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00202053Tax update 2017Important information to prepare your tax returnAlthough this form instructs you to leave any unusedboxes blank, Deutsche Asset Management requiresyou to place zeros in any extra spaces before yourfund and account number.Included in this edition, tax information forthe Deutsche funds——Tax-exempt income notes——Percentage of 2017 tax-exempt incomeby state——U.S. Government percentages——Foreign tax credit table——Alternative minimum tax4. Verify account ownership.The account into which you can directly deposit yourtax refund must be registered in your name. If youare married filing jointly, the account can be in eithername or both names. If the names or tax ID numberson the account do not match those on your tax return,the IRS may send you a check instead.Have your tax refund deposited directlyto your Deutsche account1. Enter the routing number on Form 1040,Line 76b.Multiple accountsIf you’d like to split your refund into multipleaccounts, instead of completing lines 76b and 76das noted on the left, check the box on line 76a andattach IRS Form 8888 to split the direct deposit ofyour refund among multiple accounts.1 0 1 2 1 8 8 5 62. Indicate the type of account on Line 76c.XCheckingIndividual retirement accounts (IRA)SavingsThere is no mutual fund account option on the form;please mark the “Checking” box.3. Enter your depositor account number, onLine 76d. Include hyphens, but excludeany spaces.87XXTheDeutscheprefix (seedescriptionbelow)XXXXXXXXYour fund number[If your fund numberis two digits (e.g., 06),please add leading zeros(e.g., 00006)]XXXXXYour accountnumberThe Deutsche prefix “87” should be the first twodigits of the number you enter. You’ll find your fundand account number on your account s tatement.This information should be entered into the boxeson IRS Form 1040.You can also have your refund deposited directlyinto a Traditional IRA, Roth IRA, or SEP-IRA. TheIRA needs to be opened before a direct depositcan be made. Note that all deposits in IRAs thatare received by Deutsche Asset Managementafter January 1, 2018 (up through December 31,2018) will automatically be deposited as 2018 IRAcontributions, unless otherwise noted. A 2017contribution made after December 31, 2017, mustbe designated in writing and postmarked by April 17,2018 instead of April 16, due to the EmancipationDay holiday in the District of Columbia.Please refer to Individual Retirement Arrangements(Publication 590) on the Internal RevenueServices’ Web site (irs.gov) for complete detailsabout contribution limits. For general informationconcerning IRAs, visit deutschefunds.com.

Deutsche funds tax updateSingle-state tax-free fundsThe income distributions from Deutsche single-statetax-free funds, such as, Deutsche MassachusettsTax-Free Fund, Deutsche New York Tax-FreeIncome Fund, and Deutsche California Tax-FreeIncome Fund are generally free from income taxin the state in which the fund invests. For the year2017, Deutsche California Tax-Free Income Fundearned 99.73% of its income from obligations whichare exempt from California state income tax with0.13% attributable to Guam, 0.12% attributable toPuerto Rico and 0.02% attributable to the VirginIslands. Deutsche Massachusetts Tax-Free Fundearned 96.79% of its income from obligations whichare exempt from Massachusetts state income taxwith 2.93% attributable to Guam, 0.24% attributableto Puerto Rico and 0.04% attributable to the VirginIslands. Deutsche New York Tax-Free Fund earned99.00% of its income from obligations which areexempt from New York state income tax with 0.44%attributable to Guam, 0.54% attributable to PuertoRico and 0.02% attributable to the Virgin Islands.The amount attributable to your state may be exemptfrom your 2017 state income tax. In addition,tax-exempt income earned from obligations issuedby U.S. territories, such as Puerto Rico, is generallyexempt for state purposes.To determine the amount of income earned withrespect to a particular state or territory, multiply thepercentages shown in the table on page 5 by thetotal tax-exempt interest reported to you in Box 10of Form 1099-DIV.If you are a resident of Utah or Indiana who hasincome from any of the tax-free funds shownon page 5, please consult the Tax Center onour website at deutschefunds.com for specialpercentages that may apply to you.Please note that individual states may have specialrules which restrict pass-through of the exemptionfor such dividends. For more information about howyour state taxes dividends, consult your tax advisor.National tax-free income fundsFor the Deutsche tax-free funds investing nationally,the table on page 5 shows the percentage of eachfund’s income dividends derived from securitiesissued in each state and U.S. territory.What causes a capital gain distribution?Like all bonds, municipal bonds can increase in value when interest rates decline. If selected bondsin which a tax-exempt fund invested were sold at a higher price than the price at which they wereoriginally purchased, it would result in a taxable capital gain. While tax-exempt funds typically attemptto minimize taxable events, there are occasions when gains are taken. This occurs in cases where theportfolio team believes such action is in the best interest of the fund and its shareholders.Tax Update 2017 2

Percentage of income derived from U.S. Government obligations in 2017Mutual fund dividends derived from certain U.S. Government obligations may be exempt from stateincome tax depending on where you live. To calculate the amount of ordinary dividends attributable toU.S. Government obligations, multiply the percentages in the table below by the amount in Box 1a ofyour Form 1099-DIV.Fund nameCash Account Trust—Government& Agency Securities PortfolioGovernment Cash ManagementPortfolioDeutsche Government SeriesDeutsche Government MoneyMarket SeriesDeutsche Government CashManagement FundDeutsche Government CashReserves Fund InstitutionalU.S. Governmentobligation %40.55%36.40%36.40%36.40%36.40%Deutsche Core Fixed Income Fund0.00%Deutsche Total Return Income Fund(formerly Deutsche Core PlusIncome Fund)6.17%Deutsche Enhanced CommodityStrategy Fund26.98%Deutsche Emerging Markets FixedIncome Fund (formerly DeutscheEnhanced Emerging Markets FixedIncome Fund)0.36%Deutsche Equity 500 Index Fund0.00%Deutsche High Conviction GlobalBond Fund (formerly DeutscheEnhanced Global Bond Fund)11.59%Fund nameDeutsche Global Inflation FundU.S. Governmentobligation %22.20%Deutsche GNMA Fund3.39%Deutsche High Income Fund0.02%Deutsche Limited Maturity QualityIncome Fund0.72%Deutsche Money Market Prime Series3.53%Deutsche Multi-Asset ConservativeAllocation Fund14.20%Deutsche Multi-Asset GlobalAllocation Fund5.07%Deutsche Multi-Asset ModerateAllocation Fund5.31%Deutsche S&P 500 Index Fund0.00%Deutsche Select AlternativeAllocation Fund0.85%Deutsche Short Duration Fund3.26%Deutsche Strategic GovernmentSecurities Fund1.83%Deutsche Multisector Income Fund(formerly Deutsche UnconstrainedIncome Fund)3.59%Deutsche Ultra-Short InvestmentGrade Fund0.00%Deutsche U.S. Bond Index Fund20.42%Deutsche Fixed IncomeOpportunities Fund8.29%Deutsche Global High Income Fund0.09%Deutsche Variable NAV Money FundDeutsche Global IncomeBuilder Fund1.02%Investors Cash Trust—TreasuryPortfolio1.49%100.00%Note: If your fund is not referenced in this table, it had no income from U.S. Government obligations.Since tax laws vary among different cities and states, please consult your tax advisor about the specificrules in the state in which you pay your taxes. For example, certain states have threshold requirementswhich may restrict U.S. Government pass-through.Tax Update 2017 3

Foreign tax credit tableDepending upon your individual situation, you mayneed to file IRS Form 1116, which relates to incomeearned from foreign sources and foreign taxes paidon that income. The a ccompanying table contains abreakdown of the Deutsche global and internationalfunds that earned foreign income and paid foreigntaxes on that income.You are generally not required to c ompleteIRS Form 1116 if:1. Your only foreign source of income was passive(i.e. dividends, interest, etc.) and was reported toyou on Form 1099-DIV or a similar statement; and2. The total of all your foreign taxes on Form 1099-DIV(Box 6) and similar statements does not exceed 300 ( 600 if married filing jointly).Foreign incomeShareholders completing Form 1116 for tax year2017 are not required to report foreign incomeearned and foreign taxes paid on a country-bycountry basis. To complete Part I of Form 1116,calculate your total income from foreign sourcespaid by the Fund by multiplying the amount inBox 1a of Form 1099-DIV by the percentage foundin the accompanying Foreign Tax table.Foreign tax table for 2017To complete Part II of Form 1116, your total foreigntax paid by the Fund is the amount shown in Box 6of your Form 1099-DIV. If you have foreign sourcequalified dividends (Box 1b of Form 1099-DIVmultiplied by the foreign income factor), you may berequired to make certain adjustments to your foreignsource income calculations before completingIRS Form 1116. You do not need to use these tablesif you do not file IRS Form 1116.Alternative minimum taxIf you are subject to the federal alternative minimumtax (AMT), a portion of the dividends from your taxfree income fund may be treated as an item of taxpreference in determining your federal AMT liability.The Deutsche funds having AMT income from privateactivity bonds in 2017 are referenced in the tablebelow. Next to each fund name is the applicable percentage of the 2017 income dividends that are subject to the alternative minimum tax. This amountof AMT income is reported to you in Box 11 ofForm 1099-DIV.Deutsche funds with AMT income in 2017Fund nameForeignincomefactorDeutsche CROCI International Fund78.22%Deutsche EAFE Equity Index Fund81.32%Deutsche Emerging Markets Equity Fund93.55%Deutsche Latin America Equity Fund98.41%Deutsche World Dividend Fund50.29%Fund namePercentageof AMTCash Account Trust Tax-Exempt Portfolio17.81%Deutsche California Tax-Free Income Fund5.98%Deutsche Intermediate Tax/AMT Free Fund0.00%Deutsche Managed Municipal Bond Fund5.46%Deutsche Massachusetts Tax-Free Fund2.46%Deutsche New York Tax-Free Income Fund6.74%Deutsche Short-Term Municipal Bond Fund17.70%Deutsche Strategic High YieldTax-Free Fund9.24%Tax Update 2017 4

Percentage of 2017 tax-exempt income by MissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaPuerto RicoRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirgin IslandsVirginiaWashingtonWest VirginiaWisconsinWyomingDistrict of ColumbiOther (Multi State Pools)TotalDeutsche ManagedMunicipalBond FundDeutscheIntermediateTax/AMT Free FundDeutsche StrategicHigh YieldTax-Free 00.00%Cash Acct. TrustTax-ExemptPortfolioDeutsche ShortTerm MunicipalBond .60%0.11%100.00%Tax Update 2017 100.00%5