Filing Details

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D/A Under the Securities Exchange Act of 1934 (Amendment No. 4) ------------------------------------------------------------------------------- DWS Municipal Income Trust ( KTF ) ------------------------------------------------------------------------------- (Name of Issuer) Common Stock ------------------------------------------------------------------------------- (Title of Class of Securities) 233368109 ------------------------------------------------------------------------------- (CUSIP Number) Paul E. Rasmussen 3300 IDS Center 80 South Eighth Street Minneapolis, MN 55402-4130 ------------------------------------------------------------------------------- (Name, Address, and Telephone Number of Person Authorized to Receive Notices and Communications) January 23, 2024 ------------------------------------------------------------------------------- (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 which is the subject of this Schedule 13D, and is filing this schedule because of sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. [X] Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent. * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. 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).

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) [x] ------------------------------------------------------------------------------- 3 SEC USE ONLY ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) 00 ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Incorporated in Minnesota ------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF SHARES ----------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY EACH 5,396,588 Shares REPORTING ----------------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH ----------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 5,396,588 Shares ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,396,588 Shares ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See instructions) [ ] ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.78% ------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON (See Instructions) IA ------------------------------------------------------------------------------- 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) [x] ------------------------------------------------------------------------------- 3 SEC USE ONLY ------------------------------------------------------------------------------- 4 SOURCE OF FUNDS (See Instructions) 00 ------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) [ ] ------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Incorporated in Minnesota ------------------------------------------------------------------------------- 7 SOLE VOTING POWER NUMBER OF SHARES ----------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY EACH 5,396,588 Shares REPORTING ----------------------------------------------------------- PERSON 9 SOLE DISPOSITIVE POWER WITH ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 5,396,588 Shares ------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 5,396,588 Shares ------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (See instructions) [ ] ------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 13.78% 14 TYPE OF REPORTING PERSON (See Instructions) IA EXPLANATORY NOTE This Amendment No. 4 ("Amendment") amends and supplements the statement on Schedule 13D filed on October 6, 2023, as most recently amended by Amendment No. 3 filed on December 28, 2023 (collectively, 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"). Except as specifically provided herein, each Item of the Original Schedule 13D remains unchanged. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Original Schedule 13D. ITEM 4 Purpose of Transaction Item 4 of the Original Schedule 13D is hereby amended to add the following: On January 22, 2024, the Sit Entities delivered a letter to the Issuer expressing concern about the persistently high Net Asset Value ("NAV") discount (the share price relative to net asset value) for the Issuer. The Sit Entities believe that the NAV discount is the result of the Issuer's significant underperformance versus the benchmark and considerable reduction in the size of the Issuer's monthly dividends. The Sit Entities believe that the overuse of leverage is the primary driver of these two factors. The Sit Entities requested that the Issuer take corrective action, including proactive measures to reduce the NAV discount. Such action should include providing shareholders with the opportunity to redeem shares at the Fund's NAV. The investment adviser should refund to the Issuer any management fees collected which were based on the value of the borrowed assets during the periods in which the cost of borrowing exceeded the return on the Issuer's holdings. ITEM 5 Interest in Securities of the Issuer Item 5 of the Original Schedule 13D is hereby amended to read as follows: a) and b) The aggregate percentage of Shares reported owned by Sit Entities herein is based upon 39,172,837 Shares outstanding as of January 23, 2024, which is the total number of Shares outstanding as reported on the Issuer's website. As of the date hereof, the Sit Entities may be deemed to be the beneficial owner of 5,396,588 Shares held in client accounts which represent 13.78% of the Issuer's outstanding Shares. 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 Materials to be Filed as Exhibits Item 7 of the Original Schedule 13D is hereby amended to add the following exhibit: Exhibit B: Letter from the Sit Entities to the Issuer, dated January 19, 2024. 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. January 23, 2024 By: Sit Investment Associates, Inc. /s/ Roger J. Sit ----------------------------------- Name/Title: Roger J. Sit, Chairman & CEO By: Sit Fixed Income Advisors II, LLC /s/ Roger J. Sit ----------------------------------- Name/Title: Roger J. Sit, Chairman & CEO EXHIBIT A Schedule of Transactions in Shares by Sit Entities in the last 60 days: ------------------ ------------------ ------------------ ------------------ Shares of Common Date of Transaction Stock Purchased Price Transaction Type /(Sold) Per Share ($) ------------------ ------------------ ------------------ ------------------ 11/20/2023 BUY 7,800.00 8.37 11/20/2023 BUY 7,855.00 8.37 11/21/2023 BUY 25,000.00 8.36 11/22/2023 BUY 21,871.00 8.3392 11/22/2023 BUY 7,300.00 8.3392 11/24/2023 BUY 12,100.00 8.3391 11/24/2023 BUY 12,900.00 8.3391 11/27/2023 SELL (3,400.00) 8.32 11/28/2023 BUY 9,200.00 8.3599 11/28/2023 BUY 1,916.00 8.359901 11/28/2023 BUY 1,000.00 8.3599 11/28/2023 BUY 1,300.00 8.3599 11/28/2023 BUY 900 8.3599 11/29/2023 BUY 2,147.00 8.4449 11/30/2023 BUY 21,800.00 8.4998 11/30/2023 BUY 28,200.00 8.4998 12/4/2023 BUY 4,707.00 8.646701 12/5/2023 BUY 2,600.00 8.6487 12/5/2023 BUY 1,328.00 8.648697 12/5/2023 BUY 3,600.00 8.6487 12/6/2023 BUY 35,738.00 8.6647 12/7/2023 BUY 172 8.66 12/8/2023 BUY 7,600.00 8.6553 12/8/2023 BUY 5,942.00 8.6553 12/8/2023 BUY 1,100.00 8.6553 12/8/2023 BUY 1,100.00 8.6553 12/11/2023 BUY 3,100.00 8.65 12/11/2023 BUY 3,700.00 8.65 12/11/2023 BUY 3,561.00 8.65 12/11/2023 BUY 2,400.00 8.65 12/12/2023 BUY 13,900.00 8.6494 12/12/2023 BUY 11,906.00 8.6494 12/13/2023 BUY 81,000.00 8.665 12/13/2023 BUY 69,100.00 8.665 12/14/2023 SELL (10,200.00) 8.7627 12/15/2023 BUY 25,000.00 8.7978 12/18/2023 BUY 23,700.00 8.8015 12/18/2023 BUY 20,074.00 8.8015 12/19/2023 BUY 58,200.00 8.8698 12/19/2023 BUY 44,000.00 8.8698 12/19/2023 BUY 5,000.00 8.8698 12/19/2023 BUY 42,200.00 8.8698 12/19/2023 BUY 49,800.00 8.8698 12/19/2023 BUY 42,700.00 8.8698 12/19/2023 BUY 31,900.00 8.8698 12/19/2023 BUY 50,000.00 8.8698 12/21/2023 BUY 10,000.00 8.8585 01/08/2024 BUY 15,498.00 8.9816 01/09/2024 BUY 4,500.00 8.9690 01/09/2024 BUY 2,400.00 8.9690 01/09/2024 BUY 25,000.00 8.9690 01/09/2024 BUY 18,100.00 8.9690 01/11/2024 BUY 1,999.00 8.9900 01/12/2024 BUY 8,975.00 9.0109 01/16/2024 BUY 20,030.00 8.9787