DEUTSCHE FUNDS SECURITIES LENDING OVERVIEW

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1 DEUTSCHE FUNDS SECURITIES LENDING OVERVIEW WHAT IS SECURITIES LENDING? Securities lending is the temporary loan of a security to a broker/dealer or dealer bank to support that firm s trading activities. These trading activities include short selling, selling on margin or the satisfaction of some other type of transaction. Collateral is received by the lender in exchange for the temporary loan of a security and collateral may be in the form of cash or non-cash, which reduces the lender's exposure to the borrower. The lender receives a fee from the borrower for the use of the security and in the case of cash collateral, an investment return less a rebate paid to the borrower. Lendable securities include US and international equities, US government and agency bonds, US corporate and Eurobonds, foreign government bonds, asset backed and mortgage securities. DEUTSCHE FUNDS APPROVED FOR SECURITIES LENDING Please see page 4 of this document for the list of the Deutsche Funds (the Funds) approved to participate in securities lending and the percentage of the Funds assets on loan. HOW IS THE DEUTSCHE FUNDS LENDING PROGRAM STRUCTURED? The Securities Lending Program (the Program ) for the Funds began in November The Treasurer s Office oversees the Program for the Funds governed by the Deutsche Fund Board. The Program employs three Securities Lending Agents ( Lending Agents ): Brown Brothers Harriman Deutsche Bank Agency Lending State Street Bank and Trust Company The Program is structured in accordance with SEC staff guidelines for securities lending: Collateral The Funds only accept USD cash collateral in exchange for the temporary loan of a security and the Funds must receive collateral equal to at least 100% of the market value of the securities loaned. Collateral must be marked to market daily to account for any increases in the market value of the securities loaned and/or decreases in the market value of the collateral. The Program policy requires 102% collateral for U.S. securities and 105% collateral for international securities Termination The Funds must have the right to terminate a loan at any time and recall a security within the normal and customary settlement time for a loaned security. Returns The Funds must receive a reasonable return on a loan. Fees With the approval of the board, a Fund may pay reasonable fees to entities engaged in securities lending activities. Voting rights A Fund must be able to exercise voting rights with respect to material matters for issuers of securities loaned. Loan limit A Fund may not loan securities with a value in excess of 33 1/3% of its total asset value.

2 SECURITIES LENDING VALUE CHAIN The Program value chain is organized within six key core processes: Agent Management Product Management Securities Lending Management Transaction Processing Portfolio Services Agent Services The selection, on-boarding and relationship management activities of the Lending Agents On-going review of Fund assignments, internal product analytics & reporting Trading, borrower approval and agent oversight activities Daily processing of lending activity and cash collateral management Account maintenance and event processing; Risk monitoring and fund reporting Services performed between the Lending Agent and the borrower The Treasurer s Office oversight activities of the Program ensure proper due diligence of the Lending Agents including: appropriate assignment of the Funds to each Lending Agent, daily insights on loan activity, and conformance to compliance exposure limits. The Treasurer s Office is able to uphold its fiduciary responsibility to the Funds by maintaining close communication with the Lending Agents, Deutsche Asset & Wealth Management Counterparty Risk Management ( DeAWM CPRM ), Investment Management and the Custodian Banks. CASH COLLATERAL MANAGEMENT All Funds participating in the Program invest the USD cash collateral received in exchange for temporary loan of a security in shares of Daily Assets Fund Institutional ( IDAF ), an affiliated Fund. Through close communication of upcoming loan activity on an intra-day basis, the IDAF Portfolio Management team seeks to ensure there is enough liquidity in IDAF to meet redemptions while conservatively and appropriately managing the re-investment of inflows based on market conditions. On April 1, 2009, IDAF became a registered U.S. money market fund in accordance with Rule 2a-7 under the Investment Company Act of IDAF investment policies: IDAF securities are valued in US dollars and have remaining maturities of 397 days (about 13 months) or less at the time of purchase. IDAF may also invest in securities that have features that have the effect of reducing their maturities to 397 days or less at the time of purchase. IDAF maintains a dollar-weighted average maturity of 90 days or less IDAF buys US government debt obligations, money market instruments and other debt obligations that at the time of purchase: have received one of the two highest short-term ratings from two nationally recognized statistical rating organizations (NRSROs) or one NRSRO if that NRSRO is the only NRSRO that rates such obligations; are unrated, but are deemed by the Advisor to be of comparable quality to one of the two highest short-term ratings; or have no short-term rating, but are rated in one of the top three highest long-term rating categories by a NRSRO or are deemed by the Advisor to be of comparable quality. Deutsche Funds Securities Lending Overview

3 Principal investments: IDAF may invest in high quality, short-term, US dollar denominated money market instruments paying a fixed, variable or floating interest rate. These include: Debt obligations issued by US and foreign banks, financial institutions, corporations or other entities, including certificates of deposit, euro-time deposits, commercial paper (including assetbacked commercial paper), notes and funding agreements. Securities that do not satisfy the maturity restrictions for a money market fund may be specifically structured so that they are eligible investments for money market funds. For example, some securities have features which have the effect of shortening the security s maturity. US government securities that are issued or guaranteed by the US Treasury, or by agencies or instrumentalities of the US government. Debt obligations of foreign governments, sovereign agencies and related entities. Repurchase agreements, which are agreements to buy securities at one price, with a simultaneous agreement to sell back the securities at a future date at an agreed-upon price. Asset-backed securities, which are generally participations in a pool of assets whose payment is derived from the payments generated by the underlying assets. Payments on the asset-backed security generally consist of interest and/ or principal. Under normal market conditions the fund will invest more than 25% of its total assets in the obligations of banks and other financial institutions. IDAF may invest up to 10% of its total assets in other money market mutual funds in accordance with applicable regulations. COUNTERPARTY CREDIT RISK DeAWM CPRM is responsible for assessing and managing counterparty risk for all transactions undertaken on behalf of our clients. To that end, DeAWM CPRM has developed and maintains appropriate Credit Policies and Procedures applicable across all of DeAWM s product lines. The department resides within the office of DeAWM s Chief Risk Officer, and reports indirectly to the Chief Credit Officer of Deutsche Bank. DAWM CPRM reviews all counterparties on an initial and an ongoing basis (at least annually) paying particular attention to the following: Capital adequacy Asset quality Management - record, reputation and succession planning Earnings Liquidity Systemic Vulnerability In addition, DeAWM CPRM uses other tools to proactively monitor on an ongoing / daily basis in between review periods. These include close monitoring of news flow, an early warning tool developed in-house by DeAWM CPRM, as well as other tools. DeAWM CPRM sets exposure limits for all applicable product lines, including securities lending, and monitors exposure levels against such limits on a daily basis. DeAWM CPRM is in close contact with the Treasurer s Office on an on-going basis. Deutsche Funds Securities Lending Overview

4 DEUTSCHE FUNDS SECURITIES LENDING DETAILS (as of 3/31/16) Fund name % of total assets on loan* Fund name % of total assets on loan* Deutsche Bond VIP 3.02% Deutsche Global Small Cap VIP 12.27% Deutsche Capital Growth Fund 3.85% Deutsche GNMA Fund 2.68% Deutsche Capital Growth VIP 3.77% Deutsche Gold & Precious Metals Fund 3.29% Deutsche Communications Fund 1.73% Deutsche Health and Wellness Fund 12.06% Deutsche Core Equity Fund 2.72% Deutsche High Income Fund 3.91% Deutsche Core Equity VIP 1.25% Deutsche High Income VIP 17.17% Deutsche Core Fixed Income Fund 5.29% Deutsche Large Cap Focus Growth Fund 3.95% Deutsche Core Plus Income Fund 4.09% Deutsche Large Cap Value Fund 9.89% Deutsche CROCI Equity Dividend Fund 9.18% Deutsche Large Cap Value VIP 3.79% Deutsche CROCI International Fund 1.97% Deutsche Latin America Equity Fund 2.95% Deutsche CROCI International VIP 3.50% Deutsche Mid Cap Growth Fund 11.62% Deutsche CROCI Sector Opportunities Fund 6.60% Deutsche Mid Cap Value Fund 2.94% Deutsche Diversified Market Neutral Fund 18.19% Deutsche Real Estate Securities Fund 1.23% Deutsche EAFE Equity Index Fund 0.18% Deutsche Real Estate Securities Income Fund 0.47% Deutsche Emerging Markets Equity Fund 2.08% Deutsche Science and Technology Fund 8.68% Deutsche Enhanced Commodity Strategy Fund 0.31% Deutsche Short Duration Fund 12.90% Deutsche Enhanced Emerging Markets Fixed Income Fund 1.56% Deutsche Small Cap Core Fund 12.19% Deutsche Enhanced Global Bond Fund 1.17% Deutsche Small Cap Growth Fund 20.08% Deutsche Equity 500 Index Fund 3.98% Deutsche Small Cap Index VIP 14.85% Deutsche Equity 500 Index VIP 5.48% Deutsche Small Cap Value Fund 8.44% Deutsche Global Equity Fund 2.62% Deutsche Small Mid Cap Growth VIP 14.29% Deutsche Global Equity VIP 3.16% Deutsche Small Mid Cap Value VIP 5.72% Deutsche Global Growth Fund 8.43% Deutsche Strategic Equity Long/Short Fund 20.64% Deutsche Global Growth VIP 9.61% Deutsche Strategic Government Securities Fund 2.73% Deutsche Global High Income Fund 18.00% Deutsche U.S. Bond Index Fund 0.64% Deutsche Global Income Builder Fund 10.44% Deutsche Ultra-Short Duration Fund 14.30% Deutsche Global Income Builder VIP 6.38% Deutsche Unconstrained Income Fund 20.85% Deutsche Global Infrastructure Fund 4.45% Deutsche Unconstrained Income VIP 2.28% Deutsche Global Real Estate Securities Fund 1.55% Deutsche World Dividend Fund 12.44% Deutsche Global Small Cap Fund 11.56% The following Deutsche Funds are approved to participate in securities lending, but have no securities on loan (as of 3/31/16). Deutsche European Equity Fund Deutsche Government & Agency Securities VIP Securities on loan may not exceed 33 1/3% of the total asset value of each Fund (including the loan collateral). All data is as of 3/31/16, is unaudited, and is provided by the respective lending agents. Percentages are subject to change. Deutsche Funds Securities Lending Details

5 Obtain a prospectus To obtain a summary prospectus, if available, or prospectus, download one from deutschefunds.com, talk to your financial representative or call (800) We advise you to carefully consider the product s objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment product. Please read the prospectus carefully before you invest. All investments involve risk, including potential loss of principal. Investment products: No bank guarantee I Not FDIC insured I May lose value Investment products offered through DeAWM Distributors, Inc. Advisory services offered through Deutsche Investment Management Americas, Inc. Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries. DeAWM Distributors, Inc. 222 South Riverside Plaza Chicago, IL Tel (800) Deutsche Bank AG. All rights reserved. PM16XXXX (00/16) R-XXXXX-X CODE

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