BT INVESTMENT FUNDS
INTERNATIONAL EQUITY FUND
SUPPLEMENT TO PROSPECTUS DATED AUGUST 24, 1998
THE FOLLOWING SUPPLEMENTS THE SECTION "RISK FACTORS: MATCHING THE FUNDS TO YOUR
INVESTMENT NEEDS" OF THE PROSPECTUS:
THE EURO
On January 1, 1999, eleven countries of the European Economic and
Monetary Union (EMU) will begin implementing a plan to replace their national
currencies with a new currency, the euro. Full conversion to the euro is slated
to occur by July 1, 2002.
Although it is impossible to predict the impact of the conversion to the
euro on the Fund, the risks may include:
o changes in the relative strength and value of the U.S. dollar or other major
currencies;
o adverse effects on the business or financial condition of European
issuers that the Fund holds in its portfolio;
o that the systems used to purchase and sell securities may not work;
o uncertainty about how existing financial contracts will be treated after euro
implementation; and
o unpredictable effects on trade and commerce generally.
These and other factors could increase volatility in financial markets worldwide
and could adversely affect the value of securities held by the Fund.
DECEMBER 22, 1998
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
