UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM N-CSRS

Investment Company Act file number: 811-03632

Deutsche Tax Free 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

60 Wall Street

New York, NY 10005

(Name and Address of Agent for Service)

Date of fiscal year end:	5/31
Date of reporting period:	11/30/2016

ITEM 1. REPORT TO STOCKHOLDERS

November 30, 2016

Semiannual Report
to Shareholders

Deutsche Intermediate Tax/AMT Free Fund

Contents

3 Letter to Shareholders

5 Performance Summary

8 Portfolio Management Team

8 Portfolio Summary

10 Investment Portfolio

33 Statement of Assets and Liabilities

35 Statement of Operations

36 Statements of Changes in Net Assets

37 Financial Highlights

41 Notes to Financial Statements

49 Information About Your Fund's Expenses

51 Advisory Agreement Board Considerations and Fee Evaluation

56 Account Management Resources

58 Privacy Statement

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. 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:

Today’s low-return investment environment — punctuated by periods of short-term volatility and plenty of opinions in the financial media — can be a challenge for those of us just trying to keep our portfolios moving forward.

Let’s face it: a report about the obstacles to economic growth grabs more attention than an article about the slow, steady improvement of the economy. The fact is, we continue to see the U.S. economy remaining on a moderate expansionary path. Although net exports are still challenged by modest global growth, most metrics suggest the labor market here at home continues to heal, which, along with low interest rates, is supporting the consumer.

Is action necessary? Numerous studies have found that acting impulsively on negative financial news can actually reduce your overall investment returns over time. That’s because there is a good chance you’ll miss the gains to be achieved if the market or a specific security recovers from a brief setback. So, assuming you have built your portfolio based on long-term needs and an honest assessment of your risk tolerance, short-term fluctuations should not cause an extreme level of worry.

As a global asset manager with decades of experience in helping investors through multiple market cycles, we want you to know and trust that our global intelligence, expertise and resources are here to support you. As always, we appreciate the opportunity to help you meet your goals.

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.

Performance Summary November 30, 2016 (Unaudited)

Class A	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 11/30/16
Unadjusted for Sales Charge	–3.05%	–0.72%	2.47%	3.46%
Adjusted for the Maximum Sales Charge (max 2.75% load)	–5.71%	–3.45%	1.90%	3.17%
Bloomberg Barclays 7-Year Municipal Bond Index†	–3.25%	–0.76%	2.65%	4.24%
Average Annual Total Returns as of 9/30/16 (most recent calendar quarter end)
Unadjusted for Sales Charge		3.99%	3.32%	3.97%
Adjusted for the Maximum Sales Charge (max 2.75% load)		1.13%	2.75%	3.68%
Bloomberg Barclays 7-Year Municipal Bond Index†		4.60%	3.71%	4.83%
Class C	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 11/30/16
Unadjusted for Sales Charge	–3.42%	–1.48%	1.70%	2.68%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	–4.38%	–1.48%	1.70%	2.68%
Bloomberg Barclays 7-Year Municipal Bond Index†	–3.25%	–0.76%	2.65%	4.24%
Average Annual Total Returns as of 9/30/16 (most recent calendar quarter end)
Unadjusted for Sales Charge		3.11%	2.53%	3.18%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)		3.11%	2.53%	3.18%
Bloomberg Barclays 7-Year Municipal Bond Index†		4.60%	3.71%	4.83%
Class S	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 11/30/16
No Sales Charges	–2.93%	–0.49%	2.69%	3.66%
Bloomberg Barclays 7-Year Municipal Bond Index†	–3.25%	–0.76%	2.65%	4.24%
Average Annual Total Returns as of 9/30/16 (most recent calendar quarter end)
No Sales Charges		4.14%	3.53%	4.17%
Bloomberg Barclays 7-Year Municipal Bond Index†		4.60%	3.71%	4.83%
Institutional Class	6-Month‡	1-Year	5-Year	10-Year
Average Annual Total Returns as of 11/30/16
No Sales Charges	–2.93%	–0.47%	2.74%	3.74%
Bloomberg Barclays 7-Year Municipal Bond Index†	–3.25%	–0.76%	2.65%	4.24%
Average Annual Total Returns as of 9/30/16 (most recent calendar quarter end)
No Sales Charges		4.16%	3.58%	4.26%
Bloomberg Barclays 7-Year Municipal Bond Index†		4.60%	3.71%	4.83%

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 0.79%, 1.55%, 0.62% and 0.53% 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.

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 Intermediate Tax/AMT Free Fund — Class A

■ Bloomberg Barclays 7-Year Municipal Bond Index^†

Yearly periods ended November 30

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 7-Year Municipal Bond Index is an unmanaged, total return subset of the Barclays Municipal Bond Index. It includes maturities of six to eight years.

^‡ Total returns shown for periods less than one year are not annualized.

	Class A	Class C	Class S	Institutional Class
Net Asset Value
11/30/16	$ 11.61	$ 11.60	$ 11.61	$ 11.61
5/31/16	$ 12.11	$ 12.10	$ 12.11	$ 12.11
Distribution Information as of 11/30/16
Income Dividends, Six Months	$ .14	$ .09	$ .15	$ .15
November Income Dividend	$ .0230	$ .0158	$ .0255	$ .0256
SEC 30-day Yield‡‡	1.09%	0.36%	1.37%	1.38%
Tax Equivalent Yield‡‡	1.93%	0.64%	2.42%	2.44%
Current Annualized Distribution Rate‡‡	2.38%	1.63%	2.64%	2.65%

^‡‡ The SEC yield is net investment income per share earned over the month ended November 30, 2016, 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 1.30% for Class S shares had certain expenses not been reduced. Tax equivalent yield is based on the Fund's yield and a marginal federal income tax rate of 43.4%. Current annualized distribution rate is the latest monthly dividend shown as an annualized percentage of net asset value on November 30, 2016. Distribution rate simply measures the level of dividends and is not a complete measure of performance. The current annualized distribution rate would have been 2.57% for Class S shares had certain expenses not been reduced. Yields and distribution rates are historical, not guaranteed and will fluctuate.

Portfolio Management Team

Ashton P. Goodfield, CFA, Managing Director

Co-Lead Portfolio Manager of the fund. Began managing the fund in 1990.

— Joined Deutsche Asset Management in 1986.

— Co-Head of Municipal Bonds.

— BA, Duke University.

Matthew J. Caggiano, CFA, Managing Director

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

— Joined Deutsche Asset Management in 1989.

— BS, Pennsylvania State University; MS, Boston College.

Peter Aloisi, CFA, Vice President

Portfolio Manager of the fund. Began managing the fund in 2014.

— Joined Deutsche Asset Management in 2010 with five years of industry experience; previously, served as an Associate at Banc of America Securities.

— Municipal Trader: Boston.

— BA and MBA, Boston College.

Portfolio Summary (Unaudited)

Investment Portfolio as of November 30, 2016 (Unaudited)

		Principal Amount ($)	Value ($)
Municipal Bonds and Notes 99.1%
Alabama 0.8%
Alabama, State Public School & College Authority Revenue:
	Series B, 5.0%, 1/1/2024	9,680,000	11,269,746
	Series A, Prerefunded 5/1/2019 @ 100, 5.0%, 5/1/2024	3,000,000	3,253,290
			14,523,036
Alaska 0.4%
Alaska, State Housing Finance Corp., Mortgage Revenue, Series A, 4.0%, 6/1/2040		1,375,000	1,409,086
Alaska, State Housing Finance Corp., State Capital Project Bonds II, Series D, 5.0%, 12/1/2026		5,515,000	6,327,636
			7,736,722
Arizona 1.8%
Arizona, State School Facilities Board, Certificates of Participation, Series A, 5.0%, 9/1/2023		3,500,000	4,035,745
Arizona, State Transportation Board Excise Tax Revenue, Maricopa County Regional Area Road, Prerefunded 7/1/2019 @ 100, 5.0%, 7/1/2025		3,000,000	3,274,140
Arizona, Water Infrastructure Finance Authority Revenue, Series A, Prerefunded 10/1/2018 @ 100, 5.0%, 10/1/2024		4,000,000	4,275,520
Arizona, Water Infrastructure Finance Authority Revenue, Water Quality, Series A, Prerefunded 10/1/2020 @ 100, 5.0%, 10/1/2030		3,750,000	4,215,750
Maricopa County, AZ, Industrial Development Authority, Hospital Facility Revenue, Samaritan Health Services, Series B, ETM, 6.0%, 12/1/2019, INS: NATL		1,305,000	1,391,756
Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Series A, 5.0%, 7/1/2028		4,000,000	4,400,080
Phoenix, AZ, Civic Improvement Corp., Wastewater System Revenue, 5.5%, 7/1/2022		2,545,000	2,711,825
Phoenix, AZ, General Obligation:
	Series B, 5.0%, 7/1/2018	8,160,000	8,348,251
	Series B, Prerefunded 7/1/2017 @ 100, 5.0%, 7/1/2018	1,840,000	1,884,970
Pima County, AZ, Sewer Revenue, Series A, 5.0%, 7/1/2021		650,000	738,088
			35,276,125
California 8.8%
California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area:
	Series F-1, Prerefunded 4/1/2019 @ 100, 5.0%, 4/1/2028	10,000,000	10,832,800
	Series F-1, Prerefunded 4/1/2019 @ 100, 5.25%, 4/1/2029	2,500,000	2,722,525
California, Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series A, 6.0%, 7/1/2029		4,000,000	4,428,480
California, State Department of Water Resources, Center Valley Project, Water Systems, Series AT, 1.17%**, Mandatory Put 12/1/2017 @ 100, 12/1/2035		14,285,000	14,252,430
California, State Economic Recovery, Series A, Prerefunded 7/1/2019 @ 100, 5.25%, 7/1/2021		5,000,000	5,491,200
California, State General Obligation, 5.25%, 10/1/2025		10,000,000	10,986,700
California, State General Obligation, Various Purposes:
	4.0%, 9/1/2032	5,000,000	5,154,750
	5.25%, 9/1/2027	10,000,000	11,441,800
	5.75%, 4/1/2027	5,000,000	5,466,850
	6.0%, 4/1/2018	1,700,000	1,810,041
	6.0%, 3/1/2033	3,765,000	4,261,265
California, State Public Works Board, Lease Revenue, Capital Projects, Series I-1, Prerefunded 11/1/2019 @ 100, 6.25%, 11/1/2021		7,000,000	7,964,110
California, State Public Works Board, Lease Revenue, Department of General Services, Buildings 8 & 9, Series A, Prerefunded 4/1/2019 @ 100, 6.125%, 4/1/2028		2,000,000	2,218,620
California, State Public Works Board, Lease Revenue, Judicial Council Projects, Series A, 5.0%, 3/1/2024		1,000,000	1,141,270
California, University Revenues, Limited Project, Series E, 5.0%, 5/15/2021		5,000,000	5,551,750
Los Angeles County, CA, Metropolitan Transportation Authority, Sales Tax Revenue, Series A, 5.0%, 6/1/2028		1,500,000	1,779,285
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport, Series A, 5.0%, 5/15/2031		10,000,000	11,065,200
Orange County, CA, Airport Revenue, Series A, 5.25%, 7/1/2025		3,000,000	3,258,360
Sacramento, CA, Municipal Utility District:
	Series U, 5.0%, 8/15/2023, INS: AGMC	4,295,000	4,559,443
	Series U, Prerefunded 8/15/2018 @ 100, 5.0%, 8/15/2023, INS: AGMC	2,705,000	2,882,421
San Diego County, CA, Water Authority Revenue, 5.0%, 5/1/2022		1,290,000	1,486,867
San Diego, CA, Public Facilities Financing Authority, Sewer Revenue, Series A, Prerefunded 5/15/2019 @ 100, 5.125%, 5/15/2029		4,000,000	4,363,680
San Diego, CA, Public Facilities Financing Authority, Water Revenue:
	Series A, Prerefunded 8/1/2020 @ 100, 5.25%, 8/1/2027	5,000,000	5,641,050
	Series A, Prerefunded 8/1/2020 @ 100, 5.25%, 8/1/2028	5,000,000	5,641,050
San Francisco, CA, City & County Airports Commission, International Airport Revenue, Series E, 5.25%, 5/1/2024		9,000,000	9,785,430
San Francisco, CA, City & County Airports Commission, International Airport Revenue, Governmental Purpose:
	Series C, 5.0%, 5/1/2025	1,145,000	1,262,901
	Series C, Prerefunded 5/1/2020 @ 100, 5.0%, 5/1/2025	855,000	952,359
	Series C, 5.0%, 5/1/2026	1,635,000	1,802,211
	Series C, Prerefunded 5/1/2020 @ 100, 5.0%, 5/1/2026	1,215,000	1,353,352
San Francisco, CA, City & County Public Utilities Commission, Water Revenue, Series A, 4.0%, 11/1/2030		13,000,000	13,562,640
Ventura County, CA, Certificates of Participation, Public Financing Authority III, Prerefunded 8/15/2019 @ 100, 6.0%, 8/15/2026		3,370,000	3,777,635
			166,898,475
Colorado 1.0%
Aurora, CO, Water Improvement Revenue, First Lien, Series A, Prerefunded 8/1/2017 @ 100, 5.0%, 8/1/2021, INS: AMBAC		7,000,000	7,194,390
Colorado, Health Facilities Authority Revenue, Sisters Leavenworth, Series A, 5.25%, 1/1/2025		2,500,000	2,728,600
Colorado, State Building Excellent School Today, Certificate of Participation, Series G, 5.0%, 3/15/2025		3,285,000	3,675,061
Colorado, University Enterprise System Revenue, Series A, Prerefunded 6/1/2019 @ 100, 5.5%, 6/1/2023		1,000,000	1,100,530
Denver City & County, CO, Airport Revenue System:
	Series B, 5.0%, 11/15/2020	500,000	558,425
	Series B, 5.0%, 11/15/2021	500,000	565,860
	Series B, 5.0%, 11/15/2022	2,350,000	2,695,126
			18,517,992
Connecticut 0.9%
Connecticut, State General Obligation, Green Bonds, Series F, 5.0%, 10/15/2030		7,000,000	7,907,480
Connecticut, State Special Tax Obligation Revenue, Transportation Infrastructure, Series A, 5.0%, 10/1/2027		8,000,000	9,180,320
			17,087,800
Delaware 0.3%
Delaware, Transportation Authority Revenue, 5.0%, 9/1/2024		5,115,000	5,654,581
District of Columbia 1.1%
District of Columbia, Income Tax Revenue, Series A, 5.0%, 12/1/2023		5,000,000	5,540,200
District of Columbia, Income Tax Secured Revenue, Series B, 1.17%**, 12/1/2017		15,000,000	15,002,100
			20,542,300
Florida 5.0%
Broward County, FL, School Board Certificates of Participation, Series A, 5.0%, 7/1/2023		1,875,000	2,164,181
Broward County, FL, Water & Sewer Utility Revenue, Series A, Prerefunded 10/1/2018 @ 100, 5.0%, 10/1/2024		2,745,000	2,934,597
Dade County, FL, Health Facilities Authority Hospital Revenue, Baptist Hospital of Miami Project, Series A, ETM, 5.75%, 5/1/2021, INS: NATL		2,125,000	2,334,886
Florida, Citizens Property Insurance Corp., Series A-1, 5.0%, 6/1/2021		5,090,000	5,691,231
Florida, Housing Finance Corp. Revenue, Homeowner Mortgage Special Program, Series A, 5.0%, 7/1/2028		825,000	856,812
Florida, State Board of Public Education, Capital Outlay, Series B, 4.0%, 6/1/2029		5,150,000	5,473,729
Florida, Tohopekaliga Water Utility System Revenue, 4.0%, 10/1/2032		2,145,000	2,229,899
Jacksonville, FL, Sales Tax Revenue, Better Jacksonville, 5.0%, 10/1/2021		1,335,000	1,508,497
Jacksonville, FL, Water & Sewer System Revenue, Series A, 5.0%, 10/1/2026		5,000,000	5,728,300
Lee County, FL, School Board Certificates of Participation, Series A, 5.0%, 8/1/2027		4,360,000	4,972,275
Miami-Dade County, FL, Aviation Revenue:
	Series B, 5.0%, 10/1/2024	4,000,000	4,445,560
	Series A, 5.75%, 10/1/2026	8,000,000	8,902,000
Miami-Dade County, FL, Aviation Revenue, Miami International Airport:
	Series A-1, 5.5%, 10/1/2025	2,275,000	2,574,754
	Series A-1, Prerefunded 10/1/2020 @ 100, 5.5%, 10/1/2025	725,000	827,015
	Series A-1, 5.5%, 10/1/2026	3,335,000	3,770,451
	Series A-1, Prerefunded 10/1/2020 @ 100, 5.5%, 10/1/2026	1,065,000	1,214,856
Miami-Dade County, FL, School Board, Certificates of Participation:
	Series A, Prerefunded 5/1/2017 @ 100, 5.0%, 5/1/2019, INS: NATL	3,000,000	3,051,990
	Series D, 5.0%, 2/1/2029	7,000,000	7,920,290
Miami-Dade County, FL, Water & Sewer Systems Revenue, 5.0%, 10/1/2027, INS: AGC		10,000,000	11,059,300
Orange County, FL, Housing Finance Authority, Post Fountains Project, 0.58%*, 6/1/2025, INS: Fannie Mae, LIQ: Fannie Mae		670,000	670,000
Orlando & Orange County, FL, Expressway Authority Revenue:
	Series B, 5.0%, 7/1/2022	2,000,000	2,281,560
	Series A, Prerefunded 7/1/2020 @ 100, 5.0%, 7/1/2028	7,500,000	8,362,950
South Florida, Water Management District, Certificates of Participation, 5.0%, 10/1/2023		3,000,000	3,462,390
South Miami, FL, Health Facilities Authority, Hospital Revenue, Baptist Health South Florida Group, 5.0%, 8/15/2021		2,500,000	2,567,100
			95,004,623
Georgia 4.0%
Atlanta, GA, Airport Passenger Facility Charge Revenue, Series B, 5.0%, 1/1/2021		8,345,000	9,172,073
Atlanta, GA, Airport Revenue, Series C, 5.75%, 1/1/2023		2,460,000	2,833,748
Atlanta, GA, Metropolitan Rapid Transit Authority, Sales Tax Revenue, Second Indenture, Series B, 1.15%**, Mandatory Put 7/1/2017 @ 100, 7/1/2025		4,285,000	4,278,701
Atlanta, GA, Water & Wastewater Revenue:
	Series B, 5.0%, 11/1/2022	3,000,000	3,442,500
	Series B, 5.25%, 11/1/2027, INS: AGMC	10,000,000	12,135,200
DeKalb County, GA, Water & Sewer Revenue, Series A, 5.25%, 10/1/2029		10,300,000	11,803,491
Gainesville & Hall County, GA, Hospital Authority Revenue, Anticipation Certificates, Northeast Georgia Healthcare, Series B, 5.5%, 2/15/2029		8,900,000	9,721,915
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue, Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co., Inc.		1,705,000	1,944,433
Georgia, Municipal Electric Authority, Combined Cycle Project:
	Series A, 5.0%, 11/1/2022	1,000,000	1,145,810
	Series A, 5.0%, 11/1/2027	1,000,000	1,099,170
Georgia, Municipal Electric Authority, General Resolution Projects, Series A, 5.25%, 1/1/2019		2,500,000	2,687,525
Georgia, Municipal Electric Authority, Project One, Series A, 5.0%, 1/1/2021		3,420,000	3,809,196
Georgia, State General Obligation, Series C-1, 3.0%, 1/1/2027		10,000,000	10,078,000
Georgia, State Road & Tollway Authority Revenue, Federal Highway Grant Anticipation Bonds, Series A, 5.0%, 6/1/2021		2,500,000	2,705,000
			76,856,762
Guam 0.1%
Guam, Government Limited Obligation Revenue, Section 30, Series A, Prerefunded 12/1/2019 @ 100, 5.375%, 12/1/2024		1,000,000	1,114,810
Hawaii 1.9%
Hawaii, State Airports Systems Revenue:
	Series A, 5.25%, 7/1/2027	2,335,000	2,608,335
	Series A, 5.25%, 7/1/2028	5,010,000	5,587,252
	Series A, 5.25%, 7/1/2029	3,155,000	3,512,714
Hawaii, State General Obligation:
	Series FB, 4.0%, 4/1/2029	10,000,000	10,624,400
	Series DK, Prerefunded 5/1/2018 @ 100, 5.0%, 5/1/2021	9,000,000	9,494,730
Honolulu City & County, HI, Wastewater Systems Revenue:
	Series B, 4.0%, 7/1/2029	2,475,000	2,624,713
	Series B, 4.0%, 7/1/2030	1,000,000	1,051,220
			35,503,364
Illinois 5.2%
Chicago, IL, O'Hare International Airport Revenue:
	Series D, 5.0%, 1/1/2023	6,540,000	7,398,440
	Series B, 5.0%, 1/1/2029	5,000,000	5,602,600
	Series C, 5.25%, 1/1/2030, INS: AGC	10,000,000	10,848,900
Chicago, IL, O'Hare International Airport Revenue, Senior Lien, Series C, 5.0%, 1/1/2030 (a)		1,250,000	1,367,175
Illinois, Railsplitter Tobacco Settlement Authority Revenue:
	5.0%, 6/1/2019	3,500,000	3,773,315
	5.25%, 6/1/2020	3,000,000	3,322,140
Illinois, Regional Transportation Authority, Series A, 5.5%, 7/1/2024, INS: NATL		5,000,000	5,963,950
Illinois, State Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2026		6,330,000	7,261,523
Illinois, State General Obligation, 5.0%, 2/1/2023		10,000,000	10,441,200
Illinois, State Municipal Electric Agency, Power Supply Revenue, Series A, 5.0%, 2/1/2028		10,000,000	11,276,200
Illinois, State Toll Highway Authority Revenue:
	Series D, 5.0%, 1/1/2024	11,840,000	13,643,114
	Series A, 5.0%, 1/1/2027	1,250,000	1,409,587
	Series A, 5.0%, 1/1/2028	1,250,000	1,403,613
	Series A-1, 5.25%, 1/1/2030	5,000,000	5,424,450
Illinois, Will, Grundy Etc. Counties, Community College District Number 525, Joliet Jr. College, 6.25%, 6/1/2021		1,000,000	1,069,780
Northern, IL, Municipal Power Agency, Power Project Revenue, Series A, 5.0%, 12/1/2028		3,435,000	3,826,006
Rockford-Concord Commons, IL, Housing Facility, Concord Commons Project, Series A, 6.15%, 11/1/2022		735,000	736,882
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2029		3,500,000	3,911,040
			98,679,915
Indiana 1.4%
Indiana, State Finance Authority Revenue, Green Bonds, Series B, 5.0%, 2/1/2023		4,285,000	4,979,984
Indiana, Transportation Finance Authority Highway Revenue, Series A, 5.5%, 12/1/2022		10,000,000	11,568,500
Indiana, Wastewater Utility Revenue, CWA Authority Project, Series A, 5.0%, 10/1/2027		1,565,000	1,749,811
Indianapolis, IN, Local Public Improvement Bond Bank, Series K, 5.0%, 6/1/2026		5,355,000	5,901,210
Jasper County, IN, Pollution Control Revenue, Northern Indiana Public Service, Series C, 5.85%, 4/1/2019, INS: NATL		2,000,000	2,159,440
			26,358,945
Iowa 1.5%
Iowa, State Finance Authority Revenue, Green Bonds, State Revolving Fund, 5.0%, 8/1/2024		15,000,000	17,813,850
Iowa, State Finance Authority, Health Facilities Revenue, Iowa Health System, 5.25%, 2/15/2029, INS: AGC		10,000,000	10,668,400
			28,482,250
Kansas 0.7%
Kansas, State Development Finance Authority Hospital Revenue, Adventist Health, 5.5%, 11/15/2022		4,470,000	4,933,986
Kansas, State Development Finance Authority, Sisters of Charity of Leavenworth Health System, Inc.:
	Series A, 5.25%, 1/1/2025	995,000	1,086,918
	Series A, Prerefunded 1/1/2020 @ 100, 5.25%, 1/1/2025	6,505,000	7,208,776
			13,229,680
Kentucky 0.1%
Kentucky, Asset/Liability Commission Agency Revenue, Federal Highway Trust, First Series, 5.25%, 9/1/2019, INS: NATL		1,000,000	1,093,060
Louisiana 0.2%
Louisiana, Local Government Environmental Facilities & Community Development Authority, LCTCS Facilities Corp. Project, Series B, 5.0%, 10/1/2027, INS: AGC		1,365,000	1,477,230
Louisiana, Regional Transit Authority, Sales Tax Revenue, 5.0%, 12/1/2025, INS: AGMC		1,550,000	1,705,837
			3,183,067
Maine 0.5%
Maine, Health & Higher Educational Facilities Authority Revenue, Series A, 5.25%, 7/1/2031		8,040,000	8,789,408
Maryland 0.3%
Maryland, General Obligation, State & Local Facilities Loan, Series 2, Prerefunded 8/1/2017 @ 100, 5.0%, 8/1/2019		5,000,000	5,139,200
Massachusetts 4.5%
Massachusetts, Metropolitan Boston Transit Parking Corp., Systemwide Parking Revenue, Senior Lien, 5.0%, 7/1/2028		3,760,000	4,188,189
Massachusetts, State Consolidated Loan:
	Series A, 0.5%*, 3/1/2026, SPA: Wells Fargo Bank NA	2,000,000	2,000,000
	Series D-2, 1.17%**, Mandatory Put 8/1/2017 @ 100, 8/1/2043	15,000,000	14,962,500
Massachusetts, State Development Finance Agency Revenue, Series H-1, 5.0%, 7/1/2022		2,740,000	3,131,135
Massachusetts, State Development Finance Agency Revenue, CareGroup Obligated Group:
	Series I, 5.0%, 7/1/2028	10,000,000	11,506,900
	Series I, 5.0%, 7/1/2029	3,340,000	3,816,585
Massachusetts, State Development Finance Agency Revenue, Harvard University, Series B-3, 5.0%, 1/1/2022		9,210,000	10,361,987
Massachusetts, State Development Finance Agency Revenue, Partners Healthcare System, Inc., Series M-3, 1.42%**, Mandatory Put 1/30/2018 @ 100, 7/1/2038		4,920,000	4,919,705
Massachusetts, State General Obligation:
	Series C, 5.0%, 8/1/2022	7,000,000	8,071,070
	Series A, 5.0%, 7/1/2023	7,000,000	8,160,530
Massachusetts, State Health & Educational Facilities Authority Revenue, Suffolk University, Series A, 6.0%, 7/1/2024		5,000,000	5,503,550
Massachusetts, State Housing Finance Agency, Series 162, 2.75%, 12/1/2041		750,000	756,952
Massachusetts, State School Building Authority, Sales Tax Revenue, Series B, 5.0%, 10/15/2027		7,000,000	7,895,370
			85,274,473
Michigan 4.1%
Detroit, MI, City School District Building & Site:
	Series A, 5.0%, 5/1/2020	3,110,000	3,387,070
	Series A, 5.0%, 5/1/2021	2,100,000	2,311,260
Michigan, Great Lakes Water Authority, Water Supply Systems Revenue, Senior Lien, Series C, 5.0%, 7/1/2031		10,000,000	11,066,400
Michigan, State Building Authority Revenue, Facilities Program:
	Series II-A, 5.0%, 10/15/2024	1,610,000	1,795,424
	Series I, 5.0%, 4/15/2027	11,225,000	12,880,351
Michigan, State Finance Authority Revenue, Series C-3, 5.0%, 4/1/2023		3,000,000	3,377,400
Michigan, State Finance Authority Revenue, Clean Water Revolving Fund, Series B, 4.0%, 10/1/2030		7,500,000	7,905,375
Michigan, State Finance Authority Revenue, Henry Ford Health System, 5.0%, 11/15/2028		2,000,000	2,241,240
Michigan, State Finance Authority Revenue, Trinity Health Corp., 5.5%, 12/1/2026		2,000,000	2,392,120
Michigan, State Finance Authority Revenue, Unemployment Obligation Assessment, Series B, 5.0%, 7/1/2021		11,825,000	12,509,549
Michigan, State Hospital Finance Authority Revenue, Ascension Health Credit Group, 5.0%, 11/15/2027		2,250,000	2,605,815
Michigan, State Hospital Finance Authority Revenue, Ascension Health Senior Credit Group, Series B, 5.0%, 11/15/2025		5,920,000	6,405,499
Michigan, State Trunk Line, 5.0%, 11/1/2024		3,000,000	3,257,070
University of Michigan, State University Revenues, Series E, 1.3%**, Mandatory Put 4/2/2018 @ 100, 4/1/2033		7,000,000	6,969,830
			79,104,403
Minnesota 0.7%
Minneapolis & St. Paul, MN, Metropolitan Airports Commission, Airport Revenue:
	Series A, 5.0%, 1/1/2027	2,000,000	2,249,520
	Series A, 5.0%, 1/1/2028	3,500,000	3,917,690
Minnesota, State General Fund Revenue, Series B, 5.0%, 3/1/2023		5,945,000	6,799,772
			12,966,982
Mississippi 1.0%
Mississippi, Development Bank Special Obligation, Department of Corrections:
	Series C, Prerefunded 8/1/2020 @ 100, 5.25%, 8/1/2027	6,110,000	6,888,719
	Series D, Prerefunded 8/1/2020 @ 100, 5.25%, 8/1/2027	5,000,000	5,637,250
Mississippi, Home Corp., Single Family Mortgage Revenue, Series C-1, 5.6%, 6/1/2038		550,000	568,904
Mississippi, State Business Finance Commission, Gulf Opportunity Zone, Chevron U.S.A., Inc., Series A, 0.56%*, 12/1/2030, GTY: Chevron Corp.		1,000,000	1,000,000
Mississippi, State Gaming Tax Revenue, Series E, 5.0%, 10/15/2028		4,755,000	5,381,186
			19,476,059
Missouri 0.2%
Cape Girardeau County, MO, Industrial Development Authority, St. Francis Medical Center:
	Series A, 5.0%, 6/1/2022	1,570,000	1,786,425
	Series A, 5.0%, 6/1/2023	1,375,000	1,553,736
Missouri, State Housing Development Commission, Single Family Mortgage Revenue, Homeownership Loan Program, Series D, 4.8%, 3/1/2040		520,000	542,261
Missouri, State Housing Development Commission, Single Family Mortgage Revenue, Special Homeownership Loan Program Market Bonds, Series E-1, 5.0%, 11/1/2027		370,000	387,860
			4,270,282
Nebraska 0.2%
Nebraska, State Investment Finance Authority, Single Family Housing Revenue:
	Series E, 3.0%, 3/1/2043	1,080,000	1,097,377
	Series C, 4.5%, 9/1/2043	3,410,000	3,508,004
			4,605,381
Nevada 1.6%
Clark County, NV, Airport Revenue, Series D-2B, 0.57%*, 7/1/2040, LOC: Royal Bank of Canada		550,000	550,000
Clark County, NV, Board Bank:
	5.0%, 6/1/2024	3,040,000	3,286,605
	5.0%, 6/1/2025	3,190,000	3,445,519
Clark County, NV, Flood Control, 5.0%, 11/1/2022		3,215,000	3,714,257
Clark County, NV, General Obligation, Series A, 5.0%, 12/1/2026		3,025,000	3,312,617
Las Vegas Valley, NV, Water District:
	Series A, 5.0%, 6/1/2027	2,000,000	2,319,940
	Series C, 5.0%, 9/15/2027	4,355,000	5,068,044
	Series B, 5.0%, 12/1/2027	2,500,000	2,895,825
Washoe County, NV, School District, Series A, 5.0%, 6/1/2026		4,855,000	5,613,303
			30,206,110
New Hampshire 0.1%
New Hampshire, State Turnpike Systems, Series B, 5.0%, 2/1/2024		1,775,000	1,996,201
New Jersey 1.9%
New Jersey, State Economic Development Authority Revenue, 5.0%, 6/15/2020		1,150,000	1,229,534
New Jersey, State Economic Development Authority Revenue, School Facilities Construction, Series W, Prerefunded 3/1/2018 @ 100, 5.0%, 3/1/2019		3,000,000	3,146,550
New Jersey, State Health Care Facilities Financing Authority Revenue, Princeton Healthcare System, Series A, 5.0%, 7/1/2024		2,000,000	2,306,200
New Jersey, State Transportation Trust Fund Authority:
	Series B, 5.25%, 6/15/2025	5,000,000	5,295,450
	Series B, 5.25%, 6/15/2026	5,000,000	5,242,300
New Jersey, State Turnpike Authority Revenue:
	Series B-2, 0.775%**, Mandatory Put 1/1/2017 @ 100, 1/1/2024	11,250,000	11,250,000
	Series B, 5.0%, 1/1/2028	7,870,000	8,860,597
			37,330,631
New Mexico 0.1%
New Mexico, Mortgage Finance Authority, Single Family Mortgage:
	"I", Series E, 5.3%, 9/1/2040	590,000	606,644
	"I", Series D, 5.35%, 9/1/2040	460,000	483,511
	"I", Series B-2, 5.65%, 9/1/2039	225,000	232,796
			1,322,951
New York 8.9%
Nassau County, NY, Sewer & Storm Water Finance Authority Systems Revenue, Series A, 5.0%, 10/1/2023		3,000,000	3,517,350
New York, Metropolitan Transportation Authority Revenue:
	Series D-2B, 0.968%**, Mandatory Put 5/15/2018 @ 100, 11/1/2032, INS: AGMC	4,200,000	4,201,764
	Series B-2, 5.0%, 11/15/2021	5,000,000	5,646,050
New York, Metropolitan Transportation Authority, Dedicated Tax Fund, Series A-2B, 1.13%**, Mandatory Put 11/1/2019 @ 100, 11/1/2031		5,000,000	5,009,100
New York, Sales Tax Asset Receivable Corp., Fiscal 2015, Series A, 5.0%, 10/15/2026		5,930,000	7,024,085
New York, State Dormitory Authority Revenues, Non State Supported Debt, North Shore-Long Island Jewish Obligated Group, Series A, 5.0%, 5/1/2028		8,820,000	10,114,335
New York, State Dormitory Authority Revenues, Non-State Supported Debt, Mount Sinai School of Medicine, Series A, 5.0%, 7/1/2021		1,000,000	1,097,840
New York, State Dormitory Authority Revenues, State Supported Debt, City University Consolidated, Series C, 0.53%*, 7/1/2031, LOC: Bank of America NA		600,000	600,000
New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%, 2/15/2022		2,065,000	2,364,280
New York, State Environmental Facilities Corp., State Clean Water & Drinking Revolving Funds, New York City Municipal Water Finance Authority Projects, 5.0%, 6/15/2029		10,000,000	11,305,500
New York, State Housing Finance Agency Revenue, Riverside Center Housing, Series A-3, 0.57%*, 11/1/2046, LOC: Bank of America NA		300,000	300,000
New York, State Thruway Authority, Series J, 5.0%, 1/1/2028		10,000,000	11,391,100
New York, State Urban Development Corp. Revenue, State Personal Income Tax, Series A, 5.0%, 3/15/2023		6,265,000	7,284,629
New York, Utility Debt Securitization Authority, Restructuring Revenue, Series A, 5.0%, 12/15/2026		15,000,000	17,644,650
New York City, NY, Municipal Water Finance Authority, Water & Sewer System Revenue:
	Series AA, 5.0%, 6/15/2021	8,145,000	8,611,546
	Series AA, Prerefunded 6/15/2018 @ 100, 5.0%, 6/15/2021	1,855,000	1,964,946
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured:
	Series A-1, 0.57%*, 11/15/2022, SPA: JPMorgan Chase Bank NA	200,000	200,000
	Series B1, 5.0%, 11/1/2027	750,000	861,000
	Series B1, 5.0%, 11/1/2028	1,175,000	1,342,132
	Series D-1, 5.0%, 11/1/2028	9,715,000	10,970,858
	Series E-1, 5.0%, 2/1/2029	3,055,000	3,439,930
	Series B1, 5.0%, 11/1/2029	935,000	1,061,749
New York City, NY, Transitional Finance Authority, Building Aid Revenue, Series S-2, 5.0%, 7/15/2028		6,750,000	7,831,552
New York, NY, General Obligation:
	Series A-4, 0.57%*, 8/1/2038, LOC: Bank of Tokyo-Mitsubishi UFJ	1,000,000	1,000,000
	Series J, 5.0%, 8/1/2023	6,250,000	7,250,000
	Series F, 5.0%, 8/1/2024	9,000,000	10,157,400
	Series B, 5.0%, 8/1/2026	2,870,000	3,320,848
	Series C, 5.0%, 8/1/2027	5,000,000	5,782,000
	Series D-1, 5.0%, 8/1/2029	8,620,000	9,817,232
Triborough, NY, Bridge & Tunnel Authority Revenues:
	Series ABCD-4, 0.9%**, 1/1/2018, INS: AGMC	3,665,000	3,664,560
	Series A, 5.0%, 11/15/2028	4,975,000	5,645,381
			170,421,817
North Carolina 1.8%
Charlotte, NC, Airport Revenue, Series A, 5.5%, 7/1/2034		1,000,000	1,101,730
North Carolina, Eastern Municipal Power Agency Systems Revenue, Series B, Prerefunded 1/1/2019 @ 100, 5.0%, 1/1/2026		4,200,000	4,515,126
North Carolina, State Capital Improvement Obligation, Series A, 5.0%, 5/1/2024		10,745,000	11,847,652
North Carolina, State Limited Obligation:
	Series C, 5.0%, 5/1/2022	5,000,000	5,746,450
	Series B, 5.0%, 6/1/2024	10,000,000	11,772,400
			34,983,358
North Dakota 0.1%
Fargo, ND, Sanford Health Systems Revenue, 5.5%, 11/1/2021		1,250,000	1,445,725
Ohio 2.5%
Cleveland, OH, Airport Systems Revenue:
	Series A, 5.0%, 1/1/2027	3,000,000	3,289,890
	Series A, 5.0%, 1/1/2031, INS: AGMC	1,000,000	1,103,330
Columbus, OH, General Obligation:
	Series A, 4.0%, 8/15/2027	7,000,000	7,655,690
	Series 1, 5.0%, 7/1/2023	5,125,000	6,033,047
Franklin County, OH, Hospital Facilities Revenue, OhioHealth Corp., Series D, 0.55%*, 7/1/2029, LOC: Northern Trust Co.		150,000	150,000
Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series D, 5.0%, 11/15/2024		2,800,000	3,143,280
Ohio, State Capital Facilities Lease Appropriation-Administration Building Fund Projects, Series A, 5.0%, 10/1/2022		2,355,000	2,716,681
Ohio, State Higher Educational Facility Commission Revenue, Cleveland Clinic Health, Series A, 5.25%, 1/1/2021		2,150,000	2,239,118
Ohio, State Higher Educational Facility Commission Revenue, Summa Health Systems 2010 Project, 5.5%, 11/15/2030, INS: AGMC		5,000,000	5,483,500
Ohio, State Housing Finance Agency, Residential Mortgage Revenue, Mortgage-Backed Securities Program, Series E, 5.0%, 9/1/2039		205,000	212,296
Ohio, State Infrastructure Improvement, Series A, 5.0%, 9/1/2023		12,000,000	14,034,360
Ohio, State Turnpike Commission, Infrastructure Projects, Series A-1, 5.25%, 2/15/2029		1,310,000	1,492,784
			47,553,976
Oregon 1.7%
Clackamas County, OR, North Clackamas School District No. 12, Convertible Deferred Interest, Series B, Prerefunded 6/15/2017 @ 100, 5.0%, 6/15/2027, INS: AGMC		6,535,000	6,681,710
Oregon, State Department of Administrative Services Lottery Revenue:
	Series C, 5.0%, 4/1/2023	2,000,000	2,332,380
	Series E, 5.0%, 4/1/2023	2,020,000	2,355,704
Oregon, State General Obligation:
	Series L, 5.0%, 5/1/2025	3,000,000	3,381,120
	Series J, Prerefunded 5/1/2021 @ 100, 5.0%, 5/1/2029	5,425,000	6,158,460
Port of Portland, OR, Airport Revenue, Passenger Facility Charge, Portland International Airport:
	Series A, 5.5%, 7/1/2026	4,025,000	4,557,226
	Series A, 5.5%, 7/1/2029	7,000,000	7,864,150
			33,330,750
Pennsylvania 4.0%
Lehigh County, PA, Industrial Development Authority Revenue, PPL Electric Utilities Corp.:
	Series B, 0.9%**, Mandatory Put 8/15/2017 @ 100, 2/15/2027	1,555,000	1,553,274
	Series A, 0.9%**, Mandatory Put 9/1/2017 @ 100, 9/1/2029	1,800,000	1,797,462
Pennsylvania, Commonwealth Systems of Higher Education, University of Pittsburgh Capital Project, Series B, 5.5%, 9/15/2024		1,000,000	1,090,560
Pennsylvania, Saint Mary Hospital Authority, Health System Revenue, Catholic Health East, Series A, 5.0%, 11/15/2021		8,000,000	8,895,840
Pennsylvania, State Economic Development Financing Authority Revenue, UPMC Obligated Group:
	Series A, 5.0%, 2/1/2028	3,000,000	3,389,370
	5.0%, 3/15/2029	10,000,000	11,386,900
Pennsylvania, State Economic Development Financing Authority, Unemployment Compensation Revenue, Series B, 5.0%, 7/1/2021		2,215,000	2,305,040
Pennsylvania, State General Obligation, Series 2, 5.0%, 9/15/2029		7,000,000	7,926,940
Pennsylvania, State Housing Finance Agency, Single Family Mortgage Revenue, Series 119, 3.5%, 10/1/2041		5,595,000	5,794,517
Pennsylvania, State Turnpike Commission Revenue:
	Series B-1, 1.43%**, 12/1/2020	3,000,000	2,992,500
	Series B, 1.7%**, 12/1/2019	500,000	503,225
	5.0%, 6/1/2028	5,000,000	5,590,100
	Series C, 5.0%, 12/1/2028	2,950,000	3,325,771
	Series C, 5.5%, 12/1/2026	2,120,000	2,492,993
	Series C, 5.5%, 12/1/2027	2,820,000	3,300,302
	Series C, 5.5%, 12/1/2028	1,000,000	1,163,470
Pennsylvanian & New Jersey, Delaware River Port Authority Revenue, Series B, 0.52%*, 1/1/2026, LOC: TD Bank NA		300,000	300,000
Philadelphia, PA, Gas Works Revenue, 1998 General Ordinance, Series 14, 5.0%, 10/1/2029		1,500,000	1,683,480
Philadelphia, PA, Redevelopment Authority, Multi-Family Housing Revenue, Woodstock, 5.45%, 2/1/2023		335,000	338,052
Philadelphia, PA, School District, Series F, 5.0%, 9/1/2030		9,000,000	9,641,430
			75,471,226
Puerto Rico 0.0%
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue, Series A, Prerefunded 8/1/2019 @ 100, 5.5%, 8/1/2028		45,000	49,733
Rhode Island 0.0%
Rhode Island, Narragansett Bay Commission, Wastewater System Revenue, Series A, 0.57%*, 9/1/2034, LOC: TD Bank NA		165,000	165,000
South Carolina 1.0%
Beaufort County, SC, School District, Series A, 5.0%, 3/1/2023		7,360,000	8,528,915
Berkeley County, SC, School District Installment Purchase Revenue, Securing Assets for Education, Series A, 5.0%, 12/1/2026		2,000,000	2,310,460
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2025		2,755,000	3,044,385
South Carolina, Beaufort-Jasper Water & Sewer Authority, Waterworks & Sewer System Revenue:
	Series B, 5.0%, 3/1/2023 (a)	1,880,000	2,177,830
	Series B, 5.0%, 3/1/2024 (a)	500,000	586,175
South Carolina, SCAGO Educational Facilities Corp. for Pickens School District, 5.0%, 12/1/2026		2,970,000	3,385,562
			20,033,327
Tennessee 0.4%
Tennessee, Housing Development Agency, Residential Financing Program Revenue, Series 1C, 3.0%, 7/1/2038		4,695,000	4,793,172
Tennessee, State Housing Development Agency, Homeownership Program:
	Series 2C, 4.0%, 7/1/2038	1,480,000	1,553,896
	Series 1C, 4.5%, 7/1/2037	1,550,000	1,635,173
			7,982,241
Texas 19.1%
Allen, TX, Independent School District, 5.0%, 2/15/2025		1,640,000	1,828,190
Bexar County, TX, General Obligation, 5.0%, 6/15/2029		3,500,000	4,080,790
Comal, TX, Independent School District, School Building Improvements:
	Series A, 5.25%, 2/1/2020	40,000	41,646
	Series A, Prerefunded 2/1/2018 @ 100, 5.25%, 2/1/2020	2,290,000	2,400,722
Cypress-Fairbanks, TX, Independent School District, School House Building:
	5.0%, 2/15/2019	45,000	45,395
	Prerefunded 2/15/2017 @ 100, 5.0%, 2/15/2019	1,255,000	1,265,981
	5.0%, 2/15/2021	65,000	65,570
Dallas, TX, Independent School District, Series A, 4.0%, 2/15/2029		12,710,000	13,405,618
Dallas, TX, Independent School District, Multi-Modal School Building, Series B-1, 3.0%**, Mandatory Put 2/15/2017 @ 100, 2/15/2036		2,000,000	2,008,720
Dallas, TX, Waterworks & Sewer System Revenue:
	5.0%, 10/1/2029	970,000	1,074,265
	Prerefunded 10/1/2020 @ 100, 5.0%, 10/1/2029	3,030,000	3,406,326
	Prerefunded 10/1/2020 @ 100, 5.0%, 10/1/2030	3,790,000	4,260,718
Dallas, TX, Waterworks & Sewer Systems Revenue, 5.0%, 10/1/2030		1,210,000	1,342,072
Dallas-Fort Worth, TX, International Airport Revenue, Series B, 5.0%, 11/1/2028		5,000,000	5,677,800
Denton County, TX, General Obligation, 4.0%, 7/15/2030		3,000,000	3,167,970
Duncanville, TX, Independent School District, 5.0%, 2/15/2028		5,645,000	6,523,588
El Paso, TX, Independent School District, School Building Improvements:
	5.0%, 8/15/2022	680,000	721,466
	Prerefunded 8/15/2018 @ 100, 5.0%, 8/15/2022	4,205,000	4,479,334
Fort Bend County, TX, General Obligation:
	Series B, 5.0%, 3/1/2027	4,470,000	5,173,399
	Series B, 5.0%, 3/1/2028	7,800,000	8,993,244
Fort Bend, TX, Independent School District, 5.0%, 8/15/2026		2,000,000	2,120,560
Fort Worth, TX, Independent School District, School Building, 5.0%, 2/15/2028		9,210,000	10,103,370
Grand Prairie, TX, Independent School District, 4.0%, 8/15/2027		7,525,000	8,123,238
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Memorial Herman Hospital Health System, Series B, 1.45%**, Mandatory Put 12/1/2019 @ 100, 12/1/2042		6,000,000	5,984,640
Harris County, TX, Flood Control District, Contract Tax Revenue:
	Series B, 5.0%, 10/1/2028	5,000,000	5,816,250
	Series A, 5.0%, 10/1/2029	5,000,000	5,584,450
Harris County, TX, Metropolitan Transit Authority, Sales & Use Tax, Series A, 5.0%, 11/1/2031		2,795,000	3,114,664
Houston, TX, Airport Systems Revenue:
	Series B, 5.0%, 7/1/2026	4,000,000	4,473,960
	Series B, 5.0%, 7/1/2027	9,600,000	10,750,848
	Series A, 5.25%, 7/1/2029	8,000,000	8,458,000
Houston, TX, General Obligation:
	Series A, 5.0%, 3/1/2026	865,000	928,110
	Series A, Prerefunded 3/1/2019 @ 100, 5.0%, 3/1/2026	7,135,000	7,682,183
Houston, TX, Independent School District, Series 2014A-1A, 2.0%**, Mandatory Put 6/1/2017 @ 100, 6/1/2039		7,435,000	7,468,681
Houston, TX, Port Authority, Series A, 5.0%, 10/1/2023		4,565,000	5,350,682
Houston, TX, Utility System Revenue, SIFMA Index, Series A, 1.77%**, Mandatory Put 5/1/2020 @ 100, 5/15/2034		12,000,000	11,946,360
Houston, TX, Utility Systems Revenue:
	Series C, 5.0%, 5/15/2022	2,000,000	2,295,860
	Series D, 5.0%, 11/15/2028	3,560,000	4,115,289
	Series A, 5.25%, 11/15/2028	2,500,000	2,828,100
Humble, TX, Independent School District, School Building, Series A, 5.0%, 2/15/2029		1,335,000	1,492,196
Judson, TX, Independent School District, School Building, 4.0%, 2/1/2029		2,000,000	2,128,920
Katy, TX, Independent School District:
	Series B, 5.0%, 2/15/2027	3,020,000	3,510,116
	Series A, 5.0%, 2/15/2028	6,210,000	7,180,871
Lewisville, TX, Independent School District, School Building, Prerefunded 2/15/2019 @ 100, 5.0%, 8/15/2026		6,360,000	6,854,999
Longview, TX, Independent School District, School Building Improvements, Prerefunded 8/15/2018 @ 100, 5.0%, 2/15/2022		2,000,000	2,130,120
Lubbock, TX, General Obligation, 5.0%, 2/15/2029		2,000,000	2,225,240
Magnolia, TX, Independent School District:
	4.0%, 8/15/2029	1,255,000	1,325,368
	4.0%, 8/15/2030	1,305,000	1,367,549
North Texas, Tollway Authority Revenue:
	Series A, 5.0%, 1/1/2027	1,945,000	2,228,425
	Series A, 5.0%, 1/1/2028	1,150,000	1,310,483
	Series B, 5.0%, 1/1/2029	2,845,000	3,239,829
North Texas, Tollway Authority Revenue, First Tier:
	Series A, 5.0%, 1/1/2025	1,480,000	1,705,389
	Series A, 6.0%, 1/1/2022	865,000	905,231
	Series A, Prerefunded 1/1/2018 @ 100, 6.0%, 1/1/2022	6,135,000	6,453,775
North Texas, Tollway Authority Revenue, Special Projects Systems:
	Series D, 5.25%, 9/1/2027	9,080,000	10,400,958
	Series A, 5.5%, 9/1/2028	1,240,000	1,430,104
Plano, TX, General Obligation, 5.0%, 9/1/2029		1,635,000	1,776,117
San Antonio, TX, Electric & Gas Revenue, Series A, Prerefunded 2/1/2019 @ 100, 5.25%, 2/1/2026		7,000,000	7,573,440
San Antonio, TX, Water Systems Revenue, Junior Lien, Series E, 5.0%, 5/15/2027		1,900,000	2,166,608
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue, Texas Health Resources:
	Series A, 5.0%, 2/15/2018	2,000,000	2,017,180
	Series A, 5.0%, 2/15/2020	6,180,000	6,233,086
Tarrant County, TX, Cultural Education Facilities Finance Corp., Hospital Revenue, Scott & White Healthcare, Prerefunded 8/15/2020 @ 100, 5.25%, 8/15/2023		2,500,000	2,821,675
Tarrant, TX, Regional Water District Revenue, 5.0%, 3/1/2024		4,955,000	5,796,458
Texas, Dallas-Fort Worth International Airport Revenue:
	Series A, 5.0%, 11/1/2018	1,000,000	1,067,200
	Series D, 5.0%, 11/1/2024	2,250,000	2,514,308
	Series C, 5.0%, 11/1/2025	4,605,000	5,145,949
	Series C, 5.0%, 11/1/2026	3,290,000	3,676,476
Texas, Grapevine-Colleyville Independent School District Building, 5.0%, 8/15/2031		3,465,000	3,825,533
Texas, Klein Independent School District, Series A, 5.0%, 8/1/2030		5,745,000	6,583,138
Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co., Inc.		8,265,000	9,604,509
Texas, Northwest Independent School District, Series A, 4.0%, 2/15/2032		2,000,000	2,071,680
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue:
	5.25%, 8/1/2017, GTY: The Goldman Sachs Group, Inc.	5,690,000	5,828,779
	5.5%, 8/1/2020, GTY: The Goldman Sachs Group, Inc.	3,790,000	4,231,308
Texas, State Department of Housing & Community Affairs, Residential Mortgage Revenue, Series A, 5.375%, 1/1/2039		1,175,000	1,213,211
Texas, State General Obligation, Series B-2, 2.0%, Mandatory Put 8/1/2019 @ 100, 8/1/2025		3,645,000	3,654,987
Texas, State Municipal Gas Acquisition & Supply Corp., III Gas Supply Revenue, 5.0%, 12/15/2022, GTY: Macquarie Group Ltd.		5,000,000	5,456,350
Texas, State Transportation Commission, Series A, 5.0%, 10/1/2028		5,000,000	5,790,850
Texas, State Transportation Commission Mobility Fund, Series B, 1.25%**, Mandatory Put 10/1/2018 @ 100, 10/1/2041		5,000,000	4,990,000
Texas, State Transportation Commission, State Highway Fund Revenue, Series B, 1.22%**, Mandatory Put 4/1/2017 @ 100, 4/1/2032		3,000,000	2,999,070
Texas, State University Systems Financing Revenue, Series A, 5.0%, 3/15/2027		4,000,000	4,615,600
Texas, State Veterans Housing Assistance Program, Fund II, Series A, 5.25%, 12/1/2023		4,000,000	4,367,880
Texas, Water Development Board Revenue, State Revolving Fund:
	Series A, 5.0%, 7/15/2020	3,150,000	3,226,829
	Series B, 5.25%, 7/15/2021	3,000,000	3,078,390
Victoria, TX, Independent School District:
	4.0%, 2/15/2028	5,000,000	5,339,200
	4.0%, 2/15/2029	3,625,000	3,823,396
West Harris County, TX, Regional Water Authority, Water Systems Revenue:
	5.0%, 12/15/2026	2,640,000	2,871,871
	5.0%, 12/15/2027	2,770,000	3,006,447
	5.0%, 12/15/2028	2,905,000	3,152,971
			363,518,128
Utah 0.2%
Riverton, UT, Hospital Revenue, IHC Health Services, Inc., 5.0%, 8/15/2020		2,825,000	3,084,844
Virgin Islands 0.1%
Virgin Islands, Public Finance Authority Revenue, Series B, 5.0%, 10/1/2019		1,250,000	1,242,325
Virginia 1.1%
Virginia, State College Building Authority, Educational Facilities Revenue, 21st Century College, Series A, 4.0%, 2/1/2030		7,000,000	7,362,040
Virginia, State Public Building Authority, Public Facilities Revenue, Series B, 4.0%, 8/1/2029		13,135,000	13,886,716
			21,248,756
Washington 5.1%
King County, WA, Public Hospital District No. 2, 5.0%, 12/1/2022		6,865,000	7,918,434
Port of Seattle, WA, Revenue Bond, Series B, 5.0%, 3/1/2022		1,250,000	1,419,188
Seattle, WA, Municipal Light & Power Revenue:
	Series B-1, 1.55%**, Mandatory Put 11/1/2018 @ 100, 5/1/2045	6,000,000	5,999,820
	Series B, 5.0%, 2/1/2025	7,250,000	7,957,455
Seattle, WA, Water System Revenue:
	Prerefunded 2/1/2018 @ 100, 5.0%, 2/1/2020	3,870,000	4,047,749
	5.0%, 2/1/2025, INS: AGMC	3,195,000	3,215,448
Washington, Energy Northwest Electric Revenue, Bonneville Power Administration Project 1, Series A, 5.0%, 7/1/2028		5,200,000	6,110,468
Washington, Energy Northwest Electric Revenue, Project No. 1, Series A, 5.0%, 7/1/2028		5,000,000	5,790,850
Washington, State Economic Development Finance Authority, Solid Waste Dispensary Revenue, Waste Management, Inc., Series D, 144A, 1.25%, 11/1/2017		3,000,000	3,002,820
Washington, State General Obligation:
	Series 2011-A, 5.0%, 8/1/2028	10,000,000	11,117,300
	Series R-2015-C, 5.0%, 7/1/2030	3,095,000	3,512,670
	Series 2011-A, 5.0%, 8/1/2031	17,845,000	19,690,173
	Series A, 5.0%, 8/1/2032	14,000,000	15,596,280
Washington, State Housing Finance Commission, Homeownership Program, Series A, 4.7%, 10/1/2028		400,000	419,116
Washington, State Motor Vehicle Fuel Tax, Series B, Prerefunded 7/1/2017 @ 100, 5.0%, 7/1/2025, INS: AGMC		2,000,000	2,048,760
			97,846,531
Wisconsin 2.7%
Wisconsin, State Clean Water Revenue:
	5.0%, 6/1/2029	8,500,000	9,747,290
	Series 1, Prerefunded 6/1/2020 @ 100, 5.0%, 6/1/2031	2,500,000	2,789,025
	Series 3, Prerefunded 6/1/2018 @ 100, 5.5%, 6/1/2025	5,000,000	5,326,750
Wisconsin, State General Appropriation Revenue, Series A, 6.0%, 5/1/2026		5,000,000	5,536,400
Wisconsin, State General Obligation:
	Series 1, 5.0%, 5/1/2027	3,000,000	3,418,680
	Series A, 5.0%, 5/1/2031	10,000,000	11,478,100
	Series A, Prerefunded 5/1/2021 @ 100, 5.25%, 5/1/2026	3,500,000	4,013,415
Wisconsin, State Health & Educational Facilities Authority Revenue, Children's Hospital of Wisconsin, Series B, 5.375%, 8/15/2024		1,000,000	1,094,150
Wisconsin, State Transportation Revenue:
	Series 2, 5.0%, 7/1/2023	2,500,000	2,912,825
	Series 2, 5.0%, 7/1/2026	5,000,000	5,845,700
			52,162,335

	% of Net Assets	Value ($)
Total Investment Portfolio (Cost $1,844,395,074)†	99.1	1,886,765,660
Other Assets and Liabilities, Net	0.9	16,200,447
Net Assets	100.0	1,902,966,107

* Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of November 30, 2016.

** Floating rate securities' yields vary with a designated market index or market rate, such as the coupon-equivalent of the U.S. Treasury Bill rate. These securities are shown at their current rates as of November 30, 2016.

^† The cost for federal income tax purposes was $1,843,382,435. At November 30, 2016, net unrealized appreciation for all securities based on tax cost was $43,383,225. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $65,553,466 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $22,170,241.

(a) When-issued security.

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.

ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized usually by U.S. Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.

GTY: Guaranty Agreement

INS: Insured

LIQ: Liquidity Facility

LOC: Letter of Credit

NATL: National Public Finance Guarantee Corp.

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.

SIFMA: Securities Industry and Financial Markets Association

SPA: Standby Bond Purchase Agreement

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 November 30, 2016 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 (b)	$ —	$ 1,886,765,660	$ —	$ 1,886,765,660
Total	$ —	$ 1,886,765,660	$ —	$ 1,886,765,660

There have been no transfers between fair value measurement levels during the period ended November 30, 2016.

(b) 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 November 30, 2016 (Unaudited)
Assets
Investments in securities, at value (cost $1,844,395,074)	$ 1,886,765,660
Cash	351,013
Receivable for investments sold	1,274,029
Receivable for Fund shares sold	3,301,526
Interest receivable	22,953,218
Other assets	91,362
Total assets	1,914,736,808
Liabilities
Payable for investments purchased — when-issued securities	4,222,631
Payable for Fund shares redeemed	5,081,279
Distributions payable	826,262
Accrued management fee	468,411
Accrued Trustees' fees	14,409
Other accrued expenses and payables	1,157,709
Total liabilities	11,770,701
Net assets, at value	$ 1,902,966,107
Net Assets Consist of
Undistributed net investment income	817,528
Net unrealized appreciation (depreciation) on investments	42,370,586
Accumulated net realized gain (loss)	(6,867,895)
Paid-in capital	1,866,645,888
Net assets, at value	$ 1,902,966,107

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

Statement of Assets and Liabilities as of November 30, 2016 (Unaudited) (continued)
Net Asset Value
Class A Net Asset Value and redemption price per share ($240,242,731 ÷ 20,694,950 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 11.61
Maximum offering price per share (100 ÷ 97.25 of $11.61)	$ 11.94
Class C Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($55,306,906 ÷ 4,766,006 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 11.60
Class S Net Asset Value, offering and redemption price per share ($648,083,843 ÷ 55,815,401 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 11.61
Institutional Class Net Asset Value, offering and redemption price per share ($959,332,627 ÷ 82,618,047 outstanding shares of beneficial interest, $.01 par value, unlimited number of shares authorized)	$ 11.61

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

Statement of Operations

for the six months ended November 30, 2016 (Unaudited)
Investment Income
Income: Interest	$ 30,621,505
Expenses: Management fee	3,189,150
Administration fee	1,012,429
Services to shareholders	1,253,960
Distribution and service fees	636,877
Custodian fee	6,623
Professional fees	62,379
Reports to shareholders	39,620
Registration fees	31,904
Trustees' fees and expenses	37,701
Other	67,379
Total expenses before expense reductions	6,338,022
Expense reductions	(222,896)
Total expenses after expense reductions	6,115,126
Net investment income	24,506,379
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from investments	7,309,649
Change in net unrealized appreciation (depreciation) on investments	(89,737,481)
Net gain (loss)	(82,427,832)
Net increase (decrease) in net assets resulting from operations	$ (57,921,453)

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

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets	Six Months Ended November 30, 2016 (Unaudited)
		Year Ended May 31, 2016
Operations: Net investment income	$ 24,506,379	$ 47,904,334
Net realized gain (loss)	7,309,649	3,081,687
Change in net unrealized appreciation (depreciation)	(89,737,481)	32,093,064
Net increase (decrease) in net assets resulting from operations	(57,921,453)	83,079,085
Distributions to shareholders from: Net investment income: Class A	(3,010,155)	(6,687,171)
Class B	—	(689)*
Class C	(446,151)	(1,000,722)
Class S	(8,445,421)	(16,882,472)
Institutional Class	(12,518,119)	(23,170,535)
Total distributions	(24,419,846)	(47,741,589)
Fund share transactions: Proceeds from shares sold	168,232,211	542,092,343
Reinvestment of distributions	22,283,698	42,959,689
Payments for shares redeemed	(256,165,019)	(528,663,726)
Net increase (decrease) in net assets from Fund share transactions	(65,649,110)	56,388,306
Increase (decrease) in net assets	(147,990,409)	91,725,802
Net assets at beginning of period	2,050,956,516	1,959,230,714
Net assets at end of period (including undistributed net investment income of $817,528 and $730,995, respectively)	$ 1,902,966,107	$ 2,050,956,516

* 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	Six Months Ended 11/30/16 (Unaudited)		Years Ended May 31,
			2016	2015	2014	2013	2012
Selected Per Share Data
Net asset value, beginning of period		$ 12.11	$ 11.88	$ 11.94	$ 11.99	$ 12.07	$ 11.40
Income from investment operations: Net investment income		.14	.28	.28	.31	.30	.35
Net realized and unrealized gain (loss)		(.50)	.22	(.06)	(.05)	(.08)	.67
Total from investment operations		(.36)	.50	.22	.26	.22	1.02
Less distributions from: Net investment income		(.14)	(.27)	(.28)	(.31)	(.30)	(.35)
Net asset value, end of period		$ 11.61	$ 12.11	$ 11.88	$ 11.94	$ 11.99	$ 12.07
Total Return (%)a		(3.05)**	4.29	1.85b	2.25	1.80	9.08
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		240	284	311	335	466	426
Ratio of expenses before expense reductions (%)		.78*	.79	.79	.78	.78	.78
Ratio of expenses after expense reductions (%)		.78*	.79	.79	.78	.78	.78
Ratio of net investment income (loss) (%)		2.24*	2.29	2.35	2.66	2.45	2.99
Portfolio turnover rate (%)		19**	41	54	67	35	48
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. * Annualized ** Not annualized

Class C	Six Months Ended 11/30/16 (Unaudited)		Years Ended May 31,
			2016	2015	2014	2013	2012
Selected Per Share Data
Net asset value, beginning of period		$ 12.10	$ 11.88	$ 11.94	$ 11.99	$ 12.07	$ 11.40
Income from investment operations: Net investment income		.09	.18	.19	.22	.21	.26
Net realized and unrealized gain (loss)		(.50)	.22	(.06)	(.05)	(.08)	.67
Total from investment operations		(.41)	.40	.13	.17	.13	.93
Less distributions from: Net investment income		(.09)	(.18)	(.19)	(.22)	(.21)	(.26)
Net asset value, end of period		$ 11.60	$ 12.10	$ 11.88	$ 11.94	$ 11.99	$ 12.07
Total Return (%)a		(3.42)**	3.42b	1.09b	1.48b	1.03	8.26
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		55	62	70	76	106	92
Ratio of expenses before expense reductions (%)		1.55*	1.55	1.56	1.55	1.54	1.53
Ratio of expenses after expense reductions (%)		1.55*	1.55	1.54	1.54	1.54	1.53
Ratio of net investment income (%)		1.47*	1.54	1.61	1.90	1.69	2.23
Portfolio turnover rate (%)		19**	41	54	67	35	48
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. * Annualized ** Not annualized

Class S	Six Months Ended 11/30/16 (Unaudited)		Years Ended May 31,
			2016	2015	2014	2013	2012
Selected Per Share Data
Net asset value, beginning of period		$ 12.11	$ 11.89	$ 11.95	$ 11.99	$ 12.07	$ 11.41
Income from investment operations: Net investment income		.15	.30	.31	.34	.32	.37
Net realized and unrealized gain (loss)		(.50)	.22	(.06)	(.05)	(.08)	.66
Total from investment operations		(.35)	.52	.25	.29	.24	1.03
Less distributions from: Net investment income		(.15)	(.30)	(.31)	(.33)	(.32)	(.37)
Net asset value, end of period		$ 11.61	$ 12.11	$ 11.89	$ 11.95	$ 11.99	$ 12.07
Total Return (%)a		(2.93)**	4.45	2.11	2.57	1.97	9.17
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		648	684	675	663	809	749
Ratio of expenses before expense reductions (%)		.62*	.62	.61	.63	.61	.61
Ratio of expenses after expense reductions (%)		.55*	.55	.54	.57	.61	.60
Ratio of net investment income (%)		2.47*	2.54	2.60	2.88	2.62	3.16
Portfolio turnover rate (%)		19**	41	54	67	35	48
a Total return would have been lower had certain expenses not been reduced. * Annualized ** Not annualized

Institutional Class	Six Months Ended 11/30/16 (Unaudited)		Years Ended May 31,
			2016	2015	2014	2013	2012
Selected Per Share Data
Net asset value, beginning of period		$ 12.11	$ 11.89	$ 11.95	$ 12.00	$ 12.08	$ 11.41
Income (loss) from investment operations: Net investment income		.15	.31	.31	.34	.33	.38
Net realized and unrealized gain (loss)		(.50)	.21	(.06)	(.05)	(.08)	.67
Total from investment operations		(.35)	.52	.25	.29	.25	1.05
Less distributions from: Net investment income		(.15)	(.30)	(.31)	(.34)	(.33)	(.38)
Net asset value, end of period		$ 11.61	$ 12.11	$ 11.89	$ 11.95	$ 12.00	$ 12.08
Total Return (%)		(2.93)**	4.47	2.12	2.53	2.07	9.37
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)		959	1,021	904	534	520	401
Ratio of expenses (%)		.54*	.53	.54	.52	.51	.50
Ratio of net investment income (%)		2.49*	2.55	2.59	2.93	2.71	3.26
Portfolio turnover rate (%)		19**	41	54	67	35	48
* Annualized ** Not annualized

Notes to Financial Statements (Unaudited)

A. Organization and Significant Accounting Policies

Deutsche Intermediate Tax/AMT Free Fund (the "Fund") is a diversified series of Deutsche Tax Free Trust (the "Trust"), 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 C shares do not automatically convert into another class. 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.

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 security 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. No interest accrues to the Fund until payment takes place. At the time the Fund enters into this type of 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 securities 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, 2016, the Fund had a net tax basis capital loss carryforward of approximately $15,104,000, including $1,320,000 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, the expiration date, whichever occurs first; and approximately $13,784,000 of post-enactment losses, which may be applied against realized net taxable capital gains indefinitely, including short-term losses ($10,969,000) and long-term losses ($2,815,000).

The Fund has reviewed the tax positions for the open tax years as of May 31, 2016 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 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.

The tax character of current year distributions will be determined at the end of the current fiscal year.

Expenses. Expenses of the Trust arising in connection with a specific fund are allocated to that fund. Other Trust expenses which cannot be directly attributed to a fund are apportioned among the funds in the Trust 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.

B. Purchases and Sales of Securities

During the six months ended November 30, 2016, purchases and sales of investment securities (excluding short-term investments) aggregated $387,674,242 and $469,474,927, 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.

The management fee payable under the Investment Management Agreement is at an annual rate (exclusive of any applicable waivers/reimbursements) of 0.315% of the Fund's average daily net assets, computed and accrued daily and payable monthly.

For the period from June 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 each class as follows:

Class A	.80%
Class C	1.55%
Class S	.55%
Institutional Class	.55%

For the six months ended November 30, 2016, fees waived and/or expenses reimbursed for Class S aggregated $222,896.

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 six months ended November 30, 2016, the Administration Fee was $1,012,429, of which $160,661 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 of 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 six months ended November 30, 2016, the amounts charged to the Fund by DSC were as follows:

Services to Shareholders	Total Aggregated	Unpaid at November 30, 2016
Class A	$ 4,864	$ 2,915
Class C	1,586	1,000
Class S	29,157	15,931
Institutional Class	12,384	6,248
	$ 47,991	$ 26,094

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 six months ended November 30, 2016, the Distribution Fee was as follows:

Distribution Fee	Total Aggregated	Unpaid at November 30, 2016
Class C	$ 228,289	$ 35,284

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 pays these fees based upon the assets of shareholder accounts the firms service. For the six months ended November 30, 2016, the Service Fee was as follows:

Service Fee	Total Aggregated	Unpaid at November 30, 2016	Annualized Rate
Class A	$ 332,492	$ 158,518	.25%
Class C	76,096	36,835	.25%
	$ 408,588	$ 195,353

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 six months ended November 30, 2016 aggregated $1,057.

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% for Class C, of the value of the shares redeemed. For the six months ended November 30, 2016, the CDSC for Class C shares aggregated $2,119. A deferred sales charge of up to 0.50% is assessed on certain redemptions of Class A shares. For the six months ended November 30, 2016, DDI received $3,168 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 six months ended November 30, 2016, the amount charged to the Fund by DIMA included in the Statement of Operations under "Reports to shareholders" aggregated $10,594, of which $10,590 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 six months ended November 30, 2016, the Fund engaged in securities purchases of $117,800,000 and securities sales of $130,445,000 with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act.

D. 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 November 30, 2016.

E. Share Transactions

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

	Six Months Ended November 30, 2016		Year Ended May 31, 2016
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	851,134	$ 10,320,642	3,783,612	$ 45,500,673
Class C	156,809	1,903,601	508,269	6,094,492
Class S	5,422,782	65,649,293	13,405,980	161,050,779
Institutional Class	7,454,844	90,358,675	27,363,726	329,446,399
		$ 168,232,211		$ 542,092,343
Shares issued to shareholders in reinvestment of distributions
Class A	218,864	$ 2,643,736	489,438	$ 5,867,260
Class B	—	—	54*	644*
Class C	25,453	307,227	56,802	680,678
Class S	573,700	6,929,398	1,140,928	13,684,808
Institutional Class	1,026,722	12,403,337	1,894,265	22,726,299
		$ 22,283,698		$ 42,959,689
Shares redeemed
Class A	(3,849,214)	$ (46,483,288)	(6,925,511)	$ (83,010,648)
Class B	—	—	(8,120)*	(97,328)*
Class C	(560,500)	(6,760,071)	(1,274,546)	(15,263,410)
Class S	(6,630,115)	(80,132,369)	(14,893,740)	(178,549,138)
Institutional Class	(10,133,222)	(122,789,291)	(21,027,246)	(251,743,202)
		$ (256,165,019)		$ (528,663,726)
Net increase (decrease)
Class A	(2,779,216)	$ (33,518,910)	(2,652,461)	$ (31,642,715)
Class B	—	—	(8,066)*	(96,684)*
Class C	(378,238)	(4,549,243)	(709,475)	(8,488,240)
Class S	(633,633)	(7,553,678)	(346,832)	(3,813,551)
Institutional Class	(1,651,656)	(20,027,279)	8,230,745	100,429,496
		$ (65,649,110)		$ 56,388,306

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

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, Class S shares limited these expenses; had they 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 (June 1, 2016 to November 30, 2016).

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 November 30, 2016 (Unaudited)
Actual Fund Return	Class A	Class C	Class S	Institutional Class
Beginning Account Value 6/1/16	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 11/30/16	$ 969.50	$ 965.80	$ 970.70	$ 970.70
Expenses Paid per $1,000*	$ 3.85	$ 7.64	$ 2.72	$ 2.67
Hypothetical 5% Fund Return	Class A	Class C	Class S	Institutional Class
Beginning Account Value 6/1/16	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 11/30/16	$ 1,021.16	$ 1,017.30	$ 1,022.31	$ 1,022.36
Expenses Paid per $1,000*	$ 3.95	$ 7.84	$ 2.79	$ 2.74

* 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 183 (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 Intermediate Tax/AMT Free Fund	.78%	1.55%	.55%	.54%

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.

Advisory Agreement Board Considerations and Fee Evaluation

The Board of Trustees (hereinafter referred to as the "Board" or "Trustees") approved the renewal of Deutsche Intermediate Tax/AMT 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 3rd quartile, 4th quartile and 3rd quartile, respectively, 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 underperformed its benchmark in the one-, three- and five-year periods 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 lower than the median (1st 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 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. In this regard, the Board observed that while the Fund’s current investment management fee schedule does not include breakpoints, 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.

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. Deutsche Asset Management is the retail brand name in the U.S. for the asset management activities of Deutsche Bank AG and DIMA. Deutsche Asset Management is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.

	Class A	Class C	Class S	Institutional Class
Nasdaq Symbol	SZMAX	SZMCX	SCMTX	SZMIX
CUSIP Number	25159H 108	25159H 306	25159H 405	25159H 504
Fund Number	445	745	2045	1445

Privacy Statement

FACTS	What Does Deutsche Asset Management Do With Your Personal Information?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share can include: — Social Security number — Account balances — Purchase and transaction history — Bank account information — Contact information such as mailing address, e-mail address and telephone number
How?	All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons Deutsche Asset Management chooses to share and whether you can limit this sharing.
Reasons we can share your personal information		Does Deutsche Asset Management share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders or legal investigations		Yes	No
For our marketing purposes — to offer our products and services to you		Yes	No
For joint marketing with other financial companies		No	We do not share
For our affiliates' everyday business purposes — information about your transactions and experiences		No	We do not share
For our affiliates' everyday business purposes — information about your creditworthiness		No	We do not share
For non-affiliates to market to you		No	We do not share
Questions?	Call (800) 728-3337 or e-mail us at service@db.com

Who we are
Who is providing this notice?	Deutsche AM Distributors, Inc; Deutsche Investment Management Americas Inc.; Deutsche AM Investor Services, Inc.; Deutsche AM Trust Company; the Deutsche Funds
What we do
How does Deutsche Asset Management protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Deutsche Asset Management collect my personal information?	We collect your personal information, for example, when you: — open an account — give us your contact information — provide bank account information for ACH or wire transactions — tell us where to send money — seek advice about your investments
Why can't I limit all sharing?	Federal law gives you the right to limit only — sharing for affiliates' everyday business purposes — information about your creditworthiness — affiliates from using your information to market to you — sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial or non-financial companies. Our affiliates include financial companies with the DWS or Deutsche Bank ("DB") name, such as DB AG Frankfurt.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. Non-affiliates we share with include account service providers, service quality monitoring services, mailing service providers and verification services to help in the fight against money laundering and fraud.
Joint marketing	A formal agreement between non-affiliated financial companies that together market financial products or services to you. Deutsche Asset Management does not jointly market.
Rev. 09/2016

ITEM 2.	CODE OF ETHICS
	Not applicable.
ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT
	Not applicable
ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES
	Not applicable
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 US 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)	Not applicable
	(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 Intermediate Tax/AMT Free Fund, a series of Deutsche Tax Free Trust
By:	/s/Brian E. Binder Brian E. Binder President
Date:	1/27/2017

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:	1/27/2017
By:	/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer
Date:	1/27/2017