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Deutsche Asset Management
BT Investment Funds
Small Cap - Investment Class
Supplement dated May 11, 2000 to Prospectus dated January 31, 2000
The following replaces the "Portfolio Managers" section in the Fund's
Prospectus:
Portfolio Managers. The following portfolio managers are responsible for the
day-to-day management of the master portfolio's investments:
Audrey M. T. Jones, CFA
. Lead Manager of the master portfolio.
. Joined the investment adviser in 1999.
. Portfolio manager with a primary focus on the credit sensitive, communication
services, energy, process industries and transportation sectors.
. Portfolio manager at Deutsche Asset Management, Inc. from 1986 to present.
. 28 years of investment industry experience.
. BBA from Pace University Lubin School of Business.
John P. Callaghan
. Co-Manager of the master portfolio.
. Joined the investment adviser in 1999.
. Portfolio manager with a primary focus on the technology, health care and
utility sectors.
. Portfolio Manager at Deutsche Asset Management, Inc. from 1997 to present;
previously at Odyssey Partners, a private investment partnership, from 1996
to 1997 and a co-manager of the Small Capitalization Growth Stock Division at
Weiss, Peck & Greer from 1993 to 1996.
. 17 years of investment industry experience.
. MBA from Harvard Business School.
Doris R. Klug, CFA
. Co-Manager of the master portfolio.
. Joined the investment adviser in 2000.
. Portfolio manager with primary focus on the consumer and capital goods
sectors.
. Vice President of Mutual of America from 1993 to 2000.
. 18 years of financial industry experience.
. MBA from New York University's Stern School of Business.
Please Retain This Supplement for Future Reference
SUPPSMALL (5/00)
CUSIP:
055922769
A Member of the
Deutsche Bank Group [/]
