<PAGE>
Deutsche Asset Management
Morgan Grenfell Investment Trust
International Select Equity Fund, European Equity Fund, International Small Cap
Equity Fund, Emerging Markets Equity Fund, Global Fixed Income Fund,
International Fixed Income Fund, Emerging Markets Debt Fund, Fixed Income Fund,
Municipal Bond Fund, Short-Term Fixed Income Fund, Short-Term Municipal Bond
Fund, High Yield Bond Fund, Smaller Companies Fund and Micro Cap Fund.
Supplement dated August 8, 2000 to each Fund's Statement of Additional
Information dated February 28, 2000
The following is hereby omitted in the Trustees and Officers section:
<TABLE>
<CAPTION>
Principal Occupation During
Name and Address Positions with Trust Past Five Years
---------------- -------------------- ---------------------------
<S> <C> <C>
Neil P. Jenkins Vice President Director, Deutsche Asset Management
20 Finsbury Circus Investment Services (since 1999);
London, England Chief Executive Deutsche Asset
(age 39) Management Investment Services (since
1999); Director, Deutsche Asset
Management, Inc. (1991-1996) Morgan
Grenfell International Funds Mgmt
(1995-1999), and Morgan Grenfell &
Co. (since 1985).
</TABLE>
Please Retain This Supplement for Future Reference
SUPP354 (8/00)
A Member of the
Deutsche Bank Group [/]
