FORM 24f-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer:
BT Investments, 6 St. James Avenue
Boston, MA 02116
2. Name of each series or class of funds for which this notice is filed:
Lifecycle Short Range Fund
Lifecycle Mid-Range Fund
Lifecycle Long Range Fund
3. Investment Company Act File Number: 811-4760
Securities Act File Number: 33-7404
4. Last day of fiscal year for which this notice is filed:
March 31, 1996
5. Check box if this notice is being filed more than 180 days after the
close of the issuer's fiscal year for the purposes of reporting
securities sold after the close of the fiscal year but before Termination of
the issuer's 24f-2 declaration: [ ]
6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see instruction A.6):
7. Number and amount of securities of the same class or series which had
been registered under the Securities Act of 1933 other than pursuant to
rule 24f-2 in a prior fiscal year, but which remained unsold at the beginning
of the year:
0
8. Number and amount of securities registered during the fiscal year other
than pursuant to rule 24f-2:
0
9. Number and aggregate sale price of securities sold during the fiscal
year:
Series of Registrant Number Sale Price
-------------------- ------ ----------
Lifecycle Short Range Fund 1,109,684 10,992,026
Lifecycle Mid-Range Fund 2,501,640 25,423,365
Lifecycle Long Range Fund 4,376,179 46,825,041
<PAGE>
10. Number and aggregate sale price of securities sold during the fiscal
year in reliance upon registration pursuant to rule 24f-2:
Series of Registrant Number Sale Price
-------------------- ------ ----------
Lifecycle Short Range Fund 1,109,684 10,992,026
Lifecycle Mid-Range Fund 2,501,640 25,423,365
Lifecycle Long Range Fund 4,376,179 46,825,041
11. Number and aggregate sale price of securities issued during the
fiscal year in connection with dividend reinvestment plans, if
applicable (see Instruction B.7):
Series of Registrant Number Sale Price
-------------------- ------ ----------
Lifecycle Short Range Fund 117,234 1,141,292
Lifecycle Mid-Range Fund 175,343 1,765,953
Lifecycle Long Range Fund 187,053 2,040,116
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the fiscal
year in reliance on rule 24f-2 (from Item 10): $83,240,432
(ii) Aggregate price of shares issued in connection with dividend
reinvestment plans (from Item 11, if applicable):+ 4,947,361
iii) Aggregate price of shares redeemed or repurchased during
the fiscal year (if applicable): - 20,200,903
(iv) Aggregate price of shares redeemed or repurchased and
previously applied as a reduction to filing fees pursuant to
rule 24e-2 (if applicable): +0
(v) Net aggregate price of securities sold and issued during the
fiscal year in reliance on rule 24f-2 [line (i), plus line (ii),
less line (iii), plus line (iv)] (if applicable): 67,986,890
(vi) Divisor prescribed by Section 6(b) of the Securities Act of
1933 or other applicable law or regulation (see Instruction
C.6): 2,900
(vii) Fee due [line (i) or line(v)divided by line(vi)]: $23,443.76
<PAGE>
13. Check box if fees are being remitted to the Commission's lockbox
depository as described in section 3a of the Commission's Rules of
Informal and Other Procedures (17 CFR 202.3a).
[ X ]
Date of mailing or wire transfer of filing fees to the Commissioner's
lockbox depository:
May 28, 1996
SIGNATURES
This report has been signed below by the following persons on behalf of
the issuer and in the capacities and on the dates indicated.
By (Signature and Title) ___/s/ David Danielson___________
___Assistant Treasurer___________
Date ___May 29, 1996___
6 St. James Avenue
Ninth Floor
Boston, Massachusetts 02116
(617) 423-0800
May 29, 1996
BT Institutional Funds
6 St. James Avenue, 9th Floor
Boston, Massachusetts 02116
Ladies and Gentlemen:
RE: RULE 24F-2 NOTICE FOR BT INVESTMENTS FUNDS (33-7404) FOR THE FISCAL
YEAR ENDED March 31, 1996.
This opinion is being furnished in connection with the registration,
pursuant to Rule 24f-2 under the Investment Company Act of 1940, as amended (the
"1940 Act"), of an indefinite number of shares of beneficial interest (par value
$0.001 per share) (the "Shares") of Lifecycle Short Range Fund, Lifecycle
Mid-Range Fund and Lifecycle Long Range Fund (the "Funds"), three separate
series of BT Investment Funds, a Massachusetts business trust (the "Trust"),
under the Securities Act of 1933, as amended (the "1933 Act"). I understand that
the Trust proposes to file a notice (the "Notice") with the Securities and
Exchange Commission (the "Commission") with respect to the Funds for the
fiscal year ended March 31, 1996, pursuant to such Rule 24f-2 under the 1940
Act. This opinion is being furnished with a view to your filing it with the
Commission in conjunction with the filing of the Notice.
This opinion is limited solely to the laws of the Commonwealth of
Massachusetts as applied by courts in such Commonwealth. This opinion is limited
solely to the Shares of the Funds as of the fiscal year ended March 31, 1996
as reflected in the Notice. I understand that the foregoing limitation is
acceptable to you.
Based upon and subject to the foregoing, please be advised that it is
my opinion that the Shares covered by the Notice were legally issued and (to the
extent still outstanding) are fully paid and non-assessable, except that, as set
forth in the Fund's registration statement as currently in effect filed with the
Commission pursuant to the 1933 Act, shareholders of the Funds may under certain
circumstances be held personally liable for their respective obligations.
Very truly yours,
/s/ Philip Coolidge
Philip W. Coolidge
