497K 1 k020115inv_cef.txt 497K SUMMARY PROSPECTUS FILING - DEUTSCHE INVESTMENT TRUST - DEUTSCHE CORE EQUITY FUND Deutsche Asset & Wealth Management [DB Logo] Summary Prospectus | February 1, 2015 Deutsche Core Equity Fund (formerly DWS Core Equity Fund) CLASS/Ticker A SUWAX B SUWBX C SUWCX R SUWTX R6 SUWZX INST SUWIX S SCDGX
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 long-term growth of capital, current income and growth of income. 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. 35) and Purchase and Redemption of Shares in the fund's Statement of Additional Information (p. II-15). SHAREHOLDER FEES (paid directly from your investment)
A B C R R6 INST S ---------- --------- --------- ------ ------ ------ ----- Maximum sales charge (load) imposed on purchases, as % of offering price 5.75 None None None None None None ------------------------ ---- -- -- ------ ------ ------ --- Maximum deferred sales charge (load), as % of redemption proceeds None 4.00 1.00 None None None None ------------------------ ------ ---- ---- ------ ------ ------ --- Account Maintenance Fee (annually, for fund account balances below $10,000 and subject to certain exceptions) $ 20 $20 $20 None None None $20 ------------------------ ------- ---- ---- ------ ------ ------ ---
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment)
A B C R R6 INST S --------- --------- --------- --------- ---------- ---------- ---------- Management fee 0.35 0.35 0.35 0.35 0.35 0.35 0.35 --------------------- ---- ---- ---- ---- ---- ---- ---- Distribution/service (12b-1) fees 0.24 0.99 0.99 0.50 None None None --------------------- ---- ---- ---- ---- ----- ----- ----- Other expenses1 0.30 0.43 0.32 1.56 0.13 0.18 0.24 --------------------- ---- ---- ---- ---- ----- ----- ----- TOTAL ANNUAL FUND OPERATING EXPENSES 0.89 1.77 1.66 2.41 0.48 0.53 0.59 --------------------- ---- ---- ---- ---- ----- ----- -----
(1) "Other expenses" for Class R6 are based on estimated amounts for the current fiscal year. 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 B C R R6 INST S ------- -------- -------- -------- -------- ------ ------ ------ 1 $ 661 $ 580 $ 269 $ 244 $49 $54 $60 -- ----- ----- ----- ----- --- --- --- 3 843 857 523 751 154 170 189 -- ----- ----- ----- ----- --- --- --- 5 1,040 1,159 902 1,285 269 296 329 -- ----- ----- ----- ----- --- --- --- 10 1,608 1,638 1,965 2,746 604 665 738 -- ----- ----- ----- ----- --- --- ---
You would pay the following expenses if you did not redeem your shares: 1
YEARS A B C R R6 INST S ------- -------- -------- -------- -------- ------ ------ ------ 1 $ 661 $ 180 $ 169 $ 244 $49 $54 $60 -- ----- ----- ----- ----- --- --- --- 3 843 557 523 751 154 170 189 -- ----- ----- ----- ----- --- --- --- 5 1,040 959 902 1,285 269 296 329 -- ----- ----- ----- ----- --- --- --- 10 1,608 1,638 1,965 2,746 604 665 738 -- ----- ----- ----- ----- --- --- ---
Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. 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: 44%. PRINCIPAL INVESTMENT STRATEGY MAIN INVESTMENTS. Under normal circumstances, the fund invests at least 80% of total assets, determined at the time of purchase, in equities, mainly common stocks. For purposes of this 80% investment limitation, the term total assets is defined as net assets, plus the amount of any borrowings for investment purposes. Although the fund can invest in companies of any size and from any country, it invests primarily in large US companies. Portfolio management may favor securities from different industries and companies at different times. At times, the fund's assets may be invested in securities in relatively few industries or sectors. MANAGEMENT PROCESS. In choosing stocks, portfolio management combines quantitative screens with fundamental research. Portfolio management begins by utilizing proprietary quantitative models to rank securities within specific industry groups based on a number of factors, including valuation, momentum, sales growth and profitability. Portfolio management then applies a range of fundamental factors, including macroeconomic views and economic outlook, secular themes and company fundamentals, to construct the portfolio. The fundamental factors considered and quantitative models used by portfolio management may change over time. Portfolio management will normally sell a stock when it believes the price is unlikely to go higher, the company's fundamentals have changed, other investments offer better opportunities or in the course of adjusting the fund's exposure to a given industry. 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. 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. 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. 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. 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. 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. 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 2 Deutsche Core Equity Fund SUMMARY PROSPECTUS February 1, 2015 impact on small companies, since they may lack the financial resources of larger companies. Small company stocks are typically less liquid than large company stocks. FOCUS RISK. To the extent that the fund focuses its investments 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 will have a significant impact on the fund's performance. 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. 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. Class R6 is a new class of shares and therefore does not have a full calendar year of performance available. The performance figures for Class R shares prior to class inception are based on the historical performance of Class S shares, adjusted to reflect the higher expenses of Class R shares. Prior to May 31, 2013, the fund had a sub-advisor and a different investment 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] 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 5.58 13.07 0.47 -38.74 33.70 13.71 -0.46 15.40 36.84 11.26
RETURNS PERIOD ENDING BEST QUARTER 18.25% September 30, 2009 WORST QUARTER -21.99% December 31, 2008
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 8/2/1999 4.86 13.39 6.30 --------------------------- ---------- ----- ----- ---- After tax on distribu- tions 2.52 12.32 4.99 After tax on distribu- tions and sale of fund shares 3.32 10.49 4.84 --------------------------- ---------- ----- ----- ---- CLASS B before tax 12/29/2000 7.29 13.57 5.94 --------------------------- ---------- ----- ----- ---- CLASS C before tax 12/29/2000 10.37 13.86 6.10 --------------------------- ---------- ----- ----- ---- CLASS R before tax 5/1/2012 10.58 14.23 6.56 --------------------------- ---------- ----- ----- ---- INST CLASS before tax 8/19/2002 11.65 15.23 7.42 --------------------------- ---------- ----- ----- ---- CLASS S before tax 5/31/1929 11.60 15.12 7.29 --------------------------- ---------- ----- ----- ---- RUSSELL 1000 INDEX (reflects no deduction for fees, expenses or taxes) 13.24 15.64 7.96 --------------------------- ---------- ----- ----- ----
MANAGEMENT INVESTMENT ADVISOR Deutsche Investment Management Americas Inc. PORTFOLIO MANAGER(S) OWEN FITZPATRICK, CFA, MANAGING DIRECTOR. Lead Portfolio Manager of the fund. Began managing the fund in 2013. THOMAS M. HYNES, JR., CFA, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013. BRENDAN O'NEILL, CFA, DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013. PANKAJ BHATNAGAR, PHD, MANAGING DIRECTOR. Portfolio Manager of the fund. Began managing the fund in 2013. 3 Deutsche Core Equity Fund SUMMARY PROSPECTUS February 1, 2015 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 ------- ----- --- ----- --- R6 None N/A N/A N/A -- ----- ---- ----- ---- R 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 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 Class R, Class R6 and 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 R shares and Class R6 shares are generally available only to certain retirement plans. 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. 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. 4 Deutsche Core Equity Fund SUMMARY PROSPECTUS February 1, 2015 DCEF-SUM