<PAGE>
Deutsche Asset Management
BT Investment Funds
Mid Cap -- Investment Class
Supplement dated August 31, 2000 to Prospectus dated January 31, 2000
The following sentence is hereby omitted from the "Strategy" section in the
Fund's prospectus:
Nevertheless, we attempt to match the dollar-weighted average capitalization of
the Fund's holdings to the midpoint capitalization of the S&P Mid-Cap 400 Index.
The following sentence is hereby omitted from the "Principal Investments"
section in the Fund's prospectus:
The Fund normally owns stock in approximately 100 medium-sized companies at any
one time.
Please Retain This Supplement for Future Reference
SUPP1665 (8/00)
CUSIP: 055922819
A Member of the
Deutsche Bank Group [/]
