DWS Municipal Income Trust (KTF) N-CSRS Certified semi-annual shareholder report (management investment company)

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

One International Place

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	11/30
Date of reporting period:	5/31/2020

ITEM 1. REPORT TO STOCKHOLDERS

May 31, 2020

Semiannual Report

to Shareholders

DWS Municipal Income Trust

Ticker Symbol: KTF

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s Web site (dws.com), and you will be notified by mail each time a report is posted and provided with a Web site link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank), or if you are a direct investor, by calling (800) 728-3337 or sending an email request to service@dws.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 728-3337 or send an email request to service@dws.com to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with DWS if you invest directly with the Fund.

Contents

3	Performance Summary
5	Portfolio Management Team
6	Portfolio Summary
8	Investment Portfolio
23	Statement of Assets and Liabilities
24	Statement of Operations
25	Statement of Cash Flows
26	Statements of Changes in Net Assets

27	Financial Highlights
29	Notes to Financial Statements
38	Dividend Reinvestment and Cash Purchase Plan
41	Additional Information
43	Privacy Statement

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, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets 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 | DWS Municipal Income Trust

Performance Summary May 31, 2020 (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 5/31/20
DWS Municipal Income Trust	6-Month‡		1-Year		5-Year		10-Year
Based on Net Asset Value(a)		–1.62%		1.44%		3.54%		6.10%
Based on Market Price(a)		–4.30%		–0.20%		1.69%		4.87%
Bloomberg Barclays Municipal Bond Index(b)		1.55%		3.98%		3.74%		4.14%
Morningstar Closed-End Municipal National Long Funds Category(c)		–2.30%		0.83%		4.25%		6.05%

^‡  Total returns shown for periods less than one year are not annualized.

^(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, 2020 was 2.02% (0.85% excluding interest expense).

^(b)  The unmanaged, unleveraged Bloomberg Barclays 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.

DWS Municipal Income Trust | 3

Net Asset Value and Market Price
	As of 5/31/20			As of 11/30/19
Net Asset Value	$	12.10		$	12.58
Market Price	$	10.75		$	11.49
Premium (discount)		(11.16	%)		(8.66	%)

Prices and net asset value fluctuate and are not guaranteed.

Distribution Information
Six Months as of 5/31/20:
Income Dividends (common shareholders)	$	.23
Capital Gain Dividend (common shareholders)	$	.019
November Income Dividend (common shareholders)	$	.0400
Current Annualized Distribution Rate (based on Net Asset Value) as of 5/31/20†		3.97%
Current Annualized Distribution Rate (based on Market Price) as of 5/31/20†		4.47%
Tax Equivalent Distribution Rate (based on Net Asset Value) as of 5/31/20†		6.70%
Tax Equivalent Distribution Rate (based on Market Price) as of 5/31/20†		7.54%

^†  Current annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value/market price on May 31, 2020. 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.

4 | DWS Municipal Income Trust

Portfolio Management Team

Ashton P. Goodfield, CFA, Managing Director

Portfolio Manager of the Fund. Began managing the Fund in 2014.

– Joined DWS in 1986.

– Head of Municipal Bond Department; Portfolio Manager, Municipal Bond Mutual Funds: Boston.

– BA, Duke University.

Michael J. Generazo, Director

Portfolio Manager of the Fund. Began managing the Fund in 2010.

– Joined DWS in 1999.

– BS, Bryant College; MBA, Suffolk University.

Peter Aloisi, CFA, Vice President

Portfolio Manager of the Fund. Began managing the Fund in 2018.

– Joined DWS in 2010 with five years of industry experience; previously, served as an Associate at Banc of America Securities.

– BA and MBA, Boston College.

DWS Municipal Income Trust | 5

Portfolio Summary				(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Open-End Investment Companies)	5/31/20		11/30/19
Revenue Bonds		73%		75%
Escrow to Maturity/Prerefunded Bonds		14%		12%
General Obligation Bonds		7%		8%
Lease Obligations		6%		5%
		100%		100%
Quality (As a % of Investment Portfolio excluding Open-End Investment Companies)	5/31/20		11/30/19
AAA		5%		4%
AA		31%		34%
A		48%		48%
BBB		11%		10%
BB		1%		1%
CC		0%		—
Not Rated		4%		3%
		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)	5/31/20		11/30/19
Texas		15%		14%
California		10%		10%
New York		9%		9%
Florida		9%		8%
Illinois		6%		6%

6 | DWS Municipal Income Trust

Interest Rate Sensitivity	5/31/20		11/30/19
Effective Maturity		6.0 years		5.8 years
Modified Duration		5.3 years		5.3 years
Leverage (As a % of Total Assets)	5/31/20		11/30/19
		34%		34%

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 the 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 8. A fact sheet is available on dws.com or upon request. Please see the Additional Information section on page 41 for contact information.

DWS Municipal Income Trust | 7

Investment Portfolio as of May 31, 2020 (Unaudited)

	Principal Amount ($)		Value ($)
Municipal Bonds and Notes 132.8%
Alabama 0.4%
Alabama, UAB Medicine Finance Authority Revenue, Series B2, 5.0%, 9/1/2041		1,625,000		1,914,445
Alaska 1.3%
Alaska, Industrial Development & Export Authority Revenue, Tanana Chiefs Conference Project, Series A, 4.0%, 10/1/2049		6,000,000		6,391,980
Arizona 3.3%
Arizona, Salt Verde Financial Corp., Gas Revenue:
5.0%, 12/1/2037, GTY: Citigroup Global Markets		1,050,000		1,370,733
5.5%, 12/1/2029, GTY: Citigroup Global Markets		1,400,000		1,808,702
Arizona, State Industrial Development Authority, Senior Living Revenue, Great Lakes Senior Living Communities, Series A, 4.5%, 1/1/2049		1,000,000		870,950
Arizona, State University, Green Bond, Series A, 5.0%, 7/1/2043		5,900,000		7,468,456
Maricopa County, AZ, Industrial Development Authority, Hospital Revenue, Series A, 5.0%, 9/1/2042		1,000,000		1,162,700
Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Series A, Prerefunded, 5.0%, 7/1/2040		3,000,000		3,011,640
				15,693,181
California 14.5%
California, Golden State Tobacco Securitization Corp., Tobacco Settlement:
Series A-1, 5.0%, 6/1/2034		2,500,000		2,914,425
Series A-1, 5.0%, 6/1/2035		2,500,000		2,900,950
California, M-S-R Energy Authority, Series A, 7.0%, 11/1/2034, GTY: Citigroup Global Markets		3,180,000		4,664,742
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042		345,000		310,659
California, State General Obligation:
5.0%, 11/1/2043		5,000,000		5,613,000
5.25%, 4/1/2035		4,295,000		4,662,394
California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, LINXS Apartment Project:
Series A, AMT, 5.0%, 12/31/2043		1,200,000		1,302,864
Series A, AMT, 5.0%, 12/31/2047		640,000		692,243
Series A, AMT, 5.0%, 6/1/2048		240,000		259,313
California, Tobacco Securitization Authority, Tobacco Settlement Revenue, Series A, 5.0%, 6/1/2048		700,000		790,860

The accompanying notes are an integral part of the financial statements.

8 | DWS Municipal Income Trust

	Principal Amount ($)		Value ($)
Long Beach, CA, Harbor Revenue, Series D, 5.0%, 5/15/2039		1,065,000		1,241,172
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport:
Series B, 5.0%, 5/15/2035		8,500,000		8,601,065
Series B, AMT, 5.0%, 5/15/2046		6,430,000		7,182,503
Series D, AMT, 5.0%, 5/15/2048		5,000,000		5,817,550
San Diego County, CA, Regional Airport Authority Revenue, Series B, AMT, 5.0%, 7/1/2043		7,000,000		7,511,070
San Diego, CA, Unified School District, Election 2012, Series C, 5.0%, 7/1/2035		5,000,000		5,658,800
San Francisco, CA, City & County Airports Commission, International Airport Revenue:
Series B, AMT, 5.0%, 5/1/2046		5,000,000		5,590,350
Series A, AMT, 5.0%, 5/1/2049		2,965,000		3,441,387
				69,155,347
Colorado 5.9%
Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A, 5.5%, 1/1/2035		5,450,000		6,134,084
Colorado, State Health Facilities Authority, Hospital Revenue, CommonSpirit Health Obligation Group, Series A-2, 4.0%, 8/1/2049		4,460,000		4,541,484
Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group:
Series A, 5.0%, 12/1/2043		815,000		822,303
Series A, 5.0%, 12/1/2048		1,305,000		1,309,476
Denver, CO, City & County Airport Revenue:
Series A, AMT, 5.0%, 12/1/2048		10,110,000		11,698,079
Series A, AMT, 5.25%, 11/15/2043		2,400,000		2,628,792
Denver, CO, Health & Hospital Authority, Certificate of Participations, 550 Acoma, Inc., 5.0%, 12/1/2048		490,000		543,586
Denver, CO, Health & Hospital Authority, Healthcare Revenue, Series A, 4.0%, 12/1/2040		450,000		468,747
				28,146,551
Connecticut 0.1%
Connecticut, State Health & Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040		435,000		442,225
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		1,792,368
District of Columbia 1.6%
District of Columbia, International School Revenue, 5.0%, 7/1/2039		500,000		543,430

The accompanying notes are an integral part of the financial statements.

DWS Municipal Income Trust | 9

	Principal Amount ($)		Value ($)
District of Columbia, Metropolitan Airport Authority Systems Revenue:
Series A, AMT, 5.0%, 10/1/2038		800,000		870,480
Series A, AMT, 5.0%, 10/1/2043		3,400,000		3,686,994
AMT, 5.0%, 10/1/2047		1,000,000		1,148,310
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		1,613,468
				7,862,682
Florida 11.2%
Alachua County, FL, Health Facilities Authority, Shands Teaching Hospital & Clinics, Inc., Series A, 4.0%, 12/1/2049		625,000		652,769
Broward County, FL, Airport System Revenue, Series A, AMT, 4.0%, 10/1/2049		345,000		365,538
Clay County, FL, Sales Surtax Revenue, 4.0%, 10/1/2039		1,650,000		1,916,920
Davie, FL, Educational Facilities Revenue, Nova Southeastern University Project, 5.0%, 4/1/2048		1,665,000		1,835,912
Florida, Capital Trust Agency, Senior Living Revenue, American Eagle Portfolio Project, Series A-1, 5.875%, 7/1/2054		1,920,000		1,344,000
Florida, State Atlantic University Finance Corp., Capital Improvements Revenue, Student Housing Project, Series B, 4.0%, 7/1/2044		2,525,000		2,860,370
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institution of Technology, Series A, 4.0%, 10/1/2044		1,000,000		913,030
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue:
Series A, AMT, 5.0%, 10/1/2042		1,490,000		1,715,348
Series A, AMT, 5.0%, 10/1/2047		965,000		1,103,989
Hillsborough County, FL, Aviation Authority, Tampa International Airport, Series A, AMT, 5.0%, 10/1/2048		2,500,000		2,799,875
Miami-Dade County, FL, Aviation Revenue:
Series A, AMT, 5.0%, 10/1/2035		5,000,000		5,499,250
Series B, AMT, 5.0%, 10/1/2040		2,360,000		2,692,760
Miami-Dade County, FL, Aviation Revenue, Miami International Airport, Series A-1, Prerefunded, 5.375%, 10/1/2035		2,000,000		2,034,123
Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%, 7/1/2035, INS: AGMC		3,000,000		3,007,920
Miami-Dade County, FL, Health Facilities Authority Hospital Revenue, Nicklaus Children’s Hospital, 5.0%, 8/1/2047		3,335,000		3,789,894
Orlando & Orange County, FL, Expressway Authority Revenue, Series A, Prerefunded, 5.0%, 7/1/2040		11,895,000		11,940,967
Osceola County, FL, Transportation Revenue, Series A-1, 4.0%, 10/1/2054		3,000,000		3,165,750

The accompanying notes are an integral part of the financial statements.

10 | DWS Municipal Income Trust

	Principal Amount ($)		Value ($)
Palm Beach County, FL, Health Facilities Authority, Acts Retirement-Life Communities, Inc., Series A, 5.0%, 11/15/2045		3,100,000		3,181,592
Tallahassee, FL, Health Facilities Revenue, Memorial Healthcare, Inc. Project, Series A, 5.0%, 12/1/2055		2,045,000		2,201,913
Tampa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050 (a)		305,000		322,967
				53,344,887
Georgia 5.5%
Atlanta, GA, Airport Passenger Facility Charge Revenue, Series D, AMT, 4.0%, 7/1/2038		2,000,000		2,209,940
Atlanta, GA, Airport Revenue, Series C, AMT, 5.0%, 1/1/2037		1,690,000		1,767,148
Cobb County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2047		875,000		971,206
Fulton County, GA, Development Authority Hospital Revenue, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042		1,055,000		1,175,671
Georgia, Glynn-Brunswick Memorial Hospital Authority, Anticipation Certificates, Southeast Georgia Health System Project, 5.0%, 8/1/2047		465,000		514,151
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co.		5,000,000		5,803,350
Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch & Co.		10,000,000		12,741,100
Georgia, Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2035		1,010,000		1,099,910
				26,282,476
Guam 0.2%
Guam, International Airport Authority Revenue, Series C, AMT, 6.375%, 10/1/2043		535,000		548,359
Guam, Port Authority Revenue, Series A, 5.0%, 7/1/2048		315,000		336,467
				884,826
Hawaii 1.2%
Hawaii, State Airports Systems Revenue:
Series A, 5.0%, 7/1/2039		4,200,000		4,211,340
Series A, AMT, 5.0%, 7/1/2041		1,490,000		1,670,275
				5,881,615
Idaho 0.5%
Idaho, Health Facilities Authority Revenue, St. Luke’s Regional Medical Center, Prerefunded, 5.0%, 7/1/2035, INS: AGMC		2,500,000		2,509,600
Illinois 9.6%
Chicago, IL, Airport Revenue, O’Hare International Airport, Series A, Prerefunded, 5.75%, 1/1/2039		4,200,000		4,335,156

The accompanying notes are an integral part of the financial statements.

DWS Municipal Income Trust | 11

	Principal Amount ($)		Value ($)
Chicago, IL, General Obligation:
Series A, 5.0%, 1/1/2044		800,000		781,464
Series A, 5.5%, 1/1/2049		450,000		459,819
Series A, 6.0%, 1/1/2038		405,000		434,488
Chicago, IL, O’Hare International Airport Revenue, Series B, Prerefunded, 6.0%, 1/1/2041		9,000,000		9,304,290
Chicago, IL, O’Hare International Airport Revenue, Senior Lien:
Series D, AMT, 5.0%, 1/1/2047		2,085,000		2,296,565
Series D, AMT, 5.0%, 1/1/2052		4,700,000		5,159,895
Chicago, IL, O’Hare International Airport, Airport Revenue, Third Lien, Series A, 5.75%, 1/1/2039		800,000		818,488
Chicago, IL, O’Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048		395,000		432,190
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series A, Zero Coupon, 6/15/2036, INS: NATL		3,500,000		1,742,055
Illinois, Railsplitter Tobacco Settlement Authority, Prerefunded, 6.0%, 6/1/2028		915,000		967,649
Illinois, State Finance Authority Revenue, Ascension Health Credit Group, Series A, Prerefunded, 5.0%, 11/15/2032		730,000		780,808
Illinois, State Finance Authority Revenue, OSF Healthcare Systems:
Series A, 5.0%, 5/15/2041		1,580,000		1,652,032
Series A, 5.0%, 11/15/2045		1,745,000		1,946,024
Illinois, State Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2038		4,445,000		5,065,033
Illinois, State General Obligation:
Series B, 5.0%, 10/1/2033		1,970,000		1,996,654
Series A, 5.0%, 5/1/2034		3,500,000		3,545,500
5.75%, 5/1/2045		735,000		784,752
Illinois, State Toll Highway Authority, Series A, 5.0%, 1/1/2044		1,825,000		2,198,614
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC		970,000		1,128,459
				45,829,935
Indiana 4.2%
Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group, 5.0%, 11/15/2053		2,965,000		2,908,220
Indiana, State Finance Authority Revenue, Community Foundation of Northwest Indiana, Prerefunded, 5.0%, 3/1/2041		5,000,000		5,416,550
Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051		3,500,000		3,776,570
Indiana, State Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series A, 5.0%, 11/1/2043		7,000,000		8,168,020
				20,269,360

The accompanying notes are an integral part of the financial statements.

12 | DWS Municipal Income Trust

	Principal Amount ($)		Value ($)
Iowa 0.7%
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc.:
Series A, 5.0%, 5/15/2041		390,000		376,249
Series A, 5.0%, 5/15/2043		255,000		244,252
Series A, 5.0%, 5/15/2047		750,000		711,712
Series A, 5.0%, 5/15/2048		2,010,000		1,902,947
				3,235,160
Kentucky 0.2%
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group:
Series A, 5.0%, 6/1/2045		320,000		332,096
Series A, 5.25%, 6/1/2041		480,000		511,421
				843,517
Louisiana 3.4%
Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048		710,000		800,731
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, 5.0%, 5/15/2047		6,000,000		6,562,140
Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%, 11/1/2040		3,000,000		3,006,210
Louisiana, State Local Government Environmental Facilities & Community Development Authority Revenue, Westlake Chemical Corp. Project, 3.5%, 11/1/2032		3,540,000		3,518,760
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		1,209,781
Series A, 5.0%, 10/1/2048, INS: AGMC		1,140,000		1,343,878
				16,441,500
Maine 0.5%
Maine, Health & Higher Educational Facilities Authority Revenue, Maine Medical Center:
Series A, 5.0%, 7/1/2043		1,050,000		1,224,111
Series A, 5.0%, 7/1/2048		1,050,000		1,216,488
				2,440,599
Maryland 1.8%
Gaithersburg, MD, Economic Development Revenue, Asbury Maryland Obligation Group, Series A, 5.0%, 1/1/2036		1,000,000		1,054,100
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare Obligated Group, Series A, 5.5%, 1/1/2046		745,000		801,307
Maryland, State Health & Higher Educational Facilities Authority Revenue, Broadmead Inc.:
Series A, 5.0%, 7/1/2043		1,250,000		1,323,588
Series A, 5.0%, 7/1/2048		3,000,000		3,159,750

The accompanying notes are an integral part of the financial statements.

DWS Municipal Income Trust | 13

	Principal Amount ($)		Value ($)
Maryland, State Health & Higher Educational Facilities Authority Revenue, Medstar Health Obligated Group, Series A, 5.0%, 5/15/2045		2,000,000		2,260,540
				8,599,285
Massachusetts 0.6%
Massachusetts, State Development Finance Agency Revenue, Northeastern University, Series A, 5.25%, 3/1/2037		2,500,000		2,795,525
Michigan 3.6%
Detroit, MI, Water & Sewerage Department, Sewerage Disposal System Revenue, Series A, 5.25%, 7/1/2039		1,120,000		1,204,795
Michigan, State Building Authority Revenue, Series I-A, 5.375%, 10/15/2041		7,500,000		8,025,975
Michigan, State Finance Authority Revenue, Series A, 4.0%, 2/15/2050		4,000,000		4,379,800
Michigan, State Strategic Fund Ltd., Obligation Revenue Improvement Project, Series I, AMT, 5.0%, 12/31/2043		1,200,000		1,275,132
Wayne County, MI, Airport Authority Revenue, Series F, AMT, 5.0%, 12/1/2034		2,000,000		2,235,140
				17,120,842
Minnesota 3.2%
Duluth, MN, Economic Development Authority, Health Care Facilities Revenue, Essentia Health Obligated Group:
Series A, 5.0%, 2/15/2048		1,800,000		2,010,438
Series A, 5.0%, 2/15/2053		5,060,000		5,633,349
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 5.0%, 11/15/2049		1,220,000		1,372,195
Rochester, MN, Health Care Facilities Revenue, Mayo Clinic, Series B, 5.0%, 11/15/2036		4,200,000		6,055,896
				15,071,878
Missouri 0.3%
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046		335,000		321,419
St. Louis County, MO, Industrial Development Authority, Senior Living Facilities, Friendship Village, 5.0%, 9/1/2048		1,060,000		934,772
				1,256,191
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		1,506,172

The accompanying notes are an integral part of the financial statements.

14 | DWS Municipal Income Trust

	Principal Amount ($)		Value ($)
Nevada 1.1%
Las Vegas Valley, NV, Water District, Series B, 5.0%, 6/1/2037		4,830,000		5,212,826
New Jersey 3.2%
New Jersey, State Economic Development Authority Revenue, Series BBB, 5.5%, 6/15/2030		2,690,000		2,948,321
New Jersey, State Economic Development Authority Revenue, The Goethals Bridge Replacement Project, AMT, 5.125%, 7/1/2042, INS: AGMC		1,250,000		1,363,037
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 5.0%, 7/1/2033		295,000		310,302
New Jersey, State Economic Development Authority, State Government Buildings Project:
Series A, 5.0%, 6/15/2042		345,000		355,791
Series A, 5.0%, 6/15/2047		385,000		394,733
New Jersey, State Transportation Trust Fund Authority, Transportation Program Bonds, Series AA, 5.0%, 6/15/2046		5,600,000		5,759,880
New Jersey, State Transportation Trust Fund Authority, Transportation Systems:
Series A, 5.0%, 12/15/2034		1,855,000		1,955,077
Series A, 5.0%, 12/15/2036		475,000		496,299
New Jersey, State Turnpike Authority Revenue, Series B, 5.0%, 1/1/2040		65,000		77,197
New Jersey, Tobacco Settlement Financing Corp.:
Series A, 5.0%, 6/1/2046		875,000		961,380
Series A, 5.25%, 6/1/2046		440,000		491,682
				15,113,699
New York 8.8%
New York, Metropolitan Transportation Authority Revenue:
Series C, 5.0%, 11/15/2038		6,000,000		6,131,880
Series D, 5.0%, 11/15/2038		1,090,000		1,117,729
Series C, 5.0%, 11/15/2042		5,000,000		5,113,150
Series C-1, 5.0%, 11/15/2050		140,000		151,280
Series A-1, 5.25%, 11/15/2039		4,000,000		4,150,600
Series C-1, 5.25%, 11/15/2055		415,000		457,239
New York, State Environmental Facilities Corp., State Clean Water & Drinking Revolving Funds, New York City Municipal Water Finance Authority Projects, 5.0%, 6/15/2036		2,000,000		2,085,820
New York, State Liberty Development Corp., Revenue, World Trade Center Port Authority Construction, 5.25%, 12/15/2043		8,000,000		8,457,920

The accompanying notes are an integral part of the financial statements.

DWS Municipal Income Trust | 15

	Principal Amount ($)		Value ($)
New York, State Transportation Development Corp., Special Facilities Revenue, Delta Air Lines, Inc., LaGuardia Airport C&D Redevelopment, AMT, 5.0%, 1/1/2033		410,000		412,567
New York, TSASC, Inc., Series A, 5.0%, 6/1/2041		150,000		159,840
New York, Utility Debt Securitization Authority, Restructuring Revenue:
Series TE, 5.0%, 12/15/2034		800,000		912,568
Series TE, 5.0%, 12/15/2035		1,000,000		1,139,960
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue, Second Generation Resolution:
Series EE, 5.375%, 6/15/2043		1,270,000		1,299,972
Series EE, Prerefunded, 5.375%, 6/15/2043		2,480,000		2,549,266
New York, NY, General Obligation, Series A, 4.0%, 8/1/2040		3,500,000		3,989,965
Port Authority of New York & New Jersey, One Hundred Eighty-Fourth:
5.0%, 9/1/2036		205,000		233,310
5.0%, 9/1/2039		510,000		578,636
Port Authority of New York & New Jersey, One Hundred Ninety-Third, AMT, 5.0%, 10/15/2035		800,000		906,368
Port Authority of New York & New Jersey, Two Hundred Seven, AMT, 5.0%, 9/15/2048		1,875,000		2,164,894
				42,012,964
North Dakota 0.7%
Fargo, ND, Sanford Health Systems Revenue, 6.25%, 11/1/2031		3,240,000		3,422,477
Ohio 2.8%
Chillicothe, OH, Hospital Facilities Revenue, Adena Health System Obligated Group Project, 5.0%, 12/1/2047		1,785,000		2,019,995
Franklin County, OH, Trinity Health Corp. Revenue, Series 2017, 5.0%, 12/1/2046		2,950,000		3,385,568
Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series A, Prerefunded, 6.5%, 11/15/2037		1,500,000		1,634,250
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046		2,320,000		2,516,086
Ohio, State Turnpike Commission, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/2039		3,520,000		3,862,672
				13,418,571
Oregon 0.8%
Oregon, Portland Airport Revenue, Series 25B, AMT, 5.0%, 7/1/2049		3,335,000		3,830,081
Pennsylvania 7.8%
Allegheny County, PA, Hospital Development Authority, Allegheny Health Network Obligated Group, Series A, 5.0%, 4/1/2047		3,090,000		3,462,252

The accompanying notes are an integral part of the financial statements.

16 | DWS Municipal Income Trust

	Principal Amount ($)		Value ($)
Franklin County, PA, Industrial Development Authority Revenue, Chambersburg Hospital Project, Prerefunded, 5.375%, 7/1/2042		7,000,000		7,028,700
Pennsylvania, Certificate of Participations, Series A, 5.0%, 7/1/2043		460,000		555,321
Pennsylvania, Commonwealth Financing Authority, Series A, 5.0%, 6/1/2035		1,560,000		1,831,658
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds:
5.0%, 6/1/2034		750,000		897,000
5.0%, 6/1/2035		375,000		446,887
Pennsylvania, Geisinger Authority Health System Revenue, Series A-1, 5.0%, 2/15/2045		20,000		23,268
Pennsylvania, State Higher Educational Facilities Authority Revenue, University of Pennsylvania Health System, 5.0%, 8/15/2049		5,000,000		6,016,000
Pennsylvania, State Turnpike Commission Revenue:
Series A, 5.0%, 12/1/2038		2,030,000		2,287,445
Series B-1, 5.0%, 6/1/2042		2,000,000		2,280,360
Series C, 5.0%, 12/1/2043		960,000		1,055,059
Series C, Prerefunded, 5.0%, 12/1/2043		3,040,000		3,545,947
Series A, 5.0%, 12/1/2044		1,665,000		1,960,188
Philadelphia, PA, Airport Revenue:
Series A, 5.0%, 6/15/2035		2,835,000		2,842,428
Series B, AMT, 5.0%, 7/1/2047		915,000		1,024,901
Philadelphia, PA, School District, Series B, 5.0%, 9/1/2043		1,500,000		1,792,965
				37,050,379
South Carolina 6.1%
Charleston County, SC, Airport District, Airport System Revenue, Series A, AMT, 5.875%, 7/1/2032		6,560,000		7,390,955
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2031		1,000,000		1,055,070
South Carolina, State Ports Authority Revenue:
Series B, AMT, 4.0%, 7/1/2059		6,000,000		6,353,460
Prerefunded, 5.25%, 7/1/2040		2,550,000		2,560,200
South Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055		4,000,000		4,369,160
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043		6,220,000		7,381,710
				29,110,555
Tennessee 0.6%
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Ballad Health Obligation Group:
Series A, 5.0%, 7/1/2037		1,200,000		1,316,244

The accompanying notes are an integral part of the financial statements.

DWS Municipal Income Trust | 17

	Principal Amount ($)		Value ($)
Series A, 5.0%, 7/1/2044		1,600,000		1,722,576
				3,038,820
Texas 19.5%
Central Texas, Regional Mobility Authority Revenue, Senior Lien, Series A, 5.0%, 1/1/2040		1,155,000		1,243,300
Houston, TX, Airport System Revenue, Series A, AMT, 5.0%, 7/1/2041		2,250,000		2,563,020
North Texas, Tollway Authority Revenue:
Series B, 5.0%, 1/1/2040		2,060,000		2,219,032
5.0%, 1/1/2048		6,145,000		7,082,543
First Tier, Prerefunded, 6.0%, 1/1/2043		5,000,000		5,167,550
North Texas, Tollway Authority Revenue, Special Project Systems, Series D, Prerefunded, 5.0%, 9/1/2032		2,000,000		2,118,220
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus Health Obligated Group:
Series B, 5.0%, 7/1/2034		3,000,000		3,528,330
Series B, 5.0%, 7/1/2048		5,000,000		5,693,050
Texas, Dallas/Fort Worth International Airport Revenue:
Series H, AMT, 5.0%, 11/1/2042		5,425,000		5,616,448
Series F, 5.25%, 11/1/2033		3,500,000		3,878,945
Series A, Prerefunded, 5.25%, 11/1/2038		4,000,000		4,084,720
Texas, Grand Parkway Transportation Corp., System Toll Revenue:
First Tier, Series C, 4.0%, 10/1/2049		1,000,000		1,139,850
Series B, Prerefunded, 5.0%, 4/1/2053		3,500,000		4,048,520
Series B, Prerefunded, 5.25%, 10/1/2051		5,000,000		5,825,000
Texas, Lower Colorado River Authority, LCRA Transmission Services Corp., Project, 5.0%, 5/15/2048		6,250,000		7,611,000
Texas, Municipal Gas Acquisition & Supply Corp., I, Gas Supply Revenue, Series B, 67% of 3-month USD-LIBOR + 0.700%, 1.196% *, 12/15/2026, GTY: Merrill Lynch & Co.		1,250,000		1,182,162
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue:
5.5%, 8/1/2021, GTY: Goldman Sachs Group, Inc.		1,155,000		1,205,127
5.5%, 8/1/2025, GTY: Goldman Sachs Group, Inc.		7,250,000		8,495,550
Texas, Southwest Higher Education Authority, Inc., Southern Methodist University Project, Prerefunded, 5.0%, 10/1/2035		1,600,000		1,625,744
Texas, State Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co.		4,250,000		4,885,545
Texas, State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue:
5.0%, 12/15/2030, GTY: Macquarie Group Ltd.		250,000		263,833
5.0%, 12/15/2031, GTY: Macquarie Group Ltd.		3,165,000		3,332,365
5.0%, 12/15/2032, GTY: Macquarie Group Ltd.		2,000,000		2,098,460

The accompanying notes are an integral part of the financial statements.

18 | DWS Municipal Income Trust

	Principal Amount ($)		Value ($)
Texas, State Transportation Commission, Turnpike Systems Revenue, Series C, 5.0%, 8/15/2034		1,235,000		1,323,216
Texas, State Water Development Board Revenue, State Water Implementation Revenue Fund, Series A, 4.0%, 10/15/2049		2,815,000		3,342,615
Texas, University of Texas Revenue, Series B, 5.0%, 8/15/2049		2,250,000		3,687,525
				93,261,670
Utah 0.4%
Salt Lake City, UT, Airport Revenue:
Series A, AMT, 5.0%, 7/1/2043		960,000		1,096,723
Series A, AMT, 5.0%, 7/1/2048		575,000		652,815
				1,749,538
Virginia 0.9%
Stafford County, VA, Economic Development Authority, Hospital Facilities Revenue, Mary Washington Healthcare, 5.0%, 6/15/2036		400,000		455,736
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2056		3,645,000		3,803,667
				4,259,403
Washington 3.9%
Washington, Port of Seattle Revenue, Series A, AMT, 5.0%, 5/1/2043		1,935,000		2,192,220
Washington, State Convention Center Public Facilities District, 5.0%, 7/1/2043		6,000,000		6,401,340
Washington, State Health Care Facilities Authority, Catholic Health Initiatives, Series A, Prerefunded, 5.0%, 2/1/2041		2,985,000		3,078,998
Washington, State Health Care Facilities Authority, Swedish Health Services, Series A, Prerefunded, 6.75%, 11/15/2041		1,825,000		1,937,456
Washington, State Motor Vehicle Tax-Senior 520 Corridor Program, Series C, 5.0%, 6/1/2031		5,000,000		5,203,050
				18,813,064
West Virginia 0.9%
West Virginia, State Hospital Finance Authority, State University Health System Obligated Group, Series A, 5.0%, 6/1/2047		4,025,000		4,509,208
Wisconsin 0.8%
Wisconsin, Public Finance Authority, Hospital Revenue, Series A, 5.0%, 10/1/2044		2,925,000		3,414,879

The accompanying notes are an integral part of the financial statements.

DWS Municipal Income Trust | 19

	Principal Amount ($)		Value ($)
Wisconsin, State Health & Educational Facilities Authority, St. John’s Communities, Inc. Project:
Series A, 5.0%, 9/15/2040		70,000		66,403
Series A, 5.0%, 9/15/2045		95,000		87,936
Series A, 5.0%, 9/15/2050		380,000		346,898
				3,916,116
Total Municipal Bonds and Notes (Cost $595,171,062)				634,431,518
Underlying Municipal Bonds of Inverse Floaters (b) 17.7%
Florida 2.5%
Orange County, FL, School Board, Certificate of Participations, Series C, 5.0%, 8/1/2034 (c)		10,000,000		12,125,700
Trust: Florida, School Board, Series 2016-XM0182, 144A, 17.480%, 2/1/2024, Leverage Factor at purchase date: 4 to 1
Massachusetts 5.0%
Massachusetts, State Development Finance Agency Revenue, Harvard University, Series A, 4.0%, 7/15/2036 (c)		10,000,000		11,485,600
Trust: Massachusetts, State Development Finance Agency Revenue, Series 2016-XM0400, 144A, 13.690%, 7/15/2024, Leverage Factor at purchase date: 4 to 1
Massachusetts, State Development Finance Agency Revenue, Partners Healthcare System, Inc., Series Q, 5.0%, 7/1/2035 (c)		10,425,000		12,165,035
Trust: Massachusetts, State Development Finance Agency Revenue, Series 2016-XM0137, 144A, 17.636%, 1/1/2024, Leverage Factor at purchase date: 4 to 1
				23,650,635
New York 5.1%
New York, State Urban Development Corp. Revenue, Personal Income Tax, Series C-3, 5.0%, 3/15/2040 (c)		10,000,000		11,989,850
Trust: New York, State Urban Development Corp. Revenue, Personal Income Tax, Series 2018-XM0580, 144A, 18.095%, 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 (c)		7,165,000		8,917,925
Trust: New York, Transitional Finance Authority, Building AID Revenue, Series 2017-XM0620, 144A, 17.999%, 1/15/2026, Leverage Factor at purchase date: 4 to 1

The accompanying notes are an integral part of the financial statements.

20 | DWS Municipal Income Trust

	Principal Amount ($)			Value ($)
New York City, NY, Transitional Finance Authority, Building AID Revenue, Series S-4A, 5.0%, 7/15/2038 (c)		2,685,000			3,287,859
Trust: New York, Transitional Finance Authority, Building AID Revenue, Series 2017-XM0620, 144A, 18.067%, 1/15/2026, Leverage Factor at purchase date: 4 to 1
					24,195,634
Texas 2.5%
Texas, State Transportation Commission-Highway Improvement, Series A, 5.0%, 4/1/2038 (c)		10,000,000			12,085,350
Trust: Texas, State Transportation Commission, Series 2016-XM0404, 144A, 17.690%, 4/1/2024, Leverage Factor at purchase date: 4 to 1
Washington 2.6%
Washington, State General Obligation, Series D, 5.0%, 2/1/2035 (c)		10,000,000			12,347,100
Trust: Washington, State General Obligation, Series 2017-XM0477, 144A, 17.690%, 8/1/2024, Leverage Factor at purchase date: 4 to 1
Total Underlying Municipal Bonds of Inverse Floaters (Cost $78,627,019)					84,404,419
Open-End Investment Companies 0.4%
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.032%** (Cost $2,072,017)		2,071,226			2,071,847
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $675,870,098)		150.9			720,907,784
Floating Rate Notes (b)		(11.0	)		(52,700,000	)
Series 2018 MTPS, net of deferred offering costs		(41.6	)		(198,750,000	)
Other Assets and Liabilities, Net		1.7			8,378,285
Net Assets Applicable to Common Shareholders		100.0			477,836,069

* Variable or floating rate security. These securities are shown at their current rate as of May 31, 2020. 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.

** Current yield; not a coupon rate.

(a) When-issued security.

(b) 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.

The accompanying notes are an integral part of the financial statements.

DWS Municipal Income Trust | 21

(c) 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.

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.

GTY: Guaranty Agreement

INS: Insured

LIBOR: London Interbank Offered Rate

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, 2020 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 (d)	$	—	$	718,835,937	$	—	$	718,835,937
Open-End Investment Companies		2,071,847		—		—		2,071,847
Total	$	2,071,847	$	718,835,937	$	—	$	720,907,784

(d) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

22 | DWS Municipal Income Trust

Statement of Assets and Liabilities

as of May 31, 2020 (Unaudited)
Assets
Investments in non-affiliated securities, at value (cost $675,870,098)	$	720,907,784
Interest receivable		9,300,120
Other assets		5,066
Total assets		730,212,970
Liabilities
Payable for investments purchased — when-issued securities		307,952
Payable for floating rate notes issued		52,700,000
Interest expense payable on preferred shares		199,148
Accrued management fee		312,153
Accrued Trustees’ fees		8,913
Other accrued expenses and payables		98,735
Series 2018 MTPS, net of deferred offering costs (liquidation value $198,750,000, see page 32 for more details)		198,750,000
Total liabilities		252,376,901
Net assets applicable to common shareholders, at value	$	477,836,069
Net Assets Applicable to Common Shareholders Consist of
Distributable earnings (loss)		45,602,741
Paid-in capital		432,233,328
Net assets applicable to common shareholders, at value	$	477,836,069
Net Asset Value
Net Asset Value per common share ($477,836,069 ÷ 39,500,938 outstanding shares of beneficial interest, $.01 par value, unlimited number of common shares authorized)	$	12.10

The accompanying notes are an integral part of the financial statements.

DWS Municipal Income Trust | 23

Statement of Operations

for the six months ended May 31, 2020
Investment Income
Income:
Interest	$	14,566,611
Total income		14,566,611
Expenses:
Management fee		1,887,046
Services to shareholders		14,152
Custodian fee		3,548
Professional fees		46,874
Reports to shareholders		33,245
Trustees’ fees and expenses		13,847
Interest expense and amortization of deferred cost on Series 2018 MTPS		2,385,135
Interest expense on floating rate notes		540,343
Stock Exchange listing fees		19,224
Other		59,513
Total expenses		5,002,927
Net investment income		9,563,684
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		(4,011,048	)
Change in net unrealized appreciation (depreciation) on investments		(14,727,622	)
Net gain (loss)		(18,738,670	)
Net increase (decrease) in net assets resulting from operations	$	(9,174,986	)

The accompanying notes are an integral part of the financial statements.

24 | DWS Municipal Income Trust

Statement of Cash Flows

for the six months ended May 31, 2020
Increase (decrease) in cash: Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations	$	(9,174,986	)
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		(102,714,692	)
Net amortization of premium/(accretion of discount)		1,883,501
Proceeds from sales and maturities of long-term investments		107,900,988
Amortization of deferred offering cost on Series 2018 MTPS		9,997
(Increase) decrease in interest receivable		88,715
(Increase) decrease in other assets		7,293
(Increase) decrease in receivable for investments sold		530,000
Increase (decrease) in payable for investments purchased — when issued securities		307,952
Increase (decrease) in other accrued expenses and payables		(45,574	)
Change in unrealized (appreciation) depreciation on investments		14,727,622
Net realized (gain) loss from investments		4,011,048
Cash provided by (used in) operating activities	$	17,531,864
Cash Flows from Financing Activities
Distributions paid		(10,131,826	)
Increase (decrease) in payable for floating rate notes issued		(7,500,000	)
Cash provided by (used in) financing activities		(17,631,826	)
Increase (decrease) in cash		(99,962	)
Cash at beginning of period		99,962
Cash at end of period	$	—
Supplemental disclosure
Interest expense paid on preferred shares	$	(2,519,032	)
Interest expense paid and fees on floating rate notes issued	$	(540,343	)

The accompanying notes are an integral part of the financial statements.

DWS Municipal Income Trust | 25

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019
Operations:
Net investment income (loss)	$	9,563,684		$	19,675,570
Net realized gain (loss)		(4,011,048	)		1,139,219
Change in net unrealized appreciation (depreciation)		(14,727,622	)		32,591,258
Net increase (decrease) in net assets applicable to common shareholders		(9,174,986	)		53,406,047
Distributions to common shareholders		(9,987,932	)		(21,666,272	)
Increase (decrease) in net assets		(19,162,918	)		31,739,775
Net assets at beginning of period applicable to common shareholders		496,998,987			465,259,212
Net assets at end of period applicable to common shareholders	$	477,836,069		$	496,998,987
Other Information:
Common shares outstanding at beginning of period		39,500,938			39,500,938
Common shares outstanding at end of period		39,500,938			39,500,938

The accompanying notes are an integral part of the financial statements.

26 | DWS Municipal Income Trust

Financial Highlights

	Six Months Ended 5/31/20			Years Ended November 30,
	(Unaudited)			2019			2018			2017			2016			2015
Selected Per Share Data Applicable to Common Shareholders
Net asset value, beginning of period		$12.58			$11.78			$12.50			$12.47			$13.44			$13.84
Income (loss) from investment operations:
Net investment incomea		.24			.50			.56			.66			.75			.82
Net realized and unrealized gain (loss)		(.47	)		.85			(.66	)		.16			(.88	)		(.36	)
Total from investment operations		(.23	)		1.35			(.10	)		.82			(.13	)		.46
Distributions to remarketed preferred shareholders from net investment income (common share equivalent)		—			—			—			—			—			(.00	)***
Net increase (decrease) in net assets from operations applicable to common shareholders		(.23	)		1.35			(.10	)		.82			(.13	)		.46
Less distributions applicable to common shareholders from:
Net investment income		(.23	)		(.52	)		(.61	)		(.78	)		(.84	)		(.84	)
Net realized gains		(.02	)		(.03	)		(.01	)		(.01	)		—			(.02	)
Total distributions		(.25	)		(.55	)		(.62	)		(.79	)		(.84	)		(.86	)
Net asset value, end of period		$12.10			$12.58			$11.78			$12.50			$12.47			$13.44
Market price, end of period		$10.75			$11.49			$10.34			$11.78			$12.83			$13.45
Total Return
Based on net asset value (%)b		(1.62	)**		12.14			(.35	)		6.66			(1.27	)		3.51
Based on market price (%)b		(4.30	)**		16.69			(7.18	)		(2.30	)		1.50			8.04

The accompanying notes are an integral part of the financial statements.

DWS Municipal Income Trust | 27

Financial Highlights (continued)

	Six Months Ended 5/31/20			Years Ended November 30,
	(Unaudited)			2019		2018		2017		2016		2015
Ratios to Average Net Assets Applicable to Common Shareholders and Supplemental Data
Net assets, end of period ($ millions)		478			497		465		494		491		528
Ratio of expenses (%) (including interest expense)c,d		2.02	*		2.21		2.16		1.88		1.59		1.41
Ratio of expenses (%) (excluding interest expense)e		.85	*		.85		.86		.85		.85		.88
Ratio of net investment income (%)		3.96	*		4.04		4.58		5.20		5.56		6.01	f
Portfolio turnover rate (%)		14	**		18		51		37		40		19
Senior Securities
Preferred Shares information at period end, aggregate amount outstanding:
Series MTPS ($ millions)		199			199		199		199		199		199
Asset coverage per share ($)g		17,021			17,503		16,705		17,423		17,364		18,289
Liquidation and market price per share ($)		5,000			5,000		5,000		5,000		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  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 MTPS.

^d  The ratio of expenses (based on net assets of common and Preferred Shares, including interest expense) was 1.43%, 1.57%, 1.52%, 1.35%, 1.16% and 1.03% for the periods ended May 31, 2020, November 30, 2019, 2018, 2017, 2016 and 2015, respectively.

^e  The ratio of expenses (based on net assets of common and Preferred Shares, excluding interest expense) was 0.61%, 0.61%, 0.61%, 0.62%, 0.62% and 0.64% for the periods ended May 31, 2020, November 30, 2019, 2018, 2017, 2016 and 2015, respectively.

^f  The ratio of net investment income after distributions paid to Remarketed Preferred Shareholders was 6.01% for the period ended November 30, 2015.

^g  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.

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

The accompanying notes are an integral part of the financial statements.

28 | DWS Municipal Income Trust

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.

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 Fund’s Board, 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 evaluated prices, as applicable, obtained from one or more 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

DWS Municipal Income Trust | 29

value as determined in accordance with procedures approved by the Board 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 Offer 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 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

30 | DWS Municipal Income Trust

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, 2020, interest expense related to floaters amounted to $540,343. The weighted average outstanding daily balance of the floating rate notes issued during the six months ended May 31, 2020 was approximately $57,659,000, with a weighted average interest rate of 1.87%.

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.

Federal Income Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable and tax-exempt income to its shareholders.

At May 31, 2020, the aggregate cost of investments for federal income tax purposes was $619,706,250. The net unrealized appreciation for all investments based on tax cost was $48,501,264. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $51,134,553 and aggregate gross unrealized depreciation for all investments for which was an excess of tax cost over value of $2,633,289.

The Fund has reviewed the tax positions for the open tax years as of November 30, 2019 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.

DWS Municipal Income Trust | 31

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, reclassification of distributions and accretion of market discount 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, 2020, the Fund had issued and outstanding 39,750 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 are floating rate preferred shares with an original mandatory term redemption date of June 1, 2018, unless extended. Effective December 1, 2017, the terms of the Series 2018 MTPS were amended to extend the term redemption date of the Series 2018 MTPS to December 1, 2020. Except for the above-described extension and a related amendment, the other material terms and conditions of the Series 2018 MTPS remained the same. The Series 2018 MTPS are required to be redeemed on the term redemption date, unless earlier redeemed or repurchased or unless extended. There is no assurance that the term will be extended further or that the Series 2018 MTPS will be replaced with any other preferred shares or other form of leverage prior to the term redemption date. If the Series 2018 MTPS are replaced with any other preferred shares or other form of leverage, the terms of such new preferred shares or other form of leverage will likely be different from the terms of the Series 2018 MTPS. The terms of the Series 2018 MTPS provide that six months prior to the term redemption date, the Fund must segregate assets with its custodian in an amount equal to the amount payable to the holder on the term redemption date and over the course of the six months preceding the term redemption date must convert a portion of its assets to short-term high quality assets each month. See Subsequent Events at Note F below.

Dividends on the Series 2018 MTPS are set weekly to a fixed spread (dependent on the then current rating of the Series 2018 MTPS) to the Securities Industry and Financial Markets Association (“SIFMA”) Municipal

32 | DWS Municipal Income Trust

Swap Index. The average annualized dividend rate on the Series 2018 MTPS for the period December 1, 2019 through May 31, 2020 was 2.27%. In the Fund’s Statement of Assets and Liabilities, the Series 2018 MTPS’ aggregate liquidation preference is shown as a liability because the Series 2018 MTPS have a stated mandatory redemption date. Dividends paid on the Series 2018 MTPS are treated as interest expense and recorded as incurred. For the period December 1, 2019 through May 31, 2020, interest expense related to Series 2018 MTPS amounted to $2,375,138. Costs directly related to the issuance of Series 2018 MTPS have been deferred and are being amortized over the life of the MTPS. During the six months ended May 31, 2020, the Fund amortized $9,997 of Series 2018 MTPS deferred costs, which are included in the Statement of Operations under the line item “Interest expense and amortization of deferred cost on Series 2018 MTPS”. The Series 2018 MTPS are senior in priority to the Fund’s outstanding common shares as to payments of dividends and distributions upon liquidation.

Under the terms of a purchase agreement between the Fund and the initial purchaser of the Series 2018 MTPS, the Fund is subject to various investment restrictions. These investment 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 2018 MTPS were not outstanding. In addition, the Fund is subject to certain restrictions on its investments imposed by guidelines of the rating agencies that rate the Series 2018 MTPS, which guidelines may be changed by the applicable rating agency, in its sole discretion, from time to time. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the Fund by the 1940 Act. Moreover, the Fund is required to maintain various asset coverage ratios with respect to the Series 2018 MTPS in accordance with the Fund’s charter documents 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 interest rates will reduce the return to common

DWS Municipal Income Trust | 33

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 by the rating agencies that rate the preferred shares. There is no assurance that the Fund’s leveraging strategy will be successful.

On May 13, 2020, the Fund announced that the Fund’s Board of Trustees approved a refinancing plan with respect to the Series 2018 MTPS, pursuant to which the Fund would redeem all of the outstanding Series 2018 MTPS conditioned on the receipt of proceeds from the issuance of new preferred shares such that the Fund’s leverage would remain unchanged. See Subsequent Events at Note F below.

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, 2020.

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, 2020, purchases and sales of investment securities (excluding short-term investments) aggregated $102,714,692 and $107,900,988, respectively.

34 | DWS Municipal Income Trust

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 2018 MTPS).

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 between DSC and DST Systems, Inc. (“DST”), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the six months ended May 31, 2020, the amount charged to the Fund by DSC aggregated $9,089, of which $3,238 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the six months ended May 31, 2020, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $6,649, all of which 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, 2020, the Fund engaged in securities purchases of $3,975,000 and securities sales of $4,265,000 with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act.

DWS Municipal Income Trust | 35

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, 2020 and the year ended November 30, 2019, the Fund did not repurchase shares in the open market.

On September 17, 2019, 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, 2019 until November 30, 2020, 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, 2018 and ran until November 30, 2019.

E. Other

A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the pandemic. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased financial market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments. A prolonged disruption may result in the Fund and its service providers experiencing operational difficulties in implementing their business continuity plans. Management will continue to monitor the impact COVID-19 has on the Fund and reflect the consequences as appropriate in the Fund’s accounting and financial reporting.

F. Subsequent Events

On June 17, 2020, Deutsche Bank AG (“DB”), an affiliate of DWS Group, resolved with the Commodity Futures Trading Commission (“CFTC”) charges stemming from alleged violations of various swap data reporting requirements and corresponding supervision and other failures. The matter, which was resolved by the issuance of a federal court order (“Consent Order”), involved unintentional conduct that resulted from a system outage that prevented DB from reporting data in accordance with applicable CFTC requirements for a period of five days in April 2016.

36 | DWS Municipal Income Trust

The matter giving rise to the Consent Order did not arise out of any investment advisory or fund management activities of DIMA. DWS Group, of which DIMA is a wholly-owned subsidiary, is a separate publicly traded company but continues to be an affiliate of DB due to, among other things, DB’s 79.49% ownership interest in DWS Group. Under the provisions of the Investment Company Act of 1940, as a result of the Consent Order, DIMA would not be eligible to continue to provide investment advisory services to the Fund absent an order from the Securities and Exchange Commission (the “SEC”). DB and DIMA are seeking temporary and permanent orders from the SEC to permit DIMA to continue to provide investment advisory services to the Fund and other registered investment companies notwithstanding the Consent Order. While there can be no assurance that the requested exemptive orders will be granted, the SEC has granted this type of relief in the past. Consistent with its fiduciary and other relationships with the Fund, and in accordance with the desire of the Board of the Fund, DIMA continues to provide investment advisory services to the Fund.

As of July 14, 2020, the Fund entered into an agreement with the sole holder of the Series 2018 MTPS to modify certain asset segregation requirements applicable to the Series 2018 MTPS that would otherwise have commenced on July 15, 2020 and to defer those requirements until August 25, 2020 (the “Waiver Agreement”). Absent the Waiver Agreement, the Fund would have been required to begin converting a certain portion of its assets to high-grade short term instruments on July 15, 2020 and each month thereafter, in an aggregate amount equal to the liquidation preference of the Series 2018 MTPS plus dividends payable, through the term redemption date.

As of July 17, 2020, the Fund announced that it would not complete the refinancing of the Series 2018 MTPS previously announced in May 2020 and that it continues to seek alternative leverage that, if completed, would result in the amount of outstanding leverage of the Fund remaining unchanged. There is no assurance that the Series 2018 MTPS will be replaced with preferred shares or another form of leverage prior to the term redemption date.

DWS Municipal Income Trust | 37

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”). DST Systems, 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

38 | 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

DWS Municipal Income Trust | 39

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.

40 | 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 One International Place, 12th Floor Boston, MA 02110
Legal Counsel	Vedder Price P.C. 222 North LaSalle Street Chicago, IL 60601
Dividend Reinvestment Plan Agent	DST Systems, 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 State Street Financial Center One Lincoln Street Boston, MA 02111
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.

DWS Municipal Income Trust | 41

Portfolio Holdings	Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-PORT. The Fund’s Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings as of the month-end are posted on dws.com on or after the last day of the following month. More frequent posting of portfolio holdings information may be made from time to time on dws.com.
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 Numbers	Common Shares 233368 109

42 | DWS Municipal Income Trust

Privacy Statement

FACTS	What Does DWS Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share can include: – Social Security number – Account balances – Purchase and transaction history – Bank account information – Contact information such as mailing address, e-mail address and telephone number
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to share and whether you can limit this sharing.

Reasons we can share your personal information	Does DWS share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We do not share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We do not share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We do not share
For non-affiliates to market to you	No	We do not share

Questions? Call (800) 728-3337 or e-mail us at service@dws.com

DWS Municipal Income Trust | 43

Who we are
Who is providing this notice?	DWS Distributors, Inc; DWS Investment Management Americas, Inc.; DWS Trust Company; the DWS Funds
What we do
How does DWS protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards, secured files, and secured buildings.
How does DWS collect my personal information?	We collect your personal information, for example, when you: – open an account – give us your contact information – provide bank account information for ACH or wire transactions – tell us where to send money – seek advice about your investments
Why can’t I limit all sharing?	Federal law gives you the right to limit only – sharing for affiliates’ everyday business purposes – information about your creditworthiness – affiliates from using your information to market to you – sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank (“DB”) name, such as DB AG Frankfurt.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. DWS does not jointly market.

California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.

Rev. 12/2019

44 | DWS Municipal Income Trust

Notes

Notes

Notes

DMIT-3

(R-027924-9 7/20)

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.	SCHEDULE OF 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

	(a)	(b)	(c)	(d)
Period	Total Number of Shares Purchased	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	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	-	n/a	n/a	n/a
April 1 through April 30	-	n/a	n/a	n/a
May 1 through May 31	-	n/a	n/a	n/a
Total	-	n/a	n/a	n/a
The Fund may from time to time repurchase shares in the open market.
On September 17, 2019, the Fund announced that the Fund's Board of Trustees 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 December 1, 2019 until November 30, 2020, 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, 2018 and ran until November 30, 2019.

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:	7/30/2020

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:	7/30/2020
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	7/30/2020