Deutsche Alternative Asset Allocation VIP

Alternative Deutsche Alternative Asset Allocation VIP All-in-one exposure to alternative asset classes

: a key piece in asset allocation Building a portfolio of stocks, bonds and cash has long been recognized as a key element of successful investing. 1 However, what has worked in the past might not be sufficient for today s markets. So we believe that long-term investors should consider adding a diversified blend of alternatives, which has the potential to: smooth performance compared to other alternative enhance returns asset classes over a variety of market cycles improve portfolio efficiency reduce volatility We offer one-stop alternative access We break down the alternative universe into five broad categories, as shown below. And Deutsche Alternative Asset Allocation VIP offers diversified exposure to these asset classes by investing in a blend of mutual funds and exchange-traded funds. 2 Alternative asset class Hedge fund Real return Opportunistic Objective Generate returns independent from the broad stock and bond markets Provide a measure of protection against inflation Provide exposure to hard assets Offer exposure to foreign investments, many of which are not denominated in U.S. dollars Provide exposure to asset classes generally not found in investors portfolios Three reasons to consider a fund of funds as the foundation for your alternative allocation Active and professional management eliminate deciding which alternative asset classes to choose, how much to invest and when to rebalance. One-stop diversification allows easy access to a broad spectrum of alternative asset classes. 3 A simplified investment approach balances the risk and return of individual alternative asset classes and has the potential to generate a consistent return stream. 1 The values of equity investments are more volatile than those of other securities. Fixed-income investments are subject to interestrate risk, and their value will decline as interest rates rise. Alternative investments can be less liquid and more volatile than traditional investments and often lack longer-term track records. 2 An exchange-traded fund (ETF) is a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange. 3 Diversification does not guarantee profits or protection against losses. 2 Deutsche Alternative Asset Allocation VIP

Using a blend of alternatives can potentially smooth performance Because alternative asset-class performance varies from year to year, we recommend that investors consider using a blend of alternative investments to potentially smooth performance, enhance diversification and dampen volatility. Alternative asset-class calendar-year returns (as of 12/31/14) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 27.52% 21.36% 15.35% 10.44% 4.97% 4.77% 4.73% 2.31% 0.11% 4.10% 42.35% 29.06% 19.50% 15.91% 10.90% 8.05% 7.23% 5.95% 4.47% 2.07% 19.58% 17.71% 16.23% 8.19% 6.01% 5.50% 4.42% 3.61% 0.80% 6.96% 18.33% 2.38% 3.41% 4.34% 15.40% 23.64% 25.97% 32.66% 35.65% 47.72% 38.26% 34.91% 28.23% 18.91% 14.75% 12.51% 10.46% 0.48% 1.73% 6.57% 34.22% 20.40% 16.83% 13.77% 12.22% 6.60% 5.30% 4.13% 0.02% 1.66% 5.54% 4.10% 2.74% 2.81% 3.33% 4.19% 4.23% 5.82% 13.32% 17.93% 28.65% 11.31% 6.65% 5.15% 4.51% 3.88% 3.34% 1.06% 2.93% 14.31% 19.51% 14.62% 5.20% 4.39% 2.24% 1.34% 2.56% 3.28% 9.52% 53.02% 18.37% 15.89% 10.26% 4.28% 3.38% 2.92% 2.01% 1.64% 12.67% 17.01% Calendar-year returns (as of 12/31/14) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 U.S stock calendar-year returns 4.91% 15.79% 5.49% 37.00% 26.46% 15.06% 2.11% 16.00% 32.39% 13.69% U.S. bond calendar-year returns 2.43% 4.33% 6.97% 5.24% 5.93% 6.54% 7.84% 4.21% 2.02% 5.97% Source: Morningstar. Past performance is historical and does not guarantee future results. Please visit www.deutschefunds.com for the Deutsche Alternative Asset Allocation VIP s most recent standardized performance. Equity index returns assume reinvestment of all distributions. Index returns do not reflect expenses or fees and it is not possible to invest directly in an index. The values of equity investments are more volatile than those of other securities. Fixed-income investments are subject to interest-rate risk, and their value will decline as interest rates rise. Alternative investments can be less liquid and more volatile than traditional investments and often lack longerterm track records. See page 7 for risk language, representations, definitions and information. This data is for illustrative purposes only and does not represent any Deutsche Asset & Wealth Management product. 3 Deutsche Alternative Asset Allocation VIP

Consider alternatives to reduce volatility potential Because minimizing volatility is crucial and plays a key part in building long-term wealth, we believe using a blended approach to alternative investing is a savvy strategy for many investors. Over the ten years ended 6/30/14, some individual asset classes demonstrated relatively high levels of volatility. However, combining alternative assets (as in diversified alternatives ) helped lower volatility that is, mitigate price movements during that same time period. Asset-class volatility (10-years ending 12/31/14) 36.8% 21.4% 18.2% 14.7% 13.2% 11.7% 10.8% 9.4% 8.6% 3.4% 3.2% 3.1% U.S. stocks Global infrastructure Diversified alternatives U.S. bonds Alternative asset classes Traditional asset classes Diversified alternatives Source: Morningstar. Volatility is measured by standard deviation, which is historical and may not have been as favorable over other time periods. It depicts how widely an investment s returns vary from its average return over a certain period. The higher the standard deviation, the higher the volatility. This data is for illustrative purposes only and does not represent any Deutsche Asset & Wealth Management product. The values of equity investments are more volatile than those of other securities. Fixed-income investments are subject to interest-rate risk, and their value will decline as interest rates rise. Alternative investments can be less liquid and more volatile than traditional investments and often lack longer-term track records. See page 7 for risk language, representations, definitions and information. 4 Deutsche Alternative Asset Allocation VIP

Alternative investments offered a measure of protection from rising inflation Over the past 10 years, select alternative asset classes floating-rate loans (bank loans), commodities and inflation-protected bonds had some of the highest correlations to inflation, according to Morningstar as of 12/31/14. This means that as inflation rose, so have their returns. Key alternative investments have held up in an inflationary environment (10-year correlation) Inflation Bank loan Ultrashort bond Equity energy Natural resources Inflation-protected (TIPs) Corporate bond 0.09 Short government 0.19 Long-term bond 0.20 Intermediate government 0.23 Long government 0.30 0.39 0.31 0.29 0.26 0.24 0.10 Top 5 Bottom 5 1.00 0.4 0.2 0.0 0.2 0.4 0.6 0.8 1.0 Source: Morningstar as of 12/31/14. Performance is historical and does not guarantee future results. Data is for illustrative purposes and does not represent any Deutsche Asset & Wealth Management product. Correlation is a measure of how closely two variables move together over time. A 1.0 equals perfect correlation, where variables more in the same direction. A 1.0 equals total negative correlation, where variables move in opposite directions. All asset classes are represented by Morningstar categories, except inflation, which is represented by the Morningstar/Ibbotson SBBI U.S. Inflation Index (tracks U.S. inflation); and commodities, which are represented by the Bloomberg Commodity Index (see last page for definition). Morningstar Bank Loan portfolios primarily invest in floating-rate bank loans instead of bonds. Morningstar Inflation Protected Bond portfolios invest primarily in debt securities that adjust their principal values in line with the rate of inflation. Morningstar Equity energy portfolios invest primarily in equity securities of U.S. or non-u.s. companies who conduct business primarily in energy-related industries. Morningstar Natural resources portfolios focus on commodity-based industries such as energy, chemicals, minerals, and forest products in the United States or outside of the United States. Morningstar Corporate Bond portfolios concentrate on bonds issued by corporations. These tend to have more credit risk than government or agency-backed bonds. Morningstar Intermediate Government portfolios have at least 90% in bonds backed by the U.S. government or by government agencies and have durations of 3.5 to 6.0 years. Morningstar Long Bond portfolios invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of more than 6.0 years. Morningstar Long Government portfolios have at least 90% in bonds backed by the U.S. government or by government agencies and have durations of more than 6.0 years. Morningstar Short Government portfolios have at least 90% in bonds backed by the U.S. government or by government agencies and have durations between 1.0 to 3.5 years. Morningstar Ultrashort Bond portfolios invest primarily in investment-grade U.S. fixed-income issues and have durations typically of less than one year. Index and category returns assume reinvestment of all distributions. Index returns do not reflect fees or expenses and it is not possible to invest directly in an index. 5 Deutsche Alternative Asset Allocation VIP

Investment process for Deutsche Alternative Asset Allocation VIP When building the fund, the portfolio managers follow a disciplined three-step process. Research and idea generation Identify alternative and non-traditional asset classes Review strategic asset allocations Use Deutsche Asset & Wealth Management s global investment platform for market and asset-class views Portfolio construction Determine asset allocation based on fundamental market views Evaluate portfolios regularly based on market conditions Portfolio implementation Allocate assets to ETFs and Deutsche Asset & Wealth Management mutual funds for comprehensive exposure Rebalance allocations monthly Fast facts about Deutsche Alternative Asset Allocation VIP The fund invests in exchange-traded funds and Deutsche Asset & Wealth Management alternative products. Alternative risk profile Benchmark Moderate 70% MSCI World Index 30% Barclays U.S. Aggregate Index Inception dates Class A: 2/2/09 Class B: 5/18/09 Source: Deutsche Asset & Wealth Management. See page 7 for risk language, representations, definitions and information. Diversification does not guarantee protection against losses. 6 Deutsche Alternative Asset Allocation VIP

Important risk language, representations and definitions Risk language, including gold and managed, are long-term investments and should be considered part of a diversified portfolio. -price movements, regulatory changes, economic changes, and adverse political or financial factors could have a significant impact on performance. strategies are subject to the risk that changes in currency rates will affect performance. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuation, political and economic changes, and market risks. Derivatives may be more volatile and less liquid than traditional securities, and the strategy could suffer losses on its derivatives positions. Although inflation-indexed bonds are expected to be protected from longterm inflationary trends, short-term increases in inflation may lead to a decline in value. -related securities have greater exposure to market, economic, regulatory, political and other risks affecting such entities. funds may outperform the market during periods of severe downturns, but they may also underperform the market during rallies. strategies are subject to the risk that the proposed reorganizations may be renegotiated or terminated, in which case the strategy may suffer a loss. There are special risks associated with an investment in real, including credit risk, interest-rate fluctuations and the impact of varied economic conditions. Short sales involve the risk that the strategy will incur a loss by subsequently buying a security at a higher price than the price at which the strategy previously sold the security short. Index/category representations and definitions (diversified blend): 15% Dow Jones Credit Suisse Hedge Fund Index (represents liquid, investable hedge funds); 15% JPMorgan Emerging s Bond Index Plus (tracks the performance of external debt instruments in the emerging markets); 15% Dow Jones Brookfield Global Composite Yield Index (tracks the highest-yielding companies of the Dow Jones Brookfield Global Composite Index); 15% Bloomberg Commodity Index (composed of contracts on physical commodities); 10% S&P/LSTA Leveraged Loan Index (tracks outstanding balance and current spread over LIBOR for fully funded loan terms); 15% Barclays U.S. TIPS Index (tracks the performance of U.S. Treasury-linked securities); 15% FTSE EPRA/NAREIT Developed Real Estate Index (see below). Cash is represented by the Citigroup 3-month U.S. T-Bill Index (tracks the performance of 3-month U.S. Treasury bills). are represented by the Bloomberg Commodity Index (see above). is represented by the Morningstar category (tracks the performance of portfolios that invest in multiple currencies through the use of short-term money market instruments, derivatives and cash deposits). Global infrastructure is represented by the MSCI World Sector Capped Index (tracks the performance of infrastructure stocks). is represented by the FTSE EPRA/NAREIT Developed Real Estate Index (tracks the performance of developed-market REITs). Global stocks are represented by the MSCI World Index (tracks the performance of global equities). is represented by the S&P Global BMI Index (provides exposure to industries in the production of gold and related products). is represented by the Morningstar Long/Short category (tracks the performance of funds that hold sizable stakes in both long and short positions in equities and related derivatives). are represented by the Dow Jones Credit Suisse Futures Index (seeks to gain broad exposure to managed strategies). is represented by the Morningstar Neutral category (attempts to reduce systematic risk created by factors such as exposure to sectors, market-cap ranges, investment styles currencies and/or countries). is represented by the Morningstar MSCI Arbitrage category (tracks the performance of merger strategies for investors who have hedged their currency exposure back into U.S. dollars). U.S. bonds are represented by the Barclays U.S. Aggregate Index (a proxy for the broad, U.S. investment-grade bond market). U.S. stocks are represented the S&P 500 Index (tracks the performance of 500 leading U.S. stocks and is widely considered representative of the U.S. equity market). 7 Deutsche Alternative Asset Allocation VIP

A B Deutsche Alternative Asset Allocation VIP 23338H370 23338H362 Important risk information Although allocation among different asset categories generally limits risk, portfolio management may favor an asset category that underperforms other assets or markets as a whole. The fund expects to invest in underlying funds that emphasize alternatives or non-traditional asset categories or investment strategies, and as a result, it is subject to the risk factors of those underlying funds. Some of those risks include stock market risk, credit and interest rate risk, floating rate loan risk, volatility in commodity prices, infrastructure and highyield debt securities, market direction risk (market advances when short, market declines when long), short sales risk and the political, general economic, liquidity and currency risks of foreign investments, which may be particularly significant for emerging markets. The fund may use derivatives, including as part of its currency and interest-rate strategies. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. The success of the fund s currency and interest-rate strategies are dependent, in part, on the effectiveness and implementation of portfolio management s proprietary models. As part of these strategies, the fund s exposure to foreign currencies could cause lower returns or even losses because foreign currency rates may fluctuate significantly over short periods of time for a number of reasons. The risk of loss is heightened during periods of rapid rises in interest rates. In addition, the notional amount of the fund s aggregate currency and interest-rate exposure resulting from these strategies may significantly exceed the net assets of the fund. Because Exchange Traded Funds (ETFs) trade on a securities exchange, their shares may trade at a premium or discount to their net asset value. ETFs also incur fees and expenses so they may not fully match the performance of the indexes they are designed to track. See the prospectus for additional risks and specific details regarding the fund s risk profile. Obtain a prospectus To obtain a summary prospectus, if available, or prospectus, download one from www.deutschefunds.com, talk to your financial representative or call (800) 728-3337. We advise you to carefully consider the products objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information about the investment products. Please read the prospectus carefully before you invest. Investment products: No bank guarantee Not FDIC insured May lose value Investment products offered through DeAWM Distributors, Inc. Advisory services offered through Deutsche Investment Management Americas, Inc. Deutsche Asset & Wealth Management represents the asset management and wealth management activities conducted by Deutsche Bank AG or any of its subsidiaries. Clients will be provided Deutsche Asset & Wealth Management products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services. DeAWM Distributors, Inc. 222 South Riverside Plaza Chicago, IL 60606-5808 www.deutschefunds.com service@db.com Tel (800) 621-1148 This brochure may not be distributed without the issuing company s information in this box. 2015 Deutsche Bank AG. All rights reserved. PM156428 (3/15) R-23585-7 ALTVIP-600