SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUS

Transcription

1 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUS Deutsche Strategic High Yield Tax-Free Fund The following information replaces the existing disclosure contained under the Portfolio Manager(s) sub-heading of the MANAGEMENT section of the summary section of the fund s prospectus. Rebecca L. Flinn, Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in A. Gene Caponi, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Ashton P. Goodfield, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Carol L. Flynn, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in The following information replaces the existing disclosure contained under the MANAGEMENT sub-heading of the FUND DETAILS section of the fund s prospectus. Rebecca L. Flinn, Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Joined Deutsche Asset Management in BA, University of Redlands, California. A. Gene Caponi, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Joined Deutsche Asset Management in BS, State University of New York, Oswego; MBA, State University of New York at Albany. Ashton P. Goodfield, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Joined Deutsche Asset Management in Co-Head of Municipal Bonds. BA, Duke University. Carol L. Flynn, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Joined Deutsche Asset Management in Co-Head of Municipal Bonds. BS from Duke University; MBA from University of Connecticut. Please Retain This Supplement for Future Reference February 1, 2016 PROSTKR-590

2 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUS Deutsche Managed Municipal Bond Fund The following information replaces the existing disclosure contained under the Portfolio Manager(s) sub-heading of the MANAGEMENT section of the summary section of the fund s prospectus. Ashton P. Goodfield, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Matthew J. Caggiano, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Michael J. Generazo, Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in The following information replaces the existing disclosure contained under the MANAGEMENT sub-heading of the FUND DETAILS section of the fund s prospectus. Ashton P. Goodfield, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Joined Deutsche Asset Management in Co-Head of Municipal Bonds. BA, Duke University. Matthew J. Caggiano, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Joined Deutsche Asset Management in BS, Pennsylvania State University; MS, Boston College. Michael J. Generazo, Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Joined Deutsche Asset Management in BS, Bryant College; MBA, Suffolk University. Please Retain This Supplement for Future Reference February 1, 2016 PROSTKR-586

3 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUS Deutsche Intermediate Tax/AMT Free Fund The following information replaces the existing disclosure contained under the Portfolio Manager(s) sub-heading of the MANAGEMENT section of the summary section of the fund s prospectus. Ashton P. Goodfield, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Matthew J. Caggiano, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Peter Aloisi, CFA, Assistant Vice President. Portfolio Manager of the fund. Began managing the fund in The following information replaces the existing disclosure contained under the MANAGEMENT sub-heading of the FUND DETAILS section of the fund s prospectus. Ashton P. Goodfield, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Joined Deutsche Asset Management in Co-Head of Municipal Bonds. BA, Duke University. Matthew J. Caggiano, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Joined Deutsche Asset Management in BS, Pennsylvania State University; MS, Boston College. Peter Aloisi, CFA, Assistant Vice President. Portfolio Manager of the fund. Began managing the fund in Joined Deutsche Asset Management in 2010 with five years of industry experience; previously, served as an Associate at Banc of America Securities. Municipal Trader: Boston. BA and MBA, Boston College. Please Retain This Supplement for Future Reference February 1, 2016 PROSTKR-582

4 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS Deutsche MassachusettsTax-Free Fund Deutsche Strategic HighYieldTax-Free Fund Deutsche Managed Municipal Bond Fund The following disclosure replaces similar disclosure contained under the Derivatives sub-heading of the PRINCIPAL INVEST- MENT STRATEGY sections of the summary section and Fund Details section of each fund s prospectus. Derivatives. Portfolio management generally may use interest rate swaps, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities), to manage the duration of the investment portfolio (i.e., reducing or increasing the sensitivity of the fund s portfolio to interest rate changes). Portfolio management may also use tender option bond transactions to seek to enhance potential gains. The fund may leverage its assets through the use of proceeds received through tender option bond transactions. In a tender option bond transaction, the fund transfers fixed-rate longterm municipal bonds into a special purpose entity (a TOB Trust ). A TOB Trust typically issues two classes of beneficial interests: short-term floating rate interests ( TOB Floaters ), which are sold to third party investors, and residual inverse floating rate interests ( TOB Inverse Floater Residual Interests ), which are generally held by the fund. The fund may also use various types of derivatives (i) for hedging; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. The following disclosure replaces Inverse floating rate securities risk contained under the MAIN RISKS of the summary section of each fund s prospectus. Tender option bonds risk. The fund s participation in tender option bond transactions may reduce the fund s returns or increase volatility. Tender option bond transactions create leverage. Leverage magnifies returns, both positive and negative, and risk by magnifying the volatility of returns. An investment in TOB Inverse Floater Residual Interests will typically involve more risk than an investment in the underlying municipal bonds. The interest payment on TOB Inverse Floater Residual Interests generally will decrease when short-term interest rates increase. There are also risks associated with the tender option bond structure, which could result in terminating the trust. If a TOB Trust is terminated, the fund must sell other assets to buy back the TOB Floaters, which could negatively impact performance. Events that could cause a termination of the TOB Trust include a deterioration in the financial condition of the liquidity provider, a deterioration in the credit quality of underlying municipal bonds, or a decrease in the value of the underlying bonds due to rising interest rates. The following disclosure replaces Inverse floating rate securities risk contained under the MAIN RISKS of the Fund Details section of each fund s prospectus. Tender option bonds risk. The fund s participation in tender option bond transactions may reduce the fund s returns or increase volatility. Tender option bond transactions create leverage. Leverage magnifies returns, both positive and negative, and risk by magnifying the volatility of returns. An investment in TOB Inverse Floater Residual Interests will typically involve more risk than an investment in the underlying municipal bonds. The interest payment on TOB Inverse Floater Residual Interests generally will decrease when short-term interest rates increase. There are also risks associated with the tender option bond structure, which could result in terminating the trust. If a TOB Trust is terminated, the fund must sell other assets to buy back the TOB Floaters, which could negatively impact performance. Events that could cause a termination of the TOB Trust include a deterioration in the financial condition of the liquidity provider, a deterioration in the credit quality of underlying municipal bonds, or a decrease in the value of the underlying bonds due to rising interest rates. December 18, 2015 PROSTKR-563

5 The fund may invest in TOB Inverse Floater Residual Interests on a non-recourse or recourse basis. If the fund invests in a TOB Inverse Floater Residual Interests on recourse basis, the fund could suffer losses in excess of the value of the TOB Inverse Floater Residual Interest. in adverse market scenarios, may make the use of TOB Trusts more expensive, and may make it more difficult to use TOB Trusts in general. The impact of changes in the structure of TOBs to address compliance with the Volcker Rule remains untested. Such changes could make early unwinds of TOB Trusts more likely Please Retain This Supplement for Future Reference December 18, 2015 PROSTKR-563 2

6 SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS Cash AccountTrust 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 CaliforniaTax Free Income Fund Deutsche Capital Growth Fund Deutsche Communications Fund Deutsche Core Equity Fund Deutsche Core Fixed Income Fund Deutsche Core Plus Income Fund Deutsche CROCI Equity Dividend Fund Deutsche CROCI International Fund Deutsche CROCI Sector Opportunities Fund Deutsche CROCI U.S. Fund Deutsche 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 IntermediateTax/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 MassachusettsTax 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 NewYorkTax Free Income Fund Deutsche Real Estate Securities Fund Deutsche Real Estate Securities Income Fund Deutsche S&P 500 Index Fund Deutsche Science andtechnology Fund Deutsche Select Alternative Allocation Fund Deutsche Short Duration Fund Deutsche Short Term Municipal Bond Fund Deutsche Small Cap Core Fund Deutsche Small Cap Growth Fund Deutsche Small Cap Value Fund Deutsche Strategic Equity Long/Short Fund Deutsche Strategic Government Securities Fund Deutsche Strategic HighYieldTax 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 CashTrust Treasury Portfolio NYTax 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 the existing disclosure in the Investing in the Funds Financial Intermediary Support Payments section of each fund s/portfolio s Prospectus: FINANCIAL INTERMEDIARY SUPPORT PAYMENTS (NOT APPLICABLE TO CLASS R6) The Advisor, the Distributor and/or their affiliates may pay additional compensation, out of their own assets and not as an additional charge to the fund, to selected affiliated and unaffiliated brokers, dealers, participating insurance companies or other financial intermediaries ( financial advisors ) in connection with the sale and/or distribution of fund shares or the retention and/or servicing of fund investors and fund shares ( revenue sharing ). Such revenue sharing payments are in addition to any distribution or service fees payable under any Rule 12b-1 or service plan of the fund, any record keeping/sub-transfer agency/networking fees payable by the fund (generally through the Distributor or an affiliate) and/or the Distributor or Advisor to certain financial advisors for performing such services and any sales charge, commissions, non-cash compensation arrangements expressly permitted under applicable rules of the Financial Industry Regulatory Authority or other concessions described October 21, 2015 PROSTKR-551

7 in the fee table or elsewhere in this prospectus or the Statement of Additional Information as payable to all financial advisors. For example, the Advisor, the Distributor and/or their affiliates may compensate financial advisors for providing the fund with shelf space or access to a third party platform or fund offering list or other marketing programs, including, without limitation, inclusion of the fund on preferred or recommended sales lists, mutual fund supermarket platforms and other formal sales programs; granting the Distributor access to the financial advisor s sales force; granting the Distributor access to the financial advisor s conferences and meetings; assistance in training and educating the financial advisor s personnel; and obtaining other forms of marketing support. The level of revenue sharing payments made to financial advisors may be a fixed fee or based upon one or more of the following factors: gross sales, current assets and/or number of accounts of the fund attributable to the financial advisor, the particular fund or fund type or other measures as agreed to by the Advisor, the Distributor and/or their affiliates and the financial advisors or any combination thereof. The amount of these revenue sharing payments is determined at the discretion of the Advisor, the Distributor and/or their affiliates from time to time, may be substantial, and may be different for different financial advisors based on, for example, the nature of the services provided by the financial advisor. The Advisor, the Distributor and/or their affiliates currently make revenue sharing payments from their own assets in connection with the sale and/or distribution of Deutsche fund shares or the retention and/or servicing of investors and Deutsche fund shares to financial advisors in amounts that generally range from 0.01% up to 0.52% of assets of the fund serviced and maintained by the financial advisor, 0.05% to 0.25% of sales of the fund attributable to the financial advisor, a flat fee of up to $120,000, or any combination thereof. These amounts are subject to change at the discretion of the Advisor, the Distributor and/or their affiliates. Receipt of, or the prospect of receiving, this additional compensation may influence your financial advisor s recommendation of the fund or of any particular share class of the fund. You should review your financial advisor s compensation disclosure and/or talk to your financial advisor to obtain more information on how this compensation may have influenced your financial advisor s recommendation of the fund. Additional information regarding these revenue sharing payments is included in the fund s Statement of Additional Information, which is available to you on request at no charge (see the back cover of this prospectus for more information on how to request a copy of the Statement of Additional Information). The following paragraph is for all funds except Deutsche Variable NAV Money Fund: The Advisor, the Distributor and/or their affiliates may also make such revenue sharing payments to financial advisors under the terms discussed above in connection with the distribution of both Deutsche funds and non-deutsche funds by financial advisors to retirement plans that obtain record keeping services from ADP, Inc. or to 403(b) plans that obtain record keeping services from ExpertPlan Inc., a subsidiary of Ascensus, Inc., on the DeAWM-branded retirement plan platform (the Platform ). 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. It is likely that broker-dealers that execute portfolio transactions for the fund will include firms that also sell shares of the Deutsche funds to their customers. However, the Advisor will not consider sales of Deutsche fund shares as a factor in the selection of broker-dealers to execute portfolio transactions for the Deutsche funds. Accordingly, the Advisor has implemented policies and procedures reasonably designed to prevent its traders from considering sales of Deutsche fund shares as a factor in the selection of broker-dealers to execute portfolio transactions for the fund. In addition, the Advisor, the Distributor and/or their affiliates will not use fund brokerage to pay for their obligation to provide additional compensation to financial advisors as described above. Please Retain This Supplement for Future Reference October 21, 2015 PROSTKR-551 2

8 Prospectus October 1, 2015 Deutsche Strategic HighYieldTax-Free Fund CLASS/TICKER A NOTAX B NOTBX C NOTCX INST NOTIX S SHYTX... Deutsche Managed Municipal Bond Fund CLASS/TICKER A SMLAX B SMLBX C SMLCX INST SMLIX S SCMBX... Deutsche IntermediateTax/AMT Free Fund CLASS/TICKER A SZMAX B SZMBX C SZMCX INST SZMIX S SCMTX (Class B shares are closed to new investment) As with all mutual funds, the Securities and Exchange Commission (SEC) does not approve or disapprove these shares or determine whether the information in this prospectus is truthful or complete. It is a criminal offense for anyone to inform you otherwise.

9 Table of Contents DEUTSCHE STRATEGIC HIGH YIELD TAX- FREE FUND Investment Objective... 1 Fees and of the Fund... 1 Principal Investment Strategy... 2 Main Risks... 2 Past Performance... 4 Management... 4 Purchase and Sale of Fund Shares... 4 Tax Information... 5 Payments to Broker-Dealers and Other Financial Intermediaries... 5 DEUTSCHE MANAGED MUNICIPAL BOND FUND Investment Objective... 6 Fees and of the Fund... 6 Principal Investment Strategy... 7 Main Risks... 7 Past Performance... 8 Management... 9 Purchase and Sale of Fund Shares... 9 Tax Information Payments to Broker-Dealers and Other Financial Intermediaries DEUTSCHE INTERMEDIATE TAX/AMT FREE FUND Investment Objective Fees and of the Fund Principal Investment Strategy Main Risks Past Performance Management Purchase and Sale of Fund Shares Tax Information Payments to Broker-Dealers and Other Financial Intermediaries FUND DETAILS Additional Information About Fund Strategies and Risks Deutsche Strategic High Yield Tax-Free Fund Deutsche Managed Municipal Bond Fund Deutsche Intermediate Tax/AMT Free Fund Other Policies and Risks Who Manages and Oversees the Funds Management INVESTING IN THE FUNDS Choosing a Share Class Buying, Exchanging and Selling Shares How to Buy Shares How to Exchange Shares How to Sell Shares Financial Intermediary Support Payments Policies You Should Know About Policies About Transactions How each Fund Calculates Share Price Other RightsWe Reserve Understanding Distributions and Taxes FINANCIAL HIGHLIGHTS APPENDIX Hypothetical Expense Summary Additional Index Information YOUR INVESTMENT IN A FUND IS NOT A BANK DEPOSIT AND IS NOT INSURED OR GUARANTEED BYTHE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY, ENTITY OR PERSON.

10 Deutsche Strategic HighYieldTax-Free Fund INVESTMENT OBJECTIVE The fund seeks to provide a high level of income exempt from regular federal income tax. FEES AND EXPENSES OF THE FUND These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $100,000 in Deutsche funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 24) and Purchase and Redemption of Shares in the fund s Statement of Additional Information (SAI) (p. II-16). SHAREHOLDER FEES (paid directly from your investment) A B C INST S Maximum sales charge (load) imposed on purchases, as % of offering price 2.75 None None None None Maximum deferred sales charge (load), as % of redemption proceeds None None None Account Maintenance Fee (annually, for fund account balances below $10,000 and subject to certain exceptions) $20 $20 $20 None $20 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a%ofthevalueofyourinvestment) A B C INST S Management fee Distribution/service (12b-1) fees None None Interest expense Other expenses Total other expenses Total annual fund operating expenses Fee waiver/expense reimbursement Total annual fund operating expenses after fee waiver/expense reimbursement The Advisor has contractually agreed through September 30, 2016 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expenses) at 0.87%, 1.62%, 1.62%, 0.62% and 0.62% for Class A, Class B, Class C, Institutional Class and Class S, respectively. The agreement may only be terminated with the consent of the fund s Board. EXAMPLE This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund s operating expenses (including one year of capped expenses in each period) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Prospectus October 1, Deutsche Strategic High Yield Tax-Free Fund

11 Years A B C INST S 1 $ 367 $ 571 $ 271 $ 69 $ , ,460 1,692 2, ,011 You would pay the following expenses if you did not redeem your shares: Years A B C INST S 1 $ 367 $ 171 $ 171 $ 69 $ ,460 1,692 2, ,011 Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. PORTFOLIO TURNOVER The fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund s performance. Portfolio turnover rate for fiscal year 2015: 29%. PRINCIPAL INVESTMENT STRATEGY Main investments. Under normal circumstances, the fund invests at least 80% of net assets in securities issued by municipalities across the United States and in other securities whose income is free from regular federal income tax. The fund may invest up to 20% of net assets in securities whose income is subject to the federal alternative minimum tax (AMT). The fund can buy many types of municipal securities of all maturities. These may include revenue bonds (which are backed by revenues from a particular source) and general obligation bonds (which are typically backed by the issuer s ability to levy taxes). They may also include municipal lease obligations and investments representing an interest therein. The fund normally invests at least 50% of total assets in municipal securities of the top four grades of credit quality. The fund may invest up to 50% of total assets in high yield debt securities (commonly referred to as junk bonds), which are those below the fourth credit grade (i.e., grade BB/Ba and below) and may include debt securities not currently paying interest and debt securities in default. Compared to investment-grade debt securities, junk bonds generally pay higher yields, have higher volatility and higher risk of default on payments of interest or principal. Management process. Portfolio management looks for securities that appear to offer the best opportunity to meet the fund s objective. In making its buy and sell decisions, portfolio management typically weighs a number of factors against each other, from economic outlooks and possible interest rate movements to characteristics of specific securities, such as coupon, maturity date and call date, and changes in supply and demand within the municipal bond market. Although portfolio management may adjust the fund s duration (a measure of sensitivity to interest rates) over a wider range, they generally intend to keep it similar to that of the Barclays Municipal Bond Index, generally between five and nine years. Derivatives. Portfolio management generally may use interest rate swaps, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities), to manage the duration of the investment portfolio (i.e., reducing or increasing the sensitivity of the fund s portfolio to interest rate changes). Portfolio management may also use inverse floating rate securities to seek to enhance potential gains. The fund may also use various types of derivatives (i) for hedging; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. MAIN RISKS There are several risk factors that could hurt the fund s performance, cause you to lose money or cause the fund s performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Interest rate risk. When interest rates rise, prices of debt securities generally decline. A low interest rate environment may prevent the fund from providing a positive yield or paying fund expenses out of current income. The longer the duration of the fund s debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.). The fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates. Credit risk. The fund s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. Credit risk is greater for lower-rated securities. Prospectus October 1, Deutsche Strategic High Yield Tax-Free Fund

12 Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating category) may be in uncertain financial health, the prices of their debt securities can be more vulnerable to bad economic news, or even the expectation of bad news, than investment-grade debt securities. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities. Because securities in default generally have missed one or more payments of interest and/or principal, an investment in such securities has an increased risk of loss. Issuers of securities in default have an increased likelihood of entering bankruptcy or beginning liquidation procedures which could impact the fund s ability to recoup its investment. Securities in default may be illiquid or trade in low volumes and thus may be difficult to value. Focus risk. To the extent that the fund focuses on investments from a single state, region or sector of the municipal securities market, its performance can be more volatile than that of a fund that invests more broadly. As an example, factors affecting a state, region or sector such as severe fiscal difficulties, an economic downturn, court rulings, increased expenditures on domestic security or reduced monetary support from the federal government could over time impair a state, region or sector s ability to repay its obligations. 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 legislation, court rulings or political developments, or reduced monetary support from the federal government could hurt fund performance. Market risk. Deteriorating market conditions might cause a general weakness in the market that reduces the prices of securities in that market. Developments in a particular class of debt securities or the stock market could also adversely affect the fund by reducing the relative attractiveness of debt securities as an investment. Also, to the extent that the fund emphasizes debt securities from any given state or region, it could be hurt if that state or region does not do well. Inverse floating rate securities risk. The interest payment received on inverse floating rate securities ( inverse floaters ) generally will decrease when short-term interest rates increase. Inverse floaters are derivatives that involve leverage and could magnify the fund s gains or losses. Derivatives risk. Risks associated with derivatives may include the risk that the derivative is not well correlated with the security, index or currency to which it relates; the risk that derivatives may result in losses or missed opportunities; the risk that the fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; and the risk that the derivative transaction could expose the fund to the effects of leverage, which could increase the fund s exposure to the market and magnify potential losses. Security selection risk. The securities in the fund s portfolio may decline in value. Portfolio management could be wrong in its analysis of municipalities, industries, companies, economic trends, the relative attractiveness of different securities or other matters. 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. Tax risk. Income from municipal securities held by the fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a securities issuer. In addition, a portion of the fund s otherwise exempt-interest distributions may be taxable to those shareholders subject to the federal AMT. Liquidity risk. In certain situations, it may be difficult or impossible to sell an investment and the fund may have to sell certain investments at a price or time that is not advantageous in order to meet redemption requests or other cash needs. Prepayment and extension risk. When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the fund s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the fund s share price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances. Pricing risk. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment s sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares. Prospectus October 1, Deutsche Strategic High Yield Tax-Free Fund

13 PAST PERFORMANCE How a fund s returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends and distributions were reinvested. For more recent performance figures, go to deutschefunds.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. CALENDAR YEAR TOTAL RETURNS (%) (Class A) These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here Returns Period ending Best Quarter 13.52% September 30, 2009 Worst Quarter % December 31, 2008 Year-to-Date 0.02% June 30, 2015 AVERAGE ANNUAL TOTAL RETURNS (For periods ended 12/31/2014 expressed as a %) After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. Class Inception 1 Year 5 Years 10 Years Class A before tax 5/1/ After tax on distributions After tax on distributions, with sale Class B before tax 5/1/ Class C before tax 5/1/ INST Class before tax 8/19/ Class S before tax 1/22/ Barclays Municipal Bond Index (reflects no deduction for fees, expenses or taxes) MANAGEMENT Investment Advisor Deutsche Investment Management Americas Inc. Portfolio Manager(s) Philip G. Condon, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Rebecca L. Flinn, Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in A. Gene Caponi, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Ashton P. Goodfield, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Carol L. Flynn, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in PURCHASE AND SALE OF FUND SHARES MINIMUM INITIAL INVESTMENT ($) Automatic Non-IRA IRAs UGMAs/ UTMAs Investment Plans ABC 1, , INST 1,000,000 N/A N/A N/A S 2,500 1,000 1,000 1,000 For participants in all group retirement plans, and in certain fee-based and wrap programs approved by the Advisor, there is no minimum initial investment and no minimum additional investment for Class A, C and S shares. For Section 529 college savings plans, there is no minimum initial investment and no minimum additional investment for Class S shares. In certain instances, the minimum initial investment may be waived for Institutional Class shares. There is no minimum additional investment for Institutional Class shares. Because Class B shares are closed to new investment, existing Class B shareholders may purchase Class A and C shares with a minimum initial investment of $50. The minimum additional investment in all other instances is $50. TO PLACE ORDERS Mail New Accounts Deutsche Asset & Wealth Management PO Box Kansas City, MO Additional Investments Deutsche Asset & Wealth Management PO Box Kansas City, MO Exchanges and Redemptions Deutsche Asset & Wealth Management PO Box Kansas City, MO Expedited Mail Deutsche Asset & Wealth Management 210 West 10th Street Kansas City, MO Web Site deutschefunds.com Telephone (800) M F8a.m. 8p.m.ET TDD Line (800) , M F8a.m. 8p.m. ET Prospectus October 1, Deutsche Strategic High Yield Tax-Free Fund

14 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 telephone. The fund is generally open on days when the New York Stock Exchange is open for regular trading. Class B shares are closed to new purchases, except for exchanges and the reinvestment of dividends or other distributions. Institutional Class shares are generally available only to qualified institutions. Class S shares are only available to a limited group of investors. TAX INFORMATION The fund s income dividends are generally exempt from regular federal income tax. A portion of the fund s dividends may be subject to federal income tax, including the federal alternative minimum tax. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES 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. Prospectus October 1, Deutsche Strategic High Yield Tax-Free Fund

15 Deutsche Managed Municipal Bond Fund INVESTMENT OBJECTIVE The fund seeks to provide income exempt from regular federal income tax. FEES AND EXPENSES OF THE FUND These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $100,000 in Deutsche funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 24) and Purchase and Redemption of Shares in the fund s Statement of Additional Information (SAI) (p. II-16). SHAREHOLDER FEES (paid directly from your investment) A B C INST S Maximum sales charge (load) imposed on purchases, as % of offering price 2.75 None None None None Maximum deferred sales charge (load), as % of redemption proceeds None None None Account Maintenance Fee (annually, for fund account balances below $10,000 and subject to certain exceptions) $20 $20 $20 None $20 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a%ofthevalueofyourinvestment) A B C INST S Management fee Distribution/service (12b-1) fees None None Interest expense Other expenses Total other expenses Total annual fund operating expenses Fee waiver/expense reimbursement Total annual fund operating expenses after fee waiver/expense reimbursement The Advisor has contractually agreed through September 30, 2016 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expenses) at 1.56% and 0.56% for Class B and Class S, respectively. The agreement may only be terminated with the consent of the fund s Board. EXAMPLE This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund s operating expenses (including one year of capped expenses in each period for Class B and Class S) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Prospectus October 1, Deutsche Managed Municipal Bond Fund

16 Years A B C INST S 1 $ 355 $ 564 $ 264 $ 59 $ , ,249 1,515 1, You would pay the following expenses if you did not redeem your shares: Years A B C INST S 1 $ 355 $ 164 $ 164 $ 59 $ ,249 1,515 1, Class B converts to Class A after six years; the Example for Class B reflects Class A fees after the conversion. PORTFOLIO TURNOVER The fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs are not reflected in annual fund operating expenses or in the expense example, and can affect the fund s performance. Portfolio turnover rate for fiscal year 2015: 29%. PRINCIPAL INVESTMENT STRATEGY Main investments. Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in securities issued by municipalities across the United States and in other securities whose income is free from regular federal income tax. The fund may invest up to 20% of net assets in securities whose income is subject to the federal alternative minimum tax (AMT). The fund can buy many types of municipal securities of all maturities. These may include revenue bonds (which are backed by revenues from a particular source) and general obligation bonds (which are typically backed by the issuer s ability to levy taxes). They may also include municipal lease obligations and investments representing an interest therein. The fund normally invests at least 65% of total assets in municipal securities of the top three grades of credit quality. The fund may invest up to 10% of total assets in high yield debt securities (commonly referred to as junk bonds) of the fifth and sixth credit grades (i.e., as low as grade B). Compared to investment-grade debt securities, junk bonds generally pay higher yields, have higher volatility and higher risk of default on payments of interest or principal. Management process. Portfolio management looks for securities that appear to offer the best opportunity to meet the fund s objective. In making its buy and sell decisions, portfolio management typically weighs a number of factors against each other, from economic outlooks and possible interest rate movements to characteristics of specific securities, such as coupon, maturity date and call date, and changes in supply and demand within the municipal bond market. Although portfolio management may adjust the fund s duration (a measure of sensitivity to interest rates) over a wider range, they generally intend to keep it similar to that of the Barclays Municipal Bond Index, generally between five and nine years. Derivatives. Portfolio management generally may use interest rate swaps, which are a type of derivative (a contract whose value is based on, for example, indices, currencies or securities), to manage the duration of the investment portfolio (i.e., reducing or increasing the sensitivity of the fund s portfolio to interest rate changes). Portfolio management may also use inverse floating rate securities to seek to enhance potential gains. The fund may also use various types of derivatives (i) for hedging; (ii) for risk management; (iii) for non-hedging purposes to seek to enhance potential gains; or (iv) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. MAIN RISKS There are several risk factors that could hurt the fund s performance, cause you to lose money or cause the fund s performance to trail that of other investments. The fund may not achieve its investment objective, and is not intended to be a complete investment program. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency. Interest rate risk. When interest rates rise, prices of debt securities generally decline. A low interest rate environment may prevent the fund from providing a positive yield or paying fund expenses out of current income. The longer the duration of the fund s debt securities, the more sensitive it will be to interest rate changes. (As a general rule, a 1% rise in interest rates means a 1% fall in value for every year of duration.). The fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates. Credit risk. The fund s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. Credit risk is greater for lower-rated securities. Prospectus October 1, Deutsche Managed Municipal Bond Fund

17 Because the issuers of high-yield debt securities or junk bonds (debt securities rated below the fourth highest credit rating category) may be in uncertain financial health, the prices of their debt securities can be more vulnerable to bad economic news, or even the expectation of bad news, than investment-grade debt securities. High-yield debt securities are considered speculative, and credit risk for high-yield securities is greater than for higher-rated securities. Focus risk. To the extent that the fund focuses on investments from a single state, region or sector of the municipal securities market, its performance can be more volatile than that of a fund that invests more broadly. As an example, factors affecting a state, region or sector such as severe fiscal difficulties, an economic downturn, court rulings, increased expenditures on domestic security or reduced monetary support from the federal government could over time impair a state, region or sector s ability to repay its obligations. 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 legislation, court rulings or political developments, or reduced monetary support from the federal government could hurt fund performance. Market risk. Deteriorating market conditions might cause a general weakness in the market that reduces the prices of securities in that market. Developments in a particular class of debt securities or the stock market could also adversely affect the fund by reducing the relative attractiveness of debt securities as an investment. Also, to the extent that the fund emphasizes debt securities from any given state or region, it could be hurt if that state or region does not do well. Inverse floating rate securities risk. The interest payment received on inverse floating rate securities ( inverse floaters ) generally will decrease when short-term interest rates increase. Inverse floaters are derivatives that involve leverage and could magnify the fund s gains or losses. Derivatives risk. Risks associated with derivatives may include the risk that the derivative is not well correlated with the security, index or currency to which it relates; the risk that derivatives may result in losses or missed opportunities; the risk that the fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; and the risk that the derivative transaction could expose the fund to the effects of leverage, which could increase the fund s exposure to the market and magnify potential losses. Security selection risk. The securities in the fund s portfolio may decline in value. Portfolio management could be wrong in its analysis of municipalities, industries, companies, economic trends, the relative attractiveness of different securities or other matters. 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. Tax risk. Income from municipal securities held by the fund could be declared taxable because of unfavorable changes in tax laws, adverse interpretations by the Internal Revenue Service or state tax authorities, or noncompliant conduct of a securities issuer. In addition, a portion of the fund s otherwise exempt-interest distributions may be taxable to those shareholders subject to the federal AMT. Liquidity risk. In certain situations, it may be difficult or impossible to sell an investment and the fund may have to sell certain investments at a price or time that is not advantageous in order to meet redemption requests or other cash needs. Prepayment and extension risk. When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the fund s assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the fund s share price and yield and could hurt fund performance. Prepayments could also create capital gains tax liability in some instances. Pricing risk. If market conditions make it difficult to value some investments, the fund may value these investments using more subjective methods, such as fair value pricing. In such cases, the value determined for an investment could be different from the value realized upon such investment s sale. As a result, you could pay more than the market value when buying fund shares or receive less than the market value when selling fund shares. PAST PERFORMANCE How a fund s returns vary from year to year can give an idea of its risk; so can comparing fund performance to overall market performance (as measured by an appropriate market index). Past performance may not indicate future results. All performance figures below assume that dividends and distributions were reinvested. For more Prospectus October 1, Deutsche Managed Municipal Bond Fund

18 recent performance figures, go to deutschefunds.com (the Web site does not form a part of this prospectus) or call the phone number included in this prospectus. CALENDAR YEAR TOTAL RETURNS (%) (Class A) These year-by-year returns do not include sales charges, if any, and would be lower if they did. Returns for other classes were different and are not shown here Returns Period ending Best Quarter 9.03% September 30, 2009 Worst Quarter -4.74% December 31, 2010 Year-to-Date -0.30% June 30, 2015 AVERAGE ANNUAL TOTAL RETURNS (For periods ended 12/31/2014 expressed as a %) After-tax returns (which are shown only for Class A and would be different for other classes) reflect the historical highest individual federal income tax rates, but do not reflect any state or local taxes. Your actual after-tax returns may be different. After-tax returns are not relevant to shares held in an IRA, 401(k) or other tax-advantaged investment plan. Class Inception 1 Year 5 Years 10 Years Class A before tax 6/11/ After tax on distributions After tax on distributions, with sale Class B before tax 6/11/ Class C before tax 6/11/ INST Class before tax 8/19/ Class S before tax 10/14/ Barclays Municipal Bond Index (reflects no deduction for fees, expenses or taxes) MANAGEMENT Investment Advisor Deutsche Investment Management Americas Inc. Portfolio Manager(s) Philip G. Condon, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Ashton P. Goodfield, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Matthew J. Caggiano, CFA, Managing Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in Michael J. Generazo, Director. Co-Lead Portfolio Manager of the fund. Began managing the fund in PURCHASE AND SALE OF FUND SHARES MINIMUM INITIAL INVESTMENT ($) Automatic Non-IRA IRAs UGMAs/ UTMAs Investment Plans ABC 1, , INST 1,000,000 N/A N/A N/A S 2,500 1,000 1,000 1,000 For participants in all group retirement plans, and in certain fee-based and wrap programs approved by the Advisor, there is no minimum initial investment and no minimum additional investment for Class A, C and S shares. For Section 529 college savings plans, there is no minimum initial investment and no minimum additional investment for Class S shares. In certain instances, the minimum initial investment may be waived for Institutional Class shares. There is no minimum additional investment for Institutional Class shares. Because Class B shares are closed to new investment, existing Class B shareholders may purchase Class A and C shares with a minimum initial investment of $50. The minimum additional investment in all other instances is $50. TO PLACE ORDERS Mail New Accounts Deutsche Asset & Wealth Management PO Box Kansas City, MO Additional Investments Deutsche Asset & Wealth Management PO Box Kansas City, MO Exchanges and Redemptions Deutsche Asset & Wealth Management PO Box Kansas City, MO Expedited Mail Deutsche Asset & Wealth Management 210 West 10th Street Kansas City, MO Web Site deutschefunds.com Telephone (800) M F8a.m. 8p.m.ET TDD Line (800) , M F8a.m. 8p.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 telephone. The fund is generally open on days when the New York Stock Exchange is open for regular trading. Class B shares are closed to new purchases, except for exchanges and the reinvestment of dividends or other distributions. Institutional Class shares are generally available only to qualified institutions. Class S shares are only available to a limited group of investors. Prospectus October 1, Deutsche Managed Municipal Bond Fund

19 TAX INFORMATION The fund s income dividends are generally exempt from regular federal income tax. A portion of the fund s dividends may be subject to federal income tax, including the federal alternative minimum tax. PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES 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. Prospectus October 1, Deutsche Managed Municipal Bond Fund

20 Deutsche IntermediateTax/AMT Free Fund INVESTMENT OBJECTIVE The fund seeks to provide a high level of income exempt from regular federal income taxes and seeks to limit principal fluctuation. FEES AND EXPENSES OF THE FUND These are the fees and expenses you may pay when you buy and hold shares. You may qualify for sales charge discounts if you and your immediate family invest, or agree to invest in the future, at least $100,000 in Deutsche funds. More information about these and other discounts is available from your financial professional and in Choosing a Share Class (p. 24) and Purchase and Redemption of Shares in the fund s Statement of Additional Information (SAI) (p. II-16). SHAREHOLDER FEES (paid directly from your investment) A B C INST S Maximum sales charge (load) imposed on purchases, as % of offering price 2.75 None None None None Maximum deferred sales charge (load), as % of redemption proceeds None None None Account Maintenance Fee (annually, for fund account balances below $10,000 and subject to certain exceptions) $20 $20 $20 None $20 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a%ofthevalueofyourinvestment) A B C INST S Management fee Distribution/service (12b-1) fees None None Other expenses Total annual fund operating expenses Fee waiver/expense reimbursement Total annual fund operating expenses after fee waiver/expense reimbursement The Advisor has contractually agreed through September 30, 2016 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund s total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage and interest expenses) at 1.55%, 1.55% and 0.55% for Class B, Class C and Class S, respectively. The agreement may only be terminated with the consent of the fund s Board. EXAMPLE This Example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the fund s operating expenses (including one year of capped expenses in each period for Class B, Class C and Class S) remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Years A B C INST S 1 $ 353 $ 558 $ 258 $ 55 $ , ,226 1,489 1, Prospectus October 1, Deutsche Intermediate Tax/AMT Free Fund