<SEC-DOCUMENT>0000088053-21-000649.txt : 20210806
<SEC-HEADER>0000088053-21-000649.hdr.sgml : 20210806
<ACCEPTANCE-DATETIME>20210806132021
ACCESSION NUMBER:		0000088053-21-000649
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20210531
FILED AS OF DATE:		20210806
DATE AS OF CHANGE:		20210806
EFFECTIVENESS DATE:		20210806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000839533
		IRS NUMBER:				363605060
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05655
		FILM NUMBER:		211152179

	BUSINESS ADDRESS:	
		STREET 1:		875 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022-6225
		BUSINESS PHONE:		212-454-4500

	MAIL ADDRESS:	
		STREET 1:		875 THIRD AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022-6225

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DEUTSCHE MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20140811

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DWS MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20060206

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20010123
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>sr53121mit.htm
<DESCRIPTION>DWS MUNICIPAL INCOME TRUST
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">WASHINGTON, D. C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM N-CSRS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Investment Company Act file number: 811-05655</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><U>DWS Municipal Income Trust</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact Name of Registrant as Specified in Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">875 Third Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>New York, NY 10022-6225</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Offices) (Zip Code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Registrant&rsquo;s Telephone Number, including Area
Code: <U>(212) 454-4500</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Diane Kenneally</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">100 Summer Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>Boston, MA 02110</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and Address of Agent for Service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt">Date of fiscal year end:</TD>
    <TD STYLE="width: 72%; padding-right: 5.4pt; padding-left: 5.4pt">11/30</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date of reporting period:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">5/31/2021</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 1.</B></TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt"><B>REPORT TO STOCKHOLDERS</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(a)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<DIV style="width:100%;"> <DIV style="width:100%;" type="Block"> <DIV style="margin-left:0.%;margin-top:0pt;position:relative;text-align:center;">
<IMG src="g201956imgc81193b01.jpg" alt=" "> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;left:48%;line-height:11pt;position:absolute;text-decoration:none;text-transform:none;top:88pt;">May 31,
2021</DIV><DIV style="color:#000000;font-family:Arial;font-size:24pt;font-style:Normal;font-weight:bold;left:44%;line-height:25pt;position:absolute;text-decoration:none;text-transform:none;top:152pt;">Semiannual
Report</DIV><DIV style="color:#000000;font-family:Arial;font-size:24pt;font-style:Normal;font-weight:bold;left:45%;line-height:25pt;position:absolute;text-decoration:none;text-transform:none;top:188pt;">to Shareholders</DIV></DIV> </DIV>
<DIV style="margin-top:80pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;margin-top:54pt;text-align:center;text-decoration:none;text-transform:none;">DWS
Municipal Income Trust</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:center;text-decoration:none;text-transform:none;">Ticker Symbol: KTF</DIV> </DIV>
<DIV style="margin-top:141pt;width:100%;" type="Block"> <DIV style="margin-top:141pt;text-align:Center;width:100%;">
<IMG src="g201956img2f7247722.jpg" alt=" "> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="job__semi_7ade3686-7728-4d0c-80f3-d4f7e9490f47_toc"></A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Contents</DIV> </DIV> <DIV style="margin-top:1pt;">
<DIV style="float:left;overflow:hidden;position:relative;width:45.36%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:12.15%;">3
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:92.54%; "><FONT ><A href="#xx_8b69f855-d3f7-474e-b560-e8432687652f_1">Performance
 Summary</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:12.15%;">5
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:92.54%;"><FONT ><A href="#xx_8b69f855-d3f7-474e-b560-e8432687652f_3">Portfolio
 Management Team</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:12.15%;">6
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:92.54%;"><FONT ><A href="#xx_cfced3c3-a9c0-45b3-9f28-cc461d4becb3_1">Portfolio
 Summary</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:12.15%;">7
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:92.54%;"><FONT ><A href="#xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_1">Investment
 Portfolio</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:12.15%;">24
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:92.54%;"><FONT ><A href="#xx_8af5e09b-5fe9-4f1d-b346-f32bf0834ebe_1">Statement
 of Assets and Liabilities</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:12.15%;">25
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:92.54%;"><FONT ><A href="#xx_8af5e09b-5fe9-4f1d-b346-f32bf0834ebe_2">Statement
 of Operations</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:12.15%;">26
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:92.54%;"><FONT ><A href="#xx_8af5e09b-5fe9-4f1d-b346-f32bf0834ebe_3">Statement
 of Cash Flows</A></FONT> </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:45.36%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:12.15%;">27
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:92.54%; "><FONT ><A href="#xx_8af5e09b-5fe9-4f1d-b346-f32bf0834ebe_4">Statements
 of Changes in Net Assets</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:12.15%;">28
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:92.54%;"><FONT ><A href="#xx_df41ca05-49d7-476a-93f0-24476adf9afa_1">Financial
 Highlights</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:12.15%;">31
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:92.54%;"><FONT ><A href="#xx_57fcb4a1-1b73-4dc2-84ee-b4da2ac6bfbd_1">Notes
 to Financial Statements</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:12.15%;">39
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:92.54%;"><FONT ><A href="#xx_c34dc45e-9be7-410a-912f-f8794b03ed2b_1">Dividend
 Reinvestment and Cash Purchase Plan</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:12.15%;">42
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:92.54%;"><FONT ><A href="#xx_1d9879a9-7a80-4689-a504-6172fcf8ab93_1">Additional
 Information</A></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-left:0pt;padding-right:7pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:12.15%;">44
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:7pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:92.54%;"><FONT ><A href="#xx_60c36c8b-1b3a-49ce-b2a5-89a53af23065_1">Privacy
 Statement</A></FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;padding-top:29pt;width:100%;" type="Block">
<DIV style="clear:both;color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:Normal;line-height:11.5pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The Fund&#8217;s investment objective is to
provide a high level of current income exempt from federal income tax.</DIV>
<DIV style="clear:both;color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:Normal;line-height:11.5pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">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&#8217;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.</DIV>
<DIV style="clear:both;color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:Normal;line-height:11.5pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">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&#8217;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&#8217;s distributions may be subject to federal, state and local taxes, including the alternative minimum tax.</DIV>
<DIV style="clear:both;color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:Normal;line-height:11.5pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV> </DIV> </DIV> <DIV style="padding-top:7.5pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">The brand DWS represents DWS Group GmbH &amp; 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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">NOT FDIC/NCUA INSURED&nbsp;&nbsp;&nbsp;&nbsp;NO BANK
GUARANTEE&nbsp;&nbsp;&nbsp;&nbsp;MAY LOSE VALUE</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">NOT A
DEPOSIT&nbsp;&nbsp;&nbsp;&nbsp;NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</DIV> </DIV> <DIV style="margin-top:10pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:37.84%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:18.15%; ">2<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:81.85%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_8b69f855-d3f7-474e-b560-e8432687652f_1"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:32pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:35.83%;">Performance
Summary </TD>
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-left:2.00pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:76.17%; ">May 31, 2021
(Unaudited) </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:bold;line-height:11.5pt;margin-top:5.5pt;text-align:left;text-decoration:none;text-transform:none;">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&#8217;s most recent month-end performance.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8.5pt;font-style:Normal;font-weight:bold;line-height:11.5pt;margin-top:5.5pt;text-align:left;text-decoration:none;text-transform:none;">Fund specific data and performance are provided for
informational purposes only and are not intended for trading purposes.</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:9pt;padding-top:15pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:99.70%;" colspan="5">Average
 Annual Total Returns<FONT style="font-size:8pt;font-weight:Normal;line-height:11pt;">&#8201;as of 5/31/21</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:44.07%;">DWS
 Municipal Income Trust </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.10%;">6-Months
<FONT style="font-family:Times New Roman;">&#8225;</FONT> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.34%;">1-Year
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.99%;">5-Year
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.20%;">10-Year
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:44.07%;">Based
 on Net Asset Value<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(a)</SUP> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.10%;">3.74%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.34%;">11.06%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.99%;">4.28%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.20%;">6.78
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:44.07%;">Based
 on Market Price<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(a)</SUP> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.10%;">8.95%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.34%;">17.42%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.99%;">2.44%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.20%;">6.13
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:44.07%;">Bloomberg
 Barclays Municipal<BR> Bond Index<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(b)</SUP> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.10%;">1.40%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.34%;">4.74%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.99%;">3.52%
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.20%;">4.29
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:44.07%;">Morningstar
 Closed-End Municipal National Long Funds Category<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(c)</SUP> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.10%;">4.03%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.34%;">11.77%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.99%;">4.67%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.20%;">6.98
 </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:6pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#8225;</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:97.98%;">Total
returns shown for periods less than one year are not annualized. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(a)</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.98%;">Total
return based on net asset value reflects changes in the Fund&#8217;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&#8217;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, 2021 was 1.49% (0.86% excluding interest expense). </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(b)</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.98%;">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. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:10pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">(c)</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:97.98%;">Morningstar&#8217;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. </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> </DIV>
<DIV style="margin-top:50pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:37.88%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:81.76%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:18.13%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">3</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_8b69f855-d3f7-474e-b560-e8432687652f_2"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:15pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:57.68%;">Net
 Asset Value and Market Price </TD>
<TD style="border-bottom:1pt solid #808080;line-height:9.5pt;padding-bottom:3pt;padding-right:8pt;padding-top:15pt;text-align:right;vertical-align:bottom;width:20.33%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:9pt;padding-top:15pt;text-align:right;vertical-align:bottom;width:21.68%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:8pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:57.68%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.33%;">As
 of 5/31/21 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:21.68%;">As
 of 11/30/20 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:57.68%;">Net
 Asset Value </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.33%;">$&#8194;12.84
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:21.68%;">$&#8194;12.68
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:57.68%;">Market
 Price </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.33%;">$&#8194;12.06
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:21.68%;">$&#8194;11.34
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:57.68%;">Premium
 (discount) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:18.67pt;padding-right:8pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:20.33%;">(6.07%)
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.22pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:21.68%;">(10.57%)
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Prices and net asset value
fluctuate and are not guaranteed.</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:15pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:86.23%;">Distribution
 Information </TD>
<TD style="border-bottom:1pt solid #808080;line-height:9.5pt;padding-bottom:3pt;padding-right:9pt;padding-top:15pt;text-align:right;vertical-align:bottom;width:13.47%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:86.23%;">Six
 Months as of 5/31/21:<BR> Income Dividends (common shareholders) </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.47%;">$
<FONT style="padding-left:8.89pt;"></FONT>&#8194;.25 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:86.23%;">Capital
 Gain Dividend (common shareholders) </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.47%;">$&#8194;.0324
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:86.23%;">May
 Income Dividend (common shareholders) </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.47%;">$
<FONT style="padding-left:4.45pt;"></FONT>&#8194;.042 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:86.23%;">Current
 Annualized Distribution Rate (based on Net Asset Value)<BR> as of 5/31/21<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#8224;</SUP> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:20.89pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.47%;">3.93%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:86.23%;">Current
 Annualized Distribution Rate (based on Market Price)<BR> as of 5/31/21<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#8224;</SUP> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:20.89pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.47%;">4.18%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:86.23%;">Tax
 Equivalent Distribution Rate (based on Net Asset Value)<BR> as of 5/31/21<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#8224;</SUP> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:20.89pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.47%;">6.63%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:86.23%;">Tax
 Equivalent Distribution Rate (based on Market Price)<BR> as of 5/31/21<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#8224;</SUP> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:20.89pt;padding-right:9pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.47%;">7.06%
 </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:10pt;padding-left:0pt;padding-right:4.5pt;padding-top:6pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:2.27%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">&#8224;</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:4.5pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:99.09%;">Current
 annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value/market price on May 31, 2021. 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&#8217;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. </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:191pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:37.84%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:18.15%; ">4<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:81.85%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_8b69f855-d3f7-474e-b560-e8432687652f_3"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio Management Team</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Ashton P. Goodfield, CFA, Head of Investment Strategy Fixed
Income</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio Manager of the Fund through September 30, 2021. Began
managing the Fund in 2014.</DIV>
<DIV style="color:#4C4C4C;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;padding-left:13.794pt;text-align:left;text-decoration:none;text-indent:-13.794pt; text-transform:none;">&#8212;</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5415pt;text-align:left;margin-top:-12pt;text-decoration:none;text-transform:none;">Joined DWS in 1986.</DIV>
<DIV style="color:#4C4C4C;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;padding-left:13.794pt;text-align:left;text-decoration:none;text-indent:-13.794pt; text-transform:none;">&#8212;</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5415pt;text-align:left;margin-top:-12pt;text-decoration:none;text-transform:none;">Head of Municipal Bond Department;
Portfolio Manager, Municipal Bond Mutual Funds: Boston.</DIV>
<DIV style="color:#4C4C4C;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;padding-left:13.794pt;text-align:left;text-decoration:none;text-indent:-13.794pt; text-transform:none;">&#8212;</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5415pt;text-align:left;margin-top:-12pt;text-decoration:none;text-transform:none;">BA, Duke University.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Michael J. Generazo, Senior Portfolio Manager Fixed
Income</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio Manager of the Fund. Began managing the Fund in
2010.</DIV>
<DIV style="color:#4C4C4C;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;padding-left:13.794pt;text-align:left;text-decoration:none;text-indent:-13.794pt; text-transform:none;">&#8212;</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5415pt;text-align:left;margin-top:-12pt;text-decoration:none;text-transform:none;">Joined DWS in 1999.</DIV>
<DIV style="color:#4C4C4C;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;padding-left:13.794pt;text-align:left;text-decoration:none;text-indent:-13.794pt; text-transform:none;">&#8212;</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5415pt;text-align:left;margin-top:-12pt;text-decoration:none;text-transform:none;">BS, Bryant College; MBA, Suffolk
University.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Peter Aloisi, CFA, Portfolio Manager Fixed
Income</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio Manager of the Fund. Began managing the Fund in
2018.</DIV>
<DIV style="color:#4C4C4C;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;padding-left:13.794pt;text-align:left;text-decoration:none;text-indent:-13.794pt; text-transform:none;">&#8212;</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5415pt;text-align:left;margin-top:-12pt;text-decoration:none;text-transform:none;">Joined DWS in 2010 with five years of
industry experience; previously, served as an Associate at Banc of America Securities.</DIV>
<DIV style="color:#4C4C4C;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;padding-left:13.794pt;text-align:left;text-decoration:none;text-indent:-13.794pt; text-transform:none;">&#8212;</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5415pt;text-align:left;margin-top:-12pt;text-decoration:none;text-transform:none;">BA and MBA, Boston College.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Chad H. Farrington, CFA, Senior Portfolio Manager Fixed
Income</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio Manager of the Fund starting October 1, 2021.</DIV>
<DIV style="color:#4C4C4C;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;padding-left:13.794pt;text-align:left;text-decoration:none;text-indent:-13.794pt; text-transform:none;">&#8212;</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5415pt;text-align:left;margin-top:-12pt;text-decoration:none;text-transform:none;">Joined DWS in 2018 with 20 years of
industry experience; previously, worked as Portfolio Manager, Head of Municipal Research, and Senior Credit Analyst at Columbia Threadneedle.</DIV>
<DIV style="color:#4C4C4C;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;padding-left:13.794pt;text-align:left;text-decoration:none;text-indent:-13.794pt; text-transform:none;">&#8212;</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5415pt;text-align:left;margin-top:-12pt;text-decoration:none;text-transform:none;">Effective October 1, 2021, Co-Head of
Municipal Bond Department.</DIV>
<DIV style="color:#4C4C4C;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;padding-left:13.794pt;text-align:left;text-decoration:none;text-indent:-13.794pt; text-transform:none;">&#8212;</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5415pt;text-align:left;margin-top:-12pt;text-decoration:none;text-transform:none;">BS, Montana State University.</DIV>
</DIV> <DIV style="margin-top:251.5pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:37.88%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:81.76%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:18.13%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">5</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_cfced3c3-a9c0-45b3-9f28-cc461d4becb3_1"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:32pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;padding-left:0pt;padding-right:4pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:50.53%;">Portfolio
Summary </TD>
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-left:0.00pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:49.47%;">(Unaudited)
 </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:73.60%;">Asset
 Allocation<FONT style="font-size:8pt;font-weight:Normal;line-height:11pt;">&#8201;(As a % of Investment Portfolio excluding Open-End Investment Companies)</FONT> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">5/31/21
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">11/30/20
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:8pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:73.60%;">Revenue
 Bonds </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:8pt;padding-top:2pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">77%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-top:2pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:15.08%;">75%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:8pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:73.60%;">Lease
 Obligations </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:8pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">9%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-top:1pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:15.08%;">7%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:8pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:73.60%;">Escrow
 to Maturity/Prerefunded Bonds </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:8pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">7%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-top:1pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:15.08%;">10%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:1pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:73.60%;">General
 Obligation Bonds </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">7%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">8%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:8pt;padding-top:2pt;text-align:left;vertical-align:bottom;width:73.60%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">100%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:2pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">100%
 </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:73.60%;">Quality
<FONT style="font-size:8pt;font-weight:Normal;line-height:11pt;">&#8201;(As a % of Investment Portfolio excluding Open-End Investment Companies)</FONT> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">5/31/21
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">11/30/20
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:8pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:73.60%;">AAA
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:8pt;padding-top:2pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">3%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-top:2pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:15.08%;">5%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:8pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:73.60%;">AA
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:8pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">34%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-top:1pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:15.08%;">32%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:8pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:73.60%;">A
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:8pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">45%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-top:1pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:15.08%;">49%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:8pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:73.60%;">BBB
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:8pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">17%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-top:1pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:15.08%;">12%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:8pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:73.60%;">BB
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:8pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">0%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-top:1pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:15.08%;">1%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:1pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:73.60%;">Not
 Rated </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">1%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">1%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:8pt;padding-top:2pt;text-align:left;vertical-align:bottom;width:73.60%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">100%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:2pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">100%
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:5.95pt;text-align:left;text-decoration:none;text-transform:none;">The quality ratings represent the
higher of Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;&nbsp;), Fitch Ratings, Inc. (&#8220;Fitch&#8221;&nbsp;) or S&amp;P Global Ratings (&#8220;S&amp;P&#8221;&nbsp;) credit ratings. The ratings of Moody&#8217;s, Fitch and
S&amp;P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer&#8217;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.</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:73.60%;">Top
 Five State/Territory Allocations<FONT style="font-size:8pt;font-weight:Normal;line-height:11pt;">&#8201;(As a % of Investment Portfolio excluding Open-End Investment Companies)</FONT> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">5/31/21
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">11/30/20
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:8pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:73.60%;">Texas
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:8pt;padding-top:2pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">13%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-top:2pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:15.08%;">15%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:8pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:73.60%;">New
 York </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:8pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">12%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-top:1pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:15.08%;">11%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:8pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:73.60%;">California
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:8pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">9%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-top:1pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:15.08%;">9%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:8pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:73.60%;">Florida
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:8pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">9%
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-top:1pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:15.08%;">9%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:1pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:73.60%;">Illinois
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">6%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">6%
 </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:72.71%;">Interest
 Rate Sensitivity </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.63%;">5/31/21
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">11/30/20
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:8pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:72.71%;">Effective
 Maturity </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-right:8pt;padding-top:2pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.63%;">5.9
 years </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:8pt;padding-top:2pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;width:15.08%;">6.0
 years </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:1pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:72.71%;">Modified
 Duration </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:14.63%;">5.5
 years </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:15.08%;">5.5
 years </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:8pt;padding-top:12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:73.60%;">Leverage
<FONT style="font-size:8pt;font-weight:Normal;line-height:11pt;">&#8201;(As a % of Total Assets)</FONT> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">5/31/21
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:12pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">11/30/20
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:8pt;padding-top:2pt;text-align:left;vertical-align:bottom;width:73.60%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:8pt;padding-top:2pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:13.74%;">33%
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-top:2pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:15.08%;">33%
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:5.95pt;text-align:left;text-decoration:none;text-transform:none;">Effective maturity is the
weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Modified duration is an approximate measure of a fund&#8217;s
sensitivity to movements in interest rates based on the current interest rate environment.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Portfolio holdings and characteristics are subject to
change.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">For more complete details about the Fund&#8217;s
investment portfolio, see page 7. A quarterly Fact Sheet is available on dws.com or upon request. Please see the Additional Information section on page 42&nbsp;for contact information.</DIV> </DIV>
<DIV style="margin-top:29pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:37.84%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:18.15%; ">6<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:81.85%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_1"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:32pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:35.10%;">Investment
Portfolio </TD>
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-left:2.00pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:76.90%; ">as of May 31, 2021
(Unaudited) </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:7.5pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Municipal
 Bonds and Notes 131.3% </TD>
<TD style="line-height:10.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Alabama
 0.4% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Alabama,
 UAB Medicine Finance Authority Revenue, Series B2, 5.0%, 9/1/2041 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,625,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;
<FONT style="font-weight:bold;">1,968,435</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Alaska
 1.3% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Alaska,
 Industrial Development &amp; Export Authority Revenue, Tanana Chiefs Conference Project, Series A, 4.0%, 10/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;
<FONT style="font-weight:bold;">6,762,423</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Arizona
 2.6% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Arizona,
 Salt Verde Financial Corp., Gas Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 12/1/2037, GTY: Citigroup Global Markets </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,050,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,480,166
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.5%,
 12/1/2029, GTY: Citigroup Global Markets </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,400,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,834,116
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Arizona,
 State University, Green Bond, Series A, 5.0%, 7/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,900,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,516,562
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Maricopa
 County, AZ, Industrial Development Authority, Hospital Revenue, Series A, 5.0%, 9/1/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,241,909
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Phoenix,
 AZ, Civic Improvement Corp., Rental Car Facility Revenue, Series A, 4.0%, 7/1/2045 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,087,575
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">13,160,328
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">California
 13.5% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 Golden State Tobacco Securitization Corp., Tobacco Settlement: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A-1, 5.0%, 6/1/2034 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,058,082
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A-1, 5.0%, 6/1/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,016,451
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 Health Facilities Financing Authority Revenue, Commonspirit Health, Series A, 4.0%, 4/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,632,059
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 Housing Finance Agency, Municipal Certificates, &#8220;A&#8221;&#8202;, Series 2021-1, 3.5%, 11/20/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,114,210
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,306,404
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;345,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;402,432
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 M-S-R Energy Authority, Series A, 7.0%, 11/1/2034, GTY: Citigroup Global Markets </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,180,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,031,359
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 State General Obligation: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 11/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,548,175
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.25%,
 4/1/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,295,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,475,876
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, LINXS Apartment Project: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 12/31/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,200,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,460,651
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 12/31/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;640,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;776,676
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 6/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;240,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;290,797
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:38pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:37.88%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:81.76%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:18.13%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">7</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_2"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">California,
 Tobacco Securitization Authority, Tobacco Settlement Revenue, San Diego County Tobacco Asset Securitization Corp., Series A, 5.0%, 6/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;700,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;874,515
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Long
 Beach, CA, Harbor Revenue, Series D, 5.0%, 5/15/2039 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,065,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,232,096
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Los
 Angeles, CA, Department of Airports Revenue, Los Angeles International Airport: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, AMT, 5.0%, 5/15/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,430,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,637,375
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 D, AMT, 5.0%, 5/15/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,139,001
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">San
 Diego County, CA, Regional Airport Authority Revenue, Series B, AMT, 5.0%, 7/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;7,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,615,383
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">San
 Diego, CA, Unified School District, Election 2012, Series C, 5.0%, 7/1/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,483,274
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">San
 Francisco, CA, City &amp; County Airports Commission, International Airport Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, AMT, 5.0%, 5/1/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,937,090
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 5/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,965,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,638,061
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">68,555,757
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Colorado
 6.1% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Colorado,
 State Health Facilities Authority Revenue, School Health Systems, Series A, 5.5%, 1/1/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,450,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,145,206
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Colorado,
 State Health Facilities Authority, Hospital Revenue, CommonSpirit Health Obligation Group: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A-1, 4.0%, 8/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,137,489
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A-2, 4.0%, 8/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,460,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,052,824
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Colorado,
 State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 12/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;815,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;958,919
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 12/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,305,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,529,032
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Denver,
 CO, City &amp; County Airport Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 12/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">10,110,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;12,322,279
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.25%, 11/15/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,400,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,641,965
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Denver,
 CO, Health &amp; Hospital Authority, Certificate of Participations, 5.0%, 12/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;490,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;592,268
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Denver,
 CO, Health &amp; Hospital Authority, Healthcare Revenue, Series A, 4.0%, 12/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;450,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;521,972
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">30,901,954
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Connecticut
 0.1% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Connecticut,
 State Health &amp; Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;435,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;
<FONT style="font-weight:bold;">512,201</FONT> </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:59pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:37.84%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:18.15%; ">8<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:81.85%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_3"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Delaware
 0.4% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Delaware,
 State Economic Development Authority, Retirement Communities Revenue, Acts Retirement Life Communities, Series B, 5.0%, 11/15/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,750,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;
<FONT style="font-weight:bold;">2,019,814</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">District
 of Columbia 2.1% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">District
 of Columbia, International School Revenue, 5.0%, 7/1/2039 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;590,944
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">District
 of Columbia, KIPP Project Revenue, 4.0%, 7/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,405,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,682,361
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">District
 of Columbia, Metropolitan Airport Authority Systems Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 10/1/2038 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;800,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;878,382
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 10/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,400,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,736,454
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">AMT,
 5.0%, 10/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,215,818
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">District
 of Columbia, Metropolitan Airport Authority, Dulles Toll Road Revenue, Dulles Metrorail &amp; Capital Improvement Project, Series B, 4.0%, 10/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,590,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,820,554
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">10,924,513
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Florida
 11.0% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Broward
 County, FL, Airport Systems Revenue, Series A, AMT, 4.0%, 10/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;345,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;394,459
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Clay
 County, FL, Sales Surtax Revenue, 4.0%, 10/1/2039 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,650,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,923,287
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Davie,
 FL, Educational Facilities Revenue, Nova Southeastern University Project, 5.0%, 4/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,665,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,962,759
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Florida,
 State Atlantic University Finance Corp., Capital Improvements Revenue, Student Housing Project, Series B, 4.0%, 7/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,525,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,914,005
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Florida,
 State Higher Educational Facilities Financial Authority Revenue, Florida Institute of Technology, Series A, 4.0%, 10/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,100,292
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Greater
 Orlando, FL, Aviation Authority Airport Facilities Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 10/1/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,490,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,807,713
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 10/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;965,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,169,360
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Hillsborough
 County, FL, Aviation Authority, Tampa International Airport, Series A, AMT, 5.0%, 10/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,088,296
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Miami-Dade
 County, FL, Aviation Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 10/1/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,672,067
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, AMT, 5.0%, 10/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,360,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,870,901
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Miami-Dade
 County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%, 7/1/2035, INS: AGMC </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,008,542
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Miami-Dade
 County, FL, Health Facilities Authority Hospital Revenue, Nicklaus Children&#8217;s Hospital, 5.0%, 8/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,335,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,017,387
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:34pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:37.88%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:81.76%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:18.13%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">9</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <hr style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_4"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Miami-Dade
 County, FL, Transit Sales Surtax Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 7/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,974,628
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 7/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,908,511
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Osceola
 County, FL, Transportation Revenue, Series A-1, 4.0%, 10/1/2054 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,423,714
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Palm
 Beach County, FL, Health Facilities Authority, Acts Retirement-Life Communities, Inc., Series A, 5.0%, 11/15/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,100,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,582,299
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Tallahassee,
 FL, Health Facilities Revenue, Memorial Healthcare, Inc. Project, Series A, 5.0%, 12/1/2055 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,045,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,291,607
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Tampa,
 FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,615,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,547,710
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">55,657,537
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Georgia
 5.6% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Atlanta,
 GA, Airport Passenger Facility Charge Revenue, Series D, AMT, 4.0%, 7/1/2038 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,343,069
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Atlanta,
 GA, Airport Revenue, Series C, AMT, 5.0%, 1/1/2037 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,690,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,734,695
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Cobb
 County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;875,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,045,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Fulton
 County, GA, Development Authority Hospital Revenue, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,055,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,259,353
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">George,
 L Smith II world Congress Center Authority, Convention Center Hotel, First Tier Revenue, Series A, 4.0%, 1/1/2054 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,640,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,915,033
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Georgia,
 Glynn-Brunswick Memorial Hospital Authority, Anticipation Certificates, Southeast Georgia Health System Project, 5.0%, 8/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;465,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;546,373
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Georgia,
 Main Street Natural Gas, Inc., Gas Project Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.5%, 9/15/2024, GTY: Merrill Lynch &amp; Co. </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,792,596
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.5%, 9/15/2028, GTY: Merrill Lynch &amp; Co. </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">10,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;12,858,186
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Georgia,
 Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2035 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,010,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,149,206
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">28,643,511
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Hawaii
 0.3% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Hawaii,
 State Airports Systems Revenue, Series A, AMT, 5.0%, 7/1/2041 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,490,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;
<FONT style="font-weight:bold;">1,710,398</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Illinois
 9.2% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Chicago,
 IL, General Obligation: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 1/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;800,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;952,161
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;" height="24">Series
 A, 5.5%, 1/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;" height="24">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;" height="24">&#8201;&#8199;&#8199;450,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;" height="24">&#8201;&#8199;&#8199;&#8199;547,824
 </TD> </TR></TABLE> </DIV> </DIV> <DIV style="margin-top:40pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">10<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_5"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 6.0%, 1/1/2038 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;405,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;493,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Chicago,
 IL, O&#8217;Hare International Airport Revenue, Senior Lien: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 D, AMT, 5.0%, 1/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,085,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,487,416
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 D, AMT, 5.0%, 1/1/2052 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,700,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,607,464
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Chicago,
 IL, O&#8217;Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;395,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;469,935
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Chicago,
 IL, Transit Authority, Sales Tax Receipts Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 12/1/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;465,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;531,092
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 12/1/2055 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;465,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;529,122
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Cook
 County, IL, Sales Tax Revenue Bonds, Series A, 4.0%, 11/15/2040 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,391,033
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Illinois,
 Metropolitan Pier &amp; Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series A, Zero Coupon, 6/15/2036, INS: NATL </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,421,769
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Illinois,
 Railsplitter Tobacco Settlement Authority, Prerefunded, 6.0%, 6/1/2028 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;915,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;915,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Illinois,
 State Finance Authority Revenue, Ascension Health Credit Group, Series A, Prerefunded, 5.0%, 11/15/2032 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;730,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;746,323
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Illinois,
 State Finance Authority Revenue, OSF Healthcare Systems: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, Prerefunded, 5.0%, 5/15/2041 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,580,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,653,398
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 11/15/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,745,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,011,339
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Illinois,
 State Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2038 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,445,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,061,343
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Illinois,
 State General Obligation: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">4.0%,
 6/1/2033 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,400,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,636,457
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C, 4.0%, 10/1/2037 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,892,888
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, 5.0%, 10/1/2033 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,970,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,399,984
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 5/1/2034 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,217,014
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 3/1/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;335,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;416,544
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.75%,
 5/1/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;735,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;949,272
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Illinois,
 State Toll Highway Authority: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 1/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,325,188
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 1/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,535,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,154,038
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Springfield,
 IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;970,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,116,671
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">46,926,275
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Indiana
 4.2% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Indiana,
 State Finance Authority Revenue, BHI Senior Living Obligated Group, 5.0%, 11/15/2053 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,965,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,334,910
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:50pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">11</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_6"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Indiana,
 State Finance Authority Revenue, Community Foundation of Northwest Indiana, Prerefunded, 5.0%, 3/1/2041 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,184,105
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Indiana,
 State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,188,957
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Indiana,
 State Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series A, 5.0%, 11/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;7,000,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;8,618,235
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">21,326,207
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Iowa
 0.3% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Iowa,
 State Higher Education Loan Authority Revenue, Private College Facility, Des Moines University Project: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">4.0%,
 10/1/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;568,045
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">4.0%,
 10/1/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;385,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;435,932
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Iowa,
 Tobacco Settlement Authority Revenue, &#8220;1&#8221;&#8202;, Series A-2, 4.0%, 6/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;260,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;301,794
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">1,305,771
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Kentucky
 0.2% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Kentucky,
 State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 6/1/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;320,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;366,005
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.25%, 6/1/2041 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;480,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;562,840
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:21.56pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">928,845
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Louisiana
 2.8% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Louisiana,
 New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;710,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;846,927
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Louisiana,
 Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, 5.0%, 5/15/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,027,496
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Louisiana,
 State Local Government Environmental Facilities &amp; Community Development Authority Revenue, Westlake Chemical Corp. Project, 3.5%, 11/1/2032 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,540,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,939,277
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Orleans, LA, Aviation Board Special Facility Revenue, Parking Facilities Corp., Consol Garage System: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 10/1/2043, INS: AGMC </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,020,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,251,127
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 10/1/2048, INS: AGMC </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,140,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,381,032
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">14,445,859
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Maine
 0.5% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Maine,
 Health &amp; Higher Educational Facilities Authority Revenue, Maine Medical Center: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 7/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,050,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,273,849
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 7/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,050,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,266,058
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:10pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:10pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">2,539,907
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:33pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">12<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_7"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Maryland
 1.9% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Gaithersburg,
 MD, Economic Development Revenue, Asbury Maryland Obligation Group, Series A, 5.0%, 1/1/2036 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,119,060
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Maryland,
 State Economic Development Corp., Student Housing Revenue, Morgan State University Project: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 7/1/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;155,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;190,830
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 7/1/2056 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;270,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;330,918
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Maryland,
 State Health &amp; Higher Educational Facilities Authority Revenue, Adventist Healthcare, Obligated Group, Series A, 5.5%, 1/1/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;745,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;880,332
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Maryland,
 State Health &amp; Higher Educational Facilities Authority Revenue, Broadmead Inc.: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 7/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,430,263
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 7/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,414,740
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Maryland,
 State Health &amp; Higher Educational Facilities Authority Revenue, Medstar Health Obligated Group, Series A, 5.0%, 5/15/2045 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,449,583
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">9,815,726
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Massachusetts
 1.1% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Massachusetts,
 State Development Finance Agency Revenue, Northeastern University, Series A, 5.25%, 3/1/2037 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,819,555
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Massachusetts,
 State Development Finance Agency Revenue, Partners Healthcare System, Inc., Series A-2, 4.0%, 7/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,200,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,603,515
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">5,423,070
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Michigan
 3.4% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Detroit,
 MI, Water &amp; Sewerage Department, Sewerage Disposal System Revenue, Series A, Prerefunded, 5.25%, 7/1/2039 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,120,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,182,402
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Michigan,
 State Building Authority Revenue, Series I-A, Prerefunded, 5.375%, 10/15/2041 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;7,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,647,226
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Michigan,
 State Finance Authority Revenue, Series A, 4.0%, 2/15/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,576,412
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Michigan,
 State Strategic Fund Ltd., Obligation Revenue Improvement Project, Series I, AMT, 5.0%, 12/31/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,200,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,457,078
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Wayne
 County, MI, Airport Authority Revenue, Series F, AMT, 5.0%, 12/1/2034 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,333,446
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:10pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:10pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">17,196,564
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:81pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">13</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_8"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Minnesota
 3.2% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Duluth,
 MN, Economic Development Authority, Health Care Facilities Revenue, Essentia Health Obligated Group: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 2/15/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,800,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,157,458
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 2/15/2053 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,060,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,041,593
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Minneapolis,
 MN, Health Care Systems Revenue, Fairview Health Services, Series A, 5.0%, 11/15/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,220,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,471,696
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Rochester,
 MN, Health Care Facilities Revenue, Mayo Clinic, Series B, 5.0%, 11/15/2036 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,200,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,368,427
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">16,039,174
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Missouri
 0.1% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Missouri,
 State Health &amp; Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;335,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;
<FONT style="font-weight:bold;">376,985</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Nebraska
 0.3% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Douglas
 County, NE, Hospital Authority No.2, Health Facilities, Children&#8217;s Hospital Obligated Group, 5.0%, 11/15/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,330,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;
<FONT style="font-weight:bold;">1,593,791</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Nevada
 1.0% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Las
 Vegas Valley, NV, Water District, Series B, 5.0%, 6/1/2037 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,830,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;
<FONT style="font-weight:bold;">5,051,210</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">New
 Jersey 5.2% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Atlantic
 County, NJ, Improvement Authority Lease Revenue, Atlantic City Compus Phase II Project, Series A, 4.0%, 7/1/2053, INS: AGMC </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;294,020
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Atlantic
 County, NJ, Improvement Authority Lease Revenue, General Obligation Bonds, Atlantic City Compus Phase II Project, Series A, 4.0%, 7/1/2047, INS: AGMC </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;190,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;224,921
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, Economic Development Authority, Self Designated Social Bonds: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 QQQ, 4.0%, 6/15/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;115,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;131,919
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 QQQ, 4.0%, 6/15/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;115,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;131,357
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Covid-19 General Obligation Emergency Bonds: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 6/1/2030 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;430,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;531,555
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 6/1/2031 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;430,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;539,366
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 6/1/2032 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;205,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;261,069
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Economic Development Authority Revenue, Series BBB, 5.5%, 6/15/2030 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,690,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,301,419
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Economic Development Authority Revenue, The Goethals Bridge Replacement Project, AMT, 5.125%, 7/1/2042, INS: AGMC </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,396,670
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:39pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">14<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_9"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Economic Development Authority, State Government Buildings Project: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 6/15/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;345,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;415,187
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 6/15/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;385,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;460,161
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Higher Education Assistance Authority, Student Loan Revenue, Series B, AMT, 2.5%, 12/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;415,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;421,421
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Transportation Trust Fund Authority: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 AA, 4.0%, 6/15/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;435,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;499,561
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 AA, 4.0%, 6/15/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,480,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,961,495
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Transportation Trust Fund Authority, Transportation Program, Series AA, 5.0%, 6/15/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,600,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,833,621
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Transportation Trust Fund Authority, Transportation Systems: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 12/15/2034 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,855,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,315,498
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 12/15/2036 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;475,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;590,139
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, State Turnpike Authority Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 1/1/2051 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,655,348
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, 5.0%, 1/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;&#8199;65,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;&#8199;78,925
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">New
 Jersey, Tobacco Settlement Financing Corp.: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 6/1/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;875,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,045,610
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.25%, 6/1/2046 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;440,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;536,150
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">26,625,412
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">New
 York 13.3% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, Metropolitan Transportation Authority Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C, 5.0%, 11/15/2038 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,436,710
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 D, 5.0%, 11/15/2038 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,090,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,189,351
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C, 5.0%, 11/15/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,352,469
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C-1, 5.0%, 11/15/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;140,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;172,066
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A-1, 5.25%, 11/15/2039 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,397,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C-1, 5.25%, 11/15/2055 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;415,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;517,657
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, Metropolitan Transportation Authority Revenue, Green Bond, Series A-1, 5.0%, 11/15/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,461,798
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-1, 0.02% (a), 6/1/2021, LOC: TD Bank NA </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,000,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, State Dormitory Authority, Personal Income Tax Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 3/15/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,356,324
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 D, 4.0%, 2/15/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,832,623
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, State Environmental Facilities Corp., State Clean Water &amp; Drinking Revolving Funds, New York City Municipal Water Finance Authority Projects, 5.0%, 6/15/2036 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,006,863
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:46pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">15</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_10"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, State Liberty Development Corp., Revenue, World Trade Center Port Authority Construction, 5.25%, 12/15/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;8,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;8,208,742
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, State Transportation Development Corp., Special Facilities Revenue, Delta Air Lines, Inc., LaGuardia Airport C&amp;D Redevelopment, AMT, 5.0%, 1/1/2033 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;410,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;498,657
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, State Urban Development Corp., Income Tax Revenue, Series E, 3.0%, 3/15/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,134,439
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, State Urban Development Corp., Sales Tax Revenue, Series A, 4.0%, 3/15/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,700,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,325,694
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, State Urban Development Corp., State Personal Income Tax Revenue, Series C, 4.0%, 3/15/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,953,466
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, Transitional Finance Authority Revenue, Future Tax Secured Revenue, Series E-1, 4.0%, 2/1/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,378,797
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, TSASC, Inc., Series A, 5.0%, 6/1/2041 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;150,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;175,405
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, Utility Debt Securitization Authority, Restructuring Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 TE, 5.0%, 12/15/2034 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;800,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;894,867
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 TE, 5.0%, 12/15/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,118,043
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, NY, General Obligation: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 D-4, 0.02% (a), 6/1/2021, LOC: TD Bank NA </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;200,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;200,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A-1, 4.0%, 8/1/2034 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,300,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,583,866
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 8/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,123,697
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Port
 Authority of New York &amp; New Jersey, Series 207, AMT, 5.0%, 9/15/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,875,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,255,843
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Port
 Authority of New York &amp; New Jersey, One Hundred Eighty-Fourth: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 9/1/2036 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;205,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;234,292
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 9/1/2039 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;510,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;581,099
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Port
 Authority of New York &amp; New Jersey, One Hundred Ninety-Third, AMT, 5.0%, 10/15/2035 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;800,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;938,750
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">67,328,518
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">North
 Dakota 0.7% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Fargo,
 ND, Sanford Health Systems Revenue, Prerefunded, 6.25%, 11/1/2031 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,240,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;
<FONT style="font-weight:bold;">3,320,635</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Ohio
 2.7% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Chillicothe,
 OH, Hospital Facilities Revenue, Adena Health System Obligated Group Project, 5.0%, 12/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,785,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,134,418
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Franklin
 County, OH, Trinity Health Corp. Revenue, Series 2017, 5.0%, 12/1/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,950,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,545,329
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Lucas
 County, OH, Hospital Revenue, Promedica Healthcare, Series A, Prerefunded, 6.5%, 11/15/2037 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,543,515
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:64pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">16<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_11"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Ohio,
 Akron, Bath &amp; Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,320,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,737,696
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Ohio,
 State Turnpike Commission, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/2039 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,520,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,802,930
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">13,763,888
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Oregon
 0.8% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Oregon,
 Portland Airport Revenue, Series 25B, AMT, 5.0%, 7/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,335,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;
<FONT style="font-weight:bold;">4,100,422</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Pennsylvania
 6.7% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Allegheny
 County, PA, Hospital Development Authority, Allegheny Health Network Obligated Group, Series A, 5.0%, 4/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,090,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,739,041
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Pennsylvania,
 Certificate of Participations, Series A, 5.0%, 7/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;460,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;555,158
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Pennsylvania,
 Commonwealth Financing Authority, Series A, 5.0%, 6/1/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,560,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,817,254
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Pennsylvania,
 Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 6/1/2034 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;750,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;920,773
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 6/1/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;375,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;459,764
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Pennsylvania,
 Geisinger Authority Health System Revenue, Series A-1, 5.0%, 2/15/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;&#8199;20,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;&#8199;23,846
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Pennsylvania,
 Higher Education Assistance Agency Education Loan Revenue, Series A, AMT, 2.625%, 6/1/2042 (b) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;605,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;606,593
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Pennsylvania,
 State Higher Educational Facilities Authority Revenue, University of Pennsylvania Health System, 5.0%, 8/15/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,292,301
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Pennsylvania,
 State Turnpike Commission Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 12/1/2038 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,030,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,337,804
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 12/1/2039 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,810,230
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B-1, 5.0%, 6/1/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,406,165
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C, 5.0%, 12/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;960,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,062,166
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 C, Prerefunded, 5.0%, 12/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,040,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,407,364
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 12/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,665,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,086,810
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, 5.0%, 12/1/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;585,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;756,735
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, 5.0%, 12/1/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;665,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;849,333
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Philadelphia,
 PA, Airport Revenue, Series B, AMT, 5.0%, 7/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;915,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,103,412
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Philadelphia,
 PA, School District, Series B, 5.0%, 9/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,500,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,849,194
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">34,083,943
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">South
 Carolina 5.3% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Charleston
 County, SC, Airport District, Airport System Revenue, Series A, AMT, 5.875%, 7/1/2032 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,560,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,291,156
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:34pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">17</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_12"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Greenwood
 County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2031 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,032,451
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">South
 Carolina, State Ports Authority Revenue, Series B, AMT, 4.0%, 7/1/2059 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,802,140
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">South
 Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,724,304
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">South
 Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,220,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,079,488
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">26,929,539
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">South
 Dakota 0.2% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Lincon
 County, SD, Economic Development Revenue, Augustana Collage Assocition Project: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 8/1/2051 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;279,239
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 8/1/2056 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;276,465
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 8/1/2061 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;325,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;355,489
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:21.56pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">911,193
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Tennessee
 1.0% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Greeneville,
 TN, Health &amp; Educational Facilities Board Hospital Revenue, Ballad Health Obligation Group: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 7/1/2037 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,200,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,475,216
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 7/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,600,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,941,121
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Nashville
 &amp; Davidson County, TN, Metropolitan Government Health &amp; Education Facilities Board Revenue, Blakeford At Green Hills Corp., Series A, 4.0%, 11/1/2055 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,500,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,602,052
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">5,018,389
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Texas
 16.4% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Central
 Texas, Regional Mobility Authority Revenue, Senior Lien: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 E, 4.0%, 1/1/2050 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,795,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,080,165
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 5.0%, 1/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,155,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,326,203
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 E, 5.0%, 1/1/2045 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;300,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;375,801
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Houston,
 TX, Airport System Revenue, Series A, AMT, 5.0%, 7/1/2041 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,790,959
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">North
 Texas, Tollway Authority Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, 5.0%, 1/1/2040 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,060,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,207,185
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.0%,
 1/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,145,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,395,764
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">North
 Texas, Tollway Authority Revenue, Special Project Systems, Series D, Prerefunded, 5.0%, 9/1/2032 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,024,165
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Tarrant
 County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus Health Obligated Group: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, 5.0%, 7/1/2034 </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,760,650
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:40pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">18<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_13"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, 5.0%, 7/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;6,096,477
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Temple,
 TX, Tax Increment, Reinvestment Zone No. One: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 8/1/2039, INS: BAM (b) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;165,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;192,520
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, 4.0%, 8/1/2041, INS: BAM (b) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;200,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;232,813
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 Dallas/Fort Worth International Airport Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 H, AMT, Prerefunded, 5.0%, 11/1/2042 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,425,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,533,587
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 F, 5.25%, 11/1/2033 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,910,109
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 Grand Parkway Transportation Corp., System Toll Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">First
 Tier, Series C, 4.0%, 10/1/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,171,395
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, Prerefunded, 5.0%, 4/1/2053 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,500,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,896,507
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 B, Prerefunded, 5.25%, 10/1/2051 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,595,517
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 Lower Colorado River Authority, LCRA Transmission Services Corp., Project, 5.0%, 5/15/2048 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,606,197
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North Mobility Partners Segments LLC, AMT, 5.0%, 6/30/2058 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,681,241
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 Regional Mobility Authority Revenue, Senior Lien, Series B, 4.0%, 1/1/2051 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;565,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;663,010
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 SA Energy Acquisition Public Facility Corp., Gas Supply Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.5%,
 8/1/2021, GTY: Goldman Sachs Group, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,155,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,164,958
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">5.5%,
 8/1/2025, GTY: Goldman Sachs Group, Inc. </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;7,250,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;8,604,169
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 State Municipal Gas Acquisition &amp; Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch &amp; Co. </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,800,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,456,053
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 State Transportation Commission, Turnpike Systems Revenue, Series C, 5.0%, 8/15/2034 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,235,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,386,237
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 State Water Development Board Revenue, State Water Implementation Revenue Fund, Series A, 4.0%, 10/15/2049 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,815,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,333,870
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 University of Texas Revenue, Series B, 5.0%, 8/15/2049 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,250,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,548,300
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">83,033,852
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Utah
 0.4% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Salt
 Lake City, UT, Airport Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 7/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;960,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;1,163,241
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 7/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;575,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;696,286
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:10pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:10pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">1,859,527
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:89pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">19</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_14"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Virginia
 1.0% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Stafford
 County, VA, Economic Development Authority, Hospital Facilities Revenue, Mary Washington Healthcare, 5.0%, 6/15/2036 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;400,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;469,694
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Virginia,
 Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2056 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;3,645,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;4,374,013
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">4,843,707
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Washington
 4.1% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">King
 County, WA, Water Sewer Revenue, Series A, 4.0%, 1/1/2052 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,690,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,181,573
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Washington,
 Port of Seattle Revenue: </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Series
 A, AMT, 5.0%, 5/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;1,935,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,281,245
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">AMT,
 5.0%, 4/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;2,445,203
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Washington,
 State Convention Center Public Facilities District, 5.0%, 7/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;6,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;7,138,467
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Washington,
 State Housing Finance Commission Municipal Certificates, &#8220;A&#8221;&#8202;, Series A-1, 3.5%, 12/20/2035 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;615,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;715,879
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Washington,
 State Motor Vehicle Tax-Senior 520 Corridor Program, Series C, 5.0%, 6/1/2031 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;5,000,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;5,000,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">20,762,367
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">West
 Virginia 0.9% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">West
 Virginia, State Hospital Finance Authority, State University Health System Obligated Group, Series A, 5.0%, 6/1/2047 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;4,025,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;
<FONT style="font-weight:bold;">4,822,769</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Wisconsin
 0.8% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Wisconsin,
 Public Finance Authority, Hospital Revenue, Series A, 5.0%, 10/1/2044 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,925,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,589,051
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Wisconsin,
 State Health &amp; Educational Facilities Authority Revenue, Marshfield Clinic Health System, Inc., Series A, 0.02% (a), 6/1/2021, LOC: Barclays Bank PLC </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;500,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;500,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:14.89pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">4,089,051
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Guam
 0.2% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Guam,
 International Airport Authority Revenue, Series C, AMT, 6.375%, 10/1/2043 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;535,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;578,604
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Guam,
 Port Authority Revenue, Series A, 5.0%, 7/1/2048 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;315,000
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;371,354
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:21.56pt;padding-right:2.5pt;padding-top:2.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">949,958
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:10pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Total
 Municipal Bonds and Notes<FONT style="font-weight:Normal;"> (Cost $600,748,955)</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">666,229,425
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:82pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">20<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_15"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Underlying
 Municipal Bonds of Inverse Floaters (c) 16.7% </TD>
<TD style="line-height:10.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Florida
 2.4% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Orange
 County, FL, School Board, Certificate of Participations, Series C, 5.0%, 8/1/2034 (d) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">10,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;
<FONT style="font-weight:bold;">11,996,475</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Trust:
 Orange County, FL, School Board, Series 2016-XM0183, 144A, 17.75%, 2/1/2024, Leverage Factor at purchase date: 4 to 1 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Massachusetts
 4.7% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Massachusetts,
 State Development Finance Agency Revenue, Harvard University, Series A, 4.0%, 7/15/2036 (d) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">10,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;11,589,581
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Trust:
 Massachusetts, State Development Finance Agency Revenue, Series 2016-XM0400, 144A, 13.87%, 7/15/2024, Leverage Factor at purchase date: 4 to 1 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Massachusetts,
 State Development Finance Agency Revenue, Partners Healthcare System, Inc., Series Q, 5.0%, 7/1/2035 (d) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">10,425,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;12,530,375
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Trust:
 Massachusetts, State Development Finance Agency Revenue, Series 2016-XM0137, 144A, 17.845%, 1/1/2024, Leverage Factor at purchase date: 4 to 1 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">24,119,956
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">New
 York 4.8% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York, State Urban Development Corp. Revenue, Personal Income Tax, Series C-3, 5.0%, 3/15/2040 (d) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">10,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;12,236,023
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Trust:
 New York, State Urban Development Corp. Revenue, Personal Income Tax, Series 2018-XM0580, 144A, 18.305%, 9/15/2025, Leverage Factor at purchase date: 4 to 1 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York City, NY, Transitional Finance Authority, Building AID Revenue, Series S-4A, 5.0%, 7/15/2034 (d) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;7,165,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;9,022,642
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Trust:
 New York, Transitional Finance Authority, Building AID Revenue, Series 2018-XM0620, 144A, 18.178%, 1/15/2026, Leverage Factor at purchase date: 4 to 1 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">New
 York City, NY, Transitional Finance Authority, Building AID Revenue, Series S-3, 5.0%, 7/15/2038 (d) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8199;2,685,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;&#8199;3,353,634
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:63.79%;">Trust:
 New York, Transitional Finance Authority, Building AID Revenue, Series 2018-XM0620, 144A, 18.248%, 1/15/2026, Leverage Factor at purchase date: 4 to 1 </TD>
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:2.25pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:10pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:bottom;width:14.40%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:10pt;padding-left:10.45pt;padding-right:2.5pt;padding-top:2.25pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">24,612,299
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:82pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">21</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <hr style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_16"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:20.16%;" colspan="2">Principal
<BR> Amount ($) </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Texas
 2.4% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Texas,
 State Transportation Commission- Highway Improvement, Series A, 5.0%, 4/1/2038 (d) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">10,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;
<FONT style="font-weight:bold;">11,947,008</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Trust:
 Texas, State Transportation Commission, Series 2016-XM0404, 144A, 17.87%, 4/1/2024, Leverage Factor at purchase date: 4 to 1 </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Washington
 2.4% </TD>
<TD style="line-height:9.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">Washington,
 State General Obligation, Series D, 5.0%, 2/1/2035 (d) </TD>
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">10,000,000
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8199;
<FONT style="font-weight:bold;">12,232,769</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:63.79%;">Trust:
 Washington, State General Obligation, Series 2017-XM0477, 144A, 17.87%, 8/1/2024, Leverage Factor at purchase date: 4 to 1 </TD>
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.40%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:10pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Total
 Underlying Municipal Bonds of Inverse Floaters<FONT style="font-weight:Normal;"> (Cost $77,600,924)</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:10pt;padding-left:5.95pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">84,908,507
 </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:63.79%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:20.16%;" colspan="2">Shares
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.95%;" colspan="3">Open-End
 Investment Companies 0.0% </TD>
<TD style="line-height:10.5pt;padding-bottom:1.5pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left;text-decoration:none; text-indent:-8pt;text-transform:none;vertical-align:bottom;width:63.79%;">BlackRock
 Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.01% (e) (Cost $164,570) </TD>
<TD style="line-height:8pt;padding-bottom:10pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:6pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:14.40%;">&#8201;&#8199;&#8199;164,264
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:6pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">&#8201;&#8199;&#8199;&#8199;
<FONT style="font-weight:bold;">164,297</FONT> </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:left;vertical-align:bottom;width:65.15%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:5pt;text-align:right;vertical-align:bottom;width:5.76%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:6pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.24%;">%
 of Net<BR> Assets </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-right:2.5pt;padding-top:5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.92%;">Value
 ($) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:70.91%;" colspan="2">Total
 Investment Portfolio <FONT style="font-size:8pt;font-weight:Normal;line-height:11pt;">(Cost $678,514,449)</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.24%;">148.1
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:4.16pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">751,302,229
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:70.91%;" colspan="2">Floating
 Rate Notes (c) </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:3.72pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.24%;">(10.4)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:5.95pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">(52,700,000)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:70.91%;" colspan="2">Series
 2020-1 VMTPS, net of deferred offering costs </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:3.72pt;padding-right:1.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.24%;">(39.1)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:2.5pt;padding-top:1.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">(198,417,792)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:70.91%;" colspan="2">Other
 Assets and Liabilities, Net </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:10.39pt;padding-right:1.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.24%;">1.4
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:13.05pt;padding-right:2.5pt;padding-top:1.5pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">7,181,484
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:10pt;padding-left:0pt;padding-right:1.5pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:70.91%;" colspan="2">Net
 Assets Applicable to Common Shareholders </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.24%;">100.0
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:10pt;padding-left:4.16pt;padding-right:2.5pt;padding-top:2.5pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.92%;">507,365,921
 </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4.5pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:4.06%;">(a)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:97.31%; ">Variable rate demand notes
are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at
par by the holder at any time, and are shown at their current rates as of May 31, 2021. Date shown reflects the earlier of demand date or stated maturity date. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.62pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:4.06%;">(b)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.31%;">When-issued
 security. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.62pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:4.06%;">(c)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.31%;">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. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.62pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:4.06%;">(d)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.31%;">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. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.62pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:4.06%;">(e)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.31%;">Current
yield; not a coupon rate. </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:95.85%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:100%; ">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. </TD></TR></TABLE> </DIV> </DIV>
<DIV style="margin-top:24pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying
notes are an integral part of the financial statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">22<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_961a1fd4-cb54-496a-9f33-014b3a69f5cf_17"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:95.85%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:100%; ">AGMC: Assured Guaranty
Municipal Corp. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:100%;">AMT: Subject
to alternative minimum tax. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:100%;">BAM: Build
America Mutual </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:100%;">GTY:
Guaranty Agreement </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:100%;">INS: Insured
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:100%;">LOC: Letter
of Credit </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:100%;">NATL:
National Public Finance Guarantee Corp. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-top:1.62pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:100%;">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.
</TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:16pt;text-align:left;text-decoration:none;text-transform:none;">Fair Value Measurements</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:3.5pt;text-align:left;text-decoration:none;text-transform:none;">Various inputs are used in determining the value of the
Fund&#8217;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&#8217;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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:3.5pt;text-align:left;text-decoration:none;text-transform:none;">The following is a summary of the inputs used as of May 31,
2021 in valuing the Fund&#8217;s investments. For information on the Fund&#8217;s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.</DIV>
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:4.5pt;padding-top:4.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:42.67%;">Assets
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:4.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.83%;">Level
 1 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:4.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.55%;">Level
 2 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:4.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.76%;">Level
 3 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-top:4.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.55%;">Total
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:4.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:42.67%;">Municipal
 Investments (a) </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.83%;">$
<FONT style="padding-left:0.89pt;"></FONT>&#8201;&#8199;&#8199;&#8199;&#8199;&#8212; </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.55%;">$751,137,932
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.76%;">$&#8212;
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-top:2.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.55%;">$751,137,932
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:4.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:42.67%;">Open-End
 Investment Companies </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:4pt;padding-left:8.95pt;padding-right:4.5pt;padding-top:2.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:12.83%;">164,297
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:4pt;padding-left:9.84pt;padding-right:4.5pt;padding-top:2.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;width:17.55%;">&#8201;&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8199;&#8212;
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:4pt;padding-left:8.95pt;padding-right:4.5pt;padding-top:2.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:10.76%;">&#8212;
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:4pt;padding-left:8.95pt;padding-top:2.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
width:17.55%;">&#8201;&#8199;&#8199;&#8199;164,297
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:4.5pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:42.67%;">Total
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.83%;">$164,297
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.55%;">$751,137,932
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-right:4.5pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.76%;">$
<FONT style="font-weight:Normal;">&#8212;</FONT> </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:4.5pt;padding-top:2.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.55%;">$751,302,229
 </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4.5pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:3.92%;">(a)
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:97.44%;">See
Investment Portfolio for additional detailed categorizations. </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:219pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">23</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_8af5e09b-5fe9-4f1d-b346-f32bf0834ebe_1"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;text-align:left;text-decoration:none;text-transform:none;">Statement of Assets and Liabilities</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">as of May 31, 2021 (Unaudited)</DIV>
<HR noshade="noshade" style="background-color:#808080;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #808080;height:0.5pt;width:100%;" align="Left"> <DIV style="text-align:left;">
<TABLE style="border-collapse:separate;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:3pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:81.85%;">Assets
 </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:3pt;text-align:center;vertical-align:bottom;width:18.46%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;border-top:0.5pt SOLID #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt; padding-right:4pt;padding-top:2.12pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Investment
 in securities, at value (cost $678,514,449) </TD>
<TD style="border-bottom:0.5pt solid #808080;border-top:0.5pt SOLID #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt; padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">$&#8194;751,302,229
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Interest
 receivable </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8199;&#8199;8,871,625
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Other
 assets </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;4,609
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Total
 assets </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.46%;">760,178,463
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:81.85%;">Liabilities
 </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:18.46%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Payable
 for investments purchased &#8212; when-issued securities </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8199;&#8199;1,031,259
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Payable
 for floating rate notes issued </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8199;52,700,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Interest
 expense payable on preferred shares </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8201;&#8199;&#8199;&#8199;270,154
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Accrued
 management fee </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8201;&#8199;&#8199;&#8199;323,208
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Accrued
 Trustees' fees </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8201;&#8199;&#8199;&#8199;&#8199;&#8199;6,309
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Other
 accrued expenses and payables </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8201;&#8199;&#8199;&#8199;&#8199;63,820
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Series
 2020-1 VMTPS, net of deferred offering costs (liquidation value $198,750,000, see page 34&#8201;for more details) </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:18.46%;">198,417,792
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Total
 liabilities </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.46%;">252,812,542
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Net
 assets applicable to common shareholders, at value </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">$
<FONT style="padding-left:4pt;"></FONT>507,365,921 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Net
 Assets Applicable to Common Shareholders Consist of </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:18.46%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Distributable
 earnings (loss) </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">&#8199;75,132,593
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Paid-in
 capital </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.46%;">432,233,328
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Net
 assets applicable to common shareholders, at value </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">$
<FONT style="padding-left:4pt;"></FONT>507,365,921 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Net
 Asset Value </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:18.46%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:81.85%;">Net
 Asset Value<FONT style="font-weight:Normal;"> per common share<BR> ($507,365,921 &#247; 39,500,938 outstanding shares of beneficial interest,<BR> $.01 par value, unlimited number of common shares authorized)</FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.46%;">$
<FONT style="padding-left:28.45pt;"></FONT>12.84 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:138pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:157pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the
financial statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">24<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_8af5e09b-5fe9-4f1d-b346-f32bf0834ebe_2"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;text-align:left;text-decoration:none;text-transform:none;">Statement of Operations</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">for the six months ended May 31, 2021 (Unaudited)</DIV>
<HR noshade="noshade" style="background-color:#808080;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #808080;height:0.5pt;width:100%;" align="Left"> <DIV style="text-align:left;">
<TABLE style="border-collapse:separate;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:3pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Investment
 Income </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:3pt;text-align:center;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-top:0.5pt SOLID #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:83.19%;">Income:
 </TD>
<TD style="border-top:0.5pt SOLID #808080;line-height:8pt;padding-bottom:1.25pt;padding-right:3pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:1.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:83.19%;">Interest
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:1.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">$&#8194;13,121,975
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:83.19%;">Expenses:
 </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:3pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:1.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Management
 fee </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:16.89pt;padding-right:3pt;padding-top:1.25pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">1,925,261
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Services
 to shareholders </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:28.01pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">16,565
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Custodian
 fee </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:32.45pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">3,522
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Professional
 fees </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:28.01pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">44,781
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Reports
 to shareholders </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:28.01pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">28,211
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Trustees'
 fees and expenses </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:28.01pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">11,706
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Interest
 expense and amortization of deferred cost on Series 2020-1 VMTPS </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:16.89pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">1,598,943
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Interest
 expense on floating rate notes </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:23.56pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">198,258
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Stock
 Exchange listing fees </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:28.01pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">19,145
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:83.19%;">Other
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:28.01pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">46,209
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Total
 expenses </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:16.89pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">3,892,601
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Net
 investment income </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:bold;font-weight:bold; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:16.89pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">9,229,374
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Realized
 and Unrealized Gain (Loss) </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:17.11%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Net
 realized gain (loss) from investments </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:23.56pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">653,685
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Change
 in net unrealized appreciation (depreciation) on investments </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:16.89pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.11%;">7,872,977
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Net
 gain (loss) </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:16.89pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.11%;">8,526,662
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.19%;">Net
 increase (decrease) in net assets resulting from operations </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.11%;">$&#8194;17,756,036
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:186pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:204pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the
financial statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">25</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_8af5e09b-5fe9-4f1d-b346-f32bf0834ebe_3"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;text-align:left;text-decoration:none;text-transform:none;">Statement of Cash Flows</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">for the six months ended May 31, 2021 (Unaudited)</DIV>
<HR noshade="noshade" style="background-color:#808080;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #808080;height:0.5pt;width:100%;" align="Left"> <DIV style="text-align:left;">
<TABLE style="border-collapse:separate;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Increase
 (Decrease) in Cash:<BR> Cash Flows from Operating Activities </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:3pt;text-align:center;vertical-align:bottom;width:16.70%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;border-top:0.5pt SOLID #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt; padding-right:4pt;padding-top:2.12pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Net
 increase (decrease) in net assets resulting from operations </TD>
<TD style="border-bottom:0.5pt solid #808080;border-top:0.5pt SOLID #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt; padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:16.70%;">$
<FONT style="padding-left:2.66pt;"></FONT>17,756,036 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Adjustments
 to reconcile net increase (decrease) in net assets resulting<BR> from operations to net cash provided by (used in) operating activities: </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:3pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:16.70%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:1.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Purchases
 of long-term investments </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.88pt;padding-right:3pt;padding-top:1.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.70%;">(71,267,378)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Net
 amortization of premium/(accretion of discount) </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:15.55pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.70%;">2,513,265
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Proceeds
 from sales and maturities of long-term investments </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:11.11pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.70%;">69,288,186
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Amortization
 of deferred offering cost on Series 2020-1 VMTPS </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:26.67pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.70%;">61,652
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">(Increase)
 decrease in interest receivable </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:22.22pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.70%;">171,233
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">(Increase)
 decrease in other assets </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:28.89pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.70%;">(4,609)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">(Increase)
 decrease in receivable for investments sold </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:22.22pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.70%;">450,000
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Increase
 (decrease) in payable for investments purchased - when issued securities </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:15.55pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.70%;">1,031,259
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Increase
 (decrease) in other accrued expenses and payables </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:20pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.70%;">(304,103)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Change
 in unrealized (appreciation) depreciation on investments </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:13.33pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.70%;">(7,872,977)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Net
 realized (gain) loss from investments </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:20pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.70%;">(653,685)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Cash
 provided by (used in) operating activities </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:16.70%;">$
<FONT style="padding-left:2.66pt;"></FONT>11,168,879 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Cash
 Flows from Financing Activities </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:16.70%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">(Increase)
 decrease in deferred offering cost on Series 2020-1 VMTPS </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:24.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.70%;">(75,492)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Distributions
 paid (net of reinvestment of distributions) </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.88pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.70%;">(11,113,349)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Cash
 provided by (used in) financing activities </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.70%;">(11,188,841)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Increase
 (decrease) in cash </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:24.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.70%;">(19,962)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Cash
 at beginning of period </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:26.67pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.70%;">19,962
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Cash
 at end of period </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:16.70%;">$
<FONT style="padding-left:34.68pt;"></FONT><FONT style="font-weight:Normal;">&#8212;</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Supplemental
 disclosure </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.12pt;text-align:center;vertical-align:bottom;width:16.70%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Interest
 expense paid on preferred shares </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:16.70%;">$
<FONT style="padding-left:4.88pt;"></FONT>(1,416,557) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:83.60%;">Interest
 expense paid and fees on floating rate notes issued </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:16.70%;">$
<FONT style="padding-left:11.55pt;"></FONT>(198,258) </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:94pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:normal;line-height:11pt;margin-top:112pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the
financial statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">26<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_8af5e09b-5fe9-4f1d-b346-f32bf0834ebe_4"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;text-align:left;text-decoration:none;text-transform:none;">Statements of Changes in Net Assets</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:4pt;text-align:left;vertical-align:bottom;width:64.41%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:4pt;padding-right:4pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:17.40%;">Six
 Months<BR> Ended<BR> May 31, 2021 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:4pt;padding-right:3pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:18.49%;">Year
 Ended<BR> November 30, </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:1.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:64.41%;">Increase
 (Decrease) in Net Assets </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:4pt;padding-top:1.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.40%;">(Unaudited)
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:1.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.49%;">2020
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:64.41%;">Operations:
 </TD>
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:4pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:17.40%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:3pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:18.49%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:1.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:64.41%;">Net
 investment income </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:4pt;padding-top:1.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.40%;">$
<FONT style="padding-left:4.89pt;"></FONT>&#8194;9,229,374 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:1.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.49%;">$
<FONT style="padding-left:0.45pt;"></FONT>&#8194;20,149,041 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:64.41%;">Net
 realized gain (loss) </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:24.01pt;padding-right:4pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.40%;">653,685
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:15.11pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:18.49%;">(2,050,688)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:64.41%;">Change
 in net unrealized appreciation<BR> (depreciation) </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.34pt;padding-right:4pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.40%;">7,872,977
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.34pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:18.49%;">5,149,495
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:64.41%;">Net
 increase (decrease) in net assets applicable to common shareholders </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.89pt;padding-right:4pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.40%;">17,756,036
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.89pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.49%;">23,247,848
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:64.41%;">Distributions
 to common shareholders </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:10.67pt;padding-right:4pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.40%;">(11,234,083)
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:10.67pt;padding-right:3pt;padding-top:2.12pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:18.49%;">(19,402,867)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:64.41%;">Increase
 (decrease) in net assets </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.34pt;padding-right:4pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.40%;">6,521,953
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.34pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.49%;">3,844,981
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:64.41%;">Net
 assets at beginning of period applicable to common shareholders </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.45pt;padding-right:4pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.40%;">500,843,968
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.45pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.49%;">496,998,987
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:64.41%;">Net
 assets at end of period applicable to common shareholders </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:4pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.40%;">$507,365,921
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:4pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.49%;">$500,843,968
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:64.41%;">Other
 Information: </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;line-height:8pt;padding-bottom:3pt;padding-right:4pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:17.40%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:2.12pt;text-align:right;vertical-align:bottom;width:18.49%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:64.41%;">Common
 shares outstanding at beginning of period </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.89pt;padding-right:4pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.40%;">39,500,938
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.89pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.49%;">39,500,938
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:4pt;padding-top:2.12pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:64.41%;">Common
 shares outstanding at end of period </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:12.89pt;padding-right:4pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.40%;">39,500,938
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:12.89pt;padding-right:3pt;padding-top:2.12pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.49%;">39,500,938
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:239pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">27</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_df41ca05-49d7-476a-93f0-24476adf9afa_1"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;margin-top:9pt;text-align:left;text-decoration:none;text-transform:none;">Financial Highlights</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:10.5pt;padding-bottom:0.75pt;padding-right:1.5pt;text-align:left;vertical-align:bottom;width:32.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:3.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:18.42%;">Six
 Months<BR> Ended 5/31/21 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.75pt;padding-left:3.75pt;padding-right:3pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:49.76%;" colspan="5">Years
 Ended November 30, </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;line-height:10.5pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left;vertical-align:bottom;width:32.04%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:3.75pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">(Unaudited)
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">2020
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2019
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2018
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2017
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2016
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:100%;" colspan="7">Selected
 Per Share Data Applicable to Common Shareholders </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Net
 asset value, beginning of period </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.42%;">$12.68
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.03%;">$12.58
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$11.78
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$12.50
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$12.47
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$13.44
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:32.04%;">Income
 (loss) from investment operations: </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:18.42%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:11.03%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Net
 investment income<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">a</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:14.84pt;padding-right:3.75pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:18.42%;">.23
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.03%;">.51
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">.50
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">.56
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">.66
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3pt;padding-top:1pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">.75
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Net
 realized and unrealized gain (loss) </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:14.84pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:18.42%;">.21
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.03%;">.08
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">.85
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">(.66)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">.16
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">(.88)
<FONT style="padding-left:-2.22pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Total
 from investment operations </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.84pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">.44
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">.59
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">1.35
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.10)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">.82
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.13)
<FONT style="padding-left:-2.22pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:italic;font-weight:Normal;line-height:11pt;padding-bottom:1pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:32.04%;">Less
 distributions applicable to common shareholders from: </TD>
<TD style="line-height:8pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:18.42%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:11.03%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Net
 investment income </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.61pt;padding-right:3.75pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">(.25)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">(.47)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.52)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.61)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.78)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.84)
<FONT style="padding-left:-2.22pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Net
 realized gains </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.61pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">(.03)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">(.02)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.03)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.01)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.01)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:20.20pt;padding-right:3pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Total
 distributions </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.61pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">(.28)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">(.49)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.55)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.62)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.79)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.84)
<FONT style="padding-left:-2.22pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Net
 asset value, end of period </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.42%;">$12.84
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.03%;">$12.68
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$12.58
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$11.78
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$12.50
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$12.47
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Market
 price, end of period </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:18.42%;">$12.06
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.03%;">$11.34
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$11.49
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$10.34
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$11.78
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.68%;">$12.83
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Total
 Return </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:18.42%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:11.03%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Based
 on net asset<BR> value (%)<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">b</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.39pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">3.74
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">*</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">5.33
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">c</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.20pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">12.14
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.86pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(.35)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">6.66
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:10.42pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(1.27)
<FONT style="padding-left:-2.22pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Based
 on market price (%)<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">b</SUP> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.39pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">8.95
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">*</SUP> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">3.14
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">c</SUP> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.20pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">16.69
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:10.42pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(7.18)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:10.42pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">(2.30)
<FONT style="padding-left:-2.22pt;"></FONT> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">1.50
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:217pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">28<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_df41ca05-49d7-476a-93f0-24476adf9afa_2"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;text-align:left;text-decoration:none;text-transform:none;">Financial Highlights <FONT
 style="font-size:8pt;font-weight:Normal;line-height:11pt;">&nbsp;(continued)</FONT></DIV>
<HR noshade="noshade" style="background-color:#808080;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #808080;height:0.5pt;width:100%;" align="Left"> </DIV> <DIV style="margin-top:16.5pt;width:100%;" type="Block">
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:10.5pt;padding-bottom:0.75pt;padding-right:1.5pt;text-align:left;vertical-align:bottom;width:32.04%;">&#160; </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:3.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:18.42%;">Six
 Months<BR> Ended 5/31/21 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:0.75pt;padding-left:3.75pt;padding-right:3pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:49.76%;" colspan="5">Years
 Ended November 30, </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;line-height:10.5pt;padding-bottom:3pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left;vertical-align:bottom;width:32.04%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:3.75pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">(Unaudited)
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">2020
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2019
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2018
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2017
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2016
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:100%;" colspan="7">Ratios
 to Average Net Assets Applicable to Common Shareholders and Supplemental Data </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Net
 assets, end of period ($ millions) </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.06pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">507
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.31pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">501
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.87pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">497
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.87pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">465
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.87pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">494
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.87pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">491
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Ratio
 of expenses before expense<BR> reductions (%)<BR> (including interest expense)<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">d,e</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:18.84pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">1.49
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">**</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">1.82
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2.21
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2.16
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">1.88
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">1.59
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Ratio
 of expenses after expense<BR> reductions (%)<BR> (including interest expense)<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">d,f</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:18.84pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">1.49
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">**</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">1.64
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2.21
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">2.16
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">1.88
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">1.59
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Ratio
 of expenses after expense<BR> reductions (%)<BR> (excluding interest expense)<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">g</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:23.28pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">.86
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">**</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:21.53pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">.71
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">.85
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">.86
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">.85
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">.85
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Ratio
 of net investment income (%) </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:18.84pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">3.74
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">**</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.09pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">4.11
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">4.04
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">4.58
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">5.20
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:12.64pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">5.56
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Portfolio
 turnover rate (%) </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:27.95pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">9
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">*</SUP> </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:23.76pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">28
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.31pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">18
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.31pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">51
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.31pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">37
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.31pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">40
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Senior
 Securities </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:18.42%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:11.03%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Preferred
 Shares information at period end, aggregate amount outstanding: </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:8pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:18.42%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:11.03%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #808080;line-height:0pt;padding-bottom:3pt;padding-right:3pt;padding-top:1.88pt;text-align:center;vertical-align:bottom;width:9.68%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Series
 2018 MTPS ($ millions) </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:22.40pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:18.42%;">&#8212;
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:24.65pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.03%;">&#8212;
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.87pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">199
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.87pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">199
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.87pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">199
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:14.87pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">199
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Series
 2020-1 VMTPS ($ millions) </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:17.06pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">199
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:19.31pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">199
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:20.20pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">&#8212;
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:20.20pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">&#8212;
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:20.20pt;padding-right:3.75pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">&#8212;
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;color:#000000;font-family:Arial;font-family:Arial;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal; line-height:11pt;line-height:11pt;padding-bottom:3pt;padding-left:20.20pt;padding-right:3pt;padding-top:1.88pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:9.68%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Asset
 coverage per<BR> share ($)<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">h</SUP> </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:1.5pt;padding-right:3.75pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">177,639
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">175,998
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">17,503
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">16,705
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">17,423
 </TD>
<TD style="border-bottom:0.5pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:3.75pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">17,364
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.88pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:32.04%;">Liquidation
 and market price per share ($) </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:5.95pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:18.42%;">50,000
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.20pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.03%;">50,000
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.20pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">5,000
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.20pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">5,000
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.20pt;padding-right:3.75pt; padding-top:1.88pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">5,000
 </TD>
<TD style="border-bottom:0.5pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:8.20pt;padding-right:3pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.68%;">5,000
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> </DIV>
<DIV style="margin-top:117pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:125pt;text-align:center;text-decoration:none;text-transform:none;">The
accompanying notes are an integral part of the financial statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">29</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_df41ca05-49d7-476a-93f0-24476adf9afa_3"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;text-align:left;text-decoration:none;text-transform:none;">Financial Highlights <FONT
 style="font-size:8pt;font-weight:Normal;line-height:11pt;">&nbsp;(continued)</FONT></DIV>
<HR noshade="noshade" style="background-color:#808080;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #808080;height:0.5pt;width:100%;" align="Left"> </DIV> <DIV style="margin-top:2.5pt;width:100%;" type="Block">
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:4.5pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">a</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:97.98%;">Based on
average common shares outstanding during the period. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">b</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.98%;">Total
return based on net asset value reflects changes in the Fund&#8217;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&#8217;s shares traded during the period. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">c</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.98%;">Total
return would have been lower had certain expenses not been reduced. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">d</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.98%;">Interest
expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities and interest paid to shareholders of Series 2018 MTPS and Series 2020-1 VMTPS. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">e</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.98%;">The
ratio of expenses before expense reductions (based on net assets of common and Preferred Shares, including interest expense) was 1.07%, 1.30%, 1.57%, 1.52% 1.35% and 1.16% for the periods ended May 31, 2021, November 30, 2020, 2019, 2018, 2017 and
2016, respectively. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">f</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.98%;">The
ratio of expenses after expense reductions (based on net assets of common and Preferred Shares, including interest expense) was 1.07%, 1.17%, 1.57%, 1.52% 1.35% and 1.16% for the periods ended May 31, 2021, November 30, 2020, 2019, 2018, 2017 and
2016, respectively. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">g</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.98%;">The
ratio of expenses after expense reductions (based on net assets of common and Preferred Shares, excluding interest expense) was 0.62%, 0.50%, 0.61%, 0.61% 0.62% and 0.62% for the periods ended May 31, 2021, November 30, 2020, 2019, 2018, 2017 and
2016, respectively. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">h</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.98%;">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. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">*</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:97.98%;">Not
annualized </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:10pt;padding-left:0pt;padding-right:4.5pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:3.38%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;vertical-align:text-top;">**</SUP> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:10pt;padding-left:4.5pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:97.98%;">Annualized
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:251pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of the financial
statements.</DIV> </DIV> <DIV style="margin-top:4pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">30<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_57fcb4a1-1b73-4dc2-84ee-b4da2ac6bfbd_1"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:32pt;width:100%;" cellpadding="12" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:50.83%;">Notes to
Financial Statements </TD>
<TD style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-left:43.73pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:top; white-space:nowrap;width:69.17%;">(Unaudited)
 </TD> </TR> </TABLE> </DIV>
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:12pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:4.85%;">A.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.15%; ">Organization and
Significant Accounting Policies </TD></TR></TABLE> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">DWS
Municipal Income Trust (the &#8220;Fund&#8221;&nbsp;) is registered under the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;&nbsp;), as a closed-end, diversified management investment company organized as a Massachusetts
business trust.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The Fund&#8217;s financial statements
are prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;&nbsp;) 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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Security Valuation.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;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.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Various inputs are used in determining the value of the
Fund&#8217;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&#8217;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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Municipal debt securities are valued at prices supplied by
independent pricing services approved by the Fund&#8217;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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Investments in open-end investment companies are valued at
their net asset value each business day and are categorized as Level 1.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Securities and other assets for which market quotations are
not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are
generally categorized as Level 3. In accordance with the</DIV> </DIV> <DIV style="margin-top:20pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">31</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_57fcb4a1-1b73-4dc2-84ee-b4da2ac6bfbd_2"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">Fund&#8217;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&#8217;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&#8217;s or issuer&#8217;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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Disclosure about the classification of fair value
measurements is included in a table following the Fund&#8217;s Investment Portfolio.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Inverse Floaters.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The Fund invests in inverse floaters. Inverse floaters are debt instruments with a weekly floating rate of interest that bears an inverse relationship to changes in the short-term
interest rate market. Inverse floaters are created by depositing a fixed-rate long-term municipal bond into a special purpose Tender Option Bond trust (the &#8220;TOB Trust&#8221;&nbsp;). 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&#8217;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.</FONT></DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">By holding the inverse floater, the Fund
has the right to collapse the TOB Trust by causing the holders of the floating rate instrument to tender their notes at par and have the broker transfer the underlying bond to the Fund. The floating rate note holder can also elect to tender the note
for redemption at par at each reset date. The Fund accounts for these transactions as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as
a liability under the caption &#8220;Payable for</DIV> </DIV> <DIV style="margin-top:23pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">32<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_57fcb4a1-1b73-4dc2-84ee-b4da2ac6bfbd_3"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">floating rate notes issued&#8221;&nbsp; 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 &#8220;Interest expense on floating rate notes&#8221;&nbsp; in the Statement of
Operations. For the six months ended May 31, 2021, interest expense related to floaters amounted to $198,258. The weighted average outstanding daily balance of the floating rate notes issued during the six months ended May 31, 2021 was approximately
$52,700,000, with a weighted average interest rate of 0.75%.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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&#8217;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&#8217;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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Federal Income Taxes.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;The Fund&#8217;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.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">At November 30, 2020, the Fund had net tax basis capital
loss carryforwards of approximately $1,851,000 of short-term losses, which may be applied against realized net taxable capital gains indefinitely.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">At May 31, 2021, the aggregate cost of investments for
federal income tax purposes was $622,691,322. The net unrealized appreciation for all investments based on tax cost was $75,910,907. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value
over tax cost of $75,994,031 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $83,124.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The Fund has reviewed the tax positions for the open tax
years as of November 30, 2020 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund&#8217;s financial statements. The Fund&#8217;s federal tax returns for the prior three fiscal years remain open
subject to examination by the Internal Revenue Service.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Distribution of Income and Gains.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;Distributions from net investment income of the Fund are declared and distributed to shareholders monthly.</FONT></DIV> </DIV> <DIV style="margin-top:14pt;width:100%;" type="Block">
<DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">33</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_57fcb4a1-1b73-4dc2-84ee-b4da2ac6bfbd_4"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The tax character of current year distributions will be
determined at the end of the current fiscal year.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Preferred Shares.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;At May 31, 2021, the Fund had issued and outstanding 3,975 Variable Rate MuniFund Term Preferred Shares, Series 2020-1 (&#8220;Series 2020-1 VMTPS&#8221;&nbsp;) with an aggregate
liquidation preference of $198,750,000 ($50,000 per share). The Series 2020-1 VMTPS were issued on November 10, 2020 in a private offering and are variable rate preferred shares with a stated maturity of November 10, 2049 and an early termination
date six months following a rate period termination date (the &#8220;Rate Period Termination Date&#8221;&nbsp;), which Rate Period Termination Date initially will be 36 months from the date of original issuance. Subject to an election by the
holder(s) of the Series 2020-1 VMTPS to retain the Series 2020-1 VMTPS, the Series 2020-1 VMTPS are subject to mandatory tender beginning twenty business days prior to the early termination date, during which time such shares may be remarketed. At
its option, the Fund may redeem in whole or in part the Series 2020-1 VMTPS from time to time at a redemption price equal to the liquidation preference of the Series 2020-1 VMTPS to be redeemed and all accumulated but unpaid dividends thereon to,
but excluding, the redemption date, plus a redemption premium if such redemption occurs prior to November 10, 2022. The dividend rate for Series 2020-1 VMTPS is set weekly at a spread (dependent on the then current ratings of the Series 2020-1
VMTPS) over the Securities Industry and Financial Markets Association (&#8220;SIFMA&#8221;&nbsp;) Municipal Swap Index. The average annualized dividend rate on the Series 2020-1 VMTPS for the period December 1, 2020 through May 31, 2021 was 1.38%.
In the Fund&#8217;s Statement of Assets and Liabilities, the Series 2020-1 VMTPS&#8217; aggregate liquidation preference is shown as a liability since the Series 2020-1 VMTPS have a stated mandatory redemption date. Dividends paid on the Series
2020-1 VMTPS are treated</FONT></DIV> </DIV> <DIV style="margin-top:25pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">34<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_57fcb4a1-1b73-4dc2-84ee-b4da2ac6bfbd_5"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">as interest expense and recorded as incurred. For the period December 1, 2020
through May 31, 2021, interest expense related to Series 2020-1 VMTPS amounted to $1,537,291. Costs directly related to the issuance of Series 2020-1 VMTPS have been deferred and are being amortized over 36 months based on the initial Rate Period
Termination Date. During the period from December 1, 2020 through May 31, 2021, the Fund amortized $61,652 of Series 2020-1 VMTPS deferred costs, which are included in the Statement of Operations under the line item &#8220;Interest expense and
amortization of deferred cost on Series 2020-1 VMTPS&#8221;&nbsp;. The Series 2020-1 VMTPS are senior in priority to the Fund&#8217;s outstanding common shares as to payments of dividends and distributions upon liquidation.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Prior to November 10, 2020, the Fund had issued and
outstanding 39,750 shares of Floating Rate Municipal Term Preferred Shares (&#8220;Series 2018 MTPS&#8221;&nbsp;) with an aggregate liquidation preference of $198,750,000 ($5,000 per share). The Series 2018 MTPS were floating rate preferred shares
with a mandatory term redemption date, as amended, of June 1, 2021. The Fund used the proceeds from the sale of its Series 2020-1 VMTPS to fund the redemption on November 10, 2020 of all of its outstanding Series 2018 MTPS.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">As a result of the Series 2020-1 VMTPS issuance and the
redemption of the outstanding Series 2018 MTPS the Fund&#8217;s leverage attributable to preferred shares remains unchanged.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Under the terms of a purchase agreement between the Fund and
the initial purchaser of the Series 2020-1 VMTPS, the Fund is subject to various investment restrictions, coverage ratios and covenants. These restrictions are, in certain respects, more restrictive than those to which the Fund is otherwise subject
in accordance with its investment objective and policies. Such restrictions may limit the investment flexibility that might otherwise be pursued by the Fund if the Series 2020-1 VMTPS were not outstanding. In addition, the Fund is subject to certain
restrictions on its investments imposed by guidelines of the rating agency that rates the Series 2020-1 VMTPS, which guidelines may be changed by the rating agency, in its sole discretion, from time to time. These guidelines may be more stringent
than requirements imposed on the Fund by the 1940 Act or its policies. Moreover, the Fund is required to maintain various asset coverage ratios with respect to the Series 2020-1 VMTPS in accordance with the Fund&#8217;s charter documents and the
1940 Act.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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</DIV> </DIV> <DIV style="margin-top:28pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">35</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_57fcb4a1-1b73-4dc2-84ee-b4da2ac6bfbd_6"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">share is entitled to one vote and preferred shareholders will vote together
with common shareholders as a single class.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Leverage
involves risks and special considerations for the Fund&#8217;s common shareholders, including the likelihood of greater volatility of net asset value and market price of, and dividends on, the Fund&#8217;s common shares than a comparable portfolio
without leverage; the risk that fluctuations in the Fund&#8217;s preferred stock dividend rates or interest rates will reduce the return to common shareholders; and the effect of leverage in a declining market, which is likely to cause a greater
decline in the net asset value of the Fund&#8217;s common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the Fund&#8217;s common shares. Changes in the value of the Fund&#8217;s portfolio
will be borne entirely by the common shareholders. If there is a net decrease (or increase) in the value of the Fund&#8217;s investment portfolio, leverage will decrease (or increase) the net asset value per share to a greater extent than if
leverage were not used. It is also possible that the Fund will be required to sell assets at a time when it would otherwise not do so, possibly at a loss, in order to redeem preferred shares to comply with asset coverage or other restrictions
imposed under the terms of the preferred shares. There is no assurance that the Fund&#8217;s leveraging strategy will be successful.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Statement of Cash Flows.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;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&#8217;s custodian bank at May 31, 2021.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Contingencies.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund&#8217;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.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Other.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;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. &#160;All premiums and discounts are amortized/accreted for financial
reporting purposes, with the exception of securities in default of principal.</FONT></DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:12pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:4.85%;">B.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.15%; ">Purchases and Sales of
Securities </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">During the six months
ended May 31, 2021, purchases and sales of investment securities (excluding short-term investments) aggregated $71,267,378 and $69,288,186, respectively.</DIV> </DIV> <DIV style="margin-top:30pt;width:100%;" type="Block">
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">36<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_57fcb4a1-1b73-4dc2-84ee-b4da2ac6bfbd_7"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:12pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:4.85%;">C.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.15%; ">Related Parties
</TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">Management Agreement<FONT
 style="font-weight:Normal;">. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (&#8220;DIMA&#8221;&nbsp; or the &#8220;Advisor&#8221;&nbsp;), an indirect, wholly owned subsidiary of DWS Group GmbH &amp; Co.
KGaA (&#8220;DWS Group&#8221;&nbsp;), 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&#8217;s average weekly net assets, computed and accrued daily and payable monthly. Average weekly net assets, for purposes of determining the management fee,
means the average weekly value of the total assets of the Fund, minus the sum of accrued liabilities of the Fund (other than the liquidation value of the Series 2020-1 VMTPS).</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Service Provider Fees.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;DWS Service Company (&#8220;DSC&#8221;&nbsp;), 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. (&#8220;DST&#8221;&nbsp;), 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, 2021, amount charged to the Fund by DSC aggregated $11,041, of which $3,680 is unpaid.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Other Service Fees.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended May 31, 2021, the amount charged to the Fund by
DIMA included in the Statement of Operations under &#8220;Reports to shareholders&#8221;&nbsp; aggregated $740, of which $220 is unpaid.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Trustees&#8217; Fees and Expenses.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;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.</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">Transactions with Affiliates.<FONT
 style="font-size:10pt;font-weight:Normal;line-height:13pt;">&nbsp;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, 2021, the Fund engaged in securities purchases of $14,440,000 and securities sales of $15,265,000 with a net gain (loss) on securities sales of $0, with an affiliated fund in compliance with Rule
17a-7 under the 1940 Act.</FONT></DIV> </DIV> <DIV style="margin-top:53pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">37</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_57fcb4a1-1b73-4dc2-84ee-b4da2ac6bfbd_8"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:12pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:4.85%;">D.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.15%; ">Share Repurchases
</TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">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&#8217;s shares trade at a discount to their net asset value. During the six months ended May 31, 2021 and the year ended November 30, 2020, the
Fund did not repurchase shares in the open market.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">On
September 25, 2020, the Fund announced that the Fund&#8217;s Board of Trustees had extended the Fund&#8217;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, 2020 until November 30, 2021, when the Fund&#8217;s shares trade at a discount to net asset value. The Board&#8217;s authorization of the repurchase program extension follows
the previous repurchase program, which commenced on December 1, 2019 and ran until November 30, 2020.</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:12pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:0pt;padding-right:2pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:4.85%;">E.
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:10.5pt;font-style:Normal;font-weight:bold;line-height:13.5pt;padding-left:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:95.15%; ">Other <FONT
 style="font-weight:Normal;">&#8212;</FONT> COVID-19 Pandemic </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">A novel coronavirus known as COVID-19, declared a pandemic by
the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects,
duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low vaccination rates and/or the
lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing
economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Fund
and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect
the consequences as appropriate in the Fund&#8217;s accounting and financial reporting.</DIV> </DIV> <DIV style="margin-top:107pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">38<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_c34dc45e-9be7-410a-912f-f8794b03ed2b_1"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;margin-top:32pt;text-align:left;text-decoration:none;text-transform:none;">Dividend Reinvestment and Cash Purchase Plan</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">The Board of Trustees of the Fund has established a Dividend
Reinvestment and Cash Purchase Plan (the &#8220;Plan&#8221;&nbsp;) for shareholders that elect to have all dividends and distributions automatically reinvested in shares of the Fund (each a &#8220;Participant&#8221;&nbsp;). DST Systems, Inc. (the
&#8220;Plan Agent&#8221;&nbsp;) has been appointed by the Fund&#8217;s Board of Trustees to act as agent for each Participant.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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&#8217;s Web site at dws.com or by calling (800) 294-4366.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">If you wish to participate in the Plan and your shares are
held in your own name, contact DWS Service Company (the &#8220;Transfer Agent&#8221;&nbsp;) 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.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The Transfer Agent will
establish a Dividend Investment Account (the &#8220;Account&#8221;&nbsp;) 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,
&#8220;Distributions&#8221;&nbsp;) paid on shares of the Fund (the &#8220;Shares&#8221;&nbsp;) and any voluntary cash contributions made pursuant to the Plan. Shares in a Participant&#8217;s Account are transferable upon proper written instructions
to the Transfer Agent.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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&#8217;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&#8217;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&#8217;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</DIV> </DIV> <DIV style="margin-top:16pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">39</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_c34dc45e-9be7-410a-912f-f8794b03ed2b_2"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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&#8217;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):</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;padding-left:4.24%;text-align:left;text-decoration:none;text-transform:none;">DWS Municipal Income Trust</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:4.24%;text-align:left;text-decoration:none;text-transform:none;">Dividend Reinvestment and Cash Purchase Plan</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:4.24%;text-align:left;text-decoration:none;text-transform:none;">c/o DWS Service Company</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:4.24%;text-align:left;text-decoration:none;text-transform:none;">P.O. Box 219066</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:4.24%;text-align:left;text-decoration:none;text-transform:none;">Kansas City, MO 64121-9066</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:4.24%;text-align:left;text-decoration:none;text-transform:none;">(800) 294-4366</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The cost of Shares acquired for each Participant&#8217;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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">The reinvestment of Distributions does not relieve the
Participant of any tax that many be payable on the Distributions. The Transfer Agent will</DIV> </DIV> <DIV style="margin-top:24pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">40<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_c34dc45e-9be7-410a-912f-f8794b03ed2b_3"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV> <DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV> </DIV>
<DIV style="margin-top:182pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">41</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_1d9879a9-7a80-4689-a504-6172fcf8ab93_1"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;margin-top:32pt;text-align:left;text-decoration:none;text-transform:none;">Additional Information</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;border-top:1pt solid #808080;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:3pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Automated
<BR> Information Line </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:3pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">DWS
 Closed-End Fund Info Line<BR> (800) 349-4281 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Web
 Site </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">dws.com
<BR> <FONT style="font-weight:Normal;">Obtain fact sheets, financial reports, press releases and webcasts when available.</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Written
 Correspondence </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">DWS
<DIV style="margin-top:2.5pt;"></DIV><FONT style="font-weight:Normal;">Attn: Secretary of the DWS Funds<BR> 100 Summer Street<BR> Boston, MA 02110</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Legal
 Counsel </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">Vedder
 Price P.C.<BR> <FONT style="font-weight:Normal;">222 North LaSalle Street<BR> Chicago, IL 60601</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Dividend
 Reinvestment<BR> Plan Agent </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">DST
 Systems, Inc.<BR> <FONT style="font-weight:Normal;">333 W. 11th Street, 5th Floor<BR> Kansas City, MO 64105</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Shareholder
<BR> Service Agent and<BR> Transfer Agent </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">DWS
 Service Company<BR> <FONT style="font-weight:Normal;">P.O. Box 219066<BR> Kansas City, MO 64121-9066<BR> </FONT>(800) 294-4366 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:23.64%;">Custodian
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">State
 Street Bank and Trust Company<BR> <FONT style="font-weight:Normal;">State Street Financial Center<BR> One Lincoln Street<BR> Boston, MA 02111</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Independent
<BR> Registered Public<BR> Accounting Firm </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">Ernst
 &amp; Young LLP<BR> <FONT style="font-weight:Normal;">200 Clarendon Street<BR> Boston, MA 02116</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Proxy
 Voting </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">The
 Fund&#8217;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
&#8212; dws.com/en-us/resources/proxy-voting &#8212; or on the SEC&#8217;s Web site &#8212; sec.gov. To obtain a written copy of the Fund&#8217;s policies and procedures without charge, upon request, call us toll free at (800) 728-3337. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Portfolio
 Holdings </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">Following
 the Fund&#8217;s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337.
In addition, the portfolio holdings listing is filed with SEC on the Fund&#8217;s Form N-PORT and will be available on the SEC&#8217;s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time.
</TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:43pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">42<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_1d9879a9-7a80-4689-a504-6172fcf8ab93_2"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;border-top:1pt solid #808080;empty-cells:show;margin-top:5pt;width:94.85%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:top;width:24.92%;">Investment
 Management </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:82.43%;">DWS
Investment Management Americas, Inc. (&#8220;DIMA&#8221;&#8202; or the &#8220;Advisor&#8221;&#8202;), which is part of the DWS Group GmbH &amp; Co. KGaA (&#8220;DWS Group&#8221;&#8202;), 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. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;line-height:8pt;padding-bottom:6pt;padding-right:6pt;padding-top:2.25pt;text-align:right;vertical-align:top;width:24.92%;">&#160; </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:6pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:82.43%;">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&#8217;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. </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:98.03%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:0pt;padding-right:6pt;padding-top:10pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:24.11%;">NYSE
 Symbol </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-top:10pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:78.67%;">KTF
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:3.25pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:top;width:24.11%;">CUSIP
 Number </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:3.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:78.67%;">Common
 Shares 233368&#8201;109 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:358pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">43</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_60c36c8b-1b3a-49ce-b2a5-89a53af23065_1"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;margin-top:32pt;text-align:left;text-decoration:none;text-transform:none;">Privacy Statement</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:9.5pt;font-style:Normal;font-weight:bold;line-height:12.5pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:3pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:23.64%;">FACTS
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:6pt;padding-left:6pt;padding-top:3pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">What
 Does DWS Do With Your Personal Information? </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:2.5pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:23.64%;">Why?
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">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. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:23.64%;">What?
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">The
 types of personal information we collect and share can include:<BR> <FONT style="color:#808080;">&#8212;</FONT> Social Security number<BR> <FONT style="color:#808080;">&#8212;</FONT> Account balances<BR> <FONT style="color:#808080;">&#8212;</FONT>
Purchase and transaction history<BR> <FONT style="color:#808080;">&#8212;</FONT> Bank account information<BR> <FONT style="color:#808080;">&#8212;</FONT> Contact information such as mailing address, e-mail address and telephone number </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:23.64%;">How?
 </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">All
 financial companies need to share customers&#8217; personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers&#8217; personal information, the reasons DWS chooses to
share and whether you can limit this sharing. </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:13pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:52.73%;">Reasons
 we can share your personal information </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:13pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:25.45%;">Does
 DWS share? </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:13pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:23.64%;">Can
 you limit<BR> this sharing? </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:3.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:52.73%;">For
 our everyday business purposes <FONT style="font-weight:Normal;">&#8212;such as to process your transactions, maintain your account(s), respond to court orders or legal investigations</FONT> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:3.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.45%;">Yes
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:3.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:23.64%;">No
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:4pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:52.73%;">For
 our marketing purposes <FONT style="font-weight:Normal;">&#8212; to offer our products and services to you</FONT> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.45%;">Yes
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:23.64%;">No
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:4pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:52.73%;">For
 joint marketing with other financial companies </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.45%;">No
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:23.64%;">We
 do not share </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:4pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:52.73%;">For
 our affiliates&#8217; everyday business purposes <FONT style="font-weight:Normal;">&#8212; information about your transactions and experiences</FONT> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.45%;">No
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:23.64%;">We
 do not share </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:4pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:52.73%;">For
 our affiliates&#8217; everyday business purposes <FONT style="font-weight:Normal;">&#8212; information about your creditworthiness</FONT> </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:25.45%;">No
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:23.64%;">We
 do not share </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:4pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:center;width:52.73%;">For
 non-affiliates to market to you </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-right:6pt;padding-top:4pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:25.45%;">No
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:4pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:bottom;width:23.64%;">We
 do not share </TD></TR></TABLE> </DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;border-top:1pt solid #808080;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;padding-right:6pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:23.64%;">Questions?
 </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:6pt;padding-top:3pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:78.18%;">Call (800)
728-3337 or e-mail us at service@dws.com </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> </DIV>
<DIV style="margin-top:39pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:39.18%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:20.97%; ">44<FONT
 style="font-weight:Normal;">&#8195;</FONT><FONT style="font-size:10pt;font-weight:Normal;line-height:13pt;">|</FONT><FONT style="font-weight:Normal;">&#8195;</FONT> </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:79.03%; ">DWS Municipal Income Trust
</TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_60c36c8b-1b3a-49ce-b2a5-89a53af23065_2"> </A> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;border-top:1pt solid #808080;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-top:3pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:100%;" colspan="2">Who
 we are </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Who
 is providing this notice? </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:6pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">DWS
 Distributors, Inc; DWS Investment Management Americas,<BR> Inc.; DWS Trust Company; the DWS Funds </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:100%;" colspan="2">What
 we do </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">How
 does DWS protect my personal information? </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">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. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">How
 does DWS collect my personal information? </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">We
 collect your personal information, for example, when you:<BR> <FONT style="color:#808080;">&#8212;</FONT> open an account<BR> <FONT style="color:#808080;">&#8212;</FONT> give us your contact information<BR>
<FONT style="color:#808080;">&#8212;</FONT> provide bank account information for ACH or wire transactions<BR> <FONT style="color:#808080;">&#8212;</FONT> tell us where to send money<BR> <FONT style="color:#808080;">&#8212;</FONT> seek advice about
your investments </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Why
 can&#8217;t I limit all sharing? </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">Federal
 law gives you the right to limit only<BR> <FONT style="color:#808080;">&#8212;</FONT> sharing for affiliates&#8217; everyday business purposes<BR> <FONT style="color:#808080;">&#8212;</FONT> information about your creditworthiness<BR> <FONT
 style="color:#808080;">&#8212;</FONT> affiliates from using your information to market to you<BR> <FONT style="color:#808080;">&#8212;</FONT> sharing for non-affiliates to market to you<BR> State laws and individual companies may give you
additional rights to limit sharing. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:100%;" colspan="2">Definitions
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:2.25pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:23.64%;">Affiliates
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">Companies
 related by common ownership or control. They can be<BR> financial or non-financial companies. Our affiliates include financial<BR> companies with the DWS or Deutsche Bank (&#8220;DB&#8221;&#8202;) name, such as<BR> DB AG Frankfurt. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:4pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:23.64%;">Non-affiliates
 </TD>
<TD style="border-bottom:1pt solid #CCCCCC;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:4pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">Companies
 not related by common ownership or control. They can<BR> be financial and non-financial companies.<BR> Non-affiliates we share with include account service providers,<BR> service quality monitoring services, mailing service providers and<BR>
verification services to help in the fight against money laundering<BR> and fraud. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:6pt;padding-top:1.75pt; text-align:left;text-decoration:none;text-transform:none;vertical-align:top;width:23.64%;">Joint
 marketing </TD>
<TD style="border-bottom:1pt solid #808080;color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:6pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:78.18%;">A
 formal agreement between non-affiliated financial companies that<BR> together market financial products or services to you. DWS does not<BR> jointly market. </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:4.5pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;margin-top:6pt;text-align:right;text-decoration:none;text-transform:none;">Rev. 12/2020</DIV> </DIV>
<DIV style="margin-top:79pt;width:100%;" type="Block"> <DIV style="text-align:right;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-top:0pt;width:39.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:79.22%; ">DWS Municipal Income
Trust </TD>
<TD style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;text-align:right;text-decoration:none;text-transform:none;vertical-align:center;width:21.02%; ">&#8195;<FONT
 style="font-size:10pt;line-height:13pt;">|</FONT>&#8195;<FONT style="font-weight:bold;">45</FONT> </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_48a394e8-39db-4817-a787-a232a4df4011_1"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;text-align:left;text-decoration:none;text-transform:none;">Notes</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_48a394e8-39db-4817-a787-a232a4df4011_2"> </A> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:16pt;font-style:Normal;font-weight:bold;line-height:19pt;text-align:left;text-decoration:none;text-transform:none;">Notes</DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;">
</DIV> <HR style="margin-bottom:0pt;">  <DIV style="width:100%;"> <A name="xx_48a394e8-39db-4817-a787-a232a4df4011_3"> </A> <DIV style="width:18.84%;" type="Block"> <DIV style="margin-top:0pt;text-align:Left;width:87pt;">
<IMG src="g201956img2f7247722.jpg" alt=" "> </DIV> </DIV> <DIV style="margin-top:22pt;width:28.26%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;text-align:left;text-decoration:none;text-transform:none;">222 South Riverside Plaza<BR> Chicago, IL 60606-5808</DIV> </DIV>
<DIV style="margin-top:234pt;width:88.26%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:left;text-decoration:none;text-transform:none;"><FONT
 style="font-size:7pt;font-weight:bold;line-height:10pt;">DMIT-3</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:6pt;font-style:Normal;font-weight:Normal;line-height:9pt;margin-top:3pt;text-align:left;text-decoration:none;text-transform:none;">(R-027924-10 7/21)</DIV> </DIV>
<DIV style="margin-top:216pt;width:100%;" type="Block"> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV>
<!-- Field: /Include-Text -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(b) Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 2.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>CODE OF ETHICS</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 3.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>AUDIT COMMITTEE FINANCIAL EXPERT</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 4.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 5.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>AUDIT COMMITTEE OF LISTED REGISTRANTS</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 6.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>SCHEDULE OF INVESTMENTS</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 7.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 8.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt">Portfolio Manager Team Disclosure:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">As of the date of this report the Fund is managed by a Team of investment
professionals who collaborate to develop and implement the Fund&#8217;s investment strategy. Each Portfolio Manager on the Team has authority
over all aspects of the Fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio
construction techniques, portfolio risk assessment, and the management of daily cash flows in accordance with portfolio holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The following individuals handle the day-to-day management of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ashton P. Goodfield*, CFA, Head of Investment Strategy Fixed Income and
Portfolio Manager of the Fund.</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Joined DWS in 1986 and the Fund in 2014.</LI>

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Head of Municipal Bonds.</LI>

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">BA, Duke University.</LI>

</UL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Michael J. Generazo, Senior Portfolio Manager Fixed Income and Portfolio
Manager of the Fund.</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Joined DWS in 1999 and the Fund in 2010.</LI>

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">BS, Bryant College; MBA, Suffolk University</LI>

</UL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Peter Aloisi, CFA, Portfolio Manager Fixed Income and Portfolio Manager
of the Fund.</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Joined DWS in 2010 with 5 years industry experience; previously, served
as an Associate at Banc of America Securities. Joined the Fund in 2018.</LI>

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">BA and MBA, Boston College.</LI>

</UL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chad Farrington**, CFA, Senior Portfolio Manager Fixed Income and Portfolio
Manager of the Fund.</P>

<UL STYLE="margin-top: 0in; list-style-type: disc">

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Joined DWS in 2018 with 20 years of industry experience; previously, worked
as Portfolio Manager, Head of Municipal Research &amp; Senior Credit Analyst at Columbia Threadneedle. Joined the Fund in 2021.</LI>

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Effective October 1, 2021, Co-Head of Municipal Bond Department.</LI>

<LI STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">BS, Montana State University</LI>

</UL>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">*Ashton P. Goodfield will leave the portfolio management team effective
October 1, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">** Chad Farrington will join the portfolio management team effective October
1, 2021.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt">Compensation of Portfolio Managers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: blue"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Advisor and its affiliates are part of DWS. The brand DWS represents
DWS Group GmbH &amp; KGaA (&#8220;DWS Group&#8221;) and any of its subsidiaries such as DWS Investment Management Americas, Inc. and RREEF
America L.L.C. which offer advisory services. DWS seeks to offer its investment professionals competitive short-term and long-term compensation
based on continuous, above average, fund performance relative to the market. This includes measurement of short and long-term performance
against industry and portfolio benchmarks. As employees of DWS, portfolio managers are paid on a total compensation basis, which includes
Fixed Pay (base salary) and Variable Compensation, as set forth below. The compensation information below is provided as of the Fund&#8217;s
most recent semiannual report dated May 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixed Pay (<B>FP</B>) is the key and primary element of
compensation for the majority of DWS employees and reflects the value of the individual&#8217;s role and function within the organization.&nbsp;
It rewards factors that an employee brings to the organization such as skills and experience, while reflecting regional and divisional
(i.e. DWS) specifics. FP levels play a significant role in ensuring competitiveness of the Advisor and its affiliates in the labor market,
thus benchmarking provides a valuable input when determining FP levels. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variable Compensation (<B>VC</B>) is a discretionary compensation
element that enables the Advisor and its affiliates to provide additional reward to employees for their performance and behaviors, while
reflecting DWS affordability and the financial situation of Deutsche Bank AG (the &#8220;Bank&#8221;) and DWS. VC aims to: </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recognize that every employee contributes to the DWS Group&#8217;s
success through the DWS Group and/or Bank component of VC (<B>Group Component</B>),</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reflect individual performance, investment performance,
behaviours and culture through discretionary individual VC (<B>Individual Component), </B>and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reward outstanding contributions at the junior levels through
the discretionary <B>Recognition Award. </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">Employee seniority as well as divisional and regional specifics
determine which VC elements are applicable for a given employee and the conditions under which they apply.&nbsp; Both Group and Individual
Components may be awarded in shares or other share-based instruments and other deferral arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VC can be delivered via cash, restricted equity awards,
and/or restricted incentive awards or restricted compensation. Restricted compensation may include: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">notional fund investments</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted equity, notional equity, </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricted cash, </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 10pt">o</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">or such other form as DWS may decide in its sole discretion</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VC comprises a greater proportion of total compensation
as an employee&#8217;s seniority and total compensation level increase. Proportion of VC delivered via a long-term incentive award, which
is subject to performance conditions and forfeiture provisions, will increase significantly as the amount of the VC increases.&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional forfeiture and claw back provisions, including
complete forfeiture and claw back of VC may apply in certain events if an employee is an InstVV [CRD IV EU Directive4] Material Risk Taker.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For key investment professionals, in particular, a portion
of any long-term incentives will be in the form of notional investments aligned, where possible, to the funds they manage. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">In general, each of the Advisor and its advisory affiliates seek to
offer their investment professionals competitive short-term and long-term compensation based on continuous, above average, fund performance
relative to the market. This includes measurement of short and long-term performance against industry and portfolio benchmarks. <FONT STYLE="color: windowtext">To
evaluate their investment professionals in light of and consistent with the compensation principles set forth above, the Advisor and its
affiliates review investment performance for all accounts managed in relation to the appropriate Morningstar peer group universe with
respect to a fund, iMoneyNet peer group with respect to a money market fund or relevant benchmark index(es) set forth in the governing
documents with respect to each other account type.&nbsp; The ultimate goal of this process is to evaluate the degree to which investment
professionals deliver investment performance that meets or exceeds their clients&#8217; risk and return objectives. When determining total
compensation, the Advisor and its affiliates consider a number of quantitative, qualitative and other factors:</FONT></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Quantitative measures (e.g. one-, three- and five-year pre-tax
returns versus the appropriate Morningstar peer group universe for a fund, or versus the appropriate iMoneyNet peer group for a money
market fund or relevant benchmark index(es) set forth in the governing documents with respect to each other account type, taking risk
targets into account) are utilized to measure performance.</FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Qualitative measures (e.g. adherence to, as well as contributions
to, the enhancement of the investment process) are included in the performance review. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other factors (e.g. non-investment related performance,
teamwork, adherence to compliance rules, risk management and &quot;living the values&quot; of the Advisor and its affiliates) are included
as part of a discretionary component of the review process, giving management the ability to consider additional markers of performance
on a subjective basis. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.2in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">-</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore, it is important to note that DWS Group functions
within a controlled environment based upon the risk limits established by DWS Group&#8217;s Risk division, in conjunction with DWS Group
management. Because risk consideration is inherent in all business activities, performance assessment factors in an employee&#8217;s ability
to assess and manage risk.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt">Fund Ownership of Portfolio Managers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The following table shows the dollar range of Fund shares owned beneficially
and of record by each member of the Fund&#8217;s portfolio management team as well as in all US registered DWS Funds advised by DWS Investment
Management Americas, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Advisor) as a group, including investments by their immediate family members
sharing the same household and amounts invested through retirement and deferred compensation plans. This information is provided as of
the Fund&#8217;s most recent semiannual report dated May 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 37%; border: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold">Name of <U><BR>
</U>Portfolio Manager</TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt">
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Dollar Range of</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fund Shares Owned</P></TD>
    <TD STYLE="width: 31%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; font-weight: bold; text-align: center">Dollar Range of All DWS Fund Shares Owned</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt">Ashton P. Goodfield</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center">$10,001-$50,000</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center">Over $1,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt">Michael J. Generazo</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center">-</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center">$10,001-$50,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt">Peter Aloisi</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center">-</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center">$50,001-$100,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.55pt; padding-right: 3pt; padding-left: 3pt">Chad Farrington</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center">-</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3pt; padding-left: 3pt; text-align: center">$100,001-$500,000</TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 3pt">Conflicts of Interest</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In addition to managing the assets of the Fund, the Fund&#8217;s portfolio
managers may have responsibility for managing other client accounts of the Advisor or its affiliates. The tables below show, for each
portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other than the Fund, (2) pooled
investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations)
managed by each portfolio manager. Total assets attributed to each portfolio manager in the tables below include total assets of each
account managed by them, although the manager may only manage a portion of such account&#8217;s assets. For Funds subadvised by subadvisors
unaffiliated with the Advisor, total assets of Funds managed may only include assets allocated to the portfolio manager and not the total
assets of each Fund managed. The tables also show the number of performance-based fee accounts, as well as the total assets of the accounts
for which the advisory fee is based on the performance of the account. This information is provided as of the Fund&#8217;s most recent
semiannual report dated May 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Other SEC Registered Investment Companies Managed:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of&nbsp;&nbsp;Registered Investment Companies</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Assets of Registered Investment Companies</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Investment Company Accounts with Performance Based Fee</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ashton P. Goodfield</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$7,543,446,175</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael J. Generazo</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$5,983,328,285</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter Aloisi</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$2,067,200,576</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chad Farrington</FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$4,955,373,904</FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Other Pooled Investment Vehicles Managed:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Assets of Pooled Investment Vehicles</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Pooled Investment Vehicle Accounts with Performance-Based Fee</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ashton P. Goodfield</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael J. Generazo</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter Aloisi</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chad Farrington</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Other Accounts Managed:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name of Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Other Accounts</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Assets of Other Accounts</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number of Other Accounts with Performance- Based Fee</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Assets of Performance- Based Fee Accounts</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ashton P. Goodfield</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael J. Generazo</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$33,194,527</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peter Aloisi</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$114,235,416</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chad Farrington</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">In addition to the accounts above, an investment professional may manage
accounts in a personal capacity that may include holdings that are similar to, or the same as, those of the Funds. The Advisor or Subadvisor,
as applicable, has in place a Code of Ethics that is designed to address conflicts of interest and that, among other things, imposes restrictions
on the ability of portfolio managers and other &#8220;access persons&#8221; to invest in securities that may be recommended or traded
in the Funds and other client accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: blue"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Real, potential or apparent conflicts of interest may arise when a portfolio
manager has day-to-day portfolio management responsibilities with respect to more than one fund or account, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain investments may be appropriate for the Fund and
also for other clients advised by the Advisor and their affiliates, including other client accounts managed by the Fund&#8217;s portfolio
management team. Investment decisions for the Fund and other clients are made with a view to achieving their respective investment objectives
and after consideration of such factors as their current holdings, availability of cash for investment and the size of their investments
generally. A particular security may be bought or sold for only one client or in different amounts and at different times for more than
one but less than all clients. Likewise, because clients of the Advisor and their affiliates may have differing investment strategies,
a particular security may be bought for one or more clients when one or more other clients are selling the security. The investment results
achieved for the Fund may differ from the results achieved for other clients of the Advisor and their affiliates. In addition, purchases
or sales of the same security may be made for two or more clients on the same day. In such event, such transactions will be allocated
among the clients in a manner believed by the Advisor and their affiliates to be most equitable to each client, generally utilizing a
pro rata allocation methodology. In some cases, the allocation procedure could potentially have an adverse effect or positive effect on
the price or amount of the securities purchased or sold by the Fund. Purchase and sale orders for the Fund may be combined with those
of other clients of the Advisor and their affiliates in the interest of achieving the most favorable net results to the Fund and the other
clients. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the extent that a portfolio manager has responsibilities
for managing multiple client accounts, a portfolio manager will need to divide time and attention among relevant accounts. The Advisor
and their affilates attempt to minimize these conflicts by aligning its portfolio management teams by investment strategy and by employing
similar investment models across multiple client accounts.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In some cases, an apparent conflict may arise
where the Advisor has an incentive, such as a performance-based fee, in managing one account and not with respect to other accounts it
manages. The Advisor and their affiliates will not determine allocations based on whether it receives a performance-based fee from the
client. Additionally, the Advisor has in place supervisory oversight processes to periodically monitor performance deviations for accounts
with like strategies. </FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 12pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Advisor and its affiliates
and the investment team of each Fund may manage other mutual funds and separate accounts on a long only or a long-short basis. The simultaneous
management of long and short portfolios creates potential conflicts of interest including the risk that short sale activity could adversely
affect the market value of the long positions (and vice versa), the risk arising from sequential orders in long and short positions, and
the risks associated with receiving opposing orders at the same time. The Advisor has adopted procedures that it believes are reasonably
designed to mitigate these and other potential conflicts of interest. Included in these procedures are specific guidelines developed to
provide fair and equitable treatment for all clients whose accounts are managed by each Fund&#8217;s portfolio management team. The Advisor
and the portfolio management team have established monitoring procedures, a protocol for supervisory reviews, as well as compliance oversight
to ensure that potential conflicts of interest relating to this type of activity are properly addressed. </FONT></TD></TR></TABLE>

<P STYLE="color: blue; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">The Advisor is owned by the DWS Group, a multinational
global financial services firm that is a majority owned subsidiary of Deutsche Bank AG. Therefore, the Advisor is affiliated with a variety
of entities that provide, and/or engage in commercial banking, insurance, brokerage, investment banking, financial advisory, broker-dealer
activities (including sales and trading), hedge funds, real estate and private equity investing, in addition to the provision of investment
management services to institutional and individual investors. Since Deutsche Bank AG, its affiliates, directors, officers and employees
(the &#8220;Firm&#8221;) are engaged in businesses and have interests in addition to managing asset management accounts, such wide ranging
activities involve real, potential or apparent conflicts of interest. These interests and activities include potential advisory, transactional
and financial activities and other interests in securities and companies that may be directly or indirectly purchased or sold by the Firm
for its clients&#8217; advisory accounts. The Advisor and their affiliates may take investment positions in securities in which other
clients or related persons within the Firm have different investment positions. There may be instances in which the Advisor is purchasing
or selling for their client accounts, or pursuing an outcome in the context of a workout or restructuring with respect to, securities
in which the Firm is undertaking the same or differing strategy in other businesses or other client accounts. These are considerations
of which advisory clients should be aware and which will cause conflicts that could be to the disadvantage of the Advisor&#8217;s advisory
clients, including the Fund. The Advisor and their affiliates have instituted business and compliance policies, procedures and disclosures
that are designed to identify, monitor and mitigate conflicts of interest and, as appropriate, to report them to a Fund&#8217;s Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10.45pt 0 0 0.25in; text-align: justify">&nbsp;</P>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 84%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 9.</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 31%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;Period</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Total Number of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shares Purchased</P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Average Price Paid</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">per Share</P></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Total Number of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shares Purchased as</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Part of Publicly Announced</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Plans or Programs</P></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Maximum Number of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Shares that May Yet Be</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Purchased Under the</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Plans or Programs</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 1 through December 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 1 through January 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 1 through February 29</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 1 through March 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 1 through April 30</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 1 through May 31</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may from time to time repurchase shares in the open market.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On September 25, 2020, 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.&nbsp;&nbsp;The Fund may continue to purchase outstanding shares of common stock in open-market transactions over the period December 1, 2020 until November 30, 2021, when the Fund's shares trade at a discount to net asset value.&nbsp;&nbsp;The Board's authorization of the repurchase program extension follows the previous repurchase program, which commenced on December 1, 2019 and ran until November 30, 2020.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt">&nbsp;</P>
<!-- Field: /Include-Text -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 10.</B></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">There were no material changes to the procedures by which shareholders may recommend nominees to the Fund&rsquo;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 &amp; Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 11.</B></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>CONTROLS AND PROCEDURES</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 0.5in; text-indent: -0.5in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">(a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The Chief Executive and Financial Officers concluded that the Registrant&rsquo;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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">(b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">There have been no changes in the registrant&rsquo;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&rsquo;s internal controls over financial reporting.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 30.6pt; text-indent: -30.6pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 12.</B></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="text-transform: uppercase"><B>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>ITEM 13.</B></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>EXHIBITS</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(a)(1)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Not applicable</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(a)(2)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex99cert.htm" STYLE="-sec-extract: exhibit">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.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">(b)</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><A HREF="ex99906cert.htm" STYLE="-sec-extract: exhibit">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.</A></TD></TR>
  <TR>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 75%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SIGNATURES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">Registrant:</TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">DWS Municipal Income Trust</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Hepsen Uzcan</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hepsen Uzcan</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">7/30/2021</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="width: 67%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Hepsen Uzcan</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Hepsen Uzcan</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">7/30/2021</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">By:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>/s/Diane Kenneally</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Diane Kenneally</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer and Treasurer</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Date:</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">7/30/2021</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>ex99cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>President</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Form N&#45;CSRS Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Hepsen Uzcan, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">1)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of DWS Municipal Income Trust, on Form N&#45;CSRS;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting</TD></TR>
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">7/30/2021</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/Hepsen Uzcan</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Hepsen Uzcan</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">President</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Form N&#45;CSRS Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Diane Kenneally, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">1)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of DWS Municipal Income Trust, on Form N&#45;CSRS;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">3)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">4)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">c)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">d)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">5)</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">a)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">b)</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting</TD></TR>
  <TR>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 34%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">7/30/2021</TD>
    <TD STYLE="width: 56%; padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/Diane Kenneally</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Diane Kenneally</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chief Financial Officer and Treasurer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


</BODY>
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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>ex99906cert.htm
<DESCRIPTION>906 CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>President</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Hepsen Uzcan, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">1.</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of DWS Municipal Income Trust, on Form N&#45;CSRS;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSRS (the &ldquo;Report&rdquo;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">7/30/2021</TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/Hepsen Uzcan</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Hepsen Uzcan</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">President</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Chief Financial Officer and Treasurer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Section 906 Certification under Sarbanes Oxley Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">I, Diane Kenneally, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">1.</TD>
    <TD STYLE="width: 90%; padding-right: 5.4pt; padding-left: 5.4pt">I have reviewed this report, filed on behalf of DWS Municipal Income Trust, on Form N&#45;CSRS;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">2.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Based on my knowledge and pursuant to 18 U.S.C. &sect; 1350, the periodic report on Form N&#45;CSRS (the &ldquo;Report&rdquo;) fully complies with the requirements of &sect; 13 (a) or &sect; 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">7/30/2021</TD>
    <TD STYLE="width: 52%; padding-right: 5.4pt; padding-left: 5.4pt"><U>/s/Diane Kenneally</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; font-weight: bold; font-size: 14pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Diane Kenneally</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; font-family: Verdana, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chief Financial Officer and Treasurer</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<SEQUENCE>4
<FILENAME>g201956img2f7247722.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
