Deutsche Asset
& Wealth Management
                                                                       [DB Logo]




Summary Prospectus | February 1, 2015



Deutsche Short-Term Municipal Bond Fund

(formerly DWS Short-Term Municipal Bond Fund)





                                              
 CLASS/Ticker    A   SRMAX    B   SRMBX    C   SRMCX    INST   MGSMX    S   SRMSX



Before you invest, you may want to review the fund's prospectus, which contains
more information about the fund and its risks. You can find the fund's
prospectus, Statement of Additional Information (SAI) and other information
about the fund online at deutschefunds.com/
mutualpros. You can also get this information at no cost by e-mailing a request
to service@db.com, calling (800) 728-3337 or asking your financial advisor. The
prospectus and SAI, both dated February 1, 2015, as supplemented, are
incorporated by reference into this Summary Prospectus.

INVESTMENT OBJECTIVE


The fund seeks a high level of income exempt from regular federal income tax,
consistent with the preservation of capital.



FEES AND EXPENSES OF THE FUND


These are the fees and expenses you may pay when you buy and hold shares. You
may qualify for sales charge discounts if you and your immediate family invest,
or agree to invest in the future, at least $100,000 in Deutsche funds. More
information about these and other discounts is available from your financial
professional and in Choosing a Share Class in the prospectus (p. 11) and
Purchase and Redemption of Shares in the fund's SAI (p. II-15).


SHAREHOLDER FEES (paid directly from your investment)




                                              A          B          C    INST      S
                                     ----------  ---------  ---------  ------  -----
                                                                
Maximum sales charge (load)
imposed on purchases, as % of
offering price                            2.00     None       None     None    None
------------------------------------      ----     --         --       ------  ---
Maximum deferred sales charge
(load), as % of redemption proceeds     None     4.00       1.00       None    None
------------------------------------    ------   ----       ----       ------  ---
Account Maintenance Fee (annually,
for fund account balances below
$10,000 and subject to certain
exceptions)                            $   20    $20        $20        None    $20
------------------------------------   -------   ----       ----       ------  ---


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




                                           A          B          C        INST           S
                                   ---------  ---------  ---------  ----------  ----------
                                                                 
Management fee                         0.40       0.40       0.40       0.40        0.40
----------------------------------     ----       ----       ----       ----        ----
Distribution/service (12b-1) fees      0.25       1.00       1.00      None        None
----------------------------------     ----       ----       ----      -----       -----
Other expenses                         0.25       0.26       0.27       0.20        0.31
----------------------------------     ----       ----       ----      -----       -----
TOTAL ANNUAL FUND OPERATING
EXPENSES                               0.90       1.66       1.67       0.60        0.71
----------------------------------     ----       ----       ----      -----       -----
Fee waiver/expense reimbursement       0.14       0.15       0.16       0.09        0.10
----------------------------------     ----       ----       ----      -----       -----
TOTAL ANNUAL FUND OPERATING
EXPENSES AFTER FEE WAIVER/EXPENSE
REIMBURSEMENT                          0.76       1.51       1.51       0.51        0.61
----------------------------------     ----       ----       ----      -----       -----


The Advisor has contractually agreed through January 31, 2016 to waive and/or
reimburse fund expenses to the extent necessary to maintain the fund's total
annual operating expenses (excluding certain expenses such as extraordinary
expenses, taxes, brokerage and interest expenses) at ratios no higher than
0.76%, 1.51%, 1.51%, 0.51% and 0.61% for Class A, Class B, Class C,
Institutional Class and Class S, respectively. The agreement may only be
terminated with the consent of the fund's Board.


EXAMPLE

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





YEARS           A         B         C    INST       S
-------  --------  --------  --------  ------  ------
                                
1        $ 276     $ 554     $ 254     $52     $62
--       -----     -----     -----     ---     ---
3          468       809       511     183     217
--       -----     -----     -----     ---     ---
5          675     1,088       892     326     385
--       -----     -----     -----     ---     ---
10       1,273     1,564     1,963     741     873
--       -----     -----     -----     ---     ---


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





YEARS           A         B         C    INST       S
-------  --------  --------  --------  ------  ------
                                
1        $ 276     $ 154     $ 154     $52     $62
--       -----     -----     -----     ---     ---
3          468       509       511     183     217
--       -----     -----     -----     ---     ---
5          675       888       892     326     385
--       -----     -----     -----     ---     ---
10       1,273     1,564     1,963     741     873
--       -----     -----     -----     ---     ---


Class B converts to Class A after six years; the Example for Class B reflects
Class A fees after the conversion.



                                       1


PORTFOLIO TURNOVER

The fund pays transaction costs, such as commissions, when it buys and sells
securities (or "turns over" its portfolio). A higher portfolio turnover may
indicate higher transaction costs and may mean higher taxes if you are
investing in a taxable account. These costs are not reflected in annual fund
operating expenses or in the expense example, and can affect the fund's
performance.


Portfolio turnover rate for fiscal year 2014: 36%.



PRINCIPAL INVESTMENT STRATEGY


MAIN INVESTMENTS. Under normal market conditions, the fund invests at least 80%
of its assets, determined at the time of purchase, in municipal securities that
pay interest exempt from regular federal income tax. Municipal securities are
debt securities issued by states and certain other municipal issuers, political
subdivisions, agencies and public authorities that pay interest that is exempt
from regular federal income tax. The fund may invest without limit in municipal
securities that pay interest that is taxable under the federal alternative
minimum tax (AMT). The fund invests in securities of varying maturities and
intends to maintain a dollar-weighted average effective portfolio maturity of
no longer than three years. In determining the dollar-weighted average
effective portfolio maturity, portfolio management uses a security's stated
maturity or, if applicable, an earlier date on which portfolio management
believes it is probable that the security will be repaid pursuant to a
maturity-shortening feature of the security. Portfolio management might use a
security's effective maturity where, for example, market conditions favor a
buyer exercising a put option (i.e., an option to sell a bond back to the
issuer prior to its maturity) or an issuer exercising a call option (i.e., an
option to redeem a bond prior to its maturity) or a principal prepayment
provision (i.e., a provision allowing an issuer to repay principal before the
stated maturity date). A security's effective maturity can be substantially
shorter than its stated maturity. As of December 31, 2014, the fund had a
dollar-weighted average effective portfolio maturity of 2.35 years.


The fund invests primarily in investment grade municipal securities (securities
within the top four credit rating categories) and up to 15% of assets
investable in the fourth highest rating category. The fund may invest more than
25% of total assets in private activity and industrial development bonds if the
interest paid on them is exempt from regular federal income tax.


The fund may invest up to 20% of total assets in certain taxable securities to
maintain liquidity. The fund may also purchase securities on a when-issued
basis.


MANAGEMENT PROCESS. Portfolio management looks for securities that it believes
offer the best value, typically weighing a number of factors, from economic
outlooks and possible interest rate movements to characteristics of specific
securities, such as coupon, maturity date and call date, credit condition and
outlook, liquidity, and changes in supply and demand within the municipal bond
market.


DERIVATIVES. Portfolio management generally may use interest rate swaps, which
are a type of derivative (a contract whose value is based on, for example,
indices, currencies or securities), to manage the duration of the investment
portfolio (i.e., reducing or increasing the sensitivity of the fund's portfolio
to interest rate changes). Portfolio management may also use inverse floating
rate securities to seek to enhance potential gains.


The fund may also use various types of derivatives (i) for hedging; (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.



MAIN RISKS


There are several risk factors that could hurt the fund's performance, cause
you to lose money or cause the fund's performance to trail that of other
investments. The fund may not achieve its investment objective, and is not
intended to be a complete investment program. An investment in the fund is not
a deposit of a bank and is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other governmental agency.


MUNICIPAL SECURITIES RISK. The fund could be impacted by events in the
municipal securities market, including the supply and demand for municipal
securities. Negative events, such as severe fiscal difficulties, bankruptcy of
one or more issuers, an economic downturn, unfavorable legislation, court
rulings or political developments, or reduced monetary support from the federal
government could hurt fund performance.


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.)


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. 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 performance. Prepayments could
also create capital gains tax liability in some instances.



                                       2
                                         Deutsche Short-Term Municipal Bond Fund


                                             SUMMARY PROSPECTUS February 1, 2015


CREDIT RISK. The fund's performance could be hurt if an issuer of a debt
security suffers an adverse change in financial condition that results in the
issuer not making timely payments of interest or principal, a security
downgrade or inability to meet a financial obligation.


FOCUS RISK. To the extent that the fund focuses on investments from a single
state, region or sector of the municipal securities market, its performance can
be more volatile than that of a fund that invests more broadly. As an example,
factors affecting a state, region or sector such as severe fiscal difficulties,
an economic downturn, court rulings, increased expenditures on domestic
security or reduced monetary support from the federal government could over
time impair a state, region or sector's ability to repay its obligations.


PRIVATE ACTIVITY AND INDUSTRIAL DEVELOPMENT BOND RISK. The payment of principal
and interest on these bonds is generally dependent solely on the ability of the
facility's user to meet its financial obligations and the pledge, if any, of
property financed as security for such payment.


INVERSE FLOATING RATE SECURITIES RISK. The interest payment received on inverse
floating rate securities ("inverse floaters") generally will decrease when
short-term interest rates increase. Inverse floaters are derivatives that
involve leverage and could magnify the fund's gains or losses.


TAX RISK. With respect to federal income taxes, any distributions to
shareholders that represent income from taxable securities will generally be
taxable as ordinary income, while other distributions, such as capital gains,
are taxable to the same extent they would be for any mutual fund. Distributions
also are generally subject to state taxes with certain exceptions (e.g., some
states may have an exception for a portion of the fund's income that is
attributable to municipal securities issued in the state in which you reside).
New federal or state governmental action could adversely affect the tax-exempt
status of securities held by the fund, resulting in a higher tax liability for
shareholders and potentially hurting fund performance as well.


SECURITY SELECTION RISK. The securities in the fund's portfolio may decline in
value. Portfolio management could be wrong in its analysis of municipalities,
industries, companies, economic trends, the relative attractiveness of
different securities or other matters.


DERIVATIVES RISK. Risks associated with derivatives 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
opportunities; 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 obligation; 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.


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.


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 investment's sale. As a result,
you could pay more than the market value when buying fund shares or receive
less than the market value when selling fund shares.


WHEN-ISSUED AND DELAYED DELIVERY SECURITIES RISK. The fund may purchase or sell
a security at a future date for a predetermined price. The market value of the
securities may change before delivery.



PAST PERFORMANCE


How a fund's returns vary from year to year can give an idea of its risk; so
can comparing fund performance to overall market performance (as measured by an
appropriate market index). Past performance may not indicate future results.
All performance figures below assume that dividends 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.


CALENDAR YEAR TOTAL RETURNS (%) (Class A)

These year-by-year returns do not include sales charges, if any, and would be
lower if they did. Returns for other classes were different and are not shown
here.



[BAR GRAPHIC OMITTED HERE]

[BAR GRAPHIC DATA]





                                                                   
  2005      2006      2007      2008       2009      2010      2011      2012      2013       2014
  2.25      3.17      2.84       -0.84     6.27      1.37      3.19      1.40       -0.45     1.36









                   RETURNS   PERIOD ENDING
                       
 BEST QUARTER      2.40%     September 30, 2009
 WORST QUARTER     -1.00%    September 30, 2008


                                       3
                                         Deutsche Short-Term Municipal Bond Fund


                                             SUMMARY PROSPECTUS February 1, 2015


AVERAGE ANNUAL TOTAL RETURNS
(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           1          5         10
                               INCEPTION        YEAR      YEARS      YEARS
                             -----------  ----------  ---------  ---------
                                                     
CLASS A before tax           2/28/2003        -0.67       0.96       1.83
---------------------------  ---------       ------       ----       ----
  After tax on distribu-
  tions                                       -0.67       0.96       1.83
  After tax on distribu-
  tions and sale of fund
  shares                                      -0.04       1.03       1.89
---------------------------  ---------       ------       ----       ----
CLASS B before tax           2/28/2003        -2.40       0.41       1.27
---------------------------  ---------       ------       ----       ----
CLASS C before tax           2/28/2003        0.60        0.61       1.28
---------------------------  ---------       ------       ----       ----
INST CLASS before tax         3/6/1995        1.62        1.62       2.29
---------------------------  ---------       ------       ----       ----
CLASS S before tax           2/28/2005        1.51        1.52       2.21
---------------------------  ---------       ------       ----       ----
BARCLAYS 1-YEAR GENERAL
OBLIGATION INDEX
(reflects no deduction for
fees, expenses or taxes)                      0.52        0.92       2.19
---------------------------  ---------       ------       ----       ----
BARCLAYS 3-YEAR (2-4)
MUNICIPAL BOND INDEX
(reflects no deduction for
fees, expenses or taxes)                      1.22        1.93       2.97
---------------------------  ---------       ------       ----       ----


The information above shows how the fund's performance compares to Barclays
1-Year General Obligation Index and Barclays 3-Year (2-4) Municipal Bond Index,
broad-based securities indexes that reflect the investment strategy of the
fund.



MANAGEMENT


INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc.


PORTFOLIO MANAGER(S)

PHILIP G. CONDON, MANAGING DIRECTOR. Co-Lead Portfolio Manager of the fund.
Began managing the fund in 2003.


ASHTON P. GOODFIELD, CFA, MANAGING DIRECTOR. Co-Lead Portfolio Manager of the
fund. Began managing the fund in 2003.


MATTHEW J. CAGGIANO, CFA, MANAGING DIRECTOR. Co-Lead Portfolio Manager of the
fund. Began managing the fund in 2014.


PETER ALOISI, CFA, ASSISTANT VICE PRESIDENT. Portfolio Manager of the fund.
Began managing the fund in 2014.


PURCHASE AND SALE OF FUND SHARES


MINIMUM INITIAL INVESTMENT ($)




                                                          AUTOMATIC
                                         UGMAS/          INVESTMENT
              NON-IRA            IRAS     UTMAS               PLANS
         ------------  --------------  --------  ------------------
                                     
A B C        1,000            500       1,000             500
-------      -----            ---       -----             ---
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 investment
and no minimum additional investment for Class A, C and S shares. For Section
529 college savings plans, there is no minimum initial investment and no
minimum additional investment for Class S shares. In certain instances, the
minimum initial investment may be waived for Institutional Class shares. There
is no minimum additional investment for Institutional Class shares. Because
Class B shares are closed to new investment, existing Class B shareholders may
purchase Class A and C shares with a minimum initial investment of $50. The
minimum additional investment in all other instances is $50.



TO PLACE ORDERS


                                   
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            Deutsche Asset & Wealth Management
               Redemptions              PO Box 219557
                                        Kansas City, MO 64121-9557
EXPEDITED MAIL                          Deutsche Asset & Wealth Management
                                        210 West 10th Street
                                        Kansas City, MO 64105-1614
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 telephone. The fund is generally open on days when the New York
Stock Exchange is open for regular trading.


Class B shares are closed to new purchases, except for exchanges and the
reinvestment of dividends or other distributions. Institutional Class shares
are generally available only to qualified institutions. Class S shares are only
available to a limited group of investors.



TAX INFORMATION


The fund's income dividends are generally exempt from regular federal income
tax. A portion of the fund's dividends may be subject to federal income tax,
including the federal alternative minimum tax.



                                       4
                                         Deutsche Short-Term Municipal Bond Fund


                                             SUMMARY PROSPECTUS February 1, 2015


PAYMENTS TO BROKER-DEALERS AND

OTHER FINANCIAL INTERMEDIARIES

If you purchase the fund through a broker-dealer or other financial intermediary
(such  as  a  bank), the fund 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.


                                       5
                                         Deutsche Short-Term Municipal Bond Fund
                                  SUMMARY PROSPECTUS February 1, 2015 DSTMBF-SUM