DEUTSCHE REAL ESTATE SECURITIES INCOME FUND CLASS R6 (REFZX) Exchange: NMFQS

DELISTED - Main investments. Under normal circumstances, the fund invests at least 80% of its net assets, plus the amount of any borrowing for investment purposes (calculated at the time of any investment), in securities of real estate investment trusts (REITs) and real estate companies. A company is considered to be a real estate company if, in the opinion of portfolio management, at least 50% of its revenues or 50% of the market value of its assets (in each case measured at the time of purchase) are attributed to the ownership, construction, management or sale of real estate or other activities primarily related to real estate. The fund will invest 25% or more of its total assets in securities of companies principally engaged in the real estate industry.The fund typically invests in common and preferred stocks of REITs and real estate companies. The fund's REIT investments may include equity REITs, mortgage REITs and hybrid REITs. So-called equity REITs buy real estate and pay investors from the rents they receive and from any profits on the sale of their properties. So-called mortgage REITs lend money to real estate companies and pay investors from the interest they receive on those loans. So-called hybrid REITs engage in both owning real estate and making loans. While portfolio management expects that the fund's REIT investments will consist primarily of equity REITs, in changing market conditions, the fund may invest more significantly in other types of REITs. The fund primarily invests in securities of US issuers, but may also invest in securities of Canadian issuers. The fund may invest to a lesser extent in non-US and non-Canadian issuers.The fund may also invest a portion of its assets in other types of securities. These securities may include debt securities of REITs and real estate companies of any credit quality; securities of companies not principally engaged in the real estate industry, including companies principally engaged in infrastructure related activities; bonds, notes and short-term securities; and other similar securities. In addition, the fund may invest in commercial and other types of mortgage-backed securities and master limited partnerships (MLPs).Derivatives. The fund may write (sell) covered call options on its portfolio securities with the goal of generating additional income from premiums received in connection with the options. Under specified circumstances, a call option gives the option buyer the right to buy, and obligates the option seller to sell, a security at an agreed-upon price (the strike price). Generally, a written call option is covered if the fund owns the security or instrument underlying the call option or has the right to acquire that security or instrument without additional cash consideration. Portfolio management expects that the fund will typically write covered calls with respect to 20% to 50% of its assets. The fund is not subject to any limitations on its use of covered calls, however, and may use covered calls to a significantly greater or lesser extent, as determined by portfolio management.When the fund sells a covered call option on a particular portfolio security, it may also buy a corresponding call option on the same security at a higher strike price. The purchased call option would typically expire in the same month as the original call option sold by the fund. By buying this second option, the fund preserves its ability to participate in any future appreciation of the underlying portfolio security above the second option's strike price. The premium the fund pays to purchase the second option would offset, however, the premium income it receives when it sells the original covered call option.Management process. Portfolio management looks for real estate securities it believes have the potential for stock price appreciation and a record of paying dividends.In attempting to find these issuers, portfolio management tracks economic conditions and real estate market performance in major metropolitan areas and analyzes performance of various property types within those regions. For this analysis, portfolio management uses information from a nationwide network of real estate professionals to evaluate the holdings of real estate companies and REITs. Its analysis also considers the companies' management structures, financial structures and business strategies. Portfolio management also considers the effect of the real estate securities markets in general when making investment decisions. Lastly, portfolio management will look for securities portfolio management believes offer above-average yield opportunities.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.