nq022815ce-mit.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
_______________________________
 
Investment Company Act file number:  811-05655
 
Deutsche Municipal Income Trust
(Exact name of registrant as specified in charter)

345 Park Avenue
New York, NY 10154
(Address of principal executive offices)  (Zip code)
 

Paul Schubert
60 Wall Street
New York, NY 10005
(Name and address of agent for service)
 
Registrant's telephone number, including area code:  (212) 250-3220
 
Date of fiscal year end:  11/30
 
Date of reporting period:  2/28/2015

ITEM 1.
SCHEDULE OF INVESTMENTS


Investment Portfolio   as of February 28, 2015  (Unaudited)
 
Deutsche Municipal Income Trust
 
Principal
Amount ($)
  
Value ($)
  
 
 
Municipal Bonds and Notes 117.9%
  
Arizona 1.1%
  
Arizona, Salt Verde Financial Corp., Gas Revenue:
              
 
5.0%, 12/1/2037, GTY: Citibank NA
  
1,050,000
  
1,214,461
  
 
5.5%, 12/1/2029, GTY: Citibank NA
  
1,400,000
  
1,691,676
  
Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Series A, 5.0%, 7/1/2040
  
3,000,000
  
3,305,490
  
 
 
6,211,627
  
California 19.2%
  
California, Bay Area Toll Authority, Toll Bridge Revenue, San Francisco Bay Area, Series F-1, Prerefunded, 5.125%, 4/1/2039
  
5,000,000
  
5,841,800
  
California, Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series A, 6.0%, 7/1/2039
  
3,500,000
  
4,076,485
  
California, M-S-R Energy Authority, Series A, 7.0%, 11/1/2034, GTY: Citigroup, Inc.
  
3,180,000
  
4,553,060
  
California, San Gorgonio Memorial Healthcare, Election of 2006, Series C, Prerefunded, 7.2%, 8/1/2039
  
5,000,000
  
5,802,050
  
California, South Bayside Waste Management Authority, Solid Waste Enterprise Revenue, Shoreway Environmental Center, Series A, 6.25%, 9/1/2029
  
5,345,000
  
6,425,973
  
California, State General Obligation:
              
 
5.0%, 11/1/2043
  
5,000,000
  
5,734,150
  
 
5.25%, 4/1/2035
  
4,295,000
  
5,012,780
  
 
5.5%, 3/1/2040
  
1,370,000
  
1,608,983
  
 
6.0%, 4/1/2038
  
10,000,000
  
12,009,800
  
California, State Public Works Board, Lease Revenue, Capital Projects, Series I-1, 6.375%, 11/1/2034
  
2,000,000
  
2,459,320
  
California, State Public Works Board, Lease Revenue, Department of General Services, Buildings 8 & 9, Series A, 6.25%, 4/1/2034
  
6,640,000
  
7,958,903
  
California, Statewide Communities Development Authority Revenue, American Baptist Homes of the West, 6.25%, 10/1/2039, GTY: American Baptist Homes of the Midwest
  
1,250,000
  
1,422,238
  
Corona-Norco, CA, Unified School District, Election of 2006, Series A, 5.0%, 8/1/2031, INS: AGMC
  
5,130,000
  
5,610,578
  
Los Angeles, CA, Community College District, Election of 2008, Series C, 5.25%, 8/1/2039
  
3,000,000
  
3,509,190
  
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport, Series B, 5.0%, 5/15/2035
  
8,500,000
  
9,700,710
  
Port Oakland, CA, Series A, AMT, 5.0%, 11/1/2027, INS: NATL
  
5,850,000
  
6,379,835
  
San Diego County, CA, Regional Airport Authority Revenue, Series B, AMT, 5.0%, 7/1/2043
  
7,000,000
  
7,737,800
  
San Diego, CA, Community College District, Election of 2006, 5.0%, 8/1/2036
  
2,850,000
  
3,287,988
  
San Diego, CA, Unified School District, Election 2012, Series C, 5.0%, 7/1/2035
  
5,000,000
  
5,749,100
  
 
 
104,880,743
  
Colorado 2.6%
  
Colorado, E-470 Public Highway Authority Revenue, Series A-1, 5.5%, 9/1/2024, INS: NATL
  
2,500,000
  
2,559,650
  
Colorado, Health Facilities Authority Revenue, Covenant Retirement Communities, Inc., 5.0%, 12/1/2035
  
2,500,000
  
2,576,750
  
Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A, 5.5%, 1/1/2035
  
5,450,000
  
6,520,053
  
Denver, CO, City & County Airport Revenue, Series A, AMT, 5.25%, 11/15/2043
  
2,400,000
  
2,693,880
  
 
 
14,350,333
  
District of Columbia 0.9%
  
District of Columbia, Metropolitan Airport Authority Systems Revenue:
              
 
Series A, AMT, 5.0%, 10/1/2038
  
800,000
  
892,784
  
 
Series A, AMT, 5.0%, 10/1/2043
  
3,400,000
  
3,775,598
  
 
 
4,668,382
  
Florida 10.7%
  
Miami-Dade County, FL, Aviation Revenue, Series A, 5.5%, 10/1/2041
  
10,000,000
  
11,518,200
  
Miami-Dade County, FL, Aviation Revenue, Miami International Airport:
              
 
Series A, AMT, 5.25%, 10/1/2033, INS: AGC
  
8,500,000
  
9,476,055
  
 
Series A-1, 5.375%, 10/1/2035
  
2,000,000
  
2,322,200
  
Miami-Dade County, FL, Educational Facilities Authority Revenue, University of Miami, Series A, 5.75%, 4/1/2028
  
3,000,000
  
3,153,570
  
Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%, 7/1/2035, INS: AGMC
  
3,000,000
  
3,377,580
  
North Brevard County, FL, Hospital District Revenue, Parrish Medical Center Project:
              
 
5.5%, 10/1/2028
  
1,520,000
  
1,708,100
  
 
Prerefunded, 5.5%, 10/1/2028
  
3,770,000
  
4,375,425
  
 
5.75%, 10/1/2038
  
1,440,000
  
1,621,555
  
 
Prerefunded, 5.75%, 10/1/2038
  
3,560,000
  
4,163,064
  
Orlando & Orange County, FL, Expressway Authority Revenue:
              
 
Series C, 5.0%, 7/1/2035
  
2,705,000
  
3,045,451
  
 
Series A, 5.0%, 7/1/2040
  
11,895,000
  
13,402,929
  
 
 
58,164,129
  
Georgia 7.8%
  
Atlanta, GA, Airport Revenue:
              
 
Series A, 5.0%, 1/1/2035
  
1,030,000
  
1,165,352
  
 
Series C, AMT, 5.0%, 1/1/2037
  
1,690,000
  
1,847,339
  
Atlanta, GA, Water & Wastewater Revenue, Series A, Prerefunded, 6.25%, 11/1/2039
  
5,815,000
  
6,988,525
  
Gainesville & Hall County, GA, Hospital Authority Revenue, Anticipation Certificates, Northeast Georgia Healthcare, Series A, 5.5%, 2/15/2045
  
2,135,000
  
2,388,980
  
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue:
              
 
Series A, 5.0%, 3/15/2020, GTY: JPMorgan Chase & Co.
  
7,250,000
  
8,259,780
  
 
Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co., Inc.
  
5,000,000
  
6,040,900
  
 
Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch & Co., Inc.
  
10,000,000
  
12,011,100
  
Georgia, Medical Center Hospital Authority Revenue, Anticipation Certificates, Columbus Regional Healthcare Systems, 6.5%, 8/1/2038, INS: AGC
  
3,300,000
  
3,789,555
  
 
 
42,491,531
  
Guam 0.1%
  
Guam, International Airport Authority Revenue, Series C, AMT, 6.375%, 10/1/2043
  
535,000
  
636,912
  
Hawaii 1.1%
  
Hawaii, State Airports Systems Revenue, Series A, 5.0%, 7/1/2039
  
4,200,000
  
4,566,366
  
Hawaii, State Department of Budget & Finance, Special Purpose Revenue, Hawaiian Electric Co., Inc., 6.5%, 7/1/2039, GTY: Hawaiian Electric Co., Inc.
  
1,000,000
  
1,162,540
  
 
 
5,728,906
  
Idaho 1.0%
  
Idaho, Health Facilities Authority Revenue, St. Luke's Regional Medical Center:
              
 
5.0%, 7/1/2035, INS: AGMC
  
2,500,000
  
2,784,300
  
 
6.75%, 11/1/2037
  
2,135,000
  
2,498,569
  
 
 
5,282,869
  
Illinois 8.7%
  
Chicago, IL, Airport Revenue, O'Hare International Airport:
              
 
Series A, 5.75%, 1/1/2039
  
5,000,000
  
5,793,150
  
 
Series B, 6.0%, 1/1/2041
  
9,000,000
  
10,638,180
  
Chicago, IL, General Obligation, Series A, 5.25%, 1/1/2035
  
2,025,000
  
2,118,049
  
Illinois, Finance Authority Revenue, Advocate Health Care Network:
              
 
Series B, 5.375%, 4/1/2044
  
2,500,000
  
2,788,325
  
 
Series D, Prerefunded, 6.5%, 11/1/2038
  
1,000,000
  
1,198,290
  
Illinois, Finance Authority Revenue, Memorial Health Systems, 5.5%, 4/1/2039
  
4,200,000
  
4,694,340
  
Illinois, Finance Authority Revenue, Northwest Community Hospital, Series A, 5.5%, 7/1/2038
  
5,750,000
  
6,360,363
  
Illinois, Metropolitan Pier & Exposition Authority, Dedicated State Tax Revenue, McCormick Place, Series B, 5.0%, 6/15/2050, INS: AGMC
  
3,000,000
  
3,183,690
  
Illinois, Railsplitter Tobacco Settlement Authority, 6.0%, 6/1/2028
  
915,000
  
1,074,768
  
Illinois, State Finance Authority Revenue, Ascension Health Credit Group, Series A, 5.0%, 11/15/2032
  
730,000
  
829,119
  
Illinois, State Finance Authority Revenue, OSF Healthcare Systems, Series A, 5.0%, 5/15/2041
  
1,580,000
  
1,708,438
  
Illinois, State Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2038
  
4,445,000
  
5,117,262
  
Illinois, State General Obligation, 5.5%, 7/1/2038
  
385,000
  
428,497
  
University of Illinois, Auxiliary Facilities Systems, Series A, 5.25%, 4/1/2041
  
1,250,000
  
1,401,113
  
 
 
47,333,584
  
Indiana 1.4%
  
Indiana, Finance Authority Hospital Revenue, Deaconess Hospital Obligation, Series A, 6.75%, 3/1/2039
  
1,745,000
  
2,046,030
  
Indiana, State Finance Authority Revenue, Community Foundation of Northwest Indiana, 5.0%, 3/1/2041
  
5,000,000
  
5,444,850
  
 
 
7,490,880
  
Kentucky 1.8%
  
Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series A-1, 6.0%, 12/1/2042, INS: AGC
  
4,000,000
  
4,315,640
  
Louisville & Jefferson County, KY, Metropolitan Government Health Systems Revenue, Norton Healthcare, Inc., 5.0%, 10/1/2030
  
5,000,000
  
5,224,500
  
 
 
9,540,140
  
Louisiana 1.1%
  
Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%, 11/1/2040
  
3,000,000
  
3,289,920
  
Louisiana, St. John Baptist Parish Revenue, Marathon Oil Corp., Series A, 5.125%, 6/1/2037
  
2,315,000
  
2,444,385
  
 
 
5,734,305
  
Maryland 0.6%
  
Maryland, State Health & Higher Educational Facilities Authority Revenue, Anne Arundel Health Systems, Series A, Prerefunded, 6.75%, 7/1/2039
  
1,100,000
  
1,362,669
  
Maryland, State Health & Higher Educational Facilities Authority Revenue, Washington County Hospital, 5.75%, 1/1/2033
  
1,500,000
  
1,629,975
  
 
 
2,992,644
  
Massachusetts 1.3%
  
Massachusetts, State Development Finance Agency Revenue, Northeastern University, Series A, 5.25%, 3/1/2037
  
2,500,000
  
2,883,625
  
Massachusetts, State Health & Educational Facilities Authority Revenue, Suffolk University, Series A, 5.75%, 7/1/2039
  
3,570,000
  
4,056,555
  
 
 
6,940,180
  
Michigan 4.1%
  
Detroit, MI, Water & Sewerage Department, Sewerage Disposal System Revenue, Series A, 5.25%, 7/1/2039
  
1,120,000
  
1,206,061
  
Michigan, State Building Authority Revenue, Series I-A, 5.375%, 10/15/2041
  
7,500,000
  
8,518,050
  
Michigan, State Building Authority Revenue, Facilities Program:
              
 
Series H, 5.125%, 10/15/2033
  
2,495,000
  
2,817,653
  
 
Series I, 6.0%, 10/15/2038
  
1,000,000
  
1,156,510
  
Michigan, State Finance Authority Revenue, Trinity Health Corp., 5.0%, 12/1/2035
  
665,000
  
737,432
  
Michigan, State Hospital Finance Authority Revenue, Henry Ford Health Hospital, 5.75%, 11/15/2039
  
5,000,000
  
5,678,000
  
Royal Oak, MI, Hospital Finance Authority Revenue, William Beaumont Hospital, Prerefunded, 8.25%, 9/1/2039
  
1,800,000
  
2,255,148
  
 
 
22,368,854
  
Minnesota 0.3%
  
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, 6.75%, 11/15/2032
  
1,140,000
  
1,350,376
  
Mississippi 0.3%
  
Warren County, MS, Gulf Opportunity Zone, International Paper Co., Series A, 6.5%, 9/1/2032
  
1,525,000
  
1,759,087
  
Nevada 3.8%
  
Clark County, NV, Airport Revenue, Series B, 5.125%, 7/1/2036
  
4,305,000
  
4,702,265
  
Henderson, NV, Health Care Facility Revenue, Catholic Healthcare West, Series B, 5.25%, 7/1/2031
  
10,000,000
  
10,648,000
  
Las Vegas Valley, NV, Water District, Series B, 5.0%, 6/1/2037
  
4,830,000
  
5,455,872
  
 
 
20,806,137
  
New Jersey 5.6%
  
New Jersey, Hospital & Healthcare Revenue, General Hospital Center at Passaic, ETM, 6.75%, 7/1/2019, INS: AGMC
  
5,000,000
  
5,679,800
  
New Jersey, Industrial Development Revenue, Economic Development Authority, Harrogate, Inc., Series A, 5.875%, 12/1/2026
  
1,400,000
  
1,401,204
  
New Jersey, State Economic Development Authority Revenue, The Goethals Bridge Replacement Project, AMT, 5.125%, 7/1/2042, INS: AGMC
  
1,250,000
  
1,380,275
  
New Jersey, State Transportation Trust Fund Authority, Transportation Program, Series AA, 5.5%, 6/15/2039
  
1,730,000
  
1,963,930
  
New Jersey, State Transportation Trust Fund Authority, Transportation Systems:
              
 
Series B, 5.25%, 6/15/2036
  
2,500,000
  
2,732,000
  
 
Series B, 5.5%, 6/15/2031
  
6,200,000
  
7,148,786
  
 
Series A, 5.5%, 6/15/2041
  
5,460,000
  
6,167,780
  
 
Series A, 6.0%, 12/15/2038
  
1,955,000
  
2,279,178
  
New Jersey, State Turnpike Authority Revenue, Series E, 5.25%, 1/1/2040
  
1,750,000
  
1,953,210
  
 
 
30,706,163
  
New York 8.3%
  
New York, Metropolitan Transportation Authority Revenue:
              
 
Series C, 5.0%, 11/15/2038
  
6,000,000
  
6,779,280
  
 
Series D, 5.0%, 11/15/2038
  
1,090,000
  
1,239,047
  
 
Series C, 5.0%, 11/15/2042
  
5,000,000
  
5,633,950
  
 
Series A-1, 5.25%, 11/15/2039
  
4,000,000
  
4,645,680
  
New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, City University, Series A, 5.625%, 7/1/2016
  
1,060,000
  
1,106,364
  
New York, State Environmental Facilities Corp., State Clean Water & Drinking Revolving Funds, New York City Municipal Water Finance Authority Projects, 5.0%, 6/15/2036
  
2,000,000
  
2,281,060
  
New York, State Liberty Development Corp. Revenue, World Trade Center Port Authority Construction, 5.25%, 12/15/2043
  
8,000,000
  
9,243,120
  
New York, Utility Debt Securitization Authority, Restructuring Revenue:
              
 
Series TE, 5.0%, 12/15/2034
  
800,000
  
941,176
  
 
Series TE, 5.0%, 12/15/2035
  
1,000,000
  
1,173,060
  
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Second General Resolution:
              
 
Series AA, 5.0%, 6/15/2044
  
5,000,000
  
5,725,250
  
 
Series EE, 5.375%, 6/15/2043
  
3,750,000
  
4,429,650
  
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, Series A-1, 144A, 0.02% *, 11/15/2028, SPA: TD Bank NA
  
1,000,000
  
1,000,000
  
Port Authority of New York & New Jersey, One Hundred Eighty-Fourth:
              
 
5.0%, 9/1/2036
  
205,000
  
238,891
  
 
5.0%, 9/1/2039
  
510,000
  
591,569
  
 
 
45,028,097
  
North Carolina 0.7%
  
Charlotte-Mecklenburg, NC, Hospital Authority, Health Care Systems Revenue, Carolinas Healthcare, Series D, 0.01% *, 1/15/2026, LOC: U.S. Bank NA
  
600,000
  
600,000
  
North Carolina, Medical Care Commission, Health Care Facilities Revenue, University Health System, Series D, 6.25%, 12/1/2033
  
3,000,000
  
3,464,430
  
 
 
4,064,430
  
North Dakota 0.7%
  
Fargo, ND, Sanford Health Systems Revenue, 6.25%, 11/1/2031
  
3,240,000
  
4,016,596
  
Ohio 3.2%
  
Cuyahoga County, OH, Health Care Facilities Revenue, AM McGregor Home Project, 0.02% *, 5/1/2049, LOC: Northern Trust Co.
  
2,000,000
  
2,000,000
  
Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series A, 6.5%, 11/15/2037
  
1,500,000
  
1,883,565
  
Ohio, State Hospital Facility Revenue, Cleveland Clinic Health:
              
 
Series A, 5.5%, 1/1/2039
  
5,000,000
  
5,654,250
  
 
Series B, 5.5%, 1/1/2039
  
3,500,000
  
3,938,585
  
Ohio, State Turnpike Commission, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/2039
  
3,520,000
  
4,061,306
  
 
 
17,537,706
  
Pennsylvania 2.8%
  
Allegheny County, PA, Hospital Development Authority Revenue, University of Pittsburgh Medical, 5.625%, 8/15/2039
  
1,700,000
  
1,944,069
  
Franklin County, PA, Industrial Development Authority Revenue, Chambersburg Hospital Project, 5.375%, 7/1/2042
  
7,000,000
  
7,762,090
  
Pennsylvania, State Turnpike Commission Revenue, Series A, 5.0%, 12/1/2038
  
2,030,000
  
2,310,445
  
Philadelphia, PA, Airport Revenue, Series A, 5.0%, 6/15/2035
  
2,835,000
  
3,149,713
  
 
 
15,166,317
  
Puerto Rico 2.3%
  
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue:
              
 
Series A, 5.5%, 8/1/2042
  
3,000,000
  
1,985,670
  
 
Series A, 6.0%, 8/1/2042
  
3,200,000
  
2,263,840
  
 
Series A, 6.375%, 8/1/2039
  
11,590,000
  
8,438,563
  
 
 
12,688,073
  
Rhode Island 0.4%
  
Rhode Island, Health & Educational Building Corp., Higher Education Facility Revenue, University of Rhode Island, Series A, 6.25%, 9/15/2034
  
2,000,000
  
2,319,560
  
South Carolina 3.5%
  
Charleston County, SC, Airport District, Airport System Revenue, Series A, AMT, 5.875%, 7/1/2032
  
6,560,000
  
7,788,295
  
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2031
  
1,000,000
  
1,118,450
  
South Carolina, State Ports Authority Revenue, 5.25%, 7/1/2040
  
2,550,000
  
2,864,874
  
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, 5.75%, 12/1/2043
  
6,220,000
  
7,518,238
  
 
 
19,289,857
  
Tennessee 1.6%
  
Clarksville, TN, Natural Gas Acquisition Corp., Gas Revenue, 5.0%, 12/15/2021, GTY: Merrill Lynch & Co., Inc.
  
2,000,000
  
2,296,120
  
Jackson, TN, Hospital Revenue, Jackson-Madison Project, 5.625%, 4/1/2038
  
4,000,000
  
4,421,480
  
Sullivan County, TN, Health, Educational & Housing Facilities Board, Hospital Revenue, Wellmont Health Systems Project, Series C, 5.25%, 9/1/2036
  
2,050,000
  
2,142,414
  
 
 
8,860,014
  
Texas 16.0%
  
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann Healthcare System, Series B, Prerefunded, 7.25%, 12/1/2035
  
1,000,000
  
1,231,570
  
Harris County, TX, Houston Port Authority, Series A, AMT, 6.25%, 10/1/2029
  
3,000,000
  
3,479,340
  
Houston, TX, Airport Revenue, People Mover Project, Series A, AMT, 5.5%, 7/15/2017, INS: AGMC
  
2,085,000
  
2,093,361
  
North Texas, Tollway Authority Revenue:
              
 
First Tier, Series A, 5.625%, 1/1/2033
  
3,500,000
  
3,878,770
  
 
Second Tier, Series F, 5.75%, 1/1/2038
  
6,500,000
  
7,199,075
  
 
First Tier, 6.0%, 1/1/2043
  
5,000,000
  
5,861,900
  
North Texas, Tollway Authority Revenue, Special Project Systems, Series D, 5.0%, 9/1/2032
  
2,000,000
  
2,329,940
  
Texas, Dallas/Fort Worth International Airport Revenue:
              
 
Series F, AMT, 5.0%, 11/1/2035
  
2,000,000
  
2,192,540
  
 
Series H, AMT, 5.0%, 11/1/2042
  
5,425,000
  
5,919,055
  
 
Series F, 5.25%, 11/1/2033
  
3,500,000
  
4,088,840
  
 
Series A, 5.25%, 11/1/2038
  
4,000,000
  
4,520,400
  
Texas, Grand Parkway Transportation Corp., System Toll Revenue:
              
 
Series B, 5.0%, 4/1/2053
  
3,500,000
  
3,856,615
  
 
Series B, 5.25%, 10/1/2051
  
5,000,000
  
5,680,200
  
Texas, Lower Neches Valley Authority, Industrial Development Authority Corp., Mobil Oil Refining Corp. Project, AMT, 0.01% *, 4/1/2029
  
800,000
  
800,000
  
Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue:
              
 
Series B, 0.861% **, 12/15/2026, GTY: Merrill Lynch & Co., Inc.
  
1,500,000
  
1,376,100
  
 
Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co., Inc.
  
5,000,000
  
6,237,050
  
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue:
              
 
5.5%, 8/1/2021, GTY: The Goldman Sachs Group, Inc.
  
1,155,000
  
1,357,298
  
 
5.5%, 8/1/2025, GTY: The Goldman Sachs Group, Inc.
  
7,250,000
  
8,790,117
  
Texas, Southwest Higher Education Authority, Inc., Southern Methodist University Project, 5.0%, 10/1/2035
  
1,600,000
  
1,859,264
  
Texas, State Municipal Gas Acquisition & Supply Corp., III Gas Supply Revenue:
              
 
5.0%, 12/15/2030
  
250,000
  
278,277
  
 
5.0%, 12/15/2031
  
3,165,000
  
3,506,947
  
 
5.0%, 12/15/2032
  
2,000,000
  
2,201,700
  
Texas, State Transportation Commission, Turnpike Systems Revenue, Series C, 5.0%, 8/15/2034
  
1,235,000
  
1,373,703
  
West Harris County, TX, Regional Water Authority, Water Systems Revenue, 5.0%, 12/15/2035
  
6,500,000
  
7,328,945
  
 
 
87,441,007
  
Virgin Islands 0.5%
  
Virgin Islands, Public Finance Authority Revenue, Gross Receipts Tax Loan Notes, Series A, 5.0%, 10/1/2032
  
2,500,000
  
2,765,675
  
Virginia 0.3%
  
Washington County, VA, Industrial Development Authority, Hospital Facility Revenue, Mountain States Health Alliance, Series C, 7.75%, 7/1/2038
  
1,370,000
  
1,615,737
  
Washington 3.7%
  
Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, Series A, 6.125%, 8/15/2037
  
6,000,000
  
6,542,700
  
Washington, State Health Care Facilities Authority, Catholic Health Initiatives, Series A, 5.0%, 2/1/2041
  
5,000,000
  
5,480,900
  
Washington, State Health Care Facilities Authority, Swedish Health Services, Series A, Prerefunded, 6.75%, 11/15/2041
  
1,825,000
  
2,411,482
  
Washington, State Motor Vehicle Tax-Senior 520 Corridor Program, Series C, 5.0%, 6/1/2031
  
5,000,000
  
5,774,950
  
 
 
20,210,032
  
Wisconsin 0.4%
  
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc. Obligation Group:
              
 
5.0%, 8/15/2039
  
460,000
  
518,549
  
 
Prerefunded, 6.625%, 2/15/2039
  
1,555,000
  
1,892,295
  
 
 
2,410,844
  
 
Total Municipal Bonds and Notes (Cost $556,400,254)
  
642,851,727
  
 
 
Underlying Municipal Bonds of Inverse Floaters (a) 38.6%
  
Florida 6.7%
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2023, INS: AGMC (b)
  
3,740,000
  
4,156,329
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2024, INS: AGMC (b)
  
3,915,000
  
4,350,810
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2025, INS: AGMC (b)
  
4,122,500
  
4,581,408
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2026, INS: AGMC (b)
  
4,317,500
  
4,798,115
  
Miami-Dade County, FL, Transit Sales Surtax Revenue, 5.0%, 7/1/2032, INS: AGMC (b)
  
16,470,000
  
18,303,406
  
 
Trust: Miami-Dade County, FL, Transit Improvements, Series 2008-1160, 144A, 9.401%, 7/1/2016, Leverage Factor at purchase date: 2 to 1
      
 
 
36,190,068
  
Massachusetts 4.7%
  
Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/1/2032 (b)
  
18,250,000
  
20,202,184
  
Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/28/2037 (b)
  
5,000,000
  
5,534,845
  
 
Trust: Massachusetts, State Pollution Control, Water Utility Improvements, Series 3159, 144A, 13.811%, 8/1/2015, Leverage Factor at purchase date: 3 to 1
      
 
 
25,737,029
  
Nevada 5.9%
  
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2028 (b)
  
9,447,355
  
10,483,606
  
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2029 (b)
  
9,919,723
  
11,007,786
  
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/3/2030 (b)
  
9,627,878
  
10,683,930
  
 
Trust: Clark County, NV, General Obligation, Series 3158, 144A, 13.813%, 6/1/2016, Leverage Factor at purchase date: 3 to 1
      
 
 
32,175,322
  
New York 11.5%
  
New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%, 3/15/2026 (b)
  
10,000,000
  
10,827,213
  
 
Trust: New York, State Dormitory Authority Revenue, Series 3160, 144A, 13.813%, 9/15/2016, Leverage Factor at purchase date: 3 to 1
      
New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%, 3/15/2024 (b)
  
10,000,000
  
10,850,200
  
 
Trust: New York, State Dormitory Authority Revenue, Secondary Issues, Series 1955-3, 144A, 18.32%, 9/15/2016, Leverage Factor at purchase date: 4 to 1
      
New York, State Dormitory Authority Revenues, State Supported Debt, University Dormitory Facilities, 5.0%, 7/1/2025 (b)
  
5,425,000
  
5,970,797
  
New York, State Dormitory Authority Revenues, State Supported Debt, University Dormitory Facilities, 5.0%, 7/1/2027 (b)
  
8,080,000
  
8,892,911
  
 
Trust: New York, State Dormitory Authority Revenues, Series 3169, 144A, 13.81%, 7/1/2025, Leverage Factor at purchase date: 3 to 1
      
New York, Triborough Bridge & Tunnel Authority Revenues, Series C, 5.0%, 11/15/2033 (b)
  
6,000,000
  
6,767,040
  
 
Trust: New York, Triborough Bridge & Tunnel Authority Revenues, Series 2008-1188, 144A, 9.37%, 11/15/2033, Leverage Factor at purchase date: 2 to 1
      
New York City, NY, Transitional Finance Authority Revenue, Series C-1, 5.0%, 11/1/2027 (b)
  
17,560,000
  
19,350,242
  
 
Trust: New York City, NY, Series 2008-1190, 144A, 9.37%, 11/1/2027, Leverage Factor at purchase date: 2 to 1
      
 
 
62,658,403
  
Tennessee 6.5%
  
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2027 (b)
  
10,756,695
  
12,039,206
  
 
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-3, 144A, 18.315%, 1/1/2016, Leverage Factor at purchase date: 4 to 1
      
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2026 (b)
  
10,200,000
  
11,416,146
  
 
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-2, 144A, 18.32%, 1/1/2016, Leverage Factor at purchase date: 4 to 1
      
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2028 (b)
  
10,564,925
  
11,824,575
  
 
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-4, 144A, 18.328%, 1/1/2016, Leverage Factor at purchase date: 4 to 1
      
 
 
35,279,927
  
Virginia 3.3%
  
Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2027 (b)
  
8,190,000
  
9,370,617
  
Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2028 (b)
  
7,630,000
  
8,729,892
  
 
Trust: Virginia, State Resource Authority, Clean Water Revenue, Series 2917, 144A, 11.492%, 10/1/2028, Leverage Factor at purchase date: 2.5 to 1
      
 
 
18,100,509
  
 
Total Underlying Municipal Bonds of Inverse Floaters (Cost $191,122,141)
  
210,141,258
  
         
 
% of
Net Assets
  
Value ($)
  
 
Total Investment Portfolio (Cost $747,522,395) †
156.5
  
852,992,985
  
Floating Rate Notes (a)
(21.9)
  
(119,181,576)
  
MTPS, at Liquidation Value
(34.6)
  
(188,865,000)
  
Other Assets and Liabilities, Net
1.8
  
10,026,392
  
Remarketed Preferred Shares, at Liquidation Value
(1.8)
  
(9,885,000)
  
 
Net Assets Applicable to Common Shareholders
100.0
  
545,087,801
  

For information on the Fund's policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual or annual financial statements.
*
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 February 28, 2015.
**
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 rate as of February 28, 2015.
†
The cost for federal income tax purposes was $625,489,254.  At February 28, 2015, net unrealized appreciation for all securities based on tax cost was $108,322,155.  This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $112,355,599 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $4,033,444.
(a)
Securities represent the underlying municipal obligations of inverse floating rate obligations held by the Fund. The Floating Rate Notes represents leverage to the Fund and is the amount owed to the floating rate note holders.
(b)
Security forms part of the below inverse floater. The Fund accounts for these inverse floaters as a form of secured borrowing, by reflecting the value of the underlying bond in the investments of the Fund and the amount owed to the floating rate note holder as a liability.
144A: Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
AGC: Assured Guaranty Corp.
AGMC: Assured Guaranty Municipal Corp.
AMT: Subject to alternative minimum tax.
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
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.
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 February 28, 2015 in valuing the Fund's investments.

Assets
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Municipal Investments (c)
   $ —     $ 852,992,985     $ —     $ 852,992,985  
 
Total
   $ —     $ 852,992,985     $ —     $ 852,992,985  
 

There have been no transfers between fair value measurement levels during the period ended February 28, 2015.
 (c)
See Investment Portfolio for additional detailed categorizations.


ITEM 2.
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 registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
   
ITEM 3.
EXHIBITS
   
 
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.


 
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 Municipal Income Trust
   
By:
/s/Brian E. Binder
Brian E. Binder
President
   
Date:
April 22, 2015


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:
April 22, 2015
   
   
   
By:
/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
   
Date:
April 22, 2015