BT INVESTMENT FUNDS
BT INVESTMENT LIFECYCLE LONG RANGE FUND
BT INVESTMENT LIFECYCLE MID RANGE FUND
BT INVESTMENT LIFECYCLE SHORT RANGE FUND
SUPPLEMENT TO PROSPECTUS DATED JULY 29, 1996
Please delete the first and second paragraphs under the section entitled
`Investment Adviser'' on page 22 and replace them with the following:
`The Trust has not retained the services of an investment adviser since
the Trust seeks to achieve the investment objective of each Fund by
investing all the Assets of each Fund in the corresponding Portfolio.
Each Portfolio has retained the services of Bankers Trust, as
investment adviser. Messrs. Philip Green, Scott A. Stickler, Jason L.
Wolin, Jose M. Quintana, Ph.D., and Ms. Karen Keller are responsible
for the day-to-day management of the Portfolios.
Mr. Green, vice president, is a portfolio manager in the structured
products group. Mr. Green joined Bankers Trust in 1985 and has over
twelve years of investment experience. During his career, Mr. Green has
held a wide variety of portfolio management assignments including asset
allocation portfolios, currency portfolios, and equity/bond structured
portfolios. He received his B.S.E. from the Wharton School of Business
and a M.B.A. from New York University. Mr. Green managed the Portfolios
from January, 1995 to July, 1996, and since March, 1997.''
March 20, 1997
EDGEWOOD SERVICES, INC.
Distributor
Cusip 055922843
Cusip 055922835
Cusip 055922827
LIFESTKR (3/97)
