SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES

Transcription

1 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

2 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

3 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS Deutsche Capital Growth Fund Deutsche Communications Fund Deutsche Core Equity Fund Deutsche CROCI Equity Dividend 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 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 Gold & Precious Metals Fund Deutsche Health and Wellness Fund Deutsche High Conviction Global Bond Fund Deutsche High Income Fund Deutsche IntermediateTax/AMT Free 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 Multisector 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 Small Cap Value 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 Appendix B - Sales Charge Waivers and Discounts AvailableThrough Intermediaries in each fund s prospectus. CLASS A WAIVERS APPLICABLE TO PURCHASE THROUGH LPL FINANCIAL Effective December 1, 2017, for those accounts where LPL Financial is listed as the broker dealer, the Class A sales charge waivers listed under Class A NAV Sales in the Choosing a Share Class sub-section of the Investing in the Funds section of the prospectus apply, except that the Class A sales charge waiver number (12) (relating to purchases of Class A shares by employer-sponsored retirement plans) is replaced with the following waiver: Class A shares may be purchased without a sales charge by group retirement plans, which are employer-sponsored retirement plans, deferred compensation plans, employee benefit plans (including health savings accounts) and trusts used to fund those plans. To satisfy eligibility requirements, the plan must be a group retirement plan (more than one participant), the shares cannot be held in a commission-based brokerage account at LPL Financial, and the shares must be held at a plan level or the shares must be held through an omnibus account of a retirement plan record-keeper. Group retirement plans include group employer-sponsored 401(k) plans, employer-sponsored 457 plans, employer-sponsored 403(b) plans, profit-sharing and money purchase pension plans, defined benefit plans, retiree health benefit plans, and non-qualified deferred compensation plans. Traditional IRAs, Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs, KEOGHs, individual 401(k) or individual 403(b) plans do not qualify under this waiver. LPL Financial is responsible for the implementation of this waiver on its platform. Please Retain This Supplement for Future Reference December 1, 2017 PROSTKR-971

4 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS 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 Core Fixed Income Fund Deutsche Core Plus Income 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 Enhanced Commodity Strategy Fund Deutsche Enhanced Emerging Markets Fixed Income Fund Deutsche Enhanced Global Bond Fund Deutsche Equity 500 Index Fund Deutsche European Equity Fund Deutsche Fixed Income Opportunities Fund Deutsche Floating Rate Fund Deutsche Global Growth Fund Deutsche Global High Income Fund Deutsche Global Income Builder Fund Deutsche Global Inflation Fund Deutsche Global Infrastructure Fund Deutsche Global Macro Fund Deutsche Global Real Estate Securities Fund Deutsche Global Small Cap Fund Deutsche GNMA Fund Deutsche Gold & Precious Metals Fund Deutsche Government Cash Management Fund Deutsche Government Cash Reserves Fund Institutional Deutsche Government Money Market Series Deutsche Health and Wellness Fund Deutsche High Income Fund Deutsche IntermediateTax/AMT Free Fund Deutsche Large Cap Focus Growth Fund Deutsche Latin America Equity Fund Deutsche Limited Maturity Quality Income Fund Deutsche Managed Municipal Bond Fund Deutsche MassachusettsTax-Free Fund Deutsche Mid Cap Growth 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 NewYorkTax-Free Income Fund Deutsche Real Assets Fund Deutsche Real Estate Securities Fund Deutsche S&P 500 Index Fund Deutsche Science andtechnology Fund Deutsche Select Alternative Allocation Fund Deutsche Short Duration Fund Deutsche Short-Term Municipal Bond Fund Deutsche Small Cap Core Fund Deutsche Small Cap Growth Fund Deutsche Small Cap Value Fund Deutsche Strategic HighYieldTax-Free Fund Deutsche U.S. Bond Index Fund Deutsche U.S. Multi-Factor Fund Deutsche Ultra-Short Investment Grade Fund Deutsche Unconstrained Income 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 Global Small Cap VIP Deutsche CROCI International VIP Deutsche Variable Series II: Deutsche Alternative Asset Allocation VIP Deutsche CROCI U.S. VIP Deutsche Global Equity VIP Deutsche Global Growth VIP Deutsche Global Income Builder VIP Deutsche Government & Agency Securities VIP Deutsche Government Money Market VIP Deutsche High Income VIP Deutsche Small Mid Cap Growth VIP Deutsche Small Mid Cap Value VIP Deutsche Unconstrained Income VIP Deutsche Investments VIT Funds: Deutsche Equity 500 Index VIP Deutsche Small Cap Index VIP PART I The following disclosure relating to each applicable fund s Class A shares replaces the existing similar disclosure immediately following the Requirements and Limits table under the HOWTO EXCHANGE SHARES heading of the INVESTING INTHE FUND section in the fund s prospectus. Exchanges between funds are allowed between like share classes. Class A shares may also be exchanged with the following money market fund shares as described in each applicable prospectus: Deutsche Government & Agency Securities Portfolio Deutsche Government & Agency Money Fund shares, Deutsche Tax-Exempt Portfolio Deutsche Tax-Exempt Money Fund shares or Deutsche Money Market Primes Series Deutsche Money Market Fund shares. PART II The following disclosure relating to each applicable fund s Institutional Class shares is added under the POLICIES ABOUT TRANSACTIONS heading of the INVESTING INTHE FUNDS section in the fund s prospectus. September 26, 2017 PROSTKR-942

5 Institutional Class Exchange Privilege. The following persons may, subject to certain limitations, exchange Institutional Class shares for Deutsche Money Market Fund shares of Deutsche Money Market Prime Series: (1) a current or former director or trustee of Deutsche mutual funds; and (2) an employee, the employee s spouse or life partner and children or stepchildren age 21 or younger of Deutsche Bank or its affiliates or a subadvisor to any fund in the Deutsche mutual fund family or a broker-dealer authorized to sell shares of the Deutsche mutual funds. PART III The following information replaces the existing disclosure in the Investing in the Funds Financial Intermediary Support Payments section of each fund s/portfolio s Prospectus: FINANCIAL INTERMEDIARY SUPPORT PAYMENTS (NOT APPLICABLE TO CLASS R6) The Advisor, the Distributor and/or their affiliates may pay additional compensation, out of their own assets and not as an additional charge to the fund, to selected affiliated and unaffiliated brokers, dealers, participating insurance companies or other financial intermediaries ( financial advisors ) in connection with the sale and/or distribution of fund shares or the retention and/or servicing of fund investors and fund shares ( revenue sharing ). Such revenue sharing payments are in addition to any distribution or service fees payable under any Rule 12b-1 or service plan of the fund, any record keeping/sub-transfer agency/networking fees payable by the fund (generally through the Distributor or an affiliate) and/or the Distributor or Advisor to certain financial advisors for performing such services and any sales charges, commissions, non-cash compensation arrangements expressly permitted under applicable rules of the Financial Industry Regulatory Authority or other concessions described in the fee table or elsewhere in this prospectus or the Statement of Additional Information as payable to all financial advisors. For example, the Advisor, the Distributor and/or their affiliates may compensate financial advisors for providing the fund with shelf space or access to a third party platform or fund offering list or other marketing programs, including, without limitation, inclusion of the fund on preferred or recommended sales lists, mutual fund supermarket platforms and other formal sales programs; granting the Distributor access to the financial advisor s sales force; granting the Distributor access to the financial advisor s conferences and meetings; assistance in training and educating the financial advisor s personnel; and obtaining other forms of marketing support. In addition, revenue sharing payments may consist of the Distributor s and/or its affiliates payment or reimbursement of ticket charges that would otherwise be assessed by a financial advisor on an investor s fund transactions. The level of revenue sharing payments made to financial advisors may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of the fund attributable to the financial advisor, the particular fund or fund type or other measures as agreed to by the Advisor, the Distributor and/or their affiliates and the financial advisors or any combination thereof. The amount of these payments is determined at the discretion of the Advisor, the Distributor and/or their affiliates from time to time, may be substantial, and may be different for different financial advisors based on, for example, the nature of the services provided by the financial advisor. The Advisor, the Distributor and/or their affiliates currently make revenue sharing payments from their own assets in connection with the sale and/or distribution of Deutsche fund shares or the retention and/or servicing of investors to financial advisors in amounts that generally range from 0.01% up to 0.52% of assets of the fund serviced and maintained by the financial advisor, 0.05% to 0.25% of sales of the fund attributable to the financial advisor, a flat fee of up to $143,750, or any combination thereof. These amounts are annual figures typically paid on a quarterly basis and are subject to change at the discretion of the Advisor, the Distributor and/or their affiliates. Receipt of, or the prospect of receiving, this additional compensation may influence your financial advisor s recommendation of the fund or of any particular share class of the fund. You should review your financial advisor s compensation disclosure and/or talk to your financial advisor to obtain more information on how this compensation may have influenced your financial advisor s recommendation of the fund. Additional information regarding these revenue sharing payments is included in the fund s Statement of Additional Information, which is available to you on request at no charge (see the back cover of this prospectus for more information on how to request a copy of the Statement of Additional Information). September 26, 2017 PROSTKR-942 2

6 The following paragraph is for all funds except Deutsche Variable NAV Money Fund: The Advisor, the Distributor and/or their affiliates may also make such revenue sharing payments to financial advisors under the terms discussed above in connection with the distribution of both Deutsche funds and non-deutsche funds by financial advisors to retirement plans that obtain record keeping services from ADP, Inc. or to 403(b) plans that obtain record keeping services from Ascensus, Inc. on the Deutsche AM-branded retirement plan platform (the Platform ). The level of revenue sharing payments is based upon sales of both the Deutsche funds and the non-deutsche funds by the financial advisor on the Platform or current assets of both the Deutsche funds and the non-deutsche funds serviced and maintained by the financial advisor on the Platform. It is likely that broker-dealers that execute portfolio transactions for the fund will include firms that also sell shares of the Deutsche funds to their customers. However, the Advisor will not consider sales of Deutsche fund shares as a factor in the selection of broker-dealers to execute portfolio transactions for the Deutsche funds. Accordingly, the Advisor has implemented policies and procedures reasonably designed to prevent its traders from considering sales of Deutsche fund shares as a factor in the selection of broker-dealers to execute portfolio transactions for the fund. In addition, the Advisor, the Distributor and/or their affiliates will not use fund brokerage to pay for their obligation to provide additional compensation to financial advisors as described above. Please Retain This Supplement for Future Reference September 26, 2017 PROSTKR-942 3

7 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUS Deutsche Global Real Estate Securities Fund Institutional Class The following disclosure replaces the existing similar disclosure under the HOWTO BUY SHARES heading of the INVESTING INTHE FUNDS section of the fund s prospectus. By Wire (for additional Institutional Class investments only). You may buy shares by wire only if your account is authorized to do so. Please note that you or your financial advisor must call us in advance of a wire transfer purchase (or, in certain limited pre-arranged circumstances for Deutsche Global Real Estate Securities Fund, a notification by facsimile may be acceptable). After you inform us of the amount of your purchase, you will receive a trade confirmation number. Instruct your bank to send payment by wire using the wire instructions noted below. All wires must be received by 4:00 p.m. Eastern time the next business day following your purchase, except in certain limited pre-arranged circumstances for Deutsche Global Real Estate Securities Fund where receipt by 4:00 p.m. Eastern time on the second business day after your purchase may be permitted. If your wire is not received by 4:00 p.m. Eastern time on the next business day (or second business day, if applicable) after the fund receives your request to purchase shares, your transaction will be canceled and we may look to you to bear any resulting expense and risk. Please Retain This Supplement for Future Reference September 5, 2017 PROSTKR-949

8 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS Deutsche Capital Growth Fund Deutsche Communications Fund Deutsche Core Equity Fund Deutsche Core Fixed Income Fund Deutsche Core Plus Income Fund Deutsche CROCI Equity Dividend Fund Deutsche Emerging Markets Equity Fund Deutsche Enhanced Emerging Markets Fixed Income Fund Deutsche Enhanced Global Bond Fund Deutsche Fixed Income Opportunities Fund Deutsche Global High Income Fund Deutsche Global Income Builder Fund Deutsche Global Inflation Fund Deutsche Global Infrastructure Fund Deutsche Global Macro Fund Deutsche Global Real Estate Securities Fund Deutsche Global Small Cap Fund Deutsche GNMA Fund Deutsche Gold & Precious Metals Fund Deutsche High Income Fund Deutsche Latin America Equity Fund Deutsche Mid Cap Growth Fund Deutsche Mid Cap Value Fund Deutsche MLP & Energy Infrastructure 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 Small Cap Value Fund Deutsche U.S. Bond Index Fund Deutsche Unconstrained Income Fund Deutsche World Dividend Fund The following change is effective on September 7, 2017: The following disclosure replaces existing disclosure under the Class A NAV Sales sub-heading under the INVESTING IN THE FUNDS section in each fund s prospectus: (12) Employer-sponsored retirement plans that are maintained by a fund at an omnibus level or are part of retirement plans or platforms offered by banks, broker-dealers, financial advisors or insurance companies or serviced by retirement recordkeepers (each, an Employer-Sponsored Retirement Plan ). For purposes of this sales charge waiver, the term Employer-Sponsored Retirement Plan includes 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans, and non-qualified deferred compensation plans, but does not include SEP IRAs, SIMPLE IRAs, or Salary Reduction Simplified Employee Pension Plans (SARSEPs) (each, an Employer-Sponsored IRA ); The following change is effective on August 7, 2017: The following disclosure replaces existing disclosure under the POLICIES ABOUTTRANSACTIONS heading of the INVESTING INTHE FUND section in each fund s prospectus, as applicable. Class C to Class A or Institutional Class in the Same Fund Exchange Privilege. Investors who either (i) have invested in Class C shares through a comprehensive or wrap fee program or other fee-based program sponsored by a brokerdealer, bank or registered investment adviser or (ii) have invested in Class C shares and are in the process of transferring their shares to such a program may potentially become eligible to invest in either Class A shares or Institutional Class shares by reason of their participation in such a program. In addition, investors who have invested in Class C shares as part of an Employer-Sponsored Retirement Plan or an Employer-Sponsored IRA may potentially become eligible to invest in Class A shares by reason of their investment in such Employer Sponsored Retirement Plan or Employer-Sponsored IRA. In such event, subject to the discretion of the Distributor and the limitations noted below, such shareholders may exchange their Class C shares for Class A shares or Institutional Class shares (as applicable) of equal aggregate value of the same fund. No sales charges or other charges will apply to any such exchange. Exchanges under this privilege will generally be processed only in instances where the accounts are not currently subject to a CDSC and only as part of a pre-arranged, multiple-client transaction through the particular financial services firm offering the comprehensive or wrap program or other fee-based program or involving the Employer-Sponsored Retirement Plan or Employer-Sponsored IRA where the Class A shares or Institutional Class shares (as applicable) are available. DDI may agree with financial intermediaries to allow this exchange privilege for accounts currently subject to a CDSC and outside of pre-arranged, multiple-client transactions. In such situations, the financial intermediary may reimburse DDI for a portion of any CDSC that DDI would have otherwise collected on the transaction or a portion of the distribution fees previously advanced by DDI to the financial intermediary in connection with the initial sale of the Class C shares. Investors should contact their selling and/or servicing agents to learn more about the details of this exchange feature. Shareholders generally will not recognize a gain or loss for federal income tax purposes upon the exchange of Class C shares of a fund for Class A shares or Institutional Class shares of the same fund. Class C to Class A or Class S in the Same Fund Exchange Privilege. Investors who either (i) have invested in Class C shares through a comprehensive or wrap fee program or other fee-based program sponsored by a broker-dealer, bank or registered investment adviser or (ii) have invested in Class C shares and are in the process of transferring their shares to July 7, 2017 PROSTKR-875

9 such a program may potentially become eligible to invest in either Class A shares or Class S shares by reason of their participation in such a program. In addition, investors who have invested in Class C shares as part of an Employer-Sponsored Retirement Plan or an Employer-Sponsored IRA may potentially become eligible to invest in Class A shares by reason of their investment in such Employer Sponsored Retirement Plan or Employer-Sponsored IRA. In such event, subject to the discretion of the Distributor and the limitations noted below, such shareholders may exchange their Class C shares for Class A shares or Class S shares (as applicable) of equal aggregate value of the same fund. No sales charges or other charges will apply to any such exchange. Exchanges under this privilege will generally be processed only in instances where the accounts are not currently subject to a CDSC and only as part of a pre-arranged, multiple-client transaction through the particular financial services firm offering the comprehensive or wrap program or other fee-based program or involving the Employer- Sponsored Retirement Plan or Employer-Sponsored IRA where the Class A shares or Class S shares (as applicable) are available. DDI may agree with financial intermediaries to allow this exchange privilege for accounts currently subject to a CDSC and outside of pre-arranged, multiple-client transactions. In such situations, the financial intermediary may reimburse DDI for a portion of any CDSC that DDI would have otherwise collected on the transaction or a portion of the distribution fees previously advanced by DDI to the financial intermediary in connection with the initial sale of the Class C shares. Investors should contact their selling and/or servicing agents to learn more about the details of this exchange feature. Shareholders generally will not recognize a gain or loss for federal income tax purposes upon the exchange of Class C shares of a fund for Class A shares or Class S shares of the same fund. Class C to Class A, Class S or Institutional Class in the Same Fund Exchange Privilege. Investors who either (i) have invested in Class C shares through a comprehensive or wrap fee program or other fee-based program sponsored by a broker-dealer, bank or registered investment adviser or (ii) have invested in Class C shares and are in the process of transferring their shares to such a program may potentially become eligible to invest in either Class A shares, Class S shares or Institutional Class shares by reason of their participation in such a program. In addition, investors who have invested in Class C shares as part of an Employer-Sponsored Retirement Plan or an Employer-Sponsored IRA may potentially become eligible to invest in Class A shares by reason of their investment in such Employer Sponsored Retirement Plan or Employer-Sponsored IRA. In such event, subject to the discretion of the Distributor and the limitations noted below, such shareholders may exchange their Class C shares for Class A shares, Class S shares or Institutional Class shares (as applicable) of equal aggregate value of the same fund. No sales charges or other charges will apply to any such exchange. Exchanges under this privilege will generally be processed only in instances where the accounts are not currently subject to a CDSC and only as part of a pre-arranged, multiple-client transaction through the particular financial services firm offering the comprehensive or wrap program or other fee-based program or involving the Employer-Sponsored Retirement Plan or Employer-Sponsored IRA where the Class A shares, Class S shares or Institutional Class shares (as applicable) are available. DDI may agree with financial intermediaries to allow this exchange privilege for accounts currently subject to a CDSC and outside of pre-arranged, multiple-client transactions. In such situations, the financial intermediary may reimburse DDI for a portion of any CDSC that DDI would have otherwise collected on the transaction or a portion of the distribution fees previously advanced by DDI to the financial intermediary in connection with the initial sale of the Class C shares. Investors should contact their selling and/or servicing agents to learn more about the details of this exchange feature. Shareholders generally will not recognize a gain or loss for federal income tax purposes upon the exchange of Class C shares of a fund for Class A shares, Class S shares or Institutional Class shares of the same fund. Please Retain This Supplement for Future Reference July 7, 2017 PROSTKR-875 2

10 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUS Deutsche Global Real Estate Securities Fund The following replaces similar disclosure in the Appendix Hypothetical Expense Summary section of the fund s prospectus: Deutsche Global Real Estate Securities Fund Class A Maximum Sales Charge: 5.75% Initial Hypothetical Investment: $10,000 Assumed Rate of Return: 5% Year Return Before Annual Fund Expense Ratios Return After Hypothetical Year-End Balance After Annual Fees & % 1.20% -2.17% $ 9, $ % 1.23% 1.52% $10, $ % 1.23% 5.35% $10, $ % 1.23% 9.32% $10, $ % 1.23% 13.44% $11, $ % 1.23% 17.72% $11, $ % 1.23% 22.15% $12, $ % 1.23% 26.76% $12, $ % 1.23% 31.54% $13, $ % 1.23% 36.50% $13, $ Total $1, Deutsche Global Real Estate Securities Fund Class T Maximum Sales Charge: 2.50% Initial Hypothetical Investment: $10,000 Assumed Rate of Return: 5% Year Return Before Annual Fund Expense Ratios Return After Hypothetical Year-End Balance After Annual Fees & % 1.20% 1.21% $10, $ % 1.28% 4.97% $10, $ % 1.28% 8.87% $10, $ % 1.28% 12.92% $11, $ % 1.28% 17.13% $11, $ % 1.28% 21.48% $12, $ % 1.28% 26.00% $12, $ % 1.28% 30.69% $13, $ % 1.28% 35.55% $13, $ % 1.28% 40.59% $14, $ Total $1, June 13, 2017 PROSTKR-882

11 Deutsche Global Real Estate Securities Fund Class C Maximum Sales Charge: 0.00% Initial Hypothetical Investment: $10,000 Assumed Rate of Return: 5% Year Return Before Annual Fund Expense Ratios Return After Hypothetical Year-End Balance After Annual Fees & % 1.95% 3.05% $10, $ % 2.00% 6.14% $10, $ % 2.00% 9.33% $10, $ % 2.00% 12.61% $11, $ % 2.00% 15.98% $11, $ % 2.00% 19.46% $11, $ % 2.00% 23.05% $12, $ % 2.00% 26.74% $12, $ % 2.00% 30.54% $13, $ % 2.00% 34.46% $13, $ Total $2, Deutsche Global Real Estate Securities Fund Class R6 Maximum Sales Charge: 0.00% Initial Hypothetical Investment: $10,000 Assumed Rate of Return: 5% Year Return Before Annual Fund Expense Ratios Return After Hypothetical Year-End Balance After Annual Fees & % 0.95% 4.05% $10, $ % 1.06% 8.15% $10, $ % 1.06% 12.41% $11, $ % 1.06% 16.84% $11, $ % 1.06% 21.44% $12, $ % 1.06% 26.23% $12, $ % 1.06% 31.20% $13, $ % 1.06% 36.37% $13, $ % 1.06% 41.74% $14, $ % 1.06% 47.33% $14, $ Total $1, June 13, 2017 PROSTKR-882 2

12 Deutsche Global Real Estate Securities Fund Institutional Class Maximum Sales Charge: 0.00% Initial Hypothetical Investment: $10,000 Assumed Rate of Return: 5% Year Return Before Annual Fund Expense Ratios Return After Hypothetical Year-End Balance After Annual Fees & % 0.95% 4.05% $10, $ % 0.98% 8.23% $10, $ % 0.98% 12.58% $11, $ % 0.98% 17.11% $11, $ % 0.98% 21.82% $12, $ % 0.98% 26.71% $12, $ % 0.98% 31.81% $13, $ % 0.98% 37.11% $13, $ % 0.98% 42.62% $14, $ % 0.98% 48.35% $14, $ Total $1, Deutsche Global Real Estate Securities Fund Class S Maximum Sales Charge: 0.00% Initial Hypothetical Investment: $10,000 Assumed Rate of Return: 5% Year Return Before Annual Fund Expense Ratios Return After Hypothetical Year-End Balance After Annual Fees & % 1.05% 3.95% $10, $ % 1.09% 8.01% $10, $ % 1.09% 12.24% $11, $ % 1.09% 16.63% $11, $ % 1.09% 21.19% $12, $ % 1.09% 25.92% $12, $ % 1.09% 30.85% $13, $ % 1.09% 35.96% $13, $ % 1.09% 41.28% $14, $ % 1.09% 46.80% $14, $ Total $1, Please Retain This Supplement for Future Reference June 13, 2017 PROSTKR-882 3

13 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES, SUMMARY PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS Deutsche Core Equity Fund Deutsche CROCI Equity Dividend Fund Deutsche CROCI International Fund Deutsche CROCI U.S. Fund Deutsche Emerging Markets Equity Fund Deutsche Enhanced Commodity Strategy Fund Deutsche Global High Income Fund Deutsche Global Infrastructure Fund Deutsche Global Real Estate Securities Fund Deutsche Global Small Cap Fund Deutsche GNMA Fund Deutsche High Income Fund Deutsche Real Assets Fund Deutsche Real Estate Securities Fund Deutsche Short Duration Fund Deutsche Small Cap Core Fund Deutsche World Dividend Fund As of June 5, 2017, Class T shares are available for purchase. Please Retain This Supplement for Future Reference June 5, 2017 PRO_SAISTKR-340

14 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUS Deutsche Global Real Estate Securities Fund The following information replaces the existing similar disclosure in the FEES AND EXPENSES OFTHE FUND section of the summary section of the fund s prospectus: SHAREHOLDER FEES (paid directly from your investment) A T C R6 INST S Maximum sales charge (load) imposed on purchases, as % of offering price None None None None Maximum deferred sales charge (load), as % of redemption proceeds None None 1.00 None None None Account Maintenance Fee (annually, for fund account balances below $10,000 and subject to certain exceptions) $20 None $20 None None $20 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) A T C R6 INST S Management fee Distribution/service (12b-1) fees None None None Other 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 September 30, 2018 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 and interest expenses) at ratios no higher than 1.20%, 1,20%, 1.95%, 0.95%, 0.95% and 1.05% for Class A, Class T, Class C, Class R6, 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: Years A T C R6 INST S 1 $ 690 $ 369 $ 298 $ 97 $ 97 $ , , ,976 1,750 2,323 1,284 1,199 1,325 You would pay the following expenses if you did not redeem your shares: Years A T C R6 INST S 1 $ 690 $ 369 $ 198 $ 97 $ 97 $ , , ,976 1,750 2,323 1,284 1,199 1,325 The following information replaces the existing similar disclosure relating to the fund under the Management Fee sub-heading of the WHO MANAGES AND OVERSEESTHE FUND section of the fund s prospectus: For Deutsche Global Real Estate Securities Fund, the Advisor had contractually agreed through April 30, 2018 to waive 0.20% of the fund s management fee. Effective May 1, 2017, that waiver was terminated and the Advisor contractually agreed to reduce its management fees so that the Fund pays the Advisor a fee, calculated daily and paid monthly at the annual rate of 0.700% of the first $1.0 billion of the fund s average daily net assets and 0.675% thereafter. May 23, 2017 PROSTKR-827

15 In addition, through September 30, 2018, the Advisor has contractually agreed 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 and interest expenses) at ratios no higher than 1.20%, 1.20%, 1.95%, 0.95%, 0.95% and 1.05% for Class A, Class T, Class C, Class R6, Institutional Class and Class S, respectively. These agreements may only be terminated with the consent of the fund s Board. Please Retain This Supplement for Future Reference May 23, 2017 PROSTKR-827 2

16 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUS Deutsche Global Real Estate Securities Fund The following information relating to the fund is added under the Management Fee sub-heading of the WHO MANAGES AND OVERSEESTHE FUNDS section of the fund s prospectus: The Advisor has voluntarily agreed 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 and interest expenses) at a ratio no higher than 1.07% for Class R6. This voluntary waiver or reimbursement may be terminated at any time at the option of the Advisor. Please Retain This Supplement for Future Reference April 20, 2017 PROSTKR-815

17 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUS Deutsche Global Infrastructure Fund The following information replaces the existing similar disclosure in the FEES AND EXPENSES OFTHE FUND section of the summary section of the fund s prospectus: SHAREHOLDER FEES (paid directly from your investment) A T C R6 INST S Maximum sales charge (load) imposed on purchases, as % of offering price None None None None Maximum deferred sales charge (load), as % of redemption proceeds None None 1.00 None None None Account Maintenance Fee (annually, for fund account balances below $10,000 and subject to certain exceptions) $20 None $20 None None $20 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) A T C R6 INST S Management fee Distribution/service (12b-1) fees None None None Other expenses Total annual fund operating expenses Fee waiver/expense reimbursement Total annual fund operating expenses after fee waiver/ expense reimbursement Other expenses for Class T are based on estimated amounts for the current fiscal year. The Advisor has contractually agreed through April 30, 2018 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 and interest expenses) at ratios no higher than 1.43% and 1.11% for Class T and Class R6, 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 for Class T and Class R6) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Years A T C R6 INST S 1 $ 708 $ 392 $ 318 $ 113 $ 113 $ ,292 1,016 1, ,148 1,930 2,483 1,447 1,352 1,432 You would pay the following expenses if you did not redeem your shares: Years A T C R6 INST S 1 $ 708 $ 392 $ 218 $ 113 $ 113 $ ,292 1,016 1, ,148 1,930 2,483 1,447 1,352 1,432 The following information replaces the existing similar disclosure relating to the fund under the Management Fee sub-heading of the WHO MANAGES AND OVERSEESTHE FUND section of the fund s prospectus: For Deutsche Global Infrastructure Fund, the Advisor has contractually agreed through September 30, 2017 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 and interest expenses) at 1.43%, 2.18%, 1.18% and 1.28% for Class A, Class C, Institutional Class and Class S, respectively. In addition, the Advisor has contractually agreed through April 30, 2018 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 and interest expenses) at ratios no higher than April 12, 2017 PROSTKR-808

18 1.43% and 1.11% for Class T and Class R6, respectively. The agreement may only be terminated with the consent of the fund s Board. Please Retain This Supplement for Future Reference April 12, 2017 PROSTKR-808 2

19 Prospectus March 31, 2017 Deutsche Real Estate Securities Fund CLASS/TICKER A RRRAX T RRRTX C RRRCX R RRRSX R6 RRRZX INST RRRRX S RRREX... Deutsche Global Infrastructure Fund CLASS/TICKER A TOLLX T TOLTX C TOLCX R6 TOLZX INST TOLIX S TOLSX... Deutsche Global Real Estate Securities Fund CLASS/TICKER A RRGAX T RRGUX C RRGCX R6 RRGRX INST RRGIX S RRGTX 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.

20 Table of Contents DEUTSCHE REAL ESTATE SECURITIES FUND Investment Objective... 1 Fees and of the Fund... 1 Principal Investment Strategy... 2 Main Risks... 2 Past Performance... 3 Management... 4 Purchase and Sale of Fund Shares... 4 Tax Information... 5 Payments to Broker-Dealers and Other Financial Intermediaries... 5 DEUTSCHE GLOBAL INFRASTRUCTURE FUND Investment Objective... 6 Fees and of the Fund... 6 Principal Investment Strategy... 7 Main Risks... 7 Past Performance... 9 Management Purchase and Sale of Fund Shares Tax Information Payments to Broker-Dealers and Other Financial Intermediaries DEUTSCHE GLOBAL REAL ESTATE SECURITIES 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 Real Estate Securities Fund Deutsche Global Infrastructure Fund Deutsche Global Real Estate Securities 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, Class R, Class R6, Institutional Class and Class S Shares How to Buy Shares How to Exchange Shares How to Sell Shares How to Buy, Sell and Exchange Class R Shares How to Buy, Sell and Exchange Class R6 Shares How to Buy and Sell ClassT 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.

21 Deutsche Real Estate Securities Fund INVESTMENT OBJECTIVE The fund s investment objective is long-term capital appreciation and current income. 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. 31), Sales Charge Waivers and Discounts Available Through Intermediaries (Appendix B, p. 77) 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 R R6 INST S Maximum sales charge (load) imposed on purchases, as % of offering price None None None None None Maximum deferred sales charge (load), as % of redemption proceeds None None 1.00 None None None None Account Maintenance Fee (annually, for fund account balances below $10,000 and subject to certain exceptions) $20 None $20 None None None $20 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a % of the value of your investment) A T C R R6 INST S Management fee Distribution/service (12b-1) fees None None None Other expenses Total annual fund operating expenses Other expenses for Class T are based on estimated amounts for the current fiscal year. 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 remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Years A T C R R6 INST S 1 $ 669 $ 343 $ 269 $ 132 $ 54 $ 64 $ , ,707 1,364 1,965 1, You would pay the following expenses if you did not redeem your shares: Years A T C R R6 INST S 1 $ 669 $ 343 $ 169 $ 132 $ 54 $ 64 $ , ,707 1,364 1,965 1, Prospectus March 31, Deutsche Real Estate Securities Fund