EFTA00617471.pdf

Deutsche Asset Management Real Assets Deutsche Real Estate Securities Fund Share class: Al RRRAX C I RRRCX INST I RRRRX RI RRRSX SI RRREX R6 I RRRZX Morningstar Rankings — Class S pimh of a $10,000 investment in $ class shares from 9130/06 to 9/3(416 Real Estate (as of 9/30/16) lin thousand uI4 of 284 %nth: lop 5% 620 3-year arl9 of 250 funds Top 20% $15 6-year arl5 of 219 funds Top 20% $10 65 10-year Mr10 of 155 funds Top 26% Rankings are based on the fund's total returns, 9/06 9/08 9/10 9/12 9/14 9/16 unadjusted for sales charges, with distributions reinvested. If sales charges had been included. ■ Deutsche Real Estate Securities Fund $18,333 rankings may have been less favorable. Rankings of other classes may vary. Source: Morningstar, Inc. Ratings/rankings are historical and do not guarantee Source. Deutsche Asset Management. Includes reinvestment of all tta.taltotiont.. future nasulta. (es of 9/30/16) Objective YID 1-year 3-year 5-year 10-year Life of fund Inception The fund's investment objective is long-term II IM-mfjusted for sales charge (would be lower if adjusted) capital appreciation and current income. 15.18% 6.00% 12.55% 9/3/02 Strategy C 8$8% 12.97% 14.38% 5.28% 11.74% 9/3/02 Looking for an investment to complement a traditional portfolio? Consider a fund that Aenum sales charge invests in real estate investment trusts A (max 5.75% load) 4.50% 12.95% 11.52% 13.82% 5.37% 12.16% 9/3/02 (REITs), which present a compelling opportunity to potentially capitalize on the C (max 1.00% CDSC) 9.29% 18.98% 12.97% 14.38% 5.28% 11.74% 9/3/02 real estate market. Plus, because they tend to pay out nearly all of their rental income to shareholders, REITs can potentially provide INST 11.13% 20.25% 14.14% 15.57% 6.38% 12.94% 12/1/99 compelling dividends. To access this market, consider Deutsche Real Estate Securities 10.55% 19.41% 13.39% 14.77% 5.72% 12.27% 10/1/03 Fund and Deutsche Asset Management, an S 11.10% 20.15% 14.04% 15.45% 6.25% 12.72% 5/2/05 experienced real estate investor. R6 11.21% 20.30% n/a n/a n/a 11.19% 8/25/14 (fund data as of 9/30/16) 500 Index' 7.84% 15.43% 11.16% 16.37% 7.24% n/a Fund inception date 12/1/1999 Total net assets $1.60 billion MSCI U.S. REIT Indexz 11.91% 19.83% 14.11% 15.79% 6.22% n/a (es of 9/30/16) 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 S 2.87% 31.64% -0.26% 17.35% 9.23% 28.90% 30.58% -39.34% -15.63% 37.98% Performance is historical and does not guarantee future results. Investment returns and principal fluctuate so your shares may be worth more or less when redeemed. Current performance may differ from the data shown. Please visit -for the fund's most recent month-end performance. The fund may charge a 2% fee for redemptions within 15 days. Performance includes reinvestment of all distributions. Index returns assume reinvestment of all distributions and do not reflect fees or expenses. It is not possible to invest directly in an index. Not all share classes are available to all investors. A minimum investment of $1 million is required to open an account for Institutional shares. • The fund's performance prior to inception reflects that of Class INST shares. Returns prior to inception reflect the original share class performance, adjusted for higher operating expenses and/or the maximum sales charge.The gross expense ratio is 0.98% for A shares, 1.66% for C shares, 0.62% for INST shares. 1.31% for R shares, 0.69% for S shares and 0.63% for R6 shares. The net expense ratio is 0.98% for A shares, 1.66% for C shares, 0.62% for INST shares, 1.31% for R shares, 0.69% for S shares and 0.63% for R6 shares. The net expense charge for this fund does not include any lee waivers. EFTA00617471 Deutsche Real Estate Securities Fund Real Assets Portfolio and risk statistics3' /30/16) Top holdings • (9130/16) Cdir 1211/1999 Scum; - foperty Group 8.7% • Office 22% Number of holdings 56 Prologis 5.5% • Apartments 14% • Regional malls 13% Total net assets $1.60 billion Equity Residential Properties 5.3% • Health care 13% Trust • Specialty 9% Beta' 0.44 % a • Average market cap' Standard deviation' $11.60 billion 14.89 Public Storage Ventas Vornado Realty Trust 4.5% 4.4% 4.1% .4,,,e w isaL Industrial MI Retail • Self storage Hotels 9% 9% 6% 5% Equinix 3.6% VEREIT 2.5% John W. Vojticek 20 years Brixmor Property Group 2.4% Joseph D. Fisher CFA 13 years HCP 2.4% David W. 2onavetch CPA 20 years itoklings-based data is subject to change. I al II . Class Symbol CUSIP A RRRAX 25159L505 C RRRCX 25159L703 INST RRRRX 25159L737 R RRRSX 25159L802 R6 RRRZX 25159L513 S RRREX 25159L885 IMEMIrr Common stocks 99% Cash equivalents I l'ire MI 600 Index tracks the performance of 500 leading U.S. stocks and is widely considered representative of the U.S. equity market. MSCI U.S. REIT Index tracks the performance of equity REITs. 3 Beta is a historical measurement of a fund's sensitivity to the movements of the fund's benchmark index. A fund with a beta greater than one is more volatile than the benchmark. A fund with a beta less than one is less volatile. Beta is based on a three-year period relative to the index. Average market capitalization measures of the size of the companies in which the fund investsStandard deviations a 3-year statistical measure of the volatility of a fund's returns. Generally. the greater the standard deviation, the greater the fund's volatility. 'Source: Morningstar. Inc. Fund risk: Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. This fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. There are special risks associated with an investment in real estate, including REDS. These risks include credit risk, interest rate fluctuations and the impact of varied economic conditions. The fund may lend securities to approved institutions. Stocks may decline in value. See the prospectus for details. Consider the investment objective, risks, charges and expenses carefully before investing. For a summary prospectus, or prospectus that contains this and other information, download one from or talk to your financial representative. Read the prospectus carefully before investing. nvestment products: No bank guarantee Not FDIC insured I May ose vs ue Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries. Investment products offered through Deutsche AM Distributors, Inc. Advisory services offered through Deutsche Investment Management Americas, Inc. Deutsche AM Distributors, Inc. 222 South Riverside Plaza, Chicago, IL 60606-5808 I I Tel (8001621-1148 :0 2016 Deutsche Bank AG. All rights reserved. (10/16) R-3085-14 DRESF-FACT EFTA00617472