<PAGE>
Deutsche Asset Management
BT Investment Funds
Cash Management Investment, Tax Free Money Investment, NY Tax Free Money
Investment and Treasury Money Investment
BT Pyramid Mutual Funds
Money Market Investment
BT Institutional Funds
Cash Management Institutional, Cash Reserves Institutional, Treasury Money
Institutional and Liquid Assets Institutional
Supplement dated April 30, 2000 to Prospectus dated April 30, 2000
The following supplements the "Management of the Fund(s)" section in each Fund's
prospectus:
On March 11, 1999, Bankers Trust Company, each Fund's investment adviser,
announced that it had reached an agreement with the United States Attorney's
Office in the Southern District of New York to resolve an investigation
concerning inappropriate transfers of unclaimed funds and related record-keeping
problems that occurred between 1994 and early 1996. Bankers Trust pleaded guilty
to misstating entries in the bank's books and records and agreed to pay a $63.5
million fine to state and federal authorities. On July 26, 1999, the federal
criminal proceedings were concluded with Bankers Trust's formal sentencing. The
events leading up to the guilty pleas did not arise out of the investment
advisory or mutual fund management activities of Bankers Trust or its
affiliates.
As a result of the plea, absent an order from the SEC, Bankers Trust would not
be able to continue to provide investment advisory services to the Funds. The
SEC has granted a temporary order to permit Bankers Trust and its affiliates to
continue to provide investment advisory services to registered investment
companies. There is no assurance that the SEC will grant a permanent order.
Please Retain This Supplement for Future Reference
SUPPMONEY (4/00)
<TABLE>
<S> <C> <C>
CUSIPs:
055922108 055922306 055922207
055922405 055847206 055924104
055924872 055924203 055924864
</TABLE>
[GRAPHIC OMITTED]
<PAGE>
Deutsche Asset Management
BT Institutional Funds
Treasury Assets Institutional
Supplement dated April 30, 2000 to Confidential Private Offering Memorandum
dated April 30, 2000
The following supplements the "Management of the Fund" section in the Fund's
Confidential Private Offering Memorandum:
On March 11, 1999, Bankers Trust Company, the Fund's investment adviser,
announced that it had reached an agreement with the United States Attorney's
Office in the Southern District of New York to resolve an investigation
concerning inappropriate transfers of unclaimed funds and related record-keeping
problems that occurred between 1994 and early 1996. Bankers Trust pleaded guilty
to misstating entries in the bank's books and records and agreed to pay a $63.5
million fine to state and federal authorities. On July 26, 1999, the federal
criminal proceedings were concluded with Bankers Trust's formal sentencing. The
events leading up to the guilty pleas did not arise out of the investment
advisory or mutual fund management activities of Bankers Trust or its
affiliates.
As a result of the plea, absent an order from the SEC, Bankers Trust would not
be able to continue to provide investment advisory services to the Fund. The SEC
has granted a temporary order to permit Bankers Trust and its affiliates to
continue to provide investment advisory services to registered investment
companies. There is no assurance that the SEC will grant a permanent order.
Please Retain This Supplement for Future Reference
SUPP1664 (4/00)
[GRAPHIC OMITTED]
