BT INSURANCE FUNDS TRUST
EAFE(r) Equity Index Fund
Equity 500 Index Fund
Small Cap Index Fund
Supplement to each Fund's Prospectus dated March 24, 1998
This supplement provides new and additional information beyond that contained
in each Prospectus. It should be retained and read in conjunction with each
Prospectus.
The following supplements the section "Management of the Trust" in each
Fund's Prospectus:
Bankers Trust is a wholly owned subsidiary of Bankers Trust Corporation. On
November 30, 1998, Bankers Trust Corporation entered into an Agreement and
Plan of Merger with Deutsche Bank AG under which Bankers Trust Corporation
would merge with and into a subsidiary of Deutsche Bank AG. Deutsche Bank AG
is a major global banking institution that is engaged in a wide range of
financial services, including investment management, mutual funds, retail and
commercial banking, investment banking and insurance. The transaction is
contingent upon various regulatory approvals, and continuation of the Fund's
advisory relationship with Bankers Trust thereafter is subject to the
approval of Fund shareholders. If the transaction is approved and completed,
Deutsche Bank AG, as Bankers Trust's new parent company, will control its
operations as investment adviser. Bankers Trust believes that, under this new
arrangement, the services provided to the Fund will be maintained at their
current level.
* * *
On March 11, 1999, Bankers Trust announced that it had reached an agreement
with the United States Attorney's Office in the Southern District of New York
to resolve an investigation concerning inappropriate transfers of unclaimed
funds and related record-keeping problems that occurred between 1994 and
early 1996. Pursuant to its agreement with the U.S. Attorney's Office,
Bankers Trust pleaded guilty to misstating entries in the bank's books and
records and agreed to pay a $60 million fine to federal authorities.
Separately, Bankers Trust agreed to pay a $3.5 million fine to the State of
New York. The events leading up to the guilty pleas did not arise out of the
investment advisory or mutual fund management activities of Bankers Trust or
its affiliates.
As a result of the plea, absent an order from the SEC, Bankers Trust would
not be able to continue to provide investment advisory services to the Fund.
The SEC has granted a temporary order to permit Bankers Trust and its
affiliates to continue to provide investment advisory services to registered
investment companies. There is no assurance that the SEC will grant a
permanent order.
March 29, 1999
Please Retain This Supplement for Future Reference
BT INSURANCE FUNDS TRUST
International Equity Fund
Small Cap Fund
U.S. Bond Index Fund
Supplement to each Fund's Prospectus dated March 24, 1998
This supplement provides new and additional information beyond that contained
in each Prospectus. It should be retained and read in conjunction with each
Prospectus.
The following supplements the section "Management of the Trust" in each
Fund's Prospectus:
Bankers Trust is a wholly owned subsidiary of Bankers Trust Corporation. On
November 30, 1998, Bankers Trust Corporation entered into an Agreement and
Plan of Merger with Deutsche Bank AG under which Bankers Trust Corporation
would merge with and into a subsidiary of Deutsche Bank AG. Deutsche Bank AG
is a major global banking institution that is engaged in a wide range of
financial services, including investment management, mutual funds, retail and
commercial banking, investment banking and insurance. The transaction is
contingent upon various regulatory approvals, and continuation of the Fund's
advisory relationship with Bankers Trust thereafter is subject to the
approval of Fund shareholders. If the transaction is approved and completed,
Deutsche Bank AG, as Bankers Trust's new parent company, will control its
operations as investment adviser. Bankers Trust believes that, under this new
arrangement, the services provided to the Fund will be maintained at their
current level.
* * *
On March 11, 1999, Bankers Trust announced that it had reached an agreement
with the United States Attorney's Office in the Southern District of New York
to resolve an investigation concerning inappropriate transfers of unclaimed
funds and related record-keeping problems that occurred between 1994 and
early 1996. Pursuant to its agreement with the U.S. Attorney's Office,
Bankers Trust pleaded guilty to misstating entries in the bank's books and
records and agreed to pay a $60 million fine to federal authorities.
Separately, Bankers Trust agreed to pay a $3.5 million fine to the State of
New York. The events leading up to the guilty pleas did not arise out of the
investment advisory or mutual fund management activities of Bankers Trust or
its affiliates.
As a result of the plea, absent an order from the SEC, Bankers Trust would
not be able to continue to provide investment advisory services to the Fund.
The SEC has granted a temporary order to permit Bankers Trust and its
affiliates to continue to provide investment advisory services to registered
investment companies. There is no assurance that the SEC will grant a
permanent order.
March 29, 1999
Please Retain This Supplement for Future Reference
