| (Mark one) |                                                                                     |   |
|------------|------------------------------------------------------------------------------------------|--------|
|       |                                                                                     |   |
| x          | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934     |
|       | For the fiscal year ended December 31, 2011                                              |   |
|       |                                                                                     |   |
|       | OR                                                                                       |   |
|       |                                                                                     |   |
| o          | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|       | For the transition period from ____________ to ____________                              |

| DBUBS 2011-LC3 Mortgage Trust                              |
|------------------------------------------------------------|
| (exact name of issuing entity as specified in its charter) |
|                                                       |
| Deutsche Mortgage & Asset Receiving Corporation        |
| (exact name of the depositor as specified in its charter)  |

| (exact name of the sponsor as specified in its charter) |
|---------------------------------------------------------|

|                                                          |   | 38-3847613                           |
|---------------------------------------------------------------|--------|--------------------------------------|
|                                                          |   | 38-3847614                           |
|                                                          |   | 38-3847615                           |
| New York                                                      |   | 38-6988397                           |
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. Employer Identification No.) |
|                                                          |   |                                 |
| c/o Wells Fargo Bank, N.A.                                    |   |                                 |
| 9062 Old Annapolis Road                                       |   |                                 |
| Columbia, MD                                                  |   | 21045                                |
| (Address of principal executive offices)                      |   | (Zip Code)                           |
|                                                          |   |                                 |

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| Large accelerated filer                       | o      |   | Accelerated filer         | o      |
|-----------------------------------------------|--------|--------|---------------------------|--------|
|                                          |   |   |                      |   |
| Non-accelerated filer                         | x      |   | Smaller reporting company | o      |
| (Do not check if a smaller reporting company) |   |   |

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|  Item 1.  |  Business.                  |
|----------------|----------------------------------|
|           |                             |
|           |  Omitted.                   |
|           |                             |
|           |                             |
|  Item 1A. |  Risk Factors.              |
|           |                             |
|           |  Omitted.                   |
|           |                             |
|           |                             |   |   |   |   |   |   |
|  Item 1B. |  Unresolved Staff Comments. |
|           |                             |
|           |  Not Applicable.            |
|           |                             |
|           |                             |
|  Item 2.  |  Properties.                |
|           |                             |
|           |  Omitted.                   |
|           |                             |
|           |                             |
|  Item 3.  |  Legal Proceedings.         |
|           |                             |
|           |  Omitted.                   |
|           |                             |
|           |                             |
|  Item 4.  |  Mine Safety Disclosures.   |
|           |                             |
|           |  Not Applicable.            |
|           |                             |
|           |                             |

----

| Item 5.           | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
|-------------------|---------------------------------------------------------------------------------------------------------------|
|              |                                                                                                          |
|              | Omitted.                                                                                                      |
|              |                                                                                                          |
|              |                                                                                                          |
| Item 6.           | Selected Financial Data.                                                                                      |
|              |                                                                                                          |
|              | Omitted.                                                                                                      |
|              |                                                                                                          |
|              |                                                                                                          |   |   |   |   |   |   |
| Item 7.           | Management's Discussion and Analysis of Financial Condition and Results of Operations.                        |
|              |                                                                                                          |
|              | Omitted.                                                                                                      |
|              |                                                                                                          |
|              |                                                                                                          |
| Item 7A.          | Quantitative and Qualitative Disclosures About Market Risk.                                                   |
|              |                                                                                                          |
|              | Omitted.                                                                                                      |
|              |                                                                                                          |
|              |                                                                                                          |
| Item 8.           | Financial Statements and Supplementary Data.                                                                  |
|              |                                                                                                          |
|              | Omitted.                                                                                                      |
|              |                                                                                                          |
|              |                                                                                                          |
| Item 9.           | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.                         |
|              |                                                                                                          |
|              | Omitted.                                                                                                      |
|              |                                                                                                          |
|              |                                                                                                          |
|  Item 9A.    |  Controls and Procedures.                                                                                |
|              |                                                                                                          |
|              |  Omitted.                                                                                                |
|              |                                                                                                          |
|              |                                                                                                          |
|  Item 9A(T). |  Controls and Procedures.                                                                                |
|              |                                                                                                          |
|              |  Omitted.                                                                                                |
|              |                                                                                                          |
|              |                                                                                                          |
|  Item 9B.    |  Other Information.                                                                                      |
|              |                                                                                                          |
|              |  None.                                                                                                   |

----

| Item 10. | Directors, Executive Officers and Corporate Governance.                                         |
|----------|-------------------------------------------------------------------------------------------------|
|     |                                                                                            |
|     | Omitted.                                                                                        |
|     |                                                                                            |
|     |                                                                                            |
| Item 11. | Executive Compensation.                                                                         |
|     |                                                                                            |
|     | Omitted.                                                                                        |
|     |                                                                                            |
|     |                                                                                            |   |   |   |   |   |   |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
|     |                                                                                            |
|     | Omitted.                                                                                        |
|     |                                                                                            |
|     |                                                                                            |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence.                      |
|     |                                                                                            |
|     | Omitted.                                                                                        |
|     |                                                                                            |
|     |                                                                                            |
| Item 14. | Principal Accounting Fees and Services.                                                         |
|     |                                                                                            |
|     | Omitted.                                                                                        |
|     |                                                                                            |

----

----

----

| 4.1 | Pooling and Servicing Agreement, dated as of August 1, 2011, by and among Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Pooled Special Servicer, Wells Fargo Bank, National Association, as Providence Place Mall Loan Special Servicer, U.S. Bank National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator, Paying Agent and Custodian, and TriMont Real Estate Advisors, Inc., as Operating Advisor. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 33.1  | Bank of America, N.A., as Primary Servicer                                                      |
|-------|-------------------------------------------------------------------------------------------------|
| 33.2  | CoreLogic Commercial Real Estate Services, Inc, as Servicing Function Participant               |
| 33.3  | Midland Loan Services, a Division of PNC Bank, National Association, as Pooled Special Servicer |
| 33.4  | National Tax Search, LLC, as Servicing Function Participant                                     |
| 33.5  | TriMont Real Estate Advisors, Inc., as Operating Advisor                                        |
| 33.6  | U.S. Bank National Association, as Trustee                                                      |
| 33.7  | Wells Fargo Bank, N.A., as Master Servicer                                                      |
| 33.8  | Wells Fargo Bank, N.A., as Special Servicer for the Providence Place Mall Loan                  |
| 33.9  | Wells Fargo Bank, N.A., as Certificate Administrator                                            |
| 33.10 | Wells Fargo Bank, N.A., as Custodian                                                            |

| 34.1  | Bank of America, N.A., as Primary Servicer                                                      |
|-------|-------------------------------------------------------------------------------------------------|
| 34.2  | CoreLogic Commercial Real Estate Services, Inc, as Servicing Function Participant               |
| 34.3  | Midland Loan Services, a Division of PNC Bank, National Association, as Pooled Special Servicer |
| 34.4  | National Tax Search, LLC, as Servicing Function Participant                                     |
| 34.5  | TriMont Real Estate Advisors, Inc., as Operating Advisor                                        |
| 34.6  | U.S. Bank National Association, as Trustee                                                      |
| 34.7  | Wells Fargo Bank, N.A., as Master Servicer                                                      |
| 34.8  | Wells Fargo Bank, N.A., as Special Servicer for the Providence Place Mall Loan                  |
| 34.9  | Wells Fargo Bank, N.A., as Certificate Administrator                                            |
| 34.10 | Wells Fargo Bank, N.A., as Custodian                                                            |

| 35.1 | Bank of America, N.A., as Primary Servicer                                                      |
|------|-------------------------------------------------------------------------------------------------|
| 35.2 | Midland Loan Services, a Division of PNC Bank, National Association, as Pooled Special Servicer |
| 35.3 | Wells Fargo Bank, N.A., as Master Servicer                                                      |
| 35.4 | Wells Fargo Bank, N.A., as Special Servicer for the Providence Place Mall Loan                  |
| 35.5 | Wells Fargo Bank, N.A., as Certificate Administrator                                            |
| 35.6 | Wells Fargo Bank, N.A., as Custodian                                                            |

| 99.1   | Mortgage Loan Purchase Agreement, dated as of August 30, 2011, between Deutsche Mortgage & Asset Receiving Corporation and German American Capital Corporation                                          |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                        |
| 99.2   | Mortgage Loan Purchase Agreement, dated as of August 30, 2011, among Deutsche Mortgage & Asset Receiving Corporation, Ladder Capital Finance LLC and Ladder Capital Finance Holdings LLLP               |
|   |                                                                                                                                                                                                        |
| 99.3   | Mortgage Loan Purchase Agreement, dated as of August 30, 2011, among Deutsche Mortgage & Asset Receiving Corporation, Starwood Property Mortgage Sub-2-A, L.L.C. and Starwood Property Mortgage, L.L.C. |
|   |                                                                                                                                                                                                        |
| 99.4   | Mortgage Loan Purchase Agreement, dated as of August 30, 2011, among Deutsche Mortgage & Asset Receiving Corporation, Starwood Property Mortgage Sub-3, L.L.C. and Starwood Property Mortgage, L.L.C.   |
|   |                                                                                                                                                                                                        |
| 99.5   | Mortgage Loan Purchase Agreement, dated as of August 30, 2011, among Deutsche Mortgage & Asset Receiving Corporation, Starwood Property Mortgage Sub-4, L.L.C. and Starwood Property Mortgage, L.L.C.   |
|   |                                                                                                                                                                                                        |
| 99.6   | Mortgage Loan Purchase Agreement Corporation, dated as of August 30, 2011, between Deutsche Mortgage & Asset Receiving Corporation and UBS Real Estate Securities Inc.                                  |
|   |                                                                                                                                                                                                        |
| 99.7   | Primary Servicing Agreement, dated as of August 1, 2011, among Wells Fargo Bank, National Association, as Master Servicer, and Bank of America, National Association, as Primary Servicer                   |

----

----

| Exhibit No. |  Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 4.1         | Pooling and Servicing Agreement, dated as of August 1, 2011, by and among Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Pooled Special Servicer, Wells Fargo Bank, National Association, as Providence Place Mall Loan Special Servicer, U.S. Bank National Association, as Trustee, Wells Fargo Bank, National Association, as Certificate Administrator, Paying Agent and Custodian, and TriMont Real Estate Advisors, Inc., as Operating Advisor. |

| 33.1  | Bank of America, N.A., as Primary Servicer                                                      |
|-------|-------------------------------------------------------------------------------------------------|
| 33.2  | CoreLogic Commercial Real Estate Services, Inc, as Servicing Function Participant               |
| 33.3  | Midland Loan Services, a Division of PNC Bank, National Association, as Pooled Special Servicer |
| 33.4  | National Tax Search, LLC, as Servicing Function Participant                                     |
| 33.5  | TriMont Real Estate Advisors, Inc., as Operating Advisor                                        |
| 33.6  | U.S. Bank National Association, as Trustee                                                      |
| 33.7  | Wells Fargo Bank, N.A., as Master Servicer                                                      |
| 33.8  | Wells Fargo Bank, N.A., as Special Servicer for the Providence Place Mall Loan                  |
| 33.9  | Wells Fargo Bank, N.A., as Certificate Administrator                                            |
| 33.10 | Wells Fargo Bank, N.A., as Custodian                                                            |

| 34.1  | Bank of America, N.A., as Primary Servicer                                                      |
|-------|-------------------------------------------------------------------------------------------------|
| 34.2  | CoreLogic Commercial Real Estate Services, Inc, as Servicing Function Participant               |
| 34.3  | Midland Loan Services, a Division of PNC Bank, National Association, as Pooled Special Servicer |
| 34.4  | National Tax Search, LLC, as Servicing Function Participant                                     |
| 34.5  | TriMont Real Estate Advisors, Inc., as Operating Advisor                                        |
| 34.6  | U.S. Bank National Association, as Trustee                                                      |
| 34.7  | Wells Fargo Bank, N.A., as Master Servicer                                                      |
| 34.8  | Wells Fargo Bank, N.A., as Special Servicer for the Providence Place Mall Loan                  |
| 34.9  | Wells Fargo Bank, N.A., as Certificate Administrator                                            |
| 34.10 | Wells Fargo Bank, N.A., as Custodian                                                            |

| 35.1 | Bank of America, N.A., as Primary Servicer                                                      |
|------|-------------------------------------------------------------------------------------------------|
| 35.2 | Midland Loan Services, a Division of PNC Bank, National Association, as Pooled Special Servicer |
| 35.3 | Wells Fargo Bank, N.A., as Master Servicer                                                      |
| 35.4 | Wells Fargo Bank, N.A., as Special Servicer for the Providence Place Mall Loan                  |
| 35.5 | Wells Fargo Bank, N.A., as Certificate Administrator                                            |
| 35.6 | Wells Fargo Bank, N.A., as Custodian                                                            |

| 99.1   | Mortgage Loan Purchase Agreement, dated as of August 30, 2011, between Deutsche Mortgage & Asset Receiving Corporation and German American Capital Corporation                                          |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                        |
| 99.2   | Mortgage Loan Purchase Agreement, dated as of August 30, 2011, among Deutsche Mortgage & Asset Receiving Corporation, Ladder Capital Finance LLC and Ladder Capital Finance Holdings LLLP               |
|   |                                                                                                                                                                                                        |
| 99.3   | Mortgage Loan Purchase Agreement, dated as of August 30, 2011, among Deutsche Mortgage & Asset Receiving Corporation, Starwood Property Mortgage Sub-2-A, L.L.C. and Starwood Property Mortgage, L.L.C. |
|   |                                                                                                                                                                                                        |
| 99.4   | Mortgage Loan Purchase Agreement, dated as of August 30, 2011, among Deutsche Mortgage & Asset Receiving Corporation, Starwood Property Mortgage Sub-3, L.L.C. and Starwood Property Mortgage, L.L.C.   |
|   |                                                                                                                                                                                                        |
| 99.5   | Mortgage Loan Purchase Agreement, dated as of August 30, 2011, among Deutsche Mortgage & Asset Receiving Corporation, Starwood Property Mortgage Sub-4, L.L.C. and Starwood Property Mortgage, L.L.C.   |
|   |                                                                                                                                                                                                        |
| 99.6   | Mortgage Loan Purchase Agreement Corporation, dated as of August 30, 2011, between Deutsche Mortgage & Asset Receiving Corporation and UBS Real Estate Securities Inc.                                  |
|   |                                                                                                                                                                                                        |
| 99.7   | Primary Servicing Agreement, dated as of August 1, 2011, among Wells Fargo Bank, National Association, as Master Servicer, and Bank of America, National Association, as Primary Servicer                   |