BT INVESTMENT FUNDS
UTILITY FUND
SUPPLEMENT TO THE PROSPECTUS
DATED APRIL 28, 1995
The following replaces the information relating to the Portfolio's
portfolio manager under the heading "Investment Adviser" on page 16 of
the Fund's Prospectus:
Mr. James F. Giblin is responsible for the day-to-day management of the
Portfolio. Mr. Giblin joined Bankers Trust Global Investment Management
business in January, 1995 as head of the U.S. large capitalization
equities business. Mr. Giblin, a 23-year veteran of equity management
and analysis joins Bankers Trust from Putnam Investments, where he was
senior vice president and senior portfolio manager. He managed a
portion of The Putnam Growth and Income Fund and was co-manager of the
Putnam Health Sciences Trust. Prior to joining Putnam Investments in
1993, Mr. Giblin spent 14 years with CIGNA Investments, most recently
as head of CIGNA Equity Advisors, with $4-billion in actively managed
U.S. equities. Previously, he was managing director and portfolio
manager responsible for CIGNA's insurance accounts and mutual funds.
SUPPLEMENT DATED MARCH 18, 1996
BT0513A
