Deutsche Asset Management

PreservationPlus Income Fund

Supplement dated August 9, 2001 (Replacing Supplement dated August 8, 2001) to
Prospectus dated January 29, 2001

The prospectus is supplemented to reflect a change in the Fund's investment
adviser from Bankers Trust Company (`Bankers Trust') to Deutsche Asset
Management, Inc. (`DeAM, Inc.') on April 30, 2001.  All references in the
prospectus to Bankers Trust, in its capacity as investment adviser, have now
been changed to reflect DeAM, Inc. as the investment adviser.  The change in
investment adviser does not involve a change in either the portfolio managers
who have primary responsibility for the day-to-day management of the Fund or the
fees payable under the investment advisory agreement.

Effective August 9, 2001, the following supplements footnote one to the `Annual
Fees and Expenses' table in the `Annual Fund Operating Expenses' section:

The Fund will reduce its advisory fee to 0.10% of its average daily net assets
with respect to its assets invested in the Deutsche Asset Management High Yield
Bond Fund, an affiliated mutual fund.  The Fund will pay its pro rata share of
the operating expenses, including the investment advisory fee, of any mutual
fund in which it invests.

Effective August 9, 2001, the following replaces the first paragraph of the
`Principal Investments - Fixed Income Securities' section:

Fixed Income Securities.  The Fund invests at least 65% of its total assets in
fixed income securities rated, at the time of purchase, within the top four
long-term rating categories by a nationally recognized statistical rating
organization (or, if unrated, are determined by us to be of similar quality).
However, the Fund may invest up to 10% of its assets in high yield debt
securities (also known as junk bonds) rated in the fifth and sixth long-term
rating categories by a nationally recognized statistical rating organization
(or, if unrated, are determined by us to be of similar quality).  The Fund may
invest in an affiliated mutual fund to gain exposure to high yield debt
securities.

Effective August 9, 2001, the following replaces the `Management of the Fund -
Investment Adviser' section:

Investment Adviser. Under the supervision of the Board of Trustees, DeAM, Inc.,
with headquarters at 130 Liberty Street, New York, New York 10006, acts as the
Fund's investment adviser.  As investment adviser, DeAM, Inc. makes the Fund's
investment decisions.  It buys and sells securities for the Fund and conducts
the research that leads to the purchase and sale decisions.  DeAM, Inc. is also
responsible for selecting brokers and dealers and for negotiating brokerage
commissions and dealer charges.  For its services as investment adviser, DeAM,
Inc. receives a fee of 0.70% of the Fund's average daily net assets with respect
to its assets not invested in an affiliated mutual fund.  This is the same fee
that Bankers Trust, the previous investment adviser to the Fund, received for
its services in the last fiscal year.  DeAM, Inc. receives a fee of 0.10% of the
Fund's average daily net assets with respect to those assets invested in the
High Yield Bond Fund.

                                                         A Member of the
                                                         Deutsche Bank Group [/]

DeAM, Inc. provides a full range of investment advisory services to retail and
institutional clients, and as of March 31, 2001 had total assets of
approximately $17 billion under management.

DeAM, Inc. is an indirect wholly-owned subsidiary of Deutsche Bank AG, an
international commercial and investment banking group.  Deutsche Bank AG is a
major global banking institution that is engaged in a wide range of financial
services, including investment management, mutual fund, retail, private and
commercial banking, investment banking and insurance.

              Please Retain This Supplement for Future Reference

BT Investment Funds
SUPP1722 (08/01)
CUSIP: 055922660