DWS Strategic Municipal Income Trust (XKSMX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number: 811-05767

DWS Strategic Municipal Income Trust

(Exact Name of Registrant as Specified in Charter)

875 Third Avenue

New York, NY 10022-6225

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (212) 454-4500

Diane Kenneally

One International Place

Boston, MA 02110

(Name and Address of Agent for Service)

Date of fiscal year end:	11/30
Date of reporting period:	5/31/2020

ITEM 1. REPORT TO STOCKHOLDERS

May 31, 2020

Semiannual Report

to Shareholders

DWS Strategic Municipal Income Trust

Ticker Symbol: KSM

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s Web site (dws.com), and you will be notified by mail each time a report is posted and provided with a Web site link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank), or if you are a direct investor, by calling (800) 728-3337 or sending an email request to service@dws.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 728-3337 or send an email request to service@dws.com to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with DWS if you invest directly with the Fund.

Contents

3	Performance Summary
5	Portfolio Management Team
5	Portfolio Summary
7	Investment Portfolio
28	Statement of Assets and Liabilities
29	Statement of Operations
30	Statement of Cash Flows
31	Statements of Changes in Net Assets

32	Financial Highlights
34	Notes to Financial Statements
43	Dividend Reinvestment and Cash Purchase Plan
46	Additional Information
48	Privacy Statement

The Fund’s investment objective is to provide a high level of current income exempt from federal income tax.

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 sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset value. The price of the 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.

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.

War, terrorism, economic uncertainty, trade disputes, public health crises (including the recent pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments.

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.

NOT FDIC/NCUA INSURED     NO BANK GUARANTEE     MAY LOSE VALUE NOT A DEPOSIT     NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

2 | DWS Strategic Municipal Income Trust

Performance Summary May 31, 2020 (Unaudited)

Performance is historical, assumes reinvestment of all dividend and capital gain distributions, and does not guarantee future results. Investment return and principal value fluctuate with changing market conditions so that, when sold, shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please visit dws.com for the Fund’s most recent month-end performance.

Fund specific data and performance are provided for informational purposes only and are not intended for trading purposes.

Average Annual Total Returns as of 5/31/20
DWS Strategic Municipal Income Trust	6-Month‡		1-Year		5-Year		10-Year
Based on Net Asset Value(a)		–5.27%		–1.67%		3.59%		5.87%
Based on Market Price(a)		–13.98%		–8.25%		0.50%		3.89%
Bloomberg Barclays Municipal Bond Index(b)		1.55%		3.98%		3.74%		4.14%
Morningstar Closed-End High-Yield Municipal Funds Category(c)		–5.19%		–1.28%		3.95%		6.19%

^‡  Total returns shown for periods less than one year are not annualized.

^(a)  Total return based on net asset value reflects changes in the Fund’s net asset value during each period. Total return based on market price reflects changes in market price. Each figure assumes that dividend and capital gain distributions, if any, were reinvested. These figures will differ depending upon the level of any discount from or premium to net asset value at which the Fund’s shares traded during the period. Expenses of the Fund include management fee, interest expense and other fund expenses. Total returns shown take into account these fees and expenses. The expense ratio of the Fund for the six months ended May 31, 2020 was 2.61% (1.12% excluding interest expense).

^(b)  The unmanaged, unleveraged Bloomberg Barclays Municipal Bond Index covers the U.S. dollar-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds. Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

^(c)  Morningstar’s Closed-End High-Yield Municipal Funds category represents high-yield muni portfolios that typically invest at least 50% of assets in high-income municipal securities that are not rated or that are rated by a major agency such as Standard & Poor’s or Moody’s at the level of BBB and below (considered part of the high-yield universe within the municipal industry). Morningstar figures represent the average of the total returns based on net asset value reported by all of the closed-end funds designated by Morningstar, Inc. as falling into the Closed-End High-Yield Municipal Funds category. Category returns assume reinvestment of all distributions. It is not possible to invest directly in a Morningstar category.

DWS Strategic Municipal Income Trust | 3

Net Asset Value and Market Price
	As of 5/31/20			As of 11/30/19
Net Asset Value	$	11.74		$	12.69
Market Price	$	10.35		$	12.32
Premium (discount)		(11.84	%)		(2.92	%)

Prices and net asset value fluctuate and are not guaranteed.

Distribution Information
Six Months as of 5/31/20:
Income Dividends (common shareholders)	$	.25
Capital Gains Dividend (common shareholders)	$	.0169
November Income Dividend (common shareholders)	$	.0425
Current Annualized Distribution Rate (Based on Net Asset Value) as of 5/31/20†		4.34	%
Current Annualized Distribution Rate (Based on Market Price) as of 5/31/20†		4.93	%
Tax Equivalent Distribution Rate (Based on Net Asset Value) as of 5/31/20†		7.34	%
Tax Equivalent Distribution Rate (Based on Market Price) as of 5/31/20†		8.32	%

^†  Current annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value/market price on May 31, 2020. Distribution rate simply measures the level of dividends and is not a complete measure of performance. Tax equivalent distribution rate is based on the Fund’s distribution rate and a marginal income tax rate of 40.8%. Distribution rates are historical, not guaranteed and will fluctuate. Distributions do not include return of capital or other non-income sources.

4 | DWS Strategic Municipal Income Trust

Portfolio Management Team

Ashton P. Goodfield, CFA, Managing Director

Portfolio Manager of the Fund. Began managing the Fund in 2014.

– Joined DWS in 1986.

– Head of Municipal Bond Department; Portfolio Manager, Municipal Bond Mutual Funds: Boston.

– BA, Duke University.

Chad Farrington, CFA, Managing Director

Portfolio Manager of the Fund. Began managing the Fund in 2018.

– Joined DWS in 2018 with 20 years of industry experience; previously, worked as Portfolio Manager, Head of Municipal Research, and Senior Credit Analyst at Columbia Threadneedle.

– BS, Montana State University.

Michael J. Generazo, Director

Portfolio Manager of the Fund. Began managing the Fund in 2018.

– Joined DWS in 1999.

– BS, Bryant College; MBA, Suffolk University.

Portfolio Summary		(Unaudited)
Asset Allocation (As a % of Investment Portfolio excluding Open-End Investment Companies)	5/31/20		11/30/19
Revenue Bonds		76%		77%
General Obligation Bonds		9%		8%
Lease Obligations		8%		7%
Escrow to Maturity/Prerefunded Bonds		7%		8%
		100%		100%
Quality (As a % of Investment Portfolio excluding Open-End Investment Companies)	5/31/20		11/30/19
AAA		2%		4%
AA		20%		19%
A		40%		39%
BBB		20%		18%
BB		6%		8%
B		—		1%
CC		0%		—
CCC		—		0%
Not Rated		12%		11%
		100%		100%

The quality ratings represent the higher of Moody’s Investors Service, Inc. (“Moody’s”), Fitch Ratings, Inc. (“Fitch”) or S&P Global Ratings (“S&P”) credit ratings. The ratings of Moody’s, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

DWS Strategic Municipal Income Trust | 5

Top Five State/Territory Allocations (As a % of Investment Portfolio excluding Open-End Investment Companies)	5/31/20		11/30/19
Texas		12%		14%
Florida		10%		9%
Illinois		10%		8%
New York		10%		8%
California		6%		7%
Interest Rate Sensitivity	5/31/20		11/30/19
Effective Maturity		7.8 years		6.1 years
Modified Duration		6.0 years		5.8 years
Leverage (As a % of Total Assets)	5/31/20		11/30/19
		39%		40%

Effective maturity is the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current interest rate environment.

Leverage results in additional risks and can magnify the effect of any gains or losses to a greater extent than if leverage were not used.

Portfolio holdings and characteristics are subject to change.

For more complete details about the Fund’s investment portfolio, see page 7. A fact sheet is available on dws.com or upon request. Please see the Additional Information section on page 46 for contact information.

6 | DWS Strategic Municipal Income Trust

Investment Portfolio as of May 31, 2020 (Unaudited)

	Principal Amount ($)		Value ($)
Municipal Bonds and Notes 143.1%
Alabama 0.3%
Alabama, UAB Medicine Finance Authority Revenue, Series B2, 5.0%, 9/1/2041		325,000		382,889
Alaska 1.6%
Alaska, Industrial Development & Export Authority Revenue, Tanana Chiefs Conference Project, Series A, 4.0%, 10/1/2049		2,000,000		2,130,660
Arizona 3.5%
Arizona, State Industrial Development Authority, 3rd Tier Great Lakes Senior Living Revenue Communities Project:
Series C, 144A, 5.0%, 1/1/2049		200,000		178,296
Series C, 144A, 5.5%, 1/1/2054		300,000		285,468
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey Preparatory Academy Project, 144A, 5.0%, 7/1/2049		175,000		174,195
Arizona, State University, Green Bond, Series A, 5.0%, 7/1/2043		2,000,000		2,531,680
Glendale, AZ, Industrial Development Authority, Terrace of Phoenix Project, 5.0%, 7/1/2048		60,000		52,117
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project, Series B, 144A, 5.0%, 7/1/2049		150,000		149,538
Phoenix, AZ, Industrial Development Authority, Education Facility Revenue, Leman Academy of Excellence, ORO Valley Project:
Series A, 144A, 5.0%, 7/1/2038		195,000		194,302
Series A, 144A, 5.25%, 7/1/2048		250,000		248,173
Yavapai County, AZ, Industrial Development Authority, Hospital Facility, Regional Medical Center, 4.0%, 8/1/2043		675,000		734,096
				4,547,865
California 9.4%
California, Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue:
Series A-1, 5.0%, 6/1/2047		100,000		100,081
Series A-2, 5.0%, 6/1/2047		400,000		400,324
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global Markets		1,310,000		1,921,639
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042		115,000		103,553

The accompanying notes are an integral part of the financial statements.

DWS Strategic Municipal Income Trust | 7

	Principal Amount ($)		Value ($)
California, State General Obligation:
5.0%, 11/1/2043		1,300,000		1,459,380
5.25%, 4/1/2035		1,230,000		1,335,214
California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, LINXS Apartment Project:
Series A, AMT, 5.0%, 12/31/2043		300,000		325,716
Series A, AMT, 5.0%, 12/31/2047		160,000		173,061
Series A, AMT, 5.0%, 6/1/2048		60,000		64,828
California, Statewide Communities Development Authority Revenue, Loma Linda University Medical Center:
Series A, 5.25%, 12/1/2044		195,000		200,530
Series A, 144A, 5.25%, 12/1/2056		735,000		746,878
Series A, 5.5%, 12/1/2054		195,000		200,300
Series A, 144A, 5.5%, 12/1/2058		105,000		107,761
California, Statewide Communities Development Authority, College Housing Revenue, NCCD-Hooper Street LLC, College of the Arts Project, 144A, 5.25%, 7/1/2049		825,000		815,257
Riverside County, CA, Transportation Commission Toll Revenue Senior Lien, Series A, 5.75%, 6/1/2048		1,000,000		1,069,670
San Buenaventura, CA, Community Memorial Health Systems, 7.5%, 12/1/2041		500,000		508,680
San Francisco, CA, City & County Airports Commission, International Airport Revenue:
Series A, AMT, 5.0%, 5/1/2044		1,000,000		1,090,620
Series A, AMT, 5.0%, 5/1/2049		1,110,000		1,288,344
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Revenue, Series A, 5.0%, 1/15/2050		445,000		475,380
				12,387,216
Colorado 4.9%
Colorado, High Performance Transportation Enterprise Revenue, C-470 Express Lanes, 5.0%, 12/31/2056		225,000		218,376
Colorado, Park Creek Metropolitan District Revenue, Senior Ltd. Property Tax Supported, Series A, 5.0%, 12/1/2045		235,000		270,534
Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%, 11/15/2028, GTY: Merrill Lynch & Co.		635,000		793,293
Colorado, State Health Facilities Authority Revenue, CommonSpirit Health, Series A-2, 5.0%, 8/1/2044		1,000,000		1,120,200
Colorado, State Health Facilities Authority Revenue, Covenant Retirement Communities, Series A, 5.0%, 12/1/2033		440,000		446,283
Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A, 5.5%, 1/1/2035		1,000,000		1,125,520

The accompanying notes are an integral part of the financial statements.

8 | DWS Strategic Municipal Income Trust

	Principal Amount ($)		Value ($)
Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group:
Series A, 5.0%, 12/1/2043		165,000		166,479
Series A, 5.0%, 12/1/2048		260,000		260,892
Denver City & County, CO, Special Facilities Airport Revenue, United Airlines, Inc. Project, AMT, 5.0%, 10/1/2032		200,000		198,896
Denver, CO, City & County Airport Revenue:
Series A, AMT, 5.0%, 12/1/2048		585,000		676,892
Series A, AMT, 5.25%, 11/15/2043		600,000		657,198
Denver, CO, Health & Hospital Authority, Certificates of Participation, 550 Acoma, Inc., 5.0%, 12/1/2048		140,000		155,310
Denver, CO, Health & Hospital Authority, Healthcare Revenue, Series A, 4.0%, 12/1/2040		300,000		312,498
				6,402,371
Connecticut 0.2%
Connecticut, Mashantucket Western Pequot Tribe Bond, 6.05%, PIK, 7/1/2031*		3,013,766		195,895
Connecticut, State Health & Educational Facilities Authority Revenue, Covenant Home, Inc., Series B, 5.0%, 12/1/2040		85,000		86,412
				282,307
District of Columbia 1.3%
District of Columbia, Ingleside Rock Creek Project:
Series A, 5.0%, 7/1/2042		130,000		114,490
Series A, 5.0%, 7/1/2052		195,000		166,635
District of Columbia, Metropolitan Airport Authority Systems Revenue:
Series A, AMT, 5.0%, 10/1/2038		200,000		217,620
Series A, AMT, 5.0%, 10/1/2043		850,000		921,749
District of Columbia, Metropolitan Airport Authority, Dulles Toll Road Revenue, Dulles Metrorail & Capital Improvement Project, Series B, 4.0%, 10/1/2049		320,000		324,723
				1,745,217
Florida 12.0%
Alachua County, FL, Health Facilities Authority, Shands Teaching Hospital & Clinics, Inc., Series A, 4.0%, 12/1/2049		210,000		219,330
Broward County, FL, Airport Systems Revenue:
Series A, AMT, 4.0%, 10/1/2044		145,000		154,510
Series A, AMT, 4.0%, 10/1/2049		230,000		243,692
Collier County, FL, Industrial Development Authority, Continuing Care Community Revenue, Arlington of Naples Project, Series A,144A, 8.125%, 5/15/2044*		290,000		217,500

The accompanying notes are an integral part of the financial statements.

DWS Strategic Municipal Income Trust | 9

	Principal Amount ($)		Value ($)
Davie, FL, Educational Facilities Revenue, Nova Southeastern University Project, 5.0%, 4/1/2048		335,000		369,388
Florida, Capital Trust Agency, Educational Facilities Authority, Charter Educational Foundation Project, Series A, 144A, 5.375%, 6/15/2048		230,000		228,838
Florida, Capital Trust Agency, Senior Living Revenue, American Eagle Portfolio Project, Series A-1, 5.875%, 7/1/2054		770,000		539,000
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project:
Series A, 144A, AMT, 6.375%**, 1/1/2049		155,000		132,215
Series A, 144A, AMT, 6.5%**, 1/1/2049		200,000		170,000
Florida, State Atlantic University Finance Corp., Capital Improvements Revenue, Student Housing Project, Series B, 4.0%, 7/1/2044		1,685,000		1,908,802
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institution of Technology, 4.0%, 10/1/2049		1,000,000		895,180
Florida, Tolomato Community Development District, Special Assessment:
Series 2015-1, Step-up Coupon, 0% to 11/1/2021, 6.61% to 5/1/2040		250,000		218,275
Series 2015-2, Step-up Coupon, 0% to 11/1/2024, 6.61% to 5/1/2040		150,000		100,845
Series A-4, Step-up Coupon, 0% to 5/1/2022, 6.61% to 5/1/2040		55,000		41,161
Series 3, 6.55%, 5/1/2027*		130,000		1
Series 2015-3, 6.61%, 5/1/2040*		165,000		2
Florida, Village Community Development District No. 12, Special Assessment Revenue:
144A, 4.25%, 5/1/2043		400,000		407,976
144A, 4.375%, 5/1/2050		300,000		306,741
Florida, Village Community Development District No. 9, Special Assessment Revenue, 5.5%, 5/1/2042		145,000		150,074
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, Series A, AMT, 5.0%, 10/1/2047		400,000		457,612
Hillsborough County, FL, Aviation Authority, Tampa International Airport, Series A, AMT, 5.0%, 10/1/2048		500,000		559,975
Lake County, FL, Senior Living Revenue, Village Veranda at Lady Lake Project, Series A-1, 144A, 7.125%, 1/1/2052		300,000		249,867
Martin County, FL, Health Facilities Authority, Martin Memorial Medical Center, Prerefunded, 5.5%, 11/15/2042		335,000		360,487
Miami Beach, FL, Health Facilities Authority, Mount Sinai Medical Center, 5.0%, 11/15/2044		500,000		532,270
Miami-Dade County, FL, Aviation Revenue, Series B, AMT, 5.0%, 10/1/2040		470,000		536,270

The accompanying notes are an integral part of the financial statements.

10 | DWS Strategic Municipal Income Trust

	Principal Amount ($)		Value ($)
Miami-Dade County, FL, Health Facilities Authority Hospital Revenue, Nicklaus Children’s Hospital, 5.0%, 8/1/2047		665,000		755,706
Orlando & Orange County, FL, Expressway Authority Revenue, Series C, Prerefunded, 5.0%, 7/1/2035		830,000		833,220
Seminole County, FL, Industrial Development Authority, Legacy Pointe At UCF Project:
Series A, 5.5%, 11/15/2049		365,000		279,130
Series A, 5.75%, 11/15/2054		135,000		104,120
Tallahassee, FL, Health Facilities Revenue, Memorial Healthcare, Inc. Project, Series A, 5.0%, 12/1/2055		1,150,000		1,238,239
Tampa-Hillsborough County, FL, Expressway Authority:
Series A, 5.0%, 7/1/2031		1,500,000		1,636,005
Series A, 5.0%, 7/1/2037		1,590,000		1,735,549
Tempa, FL, The University of Tampa Project, Series A, 4.0%, 4/1/2050 (a)		160,000		169,426
				15,751,406
Georgia 3.6%
Americus-Sumter County, GA, Hospital Authority, Magnolia Manor Obligated Group, Series A, 6.25%, 5/15/2033		1,000,000		1,087,910
Atlanta, GA, Airport Revenue, Series C, AMT, 5.0%, 1/1/2037		375,000		392,119
Atlanta, GA, Development Authority Revenue Bonds, Series A-1, 5.0%, 7/1/2027		70,000		76,329
Cobb County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2047		175,000		194,241
DeKalb County, GA, Water & Sewer Revenue, Series A, 5.25%, 10/1/2036		1,000,000		1,055,320
Fulton County, GA, Development Authority Hospital Revenue, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042		210,000		234,020
Gainesville & Hall County, GA, Hospital Authority, Northeast Georgia Health System, Inc. Project:
Series A, 5.25%, 8/15/2049		100,000		114,454
Series A, 5.5%, 8/15/2054		180,000		208,420
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co.		1,220,000		1,416,018
				4,778,831
Guam 1.1%
Guam, Government Waterworks Authority, Water & Wastewater System Revenue, Series A, 5.0%, 1/1/2050 (a)		70,000		77,539
Guam, International Airport Authority Revenue, Series C, AMT, 6.375%, 10/1/2043		215,000		220,368
Guam, Port Authority Revenue, Series A, 5.0%, 7/1/2048		65,000		69,430

The accompanying notes are an integral part of the financial statements.

DWS Strategic Municipal Income Trust | 11

	Principal Amount ($)		Value ($)
Guam, Power Authority Revenue, Series A, Prerefunded, 5.5%, 10/1/2030		1,000,000		1,017,400
				1,384,737
Hawaii 1.2%
Hawaii, State Airports Systems Revenue, Series A, AMT, 5.0%, 7/1/2041		695,000		779,088
Hawaii, State Department of Budget & Finance, Special Purpose Revenue, 3.2%, 7/1/2039		745,000		761,122
				1,540,210
Illinois 15.9%
Chicago, IL, Board of Education:
Series A, 5.0%, 12/1/2032		105,000		105,478
Series A, 5.0%, 12/1/2033		100,000		100,043
Series H, 5.0%, 12/1/2036		245,000		242,959
Series H, 5.0%, 12/1/2046		140,000		132,440
Chicago, IL, General Obligation:
Series A, 5.0%, 1/1/2036		500,000		502,010
Series A, 5.0%, 1/1/2044		200,000		195,366
Series A, 5.5%, 1/1/2049		115,000		117,509
Series A, 6.0%, 1/1/2038		555,000		595,409
Chicago, IL, O’Hare International Airport Revenue:
Series A, AMT, 5.0%, 1/1/2037		1,500,000		1,727,415
Series C, AMT, 5.0%, 1/1/2046		1,000,000		1,083,530
Series B, Prerefunded, 6.0%, 1/1/2041		2,000,000		2,067,620
Chicago, IL, O’Hare International Airport Revenue, Senior Lien:
Series D, AMT, 5.0%, 1/1/2047		415,000		457,110
Series D, AMT, 5.0%, 1/1/2052		560,000		614,796
Chicago, IL, O’Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048		130,000		142,239
Illinois, Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion Project:
Series A, 5.0%, 6/15/2050		135,000		130,479
Series B, 5.0%, 6/15/2052		520,000		500,562
Series A, 5.0%, 6/15/2057		390,000		373,195
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series A, Zero Coupon, 6/15/2036, INS: NATL		3,000,000		1,493,190
Illinois, Railsplitter Tobacco Settlement Authority, Prerefunded, 6.0%, 6/1/2028		365,000		386,002
Illinois, State Finance Authority Revenue, Friendship Village of Schaumburg, 5.0%, 2/15/2037		1,000,000		786,450

The accompanying notes are an integral part of the financial statements.

12 | DWS Strategic Municipal Income Trust

	Principal Amount ($)		Value ($)
Illinois, State Finance Authority Revenue, Lutheran Communities:
Series A, 5.0%, 11/1/2040		30,000		27,182
Series A, 5.0%, 11/1/2049		40,000		34,800
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%, 11/15/2045		525,000		585,480
Illinois, State Finance Authority Revenue, Trinity Health Corp., Series L, Prerefunded, 5.0%, 12/1/2030		1,000,000		1,070,160
Illinois, State General Obligation:
5.0%, 8/1/2020		1,000,000		1,002,430
Series D, 5.0%, 11/1/2027		500,000		509,280
5.0%, 2/1/2028		225,000		228,166
5.0%, 2/1/2029		495,000		500,559
Series A, 5.0%, 10/1/2033		620,000		628,389
Series B, 5.0%, 10/1/2033		395,000		400,344
Series A, 5.0%, 12/1/2038		350,000		350,651
5.0%, 2/1/2039		2,000,000		2,001,860
5.0%, 5/1/2039		315,000		315,318
Series A, 5.0%, 12/1/2042		435,000		435,270
5.75%, 5/1/2045		590,000		629,937
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC		385,000		447,894
				20,921,522
Indiana 2.5%
Indiana, State Finance Authority Revenue, Community Foundation of Northwest Indiana, Prerefunded, 5.0%, 3/1/2041		1,000,000		1,083,310
Indiana, State Finance Authority Revenue, Greencroft Obligation Group, Series A, 7.0%, 11/15/2043		460,000		484,215
Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051		1,560,000		1,683,271
				3,250,796
Iowa 1.2%
Iowa, State Finance Authority Revenue, Lifespace Communities, Inc., Obligated Group:
Series A, 5.0%, 5/15/2041		175,000		168,829
Series A, 5.0%, 5/15/2043		115,000		110,153
Series A, 5.0%, 5/15/2047		385,000		365,346
Series A, 5.0%, 5/15/2048		1,040,000		984,610
				1,628,938

The accompanying notes are an integral part of the financial statements.

DWS Strategic Municipal Income Trust | 13

	Principal Amount ($)		Value ($)
Kansas 0.5%
Kansas, State Development Finance Authority Revenue, Village Shalom Project, Series A, 5.25%, 11/15/2053		500,000		416,315
Wyandotte County, KS, Unified Government, Legends Apartments Garage & West Lawn Project, 4.5%, 6/1/2040		285,000		258,729
				675,044
Kentucky 3.3%
Columbia, KY, Educational Development Revenue, Lindsey Wilson College Project, 5.0%, 12/1/2033		440,000		458,881
Kentucky, Economic Development Finance Authority, Hospital Facilities Revenue, Owensboro Medical Health Systems, Series A, Prerefunded, 6.5%, 3/1/2045		2,000,000		2,000,000
Kentucky, Public Transportation Infrastructure Authority Toll Revenue, 1st Tier-Downtown Crossing, Series A, 6.0%, 7/1/2053		1,440,000		1,497,643
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group:
Series A, 5.0%, 6/1/2045		130,000		134,914
Series A, 5.25%, 6/1/2041		190,000		202,437
				4,293,875
Louisiana 2.1%
Calcasieu Parish, LA, Memorial Hospital Service, District Hospital Revenue, 5.0%, 12/1/2039		500,000		543,830
Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048		140,000		157,891
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, 5.0%, 5/15/2046		1,000,000		1,111,500
Louisiana, State Local Government Environmental Facilities & Community Development Authority Revenue, Westlake Chemical Corp. Project, 3.5%, 11/1/2032		1,010,000		1,003,940
				2,817,161
Maine 0.8%
Maine, Health & Higher Educational Facilities Authority Revenue, Maine General Medical Center, 6.75%, 7/1/2036		1,000,000		1,030,250
Maryland 1.1%
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Obligated Group, Series A, 5.5%, 1/1/2046		375,000		403,342
Maryland, State Health & Higher Educational Facilities Authority Revenue, Meritus Medical Center Obligated Group, 5.0%, 7/1/2040		1,000,000		1,093,400
				1,496,742

The accompanying notes are an integral part of the financial statements.

14 | DWS Strategic Municipal Income Trust

	Principal Amount ($)		Value ($)
Massachusetts 5.2%
Massachusetts, State Development Finance Agency Revenue, NewBridge Charles, Inc., 144A, 5.0%, 10/1/2057		100,000		97,033
Massachusetts, State Development Finance Agency Revenue, Partners Healthcare System, Inc., Series Q, 5.0%, 7/1/2035		5,000,000		5,841,950
Massachusetts, State Health & Educational Facilities Authority Revenue, Milford Regional Medical Center, Series E, 5.0%, 7/15/2037		950,000		950,627
				6,889,610
Michigan 3.5%
Dearborn, MI, Economic Development Corp. Revenue, Limited Obligation, Henry Ford Village, 144A, 7.5%, 11/15/2044		490,000		368,299
Detroit, MI, Water & Sewerage Department, Sewerage Disposal System Revenue, Series A, 5.25%, 7/1/2039		280,000		301,199
Detroit, MI, Water Supply Systems Revenue, Series A, Prerefunded, 5.75%, 7/1/2037		1,000,000		1,059,310
Michigan, State Building Authority Revenue, Facilities Program, Series I-A, 5.5%, 10/15/2045		2,000,000		2,143,100
Michigan, State Finance Authority Revenue, Detroit Water & Sewer Department:
Series C-3, 5.0%, 7/1/2033, INS: AGMC		180,000		204,188
Series C, 5.0%, 7/1/2035		90,000		106,406
Tawas City, MI, Hospital Finance Authority, St. Joseph Health Services, Series A, ETM, 5.75%, 2/15/2023		465,000		466,818
				4,649,320
Minnesota 1.0%
Duluth, MN, Economic Development Authority, Health Care Facilities Revenue, Essentia Health Obligated Group:
Series A, 5.0%, 2/15/2048		200,000		223,382
Series A, 5.0%, 2/15/2053		565,000		629,020
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 5.0%, 11/15/2049		205,000		230,574
Minnesota, State Office of Higher Education Revenue, AMT, 2.65%, 11/1/2038		265,000		259,981
				1,342,957
Mississippi 0.7%
Lowndes County, MS, Solid Waste Disposal & Pollution Control Revenue, Weyerhaeuser Co. Project, Series A, 6.8%, 4/1/2022		250,000		270,325
West Rankin, MS, Utility Authority Revenue, 5.0%, 1/1/2048, INS: AGMC		500,000		598,960
				869,285

The accompanying notes are an integral part of the financial statements.

DWS Strategic Municipal Income Trust | 15

	Principal Amount ($)		Value ($)
Missouri 2.0%
Kansas City, MO, Industrial Development Authority, Airport Special Obligation, International Airport Terminal Modernization Project, Series B, AMT, 5.0%, 3/1/2046		1,000,000		1,151,490
Kansas City, MO, Land Clearance Redevelopment Authority Project Revenue, Convention Center Hotel Project:
Series B, 144A, 5.0%, 2/1/2040		200,000		201,010
Series B, 144A, 5.0%, 2/1/2050		220,000		219,309
Lee’s Summit, MO, Industrial Development Authority, Senior Living Facilities Revenue, John Knox Village Project, Series A, 5.0%, 8/15/2042		500,000		422,280
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046		65,000		62,365
Missouri, State Health & Educational Facilities Authority, Health Facilities Revenue, Lester E Cox Medical Centers, Series A, 5.0%, 11/15/2048		150,000		160,275
St. Louis County, MO, Industrial Development Authority, Senior Living Facilities, Friendship Village, 5.0%, 9/1/2048		245,000		216,056
St. Louis, MO, Industrial Development Authority Financing Revenue, Ballpark Village Development Project, Series A, 4.75%, 11/15/2047		225,000		185,638
				2,618,423
Nebraska 0.7%
Douglas County, NE, Hospital Authority No.2, Health Facilities, Children’s Hospital Obligated Group, 5.0%, 11/15/2047		535,000		605,866
Nebraska, Central Plains Energy Project, Gas Project Revenue:
Series A, 5.0%, 9/1/2029, GTY: Goldman Sachs Group, Inc.		70,000		85,647
Series A, 5.0%, 9/1/2033, GTY: Goldman Sachs Group, Inc.		155,000		195,450
				886,963
Nevada 1.3%
Las Vegas Valley, NV, Water District, Series B, 5.0%, 6/1/2037		1,565,000		1,689,042
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058		500,000		54,180
				1,743,222
New Hampshire 0.1%
New Hampshire, State Health & Educational Facilities Authority Revenue, Hillside Village:
Series A, 144A, 6.125%, 7/1/2037		100,000		83,342
Series A, 144A, 6.25%, 7/1/2042		125,000		101,059
				184,401

The accompanying notes are an integral part of the financial statements.

16 | DWS Strategic Municipal Income Trust

	Principal Amount ($)		Value ($)
New Jersey 5.0%
New Jersey, State Economic Development Authority Revenue:
Series DDD, 5.0%, 6/15/2042		140,000		144,133
Series BBB, 5.5%, 6/15/2030		895,000		980,947
New Jersey, State Economic Development Authority Revenue, Black Horse EHT Urban Renewal LLC Project, Series A, 144A, 5.0%, 10/1/2039		605,000		474,048
New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban Renewal LLC Project, 144A, 5.0%, 1/1/2040		270,000		210,260
New Jersey, State Economic Development Authority, Motor Vehicle Surcharge Revenue, Series A, 5.0%, 7/1/2033		115,000		120,965
New Jersey, State Economic Development Authority, Special Facilities Revenue, Continental Airlines, Inc. Project, Series B, AMT, 5.625%, 11/15/2030		500,000		502,775
New Jersey, State Economic Development Authority, State Government Buildings Project:
Series A, 5.0%, 6/15/2042		115,000		118,597
Series A, 5.0%, 6/15/2047		130,000		133,286
New Jersey, State Health Care Facilities Financing Authority Revenue, University Hospital, Series A, 5.0%, 7/1/2046, INS: AGMC		180,000		186,395
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue, Series B, AMT, 3.5%, 12/1/2039 (a)		200,000		199,400
New Jersey, State Transportation Trust Fund Authority, Series B, 5.5%, 6/15/2031		1,500,000		1,523,730
New Jersey, State Transportation Trust Fund Authority, Transportation Program Bonds, Series AA, 5.0%, 6/15/2046		1,400,000		1,439,970
New Jersey, Tobacco Settlement Financing Corp.:
Series A, 5.0%, 6/1/2046		350,000		384,552
Series A, 5.25%, 6/1/2046		175,000		195,556
				6,614,614
New Mexico 0.4%
New Mexico, State Mortgage Finance Authority, “I”, Series D, 3.25%, 7/1/2044		480,000		512,011
New York 6.4%
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann’s Community Project, 5.0%, 1/1/2050		750,000		626,887
New York, Brooklyn Arena Local Development Corp., Pilot Revenue, Barclays Center Project, Series A, 4.0%, 7/15/2035, INS: AGMC		45,000		47,258

The accompanying notes are an integral part of the financial statements.

DWS Strategic Municipal Income Trust | 17

	Principal Amount ($)		Value ($)
New York, Buffalo & Fort Erie Public Bridge Authority, 5.0%, 1/1/2047		1,000,000		1,186,610
New York, Metropolitan Transportation Authority Revenue:
Series B-2A, 5.0%, 5/15/2021		500,000		506,770
Series D, 5.0%, 11/15/2033		500,000		537,640
Series D, 5.0%, 11/15/2038		275,000		281,996
Series E-1, 5.0%, 11/15/2042		70,000		71,407
Series E-1, Prerefunded, 5.0%, 11/15/2042		235,000		262,587
Series C-1, 5.0%, 11/15/2050		70,000		75,640
Series C-1, 5.25%, 11/15/2055		210,000		231,374
New York, State Liberty Development Corp. Revenue, World Trade Center Project, Class 1-3, 144A, 5.0%, 11/15/2044		415,000		411,518
New York, State Transportation Development Corp., Special Facilities Revenue, American Airlines, Inc., John F. Kennedy International Airport Project, AMT, 5.0%, 8/1/2031, GTY: American Airlines Group		445,000		429,105
New York, State Transportation Development Corp., Special Facilities Revenue, Delta Air Lines, Inc., LaGuardia Airport C&D Redevelopment, AMT, 5.0%, 1/1/2033		100,000		100,626
New York, State Transportation Development Corp., Special Facilities Revenue, LaGuardia Gateway Partners LLC, Redevelopment Project, Series A, AMT, 5.0%, 7/1/2041		1,200,000		1,259,268
New York, TSASC, Inc.:
Series A, 5.0%, 6/1/2041		60,000		63,936
Series B, 5.0%, 6/1/2048		1,040,000		970,081
New York & New Jersey Port Authority, Series 207, AMT, 5.0%, 9/15/2048		625,000		721,631
New York & New Jersey Port Authority, Special Obligation Revenue, JFK International Air Terminal LLC, 6.0%, 12/1/2042		680,000		684,644
				8,468,978
North Carolina 0.4%
New Hanover County, NC, Hospital Revenue, New Hanover Regional Medical Centre:
5.0%, 10/1/2042		260,000		301,761
5.0%, 10/1/2047		240,000		276,799
				578,560
Ohio 5.0%
Buckeye, OH, Tobacco Settlement Financing Authority, Series B-2, Class 2, 5.0%, 6/1/2055		2,460,000		2,486,248
Centerville, OH, Health Care Revenue, Graceworks Lutheran Services, 5.25%, 11/1/2047		220,000		206,052
Chillicothe, OH, Hospital Facilities Revenue, Adena Health System Obligated Group Project, 5.0%, 12/1/2047		445,000		503,584

The accompanying notes are an integral part of the financial statements.

18 | DWS Strategic Municipal Income Trust

	Principal Amount ($)		Value ($)
Cleveland-Cuyahoga County, OH, Port Authority Cultural Facility Revenue, Playhouse Square Foundation Project, 5.5%, 12/1/2053		270,000		268,647
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046		615,000		666,980
Ohio, American Municipal Power, Inc. Revenue, Fremont Energy Center Project, Series B, 5.0%, 2/15/2037		1,575,000		1,679,879
Ohio, State Air Quality Development Authority, Exempt Facilities Revenue, Pratt Paper LLC Project:
AMT, 144A, 4.25%, 1/15/2038, GTY: Pratt Industries, Inc.		70,000		70,512
AMT, 144A, 4.5%, 1/15/2048, GTY: Pratt Industries, Inc.		225,000		226,609
Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2048		500,000		521,045
				6,629,556
Oklahoma 0.9%
Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project:
Series B, 5.5%, 8/15/2052		180,000		196,898
Series B, 5.5%, 8/15/2057		880,000		960,837
				1,157,735
Oregon 0.6%
Clackamas County, OR, Hospital Facilities Authority Revenue, Mary’s Woods at Marylhurst, Inc. Project, Series A, 5.0%, 5/15/2038		25,000		25,204
Oregon, Portland Airport Revenue, Series 25B, AMT, 5.0%, 7/1/2049		665,000		763,719
				788,923
Pennsylvania 6.3%
Doylestown, PA, Hospital Authority Revenue, Series A, 5.0%, 7/1/2049		140,000		152,229
Franklin County, PA, Industrial Development Authority Revenue, Menno Haven, Inc. Project:
5.0%, 12/1/2043		60,000		53,112
5.0%, 12/1/2054		175,000		148,514
Lancaster County, PA, Hospital Authority, Brethren Village Project:
5.125%, 7/1/2037		100,000		94,082
5.25%, 7/1/2041		100,000		93,009
Pennsylvania, Certificate of Participations, Series A, 5.0%, 7/1/2043		155,000		187,119
Pennsylvania, Commonwealth Financing Authority, Series A, 5.0%, 6/1/2035		315,000		369,854

The accompanying notes are an integral part of the financial statements.

DWS Strategic Municipal Income Trust | 19

	Principal Amount ($)		Value ($)
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds:
5.0%, 6/1/2034		250,000		299,000
5.0%, 6/1/2035		125,000		148,962
Pennsylvania, Geisinger Authority Health System Revenue, Series A-1, 5.0%, 2/15/2045		740,000		860,909
Pennsylvania, State Economic Development Financing Authority Revenue, Bridges Finco LP:
AMT, 5.0%, 12/31/2034		1,000,000		1,080,890
AMT, 5.0%, 12/31/2038		1,000,000		1,069,590
Pennsylvania, State Turnpike Commission Revenue:
Series A-1, 5.0%, 12/1/2040		2,500,000		2,818,000
Series C, 5.0%, 12/1/2044		240,000		268,246
Philadelphia, PA, School District, Series B, 5.0%, 9/1/2043		500,000		597,655
				8,241,171
Puerto Rico 1.9%
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A-1, 4.75%, 7/1/2053		2,500,000		2,438,800
South Carolina 4.2%
Hardeeville, SC, Assessment Revenue, Anderson Tract Municipal Improvement District, Series A, 7.75%, 11/1/2039		783,000		783,071
South Carolina, State Jobs-Economic Development Authority, Residential Facilities Revenue, Episcopal Home Still Hopes, 5.0%, 4/1/2052		175,000		156,149
South Carolina, State Jobs-Economic Development Authority, Residential Facility Revenue, Episcopal Home at Still Hopes, 5.0%, 4/1/2047		200,000		181,114
South Carolina, State Ports Authority Revenue, Series B, AMT, 4.0%, 7/1/2059		2,000,000		2,117,820
South Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055		1,070,000		1,168,750
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, Prerefunded, 5.75%, 12/1/2043		890,000		1,056,225
				5,463,129
Tennessee 0.6%
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Ballad Health Obligation Group:
Series A, 5.0%, 7/1/2037		300,000		329,061
Series A, 5.0%, 7/1/2044		400,000		430,644
				759,705

The accompanying notes are an integral part of the financial statements.

20 | DWS Strategic Municipal Income Trust

	Principal Amount ($)		Value ($)
Texas 20.1%
Central Texas, Regional Mobility Authority Revenue, Senior Lien:
Series A, 5.0%, 1/1/2040		230,000		247,583
Series A, 5.0%, 1/1/2043		1,500,000		1,558,455
Prerefunded, 6.0%, 1/1/2041		545,000		563,099
Dallas-Fort Worth, International Airport Revenue:
Series F, AMT, Prerefunded, 5.0%, 11/1/2035		1,000,000		1,018,660
Series D, AMT, 5.0%, 11/1/2038		2,000,000		2,072,000
Houston, TX, Airport System Revenue, Series A, AMT, 5.0%, 7/1/2041		750,000		854,340
Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, AEP Texas Central Co. Project, Series A, 4.4%, 5/1/2030, INS: AMBAC		2,250,000		2,582,550
Newark, TX, Higher Education Finance Corp., Education Revenue, Austin Achieve Public School, Inc., 5.0%, 6/15/2048		60,000		60,302
North Texas, Tollway Authority Revenue:
Series B, 5.0%, 1/1/2045		665,000		745,625
5.0%, 1/1/2048		1,355,000		1,561,732
Port Beaumont, TX, Navigation District Dock & Wharf Facility Revenue, Jefferson’s Gulf Coast Energy Project, Series A, 144A, AMT, 4.0%, 1/1/2050		115,000		97,021
San Antonio, TX, Convention Center Hotel Finance Corp., Contract Revenue, Empowerment Zone, Series A, AMT, 5.0%, 7/15/2039, INS: AMBAC		1,000,000		1,000,120
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus Health Obligated Group, Series B, 5.0%, 7/1/2048		1,000,000		1,138,610
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Trinity Terrace Project, The Cumberland Rest, Inc., Series A-1, 5.0%, 10/1/2044		175,000		175,529
Tarrant County, TX, Cultural Education Facilities Finance Corp., Buckner Retirement Services Revenue, 5.0%, 11/15/2046		1,000,000		1,084,660
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Scott & White Healthcare, 5.0%, 8/15/2043		2,100,000		2,301,579
Temple, TX, Tax Increment, Reinvestment Zone No. 1, Series A, 144A, 5.0%, 8/1/2038		300,000		326,064
Texas, Grand Parkway Transportation Corp., System Toll Revenue:
First Tier, Series C, 4.0%, 10/1/2049		600,000		683,910
Series B, Prerefunded, 5.0%, 4/1/2053		500,000		578,360
Texas, Love Field Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project, 5.25%, 11/1/2040		1,055,000		1,055,570

The accompanying notes are an integral part of the financial statements.

DWS Strategic Municipal Income Trust | 21

	Principal Amount ($)		Value ($)
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Legacy Midtown Park, Inc. Project, Series A, 5.5%, 7/1/2054		250,000		198,080
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Presbyterian Village North Project, 5.0%, 10/1/2039		180,000		147,764
Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue, Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053		460,000		399,662
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue, 5.5%, 8/1/2020, GTY: Goldman Sachs Group, Inc.		2,000,000		2,013,080
Texas, State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue:
5.0%, 12/15/2030, GTY: Macquarie Group Ltd.		165,000		174,129
5.0%, 12/15/2031, GTY: Macquarie Group Ltd.		1,000,000		1,052,880
5.0%, 12/15/2032, GTY: Macquarie Group Ltd.		1,000,000		1,049,230
Texas, State Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North Tarrant Express Mobility Partners Segments LLC, AMT, 6.75%, 6/30/2043		280,000		315,294
Texas, State Transportation Commission, Turnpike Systems Revenue, Series C, 5.0%, 8/15/2034		825,000		883,930
Travis County, TX, Health Facilities Development Corp. Revenue, Westminster Manor Health, Prerefunded, 7.125%, 11/1/2040		510,000		524,188
				26,464,006
Utah 1.5%
Salt Lake City, UT, Airport Revenue:
Series A, AMT, 5.0%, 7/1/2043		190,000		217,060
Series A, AMT, 5.0%, 7/1/2047		595,000		667,274
Series A, AMT, 5.0%, 7/1/2048		115,000		130,563
Utah, Infrastructure Agency Telecommunication Revenue, Series 2019, 4.0%, 10/15/2042		650,000		566,072
Utah, State Charter School Financing Authority Revenue, Freedom Academy Foundation Project, 144A, 5.375%, 6/15/2048		320,000		318,384
				1,899,353
Virginia 1.4%
Roanoke County, VA, Economic Development Authority, RSDL Care Facilities Revenue, Richfield Living:
Series 2020, 5.0%, 9/1/2050		220,000		184,899
Series 2020, 5.125%, 9/1/2055		135,000		114,807
Series A, 5.375%, 9/1/2054		500,000		447,460

The accompanying notes are an integral part of the financial statements.

22 | DWS Strategic Municipal Income Trust

	Principal Amount ($)		Value ($)
Virginia, Peninsula Town Center, Community Development Authority Revenue, Special Obligation:
144A, 5.0%, 9/1/2037		100,000		100,119
144A, 5.0%, 9/1/2045		100,000		99,694
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project, AMT, 5.0%, 12/31/2056		865,000		902,653
				1,849,632
Washington 3.2%
Klickitat County, WA, Public Hospital District No. 2 Revenue, Skyline Hospital:
5.0%, 12/1/2037		100,000		102,802
5.0%, 12/1/2046		500,000		505,845
Pierce County, WA, Bethel School District No. 403, 4.0%, 12/1/2037		1,000,000		1,197,160
Washington, Port of Seattle Revenue, Series A, AMT, 5.0%, 5/1/2043		415,000		470,166
Washington, State Health Care Facilities Authority, Catholic Health Initiatives, Series A, Prerefunded, 5.0%, 2/1/2041		595,000		613,737
Washington, State Housing Finance Commission, Reference Judson Park Project, 144A, 5.0%, 7/1/2048		50,000		43,067
Washington, State Housing Finance Commission, Rockwood Retirement Communities Project, Series A, 144A, 7.375%, 1/1/2044		1,000,000		1,049,870
Washington, State Housing Finance Commission, The Hearthstone Project:
Series A, 144A, 5.0%, 7/1/2038		50,000		44,273
Series A, 144A, 5.0%, 7/1/2048		115,000		96,344
Series A, 144A, 5.0%, 7/1/2053		75,000		61,686
				4,184,950
West Virginia 0.7%
West Virginia, State Hospital Finance Authority, State University Health System Obligated Group, Series A, 5.0%, 6/1/2047		805,000		901,841
Wisconsin 3.5%
Wisconsin, Health Educational Facilities Authority, Covenant Communities, Inc. Project:
Series A-1, 5.0%, 7/1/2043		500,000		514,025
Series B, 5.0%, 7/1/2048		90,000		71,680
Wisconsin, Public Finance Authority, Education Revenue, Mountain Island Charter School Ltd.:
5.0%, 7/1/2047		200,000		208,546
5.0%, 7/1/2052		90,000		93,711

The accompanying notes are an integral part of the financial statements.

DWS Strategic Municipal Income Trust | 23

	Principal Amount ($)		Value ($)
Wisconsin, Public Finance Authority, Hospital Revenue, Series A, 5.0%, 10/1/2044		730,000		852,260
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group:
144A, 5.5%, 5/1/2039		70,000		62,369
144A, 5.75%, 5/1/2054		600,000		520,428
Wisconsin, Public Finance Authority, Senior Living Revenue, Mary’s Woods at Marylhurst Project, Series A, 144A, 5.25%, 5/15/2052		1,000,000		1,005,170
Wisconsin, Public Financing Authority, Retirement Facilities Revenue, Southminster, Inc.:
144A, 5.0%, 10/1/2043		65,000		61,159
144A, 5.0%, 10/1/2053		535,000		488,230
Wisconsin, State Health & Educational Facilities Authority Revenue, Agnesian Healthcare, Inc., Series B, Prerefunded, 5.0%, 7/1/2036		500,000		570,845
Wisconsin, State Health & Educational Facilities Authority, St. John’s Communities, Inc. Project:
Series A, 5.0%, 9/15/2040		25,000		23,716
Series A, 5.0%, 9/15/2045		30,000		27,769
Series A, 5.0%, 9/15/2050		125,000		114,111
				4,614,019
Total Municipal Bonds and Notes (Cost $183,994,488)				188,199,201
Underlying Municipal Bonds of Inverse Floaters (b) 18.3%
Florida 4.6%
Orange County, FL, School Board Certificate of Participations, Series C, 5.0%, 8/1/2034 (c)		5,000,000		6,062,850
Trust: Orange County, FL, School Board, Series 2016-XM0183, 144A, 17.48%, 2/1/2024, Leverage Factor at purchase date: 4 to 1
New York 9.0%
New York, State Urban Development Corp. Revenue, Personal Income Tax, Series C-3, 5.0%, 3/15/2040 (c)		5,000,000		5,995,700
Trust: New York, State Urban Development Corp. Revenue, Personal Income Tax, Series 2018-XM0581, 144A, 18.095%, 9/15/2025, Leverage Factor at purchase date: 4 to 1
New York City, NY, Transitional Finance Authority, Building AID Revenue, Series S-1, 5.0%, 7/15/2037 (c)		5,000,000		5,841,450
Trust: New York, Transitional Finance Authority Building AID Revenue, Series 2018-XM0619, 144A, 18.035%, 1/15/2024, Leverage Factor at purchase date: 4 to 1
				11,837,150

The accompanying notes are an integral part of the financial statements.

24 | DWS Strategic Municipal Income Trust

	Principal Amount ($)			Value ($)
Washington 4.7%
Washington, State General Obligation, Series D, 5.0%, 2/1/2035 (c)		5,000,000			6,173,550
Trust: Washington, State General Obligation, Series 2017-XM0478, 144A, 17.69%, 8/1/2024, Leverage Factor at purchase date: 4 to 1
Total Underlying Municipal Bonds of Inverse Floaters (Cost $22,587,648)					24,073,550
Other Municipal Related 0.0%
Illinois
Illinois, State Finance Authority Revenue, Park Place of Elmhurst Project, Series C, 2.0%, 5/15/2055*		150,000			1,500
Texas
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Mirador Project Escrow, Series A, 11/15/2055*		570,000			57
Total Other Municipal Related (Cost $1,268)		720,000			1,557
	Shares			Value ($)
Open-End Investment Companies 1.2%
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 0.032%*** (Cost $1,563,480)		1,562,931			1,563,400
	% of Net Assets			Value ($)
Total Investment Portfolio (Cost $208,146,884)		162.6			213,837,708
Floating Rate Notes (b)		(11.4	)		(15,000,000	)
Series 2018 MTPS, net of deferred offering cost		(53.2	)		(70,000,000	)
Other Assets and Liabilities, Net		2.0			2,681,042
Net Assets Applicable to Common Shareholders		100.0	��		131,518,750

The following table represents bonds that are in default:

Security	Coupon			Maturity Date		Principal Amount ($)		Cost ($)		Value ($)
Collier County, FL, Industrial Development Authority, Continuing Care Community Revenue, Arlington of Naples Project*		8.125	%		5/15/2044		290,000		285,934		217,500
Connecticut, Mashantucket Western Pequot Tribe Bond*		6.05	%		7/1/2031		3,013,766		1,940,235		195,895

The accompanying notes are an integral part of the financial statements.

DWS Strategic Municipal Income Trust | 25

Security	Coupon			Maturity Date		Principal Amount ($)		Cost ($)		Value ($)
Florida, Tolomato Community Development District, Special Assessment, Series 3*		6.55	%		5/1/2027		130,000		1		1
Florida, Tolomato Community Development District, Special Assessment, Series 2015-3*		6.61	%		5/1/2040		165,000		0		2
									2,226,170		413,398

* Non-income producing security.

** Variable or floating rate security. These securities are shown at their current rate as of May 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated within the description above. Certain variable rate securities are not based on a published reference rate and spread but adjust periodically based on current market conditions, prepayment of underlying positions and/or other variables.

*** Current yield; not a coupon rate.

(a) When-issued security.

(b) Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represents leverage to the Fund and is the amount owed to the floating rate note holders.

(c) Security forms part of the below inverse floater. The Fund accounts for these inverse floaters 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.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

AGMC: Assured Guaranty Municipal Corp.

AMBAC: Ambac Financial Group, Inc.

AMT: Subject to alternative minimum tax.

ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.

GTY: Guaranty Agreement

INS: Insured

NATL: National Public Finance Guarantee Corp.

PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal.

Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.

The accompanying notes are an integral part of the financial statements.

26 | DWS Strategic Municipal Income Trust

Fair Value Measurements

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.

The following is a summary of the inputs used as of May 31, 2020 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1		Level 2		Level 3		Total
Municipal Investments (d)	$	—	$	212,274,308	$	—	$	212,274,308
Open-End Investment Companies		1,563,400		—		—		1,563,400
Total	$	1,563,400	$	212,274,308	$	—	$	213,837,708

(d) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

DWS Strategic Municipal Income Trust | 27

Statement of Assets and Liabilities

as of May 31, 2020 (Unaudited)
Assets
Investments in non-affiliated securities, at value (cost $208,146,884)	$	213,837,708
Receivable for investments sold		252,429
Interest receivable		3,106,911
Other assets		2,819
Total assets		217,199,867
Liabilities
Payable for investments purchased — when-issued securities		433,966
Payable for floating rate notes issued		15,000,000
Interest expense payable on preferred shares		69,580
Accrued management fee		101,222
Accrued Trustees’ fees		3,703
Other accrued expenses and payables		72,646
Series 2018 MTPS, net of deferred offering costs (liquidation value $70,000,000 see page 37 for more details)		70,000,000
Total liabilities		85,681,117
Net assets applicable to common shareholders, at value	$	131,518,750
Net Assets Applicable to Common Shareholders Consist of
Distributable earnings (loss)		4,462,104
Paid-in capital		127,056,646
Net Assets applicable to common shareholders, at value	$	131,518,750
Net Asset Value
Net Asset Value per common share ($131,518,750 ÷ 11,203,941 outstanding shares of beneficial interest, $.01 par value, unlimited number of common shares authorized)	$	11.74

The accompanying notes are an integral part of the financial statements.

28 | DWS Strategic Municipal Income Trust

Statement of Operations

for the six months ended May 31, 2020
Investment Income
Income:
Interest	$	4,605,296
Total income		4,605,296
Expenses:
Management fee		622,262
Services to shareholders		3,782
Custodian fee		2,549
Professional fees		44,164
Reports to shareholders		20,191
Trustees’ fees and expenses		6,405
Interest expense and amortization of deferred cost on Series 2018 MTPS		826,827
Interest expense on floating rate notes		224,659
Stock Exchange listing fees		11,875
Other		58,003
Total expenses		1,820,717
Net investment income		2,784,579
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments		(1,418,231	)
Change in net unrealized appreciation (depreciation) on investments		(9,070,895	)
Net gain (loss)		(10,489,126	)
Net increase (decrease) in net assets resulting from operations	$	(7,704,547	)

The accompanying notes are an integral part of the financial statements.

DWS Strategic Municipal Income Trust | 29

Statement of Cash Flows

for the six months ended May 31, 2020
Increase (Decrease) in Cash: Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations	$	(7,704,547	)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by operating activities:
Purchases of long-term investments		(50,971,782	)
Net amortization of premium/(accretion of discount)		636,308
Proceeds from sales and maturities of long-term investments		61,374,125
Amortization of deferred offering cost on Series 2018 MTPS		5,618
(Increase) decrease in interest receivable		2,439
(Increase) decrease in other assets		2,882
(Increase) decrease in receivable for investments sold		285,731
Increase (decrease) in payable for investments purchased — when-issued securities		147,611
Increase (decrease) in other accrued expenses and payables		(43,922	)
Change in unrealized (appreciation) depreciation on investments		9,070,895
Net realized (gain) loss from investments		1,418,231
Cash provided by (used in) operating activities	$	14,223,589
Cash Flows from Financing Activities
Distributions paid (net of reinvestment of distributions)		(14,282,420	)
Cash provided by (used in) financing activities	$	(14,282,420	)
Increase (decrease) in cash		(58,831	)
Cash at beginning of period		58,831
Cash at end of period	$	—
Supplemental disclosure
Interest expense paid on preferred shares	$	(872,336	)
Interest expense paid and fees on floating rate notes issued	$	(224,659	)

The accompanying notes are an integral part of the financial statements.

30 | DWS Strategic Municipal Income Trust

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended May 31, 2020 (Unaudited)			Year Ended November 30, 2019
Operations:
Net investment income (loss)	$	2,784,579		$	5,904,212
Net realized gain (loss)		(1,418,231	)		1,687,333
Change in net unrealized appreciation (depreciation)		(9,070,895	)		9,647,094
Net increase (decrease) in net assets applicable to common shareholders		(7,704,547	)		17,238,639
Distributions to common shareholders		(2,981,293	)		(6,773,920	)
Increase (decrease) in net assets		(10,685,840	)		10,464,719
Net assets at beginning of period applicable to common shareholders		142,204,590			131,739,871
Net assets at end of period applicable to common shareholders	$	131,518,750		$	142,204,590
Other Information:
Common shares outstanding at beginning of period		11,203,941			11,203,941
Common shares outstanding at end of period		11,203,941			11,203,941

The accompanying notes are an integral part of the financial statements.

DWS Strategic Municipal Income Trust | 31

Financial Highlights

	Six Months Ended 5/31/20			Years Ended November 30,
	(Unaudited)			2019			2018			2017			2016			2015
Selected Per Share Data Applicable to Common Shareholders
Net asset value, beginning of period		$12.69			$11.76			$12.39			$12.15			$12.90			$13.27
Income (loss) from investment operations:
Net investment incomea		.25			.53			.61			.70			.80			.83
Net realized and unrealized gain (loss)		(.93	)		1.00			(.64	)		.24			(.76	)		(.29	)
Total from investment operations		(.68	)		1.53			(.03	)		.94			.04			.54
Distributions to ARPS from net investment income (common share equivalent)		—			—			—			—			—			(.00	)***
Net increase (decrease) in net assets resulting from operations		(.68	)		1.53			(.03	)		.94			.04			.54
Less distributions to common shareholders from:
Net investment income		(.25	)		(.57	)		(.60	)		(.67	)		(.79	)		(.90	)
Net realized gains		(.02	)		(.03	)		(.00	)***		(.03	)		—			(.01	)
Total distributions		(.27	)		(.60	)		(.60	)		(.70	)		(.79	)		(.91	)
Net asset value, end of period		$11.74			$12.69			$11.76			$12.39			$12.15			$12.90
Market price, end of period		$10.35			$12.32			$10.30			$11.91			$12.08			$13.03
Total Return
Based on net asset value (%)b		(5.27	)**		13.68			.31			7.93			(.07	)		4.15
Based on market price (%)b		(13.98	)**		26.01			(8.60	)		4.35			(1.63	)		4.97

The accompanying notes are an integral part of the financial statements.

32 | DWS Strategic Municipal Income Trust

Financial Highlights (continued)

	Six Months Ended 5/31/20			Years Ended November 30,
	(Unaudited)			2019		2018		2017		2016		2015
Ratios to Average Net Assets Applicable to Common Shareholders and Supplemental Data
Net assets, end of period ($ millions)		132			142		132		139		136		144
Ratio of expenses (%) (including interest expense)c,d		2.61	*		2.89		2.75		2.37		1.88		1.71
Ratio of expenses (%) (excluding interest expense)e		1.12	*		1.12		1.13		1.11		1.12		1.19
Ratio of net investment income (%)		4.09	*		4.26		5.05		5.63		6.09		6.33	f
Portfolio turnover rate (%)		23	**		28		39		27		37		24
Senior Securities
Preferred Shares information at period end, aggregate amount outstanding:
Series MTPS ($ millions)		70			70		70		70		70		70
Asset coverage per share ($)g		71,971			75,787		72,050		74,572		73,568		76,417
Liquidation and market price per share ($)		25,000			25,000		25,000		25,000		25,000		25,000

^a  Based on average common shares outstanding during the period.

^b  Total return based on net asset value reflects changes in the Fund’s net asset value during each period. Total return based on market price reflects changes in market price. Each figure assumes that dividend and capital gain distributions, if any, were reinvested. These figures will differ depending upon the level of any discount from or premium to net asset value at which the Fund’s shares traded during the period.

^c  Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities and interest paid to shareholders of Series MTPS.

^d  The ratio of expenses (based on net assets of common and Preferred Shares, including interest expense) was 1.73%, 1.92%, 1.81%, 1.58%, 1.27%, and 1.16% for the periods ended May 31, 2020, November 30, 2019, 2018, 2017, 2016, 2015, respectively.

^e  The ratio of expenses (based on net assets of common and Preferred Shares, excluding interest expense) was 0.74%, 0.74%, 0.74%, 0.74%, 0.76% and 0.80% for the periods ended May 31, 2020, November 30, 2019, 2018, 2017, 2016 and 2015, respectively.

^f  The ratio of net investment income after distributions paid to ARPS was 6.33% for the period ended November 30, 2015.

^g  Asset coverage per share equals net assets of common shares plus the liquidation value of the preferred shares divided by the total number of preferred shares outstanding at the end of the period.

^*  Annualized

^**  Not annualized

^***  Amount is less than $.005.

The accompanying notes are an integral part of the financial statements.

DWS Strategic Municipal Income Trust | 33

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

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

34 | DWS Strategic Municipal Income Trust

Board and are generally categorized as Level 3. In accordance with the 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 Offer 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

DWS Strategic Municipal Income Trust | 35

the floating rate note holder as a liability under the caption “Payable for 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, 2020, interest expense related to floaters amounted to $224,659. The weighted average outstanding daily balance of the floating rate notes issued during the six months ended May 31, 2020 was approximately $22,684,000, with a weighted average interest rate of 1.98%.

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 May 31, 2020, the aggregate cost of investments for federal income tax purposes was $192,679,122. The net unrealized appreciation for all investments based on tax cost was $6,158,586. This consisted of aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost of $11,745,756 and aggregate gross unrealized depreciation for all investments for which was an excess of tax cost over value of $5,587,170.

The Fund has reviewed the tax positions for the open tax years as of November 30, 2019 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.

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

36 | DWS Strategic Municipal Income Trust

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. At May 31, 2020, the Fund had issued and outstanding 2,800 Floating Rate Municipal Term Preferred Shares (“Series 2018 MTPS”) with an aggregate liquidation preference of $70,000,000 ($25,000.00 per share). The Series 2018 MTPS are floating rate preferred shares with an original mandatory term redemption date of June 1, 2018, unless extended. Effective December 1, 2017, the terms of Series 2018 MTPS were amended to extend the term redemption date of the Series 2018 MTPS to December 1, 2020. Except for the above-described extension and a related technical amendment, the other material terms and conditions of the Series 2018 MTPS remained the same. The Series 2018 MTPS are required to be redeemed on the term redemption date, unless earlier redeemed or repurchased or unless extended. There is no assurance that the term will be extended further or that the Series 2018 MTPS will be replaced with any other preferred shares or other form of leverage prior to the term redemption date. If the Series 2018 MTPS are replaced with any other preferred shares or other form of leverage, the terms of such new preferred shares or other form of leverage will likely be different from the terms of the Series 2018 MTPS. The terms of the Series 2018 MTPS provide that six months prior to the term redemption date, the Fund must segregate assets with its custodian in an amount equal to the amount payable to the holder on the term redemption date and over the course of the six months preceding the term redemption date must convert a portion of its assets to short-term high quality assets each month. See Subsequent Events at Note G below.

Dividends on the Series 2018 MTPS are set weekly to a fixed spread (dependent on the then current rating of the Series 2018 MTPS) to the Securities Industry and Financial Markets Association (SIFMA) Municipal

DWS Strategic Municipal Income Trust | 37

Swap Index. The average annualized dividend rate on the Series 2018 MTPS for the period December 1, 2019 through May 31, 2020 was 2.26%. In the Fund’s Statement of Assets and Liabilities, the Series 2018 MTPS’ aggregate liquidation preference is shown as a liability because the Series 2018 MTPS have a stated mandatory redemption date. Dividends paid on the Series 2018 MTPS are treated as interest expense and recorded as incurred. For the period December 1, 2019 through May 31, 2020, interest expense related to Series 2018 MTPS amounted to $821,209. Costs directly related to the issuance of Series 2018 MTPS have been deferred and are being amortized over the life of the MTPS. During the six months ended May 31, 2020, the Fund amortized $5,618 of Series 2018 MTPS deferred cost, which are included in the Statement of Operations under the line item “Interest expense and amortization of deferred cost on Series 2018 MTPS”. The Series 2018 MTPS are senior in priority to the Fund’s outstanding common shares as to payments of dividends and distributions upon liquidation.

Under the terms of a purchase agreement between the Fund and the initial purchaser of the Series 2018 MTPS, the Fund is subject to various investment restrictions. These investment 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 2018 MTPS were not outstanding. In addition, the Fund is subject to certain restrictions on its investments imposed by guidelines of the rating agencies that rate the Series 2018 MTPS, which guidelines may be changed by the applicable rating agency, in its sole discretion, from time to time. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the Fund by the 1940 Act. Moreover, the Fund is required to maintain various asset coverage ratios with respect to the Series 2018 MTPS 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 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 interest rates will reduce the return to common shareholders; and the effect of

38 | DWS Strategic Municipal Income Trust

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 by the rating agencies that rate the preferred shares. There is no assurance that the Fund’s leveraging strategy will be successful.

On May 13, 2020, the Fund announced that the Fund’s Board of Trustees approved a refinancing plan with respect to the Series 2018 MTPS, pursuant to which the Fund would redeem all of the outstanding Series 2018 MTPS conditioned on the receipt of proceeds from the issuance of new preferred shares such that the Fund’s leverage would remain unchanged. See Subsequent Events at Note G below.

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, 2020.

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.

B. Purchases and Sales of Securities

During the six months ended May 31, 2020, purchases and sales of investment securities (excluding short-term investments) aggregated $50,971,782 and $61,374,125, respectively.

DWS Strategic Municipal Income Trust | 39

C. Related Parties

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 2018 MTPS).

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, 2020, the amount charged to the Fund by DSC aggregated $2,196, of which $805 is unpaid.

Typesetting and Filing Service Fees. Under an agreement with the Fund, DIMA is compensated for providing certain pre-press and regulatory filing services to the Fund. For the six months ended May 31, 2020, the amount charged to the Fund by DIMA included in the Statement of Operations under “Reports to shareholders” aggregated $7,259, all of which 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, 2020, the Fund engaged in securities purchases of $2,765,000 and securities sales of $324,566 with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act.

D. Concentration of Ownership

From time to time, the Fund may have a concentration of several shareholder accounts holding a significant percentage of shares

40 | DWS Strategic Municipal Income Trust

outstanding. Investment activities of these shareholders could have a material impact on the Fund. At May 31, 2020, there was one shareholder account that held approximately 11% of the outstanding shares of the Fund.

E. Share Repurchases

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, 2020 and the year ended November 30, 2019, the Fund did not repurchase shares in the open market.

On September 17, 2019, 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, 2019 until November 30, 2020, 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, 2018 and ran until November 30, 2019.

F. Other

A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the pandemic. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased financial market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Fund and its investments. A prolonged disruption may result in the Fund and its service providers experiencing operational difficulties in implementing their business continuity plans. 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.

G. Subsequent Events

On June 17, 2020, Deutsche Bank AG (“DB”), an affiliate of DWS Group, resolved with the Commodity Futures Trading Commission (“CFTC”) charges stemming from alleged violations of various swap data reporting requirements and corresponding supervision and other failures. The matter, which was resolved by the issuance of a federal court order

DWS Strategic Municipal Income Trust | 41

(“Consent Order”), involved unintentional conduct that resulted from a system outage that prevented DB from reporting data in accordance with applicable CFTC requirements for a period of five days in April 2016.

The matter giving rise to the Consent Order did not arise out of any investment advisory or fund management activities of DIMA. DWS Group, of which DIMA is a wholly-owned subsidiary, is a separate publicly traded company but continues to be an affiliate of DB due to, among other things, DB’s 79.49% ownership interest in DWS Group. Under the provisions of the Investment Company Act of 1940, as a result of the Consent Order, DIMA would not be eligible to continue to provide investment advisory services to the Fund absent an order from the Securities and Exchange Commission (the “SEC”). DB and DIMA are seeking temporary and permanent orders from the SEC to permit DIMA to continue to provide investment advisory services to the Fund and other registered investment companies notwithstanding the Consent Order. While there can be no assurance that the requested exemptive orders will be granted, the SEC has granted this type of relief in the past. Consistent with its fiduciary and other relationships with the Fund, and in accordance with the desire of the Board of the Fund, DIMA continues to provide investment advisory services to the Fund.

As of July 14, 2020, the Fund entered into an agreement with the sole holder of the Series 2018 MTPS to modify certain asset segregation requirements applicable to the Series 2018 MTPS that would otherwise have commenced on July 15, 2020 and to defer those requirements until August 25, 2020 (the “Waiver Agreement”). Absent the Waiver Agreement, the Fund would have been required to begin converting a certain portion of its assets to high-grade short term instruments on July 15, 2020 and each month thereafter, in an aggregate amount equal to the liquidation preference of the Series 2018 MTPS plus dividends payable, through the term redemption date.

As of July 17, 2020, the Fund announced that it would not complete the refinancing of the Series 2018 MTPS previously announced in May 2020 and that it continues to seek alternative leverage that, if completed, would result in the amount of outstanding leverage of the Fund remaining unchanged. There is no assurance that the Series 2018 MTPS will be replaced with preferred shares or another form of leverage prior to the term redemption date.

42 | DWS Strategic Municipal Income Trust

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

DWS Strategic Municipal Income Trust | 43

may be issued under the Plan to 95% of the fair market value of the 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.

44 | DWS Strategic Municipal Income Trust

The reinvestment of Distributions does not relieve the Participant of any tax that many be payable on the Distributions. The Transfer Agent will 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.

DWS Strategic Municipal Income Trust | 45

Additional Information

Automated Information Line	DWS Closed-End Fund Info Line (800) 349-4281
Web Site	dws.com Obtain fact sheets, financial reports, press releases and webcasts when available.
Written Correspondence	DWS Attn: Secretary of the DWS Funds One International Place, 12th Floor Boston, MA 02110
Legal Counsel	Vedder Price P.C. 222 North LaSalle Street Chicago, IL 60601
Dividend Reinvestment Plan Agent	DST Systems, Inc. 333 W. 11th Street, 5th Floor Kansas City, MO 64105
Shareholder Service Agent and Transfer Agent	DWS Service Company P.O. Box 219066 Kansas City, MO 64121-9066 (800) 294-4366
Custodian	State Street Bank and Trust Company State Street Financial Center One Lincoln Street Boston, MA 02111
Independent Registered Public Accounting Firm	Ernst & Young LLP 200 Clarendon Street Boston, MA 02116
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.
Portfolio Holdings	Following the Fund’s fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-PORT. The Fund’s Form N-PORT will be available on the SEC’s Web site at sec.gov. The Fund’s portfolio holdings as of the month-end are posted on dws.com on or after the last day of the following month. More frequent posting of portfolio holdings information may be made from time to time on dws.com.

46 | DWS Strategic Municipal Income Trust

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. 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.
NYSE Symbol	KSM
CUSIP Number	Common Shares 23342Q 101

DWS Strategic Municipal Income Trust | 47

Privacy Statement

FACTS	What Does DWS Do With Your Personal Information?
Why?	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.
What?	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
How?	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.

Reasons we can share your personal information	Does DWS share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations	Yes	No
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. 12/2019

DWS Strategic Municipal Income Trust | 49

Notes

Notes

Notes

Notes

Notes

Notes

DSMIT-3

(R-027926-9 7/20)

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
	Not applicable
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 17, 2019, 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, 2019 until November 30, 2020, 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, 2018 and ran until November 30, 2019.

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:	7/30/2020

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:	7/30/2020
By:	/s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer
Date:	7/30/2020