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<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
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<PAGE>
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SIGNATURE DAVID J. KEALEY
TITLE FUND ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Tax Free
Money Fund Annual Report dated December 31, 1995 and is qualified in its
entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> TAX FREE MONEY FUND
<S> <C>
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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 NY Tax
Free Money Fund Annual Report dated December 31, 1995 and is qualified in its
entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> NY TAX FREE MONEY FUND
<S> <C>
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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 BT
Investment Cash Management Fund Annual Report dated December 31, 1995 and is
qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> CASH MANAGEMENT FUND
<S> <C>
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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 Treasury
Money Fund Annual Report dated December 31, 1995, and is qualified in its
entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> TREASURY MONEY FUND
<S> <C>
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the BT
Investment Liquid Assets Fund Annual Report dated December 31, 1995 and is
qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> LIQUID ASSETS FUND
<S> <C>
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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 Short
Intermediate U.S. Government Sec Fund Annual Report dated December 31, 1995, and
is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> SHORT INTERMEDIATE U.S. GOVERNMENT SEC FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 23213347
<INVESTMENTS-AT-VALUE> 23213347
<RECEIVABLES> 4823
<ASSETS-OTHER> 7235
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23225405
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 57342
<TOTAL-LIABILITIES> 57342
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23162691
<SHARES-COMMON-STOCK> 2326397
<SHARES-COMMON-PRIOR> 1465397
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 55911
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (50539)
<NET-ASSETS> 23168063
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1200715
<EXPENSES-NET> 108374
<NET-INVESTMENT-INCOME> 1092341
<REALIZED-GAINS-CURRENT> 337315
<APPREC-INCREASE-CURRENT> 297631
<NET-CHANGE-FROM-OPS> 1727287
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1092347
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1260050
<NUMBER-OF-SHARES-REDEEMED> (500145)
<SHARES-REINVESTED> 101065
<NET-CHANGE-IN-ASSETS> 9079906
<ACCUMULATED-NII-PRIOR> 590680
<ACCUMULATED-GAINS-PRIOR> (296803)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 154458
<AVERAGE-NET-ASSETS> 19704383
<PER-SHARE-NAV-BEGIN> 9.61
<PER-SHARE-NII> .55
<PER-SHARE-GAIN-APPREC> .35
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .55
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.96
<EXPENSE-RATIO> .85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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 Utility
Fund Annual Report dated December 31, 1995, and is qualified in its entirety by
reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> UTILITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 10237825
<INVESTMENTS-AT-VALUE> 10237825
<RECEIVABLES> 16545
<ASSETS-OTHER> 6527
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10260897
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35799
<TOTAL-LIABILITIES> 35799
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11677209
<SHARES-COMMON-STOCK> 898962
<SHARES-COMMON-PRIOR> 1856875
<ACCUMULATED-NII-CURRENT> 732
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3880960)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2428117
<NET-ASSETS> 10225098
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 647999
<EXPENSES-NET> 94929
<NET-INVESTMENT-INCOME> 553020
<REALIZED-GAINS-CURRENT> (976540)
<APPREC-INCREASE-CURRENT> 4040936
<NET-CHANGE-FROM-OPS> 3617466
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 569392
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 53280
<NUMBER-OF-SHARES-REDEEMED> 1051315
<SHARES-REINVESTED> 40122
<NET-CHANGE-IN-ASSETS> (6678389)
<ACCUMULATED-NII-PRIOR> 17054
<ACCUMULATED-GAINS-PRIOR> (2904420)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 144760
<AVERAGE-NET-ASSETS> 14603246
<PER-SHARE-NAV-BEGIN> 9.10
<PER-SHARE-NII> .40
<PER-SHARE-GAIN-APPREC> 2.28
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .41
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.37
<EXPENSE-RATIO> 125
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the
Intermediate Tax Free Fund Annual Report dated December 31, 1995, and is
qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> INTERMEDIATE TAX FREE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 22252574
<INVESTMENTS-AT-VALUE> 22252574
<RECEIVABLES> 15271
<ASSETS-OTHER> 6621
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22274466
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 61360
<TOTAL-LIABILITIES> 61360
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21730133
<SHARES-COMMON-STOCK> 2104168
<SHARES-COMMON-PRIOR> 2601922
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (980979)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1463952
<NET-ASSETS> 22213106
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1199984
<EXPENSES-NET> 96355
<NET-INVESTMENT-INCOME> 1103629
<REALIZED-GAINS-CURRENT> 373106
<APPREC-INCREASE-CURRENT> 1660101
<NET-CHANGE-FROM-OPS> 3136836
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1103629
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 444241
<NUMBER-OF-SHARES-REDEEMED> 1026546
<SHARES-REINVESTED> 84551
<NET-CHANGE-IN-ASSETS> (3089920)
<ACCUMULATED-NII-PRIOR> 1229998
<ACCUMULATED-GAINS-PRIOR> (1354085)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 144971
<AVERAGE-NET-ASSETS> 24089041
<PER-SHARE-NAV-BEGIN> 9.72
<PER-SHARE-NII> .47
<PER-SHARE-GAIN-APPREC> .84
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .47
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.56
<EXPENSE-RATIO> 85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees
BT Investment Funds:
In planning and performing our audits of the financial statements and financial
highlights of BT Investment Funds for the periods ended December 31, 1995, 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 December 31, 1995.
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.
Kansas City, Missouri
February 13, 1996
