DWS Strategic Municipal Income Trust Announces Portfolio Manager Change

DWS Strategic Municipal Income Trust KSM (the "Fund") announced today changes to the Fund's portfolio management team effective September 27, 2019 due to the pending retirement of Carol L. Flynn. Carol L. Flynn will leave the Fund's portfolio management team. The Fund will continue to be managed by Ashton P. Goodfield, Chad H. Farrington and Michael J. Generazo.

For more information on the Fund, including its most recent month-end performance, visit dws.com or call (800) 349-4281.

Important Information

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. 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.

Closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed-end funds are bought and sold in the open market through a stock exchange. Shares of closed-end funds frequently trade at a discount to the net asset value. The price of a fund's shares is determined by a number of factors, several of which are beyond the control of the fund. Therefore, the fund cannot predict whether its shares will trade at, below or above net asset value.

Past performance is no guarantee of future results.

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

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. (R-070222-1) (09/19)

View source version on businesswire.com: https://www.businesswire.com/news/home/20190903005906/en/