UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

 

FORM N-CSRS

 

Investment Company Act file number: 811-05655

 

DWS Municipal Income Trust

(Exact Name of Registrant as Specified in Charter)

 

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s Telephone Number, including Area Code: (212) 454-4500

 

Diane Kenneally

100 Summer Street

Boston, MA 02110

(Name and Address of Agent for Service)

 

Date of fiscal year end: 11/30
   
Date of reporting period: 5/31/2023

 

ITEM 1. REPORT TO STOCKHOLDERS
   
  (a)
   

 

 
May 31, 2023
Semiannual Report
to Shareholders
DWS Municipal Income Trust
Ticker Symbol: KTF
 

Contents
The Fund’s investment objective is to provide a high level of current income exempt from federal income tax.
Closed-end funds, unlike open-end funds, are not continuously offered. There is a one time public offering and once issued, shares of closed-end funds are sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the Fund’s shares is determined by a number of factors, several of which are beyond the control of the Fund. Therefore, the Fund cannot predict whether its shares will trade at, below or above net asset value.
Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Leverage results in additional risks and can magnify the effect of any gains or losses. Although the Fund seeks income that is exempt from federal income taxes, a portion of the Fund’s distributions may be subject to federal, state and local taxes, including the alternative minimum tax.
War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.
The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.
NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE
NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
 
2
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DWS Municipal Income Trust
Performance SummaryMay 31, 2023 (Unaudited)
Performance is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when sold, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please visit dws.com for the Fund’s most recent month-end performance.
Fund specific data and performance are provided for informational purposes only and are not intended for trading purposes. 
Average Annual Total Returns as of 5/31/23
DWS Municipal Income Trust
6-Months‡
1-Year
5-Year
10-Year
Based on Net Asset Value(a)
2.72%
–2.63%
0.68%
2.14%
Based on Market Price(a)
–3.01%
–9.00%
–0.81%
0.51%
Bloomberg Municipal
Bond Index(b)
1.94%
0.49%
1.65%
2.28%
Morningstar Closed-End Municipal
National Long Funds Category(c)
1.89%
–3.15%
0.85%
2.80%
Growth of an Assumed $10,000 Investment
 
Yearly periods ended May 31
The growth of $10,000 is cumulative. 
‡
Total returns shown for periods less than one year are not annualized.
 
DWS Municipal Income Trust
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3
(a)
Total return based on net asset value reflects changes in the Fund’s net asset value
during each period. Total return based on market price reflects changes in market price.
Each figure assumes that dividend and capital gain distributions, if any, were reinvested.
These figures will differ depending upon the level of any discount from or premium to
net asset value at which the Fund’s shares traded during the period. Expenses of the
Fund include management fee, interest expense and other fund expenses. Total returns
shown take into account these fees and expenses. The expense ratio of the Fund for the
six months ended May 31, 2023 was 3.50% (0.94% excluding interest expense).
(b)
The unmanaged, unleveraged Bloomberg Municipal Bond Index covers the
U.S. dollar-denominated long-term tax exempt bond market. The index has four main
sectors: state and local general obligation bonds, revenue bonds, insured bonds and
pre-refunded bonds. Index returns do not reflect any fees or expenses and it is not
possible to invest directly into an index.
(c)
Morningstar’s Closed-End Municipal National Long Funds category represents muni
national long portfolios that invest in municipal bonds. Such bonds are issued by various
state and local governments to fund public projects and are free from federal taxes. To
lower risk, these funds spread their assets across many states and sectors. They focus
on bonds with durations of seven years or more. This makes them more sensitive to
interest rates, and thus riskier, than muni funds that focus on bonds with shorter
maturities. Morningstar figures represent the average of the total returns based on net
asset value reported by all of the closed-end funds designated by Morningstar, Inc. as
falling into the Closed-End Municipal National Long Funds category. Category returns
assume reinvestment of all distributions. It is not possible to invest directly in a
Morningstar category.
 
Net Asset Value and Market Price
 
 
 
As of 5/31/23
As of 11/30/22
Net Asset Value
$10.04
$9.96
Market Price
$8.50
$8.93
Premium (discount)
(15.34
%)
(10.34
%)
Prices and net asset value fluctuate and are not guaranteed. 
 
4
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DWS Municipal Income Trust
Distribution Information
 
Six Months as of 5/31/23:
Income Dividends (common shareholders)
$.17
May Income Dividend (common shareholders)
$.0268
Current Annualized Distribution Rate (based on Net Asset Value)
as of 5/31/23†
3.20
%
Current Annualized Distribution Rate (based on Market Price)
as of 5/31/23†
3.78
%
Tax Equivalent Distribution Rate (based on Net Asset Value)
as of 5/31/23†
5.41
%
Tax Equivalent Distribution Rate (based on Market Price)
as of 5/31/23†
6.39
%
 
†
Current annualized distribution rate is the latest monthly dividend shown as an annualized
percentage of net asset value/market price on May 31, 2023. Distribution rate simply
measures the level of dividends and is not a complete measure of performance. Tax
equivalent distribution rate is based on the Fund’s distribution rate and a marginal income
tax rate of 40.8%. Distribution rates are historical, not guaranteed and will fluctuate.
Distributions do not include return of capital or other non-income sources.
 
DWS Municipal Income Trust
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5
Portfolio Management Team
Michael J. Generazo, Senior Portfolio Manager Fixed Income
Portfolio Manager of the Fund. Began managing the Fund in 2010.
—Joined DWS in 1999.
—BS, Bryant College; MBA, Suffolk University.
Chad H. Farrington, CFA, Head of Investment Strategy Fixed Income
Portfolio Manager of the Fund. Began managing the Fund in 2021.
—Joined DWS in 2018 with 20 years of industry experience; previously, worked as Portfolio Manager, Head of Municipal Research, and Senior Credit Analyst at Columbia Threadneedle.
—Co-Head of Municipal Bond Department.
—BS, Montana State University.
 
6
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DWS Municipal Income Trust
Portfolio Summary(Unaudited) 
Asset Allocation (As a % of Investment Portfolio excluding
Open-End Investment Companies)
5/31/23
11/30/22
Revenue Bonds
78%
77%
Lease Obligations
8%
9%
Escrow to Maturity/Prerefunded Bonds
8%
8%
General Obligation Bonds
6%
6%
Variable Rate Demand Notes
0%
0%
Variable Rate Demand Preferred Shares
0%
—
 
100%
100%
 
Quality (As a % of Investment Portfolio excluding Open-End
Investment Companies)
5/31/23
11/30/22
AAA
2%
2%
AA
27%
28%
A
51%
50%
BBB
17%
18%
Not Rated
3%
2%
 
100%
100%
The quality ratings represent the higher of Moody’s Investors Service, Inc. (“Moody’s” ), Fitch Ratings, Inc. (“Fitch” ) or S&P Global Ratings (“S&P” ) credit ratings. The ratings of Moody’s, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change. 
Top Five State/Territory Allocations (As a % of
Investment Portfolio excluding Open-End Investment Companies)
5/31/23
11/30/22
Texas
13%
13%
New York
11%
11%
Florida
9%
9%
California
8%
8%
Pennsylvania
7%
6%
 
DWS Municipal Income Trust
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7
 
Interest Rate Sensitivity
5/31/23
11/30/22
Effective Maturity
10.2 years
10.7 years
Modified Duration
7.2 years
7.6 years
 
Leverage (As a % of Total Assets)
5/31/23
11/30/22
 
38.79%
38.88%
Effective maturity is the weighted average of the maturity date of  bonds held by the Fund taking
into consideration any available maturity shortening features.
Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current interest rate environment.
Leverage results in additional risks and can magnify the effect of any gains or losses to a greater extent than if leverage were not used.
Portfolio holdings and characteristics are subject to change.
For more complete details about the Fund’s investment portfolio, see page 9. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Additional Information section on page 47 for contact information.
 
8
|
DWS Municipal Income Trust
Investment Portfolioas of May 31, 2023 (Unaudited)
 
 
Principal
Amount ($)
Value ($)
Municipal Investments 142.9%
Alabama 0.6%
Alabama, Black Belt Energy Gas District Gas Project
Revenue, Series B, 5.25% (a), 12/1/2053, GTY: Royal
Bank of Canada, LIQ: Royal Bank of Canada
 
770,000
827,648
Alabama, UAB Medicine Finance Authority Revenue,
Series B2, 5.0%, 9/1/2041
 
1,625,000
1,675,304
 
 
2,502,952
Alaska 1.8%
Alaska, Industrial Development & Export Authority, Tanana
Chiefs Conference Project, Series A, 4.0%, 10/1/2044
 
5,410,000
4,987,417
Alaska, Northern Tobacco Securitization Corp., Tobacco
Settlement Revenue, “1” , Series A, 4.0%, 6/1/2050
 
2,250,000
1,969,947
 
 
6,957,364
Arizona 2.6%
Arizona, Salt Verde Financial Corp., Gas Revenue:
 
5.0%, 12/1/2037, GTY: Citigroup Global Markets
 
1,050,000
1,067,737
5.5%, 12/1/2029, GTY: Citigroup Global Markets
 
1,400,000
1,486,823
Arizona, State University, Green Bond, Series A, 5.0%,
7/1/2043
 
5,900,000
6,337,222
Maricopa County, AZ, Industrial Development Authority,
Hospital Revenue, Series A, 5.0%, 9/1/2042
 
1,000,000
1,020,752
Phoenix, AZ, Civic Improvement Corp., Rental Car Facility
Revenue, Series A, 4.0%, 7/1/2045
 
500,000
461,806
 
 
10,374,340
California 13.6%
California, Golden State Tobacco Securitization Corp.,
Tobacco Settlement:
 
Series A-1, Prerefunded, 5.0%, 6/1/2034
 
2,500,000
2,780,429
Series A-1, Prerefunded, 5.0%, 6/1/2035
 
2,500,000
2,780,429
California, Housing Finance Agency, Municipal Certificates,
“A” , Series 2021-1, 3.5%, 11/20/2035
 
1,081,117
1,004,544
California, Morongo Band of Mission Indians Revenue,
Series B, 144A, 5.0%, 10/1/2042
 
345,000
339,974
California, M-S-R Energy Authority, Series A, 7.0%,
11/1/2034, GTY: Citigroup Global Markets
 
3,180,000
3,825,668
California, State General Obligation, 5.0%, 11/1/2043
 
5,000,000
5,026,902
The accompanying notes are an integral part of the financial statements.
 
DWS Municipal Income Trust
|
9
 
Principal
Amount ($)
Value ($)
California, State Municipal Finance Authority Revenue,
LAX Integrated Express Solutions LLC, LINXS
Apartment Project:
 
Series A, AMT, 5.0%, 12/31/2043
 
1,825,000
1,850,209
Series A, AMT, 5.0%, 6/1/2048
 
240,000
241,255
California, Tobacco Securitization Authority, Tobacco
Settlement Revenue, San Diego County Tobacco Asset
Securitization Corp., Series A, 5.0%, 6/1/2048
 
700,000
725,500
Long Beach, CA, Harbor Revenue, Series D, 5.0%,
5/15/2039
 
1,065,000
1,096,383
Los Angeles, CA, Department of Airports Revenue:
 
Series C, AMT, 5.0%, 5/15/2044
 
3,750,000
3,852,957
Series A, AMT, 5.0%, 5/15/2045
 
1,250,000
1,315,528
Los Angeles, CA, Department of Airports Revenue, Los
Angeles International Airport, Series A, AMT, 5.0%,
5/15/2044
 
6,430,000
6,607,044
Nuveen California Quality Municipal Income Fund,
Series 7, 144A, 3.48% (b), 6/7/2023
 
600,000
600,000
San Diego County, CA, Regional Airport Authority
Revenue, Series B, AMT, Prerefunded, 5.0%, 7/1/2043
 
7,000,000
7,006,609
San Diego, CA, Unified School District, Election 2012,
Series C, Prerefunded, 5.0%, 7/1/2035
 
4,700,000
4,706,174
San Diego, CA, Unified School District, Proposition Z
Bonds, Series M2, 3.0%, 7/1/2050
 
2,000,000
1,539,278
San Francisco City & County, CA, Airports Commission,
International Airport Revenue, Series D, AMT, 5.0%,
5/1/2048
 
2,965,000
3,020,329
San Francisco, CA, City & County Airports Commission,
International Airport Revenue, Series E, AMT, 5.0%,
5/1/2045
 
5,000,000
5,168,107
 
 
53,487,319
Colorado 7.2%
Colorado, State Health Facilities Authority Revenue, School
Health Systems, Series A, Prerefunded, 5.5%, 1/1/2035
 
5,450,000
5,519,104
Colorado, State Health Facilities Authority, Hospital
Revenue, CommonSpirit Health Obligation Group,
Series A-1, 4.0%, 8/1/2044
 
9,960,000
9,226,421
Colorado, State Health Facilities Authority, Hospital
Revenue, Covenant Retirement Communities Obligated
Group, Series A, 5.0%, 12/1/2048
 
1,305,000
1,268,224
Denver, CO, City & County Airport Revenue:
 
Series A, AMT, 5.25%, 11/15/2043
 
2,400,000
2,401,243
The accompanying notes are an integral part of the financial statements.
 
10
|
DWS Municipal Income Trust
 
Principal
Amount ($)
Value ($)
Series A, AMT, 5.25%, 12/1/2043
 
9,225,000
9,604,068
Denver, CO, Health & Hospital Authority, Healthcare
Revenue, Series A, 4.0%, 12/1/2040
 
450,000
393,647
 
 
28,412,707
Delaware 0.4%
Delaware, State Economic Development Authority,
Retirement Communities Revenue, Acts Retirement Life
Communities, Series B, 5.0%, 11/15/2048
 
1,750,000
1,639,938
District of Columbia 2.3%
District of Columbia, International School Revenue, 5.0%,
7/1/2039
 
500,000
503,990
District of Columbia, KIPP Project Revenue, 4.0%,
7/1/2049
 
2,405,000
2,016,630
District of Columbia, Metropolitan Airport Authority
Systems Revenue:
 
Series A, AMT, 5.0%, 10/1/2038
 
800,000
803,673
Series A, AMT, 5.0%, 10/1/2043
 
3,400,000
3,415,609
District of Columbia, Metropolitan Airport Authority, Dulles
Toll Road Revenue, Dulles Metrorail & Capital
Improvement Project, Series B, 4.0%, 10/1/2049
 
1,590,000
1,456,585
District of Columbia, Two Rivers Public Charter School,
Inc., 5.0%, 6/1/2050
 
750,000
684,215
 
 
8,880,702
Florida 12.4%
Brevard County, FL, Health Facilities Authority, Hospital
Revenue, Health First, Inc., Series A, 4.0%, 4/1/2052
 
2,500,000
2,255,747
Broward County, FL, Airport Systems Revenue, Series A,
AMT, 4.0%, 10/1/2049
 
345,000
312,121
Collier County,FL, State Educational Facilities Authority
Revenue, Ave Maria University Inc., 5.0%, 6/1/2043
 
665,000
642,150
Florida, Development Finance Corp., Educational Facilities
Revenue, Mater Academy Projects:
 
Series A, 5.0%, 6/15/2047
 
2,900,000
2,825,394
Series A, 5.0%, 6/15/2052
 
270,000
258,982
Series A, 5.0%, 6/15/2055
 
1,540,000
1,464,828
Series A, 5.0%, 6/15/2056
 
440,000
416,964
Florida, Development Finance Corp., Educational Facilities
Revenue, River City Science Academy Project:
 
Series A-1, 5.0%, 7/1/2042
 
60,000
59,782
Series B, 5.0%, 7/1/2042
 
60,000
59,782
Series A-1, 5.0%, 7/1/2051
 
55,000
53,050
Series B, 5.0%, 7/1/2051
 
85,000
81,987
Series A-1, 5.0%, 2/1/2057
 
80,000
75,540
The accompanying notes are an integral part of the financial statements.
 
DWS Municipal Income Trust
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11
 
Principal
Amount ($)
Value ($)
Series B, 5.0%, 7/1/2057
 
90,000
84,963
Florida, State Atlantic University Finance Corp., Capital
Improvements Revenue, Student Housing Project,
Series B, 4.0%, 7/1/2044
 
2,525,000
2,384,495
Florida, State Higher Educational Facilities Financial
Authority Revenue, Florida Institute of Technology,
Series A, 4.0%, 10/1/2044
 
1,000,000
853,848
Greater Orlando, FL, Aviation Authority Airport
Facilities Revenue:
 
Series A, AMT, 5.0%, 10/1/2042
 
1,490,000
1,524,255
Series A, AMT, 5.0%, 10/1/2047
 
965,000
981,897
Hillsborough County, FL, Aviation Authority, Tampa
International Airport:
 
Series A, AMT, 4.0%, 10/1/2052
 
1,710,000
1,569,853
Series A, AMT, 5.0%, 10/1/2048
 
2,500,000
2,550,101
Miami-Dade County, FL, Aviation Revenue:
 
Series A, AMT, 5.0%, 10/1/2035
 
5,000,000
5,043,307
Series B, AMT, 5.0%, 10/1/2040
 
2,360,000
2,402,629
Miami-Dade County, FL, Expressway Authority, Toll
Systems Revenue, Series A, 5.0%, 7/1/2035, INS:
AGMC
 
3,000,000
3,030,634
Miami-Dade County, FL, Health Facilities Authority
Hospital Revenue, Nicklaus Children’s Hospital, 5.0%,
8/1/2047
 
3,335,000
3,392,614
Miami-Dade County, FL, Seaport Revenue, Series A, AMT,
5.25%, 10/1/2052
 
640,000
674,905
Miami-Dade County, FL, Transit System, Series A, 4.0%,
7/1/2050
 
5,000,000
4,742,664
Osceola County, FL, Transportation Revenue, Series A-1,
4.0%, 10/1/2054
 
3,000,000
2,583,022
Palm Beach County, FL, Health Facilities Authority, Acts
Retirement-Life Communities, Inc., Series A, 5.0%,
11/15/2045
 
3,100,000
2,943,561
Palm Beach County, FL, Health Facilities Authority, Jupiter
Medical Center, Series A, 5.0%, 11/1/2052
 
600,000
587,657
Tampa, FL, The University of Tampa Project, Series A,
4.0%, 4/1/2050
 
3,775,000
3,419,799
Tampa, FL, Water & Waste Water System Revenue,
Series A, 5.25%, 10/1/2057
 
1,500,000
1,657,176
 
 
48,933,707
Georgia 7.7%
Atlanta, GA, Airport Passenger Facility Charge Revenue,
Series D, AMT, 4.0%, 7/1/2038
 
2,000,000
1,949,212
Cobb County, GA, Kennestone Hospital Authority, Revenue
Anticipation Certificates, Wellstar Health System, Inc.
Project, Series A, 4.0%, 4/1/2052
 
620,000
564,949
The accompanying notes are an integral part of the financial statements.
 
12
|
DWS Municipal Income Trust
 
Principal
Amount ($)
Value ($)
Fulton County, GA, Development Authority Hospital
Revenue, Revenue Anticipation Certificates, Wellstar
Health System, Series A, 5.0%, 4/1/2042
 
1,055,000
1,082,284
Fulton County, GA, Development Authority Hospital
Revenue, Wellstar Health System, Obligated Inc.
Project, Series A, 4.0%, 4/1/2050
 
1,320,000
1,226,213
George L Smith II, GA, Congress Center Authority,
Convention Center Hotel First Tier, Series A, 4.0%,
1/1/2054
 
3,640,000
2,946,694
Georgia, Main Street Natural Gas, Inc., Gas
Project Revenue:
 
Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co.
 
5,000,000
5,056,844
Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch & Co.
 
10,000,000
10,526,555
Georgia, Main Street Natural Gas, Inc., Gas Supply
Revenue, Series B, 5.0% (a), 7/1/2053, GTY: Royal Bank
of Canada
 
3,110,000
3,281,058
Georgia, Municipal Electric Authority Revenue,
Project One:
 
Series A, 5.0%, 1/1/2035
 
1,010,000
1,025,694
Series A, 5.0%, 1/1/2049
 
1,000,000
1,012,944
Georgia, Private Colleges & Universities Authority
Revenue, Mercer University Project, 4.0%, 10/1/2047
 
1,800,000
1,655,553
 
 
30,328,000
Hawaii 0.4%
Hawaii, State Airports Systems Revenue, Series A, AMT,
5.0%, 7/1/2041
 
1,490,000
1,503,153
Illinois 10.3%
Chicago, IL, General Obligation:
 
Series A, 5.0%, 1/1/2044
 
800,000
787,840
Series A, 6.0%, 1/1/2038
 
405,000
429,503
Chicago, IL, Metropolitan Pier & Exposition Authority,
McCormick Place Expansion Project, Series B, Zero
Coupon, 6/15/2044, INS: AGMC
 
2,500,000
922,645
Chicago, IL, O’Hare International Airport Revenue,
Series A, AMT, 5.5%, 1/1/2055
 
1,355,000
1,431,859
Chicago, IL, O’Hare International Airport Revenue, Senior
Lien, Series D, AMT, 5.0%, 1/1/2047
 
6,785,000
6,891,671
Chicago, IL, O’Hare International Airport, Special Facility
Revenue, AMT, 5.0%, 7/1/2048
 
395,000
388,288
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue,
Second Lien:
 
Series A, 4.0%, 12/1/2050
 
465,000
425,971
Series A, 5.0%, 12/1/2052
 
3,000,000
3,090,841
The accompanying notes are an integral part of the financial statements.
 
DWS Municipal Income Trust
|
13
 
Principal
Amount ($)
Value ($)
Illinois, Metropolitan Pier & Exposition Authority,
Dedicated State Tax Revenue, Capital
Appreciation-McCormick, Series A, Zero Coupon,
6/15/2036, INS: NATL
 
3,500,000
1,987,770
Illinois, State Finance Authority Revenue, Bradley
University Project, Series A, 4.0%, 8/1/2046
 
3,000,000
2,502,564
Illinois, State Finance Authority Revenue, OSF Healthcare
Systems, Series A, 5.0%, 11/15/2045
 
1,745,000
1,755,812
Illinois, State Finance Authority Revenue, University of
Chicago, Series A, 5.0%, 10/1/2038
 
4,445,000
4,506,002
Illinois, State General Obligation:
 
4.0%, 6/1/2033
 
2,400,000
2,417,243
Series C, 4.0%, 10/1/2037
 
2,500,000
2,454,336
Series B, 5.0%, 10/1/2033
 
1,970,000
2,090,094
Series A, 5.0%, 5/1/2034
 
3,500,000
3,688,922
Series A, 5.0%, 5/1/2043
 
1,000,000
1,023,009
5.5%, 5/1/2039
 
1,915,000
2,091,378
5.75%, 5/1/2045
 
735,000
798,507
Springfield, IL, Electric Revenue, Senior Lien, 5.0%,
3/1/2040, INS: AGMC
 
970,000
987,432
 
 
40,671,687
Indiana 4.6%
Indiana, Finance Authority Revenue, DePauw University,
Series A, 5.5%, 7/1/2052
 
4,000,000
4,151,457
Indiana, State Finance Authority Revenue, BHI Senior
Living Obligated Group, 5.0%, 11/15/2053
 
2,965,000
2,597,144
Indiana, State Finance Authority, Health Facilities Revenue,
Baptist Healthcare System, Series A, 5.0%, 8/15/2051
 
3,500,000
3,561,776
Indiana, State Finance Authority, Hospital Revenue,
Parkview Health System Obligated Group, Series A,
5.0%, 11/1/2043
 
7,000,000
7,220,432
Indiana, State Housing & Community Development
Authority, Single Family Mortgage Revenue, Series C-1,
5.0%, 7/1/2053
 
360,000
370,392
 
 
17,901,201
Iowa 0.3%
Iowa, Higher Education Loan Authority, Des Moines
University Project, 5.375%, 10/1/2052
 
485,000
500,637
Iowa, State Higher Education Loan Authority Revenue,
Private College Facility, Des Moines University Project,
4.0%, 10/1/2045
 
885,000
778,819
 
 
1,279,456
The accompanying notes are an integral part of the financial statements.
 
14
|
DWS Municipal Income Trust
 
Principal
Amount ($)
Value ($)
Kentucky 0.9%
Kentucky, State Economic Development Finance Authority,
Owensboro Health, Inc., Obligated Group:
 
Series A, 5.0%, 6/1/2045
 
320,000
311,737
Series A, 5.25%, 6/1/2041
 
480,000
490,069
Louisville & Jefferson County, KY, Metro Government
Hospital Revenue, UOFL Health Project:
 
Series A, 5.0%, 5/15/2047
 
610,000
621,520
Series A, 5.0%, 5/15/2052
 
1,960,000
1,967,527
 
 
3,390,853
Louisiana 2.4%
Louisiana, Public Facilities Authority Revenue, Ochsner
Clinic Foundation Project, 5.0%, 5/15/2047
 
6,000,000
6,077,256
Louisiana, Public Facilities Authority Revenue, Tulane
University, Series A, 5.0%, 10/15/2052
 
1,155,000
1,232,730
New Orleans, LA, Aviation Board Special Facility Revenue,
Parking Facilities Corp., Consol Garage System:
 
Series A, 5.0%, 10/1/2043, INS: AGMC
 
1,020,000
1,067,465
Series A, 5.0%, 10/1/2048, INS: AGMC
 
1,140,000
1,185,253
 
 
9,562,704
Maryland 2.7%
Maryland, Stadium Authority Built To Learn Revenue,
Series A, 4.0%, 6/1/2047
 
2,670,000
2,547,609
Maryland, State Economic Development Corp., Student
Housing Revenue, Morgan State University Project:
 
5.0%, 7/1/2056
 
2,550,000
2,583,263
Series A, 5.75%, 7/1/2053
 
575,000
621,834
Maryland, State Health & Higher Educational Facilities
Authority Revenue, Adventist Healthcare, Obligated
Group, Series A, 5.5%, 1/1/2046
 
745,000
752,558
Maryland, State Health & Higher Educational Facilities
Authority Revenue, Broadmead Inc.:
 
Series A, 5.0%, 7/1/2043
 
1,250,000
1,252,726
Series A, 5.0%, 7/1/2048
 
3,000,000
2,974,458
 
 
10,732,448
Massachusetts 2.1%
Massachusetts, Educational Financing Authority, Issue M:
 
Series C, AMT, 3.0%, 7/1/2051
 
4,180,000
2,800,822
Series C, AMT, 4.125%, 7/1/2052
 
2,000,000
1,654,411
The accompanying notes are an integral part of the financial statements.
 
DWS Municipal Income Trust
|
15
 
Principal
Amount ($)
Value ($)
Massachusetts, State Development Finance Agency
Revenue, Northeastern University, Series A, 5.25%,
3/1/2037
 
2,500,000
2,528,253
Massachusetts, State Educational Financing Authority,
Educational Loan Revenue Bonds, Issue M, Series B,
AMT, 3.625%, 7/1/2038
 
1,365,000
1,243,726
 
 
8,227,212
Michigan 2.3%
Michigan, State Finance Authority Ltd. Obligation
Revenue, Albion College:
 
4.0%, 12/1/2046
 
410,000
341,053
4.0%, 12/1/2051
 
420,000
337,440
Michigan, State Finance Authority Revenue, Tobacco
Settlement Revenue, “1” , Series A, 4.0%, 6/1/2049
 
260,000
231,062
Michigan, State Finance Authority, Hospital Revenue,
McLaren Health Care, Series A, 4.0%, 2/15/2047
 
4,000,000
3,733,160
Michigan, Strategic Fund, 75 Improvement P3 Project,
AMT, 5.0%, 6/30/2048
 
2,200,000
2,165,674
Wayne County, MI, Airport Authority Revenue, Series F,
AMT, 5.0%, 12/1/2034
 
2,000,000
2,042,635
 
 
8,851,024
Minnesota 3.7%
Duluth, MN, Economic Development Authority, Health
Care Facilities Revenue, Essentia Health
Obligated Group:
 
Series A, 5.0%, 2/15/2048
 
1,800,000
1,826,915
Series A, 5.0%, 2/15/2053
 
5,060,000
5,121,151
Minneapolis, MN, Health Care Systems Revenue, Fairview
Health Services, Series A, 5.0%, 11/15/2049
 
1,220,000
1,236,830
Minnesota, State Office of Higher Education Revenue,
AMT, 4.0%, 11/1/2042 (c)
 
1,715,000
1,615,431
Rochester, MN, Health Care Facilities Revenue, Mayo
Clinic, Series B, 5.0%, 11/15/2035
 
4,000,000
4,746,345
 
 
14,546,672
Missouri 0.2%
Missouri, State Health & Educational Facilities Authority
Revenue, Medical Research, Lutheran Senior Services:
 
4.0%, 2/1/2042
 
545,000
435,075
Series A, 5.0%, 2/1/2046
 
335,000
304,947
 
 
740,022
The accompanying notes are an integral part of the financial statements.
 
16
|
DWS Municipal Income Trust
 
Principal
Amount ($)
Value ($)
Nebraska 0.3%
Douglas County, NE, Hospital Authority No.2, Health
Facilities, Children’s Hospital Obligated Group, 5.0%,
11/15/2047
 
1,330,000
1,353,884
New Hampshire 0.5%
New Hampshire, Business Finance Authority Revenue,
Series 2022-2, 4.0%, 10/20/2036
 
2,231,828
2,078,646
New Jersey 5.7%
Camden Country, NJ, Improvement Authority School
Revenue, KIPP Cooper Norcross Obligated Group, 6.0%,
6/15/2062
 
1,400,000
1,471,838
New Jersey, Economic Development Authority, Self
Designated Social Bonds:
 
Series QQQ, 4.0%, 6/15/2046
 
115,000
108,032
Series QQQ, 4.0%, 6/15/2050
 
115,000
106,801
New Jersey, State Economic Development Authority
Revenue, Series BBB, Prerefunded, 5.5%, 6/15/2030
 
2,690,000
2,922,714
New Jersey, State Economic Development Authority
Revenue, The Goethals Bridge Replacement Project,
Series A, AMT, 5.125%, 7/1/2042, INS: AGMC
 
1,250,000
1,254,026
New Jersey, State Economic Development Authority,
State Government Buildings Project:
 
Series A, 5.0%, 6/15/2042
 
345,000
355,575
Series A, 5.0%, 6/15/2047
 
385,000
395,221
New Jersey, State Educational Facilities Authority
Revenue, Steven Institute of Technology, Series A, 4.0%,
7/1/2050
 
995,000
868,728
New Jersey, State Educational Facilities Authority
Revenue, Stockton University, Series A, 5.0%, 7/1/2041
 
685,000
692,593
New Jersey, State Higher Education Assistance Authority,
Student Loan Revenue, Series B, AMT, 2.5%, 12/1/2040
 
415,000
344,469
New Jersey, State Transportation Trust Fund Authority,
Series AA, 4.0%, 6/15/2045
 
435,000
408,433
New Jersey, State Transportation Trust Fund Authority,
Transportation Program, Series AA, 5.0%, 6/15/2046
 
5,600,000
5,781,619
New Jersey, State Transportation Trust Fund Authority,
Transportation Systems:
 
Series AA, 4.0%, 6/15/2050
 
3,320,000
3,083,287
Series A, 5.0%, 12/15/2034
 
1,855,000
1,980,596
Series A, 5.0%, 12/15/2036
 
475,000
501,076
New Jersey, State Turnpike Authority Revenue, Series B,
5.0%, 1/1/2040
 
65,000
68,854
The accompanying notes are an integral part of the financial statements.
 
DWS Municipal Income Trust
|
17
 
Principal
Amount ($)
Value ($)
New Jersey, Tobacco Settlement Financing Corp., Series A,
5.25%, 6/1/2046
 
1,315,000
1,368,421
South Jersey, NJ, Transportation Authority System
Revenue, Series A, 5.25%, 11/1/2052
 
800,000
844,592
 
 
22,556,875
New York 12.6%
New York, Metropolitan Transportation Authority Revenue:
 
Series E-1, 4.0% (b), 6/1/2023, LOC: Barclays Bank PLC
 
1,350,000
1,350,000
Series A-1, 4.0%, 11/15/2044
 
1,000,000
932,501
Series A-1, 4.0%, 11/15/2045
 
1,000,000
927,490
Series C, 5.0%, 11/15/2038
 
6,000,000
6,000,856
Series D, 5.0%, 11/15/2038
 
1,090,000
1,067,011
Series C, 5.0%, 11/15/2042
 
5,000,000
5,000,156
Series A-1, 5.25%, 11/15/2039
 
4,000,000
4,004,215
Series C-1, 5.25%, 11/15/2055
 
520,000
537,026
New York, Metropolitan Transportation Authority Revenue,
Green Bond, Series A-1, 5.0%, 11/15/2048
 
2,000,000
2,043,869
New York, Port Authority of New York & New Jersey
Consolidated, One Hundred Eighty-Fourth:
 
5.0%, 9/1/2036
 
205,000
208,082
5.0%, 9/1/2039
 
510,000
515,803
New York, State Dormitory Authority Revenues, Non-State
Supported Debt, The New School:
 
Series A, 4.0%, 7/1/2047
 
150,000
134,383
Series A, 4.0%, 7/1/2052
 
175,000
153,046
New York, State Transportation Development Corp., Special
Facilities Revenue, Delta Air Lines, Inc., LaGuardia
Airport C&D Redevelopment, Series A, AMT, 5.0%,
1/1/2031
 
450,000
464,612
New York, State Transportation Development Corp., Special
Facilities Revenue, Terminal 4 John F. Kennedy,
International Project, AMT, 5.0%, 12/1/2041
 
265,000
273,317
New York, State Urban Development Corp. Revenue,
Personal Income Tax, Series A, 4.0%, 3/15/2045
 
8,830,000
8,630,428
New York, State Urban Development Corp. Revenue, State
Personal Income Tax, Series C, 5.0%, 3/15/2047
 
3,500,000
3,742,317
New York, State Urban Development Corp., Income Tax,
Series A, 3.0%, 3/15/2050
 
2,000,000
1,495,295
New York, State Urban Development Corp., State Personal
Income Tax Revenue, Series C, 3.0%, 3/15/2048
 
3,475,000
2,641,375
New York, TSASC, Inc., Series A, 5.0%, 6/1/2041
 
150,000
152,551
New York City, NY, General Obligation, Series A-1, 4.0%,
8/1/2042
 
3,500,000
3,443,828
New York City, NY, Housing Development Corp.,
Series C-1, 4.25%, 11/1/2052
 
3,000,000
2,751,914
The accompanying notes are an integral part of the financial statements.
 
18
|
DWS Municipal Income Trust
 
Principal
Amount ($)
Value ($)
New York, NY, General Obligation, Series B-1, 5.25%,
10/1/2047
 
500,000
555,719
Port Authority of New York & New Jersey, Series 207,
AMT, 5.0%, 9/15/2048
 
1,875,000
1,913,966
Port Authority of New York & New Jersey, One Hundred
Ninety-Third, AMT, 5.0%, 10/15/2035
 
800,000
814,307
 
 
49,754,067
North Carolina 0.1%
North Carolina, Charlotte-Mecklenburg Hospital Authority,
Atrium Health Obligated Group, Series E, 3.95% (b),
6/1/2023, LOC: Royal Bank of Canada
 
320,000
320,000
Ohio 2.3%
Buckeye, OH, Tobacco Settlement Financing Authority,
“1” , Series A, 4.0%, 6/1/2048
 
1,995,000
1,772,072
Chillicothe, OH, Hospital Facilities Revenue, Adena Health
System Obligated Group Project, 5.0%, 12/1/2047
 
1,785,000
1,807,319
Franklin County, OH, Trinity Health Corp. Revenue,
Series 2017, 5.0%, 12/1/2046
 
2,950,000
3,011,584
Ohio, Akron, Bath & Copley Joint Township Hospital
District Revenue, 5.25%, 11/15/2046
 
2,320,000
2,345,855
 
 
8,936,830
Oregon 0.9%
Oregon, Portland Airport Revenue, Series 25B, AMT, 5.0%,
7/1/2049
 
3,335,000
3,412,096
Pennsylvania 8.0%
Allegheny County, PA, Hospital Development Authority,
Allegheny Health Network Obligated Group, Series A,
5.0%, 4/1/2047
 
3,090,000
3,128,333
Pennsylvania, Certificate of Participations, Series A, 5.0%,
7/1/2043
 
460,000
480,150
Pennsylvania, Commonwealth Financing Authority,
Series A, 5.0%, 6/1/2035
 
1,560,000
1,590,764
Pennsylvania, Commonwealth Financing Authority, Tobacco
Master Settlement Payment Revenue Bonds:
 
5.0%, 6/1/2034
 
750,000
801,883
5.0%, 6/1/2035
 
375,000
399,052
Pennsylvania, Economic Development Financing Authority,
Series A, 4.0%, 10/15/2051
 
3,000,000
2,755,333
Pennsylvania, Geisinger Authority Health System Revenue,
Series A-1, 5.0%, 2/15/2045
 
20,000
20,454
Pennsylvania, State Economic Development Financing
Authority, The Penndot Major Bridges, AMT, 6.0%,
6/30/2061
 
3,500,000
3,876,070
The accompanying notes are an integral part of the financial statements.
 
DWS Municipal Income Trust
|
19
 
Principal
Amount ($)
Value ($)
Pennsylvania, State Higher Educational Facilities Authority
Revenue, University of Pennsylvania Health System,
5.0%, 8/15/2049
 
5,000,000
5,139,211
Pennsylvania, State Housing Finance Agency, Single
Family Mortgage Revenue, Series 141A, 5.75%,
10/1/2053
 
960,000
1,018,665
Pennsylvania, State Turnpike Commission Revenue:
 
Series A, 5.0%, 12/1/2038
 
2,030,000
2,067,226
Series B-1, 5.0%, 6/1/2042
 
2,000,000
2,069,510
Series A, 5.0%, 12/1/2044
 
4,665,000
4,844,350
Series B, 5.0%, 12/1/2051
 
665,000
700,255
Philadelphia, PA, Airport Revenue, Series B, AMT, 5.0%,
7/1/2047
 
915,000
928,157
Philadelphia, PA, School District, Series B, 5.0%, 9/1/2043
 
1,500,000
1,574,600
 
 
31,394,013
South Carolina 4.8%
Charleston County, SC, Airport District, Airport System
Revenue, Series A, AMT, Prerefunded, 5.875%,
7/1/2032
 
6,560,000
6,569,920
South Carolina, State Ports Authority Revenue, Series B,
AMT, 4.0%, 7/1/2059
 
6,000,000
5,273,468
South Carolina, State Public Service Authority Revenue,
Series E, 5.25%, 12/1/2055
 
4,000,000
4,024,238
South Carolina, State Public Service Authority Revenue,
Santee Cooper, Series A, Prerefunded, 5.75%,
12/1/2043
 
3,000,000
3,034,613
 
 
18,902,239
South Dakota 0.2%
Lincon County, SD, Economic Development Revenue,
Augustana College Association Project, Series A, 4.0%,
8/1/2056
 
830,000
650,588
Tennessee 1.3%
Greeneville, TN, Health & Educational Facilities Board
Hospital Revenue, Ballad Health Obligation Group:
 
Series A, 5.0%, 7/1/2036
 
1,040,000
1,089,187
Series A, 5.0%, 7/1/2044
 
1,600,000
1,628,272
Nashville & Davidson County, TN, Metropolitan
Government Health & Education Facilities Board
Revenue, Blakeford At Green Hills Corp., Series A,
4.0%, 11/1/2055
 
1,500,000
1,060,418
Tennessee, State Energy Acquisition Corporation Revenue,
Series A, 5.0% (a), 5/1/2052, GTY: Goldman Sachs
Group, INC.
 
1,350,000
1,410,643
 
 
5,188,520
The accompanying notes are an integral part of the financial statements.
 
20
|
DWS Municipal Income Trust
 
Principal
Amount ($)
Value ($)
Texas 18.2%
Central Texas, Regional Mobility Authority Revenue,
Senior Lien:
 
Series A, Prerefunded, 5.0%, 1/1/2040
 
1,155,000
1,197,897
Series E, 5.0%, 1/1/2045
 
300,000
313,692
Clifton, TX, Higher Education Finance Corp., Idea Public
Schools, Series T, 4.0%, 8/15/2042
 
400,000
388,762
Houston, TX, Airport System Revenue, Series A, AMT,
5.0%, 7/1/2041
 
2,250,000
2,318,161
Newark, TX, Higher Education Finance Corp., Texas
Revenue, Abilene Christian University Project, Series A,
4.0%, 4/1/2057
 
3,000,000
2,575,351
North Texas, Tollway Authority Revenue:
 
5.0%, 1/1/2048
 
4,710,000
4,897,048
5.0%, 1/1/2050
 
1,435,000
1,489,832
San Antonio, TX, Education Facilities Corp. Revenue,
University of the Incarnate Word Project:
 
Series A, 4.0%, 4/1/2046
 
1,520,000
1,273,421
Series A, 4.0%, 4/1/2051
 
3,000,000
2,427,276
Series A, 4.0%, 4/1/2054
 
790,000
626,865
Tarrant County, TX, Cultural Education Facilities Finance
Corp. Revenue, Christus Health Obligated Group,
Series B, 5.0%, 7/1/2048
 
5,000,000
5,102,005
Temple, TX, Tax Increment, Reinvestment Zone No. 1:
 
Series A, 4.0%, 8/1/2039, INS: BAM
 
165,000
163,108
Series A, 4.0%, 8/1/2041, INS: BAM
 
200,000
193,431
Texas, Dallas/Fort Worth International Airport Revenue,
Series F, 5.25%, 11/1/2033
 
3,500,000
3,522,259
Texas, Grand Parkway Transportation Corp., System
Toll Revenue:
 
Series C, 4.0%, 10/1/2049
 
3,690,000
3,405,530
Series B, Prerefunded, 5.0%, 4/1/2053
 
3,500,000
3,517,922
Series B, Prerefunded, 5.25%, 10/1/2051
 
5,000,000
5,029,666
Texas, Lower Colorado River Authority, LCRA Transmission
Services Corp., Project, 5.0%, 5/15/2048
 
6,250,000
6,499,471
Texas, New Hope Cultural Education Facilities Finance
Corp., Retirement Facilities Revenue, Westminster
Project, 4.0%, 11/1/2049
 
735,000
570,431
Texas, Private Activity Bond, Surface Transportation Corp.
Revenue, Senior Lien, North Mobility Partners
Segments LLC, AMT, 5.0%, 6/30/2058
 
3,000,000
2,965,609
Texas, Regional Mobility Authority Revenue, Senior Lien,
Series B, 4.0%, 1/1/2051
 
7,815,000
7,140,641
The accompanying notes are an integral part of the financial statements.
 
DWS Municipal Income Trust
|
21
 
Principal
Amount ($)
Value ($)
Texas, SA Energy Acquisition Public Facility Corp., Gas
Supply Revenue, 5.5%, 8/1/2025, GTY: Goldman Sachs
Group, Inc.
 
7,250,000
7,387,216
Texas, State Municipal Gas Acquisition & Supply Corp. I,
Gas Supply Revenue, Series D, 6.25%, 12/15/2026,
GTY: Merrill Lynch & Co.
 
2,755,000
2,863,446
Texas, State Transportation Commission, Turnpike Systems
Revenue, Series C, 5.0%, 8/15/2034
 
1,235,000
1,247,897
Texas, State Water Development Board Revenue, State
Water Implementation Revenue Fund, Series A, 4.0%,
10/15/2049
 
1,815,000
1,786,619
Texas, University of Texas Revenue, Series B, 5.0%,
8/15/2049
 
2,250,000
2,621,314
 
 
71,524,870
Utah 0.8%
Salt Lake City, UT, Airport Revenue:
 
Series A, AMT, 5.0%, 7/1/2043
 
960,000
985,043
Series A, AMT, 5.0%, 7/1/2048
 
575,000
586,317
Utah, Infrastructure Agency Telecommunications &
Franchise Tax Revenue, Pleasant Gove City Project:
 
4.0%, 10/15/2041
 
1,000,000
929,698
4.0%, 10/15/2048
 
680,000
605,729
 
 
3,106,787
Vermont 0.2%
Vermont, State Educational & Health Buildings Financing
Agency Revenue, St Michael’s College Inc., 144A,
5.25%, 10/1/2052
 
1,000,000
915,467
Virginia 1.7%
Stafford County, VA, Economic Development Authority,
Hospital Facilities Revenue, Mary
Washington Healthcare:
 
Series A, 5.0%, 10/1/2042
 
140,000
143,779
Series A, 5.0%, 10/1/2047
 
465,000
472,656
Series A, 5.0%, 10/1/2052
 
600,000
605,931
Virginia, Small Business Financing Authority Revenue,
95 Express Lanes LLC Project, AMT, 4.0%, 1/1/2048
 
560,000
484,043
Virginia, Small Business Financing Authority, Elizabeth
River Crossings OPCO LLC Project, AMT, 4.0%,
1/1/2039
 
575,000
532,304
Virginia, Small Business Financing Authority, Private
Activity Revenue, Transform 66 P3 Project:
 
AMT, 5.0%, 12/31/2049
 
735,000
731,330
AMT, 5.0%, 12/31/2052
 
3,775,000
3,740,286
 
 
6,710,329
The accompanying notes are an integral part of the financial statements.
 
22
|
DWS Municipal Income Trust
 
Principal
Amount ($)
Value ($)
Washington 2.7%
Washington, Port of Seattle Revenue:
 
Series A, AMT, 5.0%, 5/1/2043
 
1,935,000
1,963,645
AMT, 5.0%, 4/1/2044
 
2,000,000
2,077,143
Washington, State Convention Center Public Facilities
District, 5.0%, 7/1/2043
 
6,000,000
6,055,915
Washington, State Housing Finance Commission
Municipal Certificates, “A” , Series A-1, 3.5%, 12/20/2035
 
597,100
546,570
 
 
10,643,273
West Virginia 1.0%
West Virginia, State Hospital Finance Authority, State
University Health System Obligated Group:
 
Series A, 5.0%, 6/1/2042
 
2,015,000
2,036,834
Series A, 5.0%, 6/1/2047
 
2,010,000
2,021,677
 
 
4,058,511
Wisconsin 3.0%
Wisconsin, Public Finance Authority Revenue, Triad
Educational Services Ltd., Series 2021 A, 4.0%,
6/15/2061
 
5,200,000
3,770,218
Wisconsin, Public Finance Authority, Eastern Michigan
University, Series A-1, 5.625%, 7/1/2055, INS: BAM
 
1,230,000
1,338,974
Wisconsin, Public Finance Authority, Fargo-Moorhead
Metropolitan Area Flood Risk Management Project,
AMT, 4.0%, 9/30/2051
 
4,590,000
3,672,770
Wisconsin, Public Finance Authority, Hospital Revenue,
Series A, 5.0%, 10/1/2044
 
2,925,000
2,975,810
 
 
11,757,772
Guam 0.1%
Guam, International Airport Authority Revenue:
 
Series C, AMT, 6.375%, 10/1/2043
 
255,000
257,080
Series C, AMT, Prerefunded, 6.375%, 10/1/2043
 
280,000
282,284
 
 
539,364
Total Municipal Investments (Cost $575,958,605)
562,727,592
The accompanying notes are an integral part of the financial statements.
 
DWS Municipal Income Trust
|
23
 
Principal
Amount ($)
Value ($)
Underlying Municipal Bonds of Inverse Floaters
(d) 19.2%
Florida 2.7%
Orange County, FL, School Board, Certificates of
Participations, Series C, 5.0%, 8/1/2034 (e)
 
10,000,000
10,343,702
Trust: Florida, School Board, Series 2016-XM0182, 144A,
7.7%, 2/1/2024, Leverage Factor at purchase date: 4 to
1
 
Massachusetts 2.8%
Massachusetts, State Development Finance Agency
Revenue, Partners Healthcare System, Inc., Series Q,
5.0%, 7/1/2035 (e)
 
10,425,000
10,956,331
Trust: Massachusetts, State Development Finance
Agency Revenue, Series 2016-XM0137, 144A, 7.785%,
1/1/2024, Leverage Factor at purchase date: 4 to 1
 
New York 5.4%
New York, State Urban Development Corp. Revenue,
Personal Income Tax, Series C-3, 5.0%, 3/15/2040 (e)
 
10,000,000
10,626,787
Trust: New York, State Urban Development Corp.
Revenue, Personal Income Tax, Series 2018-XM0580,
144A, 8.225%, 9/15/2025, Leverage Factor at purchase
date: 4 to 1
 
New York City, NY, Transitional Finance Authority, Building
AID Revenue, Series S-4A, 5.0%, 7/15/2034 (e)
 
7,165,000
7,862,702
Trust: New York, Transitional Finance Authority, Building
AID Revenue, Series 2018-XM0620, 144A, 8.126%,
1/15/2026, Leverage Factor at purchase date: 4 to 1
 
New York City, NY, Transitional Finance Authority, Building
AID Revenue, Series S-3, 5.0%, 7/15/2038 (e)
 
2,685,000
2,876,174
Trust: New York, Transitional Finance Authority, Building
AID Revenue, Series 2018-XM0620, 144A, 8.143%,
1/15/2026, Leverage Factor at purchase date: 4 to 1
 
 
 
21,365,663
Pennsylvania 2.8%
Pennsylvania, Southeastern Pennsylvania Transportation
Authority, 5.25%, 6/1/2047 (e)
 
10,000,000
11,097,980
Trust: Pennsylvania, Southeastern Pennsylvania
Transportation Authority, Series 2022-XM1057, 144A,
9.24%, 6/1/2030, Leverage Factor at purchase date: 4 to
1
 
The accompanying notes are an integral part of the financial statements.
 
24
|
DWS Municipal Income Trust
 
Principal
Amount ($)
Value ($)
Texas 2.8%
Texas, State General Obligation, Series B, 5.0%, 2/1/2045
(e)
 
10,000,000
10,993,675
Trust: Texas, State General Obligation,
Series 2022-XM1063, 144A, 8.3%, 2/1/2030, Leverage
Factor at purchase date: 4 to 1
 
Washington 2.7%
Washington, State General Obligation, Series D, 5.0%,
2/1/2035 (e)
 
10,000,000
10,642,501
Trust: Washington, State General Obligation,
Series 2017-XM0477, 144A, 7.79%, 8/1/2024, Leverage
Factor at purchase date: 4 to 1
 
Total Underlying Municipal Bonds of Inverse Floaters (Cost $75,253,901)
75,399,852
 
 
Shares
Value ($)
Open-End Investment Companies 0.0%
BlackRock Liquidity Funds MuniCash Portfolio, Institutional
Shares, 3.26% (f) (Cost $48,242)
 
48,242
48,242
 
 
 
% of Net
Assets
Value ($)
Total Investment Portfolio (Cost $651,260,748)
162.1
638,175,686
Floating Rate Notes (d)
(13.4
)
(52,700,000
)
Series 2020-1 VMTPS, net of deferred offering costs
(50.5
)
(198,688,077
)
Other Assets and Liabilities, Net
1.8
6,932,854
Net Assets Applicable to Common Shareholders
100.0
393,720,463
 
(a)
Variable or floating rate security. These securities are shown at their current rate as of
May 31, 2023. For securities based on a published reference rate and spread, the
reference rate and spread are indicated within the description above. Certain variable
rate securities are not based on a published reference rate and spread but adjust
periodically based on current market conditions, prepayment of underlying positions
and/or other variables. Securities with a floor or ceiling feature are disclosed at the
inherent rate, where applicable.
(b)
Variable rate demand notes and variable rate demand preferred shares are securities
whose interest rates are reset periodically (usually daily mode or weekly mode) by
remarketing agents based on current market levels, and are not directly set as a fixed
spread to a reference rate. These securities may be redeemed at par by the holder
through a put or tender feature, and are shown at their current rates as of May 31,
2023. Date shown reflects the earlier of demand date or stated maturity date.
(c)
When-issued security.
The accompanying notes are an integral part of the financial statements.
 
DWS Municipal Income Trust
|
25
(d)
Securities represent the underlying municipal obligations of inverse floating rate
obligations held by the Fund. The Floating Rate Notes represents leverage to the Fund
and is the amount owed to the floating rate note holders.
(e)
Security forms part of the below inverse floater. The Fund accounts for these inverse
floaters as a form of secured borrowing, by reflecting the value of the underlying bond
in the investments of the Fund and the amount owed to the floating rate note holder as
a liability.
(f)
Current yield; not a coupon rate.
 
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.
AGMC: Assured Guaranty Municipal Corp.
AMT: Subject to alternative minimum tax.
BAM: Build America Mutual
GTY: Guaranty Agreement
INS: Insured
LIQ: Liquidity Facility
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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
The following is a summary of the inputs used as of May 31, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements. 
Assets
Level 1
Level 2
Level 3
Total
Municipal Investments (a)
$—
$638,127,444
$—
$638,127,444
Open-End Investment Companies
48,242
—
—
48,242
Total
$48,242
$638,127,444
$—
$638,175,686
 
(a)
See Investment Portfolio for additional detailed categorizations.
The accompanying notes are an integral part of the financial statements.
 
26
|
DWS Municipal Income Trust
Statement of Assets and Liabilities
as of May 31, 2023 (Unaudited)
 
Assets
 
Investment in securities, at value (cost $651,260,748)
$638,175,686
Cash
3
Receivable for investments sold
1,718,202
Interest receivable
8,302,071
Other assets
2,878
Total assets
648,198,840
Liabilities
 
Payable for investments purchased
131,892
Payable for investments purchased — when-issued securities
1,643,313
Payable for Fund shares repurchased
205,222
Payable for floating rate notes issued
52,700,000
Interest expense payable on preferred shares
752,468
Accrued management fee
273,682
Accrued Trustees' fees
7,981
Other accrued expenses and payables
75,742
Series 2020-1 VMTPS, net of deferred offering costs (liquidation
value $198,750,000, see page 37 for more details)
198,688,077
Total liabilities
254,478,377
Net assets applicable to common shareholders, at value
$393,720,463
Net Assets Applicable to Common Shareholders Consist of
 
Distributable earnings (loss)
(35,228,184
)
Paid-in capital
428,948,647
Net assets applicable to common shareholders, at value
$393,720,463
Net Asset Value
 
Net Asset Value per common share
($393,720,463 ÷ 39,227,200 outstanding shares of beneficial interest,
$.01 par value, unlimited number of common shares authorized)
$10.04
The accompanying notes are an integral part of the financial statements.
 
DWS Municipal Income Trust
|
27
Statement of Operations
for the six months ended May 31, 2023 (Unaudited)
 
Investment Income
 
Income:
Interest
$13,606,327
Expenses:
Management fee
1,641,910
Services to shareholders
14,559
Custodian fee
2,729
Professional fees
75,409
Reports to shareholders
25,470
Trustees' fees and expenses
12,373
Interest expense and amortization of deferred cost on Series 2020-1 VMTPS
4,228,304
Interest expense on floating rate notes
937,059
Stock Exchange listing fees
19,171
Other
24,714
Total expenses
6,981,698
Net investment income
6,624,629
Realized and Unrealized Gain (Loss)
 
Net realized gain (loss) from:
Investments
(4,066,595
)
Payments by affiliates (see Note E)
664
 
(4,065,931
)
Change in net unrealized appreciation (depreciation) on investments
6,524,227
Net gain (loss)
2,458,296
Net increase (decrease) in net assets resulting from operations
$9,082,925
The accompanying notes are an integral part of the financial statements.
 
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|
DWS Municipal Income Trust
Statement of Cash Flows
for the six months ended May 31, 2023 (Unaudited)
 
Increase (Decrease) in Cash:
Cash Flows from Operating Activities
 
Net increase (decrease) in net assets resulting from operations
$9,082,925
Adjustments to reconcile net increase (decrease) in net assets resulting
from operations to net cash provided by (used in) operating activities:
Purchases of long-term investments
(77,487,133
)
Net amortization of premium/(accretion of discount)
1,768,785
Proceeds from sales and maturities of long-term investments
77,603,529
Amortization of deferred offering cost on Series 2020-1 VMTPS
64,694
(Increase) decrease in interest receivable
29,832
(Increase) decrease in other assets
4,225
(Increase) decrease in receivable for investments sold
(843,865
)
Increase (decrease) in payable for investments purchased
(888,941
)
Increase (decrease) in payable for investments purchased - when
issued securities
1,643,313
Increase (decrease) in other accrued expenses and payables
(25,794
)
Change in unrealized (appreciation) depreciation on investments
(6,524,227
)
Net realized (gain) loss from investments
4,066,595
Cash provided by (used in) operating activities
$8,493,938
Cash Flows from Financing Activities
 
Cost of shares redeemed
(2,171,167
)
Distributions paid (net of reinvestment of distributions)
(6,322,768
)
Cash provided by (used in) financing activities
(8,493,935
)
Increase (decrease) in cash
3
Cash at beginning of period
—
Cash at end of period
$3
Supplemental disclosure
 
Interest expense paid on preferred shares
$(3,954,008
)
Interest expense paid and fees on floating rate notes issued
$(937,059
)
The accompanying notes are an integral part of the financial statements.
 
DWS Municipal Income Trust
|
29
Statements of Changes in Net Assets 
 
Six Months
Ended
May 31, 2023
Year Ended
November 30,
Increase (Decrease) in Net Assets
(Unaudited)
2022
Operations:
Net investment income
$6,624,629
$16,626,613
Net realized gain (loss)
(4,065,931
)
(20,935,445
)
Change in net unrealized appreciation
(depreciation)
6,524,227
(87,050,307
)
Net increase (decrease) in net assets applicable to
common shareholders
9,082,925
(91,359,139
)
Distributions to common shareholders
(6,532,370
)
(16,669,410
)
Fund share transactions:
Payments for shares repurchased
(2,376,389
)
—
Net increase (decrease) in net assets from Fund
share transactions
(2,376,389
)
—
Increase (decrease) in net assets
174,166
(108,028,549
)
Net assets at beginning of period applicable to
common shareholders
393,546,297
501,574,846
Net assets at end of period applicable to
common shareholders
$393,720,463
$393,546,297
Other Information:
Common shares outstanding at beginning of period
39,500,938
39,500,938
Shares repurchased
(273,738
)
—
Net increase (decrease) in Fund shares
(273,738
)
—
Common shares outstanding at end of period
39,227,200
39,500,938
 
The accompanying notes are an integral part of the financial statements.
 
30
|
DWS Municipal Income Trust
Financial Highlights 
 
Six Months
Ended 5/31/23
Years Ended November 30,
 
(Unaudited)
2022
2021
2020
2019
2018
Selected Per Share Data Applicable to Common Shareholders
Net asset value,
beginning of period
$9.96
$12.70
$12.68
$12.58
$11.78
$12.50
Income (loss) from
investment operations:
Net investment incomea
.17
.42
.47
.51
.50
.56
Net realized and
unrealized gain (loss)
.07
(2.74
)
.08
.08
.85
(.66
)
Total from
investment operations
.24
(2.32
)
.55
.59
1.35
(.10
)
Less distributions
applicable to common
shareholders from:
Net investment income
(.17
)
(.42
)
(.50
)
(.47
)
(.52
)
(.61
)
Net realized gains
—
—
(.03
)
(.02
)
(.03
)
(.01
)
Total distributions
(.17
)
(.42
)
(.53
)
(.49
)
(.55
)
(.62
)
Increase resulting from
share repurchasesa
.01
—
—
—
—
—
Net asset value, end
of period
$10.04
$9.96
$12.70
$12.68
$12.58
$11.78
Market price, end
of period
$8.50
$8.93
$12.10
$11.34
$11.49
$10.34
Total Return
Based on net asset
value (%)b
2.72
*
(18.12
)
4.75
5.33
c
12.14
(.35
)
Based on market
price (%)b
(3.01
)*
(22.95
)
11.60
3.14
c
16.69
(7.18
)
The accompanying notes are an integral part of the financial statements.
 
DWS Municipal Income Trust
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31
Financial Highlights  (continued)
 
Six Months
Ended 5/31/23
Years Ended November 30,
 
(Unaudited)
2022
2021
2020
2019
2018
Ratios to Average Net Assets Applicable to Common Shareholders and
Supplemental Data
Net assets, end of period
($ millions)
394
394
502
501
497
465
Ratio of expenses before
expense
reductions (%)
(including interest
expense)d,e
3.50**
2.11
1.47
1.82
2.21
2.16
Ratio of expenses after
expense
reductions (%)
(including interest
expense)d,f
3.50**
2.11
1.47
1.64
c
2.21
2.16
Ratio of expenses after
expense
reductions (%)
(excluding interest
expense)g
.94**
.91
.85
.71
.85
.86
Ratio of net investment
income (%)
3.32**
3.87
3.72
4.11
4.04
4.58
Portfolio turnover rate (%)
12
*
55
19
28
18
51
Senior Securities
Preferred Shares
information at period end,
aggregate
amount outstanding:
Series 2018 MTPS
($ millions)
—
—
—
—
199
199
Series 2020-1 VMTPS
($ millions)
199
199
199
199
—
—
Asset coverage per
share ($)h
149,049
149,005
176,182
175,998
17,503
16,705
Liquidation and market
price per share ($)
50,000
50,000
50,000
50,000
5,000
5,000
 
a
Based on average common shares outstanding during the period.
b
Total return based on net asset value reflects changes in the Fund’s net asset value
during each period. Total return based on market price reflects changes in market price.
Each figure assumes that dividend and capital gain distributions, if any, were reinvested.
These figures will differ depending upon the level of any discount from or premium to
net asset value at which the Fund’s shares traded during the period.
c
For the year ended November 30, 2020, the Advisor had agreed to voluntarily reduce its
management fee. Total return would have been lower had expenses not been reduced.
d
Interest expense represents interest and fees on short-term floating rate notes issued in
conjunction with inverse floating rate securities and interest paid to shareholders of
Series 2018 MTPS and Series 2020-1 VMTPS.
The accompanying notes are an integral part of the financial statements.
 
32
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DWS Municipal Income Trust
Financial Highlights  (continued)
e
The ratio of expenses before expense reductions (based on net assets of common and
Preferred Shares, including interest expense) was 2.34%, 1.44%, 1.06%, 1.30%, 1.57%
and 1.52% for the periods ended May 31, 2023, November 30, 2022, 2021, 2020,
2019 and 2018, respectively.
f
The ratio of expenses after expense reductions (based on net assets of common and
Preferred Shares, including interest expense) was 2.34%, 1.44%, 1.06%, 1.17%, 1.57%
and 1.52% for the periods ended May 31, 2023, November 30, 2022, 2021, 2020,
2019 and 2018, respectively.
g
The ratio of expenses after expense reductions (based on net assets of common and
Preferred Shares, excluding interest expense) was 0.63%, 0.62%, 0.61%, 0.50%,
0.61% and 0.61% for the periods ended May 31, 2023, November 30, 2022, 2021,
2020, 2019 and 2018, respectively.
h
Asset coverage per share equals net assets of common shares plus the liquidation value
of the Preferred Shares divided by the total number of Preferred Shares outstanding at
the end of the period.
*
Not annualized
**
Annualized
The accompanying notes are an integral part of the financial statements.
 
DWS Municipal Income Trust
|
33
Notes to Financial Statements (Unaudited)
A.
Organization and Significant Accounting Policies
DWS Municipal Income Trust (the “Fund” ) is registered under the Investment Company Act of 1940, as amended (the “1940 Act” ), as a closed-end, diversified management investment company organized as a Massachusetts business trust.
The Fund’s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” ) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.
The Fund’s Board has designated DWS Investment Management Americas, Inc. (the “Advisor” ) as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee” ) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.
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 level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Municipal debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee, whose valuations are intended to reflect the mean between the bid and asked prices. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, the securities are valued at the mean of the most recent bid and asked quotations or
 
34
|
DWS Municipal Income Trust
evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.
Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1.
Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Fund’s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Disclosure about the classification of fair value measurements is included in a table following the Fund’s Investment Portfolio.
Inverse Floaters. The Fund invests in inverse floaters. Inverse floaters are debt instruments with a weekly floating rate of interest that bears an inverse relationship to changes in the short-term interest rate market. Inverse floaters are created by depositing a fixed-rate long-term municipal bond into a special purpose Tender Option Bond trust (the “TOB Trust” ). In turn the TOB Trust issues a short-term floating rate note and an inverse floater. The short-term floating rate note is issued in a face amount equal to some fraction of the underlying bond’s par amount and is sold to a third party, usually a tax-exempt money market fund. The Fund receives the proceeds from the sale of the short-term floating rate note and uses the cash proceeds to make additional investments. The short-term floating rate note represents leverage to the Fund. The Fund, as the holder of the inverse floater, has full exposure to any increase or decrease in the value of the underlying bond. The income stream from the underlying bond in the TOB Trust is divided between the floating rate note and the inverse floater. The inverse floater earns all of the interest from the underlying long-term fixed-rate bond less the amount of interest paid on the floating
 
DWS Municipal Income Trust
|
35
rate note and the expenses of the TOB Trust. The floating rate notes issued by the TOB Trust are valued at cost, which approximates fair value.
By holding the inverse floater, the Fund has the right to collapse the TOB Trust by causing the holders of the floating rate instrument to tender their notes at par and have the broker transfer the underlying bond to the Fund. The floating rate note holder can also elect to tender the note for redemption at par at each reset date. The Fund accounts for these transactions as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability under the caption “Payable for floating rate notes issued”  in the Statement of Assets and Liabilities. Income earned on the underlying bond is included in interest income, and interest paid on the floaters and the expenses of the TOB Trust are included in “Interest expense on floating rate notes”  in the Statement of Operations. For the six months ended May 31, 2023, interest expense related to floaters amounted to $937,059. The weighted average outstanding daily balance of the floating rate notes issued during the six months ended May 31, 2023 was $52,700,000, with a weighted average interest rate of 3.56%.
The Fund may enter into shortfall and forbearance agreements by which the Fund agrees to reimburse the TOB Trust, in certain circumstances, for the difference between the liquidation value of the underlying bond held by the TOB Trust and the liquidation value of the floating rate notes plus any shortfalls in interest cash flows. This could potentially expose the Fund to losses in excess of the value of the Fund’s inverse floater investments. In addition, the value of inverse floaters may decrease significantly when interest rates increase. The market for inverse floaters may be more volatile and less liquid than other municipal bonds of comparable maturity. The TOB Trust could be terminated outside of the Fund’s control, resulting in a reduction of leverage and disposal of portfolio investments at inopportune times and prices. Investments in inverse floaters generally involve greater risk than in an investment in fixed-rate bonds.
When-Issued/Delayed Delivery Securities. The Fund may purchase or sell securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase or sell a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations.
Certain risks may arise upon entering into when-issued or delayed delivery transactions from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due
 
36
|
DWS Municipal Income Trust
to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.
Federal Income Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code of 1986, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable and tax-exempt income to its shareholders.
At November 30, 2022, the Fund had net tax basis capital loss carryforwards of approximately $21,823,000, including short-term losses ($10,386,000) and long-term losses ($11,437,000), which may be applied against realized net taxable capital gains indefinitely.
At May 31, 2023, the aggregate cost of investments for federal income tax purposes was $594,960,715. The net unrealized depreciation for all investments based on tax cost was $9,485,029. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $14,499,252 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $23,984,281.
The Fund has reviewed the tax positions for the open tax years as of November 30, 2022 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.
Distribution of Income and Gains. Distributions from net investment income of the Fund are declared and distributed to shareholders monthly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.
The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities sold at a loss and premium amortization on debt securities.  As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
The tax character of current year distributions will be determined at the end of the current fiscal year.
Preferred Shares. At May 31, 2023, the Fund had issued and outstanding 3,975 Variable Rate MuniFund Term Preferred Shares, Series 2020-1 (“Series 2020-1 VMTPS” ) with an aggregate liquidation preference of
 
DWS Municipal Income Trust
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37
$198,750,000 ($50,000 per share). The Series 2020-1 VMTPS were issued on November 10, 2020 in a private offering and are variable rate preferred shares with a stated maturity of November 10, 2049 and an early termination date six months following a rate period termination date (the “Rate Period Termination Date” ), which Rate Period Termination Date initially will be 36 months from the date of original issuance. Subject to an election by the holder(s) of the Series 2020-1 VMTPS to retain the Series 2020-1 VMTPS, the Series 2020-1 VMTPS are subject to mandatory tender beginning twenty business days prior to the early termination date, during which time such shares may be remarketed. At its option, the Fund may redeem in whole or in part the Series 2020-1 VMTPS from time to time at a redemption price equal to the liquidation preference of the Series 2020-1 VMTPS to be redeemed and all accumulated but unpaid dividends thereon to, but excluding, the redemption date. The dividend rate for Series 2020-1 VMTPS is set weekly at a spread (dependent on the then current ratings of the Series 2020-1 VMTPS) over the Securities Industry and Financial Markets Association (“SIFMA” ) Municipal Swap Index. The average annualized dividend rate on the Series 2020-1 VMTPS for the period December 1, 2022 through May 31, 2023 was 4.21%. In the Fund’s Statement of Assets and Liabilities, the Series 2020-1 VMTPS’ aggregate liquidation preference is shown as a liability since the Series 2020-1 VMTPS have a stated mandatory redemption date. Dividends paid on the Series 2020-1 VMTPS are treated as interest expense and recorded as incurred. For the period December 1, 2022 through May 31, 2023, interest expense related to Series 2020-1 VMTPS amounted to $4,163,610. Costs directly related to the issuance of Series 2020-1 VMTPS have been deferred and are being amortized over 36 months based on the initial Rate Period Termination Date. During the period from December 1, 2022 through May 31, 2023, the Fund amortized $64,694 of deferred costs related to the issuance of Series 2020-1 VMTPS, which are included in the Statement of Operations under the line item “Interest expense and amortization of deferred cost on Series 2020-1 VMTPS”  . The Series 2020-1 VMTPS are senior in priority to the Fund’s outstanding common shares as to payments of dividends and distributions upon liquidation.
Prior to November 10, 2020, the Fund had issued and outstanding 39,750 shares of Floating Rate Municipal Term Preferred Shares (“Series 2018 MTPS” ) with an aggregate liquidation preference of $198,750,000 ($5,000 per share). The Series 2018 MTPS were floating rate preferred shares with a mandatory term redemption date, as amended, of June 1, 2021. The Fund used the proceeds from the sale of its Series 2020-1 VMTPS to fund the redemption on November 10, 2020 of all of its outstanding Series 2018 MTPS.
 
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DWS Municipal Income Trust
As a result of the Series 2020-1 VMTPS issuance and the redemption of the outstanding Series 2018 MTPS the Fund’s leverage attributable to preferred shares remains unchanged.
Under the terms of a purchase agreement between the Fund and the initial purchaser of the Series 2020-1 VMTPS, the Fund is subject to various investment restrictions, coverage ratios and covenants. These restrictions are, in certain respects, more restrictive than those to which the Fund is otherwise subject in accordance with its investment objective and policies. Such restrictions may limit the investment flexibility that might otherwise be pursued by the Fund if the Series 2020-1 VMTPS were not outstanding. In addition, the Fund is subject to certain restrictions on its investments imposed by guidelines of the rating agency that rates the Series 2020-1 VMTPS, which guidelines may be changed by the rating agency, in its sole discretion, from time to time. These guidelines may be more stringent than requirements imposed on the Fund by the 1940 Act or its policies. Moreover, the Fund is required to maintain various asset coverage ratios with respect to the Series 2020-1 VMTPS in accordance with the purchase agreement, the statement governing the 2020-1 VMTPS and the 1940 Act.
The 1940 Act requires that the preferred shareholders of the Fund, voting as a separate class, have the right to: a) elect at least two trustees at all times, and b) elect a majority of the trustees at any time when dividends on the preferred shares are unpaid for two full years. Unless otherwise required by law or under the terms of the preferred shares, each preferred share is entitled to one vote and preferred shareholders will vote together with common shareholders as a single class.
Leverage involves risks and special considerations for the Fund’s common shareholders, including the likelihood of greater volatility of net asset value and market price of, and dividends on, the Fund’s common shares than a comparable portfolio without leverage; the risk that fluctuations in the Fund’s preferred stock dividend rates or interest rates will reduce the return to common shareholders; and the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the Fund’s common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the Fund’s common shares. Changes in the value of the Fund’s portfolio will be borne entirely by the common shareholders. If there is a net decrease (or increase) in the value of the Fund’s investment portfolio, leverage will decrease (or increase) the net asset value per share to a greater extent than if leverage were not used. It is also possible that the Fund will be required to sell assets at a time when it would otherwise not do so, possibly at a loss, in order to redeem preferred shares to comply with asset coverage or other restrictions imposed under the terms of the preferred shares. There is no assurance that the Fund’s leveraging strategy will be successful.
 
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Statement of Cash Flows. Information on financial transactions which have been settled through the receipt and disbursement of cash is presented in the Statement of Cash Flows. The cash amount shown in the Statement of Cash Flows represents the cash position at the Fund’s custodian bank at May 31, 2023.
Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for financial reporting purposes, with the exception of securities in default of principal.
B.
Purchases and Sales of Securities
During the six months ended May 31, 2023, purchases and sales of investment securities (excluding short-term investments) aggregated $77,487,133 and $77,603,529, respectively.
C.
Related Parties
Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA”  or the “Advisor” ), an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group” ), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund. In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Investment Management Agreement. The management fee payable under the Investment Management Agreement is equal to an annual rate of 0.55% of the Fund’s average weekly net assets, computed and accrued daily and payable monthly. Average weekly net assets, for purposes of determining the management fee, means the average weekly value of the total assets of the Fund, minus the sum of accrued liabilities of the Fund (other than the liquidation value of the Series 2020-1 VMTPS).
Service Provider Fees. DWS Service Company (“DSC“), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement
 
40
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DWS Municipal Income Trust
between DSC and SS&C GIDS, Inc. (“SS&C” ) (name changed from DST Systems, Inc. effective January 1, 2023), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to SS&C. DSC compensates SS&C out of the shareholder servicing fee it receives from the Fund. For the six months ended May 31, 2023, the amounts charged to the Fund by DSC aggregated $10,677, of which $3,605 is unpaid.
Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended May 31, 2023, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders”  aggregated $329, of which $190 is unpaid.
Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.
Transactions with Affiliates. The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers or common trustees. During the six months ended May 31, 2023, the Fund engaged in securities purchases of $18,015,000 and securities sales of $22,795,000 with a net gain (loss) on securities sales of $0, with affiliated funds in compliance with Rule 17a-7 under the 1940 Act.
D.
Share Repurchases
The Board has authorized the Fund to effect periodic repurchases of its outstanding shares in the open market from time to time when the Fund’s shares trade at a discount to their net asset value. During the six months ended May 31, 2023 and the year ended November 30, 2022, the Fund purchased 273,738 and 0, of its shares of beneficial interest on the open market at a total cost of $2,376,389 and $0 ($8.68 and $0 average per share), respectively. The average discount of these purchases, comparing the purchase price to the net asset value at the time of purchase, was 14.50%.
On September 23, 2022, the Fund announced that the Fund’s Board of Trustees had extended the Fund’s existing open market share repurchase program for an additional 12-month period. The Fund may continue to purchase outstanding shares of common stock in open-market transactions over the period from December 1, 2022 until November 30, 2023, when the Fund’s shares trade at a discount to net asset value. The Board’s authorization of the repurchase program extension follows the previous repurchase program, which commenced on December 1, 2021 and ran until November 30, 2022.
 
DWS Municipal Income Trust
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E.
Payments by Affiliates
During the six months ended May 31, 2023, the Advisor agreed to reimburse the Fund $664 for losses incurred on trades executed incorrectly. The amount reimbursed was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.
 
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DWS Municipal Income Trust
Other Information
Effective August 1, 2023, the Fund implemented certain investment policy changes approved by its Board of Trustees. Under the modified policies, the Fund principally invests in investment grade tax-exempt municipal securities or unrated municipal securities determined by DWS Investment Management Americas, Inc. (“DIMA”  or the Fund’s “Advisor” ) to be of comparable quality and may invest up to 20% of its total assets in high-yield municipal securities that are below investment grade or unrated municipal securities determined by the Advisor to be of comparable quality; provided that the Fund may invest no more than 5% of its total assets in high-yield municipal securities that are rated below B- by S&P Global Ratings (“S&P” ) or Fitch Ratings, Inc. (“Fitch” ) or B by Moody’s Investors Service, Inc. (“Moody’s” ) or unrated municipal securities determined by the Advisor to be of comparable quality to such below B- or B rated municipal securities. The Fund may not invest more than 20% of its net assets in unrated municipal securities.
Under its previous policies, the Fund invested substantially all of its net assets in tax-exempt municipal securities rated at the time of purchase within the four highest grades (“Baa”  or “BBB”  or better) by Moody’s or S&P, or unrated municipal securities which in the opinion of the Advisor had credit characteristics equivalent to, and were of comparable quality to, municipal securities rated within the four highest grades by Moody’s or S&P.  The Fund could not invest more than 20% of its net assets in such unrated municipal securities.
Because the issuers of below investment grade securities may be in uncertain financial health, the prices of their debt securities can be more vulnerable to bad economic news, or even the expectation of bad news, than investment grade securities. Credit risk for below investment grade securities is greater than for higher-rated securities.
 
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Dividend Reinvestment and Cash Purchase Plan
The Board of Trustees of the Fund has established a Dividend Reinvestment and Cash Purchase Plan (the “Plan” ) for shareholders that elect to have all dividends and distributions automatically reinvested in shares of the Fund (each a “Participant” ). SS&C GIDS, Inc. (the “Plan Agent” ) has been appointed by the Fund’s Board of Trustees to act as agent for each Participant.
A summary of the Plan is set forth below. Shareholders may obtain a copy of the entire Dividend Reinvestment and Cash Purchase Plan by visiting the Fund’s Web site at dws.com or by calling (800) 294-4366.
If you wish to participate in the Plan and your shares are held in your own name, contact DWS Service Company (the “Transfer Agent” ) at P.O. Box 219066, Kansas City, Missouri 64121-9066 or (800) 294-4366 for the appropriate form. Current shareholders may join the Plan by either enrolling their shares with the Transfer Agent or making an initial cash deposit of at least $250 with the Transfer Agent. First-time investors in the Fund may join the Plan by making an initial cash deposit of at least $250 with the Transfer Agent. Initial cash deposits will be invested within approximately 30 days. If your shares are held in the name of a broker or other nominee, you should contact the broker or nominee in whose name your shares are held to determine whether and how you may participate in the Plan.
The Transfer Agent will establish a Dividend Investment Account (the “Account” ) for each Participant in the Plan. The Transfer Agent will credit to the Account of each Participant any cash dividends and capital gains distributions (collectively, “Distributions” ) paid on shares of the Fund (the “Shares” ) and any voluntary cash contributions made pursuant to the Plan. Shares in a Participant’s Account are transferable upon proper written instructions to the Transfer Agent.
If, on the valuation date for a Distribution, Shares are trading at a discount from net asset value per Share, the Plan Agent shall apply the amount of such Distribution payable to a Participant (less a Participant’s pro rata share of brokerage commissions incurred with respect to open-market purchases in connection with the reinvestment of such Distribution) to the purchase on the open market of Shares for a Participant’s Account. If, on the valuation date for a Distribution, Shares are trading at a premium over net asset value per Share, the Fund will issue on the payment date, Shares valued at net asset value per Share on the valuation date to the Transfer Agent in the aggregate amount of the funds credited to a Participant’s Account. The Fund will increase the price at which Shares may be issued under the Plan to 95% of the fair market value of the
 
44
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DWS Municipal Income Trust
Shares on the valuation date if the net asset value per Share of the Shares on the valuation date is less than 95% of the fair market value of the Shares on the valuation date. The valuation date will be the payment date for Distributions. Open-market purchases will be made on or shortly after the valuation date for Distributions, and in no event more than 30 days after such date except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities law.
A Participant may from time to time make voluntary cash contributions to his or her Account in a minimum amount of $100 in any month (with a $36,000 annual limit) for the purchase on the open market of Shares for the Participant’s Account. Such voluntary contributions will be invested by the Plan Agent on or shortly after the 15th of each month and in no event more than 30 days after such dates, except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities law. Voluntary cash contributions received from a Participant on or prior to the fifth day preceding the 15th of each month will be applied by the Plan Agent to the purchase of additional Shares as of that investment date. No interest will be paid on voluntary cash contributions held until investment. Consequently, Participants are strongly urged to ensure that their payments are received by the Transfer Agent on or prior to the fifth day preceding the 15th of any month. Voluntary cash contributions should be made in U.S. dollars and be sent by first-class mail, postage prepaid only to the following address (deliveries to any other address do not constitute valid delivery):
DWS Municipal Income Trust
Dividend Reinvestment and Cash Purchase Plan
c/o DWS Service Company
P.O. Box 219066
Kansas City, MO 64121-9066
(800) 294-4366
Participants may withdraw their entire voluntary cash contribution by written notice received by the Transfer Agent not less than 48 hours before such payment is to be invested.
The cost of Shares acquired for each Participant’s Account in connection with the Plan shall be determined by the average cost per Share, including brokerage commissions, of the Shares acquired. There will be no brokerage charges with respect to Shares issued directly by the Fund as a result of Distributions. However, each Participant will pay a pro rata share of brokerage commissions incurred with respect to open market purchases.
The reinvestment of Distributions does not relieve the Participant of any tax that many be payable on the Distributions. The Transfer Agent will
 
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report to each Participant the taxable amount of Distributions credited to his or her Account. Participants will be treated for federal income tax purposes as receiving the amount of the Distributions made by the Fund, which amount generally will be either equal to the amount of the cash distribution the Participant would have received if the Participant had elected to receive cash or, for Shares issued by the Fund, the fair market value of the Shares issued to the Participant.
The Fund may amend the Plan at any time or times but, only by mailing to each Participant appropriate written notice at least 90 days prior to the effective date thereof except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority in which case such amendment shall be effective as soon as practicable. The Plan also may be terminated by the Fund.
Shareholders may withdraw from the Plan at any time by giving the Transfer Agent a written notice. A notice of withdrawal will be effective immediately following receipt of the notice by the Transfer Agent provided the notice is received by the Transfer Agent at least ten calendar days prior to the record date for the Distribution; otherwise such withdrawal will be effective after the investment of the current Distribution. When a Participant withdraws from the Plan, or when the Plan is terminated by the Fund, the Participant will receive a certificate for full Shares in the Account, plus a check for any fractional Shares based on market price; or, if a Participant so desires, the Transfer Agent will notify the Plan Agent to sell his or her Shares in the Plan and send the proceeds to the Participant, less brokerage commissions.
All correspondence and inquiries concerning the Plan, and requests for additional information about the Plan, should be directed to DWS Service Company at P.O. Box 219066, Kansas City, Missouri 64121-9066 or (800) 294-4366.
 
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DWS Municipal Income Trust
Additional Information
 
Automated
Information Line
DWS Closed-End Fund Info Line
(800) 349-4281
Web Site
dws.com
Obtain fact sheets, financial reports, press releases and webcasts
when available.
Written
Correspondence
DWS
Attn: Secretary of the DWS Funds
100 Summer Street
Boston, MA 02110
Legal Counsel
Vedder Price P.C.
222 North LaSalle Street
Chicago, IL 60601
Dividend
Reinvestment
Plan Agent
SS&C GIDS, Inc.
333 W. 11th Street, 5th Floor
Kansas City, MO 64105
Shareholder
Service Agent and
Transfer Agent
DWS Service Company
P.O. Box 219066
Kansas City, MO 64121-9066
(800) 294-4366
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Independent
Registered Public
Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
Proxy Voting
The Fund’s policies and procedures for voting proxies for portfolio
securities and information about how the Fund voted proxies related
to its portfolio securities during the most recent 12-month period
ended June 30 are available on our Web site —
dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site
— sec.gov. To obtain a written copy of the Fund’s policies and
procedures without charge, upon request, call us toll free at
(800) 728-3337.
Portfolio Holdings
Following the Fund’s fiscal first and third quarter-end, a complete
portfolio holdings listing is posted on dws.com and is available free
of charge by contacting your financial intermediary or, if you are a
direct investor, by calling (800) 728-3337. In addition, the portfolio
holdings listing is filed with the SEC on the Fund’s Form N-PORT and
will be available on the SEC’s Web site at sec.gov. Additional portfolio
holdings for the Fund are also posted on dws.com from time to time.
 
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Investment
Management
DWS Investment Management Americas, Inc. (“DIMA”  or the
“Advisor”  ), which is part of the DWS Group GmbH & Co. KGaA
(“DWS Group” ), is the investment advisor for the Fund. DIMA and its
predecessors have more than 90 years of experience managing
mutual funds and DIMA provides a full range of investment advisory
services to both institutional and retail clients. DIMA is an indirect,
wholly owned subsidiary of DWS Group.
 
DWS Group is a global organization that offers a wide range of
investing expertise and resources, including hundreds of portfolio
managers and analysts and an office network that reaches the
world’s major investment centers. This well-resourced global
investment platform brings together a wide variety of experience and
investment insight across industries, regions, asset classes and
investing styles.
 
NYSE Symbol
KTF
CUSIP Number
Common Shares 233368 109
 
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DWS Municipal Income Trust
Notes
Notes
Notes
222 South Riverside Plaza
Chicago, IL 60606-5808
DMIT-3
(R-027924-12 7/23)
 
 

   
  (b) Not applicable
   
ITEM 2. CODE OF ETHICS
   
  Not applicable.
   
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
   
  Not applicable
   
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
   
  Not applicable
   
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
   
  Not applicable
   
ITEM 6. INVESTMENTS
   
  Not applicable
   
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
  Not applicable
   
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
   
  Not applicable
   
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
   

Period

(a)

Total Number of

Shares Purchased

(b)

Average Price Paid

per Share

(c)

Total Number of

Shares Purchased as

Part of Publicly Announced

Plans or Programs

(d)

Maximum Number of

Shares that May Yet Be

Purchased Under the

Plans or Programs

         
December 1 through December 31                              -    n/a n/a n/a
January 1 through January 31                              -    n/a n/a n/a
February 1 through February 29                              -    n/a n/a n/a
March 1 through March 31                       81,643                      8.67                                               81,643 n/a
April 1 through April 30                       68,857                      8.82                                               68,867 n/a
May 1 through May 31                     123,238                      8.61                                             123,238 n/a
         
Total                     273,738                      8.68                                             273,748 n/a
         
The Fund may from time to time repurchase shares in the open market.
         
On September 23, 2022, the Fund announced that the Fund’s Board of Trustees had extended the Fund’s existing open market share repurchase program for an additional 12-month period. The Fund may continue to purchase outstanding shares of common stock in open-market transactions over the period from December 1, 2022 until November 30,2023, when the Fund’s shares trade at a discount to net asset value. The Board's authorization of the repurchase program extension follows the previous repurchase program, which commenced on December 1, 2021 and ran until November 30, 2022.

 

   
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
   
  There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.
   
ITEM 11. 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
   
ITEM 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
   
  Not applicable
   
ITEM 13. EXHIBITS
   
  (a)(1) Not applicable
   
  (a)(2) 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.
   
  (b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.
       

 

 

 

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/Hepsen Uzcan

Hepsen Uzcan

President

   
Date: 7/28/2023

 

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/Hepsen Uzcan

Hepsen Uzcan

President

   
Date: 7/28/2023
   
   
   
By:

/s/Diane Kenneally

Diane Kenneally

Chief Financial Officer and Treasurer

   
Date: 7/28/2023

 

President

Form N-CSRS Certification under Sarbanes Oxley Act

 

I, Hepsen Uzcan, certify that:

 

1) I have reviewed this report, filed on behalf of DWS Municipal Income Trust, on Form N-CSRS;
     
2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
     
4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
     
  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
     
  d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
     
5) The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
     
  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting
       

 

7/28/2023 /s/Hepsen Uzcan
  Hepsen Uzcan
  President

 

 

 

Chief Financial Officer and Treasurer

Form N-CSRS Certification under Sarbanes Oxley Act

 

I, Diane Kenneally, certify that:

 

1) I have reviewed this report, filed on behalf of DWS Municipal Income Trust, on Form N-CSRS;
     
2) Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
3) Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
     
4) The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
     
  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
     
  d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
     
5) The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
     
  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting
       

 

7/28/2023 /s/Diane Kenneally
  Diane Kenneally
  Chief Financial Officer and Treasurer

 

President

Section 906 Certification under Sarbanes Oxley Act

 

 

 

I, Hepsen Uzcan, certify that:

 

1. I have reviewed this report, filed on behalf of DWS Municipal Income Trust, on Form N-CSRS;
   
2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

7/28/2023 /s/Hepsen Uzcan
  Hepsen Uzcan
  President

 

 

 

Chief Financial Officer and Treasurer

Section 906 Certification under Sarbanes Oxley Act

 

 

I, Diane Kenneally, certify that:

 

1. I have reviewed this report, filed on behalf of DWS Municipal Income Trust, on Form N-CSRS;
   
2. Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSRS (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

7/28/2023 /s/Diane Kenneally
  Diane Kenneally
  Chief Financial Officer and Treasurer

 

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