KTF - DWS Municipal Income Trust

What this means for you

Sit Investment has told the regulator it may push for changes at this fund. That usually means asking the fund to buy back shares at close to the full value of its holdings, to change who runs it, or to close down and pay holders out.

Nothing is required of you now. If the fund itself announces a buy-back or a vote, it appears in the box above with the date by which you would need to act.

Large investors can also sell down and walk away. We show every notice they file, the day it is filed.

Email me if this changes

What happened, and when

1. Sept 14, 2026

   The fund said it will repay some borrowed money on Oct 14, 2026.

   Original document →

2. Aug 14, 2026

   Karpus cut its stake to 7.1% (from 8.4%), as a passive investor.

   Original document →

3. Aug 7, 2026

   Sit Investment cut its stake to 24.1% (from 25.1%). It has said it may push for changes.

   Original document →

4. May 14, 2026

   Karpus cut its stake to 8.4% (from 9.5%), as a passive investor.

   Original document →

5. Feb 13, 2026

   Karpus raised its stake to 9.5% (from 7.8%), as a passive investor.

   Original document →

About this fund

• Run by DWS Investment Management Americas, Inc. Part of the DWS fund family. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Size: about $361 million of holdings, as of May 31, 2026. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 37% on top of its own money, as of May 31, 2026. Borrowed money makes gains and losses bigger. About 91% of that is money the fund has borrowed by selling preferred shares. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.8% a year in management fees; 0.9% a year in total, including interest on borrowed money. Fiscal year ended Nov 30, 2025. As of Nov 30, 2025, from the fund's yearly report. Original document →
• Payouts: last fiscal year (ended Nov 30, 2025) the fund paid $0.75 a share. $0.38 of that was income; $0.02 came from gains; $0.35 was your own money back, not income. As of Nov 30, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Nov 30, 2025): $9.44. The shares traded at $9.12, about 3.4% below that. As of Nov 30, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 1.1% over the last three months we have (March-May 2026), before the share price is taken into account. Over the last 12 months: +10.8%. As of May 31, 2026, from the fund's quarterly holdings report. Original document →
• How the holdings did over the fiscal year (ended Nov 30, 2025): the value of the holdings returned -0.9%. How the share price did: the shares returned -1.7% over the same year, counting payouts and the change in the market price. As of Nov 30, 2025, from the fund's annual report. Original document →
• First reported to the regulator in 1995.

What the fund holds

Almost all tax-free municipal bonds (100%). About 100% issued in the U.S.

1. Southeastern Pennsylvania Transportation Authority, S Estrn PA Transprtn Auth - 2.9%
2. New Braunfels Independent School District, New Braunfels TX Indep Sch Dist - 2.9%
3. Main Street Natural Gas Inc GA Gas Revenue - 2.9%
4. City & County of Denver CO Airport System Revenue, Denver City & Cnty Co Arpt Revenue - 2.6%
5. New York City Transitional Finance Authority Future Tax Secured Revenue, New York City NY Transitional Fin Auth Rev - 4.6%
6. Colorado Health Facilities Authority, Colorado St Hlth Facs Auth Revenue - 2.6%
7. Empire State Development, New York St Urban Dev Corp Revenue - 2.4%
8. Nebraska Public Power District, Nebraska St Public Pwr Dist Revenue - 2.3%
9. Energy Northwest, Energy N W Wa Elec Revenue - 2.2%
10. Chicago O'Hare International Airport, Chicago Il O'hare International Arpt Revenue - 1.9%

As of May 31, 2026, from the fund's quarterly holdings report. Original document →