MORGAN GRENFELL INVESTMENT TRUST
SUPPLEMENT DATED OCTOBER 6, 1999 TO PROSPECTUSES DATED MARCH 1, 1999
THE FOLLOWING REVISES MORGAN GRENFELL INVESTMENT TRUST'S ADDRESS FOR ALL
CORRESPONDENCE, INCLUDING APPLICATIONS:
Morgan Grenfell Investment Trust
P.O. Box 219165
Kansas City, MO 64121
The address for overnight mail, as stated in the prospectus, remains the same.
THE FOLLOWING REVISES THE DESCRIPTION OF THE INVESTMENT ADVISER IN EACH FUND'S
PROSPECTUS(ES):
The investment adviser to the Funds, Morgan Grenfell Inc., will change its name
to Deutsche Asset Management Inc. effective October 6, 1999. All other
information disclosed in the prospectus concerning the investment adviser
remains the same.
THE FOLLOWING APPLIES TO THE MORGAN GRENFELL SMALLER COMPANIES FUND (THE
"SMALLER COMPANIES FUND"):
On August 19, 1999, the Board of Trustees voted to recommend the reorganization
of the Smaller Companies Fund into the BT Small Cap Fund. The Board has
determined that this proposal is in the best interests of shareholders. The Fund
will cease establishing new accounts as of October 4, 1999. The Smaller
Companies Fund and the BT Small Cap Fund currently have the same investment
management teams.
The merger requires the approval of the Smaller Companies Fund's shareholders. A
Special Meeting of Shareholders will be held for this purpose. A proxy statement
describing the proposed reorganization will be sent to shareholders of the
Smaller Companies Fund before the Special Meeting of Shareholders. Management
currently anticipates that the shareholder meeting will take place in the first
quarter of 2000.
If shareholders approve the merger, shares of the Smaller Companies Fund will be
converted to shares of the BT Small Cap Fund. The BT Small Cap Fund has a
master-feeder structure, which differs from the stand-alone structure of the
Smaller Companies Fund. A full description of the BT Small Cap Fund's
master-feeder structure will be included in the proxy statement mailed to
shareholders. It is intended that the transfer of shares from the Smaller
Companies Fund to the BT Small Cap Fund will not be a taxable transaction for
shareholders.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
MORGAN GRENFELL INVESTMENT TRUST
SUPPLEMENT DATED OCTOBER 6, 1999 (REPLACING SUPPLEMENT DATED JUNE 21, 1999) TO
STATEMENT OF ADDITIONAL INFORMATION ("SAI") DATED MARCH 1, 1999
The investment adviser and administrator to each Fund, Morgan Grenfell Inc.,
will change its name to Deutsche Asset Management Inc. effective October 6,
1999. All other information disclosed in the SAI concerning the investment
adviser and administrator remains the same.
THE FOLLOWING REVISES MORGAN GRENFELL INVESTMENT TRUST'S ADDRESS FOR ALL
CORRESPONDENCE, INCLUDING APPLICATIONS:
Morgan Grenfell Investment Trust
P.O. Box 219165
Kansas City, MO 64121
The address for overnight mail, as stated in the SAI, remains the same.
THE FOLLOWING PARAGRAPH IS HEREBY DELETED FROM THE "TRUSTEES AND OFFICERS"
SECTION OF EACH FUND'S SAI:
<TABLE>
<CAPTION>
<S> <C> <C>
Principal Occupation During Past Five
Name and Address Positions with Trust Years
- ----------------------------------------- --------------------------------------- ---------------------------------------
James E. Minnick (1)(3)* President, Chief Executive Officer, President, Secretary and Treasurer,
885 Third Avenue and Trustee Morgan Grenfell Inc. ("MG
New York, NY 10022 Inc.")(since 1990).
(age 50)
Patrick W.W. Disney (1)(3)* Senior Vice President and Trustee Director, Morgan Grenfell Investment
20 Finsbury Circus Services Limited ("MGIS") (since
London EC2M 1NB 1988).
ENGLAND
(age 42)
THE FOLLOWING INFORMATION IS HEREBY DELETED FROM "APPENDIX C - PORTFOLIO MANAGER
INFORMATION" IN THE SAI FOR THE MORGAN GRENFELL INTERNATIONAL SELECT EQUITY FUND
AND MORGAN GRENFELL GLOBAL EQUITY FUND:
Funds Portfolio Managers
- ---------------------------------------------------------------------------- --------------------------------------------
Morgan Grenfell International Select Equity Fund Patrick Disney
Morgan Grenfell Global Equity Fund Patrick Disney
Portfolio Manager Expertise Professional Experience
- ----------------------------------------- --------------------------------------- ---------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Patrick Disney EAFE Markets Managing Director, MGIS
(since 1988); Director, MGIS
(1987-1988); EAFE Team
(since 1981).
</TABLE>
THE FOLLOWING INFORMATION SUPPLEMENTS THE "INVESTMENT ADVISORY AND OTHER
SERVICES - PORTFOLIO MANAGEMENT" SECTION OF THE SAI FOR THE MORGAN GRENFELL
FIXED INCOME FUND, MORGAN GRENFELL SHORT-TERM FIXED INCOME FUND, MORGAN GRENFELL
TOTAL RETURN BOND FUND AND MORGAN GRENFELL HIGH YIELD BOND FUND (COLLECTIVELY,
THE "FIXED INCOME FUNDS"):
Robert Guzman has joined the investment team for the Fixed Income Funds as a
portfolio manager. Mr. Guzman has been in the investment advisory business since
1986 and has managed funds with Bankers Trust Company and the Union Bank of
Switzerland.
THE FOLLOWING PARAGRAPH REPLACES IN ITS ENTIRETY THE THIRD PARAGRAPH UNDER
"INVESTMENT ADVISORY AND OTHER SERVICES -- PORTFOLIO MANAGEMENT" IN THE SAI FOR
THE MORGAN GRENFELL SMALLER COMPANIES FUND ("SMALLER COMPANIES FUND") AND MORGAN
GRENFELL MICROCAP FUND ("MICROCAP FUND"):
The Smaller Companies Fund and Microcap Fund are each managed by a team of three
experienced portfolio managers, Audrey M.T. Jones, John P. Callaghan and Mary P.
Dugan. Ms. Jones has served as a member of the Funds' portfolio management team
since the Funds' inception, and has been employed by the investment adviser as a
portfolio manager since 1986. Mr. Callaghan joined the Funds' portfolio
management team (and the investment adviser) in June 1997 and, prior to such
time, worked as a portfolio manager for Odyssey Partners and Weiss, Peck &
Greer. Ms. Dugan joined the Funds' portfolio management team (and the investment
adviser) as a portfolio manager in June 1999 and, prior to such time, worked as
a portfolio manager or analyst at Bankers Trust Company and Fred Alger Asset
Management.
David A. Baratta, formerly a portfolio manager and officer of the Funds (and the
investment adviser), has resigned.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
