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00186350Tax update 2016Important 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 2016 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, 2017 (up through December 31,2017) will automatically be deposited as 2017 IRAcontributions, unless otherwise noted. A 2016contribution made after December 31, 2016, mustbe designated in writing and postmarked by April 18,2017 instead of April 15, 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-Free IncomeFund, and Deutsche California Tax-Free IncomeFund are generally free from income tax in thestate in which the fund invests. For the year 2016,Deutsche California Tax-Free Income Fund earned98.54% of its income from obligations which areexempt from California state income tax with 0.53%attributable to Guam, 0.76% attributable to PuertoRico and 0.10% attributable to the Virgin Islands.Deutsche Massachusetts Tax-Free Fund earned96.17% of its income from obligations which areexempt from Massachusetts state income tax with2.27% attributable to Guam, 1.18% attributable toPuerto Rico and 0.22% attributable to the VirginIslands. Deutsche New York Tax-Free Fund earned96.07% of its income from obligations which areexempt from New York state income tax with 0.95%attributable to Guam, 2.20% attributable to PuertoRico and 0.55% attributable to the Virgin Islands.The amount attributable to your state may be exemptfrom your 2016 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 2016 2

Percentage of income derived from U.S. Government obligations in 2016Mutual 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 PortfolioU.S. Governmentobligation %U.S. Governmentobligation %Deutsche High Income Fund0.02%Deutsche Limited Maturity QualityIncome Fund0.00%36.13%Deutsche Money MarketPrime Series3.55%36.13%Deutsche Multi-AssetConservative Allocation Fund12.57%Deutsche Multi-Asset GlobalAllocation Fund3.05%1.00%Deutsche Multi-Asset ModerateAllocation Fund7.97%Deutsche Core Fixed Income Fund22.56%Deutsche S&P 500 Index Fund0.02%Deutsche Core Plus Income Fund6.02%9.08%Deutsche Enhanced CommodityStrategy Fund16.03%Deutsche Select AlternativeAllocation FundGovernment Cash ManagementPortfolioDeutsche Government SeriesDeutsche Government MoneyMarket SeriesDeutsche Government CashManagement FundDeutsche Government CashReserves Fund InstitutionalDaily Assets Fund50.47%Fund name36.13%36.13%Deutsche Short Duration Fund4.45%Deutsche Enhanced EmergingMarkets Fixed Income Fund0.03%Deutsche Strategic GovernmentSecurities Fund4.69%Deutsche Equity 500 Index Fund0.01%4.58%Deutsche Enhanced GlobalBond Fund3.53%Deutsche UnconstrainedIncome Fund0.00%Deutsche Fixed IncomeOpportunities Fund1.69%Deutsche Ultra-Short InvestmentGrade FundDeutsche U.S. Bond Index Fund24.15%Deutsche Global High Income Fund0.03%Deutsche Global IncomeBuilder Fund2.27%Deutsche Global Inflation FundDeutsche GNMA Fund87.76%Deutsche Variable NAVMoney FundInvestors Cash Trust—TreasuryPortfolio2.89%93.07%2.62%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 2016 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 year2016 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 2016ForeignincomefactorDeutsche CROCI International Fund85.77%Deutsche EAFE Equity Index Fund89.18%Deutsche Latin America Equity FundAlternative 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 2016 are referenced in the tablebelow. Next to each fund name is the applicable percentage of the 2016 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 2016Fund nameDeutsche Emerging Markets Equity FundTo 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 1116.100.00%82.94%Fund namePercentageof AMTCash Account Trust Tax-Exempt Portfolio22.14%Deutsche California Tax-Free Income Fund3.94%Deutsche Intermediate Tax/AMT Free Fund0.00%Deutsche Managed Municipal Bond Fund3.88%Deutsche Massachusetts Tax-Free Fund3.02%Deutsche New York Tax-Free Income Fund7.24%Deutsche Short-Term Municipal Bond Fund17.14%Deutsche Strategic High YieldTax-Free Fund7.46%Tax Update 2016 4

Percentage of 2016 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 0.00%Cash Acct. TrustTax-ExemptPortfolioDeutsche ShortTerm MunicipalBond 00%0.66%100.00%Tax Update 2016 100.00%5