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

Transcription

1 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 Current Fund Name NEW TRUST / CORPORATION NAME New Fund Name DEUTSCHE ASSET ALLOCATION TRUST Deutsche Multi-Asset Conservative Allocation Fund Deutsche Multi-Asset Global Allocation Fund Deutsche Multi-Asset Moderate Allocation Fund DEUTSCHE GLOBAL/INTERNATIONAL FUND, INC. Deutsche Emerging Markets Fixed Income Fund Deutsche European Equity Fund Deutsche Global Infrastructure Fund Deutsche Global Small Cap Fund Deutsche High Conviction Global Bond Fund Deutsche International Growth Fund DEUTSCHE INCOME TRUST Deutsche Fixed Income Opportunities Fund Deutsche Global High Income Fund Deutsche GNMA Fund Deutsche High Income Fund Deutsche Multisector Income Fund Deutsche Short Duration Fund Deutsche Short Duration High Income Fund DEUTSCHE INSTITUTIONAL FUNDS Deutsche EAFE Equity Index Fund Deutsche Equity 500 Index Fund (a feeder fund of Deutsche Equity 500 Index Portfolio) Deutsche S&P 500 Index Fund (a feeder fund of Deutsche Equity 500 Index Portfolio) Deutsche U.S. Bond Index Fund Deutsche U.S. Multi-Factor Fund DEUTSCHE INTERNATIONAL FUND, INC. Deutsche CROCI International Fund Deutsche Emerging Markets Equity Fund Deutsche Global Macro Fund Deutsche Latin America Equity Fund Deutsche World Dividend Fund DEUTSCHE DWS ASSET ALLOCATION TRUST DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Global Allocation Fund DWS Multi-Asset Moderate Allocation Fund DEUTSCHE DWS GLOBAL/INTERNATIONAL FUND, INC. DWS Emerging Markets Fixed Income Fund DWS European Equity Fund DWS RREEF Global Infrastructure Fund DWS Global Small Cap Fund DWS High Conviction Global Bond Fund DWS International Growth Fund DEUTSCHE DWS INCOME TRUST DWS Fixed Income Opportunities Fund DWS Global High Income Fund DWS GNMA Fund DWS High Income Fund DWS Multisector Income Fund DWS Short Duration Fund DWS Short Duration High Income Fund DEUTSCHE DWS INSTITUTIONAL FUNDS DWS EAFE Equity Index Fund DWS Equity 500 Index Fund (a feeder fund of Deutsche DWS Equity 500 Index Portfolio) DWS S&P 500 Index Fund (a feeder fund of Deutsche DWS Equity 500 Index Portfolio) DWS U.S. Bond Index Fund DWS U.S. Multi-Factor Fund DEUTSCHE DWS INTERNATIONAL FUND, INC. DWS CROCI International Fund DWS Emerging Markets Equity Fund DWS Global Macro Fund DWS Latin America Equity Fund DWS World Dividend Fund May 18, 2018 PRO_SAISTKR-419

2 CURRENT TRUST / CORPORATION NAME Current Fund Name NEW TRUST / CORPORATION NAME New Fund Name DEUTSCHE INVESTMENT TRUST Deutsche Capital Growth Fund Deutsche Core Equity Fund Deutsche CROCI U.S. Fund Deutsche Large Cap Focus Growth Fund Deutsche Small Cap Core Fund Deutsche Small Cap Growth Fund DEUTSCHE INVESTMENTS VIT FUNDS Deutsche Equity 500 Index VIP Deutsche Small Cap Index VIP DEUTSCHE MARKET TRUST Deutsche Global Income Builder Fund Deutsche Real Assets Fund DEUTSCHE MONEY FUNDS Deutsche Money Market Prime Series Class Names: Deutsche Cash Investment Trust Class A Deutsche Cash Investment Trust Class C Deutsche Cash Investment Trust Class S Deutsche Money Market Fund DEUTSCHE MUNICIPAL TRUST Deutsche Managed Municipal Bond Fund Deutsche Short-Term Municipal Bond Fund Deutsche Strategic High Yield Tax-Free Fund DEUTSCHE PORTFOLIO TRUST Deutsche Floating Rate Fund Deutsche Total Return Bond Fund DEUTSCHE SECURITIES TRUST Deutsche Communications Fund Deutsche CROCI Sector Opportunities Fund Deutsche Enhanced Commodity Strategy Fund Deutsche Global Real Estate Securities Fund Deutsche Health and Wellness Fund Deutsche MLP & Energy Infrastructure Fund Deutsche Real Estate Securities Fund Deutsche Science and Technology Fund DEUTSCHE STATE TAX-FREE INCOME SERIES Deutsche California Tax-Free Income Fund Deutsche Massachusetts Tax-Free Fund Deutsche New York Tax-Free Income Fund DEUTSCHE TAX FREE TRUST Deutsche Intermediate Tax/AMT Free Fund DEUTSCHE DWS INVESTMENT TRUST DWS Capital Growth Fund DWS Core Equity Fund DWS CROCI U.S. Fund DWS Large Cap Focus Growth Fund DWS Small Cap Core Fund DWS Small Cap Growth Fund DEUTSCHE DWS INVESTMENTS VIT FUNDS DWS Equity 500 Index VIP DWS Small Cap Index VIP DEUTSCHE DWS MARKET TRUST DWS Global Income Builder Fund DWS RREEF Real Assets Fund DEUTSCHE DWS MONEY FUNDS DWS Money Market Prime Series Class Names: DWS Cash Investment Trust Class A DWS Cash Investment Trust Class C DWS Cash Investment Trust Class S DWS Money Market Fund DEUTSCHE DWS MUNICIPAL TRUST DWS Managed Municipal Bond Fund DWS Short-Term Municipal Bond Fund DWS Strategic High Yield Tax-Free Fund DEUTSCHE DWS PORTFOLIO TRUST DWS Floating Rate Fund DWS Total Return Bond Fund DEUTSCHE DWS SECURITIES TRUST DWS Communications Fund DWS CROCI Sector Opportunities Fund DWS Enhanced Commodity Strategy Fund DWS RREEF Global Real Estate Securities Fund DWS Health and Wellness Fund DWS RREEF MLP & Energy Infrastructure Fund DWS RREEF Real Estate Securities Fund DWS Science and Technology Fund DEUTSCHE DWS STATE TAX-FREE INCOME SERIES DWS California Tax-Free Income Fund DWS Massachusetts Tax-Free Fund DWS New York Tax-Free Income Fund DEUTSCHE DWS TAX FREE TRUST DWS Intermediate Tax/AMT Free Fund May 18, 2018 PRO_SAISTKR-419 2

3 CURRENT TRUST / CORPORATION NAME Current Fund Name NEW TRUST / CORPORATION NAME New Fund Name DEUTSCHE VALUE SERIES, INC. Deutsche CROCI Equity Dividend Fund Deutsche Mid Cap Value Fund DEUTSCHE VARIABLE SERIES I Deutsche Bond VIP Deutsche Capital Growth VIP Deutsche Core Equity VIP Deutsche CROCI International VIP Deutsche Global Small Cap VIP DEUTSCHE VARIABLE SERIES II Deutsche Alternative Asset Allocation VIP Deutsche CROCI U.S. VIP Deutsche Global Equity VIP Deutsche Global Income Builder VIP Deutsche Government & Agency Securities VIP Deutsche Government Money Market VIP Deutsche High Income VIP Deutsche International Growth VIP Deutsche Multisector Income VIP Deutsche Small Mid Cap Growth VIP Deutsche Small Mid Cap Value VIP DEUTSCHE DWS VALUE SERIES, INC. DWS CROCI Equity Dividend Fund DWS Mid Cap Value Fund DEUTSCHE DWS VARIABLE SERIES I DWS Bond VIP DWS Capital Growth VIP DWS Core Equity VIP DWS CROCI International VIP DWS Global Small Cap VIP DEUTSCHE DWS VARIABLE SERIES II DWS Alternative Asset Allocation VIP DWS CROCI U.S. VIP DWS Global Equity VIP DWS Global Income Builder VIP DWS Government & Agency Securities VIP DWS Government Money Market VIP DWS High Income VIP DWS International Growth VIP DWS Multisector Income VIP DWS Small Mid Cap Growth 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 May 18, 2018 PRO_SAISTKR-419 3

4 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES Cash AccountTrust Deutsche Government & Agency Securities Portfolio Deutsche Tax-Exempt Portfolio Deutsche CaliforniaTax-Free Income Fund Deutsche Capital Growth Fund Deutsche Communications Fund Deutsche Core Equity Fund Deutsche CROCI Equity Dividend Fund Deutsche CROCI International Fund Deutsche CROCI Sector Opportunities Fund Deutsche CROCI U.S. Fund Deutsche EAFE Equity Index Fund Deutsche Emerging Markets Equity Fund Deutsche Emerging Markets Fixed Income Fund Deutsche Enhanced Commodity Strategy Fund Deutsche Equity 500 Index Fund Deutsche European Equity Fund Deutsche Fixed Income Opportunities Fund Deutsche Floating Rate Fund Deutsche Global High Income Fund Deutsche Global Income Builder Fund Deutsche Global Infrastructure Fund Deutsche Global Macro Fund Deutsche Global Real Estate Securities Fund Deutsche Global Small Cap Fund Deutsche GNMA Fund Deutsche Government Cash Management Fund Deutsche Government Cash Reserves Fund Institutional Deutsche Government Money Market Series Deutsche Health and Wellness Fund Deutsche High Conviction Global Bond Fund Deutsche High Income Fund Deutsche IntermediateTax/AMT Free Fund Deutsche International Growth Fund Deutsche Large Cap Focus Growth Fund Deutsche Latin America Equity Fund Deutsche Managed Municipal Bond Fund Deutsche MassachusettsTax-Free Fund Deutsche Mid Cap Value Fund Deutsche MLP & Energy Infrastructure Fund Deutsche Money Market Prime Series Deutsche Multi-Asset Conservative Allocation Fund Deutsche Multi-Asset Global Allocation Fund Deutsche Multi-Asset Moderate Allocation Fund Deutsche Multisector Income Fund Deutsche NewYorkTax-Free Income Fund Deutsche Real Assets Fund Deutsche Real Estate Securities Fund Deutsche S&P 500 Index Fund Deutsche Science andtechnology Fund Deutsche Short Duration Fund Deutsche Short Duration High Income Fund Deutsche Short-Term Municipal Bond Fund Deutsche Small Cap Core Fund Deutsche Small Cap Growth Fund Deutsche Strategic HighYieldTax-Free Fund DeutscheTotal Return Bond Fund Deutsche U.S. Bond Index Fund Deutsche U.S. Multi-Factor Fund Deutsche Ultra-Short Investment Grade Fund Deutsche Variable NAV Money Fund Deutsche World Dividend Fund Investors CashTrust Deutsche Treasury Portfolio Deutsche Variable Series I: Deutsche Bond VIP Deutsche Capital Growth VIP Deutsche Core Equity VIP Deutsche CROCI International VIP Deutsche Global Small Cap VIP Deutsche Variable Series II: Deutsche Alternative Asset Allocation VIP Deutsche CROCI U.S. VIP Deutsche Global Equity VIP Deutsche Global Income Builder VIP Deutsche Government & Agency Securities VIP Deutsche Government Money Market VIP Deutsche High Income VIP Deutsche International Growth VIP Deutsche Multisector Income VIP Deutsche Small Mid Cap Growth VIP Deutsche Small Mid Cap Value VIP Deutsche Investments VIT Funds: Deutsche Equity 500 Index VIP Deutsche Small Cap Index VIP Deutsche Bank AG reorganized its asset management division, Deutsche Asset Management, into a separate financial services firm, DWS Group GmbH & Co. KGaA ( DWS Group ). DWS Group recently completed the sale of a minority ownership interest to third party investors as part of a public offering listed on the Frankfurt Stock Exchange (there will be no public offer of the securities in the United States of America) and is now a separate, publicly-listed financial services firm but 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 investment advisory affiliates, including RREEF America L.L.C., became indirect, wholly-owned subsidiaries of DWS Group. DIMA s foreign-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 Management 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 continues the business of Deutsche Asset Management and represents the asset management activities conducted by DWS Group or any of its subsidiaries, including DIMA, the other affiliated investment advisors and DWS Distributors, Inc. DWS is a global April4,2018 PROSTKR-1005

5 organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. The following information supplements the disclosure under the Multi-Manager Structure sub-heading of the WHO MANAGES 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 the same company that, indirectly or directly, wholly owns the Advisor. Please Retain This Supplement for Future Reference April4,2018 PROSTKR

6 Prospectus December 21, 2017 Deutsche U.S. Multi-Factor Fund CLASS/TICKER R6 DMFRX INST DMFJX As with all mutual funds, the Securities and Exchange Commission (SEC) does not approve or disapprove these shares or determine whether the information in this prospectus is truthful or complete. It is a criminal offense for anyone to inform you otherwise.

7 Table of Contents DEUTSCHE U.S. MULTI-FACTOR FUND Investment Objective... 1 Fees and Expenses of the Fund... 1 Principal Investment Strategy... 1 Main Risks... 3 Past Performance... 5 Management... 5 Purchase and Sale of Fund Shares... 5 Tax Information... 6 Payments to Broker-Dealers and Other Financial Intermediaries... 6 FUND DETAILS Additional Information About Fund Strategies and Risks... 7 Other Policies and Risks Who Manages and Oversees the Fund Management INVESTING IN THE FUND Choosing a Share Class Buying, Exchanging and Selling Institutional Class Shares How to Buy Shares How to Exchange Shares How to Sell Shares How to Buy, Sell and Exchange Class R6 Shares Financial Intermediary Support Payments (not applicable to Class R6) Policies You Should Know About Policies About Transactions How the Fund Calculates Share Price Other RightsWe Reserve Understanding Distributions andtaxes FINANCIAL HIGHLIGHTS APPENDIX Hypothetical Expense Summary Additional Index Information YOUR INVESTMENT IN THE FUND IS NOT A BANK DEPOSIT AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY, ENTITY OR PERSON.

8 Deutsche U.S. Multi-Factor Fund INVESTMENT OBJECTIVE The fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 Comprehensive Factor Index. FEES AND EXPENSES OF THE FUND These are the fees and expenses you may pay when you buy and hold shares. SHAREHOLDER FEES (paid directly from your investment) None ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) R6 INST Management fee Distribution/service (12b-1) fees None None Other expenses Total annual fund operating expenses Fee waiver/expense reimbursement Total annual fund operating expenses after fee waiver/ expense reimbursement Other expenses are based on estimated amounts for the current fiscal year. The Advisor has contractually agreed through December 20, 2018 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expenses) at ratios no higher than 0.30% and 0.35% for Class R6 and Institutional Class, respectively. The agreement may only be terminated with the consent of the fund s Board. EXAMPLE This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund s operating expenses (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Years R6 INST 1 $ 31 $ PORTFOLIO TURNOVER The fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund s performance. Portfolio turnover rate for the period from May 1, 2017 (commencement of operations) through August 31, 2017: 10%. PRINCIPAL INVESTMENT STRATEGY Main investments. Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in equity securities issued by US companies. The fund, using a passive or indexing investment approach, seeks investment results, before fees and expenses, that correspond generally to the performance of the Russell 1000 Comprehensive Factor Index (the Underlying Index ), which is designed to track the equity market performance of companies in the United States selected Prospectus December 21, Deutsche U.S. Multi-Factor Fund

9 on the investment style criteria ( factors ) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The index provider, Frank Russell Company ( Index Provider ), selects companies from the starting universe for the Underlying Index by applying a consistent rules-based methodology to achieve exposure to companies demonstrating the factors listed below, while considering levels of diversification and capacity: Value. Value investing generally refers to a strategy that buys stocks whose price is lower than the fundamental value of the stock. The Index Provider s methodology for measuring the value factor attempts to identify stocks that have low prices relative to their fundamental value and that provide the possibility of excess returns. The value score is calculated by measuring a company s valuation based on, among other things, cash-flow yield, earnings yield and sales to price and then comparing it to the company s valuation based on share price. Momentum. Momentum style investing emphasizes investing in securities that have had higher recent price performance compared to other securities, with the expectation that this will continue to produce short term excess returns in the future. The momentum score is calculated based on each company s cumulative 11 month return. The Index Provider s methodology for measuring the momentum factor attempts to identify stocks with stronger past performance over the short term. Quality. The Index Provider s methodology for measuring the quality factor attempts to identify stocks that are characterized by low debt, stable earnings growth, and other quality metrics, with the expectation that these will provide the possibility of excess returns. The quality score is calculated from a company s leverage and profitability (e.g., return on assets, asset turnover and accruals). Low Volatility. Volatility is a statistical measurement of the magnitude of increases or decreases in a stock s price over time. The low volatility score is calculated based on the standard deviation of 5 years of weekly total returns. Low volatility investing is a strategy based on the concept that stocks that exhibit low volatility tend to perform better than stocks with higher volatility. The Index Provider s methodology for measuring the low volatility factor attempts to identify stocks with a historically lower risk (and higher return) profile relative to higher risk. Size. The size factor seeks to capture excess returns of smaller companies relative to larger counterparts. The size score is calculated based on the full market capitalization of a company. The Index Provider s methodology for measuring the size factor attempts to identify stocks of smaller companies relative to their larger counterparts, with the expectation that these will provide the possibility of excess returns. Companies are weighted in the Underlying Index based on their relative exposure to all five factors with companies that have higher factor scores receiving larger weightings. While no one factor is favored, in terms of weighting, the factors may not be weighted equally at all times. Companies that do not display meaningful multi-factor characteristics are not eligible for inclusion in the Underlying Index. As of September 30, 2017, the Underlying Index consisted of 823 securities, with an average market capitalization of approximately $28.79 billion and a minimum market capitalization of approximately $1.06 billion. As of September 30, 2017, the Underlying Index was wholly comprised of securities of issuers from the United States. The fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to the extent that its Underlying Index is concentrated. As of September 30, 2017, a significant percentage of the Underlying Index was comprised of issuers in the financial services (23.5%), industrials (19.9%) and consumer discretionary (16.1%) sectors. The fund will invest at least 80% of its total assets (but typically far more) in instruments that comprise its Underlying Index. The fund may also invest in depositary receipts in respect of equity securities that comprise the Underlying Index to seek performance that corresponds to the fund s Underlying Index. Investments in such depositary receipts will count towards the fund s 80% investment policy discussed above with respect to instruments that comprise the Underlying Index. The fund may invest up to 20% in other securities, including securities not in the Underlying Index, money market funds advised by the Advisor, convertible securities and structured notes (notes on which the amount of principal repayment and interest payments are based on the movement of one or more specified factors, such as the movement of a particular stock or stock index). Management process. Portfolio management seeks a long-term correlation between fund performance, before expenses, and the Underlying Index of 95% or better (perfect correlation being 100%). Portfolio management seeks to replicate, before expenses, the risk and return characteristics of the Underlying Index through investments in equity securities of companies that make up the Underlying Index, in approximately the same weightings as the Underlying Index. At times, the fund may use a representative sampling indexing strategy in seeking to Prospectus December 21, Deutsche U.S. Multi-Factor Fund

10 track the Underlying Index, meaning it generally will invest in a sample of securities included in the Underlying Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. Portfolio management may limit or avoid exposure to any stock in the Underlying Index if it believes the stock is illiquid or that extraordinary conditions have cast doubt on its merits. Conversely, portfolio management may gain exposure to a stock not included in the Underlying Index when it believes such exposure is consistent with the fund s goals (for example, in anticipation of a stock being added to the Underlying Index). Derivatives. Portfolio management generally may use futures contracts, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities), as a substitute for direct investment in a particular asset class, to keep cash on hand to meet shareholder redemptions or for other needs while maintaining exposure to the stock market. The fund may also use other types of derivatives (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. Securities Lending. The fund may lend securities (up to one-third of total assets) to approved institutions. MAIN RISKS There are several risk factors that could hurt the fund s performance, cause you to lose money or cause the fund s performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Stock market risk. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock s issuer, shrinking product demand and other business risks. These may affect single companies as well as groups of companies. In addition, movements in financial markets may adversely affect a stock s price, regardless of how well the company performs. The market as a whole may not favor the types of investments the fund makes, which could affect the fund s ability to sell them at an attractive price. To the extent the fund invests in a particular capitalization or sector, the fund s performance may be affected by the general performance of that particular capitalization or sector. Index construction risk. A stock included in the Underlying Index may not exhibit the factor trait or provide specific factor exposure for which it was selected and consequently the fund s holdings may not exhibit returns consistent with that factor trait. Multifactor risk. The Underlying Index, and thus the fund, seeks to provide exposure to large-cap stocks in the United States based on the following factors: value, momentum, quality, low volatility and size. There can be no assurance that targeting exposure to such investment factors will enhance the fund s performance over time. It is expected that targeting exposure to such investment factors will detract from performance in some market environments, perhaps for extended periods. In such circumstances, portfolio management will seek to maintain exposure to the targeted investment factors and will not adjust the fund s investment process to target different factors. Value securities risk. Securities issued by companies that may be perceived as undervalued may fail to appreciate for long periods of time and may never realize their full potential value. The rules-based methodology may be unsuccessful in creating an index that emphasizes undervalued securities. Momentum securities risk. Investing in or having exposure to securities with positive momentum entails investing in securities that have had above-average recent returns. Momentum can turn quickly, and stocks that previously exhibited high positive momentum characteristics may not experience continued positive momentum. The momentum style of investing is subject to the risk that the securities may be more volatile than the market as a whole, or that the returns on securities that previously have exhibited price momentum will be less than returns on other styles of investing. Quality stocks risk. Stocks included in the Underlying Index are deemed to be quality stocks pursuant to the Underlying Index s methodology (based on such factors as profitability, efficiency and earnings quality), but there is no guarantee that the past performance of these stocks will continue. Companies that issue these stocks may experience lower than expected returns or may experience negative growth, as well as increased leverage, resulting in lower than expected or negative returns to fund shareholders. Many factors can affect a stock s quality and performance, and the impact of these factors on a stock or its price can be difficult to predict. Volatility risk. Although the Underlying Index was created to seek lower volatility than the Russell 1000 Index, there is no guarantee that these strategies will be successful. The rules-based methodology of the Underlying Index may be unsuccessful in creating an index that minimizes volatility, and there is a risk that the fund may experience more than minimum volatility. Securities in the fund s portfolio Prospectus December 21, Deutsche U.S. Multi-Factor Fund

11 may be subject to price volatility and the prices may not be any less volatile than the Russell 1000 Index, and could be more volatile. Concentration risk. Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting the particular segment of the market in which the fund concentrates may have a significant impact on the fund s performance. Consumer discretionary sector risk. The fund invests a significant portion of its assets in securities issued by companies in the consumer discretionary sector in order to track the Underlying Index s allocation to that sector. Companies engaged in the consumer discretionary sector are subject to fluctuations in supply and demand. These companies may also be adversely affected by changes in consumer spending as a result of world events, political and economic conditions, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations. Financial services sector risk. The fund invests a significant portion of its assets in securities of issuers in the financial services sector in order to track the Underlying Index s allocation to that sector. The financial services sector is subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition. In addition, the deterioration of the credit markets in 2007 and ensuing financial crisis in 2008 resulted, and may continue to result, in an unusually high degree of volatility in the financial markets. Industrials sector risk. The fund invests a significant portion of its assets in securities issued by companies in the industrials sector in order to track the Underlying Index s allocation to that sector. The industrials sector includes companies engaged in the manufacture and distribution of capital goods, such as those used in defense, construction and engineering, companies that manufacture and distribute electrical equipment and industrial machinery and those that provide commercial and transportation services and supplies. Companies in the industrials sector may be adversely affected by changes in government regulation, world events and economic conditions. In addition, companies in the industrials sector may be adversely affected by environmental damages, product liability claims and exchange rates. Indexing risk. While the exposure of the Underlying Index to its component securities is by definition 100%, the fund s effective exposure to Underlying Index securities may vary over time. Because the fund, as an index fund, is designed to maintain a high level of exposure to its Underlying Index at all times, it will not take any steps to invest defensively or otherwise reduce the risk of loss during market downturns. Tracking error risk. The performance of the fund may diverge from that of its Underlying Index for a number of reasons, including operating expenses, transaction costs, cash flows and operational inefficiencies. The fund s return also may diverge from the return of the Underlying Index because the fund bears the costs and risks associated with buying and selling securities (especially when rebalancing the fund s securities holdings to reflect changes in the Underlying Index) while such costs and risks are not factored into the return of the Underlying Index. Market disruptions and regulatory restrictions could have an adverse effect on the fund s ability to adjust its exposure to the required levels in order to track the Underlying Index. In addition, if portfolio management uses a representative sampling approach (investing in a representative selection of securities included in the Underlying Index rather than all securities in the Underlying Index) it may cause the fund to not be as well correlated with the return of the Underlying Index as would be the case if the fund purchased all of the securities in the Underlying Index in the proportions represented in the Underlying Index. Errors in the Underlying Index data, the Underlying Index computations and/or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the fund and its shareholders. For tax efficiency purposes, the fund may sell certain securities, and such sale may cause the fund to realize a loss and deviate from the performance of Underlying Index. In light of the factors discussed above, the fund s return may deviate significantly from the return of the Underlying Index. Derivatives risk. Risks associated with derivatives may include the risk that the derivative is not well correlated with the security, index or currency to which it relates; the risk that derivatives may result in losses or missed opportunities; the risk that the fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; and the risk that the derivative transaction could expose the fund to the effects of leverage, which could increase the fund s exposure to the market and magnify potential losses. Counterparty risk. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund. Prospectus December 21, Deutsche U.S. Multi-Factor Fund

12 Liquidity risk. In certain situations, it may be difficult or impossible to sell an investment and/or the fund may have to sell certain investments at a price or time that is not advantageous in order to meet redemption requests or other cash needs. Pricing risk. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment s sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares. Non-diversification risk. The fund is classified as non-diversified under the Investment Company Act of 1940, as amended. This means that the fund may invest in securities of relatively few issuers. Thus, the performance of one or a small number of portfolio holdings can affect overall performance. Securities lending risk. Anydeclineinthevalueofaportfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect performance. Also, there may be delays in recovery of securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially while holding the security. Operational and technology risk. Cyber-attacks, disruptions, or failures that affect the fund s service providers or counterparties, issuers of securities held by the fund, or other market participants may adversely affect the fund and its shareholders, including by causing losses for the fund or impairing fund operations. PAST PERFORMANCE Since the fund commenced operations on May 1, 2017, performance information is not available for a full calendar year. When performance information is available it can show how a fund s returns vary from year to year and can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. MANAGEMENT Investment Advisor Deutsche Investment Management Americas Inc. Portfolio Manager(s) Bryan Richards, CFA, Director. Portfolio Manager of the fund. Began managing the fund in Patrick Dwyer, Director. Portfolio Manager of the fund. Began managing the fund in Navid Sohrabi, CFA, Vice President. Portfolio Manager of the fund. Began managing the fund in December Shlomo Bassous, Vice President. Portfolio Manager of the fund. Began managing the fund in December Charlotte Cipolletti, Associate. Portfolio Manager of the fund. Began managing the fund in December PURCHASE AND SALE OF FUND SHARES MINIMUM INITIAL INVESTMENT ($) Automatic Non-IRA IRAs UGMAs/ UTMAs Investment Plans R6 None N/A N/A N/A INST 1,000,000 N/A N/A N/A In certain instances, the minimum initial investment may be waived for Institutional Class shares. There is no minimum additional investment for Institutional Class and Class R6 shares. TO PLACE ORDERS Mail New Accounts Deutsche Asset Management PO Box Kansas City, MO Additional Investments Deutsche Asset Management PO Box Kansas City, MO Exchanges and Redemptions Expedited Mail Web Site Telephone TDD Line Deutsche Asset Management PO Box Kansas City, MO Deutsche Asset Management 210 West 10th Street Kansas City, MO deutschefunds.com (800) , M F 8 a.m. 7 p.m. ET (800) , M F 8 a.m. 7 p.m. ET The fund is generally open on days when the New York Stock Exchange is open for regular trading. Initial investments must be sent by mail. You can make additional investments or sell shares of the fund on any business day by visiting our Web site, by mail, or by telephone; however you may have to elect certain privileges on your initial account application. If you are working with a financial advisor, contact your financial advisor for assistance with buying or selling fund shares. A financial advisor separately may impose its own policies and procedures for buying and selling fund shares. Class R6 shares are generally available only to certain retirement plans, which may have their own policies or instructions for buying and selling fund shares. Institutional Class shares are generally available only to qualified institutions. Prospectus December 21, Deutsche U.S. Multi-Factor Fund

13 TAX INFORMATION The fund s distributions are generally taxable to you as ordinary income or capital gains, except when your investment is in an IRA, 401(k), or other tax-advantaged investment plan. Any withdrawals you make from such taxadvantaged investment plans, however, may be taxable to you. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund, the Advisor, and/or the Advisor s affiliates may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary s Web site for more information. No such payments are made with respect to Class R6 shares. To the extent the fund makes such payments with respect to another class of its shares, the expense is borne by the other share class. Prospectus December 21, Deutsche U.S. Multi-Factor Fund

14 Fund Details ADDITIONAL INFORMATION ABOUT FUND STRATEGIES AND RISKS INVESTMENT OBJECTIVE The fund seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 Comprehensive Factor Index. PRINCIPAL INVESTMENT STRATEGY Main investments. Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in equity securities issued by US companies. The fund, using a passive or indexing investment approach, seeks investment results, before fees and expenses, that correspond generally to the performance of the Russell 1000 Comprehensive Factor Index (the Underlying Index ), which is designed to track the equity market performance of companies in the United States selected on the investment style criteria ( factors ) of value, momentum, quality, low volatility and size. The companies eligible for the Underlying Index are derived from its starting universe, the Russell 1000 Index, which is comprised of large-cap equity securities from issuers in the United States. The index provider, Frank Russell Company ( Index Provider ), selects companies from the starting universe for the Underlying Index by applying a consistent rules-based methodology to achieve exposure to companies demonstrating the factors listed below, while considering levels of diversification and capacity: Value. Value investing generally refers to a strategy that buys stocks whose price is lower than the fundamental value of the stock. The Index Provider s methodology for measuring the value factor attempts to identify stocks that have low prices relative to their fundamental value and that provide the possibility of excess returns. The value score is calculated by measuring a company s valuation based on, among other things, cash-flow yield, earnings yield and sales to price and then comparing it to the company s valuation based on share price. Momentum. Momentum style investing emphasizes investing in securities that have had higher recent price performance compared to other securities, with the expectation that this will continue to produce short term excess returns in the future. The momentum score is calculated based on each company s cumulative 11 month return. The Index Provider s methodology for measuring the momentum factor attempts to identify stocks with stronger past performance over the short term. Quality. The Index Provider s methodology for measuring the quality factor attempts to identify stocks that are characterized by low debt, stable earnings growth, and other quality metrics, with the expectation that these will provide the possibility of excess returns. The quality score is calculated from a company s leverage and profitability (e.g., return on assets, asset turnover and accruals). Low Volatility. Volatility is a statistical measurement of the magnitude of increases or decreases in a stock s price over time. The low volatility score is calculated based on the standard deviation of 5 years of weekly total returns. Low volatility investing is a strategy based on the concept that stocks that exhibit low volatility tend to perform better than stocks with higher volatility. The Index Provider s methodology for measuring the low volatility factor attempts to identify stocks with a historically lower risk (and higher return) profile relative to higher risk. Size. The size factor seeks to capture excess returns of smaller companies relative to larger counterparts. The size score is calculated based on the full market capitalization of a company. The Index Provider s methodology for measuring the size factor attempts to identify stocks of smaller companies relative to their larger counterparts, with the expectation that these will provide the possibility of excess returns. Companies are weighted in the Underlying Index based on their relative exposure to all five factors with companies that have higher factor scores receiving larger weightings. While no one factor is favored, in terms of weighting, the factors may not be weighted equally at all times. Companies that do not display meaningful multi-factor characteristics are not eligible for inclusion in the Underlying Index. Prospectus December 21, Fund Details

15 As of September 30, 2017, the Underlying Index consisted of 823 securities, with an average market capitalization of approximately $28.79 billion and a minimum market capitalization of approximately $1.06 billion. As of September 30, 2017, the Underlying Index was wholly comprised of securities of issuers from the United States. The fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to the extent that its Underlying Index is concentrated. As of September 30, 2017, a significant percentage of the Underlying Index was comprised of issuers in the financial services (23.5%), industrials (19.9%) and consumer discretionary (16.1%) sectors. The fund will invest at least 80% of its total assets (but typically far more) in instruments that comprise its Underlying Index. The fund may also invest in depositary receipts in respect of equity securities that comprise the Underlying Index to seek performance that corresponds to the fund s Underlying Index. Investments in such depositary receipts will count towards the fund s 80% investment policy discussed above with respect to instruments that comprise the Underlying Index. The fund may invest up to 20% in other securities, including securities not in the Underlying Index, money market funds advised by the Advisor, convertible securities and structured notes (notes on which the amount of principal repayment and interest payments are based on the movement of one or more specified factors, such as the movement of a particular stock or stock index). The fund may also invest in affiliated exchange-traded funds (ETFs). The fund may invest up to 5% of net assets in ETFs, including shares of Deutsche X-trackers Russell 1000 Comprehensive Factor ETF, which invests primarily in equity securities issued by US companies. Deutsche X-trackers Russell 1000 Comprehensive Factor ETF is a series of DBX ETF Trust, which is managed by DBX Advisors LLC. Deutsche Investment Management Americas Inc. and DBX Advisors LLC are subsidiaries of Deutsche Bank AG. Management process. Portfolio management seeks a long-term correlation between fund performance, before expenses, and the Underlying Index of 95% or better (perfect correlation being 100%). Portfolio management seeks to replicate, before expenses, the risk and return characteristics of the Underlying Index through investments in equity securities of companies that make up the Underlying Index, in approximately the same weightings as the Underlying Index. At times, the fund may use a representative sampling indexing strategy in seeking to track the Underlying Index, meaning it generally will invest in a sample of securities included in the Underlying Index whose risk, return and other characteristics resemble the risk, return and other characteristics of the Underlying Index as a whole. Portfolio management may limit or avoid exposure to any stock in the Underlying Index if it believes the stock is illiquid or that extraordinary conditions have cast doubt on its merits. Conversely, portfolio management may gain exposure to a stock not included in the Underlying Index when it believes such exposure is consistent with the fund s goals (for example, in anticipation of a stock being added to the Underlying Index). Derivatives. Portfolio management generally may use futures contracts, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities), as a substitute for direct investment in a particular asset class, to keep cash on hand to meet shareholder redemptions or for other needs while maintaining exposure to the stock market. The fund may also use other types of derivatives (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. Securities Lending. The fund may lend securities (up to one-third of total assets) to approved institutions. MAIN RISKS There are several risk factors that could hurt the fund s performance, cause you to lose money or cause the fund s performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Stock market risk. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock s issuer, shrinking product demand and other business risks. These may affect single companies as well as groups of companies. In addition, movements in financial markets may adversely affect a stock s price, regardless of how well the company performs. The market as a whole may not favor the types of investments the fund makes, which could affect the fund s ability to sell them at an attractive price. To the extent the fund invests in a particular capitalization or sector, the fund s performance may be affected by the general performance of that particular capitalization or sector. Index construction risk. A stock included in the Underlying Index may not exhibit the factor trait or provide specific factor exposure for which it was selected and consequently the fund s holdings may not exhibit returns consistent with that factor trait. Multifactor risk. The Underlying Index, and thus the fund, seeks to provide exposure to large-cap stocks in the United States based on the following factors: value, Prospectus December 21, Fund Details