Diane Kenneally
About Diane Kenneally
Diane Kenneally (born 1966) serves as Treasurer and Chief Financial Officer of DWS Municipal Income Trust (KTF) since 2018 and is Head of the Fund Administration Treasurer’s Office at DWS (since 2024) . She is also Treasurer, Chief Financial Officer and Controller of DBX ETF Trust (2019–present) and Treasurer/Chief Financial Officer of The European Equity Fund, Inc., The New Germany Fund, Inc., and The Central and Eastern Europe Fund, Inc. (2018–present) . Officers are considered “interested persons,” are elected annually by the Board, and receive no direct compensation from the Fund (they are compensated by DWS or affiliates) . As of August 1, 2025, Board Members and officers collectively own less than 1% of the Fund’s outstanding shares, and none owned any Preferred Shares; the Fund has approved termination with a liquidating distribution no later than November 30, 2026, which will define near-term strategic execution priorities .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| DWS Funds | Assistant Treasurer | 2007–2018 | Senior treasury support across DWS fund complex |
| DWS Treasurer’s Office | Co-Head | 2018–2024 | Co-led treasury office operations and controls for DWS funds |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| DWS | Head, Fund Administration Treasurer’s Office | 2024–present | Leads treasury administration function supporting multiple DWS funds |
| DBX ETF Trust | Treasurer, Chief Financial Officer & Controller | 2019–present | CFO/Treasurer responsibilities for DBX ETF Trust |
| The European Equity Fund, Inc. | Treasurer & Chief Financial Officer | 2018–present | CFO/Treasurer for closed-end fund |
| The New Germany Fund, Inc. | Treasurer & Chief Financial Officer | 2018–present | CFO/Treasurer for closed-end fund |
| The Central and Eastern Europe Fund, Inc. | Treasurer & Chief Financial Officer | 2018–present | CFO/Treasurer for closed-end fund |
| DWS | Director | Not specified | Governance role at DWS noted in officer bio |
Fixed Compensation
- Fund-level: Interested persons (including officers) receive no compensation from the Fund; compensation occurs at DWS or affiliates and is not disclosed in the Fund’s proxy .
Performance Compensation
- Not disclosed at the Fund level; any performance-based compensation would be at DWS/affiliate level and is not provided in KTF’s proxy materials .
Equity Ownership & Alignment
| Ownership Metric | Value | As-of Date |
|---|---|---|
| Aggregate holdings of Board Members and officers (common) | <1% of outstanding shares | Aug 1, 2025 |
| Preferred shares owned by Independent Board Members and officers | 0 | Aug 1, 2025 |
| Independent Board Members’ individual common share holdings | 0 (each listed) | Aug 1, 2025 |
- No officer-level breakdown (vested vs unvested, options) is disclosed for KTF; officer holdings are only referenced in aggregate with Board Members .
- Stock pledging, hedging, or ownership guideline disclosures for officers are not provided in KTF’s proxy; bylaws discuss shareholder hedging/derivative positions in nomination notices, not officer policies .
Employment Terms
- Officers are elected annually by the Board and, due to positions with DWS/affiliates, are deemed “interested persons” under the 1940 Act .
- No employment contract, severance, change-of-control economics, clawbacks, gross-ups, or deferred compensation terms are disclosed in the Fund’s proxy for officers .
- Governance context: Independent Board oversees the Fund; in 2024 the Board held five regular and one special meeting, with each Board Member attending at least 75% of meetings. Independent Board Members select independent counsel and conduct private sessions, supporting oversight of advisory fees and fund matters .
Investment Implications
- Alignment: With officers and Board Members collectively owning <1% of common shares and officers receiving no direct fund compensation, pay-for-performance alignment at the Fund level is limited; any incentive alignment would reside within DWS compensation structures, which are undisclosed at KTF .
- Retention/Execution: Kenneally’s multi-fund CFO/Treasurer responsibilities and leadership of DWS’s Fund Administration Treasurer’s Office indicate institutional continuity and operational depth; upcoming KTF termination by Nov 30, 2026 elevates execution risk around wind-down and distributions, where treasury controls and liquidity management are pivotal .
- Trading signals: Lack of officer-level ownership and absence of disclosed performance-linked compensation reduce insider-driven signals at the Fund level; focus should remain on discount to NAV, distribution policy, advisor fee reviews, and wind-down timing reviewed by the Independent Board and its committees .