Karpus reports 9.49% stake in DWS Municipal

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.

Accepted by SEC EDGAR 02/13/2026 - 04:09 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

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.

FAQ

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

What stake does Karpus Management hold in DWS Municipal Income Trust (KTF)?

Karpus Management beneficially owns 3,715,549 common shares of DWS Municipal Income Trust, equal to 9.49% of the outstanding class. These shares are held in accounts Karpus manages, where it has sole voting and sole dispositive power over the securities.

Who is the reporting person on this Schedule 13G/A for KTF?

The reporting person is Karpus Management, Inc., doing business as Karpus Investment Management. It is a New York corporation and a registered investment adviser under the Investment Advisers Act, filing on behalf of the managed accounts that directly own the DWS Municipal Income Trust shares.

Does Karpus intend to influence control of DWS Municipal Income Trust (KTF)?

Karpus certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of DWS Municipal Income Trust, nor in connection with any transaction having that purpose or effect, other than certain nomination activities.

How much voting power does Karpus have over KTF shares it reports?

Karpus reports sole power to vote or direct the vote over 3,715,549 common shares of DWS Municipal Income Trust and no shared voting power. It also has sole power to dispose or direct the disposition of the same number of shares, with no shared dispositive power.

How is Karpus related to City of London Investment Group in this KTF filing?

Karpus is controlled by City of London Investment Group plc, which is listed on the London Stock Exchange. The filing explains there are effective informational barriers so Karpus exercises voting and investment power over the DWS Municipal Income Trust shares independently of City of London Investment Group.

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

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

DWS Municipal Income Trust

(Name of Issuer)

Common

(Title of Class of Securities)

233368109

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 233368109

1

Names of Reporting Persons

KARPUS MANAGEMENT, INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,715,549.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,715,549.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,715,549.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.49 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: DWS Municipal Income Trust
(b)	Address of issuer's principal executive offices: 875 Third Avenue New York, NY 10022-6225
Item 2.
(a)	Name of person filing: This statement is being filed by Karpus Management, Inc., d/b/a Karpus Investment Management ("Karpus" or the "Reporting Person"). Karpus is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940. Karpus is controlled by City of London Investment Group plc ("CLIG"), which is listed on the London Stock Exchange. However, in accordance with SEC Release No. 34-39538 (January 12, 1998), effective informational barriers have been established between Karpus and CLIG such that voting and investment power over the subject securities is exercised by Karpus independently of CLIG, and, accordingly, attribution of beneficial ownership is not required between Karpus and CLIG. The Shares to which this Schedule 13G relates are owned directly by the accounts managed by Karpus.
(b)	Address or principal business office or, if none, residence: 183 Sully's Trail, Pittsford, New York 14534.
(c)	Citizenship: The members of the Karpus Management Committee are US citizens. Karpus is a New York corporation.
(d)	Title of class of securities: Common
(e)	CUSIP No.: 233368109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3,715,549.00
(b)	Percent of class: 9.49 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,715,549.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 3,715,549.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

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.

KARPUS MANAGEMENT, INC.

Signature:	/s/ Jodi L. Hedberg
Name/Title:	Jodi L. Hedberg / Chief Compliance Officer
Date:	02/13/2026