Deutsche Asset Management
Morgan Grenfell Investment Trust
Global Fixed Income Fund and International Fixed Income Fund
Institutional Class
Supplement dated June 26, 2001 (Replacing Supplement dated May 7, 2001) to
Prospectus dated February 28, 2001

BT Investment Funds
Global Equity Fund - Institutional Class
Supplement dated June 26, 2001 (Replacing Supplement dated May 7, 2001) to
Prospectus dated December 29, 2000 (As Revised February 28, 2001)

BT Institutional Funds
International Equity Fund - Institutional Class II
Supplement dated June 26, 2001 (Replacing Supplement dated May 7, 2001) to
Prospectus dated February 28, 2001

The following replaces the `Buying and Selling Fund Shares -- Minimum Account
Investments' section:

Eligibility Requirements

You may buy Institutional Shares if you are any of the following:

 .  An eligible institution (e.g., a financial institution, corporation, trust,
   estate or educational, religious or charitable institution).

 .  An employee benefit plan with assets of at least $50 million.

 .  A registered investment adviser or financial planner purchasing on behalf of
   clients and charging an asset-based or hourly fee.

 .  A client of the private banking division of Deutsche Bank AG.

 .  A Director or Trustee of any mutual fund advised or administered by Deutsche
   Asset Management, Inc. or its affiliates, or an employee of Deutsche Bank AG
   and its affiliates, or the spouse or minor child of an employee.

You may buy Institutional Shares through your securities dealer or through any
financial institution that is authorized to act as a shareholder servicing
agent.  Contact them for details on how to enter and pay for your order.  You
may also buy Institutional Shares by sending your check (along with a completed
Application Form) directly to the Fund.  Your purchase order may not be accepted
if the sale of Fund shares has been suspended or if it is determined that your
purchase would be detrimental to the interests of the Fund's shareholders.

                                                         A Member of the
                                                         Deutsche Bank Group [/]


Investment Minimums

Your initial investment must be at least $250,000.  There are no minimum
subsequent investment requirements.

The minimum initial investment is waived on:

 .  Investment advisory affiliates of Deutsche Banc Alex. Brown, Inc. or the
   Deutsche Asset Management Family of Funds purchasing shares for the accounts
   of their investment advisory clients.

 .  Defined contribution plans with assets of at least $50 million.


 .  Clients of the private banking division of Deutsche Bank AG.

 .  A Director or Trustee of any mutual fund advised or administered by Deutsche
   Asset Management, Inc. or its affiliates, or employees of Deutsche Bank AG
   and its affiliates, their spouses and minor children.

If the value of your account falls below the $250,000 minimum initial investment
amount for any reason other than a change in market value, the Fund reserves the
right to redeem your shares after giving you 30 days' notice.  The Fund and its
service providers also reserve the right to waive or modify the above
eligibility requirements and investment minimums from time to time at their
discretion.

The following supplements the `Buying and Selling Fund Shares - Important
Information about Buying and Selling Shares' section:

We do not accept starter checks, third party checks, or checks issued by credit
card companies or internet based companies.

              Please Retain This Supplement for Future Reference

SUPPGIFI (06/01)
CUSIPs: 61735K208        61735K505        055922587         055924849