DWS Municipal Income Trust filings document governance and shareholder-voting matters for a closed-end municipal income fund. The fund's proxy materials cover annual meeting procedures, trustee election proposals, Board structure, and the voting rights of common and preferred shareholders.
Regulatory disclosures also frame the fund's public-company and fund-specific context, including closed-end share structure, municipal bond investment risks, leverage and derivatives considerations, net asset value trading dynamics, distributions, and tax-exempt income treatment.
DWS Municipal Income Trust (KTF) is named in an ownership amendment as Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC transition back from Schedule 13D to Schedule 13G under Rule 13d-1(h). They state that, as of September 29, 2026, the securities are no longer held for a purpose or effect of changing or influencing control, or in connection with a transaction having that purpose or effect. Both cover pages report the same shared voting and dispositive power over 8,984,416 shares, or 22.9% of the class. The securities are owned by client accounts, and the reporting persons disclaim beneficial ownership. The reported percentage is based on 39,183,709 shares outstanding as of May 31, 2026. Paul Rasmussen signed as Vice President.
DWS Municipal Income Trust (KTF) is the issuer whose common stock is covered by an amendment in which Sit Investment Associates Inc. and Sit Fixed Income Advisors II LLC each report beneficial ownership of 8,984,416 shares, equal to 22.9% of the class. Each reports shared voting and dispositive power over 8,984,416 shares.
The reported percentage is based on 39,183,709 shares outstanding as of May 31, 2026. Paul Rasmussen, Vice President, signed the statement.
Karpus Management, Inc., doing business as Karpus Investment Management, reports beneficial ownership of common shares of DWS Municipal Income Trust. Karpus, a New York corporation and registered investment adviser, holds 2,760,957 shares, representing 7.05% of the trust’s common stock.
Karpus has sole voting and dispositive power over all reported shares and no shared power. The shares are owned directly by client accounts managed by Karpus. Karpus is controlled by City of London Investment Group plc, but effective informational barriers mean voting and investment power are exercised independently by Karpus.
Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC filed Amendment No. 12 to report their beneficial ownership of common stock of DWS Municipal Income Trust. They report beneficial ownership of 9,432,271 Shares, representing 24.1% of the trust’s common stock.
The percentage is based on 39,183,709 Shares outstanding as of May 31, 2026, as reported in the issuer’s Form N-CSRS. The Sit entities report 0 shares with sole voting or dispositive power and 9,432,271 shares with shared voting and shared dispositive power. The amendment notes that no single client account holds more than 5% of the outstanding shares and that none of the reporting firms’ directors or executive officers hold shares directly. Exhibit A lists Sit entities’ transactions in the shares over the last 60 days.
DWS Municipal Income Trust files an amended Schedule 13G identifying Karpus Management, Inc. as beneficial owner of 3,291,016 shares of Common stock. The filing states Karpus holds 8.40% of the class and reports sole voting and dispositive power over those shares. The filing explains Karpus is controlled by City of London Investment Group plc but says informational barriers mean voting and investment power are exercised by Karpus independently.
Karpus Management, Inc. reports beneficial ownership of 3,715,549 common shares of DWS Municipal Income Trust, representing 9.49% of the class as of 12/31/2025. Karpus, a New York-based registered investment adviser, holds sole voting and dispositive power over these shares through accounts it manages.
The firm states the position was acquired and is held in the ordinary course of business and not for the purpose of changing or influencing control of the trust. Karpus operates independently of its parent, City of London Investment Group plc, due to informational barriers.
KTF submitted a Form N-CEN annual census report as a registered investment company. The filing lists the fund’s governance, service providers, and key operational details, including directors, chief compliance officer, advisers, transfer agents, custodians, and shareholder servicing agents.
The report shows affiliated broker-dealers with total commissions paid reported as 0.00000000 for the reporting period. It also discloses principal transactions with multiple dealers, such as total value of purchases and sales of 44,562,845.65000000 with one dealer and 119,374,347000 with another, excluding maturing securities.
DWS Municipal Income Trust reports fiscal-year results and details its planned termination. For the year ended November 30, 2025, the closed-end municipal bond fund returned –0.91% on net asset value versus 2.64% for the Bloomberg Municipal Bond Index, and –1.69% based on market price.
Net investment income was $15.2 million, but realized and unrealized losses produced a $5.7 million decline in net assets from operations. Net asset value fell to $9.44 from $10.33, while the market price ended at $9.12, a 3.39% discount to NAV. Leverage remained significant, with total leverage of 35.61% of total assets, driven mainly by $190 million of term preferred shares.
The fund distributed $0.73 per common share in tax-exempt income and $0.0156 in capital gains over 12 months, with an annualized distribution rate of 7.75% on NAV and 8.03% on market price, including return-of-capital components. The portfolio stayed concentrated in long-maturity, revenue-backed municipal bonds, heavily allocated to Texas, New York, Florida, Illinois and Pennsylvania, and used inverse floaters and preferred shares to enhance income. The Board has approved terminating the fund and making a liquidating distribution to shareholders no later than November 30, 2026, while targeting an annualized distribution rate of at least 7% until termination.
Sit Investment Associates, Inc. and Sit Fixed Income Advisors II, LLC filed Amendment No. 11 to a Schedule 13D reporting their combined beneficial ownership of 9,832,145 shares of DWS Municipal Income Trust common stock, representing 25.1% of the 39,172,838 shares outstanding (per the Issuer's Form N-CSRS as of May 31, 2025). The filing states the Shares are held in client accounts and that the Sit entities have shared voting and dispositive power over those Shares, with no sole voting or dispositive power reported. The Amendment updates and supplements prior Schedule 13D filings through Amendment No. 10 and identifies Exhibit A as a schedule of transactions in the last 60 days. No directors or executive officers of SIA or SFI directly own the Shares.
Karpus Management, Inc. reported beneficial ownership of 3,057,936 shares of DWS Municipal Income Trust common stock, representing 7.81% of the class. The filing states Karpus has sole voting and dispositive power over these shares and that the shares are held in accounts it manages. Karpus identifies itself as a New York-registered investment adviser controlled by City of London Investment Group plc but says effective informational barriers mean CLIG does not exercise voting or investment power over these shares. The filing is made on a Schedule 13G (Amendment No. 1), indicating a passive investor position rather than an attempt to influence control.