SUPPLEMENT DATED JUNE 23, 1997
TO STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH 7, 1997 FOR
INSTITUTIONAL SHARES OF THE FOLLOWING FUNDS:
Morgan Grenfell Fixed Income Fund
Morgan Grenfell Municipal Bond Fund
Morgan Grenfell Short-Term Fixed Income Fund
Morgan Grenfell Short-Term Municipal Bond Fund
Morgan Grenfell Smaller Companies Fund
Morgan Grenfell Microcap Fund
Morgan Grenfell Large Cap Growth Fund
The Trustees of Morgan Grenfell Investment Trust (the "Trust") have
approved the removal of the nonfundamental investment restrictions shown as:
(i) restrictions (b), (d), (f), (g), (h), (j) and (k) on pages 24
and 25 of the Statement of Additional Information for each
Fund other than Morgan Grenfell Fixed Income Fund and Morgan
Grenfell Municipal Bond Fund; and
(ii) restriction (2) on page 26 of the Statement of Additional
Information for Morgan Grenfell Fixed Income Fund and Morgan
Grenfell Municipal Bond Fund.
Accordingly, these restrictions no longer apply to the Funds.
* * * * * *
Morgan Grenfell Microcap Fund's unaudited financial statements for the
period commencing December 18, 1996 (commencement of the Fund's operations) and
ended April 30, 1997 are included in, and incorporated by reference into, the
Statement of Additional Information. For this period, the average annual total
return of institutional shares of the Fund was (7.5)%.
* * * * * *
As of June 1, 1997, the Trustees and officers of the Trust owned, as a
group, less than one percent of the outstanding shares of each Fund other than
Morgan Grenfell Short-Term Municipal Bond Fund and Morgan Grenfell Smaller
Companies Fund. On such date, the Trustees and officers of the Trust owned, as a
group, 3.57% of the outstanding shares of Morgan Grenfell Short-Term Municipal
Bond Fund and 2.48% of the outstanding shares of Morgan Grenfell Smaller
Companies Fund.
<PAGE>
As of June 5, 1997, the following shareholders owned the following
respective percentages of the outstanding shares of Morgan Grenfell Fixed Income
Fund, Morgan Grenfell Municipal Bond Fund, Morgan Grenfell Short-Term Fixed
Income Fund, Morgan Grenfell Short-Term Municipal Bond Fund, Morgan Grenfell
Smaller Companies Fund and Morgan Grenfell Microcap Fund:
Fixed Income Fund:
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BATRUS & Co. 5.98%
c/o Bankers Trust Company
PO Box 9005
Church Street Station
New York, NY 10006
San Mateo County Employees 7.65%
Retirement Association
2317 Broadway St STE 115
Redwood City, CA 94063-1613
Municipal Bond Fund:
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SEI Trust Company 7.72%
1 Freedom Valley Drive
Oaks, PA 19456
Batrus & Co. 45.50%
c/o Bankers Trust Co.
PO Box 9005
Church Street Station
New York, NY 10006
INFID & Co. 5.33%
c/o Bankers Trust Co.
PO Box 9005
Church Street Station
New York, NY 10006
Charles Schwab & Co. Inc. 9.93%
101 Montgomery Street
San Francisco, CA 94104-4122
Short-Term Municipal Bond Fund:
- -------------------------------
SEI Trust Company 5.85%
1 Freedom Valley Drive
Oaks, PA 19456
Rocco A. Ortenzio 18.34%
c/o Select Capital Corp
4718 Old Gettysburg Rd
Mechanicsburg, PA 17055
Robert A. Ortenzio 6.11%
c/o Select Capital Corp
4718 Old Gettysburg Rd
Mechanicsburg, PA 17055
Charles Schwab & Co. Inc. 16.50%
101 Montgomery Street
San Francisco, CA 94104-4122
David W. Baldt 8.47%
677 Lippincott Ave
Moorestown, NJ 08057-1921
Short-Term Fixed Income Fund:
- -----------------------------
BATRUS & Co. 18.56%
c/o Bankers Trust
PO Box 9005
Church Street Station
New York, NY 10006
SEI Trust Company 5.74%
1 Freedom Valley Drive
Oaks, PA 19456
Saxon & Co. 17.07%
P.O. Box 7780-1888
Philadelphia, PA 19182
Patterson & Co. 7.04%
P.O. Box 7829
Philadelphia, PA 19101-7829
TBON & Co. 8.50%
401 Church St
PO Box 198986
Nashville TN 37219-8986
Smaller Companies Fund:
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Morgan Grenfell Capital Management, Inc. 65.55%
(Delaware Corporation)
885 Third Avenue
Suite 3200
New York, NY 10022-4834
<PAGE>
Deutsche Morgan Grenfell 29.70%
CJ Lawrence Inc.
1290 Avenue of the Americas
New York, NY 10104-0101
Microcap Fund:
- --------------
Deutsche Morgan Grenfell 54.29%
C. J. Lawrence Inc.
1290 Avenue of the Americas
New York, NY 10104-0101
Morgan Grenfell Capital Management Inc. 16.20%
885 Third Avenue
Suite 3200
New York, NY 10022-4834
Elizabeth Lugar Schater 11.60%
336 Parkway St
Charlottesville, VA 22902-4631
Miter & Co. 11.36%
Deutsche Bank
P.O. Box 2977
Milwaukee, WI 53201-2977
