Advisors Inner Circle Fund – ‘N-30D’ for 5/30/96

As of:  Thursday, 6/27/96   ·   For:  5/30/96   ·   Accession #:  935069-96-83   ·   File #:  811-06400

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Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
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Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Morgan Grenfell Semi-Annual Report                   110±   440K 

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MORGAN GRENFELL                                                                 
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INVESTMENT TRUST                                                                
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SEMI-ANNUAL REPORT                                                              
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 UNAUDITED

APRIL 30, 1996

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Dear Fellow Shareholder:                                                        

On behalf of the Board of Trustees of the Morgan Grenfell Investment Trust, I   
would like to express our appreciation for your continued support of our mutual 
funds. It remains our goal to provide a broad range of funds, each with         
specialist management teams delivering strong investment results.               

The performance for each of our funds for the six month period ended April 30,  
1996 is described in the pages that follow. This period was very challenging for
fixed income investments as interest rates rose in the U.S. and abroad during   
this time. Our domestic and international funds performed well in this difficult
environment, generally adding value relative to their benchmark indices.        

Investment opportunities were attractive in the U.S. and international equity   
markets, particularly the smaller capitalization sectors. Both the emerging debt
and equity markets were also rewarding during this period.                      

Total aggregate assets in our funds grew to over $1.3 billion. We continue to   
search for ways to further enhance our shareholders' value by offering new funds
to provide greater flexibility and diversification. Again, thank you for your   
support and trust.                                                              

Sincerely,                                                                      

/s/  JAMES E. MINNICK                                                           

James E. Minnick                                                                
President,                                                                      
Morgan Grenfell Investment Trust                                                

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TABLE OF CONTENTS                                                               
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND                                    
PERFORMANCE................................  5                            
SCHEDULE OF INVESTMENTS....................... 12                               
STATEMENT OF ASSETS AND LIABILITIES........... 44                               
STATEMENT OF OPERATIONS....................... 46                               
STATEMENT OF CHANGES IN NET ASSETS............ 48                               
FINANCIAL HIGHLIGHTS.......................... 51                               
NOTES TO FINANCIAL STATEMENTS................. 53                               

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE                        
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MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

MUNICIPAL BOND FUND                                                             

Since the Fund's inception in December 1991, we have sought to provide
shareholders with a high level of federally tax exempt income consistent with   
the preservation of capital, without investing exclusively in long term bonds in
order to obtain that high level of income. We have focused on purchasing issues 
with intermediate maturities and early retirement features, such as sinking     
funds and prepayment bond calls.                                                
    Over the last six months, bond prices have declined due to rising interest
rates. Nevertheless, the Fund was able to generate a positive total investment  
return, as the income received exceeded the decline in principal value. For the 
six month period ended April 30, 1996, the Morgan Grenfell Municipal Bond Fund  
provided a total return of 2.42%. For comparison, the Lehman Brothers seven year
General Obligations Bond Index posted a return of 1.14% over the same period.   
     We believe that bonds with sinking fund retirements and mortgage prepayment
calls continue to offer attractive opportunities.                               

FIXED INCOME FUND                                                               

 Since the Fund's inception in September 1992, we have sought to provide
shareholders with a high level of income consistent with the preservation of    
capital. U.S. Treasury, corporate, mortgage backed, taxable municipal and tax   
exempt municipal bonds are all analyzed for possible inclusion in the portfolio.
Relative value assessments are based on relative credit worthiness and cash flow
structure to price. Industry and sector weightings are subordinated to the      
evaluation of individual bonds.                                                 
  For the six month period ended April 30, 1996, the Morgan Grenfell Fixed
Income Fund provided a total return of 0.78%. For comparison, the Lehman        
Brothers Aggregate Bond Index posted a return of 0.52% over the same period.    
During the period, interest rates rose as the U.S. economy slowed. Yields of    
five-year U.S. Treasury Notes rose from 5.8% to 6.4% causing bond prices to     
fall.                                                                           
  The credit quality of the portfolio was strong with 62% of the portfolio
rated AAA and 72% AA or better. We continue to exercise caution in the corporate
and mortgage-backed sectors, having been concerned about a lack of supply       
causing the yield spreads over the U.S. Treasury bonds to be too narrow.        

SHORT-TERM                                                                      
MUNICIPAL BOND FUND                                                             

   The Morgan Grenfell Short-Term Municipal Bond Fund was opened on March 6,
1995. Since that time, we have acquired a diversified portfolio of short-term   
municipal securities with a very short duration. Over the last six months, the  
Fund generated a total return of 2.47%. For comparison, the IBC/Donoghue Total  
Tax-Free Average posted a return of 1.54% over the same period. This return was 
achieved by investing in bonds providing a high level of tax-free income, with  
limited price volatility due to their short durations.                          

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE                        
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MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

SHORT-TERM                                                                      
FIXED INCOME FUND                                                               

  The Morgan Grenfell Short-Term Fixed Income Fund was opened on March 13,
1995. In the brief period the Fund has been publicly offering its shares, we    
have been purchasing short-term investment grade securities. Over the last six  
months, the Fund generated a total return of 2.56%. For comparison, the Merrill 
Lynch 182 Day Treasury Index posted a return of 2.68% over the same period. This
return was achieved by investing in short-term bonds providing a high level of  
income, with limited price volatility due to their short durations.             

SMALLER COMPANIES FUND                                                          

   The Smaller Companies Fund had net assets of $3.8 million as of April 30,
1996. The investment objective of this Fund is to maximize capital appreciation 
by investing in equity securities of small capitalization companies located     
primarily in the United States. Small companies are defined as those companies  
ranked according to market capitalization in the bottom 20% of the Wilshire 5000
Index.                                                                          
    For the six months ending April 30, 1996 the Fund was up 24.01% versus the
S&P Small Cap 600 Index which gained 18.11%. The Fund achieved gains virtually  
across all economic sectors.                                                    
  The Smaller Companies Fund utilizes a team approach with three portfolio
managers/ analysts researching the universe for the best investment ideas. This 
process allows for expertise across all economic sectors thus optimizing the    
research function and enabling a system of control. Along with research and     
portfolio management, the team includes a specialized small company trading     
capability to maximize our execution strategy.                                  
Since the beginning of February, small-cap stocks have provided stock 
market leadership relative to large-cap stocks, i.e. the S&P Small Cap 600 Index
gained almost 10% by April 30th vs. a modest decline by the S&P 500. This shift 
in leadership is expected to continue as investors focus on the superior growth 
prospects of many U.S. smaller companies.                                       
   The structure of the U.S. economy, with its high level of entrepreneurial
activity and venture capital backing, is expected to continue to provide        
investors with many attractive investment opportunities as early stage private  
companies transition to public ownership.                                       

INTERNATIONAL EQUITY FUND                                                       

    The International Equity Fund commenced operations on May 15, 1995 and had
total net assets of $3.4 million as of April 30, 1996.                          
The Fund's investment objective is to maximize capital appreciation by
investing in equity securities of companies located in countries other than the 
United States. In general, the Fund invests in medium to large capitalization   
companies, many of them household names.                                        
     In the period October 31, 1995 to April 30, 1996, the six months covered by
this report, the Fund has returned 13.84%. During this period, most major world 
stock markets have performed strongly and the Fund's benchmark (Morgan Stanley  
EAFE Index) has returned 13.09%. The most notable exception to this has been the
United Kingdom which returned 5.98%. Concerns have grown that with economic     
activity picking up, the risks for                                              

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increasing interest rates and inflation are growing. Additionally, investors are
starting to discount the negative market impact that a change in political party
is likely to have if Labor Party wins the next general election.                
   In Continental Europe, the emphasis on the peripheral markets, especially
Scandinavia, has been moderated. Investment has been increased in France and    
Germany, primarily in consumer related industries and in Holland where the      
preference is for quality "Blue Chip" names. Economies in the DM Bloc have been 
particularly weak, exacerbated by their desire to meet the Maastricht criteria  
for European Union. The weak economic data in Germany has allowed the Bundesbank
to cut rates to extremely low levels, and this could result in a stronger       
economy later in the year.                                                      
 The investment markets of the Pacific-basin ex Japan have been volatile
during the period under review. This has largely been as a result of the        
heightened tension between China and Taiwan and concerns over investment in the 
region. However, markets have performed strongly reflecting the attractive      
earnings growth for the region (15%) and historically attractive PE multiples.  
We remain overweight in these markets despite short term concerns related to the
forthcoming Most Favoured Nation status renegotiation between the U.S. and      
China.                                                                          
In Japan the market has performed strongly after the weakness of the  
previous six months. Action has been taken to stimulate the economy, evidenced  
by the strong liquidity injections into the financial system (interest rates are
effectively zero). This has led to increasing signs that the Japanese economy   
appears to be recovering decisively from its deepest post-war slump. Encouraging
consumer spending data and a firm upward trend in industrial production are     
feeding through to a strong recovery in corporate earnings.                     
International equity markets, while more volatile, have continued to  
perform well. However, bond markets have generally produced negative returns in 
early 1996 as they have become concerned that world economic activity is        
accelerating and that inflation risks and short term interest rates will be     
rising in 1997. We believe that economic growth will remain modest in 1996 and  
there is still plenty of spare industrial capacity around the world. It is      
probably premature to become too concerned about rising inflation which should  
remain low at least in the early stages of economic recovery. Within the major  
equity markets we believe that the most attractive investment opportunities are 
in the Far East, particularly Japan, which should benefit now that the economy  
is finally set to recover.                                                      

INTERNATIONAL SMALL                                                             
CAP EQUITY FUND                                                                 

    The International Small Cap Equity Fund commenced operations on January 3,
1994 and had total assets of $128.1 million as of April 30, 1996.               
   The investment objective of this Fund is to maximize capital appreciation
by investing primarily in equity securities of small capitalization companies   
located in countries other than the United States. Small capitalization         
companies are defined as those issuers ranked according to market capitalization
in the bottom 20% of the issuers listed on a stock exchange, and companies      
listed on a secondary market or over-the-counter market.                        

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE                        
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MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

  International small cap equities in general continued to underperform in
the first two months of the period under review. This extended to 20 months the 
period of small cap underperformance. This performance reflected poor investment
sentiment rather than investment fundamentals.                                  
However, in the four month period ended April 1996, performance and   
sentiment improved and the asset class outperformed larger cap stocks. Relative 
performance was boosted by reductions in interest rates which have increased    
expectations for growth, especially in Continental Europe. Small capitalization 
stocks, which are highly geared to changes in expectations of economic growth   
rates, have performed accordingly. The Japanese economy is expected to recover  
and this has helped sentiment in that country. Investors have started to        
reassess the prospects for the asset class though we expect this process to go  
further in the rest of the year.                                                
   The Fund underperformed its benchmark (Natwest Markets Euro/Pacific Small
Cap Index) 15.09% to 18.57% for the six month period ended April 30, 1996. Stock
selection and cash/liquidity management were negative while currency management 
was positive and country allocation neutral. Stock selection was strong in      
Continental Europe and the UK but weak in Japan. Our currency hedging strategy  
out of yen and into U.S. dollars also contributed significantly as the yen      
weakened in the period. We maintained a hedge on 30% of the Fund's Yen assets   
until February when the hedge was halved to 15% where it remained until the end 
of April. In May, the hedge was removed since we took the view that the risks of
further yen weakness against the U.S. dollar had diminished.                    

EUROPEAN SMALL CAP EQUITY FUND                                                  

     The European Small Cap Equity Fund commenced operations on November 1, 1994
and had total net assets of $11.2 million as of April 30, 1996.                 
    The objective of the Fund is to maximize capital appreciation by investing
primarily in equity securities of small capitalization companies located in     
Europe. Small capitalization companies are defined as those issuers, ranked     
according to market capitalization in the bottom 20% of the companies listed on 
a European stock exchange, and any stock listed on a secondary market or        
over-the-counter market.                                                        
     The Fund outperformed its benchmark (the Natwest Markets European Small Cap
Index) 13.57% to 11.84% for the six-month period ended April 30, 1996. Both the 
UK and continental Europe contributed to outperformance, with a dull two month  
period at the end of 1995 being outweighed by a very strong first four months of
1996. Performance has been driven by growth stocks as investors sought companies
with secular growth opportunities.                                              
 In the first half of the year there has been some strong outperformance
from small caps relative to their large cap counterparts as investors recognize 
their attractiveness relative growth rates and valuations. Relative performance 
has also been boosted by reductions in interest rates which have increased      
expectations for growth, especially in Continental Europe. Small capitalization 
stocks, which are highly geared to changes in expectations of economic growth   
rates, have performed accordingly.                                              
Given the positive economic background, we believe that the risk of   
investing in the small                                                          

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cap sector remains low. European small cap valuations are still very attractive,
particularly in Continental Europe where they trade at a discount to large cap  
stocks with expected relative growth rates at a 14% premium to large cap stocks.
The markets remain inefficient, especially in Continental Europe, with plenty of
opportunities to purchase high growth companies on low price/earnings. It       
remains our strategy to invest in growth companies where the growth rate, in our
view, is not fully reflected in the share price.                                

EMERGING MARKETS                                                                
EQUITY FUND                                                                     

 The inception date for the Emerging Markets Equity Fund was February 2,
1994. On April 30, 1996, the Fund has net assets of $100.6 million.             
     The investment objective of the Fund is to maximize capital appreciation by
investing primarily in equity securities of issuers located in countries which  
have yet to reach the level of maturity associated with developed markets.      
  During the six month period ended April 30, 1996, the Fund's performance
was 12.02% versus the benchmark performance of 16.50% (the Fund's benchmark is  
the Barings Emerging Markets Index).                                            
    The period was marked by a sharp turnaround in sentiment to the developing
markets, which generally performed poorly in 1995 following the devaluation of  
the Mexican Peso. Low valuations in many emerging markets led to a reappraisal  
in late 1995; early 1996 and has seen a steady flow of funds into many markets, 
particularly the poorest performers from 1995 including Latin America and the   
Indian sub-continent. The South African market has pulled back from its highest 
levels on the appointment of a new finance minister and remains virtually       
unchanged in U.S. dollar denominated index terms over the period.               
     1995 was a year of challenge for Latin America in particular; by taking the
economically correct course of deflation (rather than allowing inflation to take
hold) in the face of capital flight, despite the short term political cost, it  
appears that the longer term outcome will be increased confidence in investment 
in the region. The case for diversification of pension fund assets into emerging
markets remains based around the superior growth rates from those countries.    

GLOBAL FIXED INCOME FUND                                                        

  The Global Fixed Income Fund commenced operations on January 3, 1994 and
had total net assets of $156.6 million as of April 30, 1996.                    
The investment objective of this Fund is to maximize total return,    
emphasizing current income while providing opportunities for capital growth     
consistent with reasonable risks. The Fund invests primarily in high grade debt 
obligations of the U.S. and foreign governments and their agencies, obligations 
of international and supranational entities, and high grade fixed income        
obligations of U.S. and foreign corporate issuers. The Fund uses currency       
hedging techniques as a means of protecting the U.S. dollar value of foreign    
assets.                                                                         
 The total return for the six month period ended April 30, 1996 is 0.73%
compared with (0.12%) for the Fund's benchmark (the Salomon World Government    
Bond Index, Unhedged, U.S.).                                                    

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FUND PERFORMANCE                        
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MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

   In February, the year-long rally in global bond markets ended as evidence
of stronger than expected growth in the U.S. led to a revision of expectations  
about the monetary policy of the Federal Reserve. Having previously expected    
further easing of monetary policy, bond market investors now expect an increase 
in Fed Funds before the end of the year, and U.S. bond yields have risen        
accordingly. Although all global bond markets have experienced rising yields in 
the wake of the U.S. move, European bond markets have outperformed as economic  
growth and inflation have remained subdued throughout Europe. Improving         
prospects for European Monetary Union ("EMU") beginning on time in 1999 have    
caused the value of European markets to rise relative to Germany. The likelihood
that slow growth and progress towards EMU will continue means that the Fund is  
significantly overweight in European markets relative to the U.S., particularly 
in the high yielding markets of Italy and Sweden. We have maintained an         
underweight position in the Japanese bond markets, as evidence of stronger      
growth makes the market vulnerable to a sell-off from current low yields.       
 Developments in the currency markets at the beginning of 1996 have been
less dramatic than those which occurred in 1995. We have maintained an          
overweight U.S. dollar position against the Japanese Yen and the Deutschemark,  
as we expect continued gradual appreciation against these currencies.           

INTERNATIONAL                                                                   
FIXED INCOME FUND                                                               

    The International Fixed Income Fund commenced operations on March 15, 1994
and had total net assets of $31.0 million as of April 30, 1996.                 
   The Fund's objective is identical to that of the Global Fixed Income Fund
except the International Fixed Income Fund does not invest in U.S. dollar       
denominated bonds. The Fund uses currency hedging techniques as a means of      
protecting the U.S. dollar value of foreign assets.                             
   The Fund returned 0.87% for the six months ended April 30, 1996, compared
to (0.16%) for the Fund's benchmark (the Salomon World Government Bond Index,   
Non-U.S. Unhedged).                                                             
    In Europe, we believe the continuation of slow economic growth and subdued
inflation will lead to further interest rate reductions and outperformance by   
the high yielding European markets. The Fund is, therefore, overweight in the   
Italian, Swedish and Danish markets. Spread tightening relative to Germany will 
also be helped by continued positive sentiment with regard to progress towards  
EMU.                                                                            
    The Fund's underweight position in Japan reflects our belief that Japanese
bond yields will rise as stronger economic growth makes domestic equities a more
attractive investment alternative for Japanese investors.                       

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EMERGING MARKETS                                                                
DEBT FUND                                                                       

   The Emerging Markets Debt Fund commenced operations on August 4, 1994 and
had total net assets of $66.3 million as of April 30, 1996.                     
     The investment objective of this Fund is to maximize total return. The Fund
invests primarily in fixed income securities of issuers located in countries    
with emerging securities markets.                                               
   The total return for the six month period ended April 30, 1996 was 20.08%
against 21.33% for the Fund's benchmark (the JP Morgan Emerging Markets Bond    
Index Plus).                                                                    
   Emerging markets withstood the falling Treasury market to register strong
returns as the process of structural reform continued throughout Latin America  
and the region began to recover from recession. The Fund's largest positions are
in Argentina and Brazil. The top performing market in the first quarter was     
Poland, which benefited from upgrades in its credit rating by both S&P and      
Moody's to become an investment grade credit.                                   
   Over the next six months, improving credit fundamentals could cause Brady
Bond prices to continue to rise from the present, relatively low levels. Some of
the most attractive investment opportunities are felt to be in the smaller, more
illiquid, markets such as Panama, where the exchange of non-performing loans    
into Brady Bonds should be completed in June, and Russia, where an election     
victory for President Yeltsin would signal progress towards more economic       
reform. The Fund is overweight in both these markets.                           

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SCHEDULE OF INVESTMENTS                                                         
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MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

MUNICIPAL BOND FUND                                                             
-----------------------------------------------------------------               
                          FACE AMOUNT MARKET VALUE
DESCRIPTION                                 (000)       (000)                   
-----------------------------------------------------------------               
MUNICIPAL BONDS -- 98.9%                                                        
ALABAMA -- 3.7%                                                                 
Mobile, Certificate of Participation,                                     
Affordable Housing                                                    
6.000%, 02/01/98                      $  275    $  274              
6.200%, 02/01/99                         350       349              
6.300%, 02/01/00                         400       397              
6.750%, 02/01/04                       4,950     4,900              
State Housing Finance Authority,                                          
Multi-Family Housing, Club                                            
Apartments, Series 1, RB                                              
5.650%, 06/01/08                       2,500     2,488              
                                  ------
                                   8,408
                                  ------
ARKANSAS -- 3.8%                                                                
Drew County, Public Facilities                                            
Board, Single Family Mortgage,                                        
Series A-2, RB, FNMA                                                  
7.900%, 08/01/11                         453       481              
Fayetteville, Public Facilities Board,                                    
Single Family Mortgage, RB                                            
7.250%, 04/01/11                       1,440     1,578              
Little Rock, Capital Improvement,                                         
Series 1995A, RB                                                      
5.950%, 02/01/12                         680       685              
Lonoke County, Residential                                                
Housing, Single Family                                                
Mortgage, Series 1993 B, RB                                           
7.375%, 04/01/11                         356       363              
Mississippi County, Public                                                
Facilities Board, Mortgage,                                           
Series 1, RB                                                          
7.200%, 07/15/10                       1,000     1,095              
North Little Rock, Residential                                            
Housing Facilities, Series                                            
1991-1, RB                                                            
0.000%, 12/01/10 (A)                   7,765     3,019              
Saline County, Residential Housing                                        
Facilities, Single Family                                             
Mortgage, RB                                                          
7.875%, 03/01/11                         955     1,009              
Stuttgart, Public Facilities Board,                                       
Single Family Mortgage,                                               
Series B, RB                                                          
7.750%, 09/01/11                         318       329              
                                  ------
                                   8,559
                                  ------
CALIFORNIA -- 4.9%                                                              
Los Angeles, Community                                                    
Redevelopment Agency,                                                 
Angelus Plaza Project,                                                
Series A, RB, FNMA                                                    
7.400%, 06/15/10                       1,000     1,079              

-----------------------------------------------------------------               
                          FACE AMOUNT MARKET VALUE
DESCRIPTION                                 (000)       (000)                   
-----------------------------------------------------------------               
Los Angeles, Community                                                    
Redevelopment Agency,                                                 
Monterey Hills Project B, RB                                          
8.650%, 12/01/22                     $  330     $   363             
Los Angeles, Multi-Family                                                 
Housing, Earthquake                                                   
Rehabilitation Projects,                                              
Series B, RB, FNMA AMT                                                
5.850%, 12/01/07 (B)                  4,250       4,260             
Napa, Housing Facility, Napa Park                                         
Apartments, Series A, RB, GNMA                                        
7.500%, 06/20/00                        542         550             
Pleasant Hill, Multi-Family                                               
Housing, Ellinwood Apartments                                         
Project, Series A, RB, FNMA                                           
5.300%, 10/01/05 (B)                  3,165       3,161             
Sacramento County, Multi-Family                                           
Housing, Fairway II                                                   
Apartments, RB, FNMA                                                  
5.350%, 08/01/05 (B)                  1,000         999             
Santa Clara County, Housing                                               
Authority, RB, GNMA                                                   
7.500%, 06/20/00                        660         660             
                                   -------
                                    11,072
                                   -------
COLORADO -- 1.7%                                                                
Commerce City, Single Family                                              
Mortgage, Series A, RB,                                               
6.875%, 03/01/12                        665         688             
Logan County, Single Family                                               
Mortgage, Series A, RB,                                               
8.500%, 11/01/11                        365         373             
Vail, Single Family Mortgage,                                             
Series 1992 A, RB                                                     
8.125%, 06/01/10                        535         556             
Westminster, Multi-Family                                                 
Housing, Semper Village                                               
Apartments, RB, AXA                                                   
5.950%, 09/01/06 (B)                  2,225       2,267             
                                   -------
                                     3,884
                                   -------
DELAWARE -- 2.6%                                                                
New Castle County, Single                                                 
Family Mortgage, RB                                                   
10.250%, 11/01/05                        360         382              
Seaford, Economic Development                                             
Authority, Seaford Association                                        
Project, RB                                                           
6.375%, 01/01/04                      2,800       2,733             
State Economic Development                                                
Authority, Wilmington Friends                                         
School Project, RB                                                    
6.300%, 07/01/99                         50          50             

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                   FACE AMOUNT    MARKET VALUE
DESCRIPTION                            (000)           (000)                    
---------------------------------------------------------------                 
6.300%, 07/01/00                 $  50         $  50                
6.300%, 07/01/01                    55            55                
6.300%, 07/01/02                    60            60                
6.300%, 07/01/03                    60            60                
6.300%, 07/01/04                    65            65                
6.300%, 07/01/05                    70            70                
6.300%, 07/01/06                    75            74                
6.300%, 07/01/07                    80            79                
6.300%, 07/01/08                    85            84                
6.300%, 07/01/09                    90            89                
6.300%, 07/01/10                    95            94                
6.300%, 07/01/11                   100            99                
6.300%, 07/01/12                   110           109                
6.300%, 07/01/13                   115           114                
State Housing Authority, Single                                           
Family Mortgage                                                       
8.750%, 06/01/17                   830           848                
Sussex County, Economic                                                   
Development, Gateway                                                  
Partnership VI Project A, RB (LOC)                                    
7.850%, 05/01/97 (B)               495           495                
                              ------
                               5,610
                              ------
FLORIDA -- 4.0%                                                                 
Dade County, Certificate of                                               
Participation, Government                                             
Leasing Corporation, Series B                                         
8.500%, 04/01/07                    45            44                
Dade County, Certificate of                                               
Participation, Government                                             
Leasing Corporation, Series C                                         
9.000%, 04/01/20                   300           288                
Dunedin, Health Facility Authority,                                       
Mease Hospital Incorporated,                                          
RB, ETM                                                               
7.600%, 10/01/08                   300           336                
Fernando Apartments, Elderly                                              
Housing, Section 8 Assistance, RB                                     
9.750%, 10/01/11                   778           815                
Miami Beach, Housing Authority,                                           
Elderly Housing, Section 8 1995, RB                                   
6.625%, 01/15/09                 1,200         1,220                
Miramar, Water Improvement                                                
Assessment, RB, FGIC                                                  
5.125%, 10/01/20                 6,385         6,273                
State Housing Finance Authority,                                          
Home Ownership Mortgage,                                              
Series 1987 G2, RB, GNMA, AMT                                         
8.595%, 11/01/18                    40            40                
                              ------
                               9,016
                              ------

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
GEORGIA -- 3.8%                                                                 
Atlanta, Housing Development                                              
Corporation, Bedford Tower                                            
Section 8-A, RB, HUD, FHA                                             
6.350%, 01/01/23                $  795        $  804                
Augusta, Housing Rehabilitation                                           
Agency, Bon Air Project,                                              
Series C, RB                                                          
7.000%, 09/01/05                 1,000         1,067                
Dekalb County, Housing Authority,                                         
Macon Apartments, RB                                                  
6.400%, 05/01/05                   785           797                
Fulton County, Housing Authority,                                         
Single Family Mortgage, RB,                                           
GNMA, AMT                                                             
6.200%, 03/01/13                 2,180         2,177                
Marietta, Housing Authority,                                              
Multi-Family, Ridge Pointe                                            
Apartments, Series A, RB,                                             
FNMA                                                                  
5.700%, 06/01/05 (B)             1,475         1,499                
Marietta, Housing Authority,                                              
Multi-Family, Series A, RB,                                           
New England Mutual Life                                               
Guaranty                                                              
6.000%, 06/01/01 (B)             1,000         1,023                
Saint Mary's, Housing Authority,                                          
Multi-Family, Cumberland Oaks                                         
Apartments, Series A, RB                                              
FNMA                                                                  
7.250%, 09/01/05                   670           705                
Saint Mary's, Housing Authority,                                          
Multi-Family, Pines Apartments,                                       
Series C, RB, FNMA                                                    
7.250%, 10/01/05                   295           309                
State Residential Finance Housing,                                        
Series A, RB, AMT                                                     
6.750%, 06/01/16                   175           178                
                              ------
                               8,559
                              ------
HAWAII -- 0.2%                                                                  
Honolulu, Housing Authority,                                              
Multi-Family, Waipahu Towers                                          
Project, Series A, RB, GNMA, AMT                                      
6.900%, 06/20/05                   395           408                
                              ------
IDAHO -- 0.4%                                                                   
State Housing Agency, Single                                              
Family Mortgage, Series F,                                            
RB, AMT                                                               
5.800%, 07/01/07                 1,000         1,003                
                              ------

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SCHEDULE OF INVESTMENTS                                                         
================================================================================
MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

MUNICIPAL BOND FUND                                                             

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
ILLINOIS -- 11.3%                                                               
Alton, Hospital Facilities, Alton                                         
Memorial Hospital Project,                                            
RB, ETM                                                               
7.000%, 07/01/05               $   385        $  414                
Bolingbrook, Hospital Authority,                                          
Hinsdale & Sanitarium Hospital                                        
Project, RB, ETM                                                      
7.250%, 08/01/08                 1,070         1,180                
Bolingbrook, Mortgage, Capital                                            
Appreciation Series 1, RB                                             
0.000%, 01/01/11(A)             11,340         4,054                
Des Plains, Hospital Facilities,                                          
Holy Family Hospital Project,                                         
RB, ETM, FGIC                                                         
7.000%, 01/01/07                   105           110                
7.000%, 01/01/07                   220           239                
Des Plains, Hospital Facilities,                                          
Holy Family Hospital Project,                                         
RB, ETM, MBIA                                                         
7.000%, 01/01/07                   110           116                
Development Finance Authority,                                            
Catholic Health, Series A, RB,                                        
Connie Lee Insured                                                    
5.150%, 02/15/06                 1,010           985                
Development Finance Authority,                                            
Debt Restructure, East Saint                                          
Louis, RB, Moral Obligation                                           
6.050%, 11/15/99                   325           333                
Development Finance Authority,                                            
Debt Restructure, East Saint                                          
Louis, RB, Moral Obligation                                           
6.875%, 11/15/05                   875           917                
Development Finance Authority,                                            
Fund For Child Care Facilities                                        
Project, Series A, RB                                                 
7.400%, 09/01/04                 2,800         3,027                
Development Finance Authority,                                            
Industrial Development, Orleans                                       
Place Project, Series A, RB, Asset                                    
Guaranty, AMT                                                         
5.000%, 11/01/00                 1,300         1,282                
Health Facilities Authority,                                              
Lutheran Social Services, RB                                          
6.125%, 08/15/10                 1,100         1,008                
6.125%, 08/15/20                 3,500         3,084                
Health Facilities Authority, Mercy                                        
Health Center, RB, ETM                                                
7.100%, 06/01/09                   635           698                
7.500%, 09/01/09                   300           334                
Health Facilities Authority, Mercy                                        
Hospital & Medical Center,                                            
RB, ETM                                                               
10.000%, 01/01/15                 2,150         2,843                 

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
Health Facilities Authority,                                              
Sydney R. Forkosh Memorial                                            
Hospital, Pre-refunded @ 100, RB                                      
7.000%, 07/01/02                $  210       $   227                
McHenry, Industrial Development                                           
Authority, Chroma Project,                                            
Series 1994A, RB (LOC)                                                
5.250%, 01/01/04 (C)               200           194                
Quincy, Single Family Mortgage, RB                                        
6.875%, 03/01/10                   790           814                
Village of Buffalo Grove, Economic                                        
Development Project, Country                                          
Line Partners, RB                                                     
5.450%, 08/15/02                 1,940         1,938                
Village of Graylake, Multi-Family                                         
Housing, Country Squire Village                                       
Apartments, Series A, RB, FHA                                         
6.000%, 06/01/05                 1,420         1,434                
Western Illinois University, RB, ETM                                      
7.400%, 04/01/09                   125           138                
                             -------
                              25,369
                             -------
INDIANA -- 1.7%                                                                 
Indianapolis, Economic                                                    
Development, Knob in the                                              
Woods Project, RB, FNMA AMT                                           
6.375%, 10/01/04, (B)            3,520         3,797                
                             -------
IOWA -- 0.8%                                                                    
Davenport, Hospital Facility,                                             
RB, ETM                                                               
7.200%, 07/01/09                   100           109                
State Finance Authority, Small                                            
Business Development, Terrance                                        
Center Association, L.P. Project,                                     
RB, Guaranty Agreement with                                           
Central Life  Assurance Company                                       
7.500%, 03/01/22                 1,550         1,705                
                             -------
                               1,814
                             -------
KANSAS -- 0.8%                                                                  
Johnson County, Single Family                                             
Mortgage, RB                                                          
5.625%, 05/01/02                   130           132                
Labette and Cowley Counties,                                              
Single Family Mortgage,                                               
Series A, RB                                                          
9.500%, 04/01/13                   180           192                
Reno County, Single Family                                                
Mortgage Revenue Refunding                                            
Bond, Series B                                                        
8.700%, 09/01/11                   455           486                
Saline County, Single Family                                              
Mortgage, Series A, RB                                                
9.500%, 10/01/11                   345           362                

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--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
Wichita, Hospital, RB, ETM                                                
7.000%, 03/01/06                $  250        $  269                
Wichita, Single Family Mortgage,                                          
Series A, RB                                                          
7.100%, 09/01/09                   360           372                
                              ------
                               1,813
                              ------
KENTUCKY -- 0.2%                                                                
Greater Kentucky Housing                                                  
Assistance Corporation,                                               
Section 8 Assisted, Project A,                                        
RB, MBIA, FHA                                                         
7.625%, 01/01/25                   430           446                
                              ------
LOUSIANA -- 6.0%                                                                
Housing Finance Authority,                                                
Single Family                                                         
Housing, RB, GNMA, AMT                                                
8.050%, 11/01/14                   470           483                
Iberia, Single Family Mortgage, RB                                        
7.375%, 01/01/11                 1,105         1,188                
Public Facilities Authority,                                              
Hospital, Southern Baptist                                            
Hospital, RB, ETM                                                     
8.000%, 05/15/12                   190           221                
Public Facilities Authority,                                              
Multi-Family Housing, Beau                                            
Terre Project, RB, FNMA                                               
5.800%, 06/01/05 (B)               750           752                
Public Facilities Authority,                                              
Multi-Family Housing, Carlyle                                         
Apartments, RB, AXA                                                   
5.950%, 06/15/05 (B)             1,440         1,489                
Public Facilities Authority,                                              
Multi-Family Housing,                                                 
Edgewood Apartments, RB,                                              
FNMA                                                                  
5.800%, 06/01/05 (B)             5,650         5,664                
Public Facilities Authority,                                              
Multi-Family Housing, Oakleigh                                        
Apartment Project, RB, AXA                                            
5.850%, 03/15/04                   315           324                
5.750%, 03/15/03                   295           303                
5.950%, 03/15/05                   330           339                
Public Facilities Authority,                                              
Multi-Family Housing, River                                           
View, RB, CONN                                                        
6.000%, 07/01/97 (B)               940           942                
Public Facilities Authority, Single                                       
Family Mortgage, Series A, RB                                         
7.375%, 10/01/12                   710           710                
Public Facilities Authority, Single                                       
Family Mortgage, Series C, RB                                         
8.450%, 12/01/12                   895           943                
                             -------
                              13,358
                             -------

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
MAINE -- 0.1%                                                                   
State Housing Authority, Series B,                                        
RB, AMT                                                               
8.400%, 11/15/07                $  300        $  309                
                              ------
MARYLAND -- 1.8%                                                                
Cecil County, Economic                                                    
Development, Northeast Plaza                                          
Association, Series A, RB                                             
6.875%, 01/15/08                 1,760         1,868                
Cecil County, Economic                                                    
Development, Northeast Plaza                                          
Association, Series B, RB                                             
6.875%, 01/15/10                   525           556                
Frederick County, Economic                                                
Development, Mortgage                                                 
Revenue Refunding Bond,                                               
Series A, RB, FHA                                                     
5.900%, 02/01/05                   380           380                
Prince George's County,                                                   
Multi-Family Mortgage,                                                
Emerson House Project,                                                
Series A, RB                                                          
6.400%, 10/15/05                 1,200         1,233                
                              ------
                               4,037
                              ------
MICHIGAN -- 0.7%                                                                
Detroit, Water Supply Systems,                                            
RB, ETM                                                               
8.875%, 01/01/05                   195           227                
Petoskey, Hospital Finance                                                
Authority, RB, ETM                                                    
6.700%, 03/01/07                   345           368                
State Hospital Finance Authority,                                         
St. Joseph Mercy Hospital                                             
Project, RB, ETM                                                      
7.000%, 07/01/05                   175           189                
State Hospital Finance Authority,                                         
St. Lawrence Hospital Project,                                        
RB, ETM                                                               
7.500%, 05/01/07                   625           695                
                              ------
                               1,479
                              ------
MINNESOTA -- 0.4%                                                               
Cambridge, Mortgage Revenue,                                              
Health Care Center, Series A,                                         
RB, GNMA, FHA                                                         
5.400%, 11/20/05                   695           689                
Dakota County, Housing &                                                  
Redevelopment Authority, Single                                       
Family Mortgage, RB, FNMA,                                            
GNMA                                                                  
5.750%, 10/01/04                   150           149                

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SCHEDULE OF INVESTMENTS                                                         
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MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

MUNICIPAL BOND FUND                                                             

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
Dakota County, Housing &                                                  
Redevelopment Authority, Single                                       
Family Mortgage, RB, FNMA,                                            
GNMA, AMT                                                             
5.550%, 10/01/02                $  130        $  130                
                              ------
                                 968
                              ------
MISSISSIPPI -- 2.6%                                                             
Mississippi Home Corporation,                                             
Residual Capital Appreciation,                                        
Series 1992-I, RB                                                     
0.000%, 09/15/16 (A)            21,100         5,011                
Mississippi Home Corporation,                                             
Single Family, Mortgage Access                                        
Program, Series 1994 A, RB,                                           
GNMA, AMT                                                             
5.000%, 06/01/04                   815           810                
                              ------
                               5,821
                              ------
MISSOURI -- 3.4%                                                                
Kansas City, Industrial Development                                       
Authority, Multi-Family Housing,                                      
Coves North Duplexes, RB, FNMA                                        
5.600%, 09/01/05 (B)             2,780         2,804                
Saint Louis County, Convention and                                        
Sports Center, Series B, RB, FHA                                      
6.500%, 08/15/01                   775           823                
Saint Louis, Housing Finance                                              
Corporation, Kendelwood                                               
Section 8, Series B, RB, FHA                                          
6.250%, 08/15/15                 1,845         1,790                
6.500%, 08/15/22                 2,210         2,149                
                              ------
                               7,566
                              ------
MONTANA -- 0.2%                                                                 
Missoula County,                                                          
Community Hospital, RB                                                
ETM, AMBAC                                                            
7.125%, 06/01/07                   500           546                
                              ------
NEBRASKA -- 1.0%                                                                
Hall County, Hospital Authority,                                          
RB, ETM                                                               
8.000%, 01/01/07                   205           234                
Investment Finance Authority,                                             
Multi-Family Housing, Old                                             
Cheney Apartments, Series A,                                          
RB, FNMA                                                              
5.500%, 12/01/05 (B)             2,000         1,990                
                              ------
                               2,224
                              ------

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
NEVADA -- 0.4%                                                                  
Single Family Housing Authority,                                          
Series B, RB, AMT                                                     
6.450%, 10/01/07                $  910        $  948                
                              ------
NEW JERSEY -- 3.2%                                                              
Church Street Corporation, Elderly                                        
Housing Section 8 Assistance 1994,                                    
RB, HUD Section 8                                                     
5.000%, 03/01/01                   265           260                
Economic Development Authority,                                           
Economic Growth, Series H-2, RB,                                      
National Westminster, AMT (LOC)                                       
5.000%, 10/01/05                   860           839                
Education Facilities Authority,                                           
Caldwell College, Series A, RB,                                       
7.250%, 07/01/25                 1,200         1,188                
Mansfield Township, Board of                                              
Education Certificate of                                              
Participation,                                                        
5.500%, 03/01/07, MBIA           1,840         1,881                
State Housing Finance Authority,                                          
Series A, Section 8 Assistance,                                       
RB, HUD                                                               
6.700%, 11/01/04,                3,000         3,094                
                              ------
                               7,262
                              ------
NEW MEXICO -- 2.0%                                                              
Albuquerque, Municipal                                                    
Collateralized Mortgage                                               
Obligation, Class B-2, FGIC                                           
0.000%, 05/15/11 (A)             3,180         1,049                
Bernalillo County, Multi-Family                                           
Housing, Sunchase Apartments,                                         
Series A, RB, AXA                                                     
5.800%, 11/01/06 (B)             1,500         1,521                
Roswell, Airport, RB, AMT                                                 
8.500%, 11/01/98                   130           130                
Sandoval County, Gross Receipts                                           
Tax, RB, Intel                                                        
6.100%, 11/01/99                   115           116                
6.200%, 11/01/00                   120           121                
6.250%, 11/01/01                   130           132                
6.350%, 11/01/02                   140           142                
6.400%, 11/01/03                   145           148                
6.450%, 11/01/04                   155           158                
7.150%, 11/01/10                   705           742                
Santa Fe, Single Family Mortgage                                          
Authority, Series 1991, RB                                            
8.450%, 12/01/11                   211           223                
                              ------
                               4,482
                              ------

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--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
NEW YORK -- 2.0%                                                                
Mechanicville, Multi-Family Housing,                                      
Elderly Housing, RB, FHA                                              
6.900%, 08/01/22                $2,500       $ 2,603                
UFA Development Corporation,                                              
Mortgage, Loretto Utica Project,                                      
RB, FHA                                                               
5.150%, 07/01/03                 2,000         1,985                
                             -------
                               4,588
                             -------
NORTH CAROLINA -- 0.0%                                                          
Asheville, Housing Development                                            
Corporation, Section 8 Assistance,                                    
Asheville Gardens, RB, HUD                                            
10.500%, 11/01/09 (E)                 5             7                 
                             -------
OHIO -- 2.9%                                                                    
Cuyahoga County, Industrial                                               
Development, Chippewa Place, RB,                                      
Series A, FHA                                                         
8.000%, 08/01/15                 4,750         4,888                
Housing Finance Authority, Single                                         
Family Mortgage,                                                      
Series A, RB, BIGI                                                    
5.750%, 04/01/16 (D)               155           155                
Housing Finance Authority, Single                                         
Family Mortgage, Series A, RB,                                        
GNMA, AMT                                                             
8.400%, 02/01/20                   760           799                
Lucas-Palmer, Housing                                                     
Development Corporation,                                              
Palmer Gardens Section 8, RB,                                         
MBIA, FHA                                                             
5.900%, 07/01/07                   295           289                
Ohio Capital Corporation for                                              
Housing Mortgage, Section 8                                           
Assistance, Project E, RB,                                            
MBIA, FHA                                                             
5.700%, 01/01/05                   495           496                
                             -------
                               6,627
                             -------
OKLAHOMA -- 1.3%                                                                
Bryan County, Single Family                                               
Mortgage, Series A, RB                                                
8.600%, 07/01/10                   520           541                
Cleveland County, Home Loan                                               
Authority, Single Family                                              
Mortgage, Series 1992, RB                                             
8.375%, 08/01/12                 1,215         1,264                
Housing Finance Authority,                                                
RB, GNMA, AMT                                                         
7.997%, 08/01/18 (B)               315           317                

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
McAlester, Public Works                                                   
Authority, RB, FSA                                                    
8.250%, 12/01/06                $  185        $  225                
Payne County, Housing Finance                                             
Authority, Single Family                                              
Mortgage, Series A, RB                                                
8.625%, 03/01/11                   495           513                
                              ------
                               2,860
                              ------
PENNSYLVANIA -- 9.6%                                                            
Allegheny County, Hospital                                                
Development Authority, South                                          
Side Hospital, RB                                                     
8.500%, 06/01/01                   490           505                
8.750%, 06/01/10                 3,890         4,020                
Allegheny County, Hospital                                                
Development Authority,                                                
St. Margaret Memorial Hospital,                                       
Project A, RB                                                         
9.800%, 07/01/10                 1,000         1,017                
Allegheny County, Industrial                                              
Development Authority, RB Integra                                     
Bank of Pittsburgh, AMT (LOC)                                         
6.000%, 10/01/04                 1,000         1,004                
Allegheny County, Residential                                             
Finance Authority, Mortgage,                                          
RB, GNMA                                                              
6.500%, 11/01/14                   625           634                
Allentown, Hospital Authority,                                            
Sacred Heart Hospital of                                              
Allentown, Series A, RB                                               
6.200%, 11/15/03                   700           711                
Borough of Tarentum, Guaranteed                                           
Electric, Series A, RB                                                
5.500%, 09/01/08                   645           595                
Butler County, Industrial                                                 
Development Authority, First                                          
Mortgage, Sherwood Oaks                                               
Project, Series A, RB,Crossover                                       
Refunded @ 102                                                        
8.750%, 06/01/96 (F)               150           154                
Bucks County, Industrial                                                  
Development Authority, Women's                                        
Humane Society, RB                                                    
7.100%, 12/01/09                   600           601                
Dauphin County, General Authority,                                        
WW15 Term, RB                                                         
6.850%, 06/01/09 (C)               700           744                
Falls Township, Hospital Authority,                                       
Delaware Valley Medical Center,                                       
RB, FHA                                                               
6.900%, 08/01/11                 4,060         4,359                

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SCHEDULE OF INVESTMENTS                                                         
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MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

MUNICIPAL BOND FUND                                                             

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
Lehigh County, General Purpose,                                           
Muhlenberg Continuing Care,                                           
RB, (LOC)                                                             
7.800%, 03/15/02 (B)            $2,320       $ 2,474                
Montgomery County, Higher                                                 
Education & Health Authority,                                         
Northwestern Corporation, RB,                                         
6.250%, 06/01/99                   680           694                
Montgomery County, Industrial                                             
Development Authority, BMHR                                           
Associate Project, RB, (LOC)                                          
6.750%, 11/15/04                   250           257                
Montgomery County, Industrial                                             
Development Authority,                                                
Emergency Care Research                                               
Institute Project, RB                                                 
6.400%, 06/01/03                   675           683                
Philadelphia, Hospital & Higher                                           
Education Authority,                                                  
Northwestern Corporation, RB                                          
6.250%, 06/01/99                   765           781                
Philadelphia, Industrial                                                  
Development Authority, Jeanes                                         
Physician's Office, Series A, RB                                      
9.375%, 07/01/10                 1,000         1,025                
Philadelphia, Industrial                                                  
Development Authority,                                                
National Board of Medical                                             
Examiners Project, RB                                                 
6.750%, 05/01/12                   550           583                
Pottsville, Hospital Authority,                                           
Pottsville Hospital & Warner                                          
Clinic, RB                                                            
7.250%, 07/01/24                   605           608                
State Housing Authority, Single                                           
Family Mortgage, RB, AMT                                              
7.000%, 10/01/05                   230           242                
                             -------
                              21,691
                             -------
RHODE ISLAND -- 0.2%                                                            
State Industrial Facilities, Crystal                                      
Thermoplastics Project, Series A,                                     
RB, IRBA, AMT                                                         
6.900%, 08/01/14                   380           387                
                             -------
SOUTH CAROLINA -- 0.4%                                                          
State Housing Finance &                                                   
Development Authority,                                                
Multi-Family Housing,                                                 
Runaway Bay Apartments                                                
Project, RB                                                           
5.500%, 12/01/05                 1,000           999                
                             -------

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
SOUTH DAKOTA -- 0.5%                                                            
Student Loan Assistance, Series A,                                        
RB, GTD, AMT                                                          
7.600%, 08/01/04                $  510       $   539                
7.700%, 08/01/07                   500           529                
                             -------
                               1,068
                             -------
TENNESSEE -- 0.2%                                                               
Greeneville, Health & Education                                           
Facility Board, Southern Advent                                       
Hospital, RB, ETM                                                     
8.700%, 10/01/09                   340           413                
                             -------
TEXAS -- 11.0%                                                                  
Bexar County, Housing Finance                                             
Corporation Residual Bond,                                            
Capital Appreciation                                                  
0.000%, 03/01/15 (A)             1,765           514                
Brazos, Higher Education                                                  
Authority, RB, GTD, AMT                                               
6.500%, 06/01/04                   500           521                
Bryon, Higher Education Authority,                                        
Allen Academy, Series A, RB                                           
6.500%, 12/01/06                   500           486                
7.300%, 12/01/16                 1,750         1,728                
Collin County, Housing Finance                                            
Corporation, Multi-Family                                             
Mortgage, Preston Bend                                                
Apartments Project, RB, AXA                                           
6.500%, 09/01/03 (B)               535           555                
Denison, Hospital Authority,                                              
Texoma Medical Center, RB, ETM                                        
7.125%, 07/01/08                   100           110                
Duncanville, Hospital Development                                         
Authority, Methodist Hospital                                         
Project, RB, ETM                                                      
9.000%, 01/01/10                   665           806                
Grand Prairie, Multi-Family                                               
Mortgage, Project A, Sugar                                            
Creek Apartments, RB                                                  
6.000%, 02/01/05                   715           711                
Gregg County, Housing Finance                                             
Corporation, Multi-Family                                             
Housing, Summer Lake Project,                                         
Series A, Mandatory Put @ 100,                                        
RB, AXA                                                               
6.400%, 03/01/06                   500           512                
Harris County, Housing Finance                                            
Corporation, Multi-Family                                             
Housing, Colonial House                                               
Apartments Project, RB, (LOC)                                         
5.600%, 09/01/99 (B)               245           250                
Northeast Hospital Authority,                                             
RB, ETM                                                               
8.000%, 07/01/08                   385           443                

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--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
Odessa, Housing Authority,                                                
Multi-Family Mortgage, Section 8                                      
Assist Project, Series A, RB                                          
5.875%, 10/01/03               $   900       $   877                
Odessa, Housing Authority,                                                
Multi-Family Mortgage, Section 8                                      
Assist Project, Series B, RB,                                         
HUD Section 8                                                         
5.875%, 10/01/03                 1,720         1,677                
Odessa, Housing Authority,                                                
Multi-Family Mortgage, Section 8                                      
Assist Project, Series B, RB                                          
6.375%, 10/01/11                 2,735         2,581                
Odessa, Single Family Mortgage,                                           
Series A, RB, FNMA                                                    
8.450%, 11/01/11                   356           368                
South Plains, Regional Housing                                            
Authority, Section 8 Assistance                                       
Project, Series A, RB, HUD                                            
6.000%, 08/01/00                    75            75                
6.500%, 08/01/05                   325           327                
6.900%, 08/01/09                   500           503                
Southeast Hospital Financing                                              
Agency, Memorial Hospital                                             
System Project, RB, ETM                                               
8.500%, 12/01/08                   335           398                
7.500%, 12/01/09                   725           813                
State Department of Housing &                                             
Community, Capital                                                    
Appreciation, RB                                                      
0.000%, 03/01/15 (A)            38,030        10,411                
Thomason, Health Facilities                                               
Development Corporation,                                              
El Paso County Hospital                                               
District, GO, MBIA                                                    
7.200%, 08/15/98                    65            65                
                             -------
                              24,731
                             -------
UTAH -- 2.0%                                                                    
Brigham City, Special Assessment                                          
Bond, District Number 22                                              
9.000%, 08/01/04                   270           285                
Hilldale, Electric Bonds, GO, AMT                                         
7.500%, 12/15/03                   500           537                
Salt Lake City, Industrial                                                
Development, Hermes                                                   
Association Project, RB, (LOC)                                        
5.900%, 09/01/97                   295           301                
5.900%, 09/01/99                   200           206                
State Finance Agency, Single Family                                       
Mortgage, Issue F-1, RB, AMBAC                                        
5.850%, 07/01/07                 1,000         1,017                

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
State Housing Finance Agency,                                             
Single Family Mortgage, Series                                        
B-2, RB, FHA, AMT                                                     
7.600%, 01/01/22                $  355        $  371                
State Municipal Finance Corporation,                                      
Local Government, RB                                                  
7.300%, 12/01/03                   500           524                
Weber County, Municipal Building                                          
Authority, Series 1994, RB,                                           
Asset Guaranty                                                        
6.750%, 12/15/04                 1,275         1,366                
                              ------
                               4,607
                              ------
VIRGINIA -- 1.4%                                                                
Alexandria, Redevelopment &                                               
Housing Authority, Multi-Family                                       
Housing, United Dominion-                                             
Parkwood Court, RB, AMT                                               
6.625%, 05/01/06 (B)             2,990         3,068                
                              ------
WASHINGTON -- 3.3%                                                              
Seattle, Low Income Housing                                               
Assistance Authority, Kin On                                          
Project, Series A, RB, GNMA                                           
7.400%, 11/20/36                 1,500         1,582                
State Housing Finance Commission,                                         
Series A, RB, FNMA                                                    
7.000%, 07/01/99                   185           188                
State Housing Finance Commission,                                         
Series B, RB, GNMA, FNMA                                              
6.900%, 07/01/16                 5,415         5,625                
                              ------
                               7,395
                              ------
WEST VIRGINIA -- 1.5%                                                           
Harrison County,                                                          
Single Family Mortgage,                                               
Series B, AMBAC                                                       
0.000%, 10/20/10 (A)             2,822         1,019                
Marshall County, Capital                                                  
Appreciation, RB, MBIA                                                
0.000%, 05/01/14 (A)             3,000           784                
Mason County, First Mortgage,                                             
Point Pleasant Haven, RB (LOC)                                        
6.200%, 12/01/05                   850           867                
Raleigh Fayette & Nicholas                                                
Counties, Single Family                                               
Mortgage, Series B,                                                   
AMBAC                                                                 
0.000%, 06/20/10 (A)             2,167           745                
                              ------
                               3,415
                              ------

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SCHEDULE OF INVESTMENTS                                                         
================================================================================
MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

MUNICIPAL BOND FUND                                                             

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
WISCONSIN -- 0.5%                                                               
Prairie Farm, Public School District,                                     
Barron & Dunn Counties, GO                                            
7.000%, 04/01/11                 $  215      $    219               
7.000%, 04/01/12                    210           213               
State Housing & Economic                                                  
Development Authority, Series B,                                      
RB, GEMIC, AMT                                                        
6.625%, 09/01/20                    395           394               
Whitewater, Waterworks System, RB                                         
7.500%, 07/01/16                    250           278               
                              --------
                                 1,104
                              --------
WYOMING -- 0.5%                                                                 
City of Cheyenne, Federal Mineral                                         
Royalty, Second Lien, RB                                              
6.200%, 06/01/09                  1,000         1,021               
                              --------
Total Municipal Bonds                                                           
(Cost $220,071,680)                              222,739                  
                              --------
CASH EQUIVALENT -- 0.1%                                                         
SEI Institutional Tax Free Portfolio   336           336                  
                              --------
Total Cash Equivalent                                                           
(Cost $336,126)                                      336                  
                              --------
Total Investments -- 99.0%                                                      
(Cost $220,407,806)                             $223,075                  
                              --------

(A)  ZERO COUPON BOND.                                                          
(B)  MANDATORY PUT SECURITY. THE MANDATORY PUT DATE IS SHOWN AS                 
THE MATURITY DATE ON THE SCHEDULE OF INVESTMENTS.                     
(C)  MANDATORY TENDER SECURITY. THE MANDATORY TENDER DATE IS                    
SHOWN AS THE MATURITY DATE ON THE SCHEDULE OF INVESTMENTS.            
(D)  VARIABLE RATE SECURITY. THE RATE REPORTED ON THE SCHEDULE OF               
INVESTMENTS IS THE RATE IN EFFECT AS OF APRIL 30, 1996.               
(E)  PRE-REFUNDED SECURITY. THE PRE-REFUNDED DATE IS SHOWN AS THE               
MATURITY DATE ON THE SCHEDULE OF INVESTMENTS.                         
AMT  INCOME FROM SECURITY MAY BE SUBJECT TO ALTERNATIVE MINIMUM TAX.            
ETM  ESCROWED TO MATURITY                                                       
GO   GENERAL OBLIGATION                                                         
LOC  SECURITIES ARE HELD IN CONNECTION WITH A LETTER OF CREDIT ISSUED BY        
A MAJOR COMMERCIAL BANK.                                              
RB   REVENUE BOND                                                               

THE FOLLOWING ORGANIZATIONS HAVE PROVIDED UNDERLYING CREDIT SUPPORT FOR         
THE SECURITIES AS DEFINED IN THE SCHEDULE OF INVESTMENTS.                       

AMBAC  AMERICAN MUNICIPAL BOND ASSURANCE COMPANY                                
ASSET GUARANTY  ASSET GUARANTY                                                  
AXA    AXA REINSURANCE                                                          
BIGI   BOND INVESTORS GUARANTY INSURANCE CORPORATION                            

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  

FGIC   FEDERAL GUARANTY INSURANCE CORPORATION                                   
FHA    EDERAL HOUSING AUTHORITY                                                 
FNMA   FEDERAL NATIONAL MORTGAGE ASSOCIATION                                    
FSA    FINANCIAL SECURITY ASSISTANCE                                            
GEMIC  GENERAL ELECTRIC MORTGAGE INSURANCE COMPANY                              
GNMA   GOVERNMENT NATIONAL MORTGAGE ASSOCIATION                                 
GTD    GUARANTEED STUDENT LOANS                                                 
HUD    HOUSING & URBAN DEVELOPMENT                                              
INTEL  INTEL GUARANTY                                                           
IRBA   IRBA GUARANTY                                                            
MBIA   MUNICIPAL BOND INVESTORS ASSURANCE                                       

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

FIXED INCOME FUND                                                               

CORPORATE OBLIGATIONS -- 16.7% Aegon N.V.                                       
8.000%, 08/15/06                $ 4,151      $  4,343               
Associated Estates Realty                                                 
8.375%, 04/15/00                 18,000        18,427               
Auburn Hills Trust                                                        
12.000%, 05/01/20                  5,080         7,315                
Equitable Life Assurance Society                                          
6.950%, 12/01/05                  7,090         6,789               
Fairfax Financial Holdings                                                
8.250%, 10/01/15                  7,615         7,558               
Legg Mason                                                                
6.500%, 02/15/06                  1,000           924               
Lehman Brothers                                                           
11.625%, 05/15/05                  2,485         3,125                
7.125%, 07/15/02                  7,950         7,890               
London Insurance Group                                                    
6.875%, 09/15/05                  1,960         1,884               
Met Life                                                                  
6.300%, 11/01/03                  6,645         6,255               
Paine Webber                                                              
6.750%, 02/01/06                 10,400         9,750               
7.875%, 02/15/03                  3,000         3,064               
9.250%, 12/15/01                  2,745         2,975               
Prudential Funding                                                        
6.750%, 09/15/23                  2,000         1,695               
Prudential Insurance America                                              
6.875%, 04/15/03                 10,000         9,713               
Salomon Brothers                                                          
7.250%, 05/01/01                    500           496               
Vesta Insurance Group                                                     
8.750%, 07/15/25                  7,960         7,861               
                              --------
Total Corporate Obligations                                                     
(Cost $101,739,389)                              100,064                  
                              --------

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                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
ASSET-BACKED SECURITIES -- 1.4%                                                 
Auto Bond Receivables,                                                    
Series 1993-G, Class A                                                
7.000%, 09/15/98                $   84        $   81                
Auto Bond Receivables,                                                    
Series 1994-A, Class A                                                
6.400%, 04/01/99                   561           546                
Auto Bond Receivables,                                                    
Series 1993 K                                                         
6.350%, 02/15/99                 1,389         1,333                
Ford Credit Auto Lease Trust,                                             
Series 1995-1 A2                                                      
6.350%, 10/15/98                 1,262         1,265                
National Collegiate Trust Gate                                            
Receivable, Series 1995-S1                                            
8.830%, 09/20/11                 2,925         3,079                
Navistar Financial Trust,                                                 
Series 1995-B, Class A2                                               
5.940%, 10/15/98                 1,000         1,000                
Structured Asset Securities,                                              
Series 1996-CFL, Class A1C                                            
5.940%, 02/25/28                 1,000           965                
                              ------
Total Asset-Backed Securities                                                   
(Cost $8,166,061)                                 8,269                   
                              ------

OTHER MORTGAGE-BACKED OBLIGATIONS -- 9.3%                                       
Aetna Commercial Mortgage Trust,                                          
Series 1995-C5, Class A2                                              
6.590%, 12/26/30                10,000         9,573                
Countrywide Mortgage Backed                                               
Securities, Series 1994-C, Class A8                                   
6.500%, 03/25/24                 1,265         1,014                
General Electric Capital Mortgage                                         
Services, Series 1993-14, Class A7                                    
6.500%, 11/25/23                 1,275         1,069                
General Electric Capital Mortgage                                         
Services, Series 1994-18, Class A2                                    
7.000%, 08/25/24                 1,005         1,006                
Green Tree Finance Series 1996-2,                                         
Class  A4                                                             
7.200%, 04/15/27                 7,000         6,886                
Green Tree Finance Series 1996-2,                                         
Class B1                                                              
7.550%, 04/15/27                 7,100         7,016                
Housing Securities Incorporated,                                          
Series 1994-1, Class A5                                               
5.500%, 08/25/03                 3,790         3,760                
Merrill Lynch Mortgage Investors                                          
Series 1995-C2, Class A1                                              
7.520%, 06/15/21                 1,069         1,074                
Merrill Lynch Mortgage Investors,                                         
Series 1991-1, Class A                                                
7.650%, 01/15/12                 2,480         2,507                

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
Prudential Home Mortgage,                                                 
Series 1994-17, Class A5                                              
6.250%, 04/25/24               $ 5,700       $ 4,707                
Prudential Home Mortgage,                                                 
Series 1988-5, Class A                                                
10.530%, 08/25/18                   734           671                 
Prudential Home Mortgage,                                                 
Series 1993-1, Class A1                                               
7.500%, 02/25/23                 7,050         7,064                
Prudential Home Mortgage,                                                 
Series 1993-61, Class A1                                              
6.500%, 12/25/08                 2,936         2,935                
Prudential Home Mortgage,                                                 
Series 1994-12, Class A7                                              
6.050%, 04/25/24                 3,999         3,094                
Sears Mortgage Securities,                                                
Series1992-3, Class T8                                                
7.000%, 07/25/20                   440           439                
Shearson Lehman, Series E,                                                
Class 2                                                               
5.750%, 07/01/97                    19            19                
Vanderbilt Mortgage Finance,                                              
Series 1994-A, Class A1                                               
7.000%, 07/10/19                 2,649         2,664                
                             -------
Total Other Mortgage-Backed Obligations                                         
(Cost $56,196,090)                               55,498                   
                             -------

U.S. GOVERNMENT AGENCY OBLIGATIONS -- 23.3%                                     
Drexel Burnham Lambert Trust,                                             
Series T, Class 3                                                     
8.450%, 01/20/19                 3,153         3,184                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1577,                                      
Class PG                                                              
5.500%, 03/15/21                   400           373                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1625,                                      
Class BA                                                              
5.000%, 11/15/00                   630           629                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1622,                                      
Class G                                                               
6.250%, 11/15/22                10,000         8,558                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1773,                                      
Class E                                                               
8.500%, 04/15/23                 3,260         3,378                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1803,                                      
Class A                                                               
6.000%, 12/15/08                 5,500         4,919                

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SCHEDULE OF INVESTMENTS                                                         
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MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

FIXED INCOME FUND                                                               

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1324,                                      
Class VD                                                              
7.000%, 06/15/05                $  825        $  812                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1360,                                      
Class Pk                                                              
10.000%, 12/15/20                 2,200         2,391                 
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1513,                                      
Class AA                                                              
6.500%, 11/15/00                 5,695         5,678                
Federal Home Loan Mortgage                                                
Corporation, REMIC Series 1528,                                       
Class A                                                               
6.500%, 12/15/00                 8,882         8,840                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1667,                                      
Class PC                                                              
5.500%, 06/15/04                 3,000         2,938                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1275,                                      
Class VB                                                              
7.000%, 05/15/99                   850           857                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1640,                                      
Class  V                                                              
6.500%, 12/15/98                 1,135         1,128                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1661,                                      
Class  PC                                                             
5.500%, 09/15/02                   950           943                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1712,                                      
Class PC                                                              
5.500%, 02/15/03                 2,735         2,698                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 33,                                        
Class C                                                               
8.000%, 09/15/18                 4,887         4,924                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 70,                                        
Class C                                                               
9.000%, 09/15/20                   883           924                
Federal Home Loan Mortgage                                                
Corporation, GOLD, Pool #627000                                       
6.000%, 08/01/10                14,472        13,713                
Federal National Mortgage                                                 
Association, REMIC, Series G92-42,                                    
Class C                                                               
7.000%, 09/25/19                 3,176         3,179                
Federal National Mortgage                                                 
Association, REMIC,                                                   
Series 1989-79D                                                       
9.000%, 11/25/19                 1,350         1,413                

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
Federal National Mortgage                                                 
Association, REMIC,                                                   
Series 1993-174, Class C                                              
5.750%, 12/25/03               $   750       $   739                
Federal National Mortgage                                                 
Association, REMIC,                                                   
Series 1995-2, Class H                                                
8.500%, 06/25/10                18,200        18,663                
Federal National Mortgage                                                 
Association, REMIC,                                                   
Series 1994-33, Class C                                               
5.000%, 10/25/03                 1,900         1,858                
Federal National Mortgage                                                 
Association, REMIC,                                                   
Series 1989-74, Class J                                               
9.800%, 10/25/19                 2,500         2,697                
Federal National Mortgage                                                 
Association, REMIC,                                                   
Series 1992-100, Class M                                              
8.500%, 06/25/05                 8,000         8,130                
Federal National Mortgage                                                 
Association, REMIC,                                                   
Series 1993-174, Class EA                                             
6.150%, 10/25/07                 4,000         3,839                
Federal National Mortgage                                                 
Association, REMIC,                                                   
Series 1992-43, Class E                                               
7.500%, 04/25/22                 3,220         3,150                
Federal National Mortgage                                                 
Association, REMIC,                                                   
Series 1993-192, Class E                                              
5.950%, 11/25/07                 1,000           951                
Federal National Mortgage                                                 
Association, REMIC,                                                   
Series 1993-223, Class PC                                             
5.400%, 06/25/15                 1,000           976                
Federal National Mortgage                                                 
Association, REMIC,                                                   
Series 94-92, Class DE                                                
7.500%, 07/25/07                 5,267         5,150                
Federal National Mortgage                                                 
Association, REMIC,                                                   
Series X-19C, Class G                                                 
7.500%, 08/25/21                   720           700                
Federal National Mortgage                                                 
Association, REMIC,                                                   
Series 1991-137, Class E                                              
8.050%, 01/25/20                 3,827         3,873                
Federal National Mortgage                                                 
Association, REMIC,                                                   
Series G92-22, Class Z                                                
7.500%, 06/25/18                 4,782         4,781                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Pool #1462                                        
7.500%, 01/15/03                 5,000         5,077                

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                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
Government National Mortgage                                              
Association, Pool #413221                                             
8.250%, 05/15/10                $ 2,032      $  2,123               
Guaranteed Export Trust,                                                  
Series 1994-F                                                         
8.187%, 12/15/04                  4,431         4,648               
                              --------
Total U.S. Government Agency Obligations                                        
(Cost $140,016,582)                              138,834                  
                              --------

TAXABLE MUNICIPAL BONDS -- 22.6%                                                
Allegheny County,                                                         
Pennsylvania Sanitation                                               
Authority, Series A, RB, MBIA                                         
6.600%, 06/01/97                    975           980               
6.800%, 12/01/97                  3,795         3,838               
Atlanta, Georgia Urban                                                    
Redevelopment Finance Authority,                                      
Series 1994, FNMA                                                     
0.000%, 10/01/16 (A)             21,000         4,069               
Beaumont Properties, Michigan                                             
Series B, RB, Pre-refunded @ 101                                      
10.500%, 01/01/99, (E)             3,000         3,308                
Belmont, California                                                       
Redevelopment Agency,                                                 
Tax Allocation Bond, MBIA                                             
7.550%, 08/01/11                    895           857               
BFC Finance, GSA Lease                                                    
7.380%, 12/01/17                  7,975         7,765               
California Desert Hospital                                                
Corporation, Series A, RB                                             
8.700%, 07/01/08                    200           189               
8.400%, 07/01/03                  2,655         2,552               
California State Housing Finance                                          
Authority, Single Family Housing,                                     
Series 1995, RB, AMBAC                                                
7.900%, 08/01/07                  9,000         9,124               
Cameron County, Texas Housing                                             
Finance Corporation, Series 1990A                                     
Class 1-B, RB, FGIC                                                   
10.210%, 09/01/10                  2,213         2,309                
Cameron County, Texas Housing                                             
Finance Corporation                                                   
Series A, RB, FGIC                                                    
10.450%, 09/01/11                    945         1,052                
Chattahoochee Valley, Alabama                                             
Water Supply, RB, Asset Guaranty                                      
8.600%, 10/01/07                    200           219               
City of Huntingdon, West Virginia                                         
Single Family Mortgage, RB                                            
9.050%, 01/15/12                  1,408         1,501               

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
Compton, California Community                                             
Redevelopment Agency,                                                 
Series 1995B, RB, CGIC                                                
5.950%, 08/01/96                $ 1,785       $ 1,784               
6.150%, 08/01/97                  2,310         2,307               
Connecticut State Health and                                              
Education, Nursing Home                                               
Program, AHF/Hartford                                                 
Project, RB                                                           
8.450%, 11/01/99                    830           857               
Connecticut State Health and                                              
Education, Sheridan Woods                                             
Center Project, RB                                                    
7.950%, 11/01/05                  1,755         1,790               
8.730%, 11/01/17                  1,150         1,243               
Cortland Memorial Hospital,                                               
New York Series 1992 A, RB,                                           
7.700%, 07/01/00                    345           343               
County of Monroe, New York                                                
Nationwide Precision Products,                                        
Series 1994B, RB (LOC)                                                
5.950%, 12/01/04 (D)              2,095         2,095               
Dauphin County, Pennsylvania                                              
General Authority, Tressler                                           
Project, Series B, Optional                                           
Put 09/01/96 @ 100, RB                                                
7.000%, 09/01/10                  1,375         1,375               
Delaware State Housing Authority                                          
Series B, RB, AMBAC                                                   
6.750%, 07/01/14                    955           904               
Erie County, New York Industrial                                          
Development Agency, Journeys                                          
End Project, Series A, RB,                                            
Mandatory Tender @ 100, (LOC)                                         
9.750%, 01/01/00 (C)              1,840         1,918               
Harrisburg, Pennsylvania Higher                                           
Education Assistance Authority                                        
Mandatory Put @ 100                                                   
10.500%, 10/01/02 (B)                800           878                
Harrisburg, Pennsylvania Resource                                         
Recovery Authority, Series 1993                                       
B, RB (LOC)                                                           
6.000%, 09/01/98                    315           308               
6.875%, 09/01/03                    515           483               
7.750%, 09/01/13                  3,145         3,019               
Hofstra University, RB, MBIA                                              
7.700%, 07/01/15                  3,895         3,827               
Kanawha and Putnam Counties,                                              
West Virginia, Charleston and                                         
Huntington,  AMBAC,                                                   
0.000%, 12/01/16 (A)              8,360         2,048               
La Follete Properties, Georgia                                            
Multi-Family Housing,                                                 
La Follete Garden Apartments,                                         
9.600%, 12/01/08                    985         1,049               

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SCHEDULE OF INVESTMENTS                                                         
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MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

FIXED INCOME FUND                                                               

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
Los Angeles County, Caifornia                                             
Fairplex Revenue Bond (LOC)                                           
10.500%, 06/01/15                $  400        $  433                 
Los Angeles County, California                                            
Pension Obligation Bond,                                              
Series A, AMBAC                                                       
8.620%, 06/30/06                   200           219                
Los Angeles, Caifornia Community                                          
Redevelopment Agency,                                                 
Angelus Project, FNMA                                                 
6.200%, 12/15/96                   200           200                
Massachusetts State Housing Finance                                       
Agency, Series C, RB, FHA                                             
10.900%, 08/01/20                 2,630         2,765                 
Mayor and City Council of Baltimore,                                      
Maryland Public Improvement,                                          
1995A Series B, GO,  FGIC                                             
8.100%, 10/15/10                 1,775         1,926                
8.700%, 10/15/15                 1,875         2,076                
Memphis-Shelby County, Tennessee                                          
Industrial Development Board,                                         
Cleo Project, Series B, RB, (LOC)                                     
9.100%, 02/01/04                 3,310         3,426                
Montgomery County, New York                                               
Industrial Development Authority,                                     
Central National Bank                                                 
Project, RB, (LOC)                                                    
5.550%, 05/01/25 (D)             3,750         3,750                
Muskegan County,  Michigan                                                
Unlimited Tax, GO                                                     
7.000%, 06/01/96                 1,000         1,000                
7.250%, 12/01/96                   650           653                
New Jersey State Economic                                                 
Development Authority,                                                
Series 1992 R2, RB (LOC)                                              
6.800%, 12/01/02                 1,350         1,320                
New Jersey State Economic                                                 
Development Authority,                                                
State Contract, RB                                                    
7.100%, 09/15/02                 2,500         2,450                
New York City Industrial                                                  
Development Authority, Civic                                          
Facility, Series B, RB, MBIA                                          
8.100%, 09/01/06                 1,975         2,121                
New York Port Authority,                                                  
Ninetieth Series, RB                                                  
5.950%, 10/01/02                   700           649                
Oklahoma City, Oklahoma Airport                                           
Trust, Federal Aviation Authority,                                    
Senior Lien, Series 16, RB                                            
9.875%, 07/01/12                 1,005         1,079                
Oklahoma City, Oklahoma Airport                                           
Trust, Federal Bureau                                                 
Prisons Project, RB                                                   
9.800%, 11/01/14                 2,650         2,898                

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
Oklahoma County, Oklahoma                                                 
Home Finance Authority, RB                                            
0.000%, 07/01/12 (A)           $ 3,450        $  806                
Olathe Labette County, Kansas                                             
Single Family Mortgage,                                               
Series 1993 A                                                         
0.000%, 02/01/16 (A)             1,795           458                
Palm Springs, California                                                  
Desert Hospital, RB                                                   
9.000%, 07/01/13                 5,945         5,573                
Pima and Maricopa Counties,                                               
Arizona Industrial Development                                        
Authority, Multi-Family Housing,                                      
Series 1993B, RB, FNMA                                                
6.500%, 01/01/06                   740           718                
Plymouth County Massachusetts                                             
Correctional Facility,                                                
Certificate of Participation                                          
10.400%, 04/01/22                 5,100         5,693                 
Rhode Island Port Authority                                               
Economic Development                                                  
Corporation, Central Falls                                            
Detention Center, Series A, RB                                        
8.200%, 01/15/08                 1,239         1,338                
San Diego County, California                                              
Pension Obligation, Series A, FSA                                     
6.240%, 08/15/02                 2,000         1,878                
San Francisco, California                                                 
Redevelopment Agency,                                                 
Series 1995B, RB, MBIA/FHA                                            
7.500%, 07/01/24                 3,860         3,759                
Sand Creek, Idaho Limited                                                 
Partnership, Multi-Family                                             
Housing, RB                                                           
8.250%, 12/01/18                 3,655         3,404                
Sarasota Florida Water and Sewer                                          
Utility, Series A, RB, FGIC                                           
4.450%, 10/01/96                 1,665         1,654                
Shelby County, Tennessee                                                  
Single Family Mortgage,                                               
Series 1991A Class A-2, FGIC                                          
8.900%, 04/15/05                 1,414         1,414                
Tarrant County, Texas Housing                                             
Finance Authority, Single Family                                      
Mortgage, Series 1993, RB, MBIA                                       
6.650%, 07/15/16                   735           711                
Texas State Department of Housing &                                       
Community Affairs, Single Family                                      
Mortgage, Series 1994B, RB                                            
9.500%, 03/01/16                16,020        16,020                
Utah State Housing Authority,                                             
Series D-1, RB                                                        
9.850%, 07/01/10                   275           292                
                            --------
Total Taxable Municipal Bonds                                                   
(Cost $140,940,488)                             134,674                   
                            --------

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--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
TAX-FREE MUNICIPAL BONDS -- 5.1%                                                
Allentown, Pennsylvania Hospital                                          
Authority, Sacred Heart Hospital                                      
of Allentown, Series A, RB                                            
6.500%, 11/15/08                $ 3,400       $ 3,421               
Borough of Tarentum, Pennsylvania                                         
Electric Utility, Series 1993 A, RB                                   
5.875%, 09/01/18                    745           678               
Borough of Tarentum, Pennsylvania                                         
Water Utility, Series 1993 B, RB                                      
5.875%, 09/01/18                    450           409               
Georgia State Residential Finance                                         
Housing, Series A, RB                                                 
6.750%, 06/01/16                    900           914               
Honolulu, Hawaii City and County,                                         
Hale Pauahi Project, Series A, RB,                                    
MBIA, FHA                                                             
6.800%, 07/01/28                  3,000         3,004               
King County, Washington Housing                                           
Authority, Multi-Family Mortgage,                                     
Section 8 Assisted  Housing,                                          
Series A, RB                                                          
7.000%, 08/01/03                    750           805               
Louisiana Public Facilities Authority,                                    
Multi-Family Housing, Oakleigh                                        
Apartment Project,                                                    
Mandatory Put @ 100, RB, AXA                                          
5.950%, 03/15/05 (B)                915           945               
Nelson County, Kentucky Industrial                                        
Development, RB, AMT (LOC)                                            
6.500%, 04/01/05                  2,000         2,108               
NewYork State Dormitory Authority,                                        
Long Island University, RB,                                           
Asset Guaranty                                                        
6.000%, 09/01/08                  3,500         3,684               
South Carolina State Housing Finance                                      
Agency, Multi-Family Housing, RB,                                     
Mandatory Put @ 100, FNMA                                             
5.700%, 06/01/05 (B)              6,050         6,269               
Taos County, New Mexico Local                                             
Hospital, Series 1995 B, RB                                           
Revenue Bond Series 1995 B,                                           
Asset Guaranty                                                        
5.000%, 05/15/02                  5,450         5,375               
Vista, California Multi-Family Housing                                    
Authority, Pepperwood Apartment                                       
Project, Series 1995A, RB, FNMA,                                      
Mandatory Put @ 100                                                   
5.700%, 06/01/05 (D)              2,785         2,820               
                               -------
Total Tax-Free Municipal Bonds                                                  
(Cost $24,016,039)                                30,432                  
                               -------
U.S. TREASURY OBLIGATIONS -- 16.7%                                              
U.S. Treasury Bond                                                        
8.125%, 08/15/19                 14,350        16,002               

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
U.S. Treasury Notes                                                       
5.125%, 11/30/98                $37,025      $ 36,104               
6.750%, 05/31/99                 10,550        10,689               
6.250%, 02/15/03                  3,000         2,949               
5.750%, 08/15/03                 31,440        29,872               
U.S. Treasury STRIPS                                                      
0.000%, 05/15/07                  8,050         3,790               
                              --------
Total U.S. Treasury Obligations                                                 
(Cost $100,521,013)                               99,406                  
                              --------

REPURCHASE AGREEMENT -- 5.1%                                                    
J.P. Morgan Securities 5.27%, dated                                       
04/30/96, matures 05/01/96,                                           
repurchase price $30,109,533                                          
(collateralized by U.S. Treasury                                      
Note, par value $27,480,000,                                          
7.875%, due 11/15/04, market                                          
value $30,711,542)                30,105        30,105                
                              --------
Total Repurchase Agreement                                                      
(Cost $30,105,125)                                30,105                  
                              --------
Total Investments -- 100.2%                                                     
(Cost $601,700,788)                             $597,282                  
                              ========

(A)    ZERO COUPON BOND.                                                        
(B)    MANDATORY PUT SECURITY. THE MANDATORY PUT DATE IS SHOWN AS               
THE MATURITY DATE ON THE SCHEDULE OF INVESTMENTS.                 
(C)    MANDATORY TENDER  SECURITY. THE MANDATORY TENDER DATE IS                 
SHOWN AS THE MATURITY DATE ON THE SCHEDULE OF INVESTMENTS.        
(D)    VARIABLE RATE SECURITY. THE RATE REPORTED ON THE SCHEDULE OF             
INVESTMENTS IS THE RATE IN EFFECT AS OF APRIL 30, 1996.           
(E)    PRE-REFUNDED SECURITY. THE PRE-REFUNDED DATE IS SHOWN AS THE             
MATURITY DATE ON THE SCHEDULE OF INVESTMENTS.                     
AMT    INCOME FROM SECURITY MAY BE SUBJECT TO ALTERNATIVE                       
MINIMUM TAX.                                                      
GO     GENERAL OBLIGATION                                                       
RB     REVENUE BOND                                                             
REMIC  REAL ESTATE MORTGAGE INVESTMENT CONDUIT                                  
LOC    SECURITIES ARE HELD IN CONNECTION WITH A LETTER OF CREDIT ISSUED BY      
A MAJOR COMMERCIAL BANK.                                          

THE FOLLOWING ORGANIZATIONS HAVE PROVIDED UNDERLYING CREDIT SUPPORT FOR THE     
SECURITIES AS DEFINED IN THE SCHEDULE OF INVESTMENTS.                           

AMBAC  AMERICAN MUNICIPAL BOND ASSURANCE  COMPANY                               
ASSET GUARANTY  ASSET GUARANTY                                                  
AXA    AXA REINSURANCE                                                          
CGIC   CAPITAL GUARANTY INSURANCE CORPORATION                                   
FGIC   FEDERAL GUARANTY INSURANCE CORPORATION                                   
FHA    FEDERAL HOUSING AUTHORITY                                                
FNMA   FEDERAL NATIONAL MORTGAGE ASSOCIATION                                    
FSA    FINANCIAL SECURITY ASSISTANCE                                            
MBIA   MUNICIPAL BOND INVESTORS ASSURANCE                                       
STRIPS SEPARATELY TRADING OF REGISTERED INTEREST AND PRINCIPAL OF               
SECURITIES                                                        
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.      

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SCHEDULE OF INVESTMENTS                                                         
================================================================================
MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

SHORT-TERM                                                                      
MUNICIPAL BOND FUND                                                             
--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
MUNICIPAL BONDS -- 99.1%                                                        
CALIFORNIA -- 5.4%                                                              
Los Angeles, Housing                                                      
Redevelopment Agency,                                                 
Monterey Hills Redevelopment                                          
Project B, RB                                                         
5.500%, 12/01/05                $  175        $  175                
Sacramento, Municipal Utility                                             
District, Electric Revenue,                                           
Series S, Pre-refunded @ 102,                                         
RB, FGIC                                                              
6.625%, 02/01/97 (E)                10            10                
San Francisco, Multi-Family                                               
Housing, RB, FNMA                                                     
5.000%, 02/15/97                    10            10                
                              ------
                                 195
                              ------
COLORADO -- 9.4%                                                                
Housing Finance Authority,                                                
Single Family Program,                                                
Series E, RB, AMT                                                     
6.250%, 12/01/09                    85            85                
El Paso County, Capital                                                   
Appreciation, Series C,                                               
RB, AMT, (A)                                                          
0.000%, 07/10/14                 1,000           255                
                              ------
                                 340
                              ------
DELAWARE -- 5.0%                                                                
State Economic Development                                                
Authority, Wilmington Friends                                         
School, RB                                                            
6.300%, 07/01/96                    40            40                
6.300%, 07/01/97                    45            45                
6.300%, 07/01/98                    45            45                
Dover, Delaware Water & Sewer,                                            
Series B, RB, MBIA                                                    
7.200%, 07/01/01                    25            25                
Dover, Delaware Water & Sewer,                                            
Series A, RB, MBIA                                                    
6.900%, 07/01/97                    25            26                
                              ------
                                 181
                              ------
KANSAS -- 4.1%                                                                  
Saline County, Single Family                                              
Mortgage, Series A, RB,                                               
9.500%, 10/01/11                   140           147                
                              ------
LOUISIANA -- 5.0%                                                               
Public Facility Authority, River                                          
View, Mandatory Put @ 100,                                            
RB, CONN                                                              
6.000%, 07/01/97 (B)               180           180                
                              ------

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
MASSACHUSETTS -- 5.7%                                                           
State Housing Finance Agency,                                             
Single Family, Series 8, RB                                           
7.000%, 06/01/99                 $ 200        $  208                
                              ------
MICHIGAN -- 2.7%                                                                
State Hospital Finance Authority, RB                                      
5.000%, 01/01/97                   100           100                
                              ------
MISSISSIPPI -- 2.6%                                                             
Business Finance, Industrial                                              
Development Authority,                                                
The Taylor Group Project,                                             
RB, AMT (LOC)                                                         
5.200%, 05/01/97                    95            96                
                              ------
MISSOURI -- 2.2%                                                                
St. Louis County, Single Family,                                          
RB, AMBAC                                                             
9.250%, 10/01/16                    75            79                
                              ------
NEW HAMPSHIRE -- 1.9%                                                           
State Housing Finance Authority,                                          
Single Family, Exchangeable, RB,                                      
AMT, FHA, (LOC)                                                       
6.125%, 01/01/18                    70            70                
                              ------
NEW MEXICO -- 12.1%                                                             
Albuquerque, Municipal                                                    
Collateralized Mortgage                                               
Obligation, Class B-2, FGIC                                           
0.000%, 05/15/11 (A)               839           277                
Albuquerque, Municipal                                                    
Collateralized Mortgage                                               
Obligation, Class B-1, FSA                                            
7.650%, 08/15/07                    55            58                
Sandoval County, Gross Receipts                                           
Tax Revenue, RB, Intel                                                
6.000%, 11/01/98                   105           105                
                              ------
                                 440
                              ------
NEW YORK -- 0.9%                                                                
State Medical Care Facility,                                              
Finance Agency, Hospital &                                            
Nursing Home, RB, FHA                                                 
6.700%, 08/15/01                    30            32                
                              ------
OHIO -- 4.1%                                                                    
Housing Finance Agency, Single                                            
Family, Adjustable Rate,                                              
RB, BIGI                                                              
5.750%, 04/01/16 (D)               150           150                
                              ------

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                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
OKLAHOMA -- 2.4%                                                                
State Housing Finance Agency,                                             
Single Family, Class A,                                               
RB, AMT, GNMA                                                         
8.000%, 08/01/18                  $ 85          $ 86                
                                ----
PENNSYLVANIA -- 16.3%                                                           
Erie County, Hospital Authority                                           
Health Center Facility, Manchester                                    
Presbyterian Project, RB (LOC)                                        
7.500%, 09/15/06                    25            25                
Montgomery County, Redevelopment                                          
Authority, Multi-Family Housing,                                      
Gwynedd-Oxford Project, Series A,                                     
RB, Mandatory Put @ 100, CONN                                         
6.125%, 12/01/96 (B)               185           185                
Pennsylvania State, GO                                                    
6.650%, 05/15/98                   115           116                
7.000%, 12/01/96                    65            65                
5.100%, 12/01/96                   100           100                
Philadelphia Industrial                                                   
Development Authority,                                                
Huff Paper Project, AMT                                               
6.100%, 12/15/97                    40            40                
Pittsburgh, GO, ETM, AMBAC                                                
6.400%, 09/01/96                    35            35                
Western Westmoreland, Municipal                                           
Authority, RB, MGG                                                    
6.150%, 10/15/97                    25            25                
                                ----
                                 591
                                ----
TENNESSEE -- 2.8%                                                               
Hamilton County, Industrial                                               
Development, Ridgemont/                                               
Mountain Brook Apartments,                                            
Mandatory Put @ 100, RB (LOC)                                         
6.250%, 10/01/97 (B)               100           101                
                                ----
TEXAS -- 11.2%                                                                  
South Plains, Regional Housing                                            
Authority, Section 8 Assistance                                       
Project, Series A, HUD                                                
Section 8, RB,                                                        
6.000%, 08/01/00                   170           171                
Southeast Texas, Housing Finance                                          
Residual Revenue, Series B, RB,                                       
0.000%, 12/01/16 (A)             1,100           237                
                                ----
                                 408
                                ----
UTAH -- 1.1%                                                                    
Salt Lake City, Industrial                                                
Development Authority,                                                
Hermes Associate Project,                                             
RB, (LOC)                                                             
5.900%, 09/01/96                    40            40                
                                ----

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
WISCONSIN -- 4.2%                                                               
State Housing & Economic                                                  
Development Authority,                                                
Series B, RB, AMT                                                     
6.625%, 09/01/20                $  150        $  150                
                              ------
Total Municipal Bonds                                                           
(Cost $3,591,682)                                 3,594                   
                              ------
CASH EQUIVALENTS -- 5.1%                                                        
SEI Institutional Tax Free                                                
Portfolio                           173           173                 
SEI Tax-Exempt Trust - Tax Free                                           
Portfolio                            13            13                 
                              ------
Total Cash Equivalents                                                          
(Cost $186,672)                                     186                   
                              ------
Total Investments -- 104.2%                                                     
(Cost $3,778,354)                                $3,780                   
                              ======

(A)  ZERO COUPON BOND                                                           
(B)  MANDATORY PUT SECURITY. THE MANDATORY PUT DATE IS SHOWN AS                 
THE MATURITY DATE ON THE SCHEDULE OF INVESTMENTS.                     
(C)  MANDATORY TENDER SECURITY. THE MANDATORY TENDER DATE IS                    
SHOWN AS THE MATURITY DATE ON THE SCHEDULE OF INVESTMENTS.            
(D)  VARIABLE RATE SECURITY. THE RATE REFLECTED ON THE SCHEDULE OF              
INVESTMENTS IS THE RATE IN EFFECT AT APRIL 30, 1996.                  
(E)  PRE-REFUNDED SECURITY. THE PRE-REFUNDED DATE IS SHOWN AS THE               
MATURITY DATE ON THE SCHEDULE OF INVESTMENTS.                         
AMT  ALTERNATIVE  MINIMUM TAX                                                   
ETM  ESCROWED TO MATURITY                                                       
LOC  SECURITIES ARE HELD IN CONNECTION WITH A LETTER OF CREDIT ISSUED           
BY A MAJOR COMMERCIAL BANK                                            
GO   GENERAL OBLIGATION                                                         
RB   REVENUE BOND                                                               

THE FOLLOWING ORGANIZATIONS HAVE PROVIDED UNDERLYING CREDIT SUPPORT FOR         
THE SECURITIES  AS DEFINED IN THE SCHEDULE OF INVESTMENTS.                      

AMBAC  AMERICAN MUNICIPAL BOND ASSURANCE COMPANY                                
BIGI   BOND INVESTORS GUARANTY ASSURANCE CORPORATION                            
CONN   CONNECTICUT GENERAL LIFE                                                 
FGIC   FEDERAL GUARANTY INSURANCE CORPORATION                                   
FHA    FEDERAL HOUSING AUTHORITY                                                
FNMA   FEDERAL NATIONAL MORTGAGE ASSOCIATION                                    
FSA    FINANCIAL SECURITY ASSISTANCE                                            
GNMA   GOVERNMENT NATIONAL MORTGAGE ASSOCIATION                                 
HUD    HOUSING & URBAN DEVELOPMENT                                              
MBIA   MUNICIPAL BOND INVESTORS ASSURANCE                                       
MGG    MUNICIPAL GOVERNMENT GUARANTEED                                          

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

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SCHEDULE OF INVESTMENTS                                                         
================================================================================
MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

SHORT-TERM                                                                      
FIXED INCOME FUND                                                               

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
ASSET-BACKED SECURITIES -- 11.2%                                                
Ford Credit Auto Lease Trust,                                             
Series 1995-1, Class A2                                               
6.350%, 10/15/98                  $145        $  146                
Navistar Financial Corporation                                            
Owner Trust, Series 1995-B,                                           
Class A2                                                              
5.940%, 10/15/98                   150           150                
Premier Auto Trust, Series 1992-4,                                        
Class A                                                               
5.050%, 01/15/98                    82            83                
Premier Auto Trust, Tranche 1993-5,                                       
Class A2                                                              
4.220%, 03/02/99                    51            51                
Sears Credit Account Trust,                                               
Series 1991-C, Class A                                                
8.650%, 07/15/98                   100           101                
Standard Credit Card Master Trust,                                        
Series 1991-1, Class A                                                
8.500%, 08/07/97                   100           100                
Union Federal Savings Bank                                                
Grantor Trust, Pool 1993-A,                                           
Class A                                                               
4.525%, 05/15/99                   423           416                
                              ------
Total Asset-Backed Securities                                                   
(Cost $1,046,999)                                 1,047                   
                              ------

OTHER MORTGAGE-BACKED OBLIGATIONS -- 4.3%                                       
General Electric Capital Mortgage                                         
Services, Series 1994-18,                                             
Class A2                                                              
7.000%, 08/25/24                    67            67                
Green Tree Financial Corporation,                                         
Series 1993-1, Class A1                                               
4.900%, 04/15/18                     9             9                
Green Tree Financial Corporation,                                         
Series 1994-1, Class A1                                               
5.600%, 04/15/19                    63            63                
Green Tree Financial Corporation,                                         
Series 1995-1, Class A1                                               
7.250%, 06/15/25                    10            10                
Green Tree Financial Corporation,                                         
Series 1995-4, Class A1                                               
6.050%, 07/15/25                    45            45                
Housing Securities Incorporated,                                          
Series 1994-1, Class A5                                               
5.500%, 08/25/03                   100            99                
Vanderbilt Mortgage Finance,                                              
Series 1994-A, Class A1                                               
7.000%, 07/10/19                   110           111                
                              ------
Total Other Mortgage-Backed Obligations                                         
(Cost $404,693)                                     404                   
                              ------

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
U.S. TREASURY OBLIGATIONS -- 22.7%                                              
U.S. Treasury Notes                                                       
5.875%, 07/31/97                 $  70        $   70                
5.125%, 11/30/98                 1,500         1,463                
6.750%, 05/31/99                   570           578                
                              ------
Total U.S. Treasury Obligations                                                 
(Cost $2,117,538)                                 2,111                   
                              ------

U.S. GOVERNMENT AGENCY OBLIGATIONS -- 30.3%                                     
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1230,                                      
Class H                                                               
6.500%, 09/15/05                   500           496                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1306,                                      
Class G                                                               
7.800%, 05/15/12                    65            66                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1190,                                      
Class F                                                               
7.500%, 09/15/18                    32            32                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1215,                                      
Class E                                                               
6.750%, 02/15/04                    87            88                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1607,                                      
Class B                                                               
4.350%, 06/15/03                    11            12                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1255,                                      
Class E                                                               
7.500%, 01/15/19                   500           505                
Federal Home Loan Mortgage                                                
Corporation, REMIC, Series 1464,                                      
Class BC                                                              
6.100%, 04/15/14                   250           250                
Federal National Mortgage                                                 
Association, REMIC, Series                                            
G92-35, Class BA                                                      
4.000%, 01/25/18                   417           407                
Federal National Mortgage                                                 
Association, REMIC, Series                                            
1990-87, Class G                                                      
7.500%, 05/25/12                     3             4                
Federal National Mortgage                                                 
Association, REMIC, Series                                            
1991-137, Class E                                                     
8.050%, 01/25/20                    48            49                

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                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
Federal National Mortgage                                                 
Association, REMIC, Series                                            
1992-37, Class PC                                                     
6.000%, 03/25/15                $  177        $  177                
Federal National Mortgage                                                 
Association, REMIC, Series                                            
G92-42, Class C                                                       
7.000%, 09/25/19                    34            34                
Federal National Mortgage                                                 
Association, REMIC, Series                                            
1992-161, Class A                                                     
6.500%, 12/25/13                    42            42                
Federal National Mortgage                                                 
Association, REMIC, Series                                            
1989-85, Class D                                                      
7.600%, 05/25/18                    47            47                
Federal National Mortgage                                                 
Association, REMIC, Series                                            
1991-165, Class H                                                     
7.500%, 04/25/20                    46            46                
Goldman Sachs Trust 3, Series E,                                          
Class 4                                                               
8.000%, 05/27/15                   562           572                
                              ------
Total U.S. Government Agency Obligations                                        
(Cost $2,824,916)                                 2,827                   
                              ------

TAXABLE MUNICIPAL BONDS -- 21.5%                                                
Bryon, Texas Higher Education                                             
Authority, Allen Academy,                                             
Series B, RB                                                          
6.500%, 12/01/99                    50            50                
Dallas County, Texas Housing                                              
Finance Corporation, Single                                           
Family Mortgage, RB                                                   
6.625%, 12/01/13                   185           169                
Dauphin County, General                                                   
Authority, Tressler Project,                                          
Series B,                                                             
Optional Put 09/01/96 @ 100 RB                                        
7.000%, 09/01/10                   270           270                
Hillard, Ohio Housing                                                     
Development Corporation,                                              
Series 1995B, RB, FHA                                                 
7.750%, 01/01/97                    45            45                
Indianola, Mississippi Housing                                            
Development, Section 8                                                
Eastover Apartments, MBIA/FHA                                         
6.600%, 01/01/99                    90            89                
Lancaster, California Family                                              
Housing, High Valley                                                  
Apartments, RB, FHA                                                   
5.850%, 06/01/96                    15            15                

--------------------------------------------------------------                  
                  FACE AMOUNT   MARKET VALUE
DESCRIPTION                            (000)          (000)                     
--------------------------------------------------------------                  
Memphis-Shelby, Tennessee                                                 
Industrial Development Board,                                         
Cleo Project, Series B, RB, (LOC)                                     
9.100%, 02/01/04                $  200        $  207                
Montgomery, Texas Housing                                                 
Finance Corporation,                                                  
Multi-Family Housing, Holly                                           
Creek, Series II, Class B, RB, FHA                                    
5.875%, 07/01/96                    35            35                
Moorhead, Mississippi Housing                                             
Development, Section 8 Moorhead                                       
Manor, Series A, RB, MBIA/FHA                                         
6.600%, 07/01/96                    25            25                
6.600%, 07/01/97                    30            30                
6.600%, 07/01/98                    30            30                
6.600%, 07/01/99                    35            34                
Ohio Capital Corporation For                                              
Housing, Series 1995-N, RB,                                           
MBIA/FHA                                                              
6.875%, 07/01/97                    50            50                
Plainfield, Indiana, Quaker School                                        
Building, RB,                                                         
6.150%, 07/01/96                   135           135                
Riverside, California Certificate of                                      
Participation, Tyler Mall                                             
Parking                                                               
10.000%, 04/01/10                   400           418                 
Rome, New York Housing                                                    
Development Section 8, Series B,                                      
RB, MBIA/FHA                                                          
7.750%, 07/01/01                    55            55                
San Francisco, California                                                 
Redevelopment Agency,                                                 
Seies 1995-C, RB, MBIA/FHA                                            
6.375%, 01/01/00                   165           163                
Summit County, Colorado Snake                                             
River Water District, GO,                                             
Asset Guaranty                                                        
6.250%, 12/15/96                   180           180                
                              ------
Total Municipal Bonds                                                           
(Cost $2,025,625)                                 2,000                   
                              ------

CASH EQUIVALENTS -- 9.3%                                                        
SEI Daily Income Trust                                                    
Government II Fund                  439           439                 
SEI Daily Income Trust Treasury II                                        
Fund                                427           427                 
                              ------
Total Cash Equivalents                                                          
(Cost $866,821)                                     866                   
                              ------
Total Investments -- 99.3%                                                      
(Cost $9,286,592)                                $9,255                   
                              ======

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SCHEDULE OF INVESTMENTS                                                         
================================================================================
MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

SHORT-TERM                                                                      
FIXED INCOME FUND                                                               

---------------------------------------------------------------                 
                                  MARKET VALUE
DESCRIPTION                            SHARES          (000)                    
---------------------------------------------------------------                 
GO      GENERAL OBLIGATION                                                      
LOC     SECURITIES ARE HELD IN CONNECTION WITH A LETTER OF CREDIT BY            
A MAJOR COMMERCIAL BANK                                         
RB      REVENUE BOND                                                            
REMIC   REAL ESTATE MORTGAGE INVESTMENT CONDUIT                                 

THE FOLLOWING ORGANIZATIONS HAVE PROVIDED UNDERLYING CREDIT SUPPORT FOR         
THE SECURITIES AS DEFINED IN THE SCHEDULE OF INVESTMENTS.                       

FHA     FEDERAL HOUSING AUTHORITY                                               
MBIA    MUNICIPAL BOND INVESTORS ASSURANCE                                      

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

SMALLER COMPANIES                                                               
FUND                                                                            

COMMON STOCKS -- 81.3%                                                          
CONSUMER -- 18.6%                                                               
Apple South                         1,500        $   39                   
Barefoot                            1,900            24                   
Barnett*                              850            20                   
CDW Computer Centers*                 450            35                   
Daka International*                   900            27                   
Damark International*               4,600            52                   
Family Dollar Stores                1,900            29                   
Garden Ridge*                         900            50                   
Just For Feet                       1,700            81                   
Longhorn Steaks*                      400            11                   
Micro Warehouse*                      500            22                   
Mohawk Industries*                  1,500            22                   
Movie Gallery*                      1,800            55                   
Outback Steakhouse*                   150             6                   
Petsmart*                             400            18                   
Regal Cinemas*                        300            12                   
Sonic*                              2,600            49                   
Sports Authority*                   2,250            67                   
Starbucks*                          2,400            65                   
USA Detergents*                       500            20                   
York Group*                           300             6                   
                              ------
                                 710
                              ------
SERVICE -- 10.7%                                                                
American Radio Systems*             2,000            67                   
Chancellor, Class A*                  950            24                   
Daisytek International*             1,300            53                   
Delta & Pine Land                   1,750            78                   
Paging Network*                     2,500            59                   
Paxson Communications                 800            12                   
Philip Environmental                1,000             8                   
PMT Services*                       2,000            58                   
True North Communications             550            15                   
Vanguard Cellular Systems, Class A* 1,300            28                   
Vanstar                               500             7                   
                              ------
                                 409
                              ------

---------------------------------------------------------------                 
                                  MARKET VALUE
DESCRIPTION                            SHARES          (000)                    
---------------------------------------------------------------                 
CREDIT SENSITIVE -- 8.5%                                                        
BayBanks                              100          $ 10                   
Credit Acceptance*                  2,300            43                   
Dime Bancorp*                       5,000            61                   
First Bell Bancorp                  1,000            14                   
Glendale Federal Savings Bank*      2,000            35                   
HFNC Financial*                     2,000            28                   
Lennar                              3,000            75                   
Long Island Bancorp                 1,000            28                   
Triangle Pacific*                   1,750            29                   
                                ----
                                 323
                                ----
TECHNOLOGY -- 21.9%                                                             
Ade*                                3,500            56                   
Affiliated Computer Services,                                             
Class A*                            800            38                 
Altera*                             1,100            58                   
CEM*                                4,000            54                   
Ceridian*                             600            29                   
Computervision*                     4,100            50                   
Dendrite International*               550            13                   
Geoworks*                           1,800            67                   
KLA Instruments*                      750            22                   
MEMC Electronic Materials*          2,900           145                   
Mercury Interactive*                1,500            21                   
Micrel*                             2,500            42                   
PCD*                                5,000            67                   
Platinum Technology*                2,000            29                   
PRI Automation*                     2,500            71                   
Rational Software*                    200            11                   
Sandisk*                            4,000            59                   
                                ----
                                 832
                                ----
HEALTHCARE -- 5.4%                                                              
Genesis Health Ventures*            1,500            44                   
Gensia Pharmaceutical               5,500            28                   
Immulogic Pharmaceutical*           1,900            20                   
Perseptive Biosystems*              3,750            27                   
Quorum Health Group*                  500            13                   
Sun Healthcare Group*               2,000            30                   
Value Health*                       1,100            32                   
Ventritex *                           700            11                   
                                ----
                                 205
                                ----
ENERGY -- 9.6%                                                                  
Benton Oil & Gas*                     750            13                   
BJ Services*                        1,500            57                   
Camco International                 1,000            36                   
Devon Energy                        2,000            51                   
Parker & Parsley Petroleum          1,000            25                   
Seacor Holdings*                    1,050            43                   
Tidewater                           2,250            96                   
United Meridian*                    1,500            46                   
                                ----
                                 367
                                ----

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================================================================================

---------------------------------------------------------------                 
                     SHARES/      MARKET VALUE
DESCRIPTION                      FACE AMOUNT (000)     (000)                    
---------------------------------------------------------------                 

PROCESS INDUSTRIES -- 2.2%                                                      
Bowater                             1,000          $   40                 
Potlatch                            1,000              43                 
                                  ------
                                      83
                                  ------
CAPITAL GOODS -- 1.3%                                                           
Adept Technology*                   2,500              48                 
                                  ------
AIR TRANSPORTATION -- 0.8%                                                      
Atlantic Southeast Airlines         1,250              31                 
                                  ------
BUILDING & CONSTRUCTION                                                         
SUPPLIES -- 0.8%                                                          
Miller Industries*                  1,050              29                 
                                  ------
TRANSPORTATION -- 1.5%                                                          
TNT Freightways                     2,500              57                 
                                  ------
Total Common Stocks                                                             
(Cost $2,610,898)                                   3,094                 
                                  ------

COMMERCIAL PAPER -- 19.0%                                                       
Ford Motor Credit                                                         
5.290%, 05/01/96                  $724             724              
                                  ------
Total Commercial Paper                                                          
(Cost $724,000)                                       724                 
                                  ------
Total Investments -- 100.3%                                                     
(Cost $3,334,898)                                  $3,818                 
                                  ======

* NON-INCOME PRODUCING SECURITY                                                 

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

INTERNATIONAL                                                                   
EQUITY FUND                                                                     

FOREIGN COMMON STOCKS -- 95.5%                                                  
AUSTRALIA -- 2.4%                                                               
Highlands Gold Rights *             6,200          $   --                 
Mayne Nickless                      6,000              36                 
M.I.M. Holdings                    31,000              46                 
                                  ------
                                      82
                                  ------
FINLAND -- 1.8%                                                                 
Nokia AB, Series A                    700              25                 
Valmet `A'                          2,600              35                 
                                  ------
                                      60
                                  ------
FRANCE -- 7.1%                                                                  
Castorama Dubois                      467              89                 
Christian Dior                        850             113                 
Cie de Saint Gobain                    12               2                 
Sanofi                                450              36                 
                                  ------
                                     240
                                  ------

---------------------------------------------------------------                 
                                  MARKET VALUE
DESCRIPTION                           SHARES           (000)                    
---------------------------------------------------------------                 
HONG KONG -- 4.7%                                                               
Cheung Kong Holdings                5,000         $  36                   
Hong Kong Telecommunications       30,000            57                   
HSBC Holdings                       1,000            15                   
Hutchison Whampoa                   5,000            31                   
Sun Hung Kai Properties             2,000            19                   
                              ------
                                 158
                              ------
ITALY -- 1.4%                                                                   
Telecom Italia                     22,000            49                   
                              ------
JAPAN -- 37.9%                                                                  
Autobac Seven                         100            10                   
Canon                               4,000            80                   
DDI                                     8            69                   
Hitachi                             7,000            76                   
Ito Yokado                          1,000            59                   
Matsushita Electric                 2,000            35                   
Mitsubishi                          5,000            71                   
Mitsubishi Estate                   6,000            84                   
Mitsubishi Heavy Industries        10,000            89                   
Mitsubishi Materials                3,000            18                   
Nishimatsu Construction             6,000            71                   
NKK *                              23,000            72                   
Nomura Securities                   4,000            87                   
NSK                                 6,000            48                   
Sankyo                              3,000            73                   
Shin Etsu Chemical                  3,150            69                   
Sumitomo Bank                       2,000            43                   
Suzuki Motor                        3,000            38                   
Teijin                             13,000            71                   
Tokio Marine & Fire Insurance       6,000            83                   
Toshiba                             5,000            39                   
                              ------
                               1,285
                              ------
MALAYSIA -- 2.7%                                                                
Genting Berhad                      5,000            45                   
United Engineers                    7,000            48                   
                              ------
                                  93
                              ------
NETHERLANDS -- 6.9%                                                             
Aegon                                 879            42                   
Elsevier                            6,200            93                   
Gucci *                               800            43                   
Hunter Douglas                        450            29                   
Polygram                              460            27                   
                              ------
                                 234
                              ------
SINGAPORE -- 4.0%                                                               
Jardine Matheson Holdings           6,800            54                   
Overseas Chinese Banking Foreign    6,000            83                   
                              ------
                                 137
                              ------
SPAIN -- 1.5%                                                                   
Centros Comerciales Pryca           1,100            25                   
Telefonica de Espana                1,500            27                   
                              ------
                                  52
                              ------

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SCHEDULE OF INVESTMENTS                                                         
================================================================================
MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

INTERNATIONAL                                                                   
EQUITY FUND                                                                     

-------------------------------------------------------------                   
                              MARKET VALUE
DESCRIPTION                           SHARES         (000)                      
-------------------------------------------------------------                   
SWEDEN -- 6.8%                                                                  
Astra AB, Series A                  2,400        $  107                   
Ericsson LM, Series B               4,400            89                   
Securitas AB, Series B                600            35                   
                              ------
                                 231
                              ------
SWITZERLAND -- 3.7%                                                             
Roche Holdings                          6            47                   
Sandoz Pharmaceutical                  70            77                   
                              ------
                                 124
                              ------
UNITED KINGDOM -- 14.6%                                                         
British Telecommunications          4,900            27                   
Dixons Group                       24,300           180                   
General Electric                   18,100            98                   
Glaxo Wellcome                      8,200            99                   
Williams Holdings                  17,400            90                   
                              ------
                                 494
                              ------
Total Foreign Common Stocks                                                     
(Cost $2,762,928)                                 3,239                   
                              ------

FOREIGN PREFERRED STOCK -- 1.1%                                                 
GERMANY -- 1.1%                                                                 
SAP                                   275            37                   
                              ------
Total Foreign Preferred Stock                                                   
(Cost $44,914)                                       37                   
                              ------
Total Investments -- 96.6%                                                      
(Cost $2,807,842)                                $3,276                   
                              ======

* NON-INCOME PRODUCING SECURITY.                                                
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

INTERNATIONAL SMALL                                                             
CAP EQUITY FUND                                                                 

-------------------------------------------------------------                   
                              MARKET VALUE
DESCRIPTION                           SHARES         (000)                      
-------------------------------------------------------------                   
FOREIGN COMMON STOCKS -- 91.7%                                                  
AUSTRALIA -- 1.4%                                                               
Adelaide Bank                     195,000        $  581                   
Australian National               640,000           583                   
Digicall Group*                   250,000           202                   
Foodland Associated                65,000           248                   
Savage Resources                  231,000           203                   
Savage Resources Options*          23,100             6                   
                              ------
                               1,823
                              ------
AUSTRIA -- 1.0%                                                                 
Austria Mikro Systeme                                                     
International*                    1,441           175                 
Wolford                             5,176         1,125                   
                              ------
                               1,300
                              ------
BELGIUM -- 0.3%                                                                 
Quick Restaurants                   3,834           403                   
                              ------
DENMARK -- 1.6%                                                                 
Martin Gruppen*                    14,541           850                   
Oticon Holding AS, Series A        10,750         1,148                   
                              ------
                               1,998
                              ------
FINLAND -- 0.0%                                                                 
Benefon Oy                          2,500            45                   
                              ------
FRANCE -- 3.3%                                                                  
Airfeu SA                           6,864           248                   
Assystem*                           4,240           513                   
Bertrand Faure                      2,500            82                   
Brioche Pasquier                    1,807           268                   
But SA                              9,025           603                   
CIPE France SA                      6,566           572                   
Deveaux SA                          2,483           319                   
Filipacchi Medias                      16             3                   
Grand Optical-Photoservice          3,783           452                   
Guilbert SA                         3,826           628                   
Hermes International                1,645           436                   
NRJ SA                                 10             1                   
                              ------
                               4,125
                              ------
GERMANY -- 2.8%                                                                 
Adidas*                             4,710           356                   
Boss (Hugo)                           449           449                   
Cewe Color Holding                  3,132         1,115                   
Jil Sander                            866           736                   
Kiekert*                           18,876           573                   
Marschollek Lauten                    342           345                   
                              ------
                               3,574
                              ------
HONG KONG -- 2.2%                                                               
ASM Pacific Technology             67,000            66                   
Chen Hsong                        230,000           118                   

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-------------------------------------------------------------                   
                              MARKET VALUE
DESCRIPTION                           SHARES         (000)                      
-------------------------------------------------------------                   
China Resources Development       400,000        $  247                   
East Asiatic Company              320,000            42                   
Four Seas Mercantile              250,000            95                   
Gold Peak                         510,000           265                   
Grand Hotel Holdings `A'          580,000           238                   
Harbour Centre                    211,000           286                   
HKR International                 300,000           341                   
Hon Kwok Land Investment          402,000           140                   
Hong Kong Aircraft Engineering     44,800           114                   
Jardine International Motor       100,000           129                   
Liu Chong Hing Bank               140,000           194                   
Regal Hotels International        800,000           203                   
Wing Hang Bank                     72,000           264                   
Winsor Industrial                  73,000            67                   
                              ------
                               2,809
                              ------
INDONESIA -- 1.0%                                                               
Bukaka Teknik Utama                75,000           129                   
Clipan Finance                     67,500            84                   
Fastfood Indonesia                 31,000            40                   
PT Aneka Kimia Ray                 72,000           133                   
PT Bank Niaga                      50,000           125                   
PT Enseval Putera                 151,000           105                   
Sari Husada                        15,000            86                   
Tempo Scan Pacific                 40,000           102                   
Tigaraksa Satria                   40,000           206                   
Trias Sentosa                      84,000           179                   
Wicaksana Overseas                 40,000           115                   
                              ------
                               1,304
                              ------
ITALY -- 4.8%                                                                   
De Rigo ADR*                       40,937         1,233                   
Gewiss                             90,031         1,302                   
Industria Machine*                 69,153           487                   
Industrie Natuzzi Spa ADR          39,022         2,029                   
Saes Getters                       20,113           508                   
Saes Getters Di Risp               30,614           607                   
                              ------
                               6,166
                              ------
JAPAN -- 44.5%                                                                  
Aderans                            20,000           475                   
Aichi                              60,000           683                   
Alpine Electronics                 37,000           729                   
Apic Yamada                        22,000           686                   
Arcland Sakamoto                   45,000           542                   
Belluna                             1,200            26                   
Beltecno                           30,000           356                   
Bridgestone                        70,000           904                   
Cesar                              80,000           796                   
Chubu Sekiwa Real Estate           44,000           732                   
Chuo Warehouse                     45,000           602                   
Circle K                           22,000           968                   
CKD                                60,000           689                   
Daishowa Paper                     65,000           603                   
Daiwabo Information Systems        27,500           618                   

-------------------------------------------------------------                   
                              MARKET VALUE
DESCRIPTION                           SHARES         (000)                      
-------------------------------------------------------------                   
Enix                               20,000        $  581                   
Fast Retailing                     10,000           402                   
Fuji Machine Manufacturing         20,000           658                   
Fuso Lexel                         23,000           271                   
Higashi Nihon House                20,000           325                   
Honma Golf                         17,400           413                   
H.I.S.                             15,000           884                   
Ichiken                            50,000           579                   
Itoki Crebio                       65,000           542                   
Japan Digital Lab                  20,000           486                   
Japan Industry Land                22,000           781                   
Juken Sangyo                       50,000           583                   
Kaneshita Construction             45,000           581                   
Kansai Sekiwa                      45,000           792                   
Kanto Seino Transportation         25,000           787                   
Kawasho Lease System               10,000           124                   
Kawasumi Labs                      40,000           555                   
Maezawa Kaisei                     17,000           680                   
Mars Engineering                    8,000           584                   
Maruco                             16,000         1,432                   
Maspro Denkoh                      25,000           686                   
Meitec                              3,000            66                   
Ministop                           30,000           809                   
Misumi                             24,200           831                   
Mitsuba Electric                   50,000           626                   
Mitsui High-Tec                    28,000           718                   
Mitsui Home                        45,000           753                   
Mitsumi Electric                   30,000           548                   
Nichiha                            38,500           707                   
Nichii Gakkan                      16,500           888                   
Nippon Kanzai                      22,000           661                   
Nippon Thompson                    95,000           945                   
Nissin                             15,600           759                   
Nissin Electric                   100,000           809                   
Nitto Electric Works               60,000           958                   
Nitto Kohki                        22,000           894                   
Noritsu Koki                       24,000           978                   
OSG                                95,000           788                   
Paramount Bed                      11,000           752                   
Paris Miki                         20,000           847                   
Plenus                              9,900           415                   
PS                                 35,000           669                   
Ricoh Elemex                       55,000           868                   
Ryohin Keikaku                      8,400           751                   
Ryoyo Electro                      23,000           592                   
Sakai Chemical Industry           120,000           876                   
Sansei Yusoki                      40,000           524                   
Sanyo Shinpan                       8,000           558                   
Satori Electric                    17,000           780                   
Seijo                              20,000           627                   
Sekiwa Real Estate                 45,000           512                   
Shimachu                           20,000           679                   
Shimadzu                          120,000           820                   
Shin Nikkei                        70,000           559                   
Shinki                             24,000           895                   
Sintokogio                         65,000           591                   

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SCHEDULE OF INVESTMENTS                                                         
================================================================================
MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

INTERNATIONAL SMALL                                                             
CAP EQUITY FUND                                                                 

-------------------------------------------------------------                   
                              MARKET VALUE
DESCRIPTION                           SHARES         (000)                      
-------------------------------------------------------------                   
Stamina Foods                      39,600       $   401                   
Takada Kiko Steel                  43,000           485                   
Takuma                             50,000           770                   
Tanseisha                          50,000           693                   
Terumo                             75,000           954                   
TKC                                24,700           765                   
Tohoku Misawa Home                 50,000           626                   
Towa Pharmaceutical                11,000           293                   
Toyo Shutter                       70,000           743                   
Trusco Nakayama                    33,000           852                   
Tsudakoma                         100,000           784                   
Wakita                             40,000           719                   
Xebio                              20,000           746                   
Yamae Hisano                       25,000           230                   
Yoshinoya D&C                          34           484                   
Yukiguni Maitake                   26,000           249                   
                             -------
                              56,982
                             -------
MALAYSIA -- 1.9%                                                                
Cement Manufacturers Sarawak       15,000            87                   
Cycle and Carr Bin                 60,000           378                   
Hock Hua Bank                      60,000           184                   
IOI Properties                     70,000           232                   
KFC Holdings                       35,000           211                   
Metacorp                           20,000            57                   
Muhibbah Engineering               40,000           152                   
Nylex Berhad                       80,000           327                   
Public Finance                    145,000           348                   
RJ Reynolds Berhad                 70,000           222                   
Road Builder                       25,000           110                   
Shah Alam Properties               38,000           148                   
                             -------
                               2,456
                             -------
NETHERLANDS -- 2.5%                                                             
Aalberts Industries                 4,282           344                   
Gucci*                             27,880         1,510                   
IHC  Caland                        11,708           460                   
Otra                               12,430           308                   
Randstad Holdings                   7,315           469                   
Sphinx Kon Gustavsberg              9,188           151                   
                             -------
                               3,242
                             -------
NORWAY -- 3.2%                                                                  
Awilco AS, Series B                32,981           327                   
Hitec AS                           58,640           330                   
Industri Investor*                112,740           343                   
Nera AS                            16,461           599                   
Norman Data Defence*               17,150           313                   
Sensonor AS                        39,817           334                   
Sysdeco Group AS*                   4,000            48                   
System Etiketterin                 47,403           744                   
Tomra Systems                      84,595           779                   
Transocean*                         9,709           272                   
                             -------
                               4,089
                             -------

-------------------------------------------------------------                   
                              MARKET VALUE
DESCRIPTION                           SHARES         (000)                      
-------------------------------------------------------------                   
PHILIPPINES -- 0.2%                                                             
Bacnotan Consolidated               8,000        $   42                   
Belle Corporation*                400,000            59                   
First Philippene Holdings          74,533           170                   
Union Bank of Philippines*         12,000            15                   
                              ------
                                 286
                              ------
SINGAPORE -- 1.6%                                                               
Amtek Engineering                 170,000           285                   
Comfort Group                      80,000            73                   
Courts Singapore                  177,000           291                   
CSA Holding*                       75,000            81                   
Haw Par Brothers International     76,000           193                   
Hong Leong Finance                 20,000            82                   
Jurong Engineering                 50,000           222                   
Singap Tech Ship & Engine         152,000           344                   
SNP                                75,000            67                   
Tiger Medicals                     35,000            60                   
Venture Manufacturing             100,000           342                   
                              ------
                               2,040
                              ------
SOUTH KOREA -- 0.2%                                                             
Daesung Industrial                  1,000            80                   
Daesung Rights                        400             8                   
Halla Engineering & Construction    4,364           204                   
                              ------
                                 292
                              ------
SPAIN -- 0.2%                                                                   
Cortefiel                          13,937           301                   
                              ------
SWEDEN -- 3.6%                                                                  
Allgon, Series B                    5,000            76                   
Assa Abloy, Series B*              39,202           445                   
Elekta Instrument AB, Series B      5,994           207                   
Garphyttan Industrier AB           22,000           305                   
Hoganas AB, Series B               23,488           780                   
Kalmar                             34,965           634                   
Opcon, Series B*                      320           271                   
Sintercast, Series A*              23,860         1,531                   
Trio*                              10,080           342                   
                              ------
                               4,591
                              ------
SWITZERLAND -- 0.6%                                                             
Fust                                1,170           363                   
Kardex PC                           1,155           344                   
                              ------
                                 707
                              ------
THAILAND -- 0.5%                                                                
Hana Microelectric                 31,000           171                   
Regional Container Line             7,000            84                   
Robinson Department Store          52,000           124                   
Serm Suk                            6,040           185                   
Srithai Superware                  12,000            89                   
                              ------
                                 653
                              ------

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                              MARKET VALUE
DESCRIPTION                           SHARES         (000)                      
-------------------------------------------------------------                   
UNITED KINGDOM -- 14.3%                                                         
Albright & Wilson                  60,000         $ 160                   
Allders                            15,500            49                   
Allied Colloids                    40,000            80                   
Alumasc Group                      50,909           332                   
Amersham International             13,000           209                   
Applied Distribution Group        100,000           250                   
Argos                              50,000           488                   
Ashtead Group                     230,600           666                   
Associated British Ports           66,700           301                   
Baynes (Charles)                  140,000           293                   
BBA Group                          85,000           445                   
Bunzl                             100,000           346                   
Business Post Group                75,000           426                   
Capital Shopping                  100,000           421                   
Charter                            17,500           250                   
Compass Group                      40,000           329                   
Courtaulds Textile                 32,500           204                   
Cowie Group                        90,000           519                   
Daily Mail & General Trust A       17,200           420                   
Dalgety                            50,000           294                   
Devro International                77,000           271                   
Diploma                            42,500           267                   
Fairey Group                       43,650           434                   
Firstbus                           90,400           230                   
Forth Ports                        37,500           378                   
Glynwed International              55,000           306                   
Great Portland Estates             38,000           104                   
Henlys                             43,900           434                   
Hepworth                           60,000           273                   
Ibstock                           210,000           270                   
Ideal Hardware                     44,000           400                   
ISA International                 100,000           259                   
Laird Group                        50,000           368                   
London Clubs                       44,500           366                   
Marston Thompson                   50,000           262                   
MFI Furniture                     105,000           281                   
Mirror Group                      103,700           359                   
Misys                              26,376           327                   
Morrison Supermarket               25,000            64                   
Perkins Food                       55,000            66                   
Pillar Property Investment        133,400           363                   
Pizza Express                     100,000           523                   
Rotork                             81,450           279                   
Rugby Group                       120,000           231                   
Sanderson Holding                  25,000           110                   
Scapa Group                        57,000           206                   
Security Services                  22,400           412                   
Sheffield Insulation               53,900           204                   
Smith (David S.) Holding           67,900           306                   
Spirax-Sarco Engineering           40,000           439                   
Stagecoach Holdings                38,200           261                   
Stat-Plus Group                    40,000           142                   
Staveley Industries                60,000           201                   

---------------------------------------------------------------                 
                    SHARES/     MARKET VALUE
DESCRIPTION                    FACE AMOUNT (000)(1)   (000)                     
---------------------------------------------------------------                 

Trafford Park Estates             120,000        $  191                   
Trinity Holdings                   45,400           268                   
Ulster Television                  20,000           388                   
United News & Media                25,600           267                   
Vickers PLC                       120,000           466                   
Vitec Group                        45,000           511                   
Vosper Thornycroft                 21,850           270                   
                             -------
                              18,239
                             -------
Total Foreign Common Stocks                                                     
(Cost $100,131,194)                                 117,425               
                                    --------

FOREIGN PREFERRED STOCKS -- 3.3%                                                
GERMANY -- 3.3%                                                                 
Berentzen-Gruppe                   29,433             1,038               
Fielmann                           12,675               556               
Hach                                  848               298               
Mobel Walther                      10,190               403               
Puma                                1,871               645               
Rhone Klinikum                      9,192             1,078               
Sto Vorzug                            601               253               
                                    --------
                                       4,271
                                    --------
Total Foreign Preferred Stocks                                                  
(Cost $3,696,285)                                     4,271               
                                    --------

COMMON STOCKS -- 0.2%                                                           
UNITED STATES -- 0.2%                                                           
PixTech*                           36,153               316               
                                    --------
Total Common Stocks                                                             
(Cost $363,926)                                         316               
                                    --------

FOREIGN CONVERTIBLE BONDS -- 1.5%                                               
JAPAN -- 0.6%                                                                   
Meitec                                                                    
3.200%, 03/31/04                50,000               794            
                                    --------
NORWAY --  0.9%                                                                 
Vard                                                                      
0.000%, 12/12/98               $   439             1,079            
                                    --------
Total Foreign Convertible Bonds                                                 
(Cost $1,089,344)                                     1,873               
                                    --------
Total Investments -- 96.7%                                                      
(Cost $105,280,749)                                $123,885               
                                    ========
*NON-INCOME PRODUCING SECURITY                                                  
ADR  AMERICAN DEPOSITORY RECEIPT                                                
PC   PARTICIPATING CERTIFICATE                                                  
(1)  IN LOCAL CURRENCY UNLESS OTHERWISE INDICATED                               

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

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SCHEDULE OF INVESTMENTS                                                         
================================================================================
MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

EUROPEAN SMALL                                                                  
CAP EQUITY FUND                                                                 

-------------------------------------------------------------                   
                              MARKET VALUE
DESCRIPTION                           SHARES         (000)                      
-------------------------------------------------------------                   
FOREIGN COMMON STOCKS -- 82.1%                                                  
AUSTRIA -- 2.7%                                                                 
Austria Mikro Systeme International*  868        $  106                   
Wolford                               889           193                   
                              ------
                                 299
                              ------
BELGIUM -- 0.7%                                                                 
Quick Restaurants                     722            76                   
                              ------
DENMARK -- 2.8%                                                                 
Martin Gruppen*                     1,200            70                   
Oticon Holding AS, Series A         2,292           245                   
                              ------
                                 315
                              ------
FINLAND -- 0.2%                                                                 
Benefon Oy                          1,300            24                   
                              ------
FRANCE -- 7.7%                                                                  
Airfeu SA                           1,527            55                   
Assystem*                             910           110                   
Brioche Pasquier                      481            71                   
But SA                              1,250            83                   
CIPE France SA                      1,069            93                   
Deveaux SA                            500            64                   
Filipacchi Medias                       3             1                   
Grand Optical-Photoservice          1,155           138                   
Guilbert SA                           819           135                   
Hermes International                  415           110                   
                              ------
                                 860
                              ------
GERMANY -- 9.6%                                                                 
Adidas*                               950            72                   
Alulux Mining                          72           273                   
Biotest                               200            68                   
Boss (Hugo)                            60            60                   
Cewe Color Holding                    128            46                   
Jil Sander                            156           132                   
Kiekert*                            2,700            82                   
Marschollek Lauten                     72            73                   
Sandvest Petroleum*                    40           271                   
                              ------
                               1,077
                              ------
ITALY -- 8.1%                                                                   
De Rigo ADR*                        6,140           185                   
Gewiss                             11,836           171                   
Industria Machine*                 17,000           120                   
Industrie Natuzzi Spa ADR           3,194           166                   
Saes Getters                        6,350           160                   
Saes Getters Di Risp                4,000            79                   
Saes Getters Priv                   1,500            22                   
                              ------
                                 903
                              ------

-------------------------------------------------------------                   
                              MARKET VALUE
DESCRIPTION                           SHARES         (000)                      
-------------------------------------------------------------                   
NETHERLANDS -- 3.2%                                                             
Aalberts Industries                 1,925        $  155                   
Gucci*                              1,950           106                   
OTRA Securities Group               3,750            93                   
                              ------
                                 354
                              ------
NORWAY -- 6.1%                                                                  
Awilco AS, Series B                 7,210            72                   
Hitec AS*                           6,600            37                   
Nera AS                             2,260            82                   
Norman Data Defence*                3,600            66                   
Sensonor AS                         7,681            64                   
Sysdeco Group AS*                   2,000            24                   
System Etiketterin                  7,651           120                   
Tomra Systems                      15,966           147                   
Transocean*                         2,368            66                   
                              ------
                                 678
                              ------
SPAIN -- 0.4%                                                                   
Cortefiel                           1,885            41                   
                              ------
SWEDEN -- 8.6%                                                                  
Allgon, Series B                    2,500            38                   
Assa Abloy, Series B*               7,965            90                   
Elekta Instrument AB, Series B        800            28                   
Garphyttan Industrier AB            5,000            69                   
Hoganas AB, Series B                6,187           205                   
Kalmar                              7,590           138                   
Opcon, Series B*                       70            59                   
Sintercast, Series A*               4,090           262                   
Trio*                               2,170            74                   
                              ------
                                 963
                              ------
SWITZERLAND -- 1.1%                                                             
Fust                                  142            44                   
Kardex PC                             274            82                   
                              ------
                                 126
                              ------
UNITED KINGDOM -- 30.9%                                                         
Albright & Wilson                  20,000            53                   
Allied Colloids                    25,000            50                   
Amersham International              3,000            48                   
Argos                              16,800           164                   
Associated British Ports            6,700            30                   
BBA Group                          32,000           167                   
Bradford Properties                16,000            57                   
Bunzl                              13,700            47                   
Capital Shopping                   12,500            53                   
Charter                             5,000            71                   
Compass Group                      11,000            90                   
Courtaulds Textiles                 7,500            47                   
Cowie Group                        14,500            84                   

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                              MARKET
DESCRIPTION                           SHARES      VALUE (000)                   
-------------------------------------------------------------                   
Daily Mail & General Trust A        4,800        $  117                   
Dalgety                            20,000           118                   
Devro International                24,200            85                   
Diploma                            16,000           100                   
Fairey Group                        8,750            87                   
Forth Ports                         6,800            69                   
Glynwed International              22,000           122                   
Great Portland Estates             18,000            49                   
Henlys                              8,900            88                   
Hepworth                           25,000           114                   
Ibstock                            65,000            84                   
Laird Group                        19,200           141                   
London Clubs                        9,750            80                   
MFI Furniture                      36,100            97                   
Mirror Group                       13,400            46                   
Misys                               4,400            55                   
Morrison Supermarket               12,000            31                   
Pillar Property Investment         18,200            50                   
Rugby Group                        40,000            77                   
Scapa Group                        10,000            36                   
Security Services                   7,500           138                   
Smith (David W.) Holding           19,400            88                   
Spirax-Sarco Engineering           15,000           164                   
Stagecoach Holdings                 8,400            57                   
Staveley Industries                14,000            47                   
Trinity Holdings                   10,600            63                   
United News & Media                 3,264            34                   
Vickers                            24,000            93                   
Vitec Group                         4,800            55                   
Vosper Thornycroft                  3,600            45                   
Wilson Holdings                    25,000            70                   
                              ------
                               3,461
                              ------
Total Foreign Common Stocks                                                     
(Cost $7,291,624)                                 9,177                   
                              ------

FOREIGN PREFERRED STOCKS -- 7.3%                                                
GERMANY -- 7.3%                                                                 
Berentzen-Gruppe                    4,380           155                   
Fielmann                            2,100            92                   
Hach                                  135            47                   
Mobel Walther                       3,230           128                   
Puma                                  400           138                   
Rhoen Klinikum                      2,172           255                   
                              ------
                                 815
                              ------
Total Foreign Preferred Stocks                                                  
(Cost $619,792)                                     815                   
                              ------

--------------------------------------------------------------                  
            SHARES/FACE AMOUNT    MARKET
DESCRIPTION                          (000)(1)     VALUE (000)                   
--------------------------------------------------------------                  

COMMON STOCK -- 0.5%                                                            
UNITED STATES -- 0.5%                                                           
PixTech*                            5,960         $    52                 
                                 -------
Total Common Stock                                                              
(Cost $59,924)                                         52                 
                                 -------

FOREIGN CONVERTIBLE BOND -- 2.1%                                                
NORWAY -- 2.1%                                                                  
Vard                                                                      
0.000%, 12/12/98                $   94             232              
                                 -------
Total Foreign Convertible Bond                                                  
(Cost $94,560)                                        232                 
                                 -------
Total Investments -- 92.0%                                                      
(Cost $8,065,900)                                 $10,276                 
                                 =======

*NON-INCOME PRODUCING SECURITY                                                  
ADR    AMERICAN DEPOSITORY RECEIPT                                              
PC     PARTICIPATING CERTIFICATE                                                
(1) IN LOCAL CURRENCY UNLESS OTHERWISE INDICATED                                

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

EMERGING MARKETS                                                                
EQUITY FUND                                                                     

FOREIGN COMMON STOCKS -- 93.0%                                                  
ARGENTINA -- 2.8%                                                               
Atanor SA, Series D*               86,375         $   240                 
Disco*                             65,000           1,032                 
Quilmes Industrial SA ADR          33,000             396                 
Quilmes Industrial                 16,500             196                 
YPF SA ADR                         45,000             984                 
                                 -------
                                   2,848
                                 -------
BOTSWANA -- 0.6%                                                                
Sechaba Investment*               800,000             596                 
                                 -------
BRAZIL -- 5.9%                                                                  
Cia Energetica de Minas            41,800           1,087                 
Centrais Eletrica                 872,000             615                 
Eletrobras                      1,500,000             361                 
Makro Atacadista GDR*             115,000             874                 
Telecom Brasileiras ADR            38,740           2,097                 
Vale Rio Doce ADR                  50,000             919                 
                                 -------
                                   5,953
                                 -------
CHILE -- 2.9%                                                                   
Cia Telecomunicacion Chile ADR      8,000             730                 

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SCHEDULE OF INVESTMENTS                                                         
================================================================================
MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

EMERGING MARKETS                                                                
EQUITY FUND                                                                     

-------------------------------------------------------------                   
                              MARKET
DESCRIPTION                           SHARES      VALUE (000)                   
-------------------------------------------------------------                   
Enersis ADR                        30,000       $   893                   
Maderas Y Sinteticos ADR            8,500           135                   
Santa Isabel ADR*                  40,000         1,155                   
                             -------
                               2,913
                             -------
COLOMBIA -- 1.9%                                                                
Banco de Colombia               1,933,078           865                   
Cadenalco ADR                      25,000           425                   
Suramericana                       38,386           662                   
                             -------
                               1,952
                             -------
GREECE -- 1.3%                                                                  
Ergo Bank                           7,350           370                   
Goody's                             9,800           165                   
Hellenic Bottling                   9,825           353                   
Hellenic Sugar                        900             8                   
Hellenic Tellecomunication*        14,800           249                   
Lavipharm*                         18,720           165                   
                             -------
                               1,310
                             -------
HUNGARY -- 1.1%                                                                 
Egis Gyogyszer EDR                  9,600           410                   
Richter Gedeon GDS                  7,000           247                   
Richter Gedeon                     12,000           419                   
                             -------
                               1,076
                             -------
INDIA -- 7.4%                                                                   
Bajaj Auto                         28,750           727                   
East India Hotels                  50,000         1,036                   
Grasim Industries                  24,200           417                   
Gujarat Ambuja Cement              82,800           847                   
Hindalco Industries                25,000           946                   
Larsen & Toubro                    90,000           751                   
Mahangar Telephone                150,000           991                   
Oriental Bank of Commerce         206,500           515                   
State Bank of India*               86,000           757                   
Steel Authority of India GDR*      30,000           450                   
                             -------
                               7,437
                             -------
INDONESIA -- 7.3%                                                               
Bank Danamon                      350,000           511                   
Bimantara Citra*                  590,000           842                   
Bukaka Teknik Utama*              280,000           481                   
Duta Pertiwi Nusan                348,000           127                   
Gudang Garam                      100,000           719                   
Kalbe Farma                        95,000           275                   
Panin Bank                        197,000           201                   
PT Aneka Kimia Ray                 91,200           168                   
PT Enseval Putera                  76,000            53                   
PT Indah Kiat Pulp & Paper        273,882           285                   
PT Indah Kiat Pulp &                                                      
Paper Rights*                    68,470            43                 
PT Tempo Scan Pacific             180,000           460                   
Semen Gresik                       56,000           194                   
Telekomunikasi*                 1,000,000         1,664                   
Tigaraksa Satria                  104,000           536                   

-------------------------------------------------------------                   
                              MARKET
DESCRIPTION                           SHARES      VALUE (000)                   
-------------------------------------------------------------                   
Tjiwi Kimia                       201,780       $   212                   
Trias Sentosa                      85,000           181                   
Wicaksana Overseas                150,000           432                   
                             -------
                               7,384
                             -------
ISRAEL -- 1.8%                                                                  
Blue Square Stores*               126,800           921                   
Makhteshim Chemicals Work*         78,000           487                   
Tadiran Telecommunications*        25,000           364                   
                             -------
                               1,772
                             -------
MALAYSIA -- 16.7%                                                               
Arab Malaysian Merchant Bank       56,666           261                   
Berjaya Sports                    500,000         1,604                   
DCB Holdings                      380,000         1,387                   
Gadek                             120,000           789                   
Genting Berhad                     30,000           270                   
KFC Holdings                      100,000           602                   
Land and General                  360,000           960                   
Leader Universal                  250,000           737                   
Magnum                            400,000           693                   
Malayan Banking                   190,000         1,852                   
Malaysian Industrial                                                      
Development                     343,000           572                 
Nylex Berhad                      200,000           818                   
Perusahaan Otomobil               150,000           740                   
Petronas Gas                      150,000           662                   
Renong Berhad                     140,000           244                   
Resorts World Berhad              120,000           727                   
RJ Reynolds Berhad                180,000           570                   
Telekom Malaysia                  160,000         1,508                   
UMW Holdings Berhad               200,000           658                   
United Engineers                  160,000         1,097                   
                             -------
                              16,751
                             -------
MEXICO -- 8.3%                                                                  
Cifra SA ADR*                     790,000         1,043                   
Corporacion Geo SA ADR*             8,750           139                   
Corporacion Geo SA GDS*            11,250           174                   
Empaques Ponderosa ADS             47,000           378                   
Empresas Ica Sociedad                                                     
Controladora ADR                 75,000         1,041                 
Grupo Financiero Bancomer,                                                
Series B*                     1,365,000           607                 
Grupo Financiero Bancomer,                                                
Series L*                        50,555            18                 
Grupo Industria Bimbo,                                                    
Series A                        105,000           481                 
Grupo Industria Saltillo,                                                 
Series A                         40,000           830                 
Grupo Televisa GDR                 16,000           496                   
Kimberly Clark, Series A           26,000           475                   
Nacional de Drogas, Series B       10,000            44                   
Nacional de Drogas, Series L      255,000         1,172                   
Sigma Alimentos, Series B          60,000           433                   

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                              MARKET
DESCRIPTION                           SHARES      VALUE (000)                   
-------------------------------------------------------------                   
Telefonos de Mexico ADR,                                                  
Series L                         16,000        $  544                 
Transport Marititime de Mexico,                                           
Series L                         51,000           426                 
                              ------
                               8,301
                              ------
PAKISTAN -- 0.5%                                                                
Engro Chemicals                   110,000           396                   
Pakistan Telecom*                     699            71                   
                              ------
                                 467
                              ------
PERU -- 0.8%                                                                    
CPT Telefonica del Peru,                                                  
Series B                        347,685           778                 
                              ------
PHILIPPINES -- 2.1%                                                             
Aboitiz Equity Ventures*        1,628,600           318                   
Ayala Land, Series B              112,000           174                   
Bacnotan Consolidated              67,714           353                   
Belle Corporation*              2,100,000           310                   
First Philippine Holdings          99,840           227                   
Manila Electric                    44,000           411                   
Metro Bank & Trust                  7,000           189                   
Philippine National Bank*          12,000           179                   
                              ------
                               2,161
                              ------
POLAND -- 0.6%                                                                  
Bank Przemyslowo*                   4,420           226                   
Bydgosk Fabryka Kabli*              6,500           181                   
Zywiec*                             2,000           166                   
                              ------
                                 573
                              ------
PORTUGAL -- 1.3%                                                                
Banco Portugal de Invest              340             4                   
Banco Totta & Acores                8,000           154                   
Barbosa E Almeida                   8,888           187                   
Cimentos de Portugal               13,890           261                   
Jeronimo Martins                    4,000           321                   
Semapa*                            24,000           259                   
TVI - Televisao Industries*        31,680            91                   
                              ------
                               1,277
                              ------
SOUTH AFRICA -- 12.5%                                                           
Anglo American Gold Investment     18,400         1,915                   
Anglovaal, Series N                26,000           904                   
Cadbury Schweps SA                 33,500           470                   
DeBeers Centenary Linked Units     54,250         1,732                   
Fedsure Holdings                   80,000           561                   
JCI                               135,500         1,162                   
Malbak                            152,500           733                   
Metro Cash & Carry                153,500           598                   
Metropolitian Life                 48,500           674                   
Pick 'N Pay Stores                260,000           829                   
Rembrandt Group                    94,000           806                   

-------------------------------------------------------------                   
                              MARKET
DESCRIPTION                           SHARES      VALUE (000)                   
-------------------------------------------------------------                   
Smith Foods                        47,750       $   769                   
South African Brewery              28,800           834                   
Southern Life                      60,000           619                   
                             -------
                              12,606
                             -------
SOUTH KOREA -- 4.4%                                                             
Daesung Industry                    3,300           263                   
Daesung Industry Rights*            1,320            41                   
Dong-Ah Construction                6,120           240                   
Dong-Ah Construction EDR           15,186           338                   
Hanil Bank                          9,700           122                   
Hyundai Engineering                12,690           641                   
Hyundai Motor GDR                  21,000           326                   
Korea Electric Power                7,500           317                   
Korean Air Lines                    5,000           162                   
Pohang Iron & Steel                   850            67                   
Pohang Iron & Steel ADR            11,000           303                   
Samsung Electric GDR               26,360         1,081                   
Samsung Electric GDS                1,603           119                   
Shinhan Bank                       19,836           438                   
                             -------
                               4,458
                             -------
TAIWAN -- 0.4%                                                                  
China Steel                        11,000           245                   
Siliconware Precision GDR*         14,804           202                   
                             -------
                                 447
                             -------
THAILAND -- 8.4%                                                                
Advanced Info Service             100,000         1,696                   
Electricity Generating            138,000           541                   
Finance One                       105,000           736                   
Krung Thai Bank                   350,000         1,720                   
PTT Exploration                    89,500         1,234                   
Srithai Superware                  50,000           372                   
Thai Farmers Bank                  60,000           689                   
Thai Military Bank                300,000         1,450                   
                             -------
                               8,438
                             -------
TURKEY -- 2.3%                                                                  
Arcelik                         2,050,000           237                   
Ardem*                          1,500,000           374                   
Eczacibasi Yatirim              1,300,000           220                   
Kartonsan                       2,300,000           254                   
T Siemens                         610,000           231                   
T Sise Cam                      1,100,000           183                   
Trakya Cam                      2,338,748           326                   
Vakif Fin Kiralama              9,000,000           467                   
                             -------
                               2,292
                             -------
UNITED KINGDOM -- 0.8%                                                          
Antofagasta Holdings              160,000           837                   
                             -------
UNITED STATES -- 0.9%                                                           
Mauritius Fund*                    64,000           608                   

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SCHEDULE OF INVESTMENTS                                                         
================================================================================
MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

EMERGING MARKETS                                                                
EQUITY FUND                                                                     

--------------------------------------------------------------                  
                 SHARES/          MARKET
DESCRIPTION                   FACE AMOUNT (000)(1)  VALUE (000)                 
--------------------------------------------------------------                  
Oryx Fund*                         35,000         $    298                
                                  --------
                                       906
                                  --------
Total Foreign Common Stocks                                                     
(Cost $83,954,511)                                  93,533                
                                  --------

FOREIGN PREFERRED STOCKS -- 8.8%                                                
BRAZIL -- 8.7%                                                                  
Brasmotor                       2,000,000              544                
Cesp Cia Energetica ADR            30,000              277                
Dixie Toga                      1,159,338            1,087                
Eletrobras                      1,500,000              370                
Ind Bebidas Antartica               4,920              595                
Metalurgica Schulz              9,400,000              171                
OSA                            98,000,000              810                
Petrol Brasileiros              3,466,666              404                
Refripar                      274,714,330              692                
Telemig, Series B              15,410,000            1,260                
Telerj                         13,650,000              999                
Weg                             1,700,000              732                
Unibanco                       19,233,000              821                
                                  --------
                                     8,762
                                  --------
PORTUGAL -- 0.1%                                                                
Barbosa E Almeida                   4,444               93                
                                  --------
Total Foreign Preferred Stocks                                                  
(Cost $8,352,538)                                    8,855                
                                  --------

FOREIGN CONVERTIBLE BONDS -- 0.5%                                               
INDONESIA -- 0.0%                                                               
Modernland Realty                                                         
6.000%, 01/06/03                    20               21             
                                  --------
TAIWAN -- 0.5%                                                                  
Formosa Chemical & Fibre                                                  
1.750%, 07/19/01               $   280              283             
Yang Ming Marine                                                          
2.000%, 10/06/01               $   210              250             
                                  --------
                                       533
                                  --------
Total Foreign Convertible Bonds                                                 
(Cost $555,022)                                        554                
                                  --------
Total Investments -- 102.3%                                                     
(Cost $92,862,070)                                $102,942                
                                  ========

*NON-INCOME PRODUCING SECURITY                                                  
ADR  AMERICAN DEPOSITORY RECEIPT                                                
ADS  AMERICAN DEPOSITORY SHARES                                                 
EDR  EUROPEAN DEPOSITORY RECEIPT                                                
GDR  GLOBAL DEPOSITORY RECEIPT                                                  
GDS  GLOBAL DEPOSITORY SHARES                                                   
(1)  IN LOCAL CURRENCY UNLESS OTHERWISE INDICATED                               

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

GLOBAL FIXED                                                                    
INCOME FUND                                                                     

--------------------------------------------------------------                  
                   FACE           MARKET
DESCRIPTION                       AMOUNT (000)(1)  VALUE (000)                  
--------------------------------------------------------------                  
FOREIGN BONDS -- 75.8%                                                          
AUSTRALIA -- 2.9%                                                               
Australian Government                                                     
7.500%, 07/15/05                 6,300        $ 4,588               
                               -------
AUSTRIA -- 2.4%                                                                 
Government of Austria                                                     
8.000%, 06/17/02               DM5,100          3,682               
                               -------
CANADA -- 5.0%                                                                  
Government of Canada                                                      
9.000%, 12/01/04                 3,800          3,011               
Ontario Hydro                                                             
9.000%, 06/24/02                 5,900          4,674               
                               -------
                                 7,685
                               -------
DENMARK -- 7.4%                                                                 
Kingdom of Denmark                                                        
7.000%, 12/15/04                36,000          6,092               
8.000%, 03/15/06                31,000          5,528               
                               -------
                                11,620
                               -------
GERMANY -- 14.4%                                                                
Bayer Hypo/Wech                                                           
6.000%, 09/13/00                10,100          6,809               
Bundesobligation                                                          
6.375%, 05/20/98                 2,900          1,987               
Deutsche Pfandbriefe Hypobank                                             
5.000%, 02/22/01                 3,000          1,934               
Deutschland Republic                                                      
5.250%, 10/20/98                 6,800          4,576               
Westdeutsche Landesbank                                                   
6.375%, 07/15/03                 3,000          1,974               
6.250%, 09/15/03                 3,000          1,958               
World Bank                                                                
7.125%, 04/12/05                 5,000          3,413               
                               -------
                                22,651
                               -------
FINLAND -- 1.8%                                                                 
Republic of Finland                                                       
8.000%, 04/07/03               UK1,880          2,809               
                               -------
ITALY -- 11.9%                                                                  
European Bank Reconstruction &                                            
Development                                                           
9.750%, 07/28/00             9,000,000          5,989               
Republic of Italy                                                         
10.500%, 11/01/00            13,900,000          9,338                
9.500%, 02/01/01             5,000,000          3,250               
                               -------
                                18,577
                               -------

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-------------------------------------------------------------                   
             FACE AMOUNT      MARKET
DESCRIPTION                         (000)(1)      VALUE (000)                   
-------------------------------------------------------------                   
JAPAN -- 15.3%                                                                  
Government of Japan                                                       
6.700%, 06/20/00               295,000       $  3,306               
5.700%, 06/20/02               800,000          8,844               
4.800%, 12/20/02               610,000          6,436               
3.600%, 06/20/05               550,000          5,370               
                              --------
                                23,956
                              --------
SWEDEN -- 8.4%                                                                  
Kingdom of Sweden                                                         
10.250%, 05/05/00                31,000          5,032                
13.000%, 06/15/01                23,000          4,155                
10.250%, 05/05/03                24,000          3,977                
                              --------
                                13,164
                              --------
UNITED KINGDOM -- 6.3%                                                          
Abbey National                                                            
8.000%, 04/02/03                 2,500          3,723               
United Kingdom Treasury                                                   
9.750%, 08/27/02                 1,300          2,149               
8.500%, 12/07/05                 2,600          4,038               
                              --------
                                 9,910
                              --------
Total Foreign Bonds                                                             
(Cost $119,749,974)                              118,642                  
                              --------

FOREIGN CURRENCY OPTION -- 0.1%                                                 
GERMANY -- 0.1%                                                                 
Deutsche Mark Put* 07/17/96        $7,700            188                  
                              --------
Total Foreign Currency Option                                                   
(Cost $145,222)                                      188                  
                              --------

FOREIGN TIME DEPOSIT -- 1.7%                                                    
DENMARK -- 1.7%                                                                 
Swiss Bank                                                                
3.500%, 05/02/96                15,525          2,631               
                              --------
Total Foreign Time Deposit                                                      
(Cost $2,633,811)                                  2,631                  
                              --------

CORPORATE OBLIGATIONS -- 2.7%                                                   
UNITED STATES -- 2.7%                                                           
General Electric Capital                                                  
8.125%, 02/23/07                 4,000          4,275               
                              --------
Total Corporate Obligations                                                     
(Cost $ 4,270,946)                                 4,275                  
                              --------

-------------------------------------------------------------                   
             FACE AMOUNT      MARKET
DESCRIPTION                         (000)(1)      VALUE (000)                   
-------------------------------------------------------------                   
U.S. TREASURY OBLIGATIONS -- 15.6%                                              
U.S. Treasury Notes                                                       
6.875%, 04/30/97                 3,250       $  3,287               
5.125%, 03/31/98                 4,000          3,934               
5.125%, 12/31/98                 3,200          3,117               
7.500%, 11/15/01                 2,500          2,615               
6.375%, 08/15/02 (2)             5,900          5,849               
6.250%, 02/15/03                 4,100          4,030               
9.875%, 11/15/15                 1,236          1,601               
                              --------
Total U.S. Treasury Obligations                                                 
(Cost $24,620,775)                                24,433                  
                              --------
Total Investments -- 95.9%                                                      
(Cost $151,420,728)                             $150,169                  
                              ========

*NON-INCOME PRODUCING SECURITY                                                  
DM   GERMAN MARK                                                                
UK   BRITISH POUND STERLING                                                     
(1)  IN LOCAL CURRENCY UNLESS OTHERWISE INDICATED                               
(2)  SECURITIES SEGREGATED TO COLLATERALIZE FORWARD EXCHANGE CONTRACTS WITH     
AN AGGREGATE MARKET VALUE OF $5,849,024                               

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

INTERNATIONAL FIXED                                                             
INCOME FUND                                                                     

FOREIGN BONDS -- 93.3%                                                          
DENMARK -- 9.4%                                                                 
Kingdom of Denmark                                                        
7.000%, 12/15/04 (2)             6,000        $ 1,015               
8.000%, 03/15/06 (2)            10,600          1,890               
                               -------
                                 2,905
                               -------
FINLAND -- 3.4%                                                                 
Republic of Finland                                                       
7.500%, 01/27/00               DM1,500          1,062               
                               -------
GERMANY -- 20.7%                                                                
African Development Bank                                                  
7.250%, 10/21/99                 1,250            877               
Bayer Landesbank                                                          
6.000%, 02/16/04                 1,500            960               
Deutsche Pfandbriefe Hypobank                                             
5.000%, 02/22/01                 2,100          1,354               
Deutschland Bundesrepublik                                                
7.250%, 10/21/02                   710            501               
KFW International Finance                                                 
7.250%, 12/03/97                 1,050            722               

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SCHEDULE OF INVESTMENTS                                                         
================================================================================
MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

INTERNATIONAL FIXED                                                             
INCOME FUND                                                                     

-------------------------------------------------------------                   
             FACE AMOUNT        MARKET
DESCRIPTION                         (000)(1)      VALUE (000)                   
-------------------------------------------------------------                   
LKB Baden Wurttenberg                                                     
6.625%, 08/20/03                 1,100       $   736                
Norddeutsche Landesbank                                                   
6.000%, 01/05/04                 1,000           640                
Treuhandanstalt                                                           
7.500%, 09/09/04                   900           636                
                             -------
                               6,426
                             -------
ITALY -- 14.7%                                                                  
European Bank Reconstruction &                                            
Development                                                           
9.750%, 07/28/00             1,960,000         1,304                
Republic of Italy                                                         
10.500%, 11/01/98               300,000           199                 
10.500%, 11/01/00             2,800,000         1,881                 
9.500%, 02/01/01             1,800,000         1,170                
                             -------
                               4,554
                             -------
JAPAN -- 23.0%                                                                  
Asian Development Bank                                                    
5.000%, 02/05/03               100,000         1,060                
Government of Japan                                                       
6.700%, 06/20/00               105,000         1,177                
4.800%, 12/20/02               116,000         1,224                
3.600%, 06/20/05               150,000         1,465                
Japan Development Bank                                                    
5.000%, 10/01/99               100,000         1,046                
World Bank                                                                
4.750%, 12/20/04               110,000         1,166                
                             -------
                               7,138
                             -------
SWEDEN -- 11.1%                                                                 
Kingdom of Sweden                                                         
10.250%, 05/05/00                 7,400         1,201                 
13.000%, 06/15/01 (2)             7,200         1,301                 
10.250%, 05/05/03                 5,600           928                 
                             -------
                               3,430
                             -------
UNITED KINGDOM -- 8.4%                                                          
British Telecom PLC                                                       
7.125%, 09/15/03                   550           781                
Halifax                                                                   
7.750%, 12/03/98                   300           457                
United Kingdom Treasury                                                   
7.500%, 12/07/06                   950         1,378                
                             -------
                               2,616
                             -------

-------------------------------------------------------------                   
             FACE AMOUNT        MARKET
DESCRIPTION                         (000)(1)      VALUE (000)                   
-------------------------------------------------------------                   
UNITED STATES -- 2.6%                                                           
Federal National Mortgage                                                 
Association                                                           
6.000%, 08/23/00              DM 1,200       $   808                
                             -------
Total Foreign Bonds                                                             
(Cost $29,199,757)                               28,939                   
                             -------

FOREIGN TIME DEPOSIT -- 2.2%                                                    
DENMARK -- 2.2%                                                                 
National Australia Bank                                                   
3.500%, 05/02/96                 4,050           686                
                             -------
Total Foreign Time Deposit                                                      
(Cost $687,081)                                     686                   
                             -------

FOREIGN CURRENCY OPTION -- 0.1%                                                 
GERMANY -- 0.1%                                                                 
Deutsche Mark Put * 07/17/96        1,400            34                   
                             -------
Total Foreign Currency Option                                                   
(Cost $26,404)                                       34                   
                             -------
Total Investments -- 95.6%                                                      
(Cost $29,913,242)                              $29,659                   
                             =======

*    NON-INCOME PRODUCING SECURITY.                                             
DM   GERMAN MARK                                                                
(1)  IN LOCAL CURRENCY UNLESS OTHERWISE INDICATED.                              
(2)  SECURITIES SEGREGATED TO COLLATERALIZE  FORWARD EXCHANGE CONTRACTS         
WITH AN AGGREGATE MARKET VALUE OF APPROXIMATELY $4,206,330.           

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

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================================================================================

EMERGING MARKETS                                                                
DEBT FUND                                                                       

-------------------------------------------------------------                   
              FACE AMOUNT     MARKET
DESCRIPTION                          (000)(1)     VALUE (000)                   
-------------------------------------------------------------                   
FOREIGN BONDS -- 86.0%                                                          
ARGENTINA -- 19.9%                                                              
Government of Argentina                                                   
5.250%, 03/31/23                $7,300       $ 3,960                
Government of Argentina FRN                                               
6.313%, 03/31/05                 9,603         7,322                
6.563%, 03/31/23                 2,750         1,898                
                             -------
                              13,180
                             -------
BRAZIL -- 24.4%                                                                 
Government of Brazil                                                      
8.000%, 04/15/14                 7,425         4,455                
5.250%, 04/15/24                 4,810         2,513                
Government of Brazil FRN                                                  
6.375%, 01/01/01                   605           555                
6.500%, 04/15/06                 4,050         3,068                
6.563%, 04/15/12                 2,200         1,408                
6.500%, 04/15/24                 2,450         1,654                
Petroleo Brazil FRN                                                       
10.088%, 06/08/98                 2,500         2,571                 
                             -------
                              16,224
                             -------
BULGARIA -- 1.9%                                                                
Government of Bulgaria                                                    
Discount FRN                                                          
6.250%, 07/28/24                 2,500         1,250                
                             -------
ECUADOR -- 4.8%                                                                 
Government of Ecuador                                                     
3.250%, 02/28/25                 4,100         1,455                
Government of Ecuador FRN                                                 
6.063%, 02/28/25                   750           420                
Government of Ecuador PDI                                                 
6.063%, 02/27/15                 2,984         1,298                
                             -------
                               3,173
                             -------
MEXICO -- 14.0%                                                                 
Cemex SA                                                                  
8.875%, 06/10/98                 3,150         3,114                
Government of Mexico FRN,                                                 
Series A                                                              
6.250%, 12/31/19                 6,500         4,274                
Government of Mexico FRN,                                                 
Series B                                                              
6.766%, 12/31/19                   900           718                
Government of Mexico, FRN,                                                
Series D                                                              
6.547%, 12/31/19                 1,510         1,204                
                             -------
                               9,310
                             -------
NIGERIA -- 3.2%                                                                 
Government of Nigeria                                                     
6.250%, 11/15/20                 4,000         2,090                
                             -------

-------------------------------------------------------------                   
              FACE AMOUNT     MARKET
DESCRIPTION                          (000)(1)     VALUE (000)                   
-------------------------------------------------------------                   
PANAMA -- 4.4%                                                                  
Government of Panama FRN                                                  
6.750%, 05/10/02               $ 3,150       $ 2,906                
                             -------
PHILIPPINES -- 3.9%                                                             
Government of Philippines FRN,                                            
Series B                                                              
5.000%, 06/01/08                 3,000         2,614                
                             -------
POLAND -- 4.7%                                                                  
Government of Poland                                                      
2.750%, 10/27/24                 2,500         1,247                
Government of Poland FRN                                                  
6.438%, 10/27/24                 2,000         1,855                
                             -------
                               3,102
                             -------
VENEZUELA -- 4.8%                                                               
Government of Venezuela                                                   
6.750%, 03/31/20                 1,000           584                
6.750%, 03/31/20                   500           292                
Government of Venezuela FRN                                               
6.563%, 12/18/07                 3,500         2,284                
                             -------
                               3,160
                             -------
Total Foreign Bonds                                                             
(Cost $54,294,226)                               57,009                   
                             -------

LOAN PARTICIPATIONS -- 9.6%                                                     
MOROCCO -- 4.7%                                                                 
Morocco R&C Loan FRN                                                      
(Participation: J.P. Morgan) (3)                                      
01/01/09                          4,350         3,110                 
                             -------
RUSSIA -- 4.9%                                                                  
Russian Loan Agreement (2)                                                
(Participation: J.P. Morgan) (3)  DM 6,400      1,855                 

Russian Loan Agreement (2)                                                
(Participation: J.P. Morgan) (3)  3,550         1,429                 
                             -------
                               3,284
                             -------
Total Loan Participations                                                       
(Cost $5,676,833)                                 6,394                   
                             -------
Total Investments -- 95.6%                                                      
(Cost $59,971,059)                              $63,403                   
                             =======

FRN  FLOATING RATE NOTE                                                         
PDI  PAST DUE INCOME                                                            
DM   GERMAN MARK                                                                
(1)  IN U.S. DOLLARS UNLESS OTHERWISE INDICATED                                 
(2)  NON-INCOME PRODUCING SECURITY. SECURITY IS IN DEFAULT.                     
(3)  PARTICIPATIONS WERE ACQUIRED THROUGH FINANCIAL INSTITUTIONS                
INDICATED PARENTHETICALLY.  SEE NOTE 6.                               

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

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STATEMENT OF ASSETS AND LIABILITIES (000)                                                                              
=======================================================================================================================
MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                                                         

                                              ---------        --------        ----------     ----------      ---------
                                                                               SHORT-TERM     SHORT-TERM               
                                              MUNICIPAL         FIXED           MUNICIPAL        FIXED         SMALLER 
                                                 BOND           INCOME            BOND          INCOME        COMPANIES
                                                 FUND            FUND             FUND           FUND           FUND   
                                              ---------        --------        ----------     ----------      ---------
                                                                                                                       
ASSETS:                                                                                                                
   Investment securities (Cost $220,408,                                                                               
     $601,701, $3,778, $9,287, $3,335, $2,808,                                                                         
     $105,281, $8,066, $92,862, $151,421,                                                                              
     $29,913 and $59,971, respectively)        $223,075        $597,282         $ 3,780         $ 9,255        $3,818  
   Cash                                               5              --              --              --            --  
   Foreign currency (Cost $1, $749, $15,                                                                               
     $527, $5, and $1, respectively)                 --              --              --              --            --  
   Dividends and interest receivable              3,685           8,045              49             116            --  
   Investment securities sold                        --           8,285              --              --            41  
   Unrealized gain on forward foreign                                                                                  
     currency contracts                              --              --              --              --            --  
   Capital shares sold                               --               1              --              --            --  
   Receivable due from Advisor                       --              --               3               1            --  
   Other assets                                       1              --              --              --            --  
                                               --------        --------         -------         -------        ------  
   Total assets                                 226,766         613,613           3,832           9,372         3,859  
                                               --------        --------         -------         -------        ------  
   LIABILITIES:                                                                                                        
   Income distribution payable                    1,042           3,188              17              44            --  
   Investment securities  purchased                 363          13,680             175              --            46  
   Demand note payable                               --              --              --              --            --  
   Unrealized loss on forward foreign                                                                                  
     currency contracts                              --              --              --              --            --  
   Investment advisory fees payable                  68             176              --              --            --  
   Administration fees payable                       20              53               4               4             3  
   Accrued expenses and other liabilities            33             417               9               6             3  
                                               --------        --------         -------         -------        ------  
   Total liabilities                              1,526          17,514             205              54            52  
                                               --------        --------         -------         -------        ------  
   NET ASSETS:                                                                                                         
   Capital shares (unlimited                                                                                           
     authorization-- $0.001 par value)          221,969         599,635           3,607           9,358         3,006  
   Accumulated net realized gain (loss)                                                                                
     on investments                                 588           1,221              10              (6)          319  
   Net unrealized appreciation                                                                                         
     (depreciation) on forward foreign                                                                                 
     currency contracts, foreign currency, and                                                                         
     translation of other assets and                                                                                   
     liabilities in foreign currency                 --              --              --              --            --  
   Net unrealized appreciation                                                                                         
     (depreciation) on investments                2,667          (4,419)              2             (32)          483  
   Undistributed net investment                                                                                        
     income (loss)                                   16            (338)              8              (2)           (1) 
                                               --------        --------         -------         -------        ------  
   Net assets                                  $225,240        $596,099         $ 3,627         $ 9,318        $3,807  
                                               ========        ========         =======         =======        ======  

   Outstanding shares of beneficial interest     20,815          57,898             360             935           292  
   NET ASSET VALUE, OFFERING PRICE AND                                                                                 
     REDEMPTION PRICE PER SHARE                $  10.82        $  10.30         $ 10.08         $  9.97        $13.04  
                                               ========        ========         =======         =======        ======  

<FN>                                                                                                                   
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.                                               
</FN>                                                                                                                  

                                                        [Enlarge/Download Table]

===================================================================================================================================

                                                ------------- -------------  ---------  --------   -------  -------------  --------
                                                              INTERNATIONAL  EUROPEAN   EMERGING    GLOBAL  INTERNATIONAL  EMERGING
                                                INTERNATIONAL   SMALL CAP    SMALL CAP   MARKETS    FIXED       FIXED       MARKETS
                                                   EQUITY         EQUITY      EQUITY     EQUITY     INCOME     INCOME        DEBT  
                                                    FUND          FUND         FUND       FUND       FUND       FUND         FUND  
                                                ------------- -------------  ---------  --------   -------  -------------  --------
                                                                                                                                   
ASSETS:                                                                                                                            
   Investment securities (Cost $220,408,                                                                                           
     $601,701, $3,778, $9,287, $3,335, $2,808,                                                                                     
     $105,281, $8,066, $92,862, $151,421,                                                                                          
     $29,913 and $59,971, respectively)            $3,276        $123,885     $10,276   $102,942   $150,169     $29,659     $63,403
   Cash                                                79           3,961         804         --      1,420         384       3,652
   Foreign currency (Cost $1, $749, $15,                                                                                           
     $527, $5, and $1, respectively)                    1             756          16        536         --           6           1
   Dividends and interest receivable                   10             320          38        159      4,373         921       1,313
   Investment securities sold                          31           1,087          79      1,927         --          --         202
   Unrealized gain on forward foreign                                                                                              
     currency contracts                                --              --          31         --        710         131          62
   Capital shares sold                                 --              --          --         --         --           2          --
   Receivable due from Advisor                          4              --           1         --         --          --          --
   Other assets                                        --              52           4          3          6           1          --
                                                   ------        --------     -------    --------   --------     -------    -------
   Total assets                                     3,401         130,061      11,249    105,567    156,678      31,104      68,633
                                                   ------        --------     -------    --------   --------     -------    -------

   LIABILITIES:                                                                                                                    
   Income distribution payable                         --              --          --          --         --          --         --
   Investment securities  purchased                    --           1,716          63       3,345         --          --      2,241
   Demand note payable                                 --              --          --       1,440         --          --         --
   Unrealized loss on forward foreign                                                                                              
     currency contracts                                --             151          --          --         --          --         --
   Investment advisory fees payable                    --              90          --          57         62           6         52
   Administration fees payable                          5              11           8           9         14           6          8
   Accrued expenses and other liabilities               4              29           6         132         31          52         18
                                                   ------        --------     -------    --------   --------     -------    -------
   Total liabilities                                    9           1,997          77       4,983        107          64      2,319
                                                   ------        --------     -------    --------   --------     -------    -------

   NET ASSETS:                                                                                                                     
   Capital shares (unlimited                                                                                                       
     authorization-- $0.001 par value)              2,869         112,872       8,779      92,339    152,481      29,847     56,293
   Accumulated net realized gain (loss)                                                                                            
     on investments                                    32          (4,301)        124      (1,347)     3,137         748      3,961
   Net unrealized appreciation                                                                                                     
     (depreciation) on forward foreign                                                                                             
     currency contracts, foreign currency, and                                                                                     
     translation of other assets and                                                                                               
     liabilities in foreign currency                   (1)           (140)         31           8        652         117         63
   Net unrealized appreciation                                                                                                     
     (depreciation) on investments                    468          18,604       2,210       9,958*    (1,252)       (254)     3,432
   Undistributed net investment                                                                                                    
     income (loss)                                     24           1,029          28        (374)     1,553         582      2,565
                                                   ------        --------     -------    --------   --------     -------    -------
   Net assets                                      $3,392        $128,064     $11,172    $100,584   $156,571     $31,040    $66,314
                                                   ======        ========     =======    ========   ========     =======    =======

   Outstanding shares of beneficial interest          283          11,887         863      11,224     14,714       2,910      5,722
   NET ASSET VALUE, OFFERING PRICE AND                                                                                             
     REDEMPTION PRICE PER SHARE                    $12.00         $ 10.77      $12.94      $ 8.96    $ 10.64     $ 10.67    $ 11.59
                                                   ======        ========     =======    ========   ========     =======    =======

<FN>                                                                                                                               
*NET OF $122,000 ACCRUED FOREIGN WITHHOLDING TAXES.                                                                                
</FN>                                                                                                                              

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STATEMENT OF OPERATIONS (000)                                                                                              
===========================================================================================================================
MORGAN  GRENFELL  INVESTMENT  TRUST -- FOR THE SIX MONTH  PERIOD ENDED APRIL 30, 1996 (UNAUDITED)                          

                                          ---------        --------        ----------     ----------      ---------        
                                                                           SHORT-TERM     SHORT-TERM                       
                                          MUNICIPAL         FIXED           MUNICIPAL        FIXED         SMALLER         
                                             BOND           INCOME            BOND          INCOME        COMPANIES        
                                             FUND            FUND             FUND           FUND           FUND           
                                          ---------        --------        ----------     ----------      ---------        

                                                                                                                           
INVESTMENT INCOME:                                                                                                         
   Interest                                 $6,851         $18,427          $  106          $  188           $ --          
   Dividends                                    --              --              --              --             19          
   Less: Foreign taxes withheld                 --              --              --              --             --          
                                            ------         -------          ------          ------           ----          
   Total Investment Income                   6,851          18,427             106             188             19          
                                            ------         -------          ------          ------           ----          
EXPENSES:                                                                                                                  
   Investment advisory fees                    448           1,066               7              12             15          
   Investment advisory fee reduction           (64)           (126)             (7)            (12)           (15)         
   Administration fees                         125             297              21              21             15          
   Custodian fees                                8              13              --              --              2          
   Transfer agent fees                          21              17               3               3              4          
   Professional fees                            29              69              --               1             --          
   Registration & filing fees                   21              69              --              --             --          
   Printing fees                                 5              13              --              --             --          
   Trustee fees                                  8              18              --              --             --          
   Pricing fees                                  6              13              --              --             --          
   Other expenses                                7              12              --              --             --          
                                            ------         -------          ------          ------           ----          
   Total expenses                              614           1,461              24              25             21          
   Less: Reimbursement from Advisor             --              --             (14)            (10)            (3)         
                                            ------         -------          ------          ------           ----          
   Total Net Expenses                          614           1,461              10              15             18          
                                            ------         -------          ------          ------           ----          
NET INVESTMENT INCOME                        6,237          16,966              96             173              1          
                                            ------         -------          ------          ------           ----          
NET REALIZED AND UNREALIZED GAIN                                                                                           
   (LOSS) ON INVESTMENTS AND FOREIGN                                                                                       
   CURRENCY TRANSACTIONS:                                                                                                  
   Net realized gain (loss) on investments:                                                                                
     Security transactions                   2,152           1,226              10              (6)           325          
     Option transactions                        --              --              --              --             --          
   Net realized gain (loss) on forward                                                                                     
     foreign currency contracts and                                                                                        
     foreign currency transactions              --              --              --              --             --          
   Net change in unrealized appreciation                                                                                   
     (depreciation) on forward foreign                                                                                     
     currency contracts, foreign currency,                                                                                 
     and translation of other assets and                                                                                   
     liabilities in foreign currency            --              --              --              --             --          
   Net change in unrealized appreciation                                                                                   
     (depreciation) on investments          (3,105)        (16,359)            (23)            (39)           347          
                                            ------         -------          ------          ------           ----          
   NET INCREASE IN NET ASSETS                                                                                              
   FROM OPERATIONS                          $5,284         $ 1,833          $   83          $  128         $  673          
                                            ======         =======          ======          ======         ======          

<FN>                                                                                                                       
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.                                                   
</FN>                                                                                                                      

                                                        [Enlarge/Download Table]

=================================================================================================================================== 

                                                ------------- -------------  ---------  --------   -------  -------------  -------- 
                                                              INTERNATIONAL  EUROPEAN   EMERGING    GLOBAL  INTERNATIONAL  EMERGING 
                                                INTERNATIONAL   SMALL CAP    SMALL CAP   MARKETS    FIXED       FIXED       MARKETS 
                                                   EQUITY         EQUITY      EQUITY     EQUITY     INCOME     INCOME        DEBT   
                                                    FUND          FUND         FUND       FUND       FUND       FUND         FUND   
                                                ------------- -------------  ---------  --------   -------  -------------  -------- 
                                                                                                                                    
INVESTMENT INCOME:                                                                                                                  
   Interest                                          $ --        $   129      $    9     $   28     $4,671      $  890      $ 4,071 
   Dividends                                           20            795          87        834         --          --           -- 
   Less: Foreign taxes withheld                        (2)          (109)        (15)       (57)      (120)        (18)          -- 
                                                     ----        -------      ------    -------     ------      ------      ------- 
   Total Investment Income                             18            815          81        805      4,551         872        4,071 
                                                     ----        -------      ------    -------     ------      ------      ------- 
EXPENSES:                                                                                                                           
   Investment advisory fees                            11            545          50        501        379          71          490 
   Investment advisory fee reduction                  (11)           (54)        (50)       (83)        (8)        (37)        (129)
   Administration fees                                 25             61          50         57         84          38           50 
   Custodian fees                                       4             78          11        105         56          21           51 
   Transfer agent fees                                  4              6           4          6          8           4            6 
   Professional fees                                   --             16           1         15         20           3            9 
   Registration & filing fees                          --             11           1          9         15           3            5 
   Printing fees                                       --              3          --          3          4           1            2 
   Trustee fees                                        --              4          --          4          5           1            3 
   Pricing fees                                         2             10           4          8          2           2            1 
   Other expenses                                      --              2           1          2          3          --            2 
                                                     ----        -------      ------    -------     ------      ------      ------- 
   Total expenses                                      35            682          72        627        568         107          490 
   Less: Reimbursement from Advisor                   (22)            --          (9)        --         --          --           -- 
                                                     ----        -------      ------    -------     ------      ------      ------- 
   Total Net Expenses                                  13            682          63        627        568         107          490 
                                                     ----        -------      ------    -------     ------      ------      ------- 
NET INVESTMENT INCOME                                   5            133          18        178      3,983         765        3,581 
                                                     ----        -------      ------    -------     ------      ------      ------- 
NET REALIZED AND UNREALIZED GAIN                                                                                                    
   (LOSS) ON INVESTMENTS AND FOREIGN                                                                                                
   CURRENCY TRANSACTIONS:                                                                                                           
   Net realized gain (loss) on investments:                                                                                         
     Security transactions                             38         (1,620)        124     (1,276)     3,275         575        5,647 
     Option transactions                               --             --          --         --         --         200           -- 
   Net realized gain (loss) on forward                                                                                              
     foreign currency contracts and                                                                                                 
     foreign currency transactions                     29          1,121          (8)      (334)    (1,731)        113            3 
   Net change in unrealized appreciation                                                                                            
     (depreciation) on forward foreign                                                                                              
     currency contracts, foreign currency,                                                                                          
     and translation of other assets and                                                                                            
     liabilities in foreign currency                  (10)          (310)         52         23      1,114          65          125 
   Net change in unrealized appreciation                                                                                            
     (depreciation) on investments                    333         16,934       1,131     12,788*    (5,864)     (1,481)       3,555 
                                                     ----        -------      ------    -------     ------      ------      ------- 
   NET INCREASE IN NET ASSETS                                                                                                       
   FROM OPERATIONS                                   $395        $16,258      $1,317    $11,379     $  777      $  237      $12,911 
                                                     ====        =======      ======    =======     ======      ======      ======= 
<FN>                                                                                                                                
*  NET OF $122,000 CHANGE IN ACCRUED FOREIGN WITHHOLDING TAXES.                                                                     
</FN>                                                                                                                               

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STATEMENT OF CHANGES IN NET ASSETS (000)                                                                                      
============================================================================================================================= 
MORGAN GRENFELL INVESTMENT  TRUST--FOR THE SIX MONTH PERIOD ENDED APRIL 30, 1996                                              
(UNAUDITED) AND THE YEAR ENDED OCTOBER 31, 1995                                                                               
                                                ------------------  ------------------   ----------------     --------------- 
                                                                                            SHORT-TERM          SHORT-TERM    
                                                      MUNICIPAL             FIXED            MUNICIPAL             FIXED      
                                                        BOND               INCOME              BOND               INCOME      
                                                        FUND                FUND             FUND (2)            FUND (3)     
                                                   1996     1995       1996      1995     1996      1995       1996     1995  
                                                --------  --------  --------   --------  -------   ------     ------   ------ 
                                                                                                                              
OPERATIONS:                                                                                                                   
   Net investment income                        $  6,237  $ 10,748  $ 16,966   $ 25,635  $    96   $   90     $  173    $  79 
   Net realized gain (loss) from                                                                                              
     security transactions                         2,152    (1,331)    1,226      8,122       10       15         (6)      -- 
   Net realized gain (loss) on forward                                                                                        
     foreign currency contracts                                                                                               
     and foreign currency transactions                --        --        --         --       --       --         --       -- 
   Net change in unrealized appreciation                                                                                      
     (depreciation) on forward foreign                                                                                        
     currency contracts, foreign currency,                                                                                    
     and translation of other assets and                                                                                      
     liabilities in foreign currency                  --        --        --         --       --       --         --       -- 
   Net change in unrealized appreciation                                                                                      
     (depreciation) on investments                (3,105)    9,806   (16,359)    18,803      (23)      25        (39)       7 
                                                --------  --------  --------   --------  -------   ------     ------   ------ 
   Net increase (decrease) in net assets                                                                                      
     from operations                               5,284    19,223     1,833     52,560       83      130        128       86 
                                                --------  --------  --------   --------  -------   ------     ------   ------ 
DISTRIBUTIONS TO SHAREHOLDERS:                                                                                                
   Net investment income                          (6,222)  (10,750)  (17,305)   (25,636)     (88)     (90)      (175)     (79)
   Net realized gains                                 --        --    (3,090)       (31)     (15)      --         --       -- 
                                                --------  --------  --------   --------  -------   ------     ------   ------ 
     Total Distributions                          (6,222)  (10,750)  (20,395)   (25,667)    (103)     (90)      (175)     (79)
                                                --------  --------  --------   --------  -------   ------     ------   ------ 
CAPITAL SHARE TRANSACTIONS (1):                                                                                               
   Proceeds from shares issued                    25,224    92,766   195,505    301,939    1,211    5,282      6,630    4,206 
   Shares issued in lieu of cash                                                                                              
     distributions                                 4,874     7,570    18,303     20,565       99       74        132       54 
   Cost of shares repurchased                    (24,978)  (53,428)  (93,368)   (94,732)  (1,387)  (1,672)    (1,537)    (127)
                                                --------  --------  --------   --------  -------   ------     ------   ------ 
INCREASE (DECREASE) IN NET ASSETS FROM                                                                                        
     CAPITAL SHARE TRANSACTIONS                    5,120    46,908   120,440    227,772      (77)   3,684      5,225    4,133 
                                                --------  --------  --------   --------  -------   ------     ------   ------ 
   Net increase (decrease) in net assets           4,182    55,381   101,878    254,665      (97)   3,724      5,178    4,140 
                                                --------  --------  --------   --------  -------   ------     ------   ------ 
NET ASSETS:                                                                                                                   
     Beginning of period                         221,058   165,677   494,221    239,556    3,724       --      4,140       -- 
                                                --------  --------  --------   --------  -------   ------     ------   ------ 
     End of period                              $225,240  $221,058  $596,099   $494,221  $ 3,627   $3,724     $9,318   $4,140 
                                                ========  ========  ========   ========  =======   ======     ======   ====== 
(1) CAPITAL SHARE TRANSACTIONS:                                                                                               
     Shares issued                                 2,311     8,743    18,474     29,571      121      526        662      421 
     Shares issued in lieu of cash                                                                                            
       distributions                                 446       714     1,719      2,007        9        7         13        5 
     Shares repurchased                           (2,288)   (5,094)   (8,816)    (9,177)    (137)    (166)      (153)     (13)
                                                --------  --------  --------   --------  -------   ------     ------   ------ 
     Net increase (decrease) in capital shares       469     4,363    11,377     22,401       (7)     367        522      413 
                                                ========  ========  ========   ========  =======   ======     ======   ====== 

<FN>                                                                                                                          
(2)  SHORT-TERM MUNICIPAL BOND FUND COMMENCED OPERATIONS ON 3/6/95.                                                           
(3)  SHORT-TERM FIXED INCOME FUND COMMENCED OPERATIONS ON 3/13/95.                                                            
(4)  SMALLER COMPANIES FUND COMMENCED OPERATIONS ON 6/30/95.                                                                  
(5)  INTERNATIONAL EQUITY FUND COMMENCED OPERATIONS ON 5/15/95.                                                               
(6)  EUROPEAN SMALL CAP EQUITY FUND COMMENCED OPERATIONS ON 11/1/94.                                                          
</FN>                                                                                                                         

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

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======================================================================================================== 
                                               -----------------    ----------------   ----------------- 
                                                                                        INTERNATIONAL    
                                                      SMALLER         INTERNATIONAL       SMALL CAP      
                                                     COMPANIES           EQUITY             EQUITY       
                                                      FUND (4)          FUND (5)             FUND        
                                                ------    ------    ------    ------  --------   ------- 
                                                 1996      1995      1996      1995     1996       1995  
                                                ------    ------    ------    ------   -------   ------- 
                                                                                                         
OPERATIONS:                                                                                              
   Net investment income                          $  1    $    8    $    5    $   19   $   133   $   268 
   Net realized gain (loss) from                                                                         
     security transactions                         325        (6)       38        (6)   (1,620)   (2,666)
   Net realized gain (loss) on forward                                                                   
     foreign currency contracts                                                                          
     and foreign currency transactions              --        --        29        79     1,121         1 
   Net change in unrealized appreciation                                                                 
     (depreciation) on forward foreign                                                                   
     currency contracts, foreign currency,                                                               
     and translation of other assets and                                                                 
     liabilities in foreign currency                --        --       (10)        9      (310)      160 
   Net change in unrealized appreciation                                                                 
     (depreciation) on investments                 347       136       333       135    16,934    (1,776)
                                                ------    ------    ------    ------  --------   ------- 
   Net increase (decrease) in net assets                                                                 
     from operations                               673       138       395       236    16,258    (4,013)
                                                ------    ------    ------    ------  --------   ------- 
DISTRIBUTIONS TO SHAREHOLDERS:                                                                           
   Net investment income                           (10)       --      (108)       --      (479)     (270)
   Net realized gains                               --        --        --        --        --    (1,420)
                                                ------    ------    ------    ------  --------   ------- 
     Total Distributions                           (10)       --      (108)       --      (479)   (1,690)
                                                ------    ------    ------    ------  --------   ------- 
CAPITAL SHARE TRANSACTIONS (1):                                                                          
   Proceeds from shares issued                     496     2,500       259     2,502    22,784    33,284 
   Shares issued in lieu of cash                                                                         
     distributions                                  10        --       108        --       458     1,671 
   Cost of shares repurchased                       --        --        --        (1)   (1,874)   (7,133)
                                                ------    ------    ------    ------  --------   ------- 
INCREASE (DECREASE) IN NET ASSETS FROM                                                                   
     CAPITAL SHARE TRANSACTIONS                    506     2,500       367     2,501    21,368    27,822 
                                                ------    ------    ------    ------  --------   ------- 
   Net increase (decrease) in net assets         1,169     2,638       654     2,737    37,147    22,119 
                                                ------    ------    ------    ------  --------   ------- 
NET ASSETS:                                                                                              
     Beginning of period                         2,638        --     2,738         1    90,917    68,798 
                                                ------    ------    ------    ------  --------   ------- 
     End of period                              $3,807    $2,638    $3,392    $2,738  $128,064   $90,917 
                                                ======    ======    ======    ======  ========   ======= 
(1) CAPITAL SHARE TRANSACTIONS:                                                                          
     Shares issued                                                                                       
     Shares issued in lieu of cash                  41       250        23       250     2,362     3,585 
       distributions                                                                                     
     Shares repurchased                              1        --        10        --        47       178 
                                                    --        --        --        --      (194)     (738)
                                                ------    ------    ------    ------  --------   ------- 
     Net increase (decrease) in capital shares      42       250        33       250     2,215     3,025 
                                                ======    ======    ======    ======  ========   ======= 

                                                        [Enlarge/Download Table]

                                                  ----------------   ----------------  -------------------- 
                                                      EUROPEAN            EMERGING            GLOBAL        
                                                      SMALL CAP           MARKETS              FIXED        
                                                       EQUITY              EQUITY             INCOME        
                                                      FUND (6)              FUND               FUND         
                                                  -------   ------  --------   -------  --------   -------- 
                                                    1996     1995     1996       1995     1996       1995   
                                                  -------   ------  --------   -------  --------   -------- 
                                                                                                            
OPERATIONS:                                                                                                 
   Net investment income                          $    18   $   99  $    178   $   292  $  3,983   $  4,888 
   Net realized gain (loss) from                                                                            
     security transactions                            124       30    (1,276)      974     3,275      1,380 
   Net realized gain (loss) on forward                                                                      
     foreign currency contracts                                                                             
     and foreign currency transactions                 (8)      28      (334)      (86)   (1,731)      (112)
   Net change in unrealized appreciation                                                                    
     (depreciation) on forward foreign                                                                      
     currency contracts, foreign currency,                                                                  
     and translation of other assets and                                                                    
     liabilities in foreign currency                   52      (21)       23       (17)    1,114       (207)
   Net change in unrealized appreciation                                                                    
     (depreciation) on investments                  1,131    1,079    12,788*  (14,288)   (5,864)     4,323 
                                                  -------   ------  --------   -------  --------   -------- 
   Net increase (decrease) in net assets                                                                    
     from operations                                1,317    1,215    11,379   (13,125)      777     10,272 
                                                  -------   ------  --------   -------  --------   -------- 
DISTRIBUTIONS TO SHAREHOLDERS:                                                                              
   Net investment income                              (99)     (10)     (332)     (119)   (5,022)    (1,222)
   Net realized gains                                 (30)      --    (1,018)   (3,167)     (946)        -- 
                                                  -------   ------  --------   -------  --------   -------- 
     Total Distributions                             (129)     (10)   (1,350)   (3,286)   (5,968)    (1,222)
                                                  -------   ------  --------   -------  --------   -------- 
CAPITAL SHARE TRANSACTIONS (1):                                                                             
   Proceeds from shares issued                        518    8,121     8,336    61,891    31,345     82,695 
   Shares issued in lieu of cash                                                                            
     distributions                                    130       10     1,350     3,286     5,007        902 
   Cost of shares repurchased                          --       (1)  (12,419)  (12,370)  (13,927)    (7,225)
                                                  -------   ------  --------   -------  --------   -------- 
INCREASE (DECREASE) IN NET ASSETS FROM                                                                      
     CAPITAL SHARE TRANSACTIONS                       648    8,130    (2,733)   52,807    22,425     76,372 
                                                  -------   ------  --------   -------  --------   -------- 
   Net increase (decrease) in net assets            1,836    9,335     7,296    36,396    17,234     85,422 
                                                  -------   ------  --------   -------  --------   -------- 
NET ASSETS:                                                                                                 
     Beginning of period                            9,336        1    93,288    56,892   139,337     53,915 
                                                  -------   ------  --------   -------  --------   -------- 
     End of period                                $11,172   $9,336  $100,584   $93,288  $156,571   $139,337 
                                                  =======   ======  ========   =======  ========   ======== 
(1) CAPITAL SHARE TRANSACTIONS:                                                                             
     Shares issued                                                                                          
     Shares issued in lieu of cash                     43      808       970     7,411     2,856      7,804 
       distributions                                                                                        
     Shares repurchased                                11        1       165       365       463         94 
                                                       --       --    (1,410)   (1,451)   (1,280)      (694)
                                                  -------   ------  --------   -------  --------   -------- 
     Net increase (decrease) in capital shares         54      809      (275)    6,325     2,039      7,204 
                                                  =======   ======  ========   =======  ========   ======== 

<FN>                                                                                                        
* NET OF $122,000 CHANGE IN ACCRUED FOREIGN WITHHOLDING TAXES.                                              
</FN>                                                                                                       

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STATEMENT OF CHANGES IN NET ASSETS (000)                                                                                
======================================================================================================================= 
MORGAN GRENFELL INVESTMENT  TRUST--FOR THE SIX MONTH PERIOD ENDED APRIL 30, 1996                                        
(UNAUDITED) AND THE YEAR ENDED OCTOBER 31, 1995                                                                         

                                                                         ------------------          ------------------ 
                                                                            INTERNATIONAL                 EMERGING      
                                                                               FIXED                       MARKETS      
                                                                               INCOME                       DEBT        
                                                                                FUND                        FUND        
                                                                         ------------------          ------------------ 
                                                                          1996        1995            1996        1995  
                                                                         -------    -------          -------    ------- 
                                                                                                                        
OPERATIONS:                                                                                                             
   Net investment income                                                 $   765    $ 1,222          $ 3,581    $ 5,602 
   Net realized gain (loss) from security transactions                       775        434            5,647     (1,684)
   Net realized gain (loss) on forward foreign currency                                                                 
     contracts and foreign currency transactions                             113         48                3        (75)
   Net change in unrealized appreciation (depreciation) on                                                              
     forward foreign currency contracts, foreign currency, and                                                          
     translation of other assets and liabilities in foreign currency          65        312              125        (42)
   Net change in unrealized appreciation (depreciation)                                                                 
     on investments                                                       (1,481)       861            3,555        (35)
                                                                         -------    -------          -------    ------- 
   Net increase in net assets from operations                                237      2,877           12,911      3,766 
                                                                         -------    -------          -------    ------- 
DISTRIBUTIONS TO SHAREHOLDERS:                                                                                          
   Net investment income                                                  (1,587)       (76)          (6,315)      (447)
   Net realized gains                                                       (282)        --               --        (41)
                                                                         -------    -------          -------    ------- 
     Total Distributions                                                  (1,869)       (76)          (6,315)      (488)
                                                                         -------    -------          -------    ------- 

CAPITAL SHARE TRANSACTIONS (1):                                                                                         
   Proceeds from shares issued                                             4,126     10,597           41,753     64,746 
   Shares issued in lieu of cash distributions                             1,681         60            6,315        488 
   Cost of shares repurchased                                               (738)    (1,093)         (72,788)      (322)
                                                                         -------    -------          -------    ------- 

INCREASE (DECREASE) IN NET ASSETS FROM                                                                                  
     CAPITAL SHARE TRANSACTIONS                                            5,069      9,564          (24,720)    64,912 
                                                                         -------    -------          -------    ------- 

   Net increase (decrease) in net assets                                   3,437     12,365          (18,124)    68,190 
                                                                         -------    -------          -------    ------- 

NET ASSETS:                                                                                                             
     Beginning of period                                                  27,603     15,238           84,438     16,248 
                                                                         -------    -------          -------    ------- 
     End of period                                                       $31,040    $27,603          $66,314    $84,438 
                                                                         =======    =======          =======    ======= 

(1) CAPITAL SHARE TRANSACTIONS:                                                                                         
     Shares issued                                                           386        996            3,806      6,391 
     Shares issued in lieu of cash distributions                             155          6              587         51 
     Shares repurchased                                                      (65)      (100)          (6,677)       (31)
                                                                         -------    -------          -------    ------- 
     Net increase (decrease) in capital shares                               476        902           (2,284)     6,411 
                                                                         =======    =======          =======    ======= 


THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

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FINANCIAL HIGHLIGHTS                                                                                                          
==============================================================================================================================
MORGAN GRENFELL INVESTMENT  TRUST--FOR THE SIX MONTH PERIOD ENDED APRIL 30, 1996 (UNAUDITED) AND THE PERIODS ENDED OCTOBER 31,

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD                                                                                

                                   NET                     DISTRIBUTIONS                                                      
         NET ASSET     NET       REALIZED   DISTRIBUTIONS      FROM                                                           
           VALUE   INVESTMENT      AND        FROM NET       REALIZED    NET ASSET                  NET ASSETS                
         BEGINNING   INCOME/    UNREALIZED   INVESTMENT       CAPITAL    VALUE END    TOTAL           END OF                  
         OF PERIOD   (LOSS)   GAINS (LOSSES)   INCOME          GAINS     OF PERIOD    RETURN       PERIOD (000)               
---------------------------------------------------------------------------------------------------------------               
                                                                                                                              
--------------------                                                                                                          
MUNICIPAL BOND FUND:                                                                                                          
--------------------                                                                                                          
    1996*  $10.86    $0.30       $(0.04)      $(0.30)        $   --        $10.82      2.42%         $225,240                 
    1995    10.37     0.61         0.49        (0.61)            --         10.86     10.90           221,058                 
    1994    11.36     0.60        (0.61)       (0.60)         (0.38)        10.37     (0.15)          165,677                 
    1993    10.56     0.67         0.84        (0.67)         (0.04)        11.36     14.68           148,022                 
    1992(1) 10.00     0.60         0.56        (0.60)            --         10.56     13.42(DAGGER)    94,700                 
------------------                                                                                                            
FIXED INCOME FUND:                                                                                                            
------------------                                                                                                            
    1996*  $10.62    $0.34       $(0.25)      $(0.34)        $(0.07)       $10.30      0.78%         $596,099                 
    1995     9.93     0.70         0.69        (0.70)            --         10.62     14.53           494,221                 
    1994    10.95     0.64        (0.91)       (0.64)         (0.11)         9.93     (2.58)          239,556                 
    1993     9.92     0.64         1.03        (0.64)            --         10.95     17.28           147,917                 
    1992(2) 10.00     0.06        (0.08)       (0.06)            --          9.92     (1.61)(DAGGER)   25,528                 
-------------------------------                                                                                               
SHORT-TERM MUNICIPAL BOND FUND:                                                                                               
-------------------------------                                                                                               
    1996*  $10.13    $0.28       $(0.04)      $(0.25)        $(0.04)       $10.08      2.47%$           3,627                 
    1995(3) 10.00     0.30         0.13        (0.30)            --         10.13      4.39(DAGGER)     3,724                 
-----------------------------                                                                                                 
SHORT-TERM FIXED INCOME FUND:                                                                                                 
-----------------------------                                                                                                 
    1996*  $10.01    $0.29        (0.04)      $(0.29)        $   --        $ 9.97      2.56%         $  9,318                 
    1995(4) 10.00     0.37         0.01        (0.37)            --         10.01      3.82(DAGGER)     4,140                 
-----------------------                                                                                                       
SMALLER COMPANIES FUND:                                                                                                       
-----------------------                                                                                                       
    1996*  $10.55    $  --       $ 2.53       $(0.04)        $   --        $13.04     24.01%         $  3,807                 
    1995(5) 10.00     0.03         0.52           --             --         10.55      5.50(DAGGER)     2,638                 
--------------------------                                                                                                    
INTERNATIONAL EQUITY FUND:                                                                                                    
--------------------------                                                                                                    
    1996*  $10.95    $0.06        $1.42       $(0.43)        $   --        $12.00     13.84%         $  3,392                 
    1995(6) 10.00     0.08         0.87           --             --         10.95      9.50(DAGGER)     2,738                 
------------------------------------                                                                                          
INTERNATIONAL SMALL CAP EQUITY FUND:                                                                                          
------------------------------------                                                                                          
    1996*   $9.40   $ 0.01       $ 1.62       $(0.04)        $(0.22)       $10.77     15.09%         $128,064                 
    1995    10.35     0.03        (0.72)       (0.04)         (0.22)         9.40     (6.67)           90,917                 
    1994(7) 10.00     0.02         0.33           --             --         10.35      3.50(DAGGER)    68,798                 
-------------------------------                                                                                               
EUROPEAN SMALL CAP EQUITY FUND:                                                                                               
-------------------------------                                                                                               
    1996*  $11.55   $ 0.02       $ 1.53       $(0.12)        $(0.04)       $12.94     13.57%         $ 11,172                 
    1995(8) 10.00     0.12         1.44        (0.01)            --         11.55     15.66(DAGGER)     9,336                 

                  RATIO OF
RATIO OF     RATIO OF    NET INVESTMENT       
NET        EXPENSES     INCOME/(LOSS)     
RATIO OF    INVESTMENT    TO AVERAGE    TO AVERAGE                      
  EXPENSES   INCOME/(LOSS)  NET ASSETS    NET ASSETS     PORTFOLIO   AVERAGE
   TO AVERAGE   TO AVERAGE   (EXCLUDING      (EXCLUDING    TURNOVER   COMMISSION
NET ASSETS   NET ASSETS     WAIVERS)      WAIVERS)         RATE       RATE
--------------------------------------------------------------------------------

--------------------                                                            
MUNICIPAL BOND FUND:                                                            
--------------------                                                            
 0.55%         5.58%         0.61%         5.52%           29%      $ --
 0.54          5.75          0.62          5.67            63         --
 0.54          5.60          0.67          5.47            94         --
 0.55          5.94          0.75          5.74           160         --
 0.55          6.31          0.79          6.07           143         --
------------------                                                              
FIXED INCOME FUND:                                                              
------------------                                                              
 0.55%         6.37%         0.60%         6.32%           70%      $ --
 0.54          6.81          0.63          6.72           182         --
 0.54          6.22          0.66          6.10           251         --
 0.55          6.01          0.72          5.84           196         --
 0.55          5.24          1.66          4.13           148         --
-------------------------------                                                 
SHORT-TERM MUNICIPAL BOND FUND:                                                 
-------------------------------                                                 
 0.54%         5.50%         1.74%         4.30%          80%       $ --
 0.52          4.60          2.16          2.96           62          --
-----------------------------                                                   
SHORT-TERM FIXED INCOME FUND:                                                   
-----------------------------                                                   
 0.52%         5.78%         1.25%         5.05%          51%       $ --
 0.52          5.86          2.84          3.54           90          --
-----------------------                                                         
SMALLER COMPANIES FUND:                                                         
-----------------------                                                         
 1.25%         0.03%         2.47%        (1.19)%         85%      $0.06
 1.25          0.94          2.28         (0.09)          23          --
--------------------------                                                      
INTERNATIONAL EQUITY FUND:                                                      
--------------------------                                                      
 0.90%         0.32%         3.10%        (1.88)%         11%      $0.03
 0.90          1.55          2.73         (0.28)          19          --
------------------------------------                                            
INTERNATIONAL SMALL CAP EQUITY FUND:                                            
------------------------------------                                            
 1.25%         0.25%         1.35%         0.15%          17%      $0.02
 1.25          0.41          1.48          0.18           62          --
 1.25          0.34          1.67         (0.08)          41          --
-------------------------------                                                 
EUROPEAN SMALL CAP EQUITY FUND:                                                 
-------------------------------                                                 
 1.25%         0.36%         2.44%        (0.83)%         27%      $0.04
 1.25          1.25          2.24          0.26           34          --

*    FOR THE PERIOD ENDED APRIL 30, 1996. ALL RATIOS, EXCLUDING TOTAL RETURN,   
   FOR THAT PERIOD HAVE BEEN ANNUALIZED. (DAGGER) RETURNS ARE FOR THE PERIOD
INDICATED AND HAVE NOT BEEN ANNUALIZED.                               
(1)  MUNICIPAL BOND FUND COMMENCED OPERATIONS ON 12/13/91. ALL RATIOS FOR THE   
PERIOD HAVE BEEN ANNUALIZED.                                          
(2)  FIXED INCOME FUND COMMENCED OPERATIONS ON 9/18/92. ALL RATIOS FOR THE      
PERIOD HAVE BEEN ANNUALIZED.                                          
(3)  SHORT-TERM MUNICIPAL BOND FUND COMMENCED OPERATIONS ON 3/6/95. ALL RATIOS  
FOR THE PERIOD HAVE BEEN ANNUALIZED.                                  
(4)  SHORT-TERM FIXED INCOME FUND COMMENCED OPERATIONS ON 3/13/95. ALL RATIOS   
FOR THE PERIOD HAVE BEEN ANNUALIZED.                                  
(5)  SMALLER COMPANIES FUND COMMENCED OPERATIONS ON 6/30/95. ALL RATIOS FOR THE 
PERIOD HAVE BEEN ANNUALIZED.                                          
(6)  INTERNATIONAL EQUITY FUND COMMENCED OPERATIONS ON 5/15/95. ALL RATIOS FOR  
THE PERIOD HAVE BEEN ANNUALIZED.                                      
(7)  INTERNATIONAL SMALL CAP EQUITY FUND COMMENCED OPERATIONS ON 1/3/94. ALL    
RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.                           
(8)  EUROPEAN SMALL CAP EQUITY FUND COMMENCED OPERATIONS ON 11/1/94. ALL RATIOS 
FOR THE PERIOD HAVE BEEN ANNUALIZED.                                  

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

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FINANCIAL HIGHLIGHTS                                                                                                          
==============================================================================================================================
MORGAN GRENFELL INVESTMENT  TRUST--FOR THE SIX MONTH PERIOD ENDED APRIL 30, 1996 (UNAUDITED) AND THE PERIODS ENDED OCTOBER 31,

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD                                                                                

                                    NET                     DISTRIBUTIONS                                                     
          NET ASSET     NET       REALIZED   DISTRIBUTIONS      FROM                                                          
            VALUE   INVESTMENT      AND        FROM NET       REALIZED    NET ASSET                  NET ASSETS               
          BEGINNING   INCOME/    UNREALIZED   INVESTMENT       CAPITAL    VALUE END    TOTAL           END OF                 
          OF PERIOD   (LOSS)   GAINS (LOSSES)   INCOME          GAINS     OF PERIOD    RETURN       PERIOD (000)              
----------------------------------------------------------------------------------------------------------------              

                                                                                                                              
-----------------------------                                                                                                 
EMERGING MARKETS EQUITY FUND:                                                                                                 
-----------------------------                                                                                                 
    1996*  $ 8.11     $0.01        $ 0.95      $(0.03)        $(0.08)      $ 8.96      12.02%          $100,584               
    1995    11.00      0.04         (2.29)      (0.02)         (0.62)        8.11     (21.00)            93,288               
    1994(1) 10.00     (0.01)         1.01          --             --        11.00      10.00(DAGGER)     56,892               
-------------------------                                                                                                     
GLOBAL FIXED INCOME FUND:                                                                                                     
-------------------------                                                                                                     
    1996*  $10.99     $0.24        $(0.15)     $(0.37)        $(0.07)      $10.64       0.73%          $156,571               
    1995     9.85      0.35          0.99       (0.20)            --        10.99      13.88            139,337               
    1994(2) 10.00      0.25         (0.40)         --             --         9.85      (1.50)(DAGGER)    53,915               
--------------------------------                                                                                              
INTERNATIONAL FIXED INCOME FUND:                                                                                              
--------------------------------                                                                                              
    1996*  $11.34     $0.27        $(0.16)     $(0.66)        $(0.12)      $10.67      0.87%           $ 31,040               
    1995     9.94      0.42          1.03       (0.05)            --        11.34     14.66              27,603               
    1994(3) 10.00      0.29         (0.35)         --             --         9.94     (0.60)(DAGGER)     15,238               
---------------------------                                                                                                   
EMERGING MARKETS DEBT FUND:                                                                                                   
---------------------------                                                                                                   
    1996*  $10.55     $0.78        $ 1.26      $(1.00)        $   --       $11.59     20.08%           $ 66,314               
    1995    10.19      0.65         (0.17)      (0.11)         (0.01)       10.55      4.85              84,438               
    1994(4) 10.00      0.13          0.06          --             --        10.19      1.90(DAGGER)      16,248               

                  RATIO OF
RATIO OF     RATIO OF    NET INVESTMENT       
NET        EXPENSES     INCOME/(LOSS)     
RATIO OF    INVESTMENT    TO AVERAGE    TO AVERAGE                      
  EXPENSES   INCOME/(LOSS)  NET ASSETS    NET ASSETS     PORTFOLIO   AVERAGE
   TO AVERAGE   TO AVERAGE   (EXCLUDING      (EXCLUDING    TURNOVER   COMMISSION
NET ASSETS   NET ASSETS     WAIVERS)       WAIVERS)       RATE       RATE 
--------------------------------------------------------------------------------

-----------------------------                                                   
EMERGING MARKETS EQUITY FUND:                                                   
-----------------------------                                                   
  1.25%         0.56%         1.42%         0.39%          37%       $0.01
  1.25          0.44          1.55          0.14           49           --
  1.36         (0.12)         1.79         (0.55)          45           --
-------------------------                                                       
GLOBAL FIXED INCOME FUND:                                                       
-------------------------                                                       
  0.75%         5.27%        0.76%          5.26%         109%       $  --
  0.78          5.61         0.87           5.52          147           --
  0.85          5.71         1.28           5.28          173           --
--------------------------------                                                
INTERNATIONAL FIXED INCOME FUND:                                                
--------------------------------                                                
  0.75%        5.36%         1.01%          5.10%         128%       $  --
  0.78         5.51          1.15           5.14          187           --
  0.85         5.66          1.42           5.09          130           --
---------------------------                                                     
EMERGING MARKETS DEBT FUND:                                                     
---------------------------                                                     
  1.50%       10.97%         1.90%         10.57%         129%       $  --
  1.79        10.97          2.05          10.71          266           --
  1.90         7.04          2.60           6.34           52           --

*    FOR THE PERIOD ENDED APRIL 30, 1996. ALL RATIOS, EXCLUDING TOTAL   
RETURN, FOR THAT PERIOD HAVE BEEN ANNUALIZED.                 
(DAGGER) RETURNS ARE FOR THE PERIOD INDICATED AND HAVE NOT BEEN ANNUALIZED.     
     (1) EMERGING MARKETS EQUITY FUND COMMENCED OPERATIONS ON 2/2/94. ALL RATIOS
FOR THE PERIOD HAVE BEEN ANNUALIZED.                          
     (2) GLOBAL FIXED INCOME FUND COMMENCED OPERATIONS ON 1/3/94. ALL RATIOS FOR
THE PERIOD HAVE BEEN ANNUALIZED.                              
  (3) INTERNATIONAL FIXED INCOME FUND COMMENCED OPERATIONS ON 3/15/94. ALL
RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.                   
   (4) EMERGING MARKETS DEBT FUND COMMENCED OPERATIONS ON 8/4/94. ALL RATIOS
FOR THE PERIOD HAVE BEEN ANNUALIZED.                          

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.        

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NOTES TO FINANCIAL STATEMENTS                                                   
================================================================================
MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

1. ORGANIZATION                                                                 
Morgan Grenfell Investment Trust (the "Trust") was organized as a Delaware      
business trust on September 13, 1993. The Trust is registered under the         
Investment Company Act of 1940, as amended, as an open-end management investment
company consisting of seventeen investment portfolios (Municipal Bond Fund,     
Fixed Income Fund, Short-Term Municipal Bond Fund, Short-Term Fixed Income Fund,
Large Cap Growth Fund, and Smaller Companies Fund (collectively the "Domestic   
Funds"); International Equity Fund, Global Equity Fund, European Equity Fund,   
Pacific Basin Equity Fund, International Small Cap Equity Fund, European Small  
Cap Equity Fund, Japanese Small Cap Equity Fund, Emerging Markets Equity Fund,  
Global Fixed Income Fund, International Fixed Income Fund and Emerging Markets  
Debt Fund (collectively the "International Funds"). The Domestic Funds and      
International Funds are hereafter referred to collectively as the "Funds". At   
April 30, 1996, the Large Cap Growth Fund, Global Equity Fund, European Equity  
Fund, Pacific Basin Equity Fund and Japanese Small Cap Equity Fund had not yet  
commenced operations. The Funds' prospectus provides a description of each      
Fund's investment objectives, policies and strategies.                          
   On December 28, 1994, pursuant to plans of reorganization approved by the
Municipal Bond Fund and the Fixed Income Fund shareholders on December 5, 1994, 
all of the assets of the Morgan Grenfell Municipal Bond Fund and the Morgan     
Grenfell Fixed Income Fund (formerly part of The Advisors' Inner Circle Fund)   
were transferred to the Municipal Bond Fund and Fixed Income Fund respectively  
(the "Portfolios"), newly formed portfolios of the Trust, in exchange for shares
of the Portfolios and assumption of stated liabilities of the two funds. The    
Municipal Bond Fund reorganization was accomplished by a tax-free exchange of   
the Municipal Bond Fund's net assets (valued at $149,509,966) for 14,567,909    
shares of the corresponding Portfolio. The Fixed Income Fund reorganization was 
accomplished by a tax-free exchange of the Fixed Income Fund's net assets       
(valued at $273,285,174) for 27,846,079 shares of the corresponding Portfolio.  

2. SIGNIFICANT ACCOUNTING POLICIES                                              
The following is a summary of significant  accounting  policies  followed by the
Funds.                                                                          
  SECURITY VALUATION--Securities listed on a securities exchange for which
market quotations are readily available are valued at the last quoted sales     
price on the principal exchange on which they are traded on the valuation date  
or, if there is no such reported sale on the valuation date, at the most recent 
quoted bid price. Unlisted securities for which market quotations are readily   
available are valued at the most recent quoted bid price. Certain debt and fixed
income investments owned by the Funds are valued at prices supplied by          
independent pricing agents selected by Morgan Grenfell Capital Management, Inc. 
and Morgan Grenfell Investment Services Limited (the "Advisors"), which prices  
reflect broker-dealer supplied valuations and electronic data processing        
techniques. Short-term investments are valued at amortized cost which           
approximates market value. Other securities for which market value is not       
readily available or securities whose market value does not, in the opinion of  
the applicable Advisor, reflect fair value are valued at fair value using       
methods determined in good faith by the valuation committee of the Board of     
Trustees.                                                                       
    INCOME TAXES--It is the intention of each Fund to continue to qualify as a
regulated investment company and to distribute all of its taxable income.       
Accordingly, no provision for Federal income taxes is considered necessary.     
 The International Funds may be subject to taxes imposed by countries in
which they invest with respect to their investments in issuers existing or      
operating in such countries. Such taxes are generally based on either income    
earned or repatriated. The International Funds accrue such taxes when the       
related income is earned.                                                       
     NET ASSET VALUE PER SHARE--The net asset value per share is calculated on a
daily basis by dividing the assets of each Fund, less its liabilities, by the   
number of outstanding shares of the Fund.                                       
REPURCHASE AGREEMENTS--Securities pledged as collateral for repurchase
agreements are held by the                                                      

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NOTES TO FINANCIAL STATEMENTS (Continued)                                       
================================================================================
MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

custodian banks until maturity of the repurchase agreements. Provisions of the  
repurchase agreements and procedures adopted by the Trust require that the      
market value of the collateral, including accrued interest thereon, is          
sufficient in the event of default by the counterparty.                         
  The Funds may also invest in tri-party repurchase agreements. Securities
held as collateral for tri-party repurchase agreements are maintained in a      
segregated account by the broker's custodian bank until maturity of the         
repurchase agreement. Provisions of the agreements require that the market value
of the collateral, including accrued interest thereon, is sufficient in the     
event of default.                                                               
     If the counterparty defaults and the value of the collateral declines or if
the counterparty enters an insolvency proceeding, realization of the collateral 
by the Funds may be delayed or limited.                                         
  FOREIGN CURRENCY TRANSLATION--The books and records of the International
Funds are maintained in U.S. dollars. Foreign currency amounts are translated   
into U.S. dollars on the following basis: (I) market value of investment        
securities, other assets and liabilities at the current rate of exchange; and   
(II) purchases and sales of investment securities, income and expenses at the   
relevant rates of exchange prevailing on the respective dates of such           
transactions.                                                                   
    The International Funds do not isolate that portion of gains and losses on
investments in securities which is due to changes in the foreign exchange rates 
from that which is due to changes in market prices of such securities. The      
International Funds do isolate the effect of fluctuations in foreign currency   
rates when determining the gain or loss upon sale or maturity of foreign        
currency denominated debt obligations pursuant to the Federal income tax        
regulations. Such amounts are categorized as foreign currency gain or loss for  
both financial reporting and income tax reporting purposes. The International   
Funds report gains and losses on foreign currency related transactions as       
realized and unrealized gains and losses for financial reporting purposes,      
whereas such gains and losses, to the extent realized, are treated as ordinary  
income or loss for Federal income tax purposes.                                 
FORWARD FOREIGN CURRENCY CONTRACTS--The International Funds enter into
forward foreign currency contracts as hedges against portfolio positions as well
as for non-hedging purposes. The aggregate principal amounts of the contracts   
are not recorded as the Funds do not intend to hold the contracts to maturity.  
All commitments are "marked-to-market" daily at the applicable foreign exchange 
rate and any resulting unrealized gains or losses are recorded currently. The   
Funds realize gains or losses at the time forward contracts are extinguished,   
except that gains or losses on certain open contracts are required to be        
recognized for U.S. Federal income tax purposes at the close of the Fund's      
taxable year and are generally treated as ordinary income for such purposes.    
     FOREIGN CURRENCY OPTIONS--The premium paid by a Fund for the purchase of an
option is included in the Fund's Schedule of Investments as an investment and   
subsequently marked to market to reflect the current market value of the option.
For an option held by a Fund on the stipulated expiration date, the Fund        
realizes a loss. If the Fund enters into a closing sale transaction, it realizes
a gain or loss, depending on whether the proceeds from the sale are greater or  
less than the cost of the purchased option. If the Fund exercises a purchased   
put option, it realizes a gain or loss from the sale of the underlying          
investment and proceeds from such sale will be decreased by the premium         
originally paid. If the Fund exercises a purchased call option, the cost of the 
underlying investment which the Fund purchases upon exercise will be increased  
by the premium originally paid. Certain foreign currency options may be required
to be marked-to-market for Federal income tax purposes at the close of a Fund's 
taxable year, giving rise to a gain or loss that may, depending upon whether    
certain elections are made, be capital or ordinary in character.                
  DISTRIBUTIONS--Distributions from net investment income and net realized
capital gains are determined in accordance with U.S. Federal income tax         
regulations, which may differ from those amounts determined under generally     
accepted accounting principles. These book/tax differences are either temporary 
or permanent in nature. To the extent these differences are permanent, they are 
charged or credited to paid in capital in the period that the difference arises.

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================================================================================

EXPENSES--Expenses that are directly related to one of the Funds are  
charged directly to that Fund. Other operating expenses of the Trust are        
prorated to the Funds on the basis of relative net assets. Morgan Grenfell      
Capital Management, Inc. absorbed all expenses of organizing the Trust.         
     All organizational costs incurred with the start of the Municipal Bond Fund
and the Fixed Income Fund are being amortized on a straight line basis over a   
period of sixty months.                                                         
    OTHER--Security transactions are accounted for on the date the security is
purchased or sold (trade date). Costs used in determining net realized capital  
gains and losses on the sale of investment securities are those of the specific 
securities sold adjusted for the accretion and amortization of original issue   
discounts and purchase premiums during the respective holding period. Original  
issue discounts and purchase premiums on securities held by the Funds are       
accreted and amortized ratably to maturity using the effective interest method. 
Dividend income is recognized on the ex-dividend date and interest income is    
recognized using the accrual method.                                            

3. ADMINISTRATION, INVESTMENT ADVISORY,                                         
AND DISTRIBUTION AGREEMENTS                                                     
   The Trust has entered into an administration agreement with SEI Financial
Management Corporation (the "Administrator"), pursuant to which the             
Administrator receives an annual fee based on the aggregate average daily net   
assets of all the Funds as follows: 0.15% up to $300,000,000; 0.12% from        
$300,000,000 up to $500,000,000; 0.10% from $500,000,000 up to $1,000,000,000;  
and 0.08% in excess of $1,000,000,000. Each Fund pays the Administrator a       
minimum annual fee that equals (after a one-year phase in period) the following:
$50,000 for the Municipal Bond Fund, Fixed Income Fund, Short-Term Municipal    
Bond Fund, Short-Term Fixed Income Fund and Smaller Companies Fund; $75,000 for 
the International Equity Fund, Global Fixed Income Fund and International Fixed 
Income Fund; and $100,000 for the International Small Cap Equity Fund, European 
Small Cap Equity Fund, Emerging Markets Equity Fund, and Emerging Markets Debt  
Fund.                                                                           
The Administrator generally assists in all matters relating to the    
administration of the Funds, including the coordination and monitoring of any   
third parties furnishing services to the Funds, preparation and maintenance of  
financial accounting records, and the provision of necessary office space,      
equipment and personnel to perform administrative and clerical functions.       
Under advisory agreements with the Trust, Morgan Grenfell Capital     
Management, Inc. serves as the Advisor for the Domestic Funds and Morgan        
Grenfell Investment Services Limited serves as the Advisor for the International
Funds. For these services, the Advisors are entitled to a monthly fee at an     
annual rate of each Fund's average daily net assets as follows:                 

Municipal Bond Fund                           0.40%                   
Fixed Income Fund                             0.40%                   
Short-Term Municipal Bond Fund                0.40%                   
Short-Term Fixed Income Fund                  0.40%                   
Smaller Companies Fund                        1.00%                   
International Equity Fund                     0.70%                   
International Small Cap Equity Fund           1.00%                   
European Small Cap Equity Fund                1.00%                   
Emerging Markets Equity Fund                  1.00%                   
Global Fixed Income Fund                      0.50%                   
International Fixed Income Fund               0.50%                   
Emerging Markets Debt Fund                    1.50%                   

   The Advisors have voluntarily agreed to reduce their advisory fees and/or
reimburse each Fund to the extent necessary to limit the Fund's operating       
expenses to a specified percentage of its average net assets as follows:        

Municipal Bond Fund                           0.55%                   
Fixed Income Fund                             0.55%                   
Short-Term Municipal Bond Fund                0.55%                   
Short-Term Fixed Income Fund                  0.55%                   
Smaller Companies Fund                        1.25%                   
International Equity Fund                     0.90%                   
International Small Cap Equity Fund           1.25%                   
European Small Cap Equity Fund                1.25%                   
Emerging Markets Equity Fund                  1.25%                   
Global Fixed Income Fund                      0.75%                   
International Fixed Income Fund               0.75%                   
Emerging Markets Debt Fund                    1.50%                   

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NOTES TO FINANCIAL STATEMENTS (Continued)                                       
================================================================================
MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

Certain officers and/or Trustees of the Trust are affiliated with the           
Administrator or Advisors.                                                      

SEI Financial Services Company (the "Distributor") serves as the      
distributor of shares of the Funds pursuant to a distribution agreement with the
Trust and assists in the sale of shares of the Funds. The Advisors, and not the 
Trust, are responsible for payment of any expenses or fees incurred in the      
marketing and distribution of shares of the Trust.                              

4. FORWARD FOREIGN CURRENCY CONTRACTS                                           
The International Funds enter into forward foreign currency exchange  
contracts as hedges against portfolio positions as well as for non-hedging      
purposes. Such contracts, which protect the value of the Fund's investment      
securities against a decline in the value of the hedged currency, do not        
eliminate fluctuations in the underlying prices of the securities. They simply  
establish an exchange rate at a future date. Also, although such contracts tend 
to minimize the risk of loss due to a decline in the value of a hedged currency,
at the same time they tend to limit any potential gain that might be realized   
should the value of such foreign currency increase.                             

The following  forward foreign currency  contracts were outstanding at April 30,
1996:                                                                           

             IN       UNREALIZED
CURRENCY TO     EXCHANGE   APPRECIATION     
MATURITY      (DELIVER)/RECEIVE     FOR    (DEPRECIATION)                     
DATE              (000)          (000)        (000)                       
--------      ----------------   --------   ------------                      

INTERNATIONAL EQUITY FUND:                                                      
-------------------------                                                       
FOREIGN CURRENCY SALES:                                                         

07/24/96        DM         (50)    $   33       $  --                           
06/27/96        JY     (16,700)       158          (3)                          
07/24/96        NL        (168)       100           1                           
                     -----
                      $  (2)
                     =====
INTERNATIONAL SMALL CAP EQUITY FUND:                                            
-----------------------------------                                             
FOREIGN CURRENCY SALES:                                                         

07/24/96        DM      (5,610)    $3,715       $  31                           
07/09/96        FF     (11,400)     2,266          53                           
07/18/96        JY    (730,200)     6,812        (246)                          
07/24/96        NL      (2,080)     1,233          11                           
                     -----
                      $(151)
                     =====

             IN       UNREALIZED
CURRENCY TO     EXCHANGE   APPRECIATION     
MATURITY      (DELIVER)/RECEIVE     FOR    (DEPRECIATION)                     
DATE              (000)          (000)        (000)                       
--------      ----------------   --------   ------------                      

EUROPEAN SMALL CAP EQUITY FUND:                                                 
------------------------------                                                  
FOREIGN CURRENCY SALES:                                                         

07/24/96         DM      (499)     $  334       $   6                           
05/22/96         FF    (2,750)        550          18                           
07/24/96         NL      (746)        447           9                           
                     -----
                     $  33
                     =====
GLOBAL FIXED INCOME FUND:                                                       
------------------------                                                        
FOREIGN CURRENCY SALES:                                                         

05/21-07/18/96   CA    (4,500)    $ 3,289       $ (20)                          
05/20-07/18/96   DM   (26,700)     18,293         807                           
05/20-07/18/96   DK   (38,400)      6,684         157                           
06/20-08/19/96   SK   (94,000)     13,831          (7)                          
                     -----
                     $ 937
                     -----
FOREIGN CURRENCY PURCHASES:                                                     

05/17-06/20/96   DM    15,500     $10,145       $  (8)                          
07/18/96         ES   600,000       4,813        (116)                          
                     -----
                      $(124)
                     -----
                     $ 813
                     =====
INTERNATIONAL FIXED INCOME FUND:                                                
-------------------------------                                                 
FOREIGN CURRENCY SALES:                                                         

05/20-08/19/96   DM    (7,270)    $ 4,970       $ 204                           
05/20-06/20/96   DK    (8,050)      1,414          48                           
06/20-08/19/96   SK   (18,000)      2,645          (4)                          
                     -----
                     $ 248
                     -----
FOREIGN CURRENCY PURCHASES:                                                     

07/18/96         AD     1,250      $  979       $  (1)                          
06/20/96         CA     1,250         913           6                           
05/17-06/20/96   DM     4,080       2,741         (71)                          
05/20/96         DK     1,200         211          (8)                          
07/18/96         ES   160,000       1,283         (31)                          
07/30/96         UK       625         943          (8)                          
                     -----
                      $(113)
                     -----
                     $ 135
                     =====
EMERGING MARKETS DEBT FUND:                                                     
--------------------------                                                      
FOREIGN CURRENCY SALES:                                                         

06/17/96         DM    (2,300)    $ 1,569       $  62                           
                     =====
CURRENCY LEGEND                                                                 
---------------                                                                 
AD    Australian Dollar      FF  French Franc                                   
CA    Canadian Dollar        JY  Japanese Yen                                   
DM    German Mark            NL  Netherlands Guilder                            
DK    Danish Kroner          SK  Swedish Krona                                  
ES    Spanish Peseta         UK  British Pound Sterling                         

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================================================================================

 At April 30, 1996, the Global Fixed Income Fund and International Fixed
Income Fund had unrealized gains (losses) on closed but unsettled forward       
foreign currency contracts of $(103,663) and $2,880, respectively, scheduled to 
settle between May 20, 1996 and August 19, 1996.                                

5. INVESTMENT TRANSACTIONS                                                      
The cost of security purchases and the proceeds from the sale of securities,    
other than short-term investments and U.S. Government securities, during the    
period ended April 30, 1996, were as follows:                                   

          PURCHASES    SALES
            (000)      (000)
           ---------  --------
Municipal Bond Fund                 $ 80,884   $ 64,690                         
Fixed Income Fund                    253,017    186,434                         
Short-Term Municipal Bond Fund         2,487      2,624                         
Short-Term Fixed Income Fund           5,556        843                         
Smaller Companies Fund                 2,364      2,164                         
International Equity Fund                612        321                         
International Small Cap Equity Fund   45,495     17,813                         
European Small Cap Equity Fund         2,706      2,550                         
Emerging Markets Equity Fund          41,213     36,761                         
Global Fixed Income Fund             178,430    135,667                         
International Fixed Income Fund       38,826     34,580                         
Emerging Markets Debt Fund            79,556    100,764                         

  The cost of U.S. Government security purchases and the proceeds from the
sale of U.S. Government securities, during the period ended April 30, 1996, were
as follows:                                                                     

          PURCHASES    SALES
            (000)      (000)
           ---------  --------
Fixed Income Fund                   $221,606   $170,453                         
Short-Term Fixed Income Fund           3,811      1,688                         
Global Fixed Income Fund               6,877     19,542                         
Emerging Markets Debt Fund             1,410      1,800                         

    For Federal income tax purposes, the cost of securities owned at April 30,
1996 and the net realized gains or losses on securities sold for the period then
ended was not materially different from the amounts reported for financial      
reporting purposes. The aggregate gross unrealized appreciation and depreciation
at April 30, 1996, for each Fund is as follows:                                 

                                   NET
                                  UNREALIZED
         APPRECIATED  DEPRECIATED  APPRECIATION/
          SECURITIES   SECURITIES   (DEPRECIATION)
        (000)       (000)          (000)
         -----------  -----------  -------------
Municipal Bond Fund        $ 3,531     $  (864)       $ 2,667                   
Fixed Income Fund            4,287      (8,706)        (4,419)                  
Short-Term Municipal                                                            
Bond Fund                    15         (13)             2                
Short-Term Fixed Income Fund    14         (46)           (32)                  
Smaller Companies Fund         553         (70)           483                   
International Equity Fund      514         (46)           468                   
International Small Cap                                                         
Equity Fund              23,095      (4,491)        18,604                
European Small Cap                                                              
Equity Fund               2,585        (375)         2,210                
Emerging Markets                                                                
Equity Fund              14,836      (4,878)         9,958*               
Global Fixed Income Fund       703      (1,955)        (1,252)                  
International Fixed                                                             
Income Fund                 281        (535)          (254)               
Emerging Markets                                                                
Debt Fund                 3,695        (263)         3,432                
* NET OF $122,000 ACCRUED FOREIGN WITHHOLDING TAXES.                            

At October 31, 1995 the following Funds had available realized capital
losses to offset future net capital gains through the fiscal year ended 2003:   

                   (000)
                    ------
Municipal Bond Fund                       $1,556                      
Smaller Companies Fund                         6                      
International Equity Fund                      6                      
International Small Cap Equity Fund        2,367                      
Emerging Markets Debt Fund                   526                      

6. LOAN PARTICIPATIONS/ASSIGNMENTS                                              
The Emerging Markets Debt Fund (the "Fund") invests in U.S. dollar-denominated  
fixed and floating rate loans ("Loans") arranged through private negotiations   
between a foreign sovereign entity and one or more financial institutions       
("Lenders"). The Fund invests in such Loans in the form of participations in    
Loans ("Participations") or assignments of all or a portion of loans from third 
parties ("Assignments"). Participations typically result in the Fund having a   
contractual relationship only with the Lender, not with the sovereign borrower. 
The Fund has the right to receive payments of principal, interest and any fees  
to which it is entitled from                                                    

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NOTES TO FINANCIAL STATEMENTS (Concluded)                                       
================================================================================
MORGAN GRENFELL INVESTMENT TRUST -- APRIL 30, 1996 (UNAUDITED)                  

the Lender selling the Participation and only upon receipt by the Lender of the 
payments from the borrower. In connection with purchasing Participations, the   
Fund generally has no right to enforce compliance by the borrower with the terms
of the loan agreement relating to the Loan, nor any rights of set-off against   
the borrower, and the Fund will not benefit directly from any collateral        
supporting the Loan in which it has purchased the Participation. As a result,   
the Fund assumes the credit risk of both the borrower and the Lender that is    
selling the Participation. The Fund may have difficulty disposing of            
Participations and Assignments because the market for such instruments is not   
highly liquid.                                                                  

7. CONCENTRATION OF RISKS                                                       
     The Municipal Bond Fund and Short-Term Municipal Bond Fund invest primarily
in a diversified portfolio of municipal securities, including municipal bonds   
and debentures, rated Baa or better by Moody's Investors Service, Inc.          
("Moody's") or BBB or better by Standard & Poor's Ratings Group ("S&P"), or, if 
not rated, determined by the Advisor to be of comparable quality. Although the  
Municipal Bond Fund and Short-Term Municipal Bond Fund maintain diversified     
portfolios, the municipal bond issuers' abilities to meet their obligations may 
be affected by economic developments in a specific state or region.             
    The Fixed Income Fund and Short-Term Fixed Income Fund invest primarily in
fixed income securities rated Baa or better by Moody's or BBB or better by S&P  
or, if not rated, determined by the Advisor to be of comparable quality.        
Although the Fixed Income Fund and Short-Term Fixed Income Fund maintain        
diversified portfolios, the ability of the issuers of the Fund's portfolio      
securities to meet their obligations may be affected by changing business and   
economic conditions.                                                            
     Each International Fund invests in securities of foreign issuers in various
countries. These investments may involve certain considerations and risks not   
typically associated with investments in the United States, as a result of,     
among other factors, the possibility of future political and economic           
developments and the level of governmental supervision and regulation of        
securities markets in the respective countries. Global Fixed Income,            
International Fixed Income and Emerging Markets Debt Fund invest in debt        
securities, the market value of which may change in response to interest rate   
changes. Also, the ability of the issuers of debt securities held by the Funds  
to meet their obligations may be affected by economic and political developments
in a specific country, industry, or region.                                     

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 NOTES

59                                                                              

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===================                                                             
MORGAN GRENFELL                                                                 
===================                                                             
INVESTMENT TRUST                                                                
===================                                                             
SEMI-ANNUAL REPORT                                                              
===================                                                             
APRIL 30, 1996                                                                  

TRUSTEES AND OFFICERS                                                           
James E. Minnick,                                                               
PRESIDENT, CHIEF EXECUTIVE OFFICER AND                                          
CHAIRMAN OF THE BOARD OF TRUSTEES                                               
Patrick W. Disney,                                                              
SENIOR VICE PRESIDENT AND TRUSTEE                                               
Paul K. Freeman, TRUSTEE                                                        
Graham E. Jones, TRUSTEE                                                        
Hugh G. Lynch, TRUSTEE                                                          
William N. Searcy, TRUSTEE                                                      
Edward T. Tokar, TRUSTEE                                                        
David W. Baldt,                                                                 
VICE PRESIDENT                                                                  
James H. Grifo,                                                                 
VICE PRESIDENT                                                                  
Neil P. Jenkins,                                                                
VICE PRESIDENT                                                                  
Ian D. Kelson,                                                                  
VICE PRESIDENT                                                                  
Jeffrey A. Cohen,                                                               
TREASURER, PRINCIPAL ACCOUNTING OFFICER,                                        
CHIEF FINANCIAL OFFICER                                                         
Mark G. Arthus,                                                                 
SECRETARY AND COMPLIANCE OFFICER                                                
INVESTMENT ADVISORS                                                             
Morgan Grenfell Capital Management, Inc.                                        
Morgan Grenfell Investment Services Limited                                     
ADMINISTRATOR AND SHAREHOLDER SERVICING AGENT                                   
SEI Financial Management Corporation                                            
DISTRIBUTOR                                                                     
SEI Financial Services Company                                                  
CUSTODIANS                                                                      
The Northern Trust Company                                                      
CoreStates Bank, N.A.                                                           
TRANSFER AGENT                                                                  
DST Systems, Inc.                                                               
INDEPENDENT ACCOUNTANTS                                                         
Price Waterhouse LLP                                                            
LEGAL COUNSEL                                                                   
Hale and Dorr                                                                   

THIS SEMI-ANNUAL REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE       
SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE TRUST AND MUST 
BE PRECEDED OR ACCOMPANIED BY A CURRENT PROSPECTUS. INVESTORS SHOULD READ THE   
PROSPECTUS CAREFULLY BEFORE INVESTING. SHARES OF THE MORGAN GRENFELL INVESTMENT 
TRUST ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED BY, ANY     
BANK. THE SHARES ARE NOT FEDERALLY INSURED BY THE FEDERAL DEPOSIT INSURANCE     
CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY OTHER GOVERNMENT AGENCY.         
INVESTMENT IN THE SHARES INVOLVES RISK, INCLUDING THE POSSIBLE LOSS OF          
PRINCIPAL. SEI FINANCIAL SERVICES COMPANY, THE DISTRIBUTOR OF THE MORGAN        
GRENFELL INVESTMENT TRUST, IS NOT AFFILIATED WITH ANY BANK.                     

MIT-F-009-02                                                                    

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STATEMENT OF ASSETS AND LIABILITIES                                             
--------------------------------------------------------------------------------
MORGAN GRENFELL INVESTMENT TRUST - APRIL 30, 1996 (UNAUDITED)                   

                                   --------  --------   ---------    ---------
                                                        PACIFIC     JAPANESE
                                    GLOBAL   EUROPEAN     BASIN      SMALL CAP
                                  EQUITY    EQUITY      EQUITY      EQUITY
                                   FUND      FUND        FUND         FUND
                                   --------  --------   ---------    ---------
ASSETS:                                                                         
Cash                               $1,000    $1,000      $1,000       $1,000
                                   --------  --------   ---------    ---------
Total assets                        1,000     1,000       1,000        1,000
                                   --------  --------   ---------    ---------
LIABILITIES:                             --        --          --           --  
                                   --------  --------   ---------    ---------
NET ASSETS:                          $1,000    $1,000      $1,000       $1,000  
                                   ========  ========   =========    =========
Shares of beneficial interest                                                   
issued and outstanding (unlimited                                           
authorization -- based on $0.001                                            
par value)                            100       100         100          100
                                   ========  ========   =========    =========

NET ASSET VALUE, OFFERING PRICE                                                 
AND REDEMPTION PRICE PER SHARE     $10.00    $10.00      $10.00       $10.00
                                   ========  ========   =========    =========

THE FUNDS HAVE NOT COMMENCED OPERATIONS AS OF APRIL 30, 1996.                   

The accompanying notes are an integral part of the financial statements.        

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Notes to Financial Statements                                                   
--------------------------------------------------------------------------------
Morgan Grenfell Investment Trust - April 30, 1996 (Unaudited)                   

1.  Organization                                                                

Morgan Grenfell Investment Trust (the "Trust") was organized as a Delaware      
business Trust on September 13, 1993. The Trust is registered under the         
Investment Company Act of 1940, as amended, as an open-end management investment
company consisting of seventeen investment portfolios (Municipal Bond Fund,     
Fixed Income Fund, Short-Term Municipal Bond Fund, Short-Term Fixed Income Fund,
Large Cap Growth Fund, Smaller Companies Fund, International Equity Fund, Global
Equity Fund, European Equity Fund, Pacific Basin Equity Fund, International     
Small Cap Equity Fund, European Small Cap Equity Fund, Japanese Small Cap Equity
Fund, Emerging Markets Equity Fund, Global Fixed Income Fund, International     
Fixed Income Fund and Emerging Markets Debt Fund. These financial statements    
relate only to the Global Equity Fund, European Equity Fund, Pacific Basin      
Equity Fund and Japanese Small Cap Equity Fund (hereafter referred to as the    
"Funds"). At April 30, 1996, the Funds had no operations other than the sale of 
initial shares to SEI Financial Management Corporation (the "Administrator"), a 
wholly-owned subsidiary of SEI Corporation on December 29, 1993. Morgan Grenfell
Investment Services Limited (the "Advisor") absorbed all expenses of organizing 
the Trust.                                                                      

2.  Administration, Investment Advisory, and Distribution Agreements            

The Trust has entered into an administration with SEI Financial Management      
Corporation (the "Administrator"), pursuant to which the Administrator receives 
a monthly fee based on the aggregate average daily net assets of all the Funds  
as follows: 0.15% up to $300,000,000; 0.12% from $300,000,000 up to             
$500,000,000; 0.10% from $500,000,000 up to $1,000,000,000; and 0.08% in excess 
of $1,000,000,000. Each funds pays the Administrator a minimum annual fee that  
equals (after a one year phase in period) the following: $75,000 for the Global 
Equity Fund, European Equity Fund and Pacific Basin Equity Fund and $100,000 for
the Japanese Small Cap Equity Fund.                                             
The Administrator generally assists in all matters relating to the    
administration of the Funds, including the coordination and monitoring of any   
third parties furnishing services to the Funds, preparation and maintenance of  
financial accounting records, and the provision of necessary office space,      
equipment and personnel to perform administrative and clerical functions.       
Under an advisory agreement with the Trust, Morgan Grenfell Investment
Services Limited (the "Advisor") serves as the Advisor for the Funds. For these 
services, the Advisor is entitled to a monthly fee at an annual rate of each    
Fund's average daily net assets as follows:                                     

Global Equity Fund                    0.70%                           
European Equity Fund                  0.70%                           
Pacific Basin Equity Fund             0.70%                           
Japanese Small Cap Equity Fund        1.00%                           

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NOTES TO FINANCIAL STATEMENTS                                                   
--------------------------------------------------------------------------------
MORGAN GRENFELL INVESTMENT TRUST - APRIL 30, 1996 (UNAUDITED)                   

     The Advisor has voluntarily agreed to reduce its advisory fee to the extent
necessary to limit the Fund's operating expenses to a specified percentage of   
its average net assets as follows:                                              

Global Equity Fund                     0.90%                          
European Equity Fund                   0.90%                          
Pacific Basin Equity Fund              0.90%                          
Japanese Small Cap Equity Fund         1.25%                          

Certain officers and/or Trustees of the Trust are affiliated with the 
Administrator or Advisor.                                                       

SEI Financial Services Company (the "Distributor") serves as the      
distributor of shares of the Funds pursuant to a distribution agreement with the
Trust and assists in the sale of shares of the Funds. The Advisor, and not the  
Trust, is responsible for payment of any expenses or fees incurred in the       
marketing and distribution of shares of the Trust.                              

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘N-30D’ Filing		Date		First		Last			Other Filings
		8/19/96		54
Filed on:		6/27/96							NSAR-A
For Period End:		5/30/96							N-30D
		5/20/96		54
		4/30/96		1		60			NSAR-A
		10/31/95		5		54			24F-2NT,  N-30D,  NSAR-B
		5/15/95		5
		3/13/95		5
		3/6/95		4
		12/28/94		50
		12/5/94		50
		11/1/94		7
		8/4/94		10
		3/15/94		9
		2/2/94		8
		1/3/94		6		8
		12/29/93		59
		9/13/93		50		59
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