2017 Estimated capital gains distributions as of 11/17/17

Transcription

1 2017 Estimated capital gains distributions as of 11/17/17 The following pages list estimated capital gain payments for the Deutsche funds, payable to shareholders as of the dates indicated. These estimates are subject to change. It is important to note that no amounts will be provided for distributions attributable to net investment income. With these capital gain payments, please keep in mind the following: Short-term and long-term capital gains are taxed at different rates. Please consult a tax advisor regarding your specific tax situation. Amounts shown are "per share". To calculate your capital gain distribution, multiply the pershare amounts in the chart by the amount of shares you own. Your final capital gain distribution will be based on the number of shares you own on the fund's record date. Prospective investors should consider purchasing shares after the record date in order to avoid a tax liability on gains their shares did not earn. Per-share amounts are based on the actual number of shares outstanding on the funds' record date. The following three funds have mergers pending, subject to shareholder approval: Deutsche Gold & Precious Metals Fund, Deutsche Small Cap Value Fund and Deutsche Small Cap Core Fund (which is acquiring Deutsche Small Cap Value Fund). The estimated distribution amounts below for these funds assume that the mergers are NOT approved. The distribution amount for Deutsche Small Cap Value Fund would differ significantly if the merger is approved by shareholders, and the record, ex-dividend and payable dates for all of the above-mentioned funds would change. Deutsche Select Alternative Allocation Fund's merger into Deutsche Real Assets Fund has been approved by shareholders and is scheduled to occur on November 20, Updated capital gains distribution information for Deutsche Select Alternative Allocation Fund is included in the table below. Additional information regarding the merging funds appears after the table.

2 Deutsche Funds Equity / alternatives funds Fund Name Record Ex- Payable gains Deutsche Growth Fund 12/12/ /13/ /14/2017 $ $ $ % Deutsche Communications Fund 12/18/ /19/ /20/2017 $ $ $ % Deutsche Core Equity Fund 12/14/ /15/ /18/2017 $ $ $ % Deutsche CROCI Equity Dividend Fund 12/14/ /15/ /18/2017 $ $ $ % Deutsche CROCI International Fund 12/20/ /21/ /22/2017 $ $ $ % Deutsche Croci Sector Opportunities Fund 12/18/ /19/ /20/2017 $ $ $ % Deutsche Croci U.S. Fund 12/14/ /15/ /18/2017 $ $ $ % Deutsche EAFE Equity Index Fund 12/20/ /21/ /22/2017 $ $ $ % Deutsche Emerging Markets Equity Fund 12/20/ /21/ /22/2017 $ $ $ % Deutsche Equity 500 Index Fund 12/14/ /15/ /18/2017 $ $ $ % Deutsche Global Income Builder Fund 12/14/ /15/ /18/2017 $ $ $ % Deutsche Global Infrastructure Fund 12/18/ /19/ /20/2017 $ $ $ % Deutsche Global Macro Fund 12/20/ /21/ /22/2017 $ $ $ % Deutsche Global Real Estate Securities Fund 12/18/ /19/ /20/2017 $ $ $ % Deutsche Global Small Cap Fund 12/20/ /21/ /22/2017 $ $ $ % Deutsche Health and Wellness Fund 12/12/ /13/ /14/2017 $ $ $ % Deutsche International Growth Fund 12/20/ /21/ /22/2017 $ $ $ % Deutsche Large Cap Focus Growth Fund 12/12/ /13/ /14/2017 $ $ $ % Deutsche Latin America Equity Fund 12/20/ /21/ /22/2017 $ $ $ % Deutsche Mid Cap Value Fund 12/18/ /19/ /20/2017 $ $ $ % Deutsche Multi-Asset Conservative Allocation Fund 12/27/ /28/ /29/2017 $ $ $ % Deutsche Multi-Asset Global Allocation Fund 12/27/ /28/ /29/2017 $ $ $ % Deutsche Multi-Asset Moderate Allocation Fund 12/27/ /28/ /29/2017 $ $ $ % Deutsche Real Assets Fund 12/18/ /19/ /20/2017 $ $ $ % Deutsche Real Estate Securities Fund 12/18/ /19/ /20/2017 $ $ $ % Deutsche S&P 500 Index Fund 12/14/ /15/ /18/2017 $ $ $ % Deutsche Science and Technology Fund 12/12/ /13/ /14/2017 $ $ $ % Deutsche Small Cap Growth Fund 12/12/ /13/ /14/2017 $ $ $ % Deutsche U.S. Multi-Factor Fund 12/14/ /15/ /18/2017 $ $ $ % Deutsche World Dividend Fund 12/20/ /21/ /22/2017 $ $ $ % 2 Estimated capital gains distributions

3 Bond funds Fund Name Record Ex- Payable gains Deutsche California Tax Free Income Fund 12/04/ /05/ /06/2017 $ $ $ % Deutsche Core Plus Income Deutsche Emerging Markets Fixed Income Deutsche Enhanced Commodity Strategy Fund 12/14/ /15/ /18/2017 $ $ $ % Deutsche European Equity Fund 12/20/ /21/ /22/2017 $ $ $ % Deutsche Fixed Income Opportunities Deutsche Floating Rate Deutsche Global High Income Deutsche GNMA Deutsche High Conviction Global Bond Deutsche High Income Deutsche Intermediate Tax/AMT Free Fund 12/04/ /05/ /06/2017 $ $ $ % Deutsche Limited Maturity Quality Income Deutsche Managed Municipal Bond Fund 12/04/ /05/ /06/2017 $ $ $ % Deutsche Massachusetts Tax Free Fund 12/04/ /05/ /06/2017 $ $ $ % Deutsche Multisector Income Deutsche New York Tax Free Income Fund 12/04/ /05/ /06/2017 $ $ $ % Deutsche Short Duration Deutsche Short Term Municipal Bond Fund 12/04/ /05/ /06/2017 $ $ $ % Deutsche Strategic High Yield Tax Free Fund 12/04/ /05/ /06/2017 $ $ $ % Deutsche Ultra Short Investment Grade Deutsche US Bond Index Fund 12/07/ /08/ /11/2017 $ $ $ % Closed-end funds Fund Name Record Ex- Payable gains Deutsche High Income Opportunities Fund 12/29/ /28/ /12/2018 $ $ $ % Deutsche Multi-Market Income Trust 12/29/ /28/ /12/2018 $ $ $ % Deutsche Municipal Income Trust 12/29/ /28/ /12/2018 $ $ $ % Deutsche Strategic Income Trust 12/29/ /28/ /12/2018 $ $ $ % Deutsche Strategic Municipal Income Trust 12/29/ /28/ /12/2018 $ $ $ % The Central and Eastern Europe Fund, Inc. 12/29/ /28/ /26/2018 $ $ $ % The European Equity Fund, Inc. 12/29/ /28/ /26/2018 $ $ $ % The New Germany Fund, Inc. 12/29/ /28/ /26/2018 $ $ $ % 3 Estimated capital gains distributions

4 Equity / alternatives funds Fund Name Record Ex- Payable gains Deutsche Gold & Precious Metals Fund* 12/20/ /21/ /22/2017 $ $ $ % Deutsche Select Alternative Allocation Fund** 11/14/ /15/ /16/2017 $ $ $ % Deutsche Small Cap Core Fund * 12/18/ /19/ /20/2017 $ $ $ % Deutsche Small Cap Value Fund* 12/18/ /19/ /20/2017 $ $ $ % * Above per share capital gain estimates represent amounts payable if proposed mergers do not go through. ** Deutsche Select Alternative Allocation Fund s merger into Deutsche Real Assets Fund has been approved by shareholders and is scheduled to occur on November 20, 2017, Updated capital gains distribution information for Deutsche Select Alternative Allocation Fund is set forth in the table above. In addition to a long-term capital gain of $ per share, Deutsche Select Alternative Allocation Fund will also pay income of $ per share on 11/16/2017. Deutsche Small Cap Value Fund and Deutsche Small Cap Core Fund Deutsche Small Cap Value Fund ("Small Cap Value") is proposed to be merged into Deutsche Small Cap Core Fund ("Small Cap Core"). If shareholders approve the merger, based on net realized and unrealized capital gains as of September 30, 2017, shareholders of Small Cap Value would receive a significant taxable distribution prior to the merger as a result of normal Fund operations and the pre-merger rebalancing. As of September 30, 2017, Small Cap Value had net realized capital gains of approximately $24 million (or $1.82 per share) and net unrealized capital gains of $94 million (or $7.04 per share) (approximately 90% of which are expected to be realized in connection with the pre-merger rebalancing if shareholders approve the merger). If the merger is approved, Small Cap Core will pay short-term capital gains of $ per share and long-term capital gains of $ per share in accordance with the following merger record, ex, and payable dates. Record, ex, and payable dates for the proposed merger are 12/05/17, 12/06/17, and 12/07/17, respectively. Deutsche Gold & Precious Metals Fund If shareholders approve the merger, approximately 65% of the portfolio holdings of Deutsche Gold & Precious Metals Fund ("Gold") will be sold prior to the merger closing date, which, depending on the tax attributes of the portfolio securities sold, may increase the taxable distribution to shareholders prior to the merger. However, Gold has a current capital loss carry forward of $162.3 million and, therefore, the sale of Gold's portfolio assets prior to the merger is not expected to result in a capital gains distribution to shareholders.

5 Nothing contained herein is fiduciary or impartial investment advice that is individualized or directed to any plan, plan participant, or IRA owner regarding the advisability of any investment transaction, including any IRA distribution or rollover. For the latest market insight and perspectives plus more information about all of our products and services, visit deutschefunds.com. Visit liquidity.deutscheawm.com for additional information about the Deutsche Limited Maturity Quality Income Fund and Deutsche Ultra-Short Investment Grade Fund (Liquidity Funds). Important risk information Investments in mutual funds involve risk. Stocks may decline in value. Bond investments are subject to interest-rate and credit risks. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increased volatility. Investing in foreign securities, particularly those of emerging markets, presents certain risks, such as currency fluctuations, political and economic changes, and market risks. There are additional risks associated with investing in commodities, high-yield bonds, aggressive growth stocks, non-diversified/ concentrated funds and small- and mid-cap stocks which are more fully explained in the prospectuses. Please read the prospectus for more information. Obtain a prospectus To obtain a summary prospectus, if available, or prospectus, download one from deutschefunds.com,talk to your financial representative or call (800) For Deutsche Limited Maturity Quality Income Fund and Deutsche Ultra-Short Investment Grade Fund (Liquidity Funds), download a summary prospectus (if available) or prospectus from liquidity.deutscheam.com. We advise you to carefully consider the fund s objectives, risks, charges and expenses before investing. The summary prospectus and prospectus contain this and other important information. Please read the prospectus carefully before you invest. Deutsche Asset Management represents the asset management activities conducted by Deutsche Bank AG or any of its subsidiaries. Investment products: No bank guarantee. Not FDIC insured. May lose value. Investment products offered through Deutsche AM Distributors, Inc. Advisory services offered through Deutsche Investment Management Americas, Inc. Deutsche AM Distributors, Inc. 222 South Riverside Plaza Chicago, IL service@db.com Tel (800) Deutsche Bank AG. All rights reserved. CC (11/17) R