John Millette
About John Millette
John Millette (year of birth: 1962) serves as Vice President and Secretary of DWS Municipal Income Trust (KTF), a role he has held since 1999. He is a Director at DWS and Associate General Counsel, and serves as Chief Legal Officer of DWS Investment Management Americas, Inc., reflecting deep legal and governance expertise within the DWS complex . In fund filings he is also listed as an agent for service for KTF (Boston address), underscoring his operational role in the Trust’s regulatory processes . KTF’s proxy statements disclose that fund officers who are employees of DWS receive no direct compensation from KTF, and that Board Members and officers as a group own less than 1% of KTF’s outstanding shares; no officer-specific equity ownership amounts are provided .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Deutsche Investment Management Americas Inc. | Secretary | 2015–2017 | Legal and corporate secretary responsibilities supporting DWS-advised funds . |
| DBX ETF Trust | Assistant Secretary | 2019–2020 | ETF trust governance and regulatory documentation support . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| DWS Investment Management Americas, Inc. | Chief Legal Officer | 2015–present | Leads legal oversight for the U.S. investment adviser to the DWS funds, including KTF . |
| DWS (Group/Legal) | Director; Associate General Counsel | Current | Senior legal leadership within DWS, supporting fund governance and compliance . |
| DWS Trust Company | Director and Vice President | 2016–present | Trust company governance and oversight for DWS products . |
| DBX Advisors LLC | Vice President | 2021–present | Management/oversight role at DWS’s ETF adviser affiliate . |
| DBX ETF Trust | Secretary | 2020–present | Primary legal/secretarial officer for ETF trust governance . |
| Cayman Real Assets Fund, Ltd. | Director | 2018–present | Board oversight at affiliated offshore vehicle . |
| Cayman Commodity Fund II, Ltd. | Director | 2018–present | Board oversight at affiliated offshore vehicle . |
| The European Equity Fund, Inc.; The New Germany Fund, Inc.; The Central and Eastern Europe Fund, Inc. | Secretary | 2011–present | Corporate secretary for closed-end funds in the DWS complex . |
| KTF (DWS Municipal Income Trust) | Vice President and Secretary | 1999–present | Senior officer overseeing governance and regulatory documentation for KTF . |
Fixed Compensation
- Officers who are officers, directors, employees or stockholders of DWS or affiliates receive no direct compensation from KTF; they are compensated by DWS or affiliates (no base salary, bonus, or perquisites disclosed at the fund level) .
- No pension or retirement benefits are paid by KTF to Independent Board Members; officers (as interested persons) receive no compensation from the Fund (officer benefits are not disclosed at KTF) .
Performance Compensation
- No stock, option, RSU/PSU awards, vesting schedules, or performance-based metrics are disclosed for KTF officers; compensation is paid by DWS and not reported at the fund level .
- No severance, retention, or discretionary bonus structures are disclosed for KTF officers; no change-in-control provisions are disclosed for officers at the Fund level .
Equity Ownership & Alignment
- Beneficial ownership: KTF states that Board Members and officers as a group own less than 1% of KTF’s outstanding shares; officer-level breakdowns are not provided .
- Board Member share tables show zero KTF holdings for named Independent Board Members; officers are not individually itemized .
- Pledging/hedging: No pledging or hedging disclosures for officers are provided .
- Ownership guidelines: The Board (not officers) has an expectation that within three years of becoming a Board Member, a member will have invested at least $315,000 in DWS funds; this disclosure applies to Board Members and not to officers .
Employment Terms
- Officers are elected annually by the Board; no officer employment contracts, non-compete, non-solicit, or auto-renewal terms with KTF are disclosed .
- No severance or change-of-control terms for officers are disclosed at the Fund level .
- Context: The Board has approved liquidation of KTF with a liquidating distribution no later than November 30, 2026; no officer transition arrangements are disclosed in connection with the liquidation .
Performance & Track Record
- Governance and disclosure: John Millette signs KTF’s SEC filings as Secretary (e.g., 8-K dated March 27, 2024), reflecting responsibility for fund records and regulatory submissions .
- Role confirmation and service address: Listed as Vice President and Secretary and agent for service in KTF’s N-PX, with service address in Boston, MA .
- Board and committees information in proxies pertains to Independent Board Members; Mr. Millette is not a Board Member .
Risk Indicators & Red Flags
- Section 16(a) compliance: KTF reports all required insider ownership filings were timely for the fiscal year ended November 30, 2024 .
- No disclosures of hedging/pledging, related-party transactions involving officers, option repricings, or legal proceedings related to Mr. Millette in KTF filings reviewed .
Investment Implications
- Pay-for-performance analysis is not feasible at the fund level: officers receive no direct compensation from KTF, and no incentive metrics or equity awards are disclosed for officers; thus, traditional alignment levers (e.g., RSUs/options, performance scorecards) are not observable in KTF filings .
- Insider selling pressure and trading signals are limited: officers’ individual beneficial ownership is not disclosed; the group of Board Members and officers collectively owns less than 1% of KTF, and no pledging or vesting schedules are reported, reducing visibility into potential selling overhangs .
- Retention/contract risk at the Fund is low to assess from filings: officers are elected annually and employed by DWS; KTF discloses no officer-level severance or change-in-control terms. The approved liquidation by November 30, 2026 provides structural context but no officer-specific transition terms are disclosed .
Key gaps remain: base pay, target/actual bonuses, incentive weightings, equity award terms, ownership pledges, and severance/CIC terms are not disclosed at the Fund level for officers; any such details would reside with DWS (the employer), not KTF .