Deutsche World Dividend Fund

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SUPPLEMENT TO THE CURRENTLY EFFECTIVE STATEMENT OF ADDITIONAL INFORMATION

Deutsche World Dividend Fund

Walter R. Holman and Sebastian P. Werner have been added as portfolio managers of the fund and are, together with Fabian Degen, responsible for the day-to-day management of the fund.

The following information replaces the existing tables in “APPENDIX I-D – PORTFOLIO MANAGEMENT” of the fund’s Statement of Additional Information. The information for Fabian Degen is provided as of October 31, 2014, the information for Walter R. Holman is provided as of September 30, 2015 and the information for Sebastian P. Werner is provided as of October 31, 2015: Fund Ownership of Portfolio Managers

Name of Portfolio Manager

Dollar Range of Fund Shares Owned

Dollar Range of All Deutsche Fund Shares Owned

Fabian Degen $10,001 - $50,000 $10,001 - $50,000

Walter R. Holman $0 $10,001 - $50,000

Sebastian P. Werner $0 $0

Conflicts of Interest

Other SEC Registered Investment Companies Managed:

Name of Portfolio Manager Number of Registered Investment Companies Total Assets of Registered Investment Companies Number of Investment Company Accounts with Performance-Based Fee Total Assets of Performance-Based Fee Accounts Fabian Degen 1 $1,038,256,604 0 $0 Walter R. Holman 0 $ 0 0 $0 Sebastian P. Werner 4 $ 811,808,765 0 $0

Other Pooled Investment Vehicles Managed:

Name of Portfolio Manager Number of Pooled Investment Vehicles Total Assets of Pooled Investment Vehicles Number of Pooled Investment Vehicle Accounts with Performance-Based Fee Total Assets of Performance-Based Fee Accounts Fabian Degen 0 $ 0 0 $0 Walter R. Holman 0 $ 0 0 $0 Sebastian P. Werner 3 $920,804,686 0 $0

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Other Accounts Managed: Name of Portfolio Manager Number of Other Accounts Total Assets of Other Accounts Number of Other Accounts with Performance-Based Fee Total Assets of Performance-Based Fee Accounts Fabian Degen 0 $ 0 0 $0 Walter R. Holman 3 $ 6,348,034 0 $0 Sebastian P. Werner 3 $221,855,448 0 $0

Please Retain This Supplement for Future Reference

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SUPPLEMENT TO THE CURRENTLY EFFECTIVE STATEMENTS OF ADDITIONAL INFORMATION OF EACH OF THE LISTED FUNDS

Cash Account Trust

Government & Agency Securities Portfolio Tax–Exempt Portfolio

Cash Management Fund Cash Reserve Fund, Inc.

Prime Series

Cash Reserves Fund Institutional Daily Assets Fund Institutional

Deutsche Alternative Asset Allocation Fund Deutsche California Tax–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 Diversified Market Neutral Fund Deutsche EAFE®Equity Index Fund Deutsche Emerging Markets Equity Fund Deutsche Emerging Markets Frontier 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 Floating Rate Fund Deutsche Global Equity 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 Real Estate Securities Fund Deutsche Global Small Cap Fund

Deutsche GNMA Fund

Deutsche Gold & Precious Metals Fund Deutsche Health and Wellness Fund Deutsche High Income Fund

Deutsche Intermediate Tax/AMT Free Fund Deutsche Large Cap Focus Growth Fund Deutsche Large Cap Value Fund Deutsche Latin America Equity Fund Deutsche Limited Maturity Quality Income

Fund

Deutsche Managed Municipal Bond Fund Deutsche Massachusetts Tax–Free Fund Deutsche Mid Cap Growth Fund Deutsche Mid Cap Value Fund

Deutsche MLP & Energy Infrastructure Fund Deutsche Money Market Prime Series Deutsche Money Market Series

Deutsche Multi-Asset Conservative Allocation Fund

Deutsche Multi-Asset Global Allocation Fund Deutsche Multi-Asset Moderate Allocation

Fund

Deutsche New York Tax–Free Income Fund Deutsche Real Estate Securities Fund Deutsche Real Estate Securities Income Fund Deutsche S&P 500 Index Fund

Deutsche Science and Technology 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 Equity Long/Short Fund Deutsche Strategic Government Securities

Fund

Deutsche Strategic High Yield Tax–Free Fund Deutsche U.S. Bond Index Fund

Deutsche Ultra–Short Duration Fund

Deutsche Ultra–Short Investment Grade Fund Deutsche Unconstrained Income Fund Deutsche Variable NAV Money Fund Deutsche World Dividend Fund Investors Cash Trust

Treasury Portfolio NY Tax Free Money Fund Tax Free Money Fund Investment

Tax–Exempt California Money Market Fund 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 Global Equity VIP

Deutsche Global Growth VIP Deutsche Global Income Builder VIP Deutsche Government & Agency Securities

VIP

Deutsche High Income VIP Deutsche Large Cap Value VIP Deutsche Money Market 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

The following information replaces similar disclosure under “Financial Intermediary Support Payments” section of each fund’s/ portfolio’s Statement of Additional Information:

Financial Intermediary Support Payments.In light of recent regulatory developments, the Advisor, the Distributor and their affiliates have undertaken to furnish certain additional information below regarding the level of payments made by them 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 inves-tors and fund shares (revenue sharing).

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The Advisor, the Distributor and/or their affiliates may pay additional compensation, out of their own assets and not as an additional charge to each fund, to 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. Such revenue sharing payments are in addition to any distribu-tion or service fees payable under any Rule 12b-1 or service plan of any fund, any record keeping/sub-transfer agency/ networking fees payable by each 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 arrange-ments expressly permitted under applicable rules of FINRA or other concessions described in the fee table or elsewhere in the prospectuses or the SAI as payable to all financial advisors. For example, the Advisor, the Distributor and/or their affili-ates may compensate financial advisors for providing each fund with “shelf space” or access to a third party platform or fund offering list, or other marketing programs including, without limitation, inclusion of each fund on preferred or recom-mended 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. 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 each 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 advi-sors 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 connec-tion with the sale and/or distribuconnec-tion of Deutsche fund shares, or the retenconnec-tion and/or servicing of investors, to financial advisors in amounts that generally range from 0.01% up to 0.52% of assets of a fund serviced and maintained by the finan-cial advisor, 0.05% to 0.25% of sales of a fund attributable to the finanfinan-cial advisor, a flat fee of up to $120,000, 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 compen-sation, may influence your financial advisor’s recommendation of a fund or of any particular share class of a 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 a 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 ExpertPlan, Inc., a subsidiary of Ascensus, Inc., on the DeAWM branded retirement plan platform (the “Plat-form”). The level of revenue sharing payments are 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.

As of the date hereof, each fund has been advised that the Advisor, the Distributor and their affiliates expect that the firms listed inPart II —Appendix II-Ewill receive revenue sharing payments at different points during the coming year as described above. Any additions, modifications or deletions to the list of financial advisors identified below that have occurred since March 31, 2015 are not reflected. You can ask your financial advisor if it receives revenue sharing payments from the Advisor, the Distributor and/or their affiliates.

The following information replaces similar disclosure in “APPENDIX II-E- FIRMS WITH WHICH DEUTSCHE ASSET & WEALTH MANAGEMENT HAS REVENUE SHARING ARRANGEMENTS” of each Fund’s/Portfolio’s Statement of Additional Informa-tion:

Channel: Broker-Dealers and Financial Advisors

October 21, 2015 SAISTKR-227

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Advisor Group Ameriprise Axa Advisors

Cambridge Investment Research, Inc. Cetera Financial Group

Citigroup Global Markets, Inc.

Commonwealth Equity Services, LLP (dba Commonwealth Financial Network) Deutsche Bank Group

Fidelity Brokerage Services LLC/National Financial Services LLC First Allied Securities

Goldman Sachs

HD Vest Investment Securities, Inc.

Hooker & Holcombe Retirement Services, Inc. The Huntington Investment Company

John Hancock Distributors LLC

Ladenburg Thalmann Group (Securities America, Investacorp, Triad Advisors) LPL Financial

Meridien Financial Group

Merrill Lynch, Pierce, Fenner & Smith Inc. Morgan Stanley Wealth Management Northwestern Mutual Investment Services Oppenheimer & Co., Inc.

PlanMember Services PNC Investments LLC

Raymond James & Associates Raymond James Financial Services RBC Wealth Management

Santander Securities LLC UBS Financial Services Voya Financial Advisors, Inc. Wells Fargo Advisors, LLC

Channel: Cash Product Platform Allegheny Investments LTD Apex Clearing Corp.

Bank of America

Bank of New York Mellon Barclays Capital Inc. BMO Capital Markets Brown Brothers Harriman

Brown Investment Advisory & Trust Company Cadaret Grant & Co.

Chicago Mercantile Exchange Citibank Global Markets COR Clearing LLC Deutsche Bank Group

Fiduciary Trust Co. – International First Southwest Company Goldman Sachs & Co.

Institutional Cash Distributors, LLC J.P. Morgan Clearing Corp.

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J.P. Morgan Securities LLC Lincoln Investment Planning LPL Financial

My Treasury Ltd.

Pershing Choice Platform ProFunds Distributors, Inc. SAMCO Capital Markets

State Street Bank & Trust Company State Street Global Markets

Sungard Institutional Brokerage Inc. Treasury Brokerage LLC

Union Bank, NA US Bank

William Blair & Company

Channel: Third Party Insurance Platforms Allstate Life Insurance Company

Allstate Life Insurance Company of New York American Maturity Life Insurance Company Ameritas Life Insurance Group

Annuity Investors Life Insurance Company Columbus Life Insurance Company Companion Life Insurance Company

Connecticut General Life Insurance Company EquiTrust Life Insurance Company

Farm Bureau Life Insurance Company Farmers New World Life Insurance Company Fidelity Security Life Insurance Company

First Allmerica Financial Life Insurance Company First Great West Life and Annuity Company Genworth Life Insurance Company of New York Genworth Life and Annuity Insurance Company Great West Life and Annuity Insurance Company Hartford Life Insurance Company

Integrity Life Insurance Company John Hancock Life Insurance companies Kemper Investors Life Insurance Company Lincoln Benefit Life Insurance Company Lincoln Life & Annuity Company of New York Lincoln National Life Insurance Company Massachusetts Mutual Life Insurance Group MetLife Group

Minnesota Life Insurance Company National Life Insurance Company

National Integrity Life Insurance Company Nationwide Group

New York Life Insurance and Annuity Corporation Phoenix Life Insurance Company

Protective Life Insurance

Prudential Insurance Company of America RiverSource Life Insurance Company

October 21, 2015 SAISTKR-227

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Security Benefit Life Insurance Company Sun Life Group

Symetra Life Insurance Company Transamerica Life Insurance Company Union Central Life Insurance Company United of Omaha Life Insurance Company United Investors Life Insurance Company Western Southern Life Assurance Company

Zurich American Life Insurance Company of New York

Any additions, modifications or deletions to the financial advisors identified above that have occurred since the date hereof are not reflected.

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SUPPLEMENT TO THE CURRENTLY EFFECTIVE STATEMENTS OF ADDITIONAL INFORMATION

Deutsche Emerging Markets Equity Fund

Deutsche Emerging Markets Frontier Fund

Effective on or about October 1, 2015, the following sections of the funds’ Statements of Additional Information are supplemented as follows:

The following disclosure replaces the definition of “Subadvisor” in the “DEFINITIONS” section of Part I of each fund’s State-ment of Additional Information:

“Subadvisors”- Deutsche Alternative Asset Management (Global) Limited, 1 Great Winchester Street, London, United Kingdom, EC2N 2DB, and Deutsche Asset Management (Hong Kong) Limited (DeAM HK), Level 52, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong.

The following information is added under the “SUB-ADVISORS” heading of the “MANAGEMENT OF THE FUNDS” section of Part II of each fund’s Statement of Additional Information:

Deutsche Asset Management (Hong Kong) Limited (DeAM HK), Level 52, International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong, serves as a Subadvisor to Deutsche Emerging Markets Equity Fund and Deutsche Emerging Markets Frontier Fund. DeAM HK is an investment advisor registered with the SEC. DeAM HK is an affiliate of DIMA and an indirect, wholly-owned subsidiary of Deutsche Bank AG.

For Deutsche Emerging Markets Frontier Fund only, effective October 1, 2015, the following information replaces similar disclosure under the “PART I: APPENDIX I-E — SERVICE PROVIDER COMPENSATION” section of the fund’s Statement of Additional Information:

The following waivers are currently in effect for the fund:

The Advisor has contractually agreed through September 30, 2016 to waive and/or reimburse fund expenses to the extent necessary to maintain the fund’s total annual operating expenses (excluding extraordinary expenses, taxes, brokerage and interest expenses) at 2.25%, 3.00%, 2.00% and 2.10% for Class A, Class C, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund’s Board.

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Deutsche California Tax–Free Income Fund Deutsche Capital Growth Fund

Deutsche Diversified Market Neutral Fund Deutsche Emerging Markets Equity Fund Deutsche Emerging Markets Frontier Fund Deutsche Enhanced Commodity Strategy

Fund

Deutsche Enhanced Global Bond Fund Deutsche Equity 500 Index Fund Deutsche European Equity Fund Deutsche Floating Rate Fund Deutsche Global Equity 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 Real Estate Securities Fund Deutsche Global Small Cap Fund

Deutsche GNMA Fund

Deutsche Intermediate Tax/AMT Free Fund Deutsche International Value Fund Deutsche Large Cap Focus Growth Fund Deutsche Large Cap Value Fund Deutsche Latin America Equity Fund Deutsche LifeCompass 2015 Fund Deutsche LifeCompass 2020 Fund Deutsche LifeCompass 2030 Fund Deutsche LifeCompass 2040 Fund Deutsche LifeCompass Retirement Fund Deutsche Managed Municipal Bond Fund Deutsche Mid Cap Growth Fund

Deutsche Mid Cap Value Fund

Deutsche MLP & Energy Infrastructure Fund Deutsche Money Market Prime Series Deutsche New York Tax–Free Income Fund Deutsche Real Estate Securities Fund Deutsche Real Estate Securities Income Fund Deutsche S&P 500 Index Fund

Deutsche Strategic Equity Long/Short Fund Deutsche Strategic Government Securities

Fund

Deutsche Ultra–Short Duration Fund Deutsche Unconstrained Income Fund Deutsche World Dividend Fund

The following information replaces similar disclosure contained in each fund’s Statement of Additional Information, as appli-cable, under the “PURCHASE AND REDEMPTION OF SHARES” section:

P U RC H AS E S

Class A Shares Reduced Sales Charges

Quantity Discounts.An investor or the investor’s dealer or other financial services firm must notify the Shareholder Service Agent or DDI whenever a quantity discount or reduced sales charge is applicable to a purchase. In order to qualify for a lower sales charge, all orders from an organized group will have to be placed through a single dealer or other firm and identified as originating from a qualifying purchaser.

Combined Purchases.A fund’s Class A shares may be purchased at the rate applicable to the sales charge discount bracket attained by combining same day investments in all share classes of two or more retail Deutsche funds (excluding direct purchases of Deutsche money market funds).

Cumulative Discount.Class A shares of a fund may also be purchased at the rate applicable to the discount bracket attained by adding to the cost of shares being purchased, the value of all share classes of retail Deutsche funds (excluding shares in Deutsche money market funds for which a sales charge has not previously been paid and computed at the maximum offering price at the time of the purchase for which the discount is applicable for Class A shares) already owned by the investor or his or her immediate family member (including the investor’s spouse or life partner and children or stepchildren age 21 or younger).

Letter of Intent.The reduced sales charges for Class A shares, as shown in the relevant prospectus and the “Class A Sales Charge Schedule” set forth inPart II – Appendix II-F, also apply to the aggregate amount of purchases of all shares of retail Deutsche funds (excluding direct purchases of Deutsche money market funds) made by any purchaser within a 24-month

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period under a written Letter of Intent (Letter) provided to DDI. The Letter, which imposes no obligation to purchase or sell additional Class A shares, provides for a price adjustment depending upon the actual amount purchased within such period. The Letter provides that the first purchase following execution of the Letter must be at least 5% of the amount of the intended purchase, and that 5% of the amount of the intended purchase normally will be held in escrow in the form of shares pending completion of the intended purchase. If the total investments under the Letter are less than the intended amount and thereby qualify only for a higher sales charge than actually paid, the appropriate number of escrowed shares are redeemed and the proceeds used toward satisfaction of the obligation to pay the increased sales charge. The Letter for (i) an employer-sponsored employee benefit plan maintained on the subaccount record keeping system available through ADP, Inc. under an alliance between ADP, Inc. and DDI and its affiliates; or (ii) a 403(b) plan for which ExpertPlan Inc., a subsidiary of Ascensus, Inc., provides recordkeeping services and DeAWM Trust Company acts as the custodian (“DeAWM/ExpertPlan 403(b) Plan”) may have special provisions regarding payment of any increased sales charge resulting from a failure to complete the intended purchase under the Letter. A shareholder may include the value (at the maximum offering price, which is determined by adding the maximum applicable sales load charged to the net asset value) of all shares of such Deutsche funds held of record as of the initial purchase date under the Letter as an “accumulation credit” toward the completion of the Letter, but no price adjustment will be made on such shares.

DeAWM/ExpertPlan 403(b) Plans.For purposes of the Combined Purchases, Cumulative Discount and Letter of Intent features described above, DeAWM/ExpertPlan 403(b) Plans may include: (a) Money Market funds as “Deutsche funds,” (b) all classes of shares of any Deutsche fund and (c) the value of any other plan investments, such as guaranteed investment contracts and employer stock, maintained on such subaccount record keeping system.

Class A NAV Sales.Class A shares may be sold at net asset value without a sales charge to: (1) a current or former director or trustee of Deutsche mutual funds;

(2) an employee (including the employee’s spouse or life partner and children or stepchildren age 21 or younger) of Deutsche Bank AG or its affiliates or of a subadvisor to any fund in the Deutsche funds or of a broker-dealer authorized to sell shares of a fund or service agents of a fund;

(3) certain professionals who assist in the promotion of Deutsche funds pursuant to personal services contracts with DDI, for themselves or immediate members of their families;

(4) any trust, pension, profit-sharing or other benefit plan for only such persons listed under the preceding paragraphs (1) and (2);

(5) persons who purchase such shares through bank trust departments that process such trades through an automated, integrated mutual fund clearing program provided by a third party clearing firm;

(6) selected employees (including their spouses or life partners and children or stepchildren age 21 or younger) of banks and other financial services firms that provide administrative services related to order placement and payment to facili-tate transactions in shares of a fund for their clients pursuant to an agreement with DDI or one of its affiliates. Only those employees of such banks and other firms who as part of their usual duties provide services related to transac-tions in fund shares qualify;

(7) unit investment trusts sponsored by Ranson & Associates, Inc. and unitholders of unit investment trusts sponsored by Ranson & Associates, Inc. or its predecessors through reinvestment programs described in the prospectuses of such trusts that have such programs;

(8) persons who purchase such shares through certain investment advisors registered under the Investment Advisers Act of 1940 and other financial services firms acting solely as agent for their clients, that adhere to certain standards estab-lished by DDI, including a requirement that such shares be sold for the benefit of their clients participating in an investment advisory program or agency commission program under which such clients pay a fee to the investment advisor or other

August 1, 2015 SAISTKR-213

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firm for portfolio management or agency brokerage services. Such shares are sold for investment purposes and on the condition that they will not be resold except through redemption or repurchase by a fund;

(9) financial service firms that have entered into an agreement with DDI to offer Class A shares through a no-load network, platform or self-directed brokerage account that may or may not charge transaction fees to their clients;

(10) DeAWM/ExpertPlan 403(b) Plans established prior to October 1, 2003, provided that the DeAWM/ExpertPlan 403(b) Plan is a participant-directed plan that has not less than 200 eligible employees;

(11) investors investing $1 million or more ($250,000 or more for Deutsche Alternative Asset Allocation Fund, Deutsche California Tax–Free Income Fund, Deutsche Diversified Market Neutral Fund, Deutsche Global Growth Fund, Deutsche GNMA Fund, Deutsche IntermediateTax/AMT Free Fund, Deutsche Large Cap Value Fund, Deutsche Managed Municipal Bond Fund, Deutsche Massachusetts Tax-Free Fund, Deutsche New York Tax-Free Income Fund, Deutsche Short-Term Municipal Bond Fund, Deutsche Short Duration Fund, Deutsche Strategic High Yield Tax-Free Fund, Deutsche Select Alternative Allocation Fund, Deutsche Strategic Government Securities Fund, Deutsche Unconstrained Income Fund and Deutsche Ultra-Short Duration Fund), either as a lump sum or through the Combined Purchases, Letter of Intent and Cumulative Discount features referred to above (collectively, the Large Order NAV Purchase Privilege). The Large Order NAV Purchase Privilege is not available if another net asset value purchase privilege is available;

(12) defined contribution investment only plans with a minimum of $1 million in plan assets regardless of the amount allo-cated to the Deutsche funds;

For purposes of Class A sales charge waiver (12) above, “defined contribution investment only plans” do not include SEP IRAs, SIMPLE IRAs, or Salary Reduction Simplified Employee Pension Plans (SARSEPs).

In addition, Class A shares may be sold at net asset value without a sales charge in connection with:

(13) the acquisition of assets or merger or consolidation with another investment company, and under other circumstances deemed appropriate by DDI and consistent with regulatory requirements;

(14) a direct “roll over” of a distribution from a DeAWM/ExpertPlan 403(b) Plan or from participants in employer sponsored employee benefit plans maintained on the OmniPlus subaccount record keeping system made available through ADP, Inc. under an alliance between ADP, Inc. and DDI and its affiliates into a DeAWM IRA;

(15) reinvestment of fund dividends and distributions; and

(16) exchanging an investment in Class A shares of another fund in the Deutsche funds for an investment in a fund. Class A shares also may be purchased at net asset value without a sales charge in any amount by members of the plaintiff class in the proceeding known as Howard and Audrey Tabankin, et al. v. Kemper Short-Term Global Income Fund, et al., Case No. 93 C 5231 (N.D. IL). This privilege is generally non-transferable and continues for the lifetime of individual class members and has expired for non-individual class members. To make a purchase at net asset value under this privilege, the investor must, at the time of purchase, submit a written request that the purchase be processed at net asset value pursuant to this privilege specifically identifying the purchaser as a member of the “Tabankin Class.” Shares purchased under this privilege will be maintained in a separate account that includes only shares purchased under this privilege. For more details concerning this privilege, class members should refer to the Notice of (i) Proposed Settlement with Defendants; and (ii) Hearing to Deter-mine Fairness of Proposed Settlement, dated August 31, 1995, issued in connection with the aforementioned court proceeding. For sales of fund shares at net asset value pursuant to this privilege, DDI may in its discretion pay dealers and other finan-cial services firms a concession, payable quarterly, at an annual rate of up to 0.25% of net assets attributable to such shares maintained and serviced by the firm. A firm becomes eligible for the concession based upon assets in accounts attributable

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to shares purchased under this privilege in the month after the month of purchase and the concession continues until termi-nated by DDI. The privilege of purchasing Class A shares of a fund at net asset value under this privilege is not available if another net asset value purchase privilege also applies.

Purchase of Class B Shares.Class B shares of a fund are offered at net asset value. No initial sales charge is imposed, which allows the full amount of the investor’s purchase payment to be invested in Class B shares for his or her account. Class B shares are subject to a contingent deferred sales charge of 4.00% that declines over time (for shares sold within six years of purchase) and Rule 12b-1 fees, as described in the relevant prospectus (see the discussion of Rule 12b-1 Plans under Distribution and Service Agreements and Plans below). Class B shares automatically convert to Class A shares after six years.

As described in the prospectus, Class B shares are closed to new purchases, except for exchanges and the reinvestment of dividends or other distributions.

Purchase of Class C Shares.Class C shares of a fund are offered at net asset value. No initial sales charge is imposed, which allows the full amount of the investor’s purchase payment to be invested in Class C shares for his or her account. Class C shares are subject to a contingent deferred sales charge of 1.00% (for shares sold within one year of purchase) and Rule 12b-1 fees, as described in the relevant prospectus (see the discussion of Rule 12b-1 Plans under Distribution and Service Agreements and Plans below).

Purchase of Class R Shares.Class R shares of a fund are offered at net asset value. No initial sales charge is imposed, which allows the full amount of the investor’s purchase payment to be invested in Class R shares for his or her account. Class R shares are subject to Rule 12b-1 fees, as described in the relevant prospectus (see the discussion of Rule 12b-1 Plans under Distribution and Service Agreements and Plans below).

The Shareholder Service Agent monitors transactions in Class R shares to help to ensure that investors purchasing Class R shares meet the eligibility requirements described in the prospectus. If the Shareholder Service Agent is unable to verify that an investor meets the eligibility requirements for Class R, either following receipt of a completed application form within time frames established by a fund or as part of its ongoing monitoring, the Shareholder Service Agent may take corrective action up to and including canceling the purchase order or redeeming the account.

Purchase of Class R6 Shares.Class R6 shares are generally available only to certain retirement plans. If your plan sponsor has selected Class R6 shares as an investment option, you may purchase Class R6 shares through your securities dealer or any financial institution authorized to act as a shareholder servicing agent for your plan. There is no minimum investment for Class R6 shares. Contact your securities dealer or shareholder servicing agent for details on how to buy and sell Class R6 shares.

Purchase of Institutional Class Shares.Institutional Class shares of a fund are offered at net asset value without a sales charge to certain eligible investors as described in the section entitled “Buying and Selling Shares” in a fund’s prospectus. Investors may invest in Institutional Class shares by setting up an account directly with the Shareholder Service Agent or through an authorized service agent. Investors who establish shareholder accounts directly with the Shareholder Service Agent should submit purchase and redemption orders as described in the relevant prospectus.

Purchase of Class S.Class S shares are generally only available to new investors through fee-based programs of invest-ment dealers that have special agreeinvest-ments with a fund’s distributor, through certain group retireinvest-ment plans and through certain registered investment advisors. These dealers and advisors typically charge ongoing fees for services they provide. Multi-Class Suitability for Classes A, B and C.DDI has established the following procedures regarding the purchase of Class A, Class B and Class C shares. Orders to purchase Class B shares of $100,000 or more and orders to purchase Class C shares of $500,000 or more (certain funds have a $250,000 maximum for Class C purchases, see the applicable fund’s

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prospectus) will be declined with the exception of orders received from (i) financial representatives acting for clients whose shares are held in an omnibus account; and (ii) DeAWM/ExpertPlan 403(b) Plans.The foregoing Class C order limit of $500,000 or more is $250,000 or more for the certain funds, see the relevant prospectus for additional information.

The following provision applies to DeAWM/ExpertPlan 403(b) Plans.

(1) Class C Share DeAWM/ExpertPlan 403(b) Plans. Orders to purchase Class C shares for a DeAWM/ExpertPlan 403(b) Plan, regardless of when such plan was established on the system, will be invested instead in Class A shares at net asset value when the combined subaccount value in Deutsche funds or other eligible assets held by the plan is $1,000,000 or more. This provision will be imposed for the first purchase after eligible plan assets reach the $1,000,000 threshold. A later decline in assets below the $1,000,000 threshold will not affect the plan’s ability to continue to purchase Class A shares at net asset value.

The procedures described above do not reflect in any way the suitability of a particular class of shares for a particular investor and should not be relied upon as such. A suitability determination must be made by investors with the assistance of their financial representative.

Purchase Privileges for DeAWM Affiliated Individuals.Current or former Board members of the Deutsche funds, employees, their spouses or life partners and children or step-children age 21 or younger, of Deutsche Bank AG or its affiliates or a sub-adviser to any Deutsche fund or a broker-dealer authorized to sell shares of a fund are generally eligible to purchase shares in the class of a fund with the lowest expense ratio, usually the Institutional Class shares. If a fund does not offer Institutional Class shares, these individuals are eligible to buy Class A shares at NAV. Each fund also reserves the right to waive the minimum account balance requirement for employee and director accounts. Fees generally charged to IRA accounts will be charged to accounts of employees and directors.

Money Market Funds.Shares of a fund are sold at net asset value directly from a fund or through selected financial services firms, such as broker-dealers and banks. Each fund seeks to have its investment portfolio as fully invested as possible at all times in order to achieve maximum income. Since each fund will be investing in instruments that normally require imme-diate payment in Federal Funds (monies credited to a bank’s account with its regional Federal Reserve Bank), as described in the applicable prospectus, each fund has adopted procedures for the convenience of its shareholders and to ensure that each fund receives investable funds.

Variable Insurance Funds.Shares ofDeutsche Variable Series I, Deutsche Variable Series II and Deutsche Investments VIT Fundsare continuously offered to separate accounts of participating insurance companies at the net asset value per share next determined after a proper purchase request has been received by the insurance company. The insurance companies offer to variable annuity and variable life insurance contract owners units in its separate accounts which directly correspond to shares in a fund. Each insurance company submits purchase and redemption orders to a fund based on allocation instruc-tions for premium payments, transfer instrucinstruc-tions and surrender or partial withdrawal requests which are furnished to the insurance company by such contract owners. Contract owners can send such instructions and requests to the insurance companies in accordance with procedures set forth in the prospectus for the applicable variable insurance product offered by the insurance company.

Purchases In-Kind.A fund may, at its own option, accept securities in payment for shares.The securities delivered in payment for shares are valued by the method described under “Net Asset Value” as of the day a fund receives the securities. This is a taxable transaction to the shareholder. Securities may be accepted in payment for shares only if they are, in the judgment of the Advisor, appropriate investments for a fund. In addition, securities accepted in payment for shares must: (i) meet the investment objective and policies of the acquiring fund; (ii) be acquired by the applicable fund for investment and not for resale; (iii) be liquid securities which are not restricted as to transfer either by law or liquidity of market; and (iv) if stock, have a value which is readily ascertainable as evidenced by a listing on a stock exchange, over-the-counter market or by readily available market quotations from a dealer in such securities. The shareholder will be charged the costs associated with receiving or delivering the securities. These costs include security movement costs and taxes and registration costs. A fund reserves the right to accept or reject at its own option any and all securities offered in payment for its shares.

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R E D E M P T I O N S

A fund may offer only certain of the classes of shares referred to in the subsections below. Thus, the information provided below in regard to the redemption of certain classes of shares is only applicable to funds offering such classes of shares. Please consult the prospectus for the availability of these redemption features for a specific fund. In addition, the information provided below does not apply to contract holders in variable insurance products. Contract owners should consult their contract prospectuses for applicable redemption procedures.

A request for repurchase (confirmed redemption) may be communicated by a shareholder through a financial services firm to DDI, which firms must promptly submit orders to be effective.

Redemption requests must be unconditional. Redemption requests (and a stock power for certificated shares) must be duly endorsed by the account holder. As specified in the relevant prospectus, signatures may need to be guaranteed by a commercial bank, trust company, savings and loan association, federal savings bank, member firm of a national securities exchange or other financial institution permitted by SEC rule. Deutsche Asset &Wealth Management accepts Medallion Signature Guarantees. Additional documentation may be required, particularly from institutional and fiduciary account holders, such as corporations, custodians (e.g., under the Uniform Transfers to Minors Act), executors, administrators, trustees or guardians.

Wires.The ability to send wires is limited by the business hours and holidays of the firms involved. A fund is not responsible for the efficiency of the federal wire system or the account holder’s financial services firm or bank. The account holder is responsible for any charges imposed by the account holder’s firm or bank. To change the designated account to receive wire redemption proceeds, send a written request to the Shareholder Service Agent with signatures guaranteed as described above or contact the firm through which fund shares were purchased.

Systematic Withdrawal Plan.An owner of $5,000 or more of a class of a fund’s shares at the offering price (net asset value plus, in the case of Class A shares, the initial sales charge) may provide for the payment from the owner’s account of any requested dollar amount to be paid to the owner or a designated payee monthly, quarterly, semiannually or annually pursuant to a Systematic Withdrawal Plan (the “Plan”). The $5,000 minimum account size is not applicable to IRAs. The minimum periodic payment is $50.The maximum annual rate at which shares subject to CDSC may be redeemed without the imposition of the CDSC is 12% of the net asset value of the account.

Non-retirement plan shareholders may establish a Plan to receive monthly, quarterly or periodic redemptions from his or her account for any designated amount of $50 or more. Shareholders may designate which day they want the systematic withdrawal to be processed. If a day is not designated, the withdrawal will be processed on the 25th day of the month to that the payee should receive payment approximately on the first of the month. The check amounts may be based on the redemption of a fixed dollar amount, fixed share amount, percent of account value or declining balance.The Plan provides for income dividends and capital gains distributions, if any, to be reinvested in additional shares. Shares are then liquidated as necessary to provide for withdrawal payments. Since the withdrawals are in amounts selected by the investor and have no relationship to yield or income, payments received cannot be considered as yield or income on the investment and the resulting liquidations may deplete or possibly extinguish the initial investment and any reinvested dividends and capital gains distributions. Any such requests must be received by the Shareholder Service Agent ten days prior to the date of the first systematic withdrawal. A Plan may be terminated at any time by the shareholder, the Trust or its agent on written notice, and will be terminated when all fund shares under the Plan have been liquidated or upon receipt by the Trust of notice of death of the shareholder. The purchase of Class A shares while participating in a Plan will ordinarily be disadvantageous to the investor because the investor will be paying a sales charge on the purchase of shares at the same time that the investor is redeeming shares upon which a sales charge may have already been paid.Therefore, an investor should consider carefully whether to make additional investments in Class A shares if the investor is at the same time making systematic withdrawals.

Contingent Deferred Sales Charge (CDSC).The following example will illustrate the operation of the CDSC for Class A (when applicable), Class B and Class C shares, to the extent applicable. Assume that an investor makes a single purchase of $10,000 of a fund’s Class B shares and that 16 months later the value of the shares has grown by $1,000 through reinvested dividends and by an additional $1,000 of share appreciation to a total of $12,000. If the investor were then to redeem the

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entire $12,000 in share value, the CDSC would be payable only with respect to $10,000 because neither the $1,000 of reinvested dividends nor the $1,000 of share appreciation is subject to the charge. The charge would be at the rate of 3.00% ($300) because the redemption was in the second year after the purchase was made.

The rate of the CDSC is determined by the length of the period of ownership. Investments are tracked on a monthly basis. The period of ownership for this purpose begins the first day of the month in which the order for the investment is received. For example, an investment made in March of the year of investment will be eligible for the second year’s charge if redeemed on or after the first day of March of the following year. In the event no specific order is requested when redeeming shares subject to a CDSC, the redemption will be made first from shares representing reinvested dividends and then from the earliest purchase of shares. DDI receives any CDSC directly. The CDSC will not be imposed upon redemption of reinvested dividends or share appreciation.

The Class A CDSC for shares purchased through the Large Order NAV Purchase Privilege will be waived in the event of: (1) redemptions by a participant-directed qualified retirement plan described in Internal Revenue Code of 1986, as amended

(Code) Section 401(a), a participant-directed non-qualified deferred compensation plan described in Code Section 457 or a participant-directed qualified retirement plan described in Code Section 403(b)(7) which is not sponsored by a K-12 school district;

(2) redemptions by (i) employer-sponsored employee benefit plans using the subaccount record keeping system made available through ADP, Inc. under an alliance between ADP, Inc. and DDI and its affiliates; or (ii) DeAWM/ExpertPlan 403(b) Plans;

(3) redemption of shares of a shareholder (including a registered joint owner) who has died;

(4) redemption of shares of a shareholder (including a registered joint owner) who after purchase of the shares being redeemed becomes totally disabled (as evidenced by a determination by the federal Social Security Administration);

(5) redemptions under a fund’s Systematic Withdrawal Plan at a maximum of 12% per year of the net asset value of the account;

(6) redemptions for certain loan advances, hardship provisions or returns of excess contributions from retirement plans; and

(7) for shares purchased prior to February 1, 2011, redemptions of shares whose dealer of record at the time of the investment notified DDI that the dealer waived the discretionary commission applicable to such Large Order NAV Purchase. The Class B CDSC will be waived for the circumstances set forth in items (3), (4), (5) and (6) above for Class A shares. In addition, this CDSC will be waived:

(a) for redemptions made pursuant to any IRA systematic withdrawal based on the shareholder’s life expectancy including, but not limited to, substantially equal periodic payments described in Code Section 72(t)(2)(A)(iv) prior to age 59 1/2; (b) for redemptions to satisfy required minimum distributions after age 70 1/2 from an IRA account (with the maximum

amount subject to this waiver being based only upon the shareholder’s DeAWM IRA accounts); and

(c) in connection with the following redemptions of shares held by employer-sponsored employee benefit plans maintained on the subaccount record-keeping system made available by ADP, Inc. under an alliance between ADP, Inc. and DDI and its affiliates: (1) to satisfy participant loan advances (note that loan repayments constitute new purchases for purposes of the CDSC and the conversion privilege); (2) in connection with retirement distributions (limited at any one time to 12% of the total value of plan assets invested in a fund); (3) in connection with distributions qualifying under the hardship provisions of the Code; and (4) representing returns of excess contributions to such plans.

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The Class C CDSC will be waived for the circumstances set forth in items (2), (3), (4), (5) and (7) above for Class A shares and for the circumstances set forth in items (a) and (b) above for Class B shares. In addition, this CDSC will be waived for: (i) redemption of shares by an employer-sponsored employee benefit plan that offers funds in addition to Deutsche funds and whose dealer of record has waived the advance of the first year administrative service and distribution fees applicable to such shares and agrees to receive such fees quarterly; and

(ii) redemption of shares purchased through a dealer-sponsored asset allocation program maintained on an omnibus record-keeping system provided the dealer of record had waived the advance of the first year administrative services and distribution fees applicable to such shares and has agreed to receive such fees quarterly.

The following information replaces similar disclosure in “APPENDIX II-C – FEE RATES OF SERVICE PROVIDERS” of each Fund’s Statement of Additional Information:

Fee payable to DSC for transfer agency and shareholder services.DSC receives an annual service fee for each account of a fund, based on the type of account. For open retail accounts, the fee is a flat fee ranging from $15.10 to $22.04 per account, and for open wholesale money market funds, the fee is $44.89 per account, plus an asset based fee of up to 0.25% of average net assets. 1/12th of the annual service charge for each account is charged and payable to DSC each month. A fee is charged for any account which at any time during the month had a share balance in a fund. Smaller fees are also charged for closed accounts for which information must be retained on DSC’s system for up to 18 months after closing for tax reporting purposes.

The following information modifies disclosure in “APPENDIX II-D – FINANCIAL SERVICES FIRMS’ COMPENSATION” of each Fund’s Statement of Additional Information:

The term “DeAWM Flex Plan” in the Compensation Schedule #1 table is replaced with: “DeAWM/ExpertPlan 403(b) Plan.” Please Retain This Supplement for Future Reference

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PART I

The following disclosure supplements the currently effective Statements of Additional Information of each of the funds listed below:

Cash Account Trust

Government & Agency Securities Portfolio Tax–Exempt Portfolio

Cash Management Fund Cash Reserve Fund, Inc.

Prime Series

Cash Reserves Fund Institutional Daily Assets Fund Institutional

Deutsche Alternative Asset Allocation Fund Deutsche California Tax–Free Income Fund Deutsche Capital Growth Fund

Deutsche Diversified Market Neutral Fund Deutsche EAFE®Equity Index Fund Deutsche Emerging Markets Equity Fund Deutsche Emerging Markets Frontier Fund Deutsche Enhanced Commodity Strategy

Fund

Deutsche Enhanced Global Bond Fund Deutsche Equity 500 Index Fund Deutsche European Equity Fund Deutsche Floating Rate Fund Deutsche Global Equity 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 Real Estate Securities Fund Deutsche Global Small Cap Fund

Deutsche GNMA Fund

Deutsche Intermediate Tax/AMT Free Fund Deutsche International Value Fund Deutsche Large Cap Focus Growth Fund Deutsche Large Cap Value Fund Deutsche Latin America Equity Fund Deutsche LifeCompass 2015 Fund Deutsche LifeCompass 2020 Fund Deutsche LifeCompass 2030 Fund Deutsche LifeCompass 2040 Fund Deutsche LifeCompass Retirement Fund Deutsche Managed Municipal Bond Fund Deutsche Massachusetts Tax–Free Fund Deutsche Mid Cap Growth Fund Deutsche Mid Cap Value Fund

Deutsche MLP & Energy Infrastructure Fund Deutsche Money Market Prime Series Deutsche Money Market Series

Deutsche New York Tax–Free Income Fund Deutsche Real Estate Securities Fund Deutsche Real Estate Securities Income Fund Deutsche S&P 500 Index Fund

Deutsche Strategic Equity Long/Short Fund

Deutsche Strategic Government Securities Fund

Deutsche Ultra–Short Duration Fund Deutsche Unconstrained Income Fund Deutsche Variable NAV Money Fund Deutsche World Dividend Fund Investors Cash Trust

Treasury Portfolio NY Tax Free Money Fund Tax Free Money Fund Investment

Tax–Exempt California Money Market Fund 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 Global Equity VIP

Deutsche Global Growth VIP Deutsche Global Income Builder VIP Deutsche Government & Agency Securities

VIP

Deutsche High Income VIP Deutsche Large Cap Value VIP Deutsche Money Market 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

The following information replaces similar disclosure under “Financial Intermediary Support Payments” section of each fund’s/ portfolio’s Statement of Additional Information:

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Financial Intermediary Support Payments. In light of recent regulatory developments, the Advisor, the Distributor and their affiliates have undertaken to furnish certain additional information below regarding the level of payments made by them 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 inves-tors and fund shares (revenue sharing).

The Advisor, the Distributor and/or their affiliates may pay additional compensation, out of their own assets and not as an additional charge to each fund, to 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. Such revenue sharing payments are in addition to any distribu-tion or service fees payable under any Rule 12b-1 or service plan of any fund, any record keeping/sub-transfer agency/ networking fees payable by each 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 arrange-ments expressly permitted under applicable rules of FINRA or other concessions described in the fee table or elsewhere in the prospectuses or the SAI as payable to all financial advisors. For example, the Advisor, the Distributor and/or their affili-ates may compensate financial advisors for providing each fund with “shelf space” or access to a third party platform or fund offering list, or other marketing programs including, without limitation, inclusion of each fund on preferred or recom-mended 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. 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 each 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 advi-sors 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 connec-tion with the sale and/or distribuconnec-tion of Deutsche fund shares, or the retenconnec-tion and/or servicing of investors, to financial advisors in amounts that generally range from 0.01% up to 0.57% of assets of a fund serviced and maintained by the finan-cial advisor, 0.05% to 0.25% of sales of a fund attributable to the finanfinan-cial advisor, a flat fee of up to $120,000, 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 compen-sation, may influence your financial advisor’s recommendation of a fund or of any particular share class of a 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 a 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 ExpertPlan, Inc., a subsidiary of Ascensus, Inc., on the DeAWM branded retirement plan platform (the “Plat-form”). The level of revenue sharing payments are 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.

As of the date hereof, each fund has been advised that the Advisor, the Distributor and their affiliates expect that the firms listed inPart II —Appendix II-Ewill receive revenue sharing payments at different points during the coming year as described above.

PART II

The following disclosure supplements the currently effective Statements of Additional Information of each of the funds listed below:

July 24, 2015 SAISTKR-209

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Deutsche Capital Growth Fund Deutsche Core Equity Fund Deutsche Core Fixed 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 Global Equity Fund

Deutsche Global High Income Fund Deutsche Global Income Builder Fund

Deutsche Global Inflation Fund Deutsche Global Small Cap Fund Deutsche GNMA Fund

Deutsche Gold & Precious Metals Fund Deutsche High Income Fund

Deutsche Large Cap Value Fund Deutsche Latin America Equity Fund Deutsche Mid Cap Growth Fund Deutsche Mid Cap Value Fund

Deutsche MLP & Energy Infrastructure Fund Deutsche Science and Technology Fund

Deutsche Short Duration Fund

Deutsche Strategic Government Securities Fund

Deutsche Ultra–Short Duration Fund Deutsche Unconstrained Income Fund Deutsche World Dividend Fund

Tax–Exempt California Money Market Fund

The following information replaces similar disclosure in “APPENDIX I-B – BOARD COMMITTEES AND MEETINGS” of each Fund’s Statement of Additional Information:

Information Concerning Committees and Meetings of the Board

The Board oversees the operations of the Deutsche funds and meets periodically to oversee fund activities, and to review fund performance and contractual arrangements with fund service providers. The Board met 6 times during the most recently completed calendar year.

Board Leadership Structure

A fund’s Board is responsible for the general oversight of a fund’s affairs and for assuring that the fund is managed in the best interests of its shareholders. The Board regularly reviews a fund’s investment performance as well as the quality of other services provided to a fund and its shareholders by DIMA and its affiliates, including administration and shareholder servicing. At least annually, the Board reviews and evaluates the fees and operating expenses paid by a fund for these services and negotiates changes that it deems appropriate. In carrying out these responsibilities, the Board is assisted by a fund’s auditors, independent counsel and other experts as appropriate, selected by and responsible to the Board. Independent Board Members are not considered “interested persons” (as defined in the 1940 Act) of the fund or its invest-ment adviser. These Independent Board Members must vote separately to approve all financial arrangeinvest-ments and other agreements with a fund’s investment adviser and other affiliated parties. The role of the Independent Board Members has been characterized as that of a “watchdog” charged with oversight to protect shareholders’ interests against overreaching and abuse by those who are in a position to control or influence a fund. A fund’s Independent Board Members meet regu-larly as a group in executive session without representatives of the investment adviser present. An Independent Board Member currently serves as chairman of the Board.

Taking into account the number, the diversity and the complexity of the funds overseen by the Board Members and the aggregate amount of assets under management in the Deutsche funds, the Board has determined that the efficient conduct of its affairs makes it desirable to delegate responsibility for certain specific matters to committees of the Board. These committees, which are described in more detail below, review and evaluate matters specified in their charters and/or enabling resolutions, and take actions on those matters and/or make recommendations to the Board as appropriate. Each committee may utilize the resources of a fund’s counsel and auditors as well as other experts. The committees meet as often as neces-sary, either in conjunction with regular meetings of the Board or otherwise. The membership and chair of each committee are appointed by the Board upon recommendation of the Nominating and Governance Committee. The membership and chair of each committee consists exclusively of Independent Board Members.

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The Board has determined that this committee structure also allows the Board to focus more effectively on the oversight of risk as part of its broader oversight of the fund’s affairs. While risk management is the primary responsibility of a fund’s investment adviser, the Board regularly receives reports regarding investment risks and compliance risks.The Board’s committee structure allows separate committees to focus on different aspects of these risks and their potential impact on some or all of the Deutsche funds and to discuss with the fund’s investment adviser and administrator how it monitors and controls such risks.

Board Committees.The Board has established the following standing committees: Audit Committee andValuation Sub-Committee, Nominating and Governance Committee, Contract Committee, Equity Oversight Committee, Fixed Income and Asset Allo-cation Oversight Committee, Operations Committee and Dividend Committee.

Name of Committee

Number of Meetings in Last

Calendar Year Functions Current Members

AUDIT COMMITTEE 7 Assists the Board in fulfilling its responsibility for oversight of (1) the integrity of the financial statements, (2) the fund’s accounting and financial reporting policies and procedures, (3) the fund’s compliance with legal and regulatory requirements related to accounting and finan-cial reporting, (4) valuation of fund assets and securities and (5) the qualifications, indepen-dence and performance of the independent registered public accounting firm for the fund. Oversees the valuation of the fund’s securities and other assets and determines, as needed, the fair value of fund securities or other assets under certain circumstances as described in the fund’s Valuation Procedures. The Audit Committee has appointed a Valuation Sub-Committee, which may make determina-tions of fair value required when the Audit Committee is not in session. The current members of the fund’s Valuation

Sub-Committee are John W. Ballantine, Richard J. Herring, Henry P. Becton, Jr. (Alternate), Paul K. Freeman (Alternate) and William McClayton (Alternate). The Audit Committee also approves and recommends to the Board the appoint-ment, retention or termination of the

independent registered public accounting firm for the fund, reviews the scope of audit and internal controls, considers and reports to the Board on matters relating to the fund’s accounting and financial reporting practices, and performs such other tasks as the full Board deems necessary or appropriate. The Audit Committee receives annual representations from the independent registered public accounting firm as to its independence.

Paul K. Freeman (Chair), William McClayton (Vice Chair), John W. Ballantine, Henry P. Becton, Jr. and Richard J. Herring

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NOMINATING AND GOVERNANCE COMMITTEE

6 Recommends individuals for membership on the Board, nominates officers, Board and committee chairs, vice chairs and committee members, and oversees the operations of the Board. The Nominating and Governance Committee has not established specific, minimum qualifications that must be met by an individual to be considered by the Nominating and Governance Committee for nomination as a Board Member. The Nominating and Gover-nance Committee may take into account a wide variety of factors in considering Board Member candidates, including, but not limited to: (i) availability and commitment of a candi-date to attend meetings and perform his or her responsibilities to the Board, (ii) relevant industry and related experience, (iii) educa-tional background, (iv) financial expertise, (v) an assessment of the candidate’s ability, judg-ment and expertise, and (vi) the current composition of the Board. The Committee generally believes that the Board benefits from diversity of background, experience and views among its members, and considers this as a factor in evaluating the composition of the Board, but has not adopted any specific policy in this regard. The Nominating and Governance Committee reviews recommendations by shareholders for candidates for Board positions on the same basis as candidates recom-mended by other sources. Shareholders may recommend candidates for Board positions by forwarding their correspondence by US mail or courier service to Kenneth C. Froewiss, Chairman, Deutsche Mutual Funds, P.O. Box 390601, Cambridge, MA 02139.

Rebecca W. Rimel (Chair), Henry P. Becton, Jr. (Vice Chair), John W. Ballantine and William McClayton

CONTRACT COMMITTEE

7 Reviews at least annually, (a) the fund’s finan-cial arrangements with DIMA and its affiliates, and (b) the fund’s expense ratios.

Keith R. Fox (Chair), William N. Searcy, Jr. (Vice Chair), Dawn-Marie Driscoll, Paul K. Freeman, Richard J. Herring and Jean Gleason

Stromberg

EQUITY OVERSIGHT COMMITTEE

6 Reviews the investment operations of those funds that primarily invest in equity securities (except for those funds managed by an asset allocation investment team).

William McClayton (Chair), Keith R. Fox (Vice Chair), Henry P. Becton, Jr., Rebecca W. Rimel and Jean Gleason Stromberg

FIXED INCOME AND ASSET ALLOCATION OVERSIGHT

COMMITTEE

6 Reviews the investment operations of those funds that primarily invest in fixed income securities or pursue an asset allocation strategy.

John W. Ballantine (Chair), William N. Searcy, Jr. (Vice Chair), Dawn-Marie Driscoll, Paul K. Freeman and Richard J. Herring

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OPERATIONS COMMITTEE

6 Reviews the administrative operations and general compliance matters of the fund. Reviews administrative matters related to the operations of the fund, policies and procedures relating to portfolio transactions, custody arrangements, fidelity bond and insurance arrangements and such other tasks as the full Board deems necessary or appropriate.

Dawn-Marie Driscoll (Chair), William N. Searcy, Jr. (Vice Chair), Keith R. Fox, Rebecca W. Rimel and Jean Gleason Stromberg

DIVIDEND COMMITTEE

0 Authorizes dividends and other distributions for those funds that are organized as series of a Maryland corporation. Committee meets on an as-needed basis.

Keith R. Fox, Kenneth C. Froewiss, John W.

Ballantine (Alternate), Henry P. Becton, Jr. (Alternate), Dawn-Marie Driscoll (Alter-nate), Paul K. Freeman (Alternate), Richard J. Herring (Alternate), William McClayton (Alternate), Rebecca W. Rimel (Alter-nate), William N. Searcy, Jr. (Alternate) and Jean Gleason Stromberg (Alternate)

Ad Hoc Committees.In addition to the standing committees described above, from time to time the Board may also form ad hoc committees to consider specific issues.

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Statement of Additional Information

February 1, 2015

DEUTSCHE INTERNATIONAL FUND, INC.

(formerly DWS INTERNATIONAL FUND, INC.)

Deutsche Emerging Markets Equity Fund(formerly DWS Emerging Markets Equity Fund)

CLASS/TICKER A SEKAX B SEKBX C SEKCX INST SEKIX S SEMGX

. ...

Deutsche Global Equity Fund(formerly DWS Global Equity Fund)

CLASS/TICKER ADBISX BDBIBX CDBICX RDBITX INSTMGINX SDBIVX

. ...

Deutsche Latin America Equity Fund(formerly DWS Latin America Equity Fund)

CLASS/TICKER ASLANX BSLAOX CSLAPX INSTSLARX SSLAFX

. ...

Deutsche World Dividend Fund(formerly DWS World Dividend Fund)

CLASS/TICKER ASERAX BSERBX CSERCX R6SERZX INSTSERNX SSCGEX

DEUTSCHE GLOBAL/INTERNATIONAL FUND, INC.

(formerly DWS GLOBAL/INTERNATIONAL FUND, INC.)

Deutsche Enhanced Emerging Markets Fixed Income Fund(formerly DWS Enhanced Emerging Markets

Fixed Income Fund)

CLASS/TICKER A SZEAX B SZEBX C SZECX INST SZEIX S SCEMX

. ...

Deutsche Enhanced Global Bond Fund(formerly DWS Enhanced Global Bond Fund)

CLASS/TICKER A SZGAX B SZGBX C SZGCX S SSTGX

. ...

Deutsche Global Small Cap Fund (formerly DWS Global Small Cap Fund)

CLASS/TICKER AKGDAX BKGDBX CKGDCX R6KGDZX INSTKGDIX SSGSCX

This combined Statement of Additional Information (“SAI”) is not a prospectus and should be read in conjunction with the prospectus for each fund dated February 1, 2015, as supplemented, a copy of which may be obtained without charge by calling (800) 728-3337; by visiting deutschefunds.com (the Web site does not form a part of this SAI); or from the firm from which this SAI was obtained. This SAI is incorporated by reference into the prospectus.

Portions of the Annual Report to Shareholders of each fund are incorporated herein by reference, and are hereby deemed to be part of this SAI. Reports to Shareholders may also be obtained without charge by calling the number provided in the preceding paragraph.

This SAI is divided into two Parts — Part I and Part II. Part I contains information that is specific to each fund, while Part II contains information that generally applies to each of the funds in the Deutsche funds. Class B shares are closed to new investment.