DWS Municipal Income Trust holder reports 24.1% stake

Accepted by SEC EDGAR 08/07/2026 - 02:20 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

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.

Key Figures

Shares beneficially owned: 9,432,271 Shares Percent of class owned: 24.1% Shares outstanding: 39,183,709 Shares +3 more

6 metrics

Shares beneficially owned 9,432,271 Shares Beneficial ownership reported by Sit entities

Percent of class owned 24.1% Portion of DWS Municipal Income Trust common stock held by Sit entities

Shares outstanding 39,183,709 Shares Shares outstanding as of May 31, 2026, per Form N-CSRS

Event date 08/06/2026 Date of event triggering the Schedule 13D amendment

Sole voting power 0 Shares Shares with sole voting power reported by Sit entities

Shared voting power 9,432,271 Shares Shares with shared voting power reported by Sit entities

Key Terms

beneficially owned, shared voting power, shared dispositive power, Schedule 13D, +1 more

5 terms

beneficially owned financial

"aggregate number of Shares and percentages of the Shares beneficially owned"

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 financial

"Number of Shares Beneficially Owned by Each Reporting Person With: 7 Sole Voting Power 0.00 8 Shared Voting Power 9,432,271.00"

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 financial

"9 Sole Dispositive Power 0.00 10 Shared Dispositive Power 9,432,271.00"

Schedule 13D regulatory

"previously filed a statement on Schedule 13D to report the acquisition"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

Form N-CSRS regulatory

"Shares outstanding as of May 31, 2026, which is the total number of Shares outstanding as reported in the Issuer's Form N-CSRS"

Form N-CSR is a standardized, certified shareholder report that registered investment funds file with the U.S. Securities and Exchange Commission to disclose audited financial statements, portfolio holdings, results and management commentary. For investors it serves like a fund’s official report card and audited financial statement—helping verify transparency, spot shifts in strategy or risk, and compare funds when deciding where to put money.

FAQ

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

What ownership stake in KTF does Sit Investment Associates report?

Sit Investment Associates and Sit Fixed Income Advisors report beneficial ownership of 9,432,271 DWS Municipal Income Trust (KTF) shares, representing 24.1% of the common stock, based on 39,183,709 shares outstanding as of May 31, 2026.

How many DWS Municipal Income Trust (KTF) shares are outstanding?

The amendment states that DWS Municipal Income Trust (KTF) has 39,183,709 common shares outstanding as of May 31, 2026, based on the figure reported in the issuer’s Form N-CSRS, which is used to calculate the 24.1% ownership percentage.

Do Sit entities have sole or shared voting power over KTF shares?

The Sit entities report 0 KTF shares with sole voting or dispositive power and 9,432,271 shares with shared voting and shared dispositive power. They may be deemed to share the power to vote and dispose of these shares on behalf of their clients.

Does any Sit client individually hold more than 5% of KTF?

No individual client of Sit Investment Associates or Sit Fixed Income Advisors holds more than 5% of DWS Municipal Income Trust (KTF) shares. The amendment notes that all reported holdings are across client accounts, none of which exceed this 5% threshold individually.

Do Sit’s directors or officers directly own KTF shares?

The amendment states that none of Sit Investment Associates’ or Sit Fixed Income Advisors’ directors or executive officers directly own DWS Municipal Income Trust (KTF) shares. The reported ownership reflects shares held in client accounts managed by the Sit entities.

What period of KTF trading activity is disclosed by the Sit entities?

The Sit entities disclose their KTF trading activity for the last 60 days in Exhibit A. This exhibit lists transactions in DWS Municipal Income Trust shares carried out by accounts managed by Sit Investment Associates and Sit Fixed Income Advisors during that period.

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

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 12)

DWS Municipal Income Trust

(Name of Issuer)

Common Stock

(Title of Class of Securities)

233368109

(CUSIP Number)

Paul E. Rasmussen
80 South Eighth Street, Suite 3300
Minneapolis, MN, 55402-4130
612-332-3223

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

08/06/2026

(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 0.00
8	Shared Voting Power 9,432,271.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 9,432,271.00

11

Aggregate amount beneficially owned by each reporting person

9,432,271.00

12

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

13

Percent of class represented by amount in Row (11)

24.1 %

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

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 0.00
8	Shared Voting Power 9,432,271.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 9,432,271.00

11

Aggregate amount beneficially owned by each reporting person

9,432,271.00

12

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

13

Percent of class represented by amount in Row (11)

24.1 %

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, New York, NEW YORK , 10022-6225.
Item 1 Comment: This Amendment No. 12 ("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, and Amendment No. 11 filed on October 2, 2025 (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 in Shares by Sit Entities in the last 60 days.

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:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	08/07/2026

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	08/07/2026