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Sit Investment Associates Inc. – ‘SC 13D/A’ on 3/28/24 re: DWS Municipal Income Trust

On:  Thursday, 3/28/24, at 5:25pm ET   ·   Accession #:  769317-24-56   ·   File #:  5-46835

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer

 3/28/24  Sit Investment Associates Inc.    SC 13D/A               2:234K DWS Municipal Income Trust

Amendment to Statement of Acquisition of Beneficial Ownership by an “Active” Investor   —   Schedule 13D   —   WA’68

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: SC 13D/A    Amendment to Statement of Acquisition of               6     19K 
                Beneficial Ownership by an "Active" Investor                     
 2: SC 13D/A    Amendment to Statement of Acquisition of             PDF    222K 
                Beneficial Ownership by an "Active" Investor --                  
                StandstillAgreement

‘SC 13D/A’   —   Amendment to Statement of Acquisition of Beneficial Ownership by an “Active” Investor

Document Table of Contents

Page (sequential)   (alphabetic) ↑Top
 
11st Page  –  Filing Submission
4Item 4. Purpose of Transaction
"Item 5. Interest in Securities of the Issuer
5Item 7. Materials to be Filed as Exhibits 
SC 13D/A1st Page of 6TOC↑TopPreviousNext↓BottomJust 1st
 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

  SCHEDULE 13D/A
Under the Securities Exchange Act of 1934 

 (Amendment No. 5)
------------------------------------------------------------------------------  
  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) 

March 28, 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]                                                    

* 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).                                                                 


SC 13D/A2nd Page of 6TOC1stPreviousNext↓BottomJust 2nd

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                   5,716,673 Shares                                   
  REPORTING        -----------------------------------------------------------
PERSON           9     SOLE DISPOSITIVE POWER                             
WITH                                                                      
                     -----------------------------------------------------------
10    SHARED DISPOSITIVE POWER          

5,716,673 Shares            
------------------------------------------------------------------------------- 
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON               

5,716,673 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)                         

14.59%                                                                
------------------------------------------------------------------------------- 
14   TYPE OF REPORTING PERSON (See Instructions)                                

IA                                                                    
------------------------------------------------------------------------------- 


SC 13D/A3rd Page of 6TOC1stPreviousNext↓BottomJust 3rd

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                   5,716,673 Shares                                   
  REPORTING        -----------------------------------------------------------
PERSON            9     SOLE DISPOSITIVE POWER                            
WITH                                                                      
                     -----------------------------------------------------------
10    SHARED DISPOSITIVE POWER          

5,716,673 Shares            
------------------------------------------------------------------------------- 
11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON               

5,716,673 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)                         

14.59%                                                                

14   TYPE OF REPORTING PERSON (See Instructions)                                

IA                                                                    


SC 13D/A4th Page of 6TOC1stPreviousNext↓BottomJust 4th

EXPLANATORY NOTE                                                                

This Amendment No. 5 ("Amendment") amends and supplements the statement on      
Schedule 13D filed on October 6, 2023, as most recently amended by              
Amendment No. 4 filed on January 23, 2024 (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 March 28, 2024, the Sit Entities entered into the Standstill Agreement       
with and among the Issuer, DWS Strategic Municipal Income Trust, and DWS        
Investment Management Americas, Inc.                                            

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 March 28, 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 5,716,673 Shares held in client accounts which              
represent 14.59% 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.                                                              


SC 13D/A5th Page of 6TOC1stPreviousNext↓BottomJust 5th

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: The Standstill Agreement with and among the Sit Entities, the        
Issuer, DWS Strategic Municipal Income Trust, and DWS Investment Management     
Americas, Inc.                                                                  

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.                                                          
March 28, 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                            


SC 13D/ALast Page of 6TOC1stPreviousNext↓BottomJust 6th

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 ($)
------------------ ------------------      ------------------ ------------------
01/30/2024              BUY                     18,688.00                   8.89
01/31/2024              BUY                     17,400.00                   8.99
01/31/2024              BUY                     7,963.00                    8.99
02/01/2024              BUY                     26,511.00                   9.09
02/05/2024              BUY                     3,391.00                    8.95
02/06/2024              BUY                     700.00                      8.96
02/06/2024              BUY                     500.00                      8.96
02/06/2024              BUY                     400.00                      8.96
02/06/2024              BUY                     3,000.00                    8.96
02/06/2024              BUY                     1,900.00                    8.96
02/06/2024              BUY                     600.00                      8.96
02/06/2024              BUY                     2,300.00                    8.96
02/06/2024              BUY                     394.00                      8.96
02/06/2024              BUY                     400.00                      8.96
02/07/2024              BUY                     5,900.00                    9.03
02/07/2024              BUY                     4,600.00                    9.03
02/07/2024              BUY                     14,500.00                   9.03
02/14/2024              BUY                     25,400.00                   8.97
02/14/2024              BUY                     11,600.00                   8.97
03/12/2024              BUY                     941.00                      9.02
03/12/2024              BUY                     7,200.00                    9.02
03/12/2024              BUY                     8,300.00                    9.02
03/12/2024              BUY                     7,300.00                    9.02
03/12/2024              BUY                     5,500.00                    9.02
03/13/2024              BUY                     500.00                      9.03
03/13/2024              BUY                     4,000.00                    9.03
03/13/2024              BUY                     4,607.00                    9.03
03/13/2024              BUY                     4,000.00                    9.03
03/13/2024              BUY                     3,000.00                    9.03
03/14/2024              BUY                     15,200.00                   9.00
03/14/2024              BUY                     2,900.00                    9.00
03/14/2024              BUY                     12,200.00                   9.00
03/14/2024              BUY                     9,500.00                    9.00
03/14/2024              BUY                     13,200.00                   9.00
03/14/2024              BUY                     22,000.00                   9.00

Dates Referenced Herein   and   Documents Incorporated by Reference

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