nq022813ce-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:  2/28/2013

ITEM 1.
SCHEDULE OF INVESTMENTS


Investment Portfolio    as of February 28, 2013  (Unaudited)

DWS Municipal Income Trust
 
Principal
Amount ($)
  
Value ($)
  
 
 
Municipal Bonds and Notes 114.8%
  
Alabama 0.2%
  
Camden, AL, Industrial Development Board Revenue, Series B, AMT, Prerefunded, 6.375%, 12/1/2024
  
1,000,000
  
1,047,060
  
Arizona 1.1%
  
Arizona, Salt Verde Financial Corp., Gas Revenue:
            
 
5.0%, 12/1/2037
  
1,050,000
  
1,215,564
  
 
5.5%, 12/1/2029
  
1,400,000
  
1,714,720
  
Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Series A, 5.0%, 7/1/2040
  
3,000,000
  
3,333,090
  
 
 
6,263,374
  
California 21.4%
  
California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area, Series F-1, 5.125%, 4/1/2039
  
5,000,000
  
5,691,800
  
California, Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series A, 6.0%, 7/1/2039
  
3,500,000
  
4,163,285
  
California, M-S-R Energy Authority, Series A, 7.0%, 11/1/2034
  
3,180,000
  
4,591,570
  
California, San Gorgonio Memorial Healthcare, Election of 2006, Series C, 7.2%, 8/1/2039
  
5,000,000
  
5,822,300
  
California, South Bayside Waste Management Authority, Solid Waste Enterprise Revenue, Shoreway Environmental Center, Series A, 6.25%, 9/1/2029
  
5,345,000
  
6,182,134
  
California, Special Assessment Revenue, Golden State Tobacco Securitization Corp., Series 2003-A-1, Prerefunded, 6.75%, 6/1/2039
  
11,730,000
  
11,929,410
  
California, State General Obligation:
            
 
5.0%, 2/1/2033
  
5,000,000
  
5,775,700
  
 
5.25%, 4/1/2035
  
4,295,000
  
5,049,546
  
 
5.5%, 3/1/2040
  
1,370,000
  
1,622,560
  
 
6.0%, 4/1/2038
  
10,000,000
  
12,088,500
  
California, State Public Works Board, Lease Revenue, Capital Projects, Series I-1, 6.375%, 11/1/2034
  
2,000,000
  
2,464,660
  
California, State Public Works Board, Lease Revenue, Department of Corrections, Series C, Prerefunded, 5.5%, 6/1/2021
  
2,500,000
  
2,598,550
  
California, State Public Works Board, Lease Revenue, Department of General Services, Buildings 8 & 9, Series A, 6.25%, 4/1/2034
  
6,640,000
  
8,026,166
  
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
  
1,424,313
  
Corona-Norco, CA, Unified School District, Election of 2006, Series A, 5.0%, 8/1/2031, INS: AGMC
  
5,130,000
  
5,793,206
  
Kern, CA, High School District, Election of 2004, Series B, Prerefunded, 5.0%, 8/1/2030, INS: AGMC
  
13,270,000
  
14,438,556
  
Los Angeles, CA, Community College District, Election of 2008, Series C, 5.25%, 8/1/2039
  
3,000,000
  
3,634,110
  
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport, Series B, 5.0%, 5/15/2035
  
8,500,000
  
9,556,890
  
Port Oakland, CA, Series A, AMT, 5.0%, 11/1/2027, INS: NATL
  
5,850,000
  
6,480,396
  
San Diego, CA, Community College District, Election of 2006, 5.0%, 8/1/2036
  
2,850,000
  
3,300,214
  
 
 
120,633,866
  
Colorado 2.0%
  
Colorado, E-470 Public Highway Authority Revenue, Series A-1, 5.5%, 9/1/2024, INS: NATL
  
2,500,000
  
2,727,025
  
Colorado, Health Facilities Authority Revenue, Covenant Retirement Communities, Inc., 5.0%, 12/1/2035
  
2,500,000
  
2,573,425
  
Colorado, Regional Transportation District, Sales Tax Revenue, Fastracks Project, Series A, 5.0%, 11/1/2037
  
3,500,000
  
4,063,185
  
University of Colorado, Hospital Authority Revenue, Series A, 5.0%, 11/15/2042
  
1,785,000
  
1,989,008
  
 
 
11,352,643
  
Florida 12.7%
  
Broward County, FL, Airport Systems Revenue, Series Q-1, 5.0%, 10/1/2037
  
8,510,000
  
9,634,852
  
Miami-Dade County, FL, Aviation Revenue, Series A, 5.5%, 10/1/2041
  
10,000,000
  
11,559,300
  
Miami-Dade County, FL, Aviation Revenue, Miami International Airport:
            
 
Series A, AMT, 5.25%, 10/1/2033, INS: AGC
  
8,500,000
  
9,544,990
  
 
Series A-1, 5.375%, 10/1/2035
  
2,000,000
  
2,289,620
  
Miami-Dade County, FL, Educational Facilities Authority Revenue, University of Miami, Series A, 5.75%, 4/1/2028
  
3,000,000
  
3,350,220
  
Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%, 7/1/2035, INS: AGMC
  
3,000,000
  
3,362,160
  
North Brevard County, FL, Hospital District Revenue, Parrish Medical Center Project:
            
 
5.5%, 10/1/2028
  
5,290,000
  
5,889,621
  
 
5.75%, 10/1/2038
  
5,000,000
  
5,573,400
  
Orlando & Orange County, FL, Expressway Authority Revenue:
            
 
Series C, 5.0%, 7/1/2035
  
2,705,000
  
3,031,548
  
 
Series A, 5.0%, 7/1/2040
  
11,895,000
  
13,199,287
  
Tampa-Hillsborough County, FL, Expressway Authority, Series A, 5.0%, 7/1/2037
  
3,570,000
  
4,031,351
  
 
 
71,466,349
  
Georgia 7.6%
  
Atlanta, GA, Airport Revenue:
            
 
Series A, 5.0%, 1/1/2035
  
1,030,000
  
1,146,751
  
 
Series C, AMT, 5.0%, 1/1/2037
  
1,690,000
  
1,883,302
  
Atlanta, GA, Water & Wastewater Revenue, Series A, 6.25%, 11/1/2039
  
5,815,000
  
7,024,520
  
Gainesville & Hall County, GA, Hospital Authority Revenue, Anticipation Certificates, Northeast Georgia Healthcare, Series A, 5.5%, 2/15/2045
  
2,135,000
  
2,382,169
  
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
            
 
Series A, 5.0%, 3/15/2020
  
7,250,000
  
8,435,520
  
 
Series A, 5.5%, 9/15/2024
  
5,000,000
  
6,020,550
  
 
Series A, 5.5%, 9/15/2028
  
10,000,000
  
12,064,200
  
Georgia, Medical Center Hospital Authority Revenue, Anticipation Certificates, Columbus Regional Healthcare Systems, 6.5%, 8/1/2038, INS: AGC
  
3,300,000
  
3,823,182
  
 
 
42,780,194
  
Hawaii 2.1%
  
Hawaii, State Airports Systems Revenue, Series A, 5.0%, 7/1/2039
  
4,200,000
  
4,651,878
  
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
  
1,175,450
  
Honolulu City & County, HI, Wastewater Systems Revenue, Series A, 5.25%, 7/1/2036
  
5,215,000
  
6,165,799
  
 
 
11,993,127
  
Idaho 0.9%
  
Idaho, Health Facilities Authority Revenue, St. Luke's Regional Medical Center:
            
 
5.0%, 7/1/2035, INS: AGMC
  
2,500,000
  
2,779,300
  
 
6.75%, 11/1/2037
  
2,135,000
  
2,524,744
  
 
 
5,304,044
  
Illinois 8.5%
  
Chicago, IL, Airport Revenue, O'Hare International Airport:
            
 
Series A, 5.75%, 1/1/2039
  
5,000,000
  
5,879,700
  
 
Series B, 6.0%, 1/1/2041
  
9,000,000
  
10,935,540
  
Chicago, IL, General Obligation, Series A, 5.25%, 1/1/2035
  
2,025,000
  
2,262,411
  
Chicago, IL, Water Revenue, 5.0%, 11/1/2032
  
3,000,000
  
3,469,110
  
Illinois, Finance Authority Revenue, Advocate Health Care Network:
            
 
Series B, 5.375%, 4/1/2044
  
2,500,000
  
2,767,350
  
 
Series D, 6.5%, 11/1/2038
  
1,000,000
  
1,210,840
  
Illinois, Finance Authority Revenue, Memorial Health Systems, 5.5%, 4/1/2039
  
4,200,000
  
4,646,166
  
Illinois, Finance Authority Revenue, Northwest Community Hospital, Series A, 5.5%, 7/1/2038
  
5,750,000
  
6,292,397
  
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, McCormick Place, Series B, 5.0%, 6/15/2050, INS: AGMC
  
3,000,000
  
3,253,260
  
Illinois, Railsplitter Tobacco Settlement Authority, 6.0%, 6/1/2028
  
915,000
  
1,097,021
  
Illinois, State Finance Authority Revenue, Ascension Health Credit Group:
            
 
Series A, 5.0%, 11/15/2032
  
730,000
  
844,522
  
 
Series A, 5.0%, 11/15/2037
  
520,000
  
590,450
  
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%, 5/15/2041
  
1,580,000
  
1,721,647
  
Illinois, State Finance Authority Revenue, University of Chicago Medical Center, Series B, 0.09% *, 8/1/2044, LOC: Wells Fargo Bank NA
  
1,800,000
  
1,800,000
  
University of Illinois, Auxiliary Facilities Systems, Series A, 5.25%, 4/1/2041
  
1,250,000
  
1,405,288
  
 
 
48,175,702
  
Indiana 0.4%
  
Indiana, Finance Authority Hospital Revenue, Deaconess Hospital Obligation, Series A, 6.75%, 3/1/2039
  
1,745,000
  
2,059,746
  
Kentucky 1.7%
  
Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series A-1, 6.0%, 12/1/2042, INS: AGC
  
4,000,000
  
4,370,960
  
Louisville & Jefferson County, KY, Metropolitan Government Health Systems Revenue, Norton Healthcare, Inc., 5.0%, 10/1/2030
  
5,000,000
  
5,302,050
  
 
 
9,673,010
  
Louisiana 1.0%
  
Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%, 11/1/2040
  
3,000,000
  
3,322,440
  
Louisiana, St. John Baptist Parish Revenue, Marathon Oil Corp., Series A, 5.125%, 6/1/2037
  
2,315,000
  
2,475,754
  
 
 
5,798,194
  
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
  
1,361,624
  
Maryland, State Health & Higher Educational Facilities Authority Revenue, Washington County Hospital, 5.75%, 1/1/2033
  
1,500,000
  
1,641,690
  
 
 
3,003,314
  
Massachusetts 1.6%
  
Massachusetts, Airport Revenue, U.S. Airways, Inc. Project, Series A, AMT, 5.875%, 9/1/2023, INS: NATL
  
5,000,000
  
5,005,800
  
Massachusetts, State Health & Educational Facilities Authority Revenue, Suffolk University, Series A, 5.75%, 7/1/2039
  
3,570,000
  
3,979,051
  
 
 
8,984,851
  
Michigan 4.9%
  
Detroit, MI, Water & Sewerage Department, Sewerage Disposal System Revenue, Series A, 5.25%, 7/1/2039
  
1,120,000
  
1,227,722
  
Michigan, State Building Authority Revenue, Series I-A, 5.375%, 10/15/2041
  
7,500,000
  
8,638,950
  
Michigan, State Building Authority Revenue, Facilities Program:
            
 
Series H, 5.125%, 10/15/2033
  
2,495,000
  
2,785,318
  
 
Series I, 6.0%, 10/15/2038
  
1,000,000
  
1,207,950
  
Michigan, State Hospital Finance Authority Revenue, Henry Ford Health Hospital, 5.75%, 11/15/2039
  
5,000,000
  
5,714,250
  
Michigan, State Hospital Finance Authority, Trinity Health Credit Group, Series C, 5.0%, 12/1/2034
  
4,950,000
  
5,551,326
  
Royal Oak, MI, Hospital Finance Authority Revenue, William Beaumont Hospital, 8.25%, 9/1/2039
  
1,800,000
  
2,297,016
  
 
 
27,422,532
  
Minnesota 0.2%
  
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 6.75%, 11/15/2032
  
1,140,000
  
1,389,979
  
Mississippi 0.3%
  
Warren County, MS, Gulf Opportunity Zone, International Paper Co., Series A, 6.5%, 9/1/2032
  
1,525,000
  
1,754,040
  
Nevada 3.1%
  
Clark County, NV, Airport Revenue, Series B, 5.125%, 7/1/2036
  
4,305,000
  
4,814,626
  
Henderson, NV, Health Care Facility Revenue, Catholic Healthcare West, Series B, 5.25%, 7/1/2031
  
10,000,000
  
10,671,700
  
Las Vegas Valley, NV, Water District, Series B, 5.0%, 6/1/2037
  
1,830,000
  
2,081,844
  
 
 
17,568,170
  
New Jersey 4.6%
  
New Jersey, Economic Development Authority Revenue, Cigarette Tax, Prerefunded, 5.75%, 6/15/2034
  
1,090,000
  
1,168,436
  
New Jersey, Hospital & Healthcare Revenue, General Hospital Center at Passaic, ETM, 6.75%, 7/1/2019, INS: AGMC
  
5,000,000
  
6,185,250
  
New Jersey, Industrial Development Revenue, Economic Development Authority, Harrogate, Inc., Series A, 5.875%, 12/1/2026
  
1,400,000
  
1,401,036
  
New Jersey, State Transportation Trust Fund Authority, Transportation Program, Series AA, 5.0%, 6/15/2038
  
2,095,000
  
2,353,963
  
New Jersey, State Transportation Trust Fund Authority, Transportation Systems:
            
 
Series B, 5.5%, 6/15/2031
  
1,200,000
  
1,426,128
  
 
Series A, 5.5%, 6/15/2041
  
5,460,000
  
6,370,674
  
 
Series A, 6.0%, 12/15/2038
  
1,955,000
  
2,344,123
  
 
Series A, Prerefunded, 6.0%, 12/15/2038
  
1,045,000
  
1,346,660
  
New Jersey, State Turnpike Authority Revenue:
            
 
Series A, 5.0%, 1/1/2035
  
1,065,000
  
1,219,074
  
 
Series E, 5.25%, 1/1/2040
  
1,750,000
  
1,960,980
  
 
 
25,776,324
  
New York 8.5%
  
New York, Metropolitan Transportation Authority Revenue:
            
 
Series D, 5.0%, 11/15/2032
  
2,565,000
  
2,958,163
  
 
Series E, 5.0%, 11/15/2042
  
765,000
  
859,103
  
New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, City University, Series A, 5.625%, 7/1/2016
  
1,490,000
  
1,663,510
  
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
  
2,350,380
  
New York, State Liberty Development Corp. Revenue, World Trade Center Port Authority Construction:
            
 
5.0%, 12/15/2041
  
4,255,000
  
4,811,894
  
 
5.25%, 12/15/2043
  
5,000,000
  
5,749,250
  
New York, State Thruway Authority Revenue, Series I, 5.0%, 1/1/2037
  
1,340,000
  
1,518,341
  
New York, Tobacco Settlement Financing Corp., Series B-1C, 5.5%, 6/1/2019
  
15,500,000
  
15,708,475
  
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Second General Resolution, Series EE, 5.375%, 6/15/2043
  
3,750,000
  
4,386,525
  
Niagara Falls, NY, School District General Obligation, 5.6%, 6/15/2014, INS: AGMC
  
1,180,000
  
1,262,777
  
Port Authority of New York & New Jersey, AMT, 5.0%, 10/1/2034
  
6,000,000
  
6,858,720
  
 
 
48,127,138
  
North Carolina 0.6%
  
North Carolina, Medical Care Commission, Health Care Facilities Revenue, University Health System, Series D, 6.25%, 12/1/2033
  
3,000,000
  
3,612,570
  
North Dakota 0.7%
  
Fargo, ND, Sanford Health Systems Revenue, 6.25%, 11/1/2031
  
3,240,000
  
4,029,070
  
Ohio 2.7%
  
Kent, OH, State University Revenues, General Receipts, Series A, 5.0%, 5/1/2037
  
1,500,000
  
1,704,840
  
Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series A, 6.5%, 11/15/2037
  
1,500,000
  
1,882,185
  
Ohio, American Municipal Power, Inc. Revenue, Fremont Energy Center Project, Series B, 5.0%, 2/15/2037
  
1,445,000
  
1,616,998
  
Ohio, State Hospital Facility Revenue, Cleveland Clinic Health:
            
 
Series A, 5.5%, 1/1/2039
  
5,000,000
  
5,841,450
  
 
Series B, 5.5%, 1/1/2039
  
3,500,000
  
3,956,505
  
 
 
15,001,978
  
Pennsylvania 2.3%
  
Allegheny County, PA, Hospital Development Authority Revenue, University of Pittsburgh Medical, 5.625%, 8/15/2039
  
1,700,000
  
1,914,149
  
Franklin County, PA, Industrial Development Authority Revenue, Chambersburg Hospital Project, 5.375%, 7/1/2042
  
7,000,000
  
7,711,970
  
Philadelphia, PA, Airport Revenue, Series A, 5.0%, 6/15/2035
  
2,835,000
  
3,094,232
  
 
 
12,720,351
  
Puerto Rico 3.6%
  
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
            
 
Series A, 5.375%, 8/1/2039
  
3,200,000
  
3,391,264
  
 
Series A, 6.5%, 8/1/2044
  
15,000,000
  
17,092,050
  
 
 
20,483,314
  
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
  
2,363,360
  
South Carolina 1.7%
  
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2031
  
1,000,000
  
1,147,370
  
South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, Palmetto Health Alliance:
            
 
Series C, Prerefunded, 7.0%, 8/1/2030
  
5,420,000
  
5,576,746
  
South Carolina, State Ports Authority Revenue, 5.25%, 7/1/2040
  
2,550,000
  
2,874,411
  
 
 
9,598,527
  
Tennessee 1.6%
  
Clarksville, TN, Natural Gas Acquisition Corp., Gas Revenue, 5.0%, 12/15/2021
  
2,000,000
  
2,295,260
  
Jackson, TN, Hospital Revenue, Jackson-Madison Project, 5.625%, 4/1/2038
  
4,000,000
  
4,517,440
  
Sullivan County, TN, Health, Educational & Housing Facilities Board, Hospital Revenue, Wellmont Health Systems Project, Series C, 5.25%, 9/1/2036
  
2,050,000
  
2,163,652
  
 
 
8,976,352
  
Texas 14.0%
  
Austin, TX, Electric Utility Systems Revenue, 5.0%, 11/15/2037
  
920,000
  
1,066,868
  
Gulf Coast, TX, Waste Disposal Authority, Exxon Mobil Project, AMT, 0.11% *, 6/1/2030
  
1,200,000
  
1,200,000
  
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann Healthcare System, Series B, 7.25%, 12/1/2035
  
1,000,000
  
1,244,410
  
Harris County, TX, Houston Port Authority, Series A, AMT, 6.25%, 10/1/2029
  
3,000,000
  
3,624,840
  
Houston, TX, Airport Revenue, People Mover Project, Series A, AMT, 5.5%, 7/15/2017, INS: AGMC
  
3,300,000
  
3,313,200
  
North Texas, Tollway Authority Revenue:
            
 
First Tier, Series A, 5.625%, 1/1/2033
  
3,500,000
  
4,020,695
  
 
Second Tier, Series F, 5.75%, 1/1/2038
  
6,500,000
  
7,199,205
  
 
First Tier, 6.0%, 1/1/2043
  
5,000,000
  
5,848,600
  
North Texas, Tollway Authority Revenue, Special Project Systems, Series D, 5.0%, 9/1/2032
  
2,000,000
  
2,325,300
  
Texas, Dallas/Fort Worth International Airport Revenue:
          
Series F, AMT, 5.0%, 11/1/2035
  
2,000,000
  
2,182,720
  
Series A, 5.25%, 11/1/2038
  
4,000,000
  
4,552,480
  
Texas, Industrial Development Revenue, Waste Disposal Authority, Series A, AMT, 6.1%, 8/1/2024
  
2,000,000
  
2,007,700
  
Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue:
            
 
Series B, 0.756% **, 12/15/2017
  
6,925,000
  
6,792,663
  
 
Series B, 0.906% **, 12/15/2026
  
1,500,000
  
1,280,880
  
 
Series D, 6.25%, 12/15/2026
  
5,000,000
  
6,514,800
  
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue:
            
 
5.5%, 8/1/2021
  
1,155,000
  
1,372,059
  
 
5.5%, 8/1/2025
  
7,250,000
  
8,717,980
  
Texas, Southwest Higher Education Authority, Inc., Southern Methodist University Project, 5.0%, 10/1/2035
  
1,600,000
  
1,880,432
  
Texas, State Municipal Gas Acquisition & Supply Corp., III Gas Supply Revenue:
            
 
5.0%, 12/15/2030
  
250,000
  
272,523
  
 
5.0%, 12/15/2031
  
500,000
  
542,925
  
 
5.0%, 12/15/2032
  
2,000,000
  
2,163,260
  
Texas, State Transportation Commission, Turnpike Systems Revenue, Series A, 5.0%, 8/15/2041
  
3,200,000
  
3,517,504
  
West Harris County, TX, Regional Water Authority, Water Systems Revenue, 5.0%, 12/15/2035
  
6,500,000
  
7,377,110
  
 
 
79,018,154
  
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
  
1,699,238
  
Washington 2.7%
  
Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, Series A, 6.125%, 8/15/2037
  
6,000,000
  
6,602,640
  
Washington, State Health Care Facilities Authority, Swedish Health Services, Series A, Prerefunded, 6.75%, 11/15/2041
  
1,825,000
  
2,564,672
  
Washington, State Motor Vehicle Tax-Senior 520 Corridor Program, Series C, 5.0%, 6/1/2031
  
5,000,000
  
5,908,900
  
 
 
15,076,212
  
Wisconsin 0.9%
  
Wisconsin, State Health & Educational Facilities Authority Revenue, Froedtert Health System, Inc., Series A, 5.0%, 4/1/2042
  
2,650,000
  
2,984,085
  
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc. Obligation Group, 6.625%, 2/15/2039
  
1,555,000
  
1,827,747
  
 
 
4,811,832
  
 
Total Municipal Bonds and Notes (Cost $560,091,298)
  
647,964,615
  
 
 
Municipal Inverse Floating Rate Notes (a) 41.0%
  
California 2.1%
  
California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series F, 5.0%, 4/1/2031 (b)
  
10,000,000
  
11,594,397
  
 
Trust: California, San Francisco Bay Area Toll Authority, Toll Bridge Revenue, Series 1962-5, 144A, 13.693%, 4/1/2014, Leverage Factor at purchase date: 3 to 1
      
Florida 6.6%
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2023, INS: AGMC (b)
  
3,740,000
  
4,281,114
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2024, INS: AGMC (b)
  
3,915,000
  
4,481,432
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2025, INS: AGMC (b)
  
4,122,500
  
4,718,955
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2026, INS: AGMC (b)
  
4,317,500
  
4,942,168
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2032, INS: AGMC (b)
  
16,470,000
  
18,852,926
  
 
Trust: Miami-Dade County, FL, Transit Improvements, Series 2008-1160, 144A, 9.331%, 7/1/2016, Leverage Factor at purchase date: 2 to 1
      
 
 
37,276,595
  
Massachusetts 4.7%
  
Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/1/2032 (b)
  
18,250,000
  
20,732,567
  
Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/1/2037 (b)
  
5,000,000
  
5,680,155
  
 
Trust: Massachusetts, State Pollution Control, Water Utility Improvements, Series 3159, 144A, 13.632%, 8/1/2015, Leverage Factor at purchase date: 3 to 1
      
 
 
26,412,722
  
Nevada 5.9%
  
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2028 (b)
  
9,447,355
  
10,915,228
  
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2029 (b)
  
9,919,723
  
11,460,989
  
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2030 (b)
  
9,627,878
  
11,123,799
  
 
Trust: Clark County, NV, General Obligation, Series 3158, 144A, 13.633%, 6/1/2016, Leverage Factor at purchase date: 3 to 1
      
 
 
33,500,016
  
New York 11.7%
  
New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%, 3/15/2026 (b)
  
10,000,000
  
11,474,037
  
 
Trust: New York, State Dormitory Authority Revenue, Series 3160, 144A, 13.634%, 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
  
11,524,600
  
 
Trust: New York, State Dormitory Authority Revenue, Secondary Issues, Series 1955-3, 144A, 18.05%, 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
  
6,171,653
  
New York, State Dormitory Authority Revenues, State Supported Debt, University Dormitory Facilities, 5.0%, 7/1/2027 (b)
  
8,080,000
  
9,192,065
  
 
Trust: New York, State Dormitory Authority Revenues, Series 3169, 144A, 13.63%, 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
  
6,802,380
  
 
Trust: New York, Triborough Bridge & Tunnel Authority Revenues, Series 2008-1188, 144A, 9.29%, 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
  
20,589,802
  
 
Trust: New York City, NY, Series 2008-1190, 144A, 9.29%, 11/1/2027, Leverage Factor at purchase date: 2 to 1
      
 
 
65,754,537
  
Tennessee 6.7%
  
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2027 (b)
  
10,756,695
  
12,924,082
  
 
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-3, 144A, 18.045%, 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
  
12,254,586
  
 
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-2, 144A, 18.05%, 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
  
12,692,026
  
 
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-4, 144A, 18.058%, 1/1/2016, Leverage Factor at purchase date: 4 to 1
      
 
 
37,870,694
  
Virginia 3.3%
  
Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2027 (b)
  
8,190,000
  
9,674,071
  
Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2028 (b)
  
7,630,000
  
9,012,596
  
 
Trust: Virginia, State Resource Authority, Clean Water Revenue, Series 2917, 144A, 11.357%, 10/1/2028, Leverage Factor at purchase date: 2.5 to 1
      
 
 
18,686,667
  
 
Total Municipal Inverse Floating Rate Notes (Cost $200,640,344)
  
231,095,628
  

 
% of
Net Assets
  
Value ($)
  
 
Total Investment Portfolio (Cost $760,731,642) †
155.8
  
879,060,243
  
MTPS, at Liquidation Value
(33.5)
  
(188,865,000)
  
Other Assets and Liabilities, Net
(20.6)
  
(116,170,537)
  
Remarketed Preferred Shares, at Liquidation Value
(1.7)
  
(9,885,000)
  
 
Net Assets Applicable to Common Shareholders
100.0
  
564,139,706
  

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, 2013.
**
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, 2013.
†
The cost for federal income tax purposes was $632,352,604.  At February 28, 2013, net unrealized appreciation for all securities based on tax cost was $120,861,063.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $122,258,666 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $1,397,603.
(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, 2013 in valuing the Fund's investments.

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets
                        
Municipal Investments(c)
   $ —     $ 879,060,243     $ —     $ 879,060,243  
Total
   $ —     $ 879,060,243     $ —     $ 879,060,243  

There have been no transfers between fair value measurement levels during the period ended February 28, 2013.
(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/W. Douglas Beck
W. Douglas Beck
President
   
Date:
April 19, 2013


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/W. Douglas Beck
W. Douglas Beck
President
   
Date:
April 19, 2013
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
April 19, 2013