<PAGE>
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000 J000000 A
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001 B000000 811-4760
001 C000000 6174230800
002 A000000 6 ST JAMES AVE.
002 B000000 BOSTON
002 C000000 MA
002 D010000 02116
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C021200 LIFECYCLE LONG RANGE FUND
007 C031200 N
007 C011300 13
007 C021300 LIFECYCLE MID RANGE FUND
007 C031300 N
007 C011400 14
007 C021400 LIFECYCLE SHORT RANGE FUND
007 C031400 N
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 BANKERS TRUST COMPANY
010 C01AA01 NEW YORK
010 C02AA01 NY
<PAGE>
010 C03AA01 10006
011 A00AA01 SIGNATURE BROKER-DEALER SECURITIES,INC
011 B00AA01 8-41134
011 C01AA01 BOSTON
011 C02AA01 MA
011 C03AA01 02116
012 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
012 B00AA01 84-xxxxxxx
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 COOPERS & LYBRAND
013 B01AA01 KANSAS CITY
013 B02AA01 MO
013 B03AA01 64105
013 B04AA01 1716
015 A00AA01 BANKERS TRUST COMPANY
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10017
015 E03AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 50
019 C00AA00 BTTINFUNDS
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022 B000001 04-3148798
022 C000001 46825
022 D000001 10092
022 A000002 ASSET MANAGEMENT PORTFOLIO II
022 B000002 04-3172235
022 C000002 25423
022 D000002 4675
022 A000003 ASSET MANAGEMENT PORTFOLIO III
022 B000003 04-3172237
022 C000003 10992
022 D000003 5778
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<PAGE>
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SIGNATURE DAVID J. KEALEY
TITLE SENIOR ADMINISTRATOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the
Lifecycle Long Range Fund Annual Report dated March 31, 1996, and is qualified
in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> LIFECYCLE LONG RANGE FUND
<S> <C>
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<FISCAL-YEAR-END> MAR-31-1996
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<PERIOD-END> MAR-31-1996
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the
Lifecycle Mid Range Fund Annual Report dated March 31, 1996, and is qualified in
its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> LIFECYCLE MID RANGE FUND
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the
Lifecycle Short Range Fund Annual Report dated March 31, 1996, and is qualified
in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> LIFECYCLE SHORT RANGE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 28868654
<INVESTMENTS-AT-VALUE> 28868654
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<ACCUMULATED-NET-GAINS> (200718)
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees
of BT Investment Funds:
In planning and performing our audits of the financial
statements and financial highlights of BT Investment Funds for
the year ended March 31, 1996, we considered their internal
control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial
statements and financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of BT Investment Funds is responsible for
establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgements by
management are required to assess the expected benefits and
related costs of internal control structure policies and
procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit the preparation of financial
statements in conformity with generally accepted accounting
principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure
to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements and financial highlights
being audited may occur and not be detected within a timely
period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the
internal control structure, including procedures for
safeguarding securities, that we consider to be material
weaknesses, as defined above, as of March 31, 1996.
This report is intended solely for the information and use of
management of BT Investment Funds and the Securities and
Exchange Commission.
/s/ Coopers & Lybrand L.L.P.
COOPERS & LYBRAND L.L.P.
Kansas City, Missouri
May 3, 1996
