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Deutsche Closed-End Funds Announce Portfolio Manager Changes

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Deutsche Municipal Income Trust (NYSE:KTF) and Deutsche Strategic Municipal Income Trust (NYSE:KSM) (each, a “Fund” and collectively, the “Funds”) announced today changes to the Funds’ portfolio management teams effective October 1, 2014. Ashton Goodfield will replace Philip Condon as co-lead portfolio manager on KTF with Michael Generazo, who has been managing the Fund since 2010. In addition, Rebecca Flinn will be added as a portfolio manager for KTF. On KSM, Ashton Goodfield will replace Philip Condon as the new co-lead portfolio manager with Rebecca Flinn, who has been managing the Fund since 1998. In addition, A. Gene Caponi and Carol Flynn will be added as portfolio managers for KSM.

Ms. Goodfield has been with Deutsche AWM’s municipal bond team since 1986, and is co-head of the Municipal Bond group effective October 1, 2014. A CFA charterholder, Ms. Goodfield has managed municipal assets for individuals, mutual funds, insurance companies and other institutions over the course of her career.

Ms. Flynn has been with Deutsche AWM’s municipal bond team since 1994, and is co-head of the Municipal Bond group effective October 1, 2014. A CFA charterholder, Ms. Flynn has served as Head of Municipal Bond Research. Ms. Flynn’s research experience includes coverage for mutual funds, insurance companies, other institutions and high net worth clients. Prior to joining Deutsche AWM, she was a Fixed Income Investment Manager at The Travelers.

Ms. Flinn has been with Deutsche AWM since 1986 and is a portfolio manager. Mr. Caponi, a CFA charterholder, has been with Deutsche AWM since 1998 and is a senior research analyst and portfolio manager.

For more information on each Fund visit www.deutschefunds.com or call (800) 349-4281.

Important Information

Deutsche Municipal Income Trust seeks to provide high current income exempt from federal income tax by investing in a diversified portfolio of investment-grade tax-exempt securities. Bond investments are subject to interest-rate and credit risks. 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. 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 losses. Although the fund seeks income that is federally tax-free, a portion of the fund’s distributions may be subject to federal, state and local taxes, including the alternative minimum tax.

Deutsche Strategic Municipal Income Trust seeks a high level of current income exempt from federal income tax. The fund will invest at least 50 percent of its assets in investment-grade municipal securities or unrated municipal securities of comparable quality, and may invest up to 50 percent of its assets in high-yield municipal securities that are below investment grade. Bond investments are subject to interest-rate and credit risks. 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. 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 losses. Although the fund seeks income that is federally tax-free, 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, a fund cannot predict whether its shares will trade at, below or above net asset value.

Past performance is no guarantee of future results.

This press release 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.

NOT FDIC/ NCUA INSURED o MAY LOSE VALUE o NO BANK GUARANTEE

NOT A DEPOSIT o NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services. (R-36074-1 9/14)

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