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
100 Summer Street
Boston, MA 02110
(Name and Address of Agent for Service)
Date of fiscal year end: | 11/30 |
Date of reporting period: | 5/31/2023 |
ITEM 1. | REPORT TO STOCKHOLDERS |
(a) | |
Contents
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 |
Average Annual Total Returns as of 5/31/23 | ||||
DWS Strategic Municipal Income Trust | 6-Months‡ | 1-Year | 5-Year | 10-Year |
Based on Net Asset Value(a) | 2.81% | –5.03% | 0.31% | 2.01% |
Based on Market Price(a) | 0.19% | –12.75% | –0.90% | –0.07% |
Bloomberg Municipal Bond Index(b) | 1.94% | 0.49% | 1.65% | 2.28% |
Morningstar Closed-End High-Yield Municipal Funds Category(c) | 1.72% | –5.21% | 0.53% | 2.71% |
‡ | Total returns shown for periods less than one year are not annualized. |
DWS Strategic Municipal Income Trust | | | 3 |
(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, 2023 was 4.12% (1.28% excluding interest expense). |
(b) | The unmanaged, unleveraged Bloomberg 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. |
Net Asset Value and Market Price | ||
As of 5/31/23 | As of 11/30/22 | |
Net Asset Value | $9.69 | $9.64 |
Market Price | $8.17 | $8.34 |
Premium (discount) | (15.69 %) | (13.49 %) |
4 | | | DWS Strategic Municipal Income Trust |
Distribution Information | |
Six Months as of 5/31/23: Income Dividends (common shareholders) | $.18 |
Capital Gain Dividend (common shareholders) | $.0112 |
May Income Dividend (common shareholders) | $.0295 |
Current Annualized Distribution Rate (based on Net Asset Value) as of 5/31/23† | 3.65 % |
Current Annualized Distribution Rate (based on Market Price) as of 5/31/23† | 4.33 % |
Tax Equivalent Distribution Rate (based on Net Asset Value) as of 5/31/23† | 6.17 % |
Tax Equivalent Distribution Rate (based on Market Price) as of 5/31/23† | 7.32 % |
† | Current annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value/market price on May 31, 2023. 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. |
DWS Strategic Municipal Income Trust | | | 5 |
6 | | | DWS Strategic Municipal Income Trust |
Asset Allocation (As a % of Investment Portfolio excluding Open-End Investment Companies) | 5/31/23 | 11/30/22 |
Revenue Bonds | 82% | 78% |
General Obligation Bonds | 7% | 8% |
Lease Obligations | 6% | 6% |
Escrow to Maturity/Prerefunded Bonds | 5% | 6% |
Variable Rate Demand Notes | 0% | 2% |
Variable Rate Demand Preferred Shares | 0% | — |
100% | 100% |
Quality (As a % of Investment Portfolio excluding Open-End Investment Companies) | 5/31/23 | 11/30/22 |
AAA | 1% | 1% |
AA | 18% | 19% |
A | 36% | 34% |
BBB | 20% | 21% |
BB | 7% | 6% |
B | 0% | 0% |
Not Rated | 18% | 19% |
100% | 100% |
Top Five State/Territory Allocations (As a % of Investment Portfolio excluding Open-End Investment Companies) | 5/31/23 | 11/30/22 |
Illinois | 10% | 10% |
Florida | 8% | 9% |
Texas | 8% | 10% |
New York | 8% | 6% |
Wisconsin | 6% | 4% |
Interest Rate Sensitivity | 5/31/23 | 11/30/22 |
Effective Maturity | 12.7 years | 12.0 years |
Modified Duration | 7.9 years | 7.7 years |
Leverage (As a % of Total Assets) | 5/31/23 | 11/30/22 |
40.41% | 39.79% |
DWS Strategic Municipal Income Trust | | | 7 |
8 | | | DWS Strategic Municipal Income Trust |
Principal Amount ($) | Value ($) | ||
Municipal Investments 161.9% | |||
Alabama 0.7% | |||
Alabama, Black Belt Energy Gas District Gas Project Revenue, Series B, 5.25% (a), 12/1/2053, GTY: Royal Bank of Canada, LIQ: Royal Bank of Canada | 385,000 | 413,824 | |
Alabama, UAB Medicine Finance Authority Revenue, Series B2, 5.0%, 9/1/2041 | 325,000 | 335,061 | |
748,885 | |||
Alaska 1.5% | |||
Alaska, Industrial Development & Export Authority, Tanana Chiefs Conference Project, Series A, 4.0%, 10/1/2044 | 1,805,000 | 1,664,009 | |
Arizona 2.4% | |||
Arizona, State Industrial Development Authority, Education Facility Revenue, Odyssey Preparatory Academy Project, 144A, 5.0%, 7/1/2049 | 175,000 | 154,791 | |
Arizona, State University, Green Bond, Series A, 5.0%, 7/1/2043 | 1,000,000 | 1,074,105 | |
Maricopa County, AZ, Industrial Development Authority, Education Revenue, Legacy Traditional Schools Project, Series B, 144A, 5.0%, 7/1/2049 | 150,000 | 132,496 | |
Phoenix, AZ, Civic Improvement Corp., Rental Car Facility Revenue, Series A, 4.0%, 7/1/2045 | 250,000 | 230,903 | |
Pima County, AZ, Industrial Development Authority, Education Revenue, American Leadership Academy Project, Series 2022, 144A, 4.0%, 6/15/2057 | 515,000 | 365,135 | |
Yavapai County, AZ, Industrial Development Authority, Hospital Facility, Regional Medical Center, 4.0%, 8/1/2043 | 675,000 | 615,394 | |
2,572,824 | |||
California 8.9% | |||
California, CSCDA Community Improvement Authority, Essential Housing Revenue, Series A, 144A, 5.0%, 7/1/2051 | 250,000 | 226,674 | |
California, Morongo Band of Mission Indians Revenue, Series B, 144A, 5.0%, 10/1/2042 | 115,000 | 113,325 | |
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup Global Markets | 1,310,000 | 1,575,982 | |
California, Public Finance Authority Revenue, Enso VIillage Project, Series A, 144A, 5.0%, 11/15/2036 | 500,000 | 486,624 | |
California, River Islands Public Financing Authority, Special Tax, Community Facilities District No. 2003-1, Public Improvements, Series B-2, 5.0%, 9/1/2052 | 1,500,000 | 1,400,470 | |
California, State General Obligation, 5.0%, 11/1/2043 | 1,300,000 | 1,306,995 |
DWS Strategic Municipal Income Trust | | | 9 |
Principal Amount ($) | Value ($) | ||
California, State Municipal Finance Authority Revenue, LAX Integrated Express Solutions LLC, LINXS Apartment Project: | |||
Series A, AMT, 5.0%, 12/31/2043 | 455,000 | 461,285 | |
Series A, AMT, 5.0%, 6/1/2048 | 60,000 | 60,314 | |
California, State Public Finance Authority Revenue, ENSO Village Project: | |||
Series A, 144A, 5.0%, 11/15/2046 | 55,000 | 49,074 | |
Series A, 144A, 5.0%, 11/15/2051 | 125,000 | 108,802 | |
California, Statewide Communities Development Authority Revenue, Loma Linda University Medical Center, Series A, 144A, 5.25%, 12/1/2056 | 925,000 | 869,795 | |
Nuveen California Quality Municipal Income Fund, Series 7, 144A, 3.48% (b), 6/7/2023 | 350,000 | 350,000 | |
Riverside County, CA, Transportation Commission Toll Revenue Senior Lien, Series A, Prerefunded, 5.75%, 6/1/2048 | 1,000,000 | 1,000,000 | |
San Francisco City & County, CA, Airports Commission, International Airport Revenue, Series D, AMT, 5.0%, 5/1/2048 | 1,110,000 | 1,130,713 | |
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Revenue, Series A, Prerefunded, 5.0%, 1/15/2050 | 445,000 | 458,822 | |
9,598,875 | |||
Colorado 5.2% | |||
Colorado, Brighton Crossing Metropolitan District No. 6 Ltd., Series A, 5.0%, 12/1/2050 | 500,000 | 424,152 | |
Colorado, North Range Metropolitan District No. 3, Series A, 5.25%, 12/1/2050 | 500,000 | 446,111 | |
Colorado, Park Creek Metropolitan District Revenue, Senior Ltd. Property Tax Supported, Series A, 5.0%, 12/1/2045 | 235,000 | 235,721 | |
Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%, 11/15/2028, GTY: Merrill Lynch & Co. | 635,000 | 677,703 | |
Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A, Prerefunded, 5.5%, 1/1/2035 | 1,000,000 | 1,012,680 | |
Colorado, State Health Facilities Authority, Hospital Revenue, Covenant Retirement Communities Obligated Group, Series A, 5.0%, 12/1/2048 | 260,000 | 252,673 | |
Denver City & County, CO, Airport Revenue, Series D, AMT, 5.75%, 11/15/2045 | 220,000 | 246,768 | |
Denver City & County, CO, Special Facilities Airport Revenue, United Airlines, Inc. Project, AMT, 5.0%, 10/1/2032 | 200,000 | 200,090 | |
Denver, CO, City & County Airport Revenue: | |||
Series A, AMT, 5.25%, 11/15/2043 | 600,000 | 600,311 | |
Series A, AMT, 5.25%, 12/1/2043 | 535,000 | 556,984 |
10 | | | DWS Strategic Municipal Income Trust |
Principal Amount ($) | Value ($) | ||
Denver, CO, Health & Hospital Authority, Healthcare Revenue, Series A, 4.0%, 12/1/2040 | 300,000 | 262,431 | |
Douglas County, CO, Rampart Range Metropolitan District No. 5, Series 2021, 4.0%, 12/1/2051 | 1,000,000 | 695,240 | |
5,610,864 | |||
Connecticut 0.1% | |||
Connecticut, Steel Point Infrastructure Improvement District Special Obligation Revenue, Steelpointe Harbor Project, 144A, 4.0%, 4/1/2051 | 200,000 | 144,675 | |
District of Columbia 2.5% | |||
District of Columbia, Latin American Montessori Bilingual Public Charter School, 5.0%, 6/1/2050 | 1,220,000 | 1,103,030 | |
District of Columbia, Metropolitan Airport Authority Systems Revenue: | |||
Series A, AMT, 5.0%, 10/1/2038 | 200,000 | 200,918 | |
Series A, AMT, 5.0%, 10/1/2043 | 850,000 | 853,902 | |
District of Columbia, Metropolitan Airport Authority, Dulles Toll Road Revenue, Dulles Metrorail & Capital Improvement Project, Series B, 4.0%, 10/1/2049 | 320,000 | 293,149 | |
District of Columbia, Two Rivers Public Charter School, Inc., 5.0%, 6/1/2050 | 250,000 | 228,072 | |
2,679,071 | |||
Florida 14.1% | |||
Brevard County, FL, Health Facilities Authority, Hospital Revenue, Health First, Inc., Series A, 4.0%, 4/1/2052 | 500,000 | 451,149 | |
Broward County, FL, Airport Systems Revenue: | |||
Series A, AMT, 4.0%, 10/1/2044 | 145,000 | 135,021 | |
Series A, AMT, 4.0%, 10/1/2049 | 230,000 | 208,080 | |
Broward County, FL, Port Facilities Revenue: | |||
AMT, 5.25%, 9/1/2047 | 100,000 | 106,016 | |
AMT, 5.5%, 9/1/2052 | 295,000 | 316,262 | |
Charlotte County, FL, Industrial Development Authority, Utility System Revenue, Town & Country Utilities Project, Series A, 144A, AMT, 4.0%, 10/1/2051, GTY: Babcock Ranch IRR LLC | 190,000 | 143,502 | |
Collier County, FL, Industrial Development Authority, Continuing Care Community Revenue, Arlington of Naples Project, Series A, 144A, 8.125%, 5/15/2044* (c) | 226,387 | 24,903 | |
Collier County,FL, State Educational Facilities Authority Revenue, Ave Maria University Inc., 5.0%, 6/1/2043 | 335,000 | 323,489 | |
Florida, Capital Trust Agency, Educational Facilities Authority, Charter Educational Foundation Project, Series A, 144A, 5.375%, 6/15/2048 | 230,000 | 209,004 |
DWS Strategic Municipal Income Trust | | | 11 |
Principal Amount ($) | Value ($) | ||
Florida, Capital Trust Agency, Educational Growth Fund LLC, Charter School Portfolio Project, Series A-1, 144A, 5.0%, 7/1/2056 | 240,000 | 215,630 | |
Florida, Development Finance Corp., Educational Facilities Revenue, Mater Academy Projects: | |||
Series A, 5.0%, 6/15/2047 | 1,200,000 | 1,169,129 | |
Series A, 5.0%, 6/15/2050 | 265,000 | 255,623 | |
Series A, 5.0%, 6/15/2055 | 460,000 | 437,546 | |
Florida, Development Finance Corp., Brightline Florida Passenger Rail Expansion Project, Series A, 144A, AMT, 7.25% (a), 7/1/2057 | 500,000 | 508,248 | |
Florida, Development Finance Corp., Educational Facilities Revenue, River City Science Academy Project: | |||
Series A-1, 5.0%, 7/1/2042 | 20,000 | 19,927 | |
Series B, 5.0%, 7/1/2042 | 20,000 | 19,927 | |
Series A-1, 5.0%, 7/1/2051 | 15,000 | 14,468 | |
Series B, 5.0%, 7/1/2051 | 30,000 | 28,937 | |
Series A-1, 5.0%, 2/1/2057 | 25,000 | 23,606 | |
Series B, 5.0%, 7/1/2057 | 30,000 | 28,321 | |
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Brightline Passenger Rail Project, Series B, 144A, AMT, 7.375%, 1/1/2049 | 450,000 | 434,589 | |
Florida, Development Finance Corp., Surface Transportation Facilities Revenue, Virgin Trains USA Passenger Rail Project: | |||
Series A, 144A, AMT, 6.375% (a), 1/1/2049 | 155,000 | 148,025 | |
Series A, 144A, AMT, 6.5% (a), 1/1/2049 | 170,000 | 161,411 | |
Florida, State Atlantic University Finance Corp., Capital Improvements Revenue, Student Housing Project, Series B, 4.0%, 7/1/2044 | 1,685,000 | 1,591,237 | |
Florida, State Development Finance Corp., Senior Living Revenue, The Cabana at Jensen Dunes Project, Series A, 144A, 5.25%, 11/15/2056 | 1,000,000 | 734,976 | |
Florida, State Higher Educational Facilities Financial Authority Revenue, Florida Institute of Technology, 4.0%, 10/1/2049 | 1,000,000 | 827,690 | |
Florida, Tolomato Community Development District, Special Assessment: | |||
Series 2015-2, 0%–6.61%, 5/1/2040 (d) | 150,000 | 136,497 | |
Series 2015-3, 6.61%, 5/1/2040* (c) | 165,000 | 2 | |
Florida, Village Community Development District No. 12, Special Assessment Revenue: | |||
4.25%, 5/1/2043 | 365,000 | 329,890 | |
4.375%, 5/1/2050 | 275,000 | 240,160 |
12 | | | DWS Strategic Municipal Income Trust |
Principal Amount ($) | Value ($) | ||
Florida, Village Community Development District No. 13, Special Assessment Revenue, Series 2021, 3.25%, 5/1/2052 | 260,000 | 176,923 | |
Florida, Village Community Development District No. 14, 5.5%, 5/1/2053 | 665,000 | 664,092 | |
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, Series A, AMT, 5.0%, 10/1/2047 | 400,000 | 407,004 | |
Hillsborough County, FL, Aviation Authority, Tampa International Airport, Series A, AMT, 5.0%, 10/1/2048 | 500,000 | 510,020 | |
Miami Beach, FL, Health Facilities Authority, Mount Sinai Medical Center, 5.0%, 11/15/2044 | 500,000 | 501,756 | |
Miami-Dade County, FL, Aviation Revenue, Series B, AMT, 5.0%, 10/1/2040 | 470,000 | 478,490 | |
Miami-Dade County, FL, Health Facilities Authority Hospital Revenue, Nicklaus Children’s Hospital, 5.0%, 8/1/2047 | 665,000 | 676,488 | |
Miami-Dade County, FL, Seaport Revenue, Series A, AMT, 5.25%, 10/1/2052 | 385,000 | 405,998 | |
Palm Beach County, FL, Health Facilities Authority, Jupiter Medical Center, Series A, 5.0%, 11/1/2052 | 400,000 | 391,772 | |
Pinellas County, FL, Industrial Development Authority Revenue, Foundation For Global Understanding, Inc. Project, 5.0%, 7/1/2039 | 825,000 | 828,399 | |
Seminole County, FL, Industrial Development Authority, Legacy Pointe At UCF Project, Series A, 5.5%, 11/15/2049 | 365,000 | 280,510 | |
Tampa, FL, Water & Waste Water System Revenue, Series A, 5.25%, 10/1/2057 | 500,000 | 552,392 | |
15,117,109 | |||
Georgia 4.5% | |||
Atlanta, GA, Development Authority Revenue Bonds, Series A-1, 5.0%, 7/1/2027 | 70,000 | 72,495 | |
Cobb County, GA, Kennestone Hospital Authority, Revenue Anticipation Certificates, Wellstar Health System, Inc. Project, Series A, 4.0%, 4/1/2052 | 555,000 | 505,721 | |
Fulton County, GA, Development Authority Hospital Revenue, Revenue Anticipation Certificates, Wellstar Health System, Series A, 5.0%, 4/1/2042 | 210,000 | 215,431 | |
Fulton County, GA, Development Authority Hospital Revenue, Wellstar Health System, Obligated Inc. Project, Series A, 4.0%, 4/1/2050 | 225,000 | 209,014 | |
George L Smith II, GA, Congress Center Authority, Convention Center Hotel First Tier, Series A, 4.0%, 1/1/2054 | 775,000 | 627,387 | |
George L Smith II, GA, Congress Center Authority, Convention Center Hotel Second Tier, Series B, 144A, 5.0%, 1/1/2054 | 620,000 | 500,671 |
DWS Strategic Municipal Income Trust | | | 13 |
Principal Amount ($) | Value ($) | ||
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co. | 1,220,000 | 1,233,870 | |
Georgia, Municipal Electric Authority Revenue, Project One, Series A, 5.0%, 1/1/2049 | 1,000,000 | 1,012,944 | |
Georgia, Private Colleges & Universities Authority Revenue, Mercer University Project, 4.0%, 10/1/2047 | 450,000 | 413,888 | |
4,791,421 | |||
Hawaii 1.2% | |||
Hawaii, State Airports Systems Revenue, Series A, AMT, 5.0%, 7/1/2041 | 695,000 | 701,136 | |
Hawaii, State Department of Budget & Finance, Special Purpose Revenue, 3.2%, 7/1/2039 | 745,000 | 623,891 | |
1,325,027 | |||
Illinois 16.4% | |||
Chicago, IL, Board of Education: | |||
Series A, 5.0%, 12/1/2032 | 105,000 | 108,345 | |
Series A, 5.0%, 12/1/2033 | 100,000 | 102,982 | |
Series H, 5.0%, 12/1/2036 | 245,000 | 247,649 | |
Series H, 5.0%, 12/1/2046 | 140,000 | 135,306 | |
Chicago, IL, General Obligation: | |||
Series A, 5.0%, 1/1/2036 | 500,000 | 504,454 | |
Series A, 5.0%, 1/1/2044 | 200,000 | 196,960 | |
Series A, 6.0%, 1/1/2038 | 555,000 | 588,579 | |
Chicago, IL, Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Series B, Zero Coupon, 6/15/2044, INS: AGMC | 2,500,000 | 922,645 | |
Chicago, IL, O’Hare International Airport Revenue: | |||
Series A, AMT, 5.0%, 1/1/2037 | 1,500,000 | 1,570,251 | |
Series C, AMT, 5.0%, 1/1/2046 | 1,000,000 | 1,002,149 | |
Chicago, IL, O’Hare International Airport Revenue, Senior Lien, Series D, AMT, 5.0%, 1/1/2047 | 975,000 | 990,329 | |
Chicago, IL, O’Hare International Airport, Special Facility Revenue, AMT, 5.0%, 7/1/2048 | 130,000 | 127,791 | |
Chicago, IL, Transit Authority, Sales Tax Receipts Revenue, Second Lien, Series A, 4.0%, 12/1/2050 | 95,000 | 87,026 | |
Illinois, Metropolitan Pier & Exposition Authority Revenue, McCormick Place Expansion Project, Series A, 5.0%, 6/15/2057 | 390,000 | 389,045 | |
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series A, Zero Coupon, 6/15/2036, INS: NATL | 3,000,000 | 1,703,803 | |
Illinois, State Finance Authority Revenue, Evangelical Retirement Homes, 5.0%, 2/15/2037* (c) | 1,000,000 | 450,000 |
14 | | | DWS Strategic Municipal Income Trust |
Principal Amount ($) | Value ($) | ||
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%, 11/15/2045 | 525,000 | 528,253 | |
Illinois, State Finance Authority, Health Services Facilities Lease Revenue, University of Health Services Facility Project, 4.0%, 10/1/2055 | 1,400,000 | 1,106,394 | |
Illinois, State General Obligation: | |||
Series D, 5.0%, 11/1/2027 | 500,000 | 533,547 | |
5.0%, 2/1/2029 | 495,000 | 521,951 | |
Series A, 5.0%, 10/1/2033 | 620,000 | 658,104 | |
Series B, 5.0%, 10/1/2033 | 395,000 | 419,080 | |
5.0%, 2/1/2039 | 2,000,000 | 2,006,653 | |
5.0%, 5/1/2039 | 315,000 | 316,485 | |
Series A, 5.0%, 12/1/2042 | 435,000 | 443,599 | |
5.5%, 5/1/2039 | 385,000 | 420,460 | |
Series C, 5.5%, 10/1/2045 | 500,000 | 544,992 | |
5.75%, 5/1/2045 | 590,000 | 640,978 | |
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC | 385,000 | 391,919 | |
17,659,729 | |||
Indiana 2.6% | |||
Indiana, Finance Authority Revenue, DePauw University, Series A, 5.5%, 7/1/2052 | 1,000,000 | 1,037,864 | |
Indiana, State Finance Authority, Health Facilities Revenue, Baptist Healthcare System, Series A, 5.0%, 8/15/2051 | 1,560,000 | 1,587,535 | |
Indiana, State Housing & Community Development Authority, Single Family Mortgage Revenue, Series C-1, 5.0%, 7/1/2053 | 120,000 | 123,464 | |
2,748,863 | |||
Iowa 1.2% | |||
Iowa, Higher Education Loan Authority, Des Moines University Project, 5.375%, 10/1/2052 | 100,000 | 103,224 | |
Iowa, State Higher Education Loan Authority Revenue, Private College Facility, Des Moines University Project, 4.0%, 10/1/2045 | 1,000,000 | 880,022 | |
Iowa, Tobacco Settlement Authority Revenue: | |||
Series B-2, Zero Coupon, 6/1/2065 | 445,000 | 49,260 | |
Series B-1, 4.0%, 6/1/2049 | 280,000 | 274,187 | |
1,306,693 | |||
Kansas 0.2% | |||
Wyandotte County, KS, Unified Government, Legends Apartments Garage & West Lawn Project, 4.5%, 6/1/2040 | 230,000 | 210,275 |
DWS Strategic Municipal Income Trust | | | 15 |
Principal Amount ($) | Value ($) | ||
Kentucky 2.1% | |||
Kentucky, Public Transportation Infrastructure Authority Toll Revenue, 1st Tier-Downtown Crossing, Series A, Prerefunded, 6.0%, 7/1/2053 | 1,440,000 | 1,442,177 | |
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc., Obligated Group: | |||
Series A, 5.0%, 6/1/2045 | 130,000 | 126,643 | |
Series A, 5.25%, 6/1/2041 | 190,000 | 193,986 | |
Louisville & Jefferson County, KY, Metro Government Hospital Revenue, UOFL Health Project: | |||
Series A, 5.0%, 5/15/2047 | 120,000 | 122,266 | |
Series A, 5.0%, 5/15/2052 | 390,000 | 391,498 | |
2,276,570 | |||
Louisiana 1.7% | |||
Calcasieu Parish, LA, Memorial Hospital Service, District Hospital Revenue, 5.0%, 12/1/2039 | 500,000 | 440,634 | |
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, 5.0%, 5/15/2046 | 1,000,000 | 1,014,846 | |
Louisiana, Public Facilities Authority Revenue, Tulane University, Series A, 5.0%, 10/15/2052 | 345,000 | 368,218 | |
1,823,698 | |||
Maryland 3.9% | |||
Maryland, Stadium Authority Built To Learn Revenue, Series A, 4.0%, 6/1/2047 | 1,065,000 | 1,016,181 | |
Maryland, State Community Development Administration, Department of Housing & Community Development, Residential Revenue, Series D, 5.05%, 3/1/2047 | 500,000 | 512,096 | |
Maryland, State Economic Development Corp., Student Housing Revenue, Morgan State University Project, 5.0%, 7/1/2056 | 1,225,000 | 1,240,979 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Obligated Group, Series A, 5.5%, 1/1/2046 | 375,000 | 378,805 | |
Maryland, State Health & Higher Educational Facilities Authority Revenue, Meritus Medical Center Obligated Group, 5.0%, 7/1/2040 | 1,000,000 | 1,011,683 | |
4,159,744 | |||
Massachusetts 7.5% | |||
Massachusetts, Educational Financing Authority, Issue M: | |||
Series B, AMT, 2.0%, 7/1/2037 | 135,000 | 112,888 | |
Series C, AMT, 3.0%, 7/1/2051 | 1,470,000 | 984,978 | |
Series C, AMT, 4.125%, 7/1/2052 | 1,000,000 | 827,206 |
16 | | | DWS Strategic Municipal Income Trust |
Principal Amount ($) | Value ($) | ||
Massachusetts, State Development Finance Agency Revenue, Partners Healthcare System, Inc., Series Q, 5.0%, 7/1/2035 | 5,000,000 | 5,254,835 | |
Massachusetts, State Development Financing Agency, College of the Holy Cross, Series A, 4.0% (b), 6/1/2023, LOC: Bank of America NA | 200,000 | 200,000 | |
Massachusetts, State Educational Financing Authority, Educational Loan Revenue Bonds, Issue M, Series B, AMT, 3.625%, 7/1/2038 | 585,000 | 533,025 | |
Massachusetts, StateWater Resources Authority, Series A-1, 3.84% (b), 6/7/2023, SPA: JPMorgan Chase Bank NA | 100,000 | 100,000 | |
8,012,932 | |||
Michigan 0.7% | |||
Michigan, Economic Development Corp., Holland Home Obligated Group, Series 2021, 4.0%, 11/15/2045 | 750,000 | 550,685 | |
Michigan, State Finance Authority Revenue, Detroit Water & Sewer Department, Series C, 5.0%, 7/1/2035 | 90,000 | 91,721 | |
Michigan, State Finance Authority Revenue, Tobacco Settlement Revenue, “1” , Series A, 4.0%, 6/1/2049 | 130,000 | 115,531 | |
757,937 | |||
Minnesota 2.4% | |||
Duluth, MN, Economic Development Authority, Health Care Facilities Revenue, Essentia Health Obligated Group: | |||
Series A, 5.0%, 2/15/2048 | 200,000 | 202,990 | |
Series A, 5.0%, 2/15/2053 | 565,000 | 571,828 | |
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 5.0%, 11/15/2049 | 205,000 | 207,828 | |
Minnesota, State Housing Finance Agency, Series L, AMT, 5.35%, 7/1/2036 | 660,000 | 688,921 | |
Minnesota, State Office of Higher Education Revenue: | |||
AMT, 2.65%, 11/1/2038 | 170,000 | 139,142 | |
AMT, 4.0%, 11/1/2042 (e) | 855,000 | 805,361 | |
2,616,070 | |||
Missouri 1.6% | |||
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 | 1,028,861 | |
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services: | |||
4.0%, 2/1/2042 | 365,000 | 291,380 | |
Series A, 5.0%, 2/1/2046 | 65,000 | 59,169 |
DWS Strategic Municipal Income Trust | | | 17 |
Principal Amount ($) | Value ($) | ||
Missouri, State Health & Educational Facilities Authority, Health Facilities Revenue, Lester E Cox Medical Centers, Series A, 5.0%, 11/15/2048 | 150,000 | 148,912 | |
St. Louis, MO, Industrial Development Authority Financing Revenue, Ballpark Village Development Project, Series A, 4.75%, 11/15/2047 | 225,000 | 166,058 | |
1,694,380 | |||
Nebraska 0.6% | |||
Douglas County, NE, Hospital Authority No.2, Health Facilities, Children’s Hospital Obligated Group, 5.0%, 11/15/2047 | 535,000 | 544,607 | |
Nebraska, Central Plains Energy Project, Gas Project Revenue, Series A, 5.0%, 9/1/2029, GTY: Goldman Sachs Group, Inc. | 70,000 | 72,898 | |
617,505 | |||
Nevada 0.2% | |||
Reno, NV, Sales Tax Revenue, Transportation Rail Access, Series C, 144A, Zero Coupon, 7/1/2058 | 1,500,000 | 190,692 | |
New Hampshire 0.7% | |||
New Hampshire, Business Finance Authority Revenue, Series 2022-2, 4.0%, 10/20/2036 | 743,943 | 692,882 | |
New Hampshire, State Health & Educational Facilities Authority Revenue, Hillside Village: | |||
Series A, 144A, 6.125%, 7/1/2037* (c) | 83,479 | 18,365 | |
Series A, 144A, 6.25%, 7/1/2042* (c) | 104,348 | 22,957 | |
734,204 | |||
New Jersey 6.8% | |||
Camden Country, NJ, Improvement Authority School Revenue, KIPP Cooper Norcross Obligated Group, 6.0%, 6/15/2062 | 600,000 | 630,788 | |
New Jersey, Economic Development Authority, Self Designated Social Bonds: | |||
Series QQQ, 4.0%, 6/15/2046 | 40,000 | 37,576 | |
Series QQQ, 4.0%, 6/15/2050 | 40,000 | 37,148 | |
New Jersey, State Covid-19 General Obligation Emergency Bonds, Series A, 4.0%, 6/1/2031 | 125,000 | 133,207 | |
New Jersey, State Economic Development Authority Revenue, Series BBB, Prerefunded, 5.5%, 6/15/2030 | 895,000 | 972,427 | |
New Jersey, State Economic Development Authority Revenue, Black Horse EHT Urban Renewal LLC Project, Series A, 144A, 5.0%, 10/1/2039 | 705,000 | 507,368 | |
New Jersey, State Economic Development Authority Revenue, White Horse HMT Urban Renewal LLC Project, 144A, 5.0%, 1/1/2040 | 270,000 | 192,799 |
18 | | | DWS Strategic Municipal Income Trust |
Principal Amount ($) | Value ($) | ||
New Jersey, State Economic Development Authority, Special Facilities Revenue, Continental Airlines, Inc. Project, Series B, AMT, 5.625%, 11/15/2030 | 1,000,000 | 1,013,737 | |
New Jersey, State Economic Development Authority, State Government Buildings Project: | |||
Series A, 5.0%, 6/15/2042 | 115,000 | 118,525 | |
Series A, 5.0%, 6/15/2047 | 130,000 | 133,451 | |
New Jersey, State Educational Facilities Authority Revenue, Steven Institute of Technology, Series A, 4.0%, 7/1/2050 | 495,000 | 432,181 | |
New Jersey, State Educational Facilities Authority Revenue, Stockton University, Series A, 5.0%, 7/1/2041 | 340,000 | 343,769 | |
New Jersey, State Higher Education Assistance Authority, Student Loan Revenue: | |||
Series B, AMT, 2.5%, 12/1/2040 | 205,000 | 170,159 | |
Series B, AMT, 3.5%, 12/1/2039 | 160,000 | 151,925 | |
New Jersey, State Housing & Mortgage Finance Agency, Single Family Housing Revenue, Series I, 5.0%, 10/1/2053 | 135,000 | 138,970 | |
New Jersey, State Transportation Trust Fund Authority, Series AA, 4.0%, 6/15/2045 | 175,000 | 164,312 | |
New Jersey, State Transportation Trust Fund Authority, Transportation Program, Series AA, 5.0%, 6/15/2046 | 1,400,000 | 1,445,405 | |
New Jersey, State Transportation Trust Fund Authority, Transportation Systems, Series AA, 4.0%, 6/15/2050 | 180,000 | 167,166 | |
New Jersey, Tobacco Settlement Financing Corp., Series A, 5.25%, 6/1/2046 | 525,000 | 546,328 | |
7,337,241 | |||
New Mexico 0.3% | |||
New Mexico, State Mortgage Finance Authority, “I” , Series D, 3.25%, 7/1/2044 | 340,000 | 292,313 | |
New York 8.0% | |||
Monroe County, NY, Industrial Development Corp. Revenue, St. Ann’s Community Project, 5.0%, 1/1/2050 | 750,000 | 561,418 | |
New York, Brooklyn Arena Local Development Corp., Pilot Revenue, Barclays Center Project, Series A, 4.0%, 7/15/2035, INS: AGMC | 45,000 | 45,146 | |
New York, Buffalo & Fort Erie Public Bridge Authority, 5.0%, 1/1/2047 | 1,000,000 | 1,034,087 | |
New York, Metropolitan Transportation Authority Revenue: | |||
Series E-1, 4.0% (b), 6/1/2023, LOC: Barclays Bank PLC | 50,000 | 50,000 | |
Series D, 5.0%, 11/15/2027 | 215,000 | 223,237 | |
Series D, 5.0%, 11/15/2033 | 500,000 | 530,067 | |
Series D, 5.0%, 11/15/2038 | 275,000 | 269,200 | |
Series C-1, 5.25%, 11/15/2055 | 1,605,000 | 1,657,551 |
DWS Strategic Municipal Income Trust | | | 19 |
Principal Amount ($) | Value ($) | ||
New York, Metropolitan Transportation Authority Revenue, Green Bond, Series D-3, 4.0%, 11/15/2049 | 500,000 | 455,243 | |
New York, State Dormitory Authority Revenues, Non-State Supported Debt, The New School: | |||
Series A, 4.0%, 7/1/2047 | 50,000 | 44,794 | |
Series A, 4.0%, 7/1/2052 | 60,000 | 52,473 | |
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, Inc. | 445,000 | 445,604 | |
New York, State Transportation Development Corp., Special Facilities Revenue, Delta Air Lines, Inc., LaGuardia Airport C&D Redevelopment, Series A, AMT, 5.0%, 1/1/2031 | 100,000 | 103,247 | |
New York, State Transportation Development Corp., Special Facilities Revenue, John F. Kennedy International Airport Project, AMT, 4.0%, 12/1/2042 | 300,000 | 273,042 | |
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 | 1,193,093 | |
New York, TSASC, Inc., Series A, 5.0%, 6/1/2041 | 60,000 | 61,020 | |
New York City, NY, Housing Development Corp., Series C-1, 4.25%, 11/1/2052 | 1,000,000 | 917,305 | |
Port Authority of New York & New Jersey, Series 207, AMT, 5.0%, 9/15/2048 | 625,000 | 637,988 | |
8,554,515 | |||
North Carolina 0.3% | |||
New Hanover County, NC, Hospital Revenue, New Hanover Regional Medical Centre, Prerefunded, 5.0%, 10/1/2042 | 260,000 | 282,404 | |
Ohio 5.7% | |||
Buckeye, OH, Tobacco Settlement Financing Authority, “2” , Series B-2, 5.0%, 6/1/2055 | 3,320,000 | 3,076,004 | |
Chillicothe, OH, Hospital Facilities Revenue, Adena Health System Obligated Group Project, 5.0%, 12/1/2047 | 445,000 | 450,564 | |
Cleveland-Cuyahoga County, OH, Port Authority, Cultural Facility Revenue, Playhouse Square Foundation Project, 5.5%, 12/1/2043 | 1,290,000 | 1,306,444 | |
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046 | 615,000 | 621,854 | |
Ohio, State Air Quality Development Authority, Exempt Facilities Revenue, Pratt Paper LLC Project: | |||
144A, AMT, 4.25%, 1/15/2038, GTY: Pratt Industries, Inc. | 70,000 | 66,551 | |
144A, AMT, 4.5%, 1/15/2048, GTY: Pratt Industries, Inc. | 225,000 | 208,558 | |
Ohio, State Hospital Revenue, Aultman Health Foundation, 144A, 5.0%, 12/1/2048 | 500,000 | 442,993 | |
6,172,968 |
20 | | | DWS Strategic Municipal Income Trust |
Principal Amount ($) | Value ($) | ||
Oklahoma 0.9% | |||
Oklahoma, State Development Finance Authority, Health System Revenue, OU Medicine Project: | |||
Series B, 5.25%, 8/15/2048 | 450,000 | 408,510 | |
Series A, 5.5%, 8/15/2041 | 285,000 | 271,788 | |
Series A, 5.5%, 8/15/2044 | 300,000 | 283,996 | |
964,294 | |||
Oregon 0.6% | |||
Oregon, Portland Airport Revenue, Series 25B, AMT, 5.0%, 7/1/2049 | 665,000 | 680,373 | |
Pennsylvania 7.5% | |||
Franklin County, PA, Industrial Development Authority Revenue, Menno Haven, Inc. Project: | |||
5.0%, 12/1/2043 | 60,000 | 49,123 | |
5.0%, 12/1/2054 | 175,000 | 133,402 | |
Lancaster County, PA, Hospital Authority, Brethren Village Project: | |||
5.125%, 7/1/2037 | 600,000 | 549,464 | |
5.25%, 7/1/2041 | 100,000 | 90,863 | |
Pennsylvania, Certificate of Participations, Series A, 5.0%, 7/1/2043 | 155,000 | 161,790 | |
Pennsylvania, Commonwealth Financing Authority, Series A, 5.0%, 6/1/2035 | 315,000 | 321,212 | |
Pennsylvania, Commonwealth Financing Authority, Tobacco Master Settlement Payment Revenue Bonds: | |||
5.0%, 6/1/2034 | 250,000 | 267,294 | |
5.0%, 6/1/2035 | 125,000 | 133,017 | |
Pennsylvania, Geisinger Authority Health System Revenue, Series A-1, 5.0%, 2/15/2045 | 740,000 | 756,788 | |
Pennsylvania, State Economic Development Financing Authority Revenue, Bridges Finco LP: | |||
5.0%, 12/31/2034 | 1,000,000 | 1,015,800 | |
5.0%, 12/31/2038 | 1,000,000 | 1,005,927 | |
Pennsylvania, State Economic Development Financing Authority, The Penndot Major Bridges, AMT, 6.0%, 6/30/2061 | 1,500,000 | 1,661,173 | |
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue, Series 141A, 5.75%, 10/1/2053 | 240,000 | 254,666 | |
Pennsylvania, State Turnpike Commission Revenue: | |||
Series A, 4.0%, 12/1/2044 | 90,000 | 86,910 | |
Series A, 4.0%, 12/1/2046 | 60,000 | 57,386 | |
Series FIRST, 5.0%, 12/1/2039 | 140,000 | 153,303 | |
Series FIRST, 5.0%, 12/1/2040 | 145,000 | 158,675 |
DWS Strategic Municipal Income Trust | | | 21 |
Principal Amount ($) | Value ($) | ||
Series FIRST, 5.0%, 12/1/2041 | 145,000 | 157,492 | |
Series C, 5.0%, 12/1/2044 | 240,000 | 242,775 | |
Philadelphia, PA, Authority For Industrial Development, Charter School Revenue, Philadelphia Electrical and Technology Charter High School Project, Series A, 4.0%, 6/1/2056 | 460,000 | 333,610 | |
Philadelphia, PA, School District, Series B, 5.0%, 9/1/2043 | 500,000 | 524,867 | |
8,115,537 | |||
South Carolina 2.6% | |||
South Carolina, State Ports Authority Revenue, Series B, AMT, 4.0%, 7/1/2059 | 2,000,000 | 1,757,822 | |
South Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055 | 1,070,000 | 1,076,484 | |
2,834,306 | |||
South Dakota 0.3% | |||
Lincon County, SD, Economic Development Revenue, Augustana College Association Project, Series A, 4.0%, 8/1/2056 | 410,000 | 321,375 | |
Tennessee 1.6% | |||
Greeneville, TN, Health & Educational Facilities Board Hospital Revenue, Ballad Health Obligation Group: | |||
Series A, 5.0%, 7/1/2036 | 260,000 | 272,297 | |
Series A, 5.0%, 7/1/2044 | 400,000 | 407,068 | |
Nashville & Davidson County, TN, Metropolitan Development & Housing Agency, Tax Increment Revenue, Fifth Broadway Development District, 144A, 5.125%, 6/1/2036 | 250,000 | 253,018 | |
Nashville & Davidson County, TN, Metropolitan Government Health & Education Facilities Board Revenue, Blakeford At Green Hills Corp., Series A, 4.0%, 11/1/2055 | 500,000 | 353,473 | |
Tennessee, State Energy Acquisition Corporation Revenue, Series A, 5.0% (a), 5/1/2052, GTY: Goldman Sachs Group, INC. | 400,000 | 417,968 | |
1,703,824 | |||
Texas 13.8% | |||
Central Texas, Regional Mobility Authority Revenue, Senior Lien, Series A, Prerefunded, 5.0%, 1/1/2040 | 230,000 | 238,542 | |
Greater Texas, Cultural Education Facilities Finance Corp. Lease Revenue, Epicenter Multipurpose Facilities Project, Series A, 4.0%, 3/1/2050 | 530,000 | 484,385 | |
Houston, TX, Airport System Revenue, Series A, AMT, 5.0%, 7/1/2041 | 750,000 | 772,720 |
22 | | | DWS Strategic Municipal Income Trust |
Principal Amount ($) | Value ($) | ||
Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, AEP Texas Central Co. Project, Series A, 4.4%, 5/1/2030, INS: AMBAC | 1,250,000 | 1,242,329 | |
Newark, TX, Higher Education Finance Corp., Texas Revenue, Abilene Christian University Project, Series A, 4.0%, 4/1/2057 | 1,000,000 | 858,450 | |
North Texas, Tollway Authority Revenue: | |||
Series B, 5.0%, 1/1/2045 | 665,000 | 675,388 | |
5.0%, 1/1/2048 | 1,040,000 | 1,081,302 | |
5.0%, 1/1/2050 | 315,000 | 327,036 | |
San Antonio, TX, Education Facilities Corp. Higher Education Revenue, Hallmark University Project: | |||
Series A, 5.0%, 10/1/2041 | 55,000 | 46,493 | |
Series A, 5.0%, 10/1/2051 | 160,000 | 125,496 | |
San Antonio, TX, Education Facilities Corp. Revenue, University of the Incarnate Word Project: | |||
Series A, 4.0%, 4/1/2046 | 455,000 | 381,189 | |
Series A, 4.0%, 4/1/2054 | 235,000 | 186,473 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Christus Health Obligated Group, Series B, 5.0%, 7/1/2048 | 1,000,000 | 1,020,401 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Buckner Retirement Services Revenue, 5.0%, 11/15/2046 | 1,000,000 | 963,290 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Scott & White Health Project, Series D, 5.0%, 11/15/2051 | 1,000,000 | 1,049,739 | |
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Scott & White Healthcare, Prerefunded, 5.0%, 8/15/2043 | 2,100,000 | 2,106,451 | |
Temple, TX, Tax Increment, Reinvestment Zone No. 1: | |||
Series A, 4.0%, 8/1/2041, INS: BAM | 90,000 | 87,044 | |
Series A, 5.0%, 8/1/2038 | 300,000 | 302,062 | |
Texas, Grand Parkway Transportation Corp., System Toll Revenue, Series B, Prerefunded, 5.0%, 4/1/2053 | 500,000 | 502,560 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Educational Revenue, Cumberland Academy Project, Series A, 144A, 5.0%, 8/15/2050 | 700,000 | 600,801 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Westminster Project, 4.0%, 11/1/2049 | 275,000 | 213,427 | |
Texas, New Hope Cultural Education Facilities Finance Corp., Senior Living Revenue, Bridgemoor Plano Project, Series A, 7.25%, 12/1/2053* (c) | 460,000 | 414,000 |
DWS Strategic Municipal Income Trust | | | 23 |
Principal Amount ($) | Value ($) | ||
Texas, State Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North Tarrant Express Mobility Partners Segments LLC, Series A, AMT, 6.75%, 6/30/2043 | 280,000 | 281,614 | |
Texas, State Transportation Commission, Turnpike Systems Revenue, Series C, 5.0%, 8/15/2034 | 825,000 | 833,615 | |
14,794,807 | |||
Utah 2.4% | |||
Salt Lake City, UT, Airport Revenue: | |||
Series A, AMT, 5.0%, 7/1/2042 | 595,000 | 606,857 | |
Series A, AMT, 5.0%, 7/1/2043 | 190,000 | 194,957 | |
Series A, AMT, 5.0%, 7/1/2048 | 115,000 | 117,263 | |
Utah, Infrastructure Agency Telecommunication Revenue: | |||
Series A, 4.0%, 10/15/2036 | 435,000 | 385,606 | |
Series A, 4.0%, 10/15/2041 | 100,000 | 82,298 | |
Series 2019, 4.0%, 10/15/2042 | 215,000 | 174,427 | |
Utah, Infrastructure Agency Telecommunications & Franchise Tax Revenue, Pleasant Gove City Project: | |||
4.0%, 10/15/2041 | 300,000 | 278,909 | |
4.0%, 10/15/2048 | 320,000 | 285,049 | |
Utah, State Charter School Finance Authority, St. George Campus Project, Series A, 144A, 5.0%, 6/15/2052 | 170,000 | 146,962 | |
Utah, State Charter School Financing Authority Revenue, Freedom Academy Foundation Project, 144A, 5.375%, 6/15/2048 | 320,000 | 295,801 | |
2,568,129 | |||
Vermont 0.4% | |||
Vermont, State Educational & Health Buildings Financing Agency Revenue, St Michael’s College Inc., 144A, 5.25%, 10/1/2052 | 500,000 | 457,733 | |
Virginia 3.4% | |||
Roanoke County, VA, Economic Development Authority, RSDL Care Facilities Revenue, Richfield Living: | |||
Series 2020, 5.0%, 9/1/2050* (c) | 220,000 | 137,394 | |
Series A, 5.375%, 9/1/2054* (c) | 500,000 | 319,292 | |
Virginia, Housing Development Authority Revenue, Series G, 5.15%, 11/1/2052 | 1,000,000 | 1,032,617 | |
Virginia, Peninsula Town Center, Community Development Authority Revenue, Special Obligation: | |||
144A, 5.0%, 9/1/2037 | 100,000 | 97,506 | |
144A, 5.0%, 9/1/2045 | 600,000 | 555,914 | |
Virginia, Small Business Financing Authority Revenue, 95 Express Lanes LLC Project, AMT, 4.0%, 1/1/2048 | 240,000 | 207,447 |
24 | | | DWS Strategic Municipal Income Trust |
Principal Amount ($) | Value ($) | ||
Virginia, Small Business Financing Authority, Elizabeth River Crossings OPCO LLC Project, AMT, 4.0%, 1/1/2039 | 150,000 | 138,862 | |
Virginia, Small Business Financing Authority, Private Activity Revenue, Transform 66 P3 Project: | |||
AMT, 5.0%, 12/31/2049 | 250,000 | 248,752 | |
AMT, 5.0%, 12/31/2052 | 915,000 | 906,586 | |
3,644,370 | |||
Washington 5.2% | |||
Washington, Port of Seattle Revenue: | |||
Series A, AMT, 5.0%, 5/1/2043 | 415,000 | 421,143 | |
AMT, 5.0%, 4/1/2044 | 1,000,000 | 1,038,572 | |
Washington, State Convention Center Public Facilities District: | |||
Series B, 3.0%, 7/1/2043 | 735,000 | 553,106 | |
4.0%, 7/1/2031 | 1,000,000 | 953,448 | |
Washington, State Health Care Facilities Authority, CommonSpirit Health Obligation Group, Series A-2, 5.0%, 8/1/2044 | 1,000,000 | 1,029,572 | |
Washington, State Housing Finance Commission, Non-Profit Housing Revenue, Rockwood Retirement Communities Project: | |||
Series A, 144A, 5.0%, 1/1/2051 | 500,000 | 356,960 | |
Series A, 144A, Prerefunded, 7.375%, 1/1/2044 | 1,000,000 | 1,020,976 | |
Washington, State Housing Finance Commission, The Hearthstone Project: | |||
Series A, 144A, 5.0%, 7/1/2038 | 50,000 | 40,253 | |
Series A, 144A, 5.0%, 7/1/2048 | 115,000 | 83,315 | |
Series A, 144A, 5.0%, 7/1/2053 | 75,000 | 52,792 | |
5,550,137 | |||
West Virginia 1.9% | |||
West Virginia, State Economic Development Authority, Solid Waste Disposal Facility, Arch Resources Project, Series A, AMT, 4.125% (a), 7/1/2045 | 1,250,000 | 1,230,289 | |
West Virginia, State Hospital Finance Authority, State University Health System Obligated Group: | |||
Series A, 5.0%, 6/1/2042 | 400,000 | 404,334 | |
Series A, 5.0%, 6/1/2047 | 405,000 | 407,353 | |
2,041,976 | |||
Wisconsin 9.8% | |||
Wisconsin, Health Educational Facilities Authority, Covenant Communities, Inc. Project: | |||
Series A-1, 5.0%, 7/1/2043 | 500,000 | 460,118 | |
Series B, 5.0%, 7/1/2048 | 1,340,000 | 1,022,664 |
DWS Strategic Municipal Income Trust | | | 25 |
Principal Amount ($) | Value ($) | ||
Series B, 5.0%, 7/1/2053 | 250,000 | 184,865 | |
Wisconsin, Public Finance Authority Revenue, Triad Educational Services Ltd.: | |||
Series 2021 A, 4.0%, 6/15/2061 | 1,115,000 | 808,422 | |
5.5%, 6/15/2062 | 1,000,000 | 968,975 | |
Wisconsin, Public Finance Authority, Eastern Michigan University, Series A-1, 5.625%, 7/1/2055, INS: BAM | 770,000 | 838,220 | |
Wisconsin, Public Finance Authority, Education Revenue, Mountain Island Charter School Ltd.: | |||
5.0%, 7/1/2047 | 200,000 | 194,846 | |
5.0%, 7/1/2052 | 90,000 | 86,323 | |
Wisconsin, Public Finance Authority, Fargo-Moorhead Metropolitan Area Flood Risk Management Project, AMT, 4.0%, 9/30/2051 | 2,055,000 | 1,644,345 | |
Wisconsin, Public Finance Authority, Hospital Revenue, Series A, 5.0%, 10/1/2044 | 730,000 | 742,681 | |
Wisconsin, Public Finance Authority, Hospital Revenue, Carson Valley Medical Center, Series A, 4.0%, 12/1/2051 | 310,000 | 237,248 | |
Wisconsin, Public Finance Authority, Roseman University of Health Sciences Project: | |||
144A, 4.0%, 4/1/2042 | 100,000 | 82,436 | |
144A, 4.0%, 4/1/2052 | 100,000 | 75,839 | |
Wisconsin, Public Finance Authority, Senior Living Community First Mortgage Revenue, Cedars Obligated Group: | |||
144A, 5.5%, 5/1/2039 | 520,000 | 439,197 | |
144A, 5.75%, 5/1/2054 | 330,000 | 265,852 | |
Wisconsin, Public Finance Authority, Senior Living Revenue, Mary’s Woods at Marylhurst Project, Series A, 144A, 5.25%, 5/15/2052 | 1,000,000 | 856,258 | |
Wisconsin, Public Finance Authority, Wisconsin Hotel Revenue, Senior Lien Grand Hyatt San Antonio Hotel, Series B, 144A, 6.0%, 2/1/2062 | 1,150,000 | 1,148,368 | |
Wisconsin, Public Financing Authority, Retirement Facilities Revenue, Southminster, Inc.: | |||
144A, 5.0%, 10/1/2043 | 65,000 | 55,648 | |
144A, 5.0%, 10/1/2048 | 510,000 | 420,461 | |
10,532,766 | |||
Guam 0.3% | |||
Guam, Government Waterworks Authority, Water & Wastewater System Revenue, Series A, 5.0%, 1/1/2050 | 70,000 | 70,303 |
26 | | | DWS Strategic Municipal Income Trust |
Principal Amount ($) | Value ($) | ||
Guam, International Airport Authority Revenue: | |||
Series C, AMT, 6.375%, 10/1/2043 | 105,000 | 105,856 | |
Series C, AMT, Prerefunded, 6.375%, 10/1/2043 | 110,000 | 110,897 | |
287,056 | |||
Puerto Rico 6.9% | |||
Puerto Rico, Commonwealth Aqueduct and Sewer Authority, Series A, 144A, 5.0%, 7/1/2047 | 1,000,000 | 963,363 | |
Puerto Rico, General Obligation: | |||
Series A1, 4.0%, 7/1/2041 | 2,462,048 | 2,062,197 | |
Series A1, 4.0%, 7/1/2046 | 250,000 | 202,141 | |
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue: | |||
Series A-1, Zero Coupon, 7/1/2046 | 3,476,000 | 939,385 | |
Series A-1, 4.75%, 7/1/2053 | 3,500,000 | 3,245,408 | |
7,412,494 | |||
Other 0.3% | |||
Freddie Mac Multi-Family ML Certificates, “A-CA” , Series 2021-ML10, 2.046%, 6/25/2038 | 479,399 | 371,342 | |
Total Municipal Investments (Cost $180,993,007) | 173,982,012 | ||
Underlying Municipal Bonds of Inverse Floaters (f) 4.9% | |||
New York | |||
New York, State Urban Development Corp. Revenue, Personal Income Tax, Series C-3, 5.0%, 3/15/2040 (g) (Cost $5,492,118) | 5,000,000 | 5,313,393 | |
Trust: New York, State Urban Development Corp. Revenue, Personal Income Tax, Series 2018-XM0581, 144A, 8.225%, 9/15/2025, Leverage Factor at purchase date: 4 to 1 |
Shares | Value ($) | ||
Open-End Investment Companies 0.1% | |||
BlackRock Liquidity Funds MuniCash Portfolio, Institutional Shares, 3.26% (h) (Cost $75,983) | 75,983 | 75,983 |
DWS Strategic Municipal Income Trust | | | 27 |
% of Net Assets | Value ($) | ||
Total Investment Portfolio (Cost $186,561,108) | 166.9 | 179,371,388 | |
Floating Rate Notes (f) | (3.5 ) | (3,750,000 ) | |
Series 2020-1 VMTPS, net of deferred offering costs | (65.1 ) | (69,963,666 ) | |
Other Assets and Liabilities, Net | 1.7 | 1,793,042 | |
Net Assets Applicable to Common Shareholders | 100.0 | 107,450,764 |
* | Non-income producing security. |
(a) | Variable or floating rate security. These securities are shown at their current rate as of May 31, 2023. 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. Securities with a floor or ceiling feature are disclosed at the inherent rate, where applicable. |
(b) | Variable rate demand notes and variable rate demand preferred shares are securities whose interest rates are reset periodically (usually daily mode or weekly mode) by remarketing agents based on current market levels, and are not directly set as a fixed spread to a reference rate. These securities may be redeemed at par by the holder through a put or tender feature, and are shown at their current rates as of May 31, 2023. Date shown reflects the earlier of demand date or stated maturity date. |
(c) | Defaulted security or security for which income has been deemed uncollectible. |
(d) | Security is a “step-up” bond where the coupon increases or steps-up at a predetermined date. The range of rates shown is the current coupon rate through the final coupon rate, date shown is the final maturity date. |
(e) | When-issued security. |
(f) | 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. |
(g) | 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. |
(h) | Current yield; not a coupon rate. |
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. |
BAM: Build America Mutual |
GTY: Guaranty Agreement |
INS: Insured |
LIQ: Liquidity Facility |
LOC: Letter of Credit |
NATL: National Public Finance Guarantee Corp. |
28 | | | DWS Strategic Municipal Income Trust |
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. |
SPA: Standby Bond Purchase Agreement |
Assets | Level 1 | Level 2 | Level 3 | Total |
Municipal Investments (a) | $— | $179,295,405 | $— | $179,295,405 |
Open-End Investment Companies | 75,983 | — | — | 75,983 |
Total | $75,983 | $179,295,405 | $— | $179,371,388 |
(a) | See Investment Portfolio for additional detailed categorizations. |
DWS Strategic Municipal Income Trust | | | 29 |
Assets | |
Investment in securities, at value (cost $186,561,108) | $179,371,388 |
Receivable for investments sold | 440,704 |
Interest receivable | 2,701,902 |
Other assets | 964 |
Total assets | 182,514,958 |
Liabilities | |
Payable for investments purchased | 38,792 |
Payable for investments purchased — when-issued securities | 819,261 |
Payable for Fund shares repurchased | 74,557 |
Payable for floating rate notes issued | 3,750,000 |
Interest expense payable on preferred shares | 264,964 |
Accrued management fee | 89,314 |
Accrued Trustees' fees | 3,665 |
Other accrued expenses and payables | 59,975 |
Series 2020-1 VMTPS, net of deferred offering costs (liquidation value $70,000,000, see page 41 for more details) | 69,963,666 |
Total liabilities | 75,064,194 |
Net assets applicable to common shareholders, at value | $107,450,764 |
Net Assets Applicable to Common Shareholders Consist of | |
Distributable earnings (loss) | (18,623,397 ) |
Paid-in capital | 126,074,161 |
Net assets applicable to common shareholders, at value | $107,450,764 |
Net Asset Value | |
Net Asset Value per common share ($107,450,764 ÷ 11,086,351 outstanding shares of beneficial interest, $.01 par value, unlimited number of common shares authorized) | $9.69 |
30 | | | DWS Strategic Municipal Income Trust |
Investment Income | |
Income: | |
Interest | $4,223,471 |
Expenses: | |
Management fee | 537,359 |
Services to shareholders | 3,811 |
Custodian fee | 1,700 |
Professional fees | 58,248 |
Reports to shareholders | 13,469 |
Trustees' fees and expenses | 5,763 |
Interest expense and amortization of deferred cost on Series 2020-1 VMTPS | 1,553,586 |
Interest expense on floating rate notes | 66,691 |
Stock Exchange listing fees | 11,836 |
Other | 25,286 |
Total expenses | 2,277,749 |
Net investment income | 1,945,722 |
Realized and Unrealized Gain (Loss) | |
Net realized gain (loss) from investments | (1,331,712 ) |
Change in net unrealized appreciation (depreciation) on investments | 1,976,310 |
Net gain (loss) | 644,598 |
Net increase (decrease) in net assets resulting from operations | $2,590,320 |
DWS Strategic Municipal Income Trust | | | 31 |
Increase (Decrease) in Cash: Cash Flows from Operating Activities | |
Net increase (decrease) in net assets resulting from operations | $2,590,320 |
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: | |
Purchases of long-term investments | (27,116,857 ) |
Net amortization of premium/(accretion of discount) | 288,549 |
Proceeds from sales and maturities of long-term investments | 29,535,162 |
Amortization of deferred offering cost on Series 2020-1 VMTPS | 39,760 |
(Increase) decrease in interest receivable | (59,874 ) |
(Increase) decrease in other assets | 1,161 |
(Increase) decrease in receivable for investments sold | 830,616 |
Increase (decrease) in payable for investments purchased | (2,137,541 ) |
Increase (decrease) in payable for investments purchased - when issued securities | (340,739 ) |
Increase (decrease) in other accrued expenses and payables | (23,634 ) |
Change in unrealized (appreciation) depreciation on investments | (1,976,310 ) |
Net realized (gain) loss from investments | 1,331,712 |
Cash provided by (used in) operating activities | $2,962,325 |
Cash Flows from Financing Activities | |
Cost of shares redeemed | (907,928 ) |
Distributions paid (net of reinvestment of distributions) | (2,054,397 ) |
Cash provided by (used in) financing activities | (2,962,325 ) |
Increase (decrease) in cash | — |
Cash at beginning of period | — |
Cash at end of period | $— |
Supplemental disclosure | |
Interest expense paid on preferred shares | $(1,440,102 ) |
Interest expense paid and fees on floating rate notes issued | $(66,691 ) |
32 | | | DWS Strategic Municipal Income Trust |
Six Months Ended May 31, 2023 | Year Ended November 30, | |
Increase (Decrease) in Net Assets | (Unaudited) | 2022 |
Operations: | ||
Net investment income | $1,945,722 | $5,007,047 |
Net realized gain (loss) | (1,331,712 ) | (7,067,976 ) |
Change in net unrealized appreciation (depreciation) | 1,976,310 | (28,278,594 ) |
Net increase (decrease) in net assets applicable to common shareholders | 2,590,320 | (30,339,523 ) |
Distributions to common shareholders | (2,128,121 ) | (5,349,250 ) |
Fund share transactions: | ||
Payments for shares repurchased | (982,485 ) | — |
Net increase (decrease) in net assets from Fund share transactions | (982,485 ) | — |
Increase (decrease) in net assets | (520,286 ) | (35,688,773 ) |
Net assets at beginning of period applicable to common shareholders | 107,971,050 | 143,659,823 |
Net assets at end of period applicable to common shareholders | $107,450,764 | $107,971,050 |
Other Information: | ||
Common shares outstanding at beginning of period | 11,203,941 | 11,203,941 |
Shares repurchased | (117,590 ) | — |
Net increase (decrease) in Fund shares | (117,590 ) | — |
Common shares outstanding at end of period | 11,086,351 | 11,203,941 |
DWS Strategic Municipal Income Trust | | | 33 |
Six Months Ended 5/31/23 | Years Ended November 30, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Selected Per Share Data Applicable to Common Shareholders | ||||||
Net asset value, beginning of period | $9.64 | $12.82 | $12.59 | $12.69 | $11.76 | $12.39 |
Income (loss) from investment operations: | ||||||
Net investment incomea | .17 | .45 | .52 | .52 | .53 | .61 |
Net realized and unrealized gain (loss) | .06 | (3.15 ) | .28 | (.10 ) | 1.00 | (.64 ) |
Total from investment operations | .23 | (2.70 ) | .80 | .42 | 1.53 | (.03 ) |
Less distributions applicable to common shareholders from: | ||||||
Net investment income | (.18 ) | (.48 ) | (.54 ) | (.50 ) | (.57 ) | (.60 ) |
Net realized gains | (.01 ) | — | (.03 ) | (.02 ) | (.03 ) | (.00 )* |
Total distributions | (.19 ) | (.48 ) | (.57 ) | (.52 ) | (.60 ) | (.60 ) |
Increase resulting from share repurchasesa | .01 | — | — | — | — | — |
Net asset value, end of period | $9.69 | $9.64 | $12.82 | $12.59 | $12.69 | $11.76 |
Market price, end of period | $8.17 | $8.34 | $12.48 | $11.29 | $12.32 | $10.30 |
Total Return | ||||||
Based on net asset value (%)b | 2.81** | (21.00 ) | 6.69 | 3.98 c | 13.68 | .31 |
Based on market price (%)b | .19** | (29.79 ) | 15.82 | (3.95 )c | 26.01 | (8.60 ) |
34 | | | DWS Strategic Municipal Income Trust |
Six Months Ended 5/31/23 | Years Ended November 30, | |||||
(Unaudited) | 2022 | 2021 | 2020 | 2019 | 2018 | |
Ratios to Average Net Assets Applicable to Common Shareholders and Supplemental Data | ||||||
Net assets, end of period ($ millions) | 107 | 108 | 144 | 141 | 142 | 132 |
Ratio of expenses before expense reductions (%) (including interest expense)d,e | 4.12*** | 2.60 | 1.85 | 2.33 | 2.89 | 2.75 |
Ratio of expenses after expense reductions (%) (including interest expense)d,f | 4.12*** | 2.60 | 1.85 | 2.23 c | 2.89 | 2.75 |
Ratio of expenses after expense reductions (%) (excluding interest expense)g | 1.28*** | 1.19 | 1.11 | 1.05 | 1.12 | 1.13 |
Ratio of net investment income (%) | 3.60*** | 4.14 | 4.01 | 4.25 | 4.26 | 5.05 |
Portfolio turnover rate (%) | 15** | 62 | 23 | 35 | 28 | 39 |
Senior Securities | ||||||
Preferred Shares information at period end, aggregate amount outstanding: | ||||||
Series 2018 MTPS ($ millions) | — | — | — | — | 70 | 70 |
Series 2020-1 VMTPS ($ millions) | 70 | 70 | 70 | 70 | — | — |
Asset coverage per share ($)h | 253,501 | 254,244 | 305,228 | 301,553 | 75,787 | 72,050 |
Liquidation and market price per share ($) | 100,000 | 100,000 | 100,000 | 100,000 | 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 | For the year ended November 30, 2020, the Advisor had agreed to voluntarily reduce its management fee. Total return would have been lower had expenses not been reduced. |
d | 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 2018 MTPS and Series 2020-1 VMTPS. |
DWS Strategic Municipal Income Trust | | | 35 |
e | The ratio of expenses before expense reductions (based on net assets of common and Preferred Shares, including interest expense) was 2.52%, 1.65%, 1.25%, 1.54%, 1.92% and 1.81% for the periods ended May 31, 2023, November 30, 2022, 2021, 2020, 2019 and 2018, respectively. |
f | The ratio of expenses after expense reductions (based on net assets of common and Preferred Shares, including interest expense) was 2.52%, 1.65%, 1.25%, 1.48%, 1.92% and 1.81% for the periods ended May 31, 2023, November 30, 2022, 2021, 2020, 2019 and 2018, respectively. |
g | The ratio of expenses after expense reductions (based on net assets of common and Preferred Shares, excluding interest expense) was 0.78%, 0.75%, 0.75%, 0.70%, 0.74% and 0.74% for the periods ended May 31, 2023, November 30, 2022, 2021, 2020, 2019 and 2018, respectively. |
h | 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. |
* | Amount is less than $.005. |
** | Not annualized |
*** | Annualized |
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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 100 Summer Street Boston, MA 02110 |
Legal Counsel | Vedder Price P.C. 222 North LaSalle Street Chicago, IL 60601 |
Dividend Reinvestment Plan Agent | SS&C GIDS, 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 One Congress Street, Suite 1 Boston, MA 02114-2016 |
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 posted on dws.com and is available free of charge by contacting your financial intermediary or, if you are a direct investor, by calling (800) 728-3337. In addition, the portfolio holdings listing is filed with the SEC on the Fund’s Form N-PORT and will be available on the SEC’s Web site at sec.gov. Additional portfolio holdings for the Fund are also posted on dws.com from time to time. |
DWS Strategic Municipal Income Trust | | | 49 |
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 |
50 | | | DWS Strategic Municipal Income Trust |
(b) Not applicable | |
ITEM 2. | CODE OF ETHICS |
Not applicable. | |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
Not applicable | |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
Not applicable | |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS |
Not applicable | |
ITEM 6. | 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 |
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) 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 | 20,000 | 8.38 | 20,000 | n/a |
April 1 through April 30 | 20,000 | 8.50 | 20,000 | n/a |
May 1 through May 31 | 77,590 | 8.31 | 77,590 | n/a |
Total | 117,590 | 8.36 | 117,590 | n/a |
The Fund may from time to time repurchase shares in the open market. | ||||
On September 23, 2022, 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, 2022 until November 30,2023, 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, 2021 and ran until November 30, 2022. |
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: | 7/28/2023 |
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: | 7/28/2023 |
By: | /s/Diane Kenneally Diane Kenneally Chief Financial Officer and Treasurer |
Date: | 7/28/2023 |