DWS Municipal Income Trust: Sit firms report 22.9%

The reported 22.9% interest is measured against 39,183,709 shares outstanding as of May 31, 2026.

Rhea-AI Filing Summary

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.

Filing Explained

This amendment distinguishes the Sit entities’ reported shared voting and disposal power from client economics: clients have rights to dividends and sale proceeds, and no SIA or SFI client account owns more than 5% of the shares, so the reported stake is not one client’s disclosed holding.

Key Figures

Beneficial ownership: 8,984,416 shares Class ownership: 22.9% Shares outstanding: 39,183,709 shares

3 metrics

Beneficial ownership 8,984,416 shares Reported by each of the two reporting persons

Class ownership 22.9% Reported by each reporting person

Shares outstanding 39,183,709 shares As of May 31, 2026

Key Terms

beneficially owned, Shared Voting Power, Shared Dispositive Power, shares outstanding

4 terms

beneficially owned regulatory

"aggregate amount beneficially owned by each reporting person"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Shared Voting Power regulatory

"Shared Voting Power 8,984,416.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

Shared Dispositive Power regulatory

"Shared Dispositive Power 8,984,416.00"

shares outstanding financial

"39,183,709 Shares outstanding as of May 31, 2026"

Shares outstanding are the total number of a company’s stock units held by all shareholders, including institutional investors and company insiders — think of them as the total number of slices of the company’s ownership pie. Investors use this number to calculate how much of the company each share represents, and it directly affects per-share measures like earnings per share, ownership percentage and valuation; when the slice count changes, an investor’s claim and the company’s per-share metrics change too.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many KTF shares do the reporting persons beneficially own?

Sit Investment Associates Inc. and Sit Fixed Income Advisors II LLC each reported beneficial ownership of 8,984,416 shares, equal to 22.9% of the common stock class. Each also reported shared voting and dispositive power over 8,984,416 shares.

Who receives dividends from KTF shares held in the reporting persons' accounts?

Clients of Sit Investment Associates Inc. and Sit Fixed Income Advisors II LLC have the right to participate in dividends and proceeds from sales of shares held for their respective accounts. The statement says none of either firm's client accounts owns more than 5% of the shares outstanding.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/29/2026 - 04:53 PM Accepted by SEC EDGAR 09/29/2026 - 04:53 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 13)

DWS MUNICIPAL INCOME TRUST

(Name of Issuer)

Common Stock

(Title of Class of Securities)

233368109

(CUSIP Number)

Paul Rasmussen
80 South 8th Street, Suite 3300
Minneapolis, MN, 55402
6123592536

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/28/2026

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

schemaVersion:

SCHEDULE 13D

CUSIP Number(s): 233368109

1

Name of reporting person

SIT INVESTMENT ASSOCIATES INC

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

MINNESOTA

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power
8	Shared Voting Power 8,984,416.00
9	Sole Dispositive Power
10	Shared Dispositive Power 8,984,416.00

11

Aggregate amount beneficially owned by each reporting person

8,984,416.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

22.9 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP Number(s): 233368109

1

Name of reporting person

SIT FIXED INCOME ADVISORS II LLC /ADV

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power
8	Shared Voting Power 8,984,416.00
9	Sole Dispositive Power
10	Shared Dispositive Power 8,984,416.00

11

Aggregate amount beneficially owned by each reporting person

8,984,416.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

22.9 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: DWS MUNICIPAL INCOME TRUST
(c)	Address of Issuer's Principal Executive Offices: 875 THIRD AVENUE, 875 THIRD AVENUE, NEW YORK, MINNESOTA , 10022-6225.
Item 1 Comment: This Amendment No. 13 ("Amendment") amends and supplements the statement on Schedule 13D filed on October 6, 2023, and amended by Amendment No. 1 filed on November 6, 2023, Amendment No. 2 filed on November 15, 2023, Amendment No. 3 filed on December 28, 2023, Amendment No. 4 filed on January 23, 2024, Amendment No. 5 filed on March 28, 2024, Amendment No. 6 filed on July 17, 2024, Amendment No. 7 filed on August 29, 2024, Amendment No. 8 filed on December 18, 2024, Amendment No. 9 filed on January 14, 2025, Amendment No. 10 filed on June 30, 2025, Amendment No. 11 filed on October 2, 2025, and Amendment No. 12 filed on May 31, 2026 (as amended, the "Original Schedule 13D" and, as amended by this Amendment, the "Schedule 13D"), relating to the shares of Common Stock ("Shares") of DWS Municipal Income Trust (the "Issuer"). Capitalized terms used but not otherwise defined herein have the meanings set forth in the Original Schedule 13D. Except as specifically provided herein, each Item of the Original Schedule 13D remains unchanged.
Item 5.	Interest in Securities of the Issuer
(a)	See responses on each cover page of this Schedule 13D for the aggregate number of Shares and percentages of the Shares beneficially owned by each of the Reporting Persons. The aggregate percentage of Shares reported owned by Sit Entities herein is based upon 39,183,709 Shares outstanding as of May 31, 2026, which is the total number of Shares outstanding as reported in the Issuer's Form N-CSRS.
(b)	See responses on each cover page of this Schedule 13D for the number of Shares as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole of shared power to dispose or to direct the disposition. Each of the Sit Entities may be deemed to have shared power to vote and dispose of such Shares. However, none of SIA's or SFI's client accounts own more than 5% of the shares outstanding, and none of SIA's or SFI's directors or executive officers own shares directly.
(c)	Transactions in Shares by the Sit Entities in the last 60 days are set forth in Exhibit A
(d)	The clients of SIA and SFI have the right to participate in the receipt of dividends from, or proceeds from the sales of, the Shares held for their respective accounts.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit A: Schedule of Transactions

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

SIT INVESTMENT ASSOCIATES INC

Signature:	Paul Rasmussen
Name/Title:	Paul Rasmussen Vice President
Date:	09/29/2026

SIT FIXED INCOME ADVISORS II LLC /ADV

Signature:	Paul Rasmussen
Name/Title:	Paul Rasmussen Vice President
Date:	09/29/2026