DWS Strategic Municipal Income Trust : Section 19(a) Notice

December 2022

Dear DWS Strategic Municipal Income Trust Shareholder:

In order to comply with the requirements of Section 19(a) of the Investment Company Act of 1940 in regard to the taxable distribution on the Fund's common shares declared 12/7/2022 and payable 12/30/2022 to shareholders of record on 12/19/2022, the Fund estimates that approximately $0.0112 per common share represents short-term capital gain. Such source designation and amount are estimates only and not provided for tax purposes. Shareholders will receive a Form 1099-DIV for the calendar year describing how to report distributions for tax purposes.

Important Information

Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. Leverage results in additional risks and can magnify the effect of any gains or losses. Although the fund seeks income that is exempt from federal income taxes, a portion of the fund's distributions may be subject to federal, state and local taxes, including the alternative minimum tax.

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

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises and related geopolitical events have led, and, in the future, may lead to significant disruptions in US and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the fund and its investments.

Past performance is no guarantee of future results.

Investment Product. No Bank Guarantee. Not FDIC Insured. May Lose Value.

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

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.

© 2022 DWS Group GmbH & Co. KGaA. All rights reserved. R-063378.4 (12/22)