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

Deutsche California Tax-Free Income Fund Deutsche Capital Growth Fund Deutsche Communications Fund Deutsche Core Equity Fund Deutsche CROCI ® Equity Dividend Fund Deutsche CROCI ® International Fund Deutsche CROCI ® Sector Opportunities Fund Deutsche CROCI ® U.S. Fund Deutsche Emerging Markets Equity Fund Deutsche Emerging Markets Fixed Income Fund Deutsche Enhanced Commodity Strategy Fund Deutsche European Equity Fund Deutsche Fixed Income Opportunities Fund Deutsche Floating Rate Fund Deutsche Global High Income Fund Deutsche Global Income Builder Fund Deutsche Global Infrastructure Fund Deutsche Global Macro Fund Deutsche Global Real Estate Securities Fund Deutsche Global Small Cap Fund Deutsche GNMA Fund Deutsche Health and Wellness Fund Deutsche High Conviction Global Bond Fund Deutsche High Income Fund Deutsche Intermediate Tax/AMT Free Fund Deutsche International Growth Fund Deutsche Large Cap Focus Growth Fund Deutsche Latin America Equity Fund Deutsche Managed Municipal Bond Fund Deutsche Massachusetts Tax-Free Fund Deutsche Mid Cap Value Fund Deutsche MLP & Energy Infrastructure Fund Deutsche Money Market Prime Series Deutsche Multi-Asset Conservative Allocation Fund Deutsche Multi-Asset Global Allocation Fund Deutsche Multi-Asset Moderate Allocation Fund Deutsche Multisector Income Fund Deutsche New York Tax-Free Income Fund Deutsche Real Assets Fund Deutsche Real Estate Securities Fund Deutsche S&P 500 Index Fund Deutsche Science and Technology Fund Deutsche Short Duration Fund Deutsche Short Duration High Income Fund Deutsche Short-Term Municipal Bond Fund Deutsche Small Cap Core Fund Deutsche Small Cap Growth Fund Deutsche Strategic High Yield Tax-Free Fund Deutsche Total Return Bond Fund Deutsche U.S. Bond Index Fund Deutsche World Dividend Fund

The following disclosure is added to the “SALES CHARGE WAIVERS AND DISCOUNTS AVAILABLE THROUGH INTERMEDIARIES” sub-section under the “APPENDIX B” section of each fund’s prospectus.

Ameriprise Financial Class A Front-End Sales Charge Waivers

The following information applies to Class A shares purchases if you have an account with or otherwise purchase fund shares through Ameriprise Financial:

Effective June 1, 2018, shareholders purchasing fund shares through an Ameriprise Financial platform or account will be eligible for the following Class A front-end sales charge waivers only, which may differ from those disclosed elsewhere in this fund’s prospectus or SAI:

■ Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

■ Shares purchased through an Ameriprise Financial investment advisory program (if an Advisory or similar share class for such investment advisory program is not available).

■ Shares purchased by third party investment advisors on behalf of their advisory clients through Ameriprise Financial’s platform (if an Advisory or similar share class for such investment advisory program is not available).

■ Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the same fund family).

■ Shares exchanged from Class C shares of the same fund in the month of or following the 10-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a class level waiver with respect to such shares following a shorter holding period, that waiver will apply to exchanges following such shorter period. To the extent that this prospectus elsewhere provides for a class level waiver with respect to exchanges of Class C shares for load waived shares, that waiver will also apply to such exchanges.

■ Shares purchased by employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

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■ Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

■ Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales load (i.e., Rights of Reinstatement).

Morgan Stanley Wealth Management Class A Front-End Sales Charge Waivers

Effective July 1, 2018, fund shares purchased through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from, and may be more limited than, those disclosed elsewhere in this fund’s prospectus or SAI.

■ Shares purchased by employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.

■ Shares purchased by Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules.

■ Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.

■ Shares purchased through a Morgan Stanley self-directed brokerage account.

■ Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program.

■ Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

Please Retain This Supplement for Future Reference

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