DWS LIFECOMPASS RETIREMENT FUND CLASS C (SUCCX) Exchange: NMFQS

DELISTED - Main investments. The fund pursues its investment objective by investing in other Deutsche funds (i.e., mutual funds, exchange-traded funds (ETFs) and other pooled investment vehicles managed by Deutsche Investment Management Americas Inc., the fund's investment advisor, or one of its affiliates). The fund may also invest in securities of unaffiliated ETFs when the economic exposure to a particular market or sector is not available through a Deutsche fund. Deutsche funds and unaffiliated ETFs, are collectively referred to as "underlying funds." The fund is designed for investors who are retired or expect to retire or begin withdrawing portions of their investment soon.Management process. The fund is managed using an asset allocation determined by the Advisor (as of October 31, 2014, the fund's asset allocation was approximately 34.3% equity funds, 46.6% fixed income funds, 15.4% alternative asset funds and 3.7% cash). In making asset allocation decisions, the Advisor will take into consideration current or expected market conditions. The Advisor also has engaged Hewitt EnnisKnupp, Inc. ("Hewitt"), an investment consulting firm with a global reach, to provide the Advisor with a model asset allocation for retirement that is based on asset classes selected by the Advisor, including equities, fixed income and alternative asset classes. The Advisor may or may not utilize the model asset allocation provided by Hewitt as an input in setting the fund's asset allocation. Hewitt does not have advisory authority with regard to the fund and does not effect any portfolio transactions. The Advisor, not the fund, pays Hewitt.The Advisor regularly reviews and may adjust the fund's asset allocation using a dynamic asset allocation risk-managed approach. As noted above, in making asset allocation decisions, the Advisor will take into consideration current or expected market conditions.To mitigate the risks associated with a particular fund or portfolio manager and to increase diversification, no more than 40% of the overall allocation to equity will be invested in any one equity fund.The underlying funds use a broad array of investment styles. The underlying funds can buy many types of securities, among them common stocks of US and foreign companies of any size, US and foreign corporate bonds of varying credit quality, US and foreign government and agency bonds, mortgage− and asset−backed securities, money market instruments and others. The fund may invest in underlying funds in other asset classes, such as real estate, infrastructure, commodities, market neutral and others not generally considered equity or fixed income funds. The fund may also use various types of derivative instruments, including futures contracts, forward currency contracts, credit default swaps, interest rate swaps and commodities−related derivatives. Derivatives. In addition to the above-mentioned derivatives, the fund, and the underlying funds in which the fund may invest, may use various types of derivatives (a contract whose value is based on, for example, indices, currencies or securities) (i) for hedging purposes; (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.