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:	10/31/2016

Class A	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/16
Unadjusted for Sales Charge	0.66%	0.90%	1.67%
Adjusted for the Maximum Sales Charge (max 2.00% load)	–1.35%	0.49%	1.47%
Bloomberg Barclays 1-Year G.O. Bond Index^†	0.36%	0.67%	1.87%
Bloomberg Barclays 3-Year (2–4) Municipal Bond Index^††	0.82%	1.47%	2.84%
Class C	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/16
Unadjusted for Sales Charge	0.01%	0.14%	0.91%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	0.01%	0.14%	0.91%
Bloomberg Barclays 1-Year G.O. Bond Index^†	0.36%	0.67%	1.87%
Bloomberg Barclays 3-Year (2–4) Municipal Bond Index^††	0.82%	1.47%	2.84%
Class S	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/16
No Sales Charges	0.91%	1.05%	1.85%
Bloomberg Barclays 1-Year G.O. Bond Index^†	0.36%	0.67%	1.87%
Bloomberg Barclays 3-Year (2–4) Municipal Bond Index^††	0.82%	1.47%	2.84%
Institutional Class	1-Year	5-Year	10-Year
Average Annual Total Returns as of 10/31/16
No Sales Charges	1.02%	1.15%	1.93%
Bloomberg Barclays 1-Year G.O. Bond Index^†	0.36%	0.67%	1.87%
Bloomberg Barclays 3-Year (2–4) Municipal Bond Index^††	0.82%	1.47%	2.84%

	Class A	Class C	Class S	Institutional Class
Net Asset Value
10/31/16	$ 10.16	$ 10.16	$ 10.15	$ 10.16
10/31/15	$ 10.21	$ 10.20	$ 10.19	$ 10.20
Distribution Information as of 10/31/16
Income Dividends, Twelve Months	$ .12	$ .04	$ .13	$ .14
October Income Dividend	$ .0113	$ .0048	$ .0126	$ .0135
SEC 30-day Yield^†††	.49%	–.24%	.65%	.75%
Tax Equivalent Yield^†††	.87%	N/A	1.15%	1.32%
Current Annualized Distribution Rate^†††	1.33%	.57%	1.49%	1.59%

	Shares	Value ($)

Open-End Investment Company 0.1%
BlackRock Muni Fund, 0.18%*** (Cost $320,586)	320,586	320,586

	% of Net Assets	Value ($)

Total Investment Portfolio (Cost $290,005,295) ^†	99.0	295,749,184
Other Assets and Liabilities, Net	1.0	3,107,070
Net Assets	100.0	298,856,254

		Principal Amount ($)	Value ($)

Municipal Bonds and Notes 98.9%
Alaska 0.2%
Alaska, State Housing Finance Corp., Mortgage Revenue, Series A, 4.0%, 6/1/2040		640,000	657,600
Arizona 3.1%
Arizona, Health Facilities Authority Revenue, Banner Health:
	Series A, Prerefunded 1/1/2017 @ 100, 5.0%, 1/1/2019	2,000,000	2,014,400
	Series D, Prerefunded 1/1/2018 @ 100, 5.5%, 1/1/2019	5,000,000	5,259,950
Arizona, State Transportation Board, Grant Anticipation Notes, 5.0%, 7/1/2023		1,000,000	1,219,480
Maricopa County, AZ, Certificates of Participation, 5.0%, 7/1/2018		680,000	725,186
			9,219,016
California 6.5%
California, Bay Area Toll Authority, Toll Bridge Revenue, Series B, 1.5%, Mandatory Put 4/2/2018 @ 100, 4/1/2047		1,000,000	1,005,280
California, State Department of Water Resources, Center Valley Project, Water Systems, Series AT, 1.17%*, Mandatory Put 12/1/2017 @ 100, 12/1/2035		5,715,000	5,700,941
California, State General Obligation, 5.25%, 4/1/2022		1,615,000	1,779,795
California, State Pollution Control Financing Authority, Solid Waste Disposal Revenue, Republic Services, Inc., Series A, AMT, 0.75%*, Mandatory Put 2/1/2017 @ 100, 8/1/2023		3,500,000	3,500,000
California, State Public Works Board, Lease Revenue, Judicial Council Projects, Series D, 5.0%, 12/1/2020		1,000,000	1,152,050
Los Angeles, CA, Harbor Department, Series A, AMT, 5.0%, 8/1/2024		1,500,000	1,845,225
Port of Oakland, CA, Series O, AMT, 5.0%, 5/1/2020		3,000,000	3,386,670
San Diego, CA, Unified School District, Series A, 2.0%, 6/30/2017		1,000,000	1,009,170
			19,379,131
Colorado 0.8%
Denver City & County, CO, School District No. 1, Series B, 4.0%, 12/1/2017		2,350,000	2,431,874
Delaware 1.6%
Delaware, State General Obligation, Series A, 5.0%, 7/1/2017		1,375,000	1,414,806
Delaware, State Transportation Authority System Revenue:
	Series A, 5.0%, 7/1/2017	2,000,000	2,058,180
	5.0%, 7/1/2017	1,400,000	1,440,726
			4,913,712
Florida 7.3%
Broward County, FL, Airport Systems Revenue, Series P-1, AMT, 5.0%, 10/1/2021		2,640,000	3,063,746
Florida, Housing Finance Corp. Revenue, Homeowner Mortgage Special Program, Series A, 5.0%, 7/1/2028		415,000	432,223
Florida, State Board of Public Education, Capital Outlay 2011, Series B, 5.0%, 6/1/2017		3,000,000	3,076,740
Lee County, FL, Airport Revenue, Series A, AMT, 5.5%, 10/1/2023		1,250,000	1,457,000
Miami-Dade County, FL, Aviation Revenue:
	AMT, 5.0%, 10/1/2017	4,340,000	4,505,918
	AMT, 5.0%, 10/1/2022	1,000,000	1,180,210
South Miami, FL, Health Facilities Authority, Hospital Revenue, Baptist Health South Florida Group, 5.0%, 8/15/2021		2,500,000	2,580,950
Tampa, FL, Solid Waste Systems Revenue, AMT, 5.0%, 10/1/2019, INS: AGMC		5,000,000	5,522,400
			21,819,187
Georgia 2.8%
Atlanta, GA, Airport Revenue, Series B, AMT, 5.0%, 1/1/2022		1,000,000	1,139,530
Atlanta, GA, Metropolitan Rapid Transit Authority, Sales Tax Revenue, Second Indenture, Series B, 1.15%*, Mandatory Put 7/1/2017 @ 100, 7/1/2025		1,715,000	1,713,851
Gainesville & Hall County, GA, Hospital Authority Revenue, Anticipation Certificates, Northeast Georgia Healthcare:
	Series A, 5.0%, 2/15/2018	2,000,000	2,098,520
	Series A, 5.0%, 2/15/2019	1,500,000	1,622,880
Georgia, Municipal Electric Authority, Project One, Series A, 5.0%, 1/1/2021		1,580,000	1,819,101
			8,393,882
Hawaii 0.5%
Hawaii, State General Obligation, Series DQ, 5.0%, 6/1/2017		1,525,000	1,563,735
Illinois 9.3%
Chicago, IL, Board of Education, Series A, 5.25%, 12/1/2018, INS: NATL		1,830,000	1,856,151
Chicago, IL, O'Hare International Airport Revenue, Series D, AMT, 5.25%, 1/1/2019		1,000,000	1,084,550
Granite City, IL, Waste Management, Inc. Project, AMT, 1.125%*, Mandatory Put 5/1/2017 @ 100, 5/1/2027		3,000,000	3,000,810
Illinois, Railsplitter Tobacco Settlement Authority Revenue, 5.25%, 6/1/2020		2,000,000	2,261,920
Illinois, Regional Transportation Authority, Series A, 5.0%, 7/1/2022, INS: NATL		2,320,000	2,327,725
Illinois, State Finance Authority Revenue, University of Chicago:
	Series B, ETM, Prerefunded, 5.0%, 7/1/2017	345,000	354,857
	Series B, 5.0%, 7/1/2017	4,655,000	4,787,202
Illinois, State General Obligation, 5.0%, 1/1/2017		3,500,000	3,522,435
Illinois, State Sales Tax Revenue, Junior Obligation, Series A, 5.0%, 6/15/2022		3,000,000	3,546,150
Lake County, IL, Forest Preserve District, Series A, 1.05%*, 12/15/2020		5,000,000	4,939,900
			27,681,700
Maine 0.5%
Maine, State Housing Authority Mortgage Revenue, Series A-1, AMT, 4.5%, 11/15/2028		1,370,000	1,451,378
Massachusetts 5.4%
Massachusetts, State Consolidated Loan:
	Series 3, 4.0%, 5/1/2017	1,330,000	1,352,344
	Series C, 5.5%, 11/1/2017, INS: NATL	2,000,000	2,095,140
Massachusetts, State Development Finance Agency Revenue, Partners Healthcare System, Inc., Series M-3, 1.42%*, Mandatory Put 1/30/2018 @ 100, 7/1/2038		4,915,000	4,914,804
Massachusetts, State Transportation Fund Revenue, Accelerated Bridge Program, Series A, 5.0%, 6/1/2017		2,100,000	2,153,340
Massachusetts, State Water Resources Authority, Series A, ETM, Prerefunded, 5.25%, 8/1/2017, INS: NATL		1,690,000	1,747,392
University of Massachusetts, Building Authority Revenue, Series 2, 0.93%*, 11/1/2034		3,900,000	3,900,000
			16,163,020
Michigan 5.2%
Michigan, State Finance Authority Revenue, Series C-3, 4.0%, 4/1/2017		4,000,000	4,049,320
Michigan, State Finance Authority Revenue, Henry Ford Health System, 5.0%, 11/15/2023		500,000	601,900
Michigan, State Finance Authority Revenue, Unemployment Obligation Assessment, Series B, 5.0%, 7/1/2021		4,175,000	4,458,190
Michigan, State Hospital Finance Authority Revenue, Ascension Health Credit Group:
	Series B-3, Prerefunded 2/1/2018 @ 100, 0.95%, 11/15/2033	35,000	34,964
	Series B-3, 0.95%, Mandatory Put 2/1/2018 @ 100, 11/15/2033	965,000	964,286
	Series F2, 1.5%, Mandatory Put 3/1/2017 @ 100, 11/15/2047	1,010,000	1,011,990
	Series F5, 1.5%, Mandatory Put 3/15/2017 @ 100, 11/15/2047	1,225,000	1,227,658
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group, Series B, 5.0%, 11/15/2020		3,000,000	3,346,320
			15,694,628
Mississippi 1.4%
Mississippi, State Development Bank Special Obligation, Department of Corrections:
	Series D, Prerefunded 8/1/2020 @ 100, 5.0%, 8/1/2021	1,880,000	2,150,833
	Series D, 5.0%, 8/1/2021	1,815,000	2,052,565
			4,203,398
Missouri 0.9%
Missouri, State Highways & Transit Commission, State Road Revenue, Second Lien, 5.0%, 5/1/2017		2,000,000	2,043,660
Missouri, State Housing Development Commission, Single Family Mortgage Revenue, Homeownership Loan Program, Series D, 4.8%, 3/1/2040		360,000	377,388
Missouri, State Housing Development Commission, Single Family Mortgage Revenue, Special Homeownership Loan Program Market Bonds, Series E-1, 5.0%, 11/1/2027		225,000	238,617
			2,659,665
Nebraska 0.6%
Nebraska, State Investment Finance Authority, Single Family Housing Revenue:
	Series A, 2.5%, 9/1/2034	435,000	438,663
	Series E, 3.0%, 3/1/2043	280,000	285,418
	Series C, 4.5%, 9/1/2043	1,070,000	1,102,335
			1,826,416
Nevada 1.8%
Las Vegas Valley, NV, Water District, Series C, 5.0%, 9/15/2023		3,590,000	4,389,277
Nevada, State General Obligation, Series E, 5.0%, 2/1/2018		1,065,000	1,119,592
			5,508,869
New Jersey 3.6%
New Jersey, State Health Care Facilities Financing Authority Revenue, Princeton Healthcare System, Series A, 5.0%, 7/1/2018		540,000	573,982
New Jersey, State Transportation Trust Fund Authority, Federal Highway Reimbursement Notes, Series A-2, 5.0%, 6/15/2023 (a)		2,300,000	2,402,971
New Jersey, State Turnpike Authority Revenue:
	Series B-2, 0.775%*, Mandatory Put 1/1/2017 @ 100, 1/1/2024	3,750,000	3,748,238
	Series C, 1.11%*, 1/1/2017	4,000,000	4,000,440
			10,725,631
New Mexico 0.6%
New Mexico, Mortgage Finance Authority, Single Family Mortgage, "I", Series D, 5.35%, 9/1/2040		290,000	306,423
New Mexico, State Finance Authority, State Transportation Revenue, 5.0%, 6/15/2017		1,360,000	1,396,883
			1,703,306
New York 12.2%
New York, General Obligation:
	Series A-5, 0.51%**, 8/1/2036, LOC: Royal Bank of Canada	1,000,000	1,000,000
	Series I, 0.53%**, 4/1/2036, SPA: State Street Bank & Trust Co.	2,000,000	2,000,000
	Series G, 5.0%, 8/1/2017	2,320,000	2,395,214
New York, Metropolitan Transportation Authority Revenue, Series D-2B, 0.964%*, Mandatory Put 5/15/2018 @ 100, 11/1/2032, INS: AGMC		2,800,000	2,801,904
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-2B, 1.21%*, Mandatory Put 11/1/2019 @ 100, 11/1/2031		4,000,000	4,009,080
New York, State Dormitory Authority Revenues, State Supported Debt, Third Generation Resolution, State University Educational Facilities, Series A, 5.0%, 5/15/2017		5,000,000	5,116,500
New York, State Thruway Authority, Series J, 5.0%, 1/1/2024		7,000,000	8,648,010
New York, State Transportation Development Corp., Special Facilities Revenue, Terminal One Group Association LP, AMT, 5.0%, 1/1/2018		5,000,000	5,227,150
New York, Triborough Bridge & Tunnel Authority Revenues, Series ABCD-4, 0.98%*, 1/1/2018, INS: AGMC		1,835,000	1,834,798
Port Authority of New York & New Jersey, Series 188, AMT, 5.0%, 5/1/2023		1,535,000	1,852,162
Port Authority of New York & New Jersey, One Hundred Eighty Fifth, AMT, 5.0%, 9/1/2017		1,500,000	1,550,670
			36,435,488
North Carolina 2.3%
Charlotte, NC, General Obligation, Series B, 5.0%, 7/1/2017		1,295,000	1,332,490
Raleigh, NC, Combined Enterprise Systems Revenue:
	Series B, 5.0%, 12/1/2023	2,500,000	3,106,450
	Series B, 5.0%, 12/1/2024	1,295,000	1,636,453
Wake County, NC, Public Improvements, Series B, 5.0%, 5/1/2017		800,000	817,464
			6,892,857
Ohio 4.0%
Columbus, OH, General Obligation, Series A, Prerefunded 9/1/2017 @ 100, 5.0%, 9/1/2020		1,000,000	1,035,900
Ohio, State Common Schools:
	Series C, 4.0%, 9/15/2017	3,835,000	3,944,451
	Series A, 5.0%, 9/15/2017	4,000,000	4,150,640
Ohio, State Higher Educational Facility Commission Revenue, Cleveland Clinic Health, Series A, 5.25%, 1/1/2019		2,500,000	2,633,125
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, Mortgage-Backed Securities Program, Series E, 5.0%, 9/1/2039		200,000	207,730
			11,971,846
Oregon 0.6%
Oregon, State Housing & Community Services Department, Mortgage Revenue, Single Family Mortgage Program, Series B, AMT, 5.0%, 7/1/2030		1,590,000	1,697,277
Pennsylvania 4.2%
Lehigh County, PA, Industrial Development Authority Revenue, PPL Electric Utilities Corp.:
	Series B, 0.9%, Mandatory Put 8/15/2017 @ 100, 2/15/2027	445,000	445,000
	Series A, 0.9%, Mandatory Put 9/1/2017 @ 100, 9/1/2029	450,000	449,896
Pennsylvania, State Economic Development Financing Authority Revenue, UPMC Obligated Group, 5.0%, 3/15/2024		1,000,000	1,220,580
Pennsylvania, State Economic Development Financing Authority, Solid Waste Disposal, Republic Services, Inc., Series A, AMT, 1.15%*, Mandatory Put 1/3/2017 @ 100, 4/1/2019		1,500,000	1,500,000
Pennsylvania, State Economic Development Financing Authority, Unemployment Compensation Revenue, Series B, 5.0%, 7/1/2021		785,000	823,010
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue, Series 119, 3.5%, 10/1/2041		2,235,000	2,358,238
Pennsylvania, State Turnpike Commission Revenue:
	Series B-1, 1.51%*, 12/1/2020	2,000,000	1,994,880
	Series B, 1.78%*, 12/1/2019	1,500,000	1,510,605
	Series A-1, 5.0%, 12/1/2024	1,000,000	1,231,250
Philadelphia, PA, Gas Works Revenue, 1998 General Ordinance, Series 14, 5.0%, 10/1/2022		1,000,000	1,180,520
			12,713,979
South Carolina 2.1%
Charleston County, SC, School District, Bond Anticipation Notes, Series C, 5.0%, 5/2/2017		5,000,000	5,105,350
South Carolina, Beaufort-Jasper Water & Sewer Authority, Waterworks & Sewer System Revenue, Series B, 5.0%, 3/1/2018 (a)		1,000,000	1,048,130
			6,153,480
South Dakota 0.4%
South Dakota, Housing Development Authority, Homeownership Mortgage, Series A, AMT, 4.5%, 5/1/2031		1,010,000	1,077,428
Tennessee 1.5%
Tennessee, Housing Development Agency, Residential Financing Program Revenue, Series 1C, 3.0%, 7/1/2038		1,485,000	1,536,025
Tennessee, State General Obligation, Series C, Prerefunded 5/1/2018 @ 100, 5.0%, 5/1/2023		1,675,000	1,779,570
Tennessee, State Housing Development Agency, Homeownership Program:
	Series 2C, 4.0%, 7/1/2038	500,000	527,940
	Series 1A, AMT, 4.5%, 1/1/2038	525,000	555,623
			4,399,158
Texas 16.9%
Allen, TX, Independent School District, 5.0%, 2/15/2024		1,000,000	1,154,580
Alvin, TX, Independent School District, School House:
	Series B, 0.95%*, Mandatory Put 8/15/2018 @ 100, 2/15/2039	4,000,000	3,976,680
	Series C, 5.0%, 2/15/2018	1,575,000	1,658,648
Central Texas, Regional Mobility Authority Revenue, Senior Lien, Series B, 5.0%, Mandatory Put 1/7/2021 @ 100, 1/1/2045		1,000,000	1,111,550
Dallas, TX, Independent School District, 5.0%, 2/15/2017		500,000	506,345
Dallas, TX, Independent School District, Multi-Modal School Building, Series B-1, 3.0%, Mandatory Put 2/15/2017 @ 100, 2/15/2036		1,000,000	1,006,420
Dallas, TX, Water Works & Sewer Systems Revenue, Series A, 3.0%, 10/1/2017		2,470,000	2,521,351
Fort Bend, TX, Independent School District Building, Series A, 0.9%, Mandatory Put 8/1/2018 @ 100, 8/1/2040		2,000,000	1,992,660
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Herman Hospital Health System, Series B, 1.45%*, Mandatory Put 12/1/2019 @ 100, 12/1/2042		4,000,000	3,991,120
Houston, TX, General Obligation, Series A, 5.0%, 3/1/2024		1,000,000	1,222,630
Houston, TX, Independent School District:
	Series 2014A-1A, 2.0%, Mandatory Put 6/1/2017 @ 100, 6/1/2039	1,860,000	1,871,346
	5.0%, 2/15/2018	3,265,000	3,442,290
Plano, TX, Independent School District, Series B, 5.0%, 2/15/2018		1,000,000	1,053,110
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	2,809,699
Texas, Birdville Independent School District, 5.0%, 2/15/2024		1,870,000	2,305,224
Texas, Dallas-Fort Worth International Airport Revenue:
	Series D, 5.0%, 11/1/2022	1,485,000	1,703,384
	Series D, 5.0%, 11/1/2023	2,890,000	3,312,547
Texas, Municipal Gas Acquisition & Supply Corp. II, Gas Supply Revenue, 1.27%*, 9/15/2017, GTY: JPMorgan Chase & Co.		1,010,000	1,009,626
Texas, State General Obligation, Series B-2, 2.0%, Mandatory Put 8/1/2019 @ 100, 8/1/2025		1,215,000	1,223,371
Texas, State Technical College System, Constitutional Appropriation, 5.0%, 10/15/2024		2,785,000	3,480,999
Texas, State Transportation Commission Mobility Fund, Series B, 1.25%*, Mandatory Put 10/1/2018 @ 100, 10/1/2041		2,500,000	2,486,800
Texas, State Transportation Commission, State Highway Fund Revenue, First Tier:
	3.0%, 10/1/2017	2,000,000	2,042,140
	Series A, 4.75%, 4/1/2017	960,000	976,512
Texas, State Water Financial Assistance, Series A2, 2.0%, Mandatory Put 2/1/2018 @ 100, 8/1/2029		2,210,000	2,210,000
West Harris County, TX, Regional Water Authority, Water Systems Revenue, 5.0%, 12/15/2017		1,270,000	1,328,674
			50,397,706
Virginia 0.1%
Virginia, State Resource Authority Infrastructure Revenue, Pooled Financing Program, Series B, ETM, Prerefunded, 5.0%, 11/1/2016		290,000	290,000
Washington 2.5%
King County, WA, School District No. 409, 3.0%, 12/1/2017		1,405,000	1,438,060
Tacoma, WA, Electric System Revenue, Series A, 4.0%, 1/1/2018		1,500,000	1,553,835
Washington, Energy Northwest Electric Revenue, Project No. 1, Series A, 4.0%, 7/1/2017		500,000	511,085
Washington, State General Obligation, Series R-2013A, 5.0%, 7/1/2017		2,250,000	2,315,452
Washington, State General Obligation, Various Purposes, Series R-C, 5.0%, 7/1/2017		1,540,000	1,584,799
			7,403,231
Total Municipal Bonds and Notes (Cost $289,684,709)			295,428,598

Assets	Level 1	Level 2	Level 3	Total

Municipal Bonds and Notes (b)	$ —	$ 295,428,598	$ —	$ 295,428,598
Open-End Investment Company	320,586	—	—	320,586
Total	$ 320,586	$ 295,428,598	$ —	$ 295,749,184

as of October 31, 2016
Assets
Total investments in securities, at value (cost $290,005,295)	$ 295,749,184
Receivable for investments sold	5,800,078
Receivable for Fund shares sold	408,490
Interest receivable	3,021,425
Other assets	31,744
Total assets	305,010,921
Liabilities
Payable for investments purchased	1,500,000
Payable for investments purchased — when-issued securities	3,431,393
Payable for Fund shares redeemed	745,773
Distributions payable	58,110
Accrued management fee	67,261
Accrued Trustees' fees	4,548
Other accrued expenses and payables	347,582
Total liabilities	6,154,667
Net assets, at value	$ 298,856,254
Net Assets Consist of
Accumulated distributions in excess of net investment income	(47,413)
Net unrealized appreciation (depreciation) on investments	5,743,889
Accumulated net realized gain (loss)	(6,614,166)
Paid-in capital	299,773,944
Net assets, at value	$ 298,856,254

Statement of Assets and Liabilities as of October 31, 2016 (continued)
Net Asset Value
Class A Net Asset Value and redemption price per share ($158,108,820 ÷ 15,556,159 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 10.16
Maximum offering price per share (100 ÷ 98.00 of $10.16)	$ 10.37
Class C Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($19,643,600 ÷ 1,933,390 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 10.16
Class S Net Asset Value, offering and redemption price per share ($81,327,078 ÷ 8,011,468 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 10.15
Institutional Class Net Asset Value, offering and redemption price per share ($39,776,756 ÷ 3,913,503 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 10.16

for the year ended October 31, 2016
Investment Income
Income: Interest	$ 6,668,066
Other income	35,519
	6,703,585
Expenses: Management fee	1,429,479
Administration fee	357,370
Services to shareholders	362,845
Distribution and service fees	655,240
Custodian fee	8,019
Professional fees	92,330
Reports to shareholders	36,884
Registration fees	68,552
Trustees' fees and expenses	14,978
Other	38,337
Total expenses before expense reductions	3,064,034
Expense reductions	(601,857)
Total expenses after expense reductions	2,462,177
Net investment income	4,241,408
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments	3,902,665
Change in net unrealized appreciation (depreciation) on investments	(5,049,159)
Net gain (loss)	(1,146,494)
Net increase (decrease) in net assets resulting from operations	$ 3,094,914

Increase (Decrease) in Net Assets	Years Ended October 31,
Increase (Decrease) in Net Assets	2016	2015
Operations: Net investment income	$ 4,241,408	$ 4,353,964
Net realized gain (loss)	3,902,665	(103,051)
Change in net unrealized appreciation (depreciation)	(5,049,159)	(2,526,127)
Net increase (decrease) in net assets resulting from operations	3,094,914	1,724,786
Distributions to shareholders from: Net investment income: Class A	(1,973,093)	(1,877,287)
Class B	(18)*	(201)
Class C	(90,731)	(45,220)
Class S	(1,129,658)	(930,151)
Institutional Class	(1,047,914)	(1,500,993)
Total distributions	(4,241,414)	(4,353,852)
Fund share transactions: Proceeds from shares sold	103,114,068	96,817,105
Reinvestment of distributions	3,222,908	2,956,991
Payments for shares redeemed	(196,754,805)	(229,252,040)
Net increase (decrease) in net assets from Fund share transactions	(90,417,829)	(129,477,944)
Increase (decrease) in net assets	(91,564,329)	(132,107,010)
Net assets at beginning of period	390,420,583	522,527,593
Net assets at end of period (including accumulated distributions in excess of net investment income of $47,413 and $47,407, respectively)	$ 298,856,254	$ 390,420,583

Undistributed tax-exempt income	$ 10,697
Capital loss carryforwards	$ (6,614,000)
Net unrealized appreciation (depreciation) on investments	$ 5,743,889

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

Class A	$ 291,689
Class B	58
Class C	43,446
Class S	138,794
Institutional Class	127,870
	$ 601,857

Class A	Years Ended October 31,
Class A	2016	2015	2014	2013	2012
Selected Per Share Data
Net asset value, beginning of period	$ 10.21	$ 10.26	$ 10.21	$ 10.34	$ 10.24
Income (loss) from investment operations: Net investment income^a	.12	.09	.09	.10	.14
Net realized and unrealized gain (loss)	(.05)	(.05)	.05	(.13)	.10
Total from investment operations	.07	.04	.14	(.03)	.24
Less distributions from: Net investment income	(.12)	(.09)	(.09)	(.10)	(.14)
Net asset value, end of period	$ 10.16	$ 10.21	$ 10.26	$ 10.21	$ 10.34
Total Return (%)^b,c	.66	.42	1.37	(.31)	2.36
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	158	189	222	294	338
Ratio of expenses before expense reductions (%)	.90	.89	.90	.90	.88
Ratio of expenses after expense reductions (%)	.73	.76	.73	.74	.75
Ratio of net investment income (%)	1.15	.91	.87	.96	1.36
Portfolio turnover rate (%)	81	26	36	41	50
^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 C	Years Ended October 31,
Class C	2016	2015	2014	2013	2012
Selected Per Share Data
Net asset value, beginning of period	$ 10.20	$ 10.26	$ 10.21	$ 10.33	$ 10.24
Income (loss) from investment operations: Net investment income^a	.04	.02	.01	.02	.06
Net realized and unrealized gain (loss)	(.04)	(.06)	.05	(.12)	.09
Total from investment operations	.00*	(.04)	.06	(.10)	.15
Less distributions from: Net investment income	(.04)	(.02)	(.01)	(.02)	(.06)
Net asset value, end of period	$ 10.16	$ 10.20	$ 10.26	$ 10.21	$ 10.33
Total Return (%)^b,c	.01	(.43)	.61	(.96)	1.50
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	20	25	33	39	46
Ratio of expenses before expense reductions (%)	1.67	1.67	1.67	1.66	1.65
Ratio of expenses after expense reductions (%)	1.48	1.51	1.48	1.49	1.50
Ratio of net investment income (%)	.40	.16	.12	.21	.61
Portfolio turnover rate (%)	81	26	36	41	50
^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. * Amount is less than $.005.

Class S	Years Ended October 31,
Class S	2016	2015	2014	2013	2012
Selected Per Share Data
Net asset value, beginning of period	$ 10.19	$ 10.25	$ 10.20	$ 10.32	$ 10.23
Income (loss) from investment operations: Net investment income^a	.13	.11	.10	.11	.16
Net realized and unrealized gain (loss)	(.04)	(.06)	.05	(.12)	.09
Total from investment operations	.09	.05	.15	(.01)	.25
Less distributions from: Net investment income	(.13)	(.11)	(.10)	(.11)	(.16)
Net asset value, end of period	$ 10.15	$ 10.19	$ 10.25	$ 10.20	$ 10.32
Total Return (%)^b	.91	.48	1.52	(.06)	2.41
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	81	74	96	167	161
Ratio of expenses before expense reductions (%)	.74	.76	.71	.70	.73
Ratio of expenses after expense reductions (%)	.58	.61	.58	.59	.60
Ratio of net investment income (%)	1.30	1.06	1.03	1.11	1.51
Portfolio turnover rate (%)	81	26	36	41	50
^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	2016	2015	2014	2013	2012
Selected Per Share Data
Net asset value, beginning of period	$ 10.20	$ 10.26	$ 10.21	$ 10.34	$ 10.24
Income (loss) from investment operations: Net investment income^a	.14	.12	.12	.12	.17
Net realized and unrealized gain (loss)	(.04)	(.06)	.05	(.13)	.10
Total from investment operations	.10	.06	.17	(.01)	.27
Less distributions from: Net investment income	(.14)	(.12)	(.12)	(.12)	(.17)
Net asset value, end of period	$ 10.16	$ 10.20	$ 10.26	$ 10.21	$ 10.34
Total Return (%)^b	1.02	.58	1.63	(.06)	2.62
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	40	101	172	85	90
Ratio of expenses before expense reductions (%)	.65	.64	.60	.59	.59
Ratio of expenses after expense reductions (%)	.48	.51	.48	.49	.50
Ratio of net investment income (%)	1.39	1.15	1.12	1.21	1.59
Portfolio turnover rate (%)	81	26	36	41	50
^a Based on average shares outstanding during the period. ^b Total return would have been lower had certain expenses not been reduced.

Services to Shareholders	Total Aggregated	Unpaid at October 31, 2016
Class A	$ 6,519	$ 1,071
Class B	35	—
Class C	1,461	253
Class S	4,694	902
Institutional Class	2,617	634
	$ 15,326	$ 2,860

Distribution Fee	Total Aggregated	Unpaid at October 31, 2016
Class B	$ 36	$ —
Class C	171,456	12,710
	$ 171,492	$ 12,710

Service Fee	Total Aggregated	Unpaid at October 31, 2016	Annual Rate
Class A	$ 426,819	$ 101,365	.25%
Class B	12	—	.25%
Class C	56,917	13,411	.25%
	$ 483,748	$ 114,776

	Year Ended October 31, 2016		Year Ended October 31, 2015
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	2,504,873	$ 25,570,382	2,925,936	$ 29,929,699
Class C	192,997	1,968,597	213,347	2,182,798
Class S	5,899,682	60,192,394	3,691,902	37,600,811
Institutional Class	1,505,637	15,382,695	2,651,697	27,103,797
		$ 103,114,068		$ 96,817,105
Shares issued to shareholders in reinvestment of distributions
Class A	165,679	$ 1,691,354	153,871	$ 1,571,929
Class B	2*	18*	19	195
Class C	6,857	69,968	3,299	33,664
Class S	91,306	930,957	72,410	738,552
Institutional Class	51,970	530,611	59,942	612,651
		$ 3,222,908		$ 2,956,991
Shares redeemed
Class A	(5,659,398)	$ (57,811,624)	(6,135,977)	$ (62,698,168)
Class B	(5,016)*	(51,141)*	(15,377)	(157,267)
Class C	(742,958)	(7,579,957)	(911,519)	(9,313,368)
Class S	(5,278,104)	(53,822,354)	(5,808,194)	(59,162,540)
Institutional Class	(7,586,804)	(77,489,729)	(9,576,581)	(97,920,697)
		$ (196,754,805)		$ (229,252,040)
Net increase (decrease)
Class A	(2,988,846)	$ (30,549,888)	(3,056,170)	$ (31,196,540)
Class B	(5,014)*	(51,123)*	(15,358)	(157,072)
Class C	(543,104)	(5,541,392)	(694,873)	(7,096,906)
Class S	712,884	7,300,997	(2,043,882)	(20,823,177)
Institutional Class	(6,029,197)	(61,576,423)	(6,864,942)	(70,204,249)
		$ (90,417,829)		$ (129,477,944)

Expenses and Value of a $1,000 Investment for the six months ended October 31, 2016 (Unaudited)
Actual Fund Return	Class A	Class C	Class S	Institutional Class
Beginning Account Value 5/1/16	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 10/31/16	$ 999.90	$ 996.20	$ 1,000.70	$ 1,001.20
Expenses Paid per $1,000*	$ 3.67	$ 7.43	$ 2.92	$ 2.41
Hypothetical 5% Fund Return	Class A	Class C	Class S	Institutional Class
Beginning Account Value 5/1/16	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 10/31/16	$ 1,021.47	$ 1,017.70	$ 1,022.22	$ 1,022.72
Expenses Paid per $1,000*	$ 3.71	$ 7.51	$ 2.95	$ 2.44

Annualized Expense Ratios	Class A	Class C	Class S	Institutional Class
Deutsche Short-Term Municipal Bond Fund	.73%	1.48%	.58%	.48%

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)	102	—
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	102	—
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 (population well-being and wellness services) (2003–2014); Stockwell Capital Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International	102	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: Becton Dickinson and Company² (medical technology company); 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)	102	—
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: Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: ICI Mutual Insurance Company (2007–2015); Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)	102	—
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)	102	—
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	102	—
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; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006)	102	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, Chief Executive Officer and Director, 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)	102	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)	102	—
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); former Directorships: The William and Flora Hewlett Foundation (charitable organization) (2000–2015); Service Source, Inc. (nonprofit), Mutual Fund Directors Forum (2002–2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987–1990 and 1994–1996)	102	—

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 US Product and Fund Administration, Deutsche Asset Management (2013–present); Director and President, Deutsche AM Service Company (since 2016); Director and Vice President, Deutsche AM Distributors, Inc. (since 2016); Director and President, DB Investment Managers, Inc. (since 2016); formerly, Head of Business Management and Consulting at Invesco, Ltd. (2010–2012)
John Millette⁷ (1962) Vice President and Secretary, 1999–present	Director,³ Deutsche Asset Management; Chief Legal Officer and Secretary, Deutsche Investment Management Americas Inc. (2015–present); and Director and Vice President, Deutsche AM Trust Company (since 2016)
Hepsen Uzcan⁶ (1974) Vice President, since 2016⁹ Assistant Secretary, 2013–present	Director,³ Deutsche Asset Management
Paul H. Schubert⁶ (1963) Chief Financial Officer, 2004–present Treasurer, 2005–present	Managing Director,³ Deutsche Asset Management, and Chairman, Director and President, Deutsche AM Trust Company (since 2013); formerly, Director, Deutsche AM Trust Company (2004–2013)
Caroline Pearson⁷ (1962) Chief Legal Officer, 2010–present	Managing Director,³ Deutsche Asset Management; Secretary, Deutsche AM Distributors, Inc.; and Secretary, Deutsche AM Service Company
Scott D. Hogan⁷ (1970) Chief Compliance Officer, since 2016¹⁰	Director,³ Deutsche Asset Management
Wayne Salit⁶ (1967) Anti-Money Laundering Compliance Officer, 2014–present	Director,³ Deutsche Asset Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
Paul Antosca⁷ (1957) Assistant Treasurer, 2007–present	Director,³ Deutsche Asset Management
Jack Clark⁷ (1967) Assistant Treasurer, 2007–present	Director,³ Deutsche Asset Management
Diane Kenneally⁷(1966) Assistant Treasurer, 2007–present	Director,³ Deutsche Asset 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, 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 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: Deutsche AM 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 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 Management is the retail brand name in the U.S. for the asset management activities of Deutsche Bank AG and DIMA. Deutsche Asset 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
2016	$72,339	$0	$0	$0
2015	$70,139	$0	$0	$0

Fiscal Year Ended October 31,	Audit-Related Fees Billed to 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
2016	$0	$52,339	$0
2015	$0	$30,661	$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:	12/30/2016

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.

12/30/2016	/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.