JUNE 30, 1999
[LOGO] BT Mutual Funds
Institutional
Treasury Assets Fund
Semi-Annual Report
Trust: BT Institutional Funds
Investment Advisor: Bankers Trust Company
<PAGE>
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Institutional Treasury Assets Fund
Table of Contents
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Letter to Shareholders .................................... 3
Institutional Treasury Assets Fund
Statement of Net Assets ................................ 5
Statement of Operations ................................ 8
Statements of Changes in Net Assets .................... 8
Financial Highlights ................................... 9
Notes to Financial Statements .......................... 10
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The Fund is not insured by the FDIC and is not a deposit, obligation of or
guaranteed by Bankers Trust Company. The Fund is subject to investment risks,
including possible loss of principal amount invested.
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2
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Institutional Treasury Assets Fund
Letter to Shareholders
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We are pleased to present you with this semi-annual report for the Institutional
Treasury Assets Fund (the "Fund"), providing a detailed review of the market,
the Portfolio, and our outlook. Included are a complete financial summary of the
Fund's operations and a listing of the Portfolio's holdings.
MARKET ACTIVITY
In many ways, the semi-annual period ended June 30, 1999 was an after-shock from
the global financial crisis that had dominated the money markets throughout
1998.
o As the financial markets began to settle down in the first quarter of 1999 and
foreign economies, such as Japan, stabilized and showed signs of recovery,
market participants shifted their focus to the strength in the U.S. economy.
Although the economic numbers continued to support the strong economy/low
inflation scenario, such indicators as robust job growth, low unemployment,
and healthy retail sales were perceived as negative for the markets.
o The economy in the second quarter remained very strong. The Federal Reserve
Board continued to monitor economic indicators but still did not act, though
on May 18th, it adopted a policy bias tilted towards higher interest rates.
Market expectations of Fed tightening, consumer optimism and spending,
above-trend economic growth, and reduced concerns over international turmoil
combined to push yields on short-term money market securities significantly
higher.
o Over the semi-annual period, the money market yield curve steepened.
The only real relief to the pressures put on the money markets came in March, as
developments in Kosovo, Treasury paydowns and softer data supported the short
end of the market.
o Market participants exhibited steady demand for short-term U.S. securities as
the crisis in Kosovo continued to escalate.
o The budget surplus and expectations of strong April tax receipts also pushed
short-end yields lower.
o Strong performance from oil and other commodities kept market participants
from buying long-term securities, as inflation fears began to heighten.
As generally expected, at their June 30 meeting the Federal Reserve Board voted
to raise the targeted federal funds rate by 0.25% to 5.00%, on concerns that a
strong economy would rekindle inflation.
o This action reversed the trend of monetary policy easing through a series of
cuts in the second half of 1998.
o While there is still little evidence of inflation, this monetary policy
tightening was intended to make sure the economy does not get derailed by a
spiral of rising wages and prices.
o The Federal Reserve Board changed its bias to neutral, which helped the U.S.
fixed income markets stage a small rally on the last day of June.
Diversification of Portfolio Investments
By Asset Type as of June 30, 1999
(percentages are based on net assets)
[GRAPHIC OMMITTED]
U.S. Government and
Agency Obligations 12.7%
U.S. Treasury
Notes 17.1%
Floating Rate
Notes 6.9%
Repurchase
Agreements 63.3%
INVESTMENT REVIEW
We were able to produce competitive yields in the Institutional Treasury Assets
Fund. We maintained a neutral to the benchmark weighted average maturity
position for most of the semi-annual period, as the Federal Reserve Board
remained neutral. As the yield curve steepened, we began to implement our Y2K
strategy, i.e. a barbell strategy through the purchase of longer-dated Treasury
securities that not only enable us to take advantage of the higher yields but
also to begin accumulating securities maturing early next year. Our Y2K strategy
was further implemented to ensure that repurchase agreements would be available
to the Fund at year end, avoiding any liquidity issues that may arise.
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Six months ended ANNUALIZED 7 DAY ANNUALIZED 7 DAY
June 30, 1999 CURRENT YIELD EFFECTIVE YIELD
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Institutional
Treasury Assets Fund(1) 4.70% 4.81%
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IBC Government Only-
Institutional Only
Money Funds Average 4.41% 4.50%
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MANAGER OUTLOOK
Looking ahead for the near term, the U.S. economy looks very healthy indeed.
However, while inflation appears to remain dormant, we should recognize that
there have been numerous indicators released that are frequently considered
harbingers of future inflation. For example:
o unemployment remains at a thirty-year low
o economic growth has been inordinately robust in historical terms
o oil prices are rebounding, and
o troubled Pacific Rim and other emerging market economies appear to have
recovered from recent turmoil.
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(1) Past performance is not indicative of future results. Yields will vary.
Yield quotes for money market funds most closely reflect the fund's current
earnings. Although money market funds seek to maintain a share value of
$1.00 per share, it is possible to lose money by investing in the Fund.
"Current yield" refers to the income generated by an investment in the Fund
over a 7-day period. This income is then "annualized." The "effective yield"
is calculated similarly but, when annualized, the income earned by an
investment in the Fund is assumed to be reinvested. The "effective yield"
will be slightly higher than the "current yield" because of the compounding
effect of this assumed reinvestment. Mutual funds are not bank deposits or
obligations of any bank, are not guaranteed by any bank, and are not insured
or guaranteed by the U.S. government, the Federal Deposit Insurance
Corporation, the Federal Reserve Board or any other government agency.
Investment in mutual funds involves investment risk, including possible loss
of principal.
3
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Institutional Treasury Assets Fund
Letter to Shareholders
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The Federal Reserve Board itself has suggested that its outlook on interest
rates has changed from a bias toward higher rates to neutral. Of course, given
the tight labor market and this other economic and price data, the policy makers
also said they must "be especially alert." Thus, we believe as many analysts,
that there may be further interest rate increases on the horizon. Clearly, the
degree of tightening and the timing of the Federal Reserve Board's next moves,
if any, will be key to U.S. money market performance during the second half of
1999; however, supply and demand factors will likely be even more significant.
For example, the short-term U.S. Treasury market and thus the Treasury Assets
Fund continue to be impacted by the decreasing need for permanent financing of
government debt. The U.S. Treasury has opted to reduce longer-term financing,
and when temporary cash needs arise around tax dates, to issue large cash
management bills. These changes are significant to the technical condition, or
supply, of the amount of collateral available to the repurchase agreement
market. Thus, we intend to actively trade the Fund's portfolio to take advantage
of market changes caused by this abnormal issuance.
We will, of course, continue to closely observe economic conditions and how they
affect the financial markets, as we seek to provide high current income
consistent with liquidity and capital preservation.
We appreciate your support of the Institutional Treasury Assets Fund and look
forward to continuing to serve your investment needs for many years ahead.
/s/ Darlene M. Rasel
--------------------
Darlene M. Rasel
Portfolio Manager of the
Institutional Treasury Assets Fund
June 30, 1999
4
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Institutional Treasury Assets Fund
Statement of Net Assets June 30, 1999 (unaudited)
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Principal
Amount Description Value
- --------- ----------- -----
FLOATING RATE NOTES - 6.9%
Federal Home Loan Bank:
Daily Variable Rate - 2.8%
$10,000,000 5.350%, 11/09/99 ........... $ 9,997,556
10,000,000 5.040%, 11/10/99 ........... 9,997,871
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19,995,427
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Federal Home Loan Bank:
Monthly Variable Rate - 4.1%
10,000,000 4.778%, 3/15/00 ............ 9,995,997
20,000,000 4.775%, 5/12/00 ............ 19,985,368
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29,981,365
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Total Floating Rate Notes
(Amortized Cost
$49,976,792) .............. 49,976,792
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U.S. TREASURY NOTES - 17.1%
5,000,000 6.375%, 7/15/99 ............ 5,002,775
51,000,000 6.875%, 8/31/99 ............ 51,172,009
23,000,000 5.875%, 11/15/99 ........... 23,089,317
6,000,000 7.750%, 1/31/00 ............ 6,099,006
28,000,000 5.875%, 2/15/00 ............ 28,136,021
11,000,000 7.125%, 2/29/00 ............ 11,142,083
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Total U.S. Treasury Notes
(Amortized Cost
$124,641,211) ............. 124,641,211
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U.S. GOVERNMENT AND AGENCY
OBLIGATIONS - 12.7%
Federal Home Loan Mortgage
Corporation - 7.2%
7,000,000 5.540%, 7/15/99 ............ 7,001,913
20,000,000 4.640%, 8/12/99 ............ 19,887,477
10,000,000 4.848%, 9/02/99 ............ 9,915,611
10,000,000 4.740%, 9/09/99 ............ 9,909,150
5,780,000 4.740%, 11/04/99 ........... 5,684,870
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52,399,021
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Federal National Mortgage
Association - 5.5%
10,000,000 4.740%, 7/07/99 ............ 9,993,416
10,000,000 4.780%, 9/07/99 ............ 9,911,038
10,000,000 4.755%, 9/09/99 ............ 9,908,862
10,000,000 5.170%, 12/13/99 ........... 9,764,477
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39,577,793
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Principal
Amount Description Value
- --------- ----------- -----
Total U.S. Government and Agency
Obligations
(Amortized Cost
$91,976,814) ................... $ 91,976,814
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REPURCHASE AGREEMENTS - 63.2%
$30,000,000 Tri-Party Repurchase Agreement
with Banque Paribas, dated
6/30/99, 4.90%, principal and
interest in the amount of
$30,004,083, due 7/01/99
(Collateralized by U.S.
Treasury Notes, par value of
$8,832,553, coupon rate of
7.50%, due 2/15/05, value of
$9,009,204; and U.S. Treasury
Bond, par value of $21,167,615,
coupon rate of 8.125%, due
8/15/19, value of
$21,590,967) ............... 30,000,000
25,000,000 Tri-Party Repurchase Agreement
with Canadian Imperial Bank,
dated 6/30/99, 4.75%, principal
and interest in the amount of
$25,003,299, due 7/01/99
(Collateralized by U.S.
Treasury Bonds, par value of
$4,893,000, coupon rates of
5.25% to 11.25%, due 2/15/15,
value of $5,098,658; and U.S.
Treasury Notes, par value of
$20,032,000, coupon rates of
4.75% to 7.75%, due from
1/31/00 to 5/15/07, value of
$20,406,429) ............... 25,000,000
25,000,000 Tri-Party Repurchase Agreement
with Credit Suisse First
Boston, dated 4/07/99, 4.73%,
principal and interest in the
amount of $25,295,625, due
7/06/99 (Collateralized by U.S.
Treasury Notes, par value of
$25,083,000, coupon rates of
5.625% to 6.625%, due from
7/31/99 to 2/15/07, value of
$25,752,261) ............... 25,000,000
See Notes to Financial Statements.
5
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Institutional Treasury Assets Fund
Statement of Net Assets June 30, 1999 (unaudited)
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Principal
Amount Description Value
- --------- ----------- -----
$70,000,000 Tri-Party Repurchase Agreement
with Goldman Sachs, dated
6/30/99, 4.80%, principal and
interest in the amount of
$70,009,333, due 7/01/99
(Collateralized by U.S.
Treasury Notes, par value of
$70,000,236, coupon rates of
5.625% to 5.75%, due from
6/30/01 to 5/15/08, value of
$71,400,241) ............... $70,000,000
25,000,000 Tri-Party Repurchase Agreement
with Greenwich Capital, dated
6/30/99, 5.05%, principal and
interest in the amount of
$25,003,507, due 7/01/99
(Collateralized by Government
National Mortgage Association,
par value of $36,545,755,
coupon rates of 5.50% to 6.50%,
due from 5/20/27 to 9/20/28,
value of $25,752,044) ...... 25,000,000
30,000,000 Tri-Party Repurchase Agreement
with JP Morgan, dated 6/30/99,
4.70%, principal and interest
in the amount of $30,003,917,
due 7/01/99 (Collateralized by
Federal Home Loan Bank, par
value of $30,002,071, coupon
rate of 5.49%, due 12/22/08,
value of $30,602,113) ...... 30,000,000
25,000,000 Tri-Party Repurchase Agreement
with Merrill Lynch & Co., dated
4/07/99, 4.74%, principal and
interest in the amount of
$25,365,375, due 7/27/99
(Collateralized by U.S.
Treasury Bond, par value of
$19,625,000, coupon rate of
9.00%, due 11/15/18, value of
$25,506,414) ............... 25,000,000
Principal
Amount Description Value
- --------- ----------- -----
$25,000,000 Tri-Party Repurchase Agreement
with Merrill Lynch & Co., dated
6/03/99, 4.98%, principal and
interest in the amount of
$25,307,792, due 8/31/99
(Collateralized by U.S.
Treasury Note, par value
$8,832,553, coupon rate of
7.50%, due 2/15/05, value of
$9,009,204; and U.S. Treasury
Bond, par value of $21,167,615,
coupon rate of 8.125%, due
8/15/19, value of $21,590,967) $25,000,000
58,553,374 Tri-Party Repurchase Agreement
with Morgan Stanley Dean
Witter, dated 6/30/99, 4.75%,
principal and interest in the
amount of $58,561,100, due
7/01/99, (Collateralized by
U.S. Treasury Notes, par value
of $34,959,639, coupon rates of
5.25% to 6.50%, due from
3/31/00 to 8/15/05, value of
$35,638,432; and U.S. Treasury
Inflation Index Bonds, par
value of $23,954,789, coupon
rate of 3.625%, due from
7/15/02 to 1/15/08, value of
$24,433,885) ............... 58,553,374
30,000,000 Tri-Party Repurchase Agreement
with Salomon Smith Barney,
dated 6/30/99, 4.85%, principal
and interest in the amount of
$30,004,042, due 7/01/99
(Collateralized by U.S.
Treasury Notes, par value of
$30,047,000, coupon rates of
5.50% to 6.25%, due from
2/29/00 to 3/31/01, value of
$30,612,190) ............... 30,000,000
See Notes to Financial Statements.
6
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Institutional Treasury Assets Fund
Statement of Net Assets June 30, 1999 (unaudited)
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Principal
Amount Description Value
- --------- ----------- -----
$100,000,000 Tri-Party Repurchase Agreement
with Swiss Bank, dated 6/30/99,
4.75%, principal and interest
in the amount of $100,013,194,
due 7/01/99 (Collateralized by
U.S. Treasury Bond, par value
of $90,545,000, coupon rate of
7.50%, due 11/15/16, value of
$102,004,826) .............. $100,000,000
16,164,923 Tri-Party Repurchase Agreement
with WestDeutsche Landesbank,
dated 6/30/99, 4.80%, principal
and interest in the amount of
$16,167,078, due 7/01/99
(Collateralized by U.S.
Treasury Notes, par value of
$64,590,000, coupon rate of
6.875%, due 8/31/99, value of
$65,008,667) ............... 16,164,923
------------
Total Repurchase Agreements
(Amortized Cost $459,718,297) ......... 459,718,297
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Total Investments
(Amortized cost $726,313,114) ........ 99.9% 726,313,114
Other Assets Less Liabilities ........... 0.1% 841,473
----- ------------
Net Assets 100.0% $727,154,587
===== ============
Shares Outstanding ($0.001 par value
per share), unlimited number of shares
of beneficial interest authorized ..... 727,210,465
===========
Net Assets Offering and Redemption
(Net assets divided by shares
outstanding) .......................... $1.00
=====
7
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Institutional Treasury Assets Fund
Statement of Operations For the six months ended June 30, 1999 (unaudited)
- --------------------------------------------------------------------------------
Investment Income
Interest Income ........................ $15,494,849
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Expenses
Advisory Fees .......................... 533,177
Administration and Services Fees ....... 353,158
Professional Fees ...................... 12,397
Printing and Shareholder Report Expenses 5,157
Trustees Fees .......................... 2,728
Miscellaneous Expenses ................. 342
-----------
Total Expenses ......................... 906,959
Less: Fees Waived by Bankers Trust ..... (394,722)
-----------
Net Expenses ........................ 512,237
-----------
Net Investment Income ..................... 14,982,612
Realized Gain from Investment Transactions 19,182
-----------
Net Increase in Net Assets from Operations $15,001,794
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Statements of Changes in Net Assets
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<TABLE>
<CAPTION>
For the For the
six months ended year ended
June 30, December 31,
1999(1) 1998
---------------- ---------------
<S> <C> <C>
Increase (Decrease) in Net Assets from:
Operations
Net Investment Income ................................ $ 14,982,612 $ 22,559,515
Net Realized Gain from Investment Transactions ....... 19,182 140
--------------- ---------------
Net Increase in Net Assets from Operations .............. 15,001,794 22,559,655
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Distribution to Shareholders
Net Investment Income ................................ (15,023,842) (22,566,000)
--------------- ---------------
Capital Transactions in Shares of Beneficial Interest
(at net asset value of $1.00 per share)
Proceeds from Sales of Shares ........................ 1,794,459,761 2,638,493,264
Cost of Shares Redeemed .............................. (1,555,508,627) (2,244,647,511)
--------------- ---------------
Net Increase in Net Assets from Capital Share Transactions 238,951,134 393,845,753
--------------- ---------------
Total Increase in Net Assets ............................ 238,929,086 393,839,408
Net Assets
Beginning of Period ..................................... 488,225,501 94,386,093
--------------- ---------------
End of Period ........................................... $ 727,154,587 $ 488,225,501
=============== ===============
</TABLE>
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(1) Unaudited.
See Notes to Financial Statements.
8
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Institutional Treasury Assets Fund
Financial Highlights
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Contained below are selected data for a share of beneficial interest
outstanding, total investment return, ratios to average net assets and other
supplemental data for each of the periods indicated for the Institutional
Treasury Assets Fund.
<TABLE>
<CAPTION>
For the For the For the period
six months ended year ended Dec. 1, 1997(2) to
June 30, 1999(1) Dec. 31, 1998 Dec. 31, 1997
---------------- ------------- ------------------
<S> <C> <C> <C>
Per Share Operating Performance:
Net Asset Value, Beginning of Period $ 1.00 $ 1.00 $ 1.00
--------- --------- --------
Income from Investment Operations
Net Investment Income 0.02 0.05 0.0046
Net Realized Gain from Investment Transactions 0.00(3) 0.00(3) 0.00(3)
--------- --------- --------
Total from Investment Operations 0.02 0.05 0.0046
--------- --------- --------
Distributions to Shareholders
Net Investment Income (0.02) (0.05) (0.0046)
--------- --------- --------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00
========= ========= ========
Total Investment Return for Period 2.33% 5.33% 0.46%
Supplemental Data and Ratios:
Net Assets, End of Period (000s omitted) $ 727,155 $ 488,226 $ 94,386
Ratios to Average Net Assets:
Net Investment Income 4.64%(4) 5.24% 5.43%(4)
Expenses 0.16%(4) 0.16% 0.16%(4)
Decrease Reflected in Above Expense
Ratios Due to Expenses Reimbursed and/or
Fees Waived by Bankers Trust 0.12%(4) 0.11% 0.81%(4)
</TABLE>
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(1) Unaudited.
(2) The Fund's inception date.
(3) Less than $0.01 per share.
(4) Annualized.
See Notes to Financial Statements.
9
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Institutional Treasury Assets Fund
Notes to Financial Statements (unaudited)
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Note 1--Organization and Significant Accounting Policies
A. Organization
BT Institutional Funds (the "Trust") is registered under the Investment Company
Act of 1940 (the "Act"), as amended, as an open-end management investment
company. The Trust was organized on March 26, 1990, as an unincorporated
business trust under the laws of the Commonwealth of Massachusetts. The
Institutional Treasury Assets Fund (the "Fund") is offered to "accredited
investors" as defined under the Securities Act of 1933. The Fund began
operations and offering shares of beneficial interest on December 1, 1997. The
Declaration of Trust permits the Board of Trustees (the "Trustees") to issue
shares of beneficial interest in the Fund. The following summarizes the
significant accounting policies of the Fund:
B. Security Valuation
Investments are valued at amortized cost in accordance with Rule 2a-7 of the
Investment Company Act of 1940, which has been determined by the Trustees to
represent fair value of the Fund's investments.
C. Security Transactions and Interest Income
Security transactions are accounted for on a trade date basis. Interest income
is recorded on the accrual basis and includes amortization of premium and
accretion of discount on investments. Realized gains and losses from securities
transactions are recorded on the basis of identified cost.
D. Organization Expenses
Costs incurred by the Fund in connection with its organization and initial
registration are being amortized evenly over a five year period.
E. Distributions
It is the Fund's policy to declare dividends daily and pay them monthly to
shareholders from net investment income. Dividends payable to shareholders are
recorded by the Fund on the ex-dividend date. Distributions of net capital gains
earned by the Fund, if any, are made annually, to the extent they exceed capital
loss carryforwards.
F. Repurchase Agreements
The Fund may enter into repurchase agreements with financial institutions deemed
to be creditworthy by the Fund's Investment Adviser, subject to the seller's
agreement to repurchase such securities at a mutually agreed upon price.
Securities received as collateral subject to repurchase agreements are deposited
with the Fund's custodian, and, pursuant to the terms of the repurchase
agreement, must have an aggregate market value greater than or equal to the
repurchase price plus accrued interest at all times. If the value of the
underlying securities falls below the value of the repurchase price plus accrued
interest, the Fund will require the seller to deposit additional collateral by
the next business day. If the request for additional collateral is not met, or
the seller defaults on its repurchase obligation, the Fund maintains the right
to sell the underlying securities at market value and may claim any resulting
loss against the seller. However, in the event of default or bankruptcy by the
seller, realization and/or retention of the collateral may be subject to legal
proceedings.
The Fund may enter into tri-party repurchase agreements with broker-dealers and
domestic banks. The third party, which is the broker's custodial bank, holds the
collateral in a separate account until the repurchase agreement matures. The
agreement ensures that the collateral's market value, including any accrued
interest, is sufficient if the broker defaults.
G. Federal Income Taxes
It is the Fund's policy to continue to comply with the requirements of the
Internal Revenue Code applicable to investment companies and distribute all of
its taxable income to shareholders. Therefore, no federal income tax provision
is required.
H. Other
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts in the financial statements. Actual results could
differ from those estimates.
Notes 2--Fees and Transactions with Affiliates
The Fund has entered into an Administration and Services Agreement with Bankers
Trust Company ("Bankers Trust"). Under this agreement, Bankers Trust provides
administrative, custody, transfer agency and shareholder services to the Fund in
return for a fee computed daily and paid monthly at an annual rate of .10% of
the Fund's average daily net assets. For the six months ended June 30, 1999,
administrative and service fees amounted to $353,158 of which $57,861 was
payable at the end of the period.
The Fund has entered into an Advisory Agreement with Bankers Trust. Under this
agreement, the Fund pays Bankers Trust an advisory fee computed daily and paid
monthly at an annual rate of .15% of average daily net assets. For the six
months ended June 30, 1999, advisory fees amounted to $533,177, of which $86,791
was payable at the end of the period.
Bankers Trust has voluntarily undertaken to waive its fees and reimburse
expenses of the Fund, to the extent necessary, to limit all expenses to .16% of
the average daily net assets of the Fund.
The Portfolio in which the Fund invests is a participant with other affiliated
entities in a revolving credit facility in the amount of $100,000,000, which
expires April 29, 2000. A commitment fee of .10% per annum on the average daily
amount of the available commitment is payable on a quarterly basis and
apportioned equally among all participants. Amounts borrowed under the credit
facility will bear interest at a rate per annum equal to the Federal Funds Rate
plus .50%. No amounts were drawn down or outstanding under the credit facility
as of and for the six months ended June 30, 1999.
10
<PAGE>
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Institutional Treasury Assets Fund
Notes to Financial Statements (unaudited)
- --------------------------------------------------------------------------------
ICC Distributors, Inc., a member of the Forum Group of Companies, provides
distribution services to the Fund.
Bankers Trust Company is a wholly owned subsidiary of Bankers Trust Corporation.
In November 1998 Bankers Trust Corporation ("BT Corp.") and Deutsche Bank AG
("Deutsche Bank") entered into an Agreement and Plan of Merger which was
consummated on June 4, 1999. As a result of the transaction, BT Corp. became a
wholly-owned subsidiary of Deutsche Bank.
Note 3--Net Assets
Composition of Net Assets
Paid-in Capital .............................. $727,176,635
Distribution in excess of Net Investment
Income ..................................... (41,230)
Undistributed Net Realized Gain from
Investment Transactions .................... 19,182
------------
Net Assets, June 30, 1999 .................... $727,154,587
============
11
<PAGE>
Investment Advisor and Administrator of the Portfolio
Bankers Trust Company
130 Liberty Street
New York, NY 10006
Distributor
ICC Distributors, Inc.
Two Portland Square
Portland, ME 04101
Custodian and Transfer Agent
Bankers Trust Company
130 Liberty Street
New York, NY 10006
Independent Accountants
PRICEWATERHOUSECOOPERS LLP
250 West Pratt Street
Baltimore, MD 21201
Counsel
Willkie Farr & Gallagher
787 7th Avenue
New York, NY 10019
[GRAPHIC OMITTED]
For information on how to invest, shareholder account information and current
price and yield information, please contact your relationship manager
or write to us at: BT Service Center
P.O. Box 419210
Kansas City, MO 64141-6210
or call our toll-free number: 1-800-368-4031
This report must be preceded or accompanied by a current prospectus for the
Fund.
Institutional Treasury Assets Fund 464SA (6/99)
BT Institutional Funds
Distributed by:
ICC Distributors, Inc.
Two Portland Square
Portland, ME 04101
