SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES, SUMMARY PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS
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Cash Account Trust
Tax-Exempt Portfolio Daily Assets Fund
Deutsche Money Market Prime Series Deutsche Variable NAV Money Fund
In July of 2014, the Securities and Exchange Commission (“SEC”) adopted money market fund reforms that impact the operation of registered money market funds, including the funds. The funds are required to comply with money market fund reforms by the specified compliance dates, with the latest being October 14, 2016 (the “Compliance Date).
Under the money market fund reforms, registered money market funds that qualify as “retail money market funds” and “government money market funds” will be permitted to continue to utilize the “amortized cost” method of valuation to seek to transact at a stable net asset value per share (“NAV”) on or after the Compliance Date. A “retail money market fund” is defined under the money market fund reforms as a fund that has policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons.
Registered money market funds that do not qualify as retail money market funds or government money market funds (collectively, “institutional money market funds”) would be required to price and transact in their shares at a floating NAV reflecting current market values for their portfolio securities on or before the Compliance Date. The Deutsche Variable NAV Money Fund currently processes and transacts in its shares at a floating NAV calculated at 4 p.m. each day that the fund is open for business.
Retail money market funds and institutional money market funds must also implement policies and procedures reasonably designed to ensure the funds will be able to impose liquidity fees on redemptions and/or redemption gates suspending redemptions under certain limited circumstances and subject to the actions of the fund’s Board by the Compliance Date.
On or prior to the Compliance Date, each fund and all its share classes will qualify as either a retail money market fund or institutional money market fund as follows:
Fund Type Stable
NAV Permitted Implementation of Liquidity Fees and/or Redemption Gates
there is no guarantee that it will be able to do so and if the NAV falls below $1.00, you would lose money.) In addition, each Deutsche Retail MMF will be required to be able to implement liquidity fees and/or redemption gates by the Compliance Date.
Natural persons may invest, or continue to invest, in a Deutsche Retail MMF directly or through certain tax-advantaged savings accounts, trusts and other retirement accounts, which may include participant directed defined contribution plans, individual retirement accounts, simplified employee pension arrangements, simple retirement accounts, custodial accounts, deferred compensation plans, medical savings accounts, college savings plans, health savings account plans, or certain other accounts where the ultimate decision maker is an institution (e.g., an
investment adviser managing discretionary investment accounts for natural persons or a plan sponsor of a retirement account).
In order to separate eligible investors within the funds, the Board of each Deutsche Retail MMF, on the recommendation of Deutsche Investment Management Americas Inc. (“DIMA”), approved the closing of each Deutsche Retail MMF to new investors that are not natural persons effective on or about July 1, 2016.
On or about September 15, 2016, financial intermediaries will be required to take steps to remove any
shareholders on behalf of whom they hold shares in a Deutsche Retail MMF that are not eligible to be invested in the fund. Financial intermediaries will also be required to provide the funds a written statement or other
representation that they have in place, and operate in compliance with, policies and procedures that are reasonably designed to limit beneficial ownership of the funds to natural persons. Financial intermediaries will not be permitted to submit purchase orders if they have not provided such a written statement or representation.
In order to ensure that the Deutsche Retail MMFs are beneficially owned by natural persons, each fund may redeem investors that do not satisfy the eligibility requirements of the Deutsche Retail MMFs. Each Deutsche Retail MMF will provide advanced written notice of its intent to make any such involuntary redemptions. Effective on or about September 15, 2016, the Deutsche Retail MMFs may involuntarily redeem shares in accounts if Deutsche Retail MMF does not believe that the account is beneficially owned by a natural person.
In addition, the share class of Tax Exempt Portfolio noted below will change its name effective on or about July 1, 2016 as follows:
Current Share Class Name New Share Class Name
(Effective on or About July 1, 2016)
A summary of the key dates and events for the Deutsche Retail MMFs is set forth below: • Effective on or about July 1, 2016:
o The Deutsche Retail MMFs will not open any new account of which the beneficial owner is not a natural person.
o The “Deutsche Tax-Exempt Cash Institutional Shares” class of Tax-Exempt Portfolio will change its name to “Deutsche Tax-Exempt Cash Premier Shares.”
• Effective on or about September 15, 2016:
o The Deutsche Retail MMFs may involuntarily redeem shares in accounts if the Deutsche Retail MMF does not believe that the account is beneficially owned by a natural person.
o Financial intermediaries will be required to take steps to remove any shareholders on behalf of whom they hold shares in a Deutsche Retail MMF that are not eligible to be invested in the fund.
o Financial intermediaries will be required to have provided the Deutsche Retail MMFs with a written statement or other representation that they have in place, and operate in compliance with, policies and procedures that are reasonably designed to limit beneficial ownership of the funds to natural persons.
o Financial intermediaries will not be permitted to submit purchase orders if they have not provided such a written statement or representation.
• Effective on or about September 16, 2016:
o The Deutsche Retail MMFs will implement policies and procedures that are reasonably designed to limit beneficial ownership of each fund’s shares to natural persons.
• Effective on or about October 14, 2016:
o The Deutsche Retail MMFs will implement policies and procedures reasonably designed to ensure the funds will be able to impose liquidity fees on redemptions and/or redemption gates suspending redemptions under certain limited circumstances and subject to the actions of the fund’s Board.
Deutsche Institutional Money Market Funds
Under the money market fund reforms, all investors, including natural persons, that meet the eligibility requirements may purchase shares of Daily Assets Fund and Deutsche Variable NAV Money Fund (the “Deutsche Institutional MMFs”), but the funds will be required to price and transact in their shares at a floating NAV to four decimal places in the case of a fund with a $1.00 target share price (e.g., $1.0000) or an equivalent or more precise level of accuracy for funds with a different share price (e.g., a fund that has a target share price of $10.00 could price its share at $10.000) reflecting current market values for their portfolio securities on or before the Compliance Date. Currently, the Deutsche Variable NAV Money Fund transacts in its shares at a floating NAV calculated at 4 p.m. each business day. DIMA currently expects that the Daily Assets Fund will transition to a floating NAV on or about October
In order to provide shareholders with liquidity multiple times per day, DIMA recommended, and the Board of each fund approved, that the NAV for each class of the Deutsche Institutional MMFs be calculated, effective on or about October 10, 2016, as of the following times each day that the fund is open for business:
Fund Current NAV
Calculation Time
New NAV Calculation Times (Effective on or about
October 10, 2016)
Deutsche Variable NAV Money Fund 4:00 p.m. 9:00 a.m.; 12:00 p.m.; 3:00 p.m.; and
5:00 p.m.
Daily Assets Fund 5:00 p.m. 9:00 a.m.;
12:00 p.m.; 3:00 p.m.; and
5:00 p.m.
Until such date, the Daily Assets Fund will continue to seek to maintain a stable $1.00 NAV using the amortized cost method to value its portfolio securities. (Although the fund will seek to maintain a $1.00 NAV, there is no guarantee that it will be able to do so and if the NAV falls below $1.00, you would lose money.) Additionally, Deutsche Variable NAV Money Fund will continue to process and transact in its shares at a floating NAV calculated once each business day reflecting current market values for its portfolio securities.
Processing of Trade Orders
All purchase, redemption and exchange orders must be received in good order and will generally be priced at the NAV next calculated after it is received in good order.
If a wire transfer purchase order is received in good order for before 9:00 a.m., 12:00 p.m. or 3:00 p.m. Eastern time, it will normally receive the dividend for that day. Purchase orders processed at 5:00 p.m. Eastern time will not receive the dividend for that day. Redemption orders processed at 9:00 a.m., 12:00 p.m. or 3:00 p.m. will not be entitled to that day’s dividend. However, redemption orders processed at 5:00 p.m. will be entitled to the same day dividend.
A summary of the key dates and events for the Deutsche Institutional MMFs is set forth below: • Effective on or about October 10, 2016:
o Daily Assets Fund will transition it share price from a stable NAV of $1.00 to a floating NAV.
o Daily Assets Fund will begin to use market based factors and will no longer use the “amortized cost” method of valuation to value its portfolio securities.
o Each Deutsche Institutional MMF will calculate its NAV multiple times each day that the fund is open for business (typically, 9:00 a.m., 12:00 p.m., 3:00 p.m., and 5:00 p.m.).
Liquidity Fees and Redemption Gates
Effective on or about October 14, 2016, if a Deutsche Retail MMF’s or Deutsche Institutional MMF’s weekly liquid assets fall below 30%, the Board of the fund may, in its discretion, impose a liquidity fee of up to 2% of the value of the shares redeemed and/or put on a gate to temporarily suspend redemptions. In addition, if a Deutsche Retail MMF’s or Deutsche Institutional MMF’s weekly liquid assets fall below 10%, the fund must impose a liquidity fee of 1% of the value of the shares redeemed, unless the Board of the fund determines that not doing so is in the best interest of the Fund. Weekly liquid assets include (i) cash, (ii) direct obligations of the U.S.
Government, (iii) Government securities that are issued by a person controlled or supervised by and acting as an instrumentality of the U.S. Government pursuant to authority granted by Congress that are issued at a discount to the principal amount to be repaid at maturity without provision for the payment of interest and have a remaining maturity date of 60 days or less, (iv) securities that will mature or are subject to a demand feature that is exercisable and payable within five business days, or (v) amounts receivable and due unconditionally within five business days on pending sales of portfolio securities.
A liquidity fee or redemption gate must automatically terminate at the beginning of the next business day once a fund’s weekly liquid assets reach at least 30% of its total assets. Additionally, redemption gates may only be put in place for up to 10 business days in any 90-day period. In addition, the Board may, in its discretion, terminate a liquidity fee or redemption gate at any time if it believes such action to be in the best interest of the fund.
To the extent a fund implements a liquidity fee, it is currently expected that the liquidity fee would generally apply to all redemptions at the first net asset value calculation on the next business day following notification to financial intermediaries and shareholders. However, the Board, in its discretion, may elect to impose a liquidity fee on an intra-day basis. A liquidity fee will be charged on all redemption orders submitted after the effective time of the imposition of the fee by the Board. A liquidity fee would reduce the amount you receive upon redemption of your shares.
In the event that a fund imposes a redemption gate, the fund or any financial intermediary will not accept a redemption request until the fund provides notice that the redemption gate has been removed. It is also currently expected that a redemption gate would be implemented concurrently with the notification to financial intermediaries and shareholders. Redemption requests that are received when a redemption gate is imposed will be cancelled without further notice. If you wish to redeem once the redemption gate has been lifted, you will need to submit a new redemption request.
When a liquidity fee or redemption gate is in place, a fund may elect to continue to permit the purchase of fund shares.
The imposition and termination of liquidity fees or redemption gates is required to be reported to the SEC on Form N-CR. In addition, a fund will communicate the decision to impose a liquidity fee or redemption gate to
shareholders via the Deutsche Funds’ websites (dbadvisorsliquidity.com/US or deutschefunds.com) and through a supplement to the affected funds’ prospectuses.
Summary Prospectus | December 1, 2015
Deutsche Money Market Prime Series
Class/Ticker Deutsche Money Market Fund KMMXXBefore you invest, you may want to review the fund’s prospectus, which contains more information about the fund and its risks. You can find the fund’s prospectus, Statement of Additional Information (SAI) and other information about the fund online at deutschefunds.com/ moneypros. You can also get this information at no cost by e-mailing a request to service@db.com, calling (800) 728-3337 or asking your financial advisor. The prospectus and SAI, both dated December 1, 2015, as supplemented, are incorporated by reference into this Summary Prospectus.
I N V E ST M E N T O B J E C T I V E
The fund seeks maximum current income to the extent consistent with stability of principal.
F E E S A N D E X P E N S E S O F T H E F U N D
These are the fees and expenses you may pay when you buy and hold shares.
S H A R E HO L D E R F E E S (paid directly from your investment) Account Maintenance Fee (annually, for fund account balances
below $10,000 and subject to certain exceptions) $20
A N N UA L F U N D O P E R AT I N G E X P E N S E S
(expenses that you pay each year as a % of the value of your investment)
Management fee 0.23
Distribution/service (12b-1) fees None
Other expenses 0.27
Total annual fund operating expenses 0.50
E X A M P L E
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
P R I N C I PA L I N V E ST M E N T ST R AT E G Y
The fund is a money market fund that is managed in accor-dance with federal regulations which govern the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest.
The fund invests in high quality, short-term, US dollar denominated money market instruments, including obliga-tions of US and foreign banks, corporate obligaobliga-tions, US government securities, municipal securities, repurchase agreements and asset-backed securities, paying a fixed, variable or floating interest rate.
Under normal market conditions, the fund will invest more than 25% of its total assets in the obligations of banks and other financial institutions that satisfy the fund’s eligi-bility requirements.
The fund may invest up to 10% of its total assets in other money market funds.
Working in consultation with portfolio management, a credit team screens potential securities and develops a list of those that the fund may buy. Portfolio management, looking for attractive yield and weighing considerations such as credit quality, economic outlooks and possible interest rate movements, then decides which securities on this list to buy.
Securities Lending.The fund may lend securities (up to one-third of total assets) to approved institutions. M A I N R I S K S
investors in the fund. The credit quality of the fund’s hold-ings can change rapidly in certain markets, and the default of a single holding could cause the fund’s share price to fall below $1.00, as could periods of high redemption pres-sures and/or illiquid markets.
Interest rate risk.Rising interest rates could cause the value of the fund’s investments — and therefore its share price as well — to decline. Conversely, any decline in interest rates is likely to cause the fund’s yield to decline, and during periods of unusually low interest rates, the fund’s yield may approach zero. A low interest rate envi-ronment may prevent the fund from providing a positive yield or paying fund expenses out of current income and, at times, could impair the fund’s ability to maintain a stable $1.00 share price. Over time, the total return of a money market fund may not keep pace with inflation, which could result in a net loss of purchasing power for long-term investors.
Credit risk.The fund’s performance could be hurt and the fund’s share price could fall below $1.00 if an issuer of a debt security suffers an adverse change in financial condi-tion that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation.
Some securities issued by US government agencies or instrumentalities are backed by the full faith and credit of the US government. Other securities that are supported only by the credit of the issuing agency or instrumentality are subject to greater credit risk than securities backed by the full faith and credit of the US government. This is because the US government might provide financial support, but has no obligation to do so, if there is a poten-tial or actual loss of principal or failure to make interest payments.
Because of the rising US government debt burden, it is possible that the US government may not be able to meet its financial obligations or that securities issued by the US government may experience credit downgrades. Such a credit event may also adversely impact the financial markets and the fund.
Liquidity and transaction risk.The liquidity of portfolio securities can deteriorate rapidly due to credit events affecting issuers or guarantors or due to general market conditions and a lack of willing buyers. When there are no
securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the fund’s ability to maintain a $1.00 share price.
Security selection risk.Although short-term securities are relatively stable investments, it is possible that the securities in which the fund invests will not perform as expected. This could cause the fund’s returns to lag behind those of similar money market funds and could result in a decline in share price.
Municipal securities risk.The fund could be impacted by events in the municipal securities market, including the supply and demand for municipal securities. Negative events, such as severe fiscal difficulties, bankruptcy of one or more issuers, an economic downturn, unfavorable legis-lation, court rulings or political developments, or reduced monetary support from the federal government could hurt fund performance.
Repurchase agreement risk.If the party that sells the securities to the fund defaults on its obligation to repur-chase them at the agreed-upon time and price, the fund could lose money.
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.
Concentration risk.Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests more broadly. Any market price movements, regulatory or technological changes, or economic conditions affecting banks or financial institu-tions will have a significant impact on the fund’s
performance.
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
transparency for money market fund investors. The fund is required to comply with money market reforms by the specified compliance dates, with the latest being October 14, 2016. As a result, the fund may be required to take certain steps that will impact its structure and/or opera-tions, which could impact the return potential of the fund. Securities lending risk.Any decline in the value of a port-folio 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.
Operational and technology risk.Cyber-attacks, disrup-tions, 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 P E R F O R M A N C E
How a fund’s returns vary from year to year can give an idea of its risk. Past performance may not indicate future results. All performance figures below assume that
divi-dends were reinvested. The7-day yield,which is often
referred to as the “current yield,” is the income generated by the fund over a seven-day period. This amount is then annualized, which means that we assume the fund gener-ates the same income every week for a year. For more recent performance figures and the current yield, go to deutschefunds.com (the Web site does not form a part of this prospectus) or call the telephone number included in this prospectus.
C A L E N DA R Y E A R TOTA L R ET U R N S (%) (Deutsche
Money Market Fund)
2.87 4.71 5.06 2.69 0.35 0.02 0.01 0.01 0.01 0.01 0 1 2 3 4 5 6 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Returns Period ending
AV E R AG E A N N UA L TOTA L R ET U R N S (For periods ended 12/31/2014 expressed as a %)
Class Inception 1 Year 5 Years 10 Years 11/25/1974 0.01 0.01 1.55
Total returns would have been lower if operating expenses had not been reduced.
M A N AG E M E N T Investment Advisor
Deutsche Investment Management Americas Inc. P U RC H AS E A N D S A L E O F F U N D S H A R E S M I N I M U M I N IT I A L I N V E ST M E N T ($) Non-IRA IRAs Automatic Investment Plans Deutsche Money PLUS AccountSM 1,000 500 500 10,000
The minimum additional investment is $50. However, for an Automatic Investment Plan in a Deutsche MoneyPLUS AccountSM, the monthly
minimum additional investment is $1,500.
TO P L AC E O R D E RS
Mail New Accounts Deutsche Asset & Wealth Management PO Box 219356
Kansas City, MO 64121-9356
Additional Investments Deutsche Asset & Wealth Management PO Box 219154
Kansas City, MO 64121-9154 Exchanges and
Redemptions
Deutsche Asset & Wealth Management PO Box 219557
Kansas City, MO 64121-9557
Expedited Mail Deutsche Asset & Wealth Management 210 West 10th Street
Kansas City, MO 64105-1614 Web Site deutschefunds.com Telephone (800) 728-3337
M – F 8 a.m. – 8 p.m. ET
TDD Line (800) 972-3006, M – F 8 a.m. – 8 p.m. ET
Initial investments must be sent by mail. You can make additional investments or sell shares of the fund on any business day by visiting our Web site, by mail, or by tele-phone. The fund is generally open on days when the New York Stock Exchange is open for regular trading.
PAY M E N T S TO B RO K E R - D E A L E RS A N D OT H E R F I N A N C I A L I N T E R M E D I A R I E S
If you purchase the fund through a broker-dealer or other financial intermediary (such as a bank), the fund and its related companies may pay the intermediary for the sale of fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the fund over another investment. Ask your salesperson or visit your financial intermediary’s Web site for more information.
