<PAGE>
Deutsche Asset Management
Fixed Income, Short-Term Fixed Income, Municipal Bond, Short-Term Municipal Bond
and High Yield Bond
Investment Class and Institutional Class
Supplement dated September 29, 2000 (Replacing Supplement dated August 24, 2000)
to Prospectuses dated February 28, 2000
The following supplements the "Principal Investments" section in the
prospectuses for Short-Term Fixed Income:
The Fund may invest up to 40% of its total assets in asset-backed securities.
The following replaces the first two sentences under the "Principal Investments"
section in High Yield Bond'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 High Yield Bond'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 are less liquid, more
volatile and subject to less government regulation than U.S. securities markets.
A Member of the
Deutsche Bank Group [/]
<PAGE>
The following supplements the "Primary Risks" section immediately following the
paragraph titled "Foreign Investing" in High Yield Bond'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.
The following replaces the "Dividends and Distributions" section in each Fund's
prospectuses:
The Fund's policy is to distribute to shareholders all of its net investment
income and net capital gains in the form of income and capital gain dividends.
Income dividends, if any, are declared daily and paid monthly. Capital gains
dividends, if any, will be paid at least annually. We automatically reinvest
all dividends and any capital gains, unless you tell us otherwise.
The following supplements the back cover page of each Fund's prospectuses:
Each Fund's current Statement of Additional Information is dated September 29,
2000.
Please Retain This Supplement for Future Reference
SUPPFIXED (9-00)
Morgan Grenfell Investment Trust
CUSIPs:
61735K760 61735K828 61735K810 61735K794 61735K646
61735K836 61735K737 61735K729 61735K596
<PAGE>
Deutsche Asset Management
Micro Cap and Smaller Companies
Investment Class and Institutional Class
Supplement dated September 29, 2000 (Replacing Supplement dated May 11, 2000) to
Prospectuses dated February 28, 2000
The following replaces the "Portfolio Managers" section in each Fund's
Prospectus:
Portfolio Managers. The following portfolio managers are responsible for the
day-to-day management of the Fund's investments:
Audrey M. T. Jones, CFA
. Managing Director of Deutsche Asset Management, Inc. and Lead Manager of the
Fund.
. Joined the investment adviser in 1986 and the Fund at its inception.
. Portfolio manager with a primary focus on the credit sensitive, communication
services, energy, process industries and transportation sectors.
. 28 years of investment industry experience.
. BBA from Pace University Lubin School of Business.
John P. Callaghan
. Managing Director of Deutsche Asset Management, Inc. and Co-Manager of the
Fund.
. Joined the investment adviser in 1997.
. Portfolio manager with a primary focus on the technology, health care and
utility sectors.
. Previously at Odyssey Partners, a private investment partnership, from 1996
to 1997 and a co-manager of the Small Capitalization Growth Stock Division at
Weiss, Peck & Greer from 1993 to 1996.
. 17 years of investment industry experience.
. MBA from Harvard Business School.
A Member of the
Deutsche Bank Group [/]
<PAGE>
Doris R. Klug, CFA
. Director of Deutsche Asset Management, Inc. and Co-Manager of the Fund.
. Joined the investment adviser in 2000.
. Portfolio manager with primary focus on the consumer and capital goods
sectors.
. Vice President of Mutual of America from 1993 to 2000.
. 18 years of financial industry experience.
. MBA from New York University's Stern School of Business.
The following supplements the back cover page of each Fund's prospectuses:
Each Fund's current Statement of Additional Information is dated September 29,
2000.
Please Retain This Supplement for Future Reference
SUPPMS (9/00)
Morgan Grenfell Investment Trust
CUSIPs:
61735K778 61735K745
61735K786 61735K844
