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Notes to
Financial Statements
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(Unaudited)
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A.
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Organization and
Significant Accounting Policies
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DWS
Strategic Municipal Income Trust (the “Fund” ) is registered under the Investment Company Act of 1940, as amended (the “1940 Act” ), as a closed-end, diversified management investment company organized as a
Massachusetts business trust.
The Fund’s
financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP” ) which require the use of management estimates. Actual results could differ from those
estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.
Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.
Various inputs are used in determining the value of the
Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar
securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities
valuations may not be an indication of the risk or liquidity associated with investing in those securities.
Municipal debt securities are valued at prices supplied by
independent pricing services approved by the Fund’s Board, whose valuations are intended to reflect the mean between the bid and asked prices. Such services may use various pricing techniques which take into account appropriate factors such as
yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, the securities are valued at the mean of the most recent bid and asked
quotations or evaluated prices, as applicable, obtained from one or more broker-dealers. These securities are generally categorized as Level 2.
Investments in open-end investment companies are valued at
their net asset value each business day and are categorized as Level 1.
Securities and other assets for which market quotations are
not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are
generally categorized as Level 3. In accordance with the
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Income Trust
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Fund’s valuation procedures, factors considered in determining value
may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in
similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded
securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the
maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.
Disclosure about the classification of fair value
measurements is included in a table following the Fund’s Investment Portfolio.
Inverse Floaters. The Fund invests in inverse floaters. Inverse floaters are debt instruments with a weekly floating rate of interest that bears an inverse relationship to changes in the short-term
interest rate market. Inverse floaters are created by depositing a fixed-rate long-term municipal bond into a special purpose Tender Option Bond trust (the “TOB Trust” ). In turn the TOB Trust issues a short-term floating rate note
and an inverse floater. The short-term floating rate note is issued in a face amount equal to some fraction of the underlying bond’s par amount and is sold to a third party, usually a tax-exempt money market fund. The Fund receives the
proceeds from the sale of the short-term floating rate note and uses the cash proceeds to make additional investments. The short-term floating rate note represents leverage to the Fund. The Fund, as the holder of the inverse floater, has full
exposure to any increase or decrease in the value of the underlying bond. The income stream from the underlying bond in the TOB Trust is divided between the floating rate note and the inverse floater. The inverse floater earns all of the interest
from the underlying long-term fixed-rate bond less the amount of interest paid on the floating rate note and the expenses of the TOB Trust. The floating rate notes issued by the TOB Trust are valued at cost, which approximates fair
value.
By holding the inverse floater, the Fund
has the right to collapse the TOB Trust by causing the holders of the floating rate instrument to tender their notes at par and have the broker transfer the underlying bond to the Fund. The floating rate note holder can also elect to tender the note
for redemption at par at each reset date. The Fund accounts for these transactions as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as
a liability under the caption “Payable for
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DWS Strategic Municipal
Income Trust
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floating rate notes issued” in the Statement of Assets and
Liabilities. Income earned on the underlying bond is included in interest income, and interest paid on the floaters and the expenses of the TOB Trust are included in “Interest expense on floating rate notes” in the Statement of
Operations. For the six months ended May 31, 2021, interest expense related to floaters amounted to $55,454. The weighted average outstanding daily balance of the floating rate notes issued during the six months ended May 31, 2021 was approximately
$15,000,000, with a weighted average interest rate of 0.74%.
The Fund may enter into shortfall and forbearance agreements
by which the Fund agrees to reimburse the TOB Trust, in certain circumstances, for the difference between the liquidation value of the underlying bond held by the TOB Trust and the liquidation value of the floating rate notes plus any shortfalls in
interest cash flows. This could potentially expose the Fund to losses in excess of the value of the Fund’s inverse floater investments. In addition, the value of inverse floaters may decrease significantly when interest rates increase. The
market for inverse floaters may be more volatile and less liquid than other municipal bonds of comparable maturity. The TOB Trust could be terminated outside of the Fund’s control, resulting in a reduction of leverage and disposal of portfolio
investments at inopportune times and prices. Investments in inverse floaters generally involve greater risk than in an investment in fixed-rate bonds.
Federal Income Taxes. The Fund’s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of
its taxable and tax-exempt income to its shareholders.
At November 30, 2020, the Fund had net tax basis capital
loss carryforwards of approximately $882,000, including short-term losses ($604,000) and long-term losses ($278,000), which may be applied against realized net taxable capital gains indefinitely.
At May 31, 2021, the aggregate cost of investments for
federal income tax purposes was $192,034,763. The net unrealized appreciation for all investments based on tax cost was $20,571,136. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value
over tax cost of $21,405,282 and aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value of $834,146.
The Fund has reviewed the tax positions for the open tax
years as of November 30, 2020 and has determined that no provision for income tax and/or uncertain tax positions is required in the Fund’s financial statements. The Fund’s federal tax returns for the prior three fiscal years remain open
subject to examination by the Internal Revenue Service.
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Income Trust
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Distribution of Income and Gains. Distributions from net investment income of the Fund are declared and distributed to shareholders monthly. Net realized gains from investment transactions, in excess of available
capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.
The timing and characterization of certain income and
capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to certain securities
sold at a loss, reclassification of distributions and accretion of market discount on debt securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly
from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.
The tax character of current year distributions will be
determined at the end of the current fiscal year.
Preferred Shares. On May 31, 2021, the Fund had issued and outstanding 700 Variable Rate MuniFund Term Preferred Shares, Series 2020-1 (“Series 2020-1 VMTPS” ) with an aggregate
liquidation preference of $70,000,000 ($100,000 per share). The Series 2020-1 VMTPS were issued on November 10, 2020 in a private offering and are variable rate preferred shares with a stated maturity of November 10, 2049 and an early termination
date six months following a rate period termination date (the “Rate Period Termination Date” ), which Rate Period Termination Date initially will be 36 months from the date of original issuance. Subject to an election by the
holder(s) of the Series 2020-1 VMTPS to retain the Series 2020-1 VMTPS, the Series 2020-1 VMTPS are subject to mandatory tender beginning twenty business days prior to the early termination date, during which time such shares may be remarketed. At
its option, the Fund may redeem in whole or in part the Series 2020-1 VMTPS from time to time at a redemption price equal to the liquidation preference of the Series 2020-1 VMTPS to be redeemed and all accumulated but unpaid dividends thereon to,
but excluding, the redemption date, plus a redemption premium if such redemption occurs prior to November 10, 2022. The dividend rate for Series 2020-1 VMTPS is set weekly at a spread (dependent on the then current ratings of the Series 2020-1
VMTPS) over the Securities Industry and Financial Markets Association (“SIFMA” ) Municipal Swap Index. The average annualized dividend rate on the Series 2020-1 VMTPS for the period December 1, 2020 through May 31, 2021 was 1.37%.
In the Fund’s Statement of Assets and Liabilities, the Series 2020-1 VMTPS’ aggregate liquidation preference is shown as a
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DWS Strategic Municipal
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liability since the Series 2020-1 VMTPS have a stated mandatory redemption
date. Dividends paid on the Series 2020-1 VMTPS are treated as interest expense and recorded as incurred. For the period December 1, 2020 through May 31, 2021, interest expense related to Series 2020-1 VMTPS amounted to $532,021. Costs directly
related to the issuance of Series 2020-1 VMTPS have been deferred and are being amortized over 36 months based on the initial Rate Period Termination Date. For the period from December 1, 2020 through May 31, 2021, the Fund amortized $37,475 of
Series 2020-1 VMTPS deferred costs, which are included in the Statement of Operations under the line item “Interest expense and amortization of deferred cost on Series 2020-1 VMTPS” . The Series 2020-1 VMTPS are senior in priority
to the Fund’s outstanding common shares as to payments of dividends and distributions upon liquidation.
Prior to November 10, 2020, the Fund had issued and
outstanding 2,800 shares of Floating Rate Municipal Term Preferred Shares ("Series 2018 MTPS") with an aggregate liquidation preference of $70,000,000 ($25,000 per share). The Series 2018 MTPS were floating rate preferred shares with a mandatory
term redemption date, as amended, of June 1, 2021. The Fund used the proceeds from the sale of its Series 2020-1 VMTPS to fund the redemption on November 10, 2020 of all of its outstanding Series 2018 MTPS.
As a result of the Series 2020-1 VMTPS issuance and the
redemption of the outstanding Series 2018 MTPS the Fund’s leverage attributable to preferred shares remains unchanged.
Under the terms of a purchase agreement between the Fund and
the initial purchaser of the Series 2020-1 VMTPS, the Fund is subject to various investment restrictions, coverage ratios and covenants. These restrictions are, in certain respects, more restrictive than those to which the Fund is otherwise subject
in accordance with its investment objective and policies. Such restrictions may limit the investment flexibility that might otherwise be pursued by the Fund if the Series 2020-1 VMTPS were not outstanding. In addition, the Fund is subject to certain
restrictions on its investments imposed by guidelines of the rating agency that rates the Series 2020-1 VMTPS, which guidelines may be changed by the rating agency, in its sole discretion, from time to time. These guidelines may be more stringent
than requirements imposed on the Fund by the 1940 Act or its policies. Moreover, the Fund is required to maintain various asset coverage ratios with respect to the Series 2020-1 VMTPS in accordance with the Fund’s charter documents and the
1940 Act.
The 1940 Act requires that the preferred
shareholders of the Fund, voting as a separate class, have the right to: a) elect at least two trustees at all times, and b) elect a majority of the trustees at any time when dividends on the preferred shares are unpaid for two full years. Unless
otherwise
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Income Trust
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required by law or under the terms of the preferred shares, each preferred
share is entitled to one vote and preferred shareholders will vote together with common shareholders as a single class.
Leverage involves risks and special considerations for the
Fund’s common shareholders, including the likelihood of greater volatility of net asset value and market price of, and dividends on, the Fund’s common shares than a comparable portfolio without leverage; the risk that fluctuations in the
Fund’s preferred stock dividend rates or interest rates will reduce the return to common shareholders; and the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the Fund’s
common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the Fund’s common shares. Changes in the value of the Fund’s portfolio will be borne entirely by the common shareholders. If
there is a net decrease (or increase) in the value of the Fund’s investment portfolio, leverage will decrease (or increase) the net asset value per share to a greater extent than if leverage were not used. It is also possible that the Fund
will be required to sell assets at a time when it would otherwise not do so, possibly at a loss, in order to redeem preferred shares to comply with asset coverage or other restrictions imposed under the terms of the preferred shares. There is no
assurance that the Fund’s leveraging strategy will be successful.
Statement of Cash Flows. Information on financial transactions which have been settled through the receipt and disbursement of cash is presented in the Statement of Cash Flows. The cash amount shown in the
Statement of Cash Flows represents the cash position at the Fund’s custodian bank at May 31, 2021.
Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund’s maximum exposure under these
arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.
Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions
are reported on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for financial reporting
purposes, with the exception of securities in default of principal.
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B.
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Purchases and Sales of
Securities
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During the six months
ended May 31, 2021, purchases and sales of investment securities (excluding short-term investments) aggregated $25,033,688 and $24,580,915, respectively.
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DWS Strategic Municipal
Income Trust
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Management Agreement. Under the Investment Management Agreement with DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), an indirect, wholly owned subsidiary of DWS Group GmbH & Co.
KGaA (“DWS Group” ), the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to
investments to be purchased, sold or entered into by the Fund. In addition to portfolio management services, the Advisor provides certain administrative services in accordance with the Investment Management Agreement. The management fee payable
under the Investment Management Agreement is equal to an annual rate of 0.60% of the Fund’s average weekly net assets, computed and accrued daily and payable monthly. Average weekly net assets, for purposes of determining the management fee,
means the average weekly value of the total assets of the Fund, minus the sum of accrued liabilities of the Fund (other than the liquidation value of the Series 2020-1 VMTPS).
Service Provider Fees. DWS Service Company (“DSC” ), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a
sub-transfer agency agreement between DSC and DST Systems, Inc. (“DST” ), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder
servicing fee it receives from the Fund. For the six months ended May 31, 2021, amount charged to the Fund by DSC aggregated $2,669, of which $958 is unpaid.
Other Service Fees. Under an agreement with the Fund, DIMA is compensated for providing regulatory filing services to the Fund. For the six months ended May 31, 2021, the amount charged to the Fund by
DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $790, of which $220 is unpaid.
Trustees’ Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and to each committee Chairperson.
Transactions with Affiliates. The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers or
common trustees. During the six months ended May 31, 2021, the Fund engaged in securities purchases of $7,350,000 and securities sales of $8,385,000 with a net gain (loss) on securities sales of $0, with an affiliated fund in compliance with Rule
17a-7 under the 1940 Act.
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Income Trust
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D.
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Concentration of Ownership
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From time to time, the Fund may have
a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At May 31, 2021, there was one shareholder account that
held approximately 14% of the outstanding shares of the Fund.
The Board has authorized the Fund to
effect periodic repurchases of its outstanding shares in the open market from time to time when the Fund’s shares trade at a discount to their net asset value. During the six months ended May 31, 2021 and the year ended November 30, 2020, the
Fund did not repurchase shares in the open market.
On
September 25, 2020, the Fund announced that the Fund’s Board of Trustees had extended the Fund’s existing open market share repurchase program for an additional 12-month period. The Fund may continue to purchase outstanding shares of
common stock in open-market transactions over the period from December 1, 2020 until November 30, 2021, when the Fund’s shares trade at a discount to net asset value. The Board’s authorization of the repurchase program extension follows
the previous repurchase program, which commenced on December 1, 2019 and ran until November 30, 2020.
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F.
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Other — COVID-19 Pandemic
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A novel coronavirus known as COVID-19, declared a pandemic by
the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects,
duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low vaccination rates and/or the
lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing
economic, political, or social tensions and may increase the probability of an economic recession or depression. The Fund and its investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Fund
and its service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Fund and reflect
the consequences as appropriate in the Fund’s accounting and financial reporting.
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DWS Strategic Municipal
Income Trust
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Dividend Reinvestment and Cash Purchase Plan
The Board of Trustees of the Fund has established a Dividend
Reinvestment and Cash Purchase Plan (the “Plan” ) for shareholders that elect to have all dividends and distributions automatically reinvested in shares of the Fund (each a “Participant” ). DST Systems, Inc. (the
“Plan Agent” ) has been appointed by the Fund’s Board of Trustees to act as agent for each Participant.
A summary of the Plan is set forth below. Shareholders may
obtain a copy of the entire Dividend Reinvestment and Cash Purchase Plan by visiting the Fund’s Web site at dws.com or by calling (800) 294-4366.
If you wish to participate in the Plan and your shares are
held in your own name, contact DWS Service Company (the “Transfer Agent” ) at P.O. Box 219066, Kansas City, Missouri 64121-9066 or (800) 294-4366 for the appropriate form. Current shareholders may join the Plan by either enrolling
their shares with the Transfer Agent or making an initial cash deposit of at least $250 with the Transfer Agent. First-time investors in the Fund may join the Plan by making an initial cash deposit of at least $250 with the Transfer Agent. Initial
cash deposits will be invested within approximately 30 days. If your shares are held in the name of a broker or other nominee, you should contact the broker or nominee in whose name your shares are held to determine whether and how you may
participate in the Plan.
The Transfer Agent will
establish a Dividend Investment Account (the “Account” ) for each Participant in the Plan. The Transfer Agent will credit to the Account of each Participant any cash dividends and capital gains distributions (collectively,
“Distributions” ) paid on shares of the Fund (the “Shares” ) and any voluntary cash contributions made pursuant to the Plan. Shares in a Participant’s Account are transferable upon proper written instructions
to the Transfer Agent.
If, on the valuation date for a
Distribution, Shares are trading at a discount from net asset value per Share, the Plan Agent shall apply the amount of such Distribution payable to a Participant (less a Participant’s pro rata share of brokerage commissions incurred with
respect to open-market purchases in connection with the reinvestment of such Distribution) to the purchase on the open market of Shares for a Participant’s Account. If, on the valuation date for a Distribution, Shares are trading at a premium
over net asset value per Share, the Fund will issue on the payment date, Shares valued at net asset value per Share on the valuation date to the Transfer Agent in the aggregate amount of the funds credited to a Participant’s Account. The Fund
will increase the price at which Shares may be issued under the Plan to 95% of the fair market value of the
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Shares on the valuation date if the net asset value per Share of the Shares
on the valuation date is less than 95% of the fair market value of the Shares on the valuation date. The valuation date will be the payment date for Distributions. Open-market purchases will be made on or shortly after the valuation date for
Distributions, and in no event more than 30 days after such date except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities law.
A Participant may from time to time make voluntary cash
contributions to his or her Account in a minimum amount of $100 in any month (with a $36,000 annual limit) for the purchase on the open market of Shares for the Participant’s Account. Such voluntary contributions will be invested by the Plan
Agent on or shortly after the 15th of each month and in no event more than 30 days after such dates, except where temporary curtailment or suspension of purchase is necessary to comply with applicable provisions of federal securities law. Voluntary
cash contributions received from a Participant on or prior to the fifth day preceding the 15th of each month will be applied by the Plan Agent to the purchase of additional Shares as of that investment date. No interest will be paid on voluntary
cash contributions held until investment. Consequently, Participants are strongly urged to ensure that their payments are received by the Transfer Agent on or prior to the fifth day preceding the 15th of any month. Voluntary cash contributions
should be made in U.S. dollars and be sent by first-class mail, postage prepaid only to the following address (deliveries to any other address do not constitute valid delivery):
DWS Strategic Municipal Income Trust
Dividend Reinvestment and Cash Purchase Plan
c/o DWS Service Company
P.O. Box 219066
Kansas City, MO 64121-9066
(800) 294-4366
Participants may withdraw their entire voluntary cash
contribution by written notice received by the Transfer Agent not less than 48 hours before such payment is to be invested.
The cost of Shares acquired for each Participant’s
Account in connection with the Plan shall be determined by the average cost per Share, including brokerage commissions, of the Shares acquired. There will be no brokerage charges with respect to Shares issued directly by the Fund as a result of
Distributions. However, each Participant will pay a pro rata share of brokerage commissions incurred with respect to open market purchases.
The reinvestment of Distributions does not relieve the
Participant of any tax that many be payable on the Distributions. The Transfer Agent will
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DWS Strategic Municipal
Income Trust
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report to each Participant the taxable amount of Distributions credited to
his or her Account. Participants will be treated for federal income tax purposes as receiving the amount of the Distributions made by the Fund, which amount generally will be either equal to the amount of the cash distribution the Participant would
have received if the Participant had elected to receive cash or, for Shares issued by the Fund, the fair market value of the Shares issued to the Participant.
The Fund may amend the Plan at any time or times but, only
by mailing to each Participant appropriate written notice at least 90 days prior to the effective date thereof except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or
any other regulatory authority in which case such amendment shall be effective as soon as practicable. The Plan also may be terminated by the Fund.
Shareholders may withdraw from the Plan at any time by
giving the Transfer Agent a written notice. A notice of withdrawal will be effective immediately following receipt of the notice by the Transfer Agent provided the notice is received by the Transfer Agent at least ten calendar days prior to the
record date for the Distribution; otherwise such withdrawal will be effective after the investment of the current Distribution. When a Participant withdraws from the Plan, or when the Plan is terminated by the Fund, the Participant will receive a
certificate for full Shares in the Account, plus a check for any fractional Shares based on market price; or, if a Participant so desires, the Transfer Agent will notify the Plan Agent to sell his or her Shares in the Plan and send the proceeds to
the Participant, less brokerage commissions.
All
correspondence and inquiries concerning the Plan, and requests for additional information about the Plan, should be directed to DWS Service Company at P.O. Box 219066, Kansas City, Missouri 64121-9066 or (800) 294-4366.
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DWS Strategic Municipal
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Additional Information
Automated
Information Line
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DWS
Closed-End Fund Info Line
(800) 349-4281
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Web
Site
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dws.com
Obtain fact sheets, financial reports, press releases and webcasts when available.
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Written
Correspondence
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DWS
Attn: Secretary of the DWS Funds
100 Summer Street
Boston, MA 02110
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Legal
Counsel
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Vedder
Price P.C.
222 North LaSalle Street
Chicago, IL 60601
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Dividend
Reinvestment
Plan Agent
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DST
Systems, Inc.
333 W. 11th Street, 5th Floor
Kansas City, MO 64105
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Shareholder
Service Agent and
Transfer Agent
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DWS
Service Company
P.O. Box 219066
Kansas City, MO 64121-9066
(800) 294-4366
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Custodian
|
State
Street Bank and Trust Company
State Street Financial Center
One Lincoln Street
Boston, MA 02111
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Independent
Registered Public
Accounting Firm
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Ernst
& Young LLP
200 Clarendon Street
Boston, MA 02116
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Proxy
Voting
|
The
Fund’s policies and procedures for voting proxies for portfolio securities and information about how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site
— dws.com/en-us/resources/proxy-voting — or on the SEC’s Web site — sec.gov. To obtain a written copy of the Fund’s policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
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Portfolio
Holdings
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Following
the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is posted on dws.com, and is available free of charge by contacting your financial intermediary, or if you are a direct investor, by calling (800) 728-3337.
In addition, the portfolio holdings listing is filed with SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time.
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DWS Strategic Municipal
Income Trust
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Investment
Management
|
DWS
Investment Management Americas, Inc. (“DIMA” or the “Advisor” ), which is part of the DWS Group GmbH & Co. KGaA (“DWS Group” ), is the investment advisor for the Fund. DIMA and its
predecessors have more than 90 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of DWS Group.
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DWS
Group is a global organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced
global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles.
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NYSE
Symbol
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KSM
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CUSIP
Number
|
Common
Shares 23342Q 101
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DWS Strategic Municipal
Income Trust
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| 47
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Privacy Statement
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FACTS
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What
Does DWS Do With Your Personal Information?
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Why?
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Financial
companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read
this notice carefully to understand what we do.
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What?
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The
types of personal information we collect and share can include:
— Social Security number
— Account balances
—
Purchase and transaction history
— Bank account information
— Contact information such as mailing address, e-mail address and telephone number
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How?
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All
financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information, the reasons DWS chooses to
share and whether you can limit this sharing.
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Reasons
we can share your personal information
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Does
DWS share?
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Can
you limit
this sharing?
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For
our everyday business purposes —such as to process your transactions, maintain your account(s), respond to court orders or legal investigations
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Yes
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No
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For
our marketing purposes — to offer our products and services to you
|
Yes
|
No
|
|
For
joint marketing with other financial companies
|
No
|
We
do not share
|
|
For
our affiliates’ everyday business purposes — information about your transactions and experiences
|
No
|
We
do not share
|
|
For
our affiliates’ everyday business purposes — information about your creditworthiness
|
No
|
We
do not share
|
|
For
non-affiliates to market to you
|
No
|
We
do not share
|
|
Questions?
|
Call (800)
728-3337 or e-mail us at service@dws.com
|
|
48 |
|
DWS Strategic Municipal
Income Trust
|
|
Who
we are
|
|
Who
is providing this notice?
|
DWS
Distributors, Inc; DWS Investment Management Americas,
Inc.; DWS Trust Company; the DWS Funds
|
|
What
we do
|
|
How
does DWS protect my personal information?
|
To
protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards, secured files, and secured buildings.
|
|
How
does DWS collect my personal information?
|
We
collect your personal information, for example, when you:
— open an account
— give us your contact information
— provide bank account information for ACH or wire transactions
— tell us where to send money
— seek advice about
your investments
|
|
Why
can’t I limit all sharing?
|
Federal
law gives you the right to limit only
— sharing for affiliates’ everyday business purposes
— information about your creditworthiness
— affiliates from using your information to market to you
— sharing for non-affiliates to market to you
State laws and individual companies may give you
additional rights to limit sharing.
|
|
Definitions
|
|
Affiliates
|
Companies
related by common ownership or control. They can be
financial or non-financial companies. Our affiliates include financial
companies with the DWS or Deutsche Bank (“DB” ) name, such as
DB AG Frankfurt.
|
|
Non-affiliates
|
Companies
not related by common ownership or control. They can
be financial and non-financial companies.
Non-affiliates we share with include account service providers,
service quality monitoring services, mailing service providers and
verification services to help in the fight against money laundering
and fraud.
|
|
Joint
marketing
|
A
formal agreement between non-affiliated financial companies that
together market financial products or services to you. DWS does not
jointly market.
|
California residents may go to
https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.
Rev. 12/2020
|
DWS Strategic Municipal
Income Trust
|
| 49
|
222 South Riverside Plaza
Chicago, IL 60606-5808
DSMIT-3
(R-027926-10 7/21)
|
|
|
|
|
(b) Not applicable
|
|
|
|
|
ITEM 2.
|
CODE OF ETHICS
|
|
|
|
|
|
Not applicable.
|
|
|
|
|
ITEM 3.
|
AUDIT COMMITTEE FINANCIAL EXPERT
|
|
|
|
|
|
Not applicable
|
|
|
|
|
ITEM 4.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES
|
|
|
|
|
|
Not applicable
|
|
|
|
|
ITEM 5.
|
AUDIT COMMITTEE OF LISTED REGISTRANTS
|
|
|
|
|
|
Not applicable
|
|
|
|
|
ITEM 6.
|
SCHEDULE OF INVESTMENTS
|
|
|
|
|
|
Not applicable
|
|
|
|
|
ITEM 7.
|
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
|
|
|
|
|
|
Not applicable
|
|
|
|
|
ITEM 8.
|
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
|
|
|
|
Portfolio Manager Team Disclosure:
As of the date of this report the Fund is managed by a Team of investment
professionals who collaborate to develop and implement the Fund’s investment strategy. Each Portfolio Manager on the Team has authority
over all aspects of the Fund's investment portfolio, including but not limited to, purchases and sales of individual securities, portfolio
construction techniques, portfolio risk assessment, and the management of daily cash flows in accordance with portfolio holdings.
The following individuals handle the day-to-day management of the Fund.
Ashton P. Goodfield*, CFA, Head of Investment Strategy Fixed Income and
Portfolio Manager of the Fund.
-
Joined DWS in 1986 and the Fund in 2014.
-
Head of Municipal Bonds.
-
BA, Duke University.
Chad Farrington, CFA, Senior Portfolio Manager Fixed Income and Portfolio
Manager of the Fund.
-
Joined DWS and the Fund in 2018 with 20 years of industry experience; previously, worked as Portfolio
Manager, Head of Municipal Research & Senior Credit Analyst at Columbia Threadneedle.
-
Effective October 1, 2021, Co-Head of Municipal Bond Department.
-
BS, Montana State University.
Michael J. Generazo, Senior Portfolio Manager Fixed Income and Portfolio
Manager of the Fund.
-
Joined DWS in 1999 and the Fund in 2010.
-
BS, Bryant College; MBA, Suffolk University
Peter Aloisi**, CFA, Portfolio Manager Fixed Income and Portfolio Manager
of the Fund.
-
Joined DWS in 2010 with 5 years industry experience; previously, served as an Associate at Banc
of America Securities. Joined the Fund in 2021.
-
BA and MBA, Boston College.
*Ashton P. Goodfield will leave the portfolio management team effective
October 1, 2021.
** Peter Aloisi will join the portfolio management team effective October
1, 2021.
Compensation of Portfolio Managers
The Advisor and its affiliates are part of DWS. The brand DWS represents
DWS Group GmbH & KGaA (“DWS Group”) and any of its subsidiaries such as DWS Investment Management Americas, Inc. and RREEF
America L.L.C. which offer advisory services. DWS seeks to offer its investment professionals competitive short-term and long-term compensation
based on continuous, above average, fund performance relative to the market. This includes measurement of short and long-term performance
against industry and portfolio benchmarks. As employees of DWS, portfolio managers are paid on a total compensation basis, which includes
Fixed Pay (base salary) and Variable Compensation, as set forth below. The compensation information below is provided as of the Fund’s
most recent semiannual report dated May 31, 2021.
|
|
·
|
Fixed Pay (FP) is the key and primary element of
compensation for the majority of DWS employees and reflects the value of the individual’s role and function within the organization.
It rewards factors that an employee brings to the organization such as skills and experience, while reflecting regional and divisional
(i.e. DWS) specifics. FP levels play a significant role in ensuring competitiveness of the Advisor and its affiliates in the labor market,
thus benchmarking provides a valuable input when determining FP levels.
|
|
|
·
|
Variable Compensation (VC) is a discretionary compensation
element that enables the Advisor and its affiliates to provide additional reward to employees for their performance and behaviors, while
reflecting DWS affordability and the financial situation of Deutsche Bank AG (the “Bank”) and DWS. VC aims to:
|
|
|
o
|
Recognize that every employee contributes to the DWS Group’s
success through the DWS Group and/or Bank component of VC (Group Component),
|
|
|
o
|
Reflect individual performance, investment performance,
behaviours and culture through discretionary individual VC (Individual Component), and
|
|
|
o
|
Reward outstanding contributions at the junior levels through
the discretionary Recognition Award.
|
Employee seniority as well as divisional and regional specifics
determine which VC elements are applicable for a given employee and the conditions under which they apply. Both Group and Individual
Components may be awarded in shares or other share-based instruments and other deferral arrangements.
|
|
·
|
VC can be delivered via cash, restricted equity awards,
and/or restricted incentive awards or restricted compensation. Restricted compensation may include:
|
|
|
o
|
notional fund investments
|
|
|
o
|
restricted equity, notional equity,
|
|
|
o
|
or such other form as DWS may decide in its sole discretion
|
|
|
·
|
VC comprises a greater proportion of total compensation
as an employee’s seniority and total compensation level increase. Proportion of VC delivered via a long-term incentive award, which
is subject to performance conditions and forfeiture provisions, will increase significantly as the amount of the VC increases.
|
|
|
·
|
Additional forfeiture and claw back provisions, including
complete forfeiture and claw back of VC may apply in certain events if an employee is an InstVV [CRD IV EU Directive4] Material Risk Taker.
|
|
|
·
|
For key investment professionals, in particular, a portion
of any long-term incentives will be in the form of notional investments aligned, where possible, to the funds they manage.
|
In general, each of the Advisor and its advisory affiliates seek to
offer their investment professionals competitive short-term and long-term compensation based on continuous, above average, fund performance
relative to the market. This includes measurement of short and long-term performance against industry and portfolio benchmarks. To
evaluate their investment professionals in light of and consistent with the compensation principles set forth above, the Advisor and its
affiliates review investment performance for all accounts managed in relation to the appropriate Morningstar peer group universe with
respect to a fund, iMoneyNet peer group with respect to a money market fund or relevant benchmark index(es) set forth in the governing
documents with respect to each other account type. The ultimate goal of this process is to evaluate the degree to which investment
professionals deliver investment performance that meets or exceeds their clients’ risk and return objectives. When determining total
compensation, the Advisor and its affiliates consider a number of quantitative, qualitative and other factors:
|
|
-
|
Quantitative measures (e.g. one-, three- and five-year pre-tax
returns versus the appropriate Morningstar peer group universe for a fund, or versus the appropriate iMoneyNet peer group for a money
market fund or relevant benchmark index(es) set forth in the governing documents with respect to each other account type, taking risk
targets into account) are utilized to measure performance.
|
|
|
-
|
Qualitative measures (e.g. adherence to, as well as contributions
to, the enhancement of the investment process) are included in the performance review.
|
|
|
-
|
Other factors (e.g. non-investment related performance,
teamwork, adherence to compliance rules, risk management and "living the values" of the Advisor and its affiliates) are included
as part of a discretionary component of the review process, giving management the ability to consider additional markers of performance
on a subjective basis.
|
|
|
-
|
Furthermore, it is important to note that DWS Group functions
within a controlled environment based upon the risk limits established by DWS Group’s Risk division, in conjunction with DWS Group
management. Because risk consideration is inherent in all business activities, performance assessment factors in an employee’s ability
to assess and manage risk.
|
Fund Ownership of Portfolio Managers
The following table shows the dollar range of Fund shares owned beneficially
and of record by each member of the Fund’s portfolio management team as well as in all US registered DWS Funds advised by DWS Investment
Management Americas, Inc.
(Advisor) as a group, including investments by their immediate family members
sharing the same household and amounts invested through retirement and deferred compensation plans. This information is provided as of
the Fund’s most recent semiannual report dated May 31, 2021.
Name of
Portfolio Manager
|
Dollar Range of
Fund Shares Owned
|
Dollar Range of All DWS Fund Shares Owned
|
|
Ashton P. Goodfield
|
-
|
Over $1,000,000
|
|
Chad Farrington
|
-
|
$100,001-$500,000
|
|
Michael J. Generazo
|
-
|
$10,001-$50,000
|
|
Peter Aloisi
|
-
|
$50,001-$100,000
|
Conflicts of Interest
In addition to managing the assets of the Fund, the Fund’s portfolio
managers may have responsibility for managing other client accounts of the Advisor or its affiliates. The tables below show, for each
portfolio manager, the number and asset size of (1) SEC registered investment companies (or series thereof) other than the Fund, (2) pooled
investment vehicles that are not registered investment companies and (3) other accounts (e.g., accounts managed for individuals or organizations)
managed by each portfolio manager. Total assets attributed to each portfolio manager in the tables below include total assets of each
account managed by them, although the manager may only manage a portion of such account’s assets. For Funds subadvised by subadvisors
unaffiliated with the Advisor, total assets of Funds managed may only include assets allocated to the portfolio manager and not the total
assets of each Fund managed. The tables also show the number of performance-based fee accounts, as well as the total assets of the accounts
for which the advisory fee is based on the performance of the account. This information is provided as of the Fund’s most recent
semiannual report dated May 31, 2021.
Other SEC Registered Investment Companies Managed:
|
Name of Portfolio Manager
|
Number of Registered Investment Companies
|
Total Assets of Registered Investment Companies
|
Number of Investment Company Accounts with Performance Based Fee
|
Total Assets of Performance- Based Fee Accounts
|
|
Ashton P. Goodfield
|
8
|
$7,905,567,640
|
-
|
-
|
|
Chad Farrington
|
2
|
$4,810,412,683
|
-
|
-
|
|
Michael J. Generazo
|
5
|
$6,345,449,750
|
-
|
-
|
|
Peter Aloisi
|
4
|
$2,067,200,576
|
-
|
-
|
Other Pooled Investment Vehicles Managed:
|
Name of Portfolio Manager
|
Number of Pooled Investment Vehicles
|
Total Assets of Pooled Investment Vehicles
|
Number of Pooled Investment Vehicle Accounts with Performance-Based Fee
|
Total Assets of Performance- Based Fee Accounts
|
|
Ashton P. Goodfield
|
-
|
-
|
-
|
-
|
|
Michael J. Generazo
|
-
|
-
|
-
|
-
|
|
Michael J. Generazo
|
-
|
-
|
-
|
-
|
|
Peter Aloisi
|
-
|
-
|
-
|
-
|
Other Accounts Managed:
|
Name of Portfolio Manager
|
Number of Other Accounts
|
Total Assets of Other Accounts
|
Number of Other Accounts with Performance- Based Fee
|
Total Assets of Performance- Based Fee Accounts
|
|
Ashton P. Goodfield
|
-
|
-
|
-
|
-
|
|
Chad Farrington
|
-
|
-
|
-
|
-
|
|
Michael J. Generazo
|
3
|
$33,194,527
|
-
|
-
|
|
Peter Aloisi
|
6
|
$114,235,416
|
-
|
-
|
In addition to the accounts above, an investment professional may manage
accounts in a personal capacity that may include holdings that are similar to, or the same as, those of the Funds. The Advisor or Subadvisor,
as applicable, has in place a Code of Ethics that is designed to address conflicts of interest and that, among other things, imposes restrictions
on the ability of portfolio managers and other “access persons” to invest in securities that may be recommended or traded
in the Funds and other client accounts.
Real, potential or apparent conflicts of interest may arise when a portfolio
manager has day-to-day portfolio management responsibilities with respect to more than one fund or account, including the following:
|
|
·
|
Certain investments may be appropriate for the Fund and
also for other clients advised by the Advisor and their affiliates, including other client accounts managed by the Fund’s portfolio
management team. Investment decisions for the Fund and other clients are made with a view to achieving their respective investment objectives
and after consideration of such factors as their current holdings, availability of cash for investment and the size of their investments
generally. A particular security may be bought or sold for only one client or in different amounts and at different times for more than
one but less than all clients. Likewise, because clients of the Advisor and their affiliates may have differing investment strategies,
a particular security may be bought for one or more clients when one or more other clients are selling the security. The investment results
achieved for the Fund may differ from the results achieved for other clients of the Advisor and their affiliates. In addition, purchases
or sales of the same security may be made for two or more clients on the same day. In such event, such transactions will be allocated
among the clients in a manner believed by the Advisor and their affiliates to be most equitable to each client, generally utilizing a
pro rata allocation methodology. In some cases, the allocation procedure could potentially have an adverse effect or positive effect on
the price or amount of the securities purchased or sold by the Fund. Purchase and sale orders for the Fund may be combined with those
of other clients of the Advisor and their affiliates in the interest of achieving the most favorable net results to the Fund and the other
clients.
|
|
|
·
|
To the extent that a portfolio manager has responsibilities
for managing multiple client accounts, a portfolio manager will need to divide time and attention among relevant accounts. The Advisor
and their affilates attempt to minimize these conflicts by aligning its portfolio management teams by investment strategy and by employing
similar investment models across multiple client accounts.
|
|
|
·
|
In some cases, an apparent conflict may arise where the Advisor has an incentive, such as a performance-based
fee, in managing one account and not with respect to other accounts it manages. The Advisor and their affiliates will not determine allocations
based on whether it receives a performance-based fee from the client. Additionally, the Advisor has in place supervisory oversight processes
to periodically monitor performance deviations for accounts with like strategies.
|
|
|
·
|
The Advisor and its affiliates and the investment team of each Fund may
manage other mutual funds and separate accounts on a long only or a long-short basis. The simultaneous management of long and short portfolios
creates potential conflicts of interest including the risk that short sale activity could adversely affect the market value of the long
positions (and vice versa), the risk arising from sequential orders in long and short positions, and the risks associated with receiving
opposing orders at the same time. The Advisor has adopted procedures that it believes are reasonably designed to mitigate these and other
potential conflicts of interest. Included in these procedures are specific guidelines developed to provide fair and equitable treatment
for all clients whose accounts are managed by each Fund’s portfolio management team. The Advisor and the portfolio management team
have established monitoring procedures, a protocol for supervisory reviews, as well as compliance oversight to ensure that potential conflicts
of interest relating to this type of activity are properly addressed.
|
The Advisor is owned by the DWS Group, a multinational
global financial services firm that is a majority owned subsidiary of Deutsche Bank AG. Therefore, the Advisor is affiliated with a variety
of entities that provide, and/or engage in commercial banking, insurance, brokerage, investment banking, financial advisory, broker-dealer
activities (including sales and trading), hedge funds, real estate and private equity investing, in addition to the provision of investment
management services to institutional and individual investors. Since Deutsche Bank AG, its affiliates, directors, officers and employees
(the “Firm”) are engaged in businesses and have interests in addition to managing asset management accounts, such wide ranging
activities involve real, potential or apparent conflicts of interest. These interests and activities include potential advisory, transactional
and financial activities and other interests in securities and companies that may be directly or indirectly purchased or sold by the Firm
for its clients’ advisory accounts. The Advisor and their affiliates may take investment positions in securities in which other
clients or related persons within the Firm have different investment positions. There may be instances in which the Advisor is purchasing
or selling for their client accounts, or pursuing an outcome in the context of a workout or restructuring with respect to, securities
in which the Firm is undertaking the same or differing strategy in other businesses or other client accounts. These are considerations
of which advisory clients should be aware and which will cause conflicts that could be to the disadvantage of the Advisor’s advisory
clients, including the Fund. The Advisor and their affiliates have instituted business and compliance policies, procedures and disclosures
that are designed to identify, monitor and mitigate conflicts of interest and, as appropriate, to report them to a Fund’s Board.
|
|
|
|
ITEM 9.
|
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
|
|
|
|
|
|
(a)
|
(b)
|
(c)
|
(d)
|
|
Period
|
Total Number of
Shares Purchased
|
Average Price Paid
per Share
|
Total Number of
Shares Purchased as
Part of Publicly Announced
Plans or Programs
|
Maximum Number of
Shares that May Yet Be
Purchased Under the
Plans or Programs
|
|
|
|
|
|
|
|
December 1 through December 31
|
-
|
n/a
|
n/a
|
n/a
|
|
January 1 through January 31
|
-
|
n/a
|
n/a
|
n/a
|
|
February 1 through February 29
|
-
|
n/a
|
n/a
|
n/a
|
|
March 1 through March 31
|
-
|
n/a
|
n/a
|
n/a
|
|
April 1 through April 30
|
-
|
n/a
|
n/a
|
n/a
|
|
May 1 through May 31
|
-
|
n/a
|
n/a
|
n/a
|
|
|
|
|
|
|
|
Total
|
-
|
n/a
|
n/a
|
n/a
|
|
|
|
|
|
|
|
The Fund may from time to time repurchase shares in the open market.
|
|
|
|
|
|
|
|
On September 25, 2020, the Fund announced that the Fund's Board of Trustees extended the Fund's existing open market share repurchase program for an additional 12 month period. The Fund may continue to purchase outstanding shares of common stock in open-market transactions over the period December 1, 2020 until November 30, 2021, when the Fund's shares trade at a discount to net asset value. The Board's authorization of the repurchase program extension follows the previous repurchase program, which commenced on December 1, 2019 and ran until November 30, 2020.
|
|
|
|
|
ITEM 10.
|
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
|
|
|
|
|
|
There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Keith R. Fox, DWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.
|
|
|
|
|
ITEM 11.
|
CONTROLS AND PROCEDURES
|
|
|
|
|
|
(a)
|
The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
|
|
|
|
|
|
(b)
|
There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
|
|
|
|
|
ITEM 12.
|
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
|
|
|
|
|
|
Not applicable
|
|
|
|
|
ITEM 13.
|
EXHIBITS
|
|
|
|
|
|
(a)(1)
|
Not applicable
|
|
|
|
|
|
(a)(2)
|
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
|
|
|
|
|
|
(b)
|
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.
|
|
|
|
|
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
|
Registrant:
|
DWS Strategic Municipal Income Trust
|
|
|
|
|
|
|
|
By:
|
/s/Hepsen Uzcan
Hepsen Uzcan
President
|
|
|
|
|
Date:
|
7/30/2021
|
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.
|
By:
|
/s/Hepsen Uzcan
Hepsen Uzcan
President
|
|
|
|
|
Date:
|
7/30/2021
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/Diane Kenneally
Diane Kenneally
Chief Financial Officer and Treasurer
|
|
|
|
|
Date:
|
7/30/2021
|
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