DEUTSCHE ASSET MANAGEMENT, 497, 2001-01-19

DEUTSCHE ASSET MANAGEMENT
497, 2001-01-19

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<PAGE>

Deutsche Asset Management

Mutual Fund
Prospectus
October 29, 2000

Premier Class

Total Return Bond

[Like shares of all mutual funds, these securities have not been approved or
disapproved by the Securities and Exchange Commission nor has the Securities and
Exchange Commission passed upon the accuracy or adequacy of this prospectus. Any
representation to the contrary is a criminal offense.]

A Member of the
Deutsche Bank Group [/]
<PAGE>

Overview
--------------------------------------------------------------------------------
of Total Return Bond--Premier Class

Goal: The Fund seeks total return.
Core Strategy: The Fund invests primarily in US dollar-denominated investment
grade bonds of US and foreign issuers.

INVESTMENT POLICIES AND STRATEGIES
The Fund seeks to achieve its objective by investing in a core "asset class"
consisting of US dollar-denominated, investment grade fixed income securities.
The Fund allocates its remaining assets among foreign investment grade fixed
income securities and below investment grade fixed income securities (high
yield or "junk" bonds) of US and foreign issuers, including those in countries
with new or emerging securities markets. Securities may be denominated in US or
foreign currencies. The investment adviser employs a team approach in
allocating the Fund's assets among the various fixed income sectors or "asset
classes." The Fund will revert to a core portfolio of US dollar-denominated
investment grade fixed income securities if the team believes the core asset
class will add value relative to the other asset classes.
--------------------------------------------------------------------------------

Total Return Bond--Premier Class

Overview of Total Return Bond

<TABLE>
<S> <C>
Goal........................................................................ 3
Core Strategy............................................................... 3
Investment Policies and Strategies.......................................... 3
Principal Risks of Investing in the Fund.................................... 4
Who Should Consider Investing in the Fund................................... 4
Total Returns, After Fees and Expenses...................................... 5
Annual Fund Operating Expenses.............................................. 5
</TABLE>

A Detailed Look at Total Return Bond

<TABLE>
<S> <C>
Objective................................................................... 6
Strategy.................................................................... 6
Principal Investments....................................................... 6
Investment Process.......................................................... 7
Other Investments........................................................... 8
Prior Performance of a Similiar Composite Portfolio......................... 8
Risks....................................................................... 9
Management of the Fund...................................................... 11
Calculating the Fund's Share Price.......................................... 12
Performance Information..................................................... 13
Dividends and Distributions................................................. 13
Tax Considerations.......................................................... 13
Buying and Selling Fund Shares.............................................. 13
Financial Highlights........................................................ 15
</TABLE>
--------------------------------------------------------------------------------

3
<PAGE>

Overview of Total Return Bond

PRINCIPAL RISKS OF INVESTING IN THE FUND
An investment in the Fund could lose money, or the Fund's performance could
trail that of other investments. For example:
. an issuer's creditworthiness could decline, which in turn may cause the value
of a security in the Fund's portfolio to decline. This risk is higher for
below investment grade bonds.
. the issuer of a security owned by the Fund could default on its obligation to
pay principal and/or interest. This risk is higher for below investment grade
bonds.
. interest rates could increase, causing the prices of fixed income securities
to decline, thereby reducing the value of the Fund's portfolio. If interest
rates increase, slower than expected principal payments may extend the
average life of fixed income securities having the effect of locking in a
below-market interest rate.
. as interest rates decline, the issuers of securities held by the Fund may
prepay principal earlier than scheduled, forcing the Fund to reinvest in
lower yielding securities. Thus, prepayment may reduce the Fund's income.
. the lower rated debt securities in which the Fund invests are considered
speculative and subject to greater volatility and risk of loss than
investment grade securities, particularly in deteriorating economic periods.
. since the Fund is non-diversified and may invest a greater percentage of its
assets in a particular issuer than a diversified fund, the Fund may be more
susceptible to developments affecting any single issuer of portfolio
securities.
Additional risks, common to all investing, such as security selection risk,
market risk, maturity risk, liquidity risk and regulatory risk are set forth in
the "Primary Risks" section of this prospectus.
Beyond the risks common to all investing, an investment in the Fund could also
lose money or underperform alternative investments as a result of risks in the
foreign countries in which the Fund invests. These risks are more severe for
securities of issuers in emerging market countries. For example in addition to
liquidity risk and regulatory risk:
. adverse political, economic or social developments could undermine the value
of the Fund's investments or prevent the Fund from realizing their full
value;
. foreign accounting and financial reporting standards differ from those in the
US and could convey incomplete information when compared to information
typically provided by US companies; or
. the currency of a country in which the Fund invests may decrease in value
relative to the US dollar, which could affect the value of the investment to
US investors.

WHO SHOULD CONSIDER INVESTING IN THE FUND

Total Return Bond--Premier Class requires a minimum investment of $5 million.
You should consider investing in the Fund if you are seeking total return
higher than US investment grade bond funds provide over most time periods.
Moreover, you should be willing to accept significantly greater short-term
fluctuation in the value of your investment than you would typically experience
investing in investment grade bond or money market funds. You should not
consider investing in Total Return Bond if you are pursuing a short-term
financial goal or if you cannot tolerate fluctuations in the value of your
investments.

The Fund by itself does not constitute a balanced investment program. It can,
however, afford exposure to investment opportunities not available to an
investor in US investment grade fixed income securities alone. Diversifying
your investments may improve your long-run investment return and lower the
volatility of your overall investment portfolio.

An investment in the Fund is not a bank deposit and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency.
--------------------------------------------------------------------------------

4
<PAGE>

Overview of Total Return Bond

TOTAL RETURNS, AFTER FEES AND EXPENSES

The Fund does not have a full calendar year of annual operating performance to
report.

ANNUAL FUND OPERATING EXPENSES
(expenses paid from Fund assets)

The Annual Fees and Expenses table to the right describes the fees and
estimated expenses that you may pay if you buy and hold shares of Total Return
Bond--Premier Class.

Expense Example. The example below illustrates the expenses incurred on a
$10,000 investment in the Fund. It assumes that the Fund earned an annual
return of 5% over the periods shown, the Fund's operating expenses remained the
same and you sold your shares at the end of the period.

You may use this hypothetical example to compare the Fund's expense ratio with
other funds. The example does not represent an estimate of future returns or
expenses. Actual costs may be higher or lower.
--------------------------------------------------------------------------------
/1/The investment adviser and administrator have agreed, for the period October
30, 2000 to February 28, 2002, to waive their fees and reimburse expenses so
that total expenses will not exceed 0.45%.

/2/For the first year, the expense example takes into account fee waivers and
reimbursements.
ANNUAL FEES AND EXPENSES

<TABLE>
<CAPTION>
Percentage of Average
Daily Net Assets
<S> <C>
Management Fees 0.45%
---------------------------------------------------------------
Distribution and
Service (12b-1) Fees None
---------------------------------------------------------------
Other Expenses 0.33%
---------------------------------------------------------------
Total Annual Fund
Operating Expenses 0.78%
---------------------------------------------------------------
Less: Fee Waiver or Expense Reimbursement (0.33%)/1/
---------------------------------------------------------------
Net Expenses 0.45%
---------------------------------------------------------------
</TABLE>

EXPENSE EXAMPLE/2/

<TABLE>
<CAPTION>
1 Year 3 Years
<S> <C>
$46 $216
---------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------

5
<PAGE>

A detailed look
--------------------------------------------------------------------------------
at Total Return Bond

OBJECTIVE

The Fund seeks total return. While we seek total return, we cannot offer any
assurance of achieving this objective. The Fund's objective is not a
fundamental policy. We must notify shareholders before we change it, but we do
not require their approval to do so.

STRATEGY

The Fund attempts to produce a total return higher than that of mutual funds
that invest only in US investment grade fixed income securities. The Fund does
this by investing in a core "asset class" consisting of US dollar-denominated,
investment grade fixed income securities. The Fund allocates its remaining
assets among foreign investment grade fixed income securities and below
investment grade fixed income securities (high yield or "junk" bonds) of US and
foreign issuers, including those in countries with new or emerging securities
markets. Securities may be denominated in US or foreign currencies and may be
of any maturity.

The investment adviser employs a team approach in allocating the Fund's assets
among the various asset classes. Using risk/return analysis, the team evaluates
foreign markets, high yield and emerging debt opportunities relative to the US
investment grade fixed income market and sets allocation targets monthly for
each asset class. Sector specialists then evaluate the relative value of
purchase candidates given the distinct characteristics of the relevant asset
class. The Fund will revert to a core portfolio of US dollar-denominated
investment grade fixed income securities if the team believes the core asset
class will add value relative to the other asset classes. In implementing these
strategies, the Fund may engage in active and frequent trading of portfolio
securities resulting in a high portfolio turnover rate.
--------------------------------------------------------------------------------
Maturity measures the time remaining until an issuer must repay a bond's
principal in full.

The three fixed income asset classes that the Fund will invest in are US
dollar-denominated investment grade fixed income securities, foreign investment
grade fixed income securities and below investment grade fixed income
securities of US and foreign issuers including those in countries with new or
emerging securities markets.

The portfolio turnover rate measures the frequency with which the Fund sells
and replaces its securities within a given period. High turnover can increase
the Fund's transaction costs, thereby lowering its returns. It may also
increase distributions from the Fund which may be subject to taxation.
The Fund has applied for an exemptive order with the Securities and Exchange
Commission which would permit it to invest in the Deutsche High Yield Bond fund
and the Deutsche Emerging Markets Debt fund to gain exposure to US and foreign
high yield bonds, including high yield bonds of issuers in emerging markets.
There is no assurance that such an order will be granted. The Deutsche High
Yield Bond fund invests primarily in US dollar-denominated high yield bonds of
domestic and foreign issuers. The Deutsche Emerging Markets Debt fund invests
primarily in high yield bonds of issuers located in countries with new or
emerging securities markets. The strategies, principal investments and
investment processes for the Fund's investments in high yield bonds and
emerging debt opportunities are substantially similar to those used by the High
Yield Bond fund and Emerging Markets Debt fund.

PRINCIPAL INVESTMENTS

Under normal conditions, the Fund invests at least 65% of its total assets in
US dollar-denominated investment grade fixed income securities. The remainder
of the Fund's assets may be allocated among fixed income securities of foreign
issuers, high yield bonds of US and foreign issuers, including high yield bonds
of issuers in countries with new or emerging securities markets, or, to
maintain liquidity, in cash or money market instruments.

The Fund may invest up to 25% of its total assets in foreign investment grade
fixed income securities. The Fund may invest up to 17% of its total assets in
below investment grade fixed
--------------------------------------------------------------------------------
Fixed income securities are investment grade if, at the time of purchase:
. They are rated in one of the top four long-term rating categories by a
nationally recognized statistical rating organization;
. They have received a comparable short-term or other rating; or
. They are unrated securities that the investment adviser believes to be of
comparable quality to rated investment grade securities.

The Fund may choose not to sell securities that are downgraded after their
purchase below the Fund's minimum acceptable credit rating. The Fund's credit
standards also apply to counterparties of over-the-counter derivative
contracts.

Fixed income securities are rated below investment grade or are considered high
yield if they are rated below the top four long-term rating categories by a
nationally recognized statistical rating organization or, if unrated, are
determined to be of equivalent quality by the investment adviser. These
securities are considered speculative, may not be paying interest currently
and may be in default. If a security receives different ratings from different
rating organizations, the Fund will treat the security as having the highest
rating given.
--------------------------------------------------------------------------------

6
<PAGE>

A Detailed Look at Total Return Bond

income securities (high yield or "junk" bonds) of US and foreign issuers. Up to
7% of the Fund's total assets may be invested in high yield bonds of sovereign
debt issuers located in new or emerging 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. Securities may be
denominated in US or foreign currencies.

Fixed income investments include bonds, notes (including structured notes),
mortgage-related securities, asset-backed securities, convertible securities,
eurodollar and Yankee dollar instruments, preferred stocks, Eurobonds, Brady
Bonds (dollar denominated securities used to refinance foreign government bank
loans), non-convertible preferred stocks, performing and non-performing loans
and money market instruments. Fixed income securities may be issued by US and
foreign corporations or entities; US and foreign banks; the US government, its
agencies, authorities, instrumentalities or sponsored enterprises; state and
municipal governments; supranational organizations; and foreign governments and
their subdivisions. These securities may have all types of interest rate
payment and reset terms, including fixed rate, adjustable rate, zero coupon,
contingent, deferred, payment in-kind and auction rate features.

The Fund's high yield component may also consist of performing and non-
performing loans, Eurobonds, Brady Bonds (dollar-denominated securities used to
refinance foreign government bank loans) and other fixed income securities of
foreign governments and their agencies. With respect to emerging market debt
investments, the Fund invests primarily in sovereign debt.

At times, the Fund invests a large percentage of its assets in mortgage-backed
securities, including collateralized mortgage obligations.

INVESTMENT PROCESS

The investment adviser employs a team approach to allocate the Fund's assets
among the various asset classes. The team includes members from the investment
adviser and the sub-adviser. We refer to both as the investment adviser.

The asset allocation team meets formally on a monthly basis to determine
relative value across asset classes, drawing on input from sector and market
specialists. Once allocation targets for each broad fixed income sector are
set, sector specialists consider the relative value of purchase candidates
given the distinct characteristics of that particular asset class. Company
research and fundamental analysis are used to select the best securities within
each asset class. The techniques used by the sector specialists in evaluating
each asset class are described below:

US Investment Grade Securities. In selecting these securities for investment,
the investment adviser:

. assigns a relative value to each bond, based on creditworthiness, cash flow
and price;

. determines the value of each issue by examining the issue's credit quality,
debt structure, option value and liquidity risks. We look to take advantage
of any inefficiencies between this value and market trading price;

. uses credit analysis to determine the issuer's ability to fulfill its
contracts; and

. uses a bottom-up approach which subordinates sector weightings to individual
bonds that the adviser believes may add above-market value.

The investment adviser generally sells these securities when they reach their
target price or when there is a negative change in their outlook relative to
the other securities held by the Fund. Bonds may also be sold to facilitate the
purchase of an issue with more attractive risk/return characteristics.

Foreign Investment Grade Securities and Emerging Markets High Yield Securities.
In selecting these securities for investment, the investment adviser considers
macro-economic factors such as inflation, interest rates, monetary and fiscal
policies, taxation, and political climate. The investment adviser seeks to
identify those securities that will offer, in its opinion, the greatest
potential for capital appreciation on a three-month outlook. The investment
adviser sells securities or exchanges currencies when they meet their target
price objectives or when the investment adviser revises price objectives
downward. In selecting emerging market securities, the investment adviser also
considers short-term factors such as market sentiment, capital flows, and new
issue programs.

High Yield Securities (Excluding Emerging Market Sovereign Debt). In selecting
these securities for investment, the investment adviser:

. analyzes economic conditions for improving or undervalued sectors and
industries;

. uses independent credit research and on-site management visits to evaluate
individual issues' debt service, growth rate, and both downgrade and upgrade
potential;

. assesses new issues versus secondary market opportunities; and

. seeks issues within attractive industry sectors and with strong long-term
fundamentals and improving credits.
--------------------------------------------------------------------------------

7
<PAGE>

A Detailed Look at Total Return Bond

OTHER INVESTMENTS

The Fund may also purchase securities on a when-issued basis and engage in
short sales.

The Fund may use various instruments commonly known as "derivatives" as
secondary investments. In particular, the Fund may use forward currency
transactions and currency options. The Fund may, but is not required to, use
derivative contracts for any of the following purposes:

. when we believe they offer an economical means of gaining exposure to a
particular securities market or index (e.g., as a substitute for purchasing
or selling securities or foreign currencies);

. to attempt to reduce the Fund's exposure or to keep cash on hand to meet
shareholder redemptions or other needs while maintaining exposure to the
market;

. to hedge against adverse changes in the market value of securities held by or
to be bought for the Fund. These changes may be caused by changing interest
rates, security prices or currency exchange rates;

. to shorten or lengthen the effective maturity or duration of the Fund's fixed
income portfolio; or

. in non-hedging situations, to attempt to profit from anticipated market
developments. This is commonly referred to as "leveraging."

Temporary Defensive Position. We may from time to time adopt a temporary
defensive position in response to extraordinary adverse political, economic or
bond market events. We could place up to 100% of the Fund's assets in US money
market investments, or other short-term bonds that offer comparable safety, if
the situation warranted. To the extent we might adopt such a position and over
the course of its duration, the Fund may not meet its investment objective.
--------------------------------------------------------------------------------
Forward currency transactions involve the purchase or sale of a foreign
currency at an exchange rate established currently, but with payment and
delivery at a specified future time. Forward currency transactions may be used
in an attempt to hedge against losses, or where possible, to add to investment
returns.

A derivative contract will obligate or entitle the Fund to deliver or receive
an asset or a cash payment that is based on the change in value of a designated
security, index or currency. Examples of derivative contracts are futures
contracts, options, forward contracts, and swaps.

Effective Maturity is the estimated average life of a security. Many bonds have
long maturity dates but shorter average lives. Since these bonds behave
according to their average life, and not their maturity date, we estimate the
average life and apply an appropriate duration to the security.

PRIOR PERFORMANCE OF A SIMILAR COMPOSITE PORTFOLIO

Set forth below is certain composite information regarding the performance for
certain periods of portfolios, each of which is advised by Deutsche Asset
Management, Inc. ("DeAM, Inc."), the Fund's investment adviser. These accounts
are collectively referred to as the Enhanced Core Fixed -- Fully Enhanced
Composite or "Composite." In managing the Fund, the investment adviser and the
sub-adviser will employ substantially the same investment objectives, policies
and strategies that are employed in managing the Composite. However, in
managing the Fund, we are subject to certain rules (e.g., limits on the
percentage of assets invested in securities of issuers in a single industry and
requirements on distributing income to shareholders) that do not apply to the
Composite. In addition, the continuous offering of the Fund's shares and the
Fund's obligation to redeem its shares will likely cause the Fund to experience
cash flows which are different from those of the Composite. Moreover, the
method of calculating the performance of the Composite, which values its assets
at the end of each month, differs from the method employed by mutual funds,
which among other things value their assets on a daily basis. All of these
factors may affect the performance of the Fund and cause it to differ from that
of the Composite. Certain of these factors may adversely affect the Fund's
performance.

The Composite is comprised of all portfolios managed on a fully discretionary
basis by DeAM, Inc. that employ substantially the same investment objectives,
policies and strategies that will be employed in managing the Fund. In order to
be included in the Composite, accounts must have more than $25 million in
assets.

The performance information presented below for the Composite includes the
combined performance of the portfolios over various periods of time since
January 1, 1995. Of the accounts comprising the Composite over the periods
shown, none have been operational for the entire six year period indicated.
Accounts over $25 million were added to the Composite at their inception or at
the time when their investment objectives became substantially similar to those
of the Fund. Eligible new portfolios were added to the Composite immediately
following the first complete month the account was managed by DeAM, Inc.
Accounts were deleted from the Composite when their investment mandate changed
or when the account was terminated.

Expenses incurred in the operation of the Composite are paid directly by its
investors rather than by the Composite. The
--------------------------------------------------------------------------------

8
<PAGE>

A Detailed Look at Total Return Bond

performance results for the Composite were calculated gross of the fees borne
in managing the Composite and have been adjusted to reflect an overall expense
ratio of 0.45%, which is the same as that expected to be borne by the Premier
Class shares of the Fund. Returns of the Composite are compared to the Lehman
Brothers Aggregate Bond Index. Unlike the Composite's returns, those of the
Index do not reflect fees and expenses. Both the returns of the Composite and
the Index reflect the reinvestment of dividends and distributions.

<TABLE>
<CAPTION>
CALENDAR YEAR PERFORMANCE
(each full calendar year since inception)
Lehman
Brothers Composite
Composite Aggregate Number of Assets at
Returns Bond Portfolios End of
with Index at End of Period
Year Fees/1/ Returns Difference Period/2/ ($millions)
<S> <C> <C> <C> <C> <C>
1995 19.60% 18.48% 1.12% 1 50.4
------------------------------------------------------------
1996 5.86% 3.61% 2.25% 2 148.9
------------------------------------------------------------
1997 9.60% 9.68% (0.08)% 3 226.5
------------------------------------------------------------
1998 7.20% 8.87% (1.67)% 5 1,599.5
------------------------------------------------------------
1999 0.68% (0.84)% 1.52% 7 702.5
------------------------------------------------------------
</TABLE>
/1/The prior performance of the
Composite was calculated in
compliance with the Performance
Presentation Standards of the
Association for Investment
Management and Research ("AIMR").
/2/Since its inception in January
1, 1995, the Composite has been
composed of as few as one and as
many as seven portfolios depending
on the time period. For example,
for the period since inception to
October 1996, the Composite was
composed of only one portfolio.

ANNUALIZED PERFORMANCE
PERIODS ENDING JUNE 30, 2000

<TABLE>
<CAPTION>
Since Inception
1 Year 3 Years 5 Years (Jan. 1995)
<S> <C> <C> <C> <C>
Composite
Returns
with Fees 5.29% 5.80% 6.97% 8.36%
---------------------------------------------------------
Index Returns 4.56% 6.04% 6.25% 7.77%
---------------------------------------------------------
</TABLE>

The performance data represents the prior performance of the Composite, not the
prior performance of the Fund, and should not be considered an indication of
future performance of the Fund.
--------------------------------------------------------------------------------
The Lehman Brothers Aggregate Bond Index represents US domestic taxable
investment grade bonds which include securities from the following sectors: US
Treasuries, agencies, corporate, mortgage-backed and asset-backed securities.
The Index includes over 5,500 publicly issued securities with a minimum one
year to final maturity and $150 million par amount outstanding. The average
maturity and duration of the Index is in the intermediate range.

RISKS

Below we have set forth some of the prominent risks associated with investing
in fixed income securities, as well as investing in general. Although we
attempt both to assess the likelihood that these risks may actually occur and
to limit them, we cannot guarantee that we will succeed.

Primary Risks

Interest Rate Risk. Interest rate risk is the risk that fixed income securities
will decline in value because of changes in interest rates. Generally,
investments subject to interest rate risk will decrease in value when interest
rates rise and increase in value when interest rates decline.

Credit Risk. An investor purchasing bonds faces the risk that the
creditworthiness of the issuer may decline, causing the value of its bonds to
decline. In addition, the issuers may not be able to make timely payments on
the interest and principal on the bonds they have issued. Fixed income
securities rated below the fourth highest category have speculative
characteristics. These securities involve a greater risk of loss than
investment grade securities and are more sensitive to changes in the issuer's
capacity to pay.

Security Selection Risk. A risk that pervades all investing is the risk that
the securities in the Fund's portfolio will decline in value.

Prepayment Risk. As interest rates decline, the issuers of securities held by
the Fund may prepay principal earlier than scheduled, forcing the Fund to
reinvest in lower yielding securities. Thus, prepayment may reduce the Fund's
income. It may also create a capital gains tax liability because bond issuers
usually pay a premium for the right to pay off bonds early. There is a greater
risk that the Fund will lose money due to prepayment risk because the Fund
invests in mortgage-related securities, including collateralized mortgage
obligations.

Extension Risk. As interest rates increase, slower than expected principal
payments may extend the average life of fixed income securities. This will have
the effect of locking in a below-market interest rate, increasing the
security's duration and reducing the value of the security. There is a greater
risk that the Fund will lose money due to extension risk because the Fund
invests in mortgage-related securities, including collateralized mortgage
obligations.

Maturity Risk. Prices of fixed income securities with longer effective
maturities are more sensitive to interest rate changes than those with shorter
effective maturities.

Market Risk. Deteriorating market conditions might cause an overall weakness in
the market that reduces the absolute level
--------------------------------------------------------------------------------

9
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A Detailed Look at Total Return Bond

of securities prices in that market. Developments in a particular class of
bonds or the stock market could also adversely affect the Fund by reducing the
relative attractiveness of bonds as an investment.

Foreign Market Risk. From time to time, foreign capital markets have exhibited
more volatility than those in the United States. Trading fixed income
securities on some foreign exchanges is inherently more difficult than trading
in the United States for several reasons including:

. Political Risk. Some foreign governments have limited the outflow of profits
to investors abroad, extended diplomatic disputes to include trade and
financial relations, and imposed high taxes on corporate profits.

. Information Risk. Financial reporting standards for companies based in
foreign markets differ from those in the United States and may present an
incomplete or misleading picture of a foreign company compared to US
standards.

. Liquidity Risk. Fixed income securities that trade infrequently or in low
volumes can be more difficult or more costly to buy, or to sell, than more
liquid or active securities. This liquidity risk is a factor of the trading
volume of a particular security, as well as the size and liquidity of the
entire local market. On the whole, foreign exchanges are smaller and less
liquid than the US market. Relatively small transactions in some instances
can have a disproportionately large effect on the price and supply of certain
securities. In certain situations, it may become virtually impossible to sell
a security in an orderly fashion at a price that approaches our estimate of
its value.

. Regulatory Risk. There is generally less government regulation of foreign
markets, companies and securities dealers than in the US

. Currency Risk. The Fund invests in foreign currencies and in securities
denominated in foreign currencies. This creates the possibility that changes
in foreign exchange rates will affect the US dollar value of foreign
securities or the US dollar amount of income or gain received on these
investments. Additionally, a change in economic policy may cause a greater
fluctuation in the value of a country's currency than in bonds denominated in
that currency. We may, but need not, seek to minimize this risk by actively
managing the currency exposure of the Fund, which entails hedging from time
to time.
--------------------------------------------------------------------------------
Currency management may be used in an attempt to offset investment risks
("hedging") and, where possible, to add to investment returns. Currency
management activities include the use of forward contracts and may include the
use of other instruments. There is no guarantee that these currency management
activities will be employed or that they will work, and their use could cause
lower returns or even losses to the Fund.

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.

Risk Related to Investing in Below Investment Grade Securities. Below
investment grade securities are speculative and have only an adequate capacity
to pay principal and interest. These securities have a higher risk of default,
tend to be less liquid and may be more difficult to value. The issuers of lower
quality securities may be highly leveraged and have difficulty servicing their
debt, especially during prolonged economic recessions or periods of rising
interest rates. The prices of lower quality securities are volatile and may go
down due to market perceptions of deteriorating issuer creditworthiness or
economic conditions. The general risks of investing in fixed income securities
as described below are greater when investing in below investment grade
securities.

Non-diversification Risk. The Fund is non-diversified. Compared with other
funds, the Fund may invest a greater percentage of its assets in a particular
issuer. The Fund may be more susceptible to developments affecting any single
issuer or portfolio security.

Secondary Risks

Derivative Risks. Risks associated with derivatives include:

. that the derivative is not well correlated with the security for which it is
acting as a substitute;

. that derivatives used for risk management may not have the intended effects
and may result in losses or missed opportunities; and

. that the Fund cannot sell the derivative because of an illiquid secondary
market.

The use of derivatives for leveraging purposes tends to magnify the effect of
an instrument's price changes as market conditions change. For futures
contracts and options on futures contracts used for leveraging, the margin and
premiums required to make those investments will not exceed 5% of the Fund's
net asset value after taking into account unrealized profits and losses on the
contracts. Futures contracts and options on futures contracts used for
leveraging involve greater risks than bond investments.

10
<PAGE>

A Detailed Look at Total Return Bond

exposure to a possible market decline in the value of its portfolio securities,
which the investment adviser believes possess volatility characteristics
similar to those being hedged. Short selling may produce a higher than normal
portfolio turnover that may result in increased transaction costs to the Fund
and gains from the sale of securities deemed to have been held for less than
three months. Such gains must be less than 30% of the Fund's gross income in
order for the Fund to qualify as a regulated investment company under the
Internal Revenue Code.

Pricing Risk. When price quotations for particular securities are not readily
available, we determine their value by the method that most accurately reflects
their current worth in the judgment of the Board of Trustees. This procedure
implies an unavoidable risk that our prices are higher or lower than the prices
that the securities might actually command if we were to sell them. If we value
these securities too highly when you buy shares of the Fund, you may end up
paying too much for your Fund shares. If we underestimate their price when you
sell, you may not receive the full market value for your Fund shares.

The market for below investment grade debt securities may be thinner and less
active than that for higher rated debt securities, which can adversely affect
the prices at which the below investment grade securities are sold. If market
quotations are not available, below investment grade debt securities will be
valued in accordance with procedures established by the Board of Trustees.
Judgment plays a greater role in valuing below investment grade corporate debt
securities than is the case for securities for which more external sources for
quotations and last sale information is available. Adverse publicity and
changing investor perception may affect the availability of outside pricing
services to value lower-rated debt securities and the Fund's ability to dispose
of these securities. Since the risk of default is higher for lower-rated
securities, the investment adviser's research and credit analysis are an
especially important part of managing securities of this type.

MANAGEMENT OF THE FUND

Deutsche Asset Management is the marketing name for the asset management
activities of Deutsche Bank AG, Deutsche Fund Management, Inc., Bankers Trust
Company, DB Alex. Brown LLC, Deutsche Asset Management, Inc., and Deutsche
Asset Management Investment Services Limited.

Board of Trustees. A Board of Trustees supervises all of the Fund's activities
on behalf of the Fund's shareholders.

Investment Adviser and Sub-Adviser. Under the supervision of the Board of
Trustees, Deutsche Asset Management, Inc. ("DeAM, Inc.") with headquarters at
885 Third Avenue, New York, New York, acts as the investment adviser for the
Fund. As investment adviser, DeAM, Inc. makes the Fund's investment decisions.
It buys and sells securities for the Fund and conducts the research that leads
to these purchase and sale decisions. The Fund's investment adviser is also
responsible for selecting brokers and dealers and for negotiating brokerage
commissions and dealer charges. The investment adviser will receive 0.45% of
the Fund's average daily net assets for its services in a fiscal year. The
investment adviser may reimburse a portion of its fee during the period.

Deutsche Asset Management Investment Services Limited ("DeAMIS"), with
headquarters at One Appold Street, London, England, acts as sub-adviser to that
portion of the Fund's assets invested in non-US fixed income securities. The
investment adviser pays the sub-adviser out of the investment advisory fees it
receives from the Fund.

DeAM, Inc. and DeAMIS provide a full range of international investment advisory
services to institutional clients. As of August 31, 2000, DeAM, Inc. and DeAMIS
managed approximately $16.4 billion and $11.5 billion in assets, respectively.
DeAM, Inc. and DeAMIS are indirect wholly owned subsidiaries of Deutsche Bank
AG. Deutsche Bank AG is a major global banking institution that is engaged in a
wide range of financial services, including investment management, mutual fund
services, retail and commercial banking, investment banking and insurance.

Portfolio Managers

The following portfolio managers are responsible for the day-to-day management
of the Fund:

David Baldt, CFA, Managing Director of DeAM, Inc. and Lead Manager of the Fund

. Portfolio Manager of the Fund's US investment grade fixed income investments.

. Joined the investment adviser in 1989.

. Chief Investment Officer of the fixed income group (US) of DeAM, Inc.

. Member of the Fund's asset allocation team.

J. Christopher Gagnier, Director of DeAM, Inc. and Co-Manager of the Fund

. Portfolio Manager of the Fund's corporate securities and asset backed
securities investments.

. Joined the investment adviser in 1997.

. Fixed income specialist, Paine Webber; 1984 to 1997.

. Member of the Fund's asset allocation team.

--------------------------------------------------------------------------------

11
<PAGE>

A Detailed Look at Total Return Bond

Steve Ilott, Director of DeAM, Inc. and Co-Manager of the Fund

. Portfolio Manager and product manager of enhanced core fixed income
investments.

. Joined the investment adviser in 1998.

. Manager of global fixed income and currency portfolios at Robert Fleming &
Co.; 1988 to 1998.

. 12 years of investment industry experience.

. Member of the Fund's asset allocation team.

Andrew Cestone, Director of DeAM, Inc. and Co-Manager of the Fund

. Portfolio Manager of the Fund's US high yield investments.

. Joined the investment adviser in 1998.

. Investment Analyst, Phoenix Investment Partners; 1997 to 1998 and Credit
Officer, asset based lending group, Fleet Bank; 1995 to 1997.

. Member of the Fund's asset allocation team.

Ian Clarke, Director of DeAMIS and Co-Manager of the Fund

. Portfolio Manager of the Fund's foreign investment grade fixed income
investments.

. Joined the investment adviser in 1999.

. Executive Director, Morgan Stanley Dean Witter; 1992 to 1999 and prior to
that Director, United Bank of Kuwait plc; 1983 to 1992.

. Chief Investment Officer of the fixed income group (U.K.) of DeAMIS.

. 14 years of investment industry experience.

. Member of the Fund's asset allocation team.

David Dowsett, Portfolio Manager of DeAMIS and Co-Manager of the Fund

. Portfolio Manager of the Fund's emerging markets debt investments.

. Joined the investment adviser in 1994.

. 6 years of industry experience.

. Member of the Fund's asset allocation team.

Other Services. DeAM, Inc. provides administrative services for the Fund. In
addition, DeAM, Inc./--or your service agent--performs the functions necessary
to establish and maintain your account. In addition to setting up the account
and processing your purchase and sale orders, these functions include:

. keeping accurate, up-to-date records for your individual Fund account;

. implementing any changes you wish to make in your account information;

. processing your requests for cash dividends and distributions from the Fund;

. answering your questions on the Fund's investment performance or
administration;

. sending proxy reports and updated prospectus information to you; and

. collecting your executed proxies.

Service agents include brokers, financial advisors or any other bank, dealer or
other institution that has a sub-shareholder servicing agreement with DeAM,
Inc. Service agents may charge additional fees to investors for those services
not otherwise included in the service agent's servicing agreement, such as cash
management or special trust or retirement-investment reporting.

Organizational Structure. The Fund is a series of an open-end investment
company organized as a Delaware business trust. The Fund has applied for an
exemptive order with the Securities and Exchange Commission which would permit
it to invest in the Deutsche High Yield Bond fund and the Deutsche Emerging
Markets Debt fund for the purpose of gaining exposure to domestic and foreign
below investment grade fixed income securities, including high yield securities
of issuers in emerging markets. There is no assurance that such an order will
be granted. If the order is granted, the Fund will operate in a structure
commonly known as a "fund of funds." This means that the Fund pursues its
objective by investing in other mutual funds as well as in individual
securities. As a fund of funds, the Fund will incur its own direct expenses, in
addition to bearing indirectly a proportionate share of the expenses incurred
by the underlying funds in which it invests.

CALCULATING THE FUND'S SHARE PRICE

We calculate the daily price of the Fund's shares (also known as the "Net Asset
Value" or "NAV") in accordance with the standard formula for valuing mutual
fund shares at the close of regular trading on the New York Stock Exchange
every day the Exchange is open for business.
--------------------------------------------------------------------------------
The New York Stock Exchange is open every week, Monday through Friday, except
when the following holidays are celebrated: New Year's Day, Martin Luther King,
Jr. Day (the third Monday in January), Presidents' Day (the third Monday in
February), Good Friday, Memorial Day (the last Monday in May), Independence
Day, Labor Day (the first Monday in September), Thanksgiving Day (the fourth
Thursday in November) and Christmas Day.
--------------------------------------------------------------------------------

12
<PAGE>

A Detailed Look at Total Return Bond

The formula calls for deducting all of the liabilities of a Fund's class of
shares from the total value of its assets--the market value of the securities
it holds, plus its cash reserves--and dividing the result by the number of
shares of that class outstanding. Prices for securities that trade on foreign
exchanges can change significantly on days when the New York Stock Exchange is
closed and you cannot buy or sell Fund shares. Such price changes in the
securities a Fund owns may ultimately affect the price of Fund shares when the
New York Stock Exchange re-opens.

The Fund uses a forward pricing procedure. Therefore, the price at which you
buy or sell shares is based on the next calculation of the NAV after the order
is received by the Fund or your service agent, provided that your service agent
forwards your order to the Fund in a timely manner.

We value the securities in the Fund at their stated market value if price
quotations are available. When price quotations for a particular security are
not readily available, we determine their value by the method that most
accurately reflects their fair value in the judgment of the Board of Trustees.

PERFORMANCE INFORMATION

The Fund's performance can be used in advertisements that appear in various
publications. It may be compared to the performance of various indices and
investments for which reliable performance data is available. The Fund's
performance may also be compared to averages, performance rankings, or other
information prepared by recognized mutual fund statistical services.

DIVIDENDS AND DISTRIBUTIONS

Income dividends, if any, for the Fund are declared daily and paid monthly.
Capital gains distributions, if any, are distributed at least annually. We
automatically reinvest all dividends and any capital gains, unless you tell us
otherwise.

TAX CONSIDERATIONS

The Fund does not ordinarily pay any US federal income tax. If you are a
taxable shareholder, you and other shareholders pay taxes on the income or
capital gains earned and distributed by the Fund. Your taxes will vary from
year to year, based on the amount of capital gains distributions and dividends
paid out by your Fund. You owe the taxes whether you receive cash or choose to
have distributions and dividends reinvested. Distributions and dividends
usually have the following tax character:

<TABLE>
<CAPTION>
TRANSACTION TAX STATUS
<S> <C>
Income dividends (except Ordinary income
exempt-interest dividends)
--------------------------------------------
Short-term capital gains
distributions Ordinary income
--------------------------------------------
Long-term capital gains Long-term
distributions capital gains
--------------------------------------------
</TABLE>
Every year your Fund will send you information on the distributions for the
previous year. In addition, the sale (including a redemption or exchange) of
Fund shares is a taxable transaction for you.

<TABLE>
<CAPTION>
TRANSACTION TAX STATUS
<S> <C>
Your sale of Generally, long-term capital
shares owned gains or losses
more than
one year
-----------------------------------------------
Your sale of Generally, short-term capital
shares owned gains or losses; losses
for one year or subject to special rules
less
-----------------------------------------------
</TABLE>
The tax considerations for tax deferred accounts or non-taxable entities are
different.

Because each investor's tax circumstances are unique and because the tax laws
are subject to change, we recommend that you consult your tax advisor about
your investment.

BUYING AND SELLING FUND SHARES

Contacting the Mutual Fund Service Center of Deutsche Asset Management

<TABLE>
<S> <C>
By Phone 1-800-730-1313
By Mail Deutsche Asset Management
Service Center
P.O. Box 219210
Kansas City, MO 64121-9210
By Overnight Mail Deutsche Asset Management
Service Center
210 West 10th Street, 8th floor
Kansas City, MO 64105-1716
</TABLE>

Our representatives are available to assist you personally Monday through
Friday, 9:00 a.m. to 7:00 p.m. Eastern time each day the New York Stock
Exchange is open for business.

--------------------------------------------------------------------------------

13
<PAGE>

A Detailed Look at Total Return Bond

Minimum Account Investments

To open an account $5 million

To add to an account $1 million

Minimum account balance $1 million

Shares of the Fund may be purchased without regard to the investment minimums
by employees of Deutsche Bank AG, any of its affiliates or subsidiaries, their
spouses and minor children, and Directors or Trustees of any investment company
advised or administered by Deutsche Bank AG or any of its affiliates or
subsidiaries, their spouses and minor children. The Fund and its service
providers reserve the right to, from time to time, at their discretion, waive
or reduce the investment minimums.

How to Open Your Fund Account

By Mail Complete and sign the account application that accompanies this
prospectus. (You may obtain additional applications by calling the
Service Center.) Mail the completed application along with a check
payable to the Fund you have selected to the Service Center. The
addresses are shown under "Contacting the Mutual Fund Service
Center of Deutsche Asset Management Funds."

By Wire Call the Service Center to set up a wire account.

Please note that your account cannot become activated until we receive a
completed application via mail or fax.

Two Ways to Buy and Sell Shares in Your Account

MAIL:

Buying: Send your check, payable to the Deutsche Asset Management fund you have
selected, to the Service Center. The addresses are shown in this section under
"Contacting the Mutual Fund Service Center of Deutsche Asset Management." Be
sure to include the fund number and your account number (see your account
statement) on your check. Please note that we cannot accept starter checks or
third-party checks. If you are investing in more than one fund, make your check
payable to "Deutsche Asset Management Mutual Funds" and include your account
number, the names and numbers of the funds you have selected, and the dollar
amount or percentage you would like invested in the fund.

Selling: To sell by mail send a signed letter to the Service Center with your
name, your fund number and account number, the fund's name, and either the
number of shares you wish to sell or the dollar amount you wish to receive. You
must leave at least $1 million worth of shares in your account to keep it open.
Unless exchanging into another Deutsche Asset Management fund, you must submit
a written authorization to sell shares in a retirement account.

WIRE:

Buying: You may buy shares by wire only if your account is authorized to do so.
Please note that you or your service agent must call the Service Center at 1-
800-730-1313 to notify us in advance of a wire transfer purchase. Inform the
Service Center representative of the amount of your purchase and receive a
trade confirmation number. Instruct your bank to send payment by wire using the
wire instructions noted below. All wires must be received by 4:00 p.m. Eastern
time the next business day.

<TABLE>
<S> <C>
Routing No: 021001033
Attn: Deutsche Asset Management/
Mutual Funds
DDA No: 00-226-296
FBO: (Account name)
(Account number)
Credit: Total Return Bond--Premier
Class (1726)
</TABLE>

Refer to your account statement for the account name and number.

Selling: You may sell shares by wire only if your account is authorized to do
so. For your protection, you may not change the destination bank account over
the phone. To sell by wire, contact your service agent or the Service Center at
1-800-730-1313. Inform the Service Center representative of the amount of your
redemption and receive a trade confirmation number. The minimum redemption by
wire is $1,000. We must receive your order by 4:00 p.m. Eastern time to wire
your account the next business day.

Important Information about Buying and Selling Shares

. You may buy and sell shares of the fund through authorized service agents as
well as directly from us. The same terms and conditions apply. Specifically,
once you place your order with a service agent, it is considered received by
the Service Center. It is then your service agent's responsibility to
transmit the order to the Service Center. You should contact your service
agent if you have a dispute as to when your order was placed with the fund.
Your service agent may charge a fee for buying and selling shares for you.

--------------------------------------------------------------------------------

14
<PAGE>

A Detailed Look at Total Return Bond

. You may place orders to buy and sell over the phone by calling your service
agent or the Service Center at 1-800-730-1313. If you pay for shares by check
and the check fails to clear, or if you order shares by phone and fail to pay
for them by 4:00 p.m. Eastern time the next business day, we have the right
to cancel your order, hold you liable or charge you or your account for any
losses or fees the fund or its agents have incurred. To sell shares, you must
state whether you would like to receive the proceeds by wire or check.

. After we or your service agent receives your order, we buy or sell your
shares at the next price calculated on a day the New York Stock Exchange is
open for business.

. We accept payment for shares only in US dollars by check, bank or Federal
Funds wire transfer, or by electronic bank transfer. We do not accept starter
checks or third-party checks.

. The payment of redemption proceeds (including exchanges) for shares of the
fund recently purchased by check may be delayed for up to 15 calendar days
after purchase while we wait for your check to clear.

. We process all sales orders free of charge.

. Unless otherwise instructed, we normally mail a check for the proceeds from
the sale of your shares to your account address the next business day but no
later than seven days.

. We reserve the right to close your account on 30 days' notice if it fails to
meet minimum balance requirements for any reason other than a change in
market value.

. If you sell shares by mail or wire, you may be required to obtain a signature
guarantee. Please contact your service agent or the Service Center for more
information.

. We remit proceeds from the sale of shares in US dollars (unless the
redemption is so large it is made "in-kind").

. We do not issue share certificates.

. Selling shares of trust accounts and business or organization accounts may
require additional documentation. Please contact your service agent or the
Service Center for more information.

. During periods of heavy market activity, you may have trouble reaching the
Service Center by telephone. If this occurs, you should make your request by
mail.

. We reserve the right to reject purchases of Fund shares (including exchanges)
for any reason. We will reject purchases if we conclude that the purchaser
may be investing only for the short term or to profit from day to day
fluctuations in the Fund's share price.

. We reserve the right to reject purchases of Fund shares (including exchanges)
or to suspend or postpone redemptions at times when both the New York Stock
Exchange and the Fund's custodian are closed.

. Account Statements and Fund Reports: We or your service agent will furnish
you with a written confirmation of every transaction that affects your
account balance. You will also receive monthly statements reflecting the
balances in your account. We will send you a report every six months on your
fund's overall performance, its current holdings and its investing
strategies.

. Exchange Privilege: You can exchange all or part of your shares for shares in
another Deutsche Asset Management mutual fund up to four times a year (from
the date of the first exchange). When you exchange shares, you are selling
shares in one fund to purchase shares in another. Before buying shares
through an exchange, you should obtain a copy of that fund's prospectus and
read it carefully. You may order exchanges over the phone only if your
account is authorized to do so. You will receive a written confirmation of
each transaction from the Service Center or your service agent.

Please note the following conditions:

. The accounts between which the exchange is taking place must have the same
name, address and taxpayer ID number.

. You may make the exchange by phone if your account has the exchange by
phone feature or by letter or wire.

. If you are maintaining a taxable account, you may have to pay taxes on the
exchange.

FINANCIAL HIGHLIGHTS

The Fund does not have a full calendar year of annual operating performance to
report.
--------------------------------------------------------------------------------

15
<PAGE>

Additional information about the Fund's investments will be made available
in the Fund's annual and semi-annual reports to shareholders. In the Fund's
annual report, you will find a discussion of the market conditions and
investment strategies that significantly affected the Fund's performance
during its last fiscal year.

You can find more detailed information about the Fund in the current
Statement of Additional Information, dated October 29, 2000, which we have
filed electronically with the Securities and Exchange Commission (SEC) and
which is incorporated by reference into this Prospectus. To receive your
free copy of the Statement of Additional Information, the annual or semi-
annual report, or if you have questions about investing in the Fund, write
to us at:

Deutsche Asset Management
Service Center
P.O. Box 219210
Kansas City, MO 64121-9210
or call our toll-free number: 1-800-730-1313

You can find reports and other information about the Fund on the EDGAR
Database on the SEC website (http://www.sec.gov), or you can get copies of
this information, after payment of a duplicating fee, by electronic request
at [email protected] or by writing to the Public Reference Section of the
SEC, Washington, D.C. 20549-0102. Information about the Fund, including its
Statement of Additional Information, can be reviewed and copied at the
SEC's Public Reference Room in Washington, D.C. For information on the
Public Reference Room, call the SEC at 202-942-8090.

Total Return Bond--Premier Class CUSIP #61735K547
Morgan Grenfell Investment Trust 1726PRO (10/00)
811-8006
Distributed by:
ICC Distributors, Inc.
<PAGE>

Deutsche Asset Management

Mutual Fund
Prospectus
October 29, 2000

Institutional Class

Total Return Bond

[Like shares of all mutual funds, these securities have not been approved or
disapproved by the Securities and Exchange Commmission nor has the Securities
and Exchange Commission passed upon the accuracy or adequacy of this prospectus.
Any representation to the contrary is a criminal offense.]

A Member of the
Deutsche Bank Group [/]
<PAGE>

Overview
--------------------------------------------------------------------------------
of Total Return Bond--Institutional Class

Goal: The Fund seeks total return.

Core Strategy: The Fund invests primarily in US dollar-denominated investment
grade bonds of US and foreign issuers.

Total Return Bond--Institutional Class

Overview of Total Return Bond

A Detailed Look at Total Return Bond

<TABLE>
<S> <C>
Objective................................................................... 6
Strategy.................................................................... 6
Principal Investments....................................................... 6
Investment Process.......................................................... 7
Other Investments........................................................... 8
Prior Performance of a Similar Composite Portfolio.......................... 8
Risks....................................................................... 9
Management of the Fund...................................................... 11
Calculating the Fund's Share Price.......................................... 12
Performance Information..................................................... 13
Dividends and Distributions................................................. 13
Tax Considerations.......................................................... 13
Buying and Selling Fund Shares.............................................. 13
Financial Highlights........................................................ 15
</TABLE>
--------------------------------------------------------------------------------

3
<PAGE>

Overview of Total Return Bond

PRINCIPAL RISKS OF INVESTING IN THE FUND
An investment in the Fund could lose money, or the Fund's performance could
trail that of other investments. For example:
. An issuer's creditworthiness could decline, which in turn may cause the value
of a security in the Fund's portfolio to decline. This risk is higher for
below investment grade bonds.
. The issuer of a security owned by the Fund could default on its obligation to
pay principal and/or interest. This risk is higher for below investment grade
bonds.
. Interest rates could increase, causing the prices of fixed income securities
to decline, thereby reducing the value of the Fund's portfolio. If interest
rates increase, slower than expected principal payments may extend the
average life of fixed income securities having the effect of locking in a
below-market interest rate.
. As interest rates decline, the issuers of securities held by the Fund may
prepay principal earlier than scheduled, forcing the Fund to reinvest in
lower yielding securities. Thus, prepayment may reduce the Fund's income.
. The lower rated debt securities in which the Fund invests are considered
speculative and subject to greater volatility and risk of loss than
investment grade securities, particularly in deteriorating economic periods.
. Since the Fund is non-diversified and may invest a greater percentage of its
assets in a particular issuer than a diversified fund, the Fund may be more
susceptible to developments affecting any single issuer of portfolio
securities.
Additional risks, common to all investing, such as security selection risk,
market risk, maturity risk, liquidity risk and regulatory risk are set forth in
the "Primary Risks" section of this prospectus.
Beyond the risks common to all investing, an investment in the Fund could also
lose money or underperform alternative investments as a result of risks in the
foreign countries in which the Fund invests. These risks are more severe for
securities of issuers in emerging market countries. For example in addition to
liquidity and regulatory risk:
. adverse political, economic or social developments could undermine the value
of the Fund's investments or prevent the Fund from realizing their full
value;
. foreign accounting and financial reporting standards differ from those in the
US and could convey incomplete information when compared to information
typically provided by US companies; or
. the currency of a country in which the Fund invests may decrease in value
relative to the US dollar, which could affect the value of the investment to
US investors.

WHO SHOULD CONSIDER INVESTING IN THE FUND

Total Return Bond--Institutional Class requires a minimum investment of
$250,000. You should consider investing in the Fund if you are seeking total
return higher than US investment grade bond funds provide over most time
periods. Moreover, you should be willing to accept significantly greater short-
term fluctuation in the value of your investment than you would typically
experience investing in investment grade bond or money market funds. You should
not consider investing in Total Return Bond if you are pursuing a short-term
financial goal or if you cannot tolerate fluctuations in the value of your
investments.

4
<PAGE>

Overview of Total Return Bond

TOTAL RETURNS, AFTER FEES AND EXPENSES

The Fund does not have a full calendar year of annual operating performance to
report.

ANNUAL FUND OPERATING EXPENSES
(expenses paid from Fund assets)

The Annual Fees and Expenses table to the right describes the fees and
estimated expenses that you may pay if you buy and hold shares of Total Return
Bond--Institutional Class.

/1/The investment adviser and administrator have agreed, for the period from
October 30, 2000 to February 28, 2002, to waive their fees and reimburse
expenses so that total expenses will not exceed 0.60%.

/2/For the first year, the expense example takes into account fee waivers and
reimbursements.

ANNUAL FEES AND EXPENSES

<TABLE>
<CAPTION>
Percentage of Average
Daily Net Assets
<S> <C>
Management Fees 0.45%
---------------------------------------------------
Distribution and
Service (12b-1) Fees None
---------------------------------------------------
Other Expenses 0.37%
---------------------------------------------------
Total Annual Fund
Operating Expenses 0.82%
---------------------------------------------------
Less: Fee Waiver or
Expense Reimbursement (0.22%)/1/
---------------------------------------------------
Net Expenses 0.60%
---------------------------------------------------
</TABLE>

EXPENSE EXAMPLE/2/

<TABLE>
<CAPTION>
1 Year 3 Years
<S> <C>
$61 $240
---------------------------------------------------------------
</TABLE>
--------------------------------------------------------------------------------

5
<PAGE>

A detailed look
--------------------------------------------------------------------------------
at Total Return Bond--Institutional Class

OBJECTIVE

STRATEGY

The Fund has applied for an exemptive order with the Securities and Exchange
Commission which would permit it to invest in the Deutsche High Yield Bond fund
and the Deutsche Emerging Markets Debt fund to gain exposure to US and foreign
high yield bonds, including high yield bonds of issuers in emerging markets.
There is no assurance that such an order will be granted. The Deutsche High
Yield Bond fund invests primarily in US dollar-denominated high yield bonds of
domestic and foreign issuers. The Deutsche Emerging Markets Debt fund invests
primarily in high yield bonds of issuers located in countries with new or
emerging securities markets. The strategies, principal investments and
investment processes for the Fund's investments in high yield bonds and
emerging debt opportunities are substantially similar to those used by the High
Yield Bond fund and Emerging Markets Debt fund.

PRINCIPAL INVESTMENTS

6
<PAGE>

A Detailed Look at Total Return Bond

Fixed income investments include bonds, notes (including structured notes),
mortgage-related securities, asset-backed securities, convertible securities,
eurodollar and Yankee dollar instruments, Eurobonds, Brady Bonds (dollar-
denominated securities used to refinance foreign sovereign bank loans),
preferred stocks, performing and non-performing loans, non-convertible
preferred stocks and money market instruments. Fixed income securities may be
issued by US and foreign corporations or entities; US and foreign banks; the US
government, its agencies, authorities, instrumentalities or sponsored
enterprises; state and municipal governments; supranational organizations; and
foreign governments and their subdivisions. These securities may have all types
of interest rate payment and reset terms, including fixed rate, adjustable
rate, zero coupon, contingent, deferred, payment in-kind and auction rate
features.

At times, the Fund invests a large percentage of assets in mortgage-backed
securities, including collateralized mortgage obligations ("CMOs").