Deutsche Asset Management

BT Investment Funds
Cash Management Investment, Tax Free Money Investment, NY Tax Free Money
Investment, Treasury Money Investment, International Equity, Mid Cap, Lifecycle
Long Range, Lifecycle Mid Range, Lifecycle Short Range, Small Cap,
PreservationPlus Income and Quantitative Equity

BT Advisor Funds
EAFE(R) Equity Index, Small Cap Index and U.S. Bond Index

BT Pyramid Mutual Funds
Money Market Investment, Equity 500 Index Investment, Asset Management and
PreservationPlus

BT Institutional Funds
Cash Management Institutional, Cash Reserves Institutional, Treasury Money
Institutional, International Equity Institutional, Equity 500 Index Premier and
Liquid Assets Institutional

Supplement dated January 24, 2001 (Replacing Supplement dated October 1, 2000)
to each Fund's current Statement of Additional Information

The following investment policy is omitted from the `Investment Restrictions -
Additional Restrictions' section in the Statement of Additional Information of
each of Cash Management Investment, Treasury Money Investment, Cash Management
Institutional and Treasury Money Institutional:

The Portfolio (Fund) will not purchase securities issued by any investment
company except by purchase in the open market where no commission or profit to a
sponsor or dealer results from such purchase other than the customary broker's
commission, or except when such purchase, though not made in the open market, is
part of a plan of merger or consolidation; provided, however, that securities of
any investment company will not be purchased for the Portfolio (Fund) if such
purchase at the time thereof would cause (a) more than 10% of the Portfolio's
(Fund's) total assets (taken at the greater of cost or market value) to be
invested in the securities of such issuers; (b) more than 5% of the Portfolio's
(Fund's) total assets (taken at the greater of cost or market value) to be
invested in any one investment company; or (c) more than 3% of the outstanding
voting securities of any such issuer to be held for the Portfolio (Fund); and,
provided further, that the Portfolio (Fund) shall not invest in any other open-
end investment company unless the Portfolio (Fund) (1) waives the investment
advisory fee with


                                                     A Member of the
                                                     Deutsche Bank Group [/]


respect to assets invested in other open-end investment companies and (2) incurs
no sales charge in connection with the investment (as an operating policy, each
Portfolio (Fund) will not invest in another open-end registered investment
company).

The following investment policy is omitted from the `Investment Restrictions -
Additional Restrictions' section in the Statement of Additional Information of
each of Money Market Investment, Cash Reserves Institutional and Liquid Assets
Institutional:

The Portfolio (Fund) will purchase securities issued by any investment company
except by purchase in the open market where no commission or profit to a sponsor
or dealer results from such purchase other than the customary broker's
commission, or except when such purchase, though not made in the open market, is
part of a plan of merger or consolidation; provided, however, that securities of
                                           -----------------
any investment company will not be purchased for the Portfolio (Fund) if such
purchase at the time thereof would cause (a) more than 10% of the Portfolio's
(Fund's) total assets (taken at the greater of cost or market value) to be
invested in the securities of such issuers; (b) more than 5% of the Portfolio's
(Fund's) total assets (taken at the greater of cost or market value) to be
invested in any one investment company; or (c) more than 3% of the outstanding
voting securities of any such issuer to be held for the Portfolio (Fund) (unless
permitted to do so by an exemptive order of the SEC); and, provided further,
that the Portfolio shall not invest in any other open-end investment company
unless the Portfolio (Fund) (1) waives the investment advisory fee with respect
to assets invested in other open-end investment companies and (2) incurs no
sales charge in connection with the investment (as an operating policy, the
Portfolio will not invest in another open-end registered investment company).

The following replaces the `Management of the Trust and Portfolio - Officers of
the Trust and Portfolio Trust` section in each Fund's Statement of Additional
Information:

                   Officers of the Trust and Portfolio Trust

RICHARD T. HALE (birth date: July 17, 1945) President and Chief Executive
Officer of the Trust; Trustee of each of the other investment companies in the
Deutsche Asset Management Fund Complex; Managing Director, Deutsche Asset
Management; Director, Flag Investors Funds and ISI Family of Funds (registered
investment companies); President, Morgan Grenfell Investment Trust (registered
investment company); Managing Director, DB Alex. Brown LLC; Director and
President, Investment Company Capital Corp. (registered investment adviser);
Chartered Financial Analyst.  His address is One South Street, Baltimore,
Maryland 21202.

DANIEL O. HIRSCH (birth date: March 27, 1954) Secretary of the Trust; Director,
Deutsche Asset Management Americas since 1999; Director, DB Alex. Brown LLC and


Investment Company Capital Corp. since July 1998; Assistant General Counsel,
Office of the General Counsel, United States Securities and Exchange Commission
from 1993 to 1998.  His address is One South Street, Baltimore, Maryland 21202.

CHARLES A. RIZZO (birth date: August 5, 1957) Treasurer of the Trust; Director,
Deutsche Asset Management, and Vice President and Department Head, DB Alex.
Brown LLC from 1998 to 1999; Formerly, Senior Manager, PricewaterhouseCoopers
LLP from 1993 to 1998.  His address is One South Street, Baltimore, MD 21202.

Messrs. Hirsch and Rizzo also hold similar positions for other investment
companies for which ICCD, or an affiliate serves as the principal underwriter.

No person who is an officer or Trustee of Bankers Trust is an officer or Trustee
of the Trust.  No Trustee, officer or employee of ICCD or any of its affiliates
will receive any compensation from the Trust for serving as an officer or
Trustee of the Trust.

The following replaces the `Custodian and Transfer Agent' section in each Fund's
Statement of Additional Information:

Bankers Trust, 130 Liberty Street, New York, New York 10006, serves as Custodian
for the Trust and the Portfolio pursuant to an administration and services
agreement. As Custodian, it holds the Fund's and Portfolio's assets. Bankers
Trust will comply with the self-custodian provisions of Rule 17f-2 under the
1940 Act.

Investment Company Capital Corp. (`ICCC'), One South Street, Baltimore,
Maryland, 21202, serves as transfer agent of the Trust and of the Portfolio
pursuant to a transfer agency agreement. Under its transfer agency agreement
with the Trust, ICCC maintains the shareholder account records for the Fund,
handles certain communications between shareholders and the Trust and causes to
be distributed any dividends and distributions payable by the Trust. ICCC may be
reimbursed by the Fund or the Portfolio for its out-of-pocket expenses.

              Please Retain This Supplement for Future Reference

SUPPALLSAI  (1/01)

CUSIPs:
055922108         055922207        055922306         055922405        055922660
055922652         055922769        055922843         055922868        055922819
055922827         055922835        055847404         055847834        055847206
055847107         055847818        05576L874         05576L882        05576L700
055847826         055924104        055924203         055924872        055924864
055924500         055924856        055924849         055922637