Deutsche Emerging Markets Fixed Income Fund

Transcription

1 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUS Deutsche Emerging Markets Fixed Income Fund Effective on or about May 25, 2018, the prospectus is supplemented as follows: The following information replaces the existing disclosure contained under the Portfolio Manager(s) sub-heading of the MANAGEMENT section of the summary section of the fund s prospectus. Nicolas Schlotthauer, CEFA, Managing Director. Portfolio Manager of the fund. Began managing the fund in Joergen Hartmann, CFA, Director. Portfolio Manager of the fund. Began managing the fund in Roland Gabert, Vice President. Portfolio Manager of the fund. Began managing the fund in The following information replaces the existing similar disclosure relating to the fund contained under the MANAGEMENT sub-heading of the Fund Details section of the fund s prospectus: Nicolas Schlotthauer, CEFA, Managing Director. Portfolio Manager of the fund. Began managing the fund in Joined DWS in 2004 with four years of industry experience. Prior to joining, he served as a Currency Strategist at Deka Investments. Previously, he worked as a Senior Economist for Emerging Markets at DekaBank. Head of Emerging Markets Fixed Income: Frankfurt. Master s Degree ( Diplom-Volkswirt ) and PhD ( Dr. rer.pol. ) in Economics, Julius Maximilian University of Wuerzburg. Joergen Hartmann, CFA, Director. Portfolio Manager of the fund. Began managing the fund in Joined DWS in Prior to his current role, he served as a member of the DB Real Estate Group. Senior Emerging Markets Fixed Income Portfolio Manager: Frankfurt. Diplom-Betriebswirt (German Business Administration Master s Degree), Goethe University Frankfurt. Roland Gabert, Vice President. Portfolio Manager of the fund. Began managing the fund in Joined DWS in Prior to his current role, he served as a member of the currency team, with focus on emerging markets currencies. Before joining, he worked as an equity trader in international execution at BHF-Bank. Emerging Markets Fixed Income Portfolio Manager: Frankfurt. Completed Bank Training Program ( Bankkaufmann ) at BHF-Bank; Master s Degree ( Diplom-Betriebswirt ) and MSc in Business Economics, Frankfurt University of Applied Sciences. Please Retain This Supplement for Future Reference May 21, 2018 PROSTKR-1025

2 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS The following changes will take effect on or about July 2, 2018: Deutsche Investment Management Americas Inc., the investment advisor for the below-listed funds, will be renamed to DWS Investment Management Americas, Inc. In addition, the Deutsche funds will become known as the DWS funds and the below-listed Deutsche funds and share classes, as applicable, will be renamed as follows: CURRENT TRUST / CORPORATION NAME Current Fund Name NEW TRUST / CORPORATION NAME New Fund Name DEUTSCHE ASSET ALLOCATION TRUST Deutsche Multi-Asset Conservative Allocation Fund Deutsche Multi-Asset Global Allocation Fund Deutsche Multi-Asset Moderate Allocation Fund DEUTSCHE GLOBAL/INTERNATIONAL FUND, INC. Deutsche Emerging Markets Fixed Income Fund Deutsche European Equity Fund Deutsche Global Infrastructure Fund Deutsche Global Small Cap Fund Deutsche High Conviction Global Bond Fund Deutsche International Growth Fund DEUTSCHE INCOME TRUST Deutsche Fixed Income Opportunities Fund Deutsche Global High Income Fund Deutsche GNMA Fund Deutsche High Income Fund Deutsche Multisector Income Fund Deutsche Short Duration Fund Deutsche Short Duration High Income Fund DEUTSCHE INSTITUTIONAL FUNDS Deutsche EAFE Equity Index Fund Deutsche Equity 500 Index Fund (a feeder fund of Deutsche Equity 500 Index Portfolio) Deutsche S&P 500 Index Fund (a feeder fund of Deutsche Equity 500 Index Portfolio) Deutsche U.S. Bond Index Fund Deutsche U.S. Multi-Factor Fund DEUTSCHE INTERNATIONAL FUND, INC. Deutsche CROCI International Fund Deutsche Emerging Markets Equity Fund Deutsche Global Macro Fund Deutsche Latin America Equity Fund Deutsche World Dividend Fund DEUTSCHE DWS ASSET ALLOCATION TRUST DWS Multi-Asset Conservative Allocation Fund DWS Multi-Asset Global Allocation Fund DWS Multi-Asset Moderate Allocation Fund DEUTSCHE DWS GLOBAL/INTERNATIONAL FUND, INC. DWS Emerging Markets Fixed Income Fund DWS European Equity Fund DWS RREEF Global Infrastructure Fund DWS Global Small Cap Fund DWS High Conviction Global Bond Fund DWS International Growth Fund DEUTSCHE DWS INCOME TRUST DWS Fixed Income Opportunities Fund DWS Global High Income Fund DWS GNMA Fund DWS High Income Fund DWS Multisector Income Fund DWS Short Duration Fund DWS Short Duration High Income Fund DEUTSCHE DWS INSTITUTIONAL FUNDS DWS EAFE Equity Index Fund DWS Equity 500 Index Fund (a feeder fund of Deutsche DWS Equity 500 Index Portfolio) DWS S&P 500 Index Fund (a feeder fund of Deutsche DWS Equity 500 Index Portfolio) DWS U.S. Bond Index Fund DWS U.S. Multi-Factor Fund DEUTSCHE DWS INTERNATIONAL FUND, INC. DWS CROCI International Fund DWS Emerging Markets Equity Fund DWS Global Macro Fund DWS Latin America Equity Fund DWS World Dividend Fund May 18, 2018 PRO_SAISTKR-419

3 CURRENT TRUST / CORPORATION NAME Current Fund Name NEW TRUST / CORPORATION NAME New Fund Name DEUTSCHE INVESTMENT TRUST Deutsche Capital Growth Fund Deutsche Core Equity Fund Deutsche CROCI U.S. Fund Deutsche Large Cap Focus Growth Fund Deutsche Small Cap Core Fund Deutsche Small Cap Growth Fund DEUTSCHE INVESTMENTS VIT FUNDS Deutsche Equity 500 Index VIP Deutsche Small Cap Index VIP DEUTSCHE MARKET TRUST Deutsche Global Income Builder Fund Deutsche Real Assets Fund DEUTSCHE MONEY FUNDS Deutsche Money Market Prime Series Class Names: Deutsche Cash Investment Trust Class A Deutsche Cash Investment Trust Class C Deutsche Cash Investment Trust Class S Deutsche Money Market Fund DEUTSCHE MUNICIPAL TRUST Deutsche Managed Municipal Bond Fund Deutsche Short-Term Municipal Bond Fund Deutsche Strategic High Yield Tax-Free Fund DEUTSCHE PORTFOLIO TRUST Deutsche Floating Rate Fund Deutsche Total Return Bond Fund DEUTSCHE SECURITIES TRUST Deutsche Communications Fund Deutsche CROCI Sector Opportunities Fund Deutsche Enhanced Commodity Strategy Fund Deutsche Global Real Estate Securities Fund Deutsche Health and Wellness Fund Deutsche MLP & Energy Infrastructure Fund Deutsche Real Estate Securities Fund Deutsche Science and Technology Fund DEUTSCHE STATE TAX-FREE INCOME SERIES Deutsche California Tax-Free Income Fund Deutsche Massachusetts Tax-Free Fund Deutsche New York Tax-Free Income Fund DEUTSCHE TAX FREE TRUST Deutsche Intermediate Tax/AMT Free Fund DEUTSCHE DWS INVESTMENT TRUST DWS Capital Growth Fund DWS Core Equity Fund DWS CROCI U.S. Fund DWS Large Cap Focus Growth Fund DWS Small Cap Core Fund DWS Small Cap Growth Fund DEUTSCHE DWS INVESTMENTS VIT FUNDS DWS Equity 500 Index VIP DWS Small Cap Index VIP DEUTSCHE DWS MARKET TRUST DWS Global Income Builder Fund DWS RREEF Real Assets Fund DEUTSCHE DWS MONEY FUNDS DWS Money Market Prime Series Class Names: DWS Cash Investment Trust Class A DWS Cash Investment Trust Class C DWS Cash Investment Trust Class S DWS Money Market Fund DEUTSCHE DWS MUNICIPAL TRUST DWS Managed Municipal Bond Fund DWS Short-Term Municipal Bond Fund DWS Strategic High Yield Tax-Free Fund DEUTSCHE DWS PORTFOLIO TRUST DWS Floating Rate Fund DWS Total Return Bond Fund DEUTSCHE DWS SECURITIES TRUST DWS Communications Fund DWS CROCI Sector Opportunities Fund DWS Enhanced Commodity Strategy Fund DWS RREEF Global Real Estate Securities Fund DWS Health and Wellness Fund DWS RREEF MLP & Energy Infrastructure Fund DWS RREEF Real Estate Securities Fund DWS Science and Technology Fund DEUTSCHE DWS STATE TAX-FREE INCOME SERIES DWS California Tax-Free Income Fund DWS Massachusetts Tax-Free Fund DWS New York Tax-Free Income Fund DEUTSCHE DWS TAX FREE TRUST DWS Intermediate Tax/AMT Free Fund May 18, 2018 PRO_SAISTKR-419 2

4 CURRENT TRUST / CORPORATION NAME Current Fund Name NEW TRUST / CORPORATION NAME New Fund Name DEUTSCHE VALUE SERIES, INC. Deutsche CROCI Equity Dividend Fund Deutsche Mid Cap Value Fund DEUTSCHE VARIABLE SERIES I Deutsche Bond VIP Deutsche Capital Growth VIP Deutsche Core Equity VIP Deutsche CROCI International VIP Deutsche Global Small Cap VIP DEUTSCHE VARIABLE SERIES II Deutsche Alternative Asset Allocation VIP Deutsche CROCI U.S. VIP Deutsche Global Equity VIP Deutsche Global Income Builder VIP Deutsche Government & Agency Securities VIP Deutsche Government Money Market VIP Deutsche High Income VIP Deutsche International Growth VIP Deutsche Multisector Income VIP Deutsche Small Mid Cap Growth VIP Deutsche Small Mid Cap Value VIP DEUTSCHE DWS VALUE SERIES, INC. DWS CROCI Equity Dividend Fund DWS Mid Cap Value Fund DEUTSCHE DWS VARIABLE SERIES I DWS Bond VIP DWS Capital Growth VIP DWS Core Equity VIP DWS CROCI International VIP DWS Global Small Cap VIP DEUTSCHE DWS VARIABLE SERIES II DWS Alternative Asset Allocation VIP DWS CROCI U.S. VIP DWS Global Equity VIP DWS Global Income Builder VIP DWS Government & Agency Securities VIP DWS Government Money Market VIP DWS High Income VIP DWS International Growth VIP DWS Multisector Income VIP DWS Small Mid Cap Growth VIP DWS Small Mid Cap Value VIP In addition, Deutsche AM Trust Company will be renamed to DWS Trust Company. Under a separate agreement, Deutsche Asset Management Investment GmbH has granted a license to DWS Group GmbH & Co. KGaA which permits the funds to utilize the DWS trademark. Please Retain This Supplement for Future Reference May 18, 2018 PRO_SAISTKR-419 3

5 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS Deutsche CaliforniaTax-Free Income Fund Deutsche Capital Growth Fund Deutsche Communications Fund Deutsche Core Equity Fund Deutsche CROCI International Fund Deutsche CROCI Sector Opportunities Fund Deutsche CROCI U.S. Fund Deutsche Emerging Markets Equity Fund Deutsche Emerging Markets Fixed Income Fund Deutsche Enhanced Commodity Strategy Fund Deutsche European Equity Fund Deutsche Fixed Income Opportunities Fund Deutsche Floating Rate Fund Deutsche Global High Income Fund Deutsche Global Income Builder Fund Deutsche Global Infrastructure Fund Deutsche Global Macro Fund Deutsche Global Real Estate Securities Fund Deutsche Global Small Cap Fund Deutsche GNMA Fund Deutsche Health and Wellness Fund Deutsche High Conviction Global Bond Fund Deutsche High Income Fund Deutsche IntermediateTax/AMT Free Fund Deutsche International Growth Fund Deutsche Large Cap Focus Growth Fund Deutsche Latin America Equity Fund Deutsche Managed Municipal Bond Fund Deutsche MassachusettsTax-Free Fund Deutsche MLP & Energy Infrastructure Fund Deutsche Money Market Prime Series Deutsche Multi-Asset Conservative Allocation Fund Deutsche Multi-Asset Global Allocation Fund Deutsche Multi-Asset Moderate Allocation Fund Deutsche Multisector Income Fund Deutsche NewYorkTax-Free Income Fund Deutsche Real Assets Fund Deutsche Real Estate Securities Fund Deutsche S&P 500 Index Fund Deutsche Science andtechnology Fund Deutsche Short Duration Fund Deutsche Short-Term Municipal Bond Fund Deutsche Small Cap Core Fund Deutsche Small Cap Growth Fund Deutsche Strategic HighYieldTax-Free Fund DeutscheTotal Return Bond Fund Deutsche World Dividend Fund The following disclosure replaces the last paragraph of the Class C Shares sub-section under the CHOOSING A SHARE CLASS sub-heading under the INVESTING INTHE FUND(S) section of each fund s prospectus. Effective on or about August 10, 2018, Class C shares automatically convert to Class A shares in the same fund after 10 years, provided that the fund or the financial intermediary through which the shareholder purchased the Class C shares has records verifying that the Class C shares have been held for at least 10 years. Due to operational limitations at your financial intermediary, your ability to have your Class C shares automatically converted to Class A may be limited. (For example, automatic conversion of Class C shares to Class A shares will not apply to fund shares held through group retirement plan recordkeeping platforms of certain broker-dealer intermediaries who hold such shares in an omnibus account and do not track participant level share lot aging. Such Class C shares would not satisfy the conditions for the automatic conversion.) Please consult your financial representative for more information. The automatic conversion of Class C shares to Class A shares would occur on the basis of the relative net asset values of the two classes without the imposition of any sales charges or other charges. Shareholders generally will not recognize a gain or loss for federal income tax purposes upon the conversion of Class C shares for Class A shares in the same fund. Please Retain This Supplement for Future Reference May 18, 2018 PROSTKR-1030

6 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS Deutsche CaliforniaTax-Free Income Fund Deutsche Capital Growth Fund Deutsche Communications Fund Deutsche Core Equity Fund Deutsche CROCI Equity Dividend Fund Deutsche CROCI International Fund Deutsche CROCI Sector Opportunities Fund Deutsche CROCI U.S. Fund Deutsche Emerging Markets Equity Fund Deutsche Emerging Markets Fixed Income Fund Deutsche Enhanced Commodity Strategy Fund Deutsche European Equity Fund Deutsche Fixed Income Opportunities Fund Deutsche Floating Rate Fund Deutsche Global High Income Fund Deutsche Global Income Builder Fund Deutsche Global Infrastructure Fund Deutsche Global Macro Fund Deutsche Global Real Estate Securities Fund Deutsche Global Small Cap Fund Deutsche GNMA Fund Deutsche Health and Wellness Fund Deutsche High Conviction Global Bond Fund Deutsche High Income Fund Deutsche IntermediateTax/AMT Free Fund Deutsche International Growth Fund Deutsche Large Cap Focus Growth Fund Deutsche Latin America Equity Fund Deutsche Managed Municipal Bond Fund Deutsche MassachusettsTax-Free Fund Deutsche Mid Cap Value Fund Deutsche MLP & Energy Infrastructure Fund Deutsche Money Market Prime Series Deutsche Multi-Asset Conservative Allocation Fund Deutsche Multi-Asset Global Allocation Fund Deutsche Multi-Asset Moderate Allocation Fund Deutsche Multisector Income Fund Deutsche NewYorkTax-Free Income Fund Deutsche Real Assets Fund Deutsche Real Estate Securities Fund Deutsche S&P 500 Index Fund Deutsche Science andtechnology Fund Deutsche Short Duration Fund Deutsche Short Duration High Income Fund Deutsche Short-Term Municipal Bond Fund Deutsche Small Cap Core Fund Deutsche Small Cap Growth Fund Deutsche Strategic HighYieldTax-Free Fund DeutscheTotal Return Bond Fund Deutsche U.S. Bond Index Fund Deutsche World Dividend Fund The following disclosure is added to the SALES CHARGE WAIVERS AND DISCOUNTS AVAILABLETHROUGH INTERMEDI- ARIES sub-section under the APPENDIX B section of each fund s prospectus. AMERIPRISE FINANCIAL CLASS A FRONT-END SALES CHARGE WAIVERS The following information applies to Class A shares purchases if you have an account with or otherwise purchase fund shares through Ameriprise Financial: Effective June 1, 2018, shareholders purchasing fund shares through an Ameriprise Financial platform or account will be eligible for the following Class A front-end sales charge waivers only, which may differ from those disclosed elsewhere in this fund s prospectus or SAI: Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs. Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available). Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial s platform (if an Advisory or similar share class for such investment advisory program is not available). Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family). Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a class level waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a class level waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges. Shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members. May 18, 2018 PROSTKR-1029

7 Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor s spouse, advisor s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant. Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement). MORGAN STANLEY WEALTH MANAGEMENT CLASS A FRONT-END SALES CHARGE WAIVERS Effective July 1, 2018, fund shares purchased through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from, and may be more limited than, those disclosed elsewhere in this fund s prospectus or SAI. Shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans. Shares purchased by Morgan Stanley employee and employee-related accounts according to Morgan Stanley s account linking rules. Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund. Shares purchased through a Morgan Stanley self-directed brokerage account. Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management s share class conversion program. Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge. Please Retain This Supplement for Future Reference May 18, 2018 PROSTKR

8 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS Deutsche Global Small Cap Fund Deutsche Global Small Cap VIP The following information replaces the existing disclosure contained under the Portfolio Manager(s) sub-heading of the MANAGEMENT section of the summary section of each fund s prospectus. Peter Barsa, Director. Portfolio Manager of the fund. Began managing the fund in The following information replaces the existing similar disclosure relating to each fund contained under the MANAGEMENT sub-heading of the Fund Details section of each fund s prospectus: Peter Barsa, Director. Portfolio Manager of the fund. Began managing the fund in Joined DWS in Portfolio Manager and Equity Research Analyst for Small and Mid Cap Equities: New York. Equity research analyst covering consumer discretionary and consumer staples and global small cap equity research generalist. BS in Finance, Villanova University. Please Retain This Supplement for Future Reference April 19, 2018 PROSTKR-1011

9 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES Cash AccountTrust Deutsche Government & Agency Securities Portfolio Deutsche Tax-Exempt Portfolio Deutsche CaliforniaTax-Free Income Fund Deutsche Capital Growth Fund Deutsche Communications Fund Deutsche Core Equity Fund Deutsche CROCI Equity Dividend Fund Deutsche CROCI International Fund Deutsche CROCI Sector Opportunities Fund Deutsche CROCI U.S. Fund Deutsche EAFE Equity Index Fund Deutsche Emerging Markets Equity Fund Deutsche Emerging Markets Fixed Income Fund Deutsche Enhanced Commodity Strategy Fund Deutsche Equity 500 Index Fund Deutsche European Equity Fund Deutsche Fixed Income Opportunities Fund Deutsche Floating Rate Fund Deutsche Global High Income Fund Deutsche Global Income Builder Fund Deutsche Global Infrastructure Fund Deutsche Global Macro Fund Deutsche Global Real Estate Securities Fund Deutsche Global Small Cap Fund Deutsche GNMA Fund Deutsche Government Cash Management Fund Deutsche Government Cash Reserves Fund Institutional Deutsche Government Money Market Series Deutsche Health and Wellness Fund Deutsche High Conviction Global Bond Fund Deutsche High Income Fund Deutsche IntermediateTax/AMT Free Fund Deutsche International Growth Fund Deutsche Large Cap Focus Growth Fund Deutsche Latin America Equity Fund Deutsche Managed Municipal Bond Fund Deutsche MassachusettsTax-Free Fund Deutsche Mid Cap Value Fund Deutsche MLP & Energy Infrastructure Fund Deutsche Money Market Prime Series Deutsche Multi-Asset Conservative Allocation Fund Deutsche Multi-Asset Global Allocation Fund Deutsche Multi-Asset Moderate Allocation Fund Deutsche Multisector Income Fund Deutsche NewYorkTax-Free Income Fund Deutsche Real Assets Fund Deutsche Real Estate Securities Fund Deutsche S&P 500 Index Fund Deutsche Science andtechnology Fund Deutsche Short Duration Fund Deutsche Short Duration High Income Fund Deutsche Short-Term Municipal Bond Fund Deutsche Small Cap Core Fund Deutsche Small Cap Growth Fund Deutsche Strategic HighYieldTax-Free Fund DeutscheTotal Return Bond Fund Deutsche U.S. Bond Index Fund Deutsche U.S. Multi-Factor Fund Deutsche Ultra-Short Investment Grade Fund Deutsche Variable NAV Money Fund Deutsche World Dividend Fund Investors CashTrust Deutsche Treasury Portfolio Deutsche Variable Series I: Deutsche Bond VIP Deutsche Capital Growth VIP Deutsche Core Equity VIP Deutsche CROCI International VIP Deutsche Global Small Cap VIP Deutsche Variable Series II: Deutsche Alternative Asset Allocation VIP Deutsche CROCI U.S. VIP Deutsche Global Equity VIP Deutsche Global Income Builder VIP Deutsche Government & Agency Securities VIP Deutsche Government Money Market VIP Deutsche High Income VIP Deutsche International Growth VIP Deutsche Multisector Income VIP Deutsche Small Mid Cap Growth VIP Deutsche Small Mid Cap Value VIP Deutsche Investments VIT Funds: Deutsche Equity 500 Index VIP Deutsche Small Cap Index VIP Deutsche Bank AG reorganized its asset management division, Deutsche Asset Management, into a separate financial services firm, DWS Group GmbH & Co. KGaA ( DWS Group ). DWS Group recently completed the sale of a minority ownership interest to third party investors as part of a public offering listed on the Frankfurt Stock Exchange (there will be no public offer of the securities in the United States of America) and is now a separate, publicly-listed financial services firm but remains an indirect, majority-owned subsidiary of Deutsche Bank AG. In this context, the funds investment adviser, Deutsche Investment Management Americas Inc. ( DIMA ) and its US investment advisory affiliates, including RREEF America L.L.C., became indirect, wholly-owned subsidiaries of DWS Group. DIMA s foreign-affiliated US registered investment advisors, including Deutsche Alternative Asset Management (Global) Limited, Deutsche Asset Management (Hong Kong) Limited, Deutsche Investments Australia Limited and Deutsche Asset Management International GmbH, became direct, wholly-owned subsidiaries of DWS Group. In addition, the following service providers changed their names, effective March 23, 2018: Former Name New Name Deutsche AM Distributors, Inc. DWS Distributors, Inc. Deutsche AM Service Company DWS Service Company The references in each fund s prospectus(es) to Deutsche Asset Management are now replaced with DWS. DWS continues the business of Deutsche Asset Management and represents the asset management activities conducted by DWS Group or any of its subsidiaries, including DIMA, the other affiliated investment advisors and DWS Distributors, Inc. DWS is a global April4,2018 PROSTKR-1005

10 organization that offers a wide range of investing expertise and resources, including hundreds of portfolio managers and analysts and an office network that reaches the world s major investment centers. This well-resourced global investment platform brings together a wide variety of experience and investment insight across industries, regions, asset classes and investing styles. The following information supplements the disclosure under the Multi-Manager Structure sub-heading of the WHO MANAGES AND OVERSEESTHE FUND section of each fund s prospectus: The term wholly-owned subadvisors includes subadvisors that are indirect or direct, wholly-owned subsidiaries of the same company that, indirectly or directly, wholly owns the Advisor. Please Retain This Supplement for Future Reference April4,2018 PROSTKR

11 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES, SUMMARY PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS Deutsche Capital Growth Fund Deutsche Emerging Markets Fixed Income Fund Deutsche Fixed Income Opportunities Fund Deutsche Global Macro Fund Deutsche High Conviction Global Bond Fund Deutsche Latin America Equity Fund Deutsche Multisector Income Fund Deutsche Short-Term Municipal Bond Fund Deutsche Small Cap Growth Fund Class T shares are not available for purchase. Please Retain This Supplement for Future Reference February 1, 2018 PRO_SAISTKR-401

12 Prospectus February 1, 2018 Deutsche Emerging Markets Equity Fund CLASS/TICKER A SEKAX T SEKTX C SEKCX INST SEKIX S SEMGX... Deutsche Emerging Markets Fixed Income Fund (formerly Deutsche Enhanced Emerging Markets Fixed Income Fund) CLASS/TICKER A SZEAX T SZETX C SZECX INST SZEIX S SCEMX... Deutsche High Conviction Global Bond Fund (formerly Deutsche Enhanced Global Bond Fund) CLASS/TICKER A SZGAX T SZGTX C SZGCX S SSTGX... Deutsche Global Macro Fund (formerly Deutsche Global Equity Fund) CLASS/TICKER A DBISX T DBIUX C DBICX R DBITX INST MGINX S DBIVX... Deutsche Global Small Cap Fund CLASS/TICKER A KGDAX T KGDTX C KGDCX R6 KGDZX INST KGDIX S SGSCX... Deutsche Latin America Equity Fund CLASS/TICKER A SLANX T SLAUX C SLAPX INST SLARX S SLAFX... Deutsche World Dividend Fund CLASS/TICKER A SERAX T SERTX C SERCX R6 SERZX INST SERNX S SCGEX As with all mutual funds, the Securities and Exchange Commission (SEC) does not approve or disapprove these shares or determine whether the information in this prospectus is truthful or complete. It is a criminal offense for anyone to inform you otherwise.

13 Table of Contents DEUTSCHE EMERGING MARKETS EQUITY FUND Investment Objective... 1 Fees and of the Fund... 1 Principal Investment Strategy... 2 Main Risks... 2 Past Performance... 4 Management... 5 Purchase and Sale of Fund Shares... 5 Tax Information... 6 Payments to Broker-Dealers and Other Financial Intermediaries... 6 DEUTSCHE EMERGING MARKETS FIXED INCOME FUND Investment Objective... 7 Fees and of the Fund... 7 Principal Investment Strategy... 8 Main Risks... 8 Past Performance Management Purchase and Sale of Fund Shares Tax Information Payments to Broker-Dealers and Other Financial Intermediaries DEUTSCHE HIGH CONVICTION GLOBAL BOND FUND Investment Objective Fees and of the Fund Principal Investment Strategy Main Risks Past Performance Management Purchase and Sale of Fund Shares Tax Information Payments to Broker-Dealers and Other Financial Intermediaries DEUTSCHE GLOBAL MACRO FUND Investment Objective Fees and of the Fund Principal Investment Strategy Main Risks Past Performance Management Purchase and Sale of Fund Shares Tax Information Payments to Broker-Dealers and Other Financial Intermediaries DEUTSCHE GLOBAL SMALL CAP FUND Investment Objective Fees and of the Fund Principal Investment Strategy Main Risks Past Performance Management Purchase and Sale of Fund Shares Tax Information Payments to Broker-Dealers and Other Financial Intermediaries DEUTSCHE LATIN AMERICA EQUITY FUND Investment Objective Fees and of the Fund Principal Investment Strategy Main Risks Past Performance Management Purchase and Sale of Fund Shares Tax Information Payments to Broker-Dealers and Other Financial Intermediaries... 33

14 DEUTSCHE WORLD DIVIDEND FUND Investment Objective Fees and of the Fund Principal Investment Strategy Main Risks Past Performance Management Purchase and Sale of Fund Shares Tax Information Payments to Broker-Dealers and Other Financial Intermediaries FUND DETAILS Additional Information About Fund Strategies and Risks Deutsche Emerging Markets Equity Fund Deutsche Emerging Markets Fixed Income Fund Deutsche High Conviction Global Bond Fund Deutsche Global Macro Fund Deutsche Global Small Cap Fund Deutsche Latin America Equity Fund Deutsche World Dividend Fund Other Policies and Risks Who Manages and Oversees the Funds Management INVESTING IN THE FUNDS Choosing a Share Class Buying, Exchanging and Selling Class A, Class C, Institutional Class and Class S Shares How to Buy Shares How to Exchange Shares How to Sell Shares How to Buy and Sell ClassT Shares How to Buy, Sell and Exchange Class R Shares How to Buy, Sell and Exchange Class R6 Shares Financial Intermediary Support Payments (not applicable to Class R6) Policies You Should Know About Policies About Transactions How each Fund Calculates Share Price Other RightsWe Reserve Understanding Distributions andtaxes FINANCIAL HIGHLIGHTS APPENDIX A Hypothetical Expense Summary Additional Index Information APPENDIX B Sales Charge Waivers and Discounts Available Through Intermediaries YOUR INVESTMENT IN A FUND IS NOT A BANK DEPOSIT AND IS NOT INSURED OR GUARANTEED BYTHE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY, ENTITY OR PERSON.

15 Deutsche Emerging Markets Equity Fund INVESTMENT OBJECTIVE The fund seeks long-term growth of capital. FEES AND EXPENSES OF THE FUND These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $50,000 in Class A shares in Deutsche funds or if you invest at least $250,000 in Class T shares in the fund. More information about these and other discounts and waivers is available from your financial advisor and in Choosing a Share Class (p. 70), Sales Charge Waivers and Discounts Available Through Intermediaries (Appendix B, p. 142) and Purchase and Redemption of Shares in the fund s Statement of Additional Information (SAI) (p. II-16). SHAREHOLDER FEES (paid directly from your investment) A T C INST S Maximum sales charge (load) imposed on purchases, as % of offering price None None None Maximum deferred sales charge (load), as % of redemption proceeds None None 1.00 None None Account Maintenance Fee (annually, for fund account balances below $10,000 and subject to certain exceptions) $20 None $20 None $20 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) A T C INST S Management fee Distribution/service (12b-1) fees None None Other expenses Acquired funds fees and expenses Total annual fund operating expenses Fee waiver/expense reimbursement Total annual fund operating expenses after fee waiver/expense reimbursement Management fee is restated to reflect the fund s new management fee rate effective May 1, Other expenses for Class T are based on estimated amounts for the current fiscal year. The Advisor has contractually agreed through January 31, 2019 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expense and acquired fund fees and expenses) at ratios no higher than 1.15%, 1.15%, 1.90%, 0.90% and 0.98% for Class A, Class T, Class C, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund s Board. EXAMPLE This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund s operating expenses (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Prospectus February 1, Deutsche Emerging Markets Equity Fund

16 Years A T C INST S 1 $ 687 $ 366 $ 295 $ 94 $ , ,418 1,089 1, ,474 2,136 2,755 1,461 1,707 You would pay the following expenses if you did not redeem your shares: Years A T C INST S 1 $ 687 $ 366 $ 195 $ 94 $ , ,418 1,089 1, ,474 2,136 2,755 1,461 1,707 PORTFOLIO TURNOVER The fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund s performance. Portfolio turnover rate for fiscal year 2017: 14%. PRINCIPAL INVESTMENT STRATEGY Main investments. Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in emerging market equities (equities traded mainly in emerging markets or issued by companies that are organized in emerging markets or have more than half of their business there). The fund considers emerging markets to include any countries or markets (i) currently classified as low-tomiddle income economies by the World Bank; or (ii) currently considered to be developing by the International Finance Corporation or the United Nations or its authorities. The fund considers an issuer to have more than half of its business in emerging markets if at least (i) 50% of the issuer s assets are in an emerging market country, or (ii) 50% of an issuer s revenues or profits are from goods produced or sold, investments made, or services performed in emerging markets. The fund may invest up to 20% of net assets in equities from the US or other developed markets. The fund may also invest up to 20% of net assets in US or emerging market debt securities when portfolio management believes these securities may perform at least as well as equities. The fund invests primarily in common stocks, but may also invest in preferred stocks or convertible securities. Management Process. Portfolio management generally uses a four step management process. In the first step, using a macroeconomic outlook, portfolio management assesses the general outlook for emerging market equities. The key drivers of this outlook are growth, valuation, and market sentiment. This process is then applied at individual country and sector levels to determine country and sector weightings. In the second step, portfolio management performs a bottom-up fundamental analysis of the companies in the designated countries and sectors (i.e., an analysis of the salient attributes of the various individual companies), resulting in recommended stocks for the designated countries and sectors and corresponding target prices for those stocks. Salient company attributes that portfolio management may consider include attractiveness of valuation relative to earnings, sustainability of business model, the presence of clearly identifiable catalysts, such as a specific corporate event, and positive share price momentum. In the third step, portfolio management constructs the fund s portfolio, weighting individual stocks based on management s assessments and setting individual country and sector market exposure based on management s outlook. In the fourth and final step, portfolio management actively monitors the fund s portfolio, including an ongoing assessment of the portfolio s risks. Portfolio management will typically sell a security if it no longer represents good value relative to fundamentals and/or if it lacks positive catalysts. Derivatives. Portfolio management generally may use futures contracts, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. In addition, portfolio management generally may use forward currency contracts to hedge the fund s exposure to changes in foreign currency exchange rates on its foreign currency denominated portfolio holdings or to facilitate transactions in foreign currency denominated securities. Portfolio management generally may use structured notes or participation or participatory notes to gain exposure to certain foreign markets that may not permit direct investment. The fund may also use other types of derivatives (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. Securities Lending. The fund may lend securities (up to one-third of total assets) to approved institutions. MAIN RISKS There are several risk factors that could hurt the fund s performance, cause you to lose money or cause the fund s performance to trail that of other investments. The fund may not achieve its investment objective, and is not Prospectus February 1, Deutsche Emerging Markets Equity Fund

17 intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Stock market risk. When stock prices fall, you should expect the value of your investment to fall as well. Stock prices can be hurt by poor management on the part of the stock s issuer, shrinking product demand and other business risks. These may affect single companies as well as groups of companies. The market as a whole may not favor the types of investments the fund makes, which could adversely affect a stock s price, regardless of how well the company performs, or the fund s ability to sell a stock at an attractive price. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising and falling prices. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility which could negatively affect performance. To the extent the fund invests in a particular capitalization or sector, the fund s performance may be affected by the general performance of that particular capitalization or sector. Foreign investment risk. The fund faces the risks inherent in foreign investing. Adverse political, economic or social developments could undermine the value of the fund s investments or prevent the fund from realizing the full value of its investments. Financial reporting standards for companies based in foreign markets differ from those in the US. Additionally, foreign securities markets generally are smaller and less liquid than US markets. To the extent that the fund invests in non-us dollar denominated foreign securities, changes in currency exchange rates may affect the US dollar value of foreign securities or the income or gain received on these securities. Emerging markets risk. Foreign investment risks are greater in emerging markets than in developed markets. Investments in emerging markets are often considered speculative. Frontier market risk. Frontier market countries generally have smaller, less diverse economies and even less developed capital markets and legal, regulatory, and political systems than traditional emerging markets. Currency risk. Changes in currency exchange rates may affect the value of the fund s investments and the fund s share price. To the extent the fund seeks to hedge part or all of its foreign currency exposure, the fund may not be successful in hedging against currency changes. The fund s US dollar share price may go down if the value of the local currency of the non US markets in which the fund invests depreciates against the US dollar. This is true even if the local currency value of securities in the fund s holdings goes up. Furthermore, the fund s use of forward currency contracts may eliminate some or all of the benefit of an increase in the value of a foreign currency versus the US dollar. The value of the US dollar measured against other currencies is influenced by a variety of factors. These factors include: interest rates, national debt levels and trade deficits, changes in balances of payments and trade, domestic and foreign interest and inflation rates, global or regional political, economic or financial events, monetary policies of governments, actual or potential government intervention, global energy prices, political instability and government monetary policies and the buying or selling of currency by a country s government. Currency exchange rates can be volatile and can change quickly and unpredictably, thereby impacting the value of the fund s investments. Focus risk. To the extent that the fund focuses its investments in particular industries, asset classes or sectors of the economy, any market price movements, regulatory or technological changes, or economic conditions affecting companies in those industries, asset classes or sectors may have a significant impact on the fund s performance. Regional focus risk. Focusing investments in a single country or few countries, or regions, involves increased currency, political, regulatory and other risks. Market swings in such a targeted country, countries or regions are likely to have a greater effect on fund performance than they would in a more geographically diversified fund. Growth investing risk. As a category, growth stocks may underperform value stocks (and the stock market as a whole) over any period of time. Because the prices of growth stocks are based largely on the expectation of future earnings, growth stock prices can decline rapidly and significantly in reaction to negative news about such factors as earnings, the economy, political developments, or other news. Small company risk. Small company stocks tend to be more volatile than medium-sized or large company stocks. Because stock analysts are less likely to follow small companies, less information about them is available to investors. Industry-wide reversals may have a greater impact on small companies, since they may lack the financial resources of larger companies. Small company stocks are typically less liquid than large company stocks. Medium-sized company risk. Medium-sized company stocks tend to be more volatile than large company stocks. Because stock analysts are less likely to follow mediumsized companies, less information about them is available to investors. Industry-wide reversals may have a greater impact on medium-sized companies, since they lack the financial resources of larger companies. Medium-sized company stocks are typically less liquid than large company stocks. Derivatives risk. Risks associated with derivatives may include the risk that the derivative is not well correlated with the security, index or currency to which it relates; the risk that derivatives may result in losses or missed opportunities; the risk that the fund will be unable to sell the Prospectus February 1, Deutsche Emerging Markets Equity Fund

18 derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; and the risk that the derivative transaction could expose the fund to the effects of leverage, which could increase the fund s exposure to the market and magnify potential losses. Security selection risk. The securities in the fund s portfolio may decline in value. Portfolio management could be wrong in its analysis of industries, companies, economic trends, the relative attractiveness of different securities or other matters. Pricing risk. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment s sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares. Securities lending risk. Anydeclineinthevalueofaportfolio security that occurs while the security is out on loan is borne by the fund and will adversely affect performance. Also, there may be delays in recovery of securities loaned or even a loss of rights in the collateral should the borrower of the securities fail financially while holding the security. Counterparty risk. A financial institution or other counterparty with whom the fund does business, or that underwrites, distributes or guarantees any investments or contracts that the fund owns or is otherwise exposed to, may decline in financial health and become unable to honor its commitments. This could cause losses for the fund or could delay the return or delivery of collateral or other assets to the fund. Credit risk. The fund s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, security downgrade or inability to meet a financial obligation. Credit risk is greater for lower-rated securities. Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating category) may be in uncertain financial health, the prices of their debt securities can be more vulnerable to bad economic news, or even the expectation of bad news, than investment-grade debt securities. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities. Interest rate risk. When interest rates rise, prices of debt securities generally decline. The fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates. The longer the duration of the fund s debt securities, the more sensitive the fund will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.) Prepayment and extension risk. When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the fund s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the fund s share price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances. Liquidity risk. In certain situations, it may be difficult or impossible to sell an investment and/or the fund may sell certain investments at a price or time that is not advantageous in order to meet redemption requests or other cash needs. Unusual market conditions, such as an unusually high volume of redemptions or other similar conditions could increase liquidity risk for the fund. Operational and technology risk. Cyber-attacks, disruptions, or failures that affect the fund s service providers or counterparties, issuers of securities held by the fund, or other market participants may adversely affect the fund and its shareholders, including by causing losses for the fund or impairing fund operations. PAST PERFORMANCE How a fund s returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends and distributions were reinvested. For more recent performance figures, go to deutschefunds.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. Class T is a new class of shares and therefore does not have a full calendar year of performance available. The performance figures for Class T shares are based on the historical performance of the fund s Class S shares adjusted to reflect the higher expenses and applicable sales charges of Class T. Prospectus February 1, Deutsche Emerging Markets Equity Fund