BT INSURANCE FUNDS TRUST
EAFE Equity Index Fund
Equity 500 Index Fund
Small Cap Index Fund
Supplement to each Funds Prospectus dated April 30, 1999
This supplement supercedes and replaces any existing supplements to each
Prospectus. 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 information supplements information found in the section
Management of the Fund in each Funds Prospectus:
On June 4, 1999, Bankers Trust Corporation merged with a subsidiary of
Deutsche Bank A.G. (Deutsche Bank). Deutsche Bank 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. A Special Meeting of Shareholders of BT
Insurance Funds Trust (Special Meeting) was held on September 30, 1999.
Shareholders voted at the Special Meeting to approve a new investment
management agreement (the Management Agreement) with Bankers Trust Company
(Bankers Trust). Approval of the Management Agreement was sought because
Deutsche Bank became Bankers Trusts parent company and, therefore, controls
its operations as investment adviser.
At the Special Meeting, shareholders of each Fund also approved a new
investment management agreement with Morgan Grenfell, Inc. As of October 5,
1999, Morgan Grenfell, Inc. has been renamed Deutsche Asset Management, Inc.
(DAMI). The new investment management agreement with DAMI may be
implemented within two years of the date of the Special Meeting upon approval
of a majority of the members of the Board of Trustees who are not interested
persons (Independent Trustees). Shareholders of each Fund also approved a
new investment sub-management agreement among the Trust, DAMI and Bankers
Trust under which Bankers Trust may perform certain of DAMIs
responsibilities, at DAMIs expense, upon approval of the Independent
Trustees. The new investment management agreement may be implemented within
two years of the date of the Special Meeting.
The new investment management agreement with DAMI and the new investment sub-
management agreement with Bankers Trust will permit Deutsche Bank to simplify
the organizational structure of its U.S. mutual fund operations, enhance the
efficiency of their administration and promote consistency of internal
controls, compliance and regulatory oversight. The deferral in implementing
the new investment management and investment sub-management agreements is
needed to permit Deutsche Bank a sufficient amount of time to plan, prepare
and institute the necessary arrangements for DAMI to consolidate Deutsche
Banks U.S. mutual fund operations.
Under the new investment management agreement and new investment sub-
management agreement, the compensation paid and the services provided would
be the same as those provided under the Management Agreement with Bankers
Trust.
About DAMI. DAMI is located at 885 Third Avenue, 32nd Floor, New York, New
York 10022. DAMI provides a full range of investment advisory services to
institutional clients. DAMI serves as investment adviser to ten other
investment companies and as sub-adviser to five other investment companies.
The following revises the section Management of the Fund: Portfolio
Manager(s) in each Funds Prospectus:
The Portfolio Manager(s) section is hereby deleted.
The following information supplements information found in the section
Management of the Fund in EAFE Equity Index Funds Prospectus:
Investment Adviser. Under the supervision of the Board of Trustees, Bankers
Trust Company, with headquarters at 130 Liberty Street, New York, NY 10006,
acts as the Fund's Investment Adviser. As Investment Adviser, Bankers Trust
makes the Fund's investment decisions and assumes responsibility for the
securities the Fund owns. It buys and sells securities for the Fund and
conducts the research that leads to the purchase and sale decisions. Bankers
Trust received a fee of 0.45% of the Fund's average daily net assets for its
services in the last fiscal year.
As of December 31, 1998, Bankers Trust was the eighth largest bank holding
company in the United States with total assets of approximately $156 billion.
Bankers Trust is a worldwide merchant bank dedicated to servicing the needs
of corporations, governments, financial institutions and private clients
through a global network of over 96 offices in more than 43 countries.
October 11, 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 Funds Prospectus dated April 30, 1999
This supplement supercedes and replaces any existing supplements to each
Prospectus. 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 information supplements information found in the section
Management of the Fund in each Funds Prospectus:
On June 4, 1999, Bankers Trust Corporation merged with a subsidiary of
Deutsche Bank A.G. (Deutsche Bank). Deutsche Bank 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 Board of Trustees voted at a meeting held on February 25, 1999 to approve
a new investment management agreement (the Management Agreement) with
Bankers Trust Company (Bankers Trust) and for such Management Agreement to
be submitted to the shareholders of each Fund for their approval. Approval
of the Management Agreement was sought because Deutsche Bank became Bankers
Trusts parent company and, therefore, controls its operations as investment
adviser.
The Board of Trustees also voted at a meeting held on July 27, 1999 to
approve a new investment management agreement with Morgan Grenfell, Inc. and
for such investment management agreement to be submitted to the shareholders
of each Fund for their approval. As of October 5, 1999, Morgan Grenfell,
Inc. has been renamed Deutsche Asset Management, Inc. (DAMI). The new
investment management agreement with DAMI may be implemented upon approval of
a majority of the members of the Board of Trustees who are not interested
persons (Independent Trustees). The Board of Trustees also approved a new
investment sub-management agreement among the Trust, DAMI and Bankers Trust,
to be submitted to the shareholders of each Fund for their approval, under
which Bankers Trust may perform certain of DAMIs responsibilities, at DAMIs
expense, upon approval of the Independent Trustees.
The new investment management agreement with DAMI and the new investment sub-
management agreement with Bankers Trust will permit Deutsche Bank to simplify
the organizational structure of its U.S. mutual fund operations, enhance the
efficiency of their administration and promote consistency of internal
controls, compliance and regulatory oversight. The deferral in implementing
the new investment management and investment sub-management agreements is
needed to permit Deutsche Bank a sufficient amount of time to plan, prepare
and institute the necessary arrangements for DAMI to consolidate Deutsche
Banks U.S. mutual fund operations.
Under the new investment management agreement and new investment sub-
management agreement, the compensation paid and the services provided would
be the same as those provided under the Management Agreement with Bankers
Trust.
About DAMI. DAMI is located at 885 Third Avenue, 32nd Floor, New York, New
York 10022. DAMI provides a full range of investment advisory services to
institutional clients. DAMI serves as investment adviser to ten other
investment companies and as sub-adviser to five other investment companies.
The following revises the section Management of the Fund: Portfolio
Manager(s) in each Funds Prospectus:
The Portfolio Manager(s) section is hereby deleted.
October 11, 1999
Please Retain This Supplement For Future Reference
BT INSURANCE FUNDS TRUST
EAFE Equity Index Fund
Equity 500 Index Fund
Small Cap Index Fund
Supplement to the Funds Statement of Additional Information dated April 30,
1999
This supplement provides new and additional information beyond that contained
in the Statement of Additional Information. It should be retained and read
in conjunction with the Statement of Additional Information.
The following information replaces similar information relating to the
Trustees and Officers in the Funds Statement of Additional Information:
Trustees and Officers
Name, Address and Age
Position Held with the
Trust
Principal Occupations
During
Past 5 Years
+Robert R. Coby, 47
118 North Drive
North Massapequa, NY
11758
Trustee
Independent Consultant
since April 1999;
President of Lynch &
Mayer, Inc., (1996-1999);
President of Leadership
Capital Inc. (1995-1996);
Chief Operating Officer of
CS First Boston Investment
Management, Inc. (1994-
1995); President of
Blackhawk L.P. (1993-
1994).
+Desmond G. FitzGerald,
55
2015 West Main Street
Stamford, CT 06902
Trustee
Chairman of North American
Properties Group since
January 1987; Advisory
Director, Bank of New
York; Director, Hilliard
Farber & Co.
+James S. Pasman, Jr.,
68
29 The Trillium
Pittsburgh, PA 15238
Trustee
Retired; Director, Tyco
International Ltd.
Conglomerate(2); Director,
Education Management
Corporation(2); Director,
CSAM Income Fund Inc.(3);
Director, CSAM Global
Strategic Inc.(3);
Director and Trustee,
Warburg Pincus Funds(3).
+(1)(4)Edward C.
Schmults, 68
1037 Bailey Road
Cuttingsville, VT 05738
Trustee
Director, Green Point
Financial Corp and its
subsidiary, Green Point
Bank(2); Director, Destia
Communications, Inc.(2);
Chairman of the Board of
Trustees, The Edna
McConnell Clark
Foundation; Senior Vice
President- External
Affairs and General
Counsel, GTE Corporation
(1984-1994); Director, The
Germany Fund, Inc.(3);
Director, The Central
European Equity Fund,
Inc.(3); Director,
Deutsche Funds, Inc.(3);
Director, Deutsche
Portfolios Trust (3).
+*William E. Small, 57
26 Stowell Road
Winchester, MA 01890
Trustee
Independent Consultant
since 1996; Executive Vice
President of First Data
Investor Services Group
Inc. ("Investor Services
Group") (1993-1996).**
+(1)(4)Werner Walbroel,
61
40 West 57th Street
New York, NY 10019
Trustee
President and Chief
Executive Officer, German
American Chamber of
Commerce, Inc.; President
and Chief Executive
Officer, European American
Chamber of Commerce, Inc.;
Member, United States
German Youth Exchange
Council; Director, TUV
Rheinland of North
America, Inc.; President
and Director, German
American Partnership
Program; Director, AXA
Nordstern Art Insurance
Corporation; Director, DB
New World Fund, Limited
and LDC; Director, The
Germany Fund, Inc.(3);
Director, The Central
European Equity Fund,
Inc.(3); Director,
Deutsche Portfolios
Trust(3).
Gerald J. Holland, 48
President
Vice President of Investor
Services Group since 1994.
Brian J. ONeill, 31
Treasurer
Manager of Investor
Services Groups Financial
Reporting Department since
1994; Supervisor,
Accounting Services Unit
of Investor Services Group
(1992-1994).
Elizabeth A. Russell, 37
Secretary
Counsel of Investor
Services Group since 1994;
Assistant Vice President
and Counsel, The Boston
Company Advisors, Inc.
(1993-1994).
+ Member of the Audit Committee.
* While currently deemed non-interested, Mr. Small was deemed an
interested person within Section 2(a)(19) of the 1940 Act until December
31, 1998 as a result of his employment until December 1996 by Investor
Services Group.
** Administrator of the Trust.
Holds two other directorships in the Fund Complex, which consists of the
Trust, Deutsche Funds, Inc. and Deutsche Portfolio Trust.
A publicly held company with securities registered pursuant to Section 12 of
the Exchange Act.
An investment company registered under the 1940 Act.
Trustee since September 30, 1999.
Mr. Holland, Mr. ONeill and Ms. Russell also hold similar positions for
other investment companies for which First Data Distributors, an affiliate of
Investor Services Group, or an affiliate serves as the principal underwriter.
No person who is an officer or director of Bankers Trust is an officer or
Trustee of the Trust. No director, officer or employee of First Data
Distributors or any of its affiliates will receive any compensation from the
Trust for serving as an officer or Trustee of the Trust.
The following information supplements the applicable sections relating to the
Investment Adviser in the Funds Statement of Additional Information:
On June 4, 1999, Bankers Trust Corporation merged with a subsidiary of
Deutsche Bank A.G. (Deutsche Bank). Deutsche Bank 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. A Special Meeting of Shareholders of BT
Insurance Funds Trust (Special Meeting) was held on September 30, 1999.
Shareholders voted at the Special Meeting to approve a new investment
management agreement (the Management Agreement) with Bankers Trust Company
(Bankers Trust). Approval of the Management Agreement was sought because
Deutsche Bank became Bankers Trusts parent company and, therefore, controls
its operations as investment adviser.
At the Special Meeting, shareholders of each Fund also approved a new
investment management agreement with Morgan Grenfell, Inc. As of October 5,
1999, Morgan Grenfell, Inc. has been renamed Deutsche Asset Management, Inc.
(DAMI). The new investment management agreement with DAMI may be
implemented within two years of the date of the Special Meeting upon approval
of a majority of the members of the Board of Trustees who are not interested
persons (Independent Trustees). Shareholders of each Fund also approved a
new investment sub-management agreement among the Trust, DAMI and Bankers
Trust under which Bankers Trust may perform certain of DAMIs
responsibilities, at DAMIs expense, upon approval of the Independent
Trustees. The new investment management agreement may be implemented within
two years of the date of the Special Meeting.
The new investment management agreement with DAMI and the new investment sub-
management agreement with Bankers Trust will permit Deutsche Bank to simplify
the organizational structure of its U.S. mutual fund operations, enhance the
efficiency of their administration and promote consistency of internal
controls, compliance and regulatory oversight. The deferral in implementing
the new investment management and investment sub-management agreements is
needed to permit Deutsche Bank a sufficient amount of time to plan, prepare
and institute the necessary arrangements for DAMI to consolidate Deutsche
Banks U.S. mutual fund operations.
Under the new investment management agreement and new investment sub-
management agreement, the compensation paid and the services provided would
be the same as those provided under the Management Agreement with Bankers
Trust.
About Bankers Trust. Bankers Trust is the principal banking subsidiary of
Bankers Trust Corporation. Bankers Trust Corporation is a wholly owned
subsidiary of Deutsche Bank. Deutsche Bank is a banking company with limited
liability organized under the laws of the Federal Republic of Germany.
Deutsche Bank is the parent company of a group consisting of banks, capital
markets companies, fund management companies, mortgage banks, a property
finance company, installment financing and leasing companies, insurance
companies, research and consultancy companies and other domestic and foreign
companies.
About DAMI. DAMI is a subsidiary of Morgan Grenfell Asset Management Ltd., a
wholly owned subsidiary of Deutsche Morgan Grenfell Group PLC, an investment
holding company which is, in turn, a wholly owned subsidiary of Deutsche
Bank.
October 11, 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 Funds Statement of Additional Information dated April 30,
1999
This supplement provides new and additional information beyond that contained
in each Funds Statement of Additional Information. It should be retained
and read in conjunction with each Funds Statement of Additional Information.
The following information replaces similar information relating to the
Trustees and Officers in each Funds Statement of Additional Information:
Trustees and Officers
Name, Address and Age
Position Held with the
Trust
Principal Occupations
During
Past 5 Years
+Robert R. Coby, 47
118 North Drive
North Massapequa, NY
11758
Trustee
Independent Consultant
since April 1999;
President of Lynch &
Mayer, Inc., (1996-1999);
President of Leadership
Capital Inc. (1995-1996);
Chief Operating Officer of
CS First Boston Investment
Management, Inc. (1994-
1995); President of
Blackhawk L.P. (1993-
1994).
+Desmond G. FitzGerald,
55
2015 West Main Street
Stamford, CT 06902
Trustee
Chairman of North American
Properties Group since
January 1987; Advisory
Director, Bank of New
York; Director, Hilliard
Farber & Co.
+James S. Pasman, Jr.,
68
29 The Trillium
Pittsburgh, PA 15238
Trustee
Retired; Director, Tyco
International Ltd.
Conglomerate(2); Director,
Education Management
Corporation(2); Director,
CSAM Income Fund Inc.(3);
Director, CSAM Global
Strategic Inc.(3);
Director and Trustee,
Warburg Pincus Funds(3).
+(1)(4)Edward C.
Schmults, 68
1037 Bailey Road
Cuttingsville, VT 05738
Trustee
Director, Green Point
Financial Corp and its
subsidiary, Green Point
Bank(2); Director, Destia
Communications, Inc.(2);
Chairman of the Board of
Trustees, The Edna
McConnell Clark
Foundation; Senior Vice
President- External
Affairs and General
Counsel, GTE Corporation
(1984-1994); Director, The
Germany Fund, Inc.(3);
Director, The Central
European Equity Fund,
Inc.(3); Director,
Deutsche Funds, Inc.(3);
Director, Deutsche
Portfolios Trust (3).
+*William E. Small, 57
26 Stowell Road
Winchester, MA 01890
Trustee
Independent Consultant
since 1996; Executive Vice
President of First Data
Investor Services Group
Inc. ("Investor Services
Group") (1993-1996).**
+(1)(4)Werner Walbroel,
61
40 West 57th Street
New York, NY 10019
Trustee
President and Chief
Executive Officer, German
American Chamber of
Commerce, Inc.; President
and Chief Executive
Officer, European American
Chamber of Commerce, Inc.;
Member, United States
German Youth Exchange
Council; Director, TUV
Rheinland of North
America, Inc.; President
and Director, German
American Partnership
Program; Director, AXA
Nordstern Art Insurance
Corporation; Director, DB
New World Fund, Limited
and LDC; Director, The
Germany Fund, Inc.(3);
Director, The Central
European Equity Fund,
Inc.(3); Director,
Deutsche Portfolios
Trust(3).
Gerald J. Holland, 48
President
Vice President of Investor
Services Group since 1994.
Brian J. ONeill, 31
Treasurer
Manager of Investor
Services Groups Financial
Reporting Department since
1994; Supervisor,
Accounting Services Unit
of Investor Services Group
(1992-1994).
Elizabeth A. Russell, 37
Secretary
Counsel of Investor
Services Group since 1994;
Assistant Vice President
and Counsel, The Boston
Company Advisors, Inc.
(1993-1994).
+ Member of the Audit Committee.
* While currently deemed non-interested, Mr. Small was deemed an
interested person within Section 2(a)(19) of the 1940 Act until December
31, 1998 as a result of his employment until December 1996 by Investor
Services Group.
** Administrator of the Trust.
Holds two other directorships in the Fund Complex, which consists of the
Trust, Deutsche Funds, Inc. and Deutsche Portfolio Trust.
A publicly held company with securities registered pursuant to Section 12 of
the Exchange Act.
An investment company registered under the 1940 Act.
Trustee since September 30, 1999.
Mr. Holland, Mr. ONeill and Ms. Russell also hold similar positions for
other investment companies for which First Data Distributors, an affiliate of
Investor Services Group, or an affiliate serves as the principal underwriter.
No person who is an officer or director of Bankers Trust is an officer or
Trustee of the Trust. No director, officer or employee of First Data
Distributors or any of its affiliates will receive any compensation from the
Trust for serving as an officer or Trustee of the Trust.
The following information supplements the applicable sections relating to the
Investment Adviser in each Funds Statement of Additional Information:
On June 4, 1999, Bankers Trust Corporation merged with a subsidiary of
Deutsche Bank A.G. (Deutsche Bank). Deutsche Bank 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 Board of Trustees voted at meeting held on February 25, 1999 to approve a
new investment management agreement (the Management Agreement) with Bankers
Trust Company (Bankers Trust) and for such Management Agreement to be
submitted to the shareholders of each Fund for their approval. Approval of
the Management Agreement was sought because Deutsche Bank became Bankers
Trusts parent company and, therefore, controls its operations as investment
adviser.
The Board of Trustees also voted at a meeting held on July 27, 1999 to
approve a new investment management agreement with Morgan Grenfell, Inc. and
for such investment management agreement to be submitted to the shareholders
of each Fund for their approval. As of October 5, 1999, Morgan Grenfell,
Inc. has been renamed Deutsche Asset Management, Inc. (DAMI). The new
investment management agreement with DAMI may be implemented upon approval of
a majority of the members of the Board of Trustees who are not interested
persons (Independent Trustees). The Board of Trustees also approved a new
investment sub-management agreement among the Trust, DAMI and Bankers Trust,
to be submitted to the shareholders of each Fund for their approval, under
which Bankers Trust may perform certain of DAMIs responsibilities, at DAMIs
expense, upon approval of the Independent Trustees.
The new investment management agreement with DAMI and the new investment sub-
management agreement with Bankers Trust will permit Deutsche Bank to simplify
the organizational structure of its U.S. mutual fund operations, enhance the
efficiency of their administration and promote consistency of internal
controls, compliance and regulatory oversight. The deferral in implementing
the new investment management and investment sub-management agreements is
needed to permit Deutsche Bank a sufficient amount of time to plan, prepare
and institute the necessary arrangements for DAMI to consolidate Deutsche
Banks U.S. mutual fund operations.
Under the new investment management agreement and new investment sub-
management agreement, the compensation paid and the services provided would
be the same as those provided under the Management Agreement with Bankers
Trust.
About Bankers Trust. Bankers Trust is the principal banking subsidiary of
Bankers Trust Corporation. Bankers Trust Corporation is a wholly owned
subsidiary of Deutsche Bank. Deutsche Bank is a banking company with limited
liability organized under the laws of the Federal Republic of Germany.
Deutsche Bank is the parent company of a group consisting of banks, capital
markets companies, fund management companies, mortgage banks, a property
finance company, installment financing and leasing companies, insurance
companies, research and consultancy companies and other domestic and foreign
companies.
About DAMI. DAMI is a subsidiary of Morgan Grenfell Asset Management Ltd., a
wholly owned subsidiary of Deutsche Morgan Grenfell Group PLC, an investment
holding company which is, in turn, a wholly owned subsidiary of Deutsche
Bank.
October 11, 1999
Please Retain This Supplement For Future Reference
