DEUTSCHE CORE FIXED INCOME FUND INSTITUTIONAL CLASS (MFINX) Exchange: NMFQS

DELISTED - Main investments. Under normal circumstances, the fund invests at least 80% of assets, plus the amount of any borrowings for investment purposes, determined at the time of purchase, in fixed income securities. Fixed income securities include, but are not limited to, debt securities of the US Treasury, as well as US government agencies and instrumentalities, corporate debt securities, inflation-indexed bonds, mortgage-backed and asset-backed securities, US government agency mortgage-backed to-be-announced (TBAs) instruments, taxable municipal and tax-exempt municipal bonds and Rule 144A securities. The fund may invest in fixed income securities of varying maturities. Portfolio management generally targets an average portfolio duration (a measure of sensitivity to interest rate movements) that falls within one year of the average duration of the fund's benchmark, the Bloomberg Barclay's U.S. Aggregate Bond Index.The fund invests primarily in investment-grade debt securities (securities rated within the top four long-term credit rating categories) though up to 10% of the fund's total assets may be invested in below investment-grade debt securities (commonly referred to as junk bonds), including securities in default. The fund may purchase or sell securities or instruments on a when-issued, delayed delivery or forward commitment basis (e.g., TBAs). A forward commitment transaction is an agreement by the fund to purchase or sell securities at a specified future date. The fund may sell the forward commitment securities before the settlement date or enter into new commitments to extend the delivery date into the future. The fund may also invest up to 25% of total assets in securities of foreign issuers and governments. The fund may hold up to 20% of total assets in cash or money market instruments, either to maintain liquidity or in the event portfolio management determines that securities meeting the fund's investment objective are not readily available for purchase. Management process. In seeking to achieve the fund's investment objective, portfolio management focuses on the following key components: A balanced "top-down" and "bottom-up" security selection approach;An active rotation of the sectors represented in the Bloomberg Barclay's U.S. Aggregate Bond Index; andActive management of interest rate risk.Using these key components, portfolio management identifies attractive investments. Each trade has an investment rationale with stated performance drivers, an entry level, profit target and review level. Portfolio management will typically sell a security when the profit target has been achieved, if the rationale for the purchase has changed or if better risk/return opportunities are identified.Derivatives. Portfolio management generally may use futures contracts and interest rate swap contracts, which are types of derivatives (contracts whose value is based on, for example, indices, currencies or securities) to gain exposure to different parts of the yield curve while managing overall duration. Portfolio management generally may also use options, which are types of derivatives, to seek to enhance potential gains by increasing or decreasing the fund's exposure to a particular sector or market or as a substitute for direct investment. In addition, portfolio management may generally use forward currency contracts (i) to hedge exposure to changes in foreign currency exchange rates on foreign currency denominated portfolio holdings; (ii) to facilitate transactions in foreign currency denominated securities; or (iii) for non-hedging purposes to seek to enhance potential gains.The fund may also use various types of derivatives (i) for hedging; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions.Securities Lending. The fund may lend securities (up to one-third of total assets) to approved institutions. Active Trading. The fund may trade securities actively and this may lead to high portfolio turnover.