Alternative

Deutsche Gold & Precious Metals Fund

A I SGDAX

C I SGDCX

Morningstar Rankings Class S

Precious Metals (as of 12/31/14)

INST I SGDIX

S I SCGDX

4th quarter 2014

Growth of a $10,000 investment in Class S shares from 12/31/04 to 12/31/14

1-year

#56 of 76 funds

73%

3-year

#41 of 71 funds

57%

5-year

#56 of 65 funds

86%

10-year

#40 of 51 funds

78%

Source: Morningstar, Inc. Rankings are historical and

do not guarantee future results. Rankings are based
on the fund's total returns, unadjusted for sales
charges, with distributions reinvested. If sales
charges had been included, rankings may have been
less favorable. Rankings of other classes may vary.

$30

(in thousands)

Share class:

$20
$10

12/04

12/06

12/08

12/10

Deutsche Gold & Precious Metals Fund $7,949

12/12

12/14

S&P 500 Index $20,940

Source: Deutsche Asset & Wealth Management.

Objective

Average annual total returns* (as of 12/31/14)

The fund seeks maximun return (principal

change and income).

Share class

Unadjusted for sales charge (would be lower if adjusted)

Strategy

-14.35%

-14.35%

-26.47%

-15.89%

-2.50%

2.64%

6/25/01

As the U.S. Federal Reserve Board continues

to print money to meet a growing U.S.
deficit, rising inflation and a weaker dollar
may follow. In this environment, investors
may want to consider hard assets such as
precious metals. Deutsche Gold and
Precious Metals Fund is poised to help
investors seek out these compelling
opportunities as it invests in gold coin and
bullion as well as the stocks of global
companies engaged in activities related to
precious metals.

-14.93%

-14.93%

-27.03%

-16.51%

-3.21%

1.87%

6/25/01

Fund details (fund data as of 12/31/14)

Fund inception date
Total net assets

9/2/1988

YTD

1-year

3-year

5-year

10-year Life of fund Inception

Adjusted for maximum sales charge

A (max 5.75% load)

-19.27%

-19.27%

-27.91%

-16.88%

-3.08%

2.41%

6/25/01

C (max 1.00% CDSC)

-14.93%

-14.93%

-27.03%

-16.51%

-3.21%

1.87%

6/25/01

INST

-14.14%

-14.14%

-26.34%

-15.68%

n/a

-14.93%

3/3/08

-14.14%

-14.14%

-26.33%

-15.70%

-2.27%

2.90%

9/2/88

13.69%

13.69%

20.41%

15.45%

7.67%

n/a

n/a

-12.76%

-12.76%

-26.53%

-15.18%

-1.72%

n/a

n/a

Other share classes

S&P 500 Index1

S&P/Citigroup Gold &
Precious Metals
Index2

$105 million
Historical total returns (as of 12/31/14)
2014

2013

-14.14% -49.64%

2012

2011

2010

-7.53% -22.60%

37.60%

2009

2008

2007

2006

2005

41.63% -32.72%

25.41%

29.27%

20.83%

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 www.deutschefunds.com 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.
* The fund's performance prior to inception reflects that of Class S 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 1.54% for A shares, 2.31% for C shares, 1.14% for INST shares and 1.27% for S shares. The net expense ratio is
1.25% for A shares, 2.00% for C shares, 1.00% for INST shares and 1.00% for S shares. Class A, C, S and INST shares
have a contractual waiver that runs through 09/30/2015. Without a waiver, returns would
have been lower and any rankings/ratings might have been less favorable.

Alternative

Deutsche Gold & Precious Metals Fund

Portfolio and risk statistics3 (12/31/14)

Fund inception date

Sector allocation (12/31/14)

9/2/1988

Number of holdings

44

Total net assets

$105 million

Weighted average market

cap

$4.80 billion

Standard deviation

31.47

Gold mining
Silver mining
Physical gold
Platinum mining
Platinum group
metals mining
Diamond mining
Physical silver

Geographic distribution (12/31/14)

74%
12%
5%
3%
2%
2%
1%

Portfolio management/industry experience

Terence P. Brennan

28 years

Michael J. Bernadiner

16 years

Fund information
Class

Symbol

CUSIP

SGDAX

25159L679

SGDCX

25159L653

SGDIX

25159L638

SCGDX

25159L646

INST
S

Top 10 holdings (12/31/14)

Canada

63%

United States

10%

South Africa

9%

Australia

8%

United Kingdom

6%

Mexico

2%

Korea

1%

Peru

1%

Goldcorp
10.40%
Franco-Nevada
7.80%
Barrick Gold
7.40%
Silver Wheaton
6.80%
Randgold
5.90%
Resources
Newcrest Mining 5.30%
Newmont Mining 4.70%
Eldorado Gold
4.30%
Agnico-Eagle
3.50%
Mines
Yamana Gold
3.00%
Other
40.90%

Security type (12/31/14)

93%

Common stocks
Equity - ExchangeTraded Funds

1
2

5%

Commodities

1%

Cash equivalents

1%

S&P 500 Index tracks the performance of 500 leading U.S. stocks and is widely considered representative of the U.S. equity market.
The S&P/Citigroup Gold and Precious Metals Index represents the precious metals industry component of the S&P/Citigroup Global Equity family indices, which includes more than
7,000 companies in more than 50 countries.
Weighted average market capitalization is an indicator of the size of the companies in which the portfolio invests and is the sum of each security's weight in the portfolio multiplied by
its market cap. Standard deviation is a 3-year statistical measure of the volatility of a funds returns. Generally, the greater the standard deviation, the greater the funds 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 foreign
securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. This
fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. 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 www.deutschefunds.com or talk to your financial representative. Read the
prospectus carefully before investing.
Investment products: No bank guarantee I Not FDIC insured I May lose value
Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its
subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients
pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services.
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