SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

DWS Strategic Municipal Income Trust

( KSM )

(Name of Issuer)

Common Stock

(Title of Class of Securities)

23342Q101

(CUSIP Number)

Paul E. Rasmussen

3300 IDS Center

80 South Eighth Street

Minneapolis, MN 55402-4130

(Name, Address, and Telephone Number of Person

Authorized to Receive Notices and Communications)

July 30, 2024

(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for a subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 23342Q101

NAME OF REPORTING PERSON

Sit Investment Associates, Inc.

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a) ☐

(b) ☒

SEC USE ONLY

SOURCE OF FUNDS (See Instructions)

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ☐

CITIZENSHIP OR PLACE OF ORGANIZATION

Incorporated in Minnesota

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH

SOLE VOTING POWER

SHARED VOTING POWER

1,036,826 Shares

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

1,036,826 Shares

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,036,826 Shares

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

(See instructions)

☐

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

9.38%

TYPE OF REPORTING PERSON (See Instructions)

CUSIP No. 23342Q101

NAME OF REPORTING PERSON

Sit Fixed Income Advisors II, LLC

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (See Instructions)

(a) ☐

(b) ☒

SEC USE ONLY

SOURCE OF FUNDS (See Instructions)

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) ☐

CITIZENSHIP OR PLACE OF ORGANIZATION

Organized in Delaware

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH

SOLE VOTING POWER

SHARED VOTING POWER

1,036,826 Shares

SOLE DISPOSITIVE POWER

SHARED DISPOSITIVE POWER

1,036,826 Shares

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,036,826 Shares

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

(See instructions)

☐

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

9.38%

TYPE OF REPORTING PERSON (See Instructions)

EXPLANATORY NOTE

This Amendment No. 4 ("Amendment") amends and supplements the statement on Schedule 13D filed on November 15, 2023, as amended by Amendment No. 1 filed on January 4, 2024, Amendment No. 2 filed on March 4, 2024, and Amendment No. 3 filed on March 28, 2024 (collectively, the "Original Schedule 13D" and, as amended by this Amendment, the "Schedule 13D"), relating to the shares of Common Stock ("Shares)" of DWS Strategic Municipal Income Trust (the "Issuer"). Except as specifically provided herein, each Item of the Original Schedule 13D remains unchanged. Capitalized terms used but not otherwise defined herein have the meanings set forth in the Original Schedule 13D.

ITEM 5 Interest in Securities of the Issuer

Item 5 of Schedule 13D is hereby amended to read as follows:

a) The aggregate percentage of Shares reported owned by Sit Entities herein is based upon 11,047,862 Shares outstanding as of June 30, 2024, which is the total number of Shares outstanding as reported on the Issuer's website

As of the date hereof, the Sit Entities may be deemed to be the beneficial owner of 1,036,826 Shares held in client accounts which represent 9.38% of the Issuer's outstanding Shares.

b) Each of the Sit Entities may be deemed to have shared power to vote and dispose of such Shares. However, none of SIA's or SFI's directors or executive officers own Shares directly.

c) Transactions in Shares by the Sit Entities in the last 60 days are set forth in Exhibit A.

d) The clients of SIA and SFI have the right to participate in the receipt of dividends from, or proceeds from the sales of, the Shares held for their respective accounts.

e) Not applicable.

Signature

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete, and correct.

July 31, 2024

By: Sit Investment Associates, Inc.
/s/ Roger J. Sit
Name/Title: Roger J. Sit, Chairman & CEO

By: Sit Fixed Income Advisors II, LLC
/s/ Roger J. Sit
Name/Title: Roger J. Sit, Chairman & CEO

EXHIBIT A

Schedule of Transactions in Shares by Sit Entities in the last 60 days:

Date	Transaction	Shares	Price per share
06/07/2024	BUY	4,000	9.60
06/07/2024	BUY	2,000	9.60
06/07/2024	BUY	4,000	9.60
06/21/2024	BUY	25,000	9.81
06/24/2024	BUY	1,310	9.83
06/26/2024	BUY	1,816	9.81
07/01/2024	SELL	140	9.85
07/10/2024	BUY	600	9.87
07/11/2024	BUY	990	9.94
07/17/2024	BUY	50	9.94
07/17/2024	BUY	100	9.94
07/17/2024	BUY	100	9.94
07/17/2024	BUY	50	9.94
07/19/2024	BUY	1,716	9.91
07/22/2024	BUY	1,300	9.94
07/23/2024	BUY	100	9.97
07/26/2024	BUY	11,700	10.01
07/26/2024	BUY	10,220	10.01
07/29/2024	BUY	8,093	10.00
07/30/2024	BUY	16,112	10.00

DWS STRATEGIC MUNICIPAL INCOME TRUST SC 13D/A