BT INVESTMENT FUNDS
Small Cap Fund
PROSPECTUS SUPPLEMENT DATED JUNE 21, 1999
THE FOLLOWING REPLACES THE SECTION "MANAGEMENT OF THE FUND: PORTFOLIO MANAGERS"
IN THE FUND'S PROSPECTUS:
Portfolio Managers. The following individuals serve as co-managers and are
responsible for the day-to-day management of the master portfolio's investments:
John P. Callaghan
o Joined the Investment Adviser and the master portfolio in June 1999.
o Portfolio Manager for small cap equities at Morgan Grenfell, Inc. from
1997 to present.
o Portfolio Manager at Odyssey Partners from March 1996 to 1997 and Weiss
Peck & Greer from 1993 to March 1996.
o AB in Economics from Harvard College and MBA from Harvard Business
School.
Mary P. Dugan, CFA
o Joined the Investment Adviser in 1994.
o Co-manager of the Small Cap Portfolio from 1994 to March 1999 and since
June 1999.
o Securities Analyst at Fred Alger Management from 1992 to 1994.
o BA from the University of Rochester and MBA from New York University.
Audrey M. T. Jones, CFA
o Joined the Investment Adviser and the master portfolio in June 1999.
o Portfolio Manager for small cap equities at Morgan Grenfell, Inc. from
1986 to present.
o BBA in Finance/Accounting from Pace University Lubin School of
Business.
THE FOLLOWING REPLACES THE SIXTH PARAGRAPH IN THE SECTION ENTITLED "MANAGEMENT
OF THE FUND - INVESTMENT ADVISER" IN THE FUND'S PROSPECTUS:
Prior to June 4, 1999, Bankers Trust Company was a wholly owned subsidiary of
Bankers Trust Corporation. On June 4, 1999, Bankers Trust Corporation merged
with and into a subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major
global banking institution that is engaged in a wide range of financial
services, including investment management, mutual funds, retail and commercial
banking, investment banking and insurance. Because Deutsche Bank AG, as Bankers
Trust's new parent company, controls its operations as investment adviser, the
Fund's shareholders will be asked to approve a new investment advisory
agreement. A Special Meeting of Shareholders will be held for this purpose.
Bankers Trust believes that, under this new arrangement, the services provided
to the Fund will be maintained at their current level.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
CUSIP
055922769
<PAGE>
BT INVESTMENT FUNDS
Capital Appreciation Fund
PROSPECTUS SUPPLEMENT DATED JUNE 21, 1999
THE FOLLOWING REPLACES THE SECTION "MANAGEMENT OF THE FUND: PORTFOLIO MANAGERS"
IN THE FUND'S PROSPECTUS:
Portfolio Managers. The following individuals serve as co-managers and are
responsible for the day-to-day management of the master portfolio's investments:
John P. Callaghan
o Joined the Investment Adviser and the master portfolio in June 1999.
o Portfolio Manager at Morgan Grenfell, Inc. from 1997 to present.
o Portfolio Manager at Odyssey Partners from March 1996 to 1997 and Weiss
Peck & Greer from 1993 to March 1996.
o AB in Economics from Harvard College and MBA from Harvard Business
School.
Mary P. Dugan, CFA
o Joined the Investment Adviser in 1994 and the master portfolio in March
1999.
o Securities Analyst at Fred Alger Management from 1992 to 1994.
o BA from the University of Rochester and MBA from New York University.
Audrey M. T. Jones, CFA
o Joined the Investment Adviser and the master portfolio in June 1999.
o Portfolio Manager at Morgan Grenfell, Inc. from 1986 to present.
o BBA in Finance/Accounting from Pace University Lubin School of
Business.
THE FOLLOWING REPLACES THE SIXTH PARAGRAPH IN THE SECTION ENTITLED "MANAGEMENT
OF THE FUND - INVESTMENT ADVISER" IN THE FUND'S PROSPECTUS:
Prior to June 4, 1999, Bankers Trust Company was a wholly owned subsidiary of
Bankers Trust Corporation. On June 4, 1999, Bankers Trust Corporation merged
with and into a subsidiary of Deutsche Bank AG. Deutsche Bank AG is a major
global banking institution that is engaged in a wide range of financial
services, including investment management, mutual funds, retail and commercial
banking, investment banking and insurance. Because Deutsche Bank AG, as Bankers
Trust's new parent company, controls its operations as investment adviser, the
Fund's shareholders will be asked to approve a new investment advisory
agreement. A Special Meeting of Shareholders will be held for this purpose.
Bankers Trust believes that, under this new arrangement, the services provided
to the Fund will be maintained at their current level.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
CUSIP
055922819
