Deutsche Asset Management Continues Equities Expansion in the US

Deutsche Asset Management (Deutsche AM) announced today the continued expansion of its US equities portfolio management team. Daniel Fletcher has joined the firm as Director and portfolio manager focused on the technology, media and telecom (TMT) sector. Fletcher is based in New York and reports to Sebastian Werner, lead Portfolio Manager for US and Global Growth Equities.

In addition, Julia Merz has recently joined the New York team from the Deutsche AM Frankfurt office. Also reporting to Werner, Merz will focus on the healthcare sector and international equities. The expansion of the team follows the hire of David Bianco earlier this year as the Head of Equities in the US and Chief Investment Strategist for the Americas.

“I am very pleased to welcome such talented portfolio managers to our team,” said David Bianco, Head of Equities in the US and Chief Investment Strategist for the Americas. “Daniel and Julia bring specific industry expertise that complement the knowledge base of the existing US equity portfolio management team. As we remain bullish on growth stocks, I am confident we have the right team to deliver the breadth and depth of the Deutsche Asset Management’s active assets to our clients.”

Fletcher joins Deutsche AM with nearly 20 years of experience covering the TMT sector. Most recently, he served as a Managing Director on the Large Cap Disciplined Growth Fund at Neuberger Berman as a senior technology, media and telecom analyst. Fletcher joined Lehman Brothers, which acquired Neuberger Berman, in 1995 as an associate research analyst. Merz joined Deutsche AM since 2015 and has previously held teaching assistant positions at the University of Cologne and Goethe University in Frankfurt, Germany.

As a testament to the team’s success, the Deutsche Core Equity Fund recently received a five-star overall rating from Morningstar.1 In addition, the Deutsche Large Cap Focus Growth Fund has also recently received another star, moving it to the five-star category for the three-year period as of April 30, 2017.2

To find out more about Deutsche AM US funds, visit: https://fundsus.deutscheam.com/EN/.

1Source: Morningstar, Inc. as of 4/30/17. Ratings and rankings are historical and are no guarantee of future results. Class INST shares of Deutsche Core Equity Fund were rated and ranked as follows in the Morningstar Large Blend category as of 4/30/17: Overall rated 5 stars; ranked 2% (24 out of 1,242 funds); one-year ranked 21% (288 out of 1,396 funds); three-year rated 5 stars; ranked (24 out of 1,242 funds); five-year rated 5 stars; ranked 3% (25 out of 1,102 funds); 10 year rated 4 stars; ranked 11% (88 out of 817 funds).

2Source: Morningstar, Inc. as of 4/30/17. Performance, ratings and rankings are historical and are no guarantee of future results. Class INST shares of Deutsche Large Cap Focus Growth Fund were rated and ranked as follows in the Morningstar Large Growth category as of 4/30/17: Overall rated 4 stars; ranked 4% (51 out of 1,301 funds); one-year ranked 21% (295 out of 1,442 funds); three-year rating 5 stars; ranked 4% (51 out of 1,301 funds); Five-year rating 3 stars; ranked 34% (383 out of 1,146 funds); 10 year rated 4 stars; ranked 34% (271 out of 799 funds).

Performance is historical and does not guarantee future results. Investment returns and principal fluctuate so your shares may be worth more or less when redeemed. Current performance may differ from the data shown. Please visit www.deutschefunds.com for the fund's most recent month-end performance. Performance includes reinvestment of all distributions. Index returns assume reinvestment of all distributions and do not reflect fees or expenses. It is not possible to invest directly in an index. Not all share classes are available to all investors. A minimum investment of $1 million is required to open an account for Institutional shares. The gross/net expense ratio is 0.56% for INST shares. The net expense charge for this fund does not include any fee waivers.

Rankings are based on the fund’s total return unadjusted for sales charges. If sales charges had been included, results might have been less favorable. Ratings are based on risk-adjusted and from load-adjusted performance. Ratings of other classes may vary.

The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

The Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-,five-,and 10 year (if applicable) Morningstar Rating metrics. The weights are 100% three-year rating for 36-59 months of total returns, 60% five year rating/40% three-year rating for 60-119 months of total returns, and 50% 10 year rating/30% five-year rating/20% three year rating for 120 or more months of total returns. While the 10 year overall rating formula seems to give the most weight to the 10 year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

©2017 Morningstar, Inc. All rights reserved. Morningstar shall not be responsible for investment decisions, damages or other losses resulting from use of this rating. For each fund with at least a 3-year history, Morningstar calculates a Rating based on a risk-adjusted return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in a category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages).

Deutsche Asset Management

With EUR 723 billion of assets under management (as of March 31, 2017), Deutsche Asset Management3 is one of the world’s leading investment management organizations. Deutsche Asset Management offers individuals and institutions traditional and alternative investments across all major asset classes.

3Deutsche Asset Management is the brand name of the Asset Management division of the Deutsche Bank Group. The respective legal entities offering products or services under the Deutsche Asset Management brand are specified in the respective contracts, sales materials and other product information documents.

© 2017 Deutsche Asset Management. All rights reserved. 051048_1.0_ DBX002735 05.30.18

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