Yvonne Wong
About Yvonne Wong
Assistant Treasurer of DWS Municipal Income Trust (KTF) since 2023; year of birth 1960. She is a Vice President at DWS and a Senior Analyst in Fund Administration, and also serves as Assistant Treasurer of DBX ETF Trust (since 2023) . Fund officers employed by DWS are deemed “interested persons” and receive no direct compensation from the Fund; they are compensated by DWS or affiliates . For context on fund performance during her tenure, see the Performance & Track Record tables below (NAV and market total-return data, and discount evolution) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| DWS | Vice President | Not disclosed | Not disclosed in Fund filings |
| DWS | Fund Administration (Senior Analyst) | Not disclosed | Not disclosed in Fund filings |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| DBX ETF Trust | Assistant Treasurer | 2023–present | Concurrent role with DWS Municipal Income Trust |
Performance & Track Record
Average annual total returns (1-year) and trading levels around the period since her appointment.
| Metric | As of 5/31/23 | As of 5/31/24 | As of 5/31/25 |
|---|---|---|---|
| 1-Year Total Return (NAV) | -2.63% | 4.15% | -1.76% |
| 1-Year Total Return (Market Price) | -9.00% | 14.78% | 3.90% |
| Trading Metrics | As of 5/31/23 | As of 5/31/24 | As of 5/31/25 |
|---|---|---|---|
| NAV ($) | 10.04 | 10.01 | 9.10 |
| Market Price ($) | 8.50 | 9.34 | 8.98 |
| Premium/(Discount) | (15.34%) | (6.69%) | (1.32%) |
Note: Returns are per semiannual shareholder reports and reflect reinvested distributions; they do not isolate any individual officer’s contribution .
Fixed Compensation
- Officers who are officers/directors/employees of DWS (or affiliates) “receive no direct compensation from the Fund,” though they are compensated as DWS employees .
- As DWS employees, detailed elements such as base salary and cash bonus for officers are not disclosed in KTF’s proxy; “interested persons receive no compensation from the Funds” .
Performance Compensation
- The Fund does not disclose incentive metric frameworks (e.g., revenue, EBITDA, TSR) for fund officers; performance-based pay, if any, would be governed by DWS policies, not by KTF-specific pay plans .
- No award schedules (RSUs/PSUs/options), vesting structures, or payout curves are disclosed for fund officers in KTF filings .
Equity Ownership & Alignment
| Item | 2024 | 2025 |
|---|---|---|
| Collective ownership by Board Members and officers | <1% of outstanding shares (as of Aug 1, 2024) | <1% of outstanding shares (as of Aug 1, 2025) |
| Officer-specific holdings (Y. Wong) | Not individually disclosed | Not individually disclosed |
| Shares pledged as collateral | Not disclosed | Not disclosed |
Section 16(a) compliance: The Fund reported all required insider ownership filings were timely for the year ended Nov 30, 2023; no specific insider transaction details are presented in the proxy .
Employment Terms
| Term | Disclosure |
|---|---|
| Employer/Compensation Source | DWS Investment Management Americas, Inc. (DIMA) is the investment advisor/administrator; officers employed by DWS receive compensation from DWS, not from the Fund . |
| Officer Status | Considered “interested persons” due to positions with DIMA; interested persons receive no compensation from the Fund . |
| Address on file for officers | 875 Third Avenue, New York, NY 10022 (or as otherwise indicated) . |
| Employment agreement, severance, change-in-control | Not disclosed at the Fund level; no Fund-paid severance or CIC economics for officers are disclosed . |
| Clawback, hedging, pledging, ownership guidelines (officers) | Not disclosed for officers in Fund filings; Board-level investment expectation exists but relates to Board, not officers . |
| Governance/Timing Consideration | The Board approved termination of KTF with liquidating distribution no later than Nov 30, 2026, which may shorten horizon for Fund roles . |
Investment Implications
- Pay-for-performance alignment at the Fund level is limited for officers: compensation is paid by DWS, with no Fund-paid cash or equity shown; thus, traditional pay-for-performance linkages (targets, payouts) are not disclosed for Y. Wong .
- Equity alignment appears low at the officer cohort level (collectively with Board <1% ownership), and no officer-specific holdings or pledging disclosures are provided—reducing direct ownership incentives or sell-pressure insights .
- Trading signals from insider activity: the Fund reports Section 16 compliance but provides no officer-level Form 4 detail; monitor future Section 16 filings for any meaningful insider accumulation or disposition .
- Execution/retention risk is tied to DWS corporate HR policies and organizational stability rather than Fund-specific employment economics; the planned liquidation by Nov 30, 2026 may influence resourcing and tenure considerations for Fund officers .
Citations:
- Officer biography and roles:
- Compensation structure (no Fund-paid comp for DWS officers):
- Ownership (Board/officers <1%):
- Section 16 compliance statement:
- Fund performance and trading levels:
- Fund termination plan: