DEUTSCHE MULTI-MARKET INCOME TRUST (“KMM”)

DEUTSCHEDWS MUNICIPAL INCOME TRUST (“KTF”)

DEUTSCHE STRATEGIC INCOME TRUST (“KST”)

DEUTSCHEDWS STRATEGIC MUNICIPAL INCOME TRUST (“KSM”)

345 PARK875 THIRD AVENUE

NEW YORK, NEW YORK 1015410022

NOTICE OF JOINT ANNUAL MEETING OF SHAREHOLDERS

TO BE HELD SEPTEMBER 20, 201723, 2022

This is the formal notice for the joint annual meeting of shareholders of KMM, KTF KST and KSM (individually, a “Fund” and collectively, the “Funds”). It tells you the proposal that you will be asked to vote on and the time and place of the joint annual meeting, in the event you choose to attend in person.

To the shareholders of the Funds:

A joint annual meeting of shareholders of each Fund will be held September 20, 201723, 2022 at 2:00 p.m. (Eastern time), at the offices of DeutscheDWS Investment Management Americas, Inc., 60 Wall100 Summer Street, New York, New York 10005Boston, Massachusetts 02110 (the “Meeting”), to consider the following proposal (the “Proposal”):

(i) three (3) Class III Board Members to be elected by the holders of Common Shares and Preferred Shares, voting together as a single class; and

(ii) two (2) Board Members to be elected by the holders of Preferred Shares only, voting as a separate class.

As part of precautions regarding the coronavirus or COVID-19 pandemic, the Funds are planning for the possibility that the Meeting may be held solely by means of remote communication rather than in person at the offices of DWS Investment Management Americas, Inc. If this step is taken, the Funds will announce the decision to do so in advance, together with details on how to participate. If the Funds decide to hold the Meeting solely by means of remote communication, the Funds may also change the date and time of the Meeting and will announce any changes to the date and time of the Meeting in advance. In light of COVID-19, you are strongly encouraged to vote your shares by marking, signing, dating and mailing the enclosed proxy card in the postage-paid envelope provided or to record your voting instructions by telephone or via the Internet rather than attending the Meeting in person.

The persons named as proxies will vote in their discretion on any other business that properly may come before the Meeting and at any adjournment(s) or postponement(s) thereof.

Holders of record of shares of each Fund at the close of business on July 20, 2017August 5, 2022 are entitled to vote at the Meeting and at any adjournment(s) or postponement(s) thereof.

THE BOARD OF YOUR FUND RECOMMENDS THAT YOU VOTEFOR THE ELECTION OF EACH BOARD MEMBER NOMINEE.

INSTRUCTIONS FOR SIGNING PROXY CARDS

The following general rules for signing proxy cards may be of assistance to you and avoid the time and expense involved in validating your vote if you fail to sign your proxy card properly.

DEUTSCHE MULTI-MARKET INCOME TRUST (“KMM”)

DEUTSCHEDWS MUNICIPAL INCOME TRUST (“KTF”)

DEUTSCHE STRATEGIC INCOME TRUST (“KST”)

DEUTSCHEDWS STRATEGIC MUNICIPAL INCOME TRUST (“KSM”)

JOINT PROXY STATEMENT

FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS

August 15, 20172022

GENERAL

This joint proxy statement (the “Proxy Statement”) is being furnished in connection with the solicitation of proxies by the Board of each of KMM KTF KST and KSM (each a “Fund” and collectively, the “Funds”), for use at the annual meeting of shareholders of each Fund to be held jointly at the offices of DeutscheDWS Investment Management Americas, Inc. (“DIMA” or the “Advisor”), 60 Wall100 Summer Street, New York, New York 10005 on September 20, 2017Boston, Massachusetts 02110 at 2:00 p.m. (Eastern time), and at any adjournment(s) or postponement(s) thereof (the “Meeting”). The principal executive address of each Fund is 345 Park875 Third Avenue, New York, New York 10154.10022.

As part of precautions regarding the coronavirus or COVID-19 pandemic, the Funds are planning for the possibility that the Meeting may be held solely by means of remote communication rather than in person at the offices of DIMA. If this step is taken, the Funds will announce the decision to do so in advance, together with details on how to participate. If the Funds decide to hold the Meeting solely by means of remote communication, the Funds may also change the date and time of the Meeting and will announce any changes to the date and time of the Meeting in advance. In light of COVID-19, you are strongly encouraged to vote your shares by marking, signing, dating and mailing the enclosed proxy card in the postage-paid envelope provided or to record your voting instructions by telephone or via the Internet rather than attending the Meeting in person.

This Proxy Statement, along with the enclosed Notice of Joint Annual Meeting of Shareholders and the accompanying proxy card (the “Proxy Card”), are first being mailed to shareholders on or about August 18, 2017.19, 2022. The Proxy Statement explains what you should know before voting on the proposal described herein. Please read it carefully and keep it for future reference.

The term “Board,” as used herein, refers to the board of trustees of each Fund. The term “Board Member,” as used herein, refers to a person who serves as a trustee of a Fund (each a “Trustee”).

The Meeting is being held to consider and to vote on the following proposal (the “Proposal”) for each Fund, as indicated below and as described more fully herein, and such other matters as properly may come before the Meeting:

PROPOSAL: To elect four (4) Board Members to the Board of Trustees of each Fund as outlined below:

(i) three (3) Class III Board Members to be elected by the holders of Common Shares and Preferred Shares, voting together as a single class; and

PROPOSAL

ELECTION OF BOARD MEMBERS

Shareholders of each Fund are being asked to elect Board Members to the Board of their Fund as described below.

For KMM and KSTonly.Pursuant to the Fund’s Amended and Restated Agreement and Declaration of Trust and Amended and RestatedBy-Laws, the Board of the Fund has been divided into three (3) classes with Board Members of each class being elected to serve until the third annual meeting following their election. At the Meeting, four (4) Class III Board Members are to be elected by shareholders of the Fund, each to hold office until the annual meeting of shareholders in 2020, or until the termination of the Fund as described below has been completed, and until such Board Member’s successor is duly elected and qualifies or until such Board Member sooner dies, resigns, retires or is removed. As previously announced, the Board has approved the termination of KMM and KST, pursuant to which each Fund will make a liquidating distribution to shareholders no later than December 31, 2018. Board Members elected to the Board of KMM and KST at the Meeting will serve until the termination of the Fund. In the event the termination of KMM and KST does not occur, Board Members elected to the Board of KMM and KST at the Meeting would serve until the annual meeting of shareholders in 2020. The Class III Board Member nominees standing for election at the Meeting are: Mr. John W. Ballantine, Ms. Dawn Marie Driscoll, Dr. Kenneth C. Froewiss and Ms. Rebecca W. Rimel.

For KTF and KSM only.At the Meeting, the holders of the preferred shares of beneficial interest (“Preferred Shareholders”), voting as a separate class, are entitled to elect two (2) Board Members, and the holders of the common shares of beneficial interest (“Common Shareholders”) and the Preferred Shareholders, voting together as a single class, are entitled to elect three (3)two (2) Board Members (as described below).

Pursuant to each Fund’s Amended and Restated Agreement and Declaration of Trust and Amended and RestatedBy-Laws, the Board of each Fund, with the exception of the two Board Members elected by the vote of the Preferred Shareholders as a separate class, has been divided into three (3) classes with Board Members of each class being elected to serve until the third annual meeting following their election. In addition, two Board Members are elected by the Preferred Shareholders, voting as a separate class, to serve until the next annual meeting. At the Meeting, three (3)two (2) Class IIIII Board Members are to be elected by each Fund’s Common Shareholders and Preferred Shareholders, voting together as a single class, each to hold office until

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recommendation of the Board’s Nominating and Governance Committee. The Board Member Nominees currently serve as Board Members of each Fund, and currently serve as Board Members of other DeutscheDWS funds advised by DIMA.

It is the intention of the persons named in the enclosed Proxy Card to vote the shares represented thereby for the election of the Board Member Nominees unless the Proxy Card is marked otherwise. Each of the Board Member Nominees has consented to being named in the Proxy Statement and has agreed to serve as a Board Member of aeach Fund if elected. However, should any Board Member Nominee become unable or unwilling to serve prior to the Meeting, the persons named as proxies may vote your shares for substitute nominees, if any, recommended by the Board of your Fund.

Information Concerning the Board Member Nominees and Board Members

Information is provided below as of JulyAugust 1, 20172022 for the Board Member Nominees and the continuing Board Members for each Fund’s Board. All of the Board Member Nominees and continuing Board Members are“non-interested”non-interested Board Members, as that term is used inpursuant to the provisions of the Investment Company Act of 1940, as amended (the “1940 Act”) (“Independent Board Members”). Seepages 9-1010-11 for further discussion of the qualifications of the Board Member Nominees and the continuing Board Members.

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Board Member Nominees/Board Members:

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7

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Unless otherwise noted, each Board Member Nominee and continuing Board Member Nominee has engaged in the principal occupation(s) noted in the table above for at least the most recent five years, although not necessarily in the same capacity. The mailing address of each IndependentBoard Member Nominee and continuing Board Member is Keith R. Fox, DeutscheDWS Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.

As reported to the Funds, Exhibit A to this Proxy Statement sets forth the dollar range of equity securities and number of shares beneficially owned by each Board Member Nominee and continuing Board Member in each Fund as of JulyAugust 1, 2017.2022. Exhibit A also sets forth the aggregate dollar range of equity securities beneficially owned by each Board Member Nominee and continuing Board Member in all DeutscheDWS funds overseen by the Board Member as of JulyAugust 1, 2017.2022.

The Nominating and Governance Committee of the Board of each Fund is responsible for recommending proposed nominees for election to the full Board for its approval. In recommending the election of the current Board Members, the Committee generally considered the educational, business and professional experience of each Board Member in determining his or her qualifications to serve as a Board Member, including the Board Member’s record of service as a director or trustee of public and private organizations. In the case of eachmost Board Member,Members, this included his or her many years of previous service as a director or trustee of certain of the DeutscheDWS funds. This previous service has provided these Board Members with a valuable understanding of the history of the DeutscheDWS funds and the DIMA organization and has also served to demonstrate his or her high level of diligence and commitment to the interests of fund shareholders and his or her ability to work effectively and collegially with other members of the Board. The Committee also considered, among other factors, the particular attributes described below with respect to the various individual Board Members:

John W. Ballantine — Mr. Ballantine’s experience in banking, financial risk management and investments acquired in the course of his service as a senior executive of a major U.S. bank.

Henry P. Becton, Jr. — Mr. Becton’s professional training and experience as an attorney, his experience as the chief executive officer of a major public media company and his experience as lead director of two NYSE companies, including his service at various times as the chair of the audit, compensation and nominating committees of one or both of such boards.

Dawn-Marie Driscoll — Ms. Driscoll’s professional training and experience as an attorney, her expertise as a consultant, professor and author on the subject of business ethics, her service as a member of the

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his experience as a director and audit committee member of several public companies. In addition, he holds the Chartered Financial Analyst designation.

Paul K. Freeman — Dr. Freeman’s professional training and experience as an attorney and an economist, his experience as the founder and chief executive officer of an insurance company, his experience as a senior executive and consultant for various companies focusing on matters relating to risk management and his service on the Independent Directors Council of the Investment Company Institute.

Kenneth C. Froewiss — Dr. Froewiss’ professional training and experience as an economist, his experience in finance acquired in various professional positions with governmental and private banking organizations and his experience as a professor of finance at a leading business school.

Richard J. Herring — Mr. Herring’s experience as a professor of finance at a leading business school and his service as an advisor to various professional and governmental organizations.

William McClayton — Mr. McClayton’s professional training and experience in public accounting, including his service as a senior partner of a major public accounting firm focusing on financial markets companies and his service as a senior executive of a public management consulting firm.

Chad D. Perry — Mr. Perry’s professional training and experience as an attorney, his experience as general counsel of a public company and his prior experience in the financial services industry.

Rebecca W. Rimel — Ms. Rimel’s experience on a broad range of public policy issues acquired during her service as the executive director of a major foundationpublic charity and her experience as a director of several public companies.

Catherine Schrand — Ms. Schrand’s experience as a professor of accounting at a leading business school and her expertise as an author and editor on the subject of accounting and economics.

William N. Searcy, Jr. — Mr. Searcy’s experience as an investment officer for various major public company retirement plans, which included evaluation of unaffiliated investment advisers and supervision of various administrative and accounting functions.

Jean Gleason Stromberg — Ms. Stromberg’s professional training and experience as an attorney specializing in federal securities law, her service in a senior position with the Securities and Exchange Commission and the U.S. Government Accountability Office and her experience as a director and audit committee member of several majornon-profit organizations.

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Fund officers who are officers, directors, employees or stockholders of Deutsche Asset Management (“Deutsche AM”)DWS or its affiliates receive no direct compensation from the Funds, although they are compensated as employees of the Deutsche AM division of Deutsche Bank AG,DWS, or its affiliates, and as a result may be deemed to indirectly receive a portion of their compensation from revenues generatedparticipate in fees paid by the Funds.

Exhibit C to this Proxy Statement sets forth compensation paid to each current Independent Board Member by each Fund for its most recently completed fiscal year and to each current Independent Board Member by the DeutscheDWS fund complex for the calendar year ended December 31, 2016.2021.

Board Structure

The primary responsibility of each Fund’s Board is to represent the interests of the Fund and to provide oversight of the management of the Fund. SEC rules currently require a majority of the board members of a fund to be “independent” if the fund takes advantage of certain exemptive rules under the 1940 Act. If the Board Member Nominees are elected by shareholders of each Fund, each Fund’s Board will be comprised of eleveneight individuals, all of whom are Independent Board Members. Each of the Board Member Nominees that will be considered an Independent Board Member, if elected, has been selected and nominated solely by the current Independent Board Members of each Fund.

Each Fund’s Board meets multiple times during the year to review investment performance and other operational matters, including regulatory and compliance related policies and procedures. Furthermore, the Independent Board Members review the fees paid to

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Boylston Street, Boston, MA 02199-3600, who will forward it to a specific Board Member if addressed to that Board Member.

Taking into account the number, the diversity and the complexity of the funds overseen by the Board Members and the aggregate amount of assets under management in the DeutscheDWS funds, each Board has determined that the efficient conduct of its affairs makes it desirable to delegate responsibility for certain specific matters to committees of the Board. These committees, which are described in more detail below, review and evaluate matters specified in their charters and take actions on those matters and/or make recommendations to the Board, as they deem appropriate. Each committee may utilize the resources of the Fund’s counsel and auditors as well as other experts. The committees meet as often as necessary, either in conjunction with regular meetings of the Board or otherwise. The membership and chair of each committee are appointed by the Board upon recommendations of the Nominating and Governance Committee. The membership and chair of each committee consists solelyconsist exclusively of Independent Board Members.

EachThe Board of each Fund has determined that this committee structure also allows the Board to focus more effectively on the oversight of risk as part of its broader oversight of the Fund’s affairs. While risk management is the primary responsibility of each Fund’s investment advisor, the Board regularly receives reports regarding investment risks and compliance risks. The Board’s committee structure allows separate committees to focus on different aspects of these risks and their potential impact on some or all of the DeutscheDWS funds and to discuss with the Fund’s

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independent registered public accounting firm for a Fund. The Audit Committee oversees the valuation of Fund securities and other assets and determines, as needed, the fair value of Fund securities or other assets under certain circumstances as described in a Fund’sthe Valuation Procedures. The Audit Committee has appointed a ValuationSub-Committee, which may make determinations of fair value required when the Audit Committee is not in session. The current members of each Fund’s ValuationSub-Committee are Paul K. Freeman,William McClayton, Richard J. Herring, and John W. Ballantine (Alternate), Henry P. Becton, Jr. and Catherine Schrand (Alternate). Effective September 1, 2022, the Audit Committee will assist the Board in fulfilling its responsibility for the oversight of the valuation of the Fund’s securities and William McClayton (Alternate).other assets, including overseeing the activities of the Fund’s investment adviser in its capacity as “Valuation Designee” under Rule 2a-5 of the 1940 Act, and the Valuation Sub-Committee will be discontinued. The Audit Committee also approves and recommends to the Board the appointment, retention or termination of the independent registered public accounting firm for a Fund, reviews the scope of audit and internal controls, considers and reports to the Board on matters relating to a Fund’s accounting and financial reporting practices, and performs such other tasks as the full Board deems necessary or appropriate. Each Fund’s Audit Committee is governed by the Audit Committee Charter, which is available on each Fund’s information page athttps://fundsus.deutscheam.com/EN/fundsus.dws.com/us/en-us/products/closed-end-prices-performance.jspclosed-end-funds/dws-strategic-municipal-income-trust.html#resources. (click on the relevant Fund). Each Fund’s Audit Committee is comprised of only Independent Board Members who are “independent” as defined in the New York Stock Exchange (“NYSE”) listing standards applicable toclosed-end funds. Pursuant to the charter of each Fund’s Audit Committee, no member of the Audit Committee shall serve on the audit committee of more than three public companies unless the Board determines that

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each Fund’s financial statements and discussions with management and the independent registered public accounting firm and other written disclosure provided by the independent registered public accounting firm, each Fund’s Audit Committee recommended to its Fund’s Board that the audited financial statements be included in the annual report provided to shareholders for each Fund’s fiscal year ended 2016.2021. The current members of each Fund’s Audit Committee are:

Paul K. FreemanWilliam McClayton (Chair)

William McClaytonRichard J. Herring (Vice Chair)

John W. Ballantine

Henry P. Becton, Jr.Catherine Schrand

Richard J. HerringIn connection with Mr. McClayton’s pending retirement from each Fund’s Board, the Board has appointed Ms. Schrand as the Chair of each Fund’s Audit Committee effective immediately following the Meeting.

Nominating and Governance Committee.The Nominating and Governance Committee, which consists entirely of Independent Board Members, recommends individuals for membership on the Board, nominates officers, Board and committee chairs, vice chairs and committee members, and oversees the operations of the Board. The Nominating and Governance Committee has not established specific, minimum qualifications that must be met by an individual to be considered by the Nominating and Governance Committee for nomination as a Board Member. The Nominating and Governance Committee may take into account a wide variety of factors in considering Board Member candidates, including, but not limited to:

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https://fundsus.deutscheam.com/EN/fundsus.dws.com/us/en-us/products/closed-end-prices-performance.jspclosed-end-funds/dws-strategic-municipal-income-trust.html#resources. (click on the relevant Fund). Each Fund’s Nominating and Governance Committee is comprised of only Independent Board Members who are “independent” as defined in the NYSE listing standards applicable toclosed-end funds. The current members of each Fund’s Nominating and Governance Committee are Rebecca W. Rimel (Chair), Henry P. Becton, Jr.John W. Ballantine (Vice Chair), Kenneth C. Froewiss and William McClayton. In connection with Mr. McClayton’s pending retirement from each Fund’s Board, the Board has appointed Chad D. Perry as a member of each Fund’s Nominating and Governance Committee effective September 21, 2022. During the calendar year 2016,2021, the Nominating and Governance Committee of each Fund’s Board held five (5) meetings.

Contract Committee.  The Contract Committee, which consists entirely of Independent Board Members, reviews at least annually (a) a Fund’s financial arrangements with DIMAregular meetings and its affiliates, and (b) a Fund’s expense ratios. The current members of each Fund’s Contract Committee are John W. Ballantine (Chair), Dawn-Marie Driscoll (Vice Chair), Paul K. Freeman, Richard J. Herring, William N. Searcy, Jr. and Jean Gleason Stromberg. During the calendar year 2016, the Contract Committee of each Fund’s Board held six (6) meetings.

Investment Oversight Committee.  The Investment Oversight Committee, which consists entirely of Independent Board Members, reviews the investment operations of the Funds. The current members of each Fund’s Investment Oversight Committee are William McClayton (Chair), Richard J. Herring (Vice Chair), John W. Ballantine, Henry P. Becton, Jr., Dawn-Marie Driscoll, Paul K. Freeman, Kenneth C. Froewiss, Rebecca W. Rimel, William N. Searcy, Jr. and Jean Gleason Stromberg. During the calendar year 2016, the

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INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Each Fund’s Board, including the Independent Board Members, has selected Ernst & Young LLP (“EY”) to act as independent registered public accounting firm to audit the books and records of itsthe Fund for the current fiscal year. EY has served each Fund in this capacity since eachthe Fund was organized and has no direct or indirect financial interest in anyeither Fund except as the independent registered public accounting firm. Representatives of EY will not be present at the Meeting.

The following table shows the amount of fees that EY billed to (i) each Fund during the Fund’s last two fiscal years; and (ii) DIMA and any entity controlling, controlled by, or under common control with DIMA (collectively, the “DIMA Entities”) that provides ongoing services to each Fund, for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years. Each Fund’s Audit Committee approved in advance all audit services andnon-audit services that EY provided to the Fund.

Services that each Fund’s Independent Registered Public Accountant Billed to the Fund and DIMA Entities

Non-Audit Services.The following table shows the amount of fees that EY billed during each Fund’s last two fiscal years fornon-audit services. Each Fund’s Audit Committeepre-approved allnon-audit services that EY provided to the DIMA Entities that related directly to the Fund’s operations and financial reporting. Each Fund’s Audit Committee requested and received information from EY about anynon-audit services that EY rendered during the Fund’s last fiscal year to the DIMA Entities. Each Fund’s Audit Committee considered this information in evaluating EY’s independence.

statements were attributed to work performed by full-time permanent employees of the principal independent registered public accounting firm.

In connection with the audit of the 2015 financial statements, each Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY,2020 and agreed to by each Fund’s Audit Committee, included provisions in which the parties consented to the sole jurisdiction of federal courts in New York, Boston or the Northern District of Illinois, as well as a waiver of right to a trial by jury.

In connection with the audit of the 20162021 financial statements, each Fund entered into an engagement letter with EY. The terms of the engagement letter required by EY, and agreed to by each Fund’s Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or the services provided thereunder.

1.) ForPursuant to PCAOB Rule 3526, EY is required to describe in writing to each Fund, in various communications beginning on April 20, 2016, EY advised the Fund’s Audit Committee, on at least an annual basis, all relationships between EY, or any of its affiliates, and the DWS funds, including each Fund, or persons in financial reporting oversight roles at the DWS funds that, EY had identified the following matters that it determined to be inconsistent with the SEC’s auditor independence rules.

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EY advised the Audit Committee that the above described matters, individually and in the aggregate, do not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of objective and impartial judgment on all issues encompassed within EY’s audit engagements, and that EY can continue to act as the Independent Registered Public Accounting Firm.

4.) For each Fund, in various communications beginning on January 25, 2017, EY informed the Audit Committee that EY had identified an independence breach where a covered person maintains a lending relationship with an owner of greater than 10% of the shares of certain investment companies within the “investment company complex” as defined under Rule2-01(f)(14) of RegulationS-X. EY informed the Audit Committee that this lending relationship is inconsistent with the Loan Rule.

The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the Fund as well as all registered investment companies advised by DIMA and its affiliates, including other subsidiaries of the Advisor’s parent company, Deutsche Bank AG (collectively, the “Deutsche Funds Complex”). The covered person’s lending relationship affects EY’s independence under the Loan Rule with respect to all investment companies in the Deutsche Funds Complex.

EY informed the Audit Committee that, after evaluating the facts and circumstances and the applicable independence rules, EY has concluded that the lending relationship described above does not and will not impair EY’s ability to exercise objective and impartial judgment in connection with the audits of the financial statements for the Fund and a reasonable investor with knowledge of all relevant facts and circumstances would conclude that EY has been and is capable of objective and impartial judgment on all issues encompassed within EY’s audit engagements. EY informed the Audit Committee that its conclusion was based on a number of factors, including, among others,

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Fund, voting as a separate class for each respective Fund, are entitled to elect two (2) Board Members and the holders of the Common Shares and Preferred Shares of KTF and KSM,each Fund, voting together as a single class for each respective Fund, are entitled to elect three (3)two (2) Board Members. For KMM and KST,each Fund, abstentions and brokernon-votes will have the effect of a vote against the Proposal. For KTF and KSM, abstentions and brokernon-votes, if any, will have no effect on the Proposal.

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will use procedures designed to authenticate shareholders’ identities, to allow shareholders to authorize the voting of their shares in accordance with their instructions and to allow shareholders to confirm that their instructions have been recorded properly.

If a shareholder wishes to participate in the Meeting, but does not wish to give a proxy by telephone or via the Internet, the shareholder may still submit the Proxy Card(s) originally sent with this Proxy Statement or attend the Meeting in person. Should shareholders require additional information regarding the proxy or replacement Proxy Card(s) or for directions on how to attend the Meeting in person, they may call Georgeson LLC toll-free at866-821-2570.888-867-6963. Any proxy given by a shareholder is revocable until voted at the Meeting.

As the Meeting date approaches, certain shareholders of the Funds may receive a telephone call from a representative of Georgeson LLC if their votes have not yet been received.

Persons holding shares as nominees will, upon request, be reimbursed for their reasonable expenses in soliciting instructions from their principals. The Funds will pay the costs of solicitation, including (a) the printing and mailing of this Proxy Statement and the accompanying materials, (b) the reimbursement of brokerage firms and others for their expenses in forwarding solicitation materials to the beneficial owners of

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affiliation with that Fund and reports of ownership and changes in ownership of that Fund’s shares with the SEC. These persons and entities are required by SEC regulation to furnish the Funds with copies of all Section 16(a) forms they file. Based solely upon its review of the copies of such forms received by it, and written representations from certain reporting persons that noyear-end reports were required for those persons, each Fund believes that during the fiscal year ended November 30, 2016,2021, all filings required by Section 16(a) were timely.timely, except that each of Helen Delman, Christian Rijs and Catherine Schrand filed a Form 3 late for each of the Funds. Each filing related to each individual’s initial designation as a reporting person and did not relate to any transactions in the Funds. Each individual has since made the necessary filing.

Investment Advisor and Administrator. DIMA, 345 Park875 Third Avenue, New York, New York 10154,10022, serves as each Fund’s investment advisor and administrator. DIMA is an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group is a publicly-listed financial services firm that is an indirect, majority-owned subsidiary of Deutsche Bank AG.

Deutsche AM The DWS brand represents the asset management activities conducted by Deutsche Bank AG orDWS Group and any of its subsidiaries. Deutsche AM is a global asset management organization thatsubsidiaries such as DWS Distributors, Inc., which offers a wide range of investing expertiseinvestment products, or DIMA and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world’s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight, across industries, regions, asset classes and investing styles.RREEF America L.L.C., which offer advisory services.

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Securities Exchange Act of 1934, to be considered by shareholders at an annual meeting, which do not apply to holders of Preferred Shares of KTF and KSMeach Fund to the extent set forth in the applicableBy-Laws. Pursuant to the advance notice provisions of each Fund’s Amended and RestatedBy-Laws for nominations of individuals for election to the Board or other business to be properly brought before an annual meeting by a shareholder pursuant to the advance notice provisions, the shareholder must have given timely notice thereof in writing to the Secretary of the Fund and such other business must otherwise be a proper matter for action by the shareholders. To be timely, a shareholder’s notice shall set forth all information required pursuant to the advance notice requirements and shall be delivered to the Secretary at the principal executive office of the Fund not earlier than March 21, 201822, 2023 nor later than 5:00 p.m., Eastern Time, on April 20, 2018.21, 2023. However, in the event that the date of the annual meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the preceding year’s annual meeting, notice by the shareholder to be timely must be so delivered not earlier than the 120th day prior to the date of such annual meeting and not later than 5:00 p.m., Eastern time, on the 90th day prior to the date of such annual meeting or, if the first public announcement of the date of such annual meeting is less than 100 days prior to the date of such annual meeting, the tenth day following the day on which public announcement of the date of such meeting is first made. Each Fund’s advance notice requirements are set

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FOLLOW THE INSTRUCTIONS ON THE ENCLOSED PROXY CARD FOR VOTING BY TELEPHONE OR THROUGH THE INTERNET.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE JOINT ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON SEPTEMBER 20, 2017:23, 2022:

The Notice of Meeting, Proxy Statement and Proxy Card(s) are available atwww.proxy-direct.com/deu-29102.dws-32899.

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EXHIBIT A

BOARD MEMBER SHARE OWNERSHIP

As of JulyAugust 1, 2017,2022, the Board Members and the officers of each Fund as a whole owned less than 1% of the outstanding shares of the Funds.

The following tables show the dollar range of equity securities beneficially owned and the number of shares beneficially owned by each Board Member Nominee and continuing Board Member in each Fund as of JulyAugust 1, 2017.2022.

Under its Board Governance Policies, each Fund’s Board has established the expectation that within three years of becoming a Board Member, a Board Member will have invested in the aggregate at least $275,000$315,000 in the Deutsche Funds. Each Board Member owns over $275,000 of shares on an aggregate basis in all Deutsche funds overseen by the Board Member as of July 1, 2017.DWS funds.

Dollar Range of Equity Securities Beneficially Owned

EXHIBIT B

OFFICERS⁽¹⁾

Unless otherwise indicated, the address of each officer below is One Beacon100 Summer Street, Suite 800, Boston, Massachusetts 02108.MA 02110.

B-1

B-2

5022 Gate parkway, Suite 400, Jacksonville, FL 32256.

B-2

B-3

EXHIBIT C

BOARD MEMBER COMPENSATION

The table below shows (i) the compensation paid to each current Independent Board Member by each Fund for its most recently completed fiscal year and (ii) the total compensation received by each current Independent Board Member from the DeutscheDWS fund complex for the calendar year ended December 31, 2016.2021. No Independent Board Member of the Funds receives pension or retirement benefits from the Funds.