<p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">DWS Municipal Incom...

<p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">DWS Municipal Income Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/KTF">KTF</a>) (the "Fund")</b> announced today that effective July 20, 2026, Michael J. Generazo has left the Fund’s portfolio management team. The Fund will continue to be managed by Chad H. Farrington along with Matthew Caggiano, CFA, DWS, Managing Director and Head of Investment Strategy Fixed Income, who has joined the Fund’s portfolio management team effective July 20, 2026. Mr. Caggiano joined DWS in 1989 and is the Co-Head of DWS’s Municipal Bond Department and currently manages seven DWS open-end municipal bond funds. He has a BS from Pennsylvania State University; and a MS from Boston College.

</p><p xmlns="http://www.w3.org/1999/xhtml">
For more information on the Fund, including its most recent month-end performance, visit dws.com

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<b xmlns="http://www.w3.org/1999/xhtml">Important Information</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">DWS Municipal Income Trust. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds, and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Leverage results in additional risks and can magnify the effect of any gains or losses. Although the Fund seeks income that is exempt from federal income taxes, a portion of the Fund’s distributions may be subject to federal, state and local taxes, including the alternative minimum tax.</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are bought and sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to the net asset value. The price of a fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Past performance is no guarantee of future results.</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Certain statements contained in this release may be forward-looking in nature. These include all statements relating to plans, expectations, and other statements that are not historical facts and typically use words like "expect," "anticipate," "believe," "intend," "estimated" and similar expressions. Such statements represent management’s current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Management does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The following factors, among others, could cause actual results to differ materially from forward-looking statements: (i) the effects of adverse changes in market and economic conditions; (ii) legal and regulatory developments; and (iii) other additional risks and uncertainties, including public health crises (including the pandemic spread of viruses), war, terrorism, trade disputes and related geopolitical events.</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in US and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.</b>

</p><p xmlns="http://www.w3.org/1999/xhtml" class="bwalignc">
<b xmlns="http://www.w3.org/1999/xhtml">NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO BANK GUARANTEE 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br><b xmlns="http://www.w3.org/1999/xhtml">NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">DWS Distributors, Inc. 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>222 South Riverside Plaza
<br xmlns="http://www.w3.org/1999/xhtml"></br>Chicago, IL 60606-5808
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="https://cts.businesswire.com/ct/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.dws.com&amp;esheet=54573744&amp;newsitemid=20260720604205&amp;lan=en-US&amp;anchor=www.dws.com&amp;index=1&amp;md5=8a493b55e9c20ccb9cdd55bf516f427b" shape="rect">www.dws.com 
</a><br xmlns="http://www.w3.org/1999/xhtml"></br>Tel (800) 621-1148
<br xmlns="http://www.w3.org/1999/xhtml"></br>&#xA9; 2026 DWS Group GmbH &amp; Co. KGaA. All rights reserved

</p><p xmlns="http://www.w3.org/1999/xhtml">
The brand DWS represents DWS Group GmbH &amp; Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services<b xmlns="http://www.w3.org/1999/xhtml">. (R- 111020-1) (07/26)</b>

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260720604205r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260720604205/en/" rel="nofollow">https://www.businesswire.com/news/home/20260720604205/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml"><span xmlns="http://www.w3.org/1999/xhtml" class="bwuline">For additional information: 
</span></b><br xmlns="http://www.w3.org/1999/xhtml"></br><b xmlns="http://www.w3.org/1999/xhtml">DWS Press Office (212) 454-4500
<br xmlns="http://www.w3.org/1999/xhtml"></br>Shareholder Account Information (800) 294-4366 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br><b xmlns="http://www.w3.org/1999/xhtml">DWS Closed-End Funds (800) 349-4281</b>

</p>

DWS Municipal Income Trust Announces Portfolio Manager Changes

DWS Municipal Income Trust appoints new PM ahead of July 20, 2026

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>&lt;p xmlns=&quot;http://www.w3.org/1999/xhtml&quot;&gt;
&lt;b xmlns=&quot;http://www.w3.org/1999/xhtml&quot;&gt;DWS Municipal Incom...</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>DWS Municipal Income Trust named Matthew Caggiano to join Chad Farrington on the portfolio-management team, effective July 20, 2026, with Generazo departing. The appointment leverages Caggiano&#039;s long municipal-bond leadership to maintain strategy amid transitions. Investors should watch for changes in risk posture and potential effects on the fund’s discount to NAV, distributions, and liquidity dynamics as the transition unfolds.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>Effective July 20, 2026, Generazo leaves PM team; Farrington and Caggiano take over.</li><li>Caggiano, Co-Head of Municipal Bond Dept since 1989, joins the PM team.</li><li>Fund will still be managed by Farrington and Caggiano, preserving continuity.</li><li>DWS notes risks in munis and that closed-end discounts may persist.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>DWS Municipal Income Trust (KTF)</strong>: Leadership transition; PM team expansion; potential impact on portfolio strategy and discount to NAV.</li><li><strong>DWS Group GmbH &amp; Co. KGaA (N/A)</strong>: Sponsor backing for the fund; long-standing municipal-bond franchise; continuity through leadership change.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>This is a Corporate Developments update within the Industry News/Corporate category, signaling governance and portfolio-management changes that can affect KTF&#039;s risk profile and performance trajectory.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>PM transition could influence KTF&#039;s performance and its market discount to NAV.</li><li>Municipal market conditions and rate shifts will drive near-term distribution stability.</li><li>DWS&#039;s muni-bond leadership change may affect fund liquidity and trading dynamics.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Effective July 20, 2026: Generazo leaves PM team; Farrington and Caggiano assume duties.</li><li>Caggiano joined DWS in 1989; Co-Head of Municipal Bond Department.</li><li>Caggiano now on KTF PM team; holds BS Penn State and MS Boston College.</li><li>DWS Municipal Income Trust (KTF) is a closed-end fund; taxes may apply to distributions.</li><li>Press release notes forward-looking statements and risks including market conditions and geopolitics.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Neutral stance; expect minimal disruption and potential discount tightening if transition proves smooth over 3-6 months.</p>
  </section>
</section>


<article>
  <section id="lead">
    <p><strong>DWS Municipal Income Trust</strong> (NYSE:KTF) (the "Fund") announced today that effective <strong>July 20, 2026</strong>, Michael J. Generazo has left the Fund’s portfolio management team. The Fund will continue to be managed by Chad H. Farrington along with Matthew Caggiano, CFA, DWS, Managing Director and Head of Investment Strategy Fixed Income, who has joined the Fund’s portfolio management team effective July 20, 2026. Mr. Caggiano joined DWS in 1989 and is the Co-Head of DWS’s Municipal Bond Department and currently manages seven DWS open-end municipal bond funds. He has a BS from Pennsylvania State University; and a MS from Boston College.</p>
  </section>

  <section aria-labelledby="details-title">
    <h2 id="details-title">Portfolio Management Change: Key Details</h2>
    <ul>
      <li>Effective <strong>July 20, 2026</strong>: Michael J. Generazo leaves the Fund’s portfolio management team.</li>
      <li>The Fund will continue to be managed by Chad H. Farrington along with <strong>Matthew Caggiano</strong>, CFA, DWS, Managing Director and Head of Investment Strategy Fixed Income, who has joined the Fund’s portfolio management team effective July 20, 2026.</li>
      <li>Mr. Caggiano joined DWS in 1989 and is the Co-Head of DWS’s Municipal Bond Department and currently manages seven DWS open-end municipal bond funds.</li>
      <li>Educational background: He has a <strong>BS</strong> from Pennsylvania State University; and a <strong>MS</strong> from Boston College.</li>
    </ul>
  </section>

  <section aria-labelledby="more-info-title">
    <h2 id="more-info-title">Additional Information</h2>
    <p>For more information on the Fund, including its most recent month-end performance, visit dws.com</p>
  </section>

  <section aria-labelledby="important-info-title">
    <h3 id="important-info-title">Important Information</h3>
    <p><strong>DWS Municipal Income Trust. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds, and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Leverage results in additional risks and can magnify the effect of any gains or losses. Although the Fund seeks income that is exempt from federal income taxes, a portion of the Fund’s distributions may be subject to federal, state and local taxes, including the alternative minimum tax.</strong></p>
  </section>

  <section aria-labelledby="fund-structure-title">
    <h2 id="fund-structure-title">Fund Structure and Disclosures</h2>
    <p><strong>Closed-end funds</strong>, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are bought and sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to the net asset value. The price of a fund’s shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.</p>
  </section>

  <section aria-labelledby="past-performance-title">
    <h2 id="past-performance-title">Performance Disclaimer</h2>
    <p><strong>Past performance is no guarantee of future results.</strong></p>
  </section>

  <section aria-labelledby="offer-disclaimer-title">
    <h2 id="offer-disclaimer-title">Regulatory and Legal Disclaimers</h2>
    <p><strong>This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.</strong></p>
  </section>

  <section aria-labelledby="forward-looking-title">
    <h2 id="forward-looking-title">Forward-Looking Statements and Risks</h2>
    <p><strong>Certain statements contained in this release may be forward-looking in nature. These include all statements relating to plans, expectations, and other statements that are not historical facts and typically use words like "expect," "anticipate," "believe," "intend," "estimated" and similar expressions. Such statements represent management’s current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Management does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. The following factors, among others, could cause actual results to differ materially from forward-looking statements: (i) the effects of adverse changes in market and economic conditions; (ii) legal and regulatory developments; and (iii) other additional risks and uncertainties, including public health crises (including the pandemic spread of viruses), war, terrorism, trade disputes and related geopolitical events.</strong></p>
  </section>

  <section aria-labelledby="war-risk-title">
    <h2 id="war-risk-title">Geopolitical and Market Risk</h2>
    <p><strong>War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in US and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Fund and its investments.</strong></p>
  </section>

  <section aria-labelledby="insurance-title">
    <h2 id="insurance-title">Investor Disclosures</h2>
    <p><strong>NOT FDIC/ NCUA INSURED • MAY LOSE VALUE • NO BANK GUARANTEE</strong><br><strong>NOT A DEPOSIT • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY</strong></p>
  </section>

  <section aria-labelledby="contact-title">
    <h2 id="contact-title">Additional Information and Contacts</h2>
    <p><strong>DWS Distributors, Inc.</strong><br>222 South Riverside Plaza<br>Chicago, IL 60606-5808<br><a href="http://www.dws.com" rel="nofollow">www.dws.com</a><br>Tel (800) 621-1148<br>© 2026 DWS Group GmbH & Co. KGaA. All rights reserved</p>
  </section>

  <section aria-labelledby="brand-title">
    <p><strong>The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc., which offers investment products, or DWS Investment Management Americas, Inc. and RREEF America L.L.C., which offer advisory services</strong>. (R- 111020-1) (07/26)</p>
  </section>

  <section aria-labelledby="source-title">
    <p>View source version on businesswire.com: <a href="https://www.businesswire.com/news/home/20260720604205/en/" rel="nofollow">https://www.businesswire.com/news/home/20260720604205/en/</a></p>
  </section>

  <section aria-labelledby="additional-info-title">
    <h2 id="additional-info-title">For additional information</h2>
    <p><strong>DWS Press Office</strong> (212) 454-4500<br>Shareholder Account Information (800) 294-4366<br><strong>DWS Closed-End Funds</strong> (800) 349-4281</p>
  </section>

</article>

DWS Municipal Income Trust named Matthew Caggiano to join Chad Farrington on the portfolio-management team, effective July 20, 2026, with Generazo departing. The appointment leverages Caggiano's long municipal-bond leadership to maintain strategy amid transitions. Investors should watch for changes in risk posture and potential effects on the fund’s discount to NAV, distributions, and liquidity dynamics as the transition unfolds.

DWS Municipal Income Trust Announces Portfolio Manager Changes

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

Related News