N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSR

Investment Company Act file number: 811-02671

Deutsche Municipal Trust

(Exact Name of Registrant as Specified in Charter)

345 Park Avenue

New York, NY 10154-0004

(Address of Principal Executive Offices) (Zip Code)

Registrant’s Telephone Number, including Area Code: (212) 250-3220

Paul Schubert

345 Park Avenue

New York, NY 10154-0004

(Name and Address of Agent for Service)

Date of fiscal year end:	5/31
Date of reporting period:	5/31/2017

ITEM 1. REPORT TO STOCKHOLDERS

May 31, 2017

Annual Report
to Shareholders

Deutsche Strategic High Yield Tax-Free Fund

Contents

3 Letter to Shareholders

5 Portfolio Management Review

10 Performance Summary

12 Portfolio Summary

13 Investment Portfolio

40 Statement of Assets and Liabilities

42 Statement of Operations

43 Statement of Cash Flows

44 Statements of Changes in Net Assets

45 Financial Highlights

49 Notes to Financial Statements

60 Report of Independent Registered Public Accounting Firm

61 Information About Your Fund's Expenses

62 Tax Information

63 Advisory Agreement Board Considerations and Fee Evaluation

68 Board Members and Officers

73 Account Management Resources

This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the fund's objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest.

Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investments in lower-quality ("junk bonds") and non-rated securities present greater risk of loss than investments in higher-quality securities. The fund invests in inverse floaters, which are derivatives that involve leverage and could magnify the fund's gains or losses. Although the fund seeks income that is exempt from federal income taxes, a portion of the fund’s distributions may be subject to federal, state and local taxes, including the alternative minimum tax. See the prospectus for details.

Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries.

NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE  NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

Letter to Shareholders

Dear Shareholder:

America’s economic expansion, now in its eighth year, continues. Much of the damage from the Great Recession appears to have been repaired, and growth, while not spectacular, has been sufficient to support a stronger labor market.

How long can this last? Our economists generally expect the economy to continue performing well this year. The labor markets should firm a bit further, and underlying inflation is edging closer to target.

Against this backdrop, the U.S. stock markets have set a series of record highs — thanks, in part, to expectations for a boost from Washington. The challenge is that the new administration is still finding its footing. So, while some combination of tax cuts, regulatory reforms, and spending increases in infrastructure and defense seems likely, the timing of implementation is unclear. It remains to be seen how the President’s legislative agenda will translate into tangible results after running the gauntlet of political procedure and bargaining.

We invite you to stay abreast of that process — and our economists’ take on the impact for the markets and investors — by visiting deutschefunds.com. The "Insights" section of our Web site offers up-to-date views on the global and domestic economies and the implications for each asset class.

Thank you, as always, for allowing us to serve your investment needs.

Best regards,

Brian Binder

President, Deutsche Funds

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

Portfolio Management Review (Unaudited)

Overview of Market and Fund Performance

All performance information below is historical and does not guarantee future results. Returns shown are for Class A shares, unadjusted for sales charges. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit deutschefunds.com for the most recent month-end performance of all share classes. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had. Please refer to pages 10 through 11 for more complete performance information.

Investment Strategy

The fund invests in a wide variety of municipal bonds. These include general obligation bonds, for which payments of principal and interest are secured by the full faith and credit of the issuer and usually supported by the issuer's taxing power. In addition, securities held may include revenue bonds, for which principal and interest are secured by revenues from tolls, rents or other fees gained from the facility that was built with the bond issue proceeds.

The fund's management team seeks to hold municipal bonds that appear to offer the best opportunity to meet the fund's objective of providing a high level of income exempt from regular federal income tax. In selecting securities, the managers weigh a number of factors against each other, from economic outlooks and possible interest rate movements to characteristics of specific securities such as coupon, maturity date and call date, and changes in supply and demand within the municipal bond market. Although portfolio management may adjust the fund's duration (a measure of sensitivity to interest rates) over a wider range, they generally intend to keep it similar to that of the Bloomberg Barclays Municipal Bond Index, generally between five and nine years.

Deutsche Strategic High Yield Tax-Free Fund posted a return of 1.29% for the period ended May 31, 2017. The overall municipal bond market, as measured by the unmanaged Bloomberg Barclays Municipal Bond Index, delivered a total return of 1.46% for the same period. The average fund in the Morningstar High Yield Muni category returned 1.88% for the 12 months ended May 31, 2017.

For much of the 12-month period, municipal bond prices were supported by a global search for yield on the part of investors against a backdrop of exceptionally low interest rates overseas. Flows into tax-free mutual funds were consistently positive over the first several months of the period. However, the results of the November 8th, 2016 U.S. presidential election sent interest rates sharply higher, with a corresponding negative impact on bond prices generally, as investors anticipated pro-growth policies under unified Republican control of the government. November and December saw significant outflows from tax-free mutual funds as individual investors sought shelter from rising rates. In addition, interest in municipals from insurance companies appeared to be dampened by uncertainty over the future of corporate tax rates under the new administration.

"The results of the November 8th, 2016 U.S. presidential election sent interest rates sharply higher, with a corresponding negative impact on bond prices generally."

Demand for municipals would largely recover entering 2017. Interest rates stabilized, in part due to an easing in oil prices and inflation expectations in March. In addition, the failure of Republicans to agree on a plan to replace the Affordable Care Act appeared to temper expectations with respect to the scope and timing of other Trump administration initiatives, including tax reform. Municipal returns were also aided by a drop in supply over the first several months of 2017 relative to the same period in 2016.

The municipal yield curve steepened modestly over the 12 months ended May 31, 2017, and yields rose along the length of the curve. Specifically, the two-year bond yield rose from 0.72% to 0.89%, the five-year yield rose from 1.09% to 1.22%, the 10-year rose from 1.66% to 1.90%, the 20-year rose from 2.25% to 2.59%, and the 30-year rose from 2.45% to 2.74%. (See the graph below for municipal bond yield changes from the beginning to the end of the period.) For the 12 months, municipal market credit spreads — the incremental yield offered by lower-quality issues vs. AAA-rated issues — generally tightened.

Municipal Bond Yield Curve (as of 5/31/17 and 5/31/16)

Source: Municipal Market Data, AAA-rated universe, as of 5/31/17.

Chart is for illustrative purposes only and does not represent any Deutsche AM product.

Positive and Negative Contributors to Fund Performance

The fund's holdings of issues rated below-investment-grade helped performance relative to the benchmark, as credit spreads tightened over the 12 months ended May 31, 2017. In addition, performance benefited as a number of high-yield issues were prerefunded in the period. That said, we had significantly less exposure to lower-rated, high-yield issues than many of the funds in our peer group. In particular, we had relatively light exposure to the volatile tobacco sector, which strongly outperformed during the period. We remain comfortable with our more cautious approach on the fund's credit profile given the narrowing of credit spreads that has occurred along with a weakening of covenants on many new issues.

The fund was underweight the 5-to-10-year segment of the municipal yield curve, constraining performance relative to the benchmark as this maturity range experienced strong demand from separately managed accounts.

Overall positioning with respect to credit quality within the investment-grade portion of the fund was a positive contributor to performance vs. the benchmark. Specifically, we were overweight issues in the BBB quality range, adding to performance as spreads tightened. In terms of sectors, the fund's performance was aided by an overweighting of revenue bonds vs. general obligations, in particular exposure to hospital, transportation and airport bonds.

Outlook and Positioning

At the end of the period, municipal yields were at fairly low levels by historical standards, but were at more or less fair value relative to U.S. Treasuries. As of the end of May 2017, the 10-year municipal bond yield of 1.90% was 86.4% of the comparable-maturity U.S. Treasury bond yield before taking into account the tax advantage of municipals. The 30-year municipal yield of 2.74% was 95.8% of the comparable U.S. Treasury yield.

The municipal curve is at a roughly average steepness by historical standards, allowing incremental income to be gained by holding longer-term issues. We are currently evaluating premium coupon issues in the 15-to-20-year range that may hold up better in the event of rising interest rates.

Credit spreads are narrow by historical standards in the wake of the global search for yield. With respect to the fund's credit positioning, the fund ended the period with approximately 20% of assets invested in below-investment grade issues, a relatively modest allocation by past standards. Within investment-grade, we view spreads for issues rated A and BBB as tight and are being selective in adding exposure there. An additional factor to which we are paying close attention is that bond covenants have generally become less favorable following a period when new municipal issues have been subscribed several times over. We continue to perform careful analysis of each issue's risk/reward profile as we look for opportunities to add incremental yield, while also maintaining a strong focus on liquidity.

Portfolio Management Team

Rebecca L. Flinn, Director

Co-Lead Portfolio Manager of the fund. Began managing the fund in 1998.

— Joined Deutsche Asset Management in 1986.

— BA, University of Redlands, California.

A. Gene Caponi, CFA, Managing Director

Co-Lead Portfolio Manager of the fund. Began managing the fund in 2009.

— Joined Deutsche Asset Management in 1998.

— BS, State University of New York, Oswego; MBA, State University of New York at Albany.

Ashton P. Goodfield, CFA, Managing Director

Co-Lead Portfolio Manager of the fund. Began managing the fund in 2014.

— Joined Deutsche Asset Management in 1986.

— Co-Head of Municipal Bonds.

— BA, Duke University.

Carol L. Flynn, CFA, Managing Director

Co-Lead Portfolio Manager of the fund. Began managing the fund in 2014.

— Joined Deutsche Asset Management in 1994.

— Co-Head of Municipal Bonds.

— BS from Duke University; MBA from University of Connecticut.

The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team's views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk.

Terms to Know

The Bloomberg Barclays Municipal Bond Index is an unmanaged, market-value-weighted measure of municipal bonds issued across the United States. Index issues have a credit rating of at least Baa and a maturity of at least two years. Index returns do not reflect fees or expenses and it is not possible to invest directly into an index.

The Morningstar High Yield Muni category consists of funds that invest at least 50% of their assets in high-income municipal securities that are not rated or that are rated at a level of BBB and below.

The yield curve is a graph with a left-to-right line that shows how high or low yields are, from the shortest to the longest maturities. Typically (and when the yield curve is characterized as "steep," this is especially true), the line rises from left to right as investors who are willing to tie up their money for a longer period are rewarded with higher yields.

Credit quality measures a bond issuer's ability to repay interest and principal in a timely manner. Rating agencies assign letter designations, such as AAA, AA and so forth. The lower the rating the higher the probability of default. Credit quality does not remove market risk and is subject to change.

Credit spread is the additional yield provided by municipal bonds rated AA and below vs. municipals rated AAA with comparable effective maturity.

Duration, which is expressed in years, measures the sensitivity of the price of a bond or bond fund to a change in interest rates.

Overweight means the fund holds a higher weighting in a given sector or security than the benchmark. Underweight means the fund holds a lower weighting.

Performance Summary May 31, 2017 (Unaudited)

Class A	1-Year	5-Year	10-Year
Average Annual Total Returns as of 5/31/17
Unadjusted for Sales Charge	1.29%	3.59%	4.40%
Adjusted for the Maximum Sales Charge (max 2.75% load)	–1.50%	3.01%	4.11%
Bloomberg Barclays Municipal Bond Index†	1.46%	3.31%	4.58%
Class C	1-Year	5-Year	10-Year
Average Annual Total Returns as of 5/31/17
Unadjusted for Sales Charge	0.61%	2.82%	3.63%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	0.61%	2.82%	3.63%
Bloomberg Barclays Municipal Bond Index†	1.46%	3.31%	4.58%
Class S	1-Year	5-Year	10-Year
Average Annual Total Returns as of 5/31/17
No Sales Charges	1.55%	3.85%	4.65%
Bloomberg Barclays Municipal Bond Index†	1.46%	3.31%	4.58%
Institutional Class	1-Year	5-Year	10-Year
Average Annual Total Returns as of 5/31/17
No Sales Charges	1.64%	3.87%	4.68%
Bloomberg Barclays Municipal Bond Index†	1.46%	3.31%	4.58%

Performance in the Average Annual Total Returns table(s) above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit deutschefunds.com for the Fund's most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had.

The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated October 1, 2016 are 0.97%, 1.73%, 0.78% and 0.75% for Class A, Class C, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report.

Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index.

Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

A portion of the Fund's distributions may be subject to federal, state and local taxes and the alternative minimum tax.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)

■ Deutsche Strategic High Yield Tax-Free Fund — Class A

■ Bloomberg Barclays Municipal Bond Index^†

Yearly periods ended May 31

The Fund's growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 2.75%. This results in a net initial investment of $9,725.

The growth of $10,000 is cumulative.

Performance of other share classes will vary based on the sales charges and the fee structure of those classes.

^† The Bloomberg Barclays Municipal Bond Index is an unmanaged, market-value-weighted measure of municipal bonds issued across the United States. Index issues have a credit rating of at least Baa and a maturity of at least two years.

	Class A	Class C	Class S	Institutional Class
Net Asset Value
5/31/17	$ 12.27	$ 12.28	$ 12.28	$ 12.29
5/31/16	$ 12.59	$ 12.59	$ 12.60	$ 12.60
Distribution Information as of 5/31/17
Income Dividends, Twelve Months	$ .47	$ .38	$ .50	$ .50
Capital Gain Dividends, Twelve Months	$ .01	$ .01	$ .01	$ .01
May Income Dividend	$ .0367	$ .0290	$ .0393	$ .0394
SEC 30-day Yield‡‡	2.29%	1.62%	2.60%	2.60%
Tax Equivalent Yield‡‡	4.05%	2.86%	4.59%	4.59%
Current Annualized Distribution Rate‡‡	3.59%	2.83%	3.84%	3.85%

^‡‡ The SEC yield is net investment income per share earned over the month ended May 31, 2017 shown as an annualized percentage of the maximum offering price per share on the last day of the period. The SEC yield is computed in accordance with a standardized method prescribed by the Securities and Exchange Commission. The SEC yield would have been 2.33% and 2.53% for Classes S and Institutional shares, respectively, had certain expenses not been reduced. Tax equivalent yield is based on the Fund's yield and a marginal federal income rate of 43.4%. Current annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value on May 31, 2017. Distribution rate simply measures the level of dividends and is not a complete measure of performance. The current annualized distribution rate would have been 3.57% and 3.78% for Classes S and Institutional shares, respectively, had certain expenses not been reduced. Yields and distribution rates are historical, not guaranteed and will fluctuate.

Portfolio Summary (Unaudited)

Asset Allocation (As a % of Investment Portfolio)	5/31/17	5/31/16
Revenue Bonds	80%	89%
Escrow to Maturity/Prerefunded Bonds	12%	4%
General Obligation Bonds	7%	5%
Lease Obligations	1%	2%
	100%	100%

Interest Rate Sensitivity	5/31/17	5/31/16
Effective Maturity	6.2 years	5.7 years
Modified Duration	5.1 years	4.8 years

Effective maturity is the weighted average of the maturity date of bonds held by the fund taking into consideration any available maturity shortening features.

Modified duration is an approximate measure of a fund’s sensitivity to movements in interest rates based on the current interest rate environment.

Quality	5/31/17	5/31/16
AAA	4%	4%
AA	22%	19%
A	28%	22%
BBB	27%	28%
BB	5%	3%
B	1%	3%
CC	0%	—
CCC	—	0%
Not Rated	13%	21%
	100%	100%

The quality ratings represent the higher of Moody's Investors Service, Inc. ("Moody's"), Fitch Ratings, Inc. ("Fitch") or Standard & Poor's Corporation ("S&P") credit ratings. The ratings of Moody's, Fitch and S&P represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer's ability to repay interest and principal in a timely manner. Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Top Five State/Territory Allocations (As a % of Investment Portfolio)	5/31/17	5/31/16
Texas	14%	16%
California	9%	10%
New York	8%	9%
Florida	7%	7%
Illinois	6%	5%

Portfolio holdings and characteristics are subject to change.

For more complete details about the fund's investment portfolio, see page 13. A quarterly Fact Sheet is available on deutschefunds.com or upon request. Please see the Account Management Resources section on page 73 for contact information.

Investment Portfolio as of May 31, 2017

		Principal Amount ($)	Value ($)
Municipal Bonds and Notes 97.9%
Alabama 0.2%
Alabama, UAB Medicine Finance Authority Revenue, Series B2, 5.0%, 9/1/2041		3,050,000	3,495,544
Arizona 1.3%
Arizona, Salt Verde Financial Corp., Gas Revenue, 5.25%, 12/1/2025		4,000,000	4,750,040
Arizona, State Industrial Development Authority, Education Revenue, BASIS School Projects, Series A, 144A, 5.25%, 7/1/2047		1,000,000	1,039,400
Maricopa County, AZ, Pollution Control Corp. Revenue, El Paso Electric Co. Project, Series B, 7.25%, 4/1/2040		3,930,000	4,326,694
Phoenix, AZ, Civic Improvement Corp., Water Systems Revenue, 5.0%, 7/1/2034		10,000,000	11,948,200
Tempe, AZ, Industrial Development Authority Revenue, Tempe Life Care Village, Inc.:
	Series A, 6.25%, 12/1/2042	1,535,000	1,639,472
	Series A, 6.25%, 12/1/2046	1,400,000	1,492,932
			25,196,738
California 8.6%
California, Golden State Tobacco Securitization Corp., Tobacco Settlement:
	Series A-1, 5.75%, 6/1/2047	9,415,000	9,484,671
	Series A-1, Prerefunded, 5.75%, 6/1/2047	585,000	585,000
California, M-S-R Energy Authority, Series B, 7.0%, 11/1/2034, GTY: Citigroup, Inc.		8,750,000	12,718,212
California, Morongo Band of Mission Indians, Enterprise Casino Revenue, Series B, 144A, 6.5%, 3/1/2028		5,000,000	5,155,550
California, State General Obligation:
	5.0%, 8/1/2034	2,275,000	2,379,650
	Prerefunded, 5.0%, 8/1/2034	2,910,000	3,055,151
	5.5%, 3/1/2040	5,130,000	5,704,201
California, State General Obligation, Various Purposes:
	5.0%, 11/1/2032	3,310,000	3,362,861
	Prerefunded, 5.0%, 11/1/2032	6,690,000	6,808,547
	5.75%, 4/1/2031	23,360,000	25,408,438
California, State Municipal Finance Authority Revenue, Northbay Healthcare, Series A, 5.25%, 11/1/2047		2,135,000	2,404,629
California, State Public Works Board, Lease Revenue, Series B, 5.0%, 10/1/2039		5,500,000	6,336,275
California, State Public Works Board, Lease Revenue, Capital Projects, Series I-1, Prerefunded, 6.375%, 11/1/2034		5,000,000	5,654,600
California, Statewide Communities Development Authority Revenue, Loma Linda University Medical Center:
	Series A, 5.25%, 12/1/2044	1,305,000	1,417,726
	Series A, 144A, 5.25%, 12/1/2056	5,515,000	6,030,873
	Series A, 5.5%, 12/1/2054	1,305,000	1,431,650
California, Statewide Communities Development Authority Revenue, Terraces At San Joaquin Gardens Project:
	Series A, 5.625%, 10/1/2032	500,000	535,545
	Series A, 6.0%, 10/1/2042	1,000,000	1,069,860
	Series A, 6.0%, 10/1/2047	1,000,000	1,073,290
Long Beach, CA, Bond Finance Authority, Natural Gas Purchase Revenue, Series A, 5.25%, 11/15/2023, GTY: Merrill Lynch & Co., Inc.		620,000	721,457
Los Angeles, CA, Department of Airports Revenue, Series A, AMT, 5.0%, 5/15/2042		1,875,000	2,137,538
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport:
	Series B, AMT, 5.0%, 5/15/2041	7,080,000	8,089,112
	Series B, AMT, 5.0%, 5/15/2046	3,500,000	3,975,475
Riverside County, CA, Transportation Commission Toll Revenue Senior Lien, Series A, 5.75%, 6/1/2048		2,850,000	3,235,235
Sacramento County, CA, Airport Systems Revenue, Series A, 5.0%, 7/1/2041		1,665,000	1,905,226
San Buenaventura, CA, Community Memorial Health Systems, 7.5%, 12/1/2041		3,250,000	3,825,412
San Diego, CA, Community College District, Election of 2006, Prerefunded, 5.0%, 8/1/2036		2,050,000	2,379,989
San Francisco, CA, City & County Airports Commission, International Airport Revenue:
	Series-B, AMT, 5.0%, 5/1/2041	10,000,000	11,411,500
	Series A, AMT, 5.0%, 5/1/2044	11,000,000	12,241,130
San Francisco, CA, City & County Redevelopment Financing Authority, Tax Allocation, Mission Bay South Redevelopment, Series D, Prerefunded, 7.0%, 8/1/2041		1,400,000	1,700,972
San Joaquin Hills, CA, Transportation Corridor Agency, Toll Road Revenue, Series A, 5.0%, 1/15/2050		3,555,000	3,907,656
University of California, State Revenues, Series K, 4.0%, 5/15/2037		10,000,000	10,658,700
Vernon, CA, Electric Systems Revenue, Series A, 5.5%, 8/1/2041		2,240,000	2,482,323
			169,288,454
Colorado 1.6%
Colorado, E-470 Public Highway Authority Revenue, Series C, 5.375%, 9/1/2026		2,000,000	2,189,140
Colorado, Health Facilities Authority Revenue, Valley View Hospital Association, 5.75%, 5/15/2036		2,000,000	2,068,680
Colorado, Park Creek Metropolitan District Revenue, Senior Ltd. Property Tax Supported, Series A, 5.0%, 12/1/2045		1,765,000	1,926,339
Colorado, Public Energy Authority, Natural Gas Purchased Revenue, 6.25%, 11/15/2028, GTY: Merrill Lynch & Co., Inc.		6,365,000	8,158,020
Colorado, Regional Transportation District, Private Activity Revenue, Denver Transit Partners, 6.0%, 1/15/2041		2,000,000	2,214,960
Colorado, State Health Facilities Authority Revenue, Christian Living Community, 6.375%, 1/1/2041		1,615,000	1,761,400
Colorado, State Health Facilities Authority Revenue, Covenant Retirement Communities:
	Series A, 5.0%, 12/1/2033	4,835,000	5,165,037
	Series A, 5.0%, 12/1/2035	2,500,000	2,735,950
Colorado, State Health Facilities Authority, Hospital Revenue, Christian Living Neighborhoods Project, 5.0%, 1/1/2037		1,000,000	1,054,910
Denver, CO, Convention Center Hotel Authority Revenue, 5.0%, 12/1/2040		2,060,000	2,316,779
Montrose, CO, Memorial Hospital Revenue, 6.375%, 12/1/2023		2,355,000	2,365,079
			31,956,294
Connecticut 1.5%
Connecticut, Harbor Point Infrastructure Improvement District, Special Obligation Revenue, Harbor Point Project, Series A, 7.875%, 4/1/2039		20,000,000	22,368,800
Connecticut, Mashantucket Western Pequot Tribe Bond, 6.05%, 7/1/2031* (PIK)		17,344,536	671,581
Connecticut, Mohegan Tribe Indians Gaming Authority, Priority Distribution, 144A, 5.25%, 1/1/2033		3,000,000	2,737,230
Connecticut, State Health & Educational Facility Authority Revenue, Church Home of Hartford, Inc. Project:
	Series A, 144A, 5.0%, 9/1/2046	1,000,000	1,016,220
	Series A, 144A, 5.0%, 9/1/2053	1,500,000	1,507,605
Hamden, CT, Facility Revenue, Whitney Center Project, Series A, 7.625%, 1/1/2030		1,065,000	1,104,767
			29,406,203
District of Columbia 2.7%
District of Columbia, General Obligation:
	Series A, 4.0%, 6/1/2036	7,245,000	7,771,349
	Series D, 5.0%, 6/1/2034	7,760,000	9,318,829
District of Columbia, Georgetown University Revenue:
	5.0%, 4/1/2035	5,000,000	5,892,550
	5.0%, 4/1/2036	8,500,000	9,985,545
District of Columbia, Metropolitan Airport Authority Dulles Toll Road Revenue, Dulles Metrorail & Capital Improvement Project, Series A, 5.0%, 10/1/2053		7,000,000	7,440,230
District of Columbia, Metropolitan Airport Authority Systems Revenue, Series A, AMT, 4.0%, 10/1/2035		11,530,000	11,975,865
			52,384,368
Florida 6.9%
Collier County, FL, Industrial Development Authority, Continuing Care Community Revenue, Arlington of Naples Project, Series A, 8.125%, 5/15/2044		4,000,000	4,610,160
Florida, Capital Region Community Development District, Capital Improvement Revenue, Series A, 7.0%, 5/1/2039		5,675,000	5,695,600
Florida, Central Expressway Authority Revenue, Senior Lien:
	Series B, 4.0%, 7/1/2035	6,665,000	7,076,897
	Series B, 4.0%, 7/1/2036	4,925,000	5,205,479
Florida, Halifax Hospital Medical Center, 5.0%, 6/1/2036		890,000	1,000,351
Florida, Middle Village Community Development District, Special Assessment, Series A, 6.0%, 5/1/2035		7,630,000	6,534,790
Florida, State Higher Educational Facilities Financial Authority Revenue, Nova Southeastern University Project, 5.0%, 4/1/2035		1,500,000	1,678,095
Florida, State Mid-Bay Bridge Authority, Series A, 5.0%, 10/1/2035		1,030,000	1,168,659
Florida, Village Community Development District No. 9, Special Assessment Revenue:
	5.5%, 5/1/2042	1,345,000	1,494,349
	7.0%, 5/1/2041	1,575,000	1,830,685
Greater Orlando, FL, Aviation Authority Airport Facilities Revenue, Jetblue Airways Corp. Project, AMT, 5.0%, 11/15/2026		1,500,000	1,586,910
Lee County, FL, Airport Revenue, Series A, AMT, 5.375%, 10/1/2032		1,750,000	1,956,587
Martin County, FL, Health Facilities Authority, Martin Memorial Medical Center, 5.5%, 11/15/2042		3,040,000	3,356,038
Miami Beach, FL, Health Facilities Authority, Mount Sinai Medical Center:
	5.0%, 11/15/2029	1,000,000	1,106,250
	5.0%, 11/15/2044	2,500,000	2,720,225
Miami-Dade County, FL, Aviation Revenue, Miami International Airport:
	Series A, AMT, 5.25%, 10/1/2033, INS: AGC	7,770,000	8,155,470
	Series A, AMT, Prerefunded, 5.25%, 10/1/2033, INS: AGC	2,230,000	2,356,709
	Series A-1, 5.5%, 10/1/2041	5,000,000	5,558,000
Miami-Dade County, FL, Double Barreled Aviation, 5.0%, 7/1/2041		5,000,000	5,485,650
Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%, 7/1/2044		2,500,000	2,828,800
Miami-Dade County, FL, Health Facilities Authority Hospital Revenue, Nicklaus Children's Hospital:
	5.0%, 8/1/2036	790,000	910,325
	5.0%, 8/1/2037	1,010,000	1,160,056
Miami-Dade County, FL, Water & Sewer Systems Revenue, 5.0%, 10/1/2034		3,650,000	4,052,449
Orange County, FL, Health Facilities Authority Revenue, Orlando Health, Inc., Series A, 5.0%, 10/1/2034		2,500,000	2,880,125
Orange County, FL, School Board, Certificates of Participation, Series C, 5.0%, 8/1/2033		5,535,000	6,498,588
Palm Beach County, FL, Health Facilities Authority, Acts Retirement-Life Communities, Inc. Obligated Group:
	5.0%, 11/15/2032	7,500,000	8,360,550
	Prerefunded, 5.5%, 11/15/2033	9,000,000	10,316,790
Palm Beach County, FL, Public Improvement Revenue, 5.0%, 5/1/2036		8,190,000	9,652,406
Seminole Tribe, FL, Special Obligation Revenue:
	Series A, 144A, 5.5%, 10/1/2024	8,000,000	8,082,480
	Series A, 144A, 5.75%, 10/1/2022	9,500,000	9,605,830
Tallahassee, FL, Health Facilities Revenue, Memorial Healthcare, Inc. Project:
	Series A, 5.0%, 12/1/2044	1,200,000	1,301,988
	Series A, 5.0%, 12/1/2055	1,120,000	1,208,402
			135,435,693
Georgia 2.7%
Americus-Sumter County, GA, Hospital Authority, Magnolia Manor Obligated Group, Series A, 6.375%, 5/15/2043		4,000,000	4,408,760
Atlanta, GA, Tax Allocation, Beltline Project:
	Series B, 5.0%, 1/1/2029	3,450,000	4,096,772
	Series B, 5.0%, 1/1/2030	1,715,000	2,019,121
	Series B, Prerefunded, 7.375%, 1/1/2031	4,915,000	5,414,167
DeKalb County, GA, Hospital Authority Revenue, Anticipation Certificates, DeKalb Medical Center, Inc. Project, 6.125%, 9/1/2040		3,750,000	4,100,362
DeKalb County, GA, Water & Sewer Revenue, Series A, 5.25%, 10/1/2032		820,000	936,760
Fulton County, GA, Residential Care Facilities for Elderly Authority, Retirement Facilities Revenue, Lenbrook Square Foundation, Inc., 5.0%, 7/1/2042		6,400,000	6,877,696
Gainesville & Hall County, GA, Hospital Authority, Northeast Georgia Health System, Inc. Project:
	Series A, 5.25%, 8/15/2049	500,000	579,170
	Series A, 5.5%, 8/15/2054	1,820,000	2,156,882
Georgia, Glynn-Brunswick Memorial Hospital Authority, Anticipation Certificates, Southeast Georgia Health System Obligated Group, Series A, 5.625%, 8/1/2034		550,000	573,315
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
	Series A, 5.0%, 3/15/2019, GTY: JPMorgan Chase & Co.	10,000,000	10,622,600
	Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co., Inc.	2,440,000	2,912,335
Richmond County, GA, Hospital Authority Revenue, Anticipation Certificates, University Health Services, Inc. Project:
	4.0%, 1/1/2035	5,000,000	5,284,750
	4.0%, 1/1/2036	3,000,000	3,161,190
			53,143,880
Guam 0.9%
Government of Guam, General Obligation, Series A, Prerefunded, 7.0%, 11/15/2039		10,155,000	11,624,530
Guam, International Airport Authority, Series C, AMT, 6.375%, 10/1/2043		1,610,000	1,844,239
Guam, Power Authority Revenue:
	Series A, 5.0%, 10/1/2034	1,200,000	1,276,020
	Series A, 5.5%, 10/1/2030	3,000,000	3,225,720
			17,970,509
Hawaii 0.9%
Hawaii, State Department of Budget & Finance, Special Purpose Revenue, 15 Craigside Project, Series A, Prerefunded, 9.0%, 11/15/2044		2,000,000	2,384,020
Hawaii, State Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., Inc.:
	Series B, AMT, 4.6%, 5/1/2026, INS: FGIC	11,790,000	11,791,650
	6.5%, 7/1/2039	2,500,000	2,706,750
Hawaii, State General Obligation, Series DK, Prerefunded, 5.0%, 5/1/2027		1,660,000	1,723,580
			18,606,000
Illinois 5.7%
Chicago, IL, General Obligation, Series A, 5.25%, 1/1/2029, INS: AGMC		175,000	175,618
Chicago, IL, O'Hare International Airport Revenue, Senior Lien, Series B, 5.0%, 1/1/2041		2,125,000	2,420,311
Chicago, IL, O'Hare International Airport Revenue, Third Lien:
	Series A, 5.75%, 1/1/2039	9,955,000	11,257,910
	Series B, 6.0%, 1/1/2041	12,095,000	13,863,531
Cook County, IL, Forest Preservation District, Series C, 5.0%, 12/15/2037		1,845,000	1,992,157
Illinois, Finance Authority Revenue, Elmhurst Memorial Healthcare, Series A, Prerefunded, 5.625%, 1/1/2037		5,500,000	5,654,110
Illinois, Finance Authority Revenue, Friendship Village of Schaumburg:
	Series A, 5.625%, 2/15/2037	5,000,000	5,000,200
	7.25%, 2/15/2045	4,000,000	4,186,600
Illinois, Finance Authority Revenue, Rush University Medical Center, Series B, Prerefunded, 5.75%, 11/1/2028, INS: NATL		1,250,000	1,335,625
Illinois, Finance Authority Revenue, Swedish Covenant Hospital, Series A, Prerefunded, 6.0%, 8/15/2038		7,830,000	8,861,681
Illinois, Finance Authority Revenue, The Admiral at Lake Project:
	Series A, 7.75%, 5/15/2030	1,675,000	1,865,364
	Series A, 8.0%, 5/15/2040	1,000,000	1,114,660
	Series A, 8.0%, 5/15/2046	3,500,000	3,892,070
Illinois, Finance Authority Revenue, Three Crowns Park Plaza:
	Series A, 5.875%, 2/15/2026	1,225,000	1,226,703
	Series A, 5.875%, 2/15/2038	500,000	500,425
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Series A, Zero Coupon, 12/15/2034, INS: NATL		4,925,000	2,329,328
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, Capital Appreciation-McCormick, Series A, Zero Coupon, 6/15/2038, INS: NATL		20,075,000	7,895,698
Illinois, Railsplitter Tobacco Settlement Authority, 6.0%, 6/1/2028		6,405,000	7,341,347
Illinois, State Finance Authority Revenue, Edward Elmhurst Obligated Group, Series A, 5.0%, 1/1/2035		7,000,000	7,830,270
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%, 5/15/2041		5,265,000	5,688,517
Illinois, State Finance Authority Revenue, Park Place of Elmhurst Project, Series C, 2.0%, 5/15/2055* (PIK)		900,000	103,140
Illinois, State Finance Authority Revenue, Presence Health Network:
	Series C, 5.0%, 2/15/2036	1,000,000	1,089,810
	Series C, 5.0%, 2/15/2041	1,000,000	1,080,560
Illinois, State Finance Authority Revenue, Trinity Health Corp., Series L, 5.0%, 12/1/2030		1,500,000	1,681,170
Illinois, State General Obligation:
	5.0%, 2/1/2029	2,275,000	2,362,155
	5.0%, 11/1/2035	6,200,000	6,316,312
Northern Illinois, Municipal Power Agency, Power Project Revenue, Series A, 5.0%, 12/1/2041		1,420,000	1,597,003
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC		1,935,000	2,172,308
			110,834,583
Indiana 1.1%
Indiana, State Finance Authority Revenue, BHI Senior Living Obligated Group, Series A, 5.25%, 11/15/2046		3,635,000	3,942,049
Indiana, State Finance Authority Revenue, Community Foundation of Northwest Indiana, Inc., 5.0%, 9/1/2036		1,550,000	1,782,500
Indiana, State Finance Authority Revenue, Greencroft Obligation Group, Series A, 7.0%, 11/15/2043		2,290,000	2,599,379
Valparaiso, IN, Exempt Facilities Revenue, Pratt Paper LLC Project, AMT, 7.0%, 1/1/2044, GTY: Pratt Industries (U.S.A.)		6,220,000	7,504,181
Vigo County, IN, Hospital Authority Revenue, Union Hospital, Inc.:
	144A, Prerefunded, 5.5%, 9/1/2027	1,000,000	1,011,540
	Prerefunded, 8.0%, 9/1/2041	4,000,000	5,110,760
			21,950,409
Iowa 0.4%
Altoona, IA, Urban Renewal Tax Increment Revenue, Annual Appropriation:
	Prerefunded, 6.0%, 6/1/2034	1,000,000	1,051,220
	Prerefunded, 6.0%, 6/1/2039	2,000,000	2,102,440
Iowa, Finance Authority Retirement Community Revenue, Edgewater LLC Project, Prerefunded, 6.5%, 11/15/2027		5,000,000	5,127,450
			8,281,110
Kansas 0.4%
Lenexa, KS, Health Care Facility Revenue, 5.5%, 5/15/2039		6,340,000	6,344,755
Lenexa, KS, Health Care Facility Revenue, Lakeview Village, Inc. Project, Prerefunded, 7.25%, 5/15/2039		1,200,000	1,343,520
			7,688,275
Kentucky 2.1%
Kentucky, Economic Development Finance Authority, Hospital Facilities Revenue, Owensboro Medical Health Systems, Series A, Prerefunded, 6.5%, 3/1/2045		15,000,000	17,400,750
Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series A-1, 6.0%, 12/1/2033, INS: AGC		3,635,000	3,775,783
Kentucky, Public Transportation Infrastructure Authority Toll Revenue, 1st Tier-Downtown Crossing, Series A, 6.0%, 7/1/2053		7,195,000	8,180,859
Kentucky, State Economic Development Finance Authority, Owensboro Health, Inc. Obligated Group:
	Series A, 5.0%, 6/1/2045	1,275,000	1,399,083
	Series A, 5.25%, 6/1/2041	1,915,000	2,156,118
Louisville & Jefferson County, KY, Metropolitan Government Health Systems Revenue, Norton Healthcare, Inc., Series A, 5.0%, 10/1/2031		6,685,000	7,843,377
			40,755,970
Louisiana 1.5%
DeSoto Parish, LA, Environmental Improvement Revenue, International Paper Co. Project, Series A, AMT, 5.75%, 9/1/2031		5,000,000	5,035,050
Louisiana, Local Government Environmental Facilities & Community Development, Westlake Chemical Corp., Series A, 6.5%, 8/1/2029		6,055,000	6,860,497
Louisiana, Local Government Environmental Facilities, Community Development Authority Revenue, 6.75%, 11/1/2032		6,000,000	6,113,040
Louisiana, New Orleans Aviation Board, General Airport North Terminal, Series B, AMT, 5.0%, 1/1/2048		710,000	803,464
Louisiana, Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, Prerefunded, 6.75%, 5/15/2041		2,500,000	3,040,725
Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%, 11/1/2040		5,000,000	5,323,400
Louisiana, State Public Facilities Authority Revenue, Ochsner Clinic Foundation Project, 5.0%, 5/15/2047		1,000,000	1,118,440
Louisiana, Tobacco Settlement Financing Corp. Revenue, Series A, 5.25%, 5/15/2035		1,820,000	1,991,590
			30,286,206
Maine 0.5%
Maine, Health & Higher Educational Facilities Authority Revenue, Maine General Medical Center, 6.75%, 7/1/2036		9,000,000	9,939,600
Maryland 1.8%
Anne Arundel County, MD, Special Obligation, National Business Park North Project, 6.1%, 7/1/2040		2,200,000	2,275,746
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare, Series A, 6.125%, 1/1/2036		3,250,000	3,631,615
Maryland, State Health & Higher Educational Facilities Authority Revenue, Adventist Healthcare Obligated Group, Series A, 5.5%, 1/1/2046		11,080,000	12,676,517
Maryland, State Health & Higher Educational Facilities Authority Revenue, Doctors Community Hospital, Inc., Prerefunded, 5.75%, 7/1/2038		6,250,000	7,128,625
Maryland, State Health & Higher Educational Facilities Authority Revenue, Mercy Medical Center, 6.25%, 7/1/2031		2,500,000	2,851,275
Washington County, MD, Suburban Sanitary Commission, Consolidated Public Improvement, Series 2, 5.0%, 6/1/2036		5,000,000	5,992,950
			34,556,728
Massachusetts 2.9%
Massachusetts, State Development Finance Agency Revenue, Linden Ponds, Inc. Facility:
	Series B, 11/15/2056*	430,598	10,184
	Series A, 4.68%, 11/15/2021	3,390,000	3,423,290
	Series A-2, 5.5%, 11/15/2046	86,572	84,473
	Series A-1, 6.25%, 11/15/2039	1,621,881	1,685,232
Massachusetts, State Development Finance Agency Revenue, South Shore Hospital, Series I, 5.0%, 7/1/2041		675,000	753,185
Massachusetts, State Development Finance Agency Revenue, Suffolk University:
	Series A, 5.75%, 7/1/2039	2,395,000	2,580,157
	Series A, Prerefunded, 5.75%, 7/1/2039	4,750,000	5,218,160
Massachusetts, State Development Finance Agency Revenue, Tufts Medical Center, Inc., Series I, 7.25%, 1/1/2032		2,250,000	2,644,515
Massachusetts, State General Obligation:
	Series E, 4.0%, 4/1/2038	15,000,000	15,867,750
	Series J, 5.0%, 12/1/2038	4,250,000	5,025,200
Massachusetts, State Health & Educational Facilities Authority Revenue, Boston College, Series M2, 5.5%, 6/1/2035		8,600,000	11,501,984
Massachusetts, State Health & Educational Facilities Authority Revenue, Caregroup Healthcare System:
	Series E-1, Prerefunded, 5.0%, 7/1/2028	1,500,000	1,566,975
	Series E-1, Prerefunded, 5.125%, 7/1/2038	1,500,000	1,569,000
Massachusetts, State Port Authority Special Facilities Revenue, Delta Air Lines, Inc. Project, Series A, AMT, 5.5%, 1/1/2018, INS: AMBAC		4,000,000	4,010,480
			55,940,585
Michigan 3.3%
Dearborn, MI, Economic Development Corp. Revenue, Limited Obligation, Henry Ford Village:
	7.0%, 11/15/2038	4,500,000	4,282,245
	7.125%, 11/15/2043	1,500,000	1,420,335
Detroit, MI, Water & Sewerage Department, Sewerage Disposal System Revenue, Series A, 5.25%, 7/1/2039		2,100,000	2,342,151
Detroit, MI, Water Supply Systems Revenue, Series A, 5.75%, 7/1/2037		7,590,000	8,525,999
Kalamazoo, MI, Economic Development Corp. Revenue, Limited Obligation, Heritage Community:
	5.375%, 5/15/2027	1,000,000	1,000,640
	5.5%, 5/15/2036	1,000,000	1,000,400
Kentwood, MI, Economic Development Corp., Limited Obligation, Holland Home, 5.625%, 11/15/2041		3,750,000	4,000,575
Michigan, Great Lakes Water Authority, Water Supply Systems Revenue, Series D, 5.0%, 7/1/2036		6,000,000	6,729,660
Michigan, State Finance Authority Revenue, Detroit Water & Sewer, Series C-3, 5.0%, 7/1/2033, INS: AGMC		1,820,000	2,076,856
Michigan, State Finance Authority Revenue, Detroit Water & Sewer Department, Series C, 5.0%, 7/1/2035		910,000	1,008,062
Michigan, State Finance Authority Revenue, Henry Ford Health System, 5.0%, 11/15/2041		1,835,000	2,070,687
Michigan, State Finance Authority Revenue, Trinity Health Corp.:
	5.0%, 12/1/2031	10,910,000	12,463,366
	5.0%, 12/1/2038	5,525,000	6,198,055
Michigan, State Hospital Finance Authority Revenue, Henry Ford Health Hospital, Prerefunded, 5.75%, 11/15/2039		6,315,000	7,044,446
Michigan, State Strategic Fund Limited Obligation Revenue, Holland Home, 5.0%, 11/15/2042		4,000,000	4,221,960
			64,385,437
Minnesota 0.4%
Minneapolis & St. Paul, MN, Metropolitan Airports Commission Revenue, Series C, 5.0%, 1/1/2046		7,580,000	8,848,058
Mississippi 1.0%
Lowndes County, MS, Solid Waste Disposal & Pollution Control Revenue, Weyerhaeuser Co. Project, Series A, 6.8%, 4/1/2022		5,500,000	6,438,960
Warren County, MS, Gulf Opportunity Zone, International Paper Co.:
	Series A, 5.375%, 12/1/2035	1,000,000	1,108,740
	Series A, 5.5%, 9/1/2031	4,250,000	4,288,718
	Series A, 5.8%, 5/1/2034, GTY: International Paper Co.	4,000,000	4,436,320
	Series A, 6.5%, 9/1/2032	2,620,000	2,780,370
			19,053,108
Missouri 1.2%
Kirkwood, MO, Industrial Development Authority, Retirement Community Revenue, Aberdeen Heights:
	Series A, 5.25%, 5/15/2042	2,325,000	2,455,991
	Series A, Prerefunded, 8.25%, 5/15/2039	1,000,000	1,204,680
	Series A, Prerefunded, 8.25%, 5/15/2045	2,850,000	3,433,338
Missouri, Lee's Summit Industrial Development Authority, Senior Living Facilities Revenue, John Knox Village Obligated Group, Series A, 5.0%, 8/15/2046		3,000,000	3,014,070
Missouri, State Health & Educational Facilities Authority Revenue, Lutheran Senior Services Projects, Series B, 5.0%, 2/1/2046		1,440,000	1,548,878
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046		665,000	715,281
Missouri, State Health & Educational Facilities Authority, Lutheran Senior Services, 6.0%, 2/1/2041		2,250,000	2,486,745
St. Louis County, MO, Industrial Development Authority, Senior Living Facilities, St. Andrews Resources for Seniors Obligated Group, Series A, 5.125%, 12/1/2045		3,635,000	3,692,578
St. Louis, MO, Lambert-St. Louis International Airport Revenue, Series A-1, 6.625%, 7/1/2034		4,085,000	4,509,677
			23,061,238
Nebraska 0.7%
Douglas County, NE, Hospital Authority No. 002 Revenue, Health Facilities, Immanuel Obligation Group, 5.625%, 1/1/2040		1,500,000	1,602,150
Douglas County, NE, Hospital Authority No. 3, Health Facilities Revenue, State Methodist Health System, 5.0%, 11/1/2045		1,850,000	2,060,733
Douglas County, NE, Hospital Authority No. 2, Health Facilities, Children's Hospital Obligated Group, 5.0%, 11/15/2047		2,930,000	3,339,028
Lancaster County, NE, Hospital Authority No. 1, Health Facilities Revenue, Immanuel Obligation Group, 5.625%, 1/1/2040		2,500,000	2,715,800
Scotts Bluff County, NE, Hospital Authority, Regional West Medical Center, Series A, 5.25%, 2/1/2037		4,000,000	4,343,880
			14,061,591
Nevada 0.4%
Nevada, Las Vegas Valley Water District, Series A, 5.0%, 6/1/2041		5,000,000	5,787,900
Sparks, NV, Local Improvement Districts, Limited Obligation District No. 3, Prerefunded, 6.75%, 9/1/2027		1,395,000	1,495,273
			7,283,173
New Hampshire 1.0%
New Hampshire, Health & Education Facilities Authority Revenue, Wentworth-Douglas Hospital, Series A, 7.0%, 1/1/2038		5,325,000	6,165,072
New Hampshire, State Business Finance Authority Revenue, Elliot Hospital Obligation Group, Series A, Prerefunded, 6.125%, 10/1/2039		5,000,000	5,588,800
New Hampshire, State Health & Education Facilities Authority Revenue, Rivermead Retirement Community:
	Series A, 6.625%, 7/1/2031	700,000	785,988
	Series A, 6.875%, 7/1/2041	2,825,000	3,187,391
New Hampshire, State Health & Educational Facilities Authority Revenue, Elliot Hospital Obligation Group, 5.0%, 10/1/2038		3,835,000	4,263,638
			19,990,889
New Jersey 3.3%
New Jersey, Health Care Facilities Financing Authority Revenue, St. Joseph's Health Care System, Prerefunded, 6.625%, 7/1/2038		5,785,000	6,144,133
New Jersey, State Economic Development Authority Revenue:
	5.0%, 6/15/2028	450,000	484,983
	Series BBB, 5.5%, 6/15/2030	8,975,000	9,840,459
New Jersey, State Economic Development Authority, Special Facilities Revenue, Continental Airlines, Inc. Project, Series B, AMT, 5.625%, 11/15/2030		2,500,000	2,819,300
New Jersey, State Health Care Facilities Financing Authority Revenue, Saint Barnabas Health, Series A, Prerefunded, 5.625%, 7/1/2032		3,500,000	4,127,585
New Jersey, State Health Care Facilities Financing Authority Revenue, University Hospital, Series A, 5.0%, 7/1/2046, INS: AGMC		1,820,000	2,008,006
New Jersey, State Transportation Trust Fund Authority Revenue, Federal Highway Reimbursement Notes, Series A-1, 5.0%, 6/15/2030		1,830,000	1,972,099
New Jersey, Tobacco Settlement Financing Corp.:
	Series 1A, 4.75%, 6/1/2034	16,240,000	16,213,691
	Series 1-A, 5.0%, 6/1/2029	15,965,000	16,005,711
	Series 1A, 5.0%, 6/1/2041	5,000,000	4,997,900
			64,613,867
New Mexico 0.4%
Farmington, NM, Pollution Control Revenue, Public Service Co. of New Mexico, Series C, 5.9%, 6/1/2040		7,500,000	8,304,825
New York 8.5%
Albany, NY, Industrial Development Agency, Civic Facility Revenue, St. Peter's Hospital Project, Series A, Prerefunded, 5.75%, 11/15/2022		1,500,000	1,533,720
Hudson, NY, Yards Infrastructure Corp. Revenue:
	Series A, 5.25%, 2/15/2047	5,000,000	5,571,550
	Series A, 5.75%, 2/15/2047	7,000,000	7,983,640
New York, Brooklyn Arena Local Development Corp., Pilot Revenue, Barclays Center Project, Series A, 4.0%, 7/15/2035, INS: AGMC		455,000	485,708
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Green Bonds, Series B-1, 5.0%, 11/15/2036		10,000,000	11,898,800
New York, State Dormitory Authority Revenues, Non-State Supported Debt, Orange Regional Medical Center, 5.0%, 12/1/2045		1,000,000	1,086,430
New York, State Dormitory Authority Revenues, NYU Hospital Center, Series B, Prerefunded, 5.25%, 7/1/2024		600,000	602,244
New York, State Dormitory Authority Revenues, Orange Regional Medical Center, Prerefunded, 6.125%, 12/1/2029		2,000,000	2,155,040
New York, State Environmental Facilities Corp., Clean Water & Drinking Revolving Funds:
	Series A, 5.0%, 6/15/2025	4,000,000	4,172,040
	Series A, 5.0%, 6/15/2026	3,000,000	3,128,730
	Series A, 5.0%, 6/15/2027	3,000,000	3,128,400
New York, State Housing Finance Agency Revenue, 605 West 42nd Street, Series A, 0.88%**, 5/1/2048, LOC: Bank of China		1,500,000	1,500,000
New York, State Liberty Development Corp. Revenue, World Trade Center Project, Class 1-3, 5.0%, 11/15/2044		12,500,000	13,440,500
New York, State Thruway Authority, General Revenue, Junior Indebtedness Obligation, Junior Lien, Series A, 5.0%, 1/1/2051		2,250,000	2,542,792
New York, State Transportation Development Corp., Special Facilities Revenue, American Airlines, Inc., John F. Kennedy International Airport Project, AMT, 5.0%, 8/1/2031, GTY: American Airlines Group		1,555,000	1,659,045
New York, State Transportation Development Corp., Special Facilities Revenue, Laguardia Gateway Partners LLC, Redevelopment Project, Series A, AMT, 5.0%, 7/1/2046		9,960,000	10,889,866
New York, State Transportation Development Corp., Special Facility Revenue, Laguardia Gateway Partners LLC, Redevelopment Project, Series A, AMT, 5.0%, 7/1/2041		3,990,000	4,375,594
New York, TSASC, Inc., Series A, 5.0%, 6/1/2041		595,000	658,326
New York & New Jersey Port Authority:
	AMT, 5.0%, 10/1/2035	6,825,000	7,916,659
	AMT, 5.0%, 10/15/2035	8,950,000	10,452,705
	5.0%, 10/15/2041	5,335,000	6,209,727
New York & New Jersey Port Authority, Special Obligation Revenue, JFK International Air Terminal LLC, 6.0%, 12/1/2042		5,795,000	6,533,978
New York City, NY, Municipal Water Finance Authority, Water & Sewer Systems Revenue:
	Series FF, 5.0%, 6/15/2039	7,500,000	8,756,700
	Series EE, 5.0%, 6/15/2047	11,000,000	12,473,120
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured:
	Series B-1, 5.0%, 8/1/2034	10,000,000	11,910,000
	Series B-1, 5.0%, 8/1/2039	11,595,000	13,403,472
New York, NY, General Obligation:
	Series A-1, 4.0%, 8/1/2036	4,415,000	4,759,061
	Series B-1, 5.0%, 12/1/2041	3,285,000	3,848,312
Orange County, NY, Senior Care Revenue, Industrial Development Agency, The Glen Arden Project, 5.7%, 1/1/2028		1,250,000	1,103,625
Syracuse, NY, Industrial Development Agency, Carousel Center Project:
	Series A, AMT, 5.0%, 1/1/2035	335,000	379,669
	Series A, AMT, 5.0%, 1/1/2036	1,050,000	1,186,636
			165,746,089
North Carolina 0.5%
Charlotte, NC, Airport Revenue, Series A, 5.0%, 7/1/2039		1,450,000	1,584,444
North Carolina, Medical Care Commission, Retirement Facilities Revenue, First Mortgage-Aldersgate, 5.0%, 7/1/2045		3,320,000	3,403,730
North Carolina, State Medical Care Commission, Retirement Facilities Revenue, Aldersgate United Methodist Retirement Community, Inc., Series A, 5.0%, 7/1/2047		2,300,000	2,430,341
North Carolina, State Medical Care Commission, Retirement Facilities Revenue, Southminster, Inc., 5.0%, 10/1/2037		2,200,000	2,298,296
			9,716,811
North Dakota 0.2%
Burleigh County, ND, Health Care Revenue, St. Alexius Medical Center Project, Series A, Prerefunded, 5.0%, 7/1/2035		1,200,000	1,380,648
Grand Forks, ND, Health Care System Revenue, Altru Health System, 5.0%, 12/1/2032		2,000,000	2,172,480
			3,553,128
Ohio 1.8%
Centerville, OH, Health Care Revenue, Graceworks Lutheran Services, 5.25%, 11/1/2047		2,480,000	2,614,218
Cleveland, OH, Airport Systems Revenue, Series A, 5.0%, 1/1/2030		1,000,000	1,110,350
Franklin County, OH, Trinity Health Corp. Revenue, Series 2017, 5.0%, 12/1/2046		4,430,000	5,054,851
Hamilton County, OH, Health Care Facilities Revenue, Christ Hospital Project, 5.5%, 6/1/2042		3,100,000	3,515,865
Hamilton County, OH, Health Care Revenue, Life Enriching Communities Project:
	5.0%, 1/1/2036	380,000	405,091
	5.0%, 1/1/2051	1,000,000	1,051,230
	Prerefunded, 6.125%, 1/1/2031	1,785,000	2,054,945
	Prerefunded, 6.625%, 1/1/2046	2,500,000	2,986,425
Ohio, Akron, Bath & Copley Joint Township Hospital District Revenue, 5.25%, 11/15/2046		12,345,000	13,849,362
Ohio, State Higher Educational Facility Commission Revenue, Summa Health System Obligated Group:
	5.75%, 11/15/2040	1,105,000	1,196,837
	Prerefunded, 5.75%, 11/15/2040	1,895,000	2,149,821
			35,988,995
Oklahoma 0.5%
Tulsa County, OK, Industrial Authority Senior Living Community Revenue, Montereau, Inc. Project, 5.25%, 11/15/2045		1,175,000	1,282,078
Tulsa County, OK, Industrial Authority, Senior Living Community Revenue, Montereau, Inc. Project, Series A, Prerefunded, 7.25%, 11/1/2045		6,500,000	7,629,895
			8,911,973
Oregon 0.1%
Oregon, Port of Portland Airport Revenue, Series 24B, AMT, 5.0%, 7/1/2042		2,000,000	2,293,280
Pennsylvania 5.6%
Centre County, PA, Hospital Authority, Mount Nittany Medical Center, Series A, 5.0%, 11/15/2041		1,000,000	1,126,890
Cumberland County, PA, Municipal Authority Revenue, Asbury Obligation Group, 6.125%, 1/1/2045		4,350,000	4,547,925
Lancaster County, PA, Hospital Authority Revenue, Brethren Village Project, Series A, 6.375%, 7/1/2030		1,000,000	1,004,640
Lancaster County, PA, Hospital Authority Revenue, University of Pennsylvania Health System Obligated Group, 5.0%, 8/15/2042		900,000	1,024,398
Lancaster County, PA, Hospital Authority, Brethren Village Project:
	5.125%, 7/1/2037	900,000	971,289
	5.25%, 7/1/2041	900,000	974,691
Northampton County, PA, Hospital Authority Revenue, St. Luke's Hospital Project:
	Series A, Prerefunded, 5.375%, 8/15/2028	3,500,000	3,687,565
	Series A, Prerefunded, 5.5%, 8/15/2035	6,500,000	6,858,020
Pennsylvania, Commonwealth Financing Authority, Series A, 5.0%, 6/1/2035		3,125,000	3,493,531
Pennsylvania, Doylestown Hospital Authority Revenue, Series A, 5.0%, 7/1/2041, GTY: Doylestown Health Foundation		2,750,000	2,979,432
Pennsylvania, Economic Development Finance Authority, U.S. Airways Group, Series B, 8.0%, 5/1/2029, GTY: American Airlines, Inc.		985,000	1,119,453
Pennsylvania, Economic Development Financing Authority, Sewer Sludge Disposal Revenue, Philadelphia Biosolids Facility, 6.25%, 1/1/2032		1,500,000	1,600,230
Pennsylvania, Geisinger Authority Health System Revenue, Series A-1, 5.0%, 2/15/2045		5,555,000	6,383,306
Pennsylvania, State Economic Development Financing Authority Revenue, Bridges Finco LP:
	AMT, 5.0%, 12/31/2034	6,000,000	6,784,680
	AMT, 5.0%, 12/31/2038	7,640,000	8,543,812
Pennsylvania, State Economic Development Financing Authority, Exempt Facilities Revenue, PPL Energy Supply, Series A, 6.4%, 12/1/2038		1,115,000	1,148,751
Pennsylvania, State Turnpike Commission Revenue:
	Series A-1, 5.0%, 12/1/2041	9,755,000	10,941,572
	Series C, 5.0%, 12/1/2043	7,000,000	7,865,130
	Series C, 5.0%, 12/1/2044	1,615,000	1,805,199
	Series A-1, 5.0%, 12/1/2046	6,340,000	7,136,558
	Series A, Prerefunded, 6.5%, 12/1/2036	6,385,000	7,583,018
Pennsylvania, State Turnpike Commission Revenue, Turnpike Subordinate Revenue Refunding Bonds, 5.0%, 6/1/2036		10,000,000	11,248,100
Philadelphia, PA, Airport Revenue, Series A, 5.0%, 6/15/2035		7,085,000	7,720,737
Philadelphia, PA, Gas Works Revenue:
	Series 9, 5.25%, 8/1/2040	1,835,000	2,014,683
	Series 9, Prerefunded, 5.25%, 8/1/2040	1,165,000	1,316,916
Philadelphia, PA, Gas Works Revenue, 1998 General Ordinance:
	Series 14, 4.0%, 10/1/2035	310,000	325,264
	Series 14, 4.0%, 10/1/2037	255,000	266,100
			110,471,890
Puerto Rico 0.3%
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
	Series C, 5.25%, 8/1/2041*	3,065,000	789,237
	Series A, 5.5%, 8/1/2042*	7,650,000	1,969,875
	Series A, 5.75%, 8/1/2037*	2,130,000	548,475
	Series A, 6.0%, 8/1/2042*	4,570,000	1,176,775
	Series A, 6.375%, 8/1/2039*	2,295,000	590,963
			5,075,325
Rhode Island 0.3%
Rhode Island, State Health & Educational Building Corp. Revenue, Hospital Financing Lifespan Obligated Group, 5.0%, 5/15/2034		3,150,000	3,459,708
Rhode Island, Tobacco Settlement Financing Corp., Series A, 5.0%, 6/1/2040		2,345,000	2,540,925
			6,000,633
South Carolina 2.5%
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2031		1,000,000	1,116,500
Hardeeville, SC, Assessment Revenue, Anderson Tract Municipal Improvement District, Series A, 7.75%, 11/1/2039		4,375,000	4,444,869
Lexington County, SC, Health Services District, Lexington Medical Center, 5.0%, 11/1/2041		8,205,000	9,261,148
South Carolina, Jobs Economic Development Authority, Hospital Facilities Revenue, Palmetto Health Alliance, 5.75%, 8/1/2039		3,595,000	3,799,951
South Carolina, State Jobs-Economic Development Authority, Hospital Revenue, AnMed Health Project, 5.0%, 2/1/2038		5,000,000	5,524,800
South Carolina, State Jobs-Economic Development Authority, Hospital Revenue, Conway Hospitals, Inc., 5.25%, 7/1/2047		2,290,000	2,583,967
South Carolina, State Public Service Authority Revenue, Series E, 5.25%, 12/1/2055		10,360,000	11,573,570
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, 5.75%, 12/1/2043		8,890,000	10,126,955
			48,431,760
South Dakota 0.4%
South Dakota, State Health & Educational Facilities Authority Revenue, Avera Health:
	Series B, 5.25%, 7/1/2038	3,000,000	3,094,080
	Series B, 5.5%, 7/1/2035	5,000,000	5,195,850
			8,289,930
Tennessee 0.8%
Jackson, TN, Hospital Revenue, Jackson-Madison Project:
	5.625%, 4/1/2038	810,000	836,657
	Prerefunded, 5.625%, 4/1/2038	2,190,000	2,276,724
Johnson City, TN, Health & Educational Facilities, Board Hospital Revenue, Mountain States Health Alliance, 6.5%, 7/1/2038		3,570,000	3,972,018
Tennessee, Energy Acquisition Corp., Gas Revenue, Series C, 5.0%, 2/1/2027, GTY: The Goldman Sachs Group, Inc.		6,435,000	7,650,443
			14,735,842
Texas 14.2%
Austin, TX, Airport Systems Revenue:
	Series B, AMT, 5.0%, 11/15/2035	625,000	721,119
	Series B, AMT, 5.0%, 11/15/2036	1,390,000	1,598,848
Bexar County, TX, Health Facilities Development Corp. Revenue, Army Retirement Residence Funding Project, 5.0%, 7/15/2041		5,395,000	5,876,881
Bexar County, TX, Health Facilities Development Corp. Revenue, Army Retirement Residence Project, Prerefunded, 6.2%, 7/1/2045		6,000,000	6,931,020
Brazos River, TX, Harbor Navigation District, Brazoria County Environmental Health, Dow Chemical Co. Project:
	Series B-2, 4.95%, 5/15/2033	4,000,000	4,089,880
	Series A-3, AMT, 5.125%, 5/15/2033	9,000,000	9,203,580
Cass County, TX, Industrial Development Corp., Environmental Improvement Revenue, International Paper Co. Projects, Series A, 9.25%, 3/1/2024		2,000,000	2,254,900
Central Texas, Regional Mobility Authority Revenue:
	5.0%, 1/1/2040	6,125,000	7,005,897
	5.0%, 1/1/2046	7,540,000	8,581,726
Central Texas, Regional Mobility Authority Revenue, Capital Appreciation:
	Zero Coupon, 1/1/2030	5,000,000	3,164,500
	Zero Coupon, 1/1/2032	3,500,000	2,004,240
Central Texas, Regional Mobility Authority Revenue, Senior Lien:
	Series A, 5.0%, 1/1/2040	6,765,000	7,688,017
	Series A, 5.0%, 1/1/2043	1,000,000	1,095,090
	Prerefunded, 6.0%, 1/1/2041	5,455,000	6,383,168
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, 1st Mortgage-Brazos Presbyterian Homes, Inc. Project:
	5.0%, 1/1/2048	7,000,000	7,299,670
	Series B, Prerefunded, 7.0%, 1/1/2043	3,000,000	3,867,480
	Series B, Prerefunded, 7.0%, 1/1/2048	4,000,000	5,156,640
Houston, TX, Airport System Revenue, United Airlines, Inc., Terminal E Project, AMT, 4.75%, 7/1/2024		3,385,000	3,686,197
Houston, TX, Airport Systems Revenue, Special Facilities Continental Airlines, Inc. Terminal Projects, AMT, 6.625%, 7/15/2038		2,000,000	2,232,600
La Vernia, TX, Higher Education Finance Corp. Revenue, Lifeschools of Dallas:
	Series A, Prerefunded, 7.25%, 8/15/2031	1,275,000	1,445,901
	Series A, Prerefunded, 7.5%, 8/15/2041	1,785,000	2,033,954
Lewisville, TX, Combination Contract Revenue, 6.75%, 10/1/2032		13,030,000	13,368,650
Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, AEP Texas Central Co. Project, Series A, 4.4%, 5/1/2030, INS: AMBAC		11,000,000	12,376,650
Matagorda County, TX, Navigation District No. 1, Pollution Control Revenue, Central Power & Light Co. Project, Series A, 6.3%, 11/1/2029		3,000,000	3,344,430
Mission, TX, Economic Development Corp. Revenue, Senior Lien, Natgasoline Project, Series B, AMT, 144A, 5.75%, 10/1/2031		750,000	787,305
North Texas, Tollway Authority Revenue:
	Series A, 5.0%, 1/1/2034	4,285,000	4,909,196
	Series A, 5.0%, 1/1/2039	11,770,000	13,558,687
	Series B, 5.0%, 1/1/2045	3,335,000	3,760,212
	First Tier, Series A, 5.625%, 1/1/2033	125,000	128,056
	First Tier, Series A, Prerefunded, 5.625%, 1/1/2033	875,000	899,517
	First Tier, 6.0%, 1/1/2043	5,000,000	5,716,150
	First Tier, Series A, 6.25%, 1/1/2039	1,785,000	1,914,520
Red River, TX, Health Facilities Development Corp., Retirement Facilities Revenue, MRC Crossings Project, Series A, 8.0%, 11/15/2049		1,715,000	1,983,466
San Antonio, TX, Convention Center Hotel Finance Corp., Contract Revenue, Empowerment Zone, Series A, AMT, 5.0%, 7/15/2039, INS: AMBAC		8,000,000	8,004,720
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Trinity Terrace Project, The Cumberland Rest, Inc., Series A-1, 5.0%, 10/1/2044		1,575,000	1,680,352
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Buckner Senior Living Ventana Project:
	Series A, 6.625%, 11/15/2037 (a)	2,185,000	2,236,741
	Series A, 6.75%, 11/15/2047 (a)	1,750,000	1,793,138
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Mirador Project:
	Series A, 4.875%, 11/15/2048	3,430,000	2,895,194
	Series A, 5.0%, 11/15/2055	1,000,000	845,750
Tarrant County, TX, Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Northwest Senior Housing Corp., 5.25%, 11/15/2047		5,000,000	5,057,850
Texas, Dallas/Fort Worth International Airport Revenue:
	Series D, 5.0%, 11/1/2035	2,715,000	3,013,976
	Series A, 5.25%, 11/1/2038	15,000,000	16,686,000
Texas, Love Field Airport Modernization Corp., General Airport Revenue:
	AMT, 5.0%, 11/1/2035	1,000,000	1,156,770
	AMT, 5.0%, 11/1/2036	1,000,000	1,153,230
Texas, Love Field Airport Modernization Corp., Special Facilities Revenue, Southwest Airlines Co. Project, 5.25%, 11/1/2040		7,445,000	8,089,439
Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co., Inc.		20,785,000	25,633,309
Texas, New Hope Cultural Education Facilities Finance Corp., Retirement Facilities Revenue, Westminster Manor Project, 4.0%, 11/1/2036		1,475,000	1,422,756
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue, 5.5%, 8/1/2020, GTY: The Goldman Sachs Group, Inc.		10,000,000	11,179,600
Texas, State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue, 5.0%, 12/15/2030, GTY: Macquarie Group Ltd.		1,670,000	1,855,470
Texas, State Private Activity Bond, Surface Transportation Corp. Revenue, Senior Lien, North Tarrant Express Mobility Partners Segments LLC, AMT, 6.75%, 6/30/2043		2,220,000	2,584,480
Texas, State Transportation Commission, Turnpike Systems Revenue:
	Series C, 5.0%, 8/15/2034	8,235,000	9,300,444
	Series C, 5.0%, 8/15/2042	2,415,000	2,697,579
Texas, State Water Development Board Revenue, Series A, 5.0%, 10/15/2040		6,760,000	7,868,370
Texas, Uptown Development Authority, Tax Increment Contract Revenue, Infrastructure Improvement Facilities, Prerefunded, 5.5%, 9/1/2029		1,000,000	1,099,930
Travis County, TX, Health Facilities Development Corp. Revenue, Westminster Manor Health:
	7.0%, 11/1/2030	300,000	341,649
	Prerefunded, 7.0%, 11/1/2030	1,230,000	1,468,706
	Prerefunded, 7.125%, 11/1/2040	3,580,000	4,289,699
			277,423,299
Utah 0.3%
Salt Lake City, UT, Airport Revenue, Series A, AMT, 5.0%, 7/1/2047		5,970,000	6,878,634
Virginia 1.1%
Fairfax County, VA, Economic Development Authority, Residential Care Facility Revenue, Goodwin House, Inc., Series A, 5.0%, 10/1/2042		1,635,000	1,826,736
Prince William County, VA, Industrial Development Authority, Residential Care Facilities, Westminster at Lake Ridge:
	5.0%, 1/1/2037	1,000,000	1,036,960
	5.0%, 1/1/2046	1,530,000	1,570,973
Stafford County, VA, Economic Development Authority, Hospital Facilities Revenue, Mary Washington Healthcare, 5.0%, 6/15/2036		600,000	675,156
Virginia, Chesapeake Bay Bridge & Tunnel District Revenue, First Tier General Resolution Revenue, 5.0%, 7/1/2051		5,000,000	5,620,500
Virginia, Marquis Community Development Authority Revenue:
	Series C, Zero Coupon, 9/1/2041	7,906,000	1,070,947
	Series B, 5.625%, 9/1/2041	5,332,000	4,150,376
Virginia, Marquis Community Development Authority Revenue, Convertible Cabs, Step-up Coupon, 0% to 9/1/2021, 7.5% to 9/1/2045		1,640,000	1,067,443
Virginia, Mosaic District Community Development Authority Revenue, Series A, 6.875%, 3/1/2036		2,000,000	2,215,340
Virginia, State Small Business Financing Authority Revenue, Elizabeth River Crossings LLC Project, AMT, 6.0%, 1/1/2037		1,640,000	1,855,857
			21,090,288
Washington 3.1%
King County, WA, Water Sewer Revenue, Series B, 4.0%, 7/1/2041		10,000,000	10,577,500
Klickitat County, WA, Public Hospital District No. 2 Revenue, Skyline Hospital, 6.5%, 12/1/2038		3,205,000	3,226,858
Washington, Port of Seattle, Industrial Development Corp., Special Facilities- Delta Airlines, AMT, 5.0%, 4/1/2030		2,000,000	2,164,420
Washington, State General Obligation:
	Series D, 5.0%, 2/1/2035	7,245,000	8,647,342
	Series B, 5.0%, 8/1/2037	6,400,000	7,548,160
Washington, State Health Care Facilities Authority Revenue, Series C, 5.375%, 8/15/2028, INS: AGC		2,970,000	2,989,216
Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, Series A, 6.125%, 8/15/2037		16,000,000	16,147,040
Washington, State Housing Finance Commission, Presbyterian Retirement Communities Northwest Project, Series A, 144A, 5.0%, 1/1/2046		2,500,000	2,576,300
Washington, State Housing Finance Commission, Rockwood Retirement Communities Project, Series A, 7.375%, 1/1/2044		6,000,000	6,879,360
			60,756,196
West Virginia 1.2%
West Virginia, State Hospital Finance Authority Revenue, Charleston Medical Center, Series A, 5.625%, 9/1/2032		3,080,000	3,290,580
West Virginia, State Hospital Finance Authority Revenue, Thomas Health Systems:
	6.5%, 10/1/2028	7,000,000	7,213,500
	6.5%, 10/1/2038	3,000,000	3,074,610
West Virginia, State Hospital Finance Authority, State University Health System Obligated Group, Series A, 5.0%, 6/1/2047		8,050,000	9,067,761
			22,646,451
Wisconsin 1.1%
Wisconsin, Public Finance Authority, Apartment Facilities Revenue, Senior Obligation Group, AMT, 5.0%, 7/1/2042		3,500,000	3,643,920
Wisconsin, Public Finance Authority, Education Revenue, North Carolina Charter Educational Foundation Project, Series A, 5.0%, 6/15/2046		3,530,000	3,324,095
Wisconsin, Public Finance Authority, Senior Living Revenue, Mary's Woods at Marylhurst Project, Series A, 144A, 5.25%, 5/15/2047		2,545,000	2,717,831
Wisconsin, State Health & Educational Facilities Authority Revenue, Aurora Health Care, Inc., Series A, 5.625%, 4/15/2039		8,160,000	8,850,418
Wisconsin, State Health & Educational Facilities Authority Revenue, St. John's Communities, Inc.:
	Series B, 5.0%, 9/15/2045	1,000,000	1,051,570
	Series A, Prerefunded, 7.625%, 9/15/2039	1,000,000	1,149,510
			20,737,344
Other Territories 0.0%
Non-Profit Preferred Funding Trust I, Series A1, 144A, 4.22%, 9/15/2037		341,220	342,824
Total Municipal Bonds and Notes (Cost $1,800,387,559)			1,915,810,027
Other Municipal Related 0.0%
Texas 0.0%
Brazos River, TX, Pollution Control Authority Revenue, Series D-1, 144A, AMT, 5/1/2033* (Cost $0)		7,000,000	0
Underlying Municipal Bonds of Inverse Floaters (b) 2.9%
Louisiana 0.5%
Louisiana, State Gas & Fuels Tax Revenue, Series B, 5.0%, 5/1/2033 (c)		3,026,513	3,319,644
Louisiana, State Gas & Fuels Tax Revenue, Series B, 5.0%, 5/1/2034 (c)		3,304,152	3,624,173
Louisiana, State Gas & Fuels Tax Revenue, Series B, 5.0%, 5/1/2035 (c)		3,666,834	4,021,982
	Trust: Louisiana, State Gas & Fuels Tax Revenue, Series 2016-XM0289, 144A, 8.578%, 5/1/2018, Leverage Factor at purchase date: 2 to 1
			10,965,799
Massachusetts 0.9%
Massachusetts, State School Building Authority, Sales Tax Revenue, Series C, 5.0%, 8/15/2037 (c)		15,000,000	17,487,450
	Trust: Massachusetts, State School Building Authority, Series 2016-XM0239, 144A, 15.77%, 8/15/2023, Leverage Factor at purchase date: 4 to 1
Michigan 0.6%
Michigan, State Building Authority Revenue, Facilities Program, Series I, 5.0%, 4/15/2034 (c)		10,000,000	11,470,695
	Trust: State Building Authority Revenue, Series 2015-XM0123, 144A, 11.825%, 10/15/2023, Leverage Factor at purchase date: 3 to 1
Washington 0.9%
Washington, State General Obligation, Series A-1, 5.0%, 8/1/2037 (c)		15,000,000	17,524,800
	Trust: State General Obligation, Series XM0127, 144A, 15.77%, 8/1/2023, Leverage Factor at purchase date: 4 to 1
Total Underlying Municipal Bonds of Inverse Floaters (Cost $56,354,802)			57,448,744

	% of Net Assets	Value ($)
Total Investment Portfolio (Cost $1,856,742,361)†	100.8	1,973,258,771
Floating Rate Notes (b)	(1.8)	(34,167,499)
Other Assets and Liabilities, Net	1.0	18,922,172
Net Assets	100.0	1,958,013,444

The following table represents a bond that is in default:

Security	Coupon	Maturity Date	Principal Amount ($)	Cost ($)	Value ($)
Connecticut, Mashantucket Western Pequot Tribe Bond*	6.05%	7/1/2031	17,344,536	12,391,458	671,581

* Non-income producing security.

** Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are payable on demand either daily or weekly and are shown at their current rates as of May 31, 2017. Maturity date shown is the final maturity date.

^† The cost for federal income tax purposes was $1,815,025,180. At May 31, 2017, net unrealized appreciation for all securities based on tax cost was $124,066,092. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $156,204,348 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $32,138,256.

(a) When-issued security.

(b) Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represent leverage to the Fund and is the amount owed to the floating rate note holders.

(c) Security forms part of the below inverse floater. The Fund accounts for these inverse floaters as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability.

144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

AGC: Assured Guaranty Corp.

AGMC: Assured Guaranty Municipal Corp.

AMBAC: Ambac Financial Group, Inc.

AMT: Subject to alternative minimum tax.

FGIC: Financial Guaranty Insurance Co.

GTY: Guaranty Agreement

INS: Insured

LOC: Letter of Credit

NATL: National Public Finance Guarantee Corp.

PIK: Denotes that all or a portion of the income is paid in-kind in the form of additional principal.

Prerefunded: Bonds which are prerefunded are collateralized usually by U.S. Treasury securities, which are held in escrow and used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.

Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of May 31, 2017 in valuing the Fund's investments. For information on the Fund's policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements.

Assets	Level 1	Level 2	Level 3	Total
Municipal Investments (d)	$ —	$ 1,973,258,771	$ 0	$ 1,973,258,771
Total	$ —	$ 1,973,258,771	$ 0	$ 1,973,258,771

There have been no transfers between fair value measurement levels during the period ended May 31, 2017.

(d) See Investment Portfolio for additional detailed categorizations.

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities

as of May 31, 2017
Assets
Investments in non-affiliated securities, at value (cost $1,856,742,361)	$ 1,973,258,771
Receivable for Fund shares sold	1,305,016
Interest receivable	27,524,603
Other assets	58,444
Total assets	2,002,146,834
Liabilities
Cash overdraft	93,101
Payable for investments purchased	1,216,004
Payable for investments purchased — when-issued securities	3,943,702
Payable for Fund shares redeemed	1,412,508
Payable for floating rate notes issued	34,167,499
Distributions payable	1,380,903
Accrued management fee	420,252
Accrued Trustees' fees	16,906
Other accrued expenses and payables	1,482,515
Total liabilities	44,133,390
Net assets, at value	$ 1,958,013,444
Net Assets Consist of
Undistributed net investment income	2,349,902
Net unrealized appreciation (depreciation) on investments	116,516,410
Accumulated net realized gain (loss)	(126,330,206)
Paid-in capital	1,965,477,338
Net assets, at value	$ 1,958,013,444

The accompanying notes are an integral part of the financial statements.

Statement of Assets and Liabilities as of May 31, 2017 (continued)
Net Asset Value
Class A Net Asset Value and redemption price per share ($263,572,726 ÷ 21,475,911 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 12.27
Maximum offering price per share (100 ÷ 97.25 of $12.27)	$ 12.62
Class C Net Asset Value offering and redemption price (subject to contingent deferred sales charge) per share ($108,569,885 ÷ 8,841,296 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 12.28
Class S Net Asset Value offering and redemption price per share ($1,335,614,378 ÷ 108,729,622 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 12.28
Institutional Class Net Asset Value offering and redemption price per share ($250,256,455 ÷ 20,365,377 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 12.29

The accompanying notes are an integral part of the financial statements.

Statement of Operations

for the year ended May 31, 2017
Investment Income
Income: Interest	$ 86,859,602
Expenses: Management fee	7,991,914
Administration fee	1,795,582
Services to shareholders	2,644,789
Distribution and service fees	2,045,111
Custodian fee	11,264
Professional fees	181,649
Reports to shareholders	103,540
Registration fees	88,869
Trustees' fees and expenses	61,134
Interest expense and fees on floating rate notes issued	842,374
Other	127,042
Total expenses before expense reductions	15,893,268
Expense reductions	(1,755,230)
Total expenses after expense reductions	14,138,038
Net investment income	72,721,564
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments	(9,117,049)
Change in net unrealized appreciation (depreciation) on investments	(29,361,340)
Net gain (loss)	(38,478,389)
Net increase (decrease) in net assets resulting from operations	$ 34,243,175

The accompanying notes are an integral part of the financial statements.

Statement of Cash Flows

for the year ended May 31, 2017
Increase (Decrease) in Cash: Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations	$ 34,243,175
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities: Purchases of long-term investments	(1,346,057,813)
Net amortization of premium/(accretion of discount)	4,509,886
Proceeds from sales and maturities of long-term investments	996,297,769
(Increase) decrease in interest receivable	(4,887,238)
(Increase) decrease in other assets	(11,276)
(Increase) decrease in payable for investments purchased	215,691
Increase (decrease) in payable for investments purchased — when-issued securities	(30,944,296)
Increase (decrease) in other accrued expenses and payables	65,998
Change in unrealized (appreciation) depreciation on investments	29,361,340
Net realized (gain) loss from investments	9,117,049
Cash provided by (used in) operating activities	(308,089,715)
Cash Flows from Financing Activities
Net increase (decrease) in cash overdraft	93,101
Proceeds from shares sold	1,118,954,566
Payments for shares redeemed	(743,954,658)
Distributions paid (net of reinvestment of distributions)	(7,413,040)
Increase (decrease) in payable for floating rate notes issued	(61,592,130)
Cash provided by (used in) financing activities	306,087,839
Increase (decrease) in cash	(2,001,876)
Cash at beginning of period	2,001,876
Cash at end of period	$ —
Supplemental Disclosure of Non-Cash Activities
Reinvestment of distributions	$ 64,059,185
Interest expense and fees on floating rate notes issued	$ (842,374)

The accompanying notes are an integral part of the financial statements.

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Years Ended May 31,
	2017	2016
Operations: Net investment income	$ 72,721,564	$ 70,048,235
Net realized gain (loss)	(9,117,049)	20,385,005
Change in net unrealized appreciation (depreciation)	(29,361,340)	1,229,038
Net increase (decrease) in net assets resulting from operations	34,243,175	91,662,278
Distributions to shareholders from: Net investment income: Class A	(12,352,283)	(16,036,470)
Class B	—	(13,570)*
Class C	(3,818,163)	(5,154,327)
Class S	(45,615,724)	(37,933,145)
Institutional Class	(8,751,393)	(9,443,121)
Net realized gains: Class A	(204,968)	(204,668)
Class B	—	(146)*
Class C	(76,093)	(79,382)
Class S	(675,566)	(453,899)
Institutional Class	(112,572)	(102,412)
Total distributions	(71,606,762)	(69,421,140)
Fund share transactions: Proceeds from shares sold	1,114,513,325	352,035,642
Reinvestment of distributions	64,059,185	60,571,116
Payments for shares redeemed	(744,404,963)	(520,235,067)
Net increase (decrease) in net assets from Fund share transactions	434,167,547	(107,628,309)
Increase (decrease) in net assets	396,803,960	(85,387,171)
Net assets at beginning of year	1,561,209,484	1,646,596,655
Net assets at end of year (including undistributed net investment income of $2,349,902 and $2,697,874, respectively)	$ 1,958,013,444	$ 1,561,209,484

* For the period from June 1, 2015 to February 10, 2016 (see Note A).

The accompanying notes are an integral part of the financial statements.

Financial Highlights

Class A	Years Ended May 31,
	2017	2016	2015	2014	2013
Selected Per Share Data
Net asset value, beginning of period	$ 12.59	$ 12.39	$ 12.49	$ 12.95	$ 12.78
Income from investment operations: Net investment income	.49	.56	.56	.60	.55
Net realized and unrealized gain (loss)	(.33)	.20	(.11)	(.47)	.16
Total from investment operations	.16	.76	.45	.13	.71
Less distributions from: Net investment income	(.47)	(.55)	(.55)	(.59)	(.54)
Net realized gains	(.01)	(.01)	—	—	—
Total distributions	(.48)	(.56)	(.55)	(.59)	(.54)
Net asset value, end of period	$ 12.27	$ 12.59	$ 12.39	$ 12.49	$ 12.95
Total Return (%)a,b	1.29	6.27	3.65	1.27	5.57
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	264	361	378	447	618
Ratio of expenses before expense reductions (including interest expense) (%)c	.95	.97	1.00	1.05	1.03
Ratio of expenses after expense reductions (including interest expense) (%)c	.93	.91	.93	.95	.97
Ratio of expenses after expense reductions (excluding interest expense) (%)	.88	.87	.87	.88	.91
Ratio of net investment income (%)	3.93	4.54	4.51	4.94	4.18
Portfolio turnover rate (%)	54	36	29	24	21
a Total return does not reflect the effect of any sales charges. b Total return would have been lower had certain expenses not been reduced. c Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.

Class C	Years Ended May 31,
	2017	2016	2015	2014	2013
Selected Per Share Data
Net asset value, beginning of period	$ 12.59	$ 12.40	$ 12.50	$ 12.96	$ 12.79
Income from investment operations: Net investment income	.39	.47	.47	.51	.45
Net realized and unrealized gain (loss)	(.31)	.19	(.12)	(.47)	.16
Total from investment operations	.08	.66	.35	.04	.61
Less distributions from: Net investment income	(.38)	(.46)	(.45)	(.50)	(.44)
Net realized gains	(.01)	(.01)	—	—	—
Total distributions	(.39)	(.47)	(.45)	(.50)	(.44)
Net asset value, end of period	$ 12.28	$ 12.59	$ 12.40	$ 12.50	$ 12.96
Total Return (%)a,b	.61	5.40	2.88	.52	4.78
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	109	138	144	148	202
Ratio of expenses before expense reductions (including interest expense) (%)c	1.72	1.73	1.76	1.80	1.78
Ratio of expenses after expense reductions (including interest expense) (%)c	1.68	1.66	1.68	1.70	1.72
Ratio of expenses after expense reductions (excluding interest expense) (%)	1.63	1.62	1.62	1.63	1.66
Ratio of net investment income (%)	3.18	3.79	3.76	4.19	3.43
Portfolio turnover rate (%)	54	36	29	24	21
a Total return does not reflect the effect of any sales charges. b Total return would have been lower had certain expenses not been reduced. c Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.

Class S	Years Ended May 31,
	2017	2016	2015	2014	2013
Selected Per Share Data
Net asset value, beginning of period	$ 12.60	$ 12.40	$ 12.50	$ 12.96	$ 12.79
Income from investment operations: Net investment income	.51	.59	.59	.63	.58
Net realized and unrealized gain (loss)	(.32)	.20	(.11)	(.47)	.16
Total from investment operations	.19	.79	.48	.16	.74
Less distributions from: Net investment income	(.50)	(.58)	(.58)	(.62)	(.57)
Net realized gains	(.01)	(.01)	—	—	—
Total distributions	(.51)	(.59)	(.58)	(.62)	(.57)
Net asset value, end of period	$ 12.28	$ 12.60	$ 12.40	$ 12.50	$ 12.96
Total Return (%)a	1.55	6.54	3.91	1.53	5.83
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	1,336	873	824	884	1,128
Ratio of expenses before expense reductions (including interest expense) (%)b	.82	.78	.83	.92	.89
Ratio of expenses after expense reductions (including interest expense) (%)b	.68	.66	.68	.70	.72
Ratio of expenses after expense reductions (excluding interest expense) (%)	.63	.62	.62	.63	.66
Ratio of net investment income (%)	4.16	4.79	4.76	5.20	4.43
Portfolio turnover rate (%)	54	36	29	24	21
a Total return would have been lower had certain expenses not been reduced. b Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.

Institutional Class	Years Ended May 31,
	2017	2016	2015	2014	2013
Selected Per Share Data
Net asset value, beginning of period	$ 12.60	$ 12.40	$ 12.50	$ 12.97	$ 12.79
Income from investment operations: Net investment income	.51	.59	.59	.63	.58
Net realized and unrealized gain (loss)	(.31)	.20	(.11)	(.48)	.17
Total from investment operations	.20	.79	.48	.15	.75
Less distributions from: Net investment income	(.50)	(.58)	(.58)	(.62)	(.57)
Net realized gains	(.01)	(.01)	—	—	—
Total distributions	(.51)	(.59)	(.58)	(.62)	(.57)
Net asset value, end of period	$ 12.29	$ 12.60	$ 12.40	$ 12.50	$ 12.97
Total Return (%)a	1.64	6.51	3.91	1.45	5.93
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	250	189	298	315	301
Ratio of expenses before expense reductions (including interest expense) (%)b	.69	.75	.75	.81	.79
Ratio of expenses after expense reductions (including interest expense) (%)b	.67	.66	.68	.70	.71
Ratio of expenses after expense reductions (excluding interest expense) (%)	.62	.62	.62	.63	.65
Ratio of net investment income (%)	4.17	4.80	4.76	5.20	4.44
Portfolio turnover rate (%)	54	36	29	24	21
a Total return would have been lower had certain expenses not been reduced. b Interest expense represents interest and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities. Interest income from such transactions is included in income from investment operations.

Notes to Financial Statements

A. Organization and Significant Accounting Policies

Deutsche Strategic High Yield Tax-Free Fund (the "Fund") is a diversified series of Deutsche Municipal Trust (the "Series"), which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company organized as a Massachusetts business trust.

The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class B shares automatically converted to Class A shares on February 10, 2016 and are no longer offered. Class B shares were not subject to an initial sales charge and were subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class S shares are not subject to initial or contingent deferred sales charges and are only available to a limited group of investors. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions.

Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements.

Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Municipal debt securities are valued at prices supplied by independent pricing services approved by the Fund's Board, whose valuations are intended to reflect the mean between the bid and asked prices. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, the securities are valued at the mean of the most recent bid and asked quotations or evaluated prices, as applicable, obtained from one or more broker-dealers. These securities are generally categorized as Level 2.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund's valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company's or issuer's financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Disclosure about the classification of fair value measurements is included in a table following the Fund's Investment Portfolio.

Inverse Floaters. The Fund invests in inverse floaters. Inverse floaters are debt instruments with a weekly floating rate of interest that bears an inverse relationship to changes in the short-term interest rate market. Inverse floaters are created by depositing a fixed-rate long-term municipal bond into a special purpose Tender Offer Bond trust (the "TOB Trust"). In turn the TOB Trust issues a short-term floating rate note and an inverse floater. The short-term floating rate note is issued in a face amount equal to some fraction of the underlying bond's par amount and is sold to a third party, usually a tax-exempt money market fund. The Fund receives the proceeds from the sale of the short-term floating rate note and uses the cash proceeds to make additional investments. The short-term floating rate note represents leverage to the Fund. The Fund, as the holder of the inverse floater, has full exposure to any increase or decrease in the value of the underlying bond. The income stream from the underlying bond in the TOB Trust is divided between the floating rate note and the inverse floater. The inverse floater earns all of the interest from the underlying long-term fixed-rate bond less the amount of interest paid on the floating rate note and the expenses of the TOB Trust. The floating rate notes issued by the TOB Trust are valued at cost, which approximates fair value.

By holding the inverse floater, the Fund has the right to collapse the TOB Trust by causing the holders of the floating rate instrument to tender their notes at par and have the broker transfer the underlying bond to the Fund. The floating rate note holder can also elect to tender the note for redemption at par at each reset date. The Fund accounts for these transactions as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability under the caption "Payable for floating rate notes issued" in the Statement of Assets and Liabilities. Income earned on the underlying bond is included in interest income, and interest paid on the floaters and the expenses of the TOB Trust are included in "Interest expense" in the Statement of Operations. The weighted average outstanding daily balance of the floating rate notes issued during the year ended May 31, 2017 was approximately $64,297,000, with a weighted average interest rate of 1.31%.

The Fund may enter into shortfall and forbearance agreements by which the Fund agrees to reimburse the TOB Trust, in certain circumstances, for the difference between the liquidation value of the underlying bond held by the TOB Trust and the liquidation value of the floating rate notes plus any shortfalls in interest cash flows. This could potentially expose the Fund to losses in excess of the value of the Fund's inverse floater investments. In addition, the value of inverse floaters may decrease significantly when interest rates increase. The market for inverse floaters may be more volatile and less liquid than other municipal bonds of comparable maturity. The TOB Trust could be terminated outside of the Fund's control, resulting in a reduction of leverage and disposal of portfolio investments at inopportune times and prices. Investments in inverse floaters generally involve greater risk than in an investment in fixed-rate bonds.

The final rules implementing Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Volcker Rule") preclude banking entities from sponsoring and/or providing services to TOB Trusts. In response to these rules, investment market participants have developed and are developing new TOB Trust structures that are designed to ensure that banking entities do not sponsor TOB Trusts in violation of the Volcker Rule. As of July 17, 2017, the Volcker Rule's final compliance date, all Fund TOB Trusts were structured to be in compliance with the Volcker Rule. Any new TOB Trust structures must currently comply with the Volcker Rule. Accordingly, to the extent the Fund wishes to restructure a Legacy TOB Trust or create a new TOB Trust, it must do so in a Volcker-compliant manner. A Volcker-compliant TOB Trust structure is substantially similar to traditional TOB Trust structures. The ultimate impact of the new rules on the inverse floater market and the municipal market generally is not yet certain. Such changes could make early unwinds of TOB Trusts more likely in adverse market scenarios, may make the use of TOB Trusts more expensive, and may make it more difficult to use TOB Trusts in general. The new rules may also expose the Fund to additional risks, including, but not limited to, compliance, securities law and operational risks.

When-Issued/Delayed Delivery Securities. The Fund may purchase securities with delivery or payment to occur at a later date beyond the normal settlement period. At the time the Fund enters into a commitment to purchase a security, the transaction is recorded and the value of the transaction is reflected in the net asset value. The price of such security and the date when the security will be delivered and paid for are fixed at the time the transaction is negotiated. The value of the security may vary with market fluctuations. At the time the Fund enters into a purchase transaction, it is required to segregate cash or other liquid assets at least equal to the amount of the commitment.

Certain risks may arise upon entering into when-issued or delayed delivery transaction from the potential inability of counterparties to meet the terms of their contracts or if the issuer does not issue the securities due to political, economic, or other factors. Additionally, losses may arise due to changes in the value of the underlying securities.

Federal Income Taxes. The Fund's policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies and to distribute all of its taxable and tax-exempt income to its shareholders.

Under the Regulated Investment Company Modernization Act of 2010, net capital losses incurred post-enactment may be carried forward indefinitely, and their character is retained as short-term and/or long-term. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At May 31, 2017, the Fund had net tax basis capital loss carryforwards of approximately $133,880,000, including $22,976,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until May 31, 2018 ($19,508,000) and May 31, 2019 ($3,468,000), the respective expiration dates, whichever occurs first; and approximately $110,904,000 of post-enactment losses, which may be applied against realized net taxable capital gains indefinitely, including short-term losses ($76,910,000) and long-term losses ($33,994,000).

The Fund has reviewed the tax positions for the open tax years as of May 31, 2017 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Fund's financial statements. The Fund's federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service.

Distribution of Income and Gains. Net investment income of the Fund is declared as a daily dividend and is distributed to shareholders monthly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes if necessary.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with federal tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences primarily relate to investments in inverse floaters transactions, certain securities sold at a loss and accretion of market discount on debt securities. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Fund may periodically make reclassifications among certain of its capital accounts without impacting the net asset value of the Fund.

At May 31, 2017, the Fund's components of distributable earnings (accumulated losses) on a tax basis were as follows:

Undistributed tax-exempt income	$ 4,374,636
Undistributed ordinary income*	$ 151,260
Capital loss carryforwards	$ (133,880,000)
Net unrealized appreciation (depreciation) on investments	$ 124,066,092

In addition, the tax character of distributions paid to shareholders by the Fund is summarized as follows:

	Years Ended May 31,
	2017	2016
Distributions from tax-exempt income	$ 70,537,563	$ 68,580,633
Distributions from ordinary income*	$ 1,069,199	$ 840,507

* For tax purposes, short-term capital gain distributions are considered ordinary income distributions.

Expenses. Expenses of the Series arising in connection with a specific fund are allocated to that fund. Other Series expenses which cannot be directly attributed to a fund are apportioned among the funds in the Series based upon the relative net assets or other appropriate measures.

Contingencies. In the normal course of business, the Fund may enter into contracts with service providers that contain general indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet been made. However, based on experience, the Fund expects the risk of loss to be remote.

Other. Investment transactions are accounted for on a trade date plus one basis for daily net asset value calculations. However, for financial reporting purposes, investment transactions are reported on trade date. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are recorded on an identified cost basis. All premiums and discounts are amortized/accreted for financial reporting purposes, with the exception of securities in default of principal.

Statement of Cash Flows. Information on financial transactions which have been settled through the receipt and disbursement of cash is presented in the Statement of Cash Flows. The cash amount shown in the Statement of Cash Flows represents the cash position at the Fund's custodian bank at May 31, 2017.

B. Purchases and Sales of Securities

During the year ended May 31, 2017, purchases and sales of investment securities (excluding short-term investments) aggregated $1,346,057,813 and $996,297,769, respectively.

C. Related Parties

Management Agreement. Under the Investment Management Agreement with Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), an indirect, wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments of the Fund in accordance with its investment objectives, policies and restrictions. The Advisor determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Fund.

Prior to October 1, 2016, under the Investment Management Agreement with the Advisor, the Fund paid a monthly management fee based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $300 million of the Fund's average daily net assets	.515%
Next $200 million of such net assets	.465%
Next $500 million of such net assets	.440%
Next $1 billion of such net assets	.420%
Over $2 billion of such net assets	.400%

Effective October 1, 2016, under the Investment Management Agreement with the Advisor, the Fund pays a monthly management fee based on the Fund's average daily net assets, computed and accrued daily and payable monthly, at the following annual rates:

First $300 million of the Fund's average daily net assets	.515%
Next $200 million of such net assets	.465%
Next $500 million of such net assets	.440%
Next $500 million of such net assets	.420%
Next $500 million of such net assets	.410%
Over $2 billion of such net assets	.400%

Accordingly, for the year ended May 31, 2017, the fee pursuant to the Investment Management Agreement was equivalent to an annual rate (exclusive of any applicable waivers/reimbursements) of 0.45% of the Fund's average daily net assets.

For the period from June 1, 2016 through September 30, 2016, the Advisor had contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of certain classes as follows:

Class A	.87%
Class C	1.62%
Class S	.62%
Institutional Class	.62%

Effective October 1, 2016 through September 30, 2017, the Advisor has contractually agreed to waive its fees and/or reimburse certain operating expenses of the Fund to the extent necessary to maintain the total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest) of certain classes as follows:

Class A	.88%
Class C	1.63%
Class S	.63%
Institutional Class	.63%

For the year ended May 31, 2017, fees waived and/or expenses reimbursed for each class are as follows:

Class A	$ 84,757
Class C	50,193
Class S	1,566,931
Institutional Class	53,349
	$ 1,755,230

Administration Fee. Pursuant to an Administrative Services Agreement, DIMA provides most administrative services to the Fund. For all services provided under the Administrative Services Agreement, the Fund pays the Advisor an annual fee ("Administration Fee") of 0.10% of the Fund's average daily net assets, computed and accrued daily and payable monthly. For the year ended May 31, 2017, the Administration Fee was $1,795,582, of which $165,135 is unpaid.

Service Provider Fees. Deutsche AM Service Company ("DSC"), an affiliate of the Advisor, is the transfer agent, dividend-paying agent and shareholder service agent for the Fund. Pursuant to a sub-transfer agency agreement between DSC and DST Systems, Inc. ("DST"), DSC has delegated certain transfer agent, dividend-paying agent and shareholder service agent functions to DST. DSC compensates DST out of the shareholder servicing fee it receives from the Fund. For the year ended May 31, 2017, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated	Unpaid at May 31, 2017
Class A	$ 16,309	$ 3,804
Class C	4,759	1,158
Class S	93,623	24,330
Institutional Class	5,221	1,525
	$ 119,912	$ 30,817

Distribution and Service Fees. Under the Fund's Class C 12b-1 Plan, Deutsche AM Distributors, Inc. ("DDI"), an affiliate of the Advisor, receives a fee ("Distribution Fee") of 0.75% of average daily net assets of Class C shares. In accordance with the Fund's Underwriting and Distribution Services Agreement, DDI enters into related selling group agreements with various firms at various rates for sales of Class C shares. For the year ended May 31, 2017, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at May 31, 2017
Class C	$ 936,794	$ 70,002

In addition, DDI provides information and administrative services for a fee ("Service Fee") to Class A and C shareholders at an annual rate of up to 0.25% of average daily net assets for each such class. DDI in turn has various agreements with financial services firms that provide these services and pay these fees based upon the assets of shareholder accounts the firms service. For the year ended May 31, 2017, the Service Fee was as follows:

Service Fee	Total Aggregated	Unpaid at May 31, 2017	Annual Rate
Class A	$ 797,078	$ 172,201	.25%
Class C	311,239	70,819	.25%
	$ 1,108,317	$ 243,020

Underwriting Agreement and Contingent Deferred Sales Charge. DDI is the principal underwriter for the Fund. Underwriting commissions paid in connection with the distribution of Class A shares for the year ended May 31, 2017 aggregated $28,775.

In addition, DDI receives any contingent deferred sales charge ("CDSC") from Class C share redemptions occurring within one year of purchase. There is no such charge upon redemption of any share appreciation or reinvested dividends. The CDSC is 1% of the value of the shares redeemed for Class C. For the year ended May 31, 2017, the CDSC for Class C shares aggregated $14,430. A deferred sales charge of up to 0.50% is assessed on certain redemptions of Class A shares. For the year ended May 31, 2017, DDI received $10,868 for Class A shares.

Typesetting and Filing Service Fees. Under an agreement with DIMA, DIMA is compensated for providing typesetting and certain regulatory filing services to the Fund. For the year ended May 31, 2017, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $22,516, of which $9,745 is unpaid.

Trustees' Fees and Expenses. The Fund paid retainer fees to each Trustee not affiliated with the Advisor, plus specified amounts to the Board Chairperson and Vice Chairperson and to each committee Chairperson.

Transactions with Affiliates. The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers or common trustees. During the year ended May 31, 2017, the Fund engaged in securities purchases of $287,127,000 and securities sales of $249,977,000 with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act.

D. Investing in High-Yield Debt Securities

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. The Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, and/or result in increased portfolio turnover, which could result in a decline in net asset value of the fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high yield debt securities could increase liquidity risk for the fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

E. Line of Credit

The Fund and other affiliated funds (the "Participants") share in a $400 million revolving credit facility provided by a syndication of banks. The Fund may borrow for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The Participants are charged an annual commitment fee which is allocated based on net assets, among each of the Participants. Interest is calculated at a rate per annum equal to the sum of the Federal Funds Rate plus 1.25 percent plus if the one-month LIBOR exceeds the Federal Funds Rate, the amount of such excess. The Fund may borrow up to a maximum of 33 percent of its net assets under the agreement. The Fund had no outstanding loans at May 31, 2017.

F. Share Transactions

The following table summarizes share and dollar activity in the Fund:

	Year Ended May 31, 2017		Year Ended May 31, 2016
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	4,185,836	$ 51,302,166	3,657,933	$ 45,347,761
Class B	—	—	3*	37*
Class C	739,763	9,146,070	1,132,728	14,055,512
Class S	78,482,929	956,409,948	15,645,737	194,795,022
Institutional Class	8,079,609	97,655,141	7,925,912	97,837,310
		$ 1,114,513,325		$ 352,035,642
Shares issued to shareholders in reinvestment of distributions
Class A	918,135	$ 11,333,052	1,170,071	$ 14,495,074
Class B	—	—	991*	12,209*
Class C	250,517	3,094,087	326,286	4,043,935
Class S	3,321,485	40,838,565	2,619,769	32,484,030
Institutional Class	714,131	8,793,481	769,321	9,535,868
		$ 64,059,185		$ 60,571,116
Shares redeemed
Class A	(12,331,089)	$ (150,041,399)	(6,659,391)	$ (82,343,541)
Class B	—	—	(92,736)*	(1,141,917)*
Class C	(3,109,065)	(38,182,022)	(2,153,347)	(26,702,865)
Class S	(42,409,776)	(514,810,429)	(15,399,994)	(190,700,564)
Institutional Class	(3,387,703)	(41,371,113)	(17,790,179)	(219,346,180)
		$ (744,404,963)		$ (520,235,067)
Net increase (decrease)
Class A	(7,227,118)	$ (87,406,181)	(1,831,387)	$ (22,500,706)
Class B	—	—	(91,742)*	(1,129,671)*
Class C	(2,118,785)	(25,941,865)	(694,333)	(8,603,418)
Class S	39,394,638	482,438,084	2,865,512	36,578,488
Institutional Class	5,406,037	65,077,509	(9,094,946)	(111,973,002)
		$ 434,167,547		$ (107,628,309)

* For the period from June 1, 2015 to February 10, 2016 (see Note A).

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Deutsche Municipal Trust and Shareholders of the Deutsche Strategic High Yield Tax-Free Fund:

In our opinion, the accompanying statement of assets and liabilities, including the investment portfolio, and the related statements of operations, of cash flows and of changes in net assets and the financial highlights, present fairly, in all material respects, the financial position of the Deutsche Strategic High Yield Tax-Free Fund (the "Fund") as of May 31, 2017, and the results of its operations and its cash flows, the changes in its net assets and the financial highlights for each of the periods therein, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of May 31, 2017 by correspondence with the custodian and brokers and the application of alternative auditing procedures where such confirmations had not been received, provide a reasonable basis for our opinion.

Boston, Massachusetts
July 24, 2017 PricewaterhouseCoopers LLP

Information About Your Fund's Expenses

As an investor of the Fund, you incur two types of costs: ongoing expenses and transaction costs. Ongoing expenses include management fees, distribution and service (12b-1) fees and other Fund expenses. Examples of transaction costs include sales charges (loads) and account maintenance fees, which are not shown in this section. The following tables are intended to help you understand your ongoing expenses (in dollars) of investing in the Fund and to help you compare these expenses with the ongoing expenses of investing in other mutual funds. In the most recent six-month period, the Fund limited these expenses; had it not done so, expenses would have been higher. The example in the table is based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (December 1, 2016 to May 31, 2017).

The tables illustrate your Fund's expenses in two ways:

— Actual Fund Return. This helps you estimate the actual dollar amount of ongoing expenses (but not transaction costs) paid on a $1,000 investment in the Fund using the Fund's actual return during the period. To estimate the expenses you paid over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the "Expenses Paid per $1,000" line under the share class you hold.

— Hypothetical 5% Fund Return. This helps you to compare your Fund's ongoing expenses (but not transaction costs) with those of other mutual funds using the Fund's actual expense ratio and a hypothetical rate of return of 5% per year before expenses. Examples using a 5% hypothetical fund return may be found in the shareholder reports of other mutual funds. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.

Please note that the expenses shown in these tables are meant to highlight your ongoing expenses only and do not reflect any transaction costs. The "Expenses Paid per $1,000" line of the tables is useful in comparing ongoing expenses only and will not help you determine the relative total expense of owning different funds. Subject to certain exceptions, an account maintenance fee of $20.00 assessed once per calendar year for Classes A, C and S shares may apply for accounts with balances less than $10,000. This fee is not included in these tables. If it was, the estimate of expenses paid for Classes A, C and S shares during the period would be higher, and account value during the period would be lower, by this amount.

Expenses and Value of a $1,000 Investment for the six months ended May 31, 2017 (Unaudited)
Actual Fund Return	Class A	Class C	Class S	Institutional Class
Beginning Account Value 12/1/16	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 5/31/17	$ 1,045.60	$ 1,041.70	$ 1,046.90	$ 1,047.80
Expenses Paid per $1,000*	$ 4.64	$ 8.45	$ 3.42	$ 3.42
Hypothetical 5% Fund Return	Class A	Class C	Class S	Institutional Class
Beginning Account Value 12/1/16	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 5/31/17	$ 1,020.39	$ 1,016.65	$ 1,021.59	$ 1,021.59
Expenses Paid per $1,000*	$ 4.58	$ 8.35	$ 3.38	$ 3.38

* Expenses are equal to the Fund's annualized expense ratio for each share class, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 365.

Annualized Expense Ratios	Class A	Class C	Class S	Institutional Class
Deutsche Strategic High Yield Tax-Free Fund†	.91%	1.66%	.67%	.67%

^† Includes interest expense and fees on short-term floating rate notes issued in conjunction with inverse floating rate securities of 0.04% for each class.

For more information, please refer to the Fund's prospectus.

For an analysis of the fees associated with an investment in the Fund or similar funds, please refer to http://apps.finra.org/fundanalyzer/1/fa.aspx.

Tax Information (Unaudited)

Of the dividends paid from net investment income for the taxable year ended May 31, 2017, 100% are designated as exempt interest dividends for federal income tax purposes.

Please consult a tax advisor if you have questions about federal or state income tax laws, or on how to prepare your tax returns. If you have specific questions about your account, please call (800) 728-3337.

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of Deutsche Strategic High Yield Tax-Free Fund’s (the "Fund") investment management agreement (the "Agreement") with Deutsche Investment Management Americas Inc. ("DIMA") in September 2016.

In terms of the process that the Board followed prior to approving the Agreement, shareholders should know that:

— During the entire process, all of the Fund’s Trustees were independent of DIMA and its affiliates (the "Independent Trustees").

— The Board met frequently during the past year to discuss fund matters and dedicated a substantial amount of time to contract review matters. Over the course of several months, the Board’s Contract Committee reviewed extensive materials received from DIMA, independent third parties and independent counsel. These materials included an analysis of the Fund’s performance, fees and expenses, and profitability from a fee consultant retained by the Fund’s Independent Trustees (the "Fee Consultant"). The Board also received extensive information throughout the year regarding performance of the Fund.

— The Independent Trustees regularly meet privately with counsel to discuss contract review and other matters. In addition, the Independent Trustees were advised by the Fee Consultant in the course of their review of the Fund’s contractual arrangements and considered a comprehensive report prepared by the Fee Consultant in connection with their deliberations.

— In connection with reviewing the Agreement, the Board also reviewed the terms of the Fund’s Rule 12b-1 plan, distribution agreement, administrative services agreement, transfer agency agreement and other material service agreements.

— Based on its evaluation of the information provided, the Contract Committee presented its findings and recommendations to the Board. The Board then reviewed the Contract Committee’s findings and recommendations.

In connection with the contract review process, the Contract Committee and the Board considered the factors discussed below, among others. The Board also considered that DIMA and its predecessors have managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious advisor is in the best interests of the Fund. The Board considered, generally, that shareholders chose to invest or remain invested in the Fund knowing that DIMA managed the Fund, and that the Agreement was approved by the Fund's shareholders. DIMA is part of Deutsche Bank AG’s ("Deutsche Bank") Asset Management ("Deutsche AM") division. Deutsche AM is a global asset management business that offers a wide range of investing expertise and resources, including research capabilities in many countries throughout the world. Deutsche Bank has advised the Board that the U.S. asset management business continues to be a critical and integral part of Deutsche Bank, and that Deutsche Bank will continue to invest in Deutsche AM and seek to enhance Deutsche AM’s investment platform. Deutsche Bank also has confirmed its commitment to maintaining strong legal and compliance groups within the Deutsche AM division.

As part of the contract review process, the Board carefully considered the fees and expenses of each Deutsche fund overseen by the Board in light of the fund’s performance. In many cases, this led to the negotiation and implementation of expense caps. As part of these negotiations, the Board indicated that it would consider relaxing these caps in future years following sustained improvements in performance, among other considerations.

While shareholders may focus primarily on fund performance and fees, the Fund’s Board considers these and many other factors, including the quality and integrity of DIMA’s personnel and such other issues as back-office operations, fund valuations, and compliance policies and procedures.

Nature, Quality and Extent of Services. The Board considered the terms of the Agreement, including the scope of advisory services provided under the Agreement. The Board noted that, under the Agreement, DIMA provides portfolio management services to the Fund and that, pursuant to a separate administrative services agreement, DIMA provides administrative services to the Fund. The Board considered the experience and skills of senior management and investment personnel and the resources made available to such personnel. The Board reviewed the Fund’s performance over short-term and long-term periods and compared those returns to various agreed-upon performance measures, including market index(es) and a peer universe compiled using information supplied by Morningstar Direct ("Morningstar"), an independent fund data service. The Board also noted that it has put into place a process of identifying "Focus Funds" (e.g., funds performing poorly relative to a peer universe), and receives additional reporting from DIMA regarding such funds and, where appropriate, DIMA’s plans to address underperformance. The Board believes this process is an effective manner of identifying and addressing underperforming funds. Based on the information provided, the Board noted that for the one-, three- and five-year periods ended December 31, 2015, the Fund’s performance (Class A shares) was in the 4th quartile of the applicable Morningstar universe (the 1st quartile being the best performers and the 4th quartile being the worst performers). The Board also observed that the Fund has outperformed its benchmark in the five-year period, has underperformed its benchmark in the three-year period and has equaled its benchmark in the one-year period ended December 31, 2015. The Board noted the disappointing investment performance of the Fund in recent periods and continued to discuss with senior management of DIMA the factors contributing to such underperformance and actions being taken to improve performance. The Board considered DIMA’s statements that the Fund had a lower risk profile than many of its peer funds. The Board recognized the efforts by DIMA in recent years to enhance its investment platform and improve long-term performance across the Deutsche fund complex.

Fees and Expenses. The Board considered the Fund’s investment management fee schedule, operating expenses and total expense ratios, and comparative information provided by Broadridge Financial Solutions, Inc. ("Broadridge") and the Fee Consultant regarding investment management fee rates paid to other investment advisors by similar funds (1st quartile being the most favorable and 4th quartile being the least favorable). With respect to management fees paid to other investment advisors by similar funds, the Board noted that the contractual fee rates paid by the Fund, which include a 0.10% fee paid to DIMA under the Fund’s administrative services agreement, were higher than the median (4th quartile) of the applicable Broadridge peer group (based on Broadridge data provided as of December 31, 2015). The Board noted that the Fund’s Class A shares total (net) operating expenses (excluding 12b-1 fees) were expected to be higher than the median (3rd quartile) of the applicable Broadridge expense universe (based on Broadridge data provided as of December 31, 2015, and analyzing Broadridge expense universe Class A (net) expenses less any applicable 12b-1 fees) ("Broadridge Universe Expenses"). The Board also reviewed data comparing each share class’s total (net) operating expenses to the applicable Broadridge Universe Expenses. The Board noted that the expense limitations agreed to by DIMA were expected to help the Fund’s total (net) operating expenses remain competitive. The Board noted that, in connection with the 2014 contract renewal process, DIMA agreed to reduce the Fund’s contractual management fee rate by 0.05% and make corresponding adjustments to each management fee breakpoint. The Board further noted that, in connection with the 2016 contract renewal process, DIMA agreed to implement a new management fee breakpoint. The Board considered the Fund’s management fee rate as compared to fees charged by DIMA to comparable Deutsche U.S. registered funds ("Deutsche Funds") and considered differences between the Fund and the comparable Deutsche Funds. The information requested by the Board as part of its review of fees and expenses also included information about institutional accounts (including any sub-advised funds and accounts) and funds offered primarily to European investors ("Deutsche Europe funds") managed by Deutsche AM. The Board noted that DIMA indicated that Deutsche AM does not manage any institutional accounts or Deutsche Europe funds comparable to the Fund.

On the basis of the information provided, the Board concluded that management fees were reasonable and appropriate in light of the nature, quality and extent of services provided by DIMA.

Profitability. The Board reviewed detailed information regarding revenues received by DIMA under the Agreement. The Board considered the estimated costs and pre-tax profits realized by DIMA from advising the Deutsche Funds, as well as estimates of the pre-tax profits attributable to managing the Fund in particular. The Board also received information regarding the estimated enterprise-wide profitability of DIMA and its affiliates with respect to all fund services in totality and by fund. The Board and the Fee Consultant reviewed DIMA’s methodology in allocating its costs to the management of the Fund. Based on the information provided, the Board concluded that the pre-tax profits realized by DIMA in connection with the management of the Fund were not unreasonable. The Board also reviewed certain publicly available information regarding the profitability of certain similar investment management firms. The Board noted that while information regarding the profitability of such firms is limited (and in some cases is not necessarily prepared on a comparable basis), DIMA and its affiliates’ overall profitability with respect to the Deutsche Funds (after taking into account distribution and other services provided to the funds by DIMA and its affiliates) was lower than the overall profitability levels of most comparable firms for which such data was available.

Economies of Scale. The Board considered whether there are economies of scale with respect to the management of the Fund and whether the Fund benefits from any economies of scale. The Board noted that the Fund’s investment management fee schedule includes fee breakpoints. The Board concluded that the Fund’s fee schedule represents an appropriate sharing between the Fund and DIMA of such economies of scale as may exist in the management of the Fund at current asset levels.

Other Benefits to DIMA and Its Affiliates. The Board also considered the character and amount of other incidental benefits received by DIMA and its affiliates, including any fees received by DIMA for administrative services provided to the Fund and any fees received by an affiliate of DIMA for distribution services. The Board also considered benefits to DIMA related to brokerage and soft-dollar allocations, including allocating brokerage to pay for research generated by parties other than the executing broker dealers, which pertain primarily to funds investing in equity securities, along with the incidental public relations benefits to DIMA related to Deutsche Funds advertising and cross-selling opportunities among DIMA products and services. The Board considered these benefits in reaching its conclusion that the Fund’s management fees were reasonable.

Compliance. The Board considered the significant attention and resources dedicated by DIMA to documenting and enhancing its compliance processes in recent years. The Board noted in particular (i) the experience, seniority and time commitment of the individuals serving as DIMA’s and the Fund’s chief compliance officers; (ii) the large number of DIMA compliance personnel; and (iii) the substantial commitment of resources by DIMA and its affiliates to compliance matters.

Based on all of the information considered and the conclusions reached, the Board unanimously determined that the continuation of the Agreement is in the best interests of the Fund. In making this determination, the Board did not give particular weight to any single factor identified above. The Board considered these factors over the course of numerous meetings, certain of which were in executive session with only the Independent Trustees and counsel present. It is possible that individual Independent Trustees may have weighed these factors differently in reaching their individual decisions to approve the continuation of the Agreement.

Board Members and Officers

The following table presents certain information regarding the Board Members and Officers of the fund. Each Board Member's year of birth is set forth in parentheses after his or her name. Unless otherwise noted, (i) each Board Member has engaged in the principal occupation(s) noted in the table for at least the most recent five years, although not necessarily in the same capacity; and (ii) the address of each Independent Board Member is c/o Keith R. Fox, Deutsche Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600. Except as otherwise noted below, the term of office for each Board Member is until the election and qualification of a successor, or until such Board Member sooner dies, resigns, is removed or as otherwise provided in the governing documents of the fund. Because the fund does not hold an annual meeting of shareholders, each Board Member will hold office for an indeterminate period. The Board Members may also serve in similar capacities with other funds in the fund complex.

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
Keith R. Fox, CFA (1954) Chairperson since 2017, and 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)	96	—
Kenneth C. Froewiss (1945) Vice Chairperson since 2017, 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)	96	—
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); Enron Corporation; FNB Corporation; Tokheim Corporation; First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International. Not-for-Profit Director, Trustee: Palm Beach Civic Association; Public Radio International; Window to the World Communications (public media); Harris Theater for Music and Dance (Chicago)	96	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); The Pew Charitable Trusts (charitable organization); 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)	96	—
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)	96	—
Paul K. Freeman (1950) Board Member since 1993	Consultant, World Bank/Inter-American Development Bank; Independent Directors Council (former chair); 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); Knoebel Institute for Healthy Aging, University of Denver (2017–present); former Directorships: Prisma Energy International	96	—
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)	96	Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)
William McClayton (1944) 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	96	—
Rebecca W. Rimel (1951) Board Member since 1995	President, Chief Executive Officer and Director, The Pew Charitable Trusts (charitable organization) (1994–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)	96	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)	96	—
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)	96	—

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, Deutsche Investment Management Americas Inc. (2015–present); and Director and Vice President, Deutsche AM Trust Company (since 2016); formerly, Secretary, Deutsche Investment Management Americas Inc. (2015–2017)
Hepsen Uzcan6 (1974) Vice President, since 2016 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); Vice President, Deutsche AM Distributors, Inc. (since 2016); 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 Service Company; formerly, Secretary, Deutsche AM Distributors, Inc.
Scott D. Hogan7 (1970) Chief Compliance Officer, since 2016	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
Diane Kenneally7 (1966) Assistant Treasurer, 2007–present	Director,3 Deutsche Asset Management

¹ The length of time served represents the year in which the Board Member joined the board of one or more Deutsche funds currently overseen by the Board.

² A publicly held company with securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

³ Executive title, not a board directorship.

⁴ As a result of their respective positions held with the Advisor, these individuals are considered "interested persons" of the Advisor within the meaning of the 1940 Act. Interested persons receive no compensation from the fund.

⁵ The length of time served represents the year in which the officer was first elected in such capacity for one or more Deutsche funds.

⁶ Address: 60 Wall Street, New York, NY 10005.

⁷ Address: One Beacon Street, Boston, MA 02108.

⁸ Address: 222 South Riverside Plaza, Chicago, IL 60606.

The fund's Statement of Additional Information ("SAI") includes additional information about the Board Members. The SAI is available, without charge, upon request. If you would like to request a copy of the SAI, you may do so by calling the following toll-free number: (800) 728-3337.

Account Management Resources

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 most recent 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.

	Class A	Class C	Class S	Institutional Class
Nasdaq Symbol	NOTAX	NOTCX	SHYTX	NOTIX
CUSIP Number	25158T 103	25158T 301	25158T 400	25158T 509
Fund Number	152	352	2008	512

Notes

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

deutsche strategic high yield tax free Fund
form n-csr disclosure re: AUDIT FEES

The following table shows the amount of fees that PricewaterhouseCoopers, LLP (“PWC”), the Fund’s independent registered public accounting firm, billed to the Fund during the Fund’s last two fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PWC provided to the Fund.

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Fund

Fiscal Year Ended May 31,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2017	$94,081	$3,000	$0	$0
2016	$94,381	$0	$0	$0

The “Audit-Related Fees Billed to Fund” were billed for services rendered in connection with a registration filing.

Services that the Fund’s Independent Registered Public Accounting Firm Billed to the Adviser and Affiliated Fund Service Providers

The following table shows the amount of fees billed by PWC to Deutsche Investment Management Americas Inc. (“DIMA” or the “Adviser”), and any entity controlling, controlled by or under common control with DIMA (“Control Affiliate”) that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two fiscal years.

Fiscal Year Ended May 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
2017	$0	$52,339	$0
2016	$0	$30,661	$0

The “Tax Fees Billed to the Advisor” were billed for services associated with foreign tax filings.

Non-Audit Services

The following table shows the amount of fees that PWC billed during the Fund’s last two fiscal years for non-audit services. The Audit Committee pre-approved all non-audit services that PWC provided to the Adviser and any Affiliated Fund Service Provider that related directly to the Fund’s operations and financial reporting. The Audit Committee requested and received information from PWC about any non-audit services that PWC rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PWC’s independence.

Fiscal Year Ended May 31,	Total Non-Audit Fees Billed to Fund (A)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) (B)	Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) (C)	Total of (A), (B) and (C)
2017	$0	$52,339	$0	$52,339
2016	$0	$30,661	$0	$30,661

Audit Committee Pre-Approval Policies and Procedures. Generally, each Fund’s Audit Committee must pre approve (i) all services to be performed for a Fund by a Fund’s Independent Registered Public Accounting Firm and (ii) all non-audit services to be performed by a Fund’s Independent Registered Public Accounting Firm for the DIMA Entities with respect to operations and financial reporting of the Fund, except that the Chairperson or Vice Chairperson of each Fund’s Audit Committee may grant the pre-approval for non-audit services described in items (i) and (ii) above for non-prohibited services for engagements of less than $100,000. All such delegated pre approvals shall be presented to each Fund’s Audit Committee no later than the next Audit Committee meeting.

There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception under Rule 2-01 of Regulation S-X.

According to the registrant’s principal Independent Registered Public Accounting Firm, substantially all of the principal Independent Registered Public Accounting Firm's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal Independent Registered Public Accounting Firm.

***

In connection with the audit of the 2016 and 2017 financial statements, the Fund entered into an engagement letter with PwC. The terms of the engagement letter required by PwC, and agreed to by the Fund’s Audit Committee, include a provision mandating the use of mediation and arbitration to resolve any controversy or claim between the parties arising out of or relating to the engagement letter or the services provided there-under.

***

In a letter provided to the Audit Committee pursuant to PCAOB Rule 3526 and dated July 19, 2016, PwC informed the Audit Committee that PwC had identified circumstances where PwC maintains lending relationships with owners of greater than 10% of the shares of certain investment companies within the “investment company complex” as defined under Rule 2-01(f)(14) of Regulation S-X. PwC informed the Audit Committee that these lending relationships are inconsistent with the SEC Staff’s interpretation of Rule 2-01(c)(l)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”).

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

In its July 19, 2016 letter, PwC affirmed to the Audit Committee that, as of the date of the letter, PwC is an independent accountant with respect to the Fund, within the meaning of PCAOB Rule 3520. In its letter, PwC also informed the Audit Committee that, after evaluating the facts and circumstances and the applicable independence rules, PwC has concluded that with regard to its compliance with the independence criteria set forth in the rules and regulations of the SEC related to the Loan Rule, it believes that it remains objective and impartial despite matters that may ultimately be determined to be inconsistent with these criteria and therefore it can continue to serve as the Fund’s registered public accounting firm. PwC informed the Audit Committee that its conclusion was based on a number of factors, including, among others, PwC’s belief that the lenders are not able to impact the impartiality of PwC or assert any influence over the investment companies in the Deutsche Funds Complex whose shares the lenders own or the applicable investment company’s investment adviser; and the lenders receive no direct benefit from their ownership of the investment companies in the Deutsche Funds Complex in separate accounts maintained on behalf of their insurance contract holders. In addition, the individuals at PwC who arranged PwC’s lending relationships have no oversight of, or ability to influence, the individuals at PwC who conducted the audits of the Fund’s financial statements.

On June 20, 2016, the SEC Staff issued a “no-action” letter to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter) related to similar Loan Rule issues as those described above. In that letter, the SEC Staff confirmed that it would not recommend enforcement action against an investment company that relied on the audit services performed by an audit firm that was not in compliance with the Loan Rule in certain specified circumstances. The circumstances described in the no-action letter appear to be substantially similar to the circumstances that affected PwC’s independence under the Loan Rule with respect to the Fund. PwC confirmed to the Audit Committee that it meets the conditions of the no-action letter. In the no-action letter, the SEC Staff stated that the relief under the letter is temporary and will expire 18 months after the issuance of the letter.

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 Keith R. Fox, Deutsche Funds Board Chair, c/o Thomas R. Hiller, Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, MA 02199-3600.
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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:	Deutsche Strategic High Yield Tax-Free Fund, a series of Deutsche Municipal Trust
By:	/s/Brian E. Binder Brian E. Binder President
Date:	7/28/2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/Brian E. Binder Brian E. Binder President
Date:	7/28/2017
By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer
Date:	7/28/2017

EX-99.CODE ETH

Deutsche Asset 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

Date Last Approved

February 10, 2017 – Deutsche Funds

January 31, 2017 – Germany Funds

Revised Appendix A

February 10, 2017

Table of Contents

I.   Overview	3
II.   Purposes of the Officer Code	3
III.   Responsibilities of Covered Officers	4
A.   Honest and Ethical Conduct	4
B.   Conflicts of Interest	4
C.   Use of Personal Fund Shareholder Information	6
D.   Public Communications	6
E.   Compliance with Applicable Laws, Rules and Regulations	6
IV.   Violation Reporting	7
A.   Overview	7
B.   How to Report	7
C.   Process for Violation Reporting to the Fund Board	7
D.   Sanctions for Code Violations	7
V.   Waivers from the Officer Code	8
VI.   Amendments to the Code	8
VII.   Acknowledgement and Certification of Adherence to the Officer Code	8
IX.   Recordkeeping	9
X.   Confidentiality	9
Appendices	10
Appendix A:  List of Officers Covered under the Code, by Board	10
Appendix B:  Officer Code Acknowledgement and Certification Form	11
Appendix C:  Definitions	13

I. 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 Management or its affiliates (“Deutsche AM”) serves as the investment adviser to each Fund. All Covered Officers are also employees of Deutsche AM or an affiliate. Thus, in addition to adhering to the Officer Code, these individuals must comply with Deutsche AM policies and procedures, such as the Deutsche AM 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 Deutsche AM 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 Employee 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 Deutsche AM Compliance Officer.

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

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 Deutsche AM Compliance Officer; and

· establish accountability for adherence to the Officer Code.

Any questions about the Officer Code should be referred to Deutsche AM’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, Deutsche AM 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 Deutsche AM 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 Deutsche AM, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to Deutsche AM’s fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for Deutsche AM, or for both) be involved in establishing policies and implementing decisions which will have different effects on Deutsche AM 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 Deutsche AM, 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 Deutsche AM Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the Deutsche AM Compliance Officer, may report the matter directly to the Fund’s Board (or committee thereof), as appropriate (e.g., if the conflict involves the Deutsche AM Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the Deutsche AM Compliance Officer).

When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, Deutsche AM personnel aware of the matter should promptly contact the Deutsche AM 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 Deutsche AM Compliance Officer will take steps to determine whether a conflict exists. In so doing, the Deutsche AM 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 Deutsche AM or other appropriate Fund service provider.

After full review of a report of a possible conflict of interest, the Deutsche AM Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the Deutsche AM 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 Deutsche AM Compliance Officer determines that the appearance of a conflict exists, the Deutsche AM Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the Deutsche AM Compliance Officer instead may refer the matter to the Fund’s Board (or committee thereof), as appropriate. However, the Deutsche AM Compliance Officer must refer the matter to the Fund’s Board (or committee thereof) if the Deutsche AM 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 Deutsche AM 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 Deutsche AM Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the Deutsche AM 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 Deutsche AM Compliance Officer.

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 Deutsche AM’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 Deutsche AM 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 Deutsche AM’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 Deutsche AM Compliance Officer.

IV. Violation Reporting

A.Overview

Each Covered Officer must promptly report to the Deutsche AM 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 Deutsche AM 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 Deutsche AM.

B. How to Report

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

C. Process for Violation Reporting to the Fund Board

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

VI. Amendments to the Code

The Deutsche AM 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 Deutsche AM 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 Deutsche AM 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 Deutsche AM 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 Deutsche AM 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 Binder[5]	Paul Schubert	Paul Schubert
Germany Funds*	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.

Deutsche AM Compliance Officer:

Eileen Winkler

Head of Employee Compliance Americas

Phone: (212) 250-1544

Email: eileen.winkler@db.com

As of: February 10, 2017

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 Management (“Deutsche AM”) 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 Deutsche AM 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 Deutsche AM 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 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 Deutsche AM 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 theDeutsche AM 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 theDeutsche AM Compliance Officer or the Fund’s Board (or committee thereof).

^[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.

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

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

^[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.

^[5] As of December 1, 2013

EX-99.CERT

President

Form N-CSR Certification under Sarbanes Oxley Act

I, Brian E. Binder, certify that:

1)	I have reviewed this report, filed on behalf of Deutsche Strategic High Yield Tax-Free 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.

7/28/2017	/s/Brian E. Binder
	Brian E. Binder
	President

Chief Financial Officer and Treasurer

Form N-CSR Certification under Sarbanes Oxley Act

I, Paul Schubert, certify that:

1)	I have reviewed this report, filed on behalf of Deutsche Strategic High Yield Tax-Free 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

7/28/2017	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer

EX-99.906 CERT

President

Section 906 Certification under Sarbanes Oxley Act

I, Brian E. Binder, certify that:

1.	I have reviewed this report, filed on behalf of Deutsche Strategic High Yield Tax-Free 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.

7/28/2017	/s/Brian E. Binder
	Brian E. Binder
	President

Chief Financial Officer and Treasurer

Section 906 Certification under Sarbanes Oxley Act

I, Paul Schubert, certify that:

1.	I have reviewed this report, filed on behalf of Deutsche Strategic High Yield Tax-Free 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.

7/28/2017	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer