deutsche global income builder fund deutsche … march 1, 2018 ... reimbursement 1.03 1.09 1.81 1.34...

May 18, 2018 PRO_SAISTKR-419

SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS

The following changes will take effect on or about July 2, 2018:

Deutsche Investment Management Americas Inc., the investment advisor for the below-listed funds, will be renamed to DWS Investment Management Americas, Inc. In addition, the “Deutsche funds” will become known as the “DWS funds” and the below-listed Deutsche funds and share classes, as applicable, will be renamed as follows:

CURRENT TRUST / CORPORATION NAME NEW TRUST / CORPORATION NAME Current Fund Name

New Fund Name

DEUTSCHE ASSET ALLOCATION TRUST DEUTSCHE DWS ASSET ALLOCATION TRUST Deutsche Multi-Asset Conservative Allocation Fund DWS Multi-Asset Conservative Allocation Fund Deutsche Multi-Asset Global Allocation Fund DWS Multi-Asset Global Allocation Fund Deutsche Multi-Asset Moderate Allocation Fund DWS Multi-Asset Moderate Allocation Fund

DEUTSCHE GLOBAL/INTERNATIONAL FUND, INC. DEUTSCHE DWS GLOBAL/INTERNATIONAL FUND, INC. Deutsche Emerging Markets Fixed Income Fund DWS Emerging Markets Fixed Income Fund Deutsche European Equity Fund DWS European Equity Fund Deutsche Global Infrastructure Fund DWS RREEF Global Infrastructure Fund Deutsche Global Small Cap Fund DWS Global Small Cap Fund Deutsche High Conviction Global Bond Fund DWS High Conviction Global Bond Fund Deutsche International Growth Fund DWS International Growth Fund

DEUTSCHE INCOME TRUST DEUTSCHE DWS INCOME TRUST Deutsche Fixed Income Opportunities Fund DWS Fixed Income Opportunities Fund Deutsche Global High Income Fund DWS Global High Income Fund Deutsche GNMA Fund DWS GNMA Fund Deutsche High Income Fund DWS High Income Fund Deutsche Multisector Income Fund DWS Multisector Income Fund Deutsche Short Duration Fund DWS Short Duration Fund Deutsche Short Duration High Income Fund DWS Short Duration High Income Fund

DEUTSCHE INSTITUTIONAL FUNDS DEUTSCHE DWS INSTITUTIONAL FUNDS Deutsche EAFE® Equity Index Fund DWS EAFE® Equity Index Fund Deutsche Equity 500 Index Fund

(a feeder fund of Deutsche Equity 500 Index Portfolio) DWS Equity 500 Index Fund

(a feeder fund of Deutsche DWS Equity 500 Index Portfolio) Deutsche S&P 500 Index Fund

(a feeder fund of Deutsche Equity 500 Index Portfolio) DWS S&P 500 Index Fund

(a feeder fund of Deutsche DWS Equity 500 Index Portfolio) Deutsche U.S. Bond Index Fund DWS U.S. Bond Index Fund Deutsche U.S. Multi-Factor Fund DWS U.S. Multi-Factor Fund

DEUTSCHE INTERNATIONAL FUND, INC. DEUTSCHE DWS INTERNATIONAL FUND, INC. Deutsche CROCI® International Fund DWS CROCI® International Fund Deutsche Emerging Markets Equity Fund DWS Emerging Markets Equity Fund Deutsche Global Macro Fund DWS Global Macro Fund Deutsche Latin America Equity Fund DWS Latin America Equity Fund Deutsche World Dividend Fund DWS World Dividend Fund


2


New Fund Name

DEUTSCHE INVESTMENT TRUST DEUTSCHE DWS INVESTMENT TRUST Deutsche Capital Growth Fund DWS Capital Growth Fund Deutsche Core Equity Fund DWS Core Equity Fund Deutsche CROCI® U.S. Fund DWS CROCI® U.S. Fund Deutsche Large Cap Focus Growth Fund DWS Large Cap Focus Growth Fund Deutsche Small Cap Core Fund DWS Small Cap Core Fund Deutsche Small Cap Growth Fund DWS Small Cap Growth Fund

DEUTSCHE INVESTMENTS VIT FUNDS DEUTSCHE DWS INVESTMENTS VIT FUNDS Deutsche Equity 500 Index VIP DWS Equity 500 Index VIP Deutsche Small Cap Index VIP DWS Small Cap Index VIP

DEUTSCHE MARKET TRUST DEUTSCHE DWS MARKET TRUST Deutsche Global Income Builder Fund DWS Global Income Builder Fund Deutsche Real Assets Fund DWS RREEF Real Assets Fund

DEUTSCHE MONEY FUNDS DEUTSCHE DWS MONEY FUNDS Deutsche Money Market Prime Series DWS Money Market Prime Series

Class Names: Deutsche Cash Investment Trust Class A

Class Names: DWS Cash Investment Trust Class A

Deutsche Cash Investment Trust Class C DWS Cash Investment Trust Class C Deutsche Cash Investment Trust Class S DWS Cash Investment Trust Class S Deutsche Money Market Fund DWS Money Market Fund

DEUTSCHE MUNICIPAL TRUST DEUTSCHE DWS MUNICIPAL TRUST Deutsche Managed Municipal Bond Fund DWS Managed Municipal Bond Fund Deutsche Short-Term Municipal Bond Fund DWS Short-Term Municipal Bond Fund Deutsche Strategic High Yield Tax-Free Fund DWS Strategic High Yield Tax-Free Fund

DEUTSCHE PORTFOLIO TRUST DEUTSCHE DWS PORTFOLIO TRUST Deutsche Floating Rate Fund DWS Floating Rate Fund Deutsche Total Return Bond Fund DWS Total Return Bond Fund

DEUTSCHE SECURITIES TRUST DEUTSCHE DWS SECURITIES TRUST Deutsche Communications Fund DWS Communications Fund Deutsche CROCI® Sector Opportunities Fund DWS CROCI® Sector Opportunities Fund Deutsche Enhanced Commodity Strategy Fund DWS Enhanced Commodity Strategy Fund Deutsche Global Real Estate Securities Fund DWS RREEF Global Real Estate Securities Fund Deutsche Health and Wellness Fund DWS Health and Wellness Fund Deutsche MLP & Energy Infrastructure Fund DWS RREEF MLP & Energy Infrastructure Fund Deutsche Real Estate Securities Fund DWS RREEF Real Estate Securities Fund Deutsche Science and Technology Fund DWS Science and Technology Fund

DEUTSCHE STATE TAX-FREE INCOME SERIES DEUTSCHE DWS STATE TAX-FREE INCOME SERIES Deutsche California Tax-Free Income Fund DWS California Tax-Free Income Fund Deutsche Massachusetts Tax-Free Fund DWS Massachusetts Tax-Free Fund Deutsche New York Tax-Free Income Fund DWS New York Tax-Free Income Fund

DEUTSCHE TAX FREE TRUST DEUTSCHE DWS TAX FREE TRUST Deutsche Intermediate Tax/AMT Free Fund DWS Intermediate Tax/AMT Free Fund


3


New Fund Name

DEUTSCHE VALUE SERIES, INC. DEUTSCHE DWS VALUE SERIES, INC. Deutsche CROCI® Equity Dividend Fund DWS CROCI® Equity Dividend Fund Deutsche Mid Cap Value Fund DWS Mid Cap Value Fund

DEUTSCHE VARIABLE SERIES I DEUTSCHE DWS VARIABLE SERIES I Deutsche Bond VIP DWS Bond VIP Deutsche Capital Growth VIP DWS Capital Growth VIP Deutsche Core Equity VIP DWS Core Equity VIP Deutsche CROCI® International VIP DWS CROCI® International VIP Deutsche Global Small Cap VIP DWS Global Small Cap VIP

DEUTSCHE VARIABLE SERIES II DEUTSCHE DWS VARIABLE SERIES II Deutsche Alternative Asset Allocation VIP DWS Alternative Asset Allocation VIP Deutsche CROCI® U.S. VIP DWS CROCI® U.S. VIP Deutsche Global Equity VIP DWS Global Equity VIP Deutsche Global Income Builder VIP DWS Global Income Builder VIP Deutsche Government & Agency Securities VIP DWS Government & Agency Securities VIP Deutsche Government Money Market VIP DWS Government Money Market VIP Deutsche High Income VIP DWS High Income VIP Deutsche International Growth VIP DWS International Growth VIP Deutsche Multisector Income VIP DWS Multisector Income VIP Deutsche Small Mid Cap Growth VIP DWS Small Mid Cap Growth VIP Deutsche Small Mid Cap Value VIP DWS Small Mid Cap Value VIP

In addition, Deutsche AM Trust Company will be renamed to DWS Trust Company.

Under a separate agreement, Deutsche Asset Management Investment GmbH has granted a license to DWS Group GmbH & Co. KGaA which permits the funds to utilize the “DWS” trademark.

Please Retain This Supplement for Future Reference


SUPPLEMENT TO THE CURRENTLY EFFECTIVE SUMMARY PROSPECTUSES, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS:

Deutsche CROCI® Equity Dividend Fund Deutsche Mid Cap Value Fund The Boards of Directors of each of the above-listed funds recently approved fund reorganizations designed to create operational and administrative efficiencies by realigning the funds into separate series of a trust. These reorganizations will be accomplished by reorganizing each of the funds from its current series of a Maryland corporation into a corresponding new series of an existing Massachusetts business trust. Each newly-created “shell” series will be substantially similar to its corresponding current series, except that the fund will be part of a trust instead of part of a corporation. On or about the effective date listed below, all of the assets and liabilities of the current series will be transferred to the corresponding new shell series in exchange for shares of beneficial interest of the new shell series, which shares will then be distributed to the stockholders of the current series in redemption of their interest in the current series. The proposed reorganizations do not require the approval of stockholders. Each reorganization is subject to receipt of an opinion of tax counsel that the transaction can be accomplished on a tax-free basis for federal income tax purposes.

Fund Current Legal Entity Proposed Legal Entity Effective Date Deutsche CROCI® Equity Dividend

Fund Deutsche Value Series, Inc. Deutsche Investment Trust (to be

known as Deutsche DWS Investment Trust on or about July 2, 2018)

August 1, 2018

Deutsche Mid Cap Value Fund Deutsche Value Series, Inc. Deutsche Investment Trust (to be known as Deutsche DWS Investment Trust on or about July 2, 2018)

August 1, 2018


SUPPLEMENTTOTHE CURRENTLY EFFECTIVE PROSPECTUSES OF EACH OFTHE LISTED FUNDS

Deutsche CaliforniaTax-Free Income FundDeutsche Capital Growth FundDeutsche Communications FundDeutsche Core Equity FundDeutsche CROCI ® Equity Dividend FundDeutsche CROCI ® International FundDeutsche CROCI ® Sector Opportunities FundDeutsche CROCI ® U.S. FundDeutsche Emerging Markets Equity FundDeutsche Emerging Markets Fixed Income

FundDeutsche Enhanced Commodity Strategy

FundDeutsche European Equity FundDeutsche Fixed Income Opportunities FundDeutsche Floating Rate FundDeutsche Global High Income FundDeutsche Global Income Builder FundDeutsche Global Infrastructure Fund

Deutsche Global Macro FundDeutsche Global Real Estate Securities FundDeutsche Global Small Cap FundDeutsche GNMA FundDeutsche Health and Wellness FundDeutsche High Conviction Global Bond FundDeutsche High Income FundDeutsche IntermediateTax/AMT Free FundDeutsche International Growth FundDeutsche Large Cap Focus Growth FundDeutsche Latin America Equity FundDeutsche Managed Municipal Bond FundDeutsche MassachusettsTax-Free FundDeutsche Mid Cap Value FundDeutsche MLP & Energy Infrastructure FundDeutsche Money Market Prime SeriesDeutsche Multi-Asset Conservative Allocation

Fund

Deutsche Multi-Asset Global Allocation FundDeutsche Multi-Asset Moderate Allocation

FundDeutsche Multisector Income FundDeutsche NewYorkTax-Free Income FundDeutsche Real Assets FundDeutsche Real Estate Securities FundDeutsche S&P 500 Index FundDeutsche Science andTechnology FundDeutsche Short Duration FundDeutsche Short Duration High Income FundDeutsche Short-Term Municipal Bond FundDeutsche Small Cap Core FundDeutsche Small Cap Growth FundDeutsche Strategic HighYieldTax-Free FundDeutscheTotal Return Bond FundDeutsche U.S. Bond Index FundDeutsche World Dividend Fund

The following disclosure is added to the “SALES CHARGE WAIVERS AND DISCOUNTS AVAILABLETHROUGH INTERMEDI-ARIES” sub-section under the “APPENDIX B” section of each fund’s prospectus.

AMERIPRISE FINANCIAL CLASS A FRONT-END SALES CHARGE WAIVERS

The following information applies to Class A shares purchases if you have an account with or otherwise purchase fund sharesthrough Ameriprise Financial:

Effective June 1, 2018, shareholders purchasing fund shares through an Ameriprise Financial platform or account will beeligible for the following Class A front-end sales charge waivers only, which may differ from those disclosed elsewhere inthis fund’s prospectus or SAI:� Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and

money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retire-ment plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

� Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class forsuch investment advisory program is not available).

� Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’splatform (if an Advisory or similar share class for such investment advisory program is not available).

� Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasingshares of the same fund (but not any other fund within the same fund family).

� Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of thepurchase date. To the extent that this prospectus elsewhere provides for a class level waiver with respect to such sharesfollowing a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent thatthis prospectus elsewhere provides for a class level waiver with respect to exchanges of Class C shares for load waivedshares, that waiver will also apply to such exchanges.

� Shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their imme-diate family members.

May 18, 2018PROSTKR-1029

� Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s,403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as anAmeriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grand-father, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter,grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is alineal descendant.

� Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurswithin 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemedshares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

MORGAN STANLEY WEALTH MANAGEMENT CLASS A FRONT-END SALES CHARGE WAIVERS

Effective July 1, 2018, fund shares purchased through a Morgan Stanley Wealth Management transactional brokerage accountwill be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from,and may be more limited than, those disclosed elsewhere in this fund’s prospectus or SAI.� Shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b)

plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision,employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

� Shares purchased by Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s accountlinking rules.

� Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of thesame fund.

� Shares purchased through a Morgan Stanley self-directed brokerage account.� Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to

Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program.� Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs

within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemedshares were subject to a front-end or deferred sales charge.


May 18, 2018PROSTKR-1029

2

SUPPLEMENTTOTHE CURRENTLY EFFECTIVE PROSPECTUS

Deutsche Mid Cap Value Fund

The following information replaces the existing disclosure contained under the “Portfolio Manager(s)” sub-heading of the“MANAGEMENT” section of the summary section of the fund’s prospectus.

Richard Hanlon, CFA, Director. Portfolio Manager of the fund. Began managing the fund in 2015.

The following information replaces the existing similar disclosure relating to the fund contained under the “MANAGEMENT”sub-heading of the “Fund Details” section of the fund’s prospectus:

Richard Hanlon, CFA, Director. Portfolio Manager of the fund. Began managing the fund in 2015.� Joined DWS in 2013 with 23 years of industry experience. Previously, he founded Glenville Capital Management, where

he served as Managing Partner. Prior to that, he worked as a Partner and Co-Head of the Equity Group at SilvercrestAsset Management Group. Before joining Silvercrest, he was Director of Research and a portfolio manager at DLJ AssetManagement.

� BA in Economics, University at Albany, State University of New York.


April 19, 2018PROSTKR-1015

SUPPLEMENTTOTHE CURRENTLY EFFECTIVE PROSPECTUSES

Cash AccountTrustDeutsche Government & Agency Securities

PortfolioDeutsche Tax-Exempt Portfolio

Deutsche CaliforniaTax-Free Income FundDeutsche Capital Growth FundDeutsche Communications FundDeutsche Core Equity FundDeutsche CROCI

®Equity Dividend Fund

Deutsche CROCI®

International FundDeutsche CROCI

®Sector Opportunities Fund

Deutsche CROCI®

U.S. FundDeutsche EAFE

®Equity Index Fund

Deutsche Emerging Markets Equity FundDeutsche Emerging Markets Fixed Income

FundDeutsche Enhanced Commodity Strategy

FundDeutsche Equity 500 Index FundDeutsche European Equity FundDeutsche Fixed Income Opportunities FundDeutsche Floating Rate FundDeutsche Global High Income FundDeutsche Global Income Builder FundDeutsche Global Infrastructure FundDeutsche Global Macro FundDeutsche Global Real Estate Securities FundDeutsche Global Small Cap FundDeutsche GNMA FundDeutsche Government Cash Management

Fund

Deutsche Government Cash Reserves FundInstitutional

Deutsche Government Money Market SeriesDeutsche Health and Wellness FundDeutsche High Conviction Global Bond FundDeutsche High Income FundDeutsche IntermediateTax/AMT Free FundDeutsche International Growth FundDeutsche Large Cap Focus Growth FundDeutsche Latin America Equity FundDeutsche Managed Municipal Bond FundDeutsche MassachusettsTax-Free FundDeutsche Mid Cap Value FundDeutsche MLP & Energy Infrastructure FundDeutsche Money Market Prime SeriesDeutsche Multi-Asset Conservative Allocation

FundDeutsche Multi-Asset Global Allocation FundDeutsche Multi-Asset Moderate Allocation

FundDeutsche Multisector Income FundDeutsche NewYorkTax-Free Income FundDeutsche Real Assets FundDeutsche Real Estate Securities FundDeutsche S&P 500 Index FundDeutsche Science andTechnology FundDeutsche Short Duration FundDeutsche Short Duration High Income FundDeutsche Short-Term Municipal Bond FundDeutsche Small Cap Core FundDeutsche Small Cap Growth Fund

Deutsche Strategic HighYieldTax-Free FundDeutscheTotal Return Bond FundDeutsche U.S. Bond Index FundDeutsche U.S. Multi-Factor FundDeutsche Ultra-Short Investment Grade FundDeutsche Variable NAV Money FundDeutsche World Dividend FundInvestors CashTrust

Deutsche Treasury PortfolioDeutsche Variable Series I:

Deutsche Bond VIPDeutsche Capital Growth VIPDeutsche Core Equity VIPDeutsche CROCI

®International VIP

Deutsche Global Small Cap VIPDeutsche Variable Series II:

Deutsche Alternative Asset Allocation VIPDeutsche CROCI

®U.S. VIP

Deutsche Global Equity VIPDeutsche Global Income Builder VIPDeutsche Government & Agency Securities

VIPDeutsche Government Money Market VIPDeutsche High Income VIPDeutsche International Growth VIPDeutsche Multisector Income VIPDeutsche Small Mid Cap Growth VIPDeutsche Small Mid Cap Value VIPDeutsche Investments VIT Funds:

Deutsche Equity 500 Index VIPDeutsche Small Cap Index VIP

Deutsche Bank AG reorganized its asset management division, Deutsche Asset Management, into a separate financialservices firm, DWS Group GmbH & Co. KGaA (“DWS Group”). DWS Group recently completed the sale of a minority owner-ship interest to third party investors as part of a public offering listed on the Frankfurt Stock Exchange (there will be nopublic offer of the securities in the United States of America) and is now a separate, publicly-listed financial services firmbut remains an indirect, majority-owned subsidiary of Deutsche Bank AG.

In this context, the funds’ investment adviser, Deutsche Investment Management Americas Inc. (“DIMA”) and its US invest-ment advisory affiliates, including RREEF America L.L.C., became indirect, wholly-owned subsidiaries of DWS Group. DIMA’sforeign-affiliated US registered investment advisors, including Deutsche Alternative Asset Management (Global) Limited,Deutsche Asset Management (Hong Kong) Limited, Deutsche Investments Australia Limited and Deutsche Asset Manage-ment International GmbH, became direct, wholly-owned subsidiaries of DWS Group.

In addition, the following service providers changed their names, effective March 23, 2018:Former Name New Name

Deutsche AM Distributors, Inc. DWS Distributors, Inc.Deutsche AM Service Company DWS Service Company

The references in each fund’s prospectus(es) to Deutsche Asset Management are now replaced with DWS. DWS continuesthe business of Deutsche Asset Management and represents the asset management activities conducted by DWS Groupor any of its subsidiaries, including DIMA, the other affiliated investment advisors and DWS Distributors, Inc. DWS is a global


organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers andanalysts and an office network that reaches the world’s major investment centers. This well-resourced global investmentplatform brings together a wide variety of experience and investment insight across industries, regions, asset classes andinvesting styles.

The following information supplements the disclosure under the “Multi-Manager Structure” sub-heading of the “WHOMANAGES AND OVERSEESTHE FUND” section of each fund’s prospectus:

The term “wholly-owned subadvisors” includes subadvisors that are indirect or direct, wholly-owned subsidiaries of thesame company that, indirectly or directly, wholly owns the Advisor.



2

SUPPLEMENTTOTHE CURRENTLY EFFECTIVE PROSPECTUSES, SUMMARY PROSPECTUSES AND STATEMENTS

OF ADDITIONAL INFORMATION OF EACH OFTHE LISTED FUNDS

Deutsche Global Income Builder Fund

Deutsche Science andTechnology Fund


Class T shares are not available for purchase.


March 1, 2018PRO_SAISTKR-408

ProspectusMarch 1, 2018

Deutsche CROCI® Equity Dividend FundCLASS/TICKER A KDHAX T KDHUX C KDHCX R KDHRX R6 KDHTX INST KDHIX S KDHSX. ...........................................................................................................................................................

Deutsche Mid Cap Value FundCLASS/TICKER A MIDVX T MIDWX C MIDZX R MIDQX R6 MIDUX INST MIDIX S MIDTX

As with all mutual funds, the Securities and Exchange Commission (SEC) does not approve or disapprovethese shares or determine whether the information in this prospectus is truthful or complete. It is a criminaloffense for anyone to inform you otherwise.

Table of Contents

DEUTSCHE CROCI ® EQUITY DIVIDEND

FUND

Investment Objective. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Fees and Expenses of the Fund . . . . . . . . . . . . . . . . . . . . . 1Principal Investment Strategy . . . . . . . . . . . . . . . . . . . . . . . 2Main Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Past Performance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Purchase and Sale of Fund Shares. . . . . . . . . . . . . . . . . . . 4Tax Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Payments to Broker-Dealers andOther Financial Intermediaries. . . . . . . . . . . . . . . . . . . . . . . 5

DEUTSCHE MID CAP VALUE FUND

Investment Objective. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Fees and Expenses of the Fund . . . . . . . . . . . . . . . . . . . . . 6Principal Investment Strategy . . . . . . . . . . . . . . . . . . . . . . . 7Main Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7Past Performance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Purchase and Sale of Fund Shares. . . . . . . . . . . . . . . . . . . 9Tax Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Payments to Broker-Dealers andOther Financial Intermediaries. . . . . . . . . . . . . . . . . . . . . . . 10

FUND DETAILS

Additional Information About Fund Strategies andRisks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Deutsche CROCI ® Equity Dividend Fund . . . . . . . . . . . . 11Deutsche Mid Cap Value Fund . . . . . . . . . . . . . . . . . . . . . . . 14Other Policies and Risks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17Who Manages and Oversees the Funds . . . . . . . . . . . . . 18Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

INVESTING IN THE FUNDS

Choosing a Share Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Buying, Exchanging and Selling Class A, Class C,Institutional Class and Class S Shares . . . . . . . . . . . . . . . 27How to Buy Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27How to Exchange Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28How to Sell Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28How to Buy and Sell Class T Shares . . . . . . . . . . . . . . . . . 29How to Buy, Sell and Exchange Class R Shares . . . . . 29How to Buy, Sell and Exchange Class R6 Shares . . . . 30Financial Intermediary Support Payments (notapplicable to Class R6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30Policies You Should Know About . . . . . . . . . . . . . . . . . . . . . 31Policies About Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . 31How each Fund Calculates Share Price . . . . . . . . . . . . . . 36Other Rights We Reserve . . . . . . . . . . . . . . . . . . . . . . . . . . . 36Understanding Distributions and Taxes . . . . . . . . . . . . . . 37

FINANCIAL HIGHLIGHTS . . . . . . . . . . . . . . . . . . . . . . 39

APPENDIX A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51Hypothetical Expense Summary. . . . . . . . . . . . . . . . . . . . . 51Additional Index Information. . . . . . . . . . . . . . . . . . . . . . . . . 58

APPENDIX B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59Sales Charge Waivers and Discounts AvailableThrough Intermediaries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

YOUR INVESTMENT IN A FUND IS NOT A BANK DEPOSIT AND IS NOT INSURED OR GUARANTEED BYTHE FEDERALDEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY, ENTITY OR PERSON.

Deutsche CROCI® Equity Dividend Fund

INVESTMENT OBJECTIVE

The fund seeks to achieve a high rate of total return.

FEES AND EXPENSES OF THE FUND

These are the fees and expenses you may pay when youbuy and hold shares. You may qualify for sales chargediscounts if you and your immediate family invest, or agreeto invest in the future, at least $50,000 in Class A sharesin Deutsche funds or if you invest at least $250,000 inClass T shares in the fund. More information about theseand other discounts and waivers is available from yourfinancial advisor and in Choosing a Share Class (p. 20), SalesCharge Waivers and Discounts Available Through Interme-diaries (Appendix B, p. 59) and Purchase and Redemptionof Shares in the fund’s Statement of Additional Information(SAI) (p. II-16).

SHAREHOLDER FEES (paid directly from your investment)

A T C R R6 INST S

Maximum salescharge (load) imposedon purchases, as % ofoffering price 5.75 2.50 None None None None None

Maximum deferredsales charge (load), as% of redemptionproceeds None None 1.00 None None None None

Account MaintenanceFee (annually, for fundaccount balancesbelow $10,000 andsubject to certainexceptions) $20 None $20 None None None $20

ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a % of the value of your investment)

A T C R R6 INST S

Management fee 0.61 0.61 0.61 0.61 0.61 0.61 0.61

Distribution/service(12b-1) fees 0.24 0.25 1.00 0.49 0.00 0.00 0.00

Other expenses 0.18 0.29 0.20 0.36 0.07 0.17 0.19

Total annual fundoperating expenses 1.03 1.15 1.81 1.46 0.68 0.78 0.80

Fee waiver/expensereimbursement 0.00 0.06 0.00 0.12 0.00 0.00 0.00

Total annual fundoperating expensesafter fee waiver/expensereimbursement 1.03 1.09 1.81 1.34 0.68 0.78 0.80

The Advisor has contractually agreed through February 28,2019 to waive its fees and/or reimburse fund expensesto the extent necessary to maintain the fund’s total annualoperating expenses (excluding certain expenses such asextraordinary expenses, taxes, brokerage, interestexpense and acquired fund fees and expenses) at ratios nohigher than 1.09% and 1.34% for Class T and Class R,respectively. The agreement may only be terminated withthe consent of the fund’s Board.

EXAMPLEThis Example is intended to help you compare the cost ofinvesting in the fund with the cost of investing in othermutual funds. The Example assumes that you invest$10,000 in the fund for the time periods indicated and thenredeem all of your shares at the end of those periods. TheExample also assumes that your investment has a 5%return each year and that the fund’s operating expenses(including one year of capped expenses for Class T andClass R) remain the same. Although your actual costs maybe higher or lower, based on these assumptions yourcosts would be:

1Prospectus March 1, 2018 Deutsche CROCI ® Equity Dividend Fund

Years A T C R R6 INST S

1 $ 674 $ 358 $ 284 $ 136 $ 69 $ 80 $ 82

3 884 600 569 450 218 249 255

5 1,111 861 980 786 379 433 444

10 1,762 1,607 2,127 1,736 847 966 990

You would pay the following expenses if you did notredeem your shares:


1 $ 674 $ 358 $ 184 $ 136 $ 69 $ 80 $ 82

3 884 600 569 450 218 249 255

5 1,111 861 980 786 379 433 444

10 1,762 1,607 2,127 1,736 847 966 990

PORTFOLIO TURNOVERThe fund pays transaction costs, such as commissions,when it buys and sells securities (or “turns over” its port-folio). A higher portfolio turnover may indicate highertransaction costs and may mean higher taxes if you areinvesting in a taxable account. These costs are notreflected in annual fund operating expenses or in theexpense example, and can affect the fund’s performance.

Portfolio turnover rate for fiscal year 2017: 58%.

PRINCIPAL INVESTMENT STRATEGY

Main investments. Under normal circumstances, the fundinvests at least 80% of net assets, plus the amount ofany borrowings for investment purposes, in dividend-paying equity securities (mainly common stocks). Equitysecurities may also include preferred stocks, depositoryreceipts and other securities with equity characteristics,such as convertible securities and warrants. Companiesare selected for the fund’s portfolio using the Cash Returnon Capital Invested (CROCI®) strategy as the primaryfactor, among other factors. Portfolio management willselect stocks from among the largest US companies whichare under CROCI® coverage at any given time (while thenumber of companies under CROCI® coverage will vary,as of December 31, 2017, approximately 356 companieswere under CROCI® coverage). Approximately 40 compa-nies are identified from the selection universe forinvestment, though, at times, the number of stocks heldmay be higher or lower than 40 stocks at the discretion ofportfolio management or as a result of corporate actions,mergers or other events.

Although the fund can invest in stocks of any economicsector (which is comprised of two or more industries), attimes it may emphasize one or more sectors and mayinvest more than 25% of total assets in a single sector. Thefund may invest up to 20% of total assets in foreignsecurities.

Management process. Portfolio management will selectstocks that it believes offer economic value utilizing theCROCI® strategy as the primary factor, among otherfactors, and will seek above average dividend yield. TheCROCI® strategy is an investment process based on aproprietary valuation technique that attempts to under-stand the value of a company by converting financialstatement data into a set of economic inputs that are usedto calculate a valuation metric called the CROCI®

Economic Price Earnings Ratio which is comparable acrossmarkets, sectors and stocks. The CROCI® Economic PriceEarnings Ratio seeks to measure the “real” economicvalue rather than the “accounting” value of a company’sinvested capital, and the economic returns thereof. Port-folio management believes that, over time, companieswith more favorable financial metrics, including CROCI®

Economic Price Earnings Ratios, will outperform othercompanies. Portfolio Management employs a US-specificstrategy seeking to select approximately the forty bestvalue companies under CROCI® coverage with additionalscreening on high dividend yield, dividend sustainabilityand price volatility.

The fund is reviewed periodically and adjusted in accor-dance with the CROCI® strategy’s rules (re-selectingapproximately forty stocks that will make up the fund).Portfolio Management targets low valuation combinedwith higher dividends and excludes stocks with undesir-able characteristics such as, for example, high financialleverage, low cash returns and high volatility. All CROCI®

financial metrics may be adjusted from time to time. Port-folio management may also use factors other than theCROCI® strategy in selecting investments. Portfoliomanagement actively manages portfolio changes in anattempt to reduce market impact and transaction costs andto manage the portfolio with tax efficiency in mind.

Securities Lending. The fund may lend securities (up toone-third of total assets) to approved institutions.

MAIN RISKS

There are several risk factors that could hurt the fund’sperformance, cause you to lose money or cause the fund’sperformance to trail that of other investments. The fundmay not achieve its investment objective, and is notintended to be a complete investment program. An invest-ment in the fund is not a deposit of a bank and is notinsured or guaranteed by the Federal Deposit InsuranceCorporation or any other governmental agency.

Stock market risk. When stock prices fall, you shouldexpect the value of your investment to fall as well. Stockprices can be hurt by poor management on the part of thestock’s issuer, shrinking product demand and other busi-ness risks. These may affect single companies as well asgroups of companies. The market as a whole may not favorthe types of investments the fund makes, which couldadversely affect a stock’s price, regardless of how well thecompany performs, or the fund’s ability to sell a stock at


an attractive price. There is a chance that stock pricesoverall will decline because stock markets tend to move incycles, with periods of rising and falling prices. Events inthe U.S. and global financial markets, including actionstaken by the U.S. Federal Reserve or foreign central banksto stimulate or stabilize economic growth, may at timesresult in unusually high market volatility which could nega-tively affect performance. To the extent the fund investsin a particular capitalization or sector, the fund’s perfor-mance may be affected by the general performance of thatparticular capitalization or sector.

Security selection risk. The securities in the fund’s port-folio may decline in value. Portfolio management could bewrong in its analysis of industries, companies, economictrends, the relative attractiveness of different securities orother matters.

CROCI® risk. The fund is managed using the CROCI®

Investment Process which is based on portfolio manage-ment’s belief that, over time, stocks which display morefavorable financial metrics (for example, the CROCI®

Economic P/E Ratio) as generated by this process mayoutperform stocks which display less favorable metrics.This premise may not prove to be correct and prospectiveinvestors should evaluate this assumption prior toinvesting in the fund.

The calculation of financial metrics used by the fund (suchas, among others, the CROCI® Economic P/E Ratio) aredetermined by the CROCI® Investment Strategy and Valua-tion Group using publicly available information. Thispublicly available information is adjusted based onassumptions made by the CROCI® Investment Strategyand Valuation Group that, subsequently, may prove not tohave been correct. As financial metrics are calculated usinghistorical information, there can be no guarantee of thefuture performance of the CROCI® strategy.

Dividend-paying stock risk. As a category, dividend-paying stocks may underperform non-dividend payingstocks (and the stock market as a whole) over any periodof time. In addition, issuers of dividend-paying stocks mayhave discretion to defer or stop paying dividends for astated period of time. If the dividend-paying stocks held bythe fund reduce or stop paying dividends, the fund’s abilityto generate income may be adversely affected.

Value investing risk. As a category, value stocks mayunderperform growth stocks (and the stock market as awhole) over any period of time. In addition, value stocksselected for investment by portfolio management may notperform as anticipated.

Focus risk. To the extent that the fund focuses its invest-ments in particular industries, asset classes or sectorsof the economy, any market price movements, regulatoryor technological changes, or economic conditions affectingcompanies in those industries, asset classes or sectorsmay have a significant impact on the fund’s performance.

Liquidity risk. In certain situations, it may be difficult orimpossible to sell an investment and/or the fund may sellcertain investments at a price or time that is not advan-tageous in order to meet redemption requests or othercash needs. Unusual market conditions, such as an unusu-ally high volume of redemptions or other similar conditionscould increase liquidity risk for the fund.

Securities lending risk. Any decline in the value of a port-folio security that occurs while the security is out on loanis borne by the fund and will adversely affect performance.Also, there may be delays in recovery of securities loanedor even a loss of rights in the collateral should theborrower of the securities fail financially while holding thesecurity.

Foreign investment risk. The fund faces the risksinherent in foreign investing. Adverse political, economicor social developments could undermine the value of thefund’s investments or prevent the fund from realizing thefull value of its investments. In June 2016, citizens of theUnited Kingdom approved a referendum to leave the Euro-pean Union (EU) and in March 2017, the United Kingdominitiated its withdrawal from the EU, which is expectedto take place by March 2019. Significant uncertainty existsregarding the United Kingdom’s anticipated withdrawalfrom the EU and any adverse economic and politicaleffects such withdrawal may have on the United Kingdom,other EU countries and the global economy.

Financial reporting standards for companies based inforeign markets differ from those in the US. Additionally,foreign securities markets generally are smaller and lessliquid than US markets. To the extent that the fund investsin non-US dollar denominated foreign securities, changesin currency exchange rates may affect the US dollar valueof foreign securities or the income or gain received onthese securities.

Pricing risk. If market conditions make it difficult to valuesome investments, the fund may value these investmentsusing more subjective methods, such as fair value pricing.In such cases, the value determined for an investmentcould be different from the value realized upon such invest-ment’s sale. As a result, you could pay more than themarket value when buying fund shares or receive less thanthe market value when selling fund shares.

Operational and technology risk. Cyber-attacks, disrup-tions, or failures that affect the fund’s service providers orcounterparties, issuers of securities held by the fund, orother market participants may adversely affect the fundand its shareholders, including by causing losses for thefund or impairing fund operations.

PAST PERFORMANCE

How a fund’s returns vary from year to year can give anidea of its risk; so can comparing fund performance tooverall market performance (as measured by an appro-priate market index). Past performance may not indicate


future results. All performance figures below assume thatdividends and distributions were reinvested. For morerecent performance figures, go to deutschefunds.com (theWeb site does not form a part of this prospectus) or callthe phone number included in this prospectus.

Prior to April 1, 2014, the fund had a different investmentmanagement team that operated with a different invest-ment strategy. Performance would have been different ifthe fund’s current strategy described above had been ineffect.

Class T is a new class of shares and therefore does nothave a full calendar year of performance available. Theperformance figures for Class T shares are based on thehistorical performance of the fund’s Institutional Classshares adjusted to reflect the higher expenses and appli-cable sales charges of Class T.

CALENDAR YEAR TOTAL RETURNS (%) (Class A)

These year-by-year returns do not include sales charges, ifany, and would be lower if they did. Returns for otherclasses were different and are not shown here.

-45.50

23.4412.42

-2.28

11.9727.00

9.69

-7.16

19.18 19.25

-80

-60

-40

-20

0

20

40

60

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Returns Period ending

Best Quarter 20.07% June 30, 2009Worst Quarter -23.21% December 31, 2008

AVERAGE ANNUAL TOTAL RETURNS(For periods ended 12/31/2017 expressed as a %)

After-tax returns (which are shown only for Class A andwould be different for other classes) reflect the historicalhighest individual federal income tax rates, but do notreflect any state or local taxes. Your actual after-tax returnsmay be different. After-tax returns are not relevant toshares held in an IRA, 401(k) or other tax-advantagedinvestment plan.

ClassInception

1Year

5Years

10Years

Class A before tax 3/18/1988 12.39 11.62 3.67

After tax on distribu-tions 11.94 11.14 3.27After tax on distribu-tions and sale of fundshares 7.35 9.21 2.85

ClassT before tax 6/5/2017 16.31 12.43 4.13

Class C before tax 9/11/1995 18.36 12.10 3.50

Class R before tax 10/1/2003 18.95 12.67 3.99

INST Class before tax 8/19/2002 19.56 13.25 4.61

Class S before tax 2/28/2005 19.55 13.23 4.51

Standard & Poor’s 500Index (S&P 500) (reflectsno deduction for fees,expenses or taxes) 21.83 15.79 8.50

ClassInception

1Year

SinceInception

Class R6 before tax 3/2/2015 19.68 9.12

Standard & Poor’s 500Index (S&P 500)(reflects no deduction forfees, expenses or taxes) 21.83 11.11

MANAGEMENT

Investment Advisor

Deutsche Investment Management Americas Inc.

Portfolio Manager(s)

Di Kumble, CFA, Managing Director. Portfolio Managerof the fund. Began managing the fund in 2014.

PURCHASE AND SALE OF FUND SHARES

MINIMUM INITIAL INVESTMENT ($)

Non-IRA IRAsUGMAs/

UTMAs

AutomaticInvestment

Plans

AT C 1,000 500 1,000 500

R None N/A N/A N/A

R6 None N/A N/A N/A

INST 1,000,000 N/A N/A N/A

S 2,500 1,000 1,000 1,000

For participants in all group retirement plans for Class A, T, C and S shares,and in certain fee-based and wrap programs approved by the Advisor forClass A, C and S shares, there is no minimum initial investment and nominimum additional investment. For Section 529 college savings plans,there is no minimum initial investment and no minimum additional invest-ment for Class S shares. In certain instances, the minimum initialinvestment may be waived for Institutional Class shares. There is nominimum additional investment for Class R, Class R6 and InstitutionalClass shares. The minimum additional investment in all other instances is$50.


TO PLACE ORDERS

Mail New Accounts Deutsche Asset ManagementPO Box 219356Kansas City, MO 64121-9356

Additional Investments Deutsche Asset ManagementPO Box 219154Kansas City, MO 64121-9154

Exchanges andRedemptions

Deutsche Asset ManagementPO Box 219557Kansas City, MO 64121-9557

Expedited Mail Deutsche Asset Management210 West 10th StreetKansas City, MO 64105-1614

Web Site deutschefunds.com

Telephone (800) 728-3337, M – F 8 a.m. – 7 p.m. ET

TDD Line (800) 972-3006, M – F 8 a.m. – 7 p.m. ET

The fund is generally open on days when the New YorkStock Exchange is open for regular trading. Initial invest-ments must be sent by mail. You can make additionalinvestments or sell shares of the fund on any business dayby visiting our Web site, by mail, or by telephone; howeveryou may have to elect certain privileges on your initialaccount application. If you are working with a financialadvisor, contact your financial advisor for assistance withbuying or selling fund shares. A financial advisor separatelymay impose its own policies and procedures for buyingand selling fund shares.

Class T shares are available only to investors who areinvesting through a third party financial intermediary, suchas a bank or broker-dealer. Class R and Class R6 sharesare generally available only to certain retirement plans,which may have their own policies or instructions forbuying and selling fund shares. Institutional Class sharesare generally available only to qualified institutions. Class Sshares are only available to a limited group of investors.

TAX INFORMATION

The fund’s distributions are generally taxable to you asordinary income or capital gains, except when your invest-ment is in an IRA, 401(k), or other tax-advantagedinvestment plan. Any withdrawals you make from such tax-advantaged investment plans, however, may be taxableto you.

PAYMENTS TO BROKER-DEALERS AND

OTHER FINANCIAL INTERMEDIARIES

If you purchase the fund through a broker-dealer or otherfinancial intermediary (such as a bank), the fund, theAdvisor, and/or the Advisor’s affiliates may pay the inter-mediary for the sale of fund shares and related services.These payments may create a conflict of interest by influ-encing the broker-dealer or other intermediary and yoursalesperson to recommend the fund over another invest-ment. Ask your salesperson or visit your financialintermediary’s Web site for more information.

No such payments are made with respect to Class R6shares. To the extent the fund makes such payments withrespect to another class of its shares, the expense isborne by the other share class.




The fund seeks long-term capital appreciation.

FEES AND EXPENSES OF THE FUND

These are the fees and expenses you may pay when youbuy and hold shares. You may qualify for sales chargediscounts if you and your immediate family invest, or agreeto invest in the future, at least $50,000 in Class A sharesin Deutsche funds or if you invest at least $250,000 inClass T shares in the fund. More information about theseand other discounts and waivers is available from yourfinancial advisor and in Choosing a Share Class (p. 20), SalesCharge Waivers and Discounts Available Through Interme-diaries (Appendix B, p. 59) and Purchase and Redemptionof Shares in the fund’s Statement of Additional Information(SAI) (p. II-16).

SHAREHOLDER FEES (paid directly from your investment)

A T C R R6 INST S

Maximum salescharge (load) imposedon purchases, as % ofoffering price 5.75 2.50 None None None None None

Maximum deferredsales charge (load), as% of redemptionproceeds None None 1.00 None None None None

Account MaintenanceFee (annually, for fundaccount balancesbelow $10,000 andsubject to certainexceptions) $20 None $20 None None None $20

ANNUAL FUND OPERATING EXPENSES(expenses that you pay each year as a % of the value of your investment)

A T C R R6 INST S

Management fee 0.74 0.74 0.74 0.74 0.74 0.74 0.74

Distribution/service(12b-1) fees 0.24 0.25 1.00 0.50 None None None

Other expenses1 0.26 0.38 0.25 0.35 0.14 0.24 0.27

Total annual fundoperating expenses 1.24 1.37 1.99 1.59 0.88 0.98 1.01

Fee waiver/expensereimbursement 0.00 0.13 0.00 0.10 0.00 0.00 0.02

Total annual fundoperating expensesafter fee waiver/expensereimbursement 1.24 1.24 1.99 1.49 0.88 0.98 0.99

1 ”Other expenses“ for Class T are based on estimated amounts for thecurrent fiscal year.

The Advisor has contractually agreed through February 28,2019 to waive its fees and/or reimburse fund expensesto the extent necessary to maintain the fund’s total annualoperating expenses (excluding certain expenses such asextraordinary expenses, taxes, brokerage, interestexpense and acquired fund fees and expenses) at ratios nohigher than 1.24%, 1.49% and 0.99% for Class T, Class Rand Class S, respectively. The agreement may only beterminated with the consent of the fund’s Board.

EXAMPLEThis Example is intended to help you compare the cost ofinvesting in the fund with the cost of investing in othermutual funds. The Example assumes that you invest$10,000 in the fund for the time periods indicated and thenredeem all of your shares at the end of those periods. TheExample also assumes that your investment has a 5%return each year and that the fund’s operating expenses(including one year of capped expenses for Class T, Class Rand Class S) remain the same. Although your actual costsmay be higher or lower, based on these assumptions yourcosts would be:

6Prospectus March 1, 2018 Deutsche Mid Cap Value Fund


1 $ 694 $ 373 $ 302 $ 152 $ 90 $ 100 $ 101

3 946 661 624 492 281 312 320

5 1,217 969 1,073 856 488 542 556

10 1,989 1,844 2,317 1,881 1,084 1,201 1,234

You would pay the following expenses if you did notredeem your shares:


1 $ 694 $ 373 $ 202 $ 152 $ 90 $ 100 $ 101

3 946 661 624 492 281 312 320

5 1,217 969 1,073 856 488 542 556

10 1,989 1,844 2,317 1,881 1,084 1,201 1,234

PORTFOLIO TURNOVERThe fund pays transaction costs, such as commissions,when it buys and sells securities (or “turns over” its port-folio). A higher portfolio turnover may indicate highertransaction costs and may mean higher taxes if you areinvesting in a taxable account. These costs are notreflected in annual fund operating expenses or in theexpense example, and can affect the fund’s performance.

Portfolio turnover rate for fiscal year 2017: 43%.


Main investments. Under normal circumstances, the fundinvests at least 80% of net assets, plus the amount ofany borrowings for investment purposes, in commonstocks of mid-cap companies that portfolio managementbelieves are undervalued, but have favorable prospects forappreciation. The fund defines mid-cap companies ascompanies that have a market capitalization similar to thecompanies included in the Russell Midcap® Value Index.While the market capitalization range of the RussellMidcap® Value Index changes throughout the year, as ofJanuary 31, 2018, the market capitalization range of theRussell Midcap® Value Index was between $583 millionand $37.2 billion. The Russell Midcap® Value Index isreconstituted annually every June. The fund may invest upto 20% of net assets in foreign securities.

The fund may also invest in the equity securities of realestate investment trusts (REITs).

Management process. In choosing stocks, portfoliomanagement focuses on individual security selectionrather than industry selection. Portfolio management usesan active process that combines financial analysis withcompany visits to evaluate management and strategies.Company research lies at the heart of the investmentprocess. Portfolio management emphasizes individualselection of stocks across all economic sectors, focusing

on companies that it believes have strong management,identifiable catalysts (e.g., acquisitions or new products),and valuations that offer an attractive risk/reward trade-off.

Portfolio management utilizes multiple sources for ideageneration as it believes quantitative screens by them-selves are not robust enough to consistently sourceattractive investment ideas. Portfolio management’s inten-sive proprietary research starts with thorough backgroundresearch to gain an understanding of a company’s busi-ness model and financials. Management meetings aregenerally conducted to assess corporate culture and theability to execute on the business model with a focus oncapital allocation decisions. Portfolio management thenanalyzes valuations by determining the appropriate metricand establishing internal estimates. Portfolio managementreviews a stock’s investment thesis, catalysts and risks todetermine if the stock fits into the portfolio. Portfoliomanagement normally will sell a stock when it believesthe investment thesis proves incorrect, fundamentalsweaken, catalysts fail to materialize as expected, or if astock becomes fully valued.


MAIN RISKS


Stock market risk. When stock prices fall, you shouldexpect the value of your investment to fall as well. Stockprices can be hurt by poor management on the part of thestock’s issuer, shrinking product demand and other busi-ness risks. These may affect single companies as well asgroups of companies. The market as a whole may not favorthe types of investments the fund makes, which couldadversely affect a stock’s price, regardless of how well thecompany performs, or the fund’s ability to sell a stock atan attractive price. There is a chance that stock pricesoverall will decline because stock markets tend to move incycles, with periods of rising and falling prices. Events inthe U.S. and global financial markets, including actionstaken by the U.S. Federal Reserve or foreign central banksto stimulate or stabilize economic growth, may at timesresult in unusually high market volatility which could nega-tively affect performance. To the extent the fund investsin a particular capitalization or sector, the fund’s perfor-mance may be affected by the general performance of thatparticular capitalization or sector.




Medium-sized company risk. Medium-sized companystocks tend to be more volatile than large company stocks.Because stock analysts are less likely to follow medium-sized companies, less information about them is availableto investors. Industry-wide reversals may have a greaterimpact on medium-sized companies, since they lack thefinancial resources of larger companies. Medium-sizedcompany stocks are typically less liquid than largecompany stocks.






Real estate securities risk. The value of real estate securi-ties in general, and REITs in particular, are subject to thesame risks as direct investments and will depend on thevalue of the underlying properties or the underlying loansor interest. The value of these securities will rise and fall inresponse to many factors, including economic conditions,the demand for rental property and interest rates. Inparticular, the value of these securities may decline wheninterest rates rise and will also be affected by the realestate market and by the management of the underlyingproperties. REITs may be more volatile and/or more illiquidthan other types of equity securities.



PAST PERFORMANCE

How a fund’s returns vary from year to year can give anidea of its risk; so can comparing fund performance tooverall market performance (as measured by an appro-priate market index). Past performance may not indicatefuture results. All performance figures below assume thatdividends and distributions were reinvested. For morerecent performance figures, go to deutschefunds.com (theWeb site does not form a part of this prospectus) or callthe phone number included in this prospectus.

Prior to September 3, 2013, the fund had a sub-advisorand a different investment management team that oper-ated with a different investment strategy. Performancewould have been different if the fund’s current investmentstrategy had been in effect.

For Class R shares, historical performance prior to classinception is based on the performance of the fund’s ClassA shares adjusted to reflect the higher expenses of ClassR.

Class T is a new class of shares and as of the date of thisprospectus had not commenced investment operations.The performance figures for Class T shares are based on


the historical performance of the fund’s Institutional Classshares adjusted to reflect the higher expenses and appli-cable sales charges of Class T.

CALENDAR YEAR TOTAL RETURNS (%) (Class A)

These year-by-year returns do not include sales charges, ifany, and would be lower if they did. Returns for otherclasses were different and are not shown here.

-40.03

38.44

19.58

-6.07

17.02

38.57

8.911.80

11.37 12.76

-60

-40

-20

0

20

40

60

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Returns Period ending

Best Quarter 22.25% September 30, 2009Worst Quarter -23.99% December 31, 2008

AVERAGE ANNUAL TOTAL RETURNS(For periods ended 12/31/2017 expressed as a %)

After-tax returns (which are shown only for Class A andwould be different for other classes) reflect the historicalhighest individual federal income tax rates, but do notreflect any state or local taxes. Your actual after-tax returnsmay be different. After-tax returns are not relevant toshares held in an IRA, 401(k) or other tax-advantagedinvestment plan.

ClassInception

1Year

5Years

10Years

Class A before tax 8/1/2005 6.27 12.70 7.09

After tax on distribu-tions 5.35 11.49 6.41After tax on distribu-tions and sale of fundshares 4.10 9.93 5.60

ClassT before tax 3/15/2017 9.89 13.44 7.47

Class C before tax 8/1/2005 11.85 13.20 6.93

Class R before tax 3/1/2011 12.47 13.77 7.46

INST Class before tax 8/1/2005 13.03 14.35 8.05

Class S before tax 8/1/2005 13.00 14.32 8.02

Russell Midcap ValueIndex (reflects no deduc-tion for fees, expensesor taxes) 13.34 14.68 9.10

ClassInception

1Year

SinceInception

Class R6 before tax 8/25/2014 13.10 8.05

Russell Midcap ValueIndex (reflects no deduc-tion for fees, expensesor taxes) 13.34 8.99

MANAGEMENT

Investment Advisor

Deutsche Investment Management Americas Inc.

Portfolio Manager(s)

Richard Hanlon, CFA, Director. Portfolio Manager of thefund. Began managing the fund in 2015.

Mary Schafer Mahrer, Director. Portfolio Manager of thefund. Began managing the fund in 2016.

PURCHASE AND SALE OF FUND SHARES


Non-IRA IRAsUGMAs/

UTMAs

AutomaticInvestment

Plans

AT C 1,000 500 1,000 500

R None N/A N/A N/A

R6 None N/A N/A N/A

INST 1,000,000 N/A N/A N/A

S 2,500 1,000 1,000 1,000

For participants in all group retirement plans for Class A, T, C and S shares,and in certain fee-based and wrap programs approved by the Advisor forClass A, C and S shares, there is no minimum initial investment and nominimum additional investment. For Section 529 college savings plans,there is no minimum initial investment and no minimum additional invest-ment for Class S shares. In certain instances, the minimum initialinvestment may be waived for Institutional Class shares. There is nominimum additional investment for Class R, Class R6 and InstitutionalClass shares. The minimum additional investment in all other instances is$50.

TO PLACE ORDERS

Mail New Accounts Deutsche Asset ManagementPO Box 219356Kansas City, MO 64121-9356

Additional Investments Deutsche Asset ManagementPO Box 219154Kansas City, MO 64121-9154


Deutsche Asset ManagementPO Box 219557Kansas City, MO 64121-9557

Expedited Mail Deutsche Asset Management210 West 10th StreetKansas City, MO 64105-1614

Web Site deutschefunds.com

Telephone (800) 728-3337, M – F 8 a.m. – 7 p.m. ET

TDD Line (800) 972-3006, M – F 8 a.m. – 7 p.m. ET

The fund is generally open on days when the New YorkStock Exchange is open for regular trading. Initial invest-ments must be sent by mail. You can make additionalinvestments or sell shares of the fund on any business dayby visiting our Web site, by mail, or by telephone; howeveryou may have to elect certain privileges on your initialaccount application. If you are working with a financialadvisor, contact your financial advisor for assistance with


buying or selling fund shares. A financial advisor separatelymay impose its own policies and procedures for buyingand selling fund shares.

Class T shares are available only to investors who areinvesting through a third party financial intermediary, suchas a bank or broker-dealer. Class R and Class R6 sharesare generally available only to certain retirement plans,which may have their own policies or instructions forbuying and selling fund shares. Institutional Class sharesare generally available only to qualified institutions. Class Sshares are only available to a limited group of investors.

TAX INFORMATION

The fund’s distributions are generally taxable to you asordinary income or capital gains, except when your invest-ment is in an IRA, 401(k), or other tax-advantagedinvestment plan. Any withdrawals you make from such tax-advantaged investment plans, however, may be taxableto you.

PAYMENTS TO BROKER-DEALERS AND

OTHER FINANCIAL INTERMEDIARIES

If you purchase the fund through a broker-dealer or otherfinancial intermediary (such as a bank), the fund, theAdvisor, and/or the Advisor’s affiliates may pay the inter-mediary for the sale of fund shares and related services.These payments may create a conflict of interest by influ-encing the broker-dealer or other intermediary and yoursalesperson to recommend the fund over another invest-ment. Ask your salesperson or visit your financialintermediary’s Web site for more information.

No such payments are made with respect to Class R6shares. To the extent the fund makes such payments withrespect to another class of its shares, the expense isborne by the other share class.


Fund Details

ADDITIONAL INFORMATION ABOUT FUND

STRATEGIES AND RISKS



The fund seeks to achieve a high rate of total return.


Main investments. Under normal circumstances, the fundinvests at least 80% of net assets, plus the amount ofany borrowings for investment purposes, in dividend-paying equity securities (mainly common stocks). Equitysecurities may also include preferred stocks, depositoryreceipts and other securities with equity characteristics,such as convertible securities and warrants. Companiesare selected for the fund’s portfolio using the Cash Returnon Capital Invested (CROCI®) strategy as the primaryfactor, among other factors. Portfolio management willselect stocks from among the largest US companies whichare under CROCI® coverage at any given time (while thenumber of companies under CROCI® coverage will vary,as of December 31, 2017, approximately 356 companieswere under CROCI® coverage). Approximately 40 compa-nies are identified from the selection universe forinvestment, though, at times, the number of stocks heldmay be higher or lower than 40 stocks at the discretion ofportfolio management or as a result of corporate actions,mergers or other events.

Although the fund can invest in stocks of any economicsector (which is comprised of two or more industries), attimes it may emphasize one or more sectors and mayinvest more than 25% of total assets in a single sector. Thefund may invest up to 20% of total assets in foreignsecurities.

The fund intends to invest primarily in companies whosemarket capitalizations fall within the normal range of theS&P 500 Index.

Management process. Portfolio management will selectstocks that it believes offer economic value utilizing theCROCI® strategy as the primary factor, among otherfactors, and will seek above average dividend yield. TheCROCI® strategy is an investment process based on a

proprietary valuation technique that attempts to under-stand the value of a company by converting financialstatement data into a set of economic inputs that are usedto calculate a valuation metric called the CROCI®

Economic Price Earnings Ratio which is comparable acrossmarkets, sectors and stocks. The CROCI® Economic PriceEarnings Ratio seeks to measure the “real” economicvalue rather than the “accounting” value of a company’sinvested capital, and the economic returns thereof. Port-folio management believes that, over time, companieswith more favorable financial metrics, including CROCI®

Economic Price Earnings Ratios, will outperform othercompanies. Portfolio Management employs a US-specificstrategy seeking to select approximately the forty bestvalue companies under CROCI® coverage with additionalscreening on high dividend yield, dividend sustainabilityand price volatility.

The fund is reviewed periodically and adjusted in accor-dance with the CROCI® strategy’s rules (re-selectingapproximately forty stocks that will make up the fund).Portfolio Management targets low valuation combinedwith higher dividends and excludes stocks with undesir-able characteristics such as, for example, high financialleverage, low cash returns and high volatility. All CROCI®

financial metrics may be adjusted from time to time. Port-folio management may also use factors other than theCROCI® strategy in selecting investments. Portfoliomanagement actively manages portfolio changes in anattempt to reduce market impact and transaction costs andto manage the portfolio with tax efficiency in mind.

The CROCI® strategy is supplied by the CROCI® Invest-ment Strategy and Valuation Group, a unit of the DeutscheBank Group, through a licensing arrangement with thefund’s Advisor.

CROCI® Investment Process. The CROCI® InvestmentProcess is based on the belief that the data used in tradi-tional valuations (i.e. accounting data) does not accuratelyappraise assets, reflect all liabilities or represent the realvalue of a company. This is because the accounting rulesare not always designed specifically for investors and oftenutilize widely differing standards which can makemeasuring the real asset value of companies difficult. TheCROCI® Investment Process seeks to generate data thatwill enable valuation comparisons on a consistent basis,

11Prospectus March 1, 2018 Fund Details

resulting in what portfolio management believes is an effec-tive and efficient sector and stock selection processtargeting investment in real value.


OTHER INVESTMENT STRATEGIES

Derivatives. Portfolio management generally may usefutures contracts, which are a type of derivative (a contractwhose value is based on, for example, indices, curren-cies or securities) as a substitute for direct investment in aparticular asset class or to keep cash on hand to meetshareholder redemptions. Portfolio management generallymay use structured notes to gain exposure to certainforeign markets that may not permit direct investment.

The fund may also use other types of derivatives (i) forhedging purposes; (ii) for risk management; (iii) fornon-hedging purposes to seek to enhance potential gains;or (iv) as a substitute for direct investment in a particularasset class or to keep cash on hand to meet shareholderredemptions.

MAIN RISKS


Stock market risk. When stock prices fall, you shouldexpect the value of your investment to fall as well. Stockprices can be hurt by poor management on the part of thestock’s issuer, shrinking product demand and other busi-ness risks. These may affect single companies as well asgroups of companies. The market as a whole may not favorthe types of investments the fund makes, which couldadversely affect a stock’s price, regardless of how well thecompany performs, or the fund’s ability to sell a stock atan attractive price. There is a chance that stock pricesoverall will decline because stock markets tend to move incycles, with periods of rising and falling prices. Events inthe U.S. and global financial markets, including actionstaken by the U.S. Federal Reserve or foreign central banksto stimulate or stabilize economic growth, may at timesresult in unusually high market volatility which could nega-tively affect performance. To the extent the fund investsin a particular capitalization or sector, the fund’s perfor-mance may be affected by the general performance of thatparticular capitalization or sector.


CROCI® risk. The fund is managed using the CROCI®

Investment Process which is based on portfolio manage-ment’s belief that, over time, stocks which display morefavorable financial metrics (for example, the CROCI®

Economic P/E Ratio) as generated by this process mayoutperform stocks which display less favorable metrics.This premise may not prove to be correct and prospectiveinvestors should evaluate this assumption prior toinvesting in the fund.

The calculation of financial metrics used by the fund (suchas, among others, the CROCI® Economic P/E Ratio) aredetermined by the CROCI® Investment Strategy and Valua-tion Group using publicly available information. Thispublicly available information is adjusted based onassumptions made by the CROCI® Investment Strategyand Valuation Group that, subsequently, may prove not tohave been correct. As financial metrics are calculated usinghistorical information, there can be no guarantee of thefuture performance of the CROCI® strategy.

Dividend-paying stock risk. As a category, dividend-paying stocks may underperform non-dividend payingstocks (and the stock market as a whole) over any periodof time. In addition, issuers of dividend-paying stocks mayhave discretion to defer or stop paying dividends for astated period of time. If the dividend-paying stocks held bythe fund reduce or stop paying dividends, the fund’s abilityto generate income may be adversely affected.




This risk can be ongoing for any security that does nottrade actively or in large volumes, for any security thattrades primarily on smaller markets, and for investmentsthat typically trade only among a limited number of largeinvestors (such as certain types of derivatives or restricted


securities). In unusual market conditions, even normallyliquid securities may be affected by a degree of liquidityrisk (i.e., if the number and capacity of traditional marketparticipants is reduced). This may affect only certain securi-ties or an overall securities market.




Foreign governments may restrict investment byforeigners, limit withdrawal of trading profit or currencyfrom the country, restrict currency exchange or seizeforeign investments. The investments of the fund may alsobe subject to foreign withholding or other taxes. Foreignbrokerage commissions and other fees are generallyhigher than those for US investments, and the transac-tions and custody of foreign assets may involve delays inpayment, delivery or recovery of money or investments.

Foreign markets can have liquidity risks beyond thosetypical of US markets. Because foreign exchanges gener-ally are smaller and less liquid than US exchanges, buyingand selling foreign investments can be more difficult andcostly. Relatively small transactions can sometimes materi-ally affect the price and availability of securities. In certainsituations, it may become virtually impossible to sell aninvestment in an orderly fashion at a price that approachesportfolio management’s estimate of its value. For thesame reason, it may at times be difficult to value the fund’sforeign investments.

Convertible securities risk. The market value of a convert-ible security performs like that of a regular debt security;that is, when interest rates rise, the price of a convert-ible security generally declines. In addition, convertiblesecurities are subject to the risk that the issuer will not beable to pay interest or dividends when due, and their pricemay change based on changes in the issuer’s financialcondition. Because a convertible security derives a portionof its value from the common stock into which it may beconverted, market and issuer risks that apply to the under-lying common stock could impact the price of theconvertible security.

Preferred stock risk. Preferred stock generally has a pref-erence as to dividends and liquidation over an issuer’scommon stock but ranks junior to debt securities in anissuer’s capital structure. Preferred stock is subject tomany of the risks associated with debt securities, includinginterest rate risk. In addition, preferred stock may not paya dividend, an issuer may suspend payment of dividendson preferred stock at any time, and in certain situations anissuer may call or redeem its preferred stock or convert itto common stock.


Secondary markets may be subject to irregular tradingactivity, wide bid/ask spreads and extended trade settle-ment periods, which may prevent the fund from being ableto realize full value and thus sell a security for its full valu-ation. This could cause a material decline in the fund’s netasset value.

Derivatives risk. Risks associated with derivatives mayinclude the risk that the derivative is not well correlatedwith the security, index or currency to which it relates; therisk that derivatives may result in losses or missed opportu-nities; the risk that the fund will be unable to sell thederivative because of an illiquid secondary market; the riskthat a counterparty is unwilling or unable to meet its obli-gation; and the risk that the derivative transaction couldexpose the fund to the effects of leverage, which couldincrease the fund’s exposure to the market and magnifypotential losses.

There is no guarantee that derivatives, to the extentemployed, will have the intended effect, and their usecould cause lower returns or even losses to the fund. Theuse of derivatives by the fund to hedge risk may reducethe opportunity for gain by offsetting the positive effect offavorable price movements.


Counterparty risk. A financial institution or othercounterparty with whom the fund does business, or thatunderwrites, distributes or guarantees any investments orcontracts that the fund owns or is otherwise exposed to,may decline in financial health and become unable tohonor its commitments. This could cause losses for thefund or could delay the return or delivery of collateral orother assets to the fund.


Cyber-attacks may include unauthorized attempts by thirdparties to improperly access, modify, disrupt the opera-tions of, or prevent access to the systems of the fund’sservice providers or counterparties, issuers of securitiesheld by the fund or other market participants or data withinthem. In addition, power or communications outages, actsof god, information technology equipment malfunctions,operational errors, and inaccuracies within software or dataprocessing systems may also disrupt business operationsor impact critical data. Market events also may trigger avolume of transactions that overloads current informationtechnology and communication systems and processes,impacting the ability to conduct the fund’s operations.

Cyber-attacks, disruptions, or failures may adversely affectthe fund and its shareholders or cause reputationaldamage and subject the fund to regulatory fines, litigationcosts, penalties or financial losses, reimbursement orother compensation costs, and/or additional compliancecosts. For example, the fund’s or its service providers’assets or sensitive or confidential information may bemisappropriated, data may be corrupted, and operationsmay be disrupted (e.g., cyber-attacks or operational failuresmay cause the release of private shareholder informationor confidential fund information, interfere with theprocessing of shareholder transactions, impact the abilityto calculate the fund’s NAV, and impede trading). In addi-tion, cyber-attacks, disruptions, or failures involving a fundcounterparty could affect such counterparty’s ability tomeet its obligations to the fund, which may result in lossesto the fund and its shareholders. Similar types of opera-tional and technology risks are also present for issuers ofsecurities held by the fund, which could have materialadverse consequences for such issuers, and may causethe fund’s investments to lose value. Furthermore, as aresult of cyber-attacks, disruptions, or failures, an exchangeor market may close or issue trading halts on specific secu-rities or the entire market, which may result in the fundbeing, among other things, unable to buy or sell certainsecurities or financial instruments or unable to accuratelyprice its investments.

While the fund and its service providers may establishbusiness continuity and other plans and processes thatseek to address the possibility of and fallout from cyber-attacks, disruptions, or failures, there are inherentlimitations in such plans and systems, including that theydo not apply to third parties, such as fund counterparties,issuers of securities held by the fund, or other marketparticipants, as well as the possibility that certain riskshave not been identified or that unknown threats mayemerge in the future and there is no assurance that suchplans and processes will address the possibility of andfallout from cyber-attacks, disruptions, or failures. In addi-tion, the fund cannot directly control any cybersecurityplans and systems put in place by its service providers,fund counterparties, issuers of securities held by the fund,or other market participants.



The fund seeks long-term capital appreciation.


Main investments. Under normal circumstances, the fundinvests at least 80% of net assets, plus the amount ofany borrowings for investment purposes, in commonstocks of mid-cap companies that portfolio managementbelieves are undervalued, but have favorable prospects forappreciation. The fund defines mid-cap companies ascompanies that have a market capitalization similar to thecompanies included in the Russell Midcap® Value Index.While the market capitalization range of the RussellMidcap® Value Index changes throughout the year, as ofJanuary 31, 2018, the market capitalization range of theRussell Midcap® Value Index was between $583 millionand $37.2 billion. The Russell Midcap® Value Index isreconstituted annually every June. The fund may invest upto 20% of net assets in foreign securities.

The fund may also invest in the equity securities of realestate investment trusts (REITs).

The fund’s equity investments are mainly common stocks,but may also include other types of equities such aspreferred or convertible stocks.

Management process. In choosing stocks, portfoliomanagement focuses on individual security selectionrather than industry selection. Portfolio management usesan active process that combines financial analysis withcompany visits to evaluate management and strategies.Company research lies at the heart of the investmentprocess. Portfolio management emphasizes individualselection of stocks across all economic sectors, focusingon companies that it believes have strong management,identifiable catalysts (e.g., acquisitions or new products),and valuations that offer an attractive risk/reward trade-off.


Portfolio management utilizes multiple sources for ideageneration as it believes quantitative screens by them-selves are not robust enough to consistently sourceattractive investment ideas. Portfolio management’s inten-sive proprietary research starts with thorough backgroundresearch to gain an understanding of a company’s busi-ness model and financials. Management meetings aregenerally conducted to assess corporate culture and theability to execute on the business model with a focus oncapital allocation decisions. Portfolio management thenanalyzes valuations by determining the appropriate metricand establishing internal estimates. Portfolio managementreviews a stock’s investment thesis, catalysts and risks todetermine if the stock fits into the portfolio. Portfoliomanagement normally will sell a stock when it believesthe investment thesis proves incorrect, fundamentalsweaken, catalysts fail to materialize as expected, or if astock becomes fully valued.


OTHER INVESTMENT STRATEGIES

Derivatives. The fund may use various types of derivatives(a contract whose value is based on, for example, indices,currencies or securities) (i) for hedging purposes; (ii) for riskmanagement; (iii) for non-hedging purposes to seek toenhance potential gains; or (iv) as a substitute for directinvestment in a particular asset class or to keep cash onhand to meet shareholder redemptions.

MAIN RISKS


Stock market risk. When stock prices fall, you shouldexpect the value of your investment to fall as well. Stockprices can be hurt by poor management on the part of thestock’s issuer, shrinking product demand and other busi-ness risks. These may affect single companies as well asgroups of companies. The market as a whole may not favorthe types of investments the fund makes, which couldadversely affect a stock’s price, regardless of how well thecompany performs, or the fund’s ability to sell a stock atan attractive price. There is a chance that stock pricesoverall will decline because stock markets tend to move incycles, with periods of rising and falling prices. Events inthe U.S. and global financial markets, including actionstaken by the U.S. Federal Reserve or foreign central banksto stimulate or stabilize economic growth, may at timesresult in unusually high market volatility which could nega-tively affect performance. To the extent the fund invests

in a particular capitalization or sector, the fund’s perfor-mance may be affected by the general performance of thatparticular capitalization or sector.



Medium-sized company risk. Medium-sized companystocks tend to be more volatile than large company stocks.Because stock analysts are less likely to follow medium-sized companies, less information about them is availableto investors. Industry-wide reversals may have a greaterimpact on medium-sized companies, since they lack thefinancial resources of larger companies. Medium-sizedcompany stocks are typically less liquid than largecompany stocks.




Foreign governments may restrict investment byforeigners, limit withdrawal of trading profit or currencyfrom the country, restrict currency exchange or seizeforeign investments. The investments of the fund may alsobe subject to foreign withholding or other taxes. Foreignbrokerage commissions and other fees are generally


higher than those for US investments, and the transac-tions and custody of foreign assets may involve delays inpayment, delivery or recovery of money or investments.

Foreign markets can have liquidity risks beyond thosetypical of US markets. Because foreign exchanges gener-ally are smaller and less liquid than US exchanges, buyingand selling foreign investments can be more difficult andcostly. Relatively small transactions can sometimes materi-ally affect the price and availability of securities. In certainsituations, it may become virtually impossible to sell aninvestment in an orderly fashion at a price that approachesportfolio management’s estimate of its value. For thesame reason, it may at times be difficult to value the fund’sforeign investments.


Secondary markets may be subject to irregular tradingactivity, wide bid/ask spreads and extended trade settle-ment periods, which may prevent the fund from being ableto realize full value and thus sell a security for its full valu-ation. This could cause a material decline in the fund’s netasset value.


This risk can be ongoing for any security that does nottrade actively or in large volumes, for any security thattrades primarily on smaller markets, and for investmentsthat typically trade only among a limited number of largeinvestors (such as certain types of derivatives or restrictedsecurities). In unusual market conditions, even normallyliquid securities may be affected by a degree of liquidityrisk (i.e., if the number and capacity of traditional marketparticipants is reduced). This may affect only certain securi-ties or an overall securities market.

Real estate securities risk. The value of real estate securi-ties in general, and REITs in particular, are subject to thesame risks as direct investments and will depend on thevalue of the underlying properties or the underlying loansor interest. The value of these securities will rise and fall inresponse to many factors, including economic conditions,the demand for rental property and interest rates. Inparticular, the value of these securities may decline wheninterest rates rise and will also be affected by the real

estate market and by the management of the underlyingproperties. REITs may be more volatile and/or more illiquidthan other types of equity securities.


Derivatives risk. Risks associated with derivatives mayinclude the risk that the derivative is not well correlatedwith the security, index or currency to which it relates; therisk that derivatives may result in losses or missed opportu-nities; the risk that the fund will be unable to sell thederivative because of an illiquid secondary market; the riskthat a counterparty is unwilling or unable to meet its obli-gation; and the risk that the derivative transaction couldexpose the fund to the effects of leverage, which couldincrease the fund’s exposure to the market and magnifypotential losses.

There is no guarantee that derivatives, to the extentemployed, will have the intended effect, and their usecould cause lower returns or even losses to the fund. Theuse of derivatives by the fund to hedge risk may reducethe opportunity for gain by offsetting the positive effect offavorable price movements.

Counterparty risk. A financial institution or othercounterparty with whom the fund does business, or thatunderwrites, distributes or guarantees any investments orcontracts that the fund owns or is otherwise exposed to,may decline in financial health and become unable tohonor its commitments. This could cause losses for thefund or could delay the return or delivery of collateral orother assets to the fund.

Convertible securities risk. The market value of a convert-ible security performs like that of a regular debt security;that is, when interest rates rise, the price of a convert-ible security generally declines. In addition, convertiblesecurities are subject to the risk that the issuer will not beable to pay interest or dividends when due, and their pricemay change based on changes in the issuer’s financialcondition. Because a convertible security derives a portionof its value from the common stock into which it may beconverted, market and issuer risks that apply to the under-lying common stock could impact the price of theconvertible security.

Preferred stock risk. Preferred stock generally has a pref-erence as to dividends and liquidation over an issuer’scommon stock but ranks junior to debt securities in anissuer’s capital structure. Preferred stock is subject tomany of the risks associated with debt securities, includinginterest rate risk. In addition, preferred stock may not paya dividend, an issuer may suspend payment of dividends


on preferred stock at any time, and in certain situations anissuer may call or redeem its preferred stock or convertit to common stock.


Cyber-attacks may include unauthorized attempts by thirdparties to improperly access, modify, disrupt the opera-tions of, or prevent access to the systems of the fund’sservice providers or counterparties, issuers of securitiesheld by the fund or other market participants or data withinthem. In addition, power or communications outages, actsof god, information technology equipment malfunctions,operational errors, and inaccuracies within software or dataprocessing systems may also disrupt business operationsor impact critical data. Market events also may trigger avolume of transactions that overloads current informationtechnology and communication systems and processes,impacting the ability to conduct the fund’s operations.

Cyber-attacks, disruptions, or failures may adversely affectthe fund and its shareholders or cause reputationaldamage and subject the fund to regulatory fines, litigationcosts, penalties or financial losses, reimbursement orother compensation costs, and/or additional compliancecosts. For example, the fund’s or its service providers’assets or sensitive or confidential information may bemisappropriated, data may be corrupted, and operationsmay be disrupted (e.g., cyber-attacks or operational failuresmay cause the release of private shareholder informationor confidential fund information, interfere with theprocessing of shareholder transactions, impact the abilityto calculate the fund’s NAV, and impede trading). In addi-tion, cyber-attacks, disruptions, or failures involving a fundcounterparty could affect such counterparty’s ability tomeet its obligations to the fund, which may result in lossesto the fund and its shareholders. Similar types of opera-tional and technology risks are also present for issuers ofsecurities held by the fund, which could have materialadverse consequences for such issuers, and may causethe fund’s investments to lose value. Furthermore, as aresult of cyber-attacks, disruptions, or failures, an exchangeor market may close or issue trading halts on specific secu-rities or the entire market, which may result in the fundbeing, among other things, unable to buy or sell certainsecurities or financial instruments or unable to accuratelyprice its investments.

While the fund and its service providers may establishbusiness continuity and other plans and processes thatseek to address the possibility of and fallout from cyber-attacks, disruptions, or failures, there are inherentlimitations in such plans and systems, including that theydo not apply to third parties, such as fund counterparties,issuers of securities held by the fund, or other market

participants, as well as the possibility that certain riskshave not been identified or that unknown threats mayemerge in the future and there is no assurance that suchplans and processes will address the possibility of andfallout from cyber-attacks, disruptions, or failures. In addi-tion, the fund cannot directly control any cybersecurityplans and systems put in place by its service providers,fund counterparties, issuers of securities held by the fund,or other market participants.

OTHER POLICIES AND RISKS

While the previous pages describe the main points of eachfund’s strategy and risks, there are a few other mattersto know about:� Although major changes tend to be infrequent, each

fund’s Board could change a fund’s investment objectivewithout seeking shareholder approval. However, theBoard will provide shareholders with at least 60 days’notice prior to making any changes to a fund’s 80%investment policy as described herein.

� When, in the Advisor’s opinion, it is advisable to adopt atemporary defensive position because of unusual andadverse or other market conditions, up to 100% of eachfund’s assets may be held in cash or invested in moneymarket securities or other short-term investments.Short-term investments consist of (1) foreign anddomestic obligations of sovereign governments and theiragencies and instrumentalities, authorities and politicalsubdivisions; (2) other short-term high quality rated debtsecurities or, if unrated, determined to be of compa-rable quality in the opinion of the Advisor; (3) commercialpaper; (4) bank obligations, including negotiable certifi-cates of deposit, time deposits and bankers’acceptances; and (5) repurchase agreements. Short-term investments may also include shares of moneymarket mutual funds. To the extent a fund invests insuch instruments, the fund will not be pursuing itsinvestment objective. However, portfolio managementmay choose to not use these strategies for variousreasons, even in volatile market conditions.

� Each fund may trade actively. This could raise transactioncosts (thus lowering return) and could mean increasedtaxable distributions to shareholders and distributionsthat will be taxable to shareholders at higher federalincome tax rates.

� Certain Deutsche funds-of-funds are permitted to investin each fund. As a result, a fund may have large inflowsor outflows of cash from time to time. This could haveadverse effects on a fund’s performance if a fund wererequired to sell securities or invest cash at times when itotherwise would not do so. This activity could also accel-erate the realization of capital gains and increase afund’s transaction costs.

� From time to time, a fund may have a concentration ofshareholder accounts holding a significant percentage ofshares outstanding. Investment activities of these share-holders could have a material impact on a fund.


For More Information

This prospectus doesn’t tell you about every policy or riskof investing in each fund. If you want more informationon each fund’s allowable securities and investment prac-tices and the characteristics and risks of each one, youmay want to request a copy of the Statement of AdditionalInformation (the back cover tells you how to do this).

Keep in mind that there is no assurance that a fund willachieve its investment objective.

A complete list of each fund’s portfolio holdings as of themonth-end is posted on deutschefunds.com on or after thelast day of the following month. More frequent posting ofportfolio holdings information may be made from timeto time on deutschefunds.com. The posted portfolio hold-ings information is available by fund and generally remainsaccessible at least until the date on which a fund files itsForm N-CSR or N-Q with the Securities and ExchangeCommission for the period that includes the date as ofwhich the posted information is current. In addition, eachfund’s top ten equity holdings and other fund information isposted on deutschefunds.com as of the calendarquarter-end on or after the 10th calendar day followingquarter-end. Each fund’s Statement of Additional Informa-tion includes a description of a fund’s policies andprocedures with respect to the disclosure of a fund’s port-folio holdings.

WHO MANAGES AND OVERSEES THE FUNDS

The Investment Advisor

Deutsche Investment Management Americas Inc. (“DIMA”or the “Advisor”), with headquarters at 345 Park Avenue,New York, NY 10154, is the investment advisor for eachfund. Under the oversight of the Board, the Advisor, or asubadvisor, makes investment decisions, buys and sellssecurities for each fund and conducts research that leadsto these purchase and sale decisions. The Advisor is anindirect, wholly-owned subsidiary of Deutsche Bank AG.Deutsche Bank AG is a major global banking institution thatis engaged in a wide range of financial services, includinginvestment management, mutual funds, retail, private andcommercial banking, investment banking and insurance.The Advisor and its predecessors have more than 90 yearsof experience managing mutual funds and provide a fullrange of global investment advisory services to institu-tional and retail clients.

Deutsche Asset Management represents the assetmanagement activities conducted by Deutsche Bank AG orany of its subsidiaries, including the Advisor and Deut-sche AM Distributors, Inc. (“DDI” or the “Distributor”).Deutsche Asset Management is a global organization thatoffers a wide range of investing expertise and resources,including hundreds of portfolio managers and analysts andan office network that reaches the world’s major invest-ment centers. This well-resourced global investment

platform brings together a wide variety of experience andinvestment insight across industries, regions, assetclasses and investing styles.

The Advisor may utilize the resources of its global invest-ment platform to provide investment managementservices through branch offices or affiliates located outsidethe US. In some cases, the Advisor may also utilize itsbranch offices or affiliates located in the US or outside theUS to perform certain services, such as trade execution,trade matching and settlement, or various administrative,back-office or other services. To the extent services areperformed outside the US, such activity may be subject toboth US and foreign regulation. It is possible that the juris-diction in which the Advisor or its affiliate performs suchservices may impose restrictions or limitations on portfoliotransactions that are different from, and in addition to,those that apply in the US.


The Advisor has entered into an agreement with an affiliateof the Advisor to license the fund’s CROCI® strategy. TheAdvisor, not the fund, is responsible for paying thelicensing fees.

CROCI® Investment Strategy and Valuation Group. TheCROCI® Investment Strategy and Valuation Group is partof Deutsche Asset Management, a division of the Deut-sche Bank Group. Prior to October 15, 2013 it was part ofthe DB Research Group. The CROCI® Investment Strategyand Valuation Group is responsible for devising theCROCI® strategy and calculating the CROCI® EconomicP/E Ratios. The CROCI® Investment Strategy and ValuationGroup is not responsible for the management of the fundand does not act in a fiduciary capacity in relation to thefund or the investors in the fund.

Management Fee. The Advisor receives a managementfee from each fund. Below are the actual rates paid by eachfund for the most recent fiscal year, as a percentage ofeach fund’s average daily net assets.

Fund Name Fee Paid

Deutsche CROCI ® Equity Divi-dend Fund 0.61%

Deutsche Mid Cap Value Fund 0.74%

The following waivers are currently in effect:

For Deutsche CROCI® Equity Dividend Fund, the Advisorhas contractually agreed for the period March 16, 2017through March 15, 2018 to waive its fees and/or reimbursefund expenses to the extent necessary to maintain thefund’s total annual operating expenses (excluding certainexpenses such as extraordinary expenses, taxes,brokerage, interest expense and acquired fund fees andexpenses) at 1.04%, 1.04%, 1.79%, 1.29%, 0.79%,0.79%, and 0.79% for Class A, Class T, Class C, Class R,Class R6, Institutional Class and Class S, respectively; andfor the period March 16, 2018 through September 30,


2018 at 1.09%, 1.84%, 0.84%, 0.84% and 0.84% forClass A, Class C, Class R6, Institutional Class and Class S,respectively; and finally for the period March 16, 2018through February 28, 2019 at ratios no higher than 1.09%and 1.34% for Class T and Class R, respectively. The agree-ment may only be terminated with the consent of thefund’s Board.

For Deutsche Mid Cap Value Fund, the Advisor has contrac-tually agreed through September 30, 2018 to waive itsfees and/or reimburse fund expenses to the extent neces-sary to maintain the fund’s total annual operatingexpenses (excluding certain expenses such as extraordi-nary expenses, taxes, brokerage, interest expense andacquired fund fees and expenses) at 1.24%, 1.99%,0.94% and 0.99% for Class A, Class C, Class R6 and Insti-tutional Class, respectively; and through February 28, 2019at ratios no higher than 1.24%, 1.49% and 0.99% forClass T, Class R and Class S, respectively. The agreementmay only be terminated with the consent of the fund’sBoard.

A discussion regarding the basis for the Board’s approvalof each fund’s investment management agreement iscontained in the most recent shareholder reports for theannual period ended November 30 or semi-annual periodended May 31 (see “Shareholder reports” on the backcover).

The funds each pay the Advisor for providing most of eachfund’s administrative services under each fund’s invest-ment management agreement.

Multi-Manager Structure. The Advisor, subject to theapproval of the Board, has ultimate responsibility tooversee any subadvisor to a fund and to recommend thehiring, termination and replacement of subadvisors. Eachfund and the Advisor have received an order from the SECthat permits the Advisor to appoint or replace certainsubadvisors, to manage all or a portion of a fund’s assetsand enter into, amend or terminate a subadvisory agree-ment with certain subadvisors, in each case subject to theapproval of a fund’s Board but without obtaining share-holder approval (“multi-manager structure”). The multi-manager structure applies to subadvisors that are notaffiliated with the fund or the Advisor (“nonaffiliatedsubadvisors”), as well as subadvisors that are indirect ordirect, wholly-owned subsidiaries of the Advisor or Deut-sche Bank AG (“wholly-owned subadvisors”). Pursuant tothe SEC order, the Advisor, with the approval of a fund’sBoard, has the discretion to terminate any subadvisor andallocate and reallocate a fund’s assets among any othernonaffiliated subadvisors or wholly-owned subadvisors(including terminating a nonaffiliated subadvisor andreplacing it with a wholly-owned subadvisor). Each fundand the Advisor are subject to the conditions imposed bythe SEC order, including the condition that within 90 daysof hiring a new subadvisor pursuant to the multi-managerstructure, each fund will provide shareholders with an infor-mation statement containing information about the new

subadvisor. The funds cannot rely on the SEC order untilshareholders have approved the multi-manager structuredescribed herein.

MANAGEMENT


Di Kumble, CFA, Managing Director. Portfolio Managerof the fund. Began managing the fund in 2014.� Joined Deutsche Asset Management in 2003 with seven

years of industry experience. Prior to joining, she servedas a Portfolio Manager at Graham Capital Management.Previously, she worked as a Quantitative Strategist atITG Inc. and Morgan Stanley.

� Portfolio Manager: New York.� BS, Beijing University; PhD in Chemistry, Princeton

University.


Richard Hanlon, CFA, Director. Portfolio Manager of thefund. Began managing the fund in 2015.� Joined Deutsche Asset Management in 2013 with 23

years of industry experience. Previously, he foundedGlenville Capital Management, where he served asManaging Partner. Prior to that, he worked as a Partnerand Co-Head of the Equity Group at Silvercrest AssetManagement Group. Before joining Silvercrest, he wasDirector of Research and a portfolio manager at DLJAsset Management.

� BA in Economics, University at Albany, State Universityof New York.

Mary Schafer Mahrer, Director. Portfolio Manager of thefund. Began managing the fund in 2016.� Joined Deutsche Asset Management in 2013 with 15

years of industry experience. Prior to joining, she was aCo-founder and Principal of Lockwell Investments. Previ-ously, she worked as an Executive Director at MorganStanley Investment Management and as an Analyst atLehman Brothers, Neuberger Berman and DeutscheBank Securities.

� BA in Molecular, Cellular and Developmental Biology,University of Colorado; MBA in Finance and Accounting,Columbia Business School.

Each fund’s Statement of Additional Information providesadditional information about a portfolio manager’s invest-ments in each fund, a description of the portfoliomanagement compensation structure and informationregarding other accounts managed.


Investing in the Funds

This prospectus offers the share classes noted on the frontcover. All classes of a fund have the same investmentobjective and investments, but each class has its own feesand expenses, offering you a choice of cost structures:� Class A shares, ClassT shares and Class C shares are

intended for investors seeking the advice and assistanceof a financial advisor, who will typically receive compen-sation for those services.

� Class R shares, Class R6 shares, Institutional Class

shares and Class S shares are only available toparticular investors or through certain programs, asdescribed below.

Your financial advisor may also charge you additional fees,commissions or other charges.

The following pages tell you how to invest in a fund andwhat to expect as a shareholder. The following pages alsotell you about many of the services, choices and benefitsof being a shareholder. You’ll also find information on howto check the status of your account.

If you’re investing directly with Deutsche Asset Manage-ment, all of this information applies to you. If you’reinvesting through a “third party provider” — for example, aworkplace retirement plan, financial supermarket or finan-cial advisor — your provider may have its own policiesor instructions and you should follow those. Refer toAppendix B “Sales Charge Waivers and Discounts Avail-able Through Intermediaries” for information aboutavailable sales charge waivers and discounts throughcertain intermediaries.

You can find out more about the topics covered here byspeaking with your financial advisor or a representative ofyour workplace retirement plan or other investmentprovider. For an analysis of the fees associated with aninvestment in a fund or similar funds, please refer toapps.finra.org/fundanalyzer/1/fa.aspx (this Web site doesnot form a part of this prospectus).

CHOOSING A SHARE CLASS

Before you invest, take a moment to look over the charac-teristics of each share class, so that you can be sure tochoose the class that’s right for you.

We describe each share class in detail on the followingpages. But first, you may want to look at the followingtable, which gives you a brief description and comparisonof the main features of each class. You should consult withyour financial advisor to determine which class of sharesis appropriate for you.

Classes and features Points to help you compare

Class A

� Sales charge of up to 5.75%charged when you buy shares

� In most cases, no charge whenyou sell shares

� Up to 0.25% annual share-holder servicing fee

� Some investors may be able toreduce or eliminate their salescharge; see “Class A Shares”and Appendix B

� Total annual expenses arelower than those for Class C

� Distributions are generallyhigher than Class C

ClassT

� Sales charge of up to 2.50%charged when you buy shares

� No charge when you sellshares

� 0.25% annual distribution/shareholder servicing fee

� Only available through certainfinancial intermediaries

� Generally, lower sales chargethan Class A when you buyshares

� Total annual expenses arelower than those for Class C

� Unlike Class A, Class T inves-tors are not able to reduce oreliminate their sales chargeusing any of the purchase privi-leges described in “Class AShares”

� No exchange privileges� Distributions are generally

higher than Class C

Class C

� No sales charge when you buyshares

� Deferred sales charge of1.00%, charged when you sellshares you bought within thelast year

� 0.75% annual distribution feeand up to 0.25% annual share-holder servicing fee

� Unlike Class A and Class T,Class C does not have a salescharge when buying shares,but has higher annual expensesthan those for Class A andClass T and a one year deferredsales charge

� Distributions are generallylower than Class A and Class T

� Maximum investment applies

Class R

� No sales charge when you buyshares and no deferred salescharge when you sell shares

� 0.25% annual distribution feeand up to 0.25% annual share-holder servicing fee

� Only available to participants incertain retirement plans

� Distributions are generallyhigher than Class C but lowerthan Class A, Class T, Class S orInstitutional Class

20Prospectus March 1, 2018 Investing in the Funds

Class R6


� Only available to participants incertain retirement plans

Institutional Class


� Only available to certain institu-tional investors; typically$1,000,000 minimum initialinvestment

� Distributions are generallyhigher than Class A, T, C and R,and may be higher than ClassS, depending on relativeexpenses

Class S


� Limited availability, see “Eligi-bility Requirements” under“Class S Shares”

The sales charge on purchases of Class A and Class Tshares and the contingent deferred sales charge (CDSC)on redemptions of Class A and Class C shares are paid tothe fund’s distributor, DDI, who may distribute all or aportion of the sales charge to your financial advisor. Incertain instances described below, a sales charge may bewaived by DDI or your financial advisor. If your financialadvisor agrees to waive any sales charge due to it fromDDI, DDI will not collect the sales charge on your invest-ment or redemption.

The availability of certain sales charge waivers anddiscounts may depend on whether you purchase yourshares directly from each fund or through a financial inter-mediary. Intermediaries may have different policies andprocedures regarding the availability of front-end sales loadwaivers or CDSC waivers (see Appendix B). In allinstances, it is the shareholder’s responsibility to notify afund or the purchaser’s financial intermediary at the time ofpurchase of any relationship or other facts qualifying theshareholder for sales charge waivers or discounts. Forwaivers and discounts not available through a particularintermediary, shareholders will have to purchase fundshares directly from each fund or through anotherintermediary.

Class A Shares

Class A shares may make sense for long-term investors,especially those who are eligible for a reduced or elimi-nated sales charge.

Class A shares have a 12b-1 plan, under which a share-holder servicing fee of up to 0.25% is deducted from classassets each year. Because the shareholder servicing feeis continuous in nature, it may, over time, increase the costof your investment and may cost you more than payingother types of sales charges.

Class A shares have an up-front sales charge that varieswith the amount you invest:

Your investment

Front-end salescharge as %

of offering price1,2

Front-end salescharge as % of your

net investment2

Under $50,000 5.75% 6.10%

$50,000–$99,999 4.50 4.71

$100,000–$249,999 3.50 3.63

$250,000–$499,999 2.60 2.67

$500,000–$999,999 2.00 2.04

$1 million or more see below see below

1 The “offering price”, the price you pay to buy shares, includes the salescharge which will be deducted directly from your investment.

2 Because of rounding in the calculation of the offering price, the actualfront-end sales charge paid by an investor may be higher or lower thanthe percentages noted.

You may be able to lower your Class A sales charge if:

� you indicate your intent in writing to invest at least$50,000 in any share class of any retail Deutsche fund(excluding direct purchase of Deutsche money marketfunds) over the next 24 months (Letter of Intent);

� your holdings in all share classes of any retail Deutschefund (excluding shares in Deutsche money market fundsfor which a sales charge has not previously been paidand computed at the maximum offering price at the timeof the purchase for which the discount is applicable forClass A shares) you already own plus the amount you’reinvesting now in Class A shares is at least $50,000(Cumulative Discount); or

� you are investing a total of $50,000 or more in any shareclass of two or more retail Deutsche funds (excludingdirect purchases of Deutsche money market funds) onthe same day (Combined Purchases).

The point of these three features is to let you count invest-ments made at other times or in certain other funds forpurposes of calculating your present sales charge. Anytime you can use the privileges to “move” your investmentinto a lower sales charge category, it’s generally benefi-cial for you to do so.

For purposes of determining whether you are eligible for areduced Class A sales charge, you and your immediatefamily (i.e., your spouse or life partner and your children orstepchildren age 21 or younger) may aggregate your invest-ments in the Deutsche funds. This includes, for example,investments held in a retirement account, an employeebenefit plan or with a financial advisor other than the onehandling your current purchase. These combined invest-ments will be valued at their current offering price todetermine whether your current investment qualifies for areduced sales charge.

To receive a reduction in your Class A initial sales charge,you must let your financial advisor or Shareholder Servicesknow at the time you purchase shares that you qualify forsuch a reduction. You may be asked by your financial


advisor or Shareholder Services to provide account state-ments or other information regarding related accountsof you or your immediate family in order to verify your eligi-bility for a reduced sales charge.

Information about sales charge discounts is available freeof charge. Please visit deutschefunds.com, refer to thesection entitled “Purchase and Redemption of Shares” ineach fund’s Statement of Additional Information or consultwith your financial advisor. Certain intermediaries mayprovide different sales charge discounts which aredescribed under “Sales Charge Waivers and DiscountsAvailable Through Intermediaries” in Appendix B to thisprospectus.

In certain circumstances listed below, you may be able

to buy Class A shares without a sales charge. In addi-tion, certain intermediaries may provide different salescharge waivers. These waivers and the applicable interme-diaries are described under “Sales Charge Waivers andDiscounts Available Through Intermediaries” in Appendix Bto this prospectus. Your financial advisor or ShareholderServices can answer questions and help you determine ifyou are eligible for any of the sales charge waivers.

Class A NAV Sales. Class A shares may be sold at netasset value without a sales charge to:

(1) investors investing $1 million or more, either as alump sum or through the sales charge reductionfeatures referred to above (collectively, the LargeOrder NAV Purchase Privilege). The Large Order NAVPurchase Privilege is not available if another netasset value purchase privilege is available. Purchasespursuant to the Large Order NAV Purchase Privilegemay be subject to a CDSC of 1.00% if redeemedwithin 12 months of purchase and 0.50% ifredeemed within the following six months. The CDSCis waived under certain circumstances (see below);

(2) a current or former director or trustee of Deutschemutual funds;

(3) an employee (including the employee’s spouse or lifepartner and children or stepchildren age 21 oryounger) of Deutsche Bank AG or its affiliates or of asubadvisor to any fund in the Deutsche funds or ofa broker-dealer authorized to sell shares of a fund orservice agents of a fund;

(4) certain professionals who assist in the promotion ofDeutsche funds pursuant to personal servicescontracts with DDI, for themselves or immediatemembers of their families;

(5) any trust, pension, profit-sharing or other benefit planfor only such persons listed under the preceding para-graphs (2) and (3);

(6) persons who purchase such shares through banktrust departments that process such trades throughan automated, integrated mutual fund clearingprogram provided by a third party clearing firm;

(7) selected employees (including their spouses or lifepartners and children or stepchildren age 21 oryounger) of banks and other financial services firmsthat provide administrative services related to orderplacement and payment to facilitate transactions inshares of a Deutsche fund for their clients pursuantto an agreement with DDI or one of its affiliates. Onlythose employees of such banks and other firms whoas part of their usual duties provide services relatedto transactions in fund shares qualify;

(8) unit investment trusts sponsored by Ranson & Asso-ciates, Inc. and unitholders of unit investment trustssponsored by Ranson & Associates, Inc. or its prede-cessors through reinvestment programs described inthe prospectuses of such trusts that have suchprograms;

(9) persons who purchase such shares through certaininvestment advisors registered under the InvestmentAdvisers Act of 1940 and other financial servicesfirms acting solely as agent for their clients, thatadhere to certain standards established by DDI,including a requirement that such shares be sold forthe benefit of their clients participating in an invest-ment advisory program or agency commissionprogram under which such clients pay a fee to theinvestment advisor or other firm for portfolio manage-ment or agency brokerage services. Such sharesare sold for investment purposes and on the condi-tion that they will not be resold except throughredemption or repurchase by a fund;

(10) financial service firms that have entered into an agree-ment with DDI to offer Class A shares through ano-load network, platform or self-directed brokerageaccount that may or may not charge transaction feesto their clients. Refer to the section entitled “SalesCharge Waivers and Discounts Available Through Inter-mediaries” in Appendix B to this prospectus forinformation about available sales charge waiversthrough certain intermediaries;

(11) Deutsche AM/Ascensus 403(b) Plans establishedprior to October 1, 2003, provided that the DeutscheAM/Ascensus 403(b) Plan is a participant-directedplan that has not less than 200 eligible employees;

(12) Employer-sponsored retirement plans that are main-tained by a fund at an omnibus level or are part ofretirement plans or platforms offered by banks, broker-dealers, financial advisors or insurance companies orserviced by retirement recordkeepers (each, an“Employer-Sponsored Retirement Plan”). Forpurposes of this sales charge waiver, the term“Employer-Sponsored Retirement Plan” includes401(k) plans, 457 plans, employer-sponsored 403(b)plans, profit sharing and money purchase pensionplans, defined benefit plans, and non-qualifieddeferred compensation plans, but does not include


SEP IRAs, SIMPLE IRAs, or Salary Reduction Simpli-fied Employee Pension Plans (SARSEPs) (each, an“Employer-Sponsored IRA”);

In addition, Class A shares may be sold at net asset valuewithout a sales charge in connection with:

(13) the acquisition of assets or merger or consolidationwith another investment company, and under othercircumstances deemed appropriate by DDI andconsistent with regulatory requirements;

(14) a direct “roll over” of a distribution from a DeutscheAM/Ascensus 403(b) Plan or from participants inemployer sponsored employee benefit plans main-tained on the OmniPlus subaccount recordkeepingsystem made available through ADP, Inc. under analliance between ADP, Inc. and DDI and its affiliatesinto a Deutsche AM IRA;

(15) reinvestment of fund dividends and distributions;

(16) exchanging an investment in Class A shares ofanother fund in the Deutsche funds for an invest-ment in a fund; and

(17) exchanging an investment in Class C shares of thefund for an investment in Class A shares of the samefund pursuant to one of the exchange privilegesdescribed in the prospectus.

Class A shares also may be purchased at net asset valuewithout a sales charge in any amount by members of theplaintiff class in the proceeding known as Howard andAudrey Tabankin, et al. v. Kemper Short-Term GlobalIncome Fund, et al., Case No. 93 C 5231 (N.D. IL). Thisprivilege is generally non-transferable and continues for thelifetime of individual class members and has expired fornon-individual class members. To make a purchase at netasset value under this privilege, the investor must, at thetime of purchase, submit a written request that thepurchase be processed at net asset value pursuant to thisprivilege specifically identifying the purchaser as amember of the “Tabankin Class.” Shares purchased underthis privilege will be maintained in a separate account thatincludes only shares purchased under this privilege. Formore details concerning this privilege, class membersshould refer to the Notice of (i) Proposed Settlement withDefendants; and (ii) Hearing to Determine Fairness ofProposed Settlement, dated August 31, 1995, issued inconnection with the aforementioned court proceeding. Forsales of fund shares at net asset value pursuant to thisprivilege, DDI may in its discretion pay dealers and otherfinancial services firms a concession, payable quarterly, atan annual rate of up to 0.25% of net assets attributableto such shares maintained and serviced by the firm. A firmbecomes eligible for the concession based upon assetsin accounts attributable to shares purchased under thisprivilege in the month after the month of purchase and the

concession continues until terminated by DDI. The privi-lege of purchasing Class A shares of a fund at net assetvalue under this privilege is not available if another netasset value purchase privilege also applies.

The Class A CDSC for shares purchased through the LargeOrder NAV Purchase Privilege will be waived in the eventof:

(1) redemptions by a participant-directed qualified retire-ment plan described in Internal Revenue Code of1986, as amended (Internal Revenue Code) Section401(a), a participant-directed non-qualified deferredcompensation plan described in Internal RevenueCode Section 457 or a participant-directed qualifiedretirement plan described in Internal Revenue CodeSection 403(b)(7) which is not sponsored by a K-12school district;

(2) redemptions by (i) employer-sponsored employeebenefit plans using the subaccount recordkeepingsystem made available through ADP, Inc. under analliance between ADP, Inc. and DDI and its affiliates;or (ii) Deutsche AM/Ascensus 403(b) Plans;

(3) redemption of shares of a shareholder (including aregistered joint owner) who has died;

(4) redemption of shares of a shareholder (including aregistered joint owner) who after purchase of theshares being redeemed becomes totally disabled (asevidenced by a determination by the federal SocialSecurity Administration);

(5) redemptions under a fund’s Systematic WithdrawalPlan at a maximum of 12% per year of the net assetvalue of the account; and

(6) redemptions for certain loan advances, hardship provi-sions or returns of excess contributions fromretirement plans.

In addition, certain intermediaries may provide differentCDSC waivers. These waivers and the applicable interme-diaries are described under “Sales Charge Waivers andDiscounts Available Through Intermediaries” in Appendix Bto this prospectus.

ClassT Shares

Class T shares may make sense for long-term investors.Exchanges from Class T shares of a fund are not permittedto any other class of the fund or any other Deutschefunds.

Class T shares are available only to investors throughcertain third party financial intermediaries. Not all financialintermediaries make Class T shares available to theirclients. Consult a representative of your financial interme-diary about the availability of Class T shares of each fundand the intermediary’s policies, procedures, and otherinformation.


Class T shares have a 12b-1 plan, under which a distribu-tion fee and/or shareholder servicing fee of 0.25% isdeducted from class assets each year. Because the 12b-1fee is continuous in nature, it may, over time, increasethe cost of your investment and may cost you more thanpaying other types of sales charges.

Class T shares of each fund and all Deutsche funds thatoffer Class T have an up-front sales charge that varies withthe amount you invest:

Your investment

Front-end salescharge as a %

of offering price1,2,3

Front-end salescharge as a % of your

net investment2

Under $250,000 2.50% 2.56%

$250,000–$499,999 2.00 2.04%

$500,000–$999,999 1.50 1.52%

$1 million or more 1.00 1.01%

1 The “offering price”, the price you pay to buy shares, includes the salescharge which will be deducted directly from your investment.

2 Because of rounding in the calculation of the offering price, the actualfront-end sales charge paid by an investor may be higher or lower thanthe percentages noted.

3 Subsequent purchases cannot be aggregated with prior purchases toqualify for a reduced sales charge.

Information about sales charge discounts is available freeof charge. Please visit deutschefunds.com, refer to thesection entitled “Purchase and Redemption of Shares” ineach fund’s Statement of Additional Information or consultwith your financial advisor.

There are generally no sales charge waivers for Class Tpurchases. However, the sales charge will be waived if youare reinvesting dividends or distributions.

Unlike Class A shares, purchases of Class T shares are notsubject to any sales charge reduction features such asLetters of Intent, Cumulative Discounts, CombinedPurchases or a Large Order NAV Purchase Privilege and asales charge will be assessed on each separate Class Tpurchase in any Deutsche fund. Therefore, depending onthe number and amount of purchases in Class T shares,you could end up paying more in sales charges on Class Tshares than you would for similar purchases in Class Ashares.

Class T shares are not subject to a deferred sales charge.

Class C Shares

Class C shares may appeal to investors who aren’t certainof their investment time horizon.

With Class C shares, you pay no up-front sales charge to afund. Class C shares have a 12b-1 plan, under which adistribution fee of 0.75% and a shareholder servicing feeof up to 0.25% are deducted from class assets each year.Because of the distribution fee, the annual expenses forClass C shares are higher than those for Class A and ClassT shares (and the performance of Class C shares is corre-spondingly lower than that of Class A and Class T shares).

Class C shares have a CDSC, but only on shares you sellwithin one year of buying them:

Year after you bought shares CDSC on shares you sell

First year 1.00%

Second year and later None

This CDSC is waived under certain circumstancesdescribed below.

(1) redemptions by (i) employer-sponsored employeebenefit plans using the subaccount recordkeepingsystem made available through ADP, Inc. under analliance between ADP, Inc. and DDI and its affiliates;or (ii) Deutsche AM/Ascensus 403(b) Plans;

(2) redemption of shares of a shareholder (including aregistered joint owner) who has died;

(3) redemption of shares of a shareholder (including aregistered joint owner) who after purchase of theshares being redeemed becomes totally disabled (asevidenced by a determination by the federal SocialSecurity Administration);

(4) redemptions under a fund’s Systematic WithdrawalPlan at a maximum of 12% per year of the net assetvalue of the account;

(5) redemption of shares by an employer-sponsoredemployee benefit plan that offers funds in addition toDeutsche funds and whose dealer of record haswaived the advance of the first year administrativeservice and distribution fees applicable to suchshares and agrees to receive such fees quarterly;

(6) redemption of shares purchased through a dealer-sponsored asset allocation program maintained on anomnibus recordkeeping system provided the dealerof record had waived the advance of the first yearadministrative services and distribution fees appli-cable to such shares and has agreed to receive suchfees quarterly;

(7) redemptions made pursuant to any IRA systematicwithdrawal based on the shareholder’s life expec-tancy including, but not limited to, substantially equalperiodic payments described in Internal RevenueCode Section 72(t)(2)(A)(iv) prior to age 59 1/2; and

(8) redemptions to satisfy required minimum distribu-tions after age 70 1/2 from an IRA account (with themaximum amount subject to this waiver being basedonly upon the shareholder’s Deutsche AM IRAaccounts).

Your financial advisor or Shareholder Services can answeryour questions and help you determine if you’re eligible fora CDSC waiver. In addition, certain intermediaries mayprovide different CDSC waivers. These waivers and theapplicable intermediaries are described under “SalesCharge Waivers and Discounts Available Through Interme-diaries” in Appendix B to this prospectus.


While Class C shares do not have an up-front sales charge,their higher annual expenses mean that, over the years,you could end up paying more than the equivalent of themaximum allowable up-front sales charge.

Orders to purchase Class C shares in excess of $500,000will be declined with the exception of orders received fromfinancial representatives acting for clients whose sharesare held in an omnibus account and certain employer-sponsored employee benefit plans.

Shareholders who have held their Class C shares for 10years or more may request an exchange of their Class Cshares for Class A shares in the same fund. No salescharges or other charges will apply to any such exchanges.You may be asked by your financial advisor or ShareholderServices for certain documents to verify your eligibility forthis exchange privilege. Shareholders generally will notrecognize a gain or loss for federal income tax purposesupon the exchange of Class C shares for Class A shares inthe same fund.

Class R Shares

Class R shares have no initial sales charge or deferredsales charge. Class R shares have a 12b-1 plan, underwhich a distribution fee of 0.25% and a shareholderservicing fee of up to 0.25% are deducted from classassets each year. Because distribution fees are continuousin nature, these fees may, over time, increase the cost ofyour investment and may cost you more than paying othertypes of sales charges.

Eligibility Requirements. You may buy Class R shares ifyou are a participant in certain retirement plan platformsthat offer Class R shares of the fund through a plan level oromnibus account, including:� Section 401(a) and 457 plans� Certain section 403(b)(7) plans� 401(k), profit sharing, money purchase pension and

defined benefit plans� Non-qualified deferred compensation plans� Individual Retirement Accounts (IRAs)

Class R6 Shares

Class R6 shares have no initial sales charge, deferred salescharge or 12b-1 fees.

Eligibility Requirements. You may buy Class R6 shares ifyou are a participant in certain retirement plan platformsthat offer Class R6 shares of the fund through a plan levelor omnibus account, including:� Section 401(a) and 457 plans� Certain section 403(b)(7) plans� 401(k), profit sharing, money purchase pension and

defined benefit plans� Non-qualified deferred compensation plans

Class R6 shares generally are not available to retailnon-retirement accounts, traditional individual retirementaccounts (IRAs), Roth IRAs, Coverdell education savingsaccounts, SEPs, SARSEPs, SIMPLE IRAs, or individual403(b) plans.

Institutional Class Shares

Institutional Class shares have no initial sales charge,deferred sales charge or 12b-1 fees.

You may buy Institutional Class shares through your securi-ties dealer or through any financial institution that isauthorized to act as a shareholder servicing agent (“finan-cial advisor”). Contact them for details on how to placeand pay for your order.

Eligibility Requirements. You may buy Institutional Classshares if you are any of the following (subject to the appli-cable investment minimum):� An eligible institution (e.g., a financial institution, corpo-

ration, trust, estate or educational, religious or charitableinstitution).

� An employee benefit plan.� A plan administered as a college savings plan under

Section 529 of the Internal Revenue Code.� A registered investment advisor or financial planner

purchasing on behalf of clients and charging an asset-based or hourly fee.

� A client of the private banking division of Deutsche BankAG.

� A current or former director or trustee of the Deutschemutual funds.

� An employee, the employee’s spouse or life partner andchildren or stepchildren age 21 or younger of DeutscheBank or its affiliates or a subadvisor to any fund in theDeutsche funds or a broker-dealer authorized to sellshares in the funds.

Investment Minimum

The minimum initial investment is waived for:� Investment advisory affiliates of Deutsche Bank Securi-

ties, Inc. or Deutsche funds purchasing shares for theaccounts of their investment advisory clients.

� Employee benefit plans with assets of at least $50million.

� Clients of the private banking division of Deutsche BankAG.

� Institutional clients and qualified purchasers that areclients of a division of Deutsche Bank AG.

� A current or former director or trustee of the Deutschefunds.

� An employee, the employee’s spouse or life partner andchildren or stepchildren age 21 or younger of DeutscheBank or its affiliates or a subadvisor to any fund in theDeutsche funds or a broker-dealer authorized to sellshares of the funds.


� Registered investment advisors who trade through plat-forms approved by the Advisor and whose client assetsin the aggregate meet or, in the Advisor’s judgment, willmeet within a reasonable period of time, the $1,000,000minimum investment.

� Employee benefit plan platforms approved by theAdvisor that invest in a fund through an omnibusaccount that meets or, in the Advisor’s judgment, willmeet within a reasonable period of time, the $1,000,000minimum investment.

� Shareholders with existing accounts prior to August 13,2004 who met the previous minimum investment eligi-bility requirement.

� For Deutsche CROCI® Equity Dividend Fund: Share-holders with existing Institutional Class accounts prior toJuly 23, 2007 who purchased shares through certainbroker-dealers authorized to sell fund shares.

Each fund reserves the right to modify the above eligibilityrequirements and investment minimum requirements atany time. In addition, each fund, in its discretion, maywaive the minimum initial investment for specificemployee benefit plans (or family of plans) whose aggre-gate investment in Institutional Class shares of a fundequals or exceeds the minimum initial investment amountbut where a particular plan or program may not on its ownmeet such minimum amount.

Class S Shares

Class S shares have no initial sales charge, deferred salescharge or 12b-1 fees.

Class S shares are principally available to new investorsthrough fee-based programs of investment dealers thathave special agreements with each fund’s distributor,through certain group retirement plans and through certainregistered investment advisors. These dealers and advi-sors typically charge ongoing fees for services theyprovide.

Eligibility Requirements. Class S shares of a fund areoffered at net asset value without a sales charge to certaineligible investors as described below. The following inves-tors may purchase Class S shares of Deutsche funds either(i) directly from DDI, each fund’s principal underwriter; or(ii) through an intermediary relationship with a financialservices firm established with respect to the Deutschefunds as of December 31, 2004:� Existing shareholders of Class S shares of any Deutsche

fund and household members residing at the sameaddress may purchase Class S shares of such fund andmay open new individual accounts for Class S sharesof any Deutsche fund. (This provision applies to personswho in the future become Class S shareholders underone of the eligibility provisions in this paragraph but isnot applicable to investors or participants holding Class Sshares through the fee-based, retirement or otherprograms or plans referred to in the next paragraphunless otherwise provided below.)

� A person who certifies that they are a participant in a“Deutsche AM retirement plan” may purchase Class Sshares apart from the participant’s plan. For thispurpose, a Deutsche AM retirement plan is defined as (i)an employer sponsored employee benefit plan madeavailable through ADP, Inc. and/or its affiliates under analliance between ADP, Inc. and Deutsche Asset Manage-ment or its affiliates; or (ii) a 403(b) plan for whichAscensus, Inc. provides recordkeeping services andDeutsche AM Trust Company acts as the custodian.

� A person who certifies that they are a participant whoowns Class S shares of any Deutsche fund through aretirement, employee stock, bonus, pension or profitsharing plan may purchase Class S shares apart from theparticipant’s plan.

� Any participant in any employer sponsored retirement,employee stock, bonus, pension or profit sharing planmay purchase Class S shares in connection with a roll-over of a distribution from a plan to a Deutsche AM IRAmade through a rollover facilitator having a relationshipwith Deutsche Asset Management.

� Any person that has an existing account with DeutscheBank Wealth Management (“Deutsche Bank WM”) butwho no longer meets the eligibility requirements tomaintain an account with Deutsche Bank WM may opena new account in Class S shares of any Deutsche fund.

� Class S shares are available to accounts managed by theAdvisor, any advisory products offered by the Advisoror DDI and to funds-of-funds managed by the Advisor orits affiliates.

� A person who certifies that they are a former employeeof the Advisor or one of its affiliates may purchase ClassS shares in connection with a rollover of a distributionfrom a Deutsche Bank employee benefit plan to a Deut-sche AM IRA.

� Fund Board Members and their family members and full-time employees of the Advisor and its affiliates and theirfamily members may purchase Class S shares.

The following additional investors may purchase Class Sshares of Deutsche funds in connection with certainprograms or plans.� Broker-dealers, banks and registered investment advi-

sors (“RIAs”) in connection with a comprehensive or“wrap” fee program or other fee-based program.

� Any group retirement, employee stock, bonus, pensionor profit-sharing plans.

� Plans administered as college savings plans underSection 529 of the Internal Revenue Code.

� Persons who purchase shares through a Health SavingsAccount or a Voluntary Employees’ Benefit Association(“VEBA”) Trust.

DDI may, at its discretion, require appropriate documenta-tion that shows an investor is eligible to purchase ClassS shares.


BUYING, EXCHANGING AND SELLING CLASS A,

CLASS C, INSTITUTIONAL CLASS AND CLASS S

SHARES

To contact Deutsche Asset Management

BY PHONE(800) 728-3337

BY MAIL

Type Address

Expedited mail

All Requests Deutsche Asset Management210 West 10th StreetKansas City, MO 64105-1614

Regular mail

New Accounts Deutsche Asset ManagementP.O. Box 219356Kansas City, MO 64121-9356

AdditionalInvestments

Deutsche Asset ManagementP.O. Box 219154Kansas City, MO 64121-9154


Deutsche Asset ManagementP.O. Box 219557Kansas City, MO 64121-9557

HOWTO BUY SHARES

Please note that your account cannot be opened until wereceive a completed account application.


Non-IRA IRAsUGMAs/

UTMAs

AutomaticInvestment

Plans

A C 1,000 500 1,000 500

INST 1,000,000 N/A N/A N/A

S 2,500 1,000 1,000 1,000

For participants in all group retirement plans, and in certain fee-based andwrap programs approved by the Advisor, there is no minimum initial invest-ment and no minimum additional investment for Class A, C and S shares.For Section 529 college savings plans, there is no minimum initial invest-ment and no minimum additional investment for Class S shares. Incertain instances, the minimum initial investment may be waived forInstitutional Class shares. There is no minimum additional investment forInstitutional Class shares. The minimum additional investment in all otherinstances is $50.

Through a Financial Advisor

Contact your financial advisor to obtain a new accountapplication or for instructions about how to set up a newaccount. Your financial advisor can also assist with makingadditional investments into an existing account.

By Mail or Expedited Mail

To establish an account, simply complete the appropriateapplication and mail it to the address provided on the form.With your application, include your check made payableto “Deutsche Asset Management” for the required initialminimum investment for the share class you haveselected.

Once your account is established, to make additional invest-ments, send a check made payable to “Deutsche AssetManagement” and an investment slip to the appropriateaddress. If you do not have an investment slip, includea letter with your name, account number, the full fundname and share class, and your investment instructions. Ifyour check fails to clear, the fund has the right to cancelyour order, hold you liable or charge you or your account forany losses or fees the fund or its agents have incurred.

By Automatic Investment Plan (not available for Institu-

tional Class)

If you wish to take advantage of the lower initial invest-ment minimums by establishing an Automatic InvestmentPlan, make sure to complete that section on the newaccount application and attach a voided check for the bankaccount from which the funds will be drawn. Subsequentinvestments are made automatically from the sharehold-er’s account at a bank, savings and loan or credit union intothe shareholder’s fund account. The maximum AutomaticInvestment Plan investment is $250,000. Termination bya shareholder will become effective within thirty days afterDeutsche Asset Management has received the request.Each fund may immediately terminate a shareholder’s Auto-matic Investment Plan in the event that any item is unpaidby the shareholder’s financial institution.

Other Ways to Buy Shares

The following privileges must be established on youraccount before an investment request is made. This caneither be done by completing the applicable section(s) onthe new account application or by contacting a customerservice representative for instructions.

By Phone Using QuickBuy (for additional investments

only). Call Deutsche Asset Management and use our auto-mated system to place your QuickBuy purchase using theAutomated Clearing House system (ACH) or choose tobe transferred to a customer service representative tocomplete your request. Transactions take two to three daysto be completed and there is a $50 minimum and a$250,000 maximum.

On the Internet (for additional investments only).

Register at deutschefunds.com to set up on-line access toyour account(s), or log in to the Web site if you have previ-ously registered. Follow the instructions on the Web siteto request a purchase with money from the bank accountyou have established on your Deutsche fund account(s).


By Wire (for additional Institutional Class investments

only). You may buy shares by wire only if your accountis authorized to do so. Please note that you or your finan-cial advisor must call us in advance of a wire transferpurchase. After you inform us of the amount of yourpurchase, you will receive a trade confirmation number.Instruct your bank to send payment by wire using the wireinstructions noted below. All wires must be received by4:00 p.m. Eastern time the next business day followingyour purchase. If your wire is not received by 4:00 p.m.Eastern time on the next business day after the fundreceives your request to purchase shares, your transactionwill be canceled at your expense and risk.

WIRE DETAILS

Bank name State Street Bank Boston

Routing Number 011000028

Attention Deutsche Asset Management

DDA Number 9903-5552

FBO (Account name) (Account number)

Credit (Fund name, Fund number and, ifapplicable, class name)

Refer to your account statement for the account name andnumber. Wire transfers normally take two or more hoursto complete. Wire transfers may be restricted on holidaysand at certain other times.

HOWTO EXCHANGE SHARES

REQUIREMENTS AND LIMITS

Class Exchanging into Another Fund ($)

A C 1,000 minimum into new non-IRA accounts perfund500 minimum into new IRA accounts per fund50 minimum into all existing accounts per fund

INST 1,000,000 minimum into new accounts per fund

S 2,500 minimum into new non-IRA accounts perfund1,000 minimum into new IRA and UTMA/UGMAaccounts per fund50 minimum into all existing accounts per fund

Exchanges between funds are allowed between like shareclasses. Class A shares may also be exchanged with thefollowing money market fund shares as described in eachapplicable prospectus: Deutsche Government & AgencySecurities Portfolio – Deutsche Government & AgencyMoney Fund shares, Deutsche Tax-Exempt Portfolio – Deut-sche Tax-Exempt Money Fund shares or Deutsche MoneyMarket Primes Series – Deutsche Money Market Fundshares.


In addition to what is detailed below, your financial advisorcan assist you with exchanging shares. Please contactyour financial advisor using the method that is most conve-nient for you.

By Phone

Call Deutsche Asset Management and use our automatedsystem to place your exchange or choose to be transferredto a customer service representative to complete yourrequest. For accounts with $5,000 or more, you may alsoestablish a Systematic Exchange Plan of a minimum of $50to another Deutsche fund on a regular basis. A represen-tative can assist you with establishing this privilege.

On the Internet

Register at deutschefunds.com to set up on-line access toyour account(s), or log in to the Web site if you have previ-ously registered. Follow the instructions on the Web siteto request an exchange to another Deutsche fund.


Write a letter that includes the following information: thename(s) of all owners and address as they appear on youraccount, the fund name, share class, and account numberfrom which you want to exchange, the dollar amount ornumber of shares you wish to exchange, and the name ofthe fund into which you want to exchange. Also includea daytime telephone number if we have any questions. Allowners should sign the letter and it should be mailed tothe appropriate address for exchanges and redemptions.

HOWTO SELL SHARES

REQUIREMENTS AND LIMITS

Class Selling Shares ($)

A C Check redemption:Up to 100,000. More than 100,000 see“Signature Guarantee”QuickSell to your bank: Minimum 50, maximum250,000Wire redemption to your bank: Minimum 1,000

INST Same as Classes A and C

S Same as Classes A and C


In addition to what is detailed below, your financial advisorcan assist you with selling shares. Please contact yourfinancial advisor using the method that is most convenientfor you.

By Phone

Call Deutsche Asset Management and use our automatedsystem or choose to be transferred to a customer servicerepresentative to complete your request. You may requesta check for the redemption amount sent to the addresson the account. You may elect overnight delivery of your


check for a $20 fee ($25 for Saturday delivery), which willbe paid by redeeming a portion of your shares equal to theamount of the fee. Overnight delivery is not available to aP.O. Box.


Write a letter that includes the following information: thename(s) of all owners and address as they appear on youraccount, the fund name, share class, and account numberfrom which you want to sell shares, the dollar amount ornumber of shares you wish to sell, and a daytime tele-phone number if we have questions. All owners shouldsign the letter and it should be mailed to the appropriateaddress. You may elect overnight delivery of your check fora $20 fee ($25 for Saturday delivery), which will be paidby redeeming a portion of your shares equal to the amountof the fee. Overnight delivery is not available to a P.O. Box.

Some redemptions can only be ordered in writing with aMedallion Signature Guarantee. For more information,please contact Deutsche Asset Management (see phonenumber on the back cover).

Other Ways to Sell Shares

The following privileges must be established on youraccount before a redemption request is made. This caneither be done by completing the applicable section(s) onthe new account application when you establish youraccount or by contacting a customer service representa-tive for instructions. Depending on the method you chooseto request these redemptions, different transaction maxi-mums may apply.

By Phone Using QuickSell. Call Deutsche Asset Manage-ment and use our automated system to request aQuickSell redemption or choose to be transferred to acustomer service representative (see table for applicableminimum and maximum amounts). The proceeds are sentvia the Automated Clearing House system (ACH) to yourbank. Transactions generally take two to three days to becompleted. For accounts with $5,000 or more, you mayalso establish a Systematic Withdrawal Plan of a minimumof $50 to be sent on a regular basis as you direct. The$5,000 value does not apply to IRA accounts.

On the Internet. Register at deutschefunds.com to set upon-line access to your account(s), or log in to the Web siteif you have previously registered. Follow the instructionson the Web site to request a redemption from youraccount using the desired method from your availableoptions.

By Wire. You may sell shares by wire only if your accountis authorized to do so. You will be paid for redeemedshares by wire transfer of funds to your financial advisor orbank upon receipt of a duly authorized redemptionrequest. For your protection, you may not change thedestination bank account over the phone. To sell by wire,call Deutsche Asset Management and either use the auto-mated system or speak with a customer service

representative to request your redemption. After youinform us of the amount of your redemption, you willreceive a trade confirmation number. We must receiveyour order by 4:00 p.m. Eastern time to wire to youraccount the next business day.

HOWTO BUY AND SELL CLASST SHARES


Contact your financial advisor to obtain a new accountapplication or for instructions about how to set up a newaccount. Your financial advisor can also assist with makingadditional investments into an existing account as wellas redemptions on your account.

Please note that your account cannot be opened until wereceive a completed account application.


Non-IRA IRAsUGMAs/

UTMAs

AutomaticInvestment

Plans

T 1,000 500 1,000 500

For participants in all group retirement plans there is no minimum initialinvestment and no minimum additional investment for Class T. Theminimum additional investment in all other instances is $50.

HOWTO BUY, SELL AND EXCHANGE CLASS R

SHARES

If your plan sponsor has selected Class R shares as aninvestment option, you may buy Class R shares throughyour securities dealer or through any financial institutionthat is authorized to act as a shareholder servicing agent(“shareholder servicing agent”). Contact them for detailson how to enter and pay for your order. Shareholderservicing agents include brokers, financial representativesor any other bank, dealer or other institution that have asub-shareholder servicing agreement with the funds.

Shareholder servicing agents may charge additional fees toinvestors for those services not otherwise included in theirsub-distribution or servicing agreement, such as cashmanagement or special trust or retirement investmentreporting. In addition, the Advisor or administrator mayprovide compensation to shareholder servicing agents fordistribution, administrative and promotional services.

There is no minimum investment with respect to Class Rshares.

Instructions for buying and selling shares must generallybe submitted by a retirement plan administrator, not byplan participants for whose benefit the shares are held.Please contact your shareholder servicing agent for moreinformation on how to open a fund account.


IRA rollovers. You may complete a direct rollover from aretirement plan offering Class R shares to a Deutsche AMIRA account by reinvesting up to the full amount of yourdistribution in Class A shares of any Deutsche fund at netasset value. Subsequent purchases of Class A shares willbe made at the public offering price as described in theprospectus for Class A shares. Please note that if you termi-nate your participation in a retirement plan and transfer allof your Class R shares, you will lose the privilege ofpurchasing Class R shares in the future. Rollovers to aDeutsche Class R share IRA are not permitted.

HOWTO BUY, SELL AND EXCHANGE CLASS R6

SHARES

If your retirement plan sponsor has selected Class R6shares as an investment option, you may buy Class R6shares through your securities dealer or through any finan-cial institution that is authorized to act as a shareholderservicing agent (“shareholder servicing agent”). Contactthem for details on how to enter and pay for your order.

Shareholder servicing agents may charge additional fees toinvestors for those services, such as cash managementor special trust or retirement investment reporting.

There is no minimum investment with respect to Class R6shares.

Instructions for buying and selling shares must generallybe submitted by a retirement plan administrator, not byplan participants for whose benefit the shares are held.Please contact your shareholder servicing agent for moreinformation on how to open a fund account and how tobuy, sell and exchange Class R6 shares.

IRA rollovers. You may complete a direct rollover from aretirement plan offering Class R6 shares to a Deutsche AMIRA account by reinvesting up to the full amount of yourdistribution in Class A shares of any Deutsche fund at netasset value. Subsequent purchases of Class A shares willbe made at the public offering price as described in theprospectus for Class A shares. Please note that if you termi-nate your participation in a retirement plan and transfer allof your Class R6 shares, you will lose the privilege ofpurchasing Class R6 shares in the future.

FINANCIAL INTERMEDIARY SUPPORT

PAYMENTS (NOT APPLICABLE TO CLASS R6)

The Advisor, the Distributor and/or their affiliates may payadditional compensation, out of their own assets and notas an additional charge to each fund, to selected affiliatedand unaffiliated brokers, dealers, participating insurancecompanies or other financial intermediaries (“financial advi-sors”) in connection with the sale and/or distribution offund shares or the retention and/or servicing of fund inves-tors and fund shares (“revenue sharing”). Such revenuesharing payments are in addition to any distribution orservice fees payable under any Rule 12b-1 or service plan

of each fund, any recordkeeping/sub-transfer agency/networking fees payable by each fund (generally throughthe Distributor or an affiliate) and/or the Distributor orAdvisor to certain financial advisors for performing suchservices and any sales charges, commissions, non-cashcompensation arrangements expressly permitted underapplicable rules of the Financial Industry RegulatoryAuthority or other concessions described in the fee tableor elsewhere in this prospectus or the Statement of Addi-tional Information as payable to all financial advisors. Forexample, the Advisor, the Distributor and/or their affiliatesmay compensate financial advisors for providing a fundwith “shelf space” or access to a third party platform orfund offering list or other marketing programs, including,without limitation, inclusion of the fund on preferred orrecommended sales lists, mutual fund “supermarket” plat-forms and other formal sales programs; granting theDistributor access to the financial advisor’s sales force;granting the Distributor access to the financial advisor’sconferences and meetings; assistance in training andeducating the financial advisor’s personnel; and obtainingother forms of marketing support. In addition, revenuesharing payments may consist of the Distributor’s and/orits affiliates’ payment or reimbursement of ticket chargesthat would otherwise be assessed by a financial advisor onan investor’s fund transactions.

The level of revenue sharing payments made to financialadvisors may be a fixed fee or based upon one or more ofthe following factors: gross sales, current assets and/ornumber of accounts of each fund attributable to the finan-cial advisor, the particular fund or fund type or othermeasures as agreed to by the Advisor, the Distributorand/or their affiliates and the financial advisors or anycombination thereof. The amount of these payments isdetermined at the discretion of the Advisor, the Distributorand/or their affiliates from time to time, may be substan-tial, and may be different for different financial advisorsbased on, for example, the nature of the services providedby the financial advisor.

The Advisor, the Distributor and/or their affiliates currentlymake revenue sharing payments from their own assetsin connection with the sale and/or distribution of Deutschefund shares or the retention and/or servicing of investorsto financial advisors in amounts that generally range from0.01% up to 0.52% of assets of each fund serviced andmaintained by the financial advisor, 0.05% to 0.25% ofsales of each fund attributable to the financial advisor, a flatfee of up to $143,750, or any combination thereof. Theseamounts are annual figures typically paid on a quarterlybasis and are subject to change at the discretion of theAdvisor, the Distributor and/or their affiliates. Receipt of, orthe prospect of receiving, this additional compensationmay influence your financial advisor’s recommendation ofeach fund or of any particular share class of each fund. Youshould review your financial advisor’s compensation disclo-sure and/or talk to your financial advisor to obtain more


information on how this compensation may have influ-enced your financial advisor’s recommendation of eachfund. Additional information regarding these revenuesharing payments is included in each fund’s Statement ofAdditional Information, which is available to you on requestat no charge (see the back cover of this prospectus formore information on how to request a copy of the State-ment of Additional Information).

The Advisor, the Distributor and/or their affiliates may alsomake such revenue sharing payments to financial advi-sors under the terms discussed above in connection withthe distribution of both Deutsche funds and non-Deutschefunds by financial advisors to retirement plans that obtainrecordkeeping services from ADP, Inc. or to 403(b) plansthat obtain recordkeeping services from Ascensus, Inc. onthe Deutsche AM-branded retirement plan platform (the“Platform”). The level of revenue sharing payments isbased upon sales of both the Deutsche funds and thenon-Deutsche funds by the financial advisor on the Plat-form or current assets of both the Deutsche funds and thenon-Deutsche funds serviced and maintained by the finan-cial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transac-tions for each fund will include firms that also sell sharesof the Deutsche funds to their customers. However, theAdvisor will not consider sales of Deutsche fund shares asa factor in the selection of broker-dealers to execute port-folio transactions for the Deutsche funds. Accordingly, theAdvisor has implemented policies and procedures reason-ably designed to prevent its traders from considering salesof Deutsche fund shares as a factor in the selection ofbroker-dealers to execute portfolio transactions for eachfund. In addition, the Advisor, the Distributor and/or theiraffiliates will not use fund brokerage to pay for their obliga-tion to provide additional compensation to financialadvisors as described above.

POLICIES YOU SHOULD KNOW ABOUT

Along with the information on the previous pages, the poli-cies below may affect you as a shareholder. Some of thisinformation, such as the section on distributions and taxes,applies to all investors, including those investing througha financial advisor.

If you are investing through a financial advisor or through aretirement plan, check the materials you received fromthem about how to buy and sell shares because particularfinancial advisors or other intermediaries may adopt poli-cies, procedures or limitations that are separate fromthose described in this prospectus. Please note that afinancial advisor or other intermediary may charge feesseparate from those charged by a fund and may becompensated by a fund.

POLICIES ABOUT TRANSACTIONS

Each fund is open for business each day the New YorkStock Exchange is open. Each fund calculates its shareprice for each class every business day, as of the close ofregular trading on the New York Stock Exchange (typically4:00 p.m. Eastern time, but sometimes earlier, as in thecase of scheduled half-day trading or unscheduled suspen-sions of trading). You can place an order to buy or sellshares at any time.

In accordance with requirements under anti-money laun-dering regulations, we may request additional informationand/or documents to verify your identity. This informationincludes, but is not limited to, your name, address, date ofbirth and other identifying documentation. If after reason-able effort we are unable to obtain this information toverify your identity, in accordance with federal regulations,within the time frames established by each fund, we willprovide you with written notification and we may rejectyour application and order.

Each fund will not invest your purchase until all requiredand requested identification information has been providedand your application has been submitted in “good order.”The specific requirements for good order depend on thetype of account and transaction and the method ofpurchase. Contact Deutsche Asset Management if youhave any questions. After we receive all the information,your application is deemed to be in good order and weaccept your purchase, you will receive the share price nextcalculated.

In the exercise of its sole discretion, each fund at any timemay, without prior notice, refuse, cancel, limit or rescindany purchase; cancel or rescind any purchase order placedthrough a financial intermediary no later than the busi-ness day after the order is received by the financialintermediary; freeze account activity; and/or involuntarilyredeem and close an existing account. Specifically, eachfund reserves the right to involuntarily redeem an account(i) in case of actual or suspected fraudulent, illegal or suspi-cious activity by the account owner or any other individualassociated with the account; or (ii) if the account ownerfails to provide legally required information, including infor-mation and/or documentation related to identityverification, to each fund. Each fund is not required toprovide justification to a potential or existing shareholderfor taking any such action. Please be advised that if a fundinvoluntarily redeems and closes your account, under taxlaws, you may be required to recognize a gain or a loss orotherwise incur tax consequences.

With certain limited exceptions, only US residents mayinvest in each fund.

Because orders placed through a financial advisor must beforwarded to the transfer agent, you’ll need to allow extratime for your order to be processed. Your financial advisorshould be able to tell you approximately when your order


will be processed. It is the responsibility of your financialadvisor to forward your order to the transfer agent in atimely manner.

Sub-Minimum Balances for Class A,T and C. Each fundmay close your account and send you the proceeds if yourbalance falls below $1,000 ($500 for accounts with anAutomatic Investment Plan funded with $50 or more permonth in subsequent investments), or below $250 forretirement accounts. We will give you 60 days’ notice (90days for retirement accounts) so you can either increaseyour balance or close your account (these policies don’tapply to investors with $100,000 or more in Deutsche fundshares, investors in certain fee-based and wrap programsoffered through certain financial intermediaries approvedby the Advisor, or group retirement plans and certain otheraccounts having lower minimum share balancerequirements).

Sub-Minimum Balances for Institutional Class. Eachfund may redeem your shares and close your account on60 days’ notice if it fails to meet the minimum accountbalance requirement of $1,000,000 for any reason.

Sub-Minimum Balances for Class S. Each fund mayclose your account and send you the proceeds if yourbalance falls below $2,500 ($1,000 with an AutomaticInvestment Plan funded with $50 or more per month insubsequent investments); or below $250 for retirementaccounts. We will give you 60 days’ notice (90 days forretirement accounts) so you can either increase yourbalance or close your account (these policies don’t apply toinvestors with $100,000 or more in Deutsche fund shares,investors in certain fee-based and wrap programs offeredthrough certain financial intermediaries approved by theAdvisor, or group retirement plans and certain otheraccounts having lower minimum share balancerequirements).

Account Maintenance Fee for Classes A, C and S. Eachfund charges a $20 account maintenance fee for each fundaccount that has a balance below $10,000. Except as other-wise noted below, fund accounts are not aggregated byshare class or fund. The assessment will occur once percalendar year and may be assessed through the automaticredemption of fund shares in your account. The fee willbe assessed on each fund account that falls below theminimum for any reason, including market value fluctua-tions, redemptions or exchanges.

The account maintenance fee will not apply to: (i) accountswith an automatic investment plan; (ii) accounts held inan omnibus account through a financial services firm; (iii)accounts maintained on behalf of participants in certainfee-based and wrap programs offered through certain finan-cial intermediaries approved by the Advisor; (iv) participantlevel accounts in group retirement plans held on therecords of a retirement plan record keeper; (v) accountsheld by shareholders who maintain $50,000 or more inaggregate assets in Deutsche fund shares; (vi) share-holders who consent to electronic delivery for all

documents (which include statements, prospectuses,annual and semi-annual reports, and other materials),except for tax forms; (vii) Uniform Gift to Minors (UGMA)and Uniform Transfer to Minors (UTMA) accounts; (viii)Coverdell Education Savings Account (ESA) accounts; and(ix) IRA accounts for shareholders beginning in the yearin which they turn age 70 1/2. You may elect to receiveelectronic delivery of Deutsche fund materials by regis-tering on deutschefunds.com or by calling the telephonenumber on the back cover.

Overnight delivery of Deutsche fund materials. You mayrequest to receive a paper copy of any Deutsche fund mate-rials via overnight delivery by calling the telephone numberon the back cover. If you request an overnight deliveryyou will be charged a $20 fee ($25 for Saturday delivery)for each request, which will be paid by redeeming a portionof your shares equal to the amount of the fee. Overnightdelivery is not available to a P.O. Box.

Market timing policies and procedures. Short-term andexcessive trading of fund shares may present risks to long-term shareholders, including potential dilution in the valueof fund shares, interference with the efficient manage-ment of a fund’s portfolio (including losses on the sale ofinvestments), taxable gains to remaining shareholders andincreased brokerage and administrative costs. These risksmay be more pronounced if a fund invests in certain secu-rities, such as those that trade in foreign markets, areilliquid or do not otherwise have “readily available marketquotations.” Certain investors may seek to employ short-term trading strategies aimed at exploiting variations inportfolio valuation that arise from the nature of the securi-ties held by a fund (e.g., “time zone arbitrage”). Each funddiscourages short-term and excessive trading and hasadopted policies and procedures that are intended todetect and deter short-term and excessive trading.

Each fund also reserves the right to reject or cancel apurchase or exchange order for any reason without priornotice. For example, a fund may in its discretion reject orcancel a purchase or an exchange order even if the transac-tion is not subject to the specific roundtrip transactionlimitation described below if the Advisor believes thatthere appears to be a pattern of short-term or excessivetrading activity by a shareholder or deems any othertrading activity harmful or disruptive to a fund. Each fund,through its Advisor and transfer agent, will monitorchanges in investment direction (CID) by a shareholderwithin a fund. A CID is a transaction opposite to the priortransaction, which can be a purchase, redemption orexchange. Each fund may take other trading activity intoaccount if a fund believes such activity is of an amount orfrequency that may be harmful to long-term shareholdersor disruptive to portfolio management.

Shareholders are limited to four roundtrip transactions inthe same Deutsche fund (excluding money market funds)over a rolling 12-month period. A “roundtrip” transaction isdefined as any combination of purchase and redemption


activity (including exchanges) of the same fund’s shares.Shareholders with four or more roundtrip transactions inthe same Deutsche fund within a rolling 12-month periodgenerally will be blocked from making additional purchasesof, or exchanges into, that Deutsche fund for 12 months.Each fund reserves the right to extend or maintain a blockbeyond 12 months if it deems that the shareholder’sactivity was harmful to the fund, or that the pattern ofactivity suggests a pattern of abuse. The rights of a share-holder to redeem shares of a Deutsche fund are notaffected by the four roundtrip transaction limitation.

Each fund may make exceptions to the roundtrip transac-tion policy for certain types of transactions if, in the opinionof the Advisor, the transactions do not represent short-term or excessive trading or are not abusive or harmful toa fund, such as, but not limited to, systematic transactions,required minimum retirement distributions, transactionsinitiated by a fund or administrator and transactions bycertain qualified funds-of-funds.

In certain circumstances where shareholders hold sharesof a fund through a financial intermediary, a fund may relyupon the financial intermediary’s policy to deter short-termor excessive trading if the Advisor believes that the finan-cial intermediary’s policy is reasonably designed to detectand deter transactions that are not in the best interests ofa fund. A financial intermediary’s policy relating to short-term or excessive trading may be more or less restrictivethan the Deutsche funds’ policy, may permit certain trans-actions not permitted by the Deutsche funds’ policies, orprohibit transactions not subject to the Deutsche funds’policies.

The Advisor may also accept undertakings from a financialintermediary to enforce short-term or excessive tradingpolicies on behalf of a fund that provide a substantiallysimilar level of protection for each fund against such trans-actions. For example, certain financial intermediaries mayhave contractual, legal or operational restrictions thatprevent them from blocking an account. In such instances,the financial intermediary may use alternate techniquesthat the Advisor considers to be a reasonable substitute forsuch a block.

In addition, if a fund invests some portion of its assets inforeign securities, it has adopted certain fair valuation prac-tices intended to protect the fund from “time zonearbitrage” with respect to its foreign securities holdingsand other trading practices that seek to exploit variations inportfolio valuation that arise from the nature of the securi-ties held by a fund. (See “How each Fund Calculates SharePrice.”)

There is no assurance that these policies and procedureswill be effective in limiting short-term and excessivetrading in all cases. For example, the Advisor may not beable to effectively monitor, detect or limit short-term orexcessive trading by underlying shareholders that occursthrough omnibus accounts maintained by broker-dealers orother financial intermediaries. The Advisor reviews trading

activity at the omnibus level to detect short-term or exces-sive trading. If the Advisor has reason to suspect that short-term or excessive trading is occurring at the omnibuslevel, the Advisor will contact the financial intermediary torequest underlying shareholder level activity. Dependingon the amount of fund shares held in such omnibusaccounts (which may represent most of a fund’s shares)short-term and/or excessive trading of fund shares couldadversely affect long-term shareholders in a fund. If short-term or excessive trading is identified, the Advisor willtake appropriate action.

Each fund’s market timing policies and procedures may bemodified or terminated at any time.

The automated information line is available 24 hours aday by calling Deutsche Asset Management at the phonenumber on the back cover. You can use our automatedphone service to get information on Deutsche funds gener-ally and on accounts held directly at Deutsche AssetManagement. You can also use this service to requestshare transactions.

Telephone and electronic transactions. Generally, youare automatically entitled to telephone redemption andexchange privileges, but you may elect not to have themwhen you open your account or by calling the appropriatephone number on the back cover.

Since many transactions may be initiated by telephone orelectronically, it’s important to understand that as longas we take reasonable steps to ensure that an order topurchase or redeem shares is genuine, such as recordingcalls or requesting personal security information, we arenot responsible for any losses that may occur as a result.For transactions conducted over the Internet, we recom-mend the use of a secure Internet browser. In addition,you should verify the accuracy of your confirmation state-ments immediately after you receive them.

Each fund does not issue share certificates. However, ifyou currently have shares in certificated form, you mustinclude the share certificates properly endorsed or accom-panied by a duly executed stock power when exchangingor redeeming shares. You may not exchange or redeemshares in certificate form by telephone or via the Internet.

When you ask us to send or receive a wire, please notethat while we don’t charge a fee to send or receive wires,it’s possible that your bank may do so. Wire transactionsare generally completed within 24 hours. Each fund canonly send wires of $1,000 or more and accept wires of $50or more.

Each fund accepts payment for shares only in US

dollars by a check drawn on a US bank, a bank or FederalFunds wire transfer or an electronic bank transfer. Eachfund does not accept third party checks. A third party checkis a check made payable to one or more parties andoffered as payment to one or more other parties (e.g., acheck made payable to you that you offer as payment tosomeone else). Checks should be payable to Deutsche


Asset Management and drawn by you or a financial institu-tion on your behalf with your name or account numberincluded with the check. If you pay for shares by check andthe check fails to clear, we have the right to cancel yourorder, hold you liable or charge you or your account for anylosses or fees each fund or its agents have incurred.

Signature Guarantee. When you want to sell more than$100,000 worth of shares or send proceeds to a third partyor to a new address, you’ll usually need to place yourorder in writing and have your signature guaranteed.However, if you want money transferred electronically to abank account that is already on file with us, you don’t needa signature guarantee. Also, generally you don’t need asignature guarantee for an exchange, although we mayrequire one in certain other circumstances.

A signature guarantee is simply a certification of your signa-ture — a valuable safeguard against fraud. Deutsche AssetManagement accepts Medallion Signature Guarantees,which can be obtained from an eligible guarantor. Eligibleguarantor institutions include commercial banks, savingsand loans, trust companies, credit unions, member firmsof a national stock exchange or any member or participantof an approved signature guarantor program. A notarizeddocument cannot be accepted in lieu of a signature guar-antee.

Selling shares of trust accounts and business or orga-

nization accounts may require additional documentation.Please call Deutsche Asset Management (see phonenumber on the back cover) or contact your financial advisorfor more information.

When you sell shares that have a CDSC, the CDSC isbased on the original purchase cost or current market valueof the shares sold, whichever is less. In processing ordersto sell shares, the shares with the lowest CDSC are soldfirst. For each investment you make, we use the first dayof the month in which you bought shares to calculate aCDSC on that particular investment. A CDSC is notimposed when you exchange from one fund into another,however, shares of the fund acquired in an exchange thatwere subject to a CDSC at the time of the exchange willcontinue to be subject to the CDSC schedule of the sharesof the fund you originally purchased.

If you sell shares in a Deutsche fund for which you paid

a sales charge and then decide to invest with Deut-

sche Asset Management again within six months, youmay be able to take advantage of the “reinstatementfeature.” With this feature, you can put your money backinto the same class of a Deutsche fund at its current netasset value and, for purposes of a sales charge, it will betreated as if it had never left Deutsche Asset Management(this may result in a tax liability for federal income taxpurposes). You’ll be reimbursed (in the form of fund sharesby the Distributor) for any CDSC you paid when you soldshares in a Deutsche fund. Future CDSC calculations willbe based on your original investment date, rather than yourreinstatement date.

The reinstatement feature is not available to Class T share-holders. You can only use the reinstatement feature oncefor any given group of shares. To take advantage of thisfeature, contact Shareholder Services or your financialadvisor.

Class A to Institutional Class in the Same Fund

Exchange Privilege. Investors who have invested in ClassA shares through a comprehensive or “wrap” fee programor other fee-based program sponsored by a broker-dealer,bank or registered investment adviser or who are trans-ferring to such a program may potentially become eligibleto invest in Institutional Class shares by reason of theirparticipation in such a program. In such event, subject tothe discretion of the Distributor and the limitations notedbelow, such shareholders may exchange their Class Ashares for Institutional Class shares of equal aggregatevalue of the same fund. No sales charges or other chargeswill apply to any such exchange. Exchanges under thisprivilege will generally be processed only as part of apre-arranged, multiple-client transaction through theparticular financial services firm offering the comprehen-sive or wrap program or other fee-based program wherethe Institutional Class shares are available. DDI may agreewith financial intermediaries to allow this exchange privi-lege outside of pre-arranged, multiple-client transactions.Investors should contact their selling and/or servicingagents to learn more about the details of this exchangefeature. Shareholders generally will not recognize a gain orloss for federal income tax purposes upon the exchangeof Class A shares of a fund for Institutional Class shares ofthe same fund.

Class A to Class S in the Same Fund Exchange Privi-

lege. Investors who have invested in Class A sharesthrough a comprehensive or “wrap” fee program, or otherfee-based program sponsored by a broker-dealer, bank orregistered investment adviser or who are transferring tosuch a program, may become eligible to invest in Class Sshares. Subject to the discretion of the Distributor, suchshareholders may exchange their Class A shares for ClassS shares of equal aggregate value of the same fund. Nosales charges or other charges will apply to any suchexchanges. Investors should contact their selling and/orservicing agents to learn more about the details of thisexchange feature. Shareholders generally will not recog-nize a gain or loss for federal income tax purposes uponthe exchange of Class A shares of a fund for Class Sshares of the same fund.

Class A or Class C to ClassT in the Same Fund

Exchange Privilege (if ClassT Shares are available for a

Fund). Investors who have invested in Class A or ClassC shares through a broker-dealer or other financial interme-diary, bank or registered investment adviser may becomeeligible to invest in Class T shares. Subject to the discretionof the Distributor, such shareholders may exchange theirClass A or Class C shares for Class T shares of equal aggre-gate value of the same fund. No sales charges or other


charges will apply to any such exchanges. Exchangesunder this privilege will be processed only in instanceswhere the accounts are not currently subject to a CDSCand only as part of a pre-arranged, multiple-client transac-tion through the particular financial services firm where theClass T shares are available. Investors should contact theirselling and/or servicing agents to learn more about thedetails of this exchange feature. Shareholders generallywill not recognize a gain or loss for federal income taxpurposes upon the exchange of Class A or Class C sharesof a fund for Class T shares of the same fund. Financialintermediaries may have their own policies and proceduresabout exchanges into Class T.

Class C to Class A, Class S or Institutional Class in the

Same Fund Exchange Privilege. Investors who either(i) have invested in Class C shares through a comprehen-sive or “wrap” fee program or other fee-based programsponsored by a broker-dealer, bank or registered invest-ment adviser or (ii) have invested in Class C shares and arein the process of transferring their shares to such aprogram may potentially become eligible to invest in eitherClass A shares, Class S shares or Institutional Class sharesby reason of their participation in such a program. In addi-tion, investors who have invested in Class C shares as partof an Employer-Sponsored Retirement Plan or an Employer-Sponsored IRA may potentially become eligible to invest inClass A shares by reason of their investment in suchEmployer-Sponsored Retirement Plan or Employer-Sponsored IRA. In such event, subject to the discretion ofthe Distributor and the limitations noted below, such share-holders may exchange their Class C shares for Class Ashares, Class S shares or Institutional Class shares (asapplicable) of equal aggregate value of the same fund. Nosales charges or other charges will apply to any suchexchange. Exchanges under this privilege will generally beprocessed only in instances where the accounts are notcurrently subject to a CDSC and only as part of apre-arranged, multiple-client transaction through theparticular financial services firm offering the comprehen-sive or wrap program or other fee-based program orinvolving the Employer-Sponsored Retirement Plan orEmployer-Sponsored IRA where the Class A shares, ClassS shares or Institutional Class shares (as applicable) areavailable. DDI may agree with financial intermediaries toallow this exchange privilege for accounts currently subjectto a CDSC and outside of pre-arranged, multiple-clienttransactions. In such situations, the financial intermediarymay reimburse DDI for a portion of any CDSC that DDIwould have otherwise collected on the transaction or aportion of the distribution fees previously advanced by DDIto the financial intermediary in connection with the initialsale of the Class C shares. Investors should contact theirselling and/or servicing agents to learn more about thedetails of this exchange feature. Shareholders generallywill not recognize a gain or loss for federal income tax

purposes upon the exchange of Class C shares of a fundfor Class A shares, Class S shares or Institutional Classshares of the same fund.

Class S to Institutional Class in the Same Fund

Exchange Privilege. Investors who have invested in ClassS shares through a comprehensive or “wrap” fee programor other fee-based program sponsored by a broker-dealer,bank or registered investment adviser or who are transfer-ring to such a program may potentially become eligible toinvest in Institutional Class shares by reason of their partici-pation in such a program. In such event, subject to thediscretion of the Distributor and the limitations notedbelow, such shareholders may exchange their Class Sshares for Institutional Class shares of equal aggregatevalue of the same fund. No sales charges or other chargeswill apply to any such exchange. Exchanges under thisprivilege will generally be processed only as part of apre-arranged, multiple-client transaction through theparticular financial services firm offering the comprehen-sive or wrap program or other fee-based program wherethe Institutional Class shares are available. DDI may agreewith financial intermediaries to allow this exchange privi-lege outside of pre-arranged, multiple-client transactions.Investors should contact their selling and/or servicingagents to learn more about the details of this exchangefeature. Shareholders generally will not recognize a gain orloss for federal income tax purposes upon the exchangeof Class S shares of a fund for Institutional Class shares ofthe same fund.

Class A, Class R, Class S or Institutional Class to Class

R6 in the Same Fund Exchange Privilege. Investors whohave invested in Class A, Class R, Class S or InstitutionalClass shares through a retirement plan platform with plan-level or omnibus accounts held on the books of the fundmay potentially become eligible to invest in Class R6shares by reason of their participation in such a plan.Exchanges under this privilege are subject to the discre-tion of the Distributor and will be processed only as part ofa prearranged, plan-level transaction with a qualifying retire-ment plan program. If an exchange by a qualifyingretirement plan program is approved, investors holdingClass A, Class R, Class S or Institutional Class sharesthrough such retirement plan will exchange those sharesfor Class R6 shares of equal aggregate value of the samefund. No sales charges or other charges will apply to anysuch exchange. Investors should contact their retirementplan servicing agents to learn more about the details ofthis exchange feature. Shareholders generally will notrecognize a gain or loss for federal income tax purposesupon the exchange of Class A, Class R, Class S or Institu-tional Class shares of a fund for Class R6 shares of thesame fund.

Institutional Class Exchange Privilege. The followingpersons may, subject to certain limitations, exchange Insti-tutional Class shares for Deutsche Money Market Fundshares of Deutsche Money Market Prime Series: (1) a


current or former director or trustee of Deutsche mutualfunds; and (2) an employee, the employee’s spouse or lifepartner and children or stepchildren age 21 or youngerof Deutsche Bank or its affiliates or a subadvisor to anyfund in the Deutsche mutual fund family or a broker-dealerauthorized to sell shares of the Deutsche mutual funds.

Money from shares you sell is normally sent out withinone business day of when your request is received in goodorder, regardless of the method of payment (e.g. check,wire, ACH) although it could be delayed for up to sevendays. There are circumstances when it could be longer,including, but not limited to, when you are selling sharesyou bought recently by check or ACH (the funds will beplaced under a 10 calendar day hold to ensure good funds)or when unusual circumstances prompt the SEC to allowfurther delays. Certain expedited redemption processes(e.g., redemption proceeds by wire) may also be delayedor unavailable when you are selling shares recentlypurchased or in the event of the closing of the FederalReserve wire payment system.

Redemptions will generally be in the form of cash, thougha fund reserves the right to redeem in kind (as describedunder “Other Rights We Reserve”). Each fund typicallyexpects to satisfy redemption requests by using availablecash or by selling portfolio securities if available cash is notsufficient to meet redemptions. Each fund may utilize anexisting line of credit for temporary coverage in the eventof a cash shortfall. Each fund may also utilize inter-fundlending, though such use is expected to be rare. Each fundmay use any of these methods of satisfying redemptionrequests under normal or stressed market conditions.During periods of distressed market conditions, when asignificant portion of a fund’s portfolio may be comprisedof less-liquid investments, a fund may be more likely to payredemption proceeds by giving you securities.

Each fund reserves the right to suspend or postponeredemptions as permitted pursuant to Section 22(e) of the1940 Act. Generally, those circumstances are when 1)the New York Stock Exchange is closed other thancustomary weekend or holiday closings; 2) the SEC deter-mines that trading on the New York Stock Exchange isrestricted; 3) the SEC determines that an emergencyexists which makes the disposal of securities owned by afund or the fair determination of the value of a fund’s netassets not reasonably practicable; or 4) the SEC, by order,permits the suspension of the right of redemption.Redemption payments by wire may also be delayed in theevent of a non-routine closure of the Federal Reserve wirepayment system. For additional rights reserved by eachfund, please see “Other Rights We Reserve.”

HOW EACH FUND CALCULATES SHARE PRICE

To calculate net asset value, or NAV, each share class usesthe following equation:

( TotalAssets

−Total

Liabilities ) ÷Total Number of

Shares Outstanding= NAV

The price at which you buy shares is based on the NAV pershare calculated after the order is received and acceptedby the transfer agent, although for Class A and Class Tshares it will be adjusted to allow for any applicable salescharge (see “Choosing a Share Class”). The price at whichyou sell shares is also based on the NAV per share calcu-lated after the order is received and accepted by thetransfer agent, although a CDSC may be taken out of theproceeds (see “Choosing a Share Class”). To obtain thefund’s most recent share price, go to deutschefunds.com(the Web site does not form a part of this prospectus) orcall the phone number included in this prospectus.

We typically value securities using information

furnished by an independent pricing service or market

quotations, where appropriate. However, we may usemethods approved by the Board, such as a fair valuationmodel, which are intended to reflect fair value whenpricing service information or market quotations are notreadily available or when a security’s value or a meaningfulportion of the value of a fund’s portfolio is believed to havebeen materially affected by a significant event, such as anatural disaster, an economic event like a bankruptcy filing,or a substantial fluctuation in domestic or foreign marketsthat has occurred between the close of the exchange ormarket on which the security is principally traded (forexample, a foreign exchange or market) and the close ofthe New York Stock Exchange. In such a case, a fund’svalue for a security is likely to be different from the lastquoted market price or pricing service information. In addi-tion, due to the subjective and variable nature of fair valuepricing, it is possible that the value determined for aparticular asset may be materially different from the valuerealized upon such asset’s sale.

It is expected that the greater the percentage of fundassets that is invested in non-US securities, the moreextensive will be a fund’s use of fair value pricing. This isintended to reduce a fund’s exposure to “time zone arbi-trage” and other harmful trading practices. (See “Markettiming policies and procedures.”)

To the extent that a fund invests in securities that are

traded primarily in foreign markets, the value of its hold-ings could change at a time when you aren’t able to buyor sell fund shares. This is because some foreign marketsare open on days or at times when a fund doesn’t price itsshares. (Note that prices for securities that trade onforeign exchanges can change significantly on days whenthe New York Stock Exchange is closed and you cannot buyor sell fund shares. Price changes in the securities a fundowns may ultimately affect the price of fund shares thenext time the NAV is calculated.)

OTHER RIGHTS WE RESERVE

You should be aware that we may do any of the following:


� withdraw or suspend the offering of shares at any time� withhold a portion of your distributions and redemption

proceeds if we have been notified by the InternalRevenue Service that you are subject to backup with-holding, if you fail to provide us with the correct taxpayerID number and certain certifications, including certifica-tion that you are not subject to backup withholding, or ifyou are otherwise subject to withholding

� reject a new account application if you don’t provide anyrequired or requested identifying information, or for anyother reason

� refuse, cancel, limit or rescind any purchase or exchangeorder, without prior notice; freeze any account (meaningyou will not be able to purchase fund shares in youraccount); suspend account services; and/or involuntarilyredeem your account if we think that the account isbeing used for fraudulent or illegal purposes; one ormore of these actions will be taken when, at our solediscretion, they are deemed to be in a fund’s best inter-ests or when a fund is requested or compelled to doso by governmental authority or by applicable law

� close and liquidate your account if we are unable toverify your identity, or for other reasons; if we decide toclose your account, your fund shares will be redeemedat the net asset value per share next calculated after wedetermine to close your account (less any applicablesales charges or CDSC); you may recognize a gain orloss on the redemption of your fund shares and you mayincur a tax liability

� pay you for shares you sell by “redeeming in kind,” thatis, by giving you securities (which are subject to marketrisk until sold, may incur taxes and typically will involvebrokerage costs for you to liquidate) rather than cash,but which will be taxable to the same extent as aredemption for cash; a fund generally won’t make aredemption in kind unless your requests over a 90-dayperiod total more than $250,000 or 1% of the value of afund’s net assets, whichever is less

� change, add or withdraw various services, fees andaccount policies (for example, we may adjust a fund’sinvestment minimums at any time)

UNDERSTANDING DISTRIBUTIONS AND

TAXES

Each fund intends to distribute to its shareholders virtuallyall of its net earnings. Each fund can earn money in twoways: by receiving interest, dividends or other incomefrom investments it holds and by selling investments formore than it paid for them. (Each fund’s earnings are sepa-rate from any gains or losses stemming from your ownpurchase and sale of fund shares.) Each fund may notalways pay a dividend or other distribution for a givenperiod.

Deutsche CROCI® Equity Dividend Fund intends to paydividends quarterly to shareholders in March, June,September and December. Deutsche Mid Cap Value Fundintends to pay dividends and distributions to shareholders

annually in December. The fund also intends to pay real-ized capital gains annually, usually in December, and maybe paid at other times as needed.

Dividends declared and payable to shareholders of recordin the last quarter of a given calendar year are treated forfederal income tax purposes as if they were received byshareholders and paid by the fund on December 31 of thatyear, if such dividends are actually paid in January of thefollowing year.

For federal income tax purposes, income and capital gaindividends are generally taxable to shareholders. However,dividends, regardless of character, received by retirementplans qualifying for tax exemption under federal income taxlaws generally will not be currently taxable.

You can choose how to receive your dividends,

whether ordinary or capital gain dividends, and other

distributions. You can have them all automatically rein-vested in fund shares (at NAV), all deposited directly toyour bank account or all sent to you by check, have onetype reinvested and the other sent to you by check or havethem invested in a different fund. Tell us your preferenceon your application. If you don’t indicate a preference, yourdividends and distributions will all be reinvested in sharesof the fund without a sales charge (if applicable). Dividendsand distributions are treated the same for federal incometax purposes whether you receive them in cash or reinvestthem in additional shares.

Buying, selling or exchanging fund shares will usually

have federal income tax consequences for you (exceptin employer-sponsored qualified plans, IRAs or othertax-advantaged accounts). Your sale of shares may result ina capital gain or loss. The gain or loss will be long-term orshort-term depending on how long you owned the sharesthat were sold. For federal income tax purposes, anexchange is treated the same as a sale. In addition, ifshares are redeemed to pay any account fees (e.g., anaccount maintenance fee), you may incur a tax liability.

The federal income tax status of a fund’s earnings youreceive and transactions involving your shares generallydepends on their type:

Generally taxed at net capitalgain rates:

Generally taxed at ordinaryincome rates:

Fund distributions

� gains from the sale of securi-ties held (or treated as held)by a fund for more than oneyear

� qualified dividend income

� gains from the sale of securi-ties held (or treated as held)by a fund for one year or less

� all other taxable income

Transactions involving fundshares

� gains from selling fundshares held for more thanone year

� gains from selling fundshares held for one year orless


Any direct investments in foreign securities by a fund

may be subject to foreign withholding taxes. In thatcase, a fund’s yield on those securities would generally bedecreased. Shareholders generally will not be entitled toclaim a credit or deduction with respect to foreign taxespaid by a fund. In addition, any investments in foreignsecurities or foreign currencies may increase or acceleratea fund’s recognition of ordinary income and may affectthe timing or amount of the fund’s distributions. If youinvest in a fund through a taxable account, your after-taxreturn could be negatively affected.

Investments in certain debt obligations or other securitiesmay cause a fund to recognize income in excess of thecash generated by them. Thus, a fund could be required attimes to liquidate other investments in order to satisfyits distribution requirements.

Each fund’s use of derivatives, if any, may affect theamount, timing and character of distributions to share-holders and, therefore, may increase the amount of taxespayable by shareholders.

Distributions to individuals and other noncorporate share-holders of investment income reported by a fund asderived from qualified dividend income are eligible fortaxation for federal income tax purposes at the more favor-able net capital gain rates. Qualified dividend incomegenerally includes dividends received by a fund fromdomestic and some foreign corporations. It does notinclude income from investments in debt securities or,generally, from real estate investment trusts. In addition, afund must meet certain holding period and other require-ments with respect to the dividend-paying stocks in itsportfolio and the shareholder must meet certain holdingperiod and other requirements with respect to a fund’sshares for the lower tax rates to apply.

Your fund will send you detailed federal income tax

information early each year. These statements tell youthe amount and the federal income tax classification of anydividends or distributions you received. They also havecertain details on your purchases and sales of shares.

A 3.8% Medicare contribution tax is imposed on the “netinvestment income” of individuals, estates and trusts tothe extent their income exceeds certain thresholdamounts. For this purpose, net investment income gener-ally includes taxable dividends, including any capital gaindividends paid by a fund, and net gains recognized on thesale, redemption or exchange of shares of a fund.

If you invest right before a fund pays a dividend, you’llbe getting some of your investment back as a dividend,which may be taxable to you. You can avoid this byinvesting after a fund pays a dividend. In tax-advantagedaccounts you generally do not need to worry about this.

If a fund’s distributions exceed its current and accumulatedearnings and profits, the excess will be treated for federalincome tax purposes as a tax-free return of capital to theextent of your basis in your shares and thereafter as a

capital gain. Because a return of capital distributionreduces the basis of your shares, a return of capital distri-bution may result in a higher capital gain or a lower capitalloss when you sell your shares held in a taxable account.

Corporations are taxed at the same rates on ordinaryincome and capital gains but may be eligible for adividends-received deduction to the extent of the amountof eligible dividends received by a fund from domesticcorporations for the taxable year, provided certain holdingperiod and other requirements are met.

Because each shareholder’s tax situation is unique, askyour tax professional about the tax consequences of yourinvestment, including any state and local tax conse-quences. Special tax rules apply to individuals investingthrough tax-advantaged investment plans. Please consultyour own tax advisor with respect to the tax conse-quences of an investment in a fund through such plan.

The above discussion summarizes certain federal incometax consequences for shareholders who are US persons. Ifyou are a non-US person, please consult your own taxadvisor with respect to the US and foreign tax conse-quences to you of an investment in a fund. For moreinformation, see “Taxes” in the Statement of AdditionalInformation.


Financial Highlights

The financial highlights are designed to help you under-stand recent financial performance. The figures in the firstpart of each table are for a single share. The total returnfigures represent the percentage that an investor in a fundwould have earned (or lost), assuming all dividends anddistributions were reinvested. This information has beenaudited by Ernst & Young LLP, independent registered

public accounting firm, whose report, along with eachfund’s financial statements, is included in each fund’sannual report (see “Shareholder reports” on the backcover). Because Class T shares of the Deutsche Mid CapValue Fund have not commenced operations as of the dateof this prospectus, financial highlights information is notavailable for Class T shares.

Deutsche CROCI®

Equity Dividend Fund — Class A

Years Ended November 30,2017 2016 2015 2014 2013

Selected Per Share Data

Net asset value, beginning of period $48.38 $43.59 $46.79 $42.20 $34.83

Income (loss) from investment operations:Net investment incomea .95 .91 .79 .90 .75

Net realized and unrealized gain (loss) 9.13 4.76 (3.02) 4.50 7.59

Total from investment operations 10.08 5.67 (2.23) 5.40 8.34

Less distributions from:Net investment income (.93) (.88) (.97) (.81) (.97)

Net asset value, end of period $57.53 $48.38 $43.59 $46.79 $42.20

Total Return (%)b 21.04 13.17c (4.79)c 12.94c 24.36c

Ratios to Average Net Assets and Supplemental Data

Net assets, end of period ($ millions) 910 847 829 1,007 1,013

Ratio of expenses before expense reductions (%) 1.03 1.17 1.16 1.17 1.18

Ratio of expenses after expense reductions (%) 1.03 1.07 1.11 1.09 1.17

Ratio of net investment income (%) 1.82 2.01 1.74 2.03 1.96

Portfolio turnover rate (%) 58 55 64 132 75

a Based on average shares outstanding during the period.b Total return does not reflect the effect of any sales charges.c Total return would have been lower had certain expenses not been reduced.

39Prospectus March 1, 2018 Financial Highlights

Deutsche CROCI® Equity Dividend Fund — ClassT

PeriodEnded

11/30/17a


Net asset value, beginning of period $ 53.26

Income (loss) from investment operations:Net investment incomeb .48

Net realized and unrealized gain (loss) 4.26

Total from investment operations 4.74

Less distributions from:Net investment income (.48)

Net asset value, end of period $ 57.52

Total Return (%)c,d 8.96**


Net assets, end of period ($ thousands) 11

Ratio of expenses before expense reductions (%) 1.15*

Ratio of expenses after expense reductions (%) 1.04*

Ratio of net investment income (%) 1.80*

Portfolio turnover rate (%) 58e

a For the period from June 5, 2017 (commencement of operations) to November 30, 2017.b Based on average shares outstanding during the period.c Total return does not reflect the effect of any sales charges.d Total return would have been lower had certain expenses not been reduced.e Represents the Fund’s portfolio turnover rate for the year ended November 30, 2017.* Annualized** Not annualized


Deutsche CROCI® Equity Dividend Fund — Class C









Total Return (%)b,c 20.13 12.34 (5.51) 12.10 23.39


Net assets, end of period ($ millions) 124 132 132 158 158



Ratio of net investment income (%) 1.05 1.26 .99 1.29 1.19




Deutsche CROCI® Equity Dividend Fund — Class R









Total Return (%)b 20.75 12.89 (5.03) 12.67 24.06







a Based on average shares outstanding during the period.b Total return would have been lower had certain expenses not been reduced.


Deutsche CROCI® Equity Dividend Fund — Class R6

Years EndedNovember 30,

PeriodEnded

2017 2016 11/30/15a


Net asset value, beginning of period $48.40 $43.62 $48.04

Income (loss) from investment operations:Net investment incomeb 1.15 1.46 .73

Net realized and unrealized gain (loss) 9.13 4.32 (4.31)

Total from investment operations 10.28 5.78 (3.58)

Less distributions from:Net investment income (1.08) (1.00) (.84)

Net asset value, end of period $57.60 $48.40 $43.62

Total Return (%) 21.49 13.43c (7.48)c**


Net assets, end of period ($ thousands) 177 152 9

Ratio of expenses before expense reductions (%) .68 .84 1.18*

Ratio of expenses after expense reductions (%) .68 .80 .85*

Ratio of net investment income (%) 2.19 3.12 2.14*

Portfolio turnover rate (%) 58 55 64d

a For the period from March 2, 2015 (commencement of operations) to November 30, 2015.b Based on average shares outstanding during the period.c Total return would have been lower had certain expenses not been reduced.d Represents the Fund’s portfolio turnover rate for the year ended November 30, 2015.* Annualized** Not annualized


Deutsche CROCI® Equity Dividend Fund — Institutional Class




Income (loss) from investment operations:Net investment incomea 1.09 1.03 .94 1.06 .88



Less distributions from:Net investment income (1.06) (.99) (1.08) (.95) (1.11)


Total Return (%) 21.38 13.45b (4.55)b 13.20b 24.76b



Ratio of expenses before expense reductions (%) .78 .91 .89 .89 .86

Ratio of expenses after expense reductions (%) .78 .82 .86 .84 .86





Deutsche CROCI® Equity Dividend Fund — Class S




Income (loss) from investment operations:Net investment incomea 1.09 1.04 .88 1.12 .84



Less distributions from:Net investment income (1.06) (.99) (1.08) (.91) (1.06)


Total Return (%)b 21.36 13.45 (4.55) 13.21 24.65



Ratio of expenses before expense reductions (%) .80 .95 .94 .92 .95





Deutsche Mid Cap Value Fund — Class A




Income (loss) from investment operations:Net investment income (loss)a .16 .11 .03 .00* .10

Net realized and unrealized gain (loss) 2.14 .61 1.12 2.26 3.96

Total from investment operations 2.30 .72 1.15 2.26 4.06

Less distributions from:Net investment income (.16) (.01) (.00)* (.10) (.13)

Net realized gain (.70) (1.34) (.69) — —

Total distributions (.86) (1.35) (.69) (.10) (.13)


Total Return (%)b 13.45 4.80c 6.67c 14.38c 34.54c





Ratio of net investment income (loss) (%) .88 .69 .19 .01 .68


a Based on average shares outstanding during period.b Total return does not reflect the effect of any sales charges.c Total return would have been lower had certain expenses not been reduced.* Amount is less than $.005.


Deutsche Mid Cap Value Fund — Class C




Income (loss) from investment operations:Net investment income (loss)a .02 .01 (.10) (.12) (.01)



Less distributions from:Net investment income (.02) — — (.03) (.04)




Total Return (%)b,c 12.62 4.04 5.87 13.48 33.57





Ratio of net investment income (loss) (%) .12 .08 (.57) (.74) (.07)




Deutsche Mid Cap Value Fund — Class R




Income (loss) from investment operations:Net investment income (loss)a .11 .08 (.01) (.03) .05



Less distributions from:Net investment income (.11) — — (.06) (.09)




Total Return (%)b 13.21 4.49 6.42 14.08 34.30





Ratio of net investment income (loss) (%) .62 .48 (.06) (.15) .35




Deutsche Mid Cap Value Fund — Class R6

Years Ended November 30,PeriodEnded

2017 2016 2015 11/30/14a


Net asset value, beginning of period $17.80 $18.41 $17.97 $17.89

Income (loss) from investment operations:Net investment income (loss)b .22 .20 .09 .02

Net realized and unrealized gain (loss) 2.14 .59 1.10 .06

Total from investment operations 2.36 .79 1.19 .08

Less distributions from:Net investment income (.22) (.06) (.06) —

Net realized gain (.70) (1.34) (.69) —

Total distributions (.92) (1.40) (.75) —

Net asset value, end of period $19.24 $17.80 $18.41 $17.97

Total Return (%) 13.91 5.15 6.94c .45**


Net assets, end of period ($ millions) 1 1 .20 .01

Ratio of expenses before expense reductions (%) .88 .88 .97 .91*

Ratio of expenses after expense reductions (%) .88 .88 .97 .91*

Ratio of net investment income (loss) (%) 1.23 1.19 .51 .33*

Portfolio turnover rate (%) 43 62 34 34d

a For the period from August 25, 2014 (commencement of operations) to November 30, 2014.b Based on average shares outstanding during the period.c Total return would have been lower had certain expenses not been reduced.d Represents the Fund’s portfolio turnover rate for the year ended November 30, 2014.* Annualized** Not annualized


Deutsche Mid Cap Value Fund — Institutional Class




Income (loss) from investment operations:Net investment income (loss)a .21 .15 .10 .04 .13







Total Return (%) 13.79 5.02b 7.00 14.65b 34.89b



Ratio of expenses before expense reductions (%) .98 .97 .96 1.00 .98


Ratio of net investment income (loss) (%) 1.15 .92 .54 .26 .99




Deutsche Mid Cap Value Fund — Class S




Income (loss) from investment operations:Net investment income (loss)a .20 .17 .08 .04 .13







Total Return (%)b 13.77 5.03 6.94 14.65 34.95




Ratio of expenses after expense reductions (%) 1.00 1.00 .97 .99 .97

Ratio of net investment income (loss) (%) 1.10 1.01 .44 .26 .96




Appendix A

HYPOTHETICAL EXPENSE SUMMARY

Using the annual fund operating expense ratios presentedin the fee tables in the fund prospectus, the HypotheticalExpense Summary shows the estimated fees andexpenses, in actual dollars, that would be charged on ahypothetical investment of $10,000 in the fund held for thenext 10 years and the impact of such fees and expenseson fund returns for each year and cumulatively, assuming a5% return for each year. The historical rate of return forthe fund may be higher or lower than 5% and, for moneymarket funds, is typically less than 5%. The tables alsoassume that all dividends and distributions are reinvested.The annual fund expense ratios shown are net of anycontractual fee waivers or expense reimbursements, ifany, for the period of the contractual commitment. Thetables reflect the maximum initial sales charge, if any, butdo not reflect any contingent deferred sales charge, if any,

which may be payable upon redemption. If contingentdeferred sales charges were shown, the “HypotheticalYear-End Balance After Fees and Expenses” amountsshown would be lower and the “Annual Fees andExpenses” amounts shown would be higher. Also, pleasenote that if you are investing through a third party provider,that provider may have fees and expenses separate fromthose of the fund that are not reflected here. Mutual fundfees and expenses fluctuate over time and actual expensesmay be higher or lower than those shown.

The Hypothetical Expense Summary should not be usedor construed as an offer to sell, a solicitation of an offer tobuy or a recommendation or endorsement of any specificmutual fund. You should carefully review the fund’sprospectus to consider the investment objective, risks,expenses and charges of the fund prior to investing.

Deutsche CROCI® Equity Dividend Fund — Class A

MaximumSales Charge:

5.75%

Initial HypotheticalInvestment:

$10,000

Assumed Rateof Return:

5%

Year

CumulativeReturn Before

Fees &Expenses

AnnualFund

ExpenseRatios

CumulativeReturn After

Fees &Expenses

HypotheticalYear-End

Balance AfterFees &

Expenses

Annual Fees&

Expenses

1 5.00% 1.03% -2.01% $ 9,799.17 $ 674.00

2 10.25% 1.03% 1.88% $10,188.20 $ 102.93

3 15.76% 1.03% 5.93% $10,592.67 $ 107.02

4 21.55% 1.03% 10.13% $11,013.20 $ 111.27

5 27.63% 1.03% 14.50% $11,450.42 $ 115.69

6 34.01% 1.03% 19.05% $11,905.01 $ 120.28

7 40.71% 1.03% 23.78% $12,377.63 $ 125.06

8 47.75% 1.03% 28.69% $12,869.03 $ 130.02

9 55.13% 1.03% 33.80% $13,379.93 $ 135.18

10 62.89% 1.03% 39.11% $13,911.11 $ 140.55

Total $1,762.00

51Prospectus March 1, 2018 Appendix A

Deutsche CROCI® Equity Dividend Fund — ClassT


2.50%


$10,000


5%

Year


Fees &Expenses

AnnualFund

ExpenseRatios


Fees &Expenses


Balance AfterFees &

Expenses

Annual Fees&

Expenses

1 5.00% 1.09% 1.31% $10,131.23 $ 358.35

2 10.25% 1.15% 5.21% $10,521.28 $ 118.75

3 15.76% 1.15% 9.26% $10,926.35 $ 123.32

4 21.55% 1.15% 13.47% $11,347.01 $ 128.07

5 27.63% 1.15% 17.84% $11,783.87 $ 133.00

6 34.01% 1.15% 22.38% $12,237.55 $ 138.12

7 40.71% 1.15% 27.09% $12,708.70 $ 143.44

8 47.75% 1.15% 31.98% $13,197.98 $ 148.96

9 55.13% 1.15% 37.06% $13,706.10 $ 154.70

10 62.89% 1.15% 42.34% $14,233.79 $ 160.65

Total $1,607.36

Deutsche CROCI® Equity Dividend Fund — Class C


0.00%


$10,000


5%

Year


Fees &Expenses

AnnualFund

ExpenseRatios


Fees &Expenses


Balance AfterFees &

Expenses

Annual Fees&

Expenses

1 5.00% 1.81% 3.19% $10,319.00 $ 183.89

2 10.25% 1.81% 6.48% $10,648.18 $ 189.75

3 15.76% 1.81% 9.88% $10,987.85 $ 195.81

4 21.55% 1.81% 13.38% $11,338.37 $ 202.05

5 27.63% 1.81% 17.00% $11,700.06 $ 208.50

6 34.01% 1.81% 20.73% $12,073.29 $ 215.15

7 40.71% 1.81% 24.58% $12,458.43 $ 222.01

8 47.75% 1.81% 28.56% $12,855.85 $ 229.09

9 55.13% 1.81% 32.66% $13,265.95 $ 236.40

10 62.89% 1.81% 36.89% $13,689.14 $ 243.94

Total $2,126.59


Deutsche CROCI® Equity Dividend Fund — Class R


0.00%


$10,000


5%

Year


Fees &Expenses

AnnualFund

ExpenseRatios


Fees &Expenses


Balance AfterFees &

Expenses

Annual Fees&

Expenses

1 5.00% 1.34% 3.66% $10,366.00 $ 136.45

2 10.25% 1.46% 7.33% $10,732.96 $ 154.02

3 15.76% 1.46% 11.13% $11,112.90 $ 159.47

4 21.55% 1.46% 15.06% $11,506.30 $ 165.12

5 27.63% 1.46% 19.14% $11,913.62 $ 170.97

6 34.01% 1.46% 23.35% $12,335.37 $ 177.02

7 40.71% 1.46% 27.72% $12,772.04 $ 183.28

8 47.75% 1.46% 32.24% $13,224.17 $ 189.77

9 55.13% 1.46% 36.92% $13,692.30 $ 196.49

10 62.89% 1.46% 41.77% $14,177.01 $ 203.45

Total $1,736.04

Deutsche CROCI® Equity Dividend Fund — Class R6


0.00%


$10,000


5%

Year


Fees &Expenses

AnnualFund

ExpenseRatios


Fees &Expenses


Balance AfterFees &

Expenses

Annual Fees&

Expenses

1 5.00% 0.68% 4.32% $10,432.00 $ 69.47

2 10.25% 0.68% 8.83% $10,882.66 $ 72.47

3 15.76% 0.68% 13.53% $11,352.79 $ 75.60

4 21.55% 0.68% 18.43% $11,843.23 $ 78.87

5 27.63% 0.68% 23.55% $12,354.86 $ 82.27

6 34.01% 0.68% 28.89% $12,888.59 $ 85.83

7 40.71% 0.68% 34.45% $13,445.38 $ 89.54

8 47.75% 0.68% 40.26% $14,026.22 $ 93.40

9 55.13% 0.68% 46.32% $14,632.15 $ 97.44

10 62.89% 0.68% 52.64% $15,264.26 $101.65

Total $846.54


Deutsche CROCI® Equity Dividend Fund — Institutional Class


0.00%


$10,000


5%

Year


Fees &Expenses

AnnualFund

ExpenseRatios


Fees &Expenses


Balance AfterFees &

Expenses

Annual Fees&

Expenses

1 5.00% 0.78% 4.22% $10,422.00 $ 79.65

2 10.25% 0.78% 8.62% $10,861.81 $ 83.01

3 15.76% 0.78% 13.20% $11,320.18 $ 86.51

4 21.55% 0.78% 17.98% $11,797.89 $ 90.16

5 27.63% 0.78% 22.96% $12,295.76 $ 93.97

6 34.01% 0.78% 28.15% $12,814.64 $ 97.93

7 40.71% 0.78% 33.55% $13,355.42 $102.06

8 47.75% 0.78% 39.19% $13,919.02 $106.37

9 55.13% 0.78% 45.06% $14,506.40 $110.86

10 62.89% 0.78% 51.19% $15,118.57 $115.54

Total $966.06

Deutsche CROCI® Equity Dividend Fund — Class S


0.00%


$10,000


5%

Year


Fees &Expenses

AnnualFund

ExpenseRatios


Fees &Expenses


Balance AfterFees &

Expenses

Annual Fees&

Expenses

1 5.00% 0.80% 4.20% $10,420.00 $ 81.68

2 10.25% 0.80% 8.58% $10,857.64 $ 85.11

3 15.76% 0.80% 13.14% $11,313.66 $ 88.69

4 21.55% 0.80% 17.89% $11,788.83 $ 92.41

5 27.63% 0.80% 22.84% $12,283.97 $ 96.29

6 34.01% 0.80% 28.00% $12,799.89 $100.34

7 40.71% 0.80% 33.37% $13,337.49 $104.55

8 47.75% 0.80% 38.98% $13,897.66 $108.94

9 55.13% 0.80% 44.81% $14,481.36 $113.52

10 62.89% 0.80% 50.90% $15,089.58 $118.28

Total $989.81


Deutsche Mid Cap Value Fund — Class A


5.75%


$10,000


5%

Year


Fees &Expenses

AnnualFund

ExpenseRatios


Fees &Expenses


Balance AfterFees &

Expenses

Annual Fees&

Expenses

1 5.00% 1.24% -2.21% $ 9,779.38 $ 694.07

2 10.25% 1.24% 1.47% $10,147.08 $ 123.54

3 15.76% 1.24% 5.29% $10,528.62 $ 128.19

4 21.55% 1.24% 9.24% $10,924.49 $ 133.01

5 27.63% 1.24% 13.35% $11,335.25 $ 138.01

6 34.01% 1.24% 17.61% $11,761.46 $ 143.20

7 40.71% 1.24% 22.04% $12,203.69 $ 148.58

8 47.75% 1.24% 26.63% $12,662.55 $ 154.17

9 55.13% 1.24% 31.39% $13,138.66 $ 159.97

10 62.89% 1.24% 36.33% $13,632.67 $ 165.98

Total $1,988.72

Deutsche Mid Cap Value Fund — ClassT


2.50%


$10,000


5%

Year


Fees &Expenses

AnnualFund

ExpenseRatios


Fees &Expenses


Balance AfterFees &

Expenses

Annual Fees&

Expenses

1 5.00% 1.24% 1.17% $10,116.60 $ 373.17

2 10.25% 1.37% 4.84% $10,483.83 $ 141.11

3 15.76% 1.37% 8.64% $10,864.40 $ 146.24

4 21.55% 1.37% 12.59% $11,258.77 $ 151.54

5 27.63% 1.37% 16.67% $11,667.47 $ 157.04

6 34.01% 1.37% 20.91% $12,091.00 $ 162.75

7 40.71% 1.37% 25.30% $12,529.90 $ 168.65

8 47.75% 1.37% 29.85% $12,984.73 $ 174.78

9 55.13% 1.37% 34.56% $13,456.08 $ 181.12

10 62.89% 1.37% 39.45% $13,944.54 $ 187.69

Total $1,844.09


Deutsche Mid Cap Value Fund — Class C


0.00%


$10,000


5%

Year


Fees &Expenses

AnnualFund

ExpenseRatios


Fees &Expenses


Balance AfterFees &

Expenses

Annual Fees&

Expenses

1 5.00% 1.99% 3.01% $10,301.00 $ 201.99

2 10.25% 1.99% 6.11% $10,611.06 $ 208.07

3 15.76% 1.99% 9.30% $10,930.45 $ 214.34

4 21.55% 1.99% 12.59% $11,259.46 $ 220.79

5 27.63% 1.99% 15.98% $11,598.37 $ 227.44

6 34.01% 1.99% 19.47% $11,947.48 $ 234.28

7 40.71% 1.99% 23.07% $12,307.10 $ 241.33

8 47.75% 1.99% 26.78% $12,677.54 $ 248.60

9 55.13% 1.99% 30.59% $13,059.14 $ 256.08

10 62.89% 1.99% 34.52% $13,452.22 $ 263.79

Total $2,316.71

Deutsche Mid Cap Value Fund — Class R


0.00%


$10,000


5%

Year


Fees &Expenses

AnnualFund

ExpenseRatios


Fees &Expenses


Balance AfterFees &

Expenses

Annual Fees&

Expenses

1 5.00% 1.49% 3.51% $10,351.00 $ 151.61

2 10.25% 1.59% 7.04% $10,703.97 $ 167.39

3 15.76% 1.59% 10.69% $11,068.97 $ 173.09

4 21.55% 1.59% 14.46% $11,446.43 $ 179.00

5 27.63% 1.59% 18.37% $11,836.75 $ 185.10

6 34.01% 1.59% 22.40% $12,240.38 $ 191.41

7 40.71% 1.59% 26.58% $12,657.78 $ 197.94

8 47.75% 1.59% 30.89% $13,089.41 $ 204.69

9 55.13% 1.59% 35.36% $13,535.76 $ 211.67

10 62.89% 1.59% 39.97% $13,997.33 $ 218.89

Total $1,880.79


Deutsche Mid Cap Value Fund — Class R6


0.00%


$10,000


5%

Year


Fees &Expenses

AnnualFund

ExpenseRatios


Fees &Expenses


Balance AfterFees &

Expenses

Annual Fees&

Expenses

1 5.00% 0.88% 4.12% $10,412.00 $ 89.81

2 10.25% 0.88% 8.41% $10,840.97 $ 93.51

3 15.76% 0.88% 12.88% $11,287.62 $ 97.37

4 21.55% 0.88% 17.53% $11,752.67 $ 101.38

5 27.63% 0.88% 22.37% $12,236.88 $ 105.55

6 34.01% 0.88% 27.41% $12,741.04 $ 109.90

7 40.71% 0.88% 32.66% $13,265.97 $ 114.43

8 47.75% 0.88% 38.13% $13,812.53 $ 119.15

9 55.13% 0.88% 43.82% $14,381.61 $ 124.05

10 62.89% 0.88% 49.74% $14,974.13 $ 129.17

Total $1,084.32

Deutsche Mid Cap Value Fund — Institutional Class


0.00%


$10,000


5%

Year


Fees &Expenses

AnnualFund

ExpenseRatios


Fees &Expenses


Balance AfterFees &

Expenses

Annual Fees&

Expenses

1 5.00% 0.98% 4.02% $10,402.00 $ 99.97

2 10.25% 0.98% 8.20% $10,820.16 $ 103.99

3 15.76% 0.98% 12.55% $11,255.13 $ 108.17

4 21.55% 0.98% 17.08% $11,707.59 $ 112.52

5 27.63% 0.98% 21.78% $12,178.23 $ 117.04

6 34.01% 0.98% 26.68% $12,667.80 $ 121.75

7 40.71% 0.98% 31.77% $13,177.04 $ 126.64

8 47.75% 0.98% 37.07% $13,706.76 $ 131.73

9 55.13% 0.98% 42.58% $14,257.77 $ 137.03

10 62.89% 0.98% 48.31% $14,830.93 $ 142.53

Total $1,201.37


Deutsche Mid Cap Value Fund — Class S


0.00%


$10,000


5%

Year


Fees &Expenses

AnnualFund

ExpenseRatios


Fees &Expenses


Balance AfterFees &

Expenses

Annual Fees&

Expenses

1 5.00% 0.99% 4.01% $10,401.00 $ 100.98

2 10.25% 1.01% 8.16% $10,816.00 $ 107.15

3 15.76% 1.01% 12.48% $11,247.56 $ 111.42

4 21.55% 1.01% 16.96% $11,696.34 $ 115.87

5 27.63% 1.01% 21.63% $12,163.02 $ 120.49

6 34.01% 1.01% 26.48% $12,648.32 $ 125.30

7 40.71% 1.01% 31.53% $13,152.99 $ 130.30

8 47.75% 1.01% 36.78% $13,677.80 $ 135.50

9 55.13% 1.01% 42.24% $14,223.54 $ 140.90

10 62.89% 1.01% 47.91% $14,791.06 $ 146.52

Total $1,234.43

ADDITIONAL INDEX INFORMATION


Standard & Poor’s 500 Index (S&P 500) is an unmanaged, capitalization-weighted index of 500 stocks. The index isdesigned to measure performance of the broad domestic economy through changes in the aggregate market value of 500stocks representing all major industries.


Russell Midcap® Value Index is an unmanaged index measuring the performance of those Russell Midcap companieswith lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000Value Index.


Appendix B

SALES CHARGE WAIVERS AND DISCOUNTS AVAILABLE THROUGH INTERMEDIARIES

The availability of certain sales charge waivers and discounts may depend on whether you purchase your shares directlyfrom the fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding theavailability of front-end sales load waivers or contingent deferred (back-end) sales load (“CDSC”) waivers. In all instances,it is the shareholder’s responsibility to notify the fund or the purchaser’s financial intermediary at the time of purchase ofany relationship or other facts qualifying the shareholder for sales charge waivers or discounts. For waivers and discountsnot available through a particular intermediary, shareholders will have to purchase fund shares directly from the fund orthrough another intermediary.

The financial intermediary sales charge waivers, discounts, policies or procedures disclosed in this Appendix may varyfrom those disclosed elsewhere in the fund’s prospectus or SAI and are subject to change. This Appendix will be updatedbased on information provided by the financial intermediaries. Neither the fund, the Advisor nor the Distributor super-vises the implementation of financial intermediary sales charge waivers, discounts, policies or procedures nor do theyverify the intermediaries’ administration of such waivers, discounts, policies or procedures.

MERRILL LYNCH CLASS A AND C SALES CHARGE WAIVERS AND DISCOUNTS

Effective April 10, 2017, shareholders purchasing fund shares through a Merrill Lynch platform or account will be eligibleonly for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales chargewaivers) and discounts, which may differ from those disclosed elsewhere in each fund’s prospectus or SAI.

Front-end Sales Load Waivers on Class A Shares Available at Merrill Lynch

� Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts)and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage accountand shares are held for the benefit of the plan

� Shares purchased by or through a 529 Plan� Shares purchased through a Merrill Lynch affiliated investment advisory program� Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform� Shares of funds purchased through the Merrill Lynch Edge Self-Directed platform (if applicable)� Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing

shares of the same fund (but not any other fund within the fund family)� Shares exchanged from Class C (i.e., level-load) shares of the same fund in the month of or following the 10-year anni-

versary of the purchase date� Employees and registered representatives of Merrill Lynch or its affiliates and their family members� Directors or Trustees of the fund, and employees of the fund’s investment adviser or any of its affiliates, as described in

this prospectus� Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs

within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemedshares were subject to a front-end or deferred sales load (known as Rights of Reinstatement)

CDSC Waivers on Class A and C Shares Available at Merrill Lynch

� Death or disability of the shareholder� Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus� Return of excess contributions from an IRA Account� Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching

age 70½� Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

59Prospectus March 1, 2018 Appendix B

� Shares acquired through a right of reinstatement� Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain

fee based accounts or platforms (applicable to A and C shares only)

Front-end Load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent

� Breakpoints as described in this prospectus� Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based

on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch.Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder noti-fies his or her financial advisor about such assets

� Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, throughMerrill Lynch, over a 13-month period of time (if applicable)

CLASS A WAIVERS APPLICABLE TO PURCHASE THROUGH LPL FINANCIAL

For those accounts where LPL Financial is listed as the broker dealer, the Class A sales charge waivers listed under “ClassA NAV Sales” in the “Choosing a Share Class” sub-section of the “Investing in the Funds” section of the prospectusapply, except that the Class A sales charge waiver number (12) (relating to purchases of Class A shares by employer-sponsored retirement plans) is replaced with the following waiver:

Class A shares may be purchased without a sales charge by group retirement plans, which are employer-sponsored retire-ment plans, deferred compensation plans, employee benefit plans (including health savings accounts) and trusts usedto fund those plans.

To satisfy eligibility requirements, the plan must be a group retirement plan (more than one participant), the shares cannotbe held in a commission-based brokerage account at LPL Financial, and� the shares must be held at a plan level or� the shares must be held through an omnibus account of a retirement plan record-keeper.Group retirement plans include group employer-sponsored 401(k) plans, employer-sponsored 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, retiree health benefitplans, and non-qualified deferred compensation plans. Traditional IRAs, Roth IRAs, Coverdell Education Savings Accounts,SEPs, SARSEPs, SIMPLE IRAs, KEOGHs, individual 401(k) or individual 403(b) plans do not qualify under this waiver.

LPL Financial is responsible for the implementation of this waiver on its platform.

60Prospectus March 1, 2018 Appendix B

TO GET MORE INFORMATION

Shareholder reports. Additional information about afund’s investments is available in a fund’s annual and semi-annual reports to shareholders. In the annual report, youwill find a discussion of the market conditions and invest-ment strategies that significantly affected fundperformance during its last fiscal year.

Statement of Additional Information (SAI). This tells youmore about a fund’s features and policies, including addi-tional risk information. The SAI is incorporated by referenceinto this document (meaning that it’s legally part of thisprospectus).

For a free copy of any of these documents or to requestother information about a fund, contact Deutsche AssetManagement (“Deutsche AM”) at the phone number oraddress listed below. SAIs and shareholder reports are alsoavailable through the Deutsche AM Web site atdeutschefunds.com. These documents and other informa-tion about each fund are available from the EDGARDatabase on the SEC’s Internet site at sec.gov. If you like,you may obtain copies of this information, after paying aduplicating fee, by e-mailing a request [email protected] or by writing the SEC at the addresslisted below.

You can also review and copy these documents and otherinformation about each fund, including each fund’s SAI,at the SEC’s Public Reference Room in Washington, D.C.Information on the operation of the SEC’s Public ReferenceRoom may be obtained by calling the SEC at (202)551-8090.

In order to reduce the amount of mail you receive and tohelp reduce expenses, we generally send a single copy ofany shareholder report and prospectus to each household.If you do not want the mailing of these documents to becombined with those for other members of your house-hold, please contact your financial advisor or call thenumber provided.

CONTACT INFORMATION

Deutsche Asset Manage-ment

PO Box 219151Kansas City, MO64121-9151deutschefunds.com

Shareholders:(800) 728-3337Investment professionals:(800) 621-5027

SEC Public Reference SectionWashington, D.C. 20549-1520sec.gov

Distributor Deutsche AM Distributors, Inc.222 South Riverside PlazaChicago, IL 60606-5808(800) 621-1148

SEC File Number Deutsche Value Series, Inc.Deutsche CROCI ® Equity Dividend Fund811-5385Deutsche Value Series, Inc.Deutsche Mid Cap Value Fund811-5385

(03/01/18) DVF1-1

deutsche global income builder fund deutsche … march 1, 2018 ... reimbursement 1.03 1.09 1.81 1.34...

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