Annual Report to Shareholders Deutsche World Dividend Fund

October 31, 2017 Annual Report to Shareholders Deutsche World Dividend Fund

Contents 3 Letter to Shareholders 4 Portfolio Management Review 9 Performance Summary 12 Portfolio Summary 14 Investment Portfolio 17 Statement of Assets and Liabilities 19 Statement of Operations 20 Statements of Changes in Net Assets 21 Financial Highlights 27 Notes to Financial Statements 38 Report of Independent Registered Public Accounting Firm 39 Information About Your Fund s Expenses 41 Tax Information 42 Advisory Agreement Board Considerations and Fee Evaluation 47 Board Members and Officers 52 Account Management Resources This report must be preceded or accompanied by a prospectus. To obtain a summary prospectus, if available, or prospectus for any of our funds, refer to the Account Management Resources information provided in the back of this booklet. We advise you to consider the fund s objectives, risks, charges and expenses carefully before investing. The summary prospectus and prospectus contain this and other important information about the fund. Please read the prospectus carefully before you invest. Dividends are not guaranteed. 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. Preferred stocks, a type of dividend-paying stock, present certain additional risks. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Any fund that focuses in a particular segment of the market or region of the world will generally be more volatile than a fund that invests more broadly. Investing in foreign securities presents certain risks, such as currency fluctuations, political and economic changes, and market risks. The fund may lend securities to approved institutions. Stocks may decline in value. See the prospectus for details. Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries. NOT FDIC/NCUA INSURED NO BANK GUARANTEE MAY LOSE VALUE NOT A DEPOSIT NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY 2 Deutsche World Dividend Fund

Letter to Shareholders Dear Shareholder: The expansion continues. Incoming information suggests the economy s growth still has momentum, underpinned by sound domestic fundamentals and an improved global backdrop. Here in the U.S., solid income growth, improvements in net worth, manageable debt, elevated confidence and firm labor markets should continue to support consumer spending. Meanwhile, business investment has shown signs of picking up, supported by improved confidence and still-favorable financial conditions. And the positive trend is by no means limited to the U.S. The international markets continue to see an improving environment, marked by growing corporate earnings and attractive valuations. Our Chief Investment Office believes that central banks are likely to remain important as market drivers in 2018 while slowly scaling back their stimulus measures. The U.S. Federal Reserve Board is likely to continue its cycle of rate hikes with two increases anticipated in 2018 while the European Central Bank is expected to end its bond purchases. The moderate inflation environment as well as an overall expansionary monetary policy should limit the upward pressure on yields. One of the positive elements of being a global asset manager is insight gained from a network of our analysts located around the world. We encourage you to visit our website deutschefunds.com to stay abreast of developments and their potential impact on the U.S. and global markets. As always, we appreciate your trust and the opportunity to serve your investment needs. Best regards, Hepsen Uzcan President, Deutsche Funds Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results. Deutsche World Dividend Fund 3

Portfolio Management Review (Unaudited) Market Overview and Fund Performance All performance information below is historical and does not guarantee future results. Returns shown are for Class A shares, unadjusted for sales charges. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit deutschefunds.com for the most recent month-end performance of all share classes. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had. Please refer to pages 9 through 11 for more complete performance information. Management Process The fund seeks income by investing in dividend paying stocks. Portfolio management looks for companies it believes are fundamentally strong and that it expects to have sustainable dividend yields, stable cash flows and are trading at compelling valuations. In choosing securities, portfolio management uses a combination of analytical disciplines: Multi-factor model. Portfolio management uses a quantitative model that looks at dividend yield, payout ratio and dividend growth to narrow the investment universe. Bottom-up fundamental analysis. Portfolio management generally looks for companies that it believes have market leadership, strong management teams and high returns on capital. Valuation analysis. Portfolio management determines what they believe to be the intrinsic value of the company and only buy the stock when it is trading at a discount to the intrinsic value. The fund returned 7.63% during the 12-month period ended October 31, 2017, underperforming the 17.68% gain of its benchmark, the MSCI World High Dividend Yield Index. Several factors combined to fuel a hearty return for stocks in the past 12 months. Global growth experienced a meaningful acceleration, with the previously sluggish international economies exhibiting signs of renewed strength. Notably, the rebound in China s economy from its slowdown of late 2015 provided the impetus for stronger growth across the rest of the world. The improvement in economic conditions, in turn, resulted in robust gains in corporate earnings and made investors more comfortable paying richer valuations for stocks. Not least, the continued low level of interest rates in the developed markets helped create steady demand for higher-risk assets. 4 Deutsche World Dividend Fund

Dividend-paying stocks, while participating in the rally, fell short of the gain for the broader market. The MSCI World Index returned 22.77% in the annual period, outpacing the fund s benchmark by more than five percentage points. At a time of positive investor sentiment and a outperformance for both the growth style and momentum-driven stocks, investors appeared to deemphasize yield in favor of capital appreciation potential. Fund Performance While we are disappointed with the fund s shortfall versus MSCI World High Dividend Yield Index, we also recognize that our strategy will frequently experience large swings in relative performance. Our bottom-up approach, which focuses on companies with strong, sustainable dividends and attractive absolute valuations, leads us to hold a portfolio that is often quite different in composition than the index. Additionally, the defensive nature of many of the fund s holdings means that we typically don t keep pace with the market when risk appetites are high and momentum-driven stocks are outperforming. Although this approach contributed to underperformance during the annual period, we believe it continues to represent an effective strategy from a longer-term standpoint. In terms of specific drivers of relative performance, the fund s elevated cash position was a key factor in its shortfall of the past 12 months. We held an average cash weighting of about 16% of assets, which was a headwind in the rising market. The primary reason behind this positioning was our view that although there are plenty of stocks that offer attractive relative values, the types of absolute values we seek are harder to come by after a long stretch of positive performance for the broader market. We therefore chose to keep cash on hand and await more compelling opportunities rather than establishing positions at valuation levels that may indicate muted longer-term return potential. Stock selection was an additional source of underperformance, with our weakest showing occurring in the energy, consumer discretionary, health care and information technology sectors. In many cases, the gap in performance versus the benchmark was the result of our zero weightings in various index components that we didn t own because they failed to meet our investment criteria. Our focus on higher-quality, undervalued dividend payers means that we will occasionally miss opportunities in faster growing stocks, but we prefer to take that risk if it minimizes our odds of overpaying. Deutsche World Dividend Fund 5

Among individual stocks, the toy producer Mattel, Inc.* was one of the leading detractors for the year. While we held a favorable view on the company s fundamentals and long-term outlook when we initiated the position in November 2014, Mattel subsequently came under pressure from declining overall toy sales and weaker sales for its core brands. We sold the stock from the portfolio in the third calendar quarter of 2017, thus avoiding more downside in the position, but we were not quick enough to sidestep its persistent weakness in the first half of the year. Other notable detractors included the energy exploration and production company Apache Corp., which failed to keep pace with the recovery in oil prices due to weaker-than-expected production growth, and QUALCOMM, Inc., a producer of communications-related semiconductors that slid on the uncertainty associated with lawsuits by both Apple, Inc. and the Federal Trade Commission. The mining company Wheaton Precious Metals Corp. and the pharmaceutical giant GlaxoSmithKline PLC were also key detractors in the annual period. Our bottom-up approach, which focuses on companies with strong, sustainable dividends and attractive absolute valuations, leads us to hold a portfolio that is often quite different in composition than the index. On the positive side, CNH Industrial NV one of the largest manufacturers of agricultural tractors and combines was a top contributor. The company benefited from increased demand associated with an upswing in the agricultural cycle, leading to a substantial drawdown in its inventories. Leucadia National Corp., a conglomerate whose underlying holdings include financial services, beef production and energy, also gained ground due to robust results across multiple business lines. CIE Financiere Richemont SA, a French producer of luxury goods that benefited from rising sales, was a further contributor of note. Outlook and Positioning Given the concentrated nature of the portfolio, we did not make largescale changes in the past year. The most noteworthy move was our shift 6 Deutsche World Dividend Fund

toward an increased weighting in Asia, which was the result of our purchase of the Korean automaker Kia Motors Corp. and the Japanese clinical-testing firm BML, Inc. Consistent with our strategy, these moves were the result of our bottom-up stock selection process rather than a top-down view on Asia. At a time in which valuations in the United States have become increasingly stretched, we think these purchases help illustrate how our global approach provides a greater opportunity set for identifying attractive absolute values. Our bottom-up strategy was also reflected in meaningful divergences in the fund s sector weightings in comparison to the benchmark. For instance, the fund held large underweights in both the utilities and consumer staples sectors. These groups are typically heavily represented in dividend-oriented portfolios, but we found relatively few stocks with compelling valuations. On the other side of the ledger, the fund was overweight in health care, industrials and energy. We believe this represents another illustration of our how our focus on valuations leads to a differentiated portfolio. The merits of a defensive, dividend-oriented approach is often obscured in periods of strong market performance. It s important to keep in mind, however, that the past year was characterized by very favorable investment conditions, with steady growth, low inflation and a general lack of headline risk. If the backdrop becomes less supportive and the markets begin to experience lower returns, we believe investors may demonstrate a renewed appreciation for the types of higher-yielding, defensive stocks we hold in the fund. * Not held in the portfolio as of 10/31/17. Deutsche World Dividend Fund 7

Portfolio Management Team Fabian Degen, CFA, Director Portfolio Manager of the fund. Began managing the fund in 2010. Joined Deutsche Asset Management in 2007. Portfolio manager for US and Global Value Equity: New York. US Large Cap Equities: New York. Bachelor of International Business Administration in Investments and Finance from the International University of Applied Sciences Bad Honnef, Bonn with educational exchanges at the University of Maine (USA). Sebastian P. Werner, PhD, Vice President Portfolio Manager of the fund. Began managing the fund in 2015. Joined Deutsche Asset Management in 2008; previously, he served as a Research Assistant for the Endowed Chair of Asset Management at the European Business School, Oestrich-Winkel while earning his PhD. Portfolio Manager for Global and US Growth Equities: New York. MBA in International Management from the Thunderbird School of Global Management; Masters Degree ( Diplom-Kaufmann ) and PhD in Finance ( Dr.rer.pol. ) from the European Business School, Oestrich-Winkel. The views expressed reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Past performance is no guarantee of future results. Current and future portfolio holdings are subject to risk. Terms to Know The MSCI World High Dividend Yield Index is based on the MSCI World Index, its parent index, and includes large and mid cap stocks across 23 Developed Markets countries. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. The Morgan Stanley Capital International (MSCI) World Index is an unmanaged index that tracks the performance of stocks in select developed markets around the world, including the U.S. Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index. Contribution and detraction incorporate both a stock s total return and its weighting in the Fund. Momentum is the rate of acceleration of a security s price. Overweight means the fund holds a higher weighting in a given sector or security than the benchmark. Underweight means the fund holds a lower weighting. 8 Deutsche World Dividend Fund

Performance Summary October 31, 2017 (Unaudited) Class A 1-Year 5-Year 10-Year Average Annual Total Returns as of 10/31/17 Unadjusted for Sales Charge 7.63% 6.99% 0.25% Adjusted for the Maximum Sales Charge (max 5.75% load) 1.44% 5.73% 0.84% MSCI World High Dividend Yield Index 17.68% 9.16% 2.85% Class T 1-Year 5-Year 10-Year Average Annual Total Returns as of 10/31/17 Unadjusted for Sales Charge 7.61% 7.01% 0.15% Adjusted for the Maximum Sales Charge (max 2.50% load) 4.92% 6.47% 0.40% MSCI World High Dividend Yield Index 17.68% 9.16% 2.85% Class C 1-Year 5-Year 10-Year Average Annual Total Returns as of 10/31/17 Unadjusted for Sales Charge 6.82% 6.20% 1.03% Adjusted for the Maximum Sales Charge (max 1.00% CDSC) 6.82% 6.20% 1.03% MSCI World High Dividend Yield Index 17.68% 9.16% 2.85% Class R6 1-Year Life of Class* Average Annual Total Returns as of 10/31/17 No Sales Charges 7.99% 1.60% MSCI World High Dividend Yield Index 17.68% 4.92% Class S 1-Year 5-Year 10-Year Average Annual Total Returns as of 10/31/17 No Sales Charges 7.88% 7.23% 0.03% MSCI World High Dividend Yield Index 17.68% 9.16% 2.85% Institutional Class 1-Year 5-Year 10-Year Average Annual Total Returns as of 10/31/17 No Sales Charges 7.92% 7.29% 0.11% MSCI World High Dividend Yield Index 17.68% 9.16% 2.85% Until December 1, 2010, this fund was known as DWS Europe Equity Fund. On December 1, 2010, the fund s objective, strategy and name changed. All returns prior to December 1, 2010 were achieved under the previous objective and strategy. Deutsche World Dividend Fund 9

Performance in the Average Annual Total Returns table(s) above and the Growth of an Assumed $10,000 Investment line graph that follows is historical and does not guarantee future results. Investment return and principal fluctuate, so your shares may be worth more or less when redeemed. Current performance may differ from performance data shown. Please visit deutschefunds.com for the Fund s most recent month-end performance. Fund performance includes reinvestment of all distributions. Unadjusted returns do not reflect sales charges and would have been lower if they had. The gross expense ratios of the Fund, as stated in the fee table of the prospectus dated February 1, 2017 are 1.29%, 1.30%, 2.01%, 1.01%, 1.08% and 0.99% for Class A, Class T, Class C, Class R6, Class S and Institutional Class shares, respectively, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. Index returns do not reflect any fees or expenses and it is not possible to invest directly into an index. Performance figures do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Returns shown for Class T shares for the period prior to its inception on June 5, 2017 are derived from the historical performance of Institutional Class shares of Deutsche World Dividend Fund during such periods and have been adjusted to reflect the higher total annual operating expenses. Any difference in expenses will affect performance. Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights. Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge) Deutsche World Dividend Fund Class A MSCI World High Dividend Yield Net Index $20,000 $15,000 $10,000 $13,241 $9,192 $5,000 $0 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 Yearly periods ended October 31 The Fund s growth of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.75%. This results in a net initial investment of $9,425. The growth of $10,000 is cumulative. '17 10 Deutsche World Dividend Fund

Performance of other share classes will vary based on the sales charges and the fee structure of those classes. * Class R6 shares commenced operations on August 25, 2014. The Morgan Stanley Capital International (MSCI) World High Dividend Yield Index is based on the MSCI World Index, its parent index, and includes large and mid cap stocks across 23 Developed Markets countries. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. Class A Class T Class C Class R6 Class S Institutional Class Net Asset Value 10/31/17 $29.76 $29.76 $29.51 $29.79 $29.81 $30.05 6/5/17 (commencement of operations of Class T) $ $30.63 $ $ $ $ 10/31/16 $28.02 $ $27.80 $28.03 $28.07 $28.29 Distribution Information as of 10/31/17 Income Dividends, Twelve Months $.39 $.16 ** $.19 $.47 $.47 $.48 ** For the period from June 5, 2017 (commencement of operations) to October 31, 2017. Deutsche World Dividend Fund 11

Portfolio Summary (Unaudited) Asset Allocation (As a % of Investment Portfolio excluding Securities Lending Collateral) 10/31/17 10/31/16 Common Stocks 85% 83% Cash Equivalents 15% 17% 100% 100% Sector Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral) 10/31/17 10/31/16 Health Care 22% 13% Consumer Staples 16% 22% Industrials 15% 17% Financials 12% 8% Energy 11% 10% Consumer Discretionary 10% 9% Information Technology 7% 8% Telecommunication Services 4% 8% Materials 3% 2% Utilities 3% 100% 100% Geographical Diversification (As a % of Investment Portfolio excluding Cash Equivalents and Securities Lending Collateral) 10/31/17 10/31/16 United States 30% 46% United Kingdom 21% 21% Switzerland 14% 11% Canada 13% 6% Hong Kong 5% 5% Japan 5% 2% France 4% 4% Italy 3% 2% Korea 3% Mexico 2% Netherlands 3% 100% 100% 12 Deutsche World Dividend Fund

Ten Largest Equity Holdings at October 31, 2017 (40.4% of Net Assets) Country Percent 1 Fairfax Financial Holdings Ltd. Canada 6.8% Financial services holding company 2 Jardine Matheson Holdings Ltd. Hong Kong 4.4% Multinational conglomerate with a portfolio of various businesses in the Asia-Pacific region 3 National Oilwell Varco, Inc. United States 4.2% Manufactures & sells oil & gas drilling machinery equipment 4 Novartis AG Switzerland 4.1% Manufacturer of pharmaceutical and nutrition products 5 CNH Industrial NV United Kingdom 4.1% Designs, manufactures, sells and supports construction equipment 6 Leucadia National Corp. United States 3.5% Provider of banking and lending services 7 AmerisourceBergen Corp. United States 3.4% Provider of healthcare and pharmaceutical services 8 Nestle SA Switzerland 3.3% Multinational company that markets a wide range of food products 9 Sanofi France 3.3% Manufactures prescription pharmaceuticals 10 Oracle Corp. United States 3.3% Provider of database management software Portfolio holdings and characteristics are subject to change. For more complete details about the fund s investment portfolio, see page 14. A quarterly Fact Sheet is available on deutschefunds.com or upon request. Please see the Account Management Resources section on page 52 for contact information. Deutsche World Dividend Fund 13

Investment Portfolio as of October 31, 2017 Shares Value ($) Common Stocks 85.1% Canada 11.3% Cameco Corp. (a) 682,614 5,545,147 Fairfax Financial Holdings Ltd. 31,784 16,738,522 Wheaton Precious Metals Corp. 277,371 5,752,675 (Cost $25,997,777) 28,036,344 France 3.3% Sanofi (Cost $6,897,192) 86,705 8,210,150 Hong Kong 4.4% Jardine Matheson Holdings Ltd. (Cost $9,234,909) 170,526 10,923,896 Italy 2.4% Telecom Italia SpA (RSP) (Cost $5,893,760) 8,311,555 5,910,684 Japan 3.9% BML, Inc. 300,200 6,605,693 NTT DoCoMo, Inc. 125,929 3,035,675 (Cost $8,520,368) 9,641,368 Korea 2.4% Kia Motors Corp. (Cost $5,786,747) 186,653 5,897,725 Mexico 1.9% Grupo Televisa SAB (ADR) (Cost $4,809,194) 211,200 4,623,168 Switzerland 12.2% Cie Financiere Richemont SA (Registered) 65,646 6,053,658 Nestle SA (Registered) 97,893 8,232,569 Novartis AG (Registered) 123,330 10,161,606 Roche Holding AG (Genusschein) 24,500 5,660,553 (Cost $27,464,996) 30,108,386 United Kingdom 17.4% BAE Systems PLC 644,557 5,080,766 British American Tobacco PLC 120,640 7,804,707 CNH Industrial NV 797,720 10,131,044 GlaxoSmithKline PLC 418,988 7,554,201 Imperial Brands PLC 171,749 7,004,069 Unilever NV (CVA) (a) 94,345 5,484,446 (Cost $35,573,749) 43,059,233 United States 25.9% AmerisourceBergen Corp. 108,932 8,382,317 Apache Corp. 163,278 6,754,811 The accompanying notes are an integral part of the financial statements. 14 Deutsche World Dividend Fund

Shares Value ($) Icahn Enterprises LP (a) 105,994 5,849,809 Leucadia National Corp. 338,167 8,555,625 National Oilwell Varco, Inc. 307,617 10,517,425 Oracle Corp. 158,870 8,086,483 Philip Morris International, Inc. 40,204 4,206,947 QUALCOMM, Inc. 137,206 6,998,878 Tapestry, Inc. 111,166 4,552,248 (Cost $69,465,763) 63,904,543 Total Common Stocks (Cost $199,644,455) 210,315,497 Securities Lending Collateral 7.0% Deutsche Government & Agency Securities Portfolio Deutsche Government Cash Institutional Shares, 0.97% (b) (c) (Cost $17,267,825) 17,267,825 17,267,825 Cash Equivalents 14.8% Deutsche Central Cash Management Government Fund, 1.08% (b) (Cost $36,656,468) 36,656,468 36,656,468 % of Net Assets Value ($) Total Investment Portfolio (Cost $253,568,748) 106.9 264,239,790 Other Assets and Liabilities, Net (6.9) (16,998,424) Net Assets 100.0 247,241,366 (a) All or a portion of these securities were on loan. In addition, Other Assets and Liabilities, Net may include pending sales that are also on loan. The value of securities loaned at October 31, 2017 amounted to $16,688,475, which is 6.7% of net assets. (b) Affiliated fund managed by Deutsche Investment Management Americas Inc. The rate shown is the annualized seven-day yield at period end. (c) Represents collateral held in connection with securities lending. Income earned by the Fund is net of borrower rebates. ADR: American Depositary Receipt CVA: Certificaten Van Aandelen (Certificate of Stock) RSP: Risparmio (Convertible Savings Shares) The accompanying notes are an integral part of the financial statements. Deutsche World Dividend Fund 15

Fair Value Measurements Various inputs are used in determining the value of the Fund s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. The following is a summary of the inputs used as of October 31, 2017 in valuing the Fund s investments. For information on the Fund s policy regarding the valuation of investments, please refer to the Security Valuation section of Note A in the accompanying Notes to Financial Statements. Assets Level 1 Level 2 Level 3 Total Common Stocks Canada $ 28,036,344 $ $ $ 28,036,344 France 8,210,150 8,210,150 Hong Kong 10,923,896 10,923,896 Italy 5,910,684 5,910,684 Japan 9,641,368 9,641,368 Korea 5,897,725 5,897,725 Mexico 4,623,168 4,623,168 Switzerland 30,108,386 30,108,386 United Kingdom 43,059,233 43,059,233 United States 63,904,543 63,904,543 Short-Term Investments (d) 53,924,293 53,924,293 Total $264,239,790 $ $ $264,239,790 As a result of the fair valuation model utilized by the Fund, certain international securities transferred from Level 2 to Level 1. During the year ended October 31, 2017, the amount of the transfers between Level 2 and Level 1 was $86,383,366. (d) See Investment Portfolio for additional detailed categorizations. The accompanying notes are an integral part of the financial statements. 16 Deutsche World Dividend Fund

Statement of Assets and Liabilities as of October 31, 2017 Assets Investments in non-affiliated securities, at value (cost $199,644,455) (including $16,688,475 of securities loaned) $ 210,315,497 Investment in Deutsche Government & Agency Securities Portfolio (cost $17,267,825)* 17,267,825 Investment in Deutsche Central Cash Management Government Fund (cost $36,656,468) 36,656,468 Cash 1 Foreign currency, at value (cost $137,006) 134,392 Receivable for Fund shares sold 81,214 Dividends receivable 202,175 Interest receivable 61,046 Foreign taxes recoverable 352,338 Other assets 27,657 Total assets 265,098,613 Liabilities Payable upon return of securities loaned 17,267,825 Payable for Fund shares redeemed 167,111 Accrued management fee 87,464 Accrued Directors fees 3,760 Other accrued expenses and payables 331,087 Total liabilities 17,857,247 Net assets, at value $ 247,241,366 Net Assets Consist of Undistributed net investment income 353,228 Net unrealized appreciation (depreciation) on: Investments 10,671,042 Foreign currency (5,254) Accumulated net realized gain (loss) (19,595,096) Paid-in capital 255,817,446 Net assets, at value $ 247,241,366 * Represents collateral on securities loaned. The accompanying notes are an integral part of the financial statements. Deutsche World Dividend Fund 17

Statement of Assets and Liabilities as of October 31, 2017 (continued) Net Asset Value Class A Net Asset Value and redemption price per share ($45,129,084 1,516,484 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) $ 29.76 Maximum offering price per share (100 94.25 of $29.76) $ 31.58 Class T Net Asset Value offering and redemption price per share ($9,762 328 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) $ 29.76 Maximum offering price per share (100 97.50 of $29.76) $ 30.52 Class C Net Asset Value offering and redemption price per share ($22,947,817 777,603 shares of capital stock outstanding, $.01 par value, 20,000,000 shares authorized) $ 29.51 Class R6 Net Asset Value offering and redemption price per share ($104,107 3,495 shares of capital stock outstanding, $.01 par value, 50,000,000 shares authorized) $ 29.79 Class S Net Asset Value offering and redemption price per share ($170,490,292 5,719,860 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized) $ 29.81 Institutional Class Net Asset Value offering and redemption price per share ($8,560,304 284,905 shares of capital stock outstanding, $.01 par value, 100,000,000 shares authorized) $ 30.05 The accompanying notes are an integral part of the financial statements. 18 Deutsche World Dividend Fund

Statement of Operations for the year ended October 31, 2017 Investment Income Income: Dividends (net of foreign taxes withheld of $342,312) $ 6,226,739 Income distributions Deutsche Central Cash Management Government Fund 339,688 Securities lending income, net of borrower rebates 462,873 Total income 7,029,300 Expenses: Management fee 1,764,276 Administration fee 266,030 Services to shareholders 476,590 Distribution and service fees 373,731 Custodian fee 39,760 Professional fees 96,352 Reports to shareholders 49,977 Registration fees 87,081 Directors fees and expenses 15,665 Other 27,635 Total expenses before expense reductions 3,197,097 Expense reductions (323,744) Total expenses after expense reductions 2,873,353 Net investment income 4,155,947 Realized and Unrealized Gain (Loss) Net realized gain (loss) from: Investments 18,834,049 Foreign currency (9,146) 18,824,903 Change in net unrealized appreciation (depreciation) on: Investments (2,826,185) Foreign currency 2,602 (2,823,583) Net gain (loss) 16,001,320 Net increase (decrease) in net assets resulting from operations $ 20,157,267 The accompanying notes are an integral part of the financial statements. Deutsche World Dividend Fund 19

Statements of Changes in Net Assets Years Ended October 31, Increase (Decrease) in Net Assets 2017 2016 Operations: Net investment income (loss) $ 4,155,947 $ 5,380,787 Net realized gain (loss) 18,824,903 (3,906,331) Change in net unrealized appreciation (depreciation) (2,823,583) 10,215,966 Net increase (decrease) in net assets resulting from operations 20,157,267 11,690,422 Distributions to shareholders from: Net investment income: Class A (696,684) (1,554,231) Class T* (52) Class B (59)** Class C (158,221) (389,747) Class R6 (1,639) (497) Class S (2,752,858) (3,757,346) Institutional Class (280,120) (93,329) Total distributions (3,889,574) (5,795,209) Fund share transactions: Proceeds from shares sold 67,957,609 33,556,281 Reinvestment of distributions 3,716,435 5,477,630 Payments for shares redeemed (95,474,759) (66,483,071) Redemption fees 635 1,961 Net increase (decrease) in net assets from Fund share transactions (23,800,080) (27,447,199) Increase (decrease) in net assets (7,532,387) (21,551,986) Net assets at beginning of year 254,773,753 276,325,739 Net assets at end of year (including undistributed net investment income of $353,228 and $925,568, respectively) $ 247,241,366 $ 254,773,753 * For the period from June 5, 2017 (commencement of operations of Class T) to October 31, 2017. ** For the period from November 1, 2015 to February 10, 2016 (see Note A). The accompanying notes are an integral part of the financial statements. 20 Deutsche World Dividend Fund

Financial Highlights Years Ended October 31, Class A 2017 2016 2015 2014 2013 Selected Per Share Data Net asset value, beginning of period $28.02 $27.21 $29.26 $28.10 $23.48 Income (loss) from investment operations: Net investment income a.42.56.61.62.50 Net realized and unrealized gain (loss) 1.71.85 (2.00).97 4.80 Total from investment operations 2.13 1.41 (1.39) 1.59 5.30 Less distributions from: Net investment income (.39) (.60) (.66) (.43) (.68) Redemption fees.00 *.00 *.00 *.00 *.00 * Net asset value, end of period $29.76 $28.02 $27.21 $29.26 $28.10 Total Return (%) b 7.63 c 5.29 c (4.85) c 5.68 c 23.01 Ratios to Average Net Assets and Supplemental Data Net assets, end of period ($ millions) 45 67 76 105 102 Ratio of expenses before expense reductions (%) 1.29 1.29 1.27 1.25 1.28 Ratio of expenses after expense reductions (%) 1.18 1.25 1.27 1.24 1.28 Ratio of net investment income (%) 1.44 2.07 2.13 2.12 1.95 Portfolio turnover rate (%) 34 33 31 51 28 a Based on average shares outstanding during the period. b Total return does not reflect the effect of any sales charges. c Total return would have been lower had certain expenses not been reduced. * Amount is less than $.005. Deutsche World Dividend Fund 21

Class T Period Ended 10/31/17 a Selected Per Share Data Net asset value, beginning of period $30.63 Income (loss) from investment operations: Net investment income b.10 Net realized and unrealized gain (loss) (.81) Total from investment operations (.71) Less distributions from: Net investment income (.16) Net asset value, end of period $29.76 Total Return (%) c,d (2.33)** Ratios to Average Net Assets and Supplemental Data Net assets, end of period ($ thousands) 10 Ratio of expenses before expense reductions (%) 1.34* Ratio of expenses after expense reductions (%) 1.08* Ratio of net investment income (%).83* Portfolio turnover rate (%) 34 e a For the period from June 5, 2017 (commencement of operations) to October 31, 2017. b Based on average shares outstanding during the period. c Total return does not reflect the effect of any sales charges. d Total return would have been lower had certain expenses not been reduced. e Represents the Fund s portfolio turnover rate for the year ended October 31, 2017. * Annualized ** Not annualized 22 Deutsche World Dividend Fund

Years Ended October 31, Class C 2017 2016 2015 2014 2013 Selected Per Share Data Net asset value, beginning of period $27.80 $27.00 $29.04 $27.89 $23.30 Income (loss) from investment operations: Net investment income a.21.36.40.41.31 Net realized and unrealized gain (loss) 1.69.84 (1.99).95 4.77 Total from investment operations 1.90 1.20 (1.59) 1.36 5.08 Less distributions from: Net investment income (.19) (.40) (.45) (.21) (.49) Redemption fees.00 *.00 *.00 *.00 *.00 * Net asset value, end of period $29.51 $27.80 $27.00 $29.04 $27.89 Total Return (%) c 6.82 b 4.52 b (5.55) b 4.92 b 22.09 Ratios to Average Net Assets and Supplemental Data Net assets, end of period ($ millions) 23 24 30 37 30 Ratio of expenses before expense reductions (%) 2.02 2.01 2.00 1.98 2.00 Ratio of expenses after expense reductions (%) 1.92 2.00 1.99 1.96 2.00 Ratio of net investment income (%).72 1.33 1.41 1.41 1.22 Portfolio turnover rate (%) 34 33 31 51 28 a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. c Total return does not reflect the effect of any sales charges. * Amount is less than $.005. Deutsche World Dividend Fund 23

Years Ended October 31, Period Ended Class R6 2017 2016 2015 10/31/14 a Selected Per Share Data Net asset value, beginning of period $28.03 $27.23 $29.29 $30.40 Income (loss) from investment operations: Net investment income b.52.55.67.09 Net realized and unrealized gain (loss) 1.71.92 (1.98) (1.09) Total from investment operations 2.23 1.47 (1.31) (1.00) Less distributions from: Net investment income (.47) (.67) (.75) (.11) Redemption fees.00 ***.00 ***.00 ***.00 *** Net asset value, end of period $29.79 $28.03 $27.23 $29.29 Total Return (%) 7.99 c 5.51 c (4.60) c (3.22) ** Ratios to Average Net Assets and Supplemental Data Net assets, end of period ($ thousands) 104 96 9 10 Ratio of expenses before expense reductions (%).94 1.01 1.15.90 * Ratio of expenses after expense reductions (%).86.99 1.02.90 * Ratio of net investment income (%) 1.77 1.99 2.37 1.69 * Portfolio turnover rate (%) 34 33 31 51 d a For the period from August 25, 2014 (commencement of operations) to October 31, 2014. b Based on average shares outstanding during the period. c Total return would have been lower had certain expenses not been reduced. d Represents the Fund s portfolio turnover rate for the year ended October 31, 2014. * Annualized ** Not annualized *** Amount is less than $.005. 24 Deutsche World Dividend Fund

Years Ended October 31, Class S 2017 2016 2015 2014 2013 Selected Per Share Data Net asset value, beginning of period $28.07 $27.26 $29.30 $28.13 $23.50 Income (loss) from investment operations: Net investment income a.50.63.67.68.54 Net realized and unrealized gain (loss) 1.71.85 (1.99).97 4.81 Total from investment operations 2.21 1.48 (1.32) 1.65 5.35 Less distributions from: Net investment income (.47) (.67) (.72) (.48) (.72) Redemption fees.00 *.00 *.00 *.00 *.00 * Net asset value, end of period $29.81 $28.07 $27.26 $29.30 $28.13 Total Return (%) b 7.88 5.54 (4.59) 5.92 23.19 Ratios to Average Net Assets and Supplemental Data Net assets, end of period ($ millions) 170 153 162 203 207 Ratio of expenses before expense reductions (%) 1.07 1.08 1.07 1.06 1.10 Ratio of expenses after expense reductions (%).94 1.00 1.02 1.03 1.09 Ratio of net investment income (%) 1.70 2.30 2.37 2.32 2.12 Portfolio turnover rate (%) 34 33 31 51 28 a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. * Amount is less than $.005. Deutsche World Dividend Fund 25

Years Ended October 31, Institutional Class 2017 2016 2015 2014 2013 Selected Per Share Data Net asset value, beginning of period $28.29 $27.48 $29.55 $28.38 $23.71 Income (loss) from investment operations: Net investment income a.55.60.71.69.58 Net realized and unrealized gain (loss) 1.69.90 (2.03) 1.00 4.86 Total from investment operations 2.24 1.50 (1.32) 1.69 5.44 Less distributions from: Net investment income (.48) (.69) (.75) (.52) (.77) Redemption fees.00 *.00 *.00 *.00 *.00 * Net asset value, end of period $30.05 $28.29 $27.48 $29.55 $28.38 Total Return (%) 7.92 b 5.57 (4.56) 6.00 b 23.36 Ratios to Average Net Assets and Supplemental Data Net assets, end of period ($ millions) 9 11 8 13 10 Ratio of expenses before expense reductions (%) 1.02.99.96.95.96 Ratio of expenses after expense reductions (%).92.99.96.95.96 Ratio of net investment income (%) 1.84 2.18 2.46 2.34 2.26 Portfolio turnover rate (%) 34 33 31 51 28 a Based on average shares outstanding during the period. b Total return would have been lower had certain expenses not been reduced. * Amount is less than $.005. 26 Deutsche World Dividend Fund

Notes to Financial Statements A. Organization and Significant Accounting Policies Deutsche World Dividend Fund (the Fund ) is a diversified series of the Deutsche International Fund, Inc. (the Corporation ), which is registered under the Investment Company Act of 1940, as amended (the 1940 Act ), as an open-end management investment company organized as a Maryland corporation. The Fund offers multiple classes of shares which provide investors with different purchase options. Class A shares are subject to an initial sales charge. Class B shares automatically converted to Class A shares on February 10, 2016 and are no longer offered. Class B shares were not subject to an initial sales charge and were subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions. Class C shares are not subject to an initial sales charge but are subject to higher ongoing expenses than Class A shares and a contingent deferred sales charge payable upon certain redemptions within one year of purchase. Class R6 shares are not subject to initial or contingent deferred sales charges and are generally available only to certain retirement plans. Class S shares are not subject to initial or contingent deferred sales charges and are only available to a limited group of investors. Institutional Class shares are not subject to initial or contingent deferred sales charges and are generally available only to qualified institutions. Class T shares commenced operations on June 5, 2017. Class T shares are subject to an initial sales charge and are only available through certain financial intermediaries. Investment income, realized and unrealized gains and losses, and certain fund-level expenses and expense reductions, if any, are borne pro rata on the basis of relative net assets by the holders of all classes of shares, except that each class bears certain expenses unique to that class such as distribution and service fees, services to shareholders and certain other class-specific expenses. Differences in class-level expenses may result in payment of different per share dividends by class. All shares of the Fund have equal rights with respect to voting subject to class-specific arrangements. The Fund s financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ( U.S. GAAP ) which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under Topic 946 of Accounting Standards Codification of U.S. GAAP. The policies described below are followed consistently by the Fund in the preparation of its financial statements. Security Valuation. Investments are stated at value determined as of the close of regular trading on the New York Stock Exchange on each day the exchange is open for trading. Deutsche World Dividend Fund 27

Various inputs are used in determining the value of the Fund s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Equity securities are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. Securities for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. Equity securities are generally categorized as Level 1. For certain international equity securities, in order to adjust for events which may occur between the close of the foreign exchanges and the close of the New York Stock Exchange, a fair valuation model may be used. This fair valuation model takes into account comparisons to the valuation of American Depository Receipts (ADRs), exchange-traded funds, futures contracts and certain indices and these securities are categorized as Level 2. Investments in open-end investment companies are valued at their net asset value each business day and are categorized as Level 1. Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Board and are generally categorized as Level 3. In accordance with the Fund s valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company s or issuer s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities. 28 Deutsche World Dividend Fund

Disclosure about the classification of fair value measurements is included in a table following the Fund s Investment Portfolio. Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions. Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments. Securities Lending. Deutsche Bank AG, as lending agent, lends securities of the Fund to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Fund continues to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Fund requires the borrowers of the securities to maintain collateral with the Fund consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best efforts to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. As of period end, any securities on loan were collateralized by cash. During the year ended October 31, 2017, the Fund invested the cash collateral into a joint trading account in affiliated money market funds managed by Deutsche Investment Management Americas Inc. As of October 31, 2017, the Fund invested the cash collateral in Deutsche Government & Agency Securities Portfolio. Deutsche Investment Management Americas Inc. receives a management/administration fee (0.13% annualized effective rate as of October 31, 2017) on the cash collateral invested in Deutsche Government & Agency Securities Portfolio. The Fund receives compensation for lending its securities either in the form of fees or by earning interest on invested cash collateral net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time, and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in Deutsche World Dividend Fund 29

the collateral should the borrower of the securities fail financially. If the Fund is not able to recover securities lent, the Fund may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Fund is also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments. As of October 31, 2017, the Fund had securities on loan, which were classified as common stock in the Investment Portfolio. The value of the related collateral exceeded the value of the securities loaned at period end. As of period end, the remaining contractual maturity of the collateral agreements was overnight and continuous. Taxes. The Fund s policy is to comply with the requirements of the Internal Revenue Code, as amended, which are applicable to regulated investment companies, and to distribute all of its taxable income to its shareholders. Additionally, the Fund may be subject to taxes imposed by the governments of countries in which it invests and are generally based on income and/or capital gains earned or repatriated. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized gain/loss on investments. Tax liabilities realized as a result of security sales are reflected as a component of net realized gain/loss on investments. Under the Regulated Investment Company Modernization Act of 2010, net capital losses incurred post-enactment may be carried forward indefinitely, and their character is retained as short-term and/or long-term. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses. At October 31, 2017, the Fund had net tax basis capital loss carryforwards of approximately $20,007,000 of pre-enactment losses, which may be applied against any realized net taxable capital gains of each succeeding year until fully utilized or until October 31, 2018, the expiration date. The Fund has reviewed the tax positions for the open tax years as of October 31, 2017 and has determined that no provision for income tax and/or uncertain tax provisions is required in the Fund s financial statements. The Fund s federal tax returns for the prior three fiscal years remain open subject to examination by the Internal Revenue Service. Distribution of Income and Gains. Distributions from net investment income of the Fund are declared and distributed to shareholders quarterly. Net realized gains from investment transactions, in excess of available capital loss carryforwards, would be taxable to the Fund if not distributed, and, therefore, will be distributed to shareholders at least annually. The Fund may also make additional distributions for tax purposes, if necessary. 30 Deutsche World Dividend Fund