BT PYRAMID MUTUAL FUNDS
24F-2NT, 2000-12-21
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                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                  FORM 24f-2
                       Annual Notice of Securities Sold
            Read instructions at end of Form before preparing Form.
                             Please print or type.


1.      Name and address of issuer:
        BT Pyramid Mutual Funds
        One South Street
        Baltimore, Maryland 21202


2.      The name of each series or class of securities for which this Form is
        filed (If the Form is being filed for all series and classes of
        securities of the issuer, check the box but do not list series or
        classes):                                    [X]
        PreservationPlus

3.      Investment Company Act File Number:          811-6576
        Securities Act File Number:                  33-45973

4(a).   Last day of fiscal year for which this Form is filed: September 30, 2000

4(b).   [ ] Check box if this Form is being filed late (i.e., more than 90
        calendar days after the end of the issuer's fiscal year). (See
        Instruction A.2)

Note:   If the Form is being filed late, interest must be paid on the
        registration fee due.

4(c).   [ ] Check box if this is the last time the issuer will be filing this
        Form.

5.      Calculation of registration fee:

        (i)   Aggregate sale price of securities sold during
              the fiscal year pursuant to section 24(f):      $ 180,308,343

        (ii)  Aggregate price of securities redeemed or
              repurchased during the fiscal year:             $ 210,017,890

        (iii) Aggregate price of securities redeemed or
              repurchased during any prior fiscal year ending
              no earlier than October 11, 1995 that were not
              previously used to reduce registration fees payable
              to the Commission:                              $           -

        (iv)  Total available redemption credits
              [add Items 5(ii) and 5(iii)]:                   $ 210,017,890

        (v)   Net sales -- if Item 5(i) is greater than
              Item 5(iv) [subtract Item 5(iv) from Item 5(i): $           -
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        (vi)   Redemption credits available for use in future
               years -- if Item 5(i) is less than Item 5(iv)
               [subtract Item 5(iv) from Item 5(i)]:          $ (29,709,547)

        (vii)  Multiplier for determining registration fee
               (See Instruction C.9):                        x     0.000264

        (viii) Registration fee due [multiply Item 5(v) by
               Item 5(vii)] (enter "0" if no fee is due):     $           -

6.      Prepaid Shares

If the response to item 5(i) was determined by deducting an amount of securities
that were registered under the Securities Act of 1933 pursuant to Rule 24e-2 as
in effect before [effective date of rescission of Rule 24e-2], then report the
amount of securities (number of shares or other units) deducted here:

7.      Interest due -- if this Form is being filed more than 90 days after the
        end of the issuer's fiscal year (see Instruction D): +$        0.00

8.      Total of the amount of the registration fee due
        plus any interest due [line 5(viii) plus line 7]:    =$           -

9.      Date the registration fee and any interest payment was sent to the
        Commission's lockbox depository:

        _____________________________________

Method of delivery:         [ ] Wire Transfer         [ ] Mail or other means

                                  SIGNATURES

This Form 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/ Daniel O. Hirsch
                                             -------------------------------
                                             Daniel O. Hirsch, Secretary



Date: December __, 2000


* Please print the name and title of the signing officer below the signature.


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