SUPPLEMENT TO THE CURRENTLY EFFECTIVE STATEMENTS OF ADDITIONAL INFORMATION 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 ® 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 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-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 World Dividend Fund

The following disclosure is replaces similar disclosure under the “Purchase of Class C Shares” sub-section under the “Purchases” sub-heading under the “Purchase and Redemption of Shares” section in Part II of each fund’s Statement of Additional Information.

Purchase of Class C Shares. Class C shares of a fund are offered at net asset value. No initial sales charge is imposed, which allows the full amount of the investor’s purchase payment to be invested in Class C shares for his or her account. Class C shares are subject to a contingent deferred sales charge of 1.00% (for shares sold within one year of purchase) and Rule 12b-1 fees, as described in the relevant prospectus (see also the discussion of Rule 12b-1 Plans under Distribution and Service Agreements and Plans below).

Effective on or about August 10, 2018, Class C shares will automatically convert to Class A shares of the same fund at the relative net asset values of the two classes no later than the end of the month in which the tenth anniversary of the date of purchase occurs (or such earlier date as the Trustees or Directors of a fund may authorize), provided that the relevant fund or the financial intermediary through which the shareholder purchased such Class C shares has records verifying the completion of the ten-year aging period. Class C shares issued upon reinvestment of income and capital gain dividends and other distributions will be converted to Class A shares on a pro rata basis with the Class C shares. For purposes of calculating the time period remaining on the conversion of Class C shares to Class A shares, Class C shares received on exchange retain their original purchase date. No sales charges or other charges will apply to any such conversion.

Please Retain This Supplement for Future Reference

May 18, 2018
SAISTKR-424