codeofethics.htm

Deutsche Asset & Wealth Management

Principal Executive and Principal Financial Officer Code of Ethics

For the Registered Management Investment Companies Listed on Appendix A

Effective Date

[January 31, 2005]

Revised Appendix A

[December 6, 2013]

Table of Contents

Page Number

Overview

II.

Purposes of the Officer Code

III.

Responsibilities of Covered Officers

Honest and Ethical Conduct

Conflicts of Interest

Use of Personal Fund Shareholder Information

Public Communications

Compliance with Applicable Laws, Rules and Regulations

Process for Violation Reporting to the Fund Board

Sanctions for Code Violations

Waivers from the Officer Code

VI.

Amendments to the Code

VII.

Acknowledgement and Certification of Adherence to the Officer Code

Appendix A: List of Officers Covered under the Code, by Board

Appendix B: Officer Code Acknowledgement and Certification Form

Appendix C: Definitions

Overview

This Principal Executive Officer and Principal Financial Officer Code of Ethics (“Officer Code”) sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies (“Funds”) they serve (“Covered Officers”). A list of Covered Officers and Funds is included on Appendix A.

The Boards of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC’s rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.

Deutsche Asset & Wealth Management or its affiliates (“DeAWM”) serves as the investment adviser to each Fund. All Covered Officers are also employees of DeAWM or an affiliate. Thus, in addition to adhering to the Officer Code, these individuals must comply with DeAWM policies and procedures, such as the DeAWM Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.1 In addition, such individuals also must comply with other applicable Fund policies and procedures.

The DeAWM Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund’s Board (or committee thereof), is primarily responsible for implementing and enforcing this Code. The Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be directed to the DeAWM Compliance Officer.

The DeAWM Compliance Officer and his or her contact information can be found in Appendix A.

1 The obligations imposed by the Officer Code are separate from, and in addition to, any obligations imposed under codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, and any other code of conduct applicable to Covered Officers in whatever capacity they serve. The Officer Code does not incorporate any of those other codes and, accordingly, violations of those codes will not necessarily be considered violations of the Officer Code and waivers granted under those codes would not necessarily require a waiver to be granted under this Code. Sanctions imposed under those codes may be considered in determining appropriate sanctions for any violation of this Code.

II.	Purposes of the Officer Code

The purposes of the Officer Code are to deter wrongdoing and to:

·	promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

·	promote full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file with or submit to the SEC (and in other public communications from the Funds) and that are within the Covered Officer’s responsibilities;

·	promote compliance with applicable laws, rules and regulations;

·	encourage the prompt internal reporting of violations of the Officer Code to the DeAWM Compliance Officer; and

·	establish accountability for adherence to the Officer Code.

Any questions about the Officer Code should be referred to DeAWM’s Compliance Officer.

III.	Responsibilities of Covered Officers

A. Honest and Ethical Conduct

It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DeAWM policy or Fund policy.

Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.

Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code is designed to address.

B. Conflicts of Interest

A “conflict of interest” occurs when a Covered Officer’s personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person. Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund’s expense or to the Fund’s detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund’s expense or to the Fund’s detriment. Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DeAWM or its affiliates.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code.

As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DeAWM, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DeAWM’s fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DeAWM, or for both) be involved in establishing policies and implementing decisions which will have different effects on DeAWM and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DeAWM, and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Fund.

Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer’s duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the DeAWM Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the DeAWM Compliance Officer, may report the matter directly to the Fund’s Board (or committee thereof), as appropriate (e.g., if the conflict involves the DeAWM Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the DeAWM Compliance Officer).

When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DeAWM personnel aware of the matter should promptly contact the DeAWM Compliance Officer. There will be no reprisal or retaliation against the person reporting the matter.

Upon receipt of a report of a possible conflict, the DeAWM Compliance Officer will take steps to determine whether a conflict exists. In so doing, the DeAWM Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.2 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DeAWM or other appropriate Fund service provider.

After full review of a report of a possible conflict of interest, the DeAWM Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the DeAWM Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund’s Board (or committee thereof). If the DeAWM Compliance Officer determines that the appearance of a conflict exists, the DeAWM Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the DeAWM Compliance Officer instead may refer the matter to the Fund’s Board (or committee thereof), as appropriate. However, the DeAWM Compliance Officer must refer the matter to the Fund’s Board (or committee thereof) if the DeAWM Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.

After responding to a report of a possible conflict of interest, the DeAWM Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).

Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.

Solely because a conflict is disclosed to the DeAWM Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DeAWM Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code’s requirements.

Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the DeAWM Compliance Officer.

2 For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.

C. Use of Personal Fund Shareholder Information

A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer also must abide by the Funds’ and DeAWM’s privacy policies under SEC Regulation S-P.

D. Public Communications

In connection with his or her responsibilities for or involvement with a Fund’s public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DeAWM organization or otherwise) and to the Fund’s Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.

Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DeAWM’s Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.

To the extent that Covered Officers participate in the creation of a Fund’s books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.

E. Compliance with Applicable Laws, Rules and Regulations

In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds (“Applicable Laws”). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.

If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the DeAWM Compliance Officer.

IV.	Violation Reporting

A. Overview

Each Covered Officer must promptly report to the DeAWM Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer Code.

Examples of violations of the Officer Code include, but are not limited to, the following:

·	Unethical or dishonest behavior

·	Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings

·	Failure to report violations of the Officer Code

·	Known or obvious deviations from Applicable Laws

·	Failure to acknowledge and certify adherence to the Officer Code

The DeAWM Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Fund’s Board, the independent Board members, a Board committee, the Fund’s legal counsel and/or counsel to the independent Board members. The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.3 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DeAWM.

3 For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.

B. How to Report

Any known or suspected violations of the Officer Code must be promptly reported to the DeAWM Compliance Officer.

C. Process for Violation Reporting to the Fund Board

The DeAWM Compliance Officer will promptly report any violations of the Code to the Fund’s Board (or committee thereof).

D. Sanctions for Code Violations

Violations of the Code will be taken seriously. In response to reported or otherwise known violations, DeAWM and the relevant Fund’s Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by DeAWM could include termination of employment. Sanctions imposed by a Fund’s Board could include termination of association with the Fund.

V.	Waivers from the Officer Code

A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DeAWM Compliance Officer.4 The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The DeAWM Compliance Officer will present this information to the Fund’s Board (or committee thereof). The Board (or committee) will determine whether to grant the requested waiver. If the Board (or committee) grants the requested waiver, the DeAWM Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund’s Board (or committee thereof) regarding such activities, as appropriate.

The DeAWM Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.

4 Of course, it is not a waiver of the Officer Code if the Fund’s Board (or committee thereof) determines that a matter is not a deviation from the Officer Code’s requirements or is otherwise not covered by the Code.

VI.	Amendments to the Code

The DeAWM Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund’s Board (or committee thereof) on a timely basis. In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Code as necessary or appropriate.

The DeAWM Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.

VII.	Acknowledgement and Certification of Adherence to the Officer Code

Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).

Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer’s obligation.

The DeAWM Compliance Officer will maintain such Acknowledgements in the Fund’s books and records.

VIII.

Scope of Responsibilities

A Covered Officer’s responsibilities under the Officer Code are limited to:

(1)	Fund matters over which the Officer has direct responsibility or control, matters in which the Officer routinely participates, and matters with which the Officer is otherwise involved (i.e., matters within the scope of the Covered Officer’s responsibilities as a Fund officer); and

(2)	Fund matters of which the Officer has actual knowledge.

IX.	Recordkeeping

The DeAWM Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.

X.	Confidentiality

All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DeAWM Compliance Officer, the Fund’s Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.

Appendices

Appendix A:

List of Officers Covered under the Code, by Board:

Fund Board	Principal Executive Officers	Principal Financial Officers	Treasurer
Deutsche Funds	Brian Binder5	Paul Schubert	Paul Schubert
Germany*	Brian Binder	Paul Schubert	Paul Schubert

*	The Central Europe, Russia and Turkey Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc.

DeAWM Compliance Officer:

Joseph S. Yuen

Head of Gifts/Entertainment & the Code of Ethics

212-250-4773

917-512-9286 fax

As of: December 6, 2013

5 As of December 1, 2013

Appendix B: Acknowledgement and Certification

Initial Acknowledgement and Certification

of Obligations Under the Officer Code

Print Name Department Location Telephone

1.	I acknowledge and certify that I am a Covered Officer under the Deutsche Asset & Wealth Management Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.

2.	I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.

3.	I have disclosed any conflicts of interest of which I am aware to the DeAWM Compliance Officer.

4.	I will act in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.

5.	I will report any known or suspected violations of the Officer Code in a timely manner to the DeAWM Compliance Officer.

Signature Date

Annual Acknowledgement and Certification

of Obligations Under the Officer Code

Print Name Department Location Telephone

1.	I acknowledge and certify that I am a Covered Officer under the Deutsche Asset & Wealth Management Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.

2.	I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.

3.	I have adhered to the Officer Code.

4.	I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts of interest that I did not report to the DeAWM Compliance Officer in accordance with the Officer Code’s requirements.

5.	I have acted in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.

6.	With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and file public reports and documents in accordance with applicable regulations.

7.	With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance with Applicable Laws.

8.	I have reported any known or suspected violations of the Officer Code in a timely manner to the DeAWM Compliance Officer.

Signature Date

Appendix C: Definitions

Principal Executive Officer

Individual holding the office of President of the Fund or series of Funds, or a person performing a similar function.

Principal Financial Officer

Individual holding the office of Treasurer of the Fund or series of Funds, or a person performing a similar function.

Registered Investment Management Investment Company

Registered investment companies other than a face-amount certificate company or a unit investment trust.

Waiver

A waiver is an approval of an exemption from a Code requirement.

Implicit Waiver

An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a requirement or provision of the Officer Code that has been made known to the DeAWM Compliance Officer or the Fund’s Board (or committee thereof).

Date of fiscal year end:	10/31

Date of reporting period:	10/31/2015

Class A	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/15
Unadjusted for Sales Charge	0.42%	1.05%	1.93%
Adjusted for the Maximum Sales Charge (max 2.00% load)	–1.59%	0.64%	1.72%
Barclays 1-Year G.O. Bond Index^†	0.79%	0.84%	2.14%
Barclays 3-Year (2–4) Municipal Bond Index^††	1.21%	1.70%	3.08%
Class B	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/15
Unadjusted for Sales Charge	–0.33%	0.29%	1.16%
Adjusted for the Maximum Sales Charge (max 4.00% CDSC)	–3.32%	0.09%	1.16%
Barclays 1-Year G.O. Bond Index^†	0.79%	0.84%	2.14%
Barclays 3-Year (2–4) Municipal Bond Index^††	1.21%	1.70%	3.08%
Class C	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/15
Unadjusted for Sales Charge	–0.43%	0.27%	1.15%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	–0.43%	0.27%	1.15%
Barclays 1-Year G.O. Bond Index^†	0.79%	0.84%	2.14%
Barclays 3-Year (2–4) Municipal Bond Index^††	1.21%	1.70%	3.08%
Class S	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/15
No Sales Charges	0.48%	1.18%	2.10%
Barclays 1-Year G.O. Bond Index^†	0.79%	0.84%	2.14%
Barclays 3-Year (2–4) Municipal Bond Index^††	1.21%	1.70%	3.08%
Institutional Class	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/15
No Sales Charges	0.58%	1.28%	2.17%
Barclays 1-Year G.O. Bond Index^†	0.79%	0.84%	2.14%
Barclays 3-Year (2–4) Municipal Bond Index^††	1.21%	1.70%	3.08%

	Class A	Class B	Class C	Class S	Institutional Class
Net Asset Value
10/31/15	$ 10.21	$ 10.21	$ 10.20	$ 10.19	$ 10.20
10/31/14	$ 10.26	$ 10.26	$ 10.26	$ 10.25	$ 10.26
Distribution Information as of 10/31/15
Income Dividends, Twelve Months	$ .09	$ .02	$ .02	$ .11	$ .12
October Income Dividend	$ .0085	$ .0019	$ .0020	$ .0098	$ .0106
SEC 30-day Yield^‡‡	.11%	(.62)%	(.62)%	.27%	.36%
Tax Equivalent Yield^‡‡	.19%	N/A	N/A	.48%	.64%
Current Annualized Distribution Rate^‡‡	1.00%	.22%	.24%	1.15%	1.25%

	Shares	Value ($)

Open-End Investment Company 0.0%
BlackRock MuniFund, 0.02%*** (Cost $487)	487	487

	% of Net Assets	Value ($)

Total Investment Portfolio (Cost $382,266,477) ^†	100.7	393,059,525
Other Assets and Liabilities, Net	(0.7)	(2,638,942)
Net Assets	100.0	390,420,583

		Principal Amount ($)	Value ($)

Municipal Bonds and Notes 100.7%
Alaska 0.2%
Alaska, State Housing Finance Corp., Mortgage Revenue, Series A, 4.0%, 6/1/2040		790,000	827,999
Arizona 2.5%
Arizona, Health Facilities Authority Revenue, Banner Health:
	Series A, Prerefunded 1/1/2017 @ 100, 5.0%, 1/1/2019	2,000,000	2,107,340
	Series D, 5.5%, 1/1/2019	5,000,000	5,494,100
Maricopa County, AZ, Certificates of Participation, 5.0%, 7/1/2018		680,000	753,365
Pima County, AZ, Regional Transportation Excise Tax Revenue, Regional Transportation Fund, 4.0%, 6/1/2016		1,290,000	1,318,974
			9,673,779
California 9.0%
California, Health Facilities Financing Authority Revenue, Catholic Healthcare, Series C, 0.12%**, 7/1/2020, INS: NATL, LOC: JPMorgan Chase Bank NA		5,490,000	5,490,000
California, State Department of Water Resources Power Supply Revenue, Series G-4, 5.0%, 5/1/2016		2,500,000	2,561,550
California, State Department of Water Resources, Center Valley Project, Water Systems, Series AT, 0.31%*, Mandatory Put 12/1/2017 @ 100, 12/1/2035		5,715,000	5,695,341
California, State General Obligation:
	5.0%, 4/1/2021	6,000,000	7,118,400
	5.25%, 4/1/2022	1,615,000	1,843,393
California, State Pollution Control Financing Authority, Solid Waste Disposal Revenue, Republic Services, Inc., Series A, AMT, 0.6%*, Mandatory Put 2/1/2016 @ 100, 8/1/2023		1,700,000	1,700,000
California, State Public Works Board Lease Revenue, Various Capital Project, Series I, 5.0%, 11/1/2021		1,000,000	1,195,420
California, State Public Works Board, Lease Revenue, Judicial Council Projects, Series D, 5.0%, 12/1/2020		1,000,000	1,179,030
Port of Oakland, CA, Series O, AMT, 5.0%, 5/1/2020		3,000,000	3,474,960
San Francisco, CA, City & County Airports Commission, International Airport Revenue, Governmental Purpose:
	Series C, 5.0%, 5/1/2019	2,300,000	2,631,039
	Series C, 5.0%, 5/1/2020	2,000,000	2,343,060
			35,232,193
Colorado 0.1%
Denver City & County, CO, Airport Systems Revenue, Series A, AMT, 4.0%, 11/15/2015		250,000	250,403
Delaware 0.0%
Delaware, State Housing Authority Revenue, Single Family Mortgage, Series D, AMT, 5.875%, 1/1/2038		35,000	35,198
District of Columbia 0.5%
Metropolitan Washington, DC, Airport Authority System Revenue, Series A, AMT, 5.0%, 10/1/2016		2,000,000	2,084,420
Florida 6.9%
Broward County, FL, Airport Systems Revenue:
	Series P-1, AMT, 5.0%, 10/1/2020	2,000,000	2,312,460
	Series P-1, AMT, 5.0%, 10/1/2021	2,640,000	3,094,106
Florida, Citizens Property Insurance Corp.:
	Series A-1, 5.0%, 6/1/2020	2,725,000	3,144,078
	Series A-1, 5.0%, 6/1/2021	1,910,000	2,229,123
Florida, Housing Finance Corp. Revenue, Homeowner Mortgage Special Program, Series A, 5.0%, 7/1/2028		590,000	616,987
Jacksonville, FL, Sales Tax Revenue, Better Jacksonville, 5.0%, 10/1/2021		1,165,000	1,382,051
Lee County, FL, Airport Revenue, Series A, AMT, 5.5%, 10/1/2023		1,250,000	1,473,300
Miami-Dade County, FL, Aviation Revenue, AMT, 5.0%, 10/1/2022		1,000,000	1,169,700
Palm Beach County, FL, Community Foundation, Palm Beach Project Revenue, 0.01%**, 3/1/2034, LOC: Northern Trust Co.		3,000,000	3,000,000
South Miami, FL, Health Facilities Authority, Hospital Revenue, Baptist Health South Florida Group, 5.0%, 8/15/2021		2,500,000	2,690,350
Tampa, FL, Solid Waste Systems Revenue, AMT, 5.0%, 10/1/2019, INS: AGMC		5,000,000	5,683,050
			26,795,205
Georgia 3.4%
Atlanta, GA, Airport Revenue:
	Series C, AMT, 4.0%, 1/1/2016	1,750,000	1,761,550
	Series B, AMT, 5.0%, 1/1/2022	1,000,000	1,149,790
Atlanta, GA, Metropolitan Rapid Transit Authority, Sales Tax Revenue, Second Indenture, Series B, 0.29%*, Mandatory Put 7/1/2017 @ 100, 7/1/2025		1,715,000	1,708,603
Atlanta, GA, Water & Wastewater Revenue, Series B, 5.0%, 11/1/2021		2,085,000	2,488,719
DeKalb County, GA, Water & Sewer Revenue, Series A, 5.0%, 10/1/2020		500,000	584,750
Gainesville & Hall County, GA, Hospital Authority Revenue, Anticipation Certificates, Northeast Georgia Healthcare:
	Series A, 5.0%, 2/15/2018	2,000,000	2,171,960
	Series A, 5.0%, 2/15/2019	1,500,000	1,668,615
Georgia, Municipal Electric Authority, Project One, Series A, 5.0%, 1/1/2021		1,580,000	1,848,047
			13,382,034
Illinois 7.1%
Chicago, IL, Board of Education, Series A, 5.25%, 12/1/2018, INS: NATL		1,830,000	1,835,746
Chicago, IL, O'Hare International Airport Revenue:
	Series B, 5.25%, 1/1/2016, INS: NATL	1,000,000	1,008,600
	Series D, AMT, 5.25%, 1/1/2019	1,000,000	1,119,590
Chicago, IL, O'Hare International Airport Revenue, Senior Lien, Series A, AMT, 5.0%, 1/1/2016		4,635,000	4,672,822
Cook County, IL, General Obligation, Series A, 5.0%, 11/15/2015		4,000,000	4,006,200
Illinois, Railsplitter Tobacco Settlement Authority Revenue, 5.25%, 6/1/2020		2,000,000	2,309,320
Illinois, Regional Transportation Authority, Series A, 5.0%, 7/1/2022, INS: NATL		2,320,000	2,389,507
Illinois, State Finance Authority Revenue, University of Chicago:
	Series B, ETM, Prerefunded, 5.0%, 7/1/2017	345,000	370,506
	Series B, 5.0%, 7/1/2017	4,655,000	4,995,513
Lake County, IL, Forest Preserve District, Series A, 0.706%*, 12/15/2020		5,000,000	4,956,750
			27,664,554
Indiana 1.0%
Indiana, State Municipal Power Agency, Series A, 0.01%**, 1/1/2018, LOC: Citibank NA		3,890,000	3,890,000
Maine 0.5%
Maine, State Housing Authority Mortgage Revenue, Series A-1, AMT, 4.5%, 11/15/2028		1,910,000	2,024,982
Maryland 4.1%
Frederick County, MD, Public Facilities, Prerefunded 12/1/2015 @ 100, 5.0%, 12/1/2016		275,000	276,160
Maryland, State Department of Transportation & Conservation, 5.0%, 2/15/2018		5,000,000	5,492,100
Maryland, State General Obligation, Series B, 4.0%, 8/1/2023		3,000,000	3,469,110
Montgomery County, MD, Bond Anticipation Notes, Series B, 0.01%**, 6/1/2026, SPA: Wells Fargo Bank NA		6,860,000	6,860,000
			16,097,370
Massachusetts 2.8%
Massachusetts, State Consolidated Loan, Series D-2, 0.31%*, Mandatory Put 8/1/2017 @ 100, 8/1/2043		5,000,000	4,986,600
Massachusetts, State Development Finance Agency Revenue, Partners Healthcare System, Inc., Series M-3, 0.56%*, Mandatory Put 1/30/2018 @ 100, 7/1/2038		4,945,000	4,937,533
Massachusetts, State Water Resources Authority Revenue, Series A-2, 0.01%**, 8/1/2037, SPA: TD Bank NA		815,000	815,000
			10,739,133
Michigan 4.6%
Michigan, State Finance Authority Revenue, Unemployment Obligation Assessment, Series B, 5.0%, 7/1/2021		4,175,000	4,623,938
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group, Series B, 5.0%, 11/15/2020		3,000,000	3,453,090
Wayne County, MI, Airport Authority Revenue, AMT, 5.25%, 12/1/2026, INS: NATL		10,000,000	10,042,600
			18,119,628
Minnesota 0.1%
Hennepin County, MN, General Obligation, Series B, 5.0%, 12/1/2015		295,000	296,254
Mississippi 1.1%
Mississippi, Development Bank Special Obligation, Department of Corrections, Series D, 5.0%, 8/1/2021		3,695,000	4,257,933
Missouri 0.2%
Missouri, State Housing Development Commission, Single Family Mortgage Revenue, Homeownership Loan Program, Series D, 4.8%, 3/1/2040		490,000	516,931
Missouri, State Housing Development Commission, Single Family Mortgage Revenue, Special Homeownership Loan Program Market Bonds, Series E-1, 5.0%, 11/1/2027		290,000	309,476
			826,407
Nebraska 0.8%
Nebraska, State Investment Finance Authority, Single Family Housing Revenue:
	Series A, 2.5%, 9/1/2034	860,000	871,481
	Series E, 3.0%, 3/1/2043	400,000	408,712
	Series C, 4.5%, 9/1/2043	1,635,000	1,683,870
			2,964,063
Nevada 1.7%
Las Vegas Valley, NV, Water District, Series C, 5.0%, 9/15/2023		3,590,000	4,366,912
Nevada, State Unemployment Compensation Fund, Special Revenue, 4.0%, 12/1/2015		2,285,000	2,292,723
			6,659,635
New Jersey 1.3%
New Jersey, State Turnpike Authority Revenue:
	Series B-2, 0.55%*, Mandatory Put 1/1/2017 @ 100, 1/1/2024	3,750,000	3,749,887
	Series C, 6.5%, 1/1/2016, INS: NATL	1,310,000	1,323,886
			5,073,773
New Mexico 0.1%
New Mexico, Mortgage Finance Authority, Single Family Mortgage, "I", Series D, 5.35%, 9/1/2040		410,000	436,015
New York 18.8%
Long Island, NY, Power Authority Revenue, Series A, 5.0%, 12/1/2016, INS: AGMC		5,205,000	5,345,223
New York, Metropolitan Transportation Authority Revenue:
	Series D-2B, 0.733%*, Mandatory Put 5/15/2018 @ 100, 11/1/2032, INS: AGMC	2,800,000	2,788,072
	Series D, 4.0%, 11/15/2015	200,000	200,324
	Series A, 5.0%, 11/15/2015, INS: NATL	815,000	816,687
New York, Metropolitan Transportation Authority, Dedicated Tax Fund:
	Series B-1, 0.01%**, 11/1/2022, LOC: State Street Bank & Trust Co.	1,900,000	1,900,000
	Series A-1, 0.01%**, 11/1/2031, LOC: Royal Bank of Canada	2,900,000	2,900,000
	Series A-2B, 0.59%*, Mandatory Put 11/1/2019 @ 100, 11/1/2031	4,000,000	3,965,800
New York, Montauk Union Free School District, 1.5%, 6/21/2016		5,000,000	5,028,750
New York, State Local Government Assistance Corp., Series 8V, 0.01%**, 4/1/2019, SPA: JPMorgan Chase Bank NA		4,500,000	4,500,000
New York, State Thruway Authority, Series J, 5.0%, 1/1/2024		7,000,000	8,460,970
New York, State Urban Development Corp. Revenue:
	Series A3C, 0.01%**, 3/15/2033, SPA: JPMorgan Chase Bank NA	3,090,000	3,090,000
	Series A3A, 0.01%**, 3/15/2033, SPA: JPMorgan Chase Bank NA	1,730,000	1,730,000
New York, State Urban Development Corp. Revenue, Service Contract, Series A-5, 0.01%**, 1/1/2030, LOC: TD Bank NA		1,800,000	1,800,000
New York, State Urban Development Corp. Revenue, State Personal Income Tax, Series A1, 4.0%, 12/15/2015		690,000	693,422
New York, Tobacco Settlement Financing Corp. Revenue, Asset Backed, Series B, 5.0%, 6/1/2020		1,250,000	1,285,288
New York, Triborough Bridge & Tunnel Authority Revenues:
	Series ABCD-4, 0.36%*, 1/1/2018, INS: AGMC	1,835,000	1,830,045
	Series C, 5.0%, 11/15/2015	1,000,000	1,002,040
	Series B3, 5.0%, Mandatory Put 11/15/2015 @ 100, 11/15/2038	500,000	500,000
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue:
	Series B-2, 0.01%**, 6/15/2024, SPA: Royal Bank of Canada	2,260,000	2,260,000
	Series B-3, 0.01%**, 6/15/2045, SPA: State Street Bank & Trust Co.	4,000,000	4,000,000
	Series B-4, 0.01%**, 6/15/2045, SPA: Northern Trust Co.	3,700,000	3,700,000
	Series AA-2, 0.01%**, 6/15/2050, SPA: JPMorgan Chase Bank NA	1,550,000	1,550,000
New York City, NY, Transitional Finance Authority Revenue, Series 3, 0.01%**, 11/1/2022, SPA: Royal Bank of Canada		1,725,000	1,725,000
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, Series E, 5.0%, 11/1/2015		135,000	135,019
New York City, NY, Transitional Finance Authority Revenue, New York City Recovery, Series 1, 0.01%**, 11/1/2022, SPA: JPMorgan Chase Bank NA		1,650,000	1,650,000
New York City, NY, Transitional Finance Authority, Building Aid Revenue, Series S-4, 5.0%, 1/15/2016		430,000	434,403
New York, NY, General Obligation:
	Series L-4, 0.01%**, 4/1/2038, LOC: U.S. Bank NA	1,500,000	1,500,000
	Series G-3, 0.01%**, 4/1/2042, LOC: Citibank NA	2,000,000	2,000,000
	Series J-8, 0.39%*, 8/1/2021	1,310,000	1,309,568
Port Authority of New York & New Jersey:
	Series 178, AMT, 4.0%, 12/1/2015	3,500,000	3,511,655
	Series 188, AMT, 5.0%, 5/1/2023	1,535,000	1,823,442
			73,435,708
North Carolina 1.6%
North Carolina, Eastern Municipal Power Agency, Power Systems Revenue, Series B, ETM, 5.0%, 1/1/2017		1,500,000	1,580,685
Raleigh, NC, Combined Enterprise Systems Revenue:
	Series B, 5.0%, 12/1/2023 (a)	2,500,000	3,060,875
	Series B, 5.0%, 12/1/2024 (a)	1,295,000	1,604,000
			6,245,560
Ohio 3.7%
Ohio, Northeast Regional Sewer District, 5.0%, 11/15/2015, INS: NATL		1,300,000	1,302,665
Ohio, State Common Schools, Series C, 4.0%, 9/15/2017		3,835,000	4,080,593
Ohio, State Higher Education, Series A, 5.0%, 8/1/2021		5,000,000	5,978,550
Ohio, State Higher Educational Facility Commission Revenue, Cleveland Clinic Health, Series A, 5.25%, 1/1/2019		2,500,000	2,743,325
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, Mortgage-Backed Securities Program, Series E, 5.0%, 9/1/2039		335,000	349,995
			14,455,128
Oregon 0.6%
Oregon, State Housing & Community Services Department, Mortgage Revenue, Single Family Mortgage Program, Series B, AMT, 5.0%, 7/1/2030		2,030,000	2,181,336
Pennsylvania 3.2%
Delaware County, PA, General Obligation, 5.0%, 10/1/2016		1,000,000	1,004,090
Pennsylvania, State Economic Development Financing Authority, Solid Waste Disposal, Republic Services, Inc., Series A, AMT, 0.6%*, Mandatory Put 1/4/2016 @ 100, 4/1/2019		2,000,000	2,000,000
Pennsylvania, State Economic Development Financing Authority, Solid Waste Disposal, Waste Management, Inc., AMT, 0.55%*, Mandatory Put 2/1/2016 @ 100, 8/1/2045		4,000,000	4,000,000
Pennsylvania, State Economic Development Financing Authority, Unemployment Compensation Revenue, Series B, 5.0%, 7/1/2021		785,000	853,805
Pennsylvania, State Turnpike Commission Revenue:
	Series B-1, 0.89%*, 12/1/2020	2,000,000	1,995,040
	Series B, 1.16%*, 12/1/2019	1,500,000	1,509,090
	Series A-1, 5.0%, 12/1/2024	1,000,000	1,213,600
			12,575,625
South Carolina 0.5%
South Carolina, SCAGO Educational Facilities Corp., Pickens School District, 5.0%, 12/1/2015		2,070,000	2,078,694
South Dakota 0.3%
South Dakota, Housing Development Authority, Homeownership Mortgage, Series A, AMT, 4.5%, 5/1/2031		1,245,000	1,327,643
Tennessee 0.9%
Tennessee, Housing Development Agency, Homeownership Program, Series 2006-3, AMT, 5.75%, 7/1/2037		95,000	97,671
Tennessee, Housing Development Agency, Residential Financing Program Revenue, Series 1C, 3.0%, 7/1/2038		1,805,000	1,882,958
Tennessee, State Housing Development Agency, Homeownership Program:
	Series 2C, 4.0%, 7/1/2038	630,000	669,860
	Series 1A, AMT, 4.5%, 1/1/2038	640,000	685,671
			3,336,160
Texas 18.9%
Allen, TX, Independent School District, 5.0%, 2/15/2024		1,000,000	1,167,610
Austin, TX, Electric Utility System Revenue, Series A, 5.0%, 11/15/2015, INS: AMBAC		4,000,000	4,008,200
Dallas, TX, Waterworks & Sewer Systems Revenue:
	5.0%, 10/1/2020	3,000,000	3,536,670
	5.0%, 10/1/2021	2,000,000	2,343,440
Fort Bend, TX, Independent School District Building, Series A, 0.66%, Mandatory Put 8/1/2016 @ 100, 8/1/2040		1,500,000	1,503,075
Fort Worth, TX, General Obligation, 5.0%, 3/1/2016		4,260,000	4,329,694
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Herman Hospital Health System, Series B, 0.59%*, Mandatory Put 12/1/2019 @ 100, 12/1/2042		4,000,000	3,954,160
Houston, TX, Airport Systems Revenue, Series A, 5.0%, 7/1/2016		625,000	644,413
Houston, TX, Independent School District, Series A-1, 3.0%, Mandatory Put 6/1/2016 @ 100, 6/1/2039		9,000,000	9,140,940
Lubbock, TX, Independent School District, 5.0%, 2/15/2016		355,000	360,101
North Texas, Tollway Authority Revenue, 5.0%, 1/1/2020		3,000,000	3,451,650
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Baylor Health Care System Project, Series E, 0.01%**, 11/15/2050, LOC: Wells Fargo Bank NA		4,920,000	4,920,000
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Scott & White Healthcare, Prerefunded 8/15/2020 @ 100, 5.25%, 8/15/2021		2,435,000	2,873,884
Texas, Aldine Independent School District, School Building, 5.0%, 2/15/2016		2,115,000	2,145,393
Texas, Dallas-Fort Worth International Airport Revenue:
	Series E, AMT, 4.0%, 11/1/2015	1,200,000	1,200,132
	Series A, 5.0%, 11/1/2016	4,000,000	4,187,520
	Series D, 5.0%, 11/1/2022	1,485,000	1,717,373
	Series D, 5.0%, 11/1/2023	2,890,000	3,332,979
Texas, Lower Colorado River Authority Revenue:
	Series A, ETM, Prerefunded, 5.0%, 5/15/2016	40,000	41,025
	Series A, 5.0%, 5/15/2016	3,460,000	3,547,019
Texas, Municipal Gas Acquisition & Supply Corp. II, Gas Supply Revenue, 0.926%*, 9/15/2017, GTY: JPMorgan Chase & Co.		1,955,000	1,957,600
Texas, State Municipal Gas Acquisition & Supply Corp. III, Gas Supply Revenue, 5.0%, 12/15/2021		3,000,000	3,493,770
Texas, State Public Finance Authority Revenue, Assessment Unemployment Compensation, Series B, 4.0%, 7/1/2018		1,430,000	1,439,095
Texas, State Transportation Commission Mobility Fund, Series B, 0.39%*, Mandatory Put 10/1/2018 @ 100, 10/1/2041		2,500,000	2,477,800
Texas, State Water Financial Assistance, Series A2, 2.0%, Mandatory Put 2/1/2018 @ 100, 8/1/2029		3,000,000	3,009,810
West Harris County, TX, Regional Water Authority, Water Systems Revenue:
	5.0%, 12/15/2015	1,605,000	1,614,726
	5.0%, 12/15/2017	1,270,000	1,382,712
			73,780,791
Utah 0.1%
Utah, Single Family Housing Revenue, Series D-2, AMT, 5.0%, 7/1/2018		200,000	200,510
Utah, Single Family Housing Revenue, Mortgage Revenue, Series G, AMT, 4.875%, 1/1/2019		360,000	360,944
			561,454
Virginia 0.8%
Virginia, State College Building Authority, Educational Facilities Revenue, University of Richmond Project, 0.01%**, 11/1/2036, SPA: Wells Fargo Bank NA		1,560,000	1,560,000
Virginia, State Resource Authority Infrastructure Revenue, Pooled Financing Program:
	Series B, ETM, Prerefunded, 5.0%, 11/1/2016	290,000	303,405
	Series B, 5.0%, 11/1/2016	1,010,000	1,057,631
			2,921,036
Washington 2.9%
Washington, State General Obligation, Series 2599, 0.02%**, 1/1/2016, LIQ: JPMorgan Chase Bank NA		9,005,000	9,005,000
Washington, State Motor Vehicle Fuel Tax, Series B, 5.0%, 7/1/2022		1,500,000	1,811,895
Washington, State Public Power Supply System, Series B, 7.125%, 7/1/2016		450,000	470,677
			11,287,572
Wisconsin 0.4%
Wisconsin, State Clean Water Revenue, Series 2, 5.0%, 6/1/2019		1,000,000	1,141,310
Wisconsin, State General Obligation, Series 2, 4.0%, 11/1/2015		400,000	400,043
			1,541,353
Total Municipal Bonds and Notes (Cost $382,265,990)			393,059,038

Assets	Level 1	Level 2	Level 3	Total

Municipal Bonds and Notes (b)	$ —	$ 393,059,038	$ —	$ 393,059,038
Open-End Investment Company	487	—	—	487
Total	$ 487	$ 393,059,038	$ —	$ 393,059,525

as of October 31, 2015
Assets
Investments in securities, at value (cost $382,266,477)	$ 393,059,525
Cash	5,049,295
Receivable for investments sold	401,748
Receivable for Fund shares sold	308,510
Interest receivable	3,709,558
Other assets	26,420
Total assets	402,555,056
Liabilities
Payable for investments purchased — when-issued securities	4,460,169
Payable for investments purchased	6,433,733
Payable for Fund shares redeemed	694,569
Distributions payable	55,515
Accrued management fee	81,309
Accrued Trustees' fees	6,892
Other accrued expenses and payables	402,286
Total liabilities	12,134,473
Net assets, at value	$ 390,420,583
Net Assets Consist of
Accumulated distributions in excess of net investment income	(47,407)
Net unrealized appreciation (depreciation) on investments	10,793,048
Accumulated net realized gain (loss)	(13,970,487)
Paid-in capital	393,645,429
Net assets, at value	$ 390,420,583

Statement of Assets and Liabilities as of October 31, 2015 (continued)
Net Asset Value
Class A Net Asset Value and redemption price per share ($189,254,052 ÷ 18,545,005 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 10.21
Maximum offering price per share (100 ÷ 98.00 of $10.21)	$ 10.42
Class B Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($51,177 ÷ 5,014 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 10.21
Class C Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($25,264,029 ÷ 2,476,494 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 10.20
Class S Net Asset Value, offering and redemption priceper share ($74,386,925 ÷ 7,298,584 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 10.19
Institutional Class Net Asset Value, offering and redemption priceper share ($101,464,400 ÷ 9,942,700 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 10.20

for the year ended October 31, 2015
Investment Income
Income: Interest	$ 7,562,373
Expenses: Management fee	1,819,547
Administration fee	454,983
Services to shareholders	484,017
Distribution and service fees	804,307
Custodian fee	11,040
Professional fees	96,334
Reports to shareholders	38,554
Registration fees	73,091
Trustees' fees and expenses	19,713
Other	45,815
Total expenses before expense reductions	3,847,401
Expense reductions	(638,992)
Total expenses after expense reductions	3,208,409
Net investment income	4,353,964
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments	(103,051)
Change in net unrealized appreciation (depreciation) on investments	(2,526,127)
Net gain (loss)	(2,629,178)
Net increase (decrease) in net assets resulting from operations	$ 1,724,786

Increase (Decrease) in Net Assets	Years Ended October 31,
Increase (Decrease) in Net Assets	2015	2014
Operations: Net investment income	$ 4,353,964	$ 5,120,283
Net realized gain (loss)	(103,051)	(182,363)
Change in net unrealized appreciation (depreciation)	(2,526,127)	2,737,950
Net increase (decrease) in net assets resulting from operations	1,724,786	7,675,870
Distributions to shareholders from: Net investment income: Class A	(1,877,287)	(2,250,895)
Class B	(201)	(422)
Class C	(45,220)	(43,986)
Class S	(930,151)	(1,281,741)
Institutional Class	(1,500,993)	(1,545,729)
Total distributions	(4,353,852)	(5,122,773)
Fund share transactions: Proceeds from shares sold	96,817,105	283,133,700
Reinvestment of distributions	2,956,991	3,478,063
Payments for shares redeemed	(229,252,040)	(353,326,130)
Net increase (decrease) in net assets from Fund share transactions	(129,477,944)	(66,714,367)
Increase (decrease) in net assets	(132,107,010)	(64,161,270)
Net assets at beginning of period	522,527,593	586,688,863
Net assets at end of period (including accumulated distributions in excess of net investment income of $47,407 and $47,519, respectively)	$ 390,420,583	$ 522,527,593

Capital loss carryforwards	$ (13,970,000)
Net unrealized appreciation (depreciation) on investments	$ 10,793,048

First $500 million of the Fund's average daily net assets	.400%
Next $500 million of such net assets	.385%
Next $1.0 billion of such net assets	.370%
Over $2.0 billion of such net assets	.355%

Class A	.76%
Class B	1.51%
Class C	1.51%
Class S	.61%
Institutional Class	.51%

Class A	.73%
Class B	1.48%
Class C	1.48%
Class S	.58%
Institutional Class	.48%

Class A	Years Ended October 31,
Class A	2015	2014	2013	2012	2011
Selected Per Share Data
Net asset value, beginning of period	$ 10.26	$ 10.21	$ 10.34	$ 10.24	$ 10.27
Income (loss) from investment operations: Net investment income^a	.09	.09	.10	.14	.17
Net realized and unrealized gain (loss)	(.05)	.05	(.13)	.10	(.03)
Total from investment operations	.04	.14	(.03)	.24	.14
Less distributions from: Net investment income	(.09)	(.09)	(.10)	(.14)	(.17)
Net asset value, end of period	$ 10.21	$ 10.26	$ 10.21	$ 10.34	$ 10.24
Total Return (%)^b,c	.42	1.37	(.31)	2.36	1.42
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	189	222	294	338	336
Ratio of expenses before expense reductions (%)	.89	.90	.90	.88	.86
Ratio of expenses after expense reductions (%)	.76	.73	.74	.75	.75
Ratio of net investment income (%)	.91	.87	.96	1.36	1.71
Portfolio turnover rate (%)	26	36	41	50	26
^a Based on average shares outstanding during the period. ^b Total return does not reflect the effect of any sales charges. ^c Total return would have been lower had certain expenses not been reduced.

Class B	Years Ended October 31,
Class B	2015	2014	2013	2012	2011
Selected Per Share Data
Net asset value, beginning of period	$ 10.26	$ 10.21	$ 10.33	$ 10.24	$ 10.27
Income (loss) from investment operations: Net investment income^a	.01	.01	.02	.06	.10
Net realized and unrealized gain (loss)	(.04)	.05	(.12)	.09	(.03)
Total from investment operations	(.03)	.06	(.10)	.15	.07
Less distributions from: Net investment income	(.02)	(.01)	(.02)	(.06)	(.10)
Net asset value, end of period	$ 10.21	$ 10.26	$ 10.21	$ 10.33	$ 10.24
Total Return (%)^b,c	(.33)	.61	(.96)	1.49	.66
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	.1	.2	.4	1	1
Ratio of expenses before expense reductions (%)	1.71	1.66	1.67	1.66	1.67
Ratio of expenses after expense reductions (%)	1.51	1.48	1.49	1.50	1.50
Ratio of net investment income (%)	.14	.13	.21	.62	.96
Portfolio turnover rate (%)	26	36	41	50	26
^a Based on average shares outstanding during the period. ^b Total return does not reflect the effect of any sales charges. ^c Total return would have been lower had certain expenses not been reduced.

Class S	Years Ended October 31,
Class S	2015	2014	2013	2012	2011
Selected Per Share Data
Net asset value, beginning of period	$ 10.25	$ 10.20	$ 10.32	$ 10.23	$ 10.26
Income (loss) from investment operations: Net investment income^a	.11	.10	.11	.16	.19
Net realized and unrealized gain (loss)	(.06)	.05	(.12)	.09	(.03)
Total from investment operations	.05	.15	(.01)	.25	.16
Less distributions from: Net investment income	(.11)	(.10)	(.11)	(.16)	(.19)
Net asset value, end of period	$ 10.19	$ 10.25	$ 10.20	$ 10.32	$ 10.23
Total Return (%)^b	.48	1.52	(.06)	2.41	1.57
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	74	96	167	161	161
Ratio of expenses before expense reductions (%)	.76	.71	.70	.73	.72
Ratio of expenses after expense reductions (%)	.61	.58	.59	.60	.60
Ratio of net investment income (%)	1.06	1.03	1.11	1.51	1.86
Portfolio turnover rate (%)	26	36	41	50	26
^a Based on average shares outstanding during the period. ^b Total return would have been lower had certain expenses not been reduced.

Institutional Class	Years Ended October 31,
Institutional Class	2015	2014	2013	2012	2011
Selected Per Share Data
Net asset value, beginning of period	$ 10.26	$ 10.21	$ 10.34	$ 10.24	$ 10.27
Income (loss) from investment operations: Net investment income^a	.12	.12	.12	.17	.20
Net realized and unrealized gain (loss)	(.06)	.05	(.13)	.10	(.03)
Total from investment operations	.06	.17	(.01)	.27	.17
Less distributions from: Net investment income	(.12)	(.12)	(.12)	(.17)	(.20)
Net asset value, end of period	$ 10.20	$ 10.26	$ 10.21	$ 10.34	$ 10.24
Total Return (%)^b	.58	1.63	(.06)	2.62	1.67
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	101	172	85	90	51
Ratio of expenses before expense reductions (%)	.64	.60	.59	.59	.59
Ratio of expenses after expense reductions (%)	.51	.48	.49	.50	.50
Ratio of net investment income (%)	1.15	1.12	1.21	1.59	1.96
Portfolio turnover rate (%)	26	36	41	50	26
^a Based on average shares outstanding during the period. ^b Total return would have been lower had certain expenses not been reduced.

Class A	$ 283,823
Class B	285
Class C	48,399
Class S	136,202
Institutional Class	170,283
	$ 638,992

Services to Shareholders	Total Aggregated	Unpaid at October 31, 2015
Class A	$ 8,176	$ 1,322
Class B	126	21
Class C	1,909	312
Class S	5,949	890
Institutional Class	3,916	589
	$ 20,076	$ 3,134

Distribution Fee	Total Aggregated	Unpaid at October 31, 2015
Class B	$ 1,071	$ 49
Class C	218,542	16,351
	$ 219,613	$ 16,400

Service Fee	Total Aggregated	Unpaid at October 31, 2015	Annual Rate
Class A	$ 512,327	$ 79,228	.25%
Class B	350	42	.24%
Class C	72,017	11,156	.25%
	$ 584,694	$ 90,426

	Year Ended October 31, 2015		Year Ended October 31, 2014
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	2,925,936	$ 29,929,699	4,190,174	$ 42,833,574
Class C	213,347	2,182,798	471,352	4,817,588
Class S	3,691,902	37,600,811	5,111,294	52,217,167
Institutional Class	2,651,697	27,103,797	17,925,901	183,265,371
		$ 96,817,105		$ 283,133,700
Shares issued to shareholders in reinvestment of distributions
Class A	153,871	$ 1,571,929	189,539	$ 1,939,732
Class B	19	195	41	421
Class C	3,299	33,664	3,240	33,133
Class S	72,410	738,552	73,353	749,861
Institutional Class	59,942	612,651	73,733	754,916
		$ 2,956,991		$ 3,478,063
Shares redeemed
Class A	(6,135,977)	$ (62,698,168)	(11,563,934)	$ (118,306,830)
Class B	(15,377)	(157,267)	(23,042)	(235,737)
Class C	(911,519)	(9,313,368)	(1,165,870)	(11,920,240)
Class S	(5,808,194)	(59,162,540)	(12,260,631)	(125,058,129)
Institutional Class	(9,576,581)	(97,920,697)	(9,551,024)	(97,805,194)
		$ (229,252,040)		$ (353,326,130)
Net increase (decrease)
Class A	(3,056,170)	$ (31,196,540)	(7,184,221)	$ (73,533,524)
Class B	(15,358)	(157,072)	(23,001)	(235,316)
Class C	(694,873)	(7,096,906)	(691,278)	(7,069,519)
Class S	(2,043,882)	(20,823,177)	(7,075,984)	(72,091,101)
Institutional Class	(6,864,942)	(70,204,249)	8,448,610	86,215,093
		$ (129,477,944)		$ (66,714,367)

Expenses and Value of a $1,000 Investment for the six months ended October 31, 2015 (Unaudited)
Actual Fund Return	Class A	Class B	Class C	Class S	Institutional Class
Beginning Account Value 5/1/15	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 10/31/15	$ 1,003.90	$ 1,001.10	$ 1,000.10	$ 1,004.70	$ 1,004.20
Expenses Paid per $1,000*	$ 3.84	$ 7.62	$ 7.61	$ 3.08	$ 2.58
Hypothetical 5% Fund Return	Class A	Class B	Class C	Class S	Institutional Class
Beginning Account Value 5/1/15	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 10/31/15	$ 1,021.37	$ 1,017.59	$ 1,017.59	$ 1,022.13	$ 1,022.63
Expenses Paid per $1,000*	$ 3.87	$ 7.68	$ 7.68	$ 3.11	$ 2.60

Annualized Expense Ratios	Class A	Class B	Class C	Class S	Institutional Class
Deutsche Short-Term Municipal Bond Fund	.76%	1.51%	1.51%	.61%	.51%

Independent Board Members
Name, Year of Birth, Position with the Fund and Length of Time Served¹	Business Experience and Directorships During the Past Five Years	Number of Funds in Deutsche Fund Complex Overseen	Other Directorships Held by Board Member
Kenneth C. Froewiss (1945) Chairperson since 2013, and Board Member since 2001	Retired Clinical Professor of Finance, NYU Stern School of Business (1997–2014); Member, Finance Committee, Association for Asian Studies (2002–present); Director, Mitsui Sumitomo Insurance Group (US) (2004–present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)	106	—
William McClayton (1944) Vice Chairperson since 2013, and Board Member since 2004	Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival	106	—
John W. Ballantine (1946) Board Member since 1999	Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and former Chairman of the Board, Healthways, Inc.² (provider of disease and care management services) (2003–2014); Stockwell Capital Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International	106	Portland General Electric² (utility company) (2003– present)
Henry P. Becton, Jr. (1943) Board Member since 1990	Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); former Directorships: Belo Corporation² (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College; North Bennett Street School (Boston)	106	Director, Becton Dickinson and Company² (medical technology company)
Dawn-Marie Driscoll (1946) Board Member since 1987	Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: President, Driscoll Associates (consulting firm); Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene's (retail) (1978–1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)	106	—
Keith R. Fox, CFA (1954) Board Member since 1996	Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)	106	—
Paul K. Freeman (1950) Board Member since 1993	Consultant, World Bank/Inter-American Development Bank; Chair, Independent Directors Council; Investment Company Institute (executive and nominating committees); formerly, Chairman of Education Committee of Independent Directors Council; Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); former Directorships: Prisma Energy International	106	—
Richard J. Herring (1946) Board Member since 1990	Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center; Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006)	106	Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)
Rebecca W. Rimel (1951) Board Member since 1995	President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care² (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)	106	Director, Becton Dickinson and Company² (medical technology company) (2012– present); Director, BioTelemetry Inc.² (health care) (2009– present)
William N. Searcy, Jr. (1946) Board Member since 1993	Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation² (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)	106	—
Jean Gleason Stromberg (1943) Board Member since 1997	Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, L.L.P. (law firm) (1978–1996). Directorships: The William and Flora Hewlett Foundation (charitable organization); former Directorships: Service Source, Inc. (nonprofit), Mutual Fund Directors Forum (2002–2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987–1990 and 1994–1996)	106	—

Officers⁴
Name, Year of Birth, Position with the Fund and Length of Time Served⁵	Business Experience and Directorships During the Past Five Years
Brian E. Binder⁸(1972) President and Chief Executive Officer, 2013–present	Managing Director³ and Head of Fund Administration, Deutsche Asset & Wealth Management (2013–present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010–2012); Chief Administrative Officer, Van Kampen Funds Inc. (2008–2010); and Chief Administrative Officer, Morgan Stanley Investment Management Americas Distribution (2003–2008)
John Millette⁷ (1962) Vice President and Secretary, 1999–present	Director,³ Deutsche Asset & Wealth Management
Melinda Morrow⁶ (1970) Vice President, 2012–present	Director,³ Deutsche Asset & Wealth Management
Paul H. Schubert⁶ (1963) Chief Financial Officer, 2004–present Treasurer, 2005–present	Managing Director,³ Deutsche Asset & Wealth Management (since July 2004); formerly: Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998–2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994–1998)
Caroline Pearson⁷ (1962) Chief Legal Officer, 2010–present	Managing Director,³ Deutsche Asset & Wealth Management; formerly: Assistant Secretary for DWS family of funds (1997–2010)
Robert Kloby⁶ (1962) Chief Compliance Officer, 2006–present	Managing Director,³ Deutsche Asset & Wealth Management
Wayne Salit⁶ (1967) Anti-Money Laundering Compliance Officer, 2014–present	Director,³ Deutsche Asset & Wealth Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
Hepsen Uzcan⁶ (1974) Assistant Secretary, 2013–present	Director,³ Deutsche Asset & Wealth Management
Paul Antosca⁷ (1957) Assistant Treasurer, 2007–present	Director,³ Deutsche Asset & Wealth Management
Jack Clark⁷ (1967) Assistant Treasurer, 2007–present	Director,³ Deutsche Asset & Wealth Management
Diane Kenneally⁷(1966) Assistant Treasurer, 2007–present	Director,³ Deutsche Asset & Wealth Management


For More Information	The automated telephone system allows you to access personalized account information and obtain information on other Deutsche funds using either your voice or your telephone keypad. Certain account types within Classes A, B, C and S also have the ability to purchase, exchange or redeem shares using this system. For more information, contact your financial advisor. You may also access our automated telephone system or speak with a Shareholder Service representative by calling: (800) 728-3337
Web Site	deutschefunds.com View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day. Obtain prospectuses and applications, blank forms, interactive worksheets, news about Deutsche funds, retirement planning information, and more.
Written Correspondence	Deutsche Asset & Wealth Management PO Box 219151 Kansas City, MO 64121-9151
Proxy Voting	The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
Portfolio Holdings	Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The fund's portfolio holdings are also posted on deutschefunds.com from time to time. Please see the fund's current prospectus for more information.
Principal Underwriter	If you have questions, comments or complaints, contact: DeAWM Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 (800) 621-1148
Investment Management	Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset & Wealth Management, is the investment advisor for the fund. DIMA and its predecessors have more than 80 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients. DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance. Deutsche Asset & Wealth Management is the retail brand name in the U.S. for the wealth management and asset management activities of Deutsche Bank AG and DIMA. Deutsche Asset & Wealth Management is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.


ITEM 2.	CODE OF ETHICS

	As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer. There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. Paul K. Freeman, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

Fiscal Year Ended October 31,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2015	$70,139	$0	$0	$0
2014	$68,799	$0	$0	$0

Fiscal Year Ended October 31,	Audit-Related Fees Billedto Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers	All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2015	$0	$30,661	$0
2014	$0	$63,439	$0


ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS

	Not applicable

ITEM 6.	SCHEDULE OF INVESTMENTS

	Not applicable

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

	Not applicable

ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

	There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Kenneth C. Froewiss, Independent Chairman, Deutsche Mutual Funds, P.O. Box 390601, Cambridge, MA 02139.

ITEM 11.	CONTROLS AND PROCEDURES

	(a)	The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

	(b)	There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.

ITEM 12.	EXHIBITS

	(a)(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

	(a)(2)	Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

	(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

Registrant:	Deutsche Short-Term Municipal Bond Fund, a series of Deutsche Municipal Trust


By:	/s/Brian E. Binder Brian E. Binder President

Date:	December 30, 2015

1)	I have reviewed this report, filed on behalf of Deutsche Short-Term Municipal Bond Fund, a series of Deutsche Municipal Trust, on Form N-CSR;

2)	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4)	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

	d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5)	The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

December 30, 2015	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer

1.	I have reviewed this report, filed on behalf of Deutsche Short-Term Municipal Bond Fund, a series of Deutsche Municipal Trust, on Form N-CSR;

2.	Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.