BT INVESTMENT FUNDS
Capital Appreciation Fund
Supplement to the Prospectus
Dated January 29, 1996
The following replaces the information relating to the portfolio manager under
the heading "Investment Adviser" on page 16 of the Fund's Prospectus:
Mr. Bluford Putnam (PhD), Managing Director of Bankers Trust and Chief
Investment Officer of Equity and Balanced Portfolios, is responsible for
the management oversight of the Capital Appreciation Portfolio team which
includes seven investment professionals. Mr. Putnam has been employed by
Bankers Trust since 1994. His previous experience includes economist at the
Federal Reserve Bank of New York, principal at Morgan Stanley and Chief
Economist at Kleinwort Benson, Ltd. He was also a founding partner of Stern
Stewart and Co., in 1982, a leading corporate finance advisory firm and is
the author of "The Blackwell Guide to Wall Street," which focused, in part,
on equity valuation. Mr. Anthony Takazawa (CFA), Vice President of Bankers
Trust, has senior portfolio management responsibilities for the Capital
Appreciation Portfolio. Mr. Takazawa joined Bankers Trust in 1996. He has
eight years of investment and financial analysis experience. Previously, he
worked at Phoenix Mutual Life Insurance Company as an investment analyst,
portfolio manager and director of research.
SUPPLEMENT DATED AUGUST 8, 1996
<PAGE>
BT INVESTMENT FUNDS
Small Cap Fund
Supplement to the Prospectus
Dated January 29, 1996
The following replaces the information relating to the portfolio manager under
the heading "Investment Adviser" on page 17 of the Fund's Prospectus:
Mr. Bluford Putnam (PhD), Managing Director of Bankers Trust and Chief
Investment Officer of Equity and Balanced Portfolios, is responsible for the
management oversight of the Small Cap Portfolio team which includes seven
investment professionals. Mr. Putnam has been employed by Bankers Trust
since 1994. His previous experience includes economist at the Federal
Reserve Bank of New York, principal at Morgan Stanley and Chief Economist at
Kleinwort Benson, Ltd. He was also a founding partner of Stern Stewart and
Co., in 1982, a leading corporate finance advisory firm and is the author of
"The Blackwell Guide to Wall Street," which focused, in part, on equity
valuation. Mr. Anthony Takazawa (CFA), Vice President of Bankers Trust, has
senior portfolio management responsibilities for the Capital Appreciation
Portfolio. Mr. Takazawa joined Bankers Trust in 1996. He has eight years of
investment and financial analysis experience. Previously, he worked at
Phoenix Mutual Life Insurance Company as an investment analyst, portfolio
manager and director of research.
SUPPLEMENT DATED AUGUST 8, 1996
<PAGE>
BT INVESTMENT FUNDS
Capital Appreciation Fund
Small Cap Fund
Supplement to the Combined Prospectus
Dated April 29, 1996
The following replaces the information relating to Mary Lisanti, Managing
Director of Bankers Trust for the Small Cap Portfolio and the Capital
Appreciation Portfolio under the subheading "Portfolio Managers" on page 27 of
the Funds' Prospectus:
Mr. Bluford Putnam (PhD), Managing Director of Bankers Trust and Chief
Investment Officer of Equity and Balanced Portfolios, is responsible for
the management oversight investment products specializing in small and
medium sized U.S. companies. The Small Cap and Capital Appreciation
Portfolios investment management includes seven investment professionals
headed by the team leader, Mr. Tim Woods (CFA), Vice President of Bankers
Trust.
Mr. Putnam has been employed by Bankers Trust since 1994. His previous
experience includes economist at the Federal Reserve Bank of New York,
principal at Morgan Stanley and Chief Economist at Kleinwort Benson, Ltd.
He was also a founding partner of Stern Stewart and Co., in 1982, a leading
corporate finance advisory firm and is the author of "The Blackwell Guide
to Wall Street," which focused, in part, on equity valuation.
Ms. Mary P. Dugan (CFA), Vice President of Bankers Trust, and Mr. Timothy
Woods (CFA), Vice President of Bankers Trust, share senior portfolio
management responsibilities of the Small Cap Portfolio. Ms. Dugan joined
Bankers Trust in 1994. She has 13 years of investment analysis experience.
Previously, she worked at Fred Alger Management, Dean Witter, Integrated
Resources and Equitable Investment Management Corporation. Mr. Wood Joined
Bankers Trust in 1992. He has twelve years of investment and financial
experience. Previously, he worked at Prudential Securities, Chase Manhattan
Bank and Bank of Boston. Mr. Anthony Takazawa (CFA), Vice President of
Bankers Trust, has senior portfolio management responsibilities for the
Capital Appreciation Portfolio. Mr. Takazawa joined Bankers Trust in 1996.
He has eight years of investment and financial analysis experience.
Previously, he worked at Phoenix Mutual Life Insurance Company as an
investment analyst, portfolio manager and director of research.
SUPPLEMENT DATED AUGUST 8, 1996
