

16,130,688

Trust: Miami-Dade County, FL, Transit Improvements, Series 2008-1160, 144A, 9.021%, 7/1/2023, Leverage Factor at purchase date: 2 to 1

62,236,211

Massachusetts 5.7%

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

18,250,000

18,372,354

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

5,000,000

5,033,522

Trust: Massachusetts, State Pollution Control, Water Utility Improvements, Series 3159, 144A, 12.912%, 8/1/2032, Leverage Factor at purchase date: 3 to 1

23,405,876

Nevada 6.9

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

9,447,355

9,222,108

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

9,919,723

9,683,213

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

9,627,878

9,398,327

Trust: Clark County, NV, Series 3158, 144A, 12.874%, 6/1/2028, Leverage Factor at purchase date: 3 to 1

28,303,648

New York 18.9%

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

3/15/2026 (d)

13,500,000

13,835,475

Trust: New York, State Dormitory Authority Revenue, Series 2008-1189, 144A, 9.07%, 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

10,225,913

Trust: New York, State Dormitory Authority Revenue, Series 3160, 144A, 12.914%, 3/15/2026, Leverage Factor at purchase date: 3 to 1

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

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

5,425,000

5,432,184

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

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

8,080,000

8,090,701

Trust: New York, State Dormitory Authority Revenues, Series 3169, 144A, 12.911%, 7/1/2025, Leverage Factor at purchase date: 3 to 1

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

3/15/2024 (d)

10,000,000

10,358,900

Trust: New York, State Dormitory Authority Revenues, Secondary Issues, Series 1955-3, 144A, 17.72%, 3/15/2024, Leverage Factor at purchase date: 4 to 1

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

12,000,000

11,798,580

Trust: New York, Triborough Bridge & Tunnel Authority Revenues, Series 2008-1188, 144A, 9.07%, 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

17,780,817

Trust: New York City, NY, Series 2008-1190, 144A, 9.07%, 11/1/2027, Leverage Factor at purchase date: 2 to 1

77,522,570

Pennsylvania 2.5%

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

10,000,000

10,416,750

Trust: Pennsylvania, State General Obligation, Public Transit Improvements, Series 2008-1146, 144A, 9.02%, 1/1/2025, Leverage Factor at purchase date: 2 to 1

Tennessee 7.9%

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

10,756,695

11,081,754

Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-3, 144A, 17.355%, 1/1/2027, Leverage Factor at purchase date: 4 to 1

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

10,200,000

10,598,361

Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-2, 144A, 17.36%, 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

10,822,114

Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-4, 144A, 17.368%, 1/1/2028, Leverage Factor at purchase date: 4 to 1

32,502,229

Texas 2.6%

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

10,000,000

10,436,200

Trust: Texas, State Highway & Transit Improvements, Series 2008-1147, 144A, 9.02%, 4/1/2025, Leverage Factor at purchase date: 2 to 1

Virginia 4.0%

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

8,190,000

8,481,361

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

7,630,000

7,901,439

Trust: Virginia, State Resource Authority, Clean Water Revenue, Series 2917, 144A, 10.802%, 10/1/2027, Leverage Factor at purchase date: 2.5 to 1

16,382,800

Total Municipal Inverse Floating Rate Notes (Cost $286,806,805)

281,178,285

% of
Net Assets

Value ($)

Total Investment Portfolio (Cost $839,444,138) †

203.4

834,033,644

Other Assets and Liabilities, Net

(38.8)

(158,929,608)

Preferred Shares, at Redemption Value

(64.6)

(265,000,000)

Net Assets Applicable to Common Shareholders

100.0

410,104,036

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

*

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

Security

Coupon

Maturity
Date

Principal Amount ($)

Acquisition
Cost ($)

Value ($)

**

Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of February 28, 2009.

***

Floating rate notes are securities whose yields vary with a designated market index or market rate, such as the coupon-equivalent of the US Treasury bill rate. These securities are shown at their current rate as of February 28, 2009.

†

The cost for federal income tax purposes was $839,030,681. At February 28, 2009, net unrealized depreciation for all securities based on tax cost was $4,997,037. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $25,326,191 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $30,323,228.

(a)

Bond is insured by one of these companies:

Insurance Coverage

As a % of Total
Investment Portfolio

(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.

Valuation Inputs

Investments in Securities

Level 1

$ -

Level 2

834,033,644

Level 3

-

Total

$ 834,033,644

ITEM 2.

CONTROLS AND PROCEDURES

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

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

ITEM 3.

EXHIBITS

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

Registrant:

DWS Municipal Income Trust

By:

/s/Michael G. Clark

Michael G. Clark

Date:

April 22, 2009

Registrant:

DWS Municipal Income Trust

By:

/s/Michael G. Clark

Michael G. Clark

Date:

April 22, 2009

By:

/s/Paul Schubert

Paul Schubert