X0306 4 2015-03-03 0 0000846596 DEUTSCHE STRATEGIC MUNICIPAL INCOME TRUST KSM 0000911421 PARTNERRE LTD 90 PITTS BAY RD. WELLESLEY HOUSE PEMBROKE D0 HM08 BERMUDA 0 0 1 0 0001643270 Partner Reinsurance Co Ltd. 90 PITTS BAY RD. WELLESLEY HOUSE PEMBROKE D0 HM08 BERMUDA 0 0 1 0 0001599479 PartnerRe Principal Finance Inc. ONE GREENWICH PLAZA GREENWICH CT 06830 0 0 1 0 Floating Rate Municipal Term Preferred Shares, Series 2015 2015-03-03 4 X 0 2419 25007.67 A 2419 I By Subsidiary Put Option (obligation to buy) 25007.67 2015-03-03 4 X 0 2419 0.00 D 2015-01-21 2015-03-31 Floating Rate Municipal Term Preferred Shares, Series 2015 2419 0 I By Subsidiary Partner Reinsurance Company of the U.S. ("PRC-US"), a wholly owned subsidiary of PartnerRe Ltd., is a direct beneficial owner of the reported securities. PartnerRe Ltd. Is an indirect beneficial owner of the reported securities.. PartnerRe Principal Finance Inc., a wholly owned indirect subsidiary of PartnerRe Ltd., acts as investment adviser for PRC-US and Partner Reinsurance Company Ltd. ("PRC"), a wholly owned direct subsidiary of PartnerRe Ltd. PartnerRe Principal Finance Inc. and PRC do not beneficially own any of the reported securities within the meaning of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (the "Exchange Act"). On January 16, 2015, PRC and Citibank N.A. ("Citibank") entered into a Put/Call Agreement (the "Put/Call Agreement"), by which, among other things, (i) PRC granted Citibank an option (exercisable between January 21, 2015 and March 31, 2015) (the "Put Option") to cause PRC to purchase the Floating Rate Municipal Term Preferred Shares, Series 2015 (the "MTPS Shares") from Citibank at the option price of $25,000 per share plus accumulated but unpaid dividends (the "Option Price"); and (ii) Citibank granted PRC an option (exercisable on April 1, 2015) (the "Call Option") to cause Citibank to sell the MTPS Shares to PRC at the Option Price. On March 3, 2015, Citibank notified PRC that it was exercising the Put Option. PRC designated its affiliate, PRC-US, to perform its obligations under the Put/Call Agreement, and accordingly PRC-US purchased the MTPS Shares from Citibank on March 10, 2015 for the Option Price. The Call Option expired immediately following the exercise of the Put Option, whereupon PRC ceased to be subject to Section 16 of the Exchange Act. /s/C. Marc Wetherhill, Chief Legal Counsel 2015-05-27 /s/C. Marc Wetherhill, General Counsel & Chief Compliance Officer 2015-05-27 /s/TK Khan, General Counsel 2015-05-27