BT PYRAMID MUTUAL FUNDS
BT Investment Equity Appreciation Fund
Supplement to the Prospectus
Dated January 29, 1996
The following replaces the information relating to the portfolio manager under
the heading "Investment Adviser" on page 17 of the Fund's Prospectus:
Mr. Bluford Putnam (PhD), Managing Director of Bankers Trust and Chief
Investment Officer of Equity and Balanced Portfolios, is responsible for
the management oversight of the Capital Appreciation Portfolio team which
includes seven investment professionals. Mr. Putnam has been employed by
Bankers Trust since 1994. His previous experience includes economist at the
Federal Reserve Bank of New York, principal at Morgan Stanley and Chief
Economist at Kleinwort Benson, Ltd. He was also a founding partner of Stern
Stewart and Co., in 1982, a leading corporate finance advisory firm and is
the author of "The Blackwell Guide to Wall Street," which focused, in part,
on equity valuation. Mr. Anthony Takazawa (CFA), Vice President of Bankers
Trust, has senior portfolio management responsibilities for the Capital
Appreciation Portfolio. Mr. Takazawa joined Bankers Trust in 1996. He has
eight years of investment and financial analysis experience. Previously, he
worked at Phoenix Mutual Life Insurance Company as an investment analyst,
portfolio manager and director of research.
SUPPLEMENT DATED AUGUST 8, 1996
