This Principal Executive Officer and Principal Financial Officer Code of Ethics (“Officer Code”) sets forth the policies, practices, and values expected to be exhibited in the conduct of the Principal Executive Officers and Principal Financial Officers of the investment companies (“Funds”) they serve (“Covered Officers”). A list of Covered Officers and Funds is included on Appendix A.

The Boards of the Funds listed on Appendix A have elected to implement the Officer Code, pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 and the SEC’s rules thereunder, to promote and demonstrate honest and ethical conduct in their Covered Officers.

Deutsche Asset & Wealth Management or its affiliates (“DeAWM”) serves as the investment adviser to each Fund. All Covered Officers are also employees of DeAWM or an affiliate. Thus, in addition to adhering to the Officer Code, these individuals must comply with DeAWM policies and procedures, such as the DeAWM Code of Ethics governing personal trading activities, as adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940.1 In addition, such individuals also must comply with other applicable Fund policies and procedures.

The DeAWM Compliance Officer, who shall not be a Covered Officer and who shall serve as such subject to the approval of the Fund’s Board (or committee thereof), is primarily responsible for implementing and enforcing this Code. The Compliance Officer has the authority to interpret this Officer Code and its applicability to particular circumstances. Any questions about the Officer Code should be directed to the DeAWM Compliance Officer.

The DeAWM Compliance Officer and his or her contact information can be found in Appendix A.

1 The obligations imposed by the Officer Code are separate from, and in addition to, any obligations imposed under codes of ethics adopted pursuant to Rule 17j-1 under the Investment Company Act of 1940, and any other code of conduct applicable to Covered Officers in whatever capacity they serve. The Officer Code does not incorporate any of those other codes and, accordingly, violations of those codes will not necessarily be considered violations of the Officer Code and waivers granted under those codes would not necessarily require a waiver to be granted under this Code. Sanctions imposed under those codes may be considered in determining appropriate sanctions for any violation of this Code.

II.	Purposes of the Officer Code

The purposes of the Officer Code are to deter wrongdoing and to:

·	promote honest and ethical conduct among Covered Officers, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

·	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;

·	promote compliance with applicable laws, rules and regulations;

·	encourage the prompt internal reporting of violations of the Officer Code to the DeAWM Compliance Officer; and

·	establish accountability for adherence to the Officer Code.

Any questions about the Officer Code should be referred to DeAWM’s Compliance Officer.

III.	Responsibilities of Covered Officers

A. Honest and Ethical Conduct

It is the duty of every Covered Officer to encourage and demonstrate honest and ethical conduct, as well as adhere to and require adherence to the Officer Code and any other applicable policies and procedures designed to promote this behavior. Covered Officers must at all times conduct themselves with integrity and distinction, putting first the interests of the Fund(s) they serve. Covered Officers must be honest and candid while maintaining confidentiality of information where required by law, DeAWM policy or Fund policy.

Covered Officers also must, at all times, act in good faith, responsibly and with due care, competence and diligence, without misrepresenting or being misleading about material facts or allowing their independent judgment to be subordinated. Covered Officers also should maintain skills appropriate and necessary for the performance of their duties for the Fund(s). Covered Officers also must responsibly use and control all Fund assets and resources entrusted to them.

Covered Officers may not retaliate against others for, or otherwise discourage the reporting of, actual or apparent violations of the Officer Code or applicable laws or regulations. Covered Officers should create an environment that encourages the exchange of information, including concerns of the type that this Code is designed to address.

B. Conflicts of Interest

A “conflict of interest” occurs when a Covered Officer’s personal interests interfere with the interests of the Fund for which he or she serves as an officer. Covered Officers may not improperly use their position with a Fund for personal or private gain to themselves, their family, or any other person. Similarly, Covered Officers may not use their personal influence or personal relationships to influence decisions or other Fund business or operational matters where they would benefit personally at the Fund’s expense or to the Fund’s detriment. Covered Officers may not cause the Fund to take action, or refrain from taking action, for their personal benefit at the Fund’s expense or to the Fund’s detriment. Some examples of conflicts of interest follow (this is not an all-inclusive list): being in the position of supervising, reviewing or having any influence on the job evaluation, pay or benefit of any immediate family member who is an employee of a Fund service provider or is otherwise associated with the Fund; or having an ownership interest in, or having any consulting or employment relationship with, any Fund service provider other than DeAWM or its affiliates.

Certain conflicts of interest covered by this Code arise out of the relationships between Covered Officers and the Fund that already are subject to conflict of interest provisions in the Investment Company Act and the Investment Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as “affiliated persons” of the Fund. Covered Officers must comply with applicable laws and regulations. Therefore, any violations of existing statutory and regulatory prohibitions on individual behavior could be considered a violation of this Code.

As to conflicts arising from, or as a result of the advisory relationship (or any other relationships) between the Fund and DeAWM, of which the Covered Officers are also officers or employees, it is recognized by the Board that, subject to DeAWM’s fiduciary duties to the Fund, the Covered Officers will in the normal course of their duties (whether formally for the Fund or for DeAWM, or for both) be involved in establishing policies and implementing decisions which will have different effects on DeAWM and the Fund. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contract relationship between the Fund and DeAWM, and is consistent with the expectation of the Board of the performance by the Covered Officers of their duties as officers of the Fund.

Covered Officers should avoid actual conflicts of interest, and appearances of conflicts of interest, between the Covered Officer’s duties to the Fund and his or her personal interests beyond those contemplated or anticipated by applicable regulatory schemes. If a Covered Officer suspects or knows of a conflict or an appearance of one, the Covered Officer must immediately report the matter to the DeAWM Compliance Officer. If a Covered Officer, in lieu of reporting such a matter to the DeAWM Compliance Officer, may report the matter directly to the Fund’s Board (or committee thereof), as appropriate (e.g., if the conflict involves the DeAWM Compliance Officer or the Covered Officer reasonably believes it would be futile to report the matter to the DeAWM Compliance Officer).

When actual, apparent or suspected conflicts of interest arise in connection with a Covered Officer, DeAWM personnel aware of the matter should promptly contact the DeAWM Compliance Officer. There will be no reprisal or retaliation against the person reporting the matter.

Upon receipt of a report of a possible conflict, the DeAWM Compliance Officer will take steps to determine whether a conflict exists. In so doing, the DeAWM Compliance Officer may take any actions he or she determines to be appropriate in his or her sole discretion and may use all reasonable resources, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.2 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DeAWM or other appropriate Fund service provider.

After full review of a report of a possible conflict of interest, the DeAWM Compliance Officer may determine that no conflict or reasonable appearance of a conflict exists. If, however, the DeAWM Compliance Officer determines that an actual conflict exists, the Compliance Officer will resolve the conflict solely in the interests of the Fund, and will report the conflict and its resolution to the Fund’s Board (or committee thereof). If the DeAWM Compliance Officer determines that the appearance of a conflict exists, the DeAWM Compliance Officer will take appropriate steps to remedy such appearance. In lieu of determining whether a conflict exists and/or resolving a conflict, the DeAWM Compliance Officer instead may refer the matter to the Fund’s Board (or committee thereof), as appropriate. However, the DeAWM Compliance Officer must refer the matter to the Fund’s Board (or committee thereof) if the DeAWM Compliance Officer is directly involved in the conflict or under similar appropriate circumstances.

After responding to a report of a possible conflict of interest, the DeAWM Compliance Officer will discuss the matter with the person reporting it (and with the Covered Officer at issue, if different) for purposes of educating those involved on conflicts of interests (including how to detect and avoid them, if appropriate).

Appropriate resolution of conflicts may restrict the personal activities of the Covered Officer and/or his family, friends or other persons.

Solely because a conflict is disclosed to the DeAWM Compliance Officer (and/or the Board or Committee thereof) and/or resolved by the DeAWM Compliance Officer does not mean that the conflict or its resolution constitutes a waiver from the Code’s requirements.

Any questions about conflicts of interests, including whether a particular situation might be a conflict or an appearance of one, should be directed to the DeAWM Compliance Officer.

2 For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.

C. Use of Personal Fund Shareholder Information

A Covered Officer may not use or disclose personal information about Fund shareholders, except in the performance of his or her duties for the Fund. Each Covered Officer also must abide by the Funds’ and DeAWM’s privacy policies under SEC Regulation S-P.

D. Public Communications

In connection with his or her responsibilities for or involvement with a Fund’s public communications and disclosure documents (e.g., shareholder reports, registration statements, press releases), each Covered Officer must provide information to Fund service providers (within the DeAWM organization or otherwise) and to the Fund’s Board (and any committees thereof), independent auditors, government regulators and self-regulatory organizations that is fair, accurate, complete, objective, relevant, timely and understandable.

Further, within the scope of their duties, Covered Officers having direct or supervisory authority over Fund disclosure documents or other public Fund communications will, to the extent appropriate within their area of responsibility, endeavor to ensure full, fair, timely, accurate and understandable disclosure in Fund disclosure documents. Such Covered Officers will oversee, or appoint others to oversee, processes for the timely and accurate creation and review of all public reports and regulatory filings. Within the scope of his or her responsibilities as a Covered Officer, each Covered Officer also will familiarize himself or herself with the disclosure requirements applicable to the Fund, as well as the business and financial operations of the Fund. Each Covered Officer also will adhere to, and will promote adherence to, applicable disclosure controls, processes and procedures, including DeAWM’s Disclosure Controls and Procedures, which govern the process by which Fund disclosure documents are created and reviewed.

To the extent that Covered Officers participate in the creation of a Fund’s books or records, they must do so in a way that promotes the accuracy, fairness and timeliness of those records.

E. Compliance with Applicable Laws, Rules and Regulations

In connection with his or her duties and within the scope of his or her responsibilities as a Covered Officer, each Covered Officer must comply with governmental laws, rules and regulations, accounting standards, and Fund policies/procedures that apply to his or her role, responsibilities and duties with respect to the Funds (“Applicable Laws”). These requirements do not impose on Covered Officers any additional substantive duties. Additionally, Covered Officers should promote compliance with Applicable Laws.

If a Covered Officer knows of any material violations of Applicable Laws or suspects that such a violation may have occurred, the Covered Officer is expected to promptly report the matter to the DeAWM Compliance Officer.

IV.	Violation Reporting

A. Overview

Each Covered Officer must promptly report to the DeAWM Compliance Officer, and promote the reporting of, any known or suspected violations of the Officer Code. Failure to report a violation may be a violation of the Officer Code.

Examples of violations of the Officer Code include, but are not limited to, the following:

·	Unethical or dishonest behavior

·	Obvious lack of adherence to policies surrounding review and approval of public communications and regulatory filings

·	Failure to report violations of the Officer Code

·	Known or obvious deviations from Applicable Laws

·	Failure to acknowledge and certify adherence to the Officer Code

The DeAWM Compliance Officer has the authority to take any and all action he or she considers appropriate in his or her sole discretion to investigate known or suspected Code violations, including consulting with the Fund’s Board, the independent Board members, a Board committee, the Fund’s legal counsel and/or counsel to the independent Board members. The Compliance Officer also has the authority to use all reasonable resources to investigate violations, including retaining or engaging legal counsel, accounting firms or other consultants, subject to applicable law.3 The costs associated with such actions may be borne by the Fund, if appropriate, after consultation with the Fund’s Board (or committee thereof). Otherwise, such costs will be borne by DeAWM.

3 For example, retaining a Fund’s independent accounting firm may require pre-approval by the Fund’s audit committee.

B. How to Report

Any known or suspected violations of the Officer Code must be promptly reported to the DeAWM Compliance Officer.

C. Process for Violation Reporting to the Fund Board

The DeAWM Compliance Officer will promptly report any violations of the Code to the Fund’s Board (or committee thereof).

D. Sanctions for Code Violations

Violations of the Code will be taken seriously. In response to reported or otherwise known violations, DeAWM and the relevant Fund’s Board may impose sanctions within the scope of their respective authority over the Covered Officer at issue. Sanctions imposed by DeAWM could include termination of employment. Sanctions imposed by a Fund’s Board could include termination of association with the Fund.

V.	Waivers from the Officer Code

A Covered Officer may request a waiver from the Officer Code by transmitting a written request for a waiver to the DeAWM Compliance Officer.4 The request must include the rationale for the request and must explain how the waiver would be in furtherance of the standards of conduct described in and underlying purposes of the Officer Code. The DeAWM Compliance Officer will present this information to the Fund’s Board (or committee thereof). The Board (or committee) will determine whether to grant the requested waiver. If the Board (or committee) grants the requested waiver, the DeAWM Compliance Officer thereafter will monitor the activities subject to the waiver, as appropriate, and will promptly report to the Fund’s Board (or committee thereof) regarding such activities, as appropriate.

The DeAWM Compliance Officer will coordinate and facilitate any required public disclosures of any waivers granted or any implicit waivers.

4 Of course, it is not a waiver of the Officer Code if the Fund’s Board (or committee thereof) determines that a matter is not a deviation from the Officer Code’s requirements or is otherwise not covered by the Code.

VI.	Amendments to the Code

The DeAWM Compliance Officer will review the Officer Code from time to time for its continued appropriateness and will propose any amendments to the Fund’s Board (or committee thereof) on a timely basis. In addition, the Board (or committee thereof) will review the Officer Code at least annually for its continued appropriateness and may amend the Code as necessary or appropriate.

The DeAWM Compliance Officer will coordinate and facilitate any required public disclosures of Code amendments.

VII.	Acknowledgement and Certification of Adherence to the Officer Code

Each Covered Officer must sign a statement upon appointment as a Covered Officer and annually thereafter acknowledging that he or she has received and read the Officer Code, as amended or updated, and confirming that he or she has complied with it (see Appendix B: Acknowledgement and Certification of Obligations Under the Officer Code).

Understanding and complying with the Officer Code and truthfully completing the Acknowledgement and Certification Form is each Covered Officer’s obligation.

The DeAWM Compliance Officer will maintain such Acknowledgements in the Fund’s books and records.

VIII.

Scope of Responsibilities

A Covered Officer’s responsibilities under the Officer Code are limited to:

(1)	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

(2)	Fund matters of which the Officer has actual knowledge.

IX.	Recordkeeping

The DeAWM Compliance Officer will create and maintain appropriate records regarding the implementation and operation of the Officer Code, including records relating to conflicts of interest determinations and investigations of possible Code violations.

X.	Confidentiality

All reports and records prepared or maintained pursuant to this Officer Code shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the DeAWM Compliance Officer, the Fund’s Board (or committee thereof), legal counsel, independent auditors, and any consultants engaged by the Compliance Officer.

Appendices

Appendix A:

List of Officers Covered under the Code, by Board:

Fund Board	Principal Executive Officers	Principal Financial Officers	Treasurer
Deutsche Funds	Brian Binder5	Paul Schubert	Paul Schubert
Germany*	Brian Binder	Paul Schubert	Paul Schubert

*	The Central Europe, Russia and Turkey Fund, Inc., The European Equity Fund, Inc. and The New Germany Fund, Inc.

DeAWM Compliance Officer:

Joseph S. Yuen

Head of Gifts/Entertainment & the Code of Ethics

212-250-4773

917-512-9286 fax

As of: December 6, 2013

5 As of December 1, 2013

Appendix B: Acknowledgement and Certification

Initial Acknowledgement and Certification

of Obligations Under the Officer Code

Print Name Department Location Telephone

1.	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.

2.	I have received and read the Officer Code and I understand the requirements and provisions set forth in the Officer Code.

3.	I have disclosed any conflicts of interest of which I am aware to the DeAWM Compliance Officer.

4.	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.

5.	I will report any known or suspected violations of the Officer Code in a timely manner to the DeAWM Compliance Officer.

Signature Date

Annual Acknowledgement and Certification

of Obligations Under the Officer Code

Print Name Department Location Telephone

1.	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.

2.	I have received and read the Officer Code, and I understand the requirements and provisions set forth in the Officer Code.

3.	I have adhered to the Officer Code.

4.	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.

5.	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.

6.	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.

7.	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.

8.	I have reported any known or suspected violations of the Officer Code in a timely manner to the DeAWM Compliance Officer.

Signature Date

Appendix C: Definitions

Principal Executive Officer

Individual holding the office of President of the Fund or series of Funds, or a person performing a similar function.

Principal Financial Officer

Individual holding the office of Treasurer of the Fund or series of Funds, or a person performing a similar function.

Registered Investment Management Investment Company

Registered investment companies other than a face-amount certificate company or a unit investment trust.

Waiver

A waiver is an approval of an exemption from a Code requirement.

Implicit Waiver

An implicit waiver is the failure to take action within a reasonable period of time regarding a material departure from a requirement or provision of the Officer Code that has been made known to the DeAWM Compliance Officer or the Fund’s Board (or committee thereof).

Date of fiscal year end:	8/31

Date of reporting period:	8/31/2015

Class A	1-Year	5-Year	Life of Fund^*
Average Annual Total Returns as of 8/31/15
Unadjusted for Sales Charge	–7.13%	2.62%	4.03%
Adjusted for the Maximum Sales Charge (max 5.75% load)	–12.47%	1.41%	3.14%
MSCI World Index^†	–4.13%	11.07%	7.15%
Barclays U.S. Aggregate Bond Index^†	1.56%	2.98%	4.80%
Blended Index^†	–1.75%	8.05%	6.72%
Class C	1-Year	5-Year	Life of Fund^*
Average Annual Total Returns as of 8/31/15
Unadjusted for Sales Charge	–7.90%	1.85%	3.24%
Adjusted for the Maximum Sales Charge (max 1.00% load)	–7.90%	1.85%	3.24%
MSCI World Index^†	–4.13%	11.07%	7.15%
Barclays U.S. Aggregate Bond Index^†	1.56%	2.98%	4.80%
Blended Index^†	–1.75%	8.05%	6.72%
Class R	1-Year	5-Year	Life of Fund^*
Average Annual Total Returns as of 8/31/15
No Sales Charges	–7.41%	2.25%	3.64%
MSCI World Index^†	–4.13%	11.07%	7.15%
Barclays U.S. Aggregate Bond Index^†	1.56%	2.98%	4.80%
Blended Index^†	–1.75%	8.05%	6.72%
Class R6			Life of Class^**
Average Annual Total Returns as of 8/31/15
No Sales Charges			–5.41%
MSCI World Index^†			–4.01%
Barclays U.S. Aggregate Bond Index^†			0.54%
Blended Index^†			–2.07%
Class S	1-Year	5-Year	Life of Fund^*
Average Annual Total Returns as of 8/31/15
No Sales Charges	–6.98%	2.81%	4.23%
MSCI World Index^†	–4.13%	11.07%	7.15%
Barclays U.S. Aggregate Bond Index^†	1.56%	2.98%	4.80%
Blended Index^†	–1.75%	8.05%	6.72%
Institutional Class	1-Year	5-Year	Life of Fund^*
Average Annual Total Returns as of 8/31/15
No Sales Charges	–6.92%	2.93%	4.31%
MSCI World Index^†	–4.13%	11.07%	7.15%
Barclays U.S. Aggregate Bond Index^†	1.56%	2.98%	4.80%
Blended Index^†	–1.75%	8.05%	6.72%

	Class A	Class C	Class R	Class R6	Class S	Institutional Class
Net Asset Value
8/31/15	$ 10.67	$ 10.62	$ 10.71	$ 10.67	$ 10.67	$ 10.67
8/31/14	$ 11.84	$ 11.79	$ 11.88	$ —	$ 11.84	$ 11.85
Distribution Information as of 8/31/15
Income Dividends, Twelve Months	$ .34	$ .25	$ .31	$ .39^***	$ .36	$ .38

	Shares	Value ($)

Mutual Funds 89.2%
Deutsche Diversified Market Neutral Fund "Institutional"* (a)	5,029,832	43,306,855
Deutsche Enhanced Commodity Strategy Fund "Institutional" (a)	3,879,488	48,493,604
Deutsche Enhanced Emerging Markets Fixed Income Fund "Institutional" (a)	6,586,257	60,330,113
Deutsche Floating Rate Fund "Institutional" (a)	5,449,916	48,885,750
Deutsche Global Inflation Fund "Institutional" (a)	3,559,994	35,065,945
Deutsche Global Infrastructure Fund "Institutional" (a)	4,959,963	65,917,903
Deutsche Global Real Estate Securities Fund "Institutional" (a)	2,312,590	19,425,752
Deutsche Real Estate Securities Fund "Institutional" (a)	1,173,256	24,497,577
Deutsche Real Estate Securities Income Fund "Institutional" (a)	204,915	1,877,018
Deutsche Strategic Equity Long/Short Fund "Institutional" (a)	526,220	4,946,465
Total Mutual Funds (Cost $349,591,298)		352,746,982

Exchange-Traded Fund 9.9%
SPDR Barclays Convertible Securities Fund (Cost $35,038,075)	849,469	39,041,595

Cash Equivalents 1.0%
Central Cash Management Fund, 0.11% (b) (Cost $3,855,748)	3,855,748	3,855,748

	% of Net Assets	Value ($)

Total Investment Portfolio (Cost $388,485,121)^†	100.1	395,644,325
Other Assets and Liabilities, Net	(0.1)	(478,207)
Net Assets	100.0	395,166,118

Assets	Level 1	Level 2	Level 3	Total

Mutual Funds	$ 352,746,982	$ —	$ —	$ 352,746,982
Exchange-Traded Fund	39,041,595	—	—	39,041,595
Short-Term Investments	3,855,748	—	—	3,855,748
Total	$ 395,644,325	$ —	$ —	$ 395,644,325

as of August 31, 2015
Assets
Investments: Investments in affiliated Underlying Funds, at value (cost $353,447,046)	$ 356,602,730
Investments in non-affiliated Underlying Funds, at value (cost $35,038,075)	39,041,595
Total investments, at value (cost $388,485,121)	395,644,325
Receivable for investments sold	700,906
Receivable for Fund shares sold	174,201
Interest receivable	184
Other assets	35,977
Total assets	396,555,593
Liabilities
Payable for Fund shares redeemed	809,196
Accrued Trustees' fees	7,450
Other accrued expenses and payables	572,829
Total liabilities	1,389,475
Net assets, at value	$ 395,166,118
Net Assets Consist of
Undistributed net investment income	4,960,016
Net unrealized appreciation (depreciation) on investments	7,159,204
Accumulated net realized gain (loss)	(6,206,319)
Paid-in capital	389,253,217
Net assets, at value	$ 395,166,118

Statement of Assets and Liabilities as of August 31, 2015 (continued)
Net Asset Value
Class A Net Asset Value and redemption price per share ($286,335,978 ÷ 26,845,002 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)	$ 10.67
Maximum offering price per share (100 ÷ 94.25 of $10.67)	$ 11.32
Class C Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($32,327,936 ÷ 3,043,095 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)	$ 10.62
Class R Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($1,801,601 ÷ 168,249 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)	$ 10.71
Class R6 Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($9,456 ÷ 886.5 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)	$ 10.67
Class S Net Asset Value, offering and redemption priceper share ($58,854,870 ÷ 5,515,783 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)	$ 10.67
Institutional Class Net Asset Value, offering and redemption priceper share ($15,836,277 ÷ 1,483,685 shares outstanding of beneficial interest, no par value, unlimited number of shares authorized)	$ 10.67

for the year ended August 31, 2015
Investment Income
Income: Dividends	$ 3,409,966
Income distributions from affiliated Underlying Funds	11,186,978
Other income	1,677
Total income	14,598,621
Expenses: Administration fee	505,976
Services to shareholders	709,305
Distribution and service fees	1,318,740
Custodian fee	8,860
Professional fees	86,193
Reports to shareholders	63,031
Registration fees	95,236
Trustees' fees and expenses	23,515
Other	17,145
Total expenses before expense reductions	2,828,001
Expense reductions	(933)
Total expenses after expense reductions	2,827,068
Net investment income	11,771,553
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Sale of affiliated Underlying Funds	(2,921,156)
Sale of non-affiliated Underlying Funds	660,330
Capital gain distributions from affiliated Underlying Funds	6,961,007
Capital gain distributions from non-affiliated Underlying Funds	1,895,497
	6,595,678
Change in net unrealized appreciation (depreciation) on investments	(53,264,265)
Net gain (loss)	(46,668,587)
Net increase (decrease) in net assets resulting from operations	$ (34,897,034)

Increase (Decrease) in Net Assets	Years Ended August 31,
Increase (Decrease) in Net Assets	2015	2014
Operations: Net investment income	$ 11,771,553	$ 9,723,182
Net realized gain (loss)	6,595,678	(3,897,950)
Change in net unrealized appreciation (depreciation)	(53,264,265)	50,402,453
Net increase (decrease) in net assets resulting from operations	(34,897,034)	56,227,685
Distributions to shareholders from: Net investment income: Class A	(11,662,955)	(8,485,384)
Class C	(930,998)	(539,055)
Class R	(35,817)	(9,088)
Class R6*	(332)	—
Class S	(2,858,616)	(1,898,827)
Institutional Class	(503,696)	(221,428)
Net realized gains: Class A	—	(742,834)
Class C	—	(79,545)
Class R	—	(921)
Class S	—	(154,021)
Institutional Class	—	(16,126)
Total distributions	(15,992,414)	(12,147,229)
Fund share transactions: Proceeds from shares sold	81,298,027	119,744,425
Reinvestment of distributions	15,979,896	11,986,624
Payments for shares redeemed	(224,322,636)	(256,481,657)
Net increase (decrease) in net assets from Fund share transactions	(127,044,713)	(124,750,608)
Increase (decrease) in net assets	(177,934,161)	(80,670,152)
Net assets at beginning of period	573,100,279	653,770,431
Net assets at end of period (including undistributed net investment income of $4,960,016 and $5,387,639, respectively)	$ 395,166,118	$ 573,100,279

Class R6	Period Ended 8/31/15^a
Selected Per Share Data
Net asset value, beginning of period	$ 11.67
Income (loss) from investment operations: Net investment income^b	.22
Net realized and unrealized gain (loss)	(.83)
Total from investment operations	(.61)
Less distributions from: Net investment income	(.39)
Net realized gains	—
Total distributions	(.39)
Net asset value, end of period	$ 10.67
Total Return (%)^c,d	(5.41)^**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ thousands)	9
Ratio of expenses before expense reductions (%)^e	.37^*
Ratio of expenses after expense reductions (%)^e	.33^*
Ratio of net investment income (%)	2.57^*
Portfolio turnover rate (%)	25^f
^a For the period from December 1, 2014 (commencement of operations) to August 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 affiliated Underlying 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 for the year ended August 31, 2015. ^* Annualized ^** Not annualized

Undistributed ordinary income*	$ 5,021,655
Capital loss carryforwards	$ (111,000)
Net unrealized appreciation (depreciation) on investments	$ 1,063,433

Class A	.60%
Class C	1.35%
Class R	.85%
Class S	.45%
Institutional Class	.35%

Class A	.58%
Class C	1.33%
Class R	.83%
Class R6	.33%
Class S	.43%
Institutional Class	.33%

Services to Shareholders	Total Aggregated	Unpaid at August 31, 2015
Class A	$ 5,158	$ 891
Class C	1,512	263
Class R	334	54
Class R6	16	3
Class S	3,553	594
Institutional Class	236	36
	$ 10,809	$ 1,841

Service Fee	Total Aggregated	Unpaid at August 31, 2015	Annual Rate
Class A	$ 910,967	$ 197,976	.25%
Class C	100,026	22,087	.25%
Class R	3,802	1,151	.25%
	$ 1,014,795	$ 221,214

	Year Ended August 31, 2015		Year Ended August 31, 2014
	Shares	Dollars	Shares	Dollars
Shares sold
Class A	3,129,059	$ 35,651,358	5,723,110	$ 65,371,995
Class C	356,941	4,055,065	638,411	7,247,552
Class R	118,285	1,344,945	67,931	786,719
Class R6*	857	10,000	—	—
Class S	2,699,219	30,826,535	3,155,072	36,187,558
Institutional Class	835,560	9,410,124	870,110	10,150,601
		$ 81,298,027		$ 119,744,425
Shares issued to shareholders in reinvestment of distributions
Class A	1,037,670	$ 11,653,039	826,562	$ 9,215,517
Class C	82,744	930,870	55,013	613,875
Class R	3,170	35,817	893	10,010
Class R6*	29.5	332	—	—
Class S	254,558	2,856,142	177,578	1,978,086
Institutional Class	44,893	503,696	15,184	169,136
		$ 15,979,896		$ 11,986,624
Shares redeemed
Class A	(13,149,317)	$ (147,934,295)	(15,401,680)	$ (175,002,134)
Class C	(1,268,754)	(14,270,576)	(1,230,528)	(13,978,723)
Class R	(48,036)	(543,079)	(14,332)	(164,285)
Class S	(4,808,679)	(54,124,194)	(5,276,313)	(59,987,040)
Institutional Class	(661,160)	(7,450,492)	(634,706)	(7,349,475)
		$ (224,322,636)		$ (256,481,657)
Net increase (decrease)
Class A	(8,982,588)	$ (100,629,898)	(8,852,008)	$ (100,414,622)
Class C	(829,069)	(9,284,641)	(537,104)	(6,117,296)
Class R	73,419	837,683	54,492	632,444
Class R6*	886.5	10,332	—	—
Class S	(1,854,902)	(20,441,517)	(1,943,663)	(21,821,396)
Institutional Class	219,293	2,463,328	250,588	2,970,262
		$ (127,044,713)		$ (124,750,608)


Boston, Massachusetts October 29, 2015

Expenses and Value of a $1,000 Investment for the six months ended August 31, 2015 (Unaudited)
Actual Fund Return	Class A	Class C	Class R	Class R6	Class S	Institutional Class
Beginning Account Value 3/1/15	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 8/31/15	$ 945.10	$ 941.50	$ 943.60	$ 945.90	$ 945.90	$ 945.90
Expenses Paid per $1,000*	$ 2.60	$ 6.36	$ 4.07	$ 2.01	$ 1.91	$ 1.42
Hypothetical 5% Fund Return	Class A	Class C	Class R	Class R6	Class S	Institutional Class
Beginning Account Value 3/1/15	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 8/31/15	$ 1,022.53	$ 1,018.65	$ 1021.02	$ 1,023.14	$ 1,023.24	$ 1,023.74
Expenses Paid per $1,000*	$ 2.70	$ 6.61	$ 4.23	$ 2.09	$ 1.99	$ 1.48

Distribution Fee	Total Aggregated	Unpaid at August 31, 2015
Class C	$ 300,080	$ 21,393
Class R	3,865	384
	$ 303,945	$ 21,777

Affiliate	Value ($) at 8/31/2014	Purchases Cost ($)	Sales Proceeds ($)	Realized Gain/ (Loss) ($)	Income Distributions ($)	Capital Gain Distributions ($)	Value ($) at 8/31/2015
Deutsche Diversified Market Neutral Fund	70,029,177	521,000	27,200,000	(2,774,883)	—	—	43,306,855
Deutsche Enhanced Commodity Strategy Fund	64,075,196	17,592,721	21,413,000	(5,439,341)	1,959,721	—	48,493,604
Deutsche Enhanced Emerging Markets Fixed Income Fund	78,424,418	16,035,408	21,658,000	(1,825,778)	3,429,408	—	60,330,113
Deutsche Floating Rate Fund	83,350,059	2,785,771	34,274,000	(517,669)	2,785,771	—	48,885,750
Deutsche Global Inflation Fund	40,067,868	9,374,003	12,912,000	(244,244)	408,003	—	35,065,945
Deutsche Global Infrastructure Fund	113,237,751	6,364,520	39,904,000	6,340,816	1,246,950	4,436,570	65,917,903
Deutsche Global Real Estate Securities Fund	17,552,252	15,338,077	11,298,000	1,484,903	759,077	—	19,425,752
Deutsche Real Estate Securities Fund	19,333,996	22,923,403	14,993,000	109,191	472,988	2,341,415	24,497,577
Deutsche Real Estate Securities Income Fund	—	2,775,307	543,000	(47,370)	104,487	172,820	1,877,018
Deutsche Strategic Equity Long/Short Fund	—	6,598,125	1,425,000	(6,781)	15,923	10,202	4,946,465
Central Cash Management Fund	851,939	168,851,508	165,847,699	—	4,650	—	3,855,748
Total	486,922,656	269,159,843	351,467,699	(2,921,156)	11,186,978	6,961,007	356,602,730

Annualized Expense Ratios**	Class A	Class C	Class R	Class R6	Class S	Institutional Class
Deutsche Select Alternative Allocation Fund	.53%	1.30%	.83%	.41%	.39%	.29%

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); 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; North Bennett Street School (Boston)	106	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.

For shareholders of Class R and R6
Automated Information Line	DeAWM Flex Plan Access (800) 728-3337 24-hour access to your retirement plan account.
Web Site	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.
For More Information	(800) 728-3337 To speak with a service representative.
Written Correspondence	DeAWM Service Company 222 South Riverside Plaza Chicago, IL 60606-5806

	Class R	Class R6
Nasdaq Symbol	SELRX	SELUX
CUSIP Number	25159K 101	25159K 697
Fund Number	1588	1688


ITEM 2.	CODE OF ETHICS

	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.

ITEM 3.	AUDIT COMMITTEE FINANCIAL EXPERT

	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.

ITEM 4.	PRINCIPAL ACCOUNTANT FEES AND SERVICES

Fiscal Year Ended August 31,	Audit Fees Billed to Fund	Audit-Related Fees Billed to Fund	Tax Fees Billed to Fund	All Other Fees Billed to Fund
2015	$61,578	$0	$5,662	$0
2014	$60,842	$0	$4,440	$0

Fiscal Year Ended August 31,	Audit-Related Fees Billedto Adviser and Affiliated Fund Service Providers	Tax Fees Billed to Adviser and Affiliated Fund Service Providers	All Other Fees Billed to Adviser and Affiliated Fund Service Providers
2015	$0	$498,574	$3,642,017
2014	$0	$266,072	$6,090,049


ITEM 5.	AUDIT COMMITTEE OF LISTED REGISTRANTS

	Not applicable

ITEM 6.	SCHEDULE OF INVESTMENTS

	Not applicable

ITEM 7.	DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 8.	PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

	Not applicable

ITEM 9.	PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

	Not applicable

ITEM 10.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

	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.

ITEM 11.	CONTROLS AND PROCEDURES

	(a)	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.

	(b)	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.

ITEM 12.	EXHIBITS

	(a)(1)	Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

	(a)(2)	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.

	(b)	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.

Registrant:	Deutsche Select Alternative Allocation Fund, a series of Deutsche Market Trust


By:	/s/Brian E. Binder Brian E. Binder President

Date:	October 30, 2015

October 30, 2015	/s/Paul Schubert
	Paul Schubert
	Chief Financial Officer and Treasurer