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: 2/29/2016
ITEM 1. | SCHEDULE OF INVESTMENTS |
Investment Portfolio as of February 29, 2016 (Unaudited)
Deutsche Municipal Income Trust
Principal Amount ($) |
Value ($) | |||||||
Municipal Bonds and Notes 124.9% | ||||||||
Arizona 1.2% | ||||||||
Arizona, Salt Verde Financial Corp., Gas Revenue: | ||||||||
5.0%, 12/1/2037, GTY: Citigroup, Inc. | 1,050,000 | 1,243,965 | ||||||
5.5%, 12/1/2029, GTY: Citigroup, Inc. | 1,400,000 | 1,722,532 | ||||||
Phoenix, AZ, Civic Improvement Corp., Airport Revenue, Series A, 5.0%, 7/1/2040 | 3,000,000 | 3,364,890 | ||||||
6,331,387 | ||||||||
California 18.7% | ||||||||
California, Health Facilities Financing Authority Revenue, Catholic Healthcare West, Series A, 6.0%, 7/1/2039 | 3,500,000 | 4,007,290 | ||||||
California, M-S-R Energy Authority, Series A, 7.0%, 11/1/2034, GTY: Citigroup, Inc. | 3,180,000 | 4,640,447 | ||||||
California, San Gorgonio Memorial Healthcare, Election of 2006, Series C, Prerefunded, 7.2%, 8/1/2039 | 5,000,000 | 5,480,150 | ||||||
California, South Bayside Waste Management Authority, Solid Waste Enterprise Revenue, Shoreway Environmental Center, Series A, 6.25%, 9/1/2029 | 5,345,000 | 6,272,892 | ||||||
California, State General Obligation: | ||||||||
5.0%, 11/1/2043 | 5,000,000 | 5,825,850 | ||||||
5.25%, 4/1/2035 | 4,295,000 | 5,069,818 | ||||||
5.5%, 3/1/2040 | 1,370,000 | 1,586,898 | ||||||
6.0%, 4/1/2038 | 10,000,000 | 11,490,600 | ||||||
California, State Public Works Board, Lease Revenue, Capital Projects, Series I-1, 6.375%, 11/1/2034 | 2,000,000 | 2,398,620 | ||||||
California, State Public Works Board, Lease Revenue, Department of General Services, Buildings 8 & 9, Series A, 6.25%, 4/1/2034 | 6,640,000 | 7,754,192 | ||||||
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 | 1,384,288 | ||||||
Corona-Norco, CA, Unified School District, Election of 2006, Series A, Prerefunded, 5.0%, 8/1/2031, INS: AGMC | 5,130,000 | 5,462,783 | ||||||
Long Beach, CA, Harbor Revenue, Series D, 5.0%, 5/15/2039 | 1,065,000 | 1,253,079 | ||||||
Los Angeles, CA, Community College District, Election of 2008, Series C, 5.25%, 8/1/2039 | 3,000,000 | 3,495,330 | ||||||
Los Angeles, CA, Department of Airports Revenue, Los Angeles International Airport, Series B, 5.0%, 5/15/2035 | 8,500,000 | 9,655,320 | ||||||
Port Oakland, CA, Series A, AMT, 5.0%, 11/1/2027, INS: NATL | 5,850,000 | 6,229,314 | ||||||
San Diego County, CA, Regional Airport Authority Revenue, Series B, AMT, 5.0%, 7/1/2043 | 7,000,000 | 7,755,300 | ||||||
San Diego, CA, Community College District, Election of 2006, 5.0%, 8/1/2036 | 2,850,000 | 3,317,884 | ||||||
San Diego, CA, Unified School District, Election 2012, Series C, 5.0%, 7/1/2035 | 5,000,000 | 5,940,150 | ||||||
99,020,205 | ||||||||
Colorado 3.5% | ||||||||
Colorado, State Board of Governors, Colrado State University System Revenue, Series E-1, 5.0%, 3/1/2040 | 8,000,000 | 9,274,960 | ||||||
Colorado, State Health Facilities Authority Revenue, School Health Systems, Series A, 5.5%, 1/1/2035 | 5,450,000 | 6,529,918 | ||||||
Denver, CO, City & County Airport Revenue, Series A, AMT, 5.25%, 11/15/2043 | 2,400,000 | 2,678,136 | ||||||
18,483,014 | ||||||||
District of Columbia 0.9% | ||||||||
District of Columbia, Metropolitan Airport Authority Systems Revenue: | ||||||||
Series A, AMT, 5.0%, 10/1/2038 | 800,000 | 898,616 | ||||||
Series A, AMT, 5.0%, 10/1/2043 | 3,400,000 | 3,768,288 | ||||||
4,666,904 | ||||||||
Florida 12.0% | ||||||||
Miami-Dade County, FL, Aviation Revenue: | ||||||||
Series A, AMT, 5.0%, 10/1/2035 | 5,000,000 | 5,623,100 | ||||||
Series A, 5.5%, 10/1/2041 | 10,000,000 | 11,258,800 | ||||||
Miami-Dade County, FL, Aviation Revenue, Miami International Airport: | ||||||||
Series A, AMT, 5.25%, 10/1/2033, INS: AGC | 8,500,000 | 9,300,020 | ||||||
Series A-1, 5.375%, 10/1/2035 | 2,000,000 | 2,297,120 | ||||||
Miami-Dade County, FL, Educational Facilities Authority Revenue, University of Miami, Series A, Prerefunded, 5.75%, 4/1/2028 | 3,000,000 | 3,014,880 | ||||||
Miami-Dade County, FL, Expressway Authority, Toll Systems Revenue, Series A, 5.0%, 7/1/2035, INS: AGMC | 3,000,000 | 3,374,190 | ||||||
North Brevard County, FL, Hospital District Revenue, Parrish Medical Center Project: | ||||||||
5.5%, 10/1/2028 | 1,520,000 | 1,673,292 | ||||||
Prerefunded, 5.5%, 10/1/2028 | 3,770,000 | 4,241,740 | ||||||
5.75%, 10/1/2038 | 1,440,000 | 1,576,512 | ||||||
Prerefunded, 5.75%, 10/1/2038 | 3,560,000 | 4,028,282 | ||||||
Orlando & Orange County, FL, Expressway Authority Revenue: | ||||||||
Series C, 5.0%, 7/1/2035 | 2,705,000 | 3,042,395 | ||||||
Series A, 5.0%, 7/1/2040 | 11,895,000 | 13,368,196 | ||||||
Tallahassee, FL, Health Facilities Revenue, Memorial Healthcare, Inc. Project, Series A, 5.0%, 12/1/2055 | 745,000 | 811,871 | ||||||
63,610,398 | ||||||||
Georgia 8.2% | ||||||||
Atlanta, GA, Airport Revenue: | ||||||||
Series A, 5.0%, 1/1/2035 | 1,030,000 | 1,152,920 | ||||||
Series C, AMT, 5.0%, 1/1/2037 | 1,690,000 | 1,850,770 | ||||||
Atlanta, GA, Water & Wastewater Revenue, Series A, Prerefunded, 6.25%, 11/1/2039 | 5,815,000 | 6,962,241 | ||||||
Gainesville & Hall County, GA, Hospital Authority Revenue, Anticipation Certificates, Northeast Georgia Healthcare, Series A, 5.5%, 2/15/2045 | 2,135,000 | 2,353,902 | ||||||
Georgia, Main Street Natural Gas, Inc., Gas Project Revenue: | ||||||||
Series A, 5.0%, 3/15/2020, GTY: JPMorgan Chase & Co. | 7,250,000 | 8,130,512 | ||||||
Series A, 5.5%, 9/15/2024, GTY: Merrill Lynch & Co., Inc. | 5,000,000 | 6,024,150 | ||||||
Series A, 5.5%, 9/15/2028, GTY: Merrill Lynch & Co., Inc. | 10,000,000 | 12,314,300 | ||||||
Georgia, Medical Center Hospital Authority Revenue, Anticipation Certificates, Columbus Regional Healthcare Systems, 6.5%, 8/1/2038, INS: AGC | 3,300,000 | 3,664,287 | ||||||
Georgia, Municipal Electric Authority Revenue, Series A, 5.0%, 1/1/2035 | 1,010,000 | 1,176,862 | ||||||
43,629,944 | ||||||||
Guam 0.1% | ||||||||
Guam, International Airport Authority Revenue, Series C, AMT, 6.375%, 10/1/2043 | 535,000 | 631,049 | ||||||
Hawaii 1.4% | ||||||||
Hawaii, State Airports Systems Revenue: | ||||||||
Series A, 5.0%, 7/1/2039 | 4,200,000 | 4,712,736 | ||||||
Series A, AMT, 5.0%, 7/1/2041 | 1,490,000 | 1,669,187 | ||||||
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 | 1,136,450 | ||||||
7,518,373 | ||||||||
Idaho 1.0% | ||||||||
Idaho, Health Facilities Authority Revenue, St. Luke's Regional Medical Center: | ||||||||
5.0%, 7/1/2035, INS: AGMC | 2,500,000 | 2,760,825 | ||||||
6.75%, 11/1/2037 | 2,135,000 | 2,414,237 | ||||||
5,175,062 | ||||||||
Illinois 8.1% | ||||||||
Chicago, IL, Airport Revenue, O'Hare International Airport: | ||||||||
Series A, 5.75%, 1/1/2039 | 5,000,000 | 5,832,900 | ||||||
Series B, 6.0%, 1/1/2041 | 9,000,000 | 10,638,540 | ||||||
Illinois, Finance Authority Revenue, Advocate Health Care Network, Series D, Prerefunded, 6.5%, 11/1/2038 | 1,000,000 | 1,152,740 | ||||||
Illinois, Finance Authority Revenue, Memorial Health Systems, 5.5%, 4/1/2039 | 4,200,000 | 4,597,110 | ||||||
Illinois, Finance Authority Revenue, Northwest Community Hospital, Series A, 5.5%, 7/1/2038 | 5,750,000 | 6,206,090 | ||||||
Illinois, Railsplitter Tobacco Settlement Authority, 6.0%, 6/1/2028 | 915,000 | 1,095,429 | ||||||
Illinois, State Finance Authority Revenue, Advocate Health Care Network: | ||||||||
Series B, 5.375%, 4/1/2044 | 1,320,000 | 1,441,981 | ||||||
Series B, Prerefunded, 5.375%, 4/1/2044 | 1,180,000 | 1,344,374 | ||||||
Illinois, State Finance Authority Revenue, Ascension Health Credit Group, Series A, 5.0%, 11/15/2032 | 730,000 | 842,501 | ||||||
Illinois, State Finance Authority Revenue, OSF Healthcare Systems: | ||||||||
Series A, 5.0%, 5/15/2041 | 1,580,000 | 1,736,641 | ||||||
Series A, 5.0%, 11/15/2045 | 1,745,000 | 1,953,493 | ||||||
Illinois, State Finance Authority Revenue, University of Chicago, Series A, 5.0%, 10/1/2038 | 4,445,000 | 5,063,077 | ||||||
Springfield, IL, Electric Revenue, Senior Lien, 5.0%, 3/1/2040, INS: AGMC | 970,000 | 1,093,539 | ||||||
42,998,415 | ||||||||
Indiana 2.1% | ||||||||
Indiana, Finance Authority Hospital Revenue, Deaconess Hospital Obligation, Series A, Prerefunded, 6.75%, 3/1/2039 | 1,745,000 | 2,052,451 | ||||||
Indiana, State Finance Authority Revenue, Community Foundation of Northwest Indiana, 5.0%, 3/1/2041 | 5,000,000 | 5,449,700 | ||||||
Indiana, State Municipal Power Agency Revenue, Series A, 5.0%, 1/1/2042 | 3,230,000 | 3,716,729 | ||||||
11,218,880 | ||||||||
Kentucky 2.2% | ||||||||
Kentucky, Economic Development Finance Authority, Louisville Arena Project Revenue, Series A-1, 6.0%, 12/1/2042, INS: AGC | 4,000,000 | 4,338,320 | ||||||
Louisville & Jefferson County, KY, Metropolitan Government Health Systems Revenue, Norton Healthcare, Inc.: | ||||||||
Series A, 0.01% *, 10/1/2039, LOC: JPMorgan Chase Bank NA | 2,400,000 | 2,400,000 | ||||||
5.0%, 10/1/2030 | 5,000,000 | 5,092,350 | ||||||
11,830,670 | ||||||||
Louisiana 0.9% | ||||||||
Louisiana, Public Facilities Authority, Hospital Revenue, Lafayette General Medical Center, 5.5%, 11/1/2040 | 3,000,000 | 3,264,300 | ||||||
Louisiana, St. John Baptist Parish Revenue, Marathon Oil Corp., Series A, 5.125%, 6/1/2037 | 1,515,000 | 1,459,793 | ||||||
4,724,093 | ||||||||
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 | 1,315,402 | ||||||
Maryland, State Health & Higher Educational Facilities Authority Revenue, Washington County Hospital, Prerefunded, 5.75%, 1/1/2033 | 1,500,000 | 1,640,025 | ||||||
2,955,427 | ||||||||
Massachusetts 1.3% | ||||||||
Massachusetts, State Development Finance Agency Revenue, Northeastern University, Series A, 5.25%, 3/1/2037 | 2,500,000 | 2,893,825 | ||||||
Massachusetts, State Health & Educational Facilities Authority Revenue, Suffolk University, Series A, 5.75%, 7/1/2039 | 3,570,000 | 3,992,902 | ||||||
6,886,727 | ||||||||
Michigan 5.1% | ||||||||
Detroit, MI, Water & Sewerage Department, Sewerage Disposal System Revenue, Series A, 5.25%, 7/1/2039 | 1,120,000 | 1,240,579 | ||||||
Michigan, State Building Authority Revenue, Series I-A, 5.375%, 10/15/2041 | 7,500,000 | 8,679,825 | ||||||
Michigan, State Building Authority Revenue, Facilities Program: | ||||||||
Series I, 5.0%, 4/15/2038 | 1,930,000 | 2,241,869 | ||||||
Series H, 5.125%, 10/15/2033 | 2,495,000 | 2,782,050 | ||||||
Series I, 6.0%, 10/15/2038 | 395,000 | 443,664 | ||||||
Series I, Prerefunded, 6.0%, 10/15/2038 | 605,000 | 688,296 | ||||||
Michigan, State Finance Authority Revenue, Trinity Health Corp., 5.0%, 12/1/2035 | 665,000 | 757,808 | ||||||
Michigan, State Hospital Finance Authority Revenue, Henry Ford Health Hospital, 5.75%, 11/15/2039 | 5,000,000 | 5,684,550 | ||||||
Royal Oak, MI, Hospital Finance Authority Revenue, William Beaumont Hospital, Prerefunded, 8.25%, 9/1/2039 | 1,800,000 | 2,137,680 | ||||||
Wayne County, MI, Airport Authority Revenue, Series F, AMT, 5.0%, 12/1/2034 | 2,000,000 | 2,225,040 | ||||||
26,881,361 | ||||||||
Minnesota 0.2% | ||||||||
Minneapolis, MN, Health Care Systems Revenue, Fairview Health Services, Series A, Prerefunded, 6.75%, 11/15/2032 | 1,140,000 | 1,322,286 | ||||||
Mississippi 0.3% | ||||||||
Warren County, MS, Gulf Opportunity Zone, International Paper Co., Series A, 6.5%, 9/1/2032 | 1,525,000 | 1,692,293 | ||||||
Missouri 0.1% | ||||||||
Missouri, State Health & Educational Facilities Authority Revenue, Medical Research, Lutheran Senior Services, Series A, 5.0%, 2/1/2046 | 335,000 | 368,108 | ||||||
Nevada 3.9% | ||||||||
Clark County, NV, Airport Revenue, Series B, 5.125%, 7/1/2036 | 4,305,000 | 4,814,841 | ||||||
Henderson, NV, Health Care Facility Revenue, Catholic Healthcare West, Series B, 5.25%, 7/1/2031 | 10,000,000 | 10,409,400 | ||||||
Las Vegas Valley, NV, Water District, Series B, 5.0%, 6/1/2037 | 4,830,000 | 5,575,800 | ||||||
20,800,041 | ||||||||
New Jersey 1.9% | ||||||||
New Jersey, Hospital & Healthcare Revenue, General Hospital Center at Passaic, ETM, 6.75%, 7/1/2019, INS: AGMC | 4,125,000 | 4,559,032 | ||||||
New Jersey, State Economic Development Authority Revenue, The Goethals Bridge Replacement Project, AMT, 5.125%, 7/1/2042, INS: AGMC | 1,250,000 | 1,376,438 | ||||||
New Jersey, State Transportation Trust Fund Authority, Transportation Systems, Series A, 6.0%, 12/15/2038 | 1,955,000 | 2,148,115 | ||||||
New Jersey, State Turnpike Authority Revenue, Series E, 5.25%, 1/1/2040 | 1,750,000 | 1,925,017 | ||||||
10,008,602 | ||||||||
New York 10.2% | ||||||||
New York, Metropolitan Transportation Authority Revenue: | ||||||||
Series C, 5.0%, 11/15/2038 | 6,000,000 | 6,885,840 | ||||||
Series D, 5.0%, 11/15/2038 | 1,090,000 | 1,260,956 | ||||||
Series C, 5.0%, 11/15/2042 | 5,000,000 | 5,692,550 | ||||||
Series A-1, 5.25%, 11/15/2039 | 4,000,000 | 4,705,600 | ||||||
New York, State Agency General Obligation Lease, Higher Education Revenue, Dormitory Authority, City University, Series A, 5.625%, 7/1/2016 | 545,000 | 554,423 | ||||||
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 | 2,327,960 | ||||||
New York, State Housing Finance Agency Revenue, 900 Eighth Avenue Condominium LLC, Series A, AMT, 0.03% *, 5/15/2035, LIQ: Fannie Mae | 250,000 | 250,000 | ||||||
New York, State Liberty Development Corp. Revenue, World Trade Center Port Authority Construction, 5.25%, 12/15/2043 | 8,000,000 | 9,273,120 | ||||||
New York, Utility Debt Securitization Authority, Restructuring Revenue: | ||||||||
Series TE, 5.0%, 12/15/2034 | 800,000 | 955,824 | ||||||
Series TE, 5.0%, 12/15/2035 | 1,000,000 | 1,190,840 | ||||||
New York City, NY, Housing Development Corp., Multi-Family Mortgage Revenue, The Plaza Residences LP, Series A, AMT, 0.04% *, 7/1/2039, LOC: Citibank NA | 865,000 | 865,000 | ||||||
New York City, NY, Municipal Water Finance Authority, Water & Sewer Revenue, Second General Resolution: | ||||||||
Series AA, 5.0%, 6/15/2044 | 5,000,000 | 5,764,950 | ||||||
Series EE, 5.375%, 6/15/2043 | 3,750,000 | 4,396,312 | ||||||
New York City, NY, Transitional Finance Authority Revenue, Future Tax Secured, Series C-1, Prerefunded, 5.0%, 11/1/2027 | 5,755,000 | 6,178,798 | ||||||
Port Authority of New York & New Jersey: | ||||||||
AMT, 5.0%, 10/15/2034 | 1,620,000 | 1,884,724 | ||||||
AMT, 5.0%, 10/15/2035 | 800,000 | 927,104 | ||||||
Port Authority of New York & New Jersey, One Hundred Eighty-Fourth: | ||||||||
5.0%, 9/1/2036 | 205,000 | 240,619 | ||||||
5.0%, 9/1/2039 | 510,000 | 594,395 | ||||||
53,949,015 | ||||||||
North Carolina 0.6% | ||||||||
North Carolina, Medical Care Commission, Health Care Facilities Revenue, University Health System, Series D, Prerefunded, 6.25%, 12/1/2033 | 3,000,000 | 3,455,220 | ||||||
North Dakota 0.7% | ||||||||
Fargo, ND, Sanford Health Systems Revenue, 6.25%, 11/1/2031 | 3,240,000 | 3,957,304 | ||||||
Ohio 2.9% | ||||||||
Lucas County, OH, Hospital Revenue, Promedica Healthcare, Series A, 6.5%, 11/15/2037 | 1,500,000 | 1,860,705 | ||||||
Ohio, State Hospital Facility Revenue, Cleveland Clinic Health: | ||||||||
Series A, 5.5%, 1/1/2039 | 5,000,000 | 5,616,150 | ||||||
Series B, 5.5%, 1/1/2039 | 3,500,000 | 3,931,305 | ||||||
Ohio, State Turnpike Commission, Junior Lien, Infrastructure Projects, Series A-1, 5.25%, 2/15/2039 | 3,520,000 | 4,090,979 | ||||||
15,499,139 | ||||||||
Pennsylvania 5.1% | ||||||||
Allegheny County, PA, Hospital Development Authority Revenue, University of Pittsburgh Medical, 5.625%, 8/15/2039 | 1,700,000 | 1,916,002 | ||||||
Franklin County, PA, Industrial Development Authority Revenue, Chambersburg Hospital Project, 5.375%, 7/1/2042 | 7,000,000 | 7,693,770 | ||||||
Pennsylvania, Commonwealth Financing Authority, Series A, 5.0%, 6/1/2035 | 1,560,000 | 1,769,960 | ||||||
Pennsylvania, State Turnpike Commission Revenue: | ||||||||
Series A, 5.0%, 12/1/2038 | 2,030,000 | 2,298,711 | ||||||
Series A-1, 5.0%, 12/1/2040 | 5,000,000 | 5,651,650 | ||||||
Series C, 5.0%, 12/1/2043 | 4,000,000 | 4,534,920 | ||||||
Philadelphia, PA, Airport Revenue, Series A, 5.0%, 6/15/2035 | 2,835,000 | 3,178,489 | ||||||
27,043,502 | ||||||||
Puerto Rico 0.9% | ||||||||
Puerto Rico, Sales Tax Financing Corp., Sales Tax Revenue: | ||||||||
Series A, 5.5%, 8/1/2042 | 2,255,000 | 932,059 | ||||||
Series A, 6.0%, 8/1/2042 | 3,200,000 | 1,342,432 | ||||||
Series A, 6.375%, 8/1/2039 | 6,375,000 | 2,697,964 | ||||||
4,972,455 | ||||||||
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 | 2,248,400 | ||||||
South Carolina 6.7% | ||||||||
Charleston County, SC, Airport District, Airport System Revenue, Series A, AMT, 5.875%, 7/1/2032 | 6,560,000 | 7,798,528 | ||||||
Greenwood County, SC, Hospital Revenue, Self Regional Healthcare, Series B, 5.0%, 10/1/2031 | 1,000,000 | 1,123,840 | ||||||
South Carolina, State Ports Authority Revenue, 5.25%, 7/1/2040 | 2,550,000 | 2,873,493 | ||||||
South Carolina, State Public Service Authority Revenue: | ||||||||
Series A, 5.0%, 12/1/2036 | 2,220,000 | 2,581,682 | ||||||
Series A, 5.0%, 12/1/2037 | 4,295,000 | 4,978,378 | ||||||
Series E, 5.25%, 12/1/2055 | 7,570,000 | 8,616,174 | ||||||
South Carolina, State Public Service Authority Revenue, Santee Cooper, Series A, 5.75%, 12/1/2043 | 6,220,000 | 7,544,051 | ||||||
35,516,146 | ||||||||
Tennessee 1.7% | ||||||||
Clarksville, TN, Natural Gas Acquisition Corp., Gas Revenue, 5.0%, 12/15/2021, GTY: Merrill Lynch & Co., Inc. | 2,000,000 | 2,294,940 | ||||||
Jackson, TN, Hospital Revenue, Jackson-Madison Project: | ||||||||
5.625%, 4/1/2038 | 1,080,000 | 1,161,756 | ||||||
Prerefunded, 5.625%, 4/1/2038 | 2,920,000 | 3,221,548 | ||||||
Sullivan County, TN, Health, Educational & Housing Facilities Board, Hospital Revenue, Wellmont Health Systems Project, Series C, 5.25%, 9/1/2036 | 2,050,000 | 2,087,884 | ||||||
8,766,128 | ||||||||
Texas 16.9% | ||||||||
Central Texas, Regional Mobility Authority Revenue, Senior Lien, Series A, 5.0%, 1/1/2040 | 1,155,000 | 1,304,711 | ||||||
Dallas-Fort Worth, International Airport Revenue, Series F, AMT, 5.0%, 11/1/2035 | 2,000,000 | 2,247,740 | ||||||
Harris County, TX, Health Facilities Development Corp., Hospital Revenue, Memorial Hermann Healthcare System, Series B, Prerefunded, 7.25%, 12/1/2035 | 1,000,000 | 1,178,130 | ||||||
Harris County, TX, Houston Port Authority, Series A, AMT, 6.25%, 10/1/2029 | 3,000,000 | 3,376,050 | ||||||
Houston, TX, Airport Revenue, People Mover Project, Series A, AMT, 5.5%, 7/15/2017, INS: AGMC | 1,425,000 | 1,431,398 | ||||||
North Texas, Tollway Authority Revenue: | ||||||||
Series B, 5.0%, 1/1/2040 | 2,060,000 | 2,334,742 | ||||||
First Tier, Series A, 5.625%, 1/1/2033 | 1,900,000 | 2,043,754 | ||||||
First Tier, Series A, Prerefunded, 5.625%, 1/1/2033 | 1,600,000 | 1,744,176 | ||||||
Second Tier, Series F, Prerefunded, 5.75%, 1/1/2038 | 6,500,000 | 7,100,535 | ||||||
First Tier, 6.0%, 1/1/2043 | 5,000,000 | 5,910,300 | ||||||
North Texas, Tollway Authority Revenue, Special Project Systems, Series D, 5.0%, 9/1/2032 | 2,000,000 | 2,330,600 | ||||||
Texas, Dallas/Fort Worth International Airport Revenue: | ||||||||
Series H, AMT, 5.0%, 11/1/2042 | 5,425,000 | 5,909,995 | ||||||
Series F, 5.25%, 11/1/2033 | 3,500,000 | 4,130,560 | ||||||
Series A, 5.25%, 11/1/2038 | 4,000,000 | 4,587,520 | ||||||
Texas, Grand Parkway Transportation Corp., System Toll Revenue: | ||||||||
Series B, 5.0%, 4/1/2053 | 3,500,000 | 3,886,295 | ||||||
Series B, 5.25%, 10/1/2051 | 5,000,000 | 5,690,300 | ||||||
Texas, Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue: | ||||||||
Series B, 1.043% **, 12/15/2026, GTY: Merrill Lynch & Co., Inc. | 1,500,000 | 1,393,020 | ||||||
Series D, 6.25%, 12/15/2026, GTY: Merrill Lynch & Co., Inc. | 5,000,000 | 6,100,900 | ||||||
Texas, SA Energy Acquisition Public Facility Corp., Gas Supply Revenue: | ||||||||
5.5%, 8/1/2021, GTY: The Goldman Sachs Group, Inc. | 1,155,000 | 1,361,144 | ||||||
5.5%, 8/1/2025, GTY: The Goldman Sachs Group, Inc. | 7,250,000 | 8,841,013 | ||||||
Texas, Southwest Higher Education Authority, Inc., Southern Methodist University Project, 5.0%, 10/1/2035 | 1,600,000 | 1,821,296 | ||||||
Texas, State Municipal Gas Acquisition & Supply Corp. III Gas Supply Revenue: | ||||||||
5.0%, 12/15/2030, GTY: Macquarie Group Ltd. | 250,000 | 279,230 | ||||||
5.0%, 12/15/2031, GTY: Macquarie Group Ltd. | 3,165,000 | 3,514,543 | ||||||
5.0%, 12/15/2032, GTY: Macquarie Group Ltd. | 2,000,000 | 2,217,020 | ||||||
Texas, State Transportation Commission, Turnpike Systems Revenue, Series C, 5.0%, 8/15/2034 | 1,235,000 | 1,407,456 | ||||||
West Harris County, TX, Regional Water Authority, Water Systems Revenue, 5.0%, 12/15/2035 | 6,500,000 | 7,263,945 | ||||||
89,406,373 | ||||||||
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 | 2,692,950 | ||||||
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 | 1,561,211 | ||||||
Washington 3.8% | ||||||||
Washington, State Health Care Facilities Authority Revenue, Virginia Mason Medical Center, Series A, 6.125%, 8/15/2037 | 6,000,000 | 6,384,660 | ||||||
Washington, State Health Care Facilities Authority, Catholic Health Initiatives, Series A, 5.0%, 2/1/2041 | 5,000,000 | 5,441,200 | ||||||
Washington, State Health Care Facilities Authority, Swedish Health Services, Series A, Prerefunded, 6.75%, 11/15/2041 | 1,825,000 | 2,345,855 | ||||||
Washington, State Motor Vehicle Tax-Senior 520 Corridor Program, Series C, 5.0%, 6/1/2031 | 5,000,000 | 5,822,650 | ||||||
19,994,365 | ||||||||
Wisconsin 0.5% | ||||||||
Milwaukee, WI, Redevelopment Authority Revenue, State Montessori Society, Inc., 0.01% *, 7/1/2021, LOC: U.S. Bank NA | 750,000 | 750,000 | ||||||
Wisconsin, State Health & Educational Facilities Authority Revenue, Prohealth Care, Inc. Obligation Group, Prerefunded, 6.625%, 2/15/2039 | 1,555,000 | 1,820,905 | ||||||
2,570,905 | ||||||||
Total Municipal Bonds and Notes (Cost $584,351,417) | 662,386,352 | |||||||
Underlying Municipal Bonds of Inverse Floaters (a) 30.6% | ||||||||
Massachusetts 7.0% | ||||||||
Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/1/2032 (b) | 18,250,000 | 19,413,458 | ||||||
Massachusetts, State Water Pollution Abatement Trust, Series 13, 5.0%, 8/28/2037 (b) | 5,000,000 | 5,318,755 | ||||||
Trust: Massachusetts, State Pollution Control, Water Utility Improvements, Series 3159, 144A, 13.772%, 2/1/2017, Leverage Factor at purchase date: 3 to 1 | ||||||||
Massachusetts, State Development Finance Agency Revenue, Partners Healthcare System, Inc., Series Q, 5.0%, 7/1/2035 (b) | 10,425,000 | 12,347,683 | ||||||
Trust: Massachusetts, State Development Finance Agency Revenue, Series 2016-XM0137, 144A, 18.07%, 1/1/2024, Leverage Factor at purchase date: 4 to 1 | ||||||||
37,079,896 | ||||||||
Nevada 6.0% | ||||||||
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2028 (b) | 9,447,355 | 10,248,150 | ||||||
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/1/2029 (b) | 9,919,723 | 10,760,558 | ||||||
Clark County, NV, General Obligation, Limited Tax-Bond Bank, 5.0%, 6/3/2030 (b) | 9,627,878 | 10,443,975 | ||||||
Trust: Clark County, NV, General Obligation, Series 3158, 144A, 13.773%, 6/1/2016, Leverage Factor at purchase date: 3 to 1 | ||||||||
31,452,683 | ||||||||
New York 7.9% | ||||||||
New York, State Dormitory Authority, State Personal Income Tax Revenue, Series A, 5.0%, 3/15/2026 (b) | 10,000,000 | 10,477,739 | ||||||
Trust: New York, State Dormitory Authority Revenue, Series 3160, 144A, 13.773%, 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 | 10,477,500 | ||||||
Trust: New York, State Dormitory Authority Revenue, Secondary Issues, Series 1955-3, 144A, 18.26%, 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 | 5,754,686 | ||||||
New York, State Dormitory Authority Revenues, State Supported Debt, University Dormitory Facilities, 5.0%, 7/1/2027 (b) | 8,080,000 | 8,571,035 | ||||||
Trust: New York, State Dormitory Authority Revenues, Series 3169, 144A, 13.77%, 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 | 6,625,200 | ||||||
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 | ||||||||
41,906,160 | ||||||||
Tennessee 6.4% | ||||||||
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2027 (b) | 10,756,695 | 11,621,853 | ||||||
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-3, 144A, 18.255%, 7/1/2017, Leverage Factor at purchase date: 4 to 1 | ||||||||
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2026 (b) | 10,200,000 | 11,020,386 | ||||||
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-2, 144A, 18.26%, 7/1/2017, Leverage Factor at purchase date: 4 to 1 | ||||||||
Nashville & Davidson County, TN, Metropolitan Government, 5.0%, 1/1/2028 (b) | 10,564,925 | 11,414,662 | ||||||
Trust: Nashville & Davidson County, TN, Metropolitan Government, Series 2631-4, 144A, 18.268%, 7/1/2017, Leverage Factor at purchase date: 4 to 1 | ||||||||
34,056,901 | ||||||||
Virginia 3.3% | ||||||||
Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2027 (b) | 8,190,000 | 9,101,082 | ||||||
Virginia, State Resource Authority, Clean Water Revenue, 5.0%, 10/1/2028 (b) | 7,630,000 | 8,478,785 | ||||||
Trust: Virginia, State Resource Authority, Clean Water Revenue, Series 2917, 144A, 11.507%, 10/1/2028, Leverage Factor at purchase date: 2.5 to 1 | ||||||||
17,579,867 | ||||||||
Total Underlying Municipal Bonds of Inverse Floaters (Cost $153,028,897) | 162,075,507 | |||||||
% of Net Assets |
Value ($) | |||||||
Total Investment Portfolio (Cost $737,380,314) † | 155.5 | 824,461,859 | ||||||
Floating Rate Notes (a) | (19.2) | (101,931,576) | ||||||
Series 2018 MTPS, at Liquidation Value | (37.5) | (198,750,000) | ||||||
Other Assets and Liabilities, Net | 1.2 | 6,563,576 | ||||||
Net Assets | 100.0 | 530,343,859 | ||||||
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 29, 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 rate as of February 29, 2016. |
† | The cost for federal income tax purposes was $631,929,302. At February 29, 2016, net unrealized appreciation for all securities based on tax cost was $90,600,981. This consisted of aggregate gross unrealized appreciation for all securities in which there was an excess of value over tax cost of $97,048,309 and aggregate gross unrealized depreciation for all securities in which there was an excess of tax cost over value of $6,447,328. |
(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 |
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. |
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 29, 2016 in valuing the Fund's investments.
Assets | Level 1 | Level 2 | Level 3 | Total | ||||
Municipal Investments (c) | $ | — | $ | 824,461,859 | $ | — | $ | 824,461,859 |
Total | $ | — | $ | 824,461,859 | $ | — | $ | 824,461,859 |
There have been no transfers between fair value measurement levels during the period ended February 29, 2016. |
(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, 2016 |
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, 2016 |
By: |
/s/Paul Schubert Paul Schubert Chief Financial Officer and Treasurer |
Date: | April 22, 2016 |