Fund Description

The fund was incepted in March 1998 and is managed by Deutsche Investment Management Americas Inc. The fund seeks to achieve a high rate of total return. Under normal circumstances, the fund invests at least 80% of net assets in equity securities (mainly common stocks). The fund focuses on stocks of large U.S. companies that are similar in size to the companies in the S&P 500 Index and that the portfolio manager believes are undervalued. The fund intends to invest primarily in companies whose market capitalizations fall within the normal range of the Index. Although the fund can invest in stocks of any economic sector, at times it may emphasize the financial services sector or other sectors. In fact, it may invest more than 25% of total assets in a single sector. The fund managers use a Contrarian value investment strategy and employ a low price-to-earnings approach and an emphasis on financially solid companies that provides the opportunity for above-market returns without above-market volatility. The managers concentrate the fund where they see outstanding opportunity. While this increases potential volatility versus a more diversified portfolio, it also offers higher return potential. The funds intend to pay dividends and capital gains in December and, if necessary, may do so at other times as well.