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
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-1005 2
SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS Deutsche Capital Growth Fund Deutsche Communications Fund Deutsche Core Equity Fund Deutsche CROCI Equity Dividend Fund Deutsche CROCI Sector Opportunities Fund Deutsche CROCI U.S. Fund Deutsche Emerging Markets Equity Fund Deutsche Emerging Markets Fixed Income Fund Deutsche Enhanced Commodity Strategy 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 Gold & Precious Metals Fund Deutsche Health and Wellness Fund Deutsche High Conviction Global Bond Fund Deutsche High Income Fund Deutsche IntermediateTax/AMT Free 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 Multisector 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-Term Municipal Bond Fund Deutsche Small Cap Core Fund Deutsche Small Cap Growth Fund Deutsche Small Cap Value Fund Deutsche Strategic HighYieldTax-Free Fund DeutscheTotal Return Bond Fund Deutsche U.S. Bond Index Fund Deutsche World Dividend Fund The following disclosure is added to Appendix B - Sales Charge Waivers and Discounts AvailableThrough Intermediaries in each fund s prospectus. CLASS A WAIVERS APPLICABLE TO PURCHASE THROUGH LPL FINANCIAL Effective December 1, 2017, for those accounts where LPL Financial is listed as the broker dealer, the Class A sales charge waivers listed under Class A NAV Sales in the Choosing a Share Class sub-section of the Investing in the Funds section of the prospectus apply, 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 retirement plans, deferred compensation plans, employee benefit plans (including health savings accounts) and trusts used to fund those plans. To satisfy eligibility requirements, the plan must be a group retirement plan (more than one participant), the shares cannot be 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 benefit plans, 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. Please Retain This Supplement for Future Reference December 1, 2017 PROSTKR-971
SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMA- TION OF EACH OF THE LISTED FUNDS Deutsche Bond VIP Deutsche CaliforniaTax-Free Income Fund Deutsche Enhanced Commodity Strategy Fund Deutsche Floating Rate Fund Deutsche Global High Income Fund Deutsche Global Inflation Fund Deutsche High Conviction Global Bond Fund Deutsche High Income Fund Deutsche High Income VIP Deutsche IntermediateTax/AMT Free Fund Deutsche Managed Municipal Bond Fund Deutsche MassachusettsTax-Free Fund Deutsche NewYorkTax-Free Income Fund Deutsche Short-Term Municipal Bond Fund Deutsche Strategic HighYieldTax-Free Fund DeutscheTotal Return Bond Fund Effective on or about November 1, 2017, the following disclosure is added to the Main investments disclosure contained in the Fund Details section of each fund s prospectus and in the sub-section Bonds and Commercial Paper Ratings of the RATINGS OF INVESTMENTS section in Part II of each fund s Statement of Additional Information: If a fixed income security is rated differently among the three major ratings agencies (i.e. Moody s Investor Services, Inc., Fitch Investors Services, Inc., and Standard & Poor s Ratings Group), portfolio management would rely on the highest credit rating for purposes of the fund s investment policies. Please Retain This Supplement for Future Reference October 30, 2017 PRO-SAISTKR-392
Prospectus October 1, 2017 Deutsche Enhanced Commodity Strategy Fund CLASS/TICKER A SKNRX T SKSTX C SKCRX R6 SKRRX INST SKIRX S SKSRX... Deutsche Health and Wellness Fund CLASS/TICKER A SUHAX C SUHCX INST SUHIX S SCHLX As with all mutual funds, the Securities and Exchange Commission (SEC) and, in the case of Deutsche Enhanced Commodity Strategy Fund, the Commodity Futures Trading Commission (CFTC) do 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.
Table of Contents DEUTSCHE ENHANCED COMMODITY STRATEGY FUND Investment Objective... 1 Fees and of the Fund... 1 Principal Investment Strategy... 2 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 DEUTSCHE HEALTH AND WELLNESS FUND Investment Objective... 7 Fees and of the Fund... 7 Principal Investment Strategy... 7 Main Risks... 8 Past Performance... 9 Management... 10 Purchase and Sale of Fund Shares... 10 Tax Information... 10 Payments to Broker-Dealers and Other Financial Intermediaries... 10 FUND DETAILS Additional Information About Fund Strategies and Risks... 11 Deutsche Enhanced Commodity Strategy Fund... 11 Deutsche Health andwellness Fund... 15 Other Policies and Risks... 18 Who Manages and Oversees the Funds... 19 Management... 20 INVESTING IN THE FUNDS Choosing a Share Class... 22 Buying, Exchanging and Selling Class A, Class C, Institutional Class and Class S Shares... 28 How to Buy Shares... 28 How to Exchange Shares... 30 How to Sell Shares... 30 How to Buy and Sell ClassT Shares... 31 How to Buy, Sell and Exchange Class R6 Shares... 31 Financial Intermediary Support Payments (not applicable to Class R6)... 31 Policies You Should Know About... 32 Policies About Transactions... 32 How each Fund Calculates Share Price... 37 Other RightsWe Reserve... 38 Understanding Distributions andtaxes... 38 FINANCIAL HIGHLIGHTS... 41 APPENDIX A... 51 Hypothetical Expense Summary... 51 Additional Index Information... 56 APPENDIX B... 57 Sales Charge Waivers and Discounts Available Through Intermediaries... 57 YOUR INVESTMENT IN A FUND IS NOT A BANK DEPOSIT AND IS NOT INSURED OR GUARANTEED BYTHE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY, ENTITY OR PERSON.
Deutsche Enhanced Commodity Strategy Fund INVESTMENT OBJECTIVE The fund s investment objective is total return. FEES AND EXPENSES OF THE FUND These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in Class A shares in Deutsche funds or if you invest at least $250,000 in Class T shares in the fund. More information about these and other discounts and waivers is available from your financial advisor and in Choosing a Share Class (p. 22), Sales Charge Waivers and Discounts Available Through Intermediaries (Appendix B, p. 57) and Purchase and Redemption of Shares in the fund s Statement of Additional Information (SAI) (p. II-16). SHAREHOLDER FEES (paid directly from your investment) A T C R6 INST S Maximum sales charge (load) imposed on purchases, as % of offering price 5.75 2.50 None None None None Maximum deferred sales charge (load), as % of redemption proceeds None None 1.00 None None None Account Maintenance Fee (annually, for fund account balances below $10,000 and subject to certain exceptions) $20 None $20 None None $20 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) A T C R6 INST S Management fee 0.87 0.87 0.87 0.87 0.87 0.87 Distribution/service (12b-1) fees 0.24 0.25 1.00 None None None Other expenses 1 0.36 0.45 0.34 0.22 0.31 0.37 Total annual fund operating expenses 1.47 1.57 2.21 1.09 1.18 1.24 Fee waiver/expense reimbursement 0.12 0.22 0.11 0.14 0.19 0.09 Total annual fund operating expenses after fee waiver/ expense reimbursement 1.35 1.35 2.10 0.95 0.99 1.15 1 Other expenses for Class T are based on estimated amounts for the current fiscal year. The Advisor has contractually agreed through September 30, 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 1.35%, 1.35%, 2.10%, 0.95%, 0.99%, and 1.15% for Class A, Class T, Class C, Class R6, Institutional Class and Class S, 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: Prospectus October 1, 2017 1 Deutsche Enhanced Commodity Strategy Fund
Years A T C R6 INST S 1 $ 705 $ 384 $ 313 $ 97 $ 101 $ 117 3 1,002 712 681 333 356 385 5 1,321 1,064 1,175 587 631 672 10 2,222 2,053 2,536 1,316 1,415 1,492 You would pay the following expenses if you did not redeem your shares: Years A T C R6 INST S 1 $ 705 $ 384 $ 213 $ 97 $ 101 $ 117 3 1,002 712 681 333 356 385 5 1,321 1,064 1,175 587 631 672 10 2,222 2,053 2,536 1,316 1,415 1,492 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 fiscal year 2017: 52%. PRINCIPAL INVESTMENT STRATEGY Main investments. Under normal circumstances, the fund invests in commodity-linked derivative instruments backed by a portfolio of fixed income instruments. The fund invests in commodity-linked derivative instruments (a contract whose value is based on a particular commodity), such as commodity-linked swap contracts, commoditylinked structured notes, options and futures contracts, to gain exposure to the investment return of assets that trade in the commodity markets, without investing directly in physical commodities. Physical commodities are assets that have tangible properties such as gas, heating oil, industrial and other precious metals, livestock or agricultural products. The fund may gain exposure to the commodity markets by investing up to 25% of the fund s total assets in a whollyowned subsidiary formed under the laws of the Cayman Islands (the Subsidiary ), which shares the same portfolio management team as the fund and is expected to invest mainly in commodity-linked derivative instruments and fixed income instruments, some of which may serve as margin or collateral for the Subsidiary s derivatives positions. The fund invests in fixed income securities, including inflation-indexed securities, of varying maturities issued by the US government, non-us governments, their agencies or instrumentalities, and US and non-us corporations and derivatives related to each of these types of securities. The fund may invest in mortgage-backed and asset-backed securities, adjustable rate loans that have a senior right to payment ( senior loans ) and other floating rate debt securities, taxable municipal bonds and tax-exempt municipal bonds. The fund may invest up to 10% of its total assets in below investment grade fixed income securities (commonly referred to as junk bonds). The fund concentrates its investments in commoditiesrelated industries. The Advisor considers a company to be in a commodity-related industry if, as determined by the Advisor, at least 50% of the company s assets, revenues or net income are derived from or related to a commodityrelated industry. Currently, the fund considers commodities-related industries to include oil, natural gas, agricultural products and metals industries; however, these criteria are provided for illustrative purposes only and are not part of the fund s fundamental investment policy regarding the concentration of its investments in any particular industry or group of industries. Accordingly, the fund may change the criteria it uses from time to time without shareholder approval. Management process. Portfolio management generally will allocate the fund s commodity-linked investments among a variety of different commodity sectors. Portfolio management employs three main strategies with respect to its commodity-linked investments: a relative value strategy, a tactical strategy, and a roll enhancement strategy. In implementing the relative value strategy, portfolio management will use a proprietary quantitative, rulesbased methodology in determining the fund s commodity sector weightings relative to the fund s benchmark index, the Bloomberg Commodity Index. Portfolio management normally will rebalance commodity sector positions when a sector undergoes a trigger event, reducing the fund s exposure to commodity sectors that are believed to be expensive and increasing its exposure to sectors that are believed to be cheap. The tactical strategy focuses on the direction of commodity markets as a whole. Portfolio management will use a proprietary, momentum-driven, quantitative formula that seeks to anticipate the direction of the commodity markets. Portfolio management may reduce the fund s exposure to all commodity sectors when commodities in general appear overvalued. In implementing the roll enhancement strategy, portfolio management seeks to invest in commodity contracts whose expiration is further out on the commodity curve than the subsequent month so as to avoid continually paying premiums to replace expiring contracts. With respect to the fund s fixed income investments, portfolio management uses a relative value style to seek to construct a diversified portfolio of fixed income securities. With respect to these investments, portfolio management normally targets a dollar-weighted average portfolio duration of three years or less, and primarily invests in fixed income securities that are rated, at the time of purchase, Prospectus October 1, 2017 2 Deutsche Enhanced Commodity Strategy Fund
within the top four credit rating categories as rated by Moody s Investors Service, Inc., Standard & Poor s Ratings Services, Fitch Ratings, or another Nationally Recognized Statistical Rating Organization, or, if unrated, are determined by the Advisor to be of similar quality. Derivatives. In addition to commodity-linked derivative instruments, the fund may also use other types of derivatives (a contract whose value is based on, for example, indices, currencies or securities) (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. Commodities-related investments risk. The commodities-linked derivative instruments in which the fund invests tend to be more volatile than many other types of securities and may subject the fund to special risks that do not apply to all derivatives transactions. For example, the value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, changes in storage costs, embargoes, tariffs, policies of commodity cartels and international economic, political and regulatory developments. The value of a commodity-linked derivative investment generally is based upon the price movements of a physical commodity (such as energy, minerals, or agricultural products), a futures contract, swap or commodity index, or other economic variables linked to changes in the value of commodities or the commodities markets. A liquid secondary market may not exist for the types of commodity-linked derivative instruments the fund buys, which may make it difficult for the fund to sell them at an acceptable price. The fund s ability to gain exposure to commodity-linked investments and achieve its investment objective may be limited by its intention to qualify as a regulated investment company under the Internal Revenue Code. 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. Security selection risk. The securities in the fund s portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters. 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. Credit risk. The fund s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. Credit risk is greater for lower-rated securities. Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating category) may be in uncertain financial health, the prices of their debt securities can be more vulnerable to bad economic news, or even the expectation of bad news, than investment-grade debt securities. Credit risk for high-yield securities is greater than for higher-rated securities. Interest rate risk. When interest rates rise, prices of debt securities generally decline. The fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates. The longer the duration of the fund s debt securities, the more sensitive the fund will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.) Foreign investment risk. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund s investments or prevent the fund from realizing the full value of its investments. In June 2016, citizens of the United Kingdom approved a referendum to leave the European Union (EU), creating economic and political uncertainty. Significant uncertainty exists regarding the timing of the United Kingdom s anticipated withdrawal from the EU and the effects such withdrawal may have on the United Kingdom, other EU countries and the global economy. Prospectus October 1, 2017 3 Deutsche Enhanced Commodity Strategy Fund
Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-us dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities. Emerging markets risk. Foreign investment risks are greater in emerging markets than in developed markets. Investments in emerging markets are often considered speculative. 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. Inflation-indexed bond risk. Anyriseininterestratesmay cause inflation-indexed bonds to decline in price, hurting fund performance. If interest rates rise due to reasons other than inflation, the fund s investment in these securities may not be fully protected from the effects of rising interest rates. The fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates. The performance of any bonds that are indexed to non-us rates of inflation may be higher or lower than those indexed to US inflation rates. The fund s actual returns could fail to match the real rate of inflation. Liquidity risk. In certain situations, it may be difficult or impossible to sell an investment and/or the fund may sell certain investments at a price or time that is not advantageous in order to meet redemption requests or other cash needs. Unusual market conditions, such as an unusually high volume of redemptions or other similar conditions could increase liquidity risk for the fund. Prepayment and extension risk. When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the fund s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the fund s share price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances. 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. Securities lending risk. Any decline in the value of a portfolio 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. Senior loans risk. The fund invests in senior loans that may not be rated by a rating agency, registered with the Securities and Exchange Commission or any state securities commission or listed on any national securities exchange. Therefore, there may be less publicly available information about them than for registered or exchangelisted securities. The Advisor relies on its own evaluation of the creditworthiness of borrowers, but will consider, and may rely in part on, analyses performed by others. As a result, the fund is particularly dependent on the analytical abilities of the Advisor. Senior loans may not be considered securities, and purchasers, such as the fund, therefore may not be entitled to rely on the anti-fraud and misrepresentation protections of the federal securities laws. Senior loans involve other risks, including credit risk, interest rate risk, liquidity risk, and prepayment and extension risk. Affiliates of the Advisor may participate in the primary and secondary market for senior loans. Because of limitations imposed by applicable law, the presence of the Advisor s affiliates in the senior loan market may restrict the fund s ability to participate in a restructuring of a senior loan or to acquire some senior loans, or affect the timing or price of such acquisition. The fund also may be in possession of material non-public information about a borrower as a result of its ownership of a senior loan. Because of prohibitions on trading in securities of issuers while in possession of such information, the fund might be unable to enter into a transaction in a publicly-traded security of that borrower when it would otherwise be advantageous to do so. If the Advisor wishes to invest in the publicly traded securities of a borrower, it may not have access to material non-public information regarding the borrower to which other lenders have access. Taxstatusrisk.Income and gains from commodities or certain commodity-linked derivatives do not constitute qualifying income to the fund for purposes of qualification as a regulated investment company for federal income tax purposes. The Internal Revenue Service has issued a private ruling to the fund that income derived from the fund s investment in the Subsidiary will constitute qualifying income to the fund. Income from other commoditylinked derivatives in which the fund invests directly or indirectly may not constitute qualifying income. If such Prospectus October 1, 2017 4 Deutsche Enhanced Commodity Strategy Fund
income were determined to cause the fund s nonqualifying income to exceed 10% of the fund s gross income, the fund would be subject to a tax at the fund level. Subsidiary risk. The fund may invest in the Subsidiary, which is not registered as an investment company under the Investment Company Act of 1940, as amended, and therefore is not subject to all of the investor protections of the Investment Company Act of 1940. A regulatory change in the US or the Cayman Islands, under which the fund and the Subsidiary, respectively, are organized, that impacts the Subsidiary or how the fund invests in the Subsidiary, such as a change in tax law, could adversely affect the fund. By investing in the Subsidiary, the fund is exposed to the risks associated with the Subsidiary s investments, which generally include the risks of investing in derivatives and commodities-related investments. 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 How a fund s returns vary from year to year 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. All performance figures below assume that dividends and distributions were reinvested. For more recent performance figures, go to deutschefunds.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. Class T is a new class of shares and therefore does not have a full calendar year of performance available. The performance figures for Class T shares are based on the historical performance of the fund s Institutional Class shares adjusted to reflect the higher expenses and applicable sales charges of Class T. Class R6 is a new class of shares and therefore does not have a full calendar year of performance available. CALENDAR YEAR TOTAL RETURNS (%) (Class A) These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here. Returns Period ending Best Quarter 20.94% June 30, 2008 Worst Quarter -34.47% September 30, 2008 Year-to-Date -6.42% June 30, 2017 AVERAGE ANNUAL TOTAL RETURNS (For periods ended 12/31/2016 expressed as a %) After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. Class Inception 1 Year 5 Years 10 Years Class A before tax 2/14/2005 4.14-5.98-2.99 After tax on distributions 1.20-6.93-5.71 After tax on distributions and sale of fund shares 2.33-4.77-1.35 Class T before tax 6/5/2017 7.82-5.37-2.70 Class C before tax 2/14/2005 9.78-5.62-3.15 INST Class before tax 2/14/2005 10.98-4.54-2.10 Class S before tax 2/14/2005 10.81-4.66-2.23 Bloomberg Commodity Index (reflects no deduction for fees, expenses or taxes) 11.77-8.95-5.58 MANAGEMENT Investment Advisor Deutsche Investment Management Americas Inc. Portfolio Manager(s) Darwei Kung, Managing Director. Portfolio Manager of the fund. Began managing the fund in 2010. Sonali Kapoor, Vice President. Portfolio Manager of the fund. Began managing the fund in 2015. Rick Smith, CFA, Managing Director. Portfolio Manager of the fund. Began managing the fund in 2016. PURCHASE AND SALE OF FUND SHARES MINIMUM INITIAL INVESTMENT ($) 60 40 20 0-20 -40-60 -80 35.03 27.09 18.80 10.49-8.92-1.74-7.27-6.56-17.14-45.91 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Automatic Non-IRA IRAs UGMAs/ UTMAs Investment Plans AT C 1,000 500 1,000 500 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 Prospectus October 1, 2017 5 Deutsche Enhanced Commodity Strategy Fund
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 for Class A, C and S shares, there is no minimum initial investment and no minimum additional investment. For Section 529 college savings plans, there is no minimum initial investment and no minimum additional investment for Class S shares. 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. The minimum additional investment in all other instances is $50. TO PLACE ORDERS Mail New Accounts Deutsche Asset Management PO Box 219356 Kansas City, MO 64121-9356 Additional Investments Deutsche Asset Management PO Box 219154 Kansas City, MO 64121-9154 Exchanges and Redemptions Expedited Mail Web Site Telephone TDD Line Deutsche Asset Management PO Box 219557 Kansas City, MO 64121-9557 Deutsche Asset Management 210 West 10th Street Kansas City, MO 64105-1614 deutschefunds.com (800) 728-3337, M F 8 a.m. 7 p.m. ET (800) 972-3006, M F 8 a.m. 7 p.m. ET 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. 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 T shares are available only to investors who are investing through a third party financial intermediary, such as a bank or broker-dealer. 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. Class S shares are only available to a limited group of investors. 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. Prospectus October 1, 2017 6 Deutsche Enhanced Commodity Strategy Fund
Deutsche Health and Wellness Fund INVESTMENT OBJECTIVE The fund seeks long-term growth of capital. FEES AND EXPENSES OF THE FUND These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in Deutsche funds. More information about these and other discounts and waivers is available from your financial advisor and in Choosing a Share Class (p. 22), Sales Charge Waivers and Discounts Available Through Intermediaries (Appendix B, p. 57) and Purchase and Redemption of Shares in the fund s Statement of Additional Information (SAI) (p. II-16). SHAREHOLDER FEES (paid directly from your investment) A C INST S Maximum sales charge (load) imposed on purchases, as % of offering price 5.75 None None None Maximum deferred sales charge (load), as % of redemption proceeds None 1.00 None None Account Maintenance Fee (annually, for fund account balances below $10,000 and subject to certain exceptions) $20 $20 None $20 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) A C INST S Management fee 0.77 0.77 0.77 0.77 Distribution/service (12b-1) fees 0.24 0.99 None None Other expenses 0.36 0.36 0.30 0.31 Total annual fund operating expenses 1.37 2.12 1.07 1.08 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 remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Years A C INST S 1 $ 706 $ 315 $ 109 $ 110 3 984 664 340 343 5 1,282 1,139 590 595 10 2,127 2,452 1,306 1,317 You would pay the following expenses if you did not redeem your shares: Years A C INST S 1 $ 706 $ 215 $ 109 $ 110 3 984 664 340 343 5 1,282 1,139 590 595 10 2,127 2,452 1,306 1,317 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 fiscal year 2017: 35%. PRINCIPAL INVESTMENT STRATEGY Main investments. Under normal circumstances, the fund will invest at least 80% of net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies in the health care and wellness sectors. For purposes of the fund s 80% investment policy, to be Prospectus October 1, 2017 7 Deutsche Health and Wellness Fund
considered part of the health care or wellness sectors, companies must commit at least half of their assets to, or derive at least half of their revenues or net income from, that sector. Industries in the health care sector include pharmaceuticals, biotechnology, medical products and supplies, and health care services. Portfolio management considers wellness-related companies to include companies in the health care industry and other companies that provide products or services that promote or aid in achieving a healthy lifestyle (for example, healthy food and nutrition companies and gym operators). The fund concentrates its assets (i.e. invests at least 25% of its net assets) in securities related to the health care sector. The fund invests primarily in securities of US companies, but may invest in foreign companies as well. The fund may invest in companies of any size. While the fund invests mainly in common stocks, it may also invest up to 20% of total assets in US Treasury and US agency debt obligations. Management process. In choosing stocks, portfolio management uses a combination of three analytical disciplines: Bottom-up research. Portfolio management looks for individual companies with a history of above-average growth, strong competitive positioning, new tests or treatments, the ability to take advantage of demographic trends, attractive prices relative to potential growth, sound financial strength and effective management, among other factors. Growth orientation. Portfolio management generally looks for companies that it believes have above-average potential for sustainable growth of revenue or earnings and whose market value appears reasonable in light of their business prospects. Top-down analysis. Portfolio management considers the economic outlook for various industries within the health care sector while looking for those that it believes may benefit from changes in the overall business environment. Portfolio management may favor securities from different industries and companies within the health care sector at different times. Portfolio management will normally sell a stock when it believes the stock s price is unlikely to go higher, its fundamental factors have changed, other investments offer better opportunities, or in the course of adjusting their emphasis on a given health care industry. 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. Health care securities risk. Because the fund concentrates its investments in companies in the health care sector, and may invest to a significant extent in the wellness sector, it may be vulnerable to setbacks in those industries. Health care companies may be negatively affected by scientific or technological developments, research and development costs, increased competition within the health care industry, rapid product obsolescence and patent expirations. The price of securities of health care companies may fluctuate widely due to changes in legislation or other government regulations, including uncertainty regarding health care reform and its long term impact, reductions in government funding and the unpredictability of winning government approvals. Moreover, many health care companies are subject to product liability or other litigation which may have a significant impact on a company s market value or share price. 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. Security selection risk. The securities in the fund s portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters. Growth investing risk. As a category, growth stocks may underperform value stocks (and the stock market as a whole) over any period of time. Because the prices of growth stocks are based largely on the expectation of future earnings, growth stock prices can decline rapidly and significantly in reaction to negative news about such factors as earnings, the economy, political developments, or other news. Prospectus October 1, 2017 8 Deutsche Health and Wellness Fund
Small company risk. Small company stocks tend to be more volatile than medium-sized or large company stocks. Because stock analysts are less likely to follow small companies, less information about them is available to investors. Industry-wide reversals may have a greater impact on small companies, since they may lack the financial resources of larger companies. Small company stocks are typically less liquid than large company stocks. Foreign investment risk. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund s investments or prevent the fund from realizing the full value of its investments. In June 2016, citizens of the United Kingdom approved a referendum to leave the European Union (EU), creating economic and political uncertainty. Significant uncertainty exists regarding the timing of the United Kingdom s anticipated withdrawal from the EU and the effects such withdrawal may have on the United Kingdom, other EU countries and the global economy. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-us dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities. 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. 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. IPO risk. Prices of securities bought in an initial public offering (IPO) may rise and fall rapidly, often because of investor perceptions rather than economic reasons. To the extent a mutual fund is small in size, its IPO investments may have a significant impact on its performance since they may represent a larger proportion of the fund s overall portfolio as compared to the portfolio of a larger fund. Liquidity risk. In certain situations, it may be difficult or impossible to sell an investment and/or the fund may sell certain investments at a price or time that is not advantageous in order to meet redemption requests or other cash needs. Unusual market conditions, such as an unusually high volume of redemptions or other similar conditions could increase liquidity risk for the fund. 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. 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 How a fund s returns vary from year to year 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. All performance figures below assume that dividends and distributions were reinvested. For more recent performance figures, go to deutschefunds.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. CALENDAR YEAR TOTAL RETURNS (%) (Class A) These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here. 80 60 40 20 0-20 -40-60 12.43-23.63 21.21 7.34 8.13 17.60 46.71 26.60 6.57-10.46 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Returns Period ending Best Quarter 15.30% March 31, 2013 Worst Quarter -16.51% December 31, 2008 Year-to-Date 16.61% June 30, 2017 AVERAGE ANNUAL TOTAL RETURNS (For periods ended 12/31/2016 expressed as a %) After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns Prospectus October 1, 2017 9 Deutsche Health and Wellness Fund