NOTE 1 - ORGANIZATION AND SIGNIFICANT
ACCOUNTING POLICIES
A. Organization
BT Investment 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 July 21, 1986, as an
unincorporated business trust under the laws of the Commonwealth of Massachusetts. The Treasury Money
Fund (the "Fund") is one of the investment funds offered to investors by the Trust. The Fund commenced
operations and began offering shares of beneficial interest on November 1, 1988. Through July 22, 1990, the
Fund invested directly in securities. After that date, the Fund began investing substantially all of its investable
assets in the Treasury Money Portfolio (the "Portfolio"). The Portfolio is an open-end management investment
company registered under the Act. The Fund seeks to achieve its investment objectives by investing all of its
investable assets in the Portfolio. The value of such investment in the Portfolio reflects the Fund's proportionate
interest in the net assets of the Portfolio. At December 31, 1995, the Fund's investment was approximately 32%
of the Portfolio.
The financial statements of the Portfolio, including the Schedule of Portfolio Investments, are contained elsewhere
in this report.
B. Investment Income
The Fund earns interest income, net of expenses, daily on its investment in the Portfolio. All of the net investment
income and realized and unrealized gains and losses from the security transactions of the Portfolio are allocated
pro rata among the investors in the Portfolio.
C. Dividends
It is the Fund's policy to declare dividends daily, and to pay these dividends monthly. Dividends payable to
shareholders are recorded by the Fund on the ex-dividend date, which is the same as the declaration date.
Distributions of net realized short-term and long-term capital gains, if any, earned by the Fund will be made
annually.
D. Federal Income Taxes
It is the Fund's policy to comply