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MORGAN GRENFELL INVESTMENT TRUST
INSTITUTIONAL AND SERVICE SHARES
Fixed Income Fund, Short-Term Fixed Income Fund, Municipal Bond Fund, Short-Term
Municipal Bond Fund, Total Return Bond Fund, High Yield Bond Fund, Smaller
Companies Fund, Microcap Fund, Large Cap Growth Fund
SUPPLEMENT DATED JANUARY 6, 2000 (REPLACING SUPPLEMENT DATED DECEMBER 17, 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 AND SUBADVISER
IN THE FUNDS' PROSPECTUSES:
The investment adviser to the Funds, Morgan Grenfell, Inc., changed its name to
Deutsche Asset Management, Inc. effective October 6, 1999. Also effective
October 6, 1999, the subadviser to the Total Return Bond Fund, Morgan Grenfell
Investment Services Limited, changed its name to Deutsche Asset Management
Investment Services Limited. All other information disclosed in the prospectus
concerning the investment adviser and subadviser remains the same.
THE FOLLOWING REVISES THE "PRINCIPAL HOLDINGS" SECTION WITH RESPECT TO HIGH
YIELD BOND FUND:
The fund may invest up to 10% of its assets in non-U.S. dollar-denominated
foreign securities.
THE FOLLOWING REPLACES THE FIRST SENTENCE OF THE "FOREIGN RISKS" DISCUSSION
UNDER THE "INVESTMENT RISKS" SECTION WITH RESPECT TO HIGH YIELD BOND FUND:
The fund is subject to the additional risks of foreign investing.
THE FOLLOWING REPLACES THE "PORTFOLIO MANAGEMENT" SECTION WITH RESPECT TO HIGH
YIELD BOND FUND:
The Fund is managed by a committee made up of investment professionals and
analysts employed by the investment adviser. This committee makes all of the
Fund's investment decisions.
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
Smaller Companies Fund and the BT Small Cap Fund currently have the same
investment management teams.
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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
MG-F-01-1299-04
