SUPPLEMENT TO THE CURRENTLY EFFECTIVE PROSPECTUSES OF EACH OF THE LISTED FUNDS:

Deutsche Alternative Asset  Allocation Fund Deutsche Alternative Asset  Allocation VIP Deutsche Select Alternative  Allocation Fund Deutsche LifeCompass  Retirement Fund Deutsche LifeCompass 2015  Fund Deutsche LifeCompass 2020  Fund Deutsche LifeCompass 2030  Fund Deutsche LifeCompass 2040  Fund

The following information replaces similar disclosure contained under the “Management process” sub‐section of the “PRINCIPAL INVESTMENT STRATEGY” section within the “FUND DETAILS” section of each  fund’s prospectus:

Other Deutsche funds in which the fund may invest from time to time may include (1) series of db-X Exchange-Traded Funds Inc., which are managed by DBX Strategic Advisors LLC; and (2) series of DBX ETF Trust, which are managed by DBX Advisors LLC. Deutsche Investment Management Americas Inc., DBX Strategic Advisors LLC and DBX Advisors LLC are all subsidiaries of Deutsche Bank AG.

Please Retain This Supplement for Future Reference

February 20, 2015

PROSTKR‐474