LATIN AMERICAN EQUITY FUND
(A PORTFOLIO OF BT INVESTMENT FUNDS)
SUPPLEMENT TO PROSPECTUS DATED JANUARY 31, 1998
Please delete the information relating to Latin American Equity Fund under the
section entitled "Summary of Fund Expenses" and replace it with the following:
"ANNUAL OPERATING EXPENSES
(as a percentage of the average daily net assets of the Fund)
LATIN AMERICAN EQUITY FUND
Investment advisory fee (after reimbursements or waivers) 0.80%
12b-1 fees None
Other expenses (after reimbursements or waivers) 1.10%
Total operating expenses (after reimbursements or waivers) 1.90%
EXAMPLE 1 YEAR 3 YEARS 5 YEARS 10 YEARS
You would pay the following expenses on a $1,000 investment assuming (1) 5%
annual return and (2) redemption at the end of each time period:
Latin American Equity Fund $20 $63 $108 $233
The expense table and example above show the costs and expenses that an
investor will bear directly or indirectly as a shareholder of the Fund.
Bankers Trust has voluntarily agreed to waive a portion of its investment
advisory fee with respect to the Portfolio. Without such waiver, the
Portfolio's investment advisory fee would be equal to 1.00%. The expense
table and example reflect a voluntary undertaking by Bankers Trust to waive
or reimburse expenses such that the total aggregate operating expenses of
the Fund will not exceed 1.90%. In the absence of reimbursements and
waivers, for the fiscal year ended September 30, 1997 (as a percentage of
the Fund's average daily net assets) "Total Operating Expenses" would have
been 2.44%. THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST
OR FUTURE EXPENSES AND ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE
SHOWN. Moreover, while the example assumes a 5% annual return, actual
performance will vary and may result in a return greater or less than 5%."
July 31, 1998
EDGEWOOD SERVICES, INC.
Distributor
5800 CORPORATE DRIVE
PITTSBURGH, PA 15237-5829
Cusip #055922785
(LASUPPL) (8/98)
