Deutsche Asset
& Wealth Management
                                                                       [DB Logo]



Summary Prospectus | December 1, 2014



Deutsche International Value Fund

(formerly DWS International Value Fund)





                                       
 CLASS/Ticker    A   DNVAX    C   DNVCX    INST   DNVIX    S   DNVSX



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 December 1, 2014, as supplemented, are
incorporated by reference into this Summary Prospectus.

INVESTMENT OBJECTIVE


The fund seeks long-term capital appreciation, with current income as a
secondary objective.



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 $50,000 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. 25) and
Purchase and Redemption of Shares in the fund's SAI (p. II-15).


SHAREHOLDER FEES (paid directly from your investment)




                                                   A          C        INST          S
                                          ----------  ---------  ----------  ---------
                                                                 
Maximum sales charge (load) imposed on
purchases, as % of offering price              5.75     None        None       None
-----------------------------------------      ----     --          -          --
Maximum deferred sales charge (load), as
% of redemption proceeds                     None     1.00          None       None
-----------------------------------------    ------   ----          -          --
Redemption/exchange fee on shares owned
less than 15 days, as % of redemption
proceeds                                       2.00   2.00           2.00    2.00
-----------------------------------------    ------   ----          -----    ----
Account Maintenance Fee (annually, for
fund account balances below $10,000 and
subject to certain exceptions)              $   20    $20           None     $20
-----------------------------------------   -------   ----          -----    ----


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




                                              A          C        INST           S
                                      ---------  ---------  ----------  ----------
                                                            
Management fee                            0.80       0.80       0.80        0.80
-------------------------------------     ----       ----       ----        ----
Distribution/service (12b-1) fees         0.24       1.00      None        None
-------------------------------------     ----       ----      -----       -----
Other expenses                            0.38       0.37       0.35        0.40
-------------------------------------     ----       ----      -----       -----
TOTAL ANNUAL FUND OPERATING EXPENSES      1.42       2.17       1.15        1.20
-------------------------------------     ----       ----      -----       -----


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
remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:





YEARS           A         C      INST         S
-------  --------  --------  --------  --------
                           
1        $ 711     $ 320     $ 117     $ 122
--       -----     -----     -----     -----
3          999       679       365       381
--       -----     -----     -----     -----
5        1,307     1,164       633       660
--       -----     -----     -----     -----
10       2,179     2,503     1,398     1,455
--       -----     -----     -----     -----


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





YEARS           A         C      INST         S
-------  --------  --------  --------  --------
                           
1        $ 711     $ 220     $ 117     $ 122
--       -----     -----     -----     -----
3          999       679       365       381
--       -----     -----     -----     -----
5        1,307     1,164       633       660
--       -----     -----     -----     -----
10       2,179     2,503     1,398     1,455
--       -----     -----     -----     -----


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: 25%.


                                       1


PRINCIPAL INVESTMENT STRATEGY


MAIN INVESTMENTS. Under normal circumstances, the fund invests at least 80% of
assets, determined at the time of purchase, in the stocks and other securities
with equity characteristics of non-US companies. The fund typically achieves
its equity exposure to non-US equity companies through investing in American
Depositary Receipts (ADRs), but it is not limited to making investments in
ADRs. The fund may invest up to 50% of its assets in emerging markets
securities. The fund's equity investments are mainly common stocks, but may
also include other types of equities such as preferred stocks or convertible
securities. The fund may also invest up to 20% of its assets in cash
equivalents, US investment-grade fixed-income securities, and US stocks and
other equities.


MANAGEMENT PROCESS. Portfolio management employs a value strategy and looks for
companies it believes are undervalued. These are typically companies that
portfolio management believes have been historically sound but are temporarily
out of favor. Portfolio management uses a variety of quantitative screens to
compare a company's stock price to earnings, book value, cash flow and dividend
yield, and analyzes individual companies to identify those that portfolio
management believes are financially sound and appear to have strong potential
for long-term growth. Portfolio management compares its valuations on an
absolute basis as well as within their respective industries.


To further narrow the universe, portfolio management analyzes factors such as
price momentum, earnings estimate revisions and fundamental changes. After
narrowing the universe through a combination of qualitative and fundamental
research, portfolio management evaluates and selects the 45 to 60 stocks
typically held by the fund.


Portfolio management will normally sell a security when it believes that the
security's valuation has risen above the market or exceeds that of its industry
average, or when portfolio management believes the fundamental factors have
deteriorated or other investments offer better opportunities.


SECURITIES LENDING. The fund may lend securities (up to one-third of total
assets) to approved institutions.



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.


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.


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 business 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. To the extent that the fund invests in a
particular geographic region or market sector, performance will be affected by
that region's or sector's general performance.


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


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.


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 than 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.


SECURITIES LENDING RISK. Any decline in the value of a portfolio 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.


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,



                                       2
                                               Deutsche International Value Fund


                                             SUMMARY PROSPECTUS December 1, 2014


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.


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.


Prior to June 21, 2010, the fund had a different management team that operated
with a different investment strategy. Performance would have been different if
the fund's current investment strategy had been in effect.


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]




                                                   
  2007        2008       2009       2010       2011       2012       2013
  15.52       -41.72     23.96      2.20       -11.96     18.70      14.40









                    RETURNS    PERIOD ENDING
                         
 BEST QUARTER      19.23%      June 30, 2009
 WORST QUARTER     -24.37%     September 30, 2008
 YEAR-TO-DATE       -1.44%     September 30, 2014


AVERAGE ANNUAL TOTAL RETURNS
(For periods ended 12/31/2013 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. Index comparison begins
on 6/30/2006.






                                 CLASS          1          5       SINCE
                             INCEPTION       YEAR      YEARS   INCEPTION
                           -----------  ---------  ---------  ----------
                                                  
CLASS A before tax          7/5/2006        7.82       7.38       1.38
-------------------------   --------       -----      -----       ----
  After tax on distribu-
  tions                                     7.65       7.24       1.17
  After tax on distribu-
  tions and sale of fund
  shares                                    5.51       6.43       1.21
-------------------------  --------        -----      -----       ----
CLASS C before tax          7/5/2006       13.47       7.85       1.43
-------------------------   --------       -----      -----       ----
INST CLASS before tax       7/5/2006       14.69       8.94       2.45
-------------------------   --------       -----      -----       ----
CLASS S before tax          7/5/2006       14.63       8.96       2.45
-------------------------   --------       -----      -----       ----
RUSSELL GLOBAL EX-US
VALUE INDEX (reflects no
deduction for fees,
expenses or taxes)                         19.75      12.83       3.60
-------------------------  --------        -----      -----       ----


MANAGEMENT


INVESTMENT ADVISOR

Deutsche Investment Management Americas Inc.


SUBADVISOR

Dreman Value Management, L.L.C. (Dreman)


PORTFOLIO MANAGER(S)

E. CLIFTON HOOVER, JR., CFA, DREMAN. Chief Investment Officer, Managing
Director of Dreman and Lead Portfolio Manager of the fund. Began managing the
fund in 2010.


WESLEY WRIGHT, DREMAN. Portfolio Manager of the fund. Began managing the fund
in 2010.



PURCHASE AND SALE OF FUND SHARES


MINIMUM INITIAL INVESTMENT ($)




                                                         AUTOMATIC
                                        UGMAS/          INVESTMENT
             NON-IRA            IRAS     UTMAS               PLANS
        ------------  --------------  --------  ------------------
                                    
A 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. The minimum
additional investment in all other instances is $50.


                                       3
                                               Deutsche International Value Fund


                                             SUMMARY PROSPECTUS December 1, 2014


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.


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 distributions are generally taxable to you as ordinary income or
capital gains, except when your investment is in an IRA, 401(k), or other
tax-deferred investment plan. Any withdrawals you make from such tax-deferred
investment plans, however, may be taxable to you.



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.


                                       4
                                               Deutsche International Value Fund
                                    SUMMARY PROSPECTUS December 1, 2014 DIVF-SUM