Board Approves Leverage Refinancing Plan for DWS Municipal Income Trust and DWS Strategic Municipal Income Trust

May 14, 2020

DWS Municipal Income Trust (NYSE: KTF) and DWS Strategic Municipal Income Trust (NYSE: KSM) (each, a “Fund,” and together, the “Funds”) each announced today that its Board of Trustees has approved a refinancing plan that is expected to result in the outstanding leverage remaining unchanged for each Fund. Pursuant to the refinancing plan, each Fund intends to redeem all of its currently outstanding Floating Rate Municipal Term Preferred Shares, Series 2018 (the “Series 2018 MTPS”). The redemption of each Fund’s Series 2018 MTPS will be conditioned on the receipt of proceeds from the issuance of new preferred shares in an amount equal to the aggregate liquidation preference of the Series 2018 MTPS. The Series 2018 MTPS of each Fund will be redeemed at its liquidation preferences per share plus an amount equal to any unpaid dividends and other distributions on such shares of such Series accumulated from and including the Date of Original Issue to (but excluding) the Term Redemption Date for such Series.

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