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

Ten Largest Long Common Stock Holdings at August 31, 2015 (19.1% of Net Assets)
1. Allergan PLC Manufactures specialty pharmaceuticals	3.0%
2. W.R. Grace & Co. Supplier of specialty chemical and container products	2.4%
3. Owens-Illinois, Inc. Manufactures plastic and glass packing products	2.1%
4. FMC Corp. Produces diverse chemical solutions, applications and products	1.8%
5. Costco Wholesale Corp. Operator of wholesale warehouse stores	1.7%
6. Becton, Dickinson & Co. Provider of medical supplies and devices	1.7%
7. IDEXX Laboratories, Inc. Provides diagnostic, detection and information systems for veterinary, food and water testing applications	1.7%
8. Home Depot, Inc. Home improvement retailer that sells building materials and home improvements products	1.6%
9. The Sherwin-Williams Co. Manufacturer of paints, coatings and related products	1.6%
10. Buffalo Wild Wings, Inc. Owns and operates Buffalo Wild Wings Bar and Restaurant	1.5%

Ten Largest Common Stock Sold Short Equity Holdings at August 31, 2015 (3.0% of Net Assets)
1. Banco Bilbao Vizcaya Argentaria SA Attracts, deposits and offers retail wholesale and investment banking services	0.4%
2. Bolsas y Mercados Espanoles SHMSF SA Operator of all stock markets and financial systems in Spain	0.4%
3. Hain Celestial Group, Inc. Distributor and seller of natural, organic and specialty food products	0.3%
4. AGCO Corp. Manufactures and distributes agricultural equipment throughout the world	0.3%
5. Berkshire Hathaway, Inc. Holding company of insurance business and a variety of other businesses	0.3%
6. Mediaset Espana Comunicacion SA Television broadcaster; conducts television, cinema and music production operations	0.3%
7. ICA Gruppen AB Operates and manages food retail stores	0.3%
8. Hexagon AB Global provider of technologies	0.3%
9. DNB ASA Commercial bank	0.2%
10. Nestle SA Multinational packaged food company	0.2%
Portfolio holdings and characteristics are subject to change. For more complete details about the fund's investment portfolio, see page 13. A quarterly Fact Sheet is available on deutschefunds.com or upon request. Please see the Account Management Resources section on page 61 for contact information.

Class A	1-Year	Life of Fund^*
Average Annual Total Returns as of 8/31/15
Unadjusted for Sales Charge	–6.44%	–4.42%
Adjusted for the Maximum Sales Charge (max 5.75% load)	–11.82%	–8.69%
HFRX Equity Hedge Index^†	–1.00%	0.46%
Class C	1-Year	Life of Fund^*
Average Annual Total Returns as of 8/31/15
Unadjusted for Sales Charge	–7.06%	–5.13%
Adjusted for the Maximum Sales Charge (max 1.00% CDSC)	–7.06%	–5.13%
HFRX Equity Hedge Index^†	–1.00%	0.46%
Class S	1-Year	Life of Fund^*
Average Annual Total Returns as of 8/31/15
No Sales Charge	–6.24%	–4.34%
HFRX Equity Hedge Index^†	–1.00%	0.46%
Institutional Class	1-Year	Life of Fund^*
Average Annual Total Returns as of 8/31/15
No Sales Charge	–6.14%	–4.19%
HFRX Equity Hedge Index^†	–1.00%	0.46%

	Class A	Class C	Class S	Institutional Class
Net Asset Value
8/31/15	$ 9.37	$ 9.28	$ 9.38	$ 9.40
8/31/14	$ 10.08	$ 10.05	$ 10.07	$ 10.08
Distribution Information as of 8/31/15
Income Dividends, Twelve Months	$ .04	$ .04	$ .04	$ .04
Capital Gain Distributions, Twelve Months	$ .02	$ .02	$ .02	$ .02

	Shares	Value ($)

Long Positions 130.5%
Common Stocks 100.7%
Consumer Discretionary 25.1%
Auto Components 5.6%
American Axle & Manufacturing Holdings, Inc.* (a)	37,487	757,237
Cie Generale des Etablissements Michelin	8,205	795,005
Faurecia	12,074	437,278
Goodyear Tire & Rubber Co. (a) (b)	51,488	1,532,798
Koito Manufacturing Co., Ltd.	18,400	630,520
Lear Corp. (a)	7,472	768,047
Magna International, Inc. (a)	14,217	699,334
		5,620,219
Hotels, Restaurants & Leisure 5.0%
Ainsworth Game Technology Ltd. (b)	75,991	162,241
Bloomin' Brands, Inc. (b)	17,682	366,018
Buffalo Wild Wings, Inc.* (b)	8,173	1,550,255
Domino's Pizza, Inc. (b)	11,011	1,166,505
Hilton Worldwide Holdings, Inc.	5,000	124,150
Melco Crown Entertainment Ltd. (ADR)	14,000	246,680
MGM Resorts International*	13,200	269,676
Sonic Corp. (a) (b)	46,480	1,254,960
Starwood Hotels & Resorts Worldwide, Inc.	100	7,147
		5,147,632
Internet & Catalog Retail 1.5%
The Priceline Group, Inc.*	440	549,401
Wayfair, Inc. "A"* (b)	25,756	960,699
		1,510,100
Leisure Products 0.0%
Polaris Industries, Inc. (b)	142	18,442
Media 7.5%
Cineplex, Inc.	2,947	107,208
Comcast Corp. "A"	2,000	114,480
DISH Network Corp. "A"*	5,800	343,766
Liberty Global PLC "A"* (a)	20,489	985,931
Liberty Global PLC LiLAC "A"* (b)	1,751	60,182
Loral Space & Communications, Inc.*	5,400	292,734
New Media Investment Group, Inc.	13,820	206,194
Pearson PLC	30,016	522,568
Sirius XM Holdings, Inc.*	128,900	491,754
Societe Television Francaise 1	35,483	571,203
Time Warner, Inc.	5,200	369,720
Tribune Media Co. "A"	9,300	371,442
Twenty-First Century Fox, Inc. "A"	9,100	249,249
UBM PLC	32,117	243,135
Vivendi SA	26,060	645,282
Walt Disney Co. (b)	12,451	1,268,508
Wolters Kluwer NV	24,754	784,914
		7,628,270
Multiline Retail 0.2%
Dollar General Corp.	600	44,694
Europris ASA, 144A*	22,955	112,384
J.C. Penney Co., Inc.*	2,000	18,220
		175,298
Specialty Retail 4.0%
AutoZone, Inc.* (a)	2,029	1,452,744
Gulliver International Co., Ltd.	45,700	404,645
Home Depot, Inc. (a) (b)	14,271	1,662,000
O'Reilly Automotive, Inc.* (b)	2,487	597,054
		4,116,443
Textiles, Apparel & Luxury Goods 1.3%
NIKE, Inc. "B" (a)	11,203	1,251,935
PVH Corp.	700	83,286
		1,335,221
Consumer Staples 8.1%
Beverages 1.9%
Anheuser-Busch InBev SA	1,605	175,543
Brown-Forman Corp. "B" (b)	7,554	741,047
Davide Campari-Milano SpA	56,740	423,366
Diageo PLC	19,629	522,799
Diageo PLC (ADR)	1,205	128,176
		1,990,931
Food & Staples Retailing 1.7%
Costco Wholesale Corp. (a) (b)	12,325	1,726,116
Food Products 3.0%
Associated British Foods PLC	10,632	521,848
Blue Buffalo Pet Products, Inc.*	1,100	28,105
Chocoladefabriken Lindt & Sprungli AG (Registered)	22	1,481,897
Kerry Group PLC "A" (c)	2,890	212,093
Kerry Group PLC "A" (c)	584	43,482
Kraft Heinz Co. (b)	3,456	251,113
Origin Enterprises PLC*	1	9
The JM Smucker Co. (a) (b)	4,640	546,221
		3,084,768
Household Products 1.1%
HRG Group, Inc.*	47,200	607,936
Procter & Gamble Co. (a) (b)	6,824	482,252
		1,090,188
Personal Products 0.4%
Asaleo Care Ltd.	326,574	419,494
Energy 2.4%
Energy Equipment & Services 0.4%
Halliburton Co. (a) (b)	6,921	272,341
Nordic American Offshore Ltd.*	15,250	105,225
Transocean Partners LLC (Units)	5,400	59,346
		436,912
Oil, Gas & Consumable Fuels 2.0%
Anadarko Petroleum Corp.	4,200	300,636
Atlas Energy Group LLC*	20,827	68,937
Atlas Resource Partners LP	21,300	84,987
Black Stone Minerals LP	2,200	34,452
Caltex Australia Ltd.	5,947	135,316
Encana Corp. (a)	18,589	138,302
Enviva Partners LP	1,900	24,795
Freehold Royalties Ltd. (b)	14,000	116,206
Gener8 Maritime, Inc.*	400	5,200
Gulf Coast Ultra Deep Royalty Trust*	71,049	21,315
Gulfport Energy Corp.*	6,700	240,061
Kinder Morgan, Inc.	7,800	252,798
Premier Oil PLC*	65,206	105,958
RSP Permian, Inc.*	600	14,364
Targa Resources Corp.	5,500	363,330
Targa Resources Partners LP	4,587	138,481
		2,045,138
Financials 14.9%
Banks 4.3%
Banca Popolare dell'Emilia Romagna SC	9,302	80,305
Banca Popolare di Milano Scarl	78,890	83,873
Banco Popolare SC*	4,746	81,814
Bank of Ireland*	1,457,521	569,701
Barclays PLC	42,600	171,207
BOC Hong Kong (Holdings) Ltd.	95,500	323,498
Citigroup, Inc.	10,200	545,496
Credito Valtellinese SC*	60,874	84,510
Israel Discount Bank Ltd. "A"*	90,887	168,416
JPMorgan Chase & Co.	5,800	371,780
Kasikornbank PCL (Foreign Registered)	29,400	148,666
Permanent TSB Group Holdings PLC*	49,191	267,719
Swedbank AB "A"	23,308	533,322
Unione di Banche Italiane SCpA	10,009	78,276
Wells Fargo & Co. (a)	17,411	928,529
		4,437,112
Capital Markets 2.1%
Credit Suisse Group AG (Registered)	9,471	255,025
ETRADE Financial Corp.	12,200	320,738
Henderson Group PLC	64,041	253,260
KKR & Co. LP	10,800	206,172
SEI Investments Co.	5,447	275,509
Tetragon Financial Group Ltd. (c)	6,300	64,193
Tetragon Financial Group Ltd. (c)	35,500	355,000
The Goldman Sachs Group, Inc.	1,479	278,939
THL Credit, Inc.	7,211	89,849
		2,098,685
Consumer Finance 1.2%
Navient Corp.	33,855	433,006
Provident Financial PLC	4,360	197,439
Springleaf Holdings, Inc.* (a)	12,700	568,452
		1,198,897
Diversified Financial Services 1.4%
Euronext NV, 144A	859	39,314
Moody's Corp. (a) (b)	13,485	1,379,650
		1,418,964
Insurance 1.4%
American International Group, Inc.	13,000	784,420
Prudential PLC	7,747	168,974
Sampo Oyj "A"	10,952	528,996
		1,482,390
Real Estate Investment Trusts 2.0%
Chimera Investment Corp. (REIT)	48,740	682,847
Gaming and Leisure Properties, Inc. (REIT)	3,200	99,008
Klepierre (REIT)	11,844	521,445
New Residential Investment Corp. (REIT)	23,000	325,680
New Senior Investment Group, Inc. (REIT)	21,416	243,928
PennyMac Mortgage Investment Trust (REIT)	9,900	149,193
		2,022,101
Real Estate Management & Development 2.3%
Altisource Portfolio Solutions SA*	4,700	126,477
Altus Group Ltd. (b)	6,733	107,781
Daiwa House Industry Co., Ltd.	21,900	538,973
Hulic Co., Ltd. (b)	27,900	256,728
LEG Immobilien AG	7,391	555,260
Mitsubishi Estate Co., Ltd.	9,000	193,581
Pruksa Real Estate PCL (Foreign Registered)	253,300	180,197
Realogy Holdings Corp.*	10,200	411,060
		2,370,057
Thrifts & Mortgage Finance 0.2%
PennyMac Financial Services, Inc. "A"*	12,200	209,474
Health Care 13.1%
Biotechnology 1.3%
Actelion Ltd. (Registered)	4,768	651,493
Incyte Corp.* (b)	3,100	360,189
Seattle Genetics, Inc.*	951	38,297
United Therapeutics Corp.* (a) (b)	1,535	231,201
		1,281,180
Health Care Equipment & Supplies 3.4%
Becton, Dickinson & Co. (a) (b)	12,177	1,717,200
IDEXX Laboratories, Inc.* (a) (b)	23,939	1,710,920
TearLab Corp.* (b)	16,226	44,135
		3,472,255
Health Care Providers & Services 0.9%
Fresenius SE & Co. KGaA	3,729	263,836
McKesson Corp.	2,800	553,224
Spire Healthcare Group PLC, 144A	23,232	126,912
		943,972
Life Sciences Tools & Services 1.3%
Thermo Fisher Scientific, Inc. (a) (b)	10,326	1,294,571
Pharmaceuticals 6.2%
Allergan PLC* (a) (b)	10,010	3,040,438
AstraZeneca PLC	8,105	512,688
Auris Medical Holding AG*	200	951
Bayer AG (Registered)	2,697	366,376
Bristol-Myers Squibb Co. (a)	5,951	353,906
Carbylan Therapeutics, Inc.*	300	1,629
Ipsen SA	9,075	609,470
Paratek Pharmaceuticals, Inc.	500	12,990
Pfizer, Inc.	10,700	344,754
Shire PLC	3,455	267,000
Valeant Pharmaceuticals International, Inc.*	1,603	369,652
Zoetis, Inc. (a)	11,108	498,416
Zogenix, Inc.*	500	9,610
		6,387,880
Industrials 15.0%
Aerospace & Defense 3.3%
Huntington Ingalls Industries, Inc.	4,998	562,675
TransDigm Group, Inc.* (b)	5,633	1,294,632
Triumph Group, Inc. (a) (b)	30,472	1,505,012
		3,362,319
Air Freight & Logistics 1.0%
FedEx Corp. (a)	7,074	1,065,415
Airlines 1.4%
American Airlines Group, Inc. (a)	7,380	287,673
Delta Air Lines, Inc.	3,800	166,364
International Consolidated Airlines Group SA*	31,180	257,664
United Continental Holdings, Inc.*	12,100	689,337
		1,401,038
Building Products 0.5%
Fortune Brands Home & Security, Inc. (b)	10,263	491,085
Commercial Services & Supplies 0.7%
De La Rue PLC	25,536	191,909
Elior, 144A	11,300	229,640
KAR Auction Services, Inc.	1,900	70,376
Spotless Group Holdings Ltd.	174,764	247,498
		739,423
Construction & Engineering 0.1%
Louis XIII Holdings Ltd.*	301,000	93,212
Electrical Equipment 0.6%
Alstom SA*	13,205	410,054
Sensata Technologies Holding NV* (a) (b)	3,045	144,333
Sunrun, Inc.*	1,300	15,444
		569,831
Industrial Conglomerates 0.2%
Alliance Global Group, Inc.	603,188	255,400
Machinery 2.6%
Crane Co. (a) (b)	13,317	699,675
FANUC Corp.	1,500	243,484
Kurita Water Industries Ltd.	24,900	518,223
Milacron Holdings Corp.*	1,600	31,824
Oshkosh Corp.	18,737	787,891
SKF AB "B"	17,326	330,883
Vallourec SA	5,080	65,096
		2,677,076
Road & Rail 2.7%
CSX Corp. (a)	28,116	769,816
Norfolk Southern Corp. (a) (b)	9,997	778,866
Union Pacific Corp. (a) (b)	14,593	1,251,204
		2,799,886
Trading Companies & Distributors 1.8%
AerCap Holdings NV*	16,900	710,476
Neff Corp. "A"*	200	1,318
WESCO International, Inc.* (a) (b)	19,327	1,081,732
		1,793,526
Transportation Infrastructure 0.1%
BBA Aviation PLC	29,192	130,455
Information Technology 8.3%
Communications Equipment 0.6%
Motorola Solutions, Inc.	10,400	674,128
Electronic Equipment, Instruments & Components 1.8%
Anixter International, Inc.* (a)	11,722	746,222
Ingram Micro, Inc. "A" (a)	40,530	1,096,742
		1,842,964
Internet Software & Services 1.6%
Facebook, Inc. "A"*	4,100	366,663
Google, Inc. "A"*	1,490	965,252
Google, Inc. "C"*	438	270,793
		1,602,708
IT Services 2.9%
Amadeus IT Holding SA "A"	2,000	83,814
Amdocs Ltd. (a)	17,684	1,011,702
Atos	6,862	523,459
Itochu Techno-Solutions Corp.	22,200	489,053
MasterCard, Inc. "A"	9,100	840,567
		2,948,595
Semiconductors & Semiconductor Equipment 0.4%
SunEdison, Inc.*	38,100	396,240
Software 1.0%
Intuit, Inc. (a)	10,977	941,278
Monitise PLC*	1,333,600	117,323
		1,058,601
Materials 13.4%
Chemicals 8.1%
Arkema	5,499	388,950
Ashland, Inc.	4,500	472,365
Dow Chemical Co.	10,000	437,600
Eastman Chemical Co.	3,400	246,364
FMC Corp. (a) (b)	43,216	1,828,469
Kuraray Co., Ltd.	49,900	589,862
LyondellBasell Industries NV "A"	2,000	170,760
Orion Engineered Carbons SA	2,400	39,360
The Sherwin-Williams Co. (a) (b)	6,337	1,621,068
W.R. Grace & Co.* (a)	25,469	2,519,903
		8,314,701
Construction Materials 2.8%
CRH PLC	27,188	814,286
Martin Marietta Materials, Inc. (b)	7,780	1,305,484
Summit Materials, Inc. "A"*	28,755	674,592
		2,794,362
Containers & Packaging 2.5%
Nampak Ltd.	109,175	254,245
Owens-Illinois, Inc.* (a) (b)	103,560	2,159,226
Pact Group Holdings Ltd.	37,704	118,329
		2,531,800
Utilities 0.4%
Independent Power & Renewable Eletricity Producers 0.4%
Abengoa Yield PLC	1,800	40,968
Infinis Energy PLC	86,749	171,055
TerraForm Global, Inc. "A"*	18,200	177,268
		389,291
Total Common Stocks (Cost $104,385,430)		102,894,766

Preferred Stocks 0.1%
Financials
Federal Home Loan Mortgage Corp. "X"*	1,000	4,100
Federal Home Loan Mortgage Corp. "V"*	2,500	9,750
Federal National Mortgage Association "S"*	3,500	25,900
Federal National Mortgage Association "N"*	1,700	12,920
Federal National Mortgage Association "M"*	4,500	22,185
Total Preferred Stocks (Cost $62,906)		74,855

		Principal Amount ($)	Value ($)

Corporate Bonds 0.2%
Telecommunication Services
HC2 Holdings, Inc., 144A, 11.0%, 12/1/2019		70,000	68,250
Intelsat Jackson Holdings SA, 6.625%, 12/15/2022		60,000	52,500
Intelsat Luxembourg SA:
	7.75%, 6/1/2021	80,000	59,940
	8.125%, 6/1/2023	30,000	22,050
Total Corporate Bonds (Cost $225,600)			202,740

	Shares	Value ($)

Warrants 0.0%
Financials
Alpha Bank AE, Expiration Date 12/10/2017* (Cost $31,633)	60,500	1,833

Securities Lending Collateral 22.4%
Daily Assets Fund Institutional, 0.16% (d) (e) (Cost $22,951,057)	22,951,057	22,951,057

Cash Equivalents 7.1%
Central Cash Management Fund, 0.11% (d) (Cost $7,256,333)	7,256,333	7,256,333

	% of Net Assets	Value ($)

Total Long Positions (Cost $134,912,959)^†	130.5	133,381,584
Other Assets and Liabilities, Net	7.2	7,407,771
Securities Sold Short	(37.7)	(38,555,991)
Net Assets	100.0	102,233,364

	Shares	Value ($)

Common Stocks Sold Short 6.7%
Consumer Discretionary 1.1%
Auto Components 0.2%
Continental AG	1,153	245,180
Household Durables 0.3%
Barratt Developments PLC	16,185	158,826
Berkeley Group Holdings PLC	2,598	134,429
		293,255
Media 0.3%
Mediaset Espana Comunicacion SA	24,547	293,487
Specialty Retail 0.1%
Fast Retailing Co., Ltd.	300	122,139
Textiles, Apparel & Luxury Goods 0.2%
lululemon athletica, Inc.	2,990	191,390
Consumer Staples 1.3%
Food & Staples Retailing 0.3%
ICA Gruppen AB	7,526	280,437
Food Products 0.7%
Hain Celestial Group, Inc.	5,859	356,579
Nestle SA (Registered)	3,555	261,956
Yakult Honsha Co., Ltd.	2,200	122,735
		741,270
Household Products 0.3%
Unicharm Corp.	11,800	239,173
Financials 2.1%
Banks 0.6%
Banco Bilbao Vizcaya Argentaria SA	41,523	385,269
DNB ASA	18,340	262,597
		647,866
Capital Markets 0.6%
Eaton Vance Corp.	3,700	128,279
GAM Holding AG	14,160	260,527
Julius Baer Group Ltd.	3,643	177,335
		566,141
Diversified Financial Services 0.7%
Berkshire Hathaway, Inc. "B"	2,319	310,697
Bolsas y Mercados Espanoles SHMSF SA	9,721	379,889
		690,586
Insurance 0.2%
Hannover Rueck SE	2,523	255,609
Health Care 0.6%
Biotechnology 0.1%
Exact Sciences Corp.	5,351	118,311
Health Care Equipment & Supplies 0.3%
Getinge AB "B"	7,764	172,754
Varian Medical Systems, Inc.	1,551	126,019
		298,773
Pharmaceuticals 0.2%
Merck & Co., Inc.	3,490	187,936
Industrials 1.0%
Airlines 0.1%
Deutsche Lufthansa AG (Registered)	9,440	115,178
Machinery 0.7%
AGCO Corp.	6,396	313,660
Metso Oyj	10,145	249,991
NTN Corp.	19,000	99,232
		662,883
Trading Companies & Distributors 0.2%
Ashtead Group PLC	16,596	240,786
Information Technology 0.6%
Communications Equipment 0.2%
NetScout Systems, Inc.	4,044	147,808
Electronic Equipment, Instruments & Components 0.3%
Hexagon AB "B"	8,256	266,309
Yaskawa Electric Corp.	6,700	76,650
		342,959
Internet Software & Services 0.1%
Zoopla Property Group PLC, 144A	35,790	144,604
Total Common Stocks Sold Short (Proceeds $6,934,352)		6,825,771

Exchange-Traded Funds Sold Short 31.0%
Energy Select Sector SPDR Fund	30,504	2,026,381
iShares MSCI Japan Fund	85,824	1,040,187
iShares Nasdaq Biotechnology Fund	3,436	1,175,078
SPDR S&P 500 ETF Trust	120,638	23,846,513
SPDR S&P MidCap 400 Trust	10,078	2,600,124
Vanguard FTSE Europe Fund	20,220	1,041,937
Total Exchange-Traded Funds Sold Short (Proceeds $33,458,672)		31,730,220
Total Positions Sold Short (Proceeds $40,393,024)		38,555,991

Futures	Currency	Expiration Date	Contracts	Notional Value ($)	Unrealized Appreciation ($)
90 Day Eurodollar	USD	12/19/2016	2	494,050	195

Contracts to Deliver		In Exchange For		Settlement Date	Unrealized Appreciation ($)	Counterparty
USD	379,832	HKD	2,944,400	11/18/2015	17	State Street Bank and Trust
EUR	590,000	USD	663,492	11/20/2015	585	State Street Bank and Trust
EUR	290,000	USD	326,975	11/19/2015	1,145	State Street Bank and Trust
EUR	1,250,000	USD	1,407,831	9/16/2015	4,861	State Street Bank and Trust
USD	65,073	EUR	60,000	9/21/2015	2,275	State Street Bank and Trust
USD	49,628	EUR	45,393	9/16/2015	1,319	State Street Bank and Trust
USD	314,360	CHF	305,600	11/18/2015	2,628	State Street Bank and Trust
USD	690,779	JPY	84,583,800	11/18/2015	7,712	State Street Bank and Trust
USD	285,857	PHP	13,461,000	11/17/2015	998	State Street Bank and Trust
USD	279,438	EUR	250,000	11/20/2015	1,454	State Street Bank and Trust
GBP	260,000	USD	406,314	9/21/2015	7,388	State Street Bank and Trust
USD	18,757	THB	678,300	11/18/2015	107	State Street Bank and Trust
GBP	84,426	USD	131,611	9/16/2015	2,069	State Street Bank and Trust
AUD	1,617,613	USD	1,185,743	11/18/2015	39,073	State Street Bank and Trust
GBP	2,671,231	USD	4,167,975	11/18/2015	70,691	State Street Bank and Trust
ILS	1,738,154	USD	456,707	11/18/2015	13,079	State Street Bank and Trust
ZAR	14,131,678	USD	1,090,417	11/18/2015	39,071	State Street Bank and Trust
NOK	1,019,100	USD	124,804	11/18/2015	1,769	State Street Bank and Trust
CAD	847,629	USD	651,804	11/18/2015	7,639	State Street Bank and Trust
PHP	25,885,600	USD	552,993	11/17/2015	1,369	State Street Bank and Trust
THB	11,863,100	USD	331,928	11/18/2015	2,014	State Street Bank and Trust
SEK	2,299,000	USD	272,524	11/18/2015	447	State Street Bank and Trust
GBP	80,000	USD	125,169	1/26/2016	2,493	State Street Bank and Trust
USD	660,202	SEK	5,640,193	11/18/2015	7,292	State Street Bank and Trust
SGD	369,900	USD	262,740	11/18/2015	1,462	State Street Bank and Trust
CHF	1,476,200	USD	1,577,233	9/16/2015	49,416	State Street Bank and Trust
USD	271,940	NOK	2,260,000	11/18/2015	908	State Street Bank and Trust
Total unrealized appreciation					269,281

Assets	Level 1	Level 2	Level 3	Total

Common Stocks (f)	$ 77,877,425	$ 25,017,341	$ —	$ 102,894,766
Preferred Stocks	74,855	—	—	74,855
Corporate Bonds	—	202,740	—	202,740
Warrants	—	1,833	—	1,833
Short-Term Investments (f)	30,207,390	—	—	30,207,390
Derivatives (g)
Futures Contracts	195	—	—	195
Forward Foreign Currency Exchange Contracts	—	269,281	—	269,281
Total	$ 108,159,865	$ 25,491,195	$ —	$ 133,651,060
Liabilities	Level 1	Level 2	Level 3	Total

Common Stocks Sold Short, at Value (f)	$ (1,880,679)	$ (4,945,092)	$ —	$ (6,825,771)
Exchange-Traded Funds Sold Short	(31,730,220)	—	—	(31,730,220)
Derivatives (g)
Forward Foreign Currency Exchange Contracts	—	(139,777)	—	(139,777)
Total	$ (33,610,899)	$ (5,084,869)	$ —	$ (38,695,768)

as of August 31, 2015
Assets
Investments: Investments in non-affiliated securities, at value (cost $104,705,569) — including $22,435,362 of securities loaned	$ 103,174,194
Investment in Daily Assets Fund Institutional (cost $22,951,057)*	22,951,057
Investment in Central Cash Management Fund (cost $7,256,333)	7,256,333
Total investments in securities, at value (cost $134,912,959)	133,381,584
Cash	1,358,395
Deposit with broker for futures contracts	208,567
Deposit with broker for securities sold short	30,096,449
Receivable for investments sold	5,765,978
Receivable for Fund shares sold	134,365
Dividends receivable	121,552
Interest receivable	7,918
Receivable for variation margin on futures contracts	762
Unrealized appreciation on forward foreign currency exchange contracts	269,281
Foreign taxes recoverable	29,629
Other assets	29,328
Total assets	171,403,808
Liabilities
Foreign currency overdraft, at value (cost $63,877)	63,140
Payable upon return of securities loaned	22,951,057
Payable for investments purchased	6,188,037
Payable for securities sold short, at value (proceeds of $40,393,024)	38,555,991
Payable for Fund shares redeemed	883,259
Unrealized depreciation on forward foreign currency exchange contracts	139,777
Dividends payable for securities sold short	7,251
Accrued management fee	160,290
Accrued Trustees' fee	2,347
Other accrued expenses and payables	219,295
Total liabilities	69,170,444
Net assets, at value	$ 102,233,364

Statement of Assets and Liabilities as of August 31, 2015 (continued)
Net Assets Consist of
Undistributed net investment income	901,969
Net unrealized appreciation (depreciation) on: Investments	(1,531,375)
Securities sold short	1,837,033
Futures	195
Foreign currency	126,266
Accumulated net realized gain (loss)	(12,862,798)
Paid-in capital	113,762,074
Net assets, at value	$ 102,233,364
Net Asset Value
Class A Net Asset Value and redemption price per share ($13,854,173 ÷ 1,478,156 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 9.37
Maximum offering price per share (100 ÷ 94.25 of $9.37)	$ 9.94
Class C Net Asset Value, offering and redemption price (subject to contingent deferred sales charge) per share ($6,186,821 ÷ 666,932 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 9.28
Class S Net Asset Value, offering and redemption price per share ($17,372,275 ÷ 1,852,244 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 9.38
Institutional Class Net Asset Value, offering and redemption priceper share ($64,820,095 ÷ 6,899,225 outstanding shares of beneficial interest, no par value, unlimited number of shares authorized)	$ 9.40

Increase (Decrease) in Net Assets	Year Ended August 31, 2015	Period Ended August 31, 2014*
	Year Ended August 31, 2015	Period Ended August 31, 2014*
Operations: Net investment income (loss)	$ (1,620,740)	$ (1,018,476)
Net realized gain (loss)	(7,647,696)	(448,010)
Change in net unrealized appreciation (depreciation)	(2,583,870)	3,015,989
Net increase (decrease) in net assets resulting from operations	(11,852,306)	1,549,503
Distributions to shareholders from: Net investment income: Class A	(63,700)	—
Class C	(20,723)	—
Class S	(90,055)	—
Institutional Class	(575,753)	—
Net realized gains: Class A	(40,816)	—
Class C	(13,279)	—
Class S	(57,703)	—
Institutional Class	(368,914)	—
Total distributions	(1,230,943)	—
Fund share transactions: Proceeds from shares sold	45,911,583	52,499,529
Reinvestment of distributions	1,224,962	—
Cost of shares redeemed	(141,534,969)	(44,337,995)
Net increase (decrease) in net assets from Fund share transactions	(94,398,424)	8,161,534
Increase (decrease) in net assets	(107,481,673)	9,711,037
Net assets at beginning of period	209,715,037	200,004,000
Net assets at end of period (including undistributed net investment income and accumulated net investment loss of $901,969 and $454,342, respectively)	$ 102,233,364	$ 209,715,037

Institutional Class	Year Ended 8/31/15	Period Ended 8/31/14^a
Selected Per Share Data
Net asset value, beginning of period	$ 10.08	$ 10.00
Income (loss) from investment operations: Net investment income (loss)^b	(.10)	(.05)
Net realized and unrealized gain (loss)	(.52)	.13
Total from investment operations	(.62)	.08
Less distributions from: Net investment income	(.04)	—
Net realized gains on investment	(.02)	—
Total distributions	(.06)	—
Net asset value, end of period	$ 9.40	$ 10.08
Total Return (%)	(6.14)	.80^**
Ratios to Average Net Assets and Supplemental Data
Net assets, end of period ($ millions)	65	166
Ratio of expenses (including interest expense and dividend expense for securities sold short) (%)	2.82	2.96^*
Ratio of expenses (excluding interest expense and dividend expense for securities sold short) (%)	2.08	2.11^*
Ratio of net investment income (loss) (%)	(1.01)	(1.60)^*
Portfolio turnover rate (%)	316	119^**
^a For the period from May 15, 2014 (commencement of operations) to August 31, 2014. ^b Based on average shares outstanding during the period. ^* Annualized ^** Not annualized

Undistributed ordinary income^*	$ 1,022,575
Capital loss carryforwards	$ (9,381,000)
Net unrealized appreciation (depreciation) on investments	$ (3,694,480)

	Year Ended August 31, 2015
Distributions from ordinary income*	$ 1,207,447
Distributions from long-term capital gains	$ 23,496

for the year ended August 31, 2015
Investment Income
Income: Dividends (net of foreign taxes withheld of $81,716)	$ 2,598,357
Income distributions — Central Cash Management Fund	7,155
Securities lending income, including income from Daily Assets Fund Institutional, net of borrower rebates	13,962
Total income	2,619,474
Expenses: Management fee	2,534,869
Administration fee	144,850
Services to shareholders	80,990
Distribution and service fees	96,609
Custodian fee	70,782
Professional fees	120,400
Reports to shareholders	28,006
Registration fees	36,684
Trustees' fees and expenses	9,275
Dividend expense on securities sold short	752,259
Interest expense on securities sold short	326,642
Other	53,311
Total expenses before expense reductions	4,254,677
Expense reductions	(14,463)
Total expenses after expense reductions	4,240,214
Net investment income (loss)	(1,620,740)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) from: Investments	(8,612,149)
Securities sold short	(2,861,150)
Futures	18,092
Written options	23,149
Foreign currency	3,784,362
	(7,647,696)
Change in net unrealized appreciation (depreciation) on: Investments	(6,004,436)
Securities sold short	3,768,012
Futures	(40,195)
Foreign currency	(307,251)
	(2,583,870)
Net gain (loss)	(10,231,566)
Net increase (decrease) in net assets resulting from operations	$ (11,852,306)

Asset Derivatives	Forward Contracts	Futures Contracts	Total
Interest Rate Contracts (a)	$ —	$ 195	$ 195
Foreign Exchange Contracts (b)	269,281	—	269,281
	$ 269,281	$ 195	$ 269,476
Each of the above derivatives is located in the following Statement of Assets and Liabilities accounts: (a) Includes cumulative appreciation of futures contracts as disclosed in the Investment Portfolio. Unsettled variation margin is disclosed separately within the Statement of Assets and Liabilities. (b) Unrealized appreciation on forward foreign currency exchange contracts

Realized Gain (Loss)	Purchased Options	Written Options	Forward Contracts	Futures Contracts	Total
Interest Rate Contracts (a)	$ —	$ —	$ —	$ (41,513)	$ (41,513)
Equity Contracts (a)	209,374	23,149	—	33,806	266,329
Foreign Exchange Contracts (a)(b)	—	—	4,299,067	25,799	4,324,866
	$ 209,374	$ 23,149	$ 4,299,067	$ 18,092	$ 4,549,682
Each of the above derivatives is located in the following Statement of Operations accounts: (a) Net realized gain (loss) from investments (includes purchased options), futures and written options, respectively. (b) Net realized gain (loss) from foreign currency (Statement of Operations includes both forward currency contracts and foreign currency transactions)

Change in Net Unrealized Appreciation (Depreciation)	Forward Contracts	Futures Contracts	Total
Interest Rate Contracts (a)	$ —	$ 195	$ 195
Equity Contracts (a)	—	(30,540)	(30,540)
Foreign Exchange Contracts (a)(b)	(306,079)	(9,850)	(315,929)
	$ (306,079)	$ (40,195)	$ (346,274)
Each of the above derivatives is located in the following Statement of Operations accounts: (a) Change in net unrealized appreciation (depreciation) on futures. (b) Change in net unrealized appreciation (depreciation) on foreign currency (Statement of Operations includes both forward currency contracts and foreign currency transactions)

Counterparty	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities	Financial Instruments and Derivatives Available for Offset	Cash Collateral Received	Net Amount of Derivative Assets
State Street Bank and Trust	$ 269,281	$ (139,777)	$ —	$ 129,504
Counterparty	Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities	Financial Instruments and Derivatives Available for Offset	Cash Collateral Pledged	Net Amount of Derivative Liabilities
State Street Bank and Trust	$ 139,777	$ (139,777)	$ —	$ —

	Contract Amount	Total
Outstanding, beginning of period	—	$ —
Options written	100	28,449
Options closed	(100)	(28,449)
Outstanding, end of period	—	$ —

Class A	2.40%
Class C	3.15%
Class S	2.25%
Institutional Class	2.15%

Services to Shareholders	Total Aggregated	Unpaid at August 31, 2015
Class A	$ 2,120	$ 389
Class C	1,016	230
Class S	1,575	303
Institutional Class	2,815	373
	$ 7,526	$ 1,295

Distribution Fee	Total Aggregated	Unpaid at August 31, 2015
Class C	$ 43,508	$ 4,093

Service Fee	Total Aggregated	Unpaid at August 31, 2015	Annual Rate
Class A	$ 38,607	$ 12,612	.24%
Class C	14,494	4,114	.25%
	$ 53,101	$ 16,726

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 S	Institutional Class
Beginning Account Value 3/1/15	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 8/31/15	$ 948.40	$ 945.00	$ 949.40	$ 950.50
Expenses Paid per $1,000*	$ 16.01	$ 19.61	$ 15.08	$ 14.70
Hypothetical 5% Fund Return	Class A	Class C	Class S	Institutional Class
Beginning Account Value 3/1/15	$ 1,000.00	$ 1,000.00	$ 1,000.00	$ 1,000.00
Ending Account Value 8/31/15	$ 1,008.77	$ 1,005.04	$ 1,009.73	$ 1,010.13
Expenses Paid per $1,000*	$ 16.51	$ 20.22	$ 15.55	$ 15.15

Annualized Expense Ratios	Class A	Class C	Class S	Institutional Class
Deutsche Strategic Equity Long/Short Fund^†	3.26%	4.00%	3.07%	2.99%

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, S and Institutional 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.


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	$76,600	$0	$8,400	$0
2014	$75,000	$0	$8,000	$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 Strategic Equity Long/Short Fund, a series of Deutsche Market Trust


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

Date:	October 30, 2015