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Deutsche Variable Series I and Deutsche Investments VIT Funds Statement of Additional Information May 1, 2015 DEUTSCHE VARIABLE SERIES I (formerly DWS VARIABLE SERIES I) DEUTSCHE INVESTMENTS VIT FUNDS (formerly DWS INVESTMENTS VIT FUNDS) CLASS A, CLASS B AND CLASS B2 SHARES 345 Park Avenue, NewYork, NewYork 10154 This combined Statement of Additional Information This SAI is divided into two Parts — Part I and Part (“SAI”) is not a prospectus and should be read in II. Part I contains information that is specific to each conjunction with the applicable prospectus for each fund, while Part II contains information that generally series of both DeutscheVariable Series I and Deutsche applies to each of the funds in the Deutsche funds. Investments VIT Funds, dated May 1, 2015, as DeutscheVariable Series I offers a choice of 5 funds supplemented, copies of which may be obtained and Deutsche InvestmentsVIT Funds offers 2 funds without charge by calling (800) 728-3337; or by visiting to holders of certain variable life insurance and variable deutschefunds.com (the Web site does not form a annuity contracts offered by participating insurance part of this SAI).This SAI is incorporated by reference companies (“Participating Insurance Companies”). into each prospectus. Reports to Shareholders may also be obtained without charge by calling (800) 728-3337. Except as noted below, each fund offers Class A and Class B shares. The funds are: Deutsche Variable Series I: Deutsche CROCI ® International VIP Deutsche Bond VIP (Class A only) (formerly Deutsche InternationalVIP and DWS InternationalVIP) (formerly DWS Bond VIP) Deutsche Investments VIT Funds: Deutsche Capital Growth VIP Deutsche Equity 500 Index VIP (formerly DWS Capital Growth VIP) (Classes A, B and B2) Deutsche Core Equity VIP (formerly DWS Equity 500 Index VIP) (formerly DWS Core Equity VIP) Deutsche Small Cap Index VIP Deutsche Global Small Cap VIP (formerly DWS Small Cap Index VIP) (formerly DWS Global Small Cap VIP) Statement of Additional Information (SAI) — Part I Page Part I........................................................................................................................................................ I-1 Definitions ............................................................................................................................................ I-1 Fund Organization.................................................................................................................................. I-1 Management of Each Fund .................................................................................................................... I-2 Distribution Plan Payments .................................................................................................................... I-2 Portfolio Transactions and Brokerage Commissions.................................................................................. I-2 Investments.......................................................................................................................................... I-3 Investment Restrictions ......................................................................................................................... I-3 Taxes.................................................................................................................................................... I-5 Independent Registered Public Accounting Firm, Reports to Shareholders and Financial Statements.......... I-5 Additional Information............................................................................................................................ I-6 Part I: Appendix I-A — Board Member Share Ownership and Control Persons ........................................... I-7 Part I: Appendix I-B — Board Committees and Meetings.......................................................................... I-15 Part I: Appendix I-C — Board Member Compensation .............................................................................. I-19 Part I: Appendix I-D — Portfolio Management.......................................................................................... I-21 Part I: Appendix I-E — Service Provider Compensation............................................................................. I-29 Part I: Appendix I-F — Distribution Plan Payments ................................................................................... I-34 Part I: Appendix I-G — Portfolio Transactions and Brokerage Commissions ................................................ I-35 Part I: Appendix I-H — Investments, Practices and Techniques, and Risks.................................................. I-39 Part I: Appendix I-I — Additional Information............................................................................................ I-43 Part II....................................................................................................................................................... II-1 Detailed Part II table of contents precedes page II-1 PART I DEFINITIONS “Fund Legal Counsel” – Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199 “1934 Act” – the Securities Exchange Act of 1934, as amended “Trustee/Director Legal Counsel” – Ropes & Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massa- “1940 Act” – the Investment Company Act of 1940, as chusetts 02199 amended “Trust” – Deutsche Variable Series I or Deutsche Invest- “Code” – the Internal Revenue Code of 1986, as amended ments VIT Funds, as applicable (each a “Trust,”together the “Trusts”) “SEC” – the Securities and Exchange Commission “NRSRO”– a nationally recognized statistical rating organi- “DIMA” or “Advisor” or “Administrator” – Deutsche zation Investment Management Americas Inc., 345 Park Avenue, New York, New York 10154 “S&P” – Standard & Poor’s Ratings Services, an NRSRO “Subadvisor” - NorthernTrust Investments, Inc., 50 South “Moody’s” – Moody’s Investors Service, Inc., an NRSRO LaSalle Street, Chicago, IL 60603 for Deutsche Equity 500 Index VIP and Deutsche Small Cap Index VIP “Fitch” – Fitch Ratings, an NRSRO “DDI” or “Distributor” – DeAWM Distributors, Inc., 222 South Riverside Plaza, Chicago, Illinois 60606 FUND ORGANIZATION “DSC” or “Transfer Agent” – DeAWM Service Company, Deutsche Bond VIP, Deutsche Capital Growth VIP, 210 W. 10th Street, Kansas City, Missouri 64105-1614 Deutsche Core Equity VIP, Deutsche Global Small Cap VIP and Deutsche CROCI ® International VIP are each a “Deutsche funds” – the US registered investment series of Deutsche Variable Series I, a Massachusetts companies advised by DIMA business trust established under an Amended and Restated Agreement and Declaration ofTrust dated June “Board Members” – Members of the Board ofTrustees 2, 2008, as amended from time to time. On February 6, of a Trust 2006, Scudder Variable Series I was renamed DWS Variable Series I. On February 6, 2006, Bond Portfolio “Board” – Board of Trustees of a Trust was renamed DWS BondVIP, Growth & Income Portfolio was renamed DWS Growth & IncomeVIP, Capital Growth “Independent Board Members”– Board Members who Portfolio was renamed DWS Capital Growth VIP,Global are not interested persons (as defined in the 1940 Act) Discovery Portfolio was renamed DWS Global Opportu- of the fund, the investment advisor or the distributor nities VIP and International Portfolio was renamed DWS International VIP.On May 1, 2011 DWS Global Opportu- “fund” or “series” – Deutsche Bond VIP,Deutsche Core nities VIP was further renamed DWS Global Small Cap EquityVIP, Deutsche Capital GrowthVIP, Deutsche Global Growth VIP; on May 1, 2014 DWS Global Small Cap Small Cap VIP, Deutsche CROCI ® International VIP, Growth VIP was renamed DWS Global Small Cap VIP. Deutsche Equity 500 Index VIP and/or Deutsche Small On May 1, 2012, DWS Growth & Income VIP was Cap Index VIP as the context may require renamed DWS Core EquityVIP. On August 11, 2014, DWS Variable Series I was renamed Deutsche Variable Series “Custodian” – For all funds (other than Deutsche Global I. On August 11, 2014, DWS Bond VIP was renamed Small Cap VIP and Deutsche CROCI ® International VIP): Deutsche BondVIP, DWS Capital GrowthVIP was renamed State Street Bank and Trust Company, State Street Deutsche Capital Growth VIP,DWS Core Equity VIP was Financial Center, One Lincoln Street, Boston, Massachu- renamed Deutsche Core Equity VIP, DWS Global Small setts 02111; for Deutsche Global Small Cap VIP and Cap VIP was renamed Deutsche Global Small Cap VIP, Deutsche CROCI ® International VIP: Brown Brothers Harriman & Company, 50 Post Office Square, Boston, Massachusetts 02110 I-1 and DWS InternationalVIP was renamed Deutsche Inter- all Deutsche funds overseen, by investors who control national VIP.On May 1, 2015, Deutsche International VIP the fund, if any, and by investors who own 5% or more was renamed Deutsche CROCI ® International VIP. of any class of fund shares, if any, is set forth in Part I — Appendix I-A. Deutsche Equity 500 Index VIP and Deutsche Small Cap IndexVIP are series of Deutsche InvestmentsVIT Funds, Portfolio Management a registered open-end management investment company Information regarding each fund’s portfolio manager(s), organized as a Massachusetts business trust under the including other accounts managed, compensation, laws of Massachusetts on January 18, 1996. On February ownership of fund shares and possible conflicts of interest, 6, 2006, Scudder Investments VIT Funds was renamed is set forth in Part I — Appendix I-D and Part II – DWS Investments VIT Funds. On September 19, 2005,
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