Karpus Reports 7.81% Passive Stake in DWS Municipal Income Trust

Rhea-AI Filing Summary

Karpus Management, Inc. reported beneficial ownership of 3,057,936 shares of DWS Municipal Income Trust common stock, representing 7.81% of the class. The filing states Karpus has sole voting and dispositive power over these shares and that the shares are held in accounts it manages. Karpus identifies itself as a New York-registered investment adviser controlled by City of London Investment Group plc but says effective informational barriers mean CLIG does not exercise voting or investment power over these shares. The filing is made on a Schedule 13G (Amendment No. 1), indicating a passive investor position rather than an attempt to influence control.

Positive

• Material disclosure of ownership: 3,057,936 shares (7.81%) reported, providing transparency to the market.
• Sole voting and dispositive power: Karpus reports exclusive voting and disposition authority over the disclosed shares.
• Schedule 13G classification: Filing indicates the stake is held passively and not for control purposes.
• Informational barrier disclosure: Statement that Karpus operates independently from its parent (CLIG) clarifies attribution considerations.

Negative

• None.

Insights

Financial Analyst

TL;DR Karpus holds a material 7.81% passive stake with sole voting and dispositive control, a noteworthy ownership position for investors to monitor.

Karpus' disclosed 7.81% holding is material relative to typical mutual fund/trust free floats and could affect liquidity or be relevant in proxy matters even if held passively. The filing under Rule 13d-1(b)/(c) (Schedule 13G) and the certification that the position is held in the ordinary course of business indicate no intent to change control. Sole voting and dispositive power reported for the full stake means Karpus can act unilaterally with respect to votes and dispositions, which is important for understanding potential block trades or proxy voting outcomes.

Corporate Governance Expert

TL;DR A >5% disclosure with sole voting power is governance-relevant, though the 13G status signals passive intent.

The filing appropriately discloses the reporter's control rights and the informational barrier with its parent company. From a governance perspective, a holder with sole voting power over 7.81% can influence shareholder votes if it chooses, even absent an expressed activist agenda. The explicit certification that holdings are not for control purposes and the Schedule 13G classification reduce immediate governance concerns, but the size of the stake makes future voting positions a point of interest for other shareholders and the board.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

DWS Municipal Income Trust

(Name of Issuer)

Common

(Title of Class of Securities)

233368109

(CUSIP Number)

06/30/2025

(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 3,057,936.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,057,936.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,057,936.00

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)

7.81 %

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: 345 Park Avenue, New York, NY 10154
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: 3,057,936.00
(b)	Percent of class: 7.81 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3,057,936.00
	(ii) Shared power to vote or to direct the vote: 0.00
	(iii) Sole power to dispose or to direct the disposition of: 3,057,936.00
	(iv) Shared power to dispose or to direct the disposition of: 0.00
Item 5.	Ownership of 5 Percent or Less of a Class.
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:	08/14/2025

FAQ

How many shares of DWS Municipal Income Trust does Karpus Management own (KTF)?

Karpus Management reports beneficial ownership of 3,057,936 shares of DWS Municipal Income Trust common stock.

What percentage of DWS Municipal Income Trust does Karpus Management hold?

The filing states Karpus holds 7.81% of the outstanding common shares.

Does Karpus have voting control over its shares of DWS Municipal Income Trust?

Yes. The Schedule 13G reports sole voting power and sole dispositive power over all 3,057,936 shares.

Is this filing an indication that Karpus intends to seek control of DWS Municipal Income Trust?

No. The report is filed on Schedule 13G, and the certification states the shares are held in the ordinary course of business and not for the purpose of changing or influencing control.

Who filed this Schedule 13G/A for Karpus Management?

The filing was signed by Jodi L. Hedberg, Chief Compliance Officer of Karpus Management, Inc., dated 08/14/2025.