MORGAN GRENFELL INVESTMENT TRUST
INSTITUTIONAL SHARES
International Select Equity Fund, Global Equity Fund, European Equity Growth
Fund, New Asia Fund, International Small Cap Equity Fund, Japanese Small Cap
Equity Fund, European Small Cap Equity Fund, Emerging Markets Equity Fund, Core
Global Fixed Income Fund, Global Fixed Income Fund, International Fixed Income
Fund, Emerging Markets Debt Fund and Emerging Local Currency Debt Fund
SUPPLEMENT DATED NOVEMBER 18, 1999 (REPLACING SUPPLEMENT DATED OCTOBER 20, 1999)
TO PROSPECTUS DATED MARCH 1, 1999
THE FOLLOWING REVISES ALL APPLICABLE DISCLOSURE RELATING TO THE SALE OF SHARES
OF EUROPEAN SMALL CAP EQUITY FUND:
The European Small Cap Equity Fund closed effective November 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 THE FUNDS'
PROSPECTUS:
The investment adviser to each Fund, Morgan Grenfell Investment Services
Limited, changed its name to Deutsche Asset Management Investment Services
Limited effective October 6, 1999. All other information disclosed in the
prospectus concerning the investment adviser remains the same.
THE FOLLOWING REPLACES THE "ANNUAL FUND OPERATING EXPENSES" TABLE IN THE
"SHAREHOLDER EXPENSES" SECTION OF EUROPEAN EQUITY GROWTH FUND'S PROSPECTUS:
ANNUAL FUND OPERATING EXPENSES* (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
(% OF AVERAGE NET ASSETS)
Advisory Fees......................................................0.70%
Shareholder Service Fee............................................NONE
Other Expenses.....................................................0.70%
Total Annual Fund Operating Expenses...............................1.40%
- ------------------------------------------------------------------------
* WE PLACE A LIMITATION ON THE FUND'S OPERATING EXPENSES AND REIMBURSE THE FUND
FOR ANY EXPENSES INCURRED IN ADDITION TO THE LIMITATION. THIS VOLUNTARY
REIMBURSEMENT POLICY MAY BE TERMINATED AT ANY TIME.
<PAGE>
ANNUAL FUND OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
Advisory Fees......................................................0.70%
Shareholder Service Fee............................................NONE
Other Expenses.....................................................0.70%
Reimbursements....................................................-0.15%
Total Annual Fund Operating Expenses ..............................1.25%
EXAMPLE
This example is intended to help you compare the cost of investing in the fund
with the cost of investing in other mutual funds. Your actual costs may be
higher or lower.
The example assumes:
o You invest $10,000 in the fund for the time periods indicated;
o The example also assumes that your investment has a 5% return each year; and
o The fund's gross operating expenses remain the same.
1 3 5 10
Year Years Years Years
- ------------------------------- ------------ ------------ ---------- -----------
With or without redemption $142 $443 $935 $1,679
- ------------------------------- ------------ ------------ ---------- -----------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
MG-F-03-1199-03
<PAGE>
MORGAN GRENFELL INVESTMENT TRUST
SERVICE SHARES
International Select Equity Fund, Global Equity Fund, European Equity Growth
Fund, New Asia Fund, International Small Cap Equity Fund, Japanese Small Cap
Equity Fund, European Small Cap Equity Fund, Emerging Markets Equity Fund, Core
Global Fixed Income Fund, Global Fixed Income Fund, International Fixed Income
Fund, Emerging Markets Debt Fund and Emerging Local Currency Debt Fund
SUPPLEMENT DATED NOVEMBER 18, 1999 (REPLACING SUPPLEMENT DATED OCTOBER 20 ,
1999) TO PROSPECTUS DATED MARCH 1, 1999
THE FOLLOWING REVISES ALL APPLICABLE DISCLOSURE RELATING TO THE SALE OF SHARES
OF EUROPEAN SMALL CAP EQUITY FUND:
The European Small Cap Equity Fund closed effective November 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 THE FUNDS'
PROSPECTUS:
The investment adviser to each Fund, Morgan Grenfell Investment Services
Limited, changed its name to Deutsche Asset Management Investment Services
Limited effective October 6, 1999. All other information disclosed in the
prospectus concerning the investment adviser remains the same.
THE FOLLOWING REPLACES THE "ANNUAL FUND OPERATING EXPENSES" TABLE IN THE
"SHAREHOLDER EXPENSES" SECTION OF INTERNATIONAL SELECT EQUITY FUND'S PROSPECTUS:
ANNUAL FUND OPERATING EXPENSES* (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
(% OF AVERAGE NET ASSETS)
Advisory Fees.....................................................0.70%
Shareholder Service Fee...........................................0.25%
Other Expenses....................................................0.70%
Total Annual Fund Operating Expenses..............................1.65%
- -----------------------------------------------------------------------
* WE PLACE A LIMITATION ON THE FUND'S OPERATING EXPENSES AND REIMBURSE THE FUND
FOR ANY EXPENSES INCURRED IN ADDITION TO THE LIMITATION. THIS VOLUNTARY
REIMBURSEMENT POLICY MAY BE TERMINATED AT ANY TIME.
<PAGE>
ANNUAL FUND OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
Advisory Fees.......................................................0.70%
Shareholder Service Fee.............................................0.25%
Other Expenses .....................................................0.70%
Reimbursements.....................................................-0.15%
Total Annual Fund Operating Expenses................................1.50%
EXAMPLE
This example is intended to help you compare the cost of investing in the fund
with the cost of investing in other mutual funds. Your actual costs may be
higher or lower.
The example assumes:
o You invest $10,000 in the fund for the time periods indicated;
o The example also assumes that your investment has a 5% return each year; and
o The fund's gross operating expenses remain the same.
1 3
Year Years
- ----------------------------------------- ---------------- ----------------
With or without redemption $168 $520
- ----------------------------------------- ---------------- ----------------
THE FOLLOWING REPLACES THE "ANNUAL FUND OPERATING EXPENSES" TABLE IN THE
"SHAREHOLDER EXPENSES" SECTION OF EUROPEAN EQUITY GROWTH FUND'S PROSPECTUS:
ANNUAL FUND OPERATING EXPENSES* (EXPENSES THAT ARE DEDUCTED FROM FUND ASSETS)
(% OF AVERAGE NET ASSETS)
Advisory Fees.......................................................0.70%
Shareholder Service Fee.............................................0.25%
Other Expenses......................................................0.70%
Total Annual Fund Operating Expenses................................1.65%
- -------------------------------------------------------------------------
* WE PLACE A LIMITATION ON THE FUND'S OPERATING EXPENSES AND REIMBURSE THE FUND
FOR ANY EXPENSES INCURRED IN ADDITION TO THE LIMITATION. THIS VOLUNTARY
REIMBURSEMENT POLICY MAY BE TERMINATED AT ANY TIME.
ANNUAL FUND OPERATING EXPENSES (% OF AVERAGE NET ASSETS)
Advisory Fees.......................................................0.70%
Shareholder Service Fee.............................................0.25%
Other Expenses......................................................0.70%
Reimbursements.....................................................-0.15%
Total Annual Fund Operating Expenses................................1.50%
EXAMPLE
This example is intended to help you compare the cost of investing in the fund
with the cost of investing in other mutual funds. Your actual costs may be
higher or lower.
The example assumes:
o You invest $10,000 in the fund for the time periods indicated;
o The example also assumes that your investment has a 5% return each year; and
<PAGE>
o The fund's gross operating expenses remain the same.
1 3
Year Years
- -------------------------------------------- ---------------- ----------------
With or without redemption $168 $520
- -------------------------------------------- ---------------- ----------------
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
MG-F-07-1199-03
<PAGE>
MORGAN GRENFELL INVESTMENT TRUST
International Select Equity Fund, Global Equity Fund, European Equity Growth
Fund, New Asia Fund, International Small Cap Equity Fund, Japanese Small Cap
Equity Fund, European Small Cap Equity Fund, Emerging Markets Equity Fund, Core
Global Fixed Income Fund, Global Fixed Income Fund, International Fixed Income
Fund, Emerging Markets Debt Fund and Emerging Local Currency Debt Fund
SUPPLEMENT DATED NOVEMBER 18, 1999 (REPLACING SUPPLEMENT DATED NOVEMBER 4, 1999)
TO STATEMENT OF ADDITIONAL INFORMATION ("SAI") DATED MARCH 1, 1999
THE FOLLOWING REVISES ALL APPLICABLE DISCLOSURE RELATING TO THE SALE OF SHARES
OF EUROPEAN SMALL CAP EQUITY FUND:
The European Small Cap Equity Fund closed effective November 1, 1999.
EFFECTIVE NOVEMBER 1, 1999, THE FOLLOWING REPLACES DISCLOSURE RELATING TO THE
DISTRIBUTOR IN THE FUNDS' SAI:
THE DISTRIBUTOR
The Trust's distributor is ICC Distributors, Inc., Two Portland Square,
Portland, Maine 04101.
EFFECTIVE NOVEMBER 23, 1999, THE FOLLOWING REPLACES DISCLOSURE RELATING TO THE
TRANSFER AGENT IN THE FUNDS' SAI:
THE TRANSFER AGENT
Investment Company Capital Corp., One South Street, Baltimore, Maryland 21202
("ICCC"), has been retained to act as transfer and dividend disbursing agent.
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 THE FUNDS' SAI:
<TABLE>
<CAPTION>
Principal Occupation During
Name and Address Positions with Trust Past Five Years
- --------------------------------- --------------------------------------- ---------------------------------------
<S> <C> <C>
James E. Minnick (1)(3)* President, Chief Executive President, Secretary and
885 Third Avenue Officer, and Trustee Treasurer, Morgan Grenfell
New York, NY 10022 Inc. ("MG Inc.")(since 1990).
(age 50)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
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 PARAGRAPH IS HEREBY ADDED TO THE "TRUSTEES AND OFFICERS" SECTION
OF THE FUNDS' SAI:
Principal Occupation During
Name and Address Positions with Trust Past Five Years
- -------------------------------- --------------------------------------- ---------------------------------------
Amy M. Olmert Treasurer, Chief Financial Vice President, Deutsche Asset
One South Street Officer Management Americas (since 1999);
Baltimore, MD 21202 Vice President, BT Alex. Brown Inc.
(age 36) (1997-1999); Senior Manager,
PricewaterhouseCoopers LLP,
(1988-1997)
Daniel O. Hirsch Secretary Principal, Deutsche Asset Management
One South Street Americas (1999); Director, Deutsche
Baltimore, MD 21202 Banc Alex. Brown Incorporated and
(age 45) Investment Company Capital Corp.
(since 1998); Assistant General
Counsel, Office of the General
Counsel, United States Securities and
Exchange Commission (1993-1998).
THE FOLLOWING REVISES THE DESCRIPTION OF THE INVESTMENT ADVISER AND
ADMINISTRATOR IN THE FUNDS' SAI:
The investment adviser to each Fund, Morgan Grenfell Investment Services
Limited, changed its name to Deutsche Asset Management Investment Services
Limited ("DAMISL") effective October 6, 1999. Also effective October 6, 1999,
the administrator to each Fund, Morgan Grenfell Inc., changed its name to
Deutsche Asset Management Inc. ("DAMI"). All other information disclosed in the
SAI concerning the investment adviser and administrator remains the same.
THE FOLLOWING INFORMATION IS HEREBY DELETED FROM "APPENDIX C - PORTFOLIO MANAGER
INFORMATION" IN THE SAI:
<CAPTION>
<S> <C>
FUNDS PORTFOLIO MANAGERS
- ---------------------------------------------------------------------------- --------------------------------------------
Morgan Grenfell International Select Equity Fund Patrick Disney
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Andrew Orchard
William Thomas
Morgan Grenfell Global Equity Fund Patrick Disney
Andrew Orchard
David Heape
Morgan Grenfell New Asia Fund Andrew Orchard
Morgan Grenfell International Small Cap Equity Fund Helene Jelman
Morgan Grenfell European Small Cap Equity Fund Helene Jelman
Morgan Grenfell Emerging Markets Equity Fund Alan Nesbit
Morgan Grenfell Core Global Fixed Income Fund Ian Kelson
Morgan Grenfell Global Fixed Income Fund Ian Kelson
Morgan Grenfell International Fixed Income Fund Ian Kelson
Morgan Grenfell Emerging Markets Debt Fund Ian Kelson
Simon Treacher
Morgan Grenfell Emerging Local Currency Debt Fund Ian Kelson
Simon Treacher
<CAPTION>
<S> <C> <C>
PORTFOLIO MANAGER EXPERTISE PROFESSIONAL EXPERIENCE
- ----------------------------------------- ---------------------------------- -----------------------------------------------------
Patrick Disney EAFE Markets Managing Director, MGIS (since 1988);
Director, MGIS (1987-1988); EAFE Team
(since 1981).
David Heape US Equities Director, MGIFM (since 1994); Fund
Manager, US Equities, MGIS & MGIFM (since
1989); Analyst, UK Equities, Morgan
Grenfell & Co., London (1986-1989).
Helene Jelman European Equities Fund Manager, MGIS (since 1996);
Cazenove (1995-1996); Price Waterhouse
(1991-1995)
Ian Kelson Fixed Income Markets Director, MGIS (since 1988); Chief
Investment Officer, MGIS Fixed Income
(since 1989); Portfolio Manager, Bank of
America (multi-currency accounts)
(1981-1985).
Alan Nesbit Emerging Markets Director, MGAM (since 1998) and Morgan
Grenfell Trust Managers (since 1991);
Fund Manager, MGIS (since 1997);
Portfolio Manager, Latin American
Equities, MGIS (since 1991).
Andrew Orchard Asian Equities Fund Manager, MGIS (since 1997);
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
MGIFM (since 1994); Fare East Analyst,
Bank of England (1992-1994).
William Thomas Japanese Markets Director, MGIS (since 1988); Portfolio
Manager, MGIS (technology investments)
(1984-1988); Director, Extel (UK
computing services company) (1971-
1979).
Simon Treacher Emerging Markets Debt Director, MGIS (since 1998); Portfolio
Manager, MGIS (since 1994); Portfolio
Manager, Prudential Portfolio Managers
(1992-1993); Portfolio Manager,
Worldinvest Ltd. (1978-1992); Portfolio
Manager, Bankers Trust Co. (1984-1987);
National Westminster Bank (1980-1984).
THE FOLLOWING INFORMATION IS HEREBY ADDED TO "APPENDIX C - PORTFOLIO MANAGER
INFORMATION" IN THE SAI:
<CAPTION>
<S> <C>
FUNDS PORTFOLIO MANAGERS
- ---------------------------------------------------------------------------- --------------------------------------------
Morgan Grenfell New Asia Fund Graham Muirhead
Morgan Grenfell Core Global Fixed Fund Ian Clarke
Morgan Grenfell Global Fixed Fund Ian Clarke
Morgan Grenfell International Fixed Fund Ian Clarke
Morgan Grenfell Emerging Markets Debt Fund Brett Diment
Morgan Grenfell Emerging Local Currency Debt Fund Brett Diment
<CAPTION>
<S> <C> <C>
PORTFOLIO MANAGER EXPERTISE PROFESSIONAL EXPERIENCE
- ----------------------------------------- ---------------------------------- -----------------------------------------------------
Ian Clarke Global Fixed Income Director and Fund Manager, Deutsche
Asset Management Inc. (since 1999); Fund
Manager and Executive Director, Morgan
Stanley Dean Witter (1989-1999); Fund
Manager, The United Bank of Kuwait plc
(1987-1992).
Brett Diment Emerging Markets Debt Director, Fund Manager and Deputy Chief
Investment Officer, DAMI (since 1991).
Graham Muirhead Japanese Markets Fund Manager, DAMISL (since 1999) and
Chief Investment Officer, Morgan Grenfell
Limited Managers (since 1998); Director,
HSBC Asset Management (1997-1998);
</TABLE>
<PAGE>
Director and Fund Manager, Wardley
Investment Services (1988-1993).
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
MG-F-04-1199-04
