Sit Investment reports 9.83M shares (25.1%) in DWS Municipal Income Trust

Rhea-AI Filing Summary

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.

Positive

• 9,832,145 shares reported beneficially owned, representing 25.1% of outstanding stock
• Holdings are held in client accounts with shared voting and dispositive power, indicating institutional stewardship

Negative

• None.

Insights

Corporate Governance Analyst

25.1% holding signals significant influence over the Issuer

The Sit entities report combined beneficial ownership of 9,832,145 Shares, equal to 25.1% of outstanding common stock; they state shared voting and dispositive power rather than sole control. This level of ownership can confer substantial influence on shareholder votes and governance matters without asserting sole control.

The filing is an amendment (No. 11) to a prior Schedule 13D, indicating an ongoing disclosure relationship and that transaction activity occurred recently (Exhibit A lists trades in the last 60 days).

Fixed Income / Asset Management Specialist

Holdings are in client accounts; assets likely managed, not insider stakes

The filing specifies the Shares are held in client accounts and the Sit entities used source of funds coded OO, consistent with discretionary portfolio management rather than corporate treasury or direct executive ownership. The statement that no SIA or SFI directors or officers directly own the Shares clarifies this is an institutional position.

This distinction matters for investor interpretation: it documents a large institutional allocation to the fund but does not indicate insider accumulation by the adviser’s executives.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 11)

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)

09/30/2025

(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 9,832,145.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 9,832,145.00

11

Aggregate amount beneficially owned by each reporting person

9,832,145.00

12

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

13

Percent of class represented by amount in Row (11)

25.1 %

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 9,832,145.00
9	Sole Dispositive Power 0.00
10	Shared Dispositive Power 9,832,145.00

11

Aggregate amount beneficially owned by each reporting person

9,832,145.00

12

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

13

Percent of class represented by amount in Row (11)

25.1 %

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. 11 ("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, and Amendment No. 10 filed on June 30, 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 May 31, 2025, which is the total number of Shares outstanding as reported in the Issuer's Report on Form N-CSRS filed with the Securities Exchange Commission. As of the date hereof, the Sit Entities may be deemed to be the beneficial owner of 9,832,145 Shares held in client accounts which represent 25.1% 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.
(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:	10/02/2025

Sit Fixed Income Advisors II, LLC

Signature:	/s/ Roger J. Sit
Name/Title:	Roger J. Sit, Chairman & CEO
Date:	10/02/2025

FAQ

What stake do the Sit entities report in DWS Municipal Income Trust (KTF)?

The Sit entities report beneficial ownership of 9,832,145 shares, or 25.1% of the 39,172,838 shares outstanding.

Are the reported shares directly owned by SIA or SFI executives?

No. The filing states that none of SIA's or SFI's directors or executive officers own the Shares directly.

Do the Sit entities have voting control over the shares?

The Sit entities report shared voting power and shared dispositive power for the 9,832,145 shares; they report 0 sole voting or dispositive power.

What does Amendment No. 11 update?

Amendment No. 11 amends and supplements the Original Schedule 13D and prior amendments through Amendment No. 10; it also references Exhibit A for transactions in the last 60 days.

How many shares outstanding did the filing use to calculate the percentage?

The percentage is based on 39,172,838 shares outstanding as reported on the Issuer's Form N-CSRS filed with the SEC (as of May 31, 2025).