The Deutsche Asset Management municipal bond suite

Tax-Free Income 3rd quarter 2017 The Deutsche Asset Management municipal bond suite Long-term results from an experienced team

Four reasons to consider municipal bonds and the Deutsche Asset Management municipal bond suite 1 Municipal bonds potentially offer tax-advantaged income Interest earned from municipal bonds is exempt from federal taxation, allowing investors to keep more of the interest that they earn. In addition, municipal bond interest may be free from state and local taxes. Municipal bonds offer attractive yields relative to many taxable alternatives, particularly when the tax advantages are considered. 2 Municipal bonds have historically provided a measure of relative safety During the course of a study conducted by Moody s Investor Service, no AAA-rated muni defaulted, and those rated AA and A defaulted just 0.02% and 0.07% of the time, respectively. 1 Defaults have decreased since the recession of 2008 and state revenues have improved in recent years. 3 The benefits of municipal bonds make them a valuable addition to a well-constructed portfolio. These benefits include: An attractive volatility/return profile. Diversification vs. equity and fixed-income markets; Municipal bonds demonstrated a negative correlation of 0.07 to the S&P 500. 2 4 Solid results and a long-tenured team make Deutsche Asset Management a compelling choice to consider Six of our nine funds rated by Morningstar have received Overall ratings of 4 or 5 stars (see page 8). 3 Portfolio managers average 26 years in the industry and 22 years with our firm. 4 We use the same disciplined approach one designed to preserve principal and minimize volatility in all our municipal bond funds and under all market conditions. Deutsche Asset Management: A municipal bond pioneer Deutsche Asset Management was one of the first companies to offer municipal bond funds: Our flagship product, Deutsche Managed Municipal Bond Fund, was launched in 1976 and is the secondoldest municipal bond fund in Morningstar s Muni National Long category. 3 1 Source: Moody s Investor Service as of 6/27/17, latest data available. 2 Source: Morningstar as of 9/30/17. The correlation data represents five-year time period. 3 Source: Morningstar as of 9/30/17. 4 Source: Deutsche Asset Management as of 9/30/17. 2 The Deutsche Asset Management municipal bond suite

1 Municipal bonds potentially offer tax-advantaged income Seize a potential tax-free advantage The tax benefits of municipal debt allow investors to keep more of the income they earn. The chart below highlights the level of income investors would have to earn to equal the yield on a municipal bond. Taxable-equivalent yields (as of 9/30/17) 5.04% 2.85% 2.87% 3.16% 2.87% 3.16% Current yield 30-year AAA muni 30-year U.S. Treasury Corporate bonds Taxable-equivalent yield Attractive income levels relative to taxable options Current income levels on municipal bonds are very attractive compared to taxable alternatives. Considering the tax benefits of munis, an investor would not expect to receive as much yield from munis as they would from taxable bonds. But munis are offering similar yield as the following options before the tax benefits are even considered. Income of a hypothetical $100,000 investment Yield Income Income after taxes Tax paid* Corporate bonds 3.16% $3,160 $1,789 $1,371 30-year U.S. Treasury 2.87% $2,870 $1,624 $1,246 30-year AAA muni 2.85% $2,850 $2,850 $0 Source: Municipal Market Data and Deutsche Asset Management as of 9/30/17. Performance is historical and does not guarantee future results. Yields are historical, will fluctuate and are not guaranteed. Yields do not reflect fees or expenses. Chart and table above are for illustrative purposes only and do not represent any Deutsche Asset Management fund. Corporate bonds are represented by the U.S. Corporate Investment Grade Index which tracks the performance of investment-grade government and corporate bonds with a maturity of more than one year. The 30-year U.S. Treasury reflects the characteristics of the on-the-run 30-year U.S. Treasury bond. *Tax paid represents income taxed at 43.4% (includes 3.8% Medicare surtax). The Deutsche Asset Management municipal bond suite 3

2 Municipal bonds potentially offer more than tax-free income Historically, municipal bonds have provided a measure of relative safety While past performance can t guarantee future results, during the course of the study conducted by Moody s Investor Service, no municipal bond rated AAA defaulted. Those rated Aa or A defaulted just 0.02% and 0.07% of the time, respectively. Even below-investment-grade bonds demonstrated significant stability, as those rated Ba met their obligations nearly 95.77% of the time. State revenues have rebounded in recent quarters. State tax receipts have increased and are currently above prerecession levels. Cumulative default rates (1970 2016) % of securities paying principal and interest on time 100% 99.98% 99.93% 99.60% 95.77% 82.23% 99.85% Aaa Aa A Baa Ba B All rated Source: Moody s Investor Service as of 6/27/17, latest data available. Past performance is no guarantee of future results. Future default rates might not be as favorable. Credit quality is a measure of a bond issuer s ability to repay interest and principal in a timely manner. Rating agencies assign letter designations such as AAA, AA and so forth. The lower the rating, the higher the probability of default. Credit quality does not remove market risk and is subject to change. Why have municipal bond defaults been rare? State governments are not legally authorized to declare bankruptcy Declaring bankruptcy seriously inhibits an issuer s ability to borrow in the future Municipalities can scale back, delay, or cancel capital projects to preserve financial flexibility Most investment grade revenue bonds are backed by dedicated, predictable cash flow streams 4 The Deutsche Asset Management municipal bond suite

3 The benefits of municipal bonds make them a valuable addition to a well-constructed portfolio Municipal bonds have the potential to do more than trim tax bills A low-risk profile is essential for many fixed-income investors, who look to bonds to provide a measure of relative stability and income. As the chart below indicates, municipal bonds have offered higher volatility-adjusted returns over the last decade than many other segments of the fixed-income market. Municipal bonds have provided attractive volatility-adjusted returns (10/1/07 9/30/17) 12% Return 9% 6% Municipal bonds (tax adjusted) 6.74% return / 4.52% volatility Intermediate-term bonds 4.26% return / 3.82% volatility Multi-sector bonds 5.34% return / 6.41% volatility 3% 0% Municipal bonds 4.52% return / 4.52% volatility 0% 3% 6% 9% 12% Volatility Compelling diversification benefits add to the appeal Municipal bonds have low or negative correlations to a number of equity markets, meaning they have the potential to diversify a stock-heavy portfolio. But municipal bonds also have the low or negative correlations to fixed-income markets, giving them the ability to reduce risk for bond investors. Diversify with municipal bonds (10/1/12 9/30/17) High-yield corporate bonds International stocks 3-month Treasuries U.S. large-cap stocks U.S. small-cap stocks Capital Municipal Bond Index 0.20 0.14 0.02 0.07 0.27 Source for chart and table: Morningstar as of 9/30/17. Past performance, correlation and standard deviation for municipal bonds are historical, do not guarantee future results and may not be as favorable over other time periods. Tax-adjusted returns are adjusted for the maximum 43.4% (includes 3.8% Medicare surtax) federal income tax. Volatility is measured by standard deviation. The higher the standard deviation, the greater the volatility. Index and category returns include reinvestment of all distributions, but do not reflect fees or expenses. It is not possible to invest directly in an index or category. Correlation measures how securities perform in relation to one another. A 1.0 correlation implies that two securities move perfectly in lockstep. A correlation of 1.0 implies no relation in the movements. Diversification neither assures a profit nor guarantees against a loss. Chart and table above are for illustrative purposes only and do not represent any Deutsche Asset Management fund. See page 10 for index and category definitions. The Deutsche Asset Management municipal bond suite 5

4 Solid results and a long-tenured team make Deutsche Asset Management a compelling choice to consider We offer one of the industry s most experienced municipal bond portfolio management teams Our managers average 26 years of industry experience and 22 years with our firm. 5 The team s co-heads Ashton Goodfield and Carol Flynn have managed municipal bonds through three recessions. Deutsche Asset Management municipal bond portfolio management team (left to right, top to bottom): Ashton Goodfield, CFA (portfolio manager, co-head of the Deutsche municipal bond department); Robert Fogarty, CFA (investment specialist); Matthew Caggiano, CFA (portfolio manager); Carol Flynn, CFA (portfolio manager, co-head of the Deutsche municipal bond department); Michael Generazo (portfolio manager, head trader); Peter Aloisi, CFA (portfolio manager); Rebeca Flinn (portfolio manager); Gene Caponi, CFA (portfolio manager); Blair Ridley (portfolio manager) Deutsche Asset Management municipal bond funds are managed with the same: Investment philosophy Investment process Buy-sell discipline Credit analysis Portfolio construction Our portfolio managers seek to avoid: Defaults Volatility Capital losses Tax bills for clients 5 Source: Deutsche Asset Management as of 9/30/17. 6 The Deutsche Asset Management municipal bond suite

Investment process: strategic inputs We employ a multi-dimensional approach that involves both proprietary and outside market analysis to establish our overall portfolio strategy. Strategic inputs Yield curve Determine targeted maturity range Credit spreads Determine value of high-quality vs. high-yield municipals Supply and demand factors Determine impact on market, such as yield-curve changes Value relative to taxable alternatives Evaluate vs. history and expectations / Determine impact on supply and demand Economic outlook Provide a context for judging market factors such as credit spreads Bond structure Quantify value of call features and coupon structures Philosophy implementation Our portfolio management team tends to: Favor larger issuers that we believe have more resources, diversified revenues, reliable fundamentals and the will to address budget challenges. Prefer bonds that potentially offer greater liquidity and avoid smaller issues (those of less than $20 million at issuance). Avoid large concentrations in the historically riskier sectors such as tobacco, land development and airlines. Keep the portfolios average durations in line with their benchmarks. Be nimble in adjusting the portfolios as market conditions change. Avoid taxable events whenever possible. Our view of risk We seek to preserve principal and minimize volatility regardless of market conditions. To help achieve these objectives, we seek a balance of the various portfolio risks (credit, interest-rate, geography and sector), an approach that we believe can help smooth returns. We believe assuming too much risk can potentially lead to higher volatility. Duration, which is expressed in years, measures the sensitivity of the price of a bond or bond fund to a change in interest rates. The Deutsche Asset Management municipal bond suite 7

A stellar suite of municipal bond funds Morningstar rating Class S (as of 9/30/17, based on risk-adjusted performance) Overall rating # of funds in the category 3-year rating # of funds in the category 5-year rating # of funds in the category Deutsche California Tax-Free Income Fund Class S (Muni California Long category) 87 87 77 Deutsche Intermediate Tax/AMT Free Fund Class S (Muni National Intermediate category) 257 257 221 Deutsche Managed Municipal Bond Fund Class S (Muni National Long category) 139 139 130 Deutsche Massachusetts Tax-Free Fund Class S (Muni Massachusetts category) 47 47 43 Deutsche New York Tax-Free Income Fund Class S (Muni New York Intermediate category) 53 53 49 Deutsche Short Term Municipal Bond Fund Class S (Muni National Short category) 171 171 149 Deutsche Strategic High Yield Tax-Free Fund Class S (High Yield Muni category) 146 146 118 Closed-end funds Deutsche Municipal Income Trust (Muni National Long category) 64 64 Deutsche Strategic Municipal Income Trust (High Yield Muni category) 13 13 61 10-year rating # of funds in the category 65 156 105 39 39 92 85 56 2017 Morningstar, Inc. All rights reserved. Morningstar, Inc., shall not be responsible for investment decisions, damages or other losses resulting from use of this rating. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar risk-adjusted return measure that accounts for variation in a fund s monthly performance (including, unless load-waived, the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in a category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) Class S shares may only be available for purchase through a brokerage account. 12 12 8 The Deutsche Asset Management municipal bond suite

Portfolio characteristics Fund Benchmark Effective maturity Deutsche California Tax-Free Income Fund KCTAX Deutsche Intermediate Tax/AMT Free Fund SZMAX Deutsche Managed Municipal Bond Fund SMLAX Deutsche Massachusetts Tax-Free Fund SQMAX Deutsche New York Tax-Free Income Fund KNTAX Deutsche Short-Term Municipal Bond Fund SRMAX Deutsche Strategic High Yield Tax-Free Fund NOTAX Municipal Bond Index 7-Year Municipal Bond Index Municipal Bond Index Municipal Bond Index Municipal Bond Index 1-Year General Obligation Bond Index Municipal Bond Index Modified duration Credit quality 6.30 years 5.16 years AAA 10% AA 66% A 17% BBB 4% BB 1% Not rated 2% 5.24 years 4.42 years AAA 19% AA 54% A 24% BBB 2% Not rated 1% 6.15 years 5.14 years AAA 15% AA 46% A 35% BBB 4% 5.84 years 4.93 years AAA 16% AA 56% A 19% BBB 6% Not rated 3% 6.07 years 5.06 years AAA 23% AA 48% A 20% BBB 6% Not rated 3% 2.34 years 1.83 years AAA 32% AA 42% A 23% BBB 3% 6.63 years 5.45 years AAA 4% AA 22% A 31% BBB 24% BB 6% B 1% Not rated 12% AMT exposure 7.80% 0.00% 6.90% 2.10% 7.00% 16.10% 11.20% Source: Deutsche Asset Management as of 9/30/17. Credit quality represents the lower rating of either Moody s Investors Services, Inc. or Standard & Poor s Corporation and is their opinion as to the quality of the securities they rate. Credit quality does not remove market risk. Credit quality is a measure of a bond issuer s ability to repay interest and principal in a timely manner. Rating agencies assign letter designations such as AAA, AA, and so forth. The lower the rating, the higher the probability of default. Please see page 10 for index definitions. Effective maturity is the weighted average of the bonds held by the fund taking into consideration any available maturity shortening features. Modified duration is an approximate measure of a fund s sensitivity to movements in interest rates based on the current interest rate environment. The Deutsche Asset Management municipal bond suite 9

Deutsche Asset Management municipal bond suite provides attractive volatility-adjusted returns (10 years as of 9/30/17) Return 8% 6% 4% 2% 0% Deutsche Intermediate Tax/ AMT Free Fund 3.89% return / 4.08% volatility Deutsche Short-Term Municipal Bond Fund 1.63% return / 1.65% volatility Muni National Short 2.02% return / 2.08% volatility Deutsche Managed Municipal Bond Fund 4.69% return / 5.42% volatility Muni National Long 4.10% return / 5.52% volatility Muni National Intermediate 3.72% return / 4.36% volatility Deutsche Strategic High Yield Tax-Free Fund 4.62% return / 7.71% volatility High Yield Muni 4.00% return / 7.98% volatility 0% 2% 4% 6% 8% 10% 12% Volatility Fund (Class S) vs. category Source: Morningstar as of 9/30/17. Past performance is historical and does not guarantee future results. Results for other share classes may vary. Volatility is measured by standard deviation. The higher the standard deviation, the greater the volatility. Please see back page for complete standardized performance. Investment return and principal fluctuate so your shares may be worth more or less when redeemed. Current performance may differ from data shown. Please visit www.deutschefunds.com for the funds most recent month-end performance. Performance for other share classes may vary. Fund performance includes reinvestment of all distributions. Not all share classes are available to all investors. 10 The Deutsche Asset Management municipal bond suite % of category return % of category volatility Deutsche Intermediate Tax/AMT Free Fund vs. Muni National Intermediate 105 94 Deutsche Managed Municipal Bond Fund vs. Muni National Long 114 98 Deutsche Strategic High Yield Tax-Free Fund vs. High Yield Muni 115 97 Deutsche Short-Term Municipal Bond Fund vs. Muni National Short 81 79 Index and category definitions: The Municipal Bond Index is a market-value weighted measure of municipal bonds. The 1-Year General Obligation Bond Index tracks the performance of investment-grade tax-exempt bonds with maturities of less than one year. The 7-Year Municipal Bond Index tracks the performance investmentgrade municipal bonds with maturities between six and eight years. The Morningstar Muni National Intermediate category consists of funds that invest in securities with durations of 4.5 to 7.0 years. The Morningstar Muni National Long category consists of funds that invest in securities with maturities over seven years. The Morningstar Muni National Short category consists of funds that invest in securities with maturities less than 4.5 years. The Morningstar High Yield Muni category consists of funds that invest at least 50% of assets in high-income municipal securities that are not rated or that are rated BBB or below. Intermediate-term bonds are represented by the Morningstar Intermediate-Term Bond category, which consist of funds that invest in U.S. securities with maturities between two and 10 years. Municipal bonds are represented by the Municipal Bond Index defined above. Multi-sector bonds are represented by the Morningstar Multi-sector Bond category, which consists of funds seeking income by diversifying across U.S. and non-u.s. securities. High-yield corporate bonds are represented by the Bloomberg Barclay s U.S. Corporate high yield index, which tracks the performance of the global high-yield debt market. Three-month Treasury bills are represented by the Citigroup 3-Month Treasury Bill Index, which tracks the performance of U.S. Treasury bills with a remaining maturity of three months. International stocks are represented by the MSCI EAFE Index, which measures equity performance in Europe, Australasia and the Far East. U.S. small-cap stocks are represented by the Russell 2000, which measures the performance of the 2,000 smallest stocks in the broad Russell 3000 Index. U.S. large-cap stocks are represented by the S&P 500 index, widely considered to represent the overall U.S. stock market. Index and category returns include reinvestment of all distributions but do not reflect fees or expenses. It is not possible to invest directly in an index or category.

Seeking to provide a measure of stability through volatile markets Recent market uncertainty has caused many investors to hold significant levels of cash. For those looking to move back into the market, while potentially seeking a low risk profile, Deutsche Asset Management municipal bond funds offer a compelling option. Attractive returns with low volatility in a low rate environment $300,000 $250,000 A hypothetical $100,000 mix (blended portfolio) of 50% in Deutsche Intermediate Tax/AMT Free Fund (Class S: SCMTX) and 50% in Deutsche Short-Term Municipal Bond Fund (Class S: SRMSX) allows investors to take advantage of the benefits of municipal bond investing while limiting duration risk. Such a portfolio has provided a positive return in 19 out of 21 calendar years since inception (3/6/95). $200,000 $150,000 $100,000 $50,000 Average annual returns (as of 9/30/17) 1-year 0.59% 3-year 1.55% 5-year 1.39% 10-year 2.77% 15-year 2.79% $0 Calendar-year returns (as of 12/31/16) Blended portfolio 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 4.80% 7.31% 5.34% 0.04% 7.41% 5.03% 6.94% 3.28% 2.62% 2.19% SCMTX 4.01% 7.67% 5.56% 1.11% 8.49% 4.93% 8.74% 3.84% 2.99% 2.04% SRMSX 5.58% 6.93% 5.11% 1.20% 6.34% 5.11% 5.15% 2.69% 2.23% 2.32% Blended portfolio 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 3.40% 3.58% 0.14% 8.13% 1.62% 6.41% 3.77% 1.61% 4.29% 1.59% 0.05% SCMTX 3.57% 3.91% 0.90% 9.76% 1.70% 9.66% 5.91% 2.90% 7.14% 2.46% 0.10% SRMSX 3.23% 3.25% 0.65% 6.49% 1.51% 3.24% 1.64% 0.33% 1.50% 0.72% 0.01% Source: Morningstar as of 9/30/17. Performance is historical and does not guarantee future results. Please see back page for complete standardized performance. Investment return and principal fluctuate so your shares may be worth more or less when redeemed. Current performance may differ from data shown. Please visit www.deutschefunds.com for the funds most recent month-end performance. Performance for other share classes may vary. Fund performance includes reinvestment of all distributions. Class S shares may only be available for purchase through a brokerage account. The Deutsche Asset Management municipal bond suite 11

Average annual returns and expense ratios (as of 9/30/17 and latest prospectus) (Class S) 1-year 5-year 10-year Since inception Inception date Expense ratio (gross / net) Deutsche Intermediate Tax/AMT Free Fund 0.47% 2.06% 3.91% 5.35% 4/12/83 0.62%/0.55% Morningstar Muni National Interm category 0.45% 2.36% 3.72% Deutsche Managed Municipal Bond Fund 0.70% 3.14% 4.72% 6.99% 10/14/76 0.63%/0.59% Morningstar Muni National Long category 0.33% 2.91% 4.10% Deutsche Strategic High Yield Tax-Free Fund 0.78% 3.31% 4.66% 6.01% 1/22/87 0.82%/0.67% Morningstar High Yield Muni category 0.88% 4.04% 4.00% Deutsche Short-Term Municipal Bond Fund 6 0.73% 0.75% 1.64% 3.05% 2/28/05 0.75%/0.58% Morningstar Muni National Short category 0.69% 0.86% 2.02% Source: Deutsche Asset Management as of 9/30/17 (for performance) and latest prospectus (for expense ratios). Performance is historical and does not guarantee future results. Investment return and principal fluctuate so your shares may be worth more or less when redeemed. Current performance may differ from data shown. Please visit www.deutschefunds.com for the funds most recent monthend performance. Unadjusted returns do not reflect sales charges and would be lower if they did. Performance for other share classes may vary. Fund performance includes reinvestment of all distributions. Not all share classes are available to all investors. 6 The Deutsche Short-Term Municipal Bond Fund s performance prior to inception reflects that of Class INST. Returns prior to inception reflect the original share class performance, adjusted for higher operating expenses and/or the maximum sales charge. See the prospectus for complete expense information. Deutsche Intermediate Tax/AMT Free Fund, Deutsche Managed Municipal Bond Fund and Deutsche Strategic High Yield Tax-Free Fund all have contractual fee waivers that run through 9/30/18 and Deutsche Short-Term Municipal Bond Fund have contractual fee waiver that run through 1/31/18. Without a waiver, returns would have been lower and any rankings/ratings might have been less favorable. Nothing contained herein is fiduciary or impartial investment advice that is individualized or directed to any plan, plan participant, or IRA owner regarding the advisability of any investment transaction, including any IRA distribution or rollover. Important risk 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. Investments in lower-quality ( junk bonds ) and non-rated securities present greater risk of loss than investments in higher-quality securities. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The fund invests in inverse floaters, which are derivatives that involve leverage and could magnify the fund s gains or losses. This fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. Deutsche Intermediate Tax/AMT-Free Fund, Deutsche Managed Municipal Bond Fund, Deutsche Strategic High Yield Tax Free Fund and Deutsche Short-Term Muni Bond 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. Deutsche California Tax-Free Income Fund, Deutsche Massachusetts Tax-Free Fund and Deutsche New York Tax-Free Fund seeks income that is exempt from its respective states and federal income taxes, a portion of the fund s distributions may be subject to federal, state and local taxes, including the alternative minimum tax. Obtain a prospectus To obtain a summary prospectus, if available, or prospectus, download one from www.deutschefunds.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the product s objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest. All investments involve risk, including potential loss of principal. Investment products: No bank guarantee Not FDIC insured May lose value Investment products offered through Deutsche AM Distributors, Inc. Advisory services offered through Deutsche Investment Management Americas, Inc. Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries. Deutsche AM Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 www.deutschefunds.com service@db.com Tel (800) 621-1148 2017 Deutsche Bank AG. All rights reserved. PM179193 (11/17) R-20803-10 MUNIBOND-600