[SCHEDULE 13D/A] DWS Municipal Income Trust SEC Filing

Rhea-AI Filing Summary

Schedule 13D/A Amendment No. 10 filed on 06/30/2025 discloses that Sit Investment Associates, Inc. (SIA) and its affiliate Sit Fixed Income Advisors II, LLC (SFI) jointly report beneficial ownership of 9,442,267 common shares of DWS Municipal Income Trust (NYSE: KTF). The filing date of the reportable event is 06/27/2025.

Based on the issuer’s 39,172,838 shares outstanding as of 11/30/2024, the Sit entities’ position represents 24.1 % of the fund’s outstanding shares. Both entities disclose shared voting and dispositive power over the entire stake; no sole voting or dispositive power is reported. Shares are held in client accounts, and neither SIA nor SFI’s directors or officers hold KTF shares directly.

The amendment updates the original Schedule 13D first filed on 10/06/2023 and subsequently amended nine times. Other than the current ownership figures and confirmation of shared control, no further changes to the previously filed disclosure items are noted. A schedule of transactions executed in the last 60 days is provided in Exhibit A (details not included in the excerpt).

• Reporting Persons: Sit Investment Associates, Inc.; Sit Fixed Income Advisors II, LLC
• Stake: 9,442,267 shares; 24.1 % of class
• Voting/Dispositive Power: Shared for entire stake; none held solely
• Source of Funds: “OO” (other) – client accounts
• Filings Referenced: Original 13D plus Amendments 1-9 filed between 11/06/2023 and 01/14/2025

No legal proceedings, additional agreements, or going-forward plans are described in the excerpt. Certification is signed by Roger J. Sit, Chairman & CEO of both reporting entities.

Positive

• Large institutional stake: Sit entities disclose ownership of 24.1 % of KTF’s outstanding shares, indicating strong institutional interest and potential voting support.

Negative

• None.

Insights

Securities Analyst

TL;DR: Sit entities now control 24.1 % of KTF, reinforcing concentrated institutional ownership and potential voting influence.

The amendment confirms that Sit Investment Associates and its fixed-income affiliate collectively hold nearly a quarter of KTF’s shares, all under shared voting and dispositive power. While no new strategic intentions are stated, the magnitude of the stake is material: a single asset-manager group can significantly affect proxy outcomes, liquidity, and market perception. The absence of sole control language suggests actions will be executed for client benefit rather than proprietary activism. For investors, concentrated ownership may provide price support but also raises attention to any future filings that signal intentions under Item 4. Overall, the disclosure is impactful because it quantifies a large, potentially influential block.

Corporate Governance Expert

TL;DR: 24 % block gives Sit entities substantial governance leverage; no plans disclosed yet.

With shared voting rights over 9.4 million shares, Sit can materially sway shareholder votes in matters such as board elections or proposed fund reorganizations. The filing does not activate the group provisions (§240.13d-1(e-g)), implying no formal coordinating group beyond the affiliated Sit entities. While no change-of-control intent is declared, fund boards typically monitor any holder exceeding 20 % because it can veto certain closed-end fund actions under the Investment Company Act. Investors should track subsequent amendments for any Item 4 disclosures that could foreshadow activism or governance proposals.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 10)

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)

06/27/2025

(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).

SCHEDULE 13D

CUSIP No. 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 9,442,267.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 9,442,267.00

11

Aggregate amount beneficially owned by each reporting person

9,442,267.00

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 No. 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 9,442,267.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 9,442,267.00

11

Aggregate amount beneficially owned by each reporting person

9,442,267.00

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. 10 ("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, and Amendment No. 9 filed on January 14, 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)	The aggregate percentage of Shares reported owned by Sit Entities herein is based upon 39,172,838 Shares outstanding as of November 30, 2024, which is the total number of Shares outstanding as reported in the Issuer's Report on Form N-CSR filed with the Securities Exchange Commission. As of the date hereof, the Sit Entities may be deemed to be the beneficial owner of 9,442,267 Shares held in client accounts which represent 24.1% of the Issuer's outstanding Shares.
(b)	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 directors or executive officers own Shares directly.y.
(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:	06/30/2025

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	06/30/2025

FAQ

How many KTF shares do Sit Investment Associates control?

They report 9,442,267 common shares, equal to 24.1 % of the shares outstanding.

Does the Schedule 13D/A show sole or shared voting power?

The filing lists 0 shares with sole voting power and 9,442,267 shares with shared voting and dispositive power.

What is the reference date for KTF shares outstanding?

The 39,172,838 shares outstanding figure is taken from the issuer’s Form N-CSR dated 11/30/2024.

Who signed the Schedule 13D Amendment for Sit entities?

It was signed by Roger J. Sit, Chairman & CEO, on 06/30/2025.

Is there any indication of planned activism by Sit entities?

No. The amendment provides ownership details only and does not outline any specific plans or proposals regarding KTF.