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Deutsche Asset Management
High Yield Bond
Investment Class and Institutional Class
Supplement dated October 24, 2000 (Replacing Supplement dated September 29,
2000) to Prospectuses dated February 28, 2000
Effective November 1, 2000, the following supplements the "Annual Fund Operating
Expenses" section in the Fund's Investment Class and Institutional Class
prospectuses:
Shareholder Fees
(fees paid directly from your investment)
Maximum Sales Charge Imposed on Purchases None
Maximum Sales Charge on Reinvested Dividends None
Maximum Short-Term Redemption Fee (as a 2.00%1
percentage of amount redeemed, as applicable)
1 The 2.00% short-term redemption fee applies to shares redeemed (either by
selling or exchanging into another fund) within 180 days of purchase
(approximately six months). The fee is withheld from redemption proceeds and
retained by the Fund.
Effective November 1, 2000, the following supplements the "Calculating the
Fund's Share Price" section in the Fund's Investment Class and Institutional
Class prospectuses:
The Fund may charge a 2.00% short-term redemption fee of the value of the shares
redeemed (either by selling or exchanging into another fund) within 180 days
(approximately six months) of purchase.
A Member of the
Deutsche Bank Group [X]
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Effective November 1, 2000, the following supplements the "Buying and Selling
Fund Shares" section in the Fund's Investment Class and Institutional Class
prospectuses:
Short-Term Redemption Fee
The Fund may charge a 2.00% short-term redemption fee of the value of the shares
redeemed (either by selling or exchanging into another fund) within 180 days
(approximately six months) of purchase. This fee will compensate the Fund for
expenses directly related to redemption of Fund shares, discourage short-term
investments in the Fund and facilitate portfolio management. The short-term
redemption fee is withheld from redemption proceeds and retained by the Fund.
The short-term redemption fee does not apply to:
. shares purchased before November 1, 2000;
. exchanges into another class of shares of the Fund;
. shares acquired through reinvestment of dividends and other distributions;
. shares of the Fund in an account which is closed by us because it fails to
meet minimum balance requirements; and
. shares held in an account of certain retirement plans or profit sharing
plans.
The fee may apply to shares held through omnibus accounts. The Fund reserves
the right to impose short-term redemption fees on its shares at any time if
warranted by the Fund's future costs of processing redemptions from these
accounts. This fee is not a deferred sales charge and is not a commission. The
fee is paid to the Fund.
The Fund will use the "first-in, first out" method to determine your holding
period. Under this method, the date of redemption or exchange will be compared
with the earliest purchase date of shares held in your account. If your holding
period is less than 180 days, the short-term redemption fee will be assessed on
the current net asset value of those shares.
The following replaces the first three sentences under the "Principal
Investments" section in the Fund's Investment Class and Institutional Class
Prospectus.
The Fund invests primarily in U.S. dollar denominated high yield bonds of
domestic and foreign issuers. Under normal conditions, the Fund invests at
least 65% of its total assets in U.S. dollar-denominated, domestic and foreign
below investment grade fixed income securities (junk bonds) including those in
countries with new or emerging securities markets. The Fund considers an
emerging securities market to be one where the sovereign debt issued by the
government in local currency terms is rated below investment grade.
The following supplements the "Primary Risks" section immediately following the
paragraph titled "Market Risk" and should be omitted from the "Secondary Risks"
section in the Fund's Investment Class and Institutional Class prospectuses:
Foreign Investing. The risks of investing in foreign securities are generally
higher than investing in domestic securities. A foreign government could
expropriate or nationalize assets, impose withholding or other taxes on
dividend, interest or other payments and prohibit transactions in the country's
currency. In many foreign countries, securities markets
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are less liquid, more volatile and subject to less government regulation than
U.S. securities markets.
The following supplements the "Primary Risks" section immediately following the
paragraph titled "Foreign Investing" in the Fund's Investment Class and
Institutional Class prospectuses:
Emerging Market Risk. Because the Fund may invest in emerging markets, it may
face higher political, information, and market risks. In addition, profound
social changes and business practices that depart from norms in developed
countries' economies have hindered the orderly growth of emerging economies and
their securities markets in the past. High levels of debt tend to make emerging
economies heavily reliant on foreign capital and vulnerable to capital flight.
Please Retain This Supplement for Future Reference
SUPPHIYLD (10/00)
Morgan Grenfell Investment Trust
CUSIPs: 61735K596
61735K646
