<PAGE>
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 DECEMBER 16, 1999 (REPLACING SUPPLEMENT DATED NOVEMBER 18,
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 REPLACES THE "ANNUAL FUND OPERATING EXPENSES" TABLE IN THE
"SHAREHOLDER EXPENSES" SECTION WITH RESPECT TO EUROPEAN EQUITY GROWTH FUND:
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.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
1 3 5 10
Year Years Years Years
- ------------------------------------------------------------------------------------------------------------------
With or without redemption $142 $443 $935 $1,679
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
THE FOLLOWING REVISES THE DESCRIPTION OF THE INVESTMENT ADVISER WITH RESPECT TO
EACH FUND EXCEPT EUROPEAN EQUITY GROWTH FUND:
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 REVISES THE DESCRIPTION OF THE INVESTMENT ADVISER WITH RESPECT TO
EUROPEAN EQUITY GROWTH FUND:
On December 2, 1999, a majority of the shareholders of the European Equity
Growth Fund approved a change of the Fund's investment adviser from Deutsche
Asset Management Investment Services Limited ("DAMISL") (formerly, Morgan
Grenfell Investment Services Limited) to Deutsche Asset Management, Inc.
("DAMI") (formerly Morgan Grenfell Inc.). This change is expected to become
effective on or about December 23, 1999. DAMI, located at 885 Third Avenue, New
York, New York, provides a full range of investment advisory services to
institutional clients. DAMI serves as investment adviser to 11 other investment
companies and as sub-adviser to five other investment companies. DAMI is an
indirect wholly-owned subsidiary of Deutsche Bank A.G., an international
commercial and investment banking group. The terms of the advisory contract
with DAMI, including fees, are substantially similar to the terms of the
management contract with DAMISL.
THE FOLLOWING REVISES THE "INVESTMENT ADVISER - PORTFOLIO MANAGEMENT" SECTION
WITH RESPECT TO EUROPEAN EQUITY GROWTH FUND:
Michael Levy will serve as the Fund's lead portfolio manager and will have
primary responsibility for the day-to-day management of the Fund's portfolio.
Mr. Levy is a Vice
<PAGE>
President of DAMI and Managing Director of Bankers Trust Company ("Bankers
Trust"), an advisory affiliate of DAMI, and co-lead manager of International
Equity Portfolio, which invests a substantial portion of its assets in European
equities. Mr. Levy joined Bankers Trust in 1993 and is the firm's international
equity strategist, overseeing the design and implementation of the firm's
proprietary international stock selection process.
Caroline Altmann will serve as co-portfolio manager of the Fund. Ms. Altmann is
a Vice President of DAMI and Director of Bankers Trust and an analyst
specializing in Europe, Japan and the financial services industry. Ms. Altmann
joined DAMI and Bankers Trust in 1999. Ms. Altmann was a portfolio manager with
Clay Finlay, Inc. from 1986 to 1999.
Clare Brody will serve as co-portfolio manager of the Fund. Ms. Brody is a Vice
President of DAMI and Bankers Trust and portfolio manager for International
Collective Investment Fund. Ms. Brody joined Bankers Trust in 1993 and
specializes in European markets.
Matthias Knerr will serve as co-portfolio manager of the Fund. Mr. Knerr is a
Vice President of DAMI and an Assistant Vice President of Bankers Trust. Mr.
Knerr joined Bankers Trust in 1995 and is a portfolio manager specializing in
European markets.
THE FOLLOWING APPLIES TO EUROPEAN EQUITY GROWTH FUND:
On December 2, 1999, a majority of the shareholders of the European Equity
Growth Fund approved a new investment policy that would allow the Fund to invest
all of its investable assets in a master portfolio having substantially the same
investment objective, policies and restrictions as the Fund. This structure is
commonly referred to as "master-feeder." It is currently anticipated that the
Fund would convert to a master-feeder structure during the first half of the
year 2000. Under the master-feeder structure, the master portfolio would be
advised by DAMI. A master portfolio may accept investments from other feeder
funds. A feeder bears the master portfolio's expenses in proportion to its
percentage ownership of the master portfolio. Each feeder can set its own
transaction minimums, fund-specific expenses, and other conditions. This
arrangement allows the Fund's Trustees to withdraw the Fund's assets from the
master portfolio if they believe doing so is in the Fund shareholders' best
interests. If the Trustees withdraw the Fund's assets, they would then consider
whether the Fund should hire its own investment adviser, invest in a different
master portfolio or take other action.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
MG-F-03-1299-04
<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 DECEMBER 16, 1999 (REPLACING SUPPLEMENT DATED NOVEMBER 18,
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 REPLACES THE "ANNUAL FUND OPERATING EXPENSES" TABLE IN THE
"SHAREHOLDER EXPENSES" SECTION WITH RESPECT TO INTERNATIONAL SELECT EQUITY FUND:
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.
<TABLE>
<CAPTION>
<S> <C> <C>
1 3
Year Years
- --------------------------------------------------------------------------------------
With or without redemption $168 $520
- --------------------------------------------------------------------------------------
</TABLE>
THE FOLLOWING REPLACES THE "ANNUAL FUND OPERATING EXPENSES" TABLE IN THE
"SHAREHOLDER EXPENSES" SECTION WITH RESPECT TO EUROPEAN EQUITY GROWTH FUND:
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
o The fund's gross operating expenses remain the same.
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
1 3
Year Years
- --------------------------------------------------------------------------------------
With or without redemption $168 $520
- --------------------------------------------------------------------------------------
</TABLE>
THE FOLLOWING REVISES THE DESCRIPTION OF THE INVESTMENT ADVISER WITH RESPECT TO
EACH FUND EXCEPT EUROPEAN EQUITY GROWTH FUND:
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 REVISES THE DESCRIPTION OF THE INVESTMENT ADVISER WITH RESPECT TO
EUROPEAN EQUITY GROWTH FUND:
On December 2, 1999, a majority of the shareholders of the European Equity
Growth Fund approved a change of the Fund's investment adviser from Deutsche
Asset Management Investment Services Limited ("DAMISL") (formerly, Morgan
Grenfell Investment Services Limited) to Deutsche Asset Management, Inc.
("DAMI") (formerly Morgan Grenfell Inc.). This change is expected to become
effective on or about December 23, 1999. DAMI, located at 885 Third Avenue, New
York, New York, provides a full range of investment advisory services to
institutional clients. DAMI serves as investment adviser to 11 other investment
companies and as sub-adviser to five other investment companies. DAMI is an
indirect wholly-owned subsidiary of Deutsche Bank A.G., an international
commercial and investment banking group. The terms of the advisory contract
with DAMI, including fees, are substantially similar to the terms of the
management contract with DAMISL.
THE FOLLOWING REVISES THE "INVESTMENT ADVISER - PORTFOLIO MANAGEMENT" SECTION
WITH RESPECT TO EUROPEAN EQUITY GROWTH FUND:
Michael Levy will serve as the Fund's lead portfolio manager and will have
primary responsibility for the day-to-day management of the Fund's portfolio.
Mr. Levy is a Vice President of DAMI and Managing Director of Bankers Trust
Company ("Bankers Trust"), an advisory affiliate of DAMI, and co-lead manager
of International Equity Portfolio, which invests a substantial portion of its
assets in European equities. Mr. Levy joined Bankers Trust in 1993 and is the
firm's international equity strategist, overseeing the design and implementation
of the firm's proprietary international stock selection process.
Caroline Altmann will serve as co-portfolio manager of the Fund. Ms. Altmann is
a Vice President of DAMI and Director of Bankers Trust and an analyst
specializing in Europe, Japan and the financial services industry. Ms. Altmann
joined DAMI and Bankers Trust in 1999. Ms. Altmann was a portfolio manager with
Clay Finlay, Inc. from 1986 to 1999.
Clare Brody will serve as co-portfolio manager of the Fund. Ms. Brody is a Vice
President of DAMI and Bankers Trust and portfolio manager for International
Collective Investment Fund. Ms. Brody joined Bankers Trust in 1993 and
specializes in European markets.
<PAGE>
Matthias Knerr will serve as co-portfolio manager of the Fund. Mr. Knerr is a
Vice President of DAMI and an Assistant Vice President of Bankers Trust. Mr.
Knerr joined Bankers Trust in 1995 and is a portfolio manager specializing in
European markets.
THE FOLLOWING APPLIES TO EUROPEAN EQUITY GROWTH FUND:
On December 2, 1999, a majority of the shareholders of the European Equity
Growth Fund approved a new investment policy that would allow the Fund to invest
all of its investable assets in a master portfolio having substantially the same
investment objective, policies and restrictions as the Fund. This structure is
commonly referred to as "master-feeder." It is currently anticipated that the
Fund would convert to a master-feeder structure during the first half of the
year 2000. Under the master-feeder structure, the master portfolio would be
advised by DAMI. A master portfolio may accept investments from other feeder
funds. A feeder bears the master portfolio's expenses in proportion to its
percentage ownership of the master portfolio. Each feeder can set its own
transaction minimums, fund-specific expenses, and other conditions. This
arrangement allows the Fund's Trustees to withdraw the Fund's assets from the
master portfolio if they believe doing so is in the Fund shareholders' best
interests. If the Trustees withdraw the Fund's assets, they would then consider
whether the Fund should hire its own investment adviser, invest in a different
master portfolio or take other action.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
MG-F-07-1299-03
<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 DECEMBER 16, 1999 (REPLACING SUPPLEMENT DATED NOVEMBER 18,
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 WITH RESPECT TO EACH FUND:
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 WITH RESPECT TO EACH FUND:
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 WITH RESPECT TO EACH FUND:
<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 Inc.
New York, NY 10022 ("MG Inc.")(since 1990).
(age 50)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Patrick W.W. Disney (1)(3)* Senior Vice President and Director, Morgan Grenfell
20 Finsbury Circus Trustee Investment Services Limited
London EC2M 1NB ("MGIS") (since 1988).
ENGLAND
(age 42)
</TABLE>
THE FOLLOWING PARAGRAPH IS HEREBY ADDED TO THE "TRUSTEES AND OFFICERS" SECTION
WITH RESPECT TO EACH FUND:
<TABLE>
<CAPTION>
Principal Occupation During
Name and Address Positions with Trust Past Five Years
- -----------------------------------------------------------------------------------------------------
<S> <C> <C>
Amy M. Olmert Treasurer, Chief Financial Vice President, Deutsche Asset
One South Street Officer Management Americas (since
Baltimore, MD 21202 1999); Vice President, BT Alex.
(age 36) Brown Inc. (1997-1999); Senior
Manager, PricewaterhouseCoopers
LLP, (1988-1997)
Daniel O. Hirsch Secretary Principal, Deutsche Asset
One South Street Management Americas (1999);
Baltimore, MD 21202 Director, Deutsche Banc Alex.
(age 45) Brown Incorporated and
Investment Company Capital
Corp. (since 1998); Assistant
General Counsel, Office of the
General Counsel, United States
Securities and Exchange
Commission (1993-1998).
</TABLE>
THE FOLLOWING REVISES THE DESCRIPTION OF THE INVESTMENT ADVISER AND
ADMINISTRATOR WITH RESPECT TO EACH FUND EXCEPT EUROPEAN EQUITY GROWTH FUND:
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.
EFFECTIVE ON OR ABOUT DECEMBER 23, 1999, THE FOLLOWING REVISES THE DESCRIPTION
OF THE INVESTMENT ADVISER WITH RESPECT TO EUROPEAN EQUITY GROWTH FUND:
<PAGE>
On December 2, 1999, a majority of the shareholders of the European Equity
Growth Fund approved a change of the Fund's investment adviser from Deutsche
Asset Management Investment Services Limited ("DAMISL") (formerly, Morgan
Grenfell Investment Services Limited) to Deutsche Asset Management, Inc.
("DAMI") (formerly Morgan Grenfell Inc.). This change is expected to become
effective on or about December 23, 1999. DAMI, located at 885 Third Avenue, New
York, New York, provides a full range of investment advisory services to
institutional clients. DAMI serves as investment adviser to 11 other investment
companies and as sub-adviser to five other investment companies. DAMI is an
indirect wholly-owned subsidiary of Deutsche Bank A.G., an international
commercial and investment banking group. The terms of the advisory contract
with DAMI, including fees, are substantially similar to the terms of the
management contract with DAMISL.
THE FOLLOWING INFORMATION IS HEREBY DELETED FROM "APPENDIX C - PORTFOLIO MANAGER
INFORMATION:"
<TABLE>
<CAPTION>
Funds Portfolio Managers
- -------------------------------------------------------------------------------------
<S> <C>
Morgan Grenfell International Select Equity Fund Patrick Disney
Andrew Orchard
William Thomas
Morgan Grenfell Global Equity Fund Patrick Disney
Andrew Orchard
David Heape
Morgan Grenfell European Equity Growth Fund Richard Wilson
David Haysey
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
</TABLE>
<TABLE>
<CAPTION>
Portfolio Manager Expertise Professional Experience
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Patrick Disney EAFE Markets Managing Director, MGIS (since 1988);
Director, MGIS (1987-1988); EAFE Team
(since 1981).
David Haysey European Equities Director, MGAM (since 1998); Fund Manager,
MGIS (1998); Director, Morgan Grenfell &
Co. (1995-1998); Director, SG Warburg
(1986-1995).
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
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); 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).
Richard Wilson UK Equities Director, MGIS (since 1996); Portfolio
Manager, UK, MGIS (since 1993); Portfolio
Manager, HSBC Asset Management (1992-1993);
Portfolio Manager, Midland Montagu Asset
Management (1988-1992).
</TABLE>
<PAGE>
THE FOLLOWING INFORMATION IS HEREBY ADDED TO "APPENDIX C - PORTFOLIO MANAGER
INFORMATION:"
<TABLE>
<CAPTION>
Funds Portfolio Managers
- --------------------------------------------------------------------------------------
<S> <C>
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
</TABLE>
<TABLE>
<CAPTION>
Portfolio Manager Expertise Professional Experience
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C>
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); Director and Fund
Manager, Wardley Investment Services
(1988-1993).
</TABLE>
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
MG-F-04-1299-04
