Date of fiscal year end:
|
3/31
|
Date of reporting period:
|
3/31/2015
|
ITEM 1.
|
REPORT TO STOCKHOLDERS
|
3 Letter to Shareholders
4 Portfolio Management Review
11 Performance Summary
14 Investment Portfolio
16 Statement of Assets and Liabilities
18 Statement of Operations
19 Statement of Changes in Net Assets
20 Financial Highlights
26 Notes to Financial Statements
37 Report of Independent Registered Public Accounting Firm
38 Information About Your Fund's Expenses
40 Tax Information
41 Advisory Agreement Board Considerations and Fee Evaluation
46 Board Members and Officers
51 Account Management Resources
|
Investment Strategy
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), unaffiliated ETFs or hedge funds, certain other securities and derivative instruments. The fund seeks to achieve its objective by investing in alternative (or nontraditional) asset categories and investment strategies. Portfolio management utilizes a strategic asset allocation process to determine the nontraditional or alternative asset categories and investment strategies that should be represented in the fund’s portfolio.
|
Portfolio Allocation as of 3/31/15
|
|
![]() |
![]() |
Class A
|
1-Year
|
5-Year
|
Life of Fund*
|
Average Annual Total Returns as of 3/31/15
|
|||
Unadjusted for Sales Charge
|
0.76%
|
3.81%
|
2.20%
|
Adjusted for the Maximum Sales Charge (max 5.75% load)
|
–5.03%
|
2.59%
|
1.42%
|
MSCI World Index†
|
6.03%
|
10.01%
|
3.58%
|
Barclays U.S. Aggregate Bond Index†
|
5.72%
|
4.41%
|
5.24%
|
S&P 500® Index†
|
12.73%
|
14.47%
|
7.00%
|
Blended Index†
|
6.02%
|
8.59%
|
4.48%
|
Class C
|
1-Year
|
5-Year
|
Life of Fund*
|
Average Annual Total Returns as of 3/31/15
|
|||
Unadjusted for Sales Charge
|
–0.01%
|
3.04%
|
1.39%
|
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)
|
–0.01%
|
3.04%
|
1.39%
|
MSCI World Index†
|
6.03%
|
10.01%
|
3.58%
|
Barclays U.S. Aggregate Bond Index†
|
5.72%
|
4.41%
|
5.24%
|
S&P 500® Index†
|
12.73%
|
14.47%
|
7.00%
|
Blended Index†
|
6.02%
|
8.59%
|
4.48%
|
Class R
|
1-Year
|
5-Year
|
Life of Fund*
|
Average Annual Total Returns as of 3/31/15
|
|||
No Sales Charges
|
0.55%
|
3.62%
|
1.99%
|
MSCI World Index†
|
6.03%
|
10.01%
|
3.58%
|
Barclays U.S. Aggregate Bond Index†
|
5.72%
|
4.41%
|
5.24%
|
S&P 500® Index†
|
12.73%
|
14.47%
|
7.00%
|
Blended Index†
|
6.02%
|
8.59%
|
4.48%
|
Class S
|
1-Year
|
5-Year
|
Life of Fund*
|
Average Annual Total Returns as of 3/31/15
|
|||
No Sales Charges
|
0.92%
|
4.03%
|
2.39%
|
MSCI World Index†
|
6.03%
|
10.01%
|
3.58%
|
Barclays U.S. Aggregate Bond Index†
|
5.72%
|
4.41%
|
5.24%
|
S&P 500® Index†
|
12.73%
|
14.47%
|
7.00%
|
Blended Index†
|
6.02%
|
8.59%
|
4.48%
|
Institutional Class
|
1-Year
|
5-Year
|
Life of Fund*
|
Average Annual Total Returns as of 3/31/15
|
|||
No Sales Charges
|
1.10%
|
4.14%
|
2.44%
|
MSCI World Index†
|
6.03%
|
10.01%
|
3.58%
|
Barclays U.S. Aggregate Bond Index†
|
5.72%
|
4.41%
|
5.24%
|
S&P 500® Index†
|
12.73%
|
14.47%
|
7.00%
|
Blended Index†
|
6.02%
|
8.59%
|
4.48%
|
Growth of an Assumed $10,000 Investment (Adjusted for Maximum Sales Charge)
|
![]() |
![]() |
Yearly periods ended March 31
|
Class A
|
Class C
|
Class R
|
Class S
|
Institutional Class
|
||||||||||||||||
Net Asset Value
|
||||||||||||||||||||
3/31/15
|
$ | 9.36 | $ | 9.33 | $ | 9.42 | $ | 9.29 | $ | 9.29 | ||||||||||
3/31/14
|
$ | 9.56 | $ | 9.53 | $ | 9.62 | $ | 9.49 | $ | 9.49 | ||||||||||
Distribution Information as of 3/31/15
|
||||||||||||||||||||
Income Dividends, Twelve Months
|
$ | .28 | $ | .20 | $ | .26 | $ | .29 | $ | .31 |
Shares
|
Value ($)
|
|||||||
Mutual Funds 82.6%
|
||||||||
Deutsche Diversified Market Neutral Fund "Institutional" (a)
|
4,944,942 | 42,081,458 | ||||||
Deutsche Enhanced Commodity Strategy Fund "Institutional" (a)
|
4,404,859 | 58,760,814 | ||||||
Deutsche Enhanced Emerging Markets Fixed Income Fund "Institutional" (a)
|
2,123,647 | 20,705,562 | ||||||
Deutsche Floating Rate Fund "Institutional" (a)
|
8,386,081 | 76,984,223 | ||||||
Deutsche Global Inflation Fund "Institutional" (a)
|
5,443,124 | 54,975,553 | ||||||
Deutsche Global Infrastructure Fund "Institutional" (a)
|
7,491,197 | 109,895,855 | ||||||
Deutsche Global Real Estate Securities Fund "Institutional" (a)
|
3,619,968 | 33,882,901 | ||||||
Deutsche Real Estate Securities Fund "Institutional" (a)
|
1,409,183 | 34,567,260 | ||||||
Deutsche Real Estate Securities Income Fund "Institutional" (a)
|
579,887 | 6,036,627 | ||||||
Total Mutual Funds (Cost $406,020,379)
|
437,890,253 | |||||||
Exchange-Traded Funds 16.7%
|
||||||||
iShares Global Energy Fund
|
400,045 | 14,269,605 | ||||||
iShares North American Natural Resources Fund
|
382,987 | 14,377,332 | ||||||
SPDR Barclays Convertible Securities Fund
|
681,025 | 32,525,755 | ||||||
SPDR Barclays Short Term High Yield Bond Fund
|
928,888 | 27,123,529 | ||||||
Total Exchange-Traded Funds (Cost $87,810,307)
|
88,296,221 | |||||||
Cash Equivalents 0.9%
|
||||||||
Central Cash Management Fund, 0.05% (a) (b) (Cost $4,605,007)
|
4,605,007 | 4,605,007 |
% of Net Assets
|
Value ($)
|
|||||||
Total Investment Portfolio (Cost $498,435,693)†
|
100.2 | 530,791,481 | ||||||
Other Assets and Liabilities, Net
|
(0.2 | ) | (892,659 | ) | ||||
Net Assets
|
100.0 | 529,898,822 |
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Mutual Funds
|
$ | 437,890,253 | $ | — | $ | — | $ | 437,890,253 | ||||||||
Exchange-Traded Funds
|
88,296,221 | — | — | 88,296,221 | ||||||||||||
Short-Term Investment
|
4,605,007 | — | — | 4,605,007 | ||||||||||||
Total
|
$ | 530,791,481 | $ | — | $ | — | $ | 530,791,481 |
as of March 31, 2015
|
||||
Assets
|
||||
Investments:
Investments in affiliated Underlying Funds, at value (cost $410,625,386)
|
$ | 442,495,260 | ||
Investments in non-affiliated Underlying Funds, at value (cost $87,810,307)
|
88,296,221 | |||
Total investments in securities, at value (cost $498,435,693)
|
530,791,481 | |||
Cash
|
108 | |||
Receivable for Fund shares sold
|
2,250,237 | |||
Interest receivable
|
404 | |||
Other assets
|
34,239 | |||
Total assets
|
533,076,469 | |||
Liabilities
|
||||
Payable for Fund shares redeemed
|
2,637,518 | |||
Accrued Trustees' fees
|
5,305 | |||
Other accrued expenses and payables
|
534,824 | |||
Total liabilities
|
3,177,647 | |||
Net assets, at value
|
$ | 529,898,822 | ||
Net Assets Consist of
|
||||
Undistributed net investment income
|
2,981,819 | |||
Net unrealized appreciation (depreciation) on investments
|
32,355,788 | |||
Accumulated net realized gain (loss)
|
(86,790,159 | ) | ||
Paid-in capital
|
581,351,374 | |||
Net assets, at value
|
$ | 529,898,822 |
Statement of Assets and Liabilities as of March 31, 2015 (continued)
|
||||
Net Asset Value
|
||||
Class A
Net Asset Value and redemption price per share ($158,125,792 ÷ 16,891,624 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 9.36 | ||
Maximum offering price per share (100 ÷ 94.25 of $9.36)
|
$ | 9.93 | ||
Class C
Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($102,795,457 ÷ 11,017,698 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 9.33 | ||
Class R
Net Asset Value, offering and redemption price per share ($2,652,909 ÷ 281,614 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 9.42 | ||
Class R6
Net Asset Value, offering and redemption price per share ($9,934 ÷ 1,069 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 9.29 | ||
Class S
Net Asset Value, offering and redemption price per share ($152,222,265 ÷ 16,387,172 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 9.29 | ||
Institutional Class
Net Asset Value, offering and redemption price per share ($114,092,465 ÷ 12,276,372 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)
|
$ | 9.29 |
for the year ended March 31, 2015
|
||||
Investment Income
|
||||
Income distributions from affiliated Underlying Funds
|
$ | 11,727,784 | ||
Dividends
|
3,283,732 | |||
Total income
|
15,011,516 | |||
Expenses:
Management fee
|
1,143,080 | |||
Administration fee
|
571,540 | |||
Services to shareholders
|
837,598 | |||
Distribution and service fees
|
1,521,101 | |||
Custodian fee
|
8,089 | |||
Professional fees
|
94,570 | |||
Reports to shareholders
|
97,162 | |||
Registration fees
|
85,478 | |||
Trustees' fees and expenses
|
26,221 | |||
Other
|
17,272 | |||
Total expenses before expense reductions
|
4,402,111 | |||
Expense reductions
|
(1,008,780 | ) | ||
Total expenses after expense reductions
|
3,393,331 | |||
Net investment income
|
11,618,185 | |||
Realized and Unrealized Gain (Loss)
|
||||
Net realized gain (loss) from:
Sale of affiliated Underlying Funds
|
(3,042,471 | ) | ||
Sale of non-affiliated Underlying Funds
|
2,649,422 | |||
Capital gain distributions from affiliated Underlying Funds
|
7,639,205 | |||
Capital gain distributions from non-affiliated Underlying Funds
|
1,345,665 | |||
8,591,821 | ||||
Change in net unrealized appreciation (depreciation) on:
Investments
|
(15,586,412 | ) | ||
Net gain (loss)
|
(6,994,591 | ) | ||
Net increase (decrease) in net assets resulting from operations
|
$ | 4,623,594 |
Years Ended March 31,
|
||||||||
Increase (Decrease) in Net Assets
|
2015
|
2014
|
||||||
Operations:
Net investment income
|
$ | 11,618,185 | $ | 8,315,289 | ||||
Net realized gain (loss)
|
8,591,821 | 9,890,873 | ||||||
Change in net unrealized appreciation (depreciation)
|
(15,586,412 | ) | (11,171,813 | ) | ||||
Net increase (decrease) in net assets resulting from operations
|
4,623,594 | 7,034,349 | ||||||
Distributions to shareholders from:
Net investment income:
Class A
|
(4,921,209 | ) | (2,818,628 | ) | ||||
Class C
|
(2,315,811 | ) | (554,462 | ) | ||||
Class R
|
(68,731 | ) | (24,249 | ) | ||||
Class R6*
|
(253 | ) | — | |||||
Class S
|
(5,072,474 | ) | (3,269,000 | ) | ||||
Institutional Class
|
(3,728,777 | ) | (1,467,029 | ) | ||||
Total distributions
|
(16,107,255 | ) | (8,133,368 | ) | ||||
Fund share transactions:
Proceeds from shares sold
|
138,734,373 | 185,500,113 | ||||||
Reinvestment of distributions
|
15,059,715 | 7,353,465 | ||||||
Payments for shares redeemed
|
(196,953,232 | ) | (306,242,122 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions
|
(43,159,144 | ) | (113,388,544 | ) | ||||
Increase (decrease) in net assets
|
(54,642,805 | ) | (114,487,563 | ) | ||||
Net assets at beginning of period
|
584,541,627 | 699,029,190 | ||||||
Net assets at end of period (including undistributed net investment income of $2,981,819 and $3,235,058, respectively)
|
$ | 529,898,822 | $ | 584,541,627 |
Years Ended March 31,
|
|||||||||||||||||||||
Class A
|
2015
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||
Selected Per Share Data
|
|||||||||||||||||||||
Net asset value, beginning of period
|
$ | 9.56 | $ | 9.53 | $ | 9.13 | $ | 9.67 | $ | 8.71 | |||||||||||
Income (loss) from investment operations:
Net investment incomea
|
.19 | .13 | .20 | .38 | .17 | ||||||||||||||||
Net realized and unrealized gain (loss)
|
(.11 | ) | .03 | f | .40 | (.56 | ) | .90 | |||||||||||||
Total from investment operations
|
.08 | .16 | .60 | (.18 | ) | 1.07 | |||||||||||||||
Less distributions from:
Net investment income
|
(.28 | ) | (.13 | ) | (.20 | ) | (.36 | ) | (.11 | ) | |||||||||||
Net asset value, end of period
|
$ | 9.36 | $ | 9.56 | $ | 9.53 | $ | 9.13 | $ | 9.67 | |||||||||||
Total Return (%)b,c,d
|
.76 | 1.68 | 6.57 | (1.77 | ) | 12.43 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
|||||||||||||||||||||
Net assets, end of period ($ millions)
|
158 | 197 | 238 | 262 | 293 | ||||||||||||||||
Ratio of expenses before expense reductions (%)e
|
.73 | .76 | .75 | .76 | .79 | ||||||||||||||||
Ratio of expenses after expense reductions (%)e
|
.57 | .57 | .52 | .47 | .47 | ||||||||||||||||
Ratio of net investment income (%)
|
2.02 | 1.35 | 2.17 | 4.10 | 1.94 | ||||||||||||||||
Portfolio turnover rate (%)
|
39 | 41 | 30 | 32 | 24 | ||||||||||||||||
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
d Total return would have been lower if the Advisor had not reduced some Underlying Deutsche Funds' expenses.
e The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
f The amount of net realized and unrealized gain shown for a share outstanding for the period ended March 31, 2014 does not correspond with the aggregate net loss on investments for the period due to the timing of sales and repurchases of the Fund shares in relation to fluctuating market values of the investments of the Fund.
|
Years Ended March 31,
|
|||||||||||||||||||||
Class C
|
2015
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||
Selected Per Share Data
|
|||||||||||||||||||||
Net asset value, beginning of period
|
$ | 9.53 | $ | 9.48 | $ | 9.09 | $ | 9.61 | $ | 8.68 | |||||||||||
Income (loss) from investment operations:
Net investment incomea
|
.12 | .06 | .13 | .31 | .11 | ||||||||||||||||
Net realized and unrealized gain (loss)
|
(.12 | ) | .03 | f | .39 | (.56 | ) | .89 | |||||||||||||
Total from investment operations
|
— | .09 | .52 | (.25 | ) | 1.00 | |||||||||||||||
Less distributions from:
Net investment income
|
(.20 | ) | (.04 | ) | (.13 | ) | (.27 | ) | (.07 | ) | |||||||||||
Net asset value, end of period
|
$ | 9.33 | $ | 9.53 | $ | 9.48 | $ | 9.09 | $ | 9.61 | |||||||||||
Total Return (%)b,c,d
|
(.01 | ) | .94 | 5.78 | (2.53 | ) | 11.63 | ||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
|||||||||||||||||||||
Net assets, end of period ($ millions)
|
103 | 119 | 155 | 162 | 176 | ||||||||||||||||
Ratio of expenses before expense reductions (%)e
|
1.47 | 1.51 | 1.49 | 1.49 | 1.55 | ||||||||||||||||
Ratio of expenses after expense reductions (%)e
|
1.31 | 1.32 | 1.28 | 1.22 | 1.22 | ||||||||||||||||
Ratio of net investment income (%)
|
1.30 | .60 | 1.45 | 3.37 | 1.19 | ||||||||||||||||
Portfolio turnover rate (%)
|
39 | 41 | 30 | 32 | 24 | ||||||||||||||||
a Based on average shares outstanding during the period.
b Total return does not reflect the effect of any sales charges.
c Total return would have been lower had certain expenses not been reduced.
d Total return would have been lower if the Advisor had not reduced some Underlying Deutsche Funds' expenses.
e The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
f The amount of net realized and unrealized gain shown for a share outstanding for the period ended March 31, 2014 does not correspond with the aggregate net loss on investments for the period due to the timing of sales and repurchases of the Fund shares in relation to fluctuating market values of the investments of the Fund.
|
Years Ended March 31,
|
|||||||||||||||||
Class R
|
2015
|
2014
|
2013
|
Period Ended 3/31/12a
|
|||||||||||||
Selected Per Share Data
|
|||||||||||||||||
Net asset value, beginning of period
|
$ | 9.62 | $ | 9.59 | $ | 9.17 | $ | 9.65 | |||||||||
Income (loss) from investment operations:
Net investment incomeb
|
.18 | .11 | .20 | .36 | |||||||||||||
Net realized and unrealized gain (loss)
|
(.12 | ) | .02 | g | .39 | (.54 | ) | ||||||||||
Total from investment operations
|
.06 | .13 | .59 | (.18 | ) | ||||||||||||
Less distributions from:
Net investment income
|
(.26 | ) | (.10 | ) | (.17 | ) | (.30 | ) | |||||||||
Net asset value, end of period
|
$ | 9.42 | $ | 9.62 | $ | 9.59 | $ | 9.17 | |||||||||
Total Return (%)c,d
|
.55 | 1.52 | 6.39 | (1.77 | )** | ||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
|||||||||||||||||
Net assets, end of period ($ millions)
|
3 | 3 | 2 | .001 | |||||||||||||
Ratio of expenses before expense reductions (%)e
|
1.13 | 1.13 | 1.07 | 3.62 | * | ||||||||||||
Ratio of expenses after expense reductions (%)e
|
.77 | .77 | .76 | .72 | * | ||||||||||||
Ratio of net investment income (%)
|
1.83 | 1.15 | 2.17 | 4.73 | * | ||||||||||||
Portfolio turnover rate (%)
|
39 | 41 | 30 | 32 | f | ||||||||||||
a For the period from June 1, 2011 (commencement of operations) to March 31, 2012.
b Based on average shares outstanding during the period.
c Total return would have been lower had certain expenses not been reduced.
d Total return would have been lower if the Advisor had not reduced some Underlying Deutsche Funds' expenses.
e The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
f Represents the Fund's portfolio turnover rate for the year ended March 31, 2012.
g The amount of net realized and unrealized gain shown for a share outstanding for the period ended March 31, 2014 does not correspond with the aggregate net loss on investments for the period due to the timing of sales and repurchases of the Fund shares in relation to fluctuating market values of the investments of the Fund.
* Annualized
** Not annualized
|
Class R6
|
Period Ended 3/31/15a
|
|||
Selected Per Share Data
|
||||
Net asset value, beginning of period
|
$ | 9.60 | ||
Income (loss) from investment operations:
Net investment incomeb
|
.12 | |||
Net realized and unrealized gain (loss)
|
(.19 | ) | ||
Total from investment operations
|
(.07 | ) | ||
Less distributions from:
Net investment income
|
(.24 | ) | ||
Net asset value, end of period
|
$ | 9.29 | ||
Total Return (%)c,d
|
(.71 | )** | ||
Ratios to Average Net Assets and Supplemental Data
|
||||
Net assets, end of period ($ thousands)
|
10 | |||
Ratio of expenses before expense reductions (%)e
|
.58 | * | ||
Ratio of expenses after expense reductions (%)e
|
.21 | * | ||
Ratio of net investment income (%)
|
3.73 | * | ||
Portfolio turnover rate (%)
|
39 | f | ||
a For the period from November 28, 2014 (commencement of operations) to March 31, 2015.
b Based on average shares outstanding during the period.
c Total return would have been lower had certain expenses not been reduced.
d Total return would have been lower if the Advisor had not reduced some Underlying Deutsche Funds' expenses.
e The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
f Represents the Fund's portfolio turnover rate for the year ended March 31, 2015.
* Annualized
** Not annualized
|
Years Ended March 31,
|
|||||||||||||||||||||
Class S
|
2015
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||
Selected Per Share Data
|
|||||||||||||||||||||
Net asset value, beginning of period
|
$ | 9.49 | $ | 9.47 | $ | 9.07 | $ | 9.61 | $ | 8.66 | |||||||||||
Income (loss) from investment operations:
Net investment incomea
|
.22 | .14 | .22 | .40 | .20 | ||||||||||||||||
Net realized and unrealized gain (loss)
|
(.13 | ) | .02 | e | .40 | (.56 | ) | .89 | |||||||||||||
Total from investment operations
|
.09 | .16 | .62 | (.16 | ) | 1.09 | |||||||||||||||
Less distributions from:
Net investment income
|
(.29 | ) | (.14 | ) | (.22 | ) | (.38 | ) | (.14 | ) | |||||||||||
Net asset value, end of period
|
$ | 9.29 | $ | 9.49 | $ | 9.47 | $ | 9.07 | $ | 9.61 | |||||||||||
Total Return (%)b,c
|
.92 | 1.88 | 6.74 | (1.49 | ) | 12.66 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
|||||||||||||||||||||
Net assets, end of period ($ millions)
|
152 | 163 | 259 | 230 | 250 | ||||||||||||||||
Ratio of expenses before expense reductions (%)d
|
.55 | .62 | .57 | .61 | .62 | ||||||||||||||||
Ratio of expenses after expense reductions (%)d
|
.39 | .42 | .34 | .22 | .22 | ||||||||||||||||
Ratio of net investment income (%)
|
2.26 | 1.50 | 2.42 | 4.37 | 2.19 | ||||||||||||||||
Portfolio turnover rate (%)
|
39 | 41 | 30 | 32 | 24 | ||||||||||||||||
a Based on average shares outstanding during the period.
b Total return would have been lower had certain expenses not been reduced.
c Total return would have been lower if the Advisor had not reduced some Underlying Deutsche Funds' expenses.
d The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
e The amount of net realized and unrealized gain shown for a share outstanding for the period ended March 31, 2014 does not correspond with the aggregate net loss on investments for the period due to the timing of sales and repurchases of the Fund shares in relation to fluctuating market values of the investments of the Fund.
|
Years Ended March 31,
|
|||||||||||||||||||||
Institutional Class
|
2015
|
2014
|
2013
|
2012
|
2011
|
||||||||||||||||
Selected Per Share Data
|
|||||||||||||||||||||
Net asset value, beginning of period
|
$ | 9.49 | $ | 9.47 | $ | 9.07 | $ | 9.61 | $ | 8.65 | |||||||||||
Income (loss) from investment operations:
Net investment incomea
|
.23 | .17 | .24 | .41 | .20 | ||||||||||||||||
Net realized and unrealized gain (loss)
|
(.12 | ) | .02 | e | .38 | (.57 | ) | .90 | |||||||||||||
Total from investment operations
|
.11 | .19 | .62 | (.16 | ) | 1.10 | |||||||||||||||
Less distributions from:
Net investment income
|
(.31 | ) | (.17 | ) | (.22 | ) | (.38 | ) | (.14 | ) | |||||||||||
Net asset value, end of period
|
$ | 9.29 | $ | 9.49 | $ | 9.47 | $ | 9.07 | $ | 9.61 | |||||||||||
Total Return (%)b,c
|
1.10 | 2.02 | 6.87 | (1.50 | ) | 12.80 | |||||||||||||||
Ratios to Average Net Assets and Supplemental Data
|
|||||||||||||||||||||
Net assets, end of period ($ millions)
|
114 | 102 | 44 | 42 | 41 | ||||||||||||||||
Ratio of expenses before expense reductions (%)d
|
.45 | .43 | .45 | .45 | .41 | ||||||||||||||||
Ratio of expenses after expense reductions (%)d
|
.21 | .21 | .22 | .22 | .22 | ||||||||||||||||
Ratio of net investment income (%)
|
2.45 | 1.84 | 2.56 | 4.45 | 2.19 | ||||||||||||||||
Portfolio turnover rate (%)
|
39 | 41 | 30 | 32 | 24 | ||||||||||||||||
a Based on average shares outstanding during the period.
b Total return would have been lower had certain expenses not been reduced.
c Total return would have been lower if the Advisor had not reduced some Underlying Deutsche Funds' expenses.
d The Fund invests in other funds and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.
e The amount of net realized and unrealized gain shown for a share outstanding for the period ended March 31, 2014 does not correspond with the aggregate net loss on investments for the period due to the timing of sales and repurchases of the Fund shares in relation to fluctuating market values of the investments of the Fund.
|
Undistributed ordinary income*
|
$ | 2,981,819 | ||
Capital loss carryforwards
|
$ | (68,253,000 | ) | |
Net unrealized appreciation (depreciation) on investments
|
$ | 13,818,805 |
Years Ended March 31,
|
||||||||
2015
|
2014
|
|||||||
Distributions from ordinary income*
|
$ | 16,107,255 | $ | 8,133,368 |
Class A
|
.68%
|
Class C
|
1.43%
|
Class R
|
.93%
|
Class S
|
.53%
|
Institutional Class
|
.43%
|
Class A
|
.57%
|
Class C
|
1.32%
|
Class R
|
.82%
|
Class R6
|
.32%
|
Class S
|
.42%
|
Institutional Class
|
.32%
|
Class A
|
.57%
|
Class C
|
1.32%
|
Class R
|
.77%
|
Class R6
|
.21%
|
Class S
|
.42%
|
Institutional Class
|
.21%
|
Class A
|
$ | 284,193 | ||
Class C
|
180,947 | |||
Class R
|
9,543 | |||
Class R6
|
12 | |||
Class S
|
264,501 | |||
Institutional Class
|
269,584 | |||
$ | 1,008,780 |
Services to Shareholders
|
Total Aggregated
|
Unpaid at March 31, 2015
|
||||||
Class A
|
$ | 18,769 | $ | 6,427 | ||||
Class C
|
— | — | ||||||
Class R
|
859 | 223 | ||||||
Class R6
|
7 | 5 | ||||||
Class S
|
3,789 | 1,906 | ||||||
Institutional Class
|
882 | 323 | ||||||
$ | 24,306 | $ | 8,884 |
Distribution Fee
|
Total Aggregated
|
Unpaid at March 31, 2015
|
||||||
Class C
|
$ | 847,537 | $ | 66,593 | ||||
Class R
|
6,593 | 565 | ||||||
$ | 854,130 | $ | 67,158 |
Service Fee
|
Total Aggregated
|
Unpaid at March 31, 2015
|
Annual
Rate
|
|||||||||
Class A
|
$ | 397,401 | $ | 64,538 | .22 | % | ||||||
Class C
|
262,981 | 42,756 | .23 | % | ||||||||
Class R
|
6,589 | 1,079 | .25 | % | ||||||||
$ | 666,971 | $ | 108,373 |
Year Ended March 31, 2015
|
Year Ended March 31, 2014
|
|||||||||||||||
Shares
|
Dollars
|
Shares
|
Dollars
|
|||||||||||||
Shares sold
|
||||||||||||||||
Class A
|
2,842,902 | $ | 27,338,831 | 4,719,175 | $ | 44,092,708 | ||||||||||
Class C
|
633,233 | 6,071,762 | 1,076,074 | 10,037,612 | ||||||||||||
Class R
|
207,097 | 1,994,252 | 245,521 | 2,314,136 | ||||||||||||
Class R6*
|
1,042 | 10,000 | — | — | ||||||||||||
Class S
|
7,051,204 | 67,624,359 | 6,198,687 | 57,824,997 | ||||||||||||
Institutional Class
|
3,738,138 | 35,695,169 | 7,692,901 | 71,230,660 | ||||||||||||
$ | 138,734,373 | $ | 185,500,113 | |||||||||||||
Shares issued to shareholders in reinvestment of distributions
|
||||||||||||||||
Class A
|
505,367 | $ | 4,793,445 | 291,540 | $ | 2,696,283 | ||||||||||
Class C
|
222,364 | 2,102,949 | 53,405 | 488,977 | ||||||||||||
Class R
|
7,198 | 68,731 | 2,589 | 24,053 | ||||||||||||
Class R6*
|
27 | 253 | — | — | ||||||||||||
Class S
|
487,521 | 4,581,523 | 293,123 | 2,688,479 | ||||||||||||
Institutional Class
|
373,567 | 3,512,814 | 157,893 | 1,455,673 | ||||||||||||
$ | 15,059,715 | $ | 7,353,465 | |||||||||||||
Shares redeemed
|
||||||||||||||||
Class A
|
(7,053,815 | ) | $ | (68,130,819 | ) | (9,419,066 | ) | $ | (87,904,229 | ) | ||||||
Class C
|
(2,379,910 | ) | (22,744,651 | ) | (4,947,668 | ) | (45,999,074 | ) | ||||||||
Class R
|
(219,598 | ) | (2,113,239 | ) | (181,319 | ) | (1,698,227 | ) | ||||||||
Class S
|
(8,378,487 | ) | (79,539,317 | ) | (16,661,658 | ) | (154,350,233 | ) | ||||||||
Institutional Class
|
(2,580,722 | ) | (24,425,206 | ) | (1,754,757 | ) | (16,290,359 | ) | ||||||||
$ | (196,953,232 | ) | $ | (306,242,122 | ) | |||||||||||
Net increase (decrease)
|
||||||||||||||||
Class A
|
(3,705,546 | ) | $ | (35,998,543 | ) | (4,408,351 | ) | $ | (41,115,238 | ) | ||||||
Class C
|
(1,524,313 | ) | (14,569,940 | ) | (3,818,189 | ) | (35,472,485 | ) | ||||||||
Class R
|
(5,303 | ) | (50,256 | ) | 66,791 | 639,962 | ||||||||||
Class R6*
|
1,069 | 10,253 | — | — | ||||||||||||
Class S
|
(839,762 | ) | (7,333,435 | ) | (10,169,848 | ) | (93,836,757 | ) | ||||||||
Institutional Class
|
1,530,983 | 14,782,777 | 6,096,037 | 56,395,974 | ||||||||||||
$ | (43,159,144 | ) | $ | (113,388,544 | ) |
Affiliate
|
Value ($) at 3/31/2014
|
Purchases ($)
|
Sales ($)
|
Realized Gain/
(Loss) ($)
|
Income Distributions ($)
|
Capital Gain Distributions ($)
|
Value ($) at 3/31/2015
|
|||||||||||||||||||||
Deutsche Diversified Market Neutral Fund
|
87,272,491 | 50,000 | 44,159,000 | (4,199,220 | ) | — | — | 42,081,458 | ||||||||||||||||||||
Deutsche Enhanced Commodity Strategy Fund
|
74,513,923 | 3,797,210 | 7,383,000 | (1,383,802 | ) | 2,295,210 | — | 58,760,814 | ||||||||||||||||||||
Deutsche Enhanced Emerging Markets Fixed Income Fund
|
81,284,651 | 4,677,246 | 63,043,000 | (130,006 | ) | 1,569,246 | — | 20,705,562 | ||||||||||||||||||||
Deutsche Floating Rate Fund
|
98,725,790 | 4,007,035 | 23,076,000 | (369,647 | ) | 3,518,035 | — | 76,984,223 | ||||||||||||||||||||
Deutsche Global Inflation Fund
|
22,846,607 | 34,766,409 | 2,650,000 | (27,231 | ) | 895,409 | — | 54,975,553 | ||||||||||||||||||||
Deutsche Global Infrastructure Fund
|
102,677,232 | 22,834,757 | 20,529,000 | 1,113,501 | 1,667,896 | 5,182,860 | 109,895,855 | |||||||||||||||||||||
Deutsche Global Real Estate Securities Fund
|
18,931,829 | 20,412,987 | 8,034,000 | 2,529,414 | 1,028,987 | — | 33,882,901 | |||||||||||||||||||||
Deutsche Real Estate Securities Fund
|
— | 47,790,555 | 14,853,000 | (50,693 | ) | 502,548 | 2,054,007 | 34,567,260 | ||||||||||||||||||||
Deutsche Real Estate Securities Income Fund
|
— | 6,686,182 | 442,000 | (7,057 | ) | 243,844 | 402,338 | 6,036,627 | ||||||||||||||||||||
PowerShares DB U.S. Dollar Index Bullish Fund
|
11,827,915 | — | 11,776,807 | (517,730 | ) | — | — | — | ||||||||||||||||||||
Central Cash Management Fund
|
6,660,563 | 134,787,932 | 136,843,488 | — | 6,609 | — | 4,605,007 | |||||||||||||||||||||
Total
|
504,741,001 | 279,810,313 | 332,789,295 | (3,042,471 | ) | 11,727,784 | 7,639,205 | 442,495,260 |
![]() |
||
Boston, Massachusetts
May 26, 2015
|
Expenses and Value of a $1,000 Investment
for the six months ended March 31, 2015 (Unaudited)
|
||||||||||||||||||||||||
Actual Fund Return
|
Class A
|
Class C
|
Class R
|
Class R6*
|
Class S
|
Institutional Class
|
||||||||||||||||||
Beginning Account Value 10/1/14
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||
Ending Account Value 3/31/15
|
$ | 999.80 | $ | 996.10 | $ | 998.30 | $ | 992.90 | $ | 1,001.10 | $ | 1,001.20 | ||||||||||||
Expenses Paid per $1,000**
|
$ | 2.89 | $ | 6.57 | $ | 3.84 | $ | .70 | $ | 2.05 | $ | 1.05 | ||||||||||||
Hypothetical 5% Fund Return
|
Class A
|
Class C
|
Class R
|
Class R6
|
Class S
|
Institutional Class
|
||||||||||||||||||
Beginning Account Value 10/1/14
|
$ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||
Ending Account Value 3/31/15
|
$ | 1,022.04 | $ | 1,018.35 | $ | 1,021.09 | $ | 1,023.88 | $ | 1,022.89 | $ | 1,023.88 | ||||||||||||
Expenses Paid per $1,000**
|
$ | 2.92 | $ | 6.64 | $ | 3.88 | $ | 1.06 | $ | 2.07 | $ | 1.06 |
Annualized Expense Ratios***
|
Class A
|
Class C
|
Class R
|
Class R6
|
Class S
|
Institutional Class
|
Deutsche Alternative Asset Allocation Fund
|
.58%
|
1.32%
|
.77%
|
.21%
|
.41%
|
.21%
|
Independent Board Members
|
||||
Name, Year of Birth, Position with the Fund and Length of Time Served1
|
Business Experience and Directorships During the Past Five Years
|
Number of Funds in Deutsche Fund Complex Overseen
|
Other Directorships Held by Board Member
|
|
Kenneth C. Froewiss (1945)
Chairperson since 2013, and Board Member since 2001
|
Retired Clinical Professor of Finance, NYU Stern School of Business (1997–2014); Member, Finance Committee, Association for Asian Studies (2002–present); Director, Mitsui Sumitomo Insurance Group (US) (2004–present); prior thereto, Managing Director, J.P. Morgan (investment banking firm) (until 1996)
|
106
|
—
|
|
William McClayton (1944)
Vice Chairperson since 2013, and Board Member since 2004
|
Private equity investor (since October 2009); previously, Managing Director, Diamond Management & Technology Consultants, Inc. (global consulting firm) (2001–2009); Directorship: Board of Managers, YMCA of Metropolitan Chicago; formerly: Senior Partner, Arthur Andersen LLP (accounting) (1966–2001); Trustee, Ravinia Festival
|
106
|
—
|
|
John W. Ballantine (1946)
Board Member since 1999
|
Retired; formerly, Executive Vice President and Chief Risk Management Officer, First Chicago NBD Corporation/The First National Bank of Chicago (1996–1998); Executive Vice President and Head of International Banking (1995–1996); former Directorships: Director and former Chairman of the Board, Healthways, Inc.2 (provider of disease and care management services) (2003–2014); Stockwell Capital Investments PLC (private equity); First Oak Brook Bancshares, Inc. and Oak Brook Bank; Prisma Energy International
|
106
|
Portland General Electric2 (utility company) (2003– present)
|
|
Henry P. Becton, Jr. (1943)
Board Member since 1990
|
Vice Chair and former President, WGBH Educational Foundation. Directorships: Public Radio International; Public Radio Exchange (PRX); North Bennett Street School (Boston); former Directorships: Belo Corporation2 (media company); The PBS Foundation; Association of Public Television Stations; Boston Museum of Science; American Public Television; Concord Academy; New England Aquarium; Mass. Corporation for Educational Telecommunications; Committee for Economic Development; Public Broadcasting Service; Connecticut College
|
106
|
Lead Director, Becton Dickinson and Company2 (medical technology company)
|
|
Dawn-Marie Driscoll (1946)
Board Member since 1987
|
Emeritus Executive Fellow, Center for Business Ethics, Bentley University; formerly: President, Driscoll Associates (consulting firm); Partner, Palmer & Dodge (law firm) (1988–1990); Vice President of Corporate Affairs and General Counsel, Filene's (retail) (1978–1988). Directorships: Director of ICI Mutual Insurance Company (since 2007); Advisory Board, Center for Business Ethics, Bentley University; Trustee and former Chairman of the Board, Southwest Florida Community Foundation (charitable organization); former Directorships: Sun Capital Advisers Trust (mutual funds) (2007–2012), Investment Company Institute (audit, executive, nominating committees) and Independent Directors Council (governance, executive committees)
|
106
|
—
|
|
Keith R. Fox, CFA (1954)
Board Member since 1996
|
Managing General Partner, Exeter Capital Partners (a series of private investment funds) (since 1986). Directorships: Progressive International Corporation (kitchen goods importer and distributor); The Kennel Shop (retailer); former Chairman, National Association of Small Business Investment Companies; former Directorships: BoxTop Media Inc. (advertising); Sun Capital Advisers Trust (mutual funds) (2011–2012)
|
106
|
—
|
|
Paul K. Freeman (1950)
Board Member since 1993
|
Consultant, World Bank/Inter-American Development Bank; Chair, Independent Directors Council; Investment Company Institute (executive and nominating committees); formerly, Chairman of Education Committee of Independent Directors Council; Project Leader, International Institute for Applied Systems Analysis (1998–2001); Chief Executive Officer, The Eric Group, Inc. (environmental insurance) (1986–1998); Directorships: Denver Zoo Foundation (December 2012–present); former Directorships: Prisma Energy International
|
106
|
—
|
|
Richard J. Herring (1946)
Board Member since 1990
|
Jacob Safra Professor of International Banking and Professor, Finance Department, The Wharton School, University of Pennsylvania (since July 1972); Co-Director, Wharton Financial Institutions Center; Co-Chair, U.S. Shadow Financial Regulatory Committee; Executive Director, Financial Economists Roundtable; formerly: Vice Dean and Director, Wharton Undergraduate Division (July 1995–June 2000); Director, Lauder Institute of International Management Studies (July 2000–June 2006)
|
106
|
Director, Aberdeen Singapore and Japan Funds (since 2007); Independent Director of Barclays Bank Delaware (since September 2010)
|
|
Rebecca W. Rimel (1951)
Board Member since 1995
|
President and Chief Executive Officer, The Pew Charitable Trusts (charitable organization) (1994 to present); formerly: Executive Vice President, The Glenmede Trust Company (investment trust and wealth management) (1983–2004); Board Member, Investor Education (charitable organization) (2004–2005); Trustee, Executive Committee, Philadelphia Chamber of Commerce (2001–2007); Director, Viasys Health Care2 (January 2007–June 2007); Trustee, Thomas Jefferson Foundation (charitable organization) (1994–2012)
|
106
|
Director, Becton Dickinson and Company2 (medical technology company) (2012– present); Director, BioTelemetry Inc.2 (health care) (2009– present)
|
|
William N. Searcy, Jr. (1946)
Board Member since 1993
|
Private investor since October 2003; formerly: Pension & Savings Trust Officer, Sprint Corporation2 (telecommunications) (November 1989–September 2003); Trustee, Sun Capital Advisers Trust (mutual funds) (1998–2012)
|
106
|
—
|
|
Jean Gleason Stromberg (1943)
Board Member since 1997
|
Retired. Formerly, Consultant (1997–2001); Director, Financial Markets U.S. Government Accountability Office (1996–1997); Partner, Norton Rose Fulbright, L.L.P. (law firm) (1978–1996). Directorships: The William and Flora Hewlett Foundation (charitable organization); former Directorships: Service Source, Inc. (nonprofit), Mutual Fund Directors Forum (2002–2004), American Bar Retirement Association (funding vehicle for retirement plans) (1987–1990 and 1994–1996)
|
106
|
—
|
Officers4
|
||
Name, Year of Birth, Position with the Fund and Length of Time Served5
|
Business Experience and Directorships During the Past Five Years
|
|
Brian E. Binder8 (1972)
President and Chief Executive Officer, 2013–present
|
Managing Director3 and Head of Fund Administration, Deutsche Asset & Wealth Management (2013–present); formerly: Head of Business Management and Consulting at Invesco, Ltd. (2010–2012); Chief Administrative Officer, Van Kampen Funds Inc. (2008–2010); and Chief Administrative Officer, Morgan Stanley Investment Management Americas Distribution (2003–2008)
|
|
John Millette7 (1962)
Vice President and Secretary, 1999–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Melinda Morrow6 (1970)
Vice President,
2012–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul H. Schubert6 (1963)
Chief Financial Officer, 2004–present
Treasurer, 2005–present
|
Managing Director,3 Deutsche Asset & Wealth Management (since July 2004); formerly: Executive Director, Head of Mutual Fund Services and Treasurer for UBS Family of Funds (1998–2004); Vice President and Director of Mutual Fund Finance at UBS Global Asset Management (1994–1998)
|
|
Caroline Pearson7 (1962)
Chief Legal Officer,
2010–present
|
Managing Director,3 Deutsche Asset & Wealth Management; formerly: Assistant Secretary for DWS family of funds (1997–2010)
|
|
Robert Kloby6 (1962)
Chief Compliance Officer, 2006–present
|
Managing Director,3 Deutsche Asset & Wealth Management
|
|
Wayne Salit6 (1967)
Anti-Money Laundering Compliance Officer, 2014–present
|
Director,3 Deutsche Asset & Wealth Management; formerly: Managing Director, AML Compliance Officer at BNY Mellon (2011–2014); and Director, AML Compliance Officer at Deutsche Bank (2004–2011)
|
|
Hepsen Uzcan6 (1974)
Assistant Secretary, 2013–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Paul Antosca7 (1957)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Jack Clark7 (1967)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
|
Diane Kenneally7 (1966)
Assistant Treasurer, 2007–present
|
Director,3 Deutsche Asset & Wealth Management
|
For More Information
|
The automated telephone system allows you to access personalized account information and obtain information on other Deutsche funds using either your voice or your telephone keypad. Certain account types within Classes A, C and S also have the ability to purchase, exchange or redeem shares using this system.
For more information, contact your financial advisor. You may also access our automated telephone system or speak with a Shareholder Service representative by calling:
(800) 728-3337
|
|
Web Site
|
deutschefunds.com
View your account transactions and balances, trade shares, monitor your asset allocation, subscribe to fund and account updates by e-mail, and change your address, 24 hours a day.
Obtain prospectuses and applications, blank forms, interactive worksheets, news about Deutsche funds, retirement planning information, and more.
|
|
Written Correspondence
|
Deutsche Asset & Wealth Management
PO Box 219151
Kansas City, MO 64121-9151
|
|
Proxy Voting
|
The fund's policies and procedures for voting proxies for portfolio securities and information about how the fund voted proxies related to its portfolio securities during the 12-month period ended June 30 are available on our Web site — deutschefunds.com (click on "proxy voting"at the bottom of the page) — or on the SEC's Web site — sec.gov. To obtain a written copy of the fund's policies and procedures without charge, upon request, call us toll free at (800) 728-3337.
|
|
Portfolio Holdings
|
Following the fund's fiscal first and third quarter-end, a complete portfolio holdings listing is filed with the SEC on Form N-Q. This form will be available on the SEC's Web site at sec.gov, and it also may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the SEC's Public Reference Room may be obtained by calling (800) SEC-0330. The fund's portfolio holdings are also posted on deutschefunds.com from time to time. Please see the fund's current prospectus for more information.
|
|
Principal Underwriter
|
If you have questions, comments or complaints, contact:
DeAWM Distributors, Inc.
222 South Riverside Plaza
Chicago, IL 60606-5808
(800) 621-1148
|
|
Investment Management
|
Deutsche Investment Management Americas Inc. ("DIMA" or the "Advisor"), which is part of Deutsche Asset & Wealth Management, is the investment advisor for the fund. DIMA and its predecessors have more than 80 years of experience managing mutual funds and DIMA provides a full range of investment advisory services to both institutional and retail clients.
DIMA is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major global banking institution engaged in a wide variety of financial services, including investment management, retail, private and commercial banking, investment banking and insurance.
Deutsche Asset & Wealth Management is the retail brand name in the U.S. for the wealth management and asset management activities of Deutsche Bank AG and DIMA. Deutsche Asset & Wealth Management is committed to delivering the investing expertise, insight and resources of this global investment platform to American investors.
|
Class A
|
Class C
|
Class S
|
Institutional Class
|
||
Nasdaq Symbol
|
AAAAX
|
AAAPX
|
AAASX
|
AAAZX
|
|
CUSIP Number
|
25159K 879
|
25159K 887
|
25159K 804
|
25159K 705
|
|
Fund Number
|
487
|
787
|
2087
|
1487
|
For shareholders of Class R and R6
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Automated Information Line
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DeAWM Flex Plan Access (800) 728-3337
24-hour access to your retirement plan account.
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Web Site
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deutschefunds.com
Click "Retirement Plans" to reallocate assets, process transactions, review your funds, and subscribe to fund updates by e-mail through our secure online account access.
Obtain prospectuses and applications, blank forms, interactive worksheets, news about Deutsche funds, retirement planning information, and more.
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For More Information
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(800) 728-3337
To speak with a service representative.
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Written Correspondence
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DeAWM Service Company
222 South Riverside Plaza
Chicago, IL 60606-5806
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Class R
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Class R6
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Nasdaq Symbol
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AAAQX
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AAAVX
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CUSIP Number
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25159K 200
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25159K 713
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Fund Number
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1587
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1687
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ITEM 2.
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CODE OF ETHICS
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As of the end of the period covered by this report, the registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its Principal Executive Officer and Principal Financial Officer.
There have been no amendments to, or waivers from, a provision of the code of ethics during the period covered by this report that would require disclosure under Item 2.
A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
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ITEM 3.
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AUDIT COMMITTEE FINANCIAL EXPERT
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The fund’s audit committee is comprised solely of trustees who are "independent" (as such term has been defined by the Securities and Exchange Commission ("SEC") in regulations implementing Section 407 of the Sarbanes-Oxley Act (the "Regulations")). The fund’s Board of Trustees has determined that there are several "audit committee financial experts" (as such term has been defined by the Regulations) serving on the fund’s audit committee including Mr. Paul K. Freeman, the chair of the fund’s audit committee. An “audit committee financial expert” is not an “expert” for any purpose, including for purposes of Section 11 of the Securities Act of 1933 and the designation or identification of a person as an “audit committee financial expert” does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.
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ITEM 4.
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PRINCIPAL ACCOUNTANT FEES AND SERVICES
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Fiscal Year Ended March 31,
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Audit Fees Billed to Fund
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Audit-Related
Fees Billed to Fund
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Tax Fees Billed to Fund
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All
Other Fees Billed to Fund
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||||||||||||
2015
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$ | 58,499 | $ | 0 | $ | 10,238 | $ | 0 | ||||||||
2014
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$ | 58,499 | $ | 0 | $ | 10,238 | $ | 0 |
Fiscal Year Ended March 31,
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Audit-Related
Fees Billed to Adviser and Affiliated Fund Service Providers
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Tax Fees Billed to Adviser and Affiliated Fund Service Providers
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All
Other Fees Billed to Adviser and Affiliated Fund Service Providers
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|||||||||
2015
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$ | 0 | $ | 372,386 | $ | 8,787,010 | ||||||
2014
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$ | 0 | $ | 163,150 | $ | 0 |
Fiscal Year Ended March 31,
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Total
Non-Audit Fees Billed to Fund
(A)
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Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund)
(B)
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Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)
(C)
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Total of (A), (B)
and (C)
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||||||||||||
2015
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$ | 10,238 | $ | 9,159,396 | $ | 570,504 | $ | 9,740,138 | ||||||||
2014
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$ | 10,238 | $ | 163,150 | $ | 387,295 | $ | 560,683 |
ITEM 5.
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AUDIT COMMITTEE OF LISTED REGISTRANTS
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Not applicable
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ITEM 6.
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SCHEDULE OF INVESTMENTS
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Not applicable
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ITEM 7.
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DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
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Not applicable
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ITEM 8.
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PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
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Not applicable
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ITEM 9.
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PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
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Not applicable
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ITEM 10.
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SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
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There were no material changes to the procedures by which shareholders may recommend nominees to the Fund’s Board. The primary function of the Nominating and Governance Committee is to identify and recommend individuals for membership on the Board and oversee the administration of the Board Governance Guidelines. Shareholders may recommend candidates for Board positions by forwarding their correspondence by U.S. mail or courier service to Kenneth C. Froewiss, Independent Chairman, Deutsche Mutual Funds, P.O. Box 390601, Cambridge, MA 02139.
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ITEM 11.
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CONTROLS AND PROCEDURES
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(a)
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The Chief Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on the evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
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(b)
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There have been no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal controls over financial reporting.
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ITEM 12.
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EXHIBITS
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(a)(1)
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Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.
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(a)(2)
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Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
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(b)
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Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.
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Registrant:
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Deutsche Alternative Asset Allocation Fund, a series of Deutsche Market Trust
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By:
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/s/Brian E. Binder
Brian E. Binder
President
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Date:
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May 29, 2015
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By:
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/s/Brian E. Binder
Brian E. Binder
President
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Date:
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May 29, 2015
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By:
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/s/Paul Schubert
Paul Schubert
Chief Financial Officer and Treasurer
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Date:
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May 29, 2015
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I.
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Overview
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II.
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Purposes of the Officer Code
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·
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promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
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·
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promote full, fair, accurate, timely and understandable disclosures in reports and documents that the Funds file with or submit to the SEC (and in other public communications from the Funds) and that are within the Covered Officer’s responsibilities;
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·
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promote compliance with applicable laws, rules and regulations;
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·
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encourage the prompt internal reporting of violations of the Officer Code to the DeAWM Compliance Officer; and
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·
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establish accountability for adherence to the Officer Code.
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III.
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Responsibilities of Covered Officers
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IV.
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Violation Reporting
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·
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Unethical or dishonest behavior
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·
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Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings
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·
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Failure to report violations of the Officer Code
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·
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Known or obvious deviations from Applicable Laws
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·
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Failure to acknowledge and certify adherence to the Officer Code
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V.
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Waivers from the Officer Code
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VI.
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Amendments to the Code
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VII.
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Acknowledgement and Certification of Adherence to the Officer Code
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VIII.
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Scope of Responsibilities
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(1)
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Fund matters over which the Officer has direct responsibility or control, matters in which the Officer routinely participates, and matters with which the Officer is otherwise involved (i.e., matters within the scope of the Covered Officer’s responsibilities as a Fund officer); and
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(2)
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Fund matters of which the Officer has actual knowledge.
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IX.
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Recordkeeping
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X.
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Confidentiality
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Fund Board
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Principal Executive Officers
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Principal Financial Officers
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Treasurer
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Deutsche Funds
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Brian Binder5
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Paul Schubert
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Paul Schubert
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Germany*
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Brian Binder
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Paul Schubert
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Paul Schubert
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*
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The Central Europe, Russia and Turkey Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc.
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1.
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I acknowledge and certify that I am a Covered Officer under the Deutsche Asset & Wealth Management Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.
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2.
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I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.
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3.
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I have disclosed any conflicts of interest of which I am aware to the DeAWM Compliance Officer.
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4.
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I will act in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.
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5.
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I will report any known or suspected violations of the Officer Code in a timely manner to the DeAWM Compliance Officer.
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1.
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I acknowledge and certify that I am a Covered Officer under the Deutsche Asset & Wealth Management Principal Executive and Financial Officer Code of Ethics (“Officer Code”), and therefore subject to all of its requirements and provisions.
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2.
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I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.
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3.
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I have adhered to the Officer Code.
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4.
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I have not knowingly been a party to any conflict of interest, nor have I had actual knowledge about actual or apparent conflicts of interest that I did not report to the DeAWM Compliance Officer in accordance with the Officer Code’s requirements.
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5.
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I have acted in the best interest of the Funds for which I serve as an officer and have maintained the confidentiality of personal information about Fund shareholders.
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6.
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With respect to the duties I perform for the Fund as a Fund officer, I believe that effective processes are in place to create and file public reports and documents in accordance with applicable regulations.
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7.
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With respect to the duties I perform for the Fund as a Fund officer, I have complied to the best of my knowledge with all Applicable Laws (as that term is defined in the Officer Code) and have appropriately monitored those persons under my supervision for compliance with Applicable Laws.
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8.
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I have reported any known or suspected violations of the Officer Code in a timely manner to the DeAWM Compliance Officer.
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1.
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I have reviewed this report, filed on behalf of Deutsche Alternative Asset Allocation Fund, a series of Deutsche Market Trust, on Form N-CSR;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
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The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
May 29, 2015
|
/s/Brian E. Binder
|
Brian E. Binder
|
|
President
|
1.
|
I have reviewed this report, filed on behalf of Deutsche Alternative Asset Allocation Fund, a series of Deutsche Market Trust, on Form N-CSR;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
May 29, 2015
|
/s/Paul Schubert
|
Paul Schubert
|
|
Chief Financial Officer and Treasurer
|
1.
|
I have reviewed this report, filed on behalf of Deutsche Alternative Asset Allocation Fund, a series of Deutsche Market Trust, on Form N-CSR;
|
2.
|
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
1.
|
I have reviewed this report, filed on behalf of Deutsche Alternative Asset Allocation Fund, a series of Deutsche Market Trust, on Form N-CSR;
|
2.
|
Based on my knowledge and pursuant to 18 U.S.C. § 1350, the periodic report on Form N-CSR (the “Report”) fully complies with the requirements of § 13 (a) or § 15 (d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
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