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

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

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

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

SUPPLEMENT TO THE CURRENTLY EFFECTIVE SUMMARY PROSPECTUSES, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS: Deutsche CROCI Equity Dividend Fund Deutsche Mid Cap Value Fund The Boards of Directors of each of the above-listed funds recently approved fund reorganizations designed to create operational and administrative efficiencies by realigning the funds into separate series of a trust. These reorganizations will be accomplished by reorganizing each of the funds from its current series of a Maryland corporation into a corresponding new series of an existing Massachusetts business trust. Each newly-created shell series will be substantially similar to its corresponding current series, except that the fund will be part of a trust instead of part of a corporation. On or about the effective date listed below, all of the assets and liabilities of the current series will be transferred to the corresponding new shell series in exchange for shares of beneficial interest of the new shell series, which shares will then be distributed to the stockholders of the current series in redemption of their interest in the current series. The proposed reorganizations do not require the approval of stockholders. Each reorganization is subject to receipt of an opinion of tax counsel that the transaction can be accomplished on a tax-free basis for federal income tax purposes. Fund Current Legal Entity Proposed Legal Entity Effective Date Deutsche CROCI Equity Dividend Deutsche Value Series, Inc. Deutsche Investment Trust (to be August 1, 2018 Fund known as Deutsche DWS Investment Trust on or about July 2, 2018) Deutsche Mid Cap Value Fund Deutsche Value Series, Inc. Deutsche Investment Trust (to be known as Deutsche DWS Investment Trust on or about July 2, 2018) August 1, 2018 Please Retain This Supplement for Future Reference May 18, 2018 PRO_SAISTKR-423

SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS 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 Emerging Markets Equity Fund Deutsche Emerging Markets Fixed Income Fund Deutsche Enhanced Commodity Strategy 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 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 World Dividend Fund The following disclosure is added to the SALES CHARGE WAIVERS AND DISCOUNTS AVAILABLETHROUGH INTERMEDI- ARIES sub-section under the APPENDIX B section of each fund s prospectus. AMERIPRISE FINANCIAL CLASS A FRONT-END SALES CHARGE WAIVERS The following information applies to Class A shares purchases if you have an account with or otherwise purchase fund shares through Ameriprise Financial: Effective June 1, 2018, shareholders purchasing fund shares through an Ameriprise Financial platform or account will be eligible for the following Class A front-end sales charge waivers only, which may differ from those disclosed elsewhere in this fund s prospectus or SAI: Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs. Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available). Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial s platform (if an Advisory or similar share class for such investment advisory program is not available). Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family). Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a class level waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a class level waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges. Shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members. May 18, 2018 PROSTKR-1029

Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor s spouse, advisor s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant. Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement). MORGAN STANLEY WEALTH MANAGEMENT CLASS A FRONT-END SALES CHARGE WAIVERS Effective July 1, 2018, fund shares purchased through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from, and may be more limited than, those disclosed elsewhere in this fund s prospectus or SAI. Shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans. Shares purchased by Morgan Stanley employee and employee-related accounts according to Morgan Stanley s account linking rules. Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund. Shares purchased through a Morgan Stanley self-directed brokerage account. Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management s share class conversion program. Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. Please Retain This Supplement for Future Reference May 18, 2018 PROSTKR-1029 2

SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUS Deutsche Mid Cap Value Fund The following information replaces the existing disclosure contained under the Portfolio Manager(s) sub-heading of the MANAGEMENT section of the summary section of the fund s prospectus. Richard Hanlon, CFA, Director. Portfolio Manager of the fund. Began managing the fund in 2015. The following information replaces the existing similar disclosure relating to the fund contained under the MANAGEMENT sub-heading of the Fund Details section of the fund s prospectus: Richard Hanlon, CFA, Director. Portfolio Manager of the fund. Began managing the fund in 2015. Joined DWS in 2013 with 23 years of industry experience. Previously, he founded Glenville Capital Management, where he served as Managing Partner. Prior to that, he worked as a Partner and Co-Head of the Equity Group at Silvercrest Asset Management Group. Before joining Silvercrest, he was Director of Research and a portfolio manager at DLJ Asset Management. BA in Economics, University at Albany, State University of New York. Please Retain This Supplement for Future Reference April 19, 2018 PROSTKR-1015

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, SUMMARY PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS Deutsche Global Income Builder Fund Deutsche Science andtechnology Fund Deutsche Mid Cap Value Fund Class T shares are not available for purchase. Please Retain This Supplement for Future Reference March 1, 2018 PRO_SAISTKR-408

Prospectus March 1, 2018 Deutsche CROCI Equity Dividend Fund CLASS/TICKER A KDHAX T KDHUX C KDHCX R KDHRX R6 KDHTX INST KDHIX S KDHSX... Deutsche Mid Cap Value Fund CLASS/TICKER A MIDVX T MIDWX C MIDZX R MIDQX R6 MIDUX INST MIDIX S MIDTX As with all mutual funds, the Securities and Exchange Commission (SEC) does not approve or 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 CROCI EQUITY DIVIDEND FUND Investment Objective... 1 Fees and of the Fund... 1 Principal Investment Strategy... 2 Main Risks... 2 Past Performance... 3 Management... 4 Purchase and Sale of Fund Shares... 4 Tax Information... 5 Payments to Broker-Dealers and Other Financial Intermediaries... 5 DEUTSCHE MID CAP VALUE FUND Investment Objective... 6 Fees and of the Fund... 6 Principal Investment Strategy... 7 Main Risks... 7 Past Performance... 8 Management... 9 Purchase and Sale of Fund Shares... 9 Tax Information... 10 Payments to Broker-Dealers and Other Financial Intermediaries... 10 FUND DETAILS Additional Information About Fund Strategies and Risks... 11 Deutsche CROCI Equity Dividend Fund... 11 Deutsche Mid CapValue Fund... 14 Other Policies and Risks... 17 Who Manages and Oversees the Funds... 18 Management... 19 INVESTING IN THE FUNDS Choosing a Share Class... 20 Buying, Exchanging and Selling Class A, Class C, Institutional Class and Class S Shares... 27 How to Buy Shares... 27 How to Exchange Shares... 28 How to Sell Shares... 28 How to Buy and Sell ClassT Shares... 29 How to Buy, Sell and Exchange Class R Shares... 29 How to Buy, Sell and Exchange Class R6 Shares... 30 Financial Intermediary Support Payments (not applicable to Class R6)... 30 Policies You Should Know About... 31 Policies About Transactions... 31 How each Fund Calculates Share Price... 36 Other RightsWe Reserve... 36 Understanding Distributions andtaxes... 37 FINANCIAL HIGHLIGHTS... 39 APPENDIX A... 51 Hypothetical Expense Summary... 51 Additional Index Information... 58 APPENDIX B... 59 Sales Charge Waivers and Discounts Available Through Intermediaries... 59 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 CROCI Equity Dividend Fund INVESTMENT OBJECTIVE The fund seeks to achieve a high rate of total return. FEES AND EXPENSES OF THE FUND These are the fees and expenses you may pay when 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. 20), Sales Charge Waivers and Discounts Available Through Intermediaries (Appendix B, p. 59) 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 R R6 INST S Maximum sales charge (load) imposed on purchases, as % of offering price 5.75 2.50 None None None None None Maximum deferred sales charge (load), as % of redemption proceeds None None 1.00 None None None None Account Maintenance Fee (annually, for fund account balances below $10,000 and subject to certain exceptions) $20 None $20 None None None $20 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) A T C R R6 INST S Management fee 0.61 0.61 0.61 0.61 0.61 0.61 0.61 Distribution/service (12b-1) fees 0.24 0.25 1.00 0.49 0.00 0.00 0.00 Other expenses 0.18 0.29 0.20 0.36 0.07 0.17 0.19 Total annual fund operating expenses 1.03 1.15 1.81 1.46 0.68 0.78 0.80 Fee waiver/expense reimbursement 0.00 0.06 0.00 0.12 0.00 0.00 0.00 Total annual fund operating expenses after fee waiver/ expense reimbursement 1.03 1.09 1.81 1.34 0.68 0.78 0.80 The Advisor has contractually agreed through February 28, 2019 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at ratios no higher than 1.09% and 1.34% for Class T and Class R, 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 for Class T and Class R) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Prospectus March 1, 2018 1 Deutsche CROCI Equity Dividend Fund

Years A T C R R6 INST S 1 $ 674 $ 358 $ 284 $ 136 $ 69 $ 80 $ 82 3 884 600 569 450 218 249 255 5 1,111 861 980 786 379 433 444 10 1,762 1,607 2,127 1,736 847 966 990 You would pay the following expenses if you did not redeem your shares: Years A T C R R6 INST S 1 $ 674 $ 358 $ 184 $ 136 $ 69 $ 80 $ 82 3 884 600 569 450 218 249 255 5 1,111 861 980 786 379 433 444 10 1,762 1,607 2,127 1,736 847 966 990 PORTFOLIO 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: 58%. 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 dividendpaying equity securities (mainly common stocks). Equity securities may also include preferred stocks, depository receipts and other securities with equity characteristics, such as convertible securities and warrants. Companies are selected for the fund s portfolio using the Cash Return on Capital Invested (CROCI ) strategy as the primary factor, among other factors. Portfolio management will select stocks from among the largest US companies which are under CROCI coverage at any given time (while the number of companies under CROCI coverage will vary, as of December 31, 2017, approximately 356 companies were under CROCI coverage). Approximately 40 companies are identified from the selection universe for investment, though, at times, the number of stocks held may be higher or lower than 40 stocks at the discretion of portfolio management or as a result of corporate actions, mergers or other events. Although the fund can invest in stocks of any economic sector (which is comprised of two or more industries), at times it may emphasize one or more sectors and may invest more than 25% of total assets in a single sector. The fund may invest up to 20% of total assets in foreign securities. Management process. Portfolio management will select stocks that it believes offer economic value utilizing the CROCI strategy as the primary factor, among other factors, and will seek above average dividend yield. The CROCI strategy is an investment process based on a proprietary valuation technique that attempts to understand the value of a company by converting financial statement data into a set of economic inputs that are used to calculate a valuation metric called the CROCI Economic Price Earnings Ratio which is comparable across markets, sectors and stocks. The CROCI Economic Price Earnings Ratio seeks to measure the real economic value rather than the accounting value of a company s invested capital, and the economic returns thereof. Portfolio management believes that, over time, companies with more favorable financial metrics, including CROCI Economic Price Earnings Ratios, will outperform other companies. Portfolio Management employs a US-specific strategy seeking to select approximately the forty best value companies under CROCI coverage with additional screening on high dividend yield, dividend sustainability and price volatility. The fund is reviewed periodically and adjusted in accordance with the CROCI strategy s rules (re-selecting approximately forty stocks that will make up the fund). Portfolio Management targets low valuation combined with higher dividends and excludes stocks with undesirable characteristics such as, for example, high financial leverage, low cash returns and high volatility. All CROCI financial metrics may be adjusted from time to time. Portfolio management may also use factors other than the CROCI strategy in selecting investments. Portfolio management actively manages portfolio changes in an attempt to reduce market impact and transaction costs and to manage the portfolio with tax efficiency in mind. 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. The market as a whole may not favor the types of investments the fund makes, which could adversely affect a stock s price, regardless of how well the company performs, or the fund s ability to sell a stock at Prospectus March 1, 2018 2 Deutsche CROCI Equity Dividend Fund

an attractive price. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility which could negatively affect performance. 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. 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. CROCI risk. The fund is managed using the CROCI Investment Process which is based on portfolio management s belief that, over time, stocks which display more favorable financial metrics (for example, the CROCI Economic P/E Ratio) as generated by this process may outperform stocks which display less favorable metrics. This premise may not prove to be correct and prospective investors should evaluate this assumption prior to investing in the fund. The calculation of financial metrics used by the fund (such as, among others, the CROCI Economic P/E Ratio) are determined by the CROCI Investment Strategy and Valuation Group using publicly available information. This publicly available information is adjusted based on assumptions made by the CROCI Investment Strategy and Valuation Group that, subsequently, may prove not to have been correct. As financial metrics are calculated using historical information, there can be no guarantee of the future performance of the CROCI strategy. Dividend-paying stock risk. As a category, dividendpaying stocks may underperform non-dividend paying stocks (and the stock market as a whole) over any period of time. In addition, issuers of dividend-paying stocks may have discretion to defer or stop paying dividends for a stated period of time. If the dividend-paying stocks held by the fund reduce or stop paying dividends, the fund s ability to generate income may be adversely affected. Value investing risk. As a category, value stocks may underperform growth stocks (and the stock market as a whole) over any period of time. In addition, value stocks selected for investment by portfolio management may not perform as anticipated. Focus risk. To the extent that the fund focuses its investments in particular industries, asset classes or sectors of the economy, any market price movements, regulatory or technological changes, or economic conditions affecting companies in those industries, asset classes or sectors may have a significant impact on the fund s performance. 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. 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. 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) and in March 2017, the United Kingdom initiated its withdrawal from the EU, which is expected to take place by March 2019. Significant uncertainty exists regarding the United Kingdom s anticipated withdrawal from the EU and any adverse economic and political 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. 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 Prospectus March 1, 2018 3 Deutsche CROCI Equity Dividend Fund

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. Prior to April 1, 2014, the fund had a different investment management team that operated with a different investment strategy. Performance would have been different if the fund s current strategy described above had been in effect. 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. 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. 60 40 20 0-20 -40-60 -80-45.50 23.44 12.42-2.28 11.97 27.00 9.69-7.16 19.18 19.25 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Returns Period ending Best Quarter 20.07% June 30, 2009 Worst Quarter -23.21% December 31, 2008 AVERAGE ANNUAL TOTAL RETURNS (For periods ended 12/31/2017 expressed as a %) After-tax returns (which are shown only for Class A 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 3/18/1988 12.39 11.62 3.67 After tax on distributions 11.94 11.14 3.27 After tax on distributions and sale of fund shares 7.35 9.21 2.85 Class T before tax 6/5/2017 16.31 12.43 4.13 Class C before tax 9/11/1995 18.36 12.10 3.50 Class R before tax 10/1/2003 18.95 12.67 3.99 INST Class before tax 8/19/2002 19.56 13.25 4.61 Class S before tax 2/28/2005 19.55 13.23 4.51 Standard & Poor s 500 Index (S&P 500) (reflects no deduction for fees, expenses or taxes) 21.83 15.79 8.50 Class Inception 1 Year Since Inception Class R6 before tax 3/2/2015 19.68 9.12 Standard & Poor s 500 Index (S&P 500) (reflects no deduction for fees, expenses or taxes) 21.83 11.11 MANAGEMENT Investment Advisor Deutsche Investment Management Americas Inc. Portfolio Manager(s) Di Kumble, CFA, Managing Director. Portfolio Manager of the fund. Began managing the fund in 2014. PURCHASE AND SALE OF FUND SHARES MINIMUM INITIAL INVESTMENT ($) Automatic Non-IRA IRAs UGMAs/ UTMAs Investment Plans AT C 1,000 500 1,000 500 R None N/A N/A N/A R6 None N/A N/A N/A INST 1,000,000 N/A N/A N/A S 2,500 1,000 1,000 1,000 For participants in all group retirement plans for Class A, T, C and S shares, and in certain fee-based and wrap programs approved by the Advisor 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 Class R, Class R6 and Institutional Class shares. The minimum additional investment in all other instances is $50. Prospectus March 1, 2018 4 Deutsche CROCI Equity Dividend Fund

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 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 R and 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. 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. Prospectus March 1, 2018 5 Deutsche CROCI Equity Dividend Fund

Deutsche Mid Cap Value Fund INVESTMENT OBJECTIVE The fund seeks long-term capital appreciation. 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. 20), Sales Charge Waivers and Discounts Available Through Intermediaries (Appendix B, p. 59) 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 R R6 INST S Maximum sales charge (load) imposed on purchases, as % of offering price 5.75 2.50 None None None None None Maximum deferred sales charge (load), as % of redemption proceeds None None 1.00 None None None None Account Maintenance Fee (annually, for fund account balances below $10,000 and subject to certain exceptions) $20 None $20 None None None $20 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) A T C R R6 INST S Management fee 0.74 0.74 0.74 0.74 0.74 0.74 0.74 Distribution/service (12b-1) fees 0.24 0.25 1.00 0.50 None None None Other expenses 1 0.26 0.38 0.25 0.35 0.14 0.24 0.27 Total annual fund operating expenses 1.24 1.37 1.99 1.59 0.88 0.98 1.01 Fee waiver/expense reimbursement 0.00 0.13 0.00 0.10 0.00 0.00 0.02 Total annual fund operating expenses after fee waiver/ expense reimbursement 1.24 1.24 1.99 1.49 0.88 0.98 0.99 1 Other expenses for Class T are based on estimated amounts for the current fiscal year. The Advisor has contractually agreed through February 28, 2019 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, interest expense and acquired fund fees and expenses) at ratios no higher than 1.24%, 1.49% and 0.99% for Class T, Class R 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 for Class T, Class R and Class S) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Prospectus March 1, 2018 6 Deutsche Mid Cap Value Fund

Years A T C R R6 INST S 1 $ 694 $ 373 $ 302 $ 152 $ 90 $ 100 $ 101 3 946 661 624 492 281 312 320 5 1,217 969 1,073 856 488 542 556 10 1,989 1,844 2,317 1,881 1,084 1,201 1,234 You would pay the following expenses if you did not redeem your shares: Years A T C R R6 INST S 1 $ 694 $ 373 $ 202 $ 152 $ 90 $ 100 $ 101 3 946 661 624 492 281 312 320 5 1,217 969 1,073 856 488 542 556 10 1,989 1,844 2,317 1,881 1,084 1,201 1,234 PORTFOLIO 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: 43%. 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 common stocks of mid-cap companies that portfolio management believes are undervalued, but have favorable prospects for appreciation. The fund defines mid-cap companies as companies that have a market capitalization similar to the companies included in the Russell Midcap Value Index. While the market capitalization range of the Russell Midcap Value Index changes throughout the year, as of January 31, 2018, the market capitalization range of the Russell Midcap Value Index was between $583 million and $37.2 billion. The Russell Midcap ValueIndexis reconstituted annually every June. The fund may invest up to 20% of net assets in foreign securities. The fund may also invest in the equity securities of real estate investment trusts (REITs). Management process. In choosing stocks, portfolio management focuses on individual security selection rather than industry selection. Portfolio management uses an active process that combines financial analysis with company visits to evaluate management and strategies. Company research lies at the heart of the investment process. Portfolio management emphasizes individual selection of stocks across all economic sectors, focusing on companies that it believes have strong management, identifiable catalysts (e.g., acquisitions or new products), and valuations that offer an attractive risk/reward trade-off. Portfolio management utilizes multiple sources for idea generation as it believes quantitative screens by themselves are not robust enough to consistently source attractive investment ideas. Portfolio management s intensive proprietary research starts with thorough background research to gain an understanding of a company s business model and financials. Management meetings are generally conducted to assess corporate culture and the ability to execute on the business model with a focus on capital allocation decisions. Portfolio management then analyzes valuations by determining the appropriate metric and establishing internal estimates. Portfolio management reviews a stock s investment thesis, catalysts and risks to determine if the stock fits into the portfolio. Portfolio management normally will sell a stock when it believes the investment thesis proves incorrect, fundamentals weaken, catalysts fail to materialize as expected, or if a stock becomes fully valued. 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. The market as a whole may not favor the types of investments the fund makes, which could adversely affect a stock s price, regardless of how well the company performs, or the fund s ability to sell a stock at an attractive price. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility which could negatively affect performance. 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. Prospectus March 1, 2018 7 Deutsche Mid Cap Value Fund