Deutsche Alternative Asset Allocation Fund

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SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUS

Deutsche Alternative Asset Allocation Fund

The fund’s Board of Trustees (the “Board”) recently approved a recommendation by Deutsche Investment Management Americas Inc. (“DIMA”), the fund’s investment advisor, to restructure the fund from a fund-of-funds (i.e., a fund investing primarily in other Deutsche funds) into a direct investment fund (i.e., a fund investing directly in securities and other invest-ments). As a fund investing directly in securities and other investments, the fund will no longer bear the underlying fund expenses that it incurs as a fund-of-funds. As part of the restructuring, the fund will also adjust its investment focus from alternative (or non-traditional) asset categories and investment strategies (including investments in “real assets”) to a focus on a broader range of “real assets,” using both traditional and alternative investment strategies.

In order to accomplish the restructuring, the Board has approved a new Investment Management Agreement (the “New IMA”) with respect to the fund that reflects a change in the fund’s management fee structure. The Board also approved a sub-advisory agreement (the “Sub-Advisory Agreement”) with RREEF America L.L.C. (“RREEF”), an affiliate of DIMA. Under the Sub-Advisory Agreement, RREEF, under the supervision and oversight of DIMA, will manage all of the securities and other assets of the fund. DIMA, not the fund, will pay RREEF for sub-advisory services.

The proposed New IMA and the proposed Sub-Advisory Agreement will be submitted for approval by shareholders of the fund at a special meeting of shareholders expected to be held in the first quarter of 2016. Prior to the shareholder meeting, shareholders of record on the record date for the meeting will receive (i) a proxy statement describing the proposed New IMA and the proposed Sub-Advisory Agreement and the Board’s considerations in recommending that shareholders approve the proposed New IMA and the proposed Sub-Advisory Agreement, and (ii) a proxy card and instructions on how to submit a vote. If the New IMA and the Sub-Advisory Agreement are approved by shareholders, each is expected to become effec-tive in the second quarter of 2016, at which time the following changes would be implemented. If the New IMA or the Sub-Advisory Agreement are not approved by shareholders, then the fund will continue to operate as it does currently and the Board will take such action, if any, it considers to be in the best interests of the fund.

Subject to shareholder approval of the New IMA and the Sub-Advisory Agreement, the following changes are expected to become effective in the second quarter of 2016:

Deutsche Alternative Asset Allocation Fund will be renamed Deutsche Real Assets Fund.

The following information replaces the existing disclosure contained in the “INVESTMENT OBJECTIVE” section of the summary section of the fund’s prospectus and the “FUND DETAILS” section of the fund’s prospectus.

The fund seeks total return in excess of inflation through capital growth and current income.

The following information replaces the existing disclosure contained in the ”PRINCIPAL INVESTMENT STRATEGY” section of the summary section of the fund’s prospectus and the ”FUND DETAILS” section of the fund’s prospectus:

Main investments.The fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes (calculated at the time of any investment), in a combination of investments that the Advisor believes offer expo-sure to “real assets.” Currently, the Advisor intends to seek expoexpo-sure to the following real assets categories (either directly or through investments in companies that own or derive a significant portion of their value from such real assets or the production thereof): real estate, commodities, natural resources, infrastructure, gold and other precious metals, master limited partnerships (MLPs), Treasury Inflation-Protected Securities (TIPS) and other fixed income securities. However, these exposures may change from time to time and exposures to new real assets categories may be added or exposures to existing real assets categories may be deleted.

November 18, 2015 PROSTKR-557

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The fund may invest up to 10% of its net assets in affiliated and unaffiliated exchange-traded funds (ETFs), and will also be able to invest in certain other securities and derivative instruments, including gold futures contracts and other commodity-linked futures.

The fund may gain exposure to the commodity markets by investing up to 25% of the fund’s total assets in a wholly owned subsidiary formed under the laws of the Cayman Islands (the “Subsidiary”), which shares the same portfolio management team as the fund and is expected to invest mainly in commodity-linked derivative instruments and fixed income instruments, some of which may serve as margin or collateral for the Subsidiary’s derivatives positions.

Management process.The investment process involves both “top-down” strategic and tactical allocations as well as “bottom-up” investment selection. Portfolio management will set long-term strategic allocations to the available real assets categories with broad ranges to allow for significant active management. Portfolio management will weight sectors within the stra-tegic ranges in making tactical top down allocations to the various real assets categories. Portfolio management will utilize fundamental bottom-up analysis to select the best investments in an aim to satisfy the top-down strategic and tactical allo-cations while being aware of managing risk within the portfolio.

Derivatives.In addition to gold futures contracts and other commodity-linked futures, the fund may also use various types of derivatives (i) for hedging purposes; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions.

The following information replaces the existing disclosure under the “MANAGEMENT” section of the summary section of the fund’s prospectus.

Investment Advisor

Deutsche Investment Management Americas Inc. Subadvisor

RREEF America L.L.C. Portfolio Manager(s)

John W. Vojticek, Managing Director.Portfolio Manager of the fund. Began managing the fund in 2015. Francis X. Greywitt III, Managing Director.Portfolio Manager of the fund. Began managing the fund in 2016. Evan Rudy, CFA, Vice President.Portfolio Manager of the fund. Began managing the fund in 2016.

The following information replaces similar disclosure contained in the “Management Fee” section within the “WHO MANAGES AND OVERSEES THE FUND” section of the fund’s prospectus.

Management Fee.The fund pays the Advisor a fee, calculated daily and paid monthly, at the annual rate of 0.80% of the fund’s average daily net assets on the first $2.0 billion; and 0.775% thereafter.

The following information is added to the existing disclosure contained under the “WHO MANAGES AND OVERSEES THE FUND” section of the fund’s prospectus.

Subadvisor

RREEF America L.L.C. (“RREEF”), an indirect, wholly owned subsidiary of Deutsche Bank AG, is the subadvisor for the fund. RREEF, a registered investment advisor, is located at 222 South Riverside, Chicago, Illinois 60606. DIMA pays a fee to RREEF pursuant to an investment subadvisory agreement between DIMA and RREEF.

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RREEF makes the investment decisions, buys and sells securities for the fund and conducts research that leads to these purchase and sale decisions.

RREEF has provided real estate investment management services to institutional investors since 1975 across a diversified portfolio of industrial properties, office buildings, residential apartments and shopping centers. RREEF has also been an investment advisor of real estate securities since 1993.

The following information replaces similar disclosure under the “MANAGEMENT” heading of the “FUND DETAILS” section of the fund’s prospectus:

John W. Vojticek, Managing Director.Portfolio Manager of the fund. Began managing the fund in 2015.

䡲 Joined Deutsche Asset & Wealth Management in 2004; previously worked as Principal at KG Redding and Associates, March 2004–September 2004; and previously Managing Director of Deutsche Asset Management from 1996–March 2004.

䡲 Co-Head and Chief Investment Officer of Liquid Real Assets for Deutsche Asset & Wealth Management. 䡲 Investment industry experience began in 1996.

䡲 BS, University of Southern California.

Francis X. Greywitt III, Managing Director.Portfolio Manager of the fund. Began managing the fund in 2016.

䡲 Joined Deutsche Asset & Wealth Management in 2005; previously has worked as a REIT analyst with KeyBanc Capital Markets covering the office sector.

䡲 Co-Head of Infrastructure Securities and Co-Lead Portfolio Manager: Chicago. 䡲 Investment industry experience began in 1999.

䡲 BBA, St. Bonaventure University; MBA, University of Chicago.

Evan Rudy, CFA, Vice President.Portfolio Manager of the fund. Began managing the fund in 2016.

䡲 Joined Deutsche Asset & Wealth Management in 2007. Previously, worked as an Analyst at the Townsend Group, a real estate consulting firm.

䡲 Portfolio Analyst, Real Estate & Infrastructure Securities: Chicago. 䡲 BS, Miami University.

Please Retain This Supplement for Future Reference

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SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS

Cash Account Trust

Government & Agency Securities Portfolio Tax–Exempt Portfolio

Cash Management Fund Cash Reserve Fund, Inc.

Prime Series

Cash Reserves Fund Institutional Daily Assets Fund Institutional

Deutsche Alternative Asset Allocation Fund Deutsche California Tax–Free Income Fund Deutsche Capital Growth Fund

Deutsche Communications Fund Deutsche Core Equity Fund Deutsche Core Fixed Income Fund Deutsche Core Plus Income Fund Deutsche CROCI®Equity Dividend Fund Deutsche CROCI®International Fund Deutsche CROCI®Sector Opportunities Fund Deutsche CROCI®U.S. Fund

Deutsche Diversified Market Neutral Fund Deutsche EAFE®Equity Index Fund Deutsche Emerging Markets Equity Fund Deutsche Emerging Markets Frontier Fund Deutsche Enhanced Commodity Strategy

Fund

Deutsche Enhanced Emerging Markets Fixed Income Fund

Deutsche Enhanced Global Bond Fund Deutsche Equity 500 Index Fund Deutsche European Equity Fund Deutsche Floating Rate Fund Deutsche Global Equity Fund Deutsche Global Growth Fund Deutsche Global High Income Fund Deutsche Global Income Builder Fund Deutsche Global Inflation Fund Deutsche Global Infrastructure Fund

Deutsche Global Real Estate Securities Fund Deutsche Global Small Cap Fund

Deutsche GNMA Fund

Deutsche Gold & Precious Metals Fund Deutsche Health and Wellness Fund Deutsche High Income Fund

Deutsche Intermediate Tax/AMT Free Fund Deutsche Large Cap Focus Growth Fund Deutsche Large Cap Value Fund Deutsche Latin America Equity Fund Deutsche Limited Maturity Quality Income

Fund

Deutsche Managed Municipal Bond Fund Deutsche Massachusetts Tax–Free Fund Deutsche Mid Cap Growth Fund Deutsche Mid Cap Value Fund

Deutsche MLP & Energy Infrastructure Fund Deutsche Money Market Prime Series Deutsche Money Market Series

Deutsche Multi-Asset Conservative Allocation Fund

Deutsche Multi-Asset Global Allocation Fund Deutsche Multi-Asset Moderate Allocation

Fund

Deutsche New York Tax–Free Income Fund Deutsche Real Estate Securities Fund Deutsche Real Estate Securities Income Fund Deutsche S&P 500 Index Fund

Deutsche Science and Technology Fund Deutsche Select Alternative Allocation Fund Deutsche Short Duration Fund

Deutsche Short–Term Municipal Bond Fund Deutsche Small Cap Core Fund

Deutsche Small Cap Growth Fund Deutsche Small Cap Value Fund

Deutsche Strategic Equity Long/Short Fund Deutsche Strategic Government Securities

Fund

Deutsche Strategic High Yield Tax–Free Fund Deutsche U.S. Bond Index Fund

Deutsche Ultra–Short Duration Fund

Deutsche Ultra–Short Investment Grade Fund Deutsche Unconstrained Income Fund Deutsche Variable NAV Money Fund Deutsche World Dividend Fund Investors Cash Trust

Treasury Portfolio

NY Tax Free Money Fund Tax Free Money Fund Investment

Tax–Exempt California Money Market Fund

Deutsche Variable Series I:

Deutsche Bond VIP

Deutsche Capital Growth VIP Deutsche Core Equity VIP Deutsche Global Small Cap VIP Deutsche CROCI®International VIP

Deutsche Variable Series II:

Deutsche Alternative Asset Allocation VIP Deutsche Global Equity VIP

Deutsche Global Growth VIP Deutsche Global Income Builder VIP Deutsche Government & Agency Securities

VIP

Deutsche High Income VIP Deutsche Large Cap Value VIP Deutsche Money Market VIP Deutsche Small Mid Cap Growth VIP Deutsche Small Mid Cap Value VIP Deutsche Unconstrained Income VIP

Deutsche Investments VIT Funds:

Deutsche Equity 500 Index VIP Deutsche Small Cap Index VIP

The following information replaces the existing disclosure in the “Investing in the Funds–Financial Intermediary Support Payments” section of each fund’s/portfolio’s Prospectus:

FINANCIAL INTERMEDIARY SUPPORT PAYMENTS (NOT APPLICABLE TO CLASS R6)

The Advisor, the Distributor and/or their affiliates may pay additional compensation, out of their own assets and not as an additional charge to the fund, to selected affiliated and unaffiliated brokers, dealers, participating insurance companies or other financial intermediaries (“financial advisors”) in connection with the sale and/or distribution of fund shares or the reten-tion and/or servicing of fund investors and fund shares (“revenue sharing”). Such revenue sharing payments are in addireten-tion to any distribution or service fees payable under any Rule 12b-1 or service plan of the fund, any record keeping/sub-transfer agency/networking fees payable by the fund (generally through the Distributor or an affiliate) and/or the Distributor or Advisor to certain financial advisors for performing such services and any sales charge, commissions, non-cash compensation arrange-ments expressly permitted under applicable rules of the Financial Industry Regulatory Authority or other concessions described

October 21, 2015 PROSTKR-551

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in the fee table or elsewhere in this prospectus or the Statement of Additional Information as payable to all financial advi-sors. For example, the Advisor, the Distributor and/or their affiliates may compensate financial advisors for providing the fund with “shelf space” or access to a third party platform or fund offering list or other marketing programs, including, without limitation, inclusion of the fund on preferred or recommended sales lists, mutual fund “supermarket” platforms and other formal sales programs; granting the Distributor access to the financial advisor’s sales force; granting the Distributor access to the financial advisor’s conferences and meetings; assistance in training and educating the financial advisor’s personnel; and obtaining other forms of marketing support.

The level of revenue sharing payments made to financial advisors may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of the fund attributable to the financial advisor, the particular fund or fund type or other measures as agreed to by the Advisor, the Distributor and/or their affiliates and the financial advisors or any combination thereof. The amount of these revenue sharing payments is determined at the discre-tion of the Advisor, the Distributor and/or their affiliates from time to time, may be substantial, and may be different for different financial advisors based on, for example, the nature of the services provided by the financial advisor.

The Advisor, the Distributor and/or their affiliates currently make revenue sharing payments from their own assets in connec-tion with the sale and/or distribuconnec-tion of Deutsche fund shares or the retenconnec-tion and/or servicing of investors and Deutsche fund shares to financial advisors in amounts that generally range from 0.01% up to 0.52% of assets of the fund serviced and maintained by the financial advisor, 0.05% to 0.25% of sales of the fund attributable to the financial advisor, a flat fee of up to $120,000, or any combination thereof. These amounts are subject to change at the discretion of the Advisor, the Distributor and/or their affiliates. Receipt of, or the prospect of receiving, this additional compensation may influence your financial advisor’s recommendation of the fund or of any particular share class of the fund. You should review your financial advisor’s compensation disclosure and/or talk to your financial advisor to obtain more information on how this compensa-tion may have influenced your financial advisor’s recommendacompensa-tion of the fund. Addicompensa-tional informacompensa-tion regarding these revenue sharing payments is included in the fund’s Statement of Additional Information, which is available to you on request at no charge (see the back cover of this prospectus for more information on how to request a copy of the Statement of Additional Information).

The following paragraph is for all funds except Deutsche Variable NAV Money Fund:The Advisor, the Distributor and/or their affiliates may also make such revenue sharing payments to financial advisors under the terms discussed above in connection with the distribution of both Deutsche funds and non-Deutsche funds by financial advisors to retirement plans that obtain record keeping services from ADP, Inc. or to 403(b) plans that obtain record keeping services from ExpertPlan Inc., a subsidiary of Ascensus, Inc., on the DeAWM-branded retirement plan platform (the “Platform”). The level of revenue sharing payments are based upon sales of both the Deutsche funds and the non-Deutsche funds by the financial advisor on the Platform or current assets of both the Deutsche funds and the non-Deutsche funds serviced and maintained by the financial advisor on the Platform.

It is likely that broker-dealers that execute portfolio transactions for the fund will include firms that also sell shares of the Deutsche funds to their customers. However, the Advisor will not consider sales of Deutsche fund shares as a factor in the selection of broker-dealers to execute portfolio transactions for the Deutsche funds. Accordingly, the Advisor has imple-mented policies and procedures reasonably designed to prevent its traders from considering sales of Deutsche fund shares as a factor in the selection of broker-dealers to execute portfolio transactions for the fund. In addition, the Advisor, the Distributor and/or their affiliates will not use fund brokerage to pay for their obligation to provide additional compensation to financial advisors as described above.

Please Retain This Supplement for Future Reference

October 21, 2015 PROSTKR-551

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Prospectus

Au g u s t 1 , 2 0 1 5

Deutsche Alternative Asset Allocation Fund

CLASS/TICKER AAAAAX CAAAPX RAAAQX R6AAAVX INSTAAAZX SAAASX

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.

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Deutsche Alternative Asset Allocation Fund

I N V E ST M E N T O B J E C T I V E The fund seeks capital appreciation.

F E E S A N D E X P E N S E S O F T H E F U N D

These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in Deutsche funds. More information about these and other discounts is avail-able from your financial professional and in Choosing a Share Class (p. 23) and Purchase and Redemption of Shares in the fund’s Statement of Additional Information (SAI) (p. II-16).

S H A R E HO L D E R F E E S (paid directly from your investment)

A C R R6 INST S

Maximum sales charge (load) imposed on purchases, as %

of offering price 5.75 None None None None None Maximum deferred sales

charge (load), as % of

redemption proceeds None 1.00 None None None None Account Maintenance Fee

(annually, for fund account balances below $10,000 and

subject to certain exceptions) $20 $20 None None None $20

A N N UA L F U N D O P E R AT I N G E X P E N S E S

(expenses that you pay each year as a % of the value of your investment)

A C R R6 INST S

Management fee 0.20 0.20 0.20 0.20 0.20 0.20 Distribution/service (12b-1)

fees 0.22 0.98 0.50 None None None

Other expenses 0.31 0.29 0.43 0.38 0.25 0.35 Acquired funds fees and

expenses 1.06 1.06 1.06 1.06 1.06 1.06

Total annual fund operating

expenses 1.79 2.53 2.19 1.64 1.51 1.61 Fee waiver/expense

reim-bursement 0.00 0.00 0.08 0.03 0.00 0.00

Total annual fund operating expenses after fee waiver/

expense reimbursement 1.79 2.53 2.11 1.61 1.51 1.61

The Advisor has contractually agreed through September 30, 2015 and November 30, 2015, respectively, to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund’s total annual operating expenses at 0.82% and 0.32%; and for the period October 1, 2015 and December 1, 2015, respectively, through September 30, 2016 at ratios no higher than 1.05% and 0.55% (in each instance, excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expenses, and acquired funds fees and expenses) for Class R and Class R6, respectively. This agreement may only be terminated with the consent of the fund’s Board. E X A M P L E

This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund’s operating expenses (including one year of capped expenses in each period for Class R and Class R6) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

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Years A C R R6 INST S

1 $ 746 $ 356 $ 214 $ 164 $ 154 $ 164

3 1,106 788 677 514 477 508

5 1,489 1,345 1,167 889 824 876

10 2,559 2,866 2,517 1,941 1,802 1,911

You would pay the following expenses if you did not redeem your shares:

Years A C R R6 INST S 1 $ 746 $ 256 $ 214 $ 164 $ 154 $ 164 3 1,106 788 677 514 477 508 5 1,489 1,345 1,167 889 824 876 10 2,559 2,866 2,517 1,941 1,802 1,911 P O RT F O L I O T U R N OV E R

The fund (or an underlying 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 perfor-mance.

Portfolio turnover rate for fiscal year 2015: 39%. P R I N C I PA L I N V E ST M E N T ST R AT E G Y

Main investments.The fund is a fund−of−funds, which means its assets are invested in a combination of other Deutsche funds (i.e., mutual funds, exchange−traded funds (ETFs) and other pooled investment vehicles

managed by Deutsche Investment Management Americas Inc., the fund’s investment advisor, or one of its affiliates), certain other securities and derivative instruments (the use of derivatives by the fund and the underlying funds in which the fund invests is described below in Currency and interest rate strategies and Derivatives). The fund seeks to achieve its objective by investing in alternative (or non−traditional) asset categories and investment strate-gies. The fund may also invest in securities of unaffiliated mutual funds, ETFs or hedge funds when the desired economic exposure to a particular asset category or investment strategy is not available through a Deutsche fund (Deutsche funds and unaffiliated mutual funds, ETFs and hedge funds are collectively referred to as “underlying funds”). The fund’s allocations among the underlying funds may vary over time.

Management process.Portfolio management utilizes a strategic asset allocation process to determine the non−tra-ditional or alternative asset categories and investment strategies that should be represented in the fund’s port-folio. Such asset categories and investment strategies may include: market neutral, long/short, inflation−protection,

commodities, real estate, floating rate loans, infrastruc-ture, emerging markets, high-yield and other alternative strategies. Portfolio management also utilizes a tactical asset allocation process to adjust allocations in response to short−term market changes.

Currency and interest rate strategies.In addition to the fund’s main investment strategy, portfolio management may, from time to time, seek to enhance returns by employing proprietary quantitative currency strategies across developed and emerging market currencies using derivatives (contracts whose values are based on, for example, indices, currencies or securities), in particular forward currency contracts. Three main strategies may be employed: a carry strategy, a momentum strategy and a valuation strategy. In implementing the carry strategy, port-folio management will use a “relative value” analysis, seeking to systematically sell low interest rate currencies and buy high interest rate currencies. In implementing the momentum strategy, portfolio management will use multi-year exchange rate trends, seeking to systematically sell lower returning currencies and buy higher returning currencies. In implementing the valuation strategy, port-folio management will use a “fair value” analysis, seeking to systematically buy “undervalued” currencies and sell “overvalued” currencies.

Portfolio management also may, from time to time, seek to enhance returns by employing various strategies to iden-tify interest rate trends across developed markets using derivatives, in particular buying and selling interest rate futures contracts. In implementing these strategies, port-folio management may utilize proprietary rules-based interest rate indices.

The notional amount of the fund’s aggregate currency and interest rate exposure resulting from these strategies may significantly exceed the net assets of the fund (and at times may exceed two times the fund’s net assets). Derivatives.Outside of the currency and interest rate strat-egies, the fund and the underlying funds in which the fund invests, may also use various types of derivatives (i) for hedging purposes; (ii) for risk management; (iii) for

non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions.

M A I N R I S K S

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 invest-ment 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.

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Because the fund invests in underlying funds, the risks listed here include those of the various underlying funds as well as those of the fund itself. Therefore, in these risk descriptions the term “the fund” may refer to the fund itself, one or more underlying funds, or both.

Asset allocation risk.Portfolio management may favor one or more types of investments or assets that underperform other investments, assets, or securities markets as a whole. Anytime portfolio management buys or sells securities in order to adjust the fund’s asset alloca-tion this will increase portfolio turnover and generate transaction costs.

Security selection risk.The securities in the fund’s port-folio may decline in value. Portport-folio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters.

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 busi-ness risks. These may affect single companies as well as groups of companies. In addition, movements in financial markets may adversely affect a stock’s price, regardless of how well the company performs. The market as a whole may not favor the types of investments the fund makes, which could affect the fund’s ability to sell them at an attractive price. To the extent the fund invests in a particular capitalization or sector, the fund’s performance may be affected by the general performance of that particular capitalization or sector.

Underlying funds risk.Because the fund may invest in underlying funds, the fund’s performance will be directly related to the performance of the underlying funds. To the extent that a given underlying fund underperforms its benchmark or its fund peer group, it may contribute to underperformance by the fund.

In addition, the fund indirectly pays a portion of the expenses incurred by the underlying funds, which lowers performance. To the extent that the fund’s allocations favor underlying funds with higher expenses, the overall cost of investing paid by the fund will be higher.

The fund is also subject to the risk that an underlying fund may pay a redemption request by the fund, wholly or partly, by an in-kind distribution of portfolio securities rather than in cash. The fund may hold such portfolio securities until the Advisor determines to dispose of them, and the fund will bear the market risk of the securities received in the redemption until their disposition. Upon disposing of such portfolio securities, the fund may experience increased brokerage commissions.

Concentration risk – underlying funds.Any underlying fund that concentrates in a particular segment of the market (such as commodities, gold-related investments, infrastructure-related companies and real estate securities)

will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting the particular market segment in which the underlying fund concentrates will have a significant impact on the under-lying fund’s performance.

While the fund does not concentrate in a particular industry, it may concentrate in an underlying Deutsche fund, and there is risk for the fund with respect to the aggregation of holdings of underlying funds. The aggrega-tion of holdings of underlying funds may result in the fund indirectly having concentrated assets in a particular industry or group of industries, or in a single issuer. Such indirect concentration may have the effect of increasing the volatility of the fund’s returns. The fund does not control the investments of the underlying funds, and any indirect concentration occurs as a result of the underlying funds following their own investment objectives and strategies.

Non-diversification risk – underlying funds.While the fund is diversified, certain underlying funds may be classi-fied as non-diversiclassi-fied under the Investment Company Act of 1940, as amended. This means that the underlying fund may invest in securities of relatively few issuers. Thus, the performance of one or a small number of port-folio holdings can affect overall performance of the underlying fund.

ETF risk.Because ETFs trade on a securities exchange, their shares may trade at a premium or discount to their net asset value. An ETF is subject to the risks of the assets in which it invests as well as those of the investment strategy it follows. The fund incurs brokerage costs when it buys and sells shares of an ETF and also bears its propor-tionate share of the ETF’s fees and expenses, which are passed through to ETF shareholders.

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. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-US dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities.

Emerging markets risk.Foreign investment risks are greater in emerging markets than in developed markets. Investments in emerging markets are often considered speculative.

Frontier market risk.Frontier market countries generally have smaller, less diverse economies and even less devel-oped capital markets and legal, regulatory, and political systems than traditional emerging markets. As a result, the

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risks of investing in emerging market countries are magni-fied in frontier market countries. Frontier market risks include the potential for extreme price volatility and illi-quidity – economic or political instability may cause larger price changes in frontier market securities than in secu-rities of issuers located in more developed markets. The risks of investing in frontier market countries may also be magnified by: government ownership or control of parts of the private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values, impaired or limited access to issuer infor-mation and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled secu-rities laws in many frontier market countries. The actions of a relatively few major investors in these markets are more likely to result in significant changes in local stock prices and the value of fund shares. The risk also exists that an emergency situation may arise in one or more fron-tier market countries as a result of which trading of

securities may cease or may be substantially curtailed and prices for investments in such markets may not be readily available. All of these factors can make investing in frontier markets riskier than investing in more developed emerging markets or other foreign markets.

Interest rate strategies risk.The success of the interest rate futures strategies depends, in part, on the effective-ness and implementation of portfolio management’s proprietary strategies. If portfolio management’s analysis proves to be incorrect, losses to the fund may be signifi-cant. The risk of loss is heightened during periods of rapid rises in interest rates.

Derivatives risk.Risks associated with derivatives may include the risk that the derivative is not well correlated with the security, index or currency to which it relates; the risk that derivatives may result in losses or missed opportu-nities; the risk that the fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obli-gation; and the risk that the derivative transaction could expose the fund to the effects of leverage, which could increase the fund’s exposure to the market and magnify potential losses.

Currency strategies risk.The success of the currency strategies depends, in part, on the effectiveness and imple-mentation of portfolio management’s proprietary

strategies. If portfolio management’s analysis proves to be incorrect, losses to the fund may be significant and may substantially exceed the intended level of market exposure for the currency strategies.

As part of the currency strategies, the fund will have substantial exposure to the risks of non-US currency markets. Foreign currency rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and economic or political developments in the US or abroad. As a result, the

fund’s exposure to foreign currencies could cause lower returns or even losses to the fund. Although portfolio management seeks to limit these risks through the aggre-gation of various long and short positions, there can be no assurance that it will be able to do so.

Interest rate risk.When interest rates rise, prices of debt securities generally decline. The fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates. The longer the duration of the fund’s debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.)

Inflation-indexed bond risk.Any rise in interest rates may cause inflation-indexed bonds to decline in price, hurting fund performance. If interest rates rise due to reasons other than inflation, the fund’s investment in these securi-ties may not be fully protected from the effects of rising interest rates. The fund may be subject to a greater risk of rising interest rates due to the current period of histori-cally low rates. The performance of any bonds that are indexed to non-US rates of inflation may be higher or lower than those indexed to US inflation rates. The fund’s actual returns could fail to match the real rate of inflation. Credit risk.The fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in finan-cial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. Credit risk is greater for lower-rated securities.

Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating category) may be in uncertain financial health, the prices of their debt securities can be more vulnerable to bad economic news, or even the expectation of bad news, than investment-grade debt securities. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities.

Senior loans risk.Senior loans may not be rated by a rating agency, registered with the Securities and Exchange Commission or any state securities commission or listed on any national securities exchange. Therefore, there may be less publicly available information about them than for registered or exchange-listed securities. Also, because portfolio management relies mainly on its own evaluation of the creditworthiness of borrowers, the fund is particu-larly dependent on portfolio management’s analytical abilities. Senior loans involve other risks, including conflict of interest risk, credit risk, interest rate risk, liquidity risk, and prepayment and extension risk.

Prepayment and extension risk.When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the fund may have to reinvest the proceeds at lower yields.

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When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the fund’s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the fund’s share price and yield and could hurt fund perfor-mance. Prepayments could also create capital gains tax liability in some instances.

Commodities-related investments risk.The

commodities-linked derivative instruments in which the fund invests tend to be more volatile than many other types of securities and may subject the fund to special risks that do not apply to all derivatives transactions. Gold-related investments risk.Prices of gold or other precious metals and minerals-related stocks may move up and down rapidly, and have historically offered lower long-term performance than the stock market as a whole. Gold and other precious metals prices can be influenced by a variety of economic, financial and political factors, espe-cially inflation: when inflation is low or expected to fall, prices tend to be weak.

Real estate securities risk.Real estate companies can be affected by the risks associated with direct ownership of real estate, such as general or local economic conditions, increases in property taxes and operating expenses, liabili-ties or losses due to environmental problems, falling rents (whether due to poor demand, increased competition, overbuilding, or limitations on rents), zoning changes, rising interest rates, and losses from casualty or condemnation. In addition, many real estate companies, including REITs, utilize leverage (and some may be highly leveraged), which increases investment risk. Further, REITs are dependent upon management skills and may not be diversified. Infrastructure-related companies risk. Infrastructure-related companies can be affected by various factors, including general or local economic conditions and political developments, changes in regulations, environmental prob-lems, casualty losses, and changes in interest rates. Dividend-paying stock risk.As a category, dividend-paying stocks may underperform non-dividend 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.

Preferred stocks, a type of dividend-paying stock, present certain additional risks. These risks include credit risk, interest rate risk, subordination to bonds and other debt securities in a company’s capital structure, liquidity risk, and the risk of limited or no voting rights. Additionally, during periods of declining interest rates, there is a risk that an issuer may redeem its outstanding preferred stock. If this happens, the fund may be forced to reinvest in

lower yielding securities. An issuer of preferred stock may have special redemption rights that, when exercised, may negatively impact the return of the preferred stock held by the fund.

Small company risk.Small company stocks tend to be more volatile than medium-sized or large company stocks. Because stock analysts are less likely to follow small companies, less information about them is available to investors. Industry-wide reversals may have a greater impact on small companies, since they may lack the finan-cial resources of larger companies. Small company stocks are typically less liquid than large company stocks. Micro-cap company risk.Micro-cap stocks involve substantially greater risks of loss and price fluctuations because micro-cap companies’ earnings and revenues tend to be less predictable (and some companies may be experiencing significant losses). Micro-cap stocks tend to be less liquid than stocks of companies with larger market capitalizations. Micro-cap companies may be newly formed or in the early stages of development, with limited product lines, markets or financial resources and may lack management depth. In addition, there may be less public information available about these companies. The shares of micro-cap companies tend to trade less frequently than those of larger, more established companies, which gener-ally increases liquidity risk and pricing risk for these securities. There may be a substantial period before the fund realizes a gain, if any, on an investment in a micro-cap company.

Focus risk.To the extent that the fund focuses its invest-ments 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. Short sale risk.If the fund sells a security short and subse-quently has to buy the security back at a higher price, the fund will lose money on the transaction. Any loss will be increased by the amount of compensation, interest or divi-dends and transaction costs the fund must pay to a lender of the security. The amount the fund could lose on a short sale is theoretically unlimited (as compared to a long posi-tion, where the maximum loss is the amount invested). The use of short sales, which has the effect of leveraging the fund, could increase the exposure of the fund to the market, increase losses and increase the volatility of returns.

The fund may not always be able to close out a short posi-tion at a particular time or at an acceptable price. A lender may request that borrowed securities be returned to it on short notice, and the fund may have to buy the borrowed securities at an unfavorable price. If this occurs at a time that other short sellers of the same security also want to close out their positions, it is more likely that the fund will

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have to cover its short sale at an unfavorable price and potentially reduce or eliminate any gain, or cause a loss, as a result of the short sale.

Market direction risk.Since the fund will typically hold both long and short positions, an investment in the fund will involve market risks associated with different types of investment decisions than those made for a typical “long only” fund. The fund’s results will suffer both when there is a general market advance and the fund holds significant “short” positions, or when there is a general market decline and the fund holds significant “long” positions. In recent years, the markets have shown considerable vola-tility from day to day and even in intra-day trading. Borrowing risk.Borrowing creates leverage. It also adds to fund expenses and at times could effectively force the fund to sell securities when it otherwise might not want to.

Conflict of interest risk.Affiliates of the Advisor may participate in the primary and secondary market for senior loans. Because of limitations imposed by applicable law, the presence of the Advisor’s affiliates in the senior loan market may restrict the fund’s ability to participate in a restructuring of a senior loan or to acquire some senior loans, or affect the timing or price of such acquisition. Counterparty risk.A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund.

CROCI®risk.Certain of the underlying funds will be managed using the Cash Return on Capital Invested (CROCI®) Investment Process which is based on the port-folio management’s belief that, over time, sectors/stocks which display more favorable financial metrics (for

example, the CROCI®Economic P/E ratio) as generated by this process may outperform sectors/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 Valua-tion Group using publicly available informaValua-tion. 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. The measures} utilized by portfolio management to attempt to reduce port-folio turnover, market impact and transaction costs could

affect performance. In addition, certain regulatory restric-tions (e.g., limits on percentage of assets invested in a single industry) could constrain the fund’s ability to invest in some stocks that may have the most attractive finan-cial metrics as determined by the CROCI®_Investment Process.

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.

Growth investing risk.As a category, growth stocks may underperform value stocks (and the stock market as a whole) over any period of time. Because the prices of growth stocks are based largely on the expectation of future earnings, growth stock prices can decline rapidly and significantly in reaction to negative news about such factors as earnings, the economy, political developments, or other news.

Investment style risk.To the extent that the fund main-tains a style-neutral portfolio, either growth funds or value funds may outperform the fund during any time period when one or the other is in favor. To the extent that the fund’s portfolio favors either growth or value stocks, it may perform less well than if it had remained style-neutral if the style it favors underperforms the overall market. Medium-sized company risk.Medium-sized company stocks tend to be more volatile than large company stocks. Because stock analysts are less likely to follow medium-sized companies, less information about them is available to investors. Industry-wide reversals may have a greater impact on medium-sized companies, since they lack the financial resources of larger companies. Medium-sized company stocks are typically less liquid than large company stocks.

IPO risk.Prices of securities bought in an initial public offering (IPO) may rise and fall rapidly, often because of investor perceptions rather than economic reasons. To the extent a mutual fund is small in size, its IPO investments may have a significant impact on its performance since they may represent a larger proportion of the fund’s overall portfolio as compared to the portfolio of a larger fund. Liquidity risk.In certain situations, it may be difficult or impossible to sell an investment in an orderly fashion at an acceptable price.

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 invest-ment’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.

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Tax status risk.Income and gains from commodities or certain commodity-linked derivatives do not constitute “qualifying income” to the fund for purposes of qualifica-tion as a “regulated investment company” for federal income tax purposes. Receipt of such income could cause the fund to be subject to tax at the fund level. The Internal Revenue Service has issued a private ruling to certain underlying funds that income derived from the fund’s investment in its wholly-owned Subsidiary that invests in commodities and commodity-related investments will constitute qualifying income to the fund. Income from other commodity-linked derivatives in which the fund invests directly or indirectly may not constitute qualifying income. If such income were determined to cause the fund’s nonqualifying income to exceed 10% of the fund’s gross income, the fund would be subject to a tax at the fund level.

Securities lending risk.Any decline in the value of a port-folio 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.

Subsidiary risk.Certain underlying funds may invest in a wholly-owned subsidiary of the underlying fund formed under the laws of the Cayman Islands (the Subsidiary) that is not registered as an investment company under the Investment Company Act of 1940, as amended, and there-fore it is not subject to all of the investor protections of the Investment Company Act of 1940. A regulatory change in the US or the Cayman Islands that impacts the Subsid-iary or how the underlying fund invests in the SubsidSubsid-iary, such as a change in tax law, could adversely affect the underlying fund and the fund. By investing in the Subsid-iary, the underlying funds and the fund are exposed to the risks associated with the Subsidiary’s investments, which generally include the risks of investing in derivatives and commodities-related investments.

Multi-manager approach risk.While the investment strat-egies employed by certain underlying funds’ investment management teams are intended to be complementary, they may not in fact be complementary. The interplay of the various strategies employed by the fund’s multiple investment management teams may result in a fund holding a significant amount of certain types of securities. This may be beneficial or detrimental to the fund’s perfor-mance depending upon the perforperfor-mance of those securities and the overall economic environment. The investment management teams selected for a fund may underperform the market generally or other investment management teams that could have been selected for the fund. The multi-manager approach could increase a fund’s portfolio turnover rates which may result in higher levels of realized capital gains or losses with respect to a fund’s portfolio securities, higher brokerage commissions and

other transaction costs. The success of a fund’s invest-ment strategy depends on, among other things, both the Advisor’s skill in selecting investment management teams and allocating assets to those investment management teams and on an investment management team’s skill in executing the relevant investment strategy and selecting investments for a fund. The degree of correlation among the investment management teams’ investment strategies and the market as a whole will vary as a result of market conditions and other factors, and certain investment management teams could have a greater degree of corre-lation with each other and with the market than other investment management teams.

PAST P E R F O R M A N C E

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 appro-priate market index). Past performance may not indicate future results. All performance figures below assume that dividends and distributions were reinvested. For more recent performance figures, go to deutschefunds.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus.

The performance figures for Class R shares prior to the inception date are based on the historical performance of Class A, adjusted to reflect the higher total annual oper-ating expenses of Class R. Class R6 shares are invested in the same portfolio of securities as Class A and would have had similar performance. Performance would differ only to the extent that Class R6 and Class A do not have the same fees and expenses.

Class R6 is a new class of shares and therefore does not have a full calendar year of performance available. C A L E N DA R Y E A R TOTA L R ET U R N S (%) (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.

-27.13 25.58 12.20 -3.46 9.32 0.82 3.03 -40 -20 0 20 40 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Returns Period ending Best Quarter 15.11% June 30, 2009

Worst Quarter -16.48% December 31, 2008

Year-to-Date -2.63% June 30, 2015

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AV E R AG E A N N UA L TOTA L R ET U R N S

(For periods ended 12/31/2014 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 Since Inception Class Abefore tax 7/30/2007 -2.90 3.00 1.44

After tax on

distribu-tions -4.03 2.20 0.39

After tax on distribu-tions and sale of fund

shares -1.55 2.05 0.74

Class Cbefore tax 7/30/2007 2.35 3.45 1.44

Class Rbefore tax 6/1/2011 2.91 4.04 2.04

INST Classbefore tax 7/30/2007 3.50 4.56 2.50

Class Sbefore tax 7/30/2007 3.32 4.47 2.44

MSCI World Index

(reflects no deduction for

fees or expenses) 4.94 10.20 3.38

Barclays US Aggregate Bond Index(reflects no deduction for fees,

expenses or taxes) 5.97 4.45 5.20

Standard & Poor’s 500 (S&P 500) Index

(reflects no deduction for

fees, expenses or taxes) 13.69 15.45 7.10

Blended Index 5.31 8.73 4.33

Blended Indexconsists of 70% in the MSCI World Index and 30% in the Barclays US Aggregate Bond Index.

Portfolio management believes that the MSCI World Index, Barclays US Aggregate Bond Index, and the blend of each of these indexes, reflect the different components of the fund’s typical asset allocations.

M A N AG E M E N T Investment Advisor

Deutsche Investment Management Americas Inc. Portfolio Manager(s)

Pankaj Bhatnagar, PhD, Managing Director.Portfolio Manager of the fund. Began managing the fund in 2013. John W. Vojticek, Managing Director.Portfolio Manager of the fund. Began managing the fund in 2015.

Darwei Kung, Director.Portfolio Manager of the fund. Began managing the fund in 2013.

P U RC H AS E A N D S A L E O F F U N D S H A R E S M I N I M U M I N IT I A L I N V E ST M E N T ($) Non-IRA IRAs UGMAs/ UTMAs Automatic Investment Plans A 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, and in certain fee-based and wrap programs approved by the Advisor, there is no minimum initial invest-ment and no minimum additional investinvest-ment for Class A, C and S shares. For Section 529 college savings plans, there is no minimum initial invest-ment and no minimum additional investinvest-ment for Class S shares. In certain instances, the minimum initial investment may be waived for Institutional Class shares. There is no minimum additional investment for Institutional Class, Class R and Class R6 shares. The minimum additional investment in all other instances is $50.

TO P L AC E O R D E RS

Mail New Accounts Deutsche Asset & Wealth Management PO Box 219356

Kansas City, MO 64121-9356

Additional Investments Deutsche Asset & Wealth Management PO Box 219154

Kansas City, MO 64121-9154 Exchanges and

Redemptions

Deutsche Asset & Wealth Management PO Box 219557

Expedited Mail Deutsche Asset & Wealth Management 210 West 10th Street

Web Site deutschefunds.com

Telephone (800) 728-3337

M – F 8 a.m. – 8 p.m. ET

TDD Line (800) 972-3006, M – F 8 a.m. – 8 p.m. ET

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 tele-phone. The fund is generally open on days when the New York Stock Exchange is open for regular trading.

Institutional Class shares are generally available only to qualified institutions. Class R and Class R6 shares are generally available only to certain retirement plans. Class S shares are only available to a limited group of investors. TA X I N F O R M AT I O N

The fund’s distributions are generally taxable to you as ordinary income or capital gains, except when your invest-ment is in an IRA, 401(k), or other tax-advantaged

investment plan. Any withdrawals you make from such tax-advantaged investment plans, however, may be taxable to you.

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PAY M E N T S TO B RO K E R - D E A L E RS A N D OT H E R F I N A N C I A L I N T E R M E D I A R I E S

If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s Web site for more information.

No such payments are made with respect to Class R6 shares. To the extent the fund makes such payments with respect to another class of its shares, the expense is borne by the other share class.

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Fund Details

A D D I T I O N A L I N F O R M AT I O N A B O U T F U N D ST R AT E G I E S A N D R I S K S

I N V E ST M E N T O B J E C T I V E The fund seeks capital appreciation.

P R I N C I PA L I N V E ST M E N T ST R AT E G Y

Main investments.The fund is a fund−of−funds, which means its assets are invested in a combination of other Deutsche funds (i.e., mutual funds, exchange−traded funds (ETFs) and other pooled investment vehicles

managed by Deutsche Investment Management Americas Inc., the fund’s investment advisor, or one of its affiliates), certain other securities and derivative instruments (the use of derivatives by the fund and the underlying funds in which the fund invests is described below in Currency and interest rate strategies and Derivatives). The fund seeks to achieve its objective by investing in alternative (or non−traditional) asset categories and investment strate-gies. The fund may also invest in securities of unaffiliated mutual funds, ETFs or hedge funds when the desired economic exposure to a particular asset category or investment strategy is not available through a Deutsche fund (Deutsche funds and unaffiliated mutual funds, ETFs and hedge funds are collectively referred to as “underlying funds”). The fund’s allocations among the underlying funds may vary over time.

Management process.Portfolio management utilizes a strategic asset allocation process to determine the non−tra-ditional or alternative asset categories and investment strategies that should be represented in the fund’s port-folio. Such asset categories and investment strategies may include: market neutral, long/short, inflation−protection, commodities, real estate, floating rate loans, infrastructure, emerging markets, high-yield and other alternative strate-gies. Portfolio management also utilizes a tactical asset allocation process to adjust allocations in response to short−term market changes.

Portfolio management may make allocations ranging from 0% to 30% of the fund’s assets (exclusive of assets allo-cated to the currency and interest rate strategies

described below) in a particular strategy or asset category. Portfolio management may make allocations to the following Deutsche funds:

䡲 Deutsche CROCI®Sector Opportunities Fund.The fund seeks long-term growth of capital. Under normal circum-stances, the fund will invest in common stocks of approximately 30 companies (excluding financial compa-nies) selected from: the STOXX Europe 200 Large Index, the S&P 500 Index and the TOPIX 100 Index with a bias towards large capitalization companies. Portfolio manage-ment will choose investmanage-ments from three of the

following nine global economic sectors, each of which is comprised of two or more industries, (the fund will not focus on the industries within a sector): Consumer Discretionary, Consumer Staples, Energy, Healthcare, Information Technology, Industrials, Materials, Telecom and Utilities. Portfolio management intends to invest in stocks of companies that it believes offer “economic value,” as determined by applying the Cash Return on Capital Invested (CROCI®) proprietary strategy to the three industry sectors with the lowest median economic price-earnings ratio. Portfolio management measures economic value by using the CROCI®Economic Price Earnings Ratio (CROCI®Economic P/E Ratio) which is calculated for each of the 800 companies in the CROCI® global company database. The CROCI®Economic P/E Ratio is a proprietary measure of company valuation using the same relationships between valuation and return as an accounting P/E ratio (i.e., price/ book value divided by return on equity).

䡲 Deutsche Diversified Market Neutral Fund.The fund seeks capital appreciation independent of stock market direction. The fund seeks to achieve its investment objec-tive by employing a multi−manager approach whereby portions of the fund’s assets are allocated among sepa-rate investment management teams, including

subadvisors, that employ different market neutral invest-ment strategies. The fund’s investinvest-ment portfolio will primarily be comprised of long and short positions in securities from US, foreign and emerging markets and may also include derivative instruments that provide long and short exposures to such securities or relevant

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market indices. Each investment management team buys (takes long positions in) securities that it believes are undervalued and sells short securities (e.g., borrows the security and then sells it) that it believes are over-valued. The fund’s long equity investments will consist mainly of common stocks, but may also include invest-ments in other types of equities such as preferred stocks or convertible stocks.

䡲 Deutsche Emerging Markets Equity Fund.The fund seeks long-term growth of capital. Under normal circum-stances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in emerging market equities (equities traded mainly in emerging markets or issued by companies that are organized in emerging markets or have more than half of their business there). The fund considers “emerging markets” to include any country that is defined as an emerging or developing economy by The International Bank for Reconstruction and Development (the World Bank), the International Finance Corporation or the United Nations or its authorities. The fund invests primarily in common stocks, but may also invest in preferred stocks or convertible securities.

䡲 Deutsche Emerging Markets Frontier Fund.The fund seeks capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of issuers that are listed on an exchange in a frontier market or small emerging market country; are organized under the laws of, or have principal offices in, frontier market or small emerging market countries; or have significant exposure to such countries’ econo-mies. In general, frontier market and small emerging market countries are sub-sets of those markets currently considered to be developing by the World Bank, the Inter-national Finance Corporation, the United Nations, or the countries’ authorities, or countries with a stock market capitalization of less than 3% of the MSCI World Index. The fund currently considers “frontier market or small emerging market countries” to include all of the coun-tries in the MSCI Frontier Emerging Markets Index as well as the following countries: Chile, Czech Republic, Greece, Hungary, Indonesia, Malaysia, Poland, Qatar, Saudi Arabia, Thailand, Turkey, and the United Arab Emir-ates. The fund normally invests primarily in common stocks, but may also invest in preferred stocks or convert-ible securities. In addition, the fund may invest a portion of its assets in other types of securities, including debt securities, short-term securities, warrants, and other similar securities. The fund may also invest significantly in participation or participatory notes, which are a type of equity linked derivative, which are structured as debt obligations and are issued or backed by banks and broker-dealers, and are designed to replicate equity market exposure in foreign markets with limitations on direct investments due to local investment restrictions.

䡲 Deutsche Enhanced Emerging Markets Fixed Income Fund.The fund seeks to provide high current income and, secondarily, long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for invest-ment purposes, in high yield bonds (also known as “junk bonds”) and other debt securities issued by govern-ments and corporations in emerging market countries (i.e., the issuer is traded mainly in an emerging market, the issuer is organized under the laws of an emerging market country or is a company with more than half of its business in emerging markets) or the return on which is derived primarily from emerging markets. The fund considers “emerging markets” to include any country that is defined as an emerging or developing economy by The International Bank for Reconstruction and Devel-opment (the World Bank), the International Finance Corporation or the United Nations or its authorities. Under normal circumstances, the fund will not invest more than 40% of its total assets in any one country. The fund invests at least 50% of total assets in US dollar-denominated securities. In an attempt to enhance return, the fund may employ proprietary quantitative, rules-based methodology currency strategies across developed and emerging market currencies. The fund is classified as a non-diversified fund.

䡲 Deutsche Enhanced Commodity Strategy Fund.The fund’s investment objective is total return. Under normal circumstances, the fund seeks to achieve its investment objective by investing in commodity−linked derivative instruments (a contract whose value is based on a particular commodity) backed by a portfolio of fixed income instruments. The fund may gain exposure to the commodity markets by investing a portion of its assets in its wholly-owned subsidiary, Cayman Commodity Fund II, Ltd., organized under the laws of the Cayman Islands. This subsidiary shares the same portfolio management as the fund and is expected to invest mainly in commodity-linked derivative instruments and fixed-income instruments, some of which may serve as margin or collateral for the subsidiary’s derivatives posi-tions. The fund concentrates its investments in

commodities-related industries. The fund and its wholly-owned subsidiary are each a “commodity pool” and are subject to the requirements of the Commodity Exchange Act, as amended (CEA) and the rules of the Commodity Futures Trading Commission (CFTC) promul-gated thereunder.

䡲 Deutsche Floating Rate Fund.The fund seeks to provide high current income. Under normal market conditions, the fund invests at least 80% of its total assets in adjust-able rate loans that have a senior right to payment (“senior loans”) and other floating rate debt securities. The fund may also borrow money in an amount up to 33 1/3% of the fund’s total assets for a range of purposes, including to create investment leverage.

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Deutsche Alternative Asset Allocation Fund

Deutsche Alternative Asset Allocation Fund

Prospectus

Deutsche Alternative Asset Allocation Fund

Table of Contents

Deutsche Alternative Asset Allocation Fund

Fund Details