BT INVESTMENT FUNDS
Global High Yield Securities Fund
Supplement to the Prospectus Dated January 30, 1995
On September 15, 1995, the Board of Trustees of the BT Investment Funds and the
Board of Trustees of the BT Investment Portfolios approved a change in the
classification of the Global High Yield Securities Fund (the "Fund") and the
Global High Yield Securities Portfolio (the "Portfolio"), respectively, as a
diversified fund to that of a non-diversified fund. At a duly called meeting of
shareholders held on November 22, 1995, shareholders of the Fund voted in favor
of such reclassification.
The following replaces the information relating to the investment objective on
the cover page of the Fund's Prospectus:
Seeks high current income, through investment in a non-diversified portfolio
of high yield, non-investment grade debt securities issued in many of the
world's securities markets.
The following replaces the first paragraph under the caption "INVESTMENT
OBJECTIVE, POLICIES AND RISKS" on page four of the Fund's Prospectus:
The Fund's investment objective is high current income from investment in a
non-diversified portfolio of high yield, non-investment grade debt
securities issued in many of the world's securities markets. Capital
appreciation will be considered when consistent with the primary investment
objective of high current income. The Portfolio intends to invest in high
risk, lower quality debt securities commonly referred to as "junk bonds" and
regarded as predominantly speculative with respect to the issuer's capacity
to pay interest and repay principal in accordance with the terms of the
obligation, as well as in the debt securities of issuers located in emerging
markets, Brady bonds and other sovereign debt. The Portfolio may borrow
money for investment purposes and invest up to 10% of its assets in
restricted securities (including 144A securities) which may involve greater
risk and increased Fund expenses.
The following is inserted after the first paragraph on page five of the Fund's
Prospectus:
The Portfolio is classified as a "non-diversified" investment company under
the 1940 Act and may invest a greater portion of its assets in a single
issuer than a diversified fund. As a result, the Portfolio may be more
susceptible to any single economic, political or regulatory occurrence than
a diversified fund.
The following is inserted after the last paragraph on page twelve of the Fund's
Prospectus:
Non-Diversified Investment Company
The Portfolio is as a "non-diversified" investment company so that with
respect to 50% of its assets it will be able to invest more than 5% of its
assets in obligations of one or more issuers, while being limited with
respect to the other half of its assets to investments not exceeding 5% of
the Portfolio's total assets. (A "diversified" investment company would be
required under the 1940 Act to maintain at least 75% of its assets in cash
(including foreign currency), cash items, U.S. Government securities, and
other securities limited per issuer to not more than 5% of the investment
company's total assets.) In order to enable the Fund to qualify as a
regulated investment company under the Internal Revenue Code of 1986, as
amended (the "Code"), the Portfolio, among other things, may not invest more
than 25% of its assets in obligations of any one issuer (other than U.S.
Government securities). As a "non-diversified" investment company, the
Portfolio may invest a greater proportion of its assets in the securities of
a smaller number of issuers and therefore may be subject to greater market
and credit risk than a diversified fund.
The Portfolio will not have more than 25% of the current value of its total
assets invested in any single industry, provided that this restriction shall
not apply to debt securities issued or guaranteed by the U.S. Government or
its agencies or instrumentalities.
Supplement Dated November 30, 1995
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BT INVESTMENT FUNDS
oLatin American Equity Fund
oGlobal High Yield Securities Fund
oSmall Cap Fund
oEuropean Equity Fund
oPacific Basin Equity Fund
oInternational Bond Fund
Supplement to the Statement of Additional Information Dated January 30, 1995
On September 15, 1995, the Board of Trustees of the BT Investment Funds and the
Board of Trustees of the BT Investment Portfolios approved a change in the
classification of the Global High Yield Securities Fund (the "Fund") and the
Global High Yield Securities Portfolio (the "Portfolio"), respectively, as a
diversified fund to that of a non-diversified fund. At a duly called meeting of
shareholders held on November 22, 1995, shareholders of the Fund voted in favor
of such reclassification.
The following replaces the second paragraph on the first page of the Funds'
Statement of Additional Information:
As described in the Prospectuses, the Trust seeks to achieve the
investment objectives of each Fund by investing all the investable
assets ("Assets") of the Fund (with the exception of the Global High
Yield Securities Fund) in a diversified open-end management investment
company having the same investment objectives as such Fund. The Global
High Yield Securities Fund invests its Assets in a non-diversified
open-end management investment company (or series thereof). These
investment companies (or a series thereof) are, respectively, Latin
American Equity Portfolio, Global High Yield Securities Portfolio,
Small Cap Portfolio, European Equity Portfolio, Pacific Basin Equity
Portfolio and International Bond Portfolio (collectively, the
"Portfolios") and are each a series of BT Investment Portfolios.
The following replaces paragraphs (ix) and (x), respectively, on page eighteen
of the Funds' Statement of Additional Information:
(ix) with the exception of the Global High Yield Securities
Portfolio (Fund) with respect to 75% of the Portfolio's
(Fund's) total assets, purchase securities of any issuer if
such purchase at the time thereof would cause the Portfolio
(Fund) to hold more than 10% of any class of securities of
such issuer, for which purposes all indebtedness of an issuer
shall be deemed a single class and all preferred stock of an
issuer shall be deemed a single class, except that futures or
option contracts shall not be subject to this restriction;
(x) with the exception of the Global High Yield Securities
Portfolio (Fund) with respect to 75% of its assets, invest
more than 5% of its total assets in the securities (excluding
U.S. Government securities) of any one issuer;
Supplement Dated November 30, 1995
