DWS MUNICIPAL INCOME TRUST (“KTF”)

DWS STRATEGIC MUNICIPAL INCOME TRUST (“KSM”)

345 PARK875 THIRD AVENUE

NEW YORK, NEW YORK 1015410022

NOTICE OF JOINT ANNUAL MEETING OF SHAREHOLDERS

TO BE HELD SEPTEMBER 12, 201925, 2020

This is the formal notice for the joint annual meeting of shareholders of KTF and KSM (individually, a “Fund” and collectively, the “Funds”). It tells you the proposal that you will be asked to vote on and the time and place of the joint annual meeting, in the event you choose to attend in person.

To the shareholders of the Funds:

A joint annual meeting of shareholders of each Fund will be held September 12, 201925, 2020 at 10:2:00 a.m.p.m. (Eastern time), at the offices of DWS Investment Management Americas, Inc., 345 Park875 Third Avenue, New York, New York 1015410022 (the “Meeting”), to consider the following proposal (the “Proposal”):

As part of precautions regarding the coronavirus or COVID-19, the Funds are planning for the possibility that the Meeting may be held solely by means of remote communication rather than in person at the offices of DWS Investment Management Americas, Inc. If this step is taken, the Funds will announce the decision to do so in advance, together with details on how to participate. If the Funds decide to hold the Meeting solely by means of remote communication, the Funds may also change the date and time of the Meeting and will announce any changes to the date and time of the Meeting in advance. In light of COVID-19 and current social distancing protocols, you are strongly encouraged to vote your shares by marking, signing, dating and mailing the enclosed proxy card in the postage-paid envelope provided or to record your voting instructions by telephone or via the Internet rather than attending the Meeting in person.

The persons named as proxies will vote in their discretion on any other business that properly may come before the Meeting and at any adjournment(s) or postponement(s) thereof.

Holders of record of shares of each Fund at the close of business on July 11, 2019August 7, 2020 are entitled to vote at the Meeting and at any adjournment(s) or postponement(s) thereof.

THE BOARD OF YOUR FUND RECOMMENDS THAT YOU VOTEFOR THE ELECTION OF EACH BOARD MEMBER NOMINEE.

For each Fund, any meeting may be adjourned from time to time by a majority of the votes cast upon the question, whether or not a quorum is present, and the meeting may be held as adjourned without further notice.

INSTRUCTIONS FOR SIGNING PROXY CARDS

The following general rules for signing proxy cards may be of assistance to you and avoid the time and expense involved in validating your vote if you fail to sign your proxy card properly.

DWS MUNICIPAL INCOME TRUST (“KTF”)

DWS STRATEGIC MUNICIPAL INCOME TRUST (“KSM”)

JOINT PROXY STATEMENT

FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS

August 9, 201921, 2020

GENERAL

This joint proxy statement (the “Proxy Statement”) is being furnished in connection with the solicitation of proxies by the Board of each of KTF and KSM (each a “Fund” and collectively, the “Funds”), for use at the annual meeting of shareholders of each Fund to be held jointly at the offices of DWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), 345 Park875 Third Avenue, New York, New York 1015410022 on September 12, 201925, 2020 at 10:2:00 a.m.p.m. (Eastern time), and at any adjournment(s) or postponement(s) thereof (the “Meeting”). The principal executive address of each Fund is 345 Park875 Third Avenue, New York, New York 10154.10022.

As part of precautions regarding the coronavirus or COVID-19, the Funds are planning for the possibility that the Meeting may be held solely by means of remote communication rather than in person at the offices of DIMA. If this step is taken, the Funds will announce the decision to do so in advance, together with details on how to participate. If the Funds decide to hold the Meeting solely by means of remote communication, the Funds may also change the date and time of the Meeting and will announce any changes to the date and time of the Meeting in advance. In light of COVID-19 and current social distancing protocols, you are strongly encouraged to vote your shares by marking, signing, dating and mailing the enclosed proxy card in the postage-paid envelope provided or to record your voting instructions by telephone or via the Internet rather than attending the Meeting in person.

This Proxy Statement, along with the enclosed Notice of Joint Annual Meeting of Shareholders and the accompanying proxy card (the “Proxy Card”), are first being mailed to shareholders on or about August 9, 2019.21, 2020. The Proxy Statement explains what you should know before voting on the proposal described herein. Please read it carefully and keep it for future reference.

The term “Board,” as used herein, refers to the board of trustees of each Fund. The term “Board Member,” as used herein, refers to a person who serves as a trustee of a Fund (each a “Trustee”).

The Meeting is being held to consider and to vote on the following proposal (the “Proposal”) for each Fund, as indicated below and as described more fully herein, and such other matters as properly may come before the Meeting:

PROPOSAL: To elect three (3)four (4) Board Members to the Board of Trustees of each Fund as outlined below:

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PROPOSAL

ELECTION OF BOARD MEMBERS

Shareholders of each Fund are being asked to elect Board Members to the Board of their Fund as described below.

At the Meeting, the holders of the preferred shares of beneficial interest (“Preferred Shareholders”), voting as a separate class, are entitled to elect two (2) Board Members, and the holders of the common shares of beneficial interest (“Common Shareholders”) and the Preferred Shareholders, voting together as a single class, are entitled to elect one (1)two (2) Board MemberMembers (as described below).

Pursuant to each Fund’s Amended and Restated Agreement and Declaration of Trust and Amended and RestatedBy-Laws, the Board of each Fund, with the exception of the two Board Members elected by the vote of the Preferred Shareholders as a separate class, has been divided into three (3) classes with Board Members of each class being elected to serve until the third annual meeting following their election. In addition, two Board Members are elected by the Preferred Shareholders, voting as a separate class, to serve until the next annual meeting. At the Meeting, one (1)two (2) Class IIIII Board Member isMembers are to be elected by each Fund’s Common Shareholders and Preferred Shareholders, voting together as a single class, each to hold office until the annual meeting of shareholders in 20222023 and until such Board Member’s successor is duly elected and qualifies or until such Board Member sooner dies, resigns, retires or is removed; and two (2) Board Members are to be elected by each Fund’s Preferred Shareholders only, voting as a separate class, (the “Preferred Board Members”), each to hold office until the annual meeting of shareholders in 20202021 and until such Preferred Board Member’s successor has been duly elected and qualifies or until such Preferred Board Member sooner dies, resigns, retires or is removed. The Class IIIII Board Member nomineenominees standing for election at the Meeting is:are: Mr. William McClayton.John W. Ballantine and Ms. Rebecca W. Rimel. The Preferred Board Member nominees standing for election at the Meeting are: Ms. Dawn-Marie Driscoll and Mr. Keith R. Fox. Ms. Driscoll currently serves as a Class I Board Member for each Fund. If she is elected as a Preferred Board Member for each Fund, Ms. Driscoll will resign her position as a Class I Board Member for each Fund.

For all Funds.each Fund. The individuals nominated for election as Board Members of each Fund at the Meeting (collectively, the “Board Member Nominees”) were nominated by each Fund’s Board upon the recommendation of the Board’s Nominating and Governance Committee. The Board Member Nominees currently serve as Board Members of each Fund, and currently serve as Board Members of other DWS funds advised by DIMA.

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Effective December 31, 2018, Dr. Paul K. Freeman, who was elected as a Preferred Board Member for each Fund at the 2018 joint annual meeting of shareholders of each Fund, resigned his position on each Fund’s Board. Mr. Henry Becton, Jr. and Ms. Jean Gleason Stromberg currently serve as Class II Board Members for each Fund. Mr. Becton and Ms. Stromberg are not standing forre-election as Class II Board members for each Fund at the Meeting due to their anticipated retirement from service on the Boards of the DWS funds effective December 31, 2019. As a result, it is anticipated that the Board of each Fund will be reduced in size from nine Board Members to seven effective as of the conclusion of the Meeting.

It is the intention of the persons named in the enclosed Proxy Card to vote the shares represented thereby for the election of the Board Member Nominees unless the Proxy Card is marked otherwise. Each of the Board Member Nominees has consented to being named in the Proxy Statement and has agreed to serve as a Board Member of each Fund if elected. However, should any Board Member Nominee become unable or unwilling to serve prior to the Meeting, the persons named as proxies may vote your shares for substitute nominees, if any, recommended by the Board of your Fund.

Information Concerning the Board Member Nominees and Board Members

Information is provided below as of JulyAugust 1, 20192020 for the Board Member Nominees and the continuing Board Members for each Fund’s Board. All of the Board Member Nominees and continuing Board Members arenon-interested Board Members, pursuant to the provisions of the Investment Company Act of 1940, as amended (the “1940 Act”) (“Independent Board Members”). See pages 8-9 for further discussion of the qualifications of the Board Member Nominees and the continuing Board Members.

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Board Member Nominees/Board Members:

5

56

67

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business and professional experience of each Board Member in determining his or her qualifications to serve as a Board Member, including the Board Member’s record of service as a director or trustee of public and private organizations. In the case of each Board Member, this included his or her many years of previous service as a director or trustee of certain of the DWS funds. This previous service has provided these Board Members with a valuable understanding of the history of the DWS funds and the DIMA organization and has also served to demonstrate his or her high level of diligence and commitment to the interests of fund shareholders and his or her ability to work effectively and collegially with other members of the Board. The Committee also considered, among other factors, the particular attributes described below with respect to the various individual Board Members:

John W. Ballantine — Mr. Ballantine’s experience in banking, financial risk management and investments acquired in the course of his service as a senior executive of a major U.S. bank.

Dawn-Marie Driscoll — Ms. Driscoll’s professional training and experience as an attorney, her expertise as a consultant, professor and author on the subject of business ethics, her service as a member of the executive committee of the Independent Directors Council of the Investment Company Institute and her experience as a director of an insurance company serving the mutual fund industry.

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included evaluation of unaffiliated investment advisers and supervision of various administrative and accounting functions.

Officers

The officers of each Fund are set forth in Exhibit B hereto.

Compensation of Board Members and Officers

Each Independent Board Member receives compensation from each Fund for his or her services, which includes retainer fees and specified amounts for various committee services and for the Board Chairperson and Vice Chairperson, as applicable. No additional compensation is paid to any Independent Board Member for travel time to meetings, attendance at directors’ educational seminars or conferences, service on industry or association committees, participation as speakers at directors’ conferences or service on special fund industry director task forces or subcommittees. Independent Board Members do not receive any employee benefits such as pension or retirement benefits or health insurance from the Funds or any fund in the DWS fund complex.

Fund officers who are officers, directors, employees or stockholders of DWS or its affiliates receive no direct compensation from the Funds, although they are compensated as employees of DWS, or its affiliates, and as a result may be deemed to indirectly receive a portion of their compensation from revenues generated by the Funds.

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Each Fund’s Board meets multiple times during the year to review investment performance and other operational matters, including regulatory and compliance related policies and procedures. Furthermore, the Independent Board Members review the fees paid to the Advisor and its affiliates for investment advisory services and other services. Each Board has adopted specific policies and guidelines that, among other things, seek to further enhance the effectiveness of the Independent Board Members in performing their duties. For example, the Independent Board Members select independent legal counsel to work with them in reviewing fees, advisory and other contracts and overseeing fund matters, and regularly meet privately with their counsel. An Independent Board Member, Mr. Fox, currently serves as Chairperson of the Board of each Fund.

During calendar year 2018,2019, the Board of each Fund met five (5) times. Each Board Member attended at least 75% of the respective meetings of each Board and the committees (if a member thereof) held during calendar year 2018.2019.

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and compliance risks. The Board’s committee structure allows separate committees to focus on different aspects of these risks and their potential impact on some or all of the DWS funds and to discuss with the Fund’s investment advisor and administrator how it monitors and controls such risks.

The Board of each Fund has established the following standing committees: Audit Committee and ValuationSub-Committee, Nominating and Governance Committee, Contract Committee and Operations Committee (each a “Committee”). The Board of each Fund also has a Dividend Committee which has no responsibility with respect to the Funds. For each Committee, except the Dividend Committee, a written charter setting forth the Committee’s responsibilities was adopted by each Board. The function, membership and number of meetings held in calendar year 20182019 for each Committee is discussed below.

Audit Committee.The Audit Committee, which consists entirely of Independent Board Members, assists the Board in fulfilling its responsibility for oversight of (1) the integrity of the financial

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three public companies unless the Board determines that such simultaneous service would not impair the ability of the Audit Committee member to serve effectively on the committee. During the calendar year 2018,2019, the Audit Committee of each Fund’s Board held six (6) meetings.

In January 2019,2020, each Fund’s Audit Committee reviewed and discussed the Fund’s audited financial statements with management for the Fund’s fiscal year ended 2018.2019. Each Fund’s Audit Committee also discussed with the independent registered public accounting firm the matters required to be discussed by Auditing Standard No. 1301 (Communications With Audit Committees). Each Fund’s independent registered public accounting firm provided the Fund’s Audit Committee the written disclosure required by Public Company Accounting Oversight Board (“PCAOB”) Rule 3526 (Communications with Audit Committees Concerning Independence), and each Fund’s Audit Committee discussed with representatives of the independent registered public accounting firm their firm’s independence. Based on its review of each Fund’s

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Governance Committee generally believes that the Board benefits from diversity of background, experience and views among its members, and considers this as a factor in evaluating the composition of the Board, but has not adopted any specific policy in this regard. The Nominating and Governance Committee reviews recommendations by shareholders for candidates for Board positions on the same basis as candidates recommended by other sources. 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. Each Fund’s Nominating and Governance Committee is governed by a Nominating and Governance Committee Charter, which is available at https://fundsus.dws.com/us/
en-us/products/closed-end-funds/dws-strategic-municipal-income-trust.html#resources. Each Fund’s Nominating and Governance Committee is comprised of only Independent Board Members who are “independent” as defined in

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Recommendation of the Board

The Board of your Fund believes that the election of each Board Member Nominee is in the best interests of your Fund.Accordingly, the Board unanimously recommends thatshareholders of each Fund vote FOR the election of each Board Member Nominee as set forth in theProposal above.

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INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Each Fund’s Board, including the Independent Board Members, has selected Ernst & Young LLP (“EY”) to act as independent registered public accounting firm to audit the books and records of the Fund for the current fiscal year. EY has served each Fund in this capacity since the Fund was organized and has no direct or indirect financial interest in any Fund except as the independent registered public accounting firm. Representatives of EY will not be present at the Meeting.

The following table shows the amount of fees that EY billed to (i) each Fund during the Fund’s last two fiscal years; and (ii) DIMA and any entity controlling, controlled by, or under common control with DIMA (collectively, the “DIMA Entities”) that provides ongoing services to each Fund, for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years. Each Fund’s Audit Committee approved in advance all audit services andnon-audit services that EY provided to the Fund.

Services that each Fund’s Independent Registered Public Accountant Billed to the Fund and DIMA Entities

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Non-Audit Services.The following table shows the amount of fees that EY billed during each Fund’s last two fiscal years fornon-audit services. Each Fund’s Audit Committeepre-approved allnon-audit services that EY provided to the DIMA Entities that related directly to the Fund’s operations and financial reporting. Each Fund’s Audit Committee requested and received information from EY about anynon-audit services that EY rendered during the Fund’s last fiscal year to the DIMA Entities. Each Fund’s Audit Committee considered this information in evaluating EY’s independence.

All other engagement fees were billed for services in connection with agreed upon procedures and tax compliance for the DIMA Entities.

Audit CommitteePre-Approval Policies and Procedures.Generally, each Fund’s Audit Committee mustpre-approve (i) all services to be performed for the Fund by the Fund’s independent registered public accounting firm and (ii) allnon-audit services to be performed by the Fund’s independent registered public accounting firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of the Fund’s Audit Committee may grant thepre-approval fornon-audit services described in items (i) and (ii) above fornon-prohibited services for engagements of less than $100,000. All such delegatedpre-approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception underRule 2-01(c)(7)(i)(C) or Rule2-01(c)(7)(ii) ofRegulation S-X.

According to each Fund’s principal independent registered public accounting firm, substantially all of the principal independent registered public accounting firm’s hours spent on auditing the Fund’s financial

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statements were attributed to work performed by full-time permanent employees of the principal independent registered public accounting firm.

In connection with the audit of the 20172018 and 20182019 financial statements, each Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by each Fund’s Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or the services provided thereunder.

Pursuant to PCAOB Rule 3526, EY is required to describe in writing to each Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS funds, including each Fund, or persons in financial reporting oversight roles at the DWS funds that, as of the date of the communication, may reasonably be thought to bear on EY’s independence. Pursuant to PCAOB Rule 3526, EY has reported the matters set forth below that may reasonably be thought to bear on EY’s independence. With respect to each reported matter, individually and in the aggregate, EY advised the Audit Committee that, after careful consideration of the facts and circumstances and the applicable independence rules, it concluded that the matters do not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements for each Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of exercising objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY also confirmed to the Audit Committee that it can continue act as the Independent Registered Public Accounting Firm for each Fund.

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EY stated its belief that, in each lending relationship, the lender is or was not able to impact the impartiality of EY or assert any influence over the investment companies in the DWS Funds Complex whose shares the lender owns or owned, or the applicable investment company’s investment adviser. In addition, on June 20, 2016, the SEC Staff issued a“no-action” letter to another mutual fund complex, Fidelity Management & Research Company et al., SEC StaffNo-Action Letter (June 20, 2016) (the “Fidelity Letter”), related to similar Loan Rule issues as those described above. In the Fidelity Letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. With respect to each lending relationship identified by EY, the circumstances described in the Fidelity Letter appear to be substantially similar to the circumstances that affected EY’s independence under the Loan Rule with respect to the Fund, and, in each case, EY confirmed to the Audit Committee that it meets the conditions of the Fidelity Letter.

ADDITIONAL INFORMATION

Quorum and Required Vote.Proxies are being solicited from each Fund’s shareholders by the respective Fund’s Board for the Meeting. Unless revoked, all valid proxies will be voted in accordance with the specification thereon or, in the absence of specification, FOR the election of all Board Member Nominees and as the persons named in the proxy determine on such other business as may come before the Meeting. However, should any Board Member Nominee become unable or unwilling to serve prior to the Meeting, the persons named as

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Nominee. As noted previously, the Preferred Shareholders of each Fund, voting as a separate class for each respective Fund, are entitled to elect two (2) Board Members and the holders of the Common Shares and Preferred Shares of each Fund, voting together as a single class for each respective Fund, are entitled to elect one (1)two (2) Board Member.Members. For each Fund, abstentions and brokernon-votes, if any, will have no effect on the Proposal.

Record Date and Method of Tabulation.Shareholders of record of each Fund at the close of business on, July 11, 2019August 7, 2020 (the “Record Date”) are

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If a shareholder wishes to participate in the Meeting, but does not wish to give a proxy by telephone or via the Internet, the shareholder may still submit the Proxy Card(s) originally sent with this Proxy Statement or attend the Meeting in person. Should shareholders require additional information regarding the proxy or replacement Proxy Card(s) or for directions on how to attend the Meeting in person, they may call Georgeson LLC toll-free at888-663-7851.888-867-6963. Any proxy given by a shareholder is revocable until voted at the Meeting.

As the Meeting date approaches, certain shareholders of the Funds may receive a telephone call from a representative of Georgeson LLC if their votes have not yet been received.

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solely upon its review of the copies of such forms received by it, and written representations from certain reporting persons that noyear-end reports were required for those persons, each Fund believes that during the fiscal year ended November 30, 2018,2019, all filings required by Section 16(a) were timely, except that A. Gene Caponi,William McClayton, a portfolio managerClass II Trustee of KSM,each Fund, filed a Form 34 late for KSM (this filing related solely to such individual’s appointment as an insider to the Fund and did not relate to any direct transaction in the Fund).KSM.

Investment Advisor and Administrator.DIMA, 345 Park875 Third Avenue, New York, New York 10154,10022, serves as each Fund’s investment advisor and administrator. DIMA is an indirect, wholly-owned subsidiary of

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Fund and such other business must otherwise be a proper matter for action by the shareholders. To be timely, a shareholder’s notice shall set forth all information required pursuant to the advance notice requirements and shall be delivered to the Secretary at the principal executive office of the Fund not earlier than March 12, 202024, 2021 nor later than 5:00 p.m., Eastern Time, on April 11, 2020.23, 2021. However, in the event that the date of the annual meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the preceding year’s annual meeting, notice by the shareholder to be timely must be so

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EXHIBIT A

BOARD MEMBER SHARE OWNERSHIP

As of JulyAugust 1, 2019,2020, the Board Members and the officers of each Fund as a whole owned less than 1% of the outstanding shares of the Funds.

The following tables show the dollar range of equity securities beneficially owned and the number of shares beneficially owned by each Board Member Nominee and continuing Board Member in each Fund as of JulyAugust 1, 2019.2020.

Under its Board Governance Policies, each Fund’s Board has established the expectation that within three years of becoming a Board Member, a Board Member will have invested in the aggregate at least $295,000 in the DWS funds. Each Board Member Nominee and continuing Board Member owns over $295,000 of shares on an aggregate basis in all DWS funds overseen by the Board Member as of JulyAugust 1, 2019.2020.

Dollar Range of Equity Securities Beneficially Owned

Number of Shares Beneficially Owned

A-1

EXHIBIT B

OFFICERS⁽¹⁾

Unless otherwise indicated, the address of each officer below is One International Place, Boston, MA 02110.

B-1

B-2

EXHIBIT C

BOARD MEMBER COMPENSATION

The table below shows (i) the compensation paid to each current Independent Board Member by each Fund for its most recently completed fiscal year and (ii) the total compensation received by each current Independent Board Member from the DWS fund complex for the calendar year ended December 31, 2018.2019. No Independent Board Member of the Funds receives pension or retirement benefits from the Funds.

C-1

EXHIBIT D

ADVANCE NOTICE REQUIREMENTS FOR

DWS MUNICIPAL INCOME TRUST (“KTF”)

DWS STRATEGIC MUNICIPAL INCOME TRUST (“KSM”)

The following is an excerpt from the Amended and RestatedBy-Laws for KTF and KSM. The excerpt is qualified in its entirety by the complete Amended and RestatedBy-Laws for KTF and KSM. Any terms not defined herein have the meaning set forth in the Amended and RestatedBy-Laws.

D-1

D-2

D-3

D-4

D-5

D-6

D-7

D-8

D-9

D-10

CE-Proxy-CEF.2019CE-Proxy-CEF.2020