<PAGE> PAGE 1
000 B000000 09/30/96
000 C000000 0000797657
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 BT INVESTMENT FUNDS
001 B000000 811-4760
001 C000000 4122887496
002 A000000 1001 LIBERTY AVENUE
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3775
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 10
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C020500 INTERNATIONAL EQUITY FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C020700 SHORT INTERMEDIATE U.S. GOVERNMENT FUND
007 C030700 Y
007 C010800 8
007 C020800 CAPITAL APPRECIATION FUND
007 C030800 N
007 C010900 9
007 C011000 10
007 C011100 11
007 C021100 INTERMEDIATE TAX FREE FUND
007 C031100 N
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C021500 GLOBAL HIGH YIELD SECURITIES FUND
007 C031500 N
007 C011600 16
007 C021600 SMALL CAP FUND
007 C031600 N
<PAGE> PAGE 2
007 C011700 17
007 C021700 PACIFIC BASIN EQUITY FUND
007 C031700 N
007 C011800 18
007 C021800 LATIN AMERICAN EQUITY FUND
007 C031800 N
007 C011900 19
007 C021900 EUROPEAN EQUITY FUND
007 C031900 N
007 C012000 20
007 C022000 INTERNATIONAL BOND FUND
007 C032000 N
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
007 C013100 31
007 C013200 32
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
010 A00AA01 BANKERS TRUST COMPANY
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10006
011 A00AA01 FEDERATED SERVICES COMPANY
011 B00AA01 8-41134
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3775
012 A00AA01 BANKERS TRUST COMPANY
012 B00AA01 84-xxxxxxx
012 C01AA01 NEW YORK
012 C02AA01 NY
012 C03AA01 10006
013 A00AA01 COOPERS & LYBRAND
013 B01AA01 KANSAS CITY
013 B02AA01 MO
013 B03AA01 64105
<PAGE> PAGE 3
013 B04AA01 1716
015 A00AA01 BANKERS TRUST COMPANY
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10017
015 E03AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 55
019 C00AA00 BTTINFUNDS
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 SMALL CAP EQUITY PORTFOLIO
022 B000001 04-3203566
022 C000001 249576
022 D000001 173923
022 A000002 INTERNATIONAL EQUITY PORTFOLIO
022 B000002 04-3148828
022 C000002 98811
022 D000002 36549
022 A000003 PACIFIC BASIN EQUITY PORTFOLIO
022 B000003 04-3203567
022 C000003 37284
022 D000003 34868
022 A000004 CAPITAL APPRECIATION PORTFOLIO
022 B000004 04-3167398
022 C000004 25328
022 D000004 23292
022 A000005 LATIN AMERICAN EQUITY PORTFOLIO
022 B000005 04-3202920
022 C000005 24339
022 D000005 23986
022 A000006 SHORT INTERMEDIATE U.S. GOVERNMENT PORTFOLIO
022 B000006 04-3148808
022 C000006 5912
022 D000006 29303
022 A000007 GLOBAL HIGH YIELD PORTFOLIO
022 B000007 04-3202918
022 C000007 10044
022 D000007 17667
022 A000008 INTERMEDIATE TAX FREE PORTFOLIO
<PAGE> PAGE 4
022 B000008 04-3148806
022 C000008 3154
022 D000008 3690
022 A000009 EUROPEAN EQUITY PORTFOLIO
022 B000009 04-3203570
022 C000009 0
022 D000009 0
022 A000010 INTERNATIONAL BOND PORTFOLIO
022 B000010 04-3194188
022 C000010 0
022 D000010 0
023 C000000 454448
023 D000000 343278
024 00AA00 N
026 A000000 N
026 B000000 N
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 N
<PAGE> PAGE 5
048 00AA00 0.000
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
058 B00AA00 N
058 C00AA00 N
058 D00AA00 N
058 E00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 2500
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
<PAGE> PAGE 6
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 0
063 B00AA00 0.0
077 A000000 Y
077 B000000 Y
077 C000000 Y
078 000000 N
080 A00AA00 NATIONAL UNION INSURANCE COMPANY
080 C00AA00 11150
081 A00AA00 Y
081 B00AA00 17
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010500 6672
028 A020500 0
028 A030500 0
028 A040500 1811
028 B010500 8110
028 B020500 0
028 B030500 0
028 B040500 2268
028 C010500 7189
028 C020500 0
028 C030500 0
028 C040500 2234
028 D010500 7337
028 D020500 0
028 D030500 0
028 D040500 4580
028 E010500 9837
028 E020500 0
<PAGE> PAGE 7
028 E030500 0
028 E040500 2072
028 F010500 9604
028 F020500 336
028 F030500 0
028 F040500 1192
028 G010500 48749
028 G020500 336
028 G030500 0
028 G040500 14157
028 H000500 0
066 A000500 Y
066 C000500 Y
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 Y
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 Y
070 Q020500 N
<PAGE> PAGE 8
070 R010500 Y
070 R020500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 12
072 B000500 0
072 C000500 0
072 D000500 0
072 E000500 2034
072 F000500 0
072 G000500 983
072 H000500 0
072 I000500 0
072 J000500 0
072 K000500 0
072 L000500 16
072 M000500 3
072 N000500 41
072 O000500 1
072 P000500 0
072 Q000500 0
072 R000500 8
072 S000500 5
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 0
072 X000500 1057
072 Y000500 74
072 Z000500 1051
072AA000500 6081
072BB000500 0
072CC010500 0
072CC020500 7989
072DD010500 1680
072DD020500 0
072EE000500 2219
073 A010500 0.3080
073 A020500 0.0000
073 B000500 0.3707
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
<PAGE> PAGE 9
074 I000500 161678
074 J000500 0
074 K000500 0
074 L000500 167
074 M000500 10
074 N000500 161855
074 O000500 0
074 P000500 81
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 82
074 S000500 0
074 T000500 161692
074 U010500 9641
074 U020500 0
074 V010500 16.77
074 V020500 0.00
074 W000500 0.0000
074 X000500 493
074 Y000500 0
075 A000500 0
075 B000500 115607
076 000500 0.00
028 A010700 46
028 A020700 0
028 A030700 0
028 A040700 691
028 B010700 3528
028 B020700 91
028 B030700 0
028 B040700 736
028 C010700 1
028 C020700 124
028 C030700 0
028 C040700 26933
028 D010700 0
028 D020700 0
028 D030700 0
028 D040700 0
028 E010700 0
028 E020700 0
028 E030700 0
028 E040700 0
028 F010700 0
028 F020700 0
028 F030700 0
028 F040700 0
028 G010700 3575
028 G020700 215
<PAGE> PAGE 10
028 G030700 0
028 G040700 28360
028 H000700 0
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 0
071 B000700 0
071 C000700 0
071 D000700 0
072 A000700 5
072 B000700 0
072 C000700 0
<PAGE> PAGE 11
072 D000700 0
072 E000700 571
072 F000700 0
072 G000700 59
072 H000700 0
072 I000700 0
072 J000700 0
072 K000700 0
072 L000700 8
072 M000700 0
072 N000700 17
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 1
072 S000700 1
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 0
072 X000700 86
072 Y000700 27
072 Z000700 512
072AA000700 0
072BB000700 144
072CC010700 0
072CC020700 215
072DD010700 512
072DD020700 0
072EE000700 0
073 A010700 0.1967
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 0
074 M000700 0
074 N000700 0
074 O000700 0
074 P000700 0
074 Q000700 0
<PAGE> PAGE 12
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 0
074 S000700 0
074 T000700 0
074 U010700 0
074 U020700 0
074 V010700 0.00
074 V020700 0.00
074 W000700 0.0000
074 X000700 0
074 Y000700 0
075 A000700 0
075 B000700 24837
076 000700 0.00
028 A010800 3836
028 A020800 0
028 A030800 0
028 A040800 2829
028 B010800 3600
028 B020800 0
028 B030800 0
028 B040800 1497
028 C010800 1521
028 C020800 0
028 C030800 0
028 C040800 2031
028 D010800 937
028 D020800 0
028 D030800 0
028 D040800 1680
028 E010800 1271
028 E020800 0
028 E030800 0
028 E040800 2055
028 F010800 304
028 F020800 1157
028 F030800 0
028 F040800 1001
028 G010800 11469
028 G020800 1157
028 G030800 0
028 G040800 11093
028 H000800 0
066 A000800 Y
066 D000800 Y
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
<PAGE> PAGE 13
070 A010800 Y
070 A020800 N
070 B010800 Y
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 Y
070 L010800 Y
070 L020800 N
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 Y
070 Q020800 N
070 R010800 Y
070 R020800 N
071 A000800 0
071 B000800 0
071 C000800 0
071 D000800 0
072 A000800 12
072 B000800 0
072 C000800 0
072 D000800 0
072 E000800 -5
072 F000800 0
072 G000800 405
072 H000800 0
072 I000800 0
072 J000800 0
072 K000800 0
<PAGE> PAGE 14
072 L000800 14
072 M000800 3
072 N000800 24
072 O000800 1
072 P000800 0
072 Q000800 0
072 R000800 9
072 S000800 5
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 1
072 X000800 462
072 Y000800 57
072 Z000800 -410
072AA000800 6406
072BB000800 0
072CC010800 0
072CC020800 1389
072DD010800 0
072DD020800 0
072EE000800 6766
073 A010800 0.0000
073 A020800 0.0000
073 B000800 1.8345
073 C000800 0.0000
074 A000800 0
074 B000800 0
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 67479
074 J000800 0
074 K000800 0
074 L000800 7
074 M000800 5
074 N000800 67491
074 O000800 0
074 P000800 14
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 92
074 S000800 0
074 T000800 67385
074 U010800 4013
074 U020800 0
<PAGE> PAGE 15
074 V010800 16.79
074 V020800 0.00
074 W000800 0.0000
074 X000800 312
074 Y000800 0
075 A000800 0
075 B000800 62364
076 000800 0.00
028 A011100 98
028 A021100 0
028 A031100 0
028 A041100 497
028 B011100 381
028 B021100 58
028 B031100 0
028 B041100 122
028 C011100 96
028 C021100 60
028 C031100 0
028 C041100 152
028 D011100 52
028 D021100 58
028 D031100 0
028 D041100 366
028 E011100 120
028 E021100 60
028 E031100 0
028 E041100 202
028 F011100 155
028 F021100 63
028 F031100 0
028 F041100 556
028 G011100 902
028 G021100 299
028 G031100 0
028 G041100 1895
028 H001100 0
066 A001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 N
070 B011100 N
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 N
070 D021100 N
070 E011100 Y
<PAGE> PAGE 16
070 E021100 N
070 F011100 N
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 N
070 L021100 N
070 M011100 N
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 Y
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 0
071 B001100 0
071 C001100 0
071 D001100 0
072 A001100 9
072 B001100 0
072 C001100 0
072 D001100 0
072 E001100 781
072 F001100 0
072 G001100 67
072 H001100 0
072 I001100 0
072 J001100 0
072 K001100 0
072 L001100 14
072 M001100 2
072 N001100 14
072 O001100 1
072 P001100 0
072 Q001100 0
072 R001100 5
072 S001100 4
072 T001100 0
<PAGE> PAGE 17
072 U001100 0
072 V001100 0
072 W001100 0
072 X001100 107
072 Y001100 40
072 Z001100 714
072AA001100 277
072BB001100 0
072CC011100 0
072CC021100 755
072DD011100 714
072DD021100 0
072EE001100 0
073 A011100 0.3301
073 A021100 0.0000
073 B001100 0.0000
073 C001100 0.0000
074 A001100 0
074 B001100 0
074 C001100 0
074 D001100 0
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 22020
074 J001100 0
074 K001100 24
074 L001100 0
074 M001100 7
074 N001100 22051
074 O001100 0
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 43
074 S001100 0
074 T001100 22008
074 U011100 2128
074 U021100 0
074 V011100 10.34
074 V021100 0.00
074 W001100 0.0000
074 X001100 83
074 Y001100 0
075 A001100 0
075 B001100 22436
076 001100 0.00
028 A011500 324
<PAGE> PAGE 18
028 A021500 40
028 A031500 0
028 A041500 1032
028 B011500 653
028 B021500 0
028 B031500 0
028 B041500 2227
028 C011500 862
028 C021500 0
028 C031500 0
028 C041500 741
028 D011500 128
028 D021500 53
028 D031500 0
028 D041500 27
028 E011500 714
028 E021500 0
028 E031500 0
028 E041500 215
028 F011500 157
028 F021500 0
028 F031500 0
028 F041500 411
028 G011500 2838
028 G021500 93
028 G031500 0
028 G041500 4653
028 H001500 0
066 A001500 N
067 001500 N
068 A001500 N
068 B001500 N
069 001500 N
070 A011500 Y
070 A021500 N
070 B011500 N
070 B021500 N
070 C011500 Y
070 C021500 N
070 D011500 N
070 D021500 N
070 E011500 N
070 E021500 N
070 F011500 N
070 F021500 N
070 G011500 N
070 G021500 N
070 H011500 N
070 H021500 N
070 I011500 N
070 I021500 N
<PAGE> PAGE 19
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 Y
070 L011500 Y
070 L021500 N
070 M011500 Y
070 M021500 N
070 N011500 Y
070 N021500 N
070 O011500 Y
070 O021500 N
070 P011500 N
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 N
070 R021500 N
071 A001500 0
071 B001500 0
071 C001500 0
071 D001500 0
072 A001500 12
072 B001500 0
072 C001500 0
072 D001500 0
072 E001500 1713
072 F001500 0
072 G001500 185
072 H001500 0
072 I001500 0
072 J001500 0
072 K001500 0
072 L001500 35
072 M001500 3
072 N001500 15
072 O001500 0
072 P001500 0
072 Q001500 0
072 R001500 10
072 S001500 6
072 T001500 0
072 U001500 2
072 V001500 0
072 W001500 0
072 X001500 256
072 Y001500 110
072 Z001500 1567
072AA001500 855
072BB001500 0
072CC011500 1619
<PAGE> PAGE 20
072CC021500 0
072DD011500 1489
072DD021500 0
072EE001500 0
073 A011500 0.7497
073 A021500 0.0000
073 B001500 0.0000
073 C001500 0.0000
074 A001500 0
074 B001500 0
074 C001500 0
074 D001500 0
074 E001500 0
074 F001500 0
074 G001500 0
074 H001500 0
074 I001500 19571
074 J001500 0
074 K001500 0
074 L001500 5
074 M001500 14
074 N001500 19590
074 O001500 0
074 P001500 10
074 Q001500 0
074 R011500 0
074 R021500 0
074 R031500 0
074 R041500 39
074 S001500 0
074 T001500 19541
074 U011500 1745
074 U021500 0
074 V011500 11.20
074 V021500 0.00
074 W001500 0.0000
074 X001500 83
074 Y001500 0
075 A001500 0
075 B001500 19477
076 001500 0.00
028 A011600 20537
028 A021600 0
028 A031600 0
028 A041600 9881
028 B011600 32904
028 B021600 0
028 B031600 0
028 B041600 15730
028 C011600 14737
028 C021600 0
<PAGE> PAGE 21
028 C031600 0
028 C041600 25223
028 D011600 11977
028 D021600 0
028 D031600 0
028 D041600 7919
028 E011600 20606
028 E021600 0
028 E031600 0
028 E041600 22252
028 F011600 10864
028 F021600 0
028 F031600 0
028 F041600 14439
028 G011600 111625
028 G021600 0
028 G031600 0
028 G041600 95444
028 H001600 0
066 A001600 Y
066 B001600 N
066 C001600 Y
066 D001600 N
066 E001600 N
066 F001600 N
066 G001600 N
067 001600 N
068 A001600 N
068 B001600 N
069 001600 N
070 A011600 Y
070 A021600 N
070 B011600 Y
070 B021600 N
070 C011600 N
070 C021600 N
070 D011600 Y
070 D021600 N
070 E011600 N
070 E021600 N
070 F011600 Y
070 F021600 N
070 G011600 Y
070 G021600 N
070 H011600 Y
070 H021600 N
070 I011600 N
070 I021600 N
070 J011600 Y
070 J021600 N
070 K011600 Y
<PAGE> PAGE 22
070 K021600 Y
070 L011600 Y
070 L021600 N
070 M011600 Y
070 M021600 N
070 N011600 Y
070 N021600 N
070 O011600 Y
070 O021600 N
070 P011600 N
070 P021600 N
070 Q011600 N
070 Q021600 N
070 R011600 N
070 R021600 N
071 A001600 0
071 B001600 0
071 C001600 0
071 D001600 0
072 A001600 12
072 B001600 0
072 C001600 0
072 D001600 0
072 E001600 -95
072 F001600 0
072 G001600 1286
072 H001600 0
072 I001600 0
072 J001600 0
072 K001600 0
072 L001600 27
072 M001600 3
072 N001600 66
072 O001600 1
072 P001600 0
072 Q001600 0
072 R001600 7
072 S001600 5
072 T001600 0
072 U001600 0
072 V001600 0
072 W001600 1
072 X001600 1396
072 Y001600 110
072 Z001600 -1381
072AA001600 4947
072BB001600 0
072CC011600 38472
072CC021600 0
072DD011600 0
072DD021600 0
<PAGE> PAGE 23
072EE001600 10302
073 A011600 0.0000
073 A021600 0.0000
073 B001600 1.3746
073 C001600 0.0000
074 A001600 0
074 B001600 0
074 C001600 0
074 D001600 0
074 E001600 0
074 F001600 0
074 G001600 0
074 H001600 0
074 I001600 242810
074 J001600 0
074 K001600 0
074 L001600 245
074 M001600 12
074 N001600 243067
074 O001600 0
074 P001600 145
074 Q001600 0
074 R011600 0
074 R021600 0
074 R031600 0
074 R041600 686
074 S001600 0
074 T001600 242236
074 U011600 11186
074 U021600 0
074 V011600 21.66
074 V021600 0.00
074 W001600 0.0000
074 X001600 508
074 Y001600 0
075 A001600 0
075 B001600 197830
076 001600 0.00
028 A011700 3518
028 A021700 0
028 A031700 0
028 A041700 4346
028 B011700 2623
028 B021700 0
028 B031700 0
028 B041700 436
028 C011700 1360
028 C021700 0
028 C031700 0
028 C041700 2758
028 D011700 2886
<PAGE> PAGE 24
028 D021700 0
028 D031700 0
028 D041700 2931
028 E011700 2843
028 E021700 0
028 E031700 0
028 E041700 2312
028 F011700 1983
028 F021700 0
028 F031700 0
028 F041700 1972
028 G011700 15213
028 G021700 0
028 G031700 0
028 G041700 14755
028 H001700 0
066 A001700 Y
066 B001700 N
066 C001700 Y
066 D001700 N
066 E001700 N
066 F001700 N
066 G001700 N
067 001700 N
068 A001700 N
068 B001700 Y
069 001700 N
070 A011700 Y
070 A021700 N
070 B011700 Y
070 B021700 N
070 C011700 Y
070 C021700 N
070 D011700 Y
070 D021700 N
070 E011700 N
070 E021700 N
070 F011700 Y
070 F021700 N
070 G011700 Y
070 G021700 N
070 H011700 Y
070 H021700 N
070 I011700 N
070 I021700 N
070 J011700 Y
070 J021700 N
070 K011700 Y
070 K021700 Y
070 L011700 Y
070 L021700 N
<PAGE> PAGE 25
070 M011700 Y
070 M021700 N
070 N011700 Y
070 N021700 N
070 O011700 Y
070 O021700 N
070 P011700 N
070 P021700 N
070 Q011700 N
070 Q021700 N
070 R011700 N
070 R021700 N
071 A001700 0
071 B001700 0
071 C001700 0
071 D001700 0
072 A001700 12
072 B001700 0
072 C001700 0
072 D001700 0
072 E001700 142
072 F001700 0
072 G001700 210
072 H001700 0
072 I001700 0
072 J001700 0
072 K001700 0
072 L001700 23
072 M001700 3
072 N001700 14
072 O001700 1
072 P001700 0
072 Q001700 0
072 R001700 8
072 S001700 5
072 T001700 0
072 U001700 2
072 V001700 0
072 W001700 1
072 X001700 267
072 Y001700 57
072 Z001700 -68
072AA001700 1605
072BB001700 0
072CC011700 591
072CC021700 0
072DD011700 0
072DD021700 0
072EE001700 0
073 A011700 0.0000
073 A021700 0.0000
<PAGE> PAGE 26
073 B001700 0.0000
073 C001700 0.0000
074 A001700 0
074 B001700 0
074 C001700 0
074 D001700 0
074 E001700 0
074 F001700 0
074 G001700 0
074 H001700 0
074 I001700 29409
074 J001700 0
074 K001700 0
074 L001700 10
074 M001700 14
074 N001700 29433
074 O001700 0
074 P001700 10
074 Q001700 0
074 R011700 0
074 R021700 0
074 R031700 0
074 R041700 34
074 S001700 0
074 T001700 29389
074 U011700 2490
074 U021700 0
074 V011700 11.80
074 V021700 0.00
074 W001700 0.0000
074 X001700 197
074 Y001700 0
075 A001700 0
075 B001700 28008
076 001700 0.00
028 A011800 3266
028 A021800 0
028 A031800 0
028 A041800 1338
028 B011800 1699
028 B021800 0
028 B031800 0
028 B041800 1459
028 C011800 1061
028 C021800 0
028 C031800 0
028 C041800 878
028 D011800 1549
028 D021800 0
028 D031800 0
028 D041800 4106
<PAGE> PAGE 27
028 E011800 1298
028 E021800 0
028 E031800 0
028 E041800 876
028 F011800 707
028 F021800 0
028 F031800 0
028 F041800 1327
028 G011800 9580
028 G021800 0
028 G031800 0
028 G041800 9984
028 H001800 0
066 A001800 Y
066 B001800 N
066 C001800 Y
066 D001800 N
066 E001800 N
066 F001800 N
066 G001800 N
067 001800 N
068 A001800 N
068 B001800 Y
069 001800 N
070 A011800 Y
070 A021800 N
070 B011800 Y
070 B021800 N
070 C011800 N
070 C021800 N
070 D011800 Y
070 D021800 N
070 E011800 N
070 E021800 N
070 F011800 Y
070 F021800 N
070 G011800 Y
070 G021800 N
070 H011800 Y
070 H021800 N
070 I011800 Y
070 I021800 N
070 J011800 Y
070 J021800 N
070 K011800 Y
070 K021800 Y
070 L011800 Y
070 L021800 N
070 M011800 Y
070 M021800 N
070 N011800 Y
<PAGE> PAGE 28
070 N021800 N
070 O011800 Y
070 O021800 N
070 P011800 N
070 P021800 N
070 Q011800 N
070 Q021800 N
070 R011800 N
070 R021800 N
071 A001800 0
071 B001800 0
071 C001800 0
071 D001800 0
072 A001800 12
072 B001800 0
072 C001800 0
072 D001800 0
072 E001800 175
072 F001800 0
072 G001800 143
072 H001800 0
072 I001800 0
072 J001800 0
072 K001800 0
072 L001800 26
072 M001800 3
072 N001800 17
072 O001800 1
072 P001800 0
072 Q001800 0
072 R001800 9
072 S001800 5
072 T001800 0
072 U001800 1
072 V001800 0
072 W001800 -1
072 X001800 204
072 Y001800 53
072 Z001800 24
072AA001800 939
072BB001800 0
072CC011800 0
072CC021800 1901
072DD011800 0
072DD021800 0
072EE001800 0
073 A011800 0.0000
073 A021800 0.0000
073 B001800 0.0000
073 C001800 0.0000
074 A001800 0
<PAGE> PAGE 29
074 B001800 0
074 C001800 0
074 D001800 0
074 E001800 0
074 F001800 0
074 G001800 0
074 H001800 0
074 I001800 17033
074 J001800 0
074 K001800 22
074 L001800 10
074 M001800 12
074 N001800 17077
074 O001800 0
074 P001800 0
074 Q001800 0
074 R011800 0
074 R021800 0
074 R031800 0
074 R041800 80
074 S001800 0
074 T001800 16997
074 U011800 1587
074 U021800 0
074 V011800 10.71
074 V021800 0.00
074 W001800 0.0000
074 X001800 139
074 Y001800 0
075 A001800 0
075 B001800 15086
076 001800 0.00
028 A011900 0
028 A021900 0
028 A031900 0
028 A041900 0
028 B011900 0
028 B021900 0
028 B031900 0
028 B041900 0
028 C011900 0
028 C021900 0
028 C031900 0
028 C041900 0
028 D011900 0
028 D021900 0
028 D031900 0
028 D041900 0
028 E011900 0
028 E021900 0
028 E031900 0
<PAGE> PAGE 30
028 E041900 0
028 F011900 0
028 F021900 0
028 F031900 0
028 F041900 0
028 G011900 0
028 G021900 0
028 G031900 0
028 G041900 0
028 H001900 0
066 A001900 Y
066 B001900 N
066 C001900 Y
066 D001900 N
066 E001900 N
066 F001900 N
066 G001900 N
067 001900 N
068 A001900 N
068 B001900 Y
069 001900 N
070 A011900 Y
070 A021900 N
070 B011900 Y
070 B021900 N
070 C011900 N
070 C021900 N
070 D011900 Y
070 D021900 N
070 E011900 N
070 E021900 N
070 F011900 Y
070 F021900 N
070 G011900 Y
070 G021900 N
070 H011900 Y
070 H021900 N
070 I011900 N
070 I021900 N
070 J011900 Y
070 J021900 N
070 K011900 Y
070 K021900 N
070 L011900 Y
070 L021900 N
070 M011900 Y
070 M021900 N
070 N011900 Y
070 N021900 N
070 O011900 N
070 O021900 N
<PAGE> PAGE 31
070 P011900 Y
070 P021900 N
070 Q011900 N
070 Q021900 N
070 R011900 N
070 R021900 N
071 A001900 0
071 B001900 0
071 C001900 0
071 D001900 0
072 A001900 12
072 B001900 0
072 C001900 0
072 D001900 0
072 E001900 0
072 F001900 0
072 G001900 0
072 H001900 0
072 I001900 0
072 J001900 0
072 K001900 0
072 L001900 0
072 M001900 0
072 N001900 0
072 O001900 0
072 P001900 0
072 Q001900 0
072 R001900 0
072 S001900 0
072 T001900 0
072 U001900 0
072 V001900 0
072 W001900 0
072 X001900 0
072 Y001900 0
072 Z001900 0
072AA001900 0
072BB001900 0
072CC011900 0
072CC021900 0
072DD011900 0
072DD021900 0
072EE001900 0
073 A011900 0.0000
073 A021900 0.0000
073 B001900 0.0000
073 C001900 0.0000
074 A001900 0
074 B001900 0
074 C001900 0
074 D001900 0
<PAGE> PAGE 32
074 E001900 0
074 F001900 0
074 G001900 0
074 H001900 0
074 I001900 0
074 J001900 0
074 K001900 0
074 L001900 0
074 M001900 0
074 N001900 0
074 O001900 0
074 P001900 0
074 Q001900 0
074 R011900 0
074 R021900 0
074 R031900 0
074 R041900 0
074 S001900 0
074 T001900 0
074 U011900 0
074 U021900 0
074 V011900 0.00
074 V021900 0.00
074 W001900 0.0000
074 X001900 0
074 Y001900 0
075 A001900 0
075 B001900 0
076 001900 0.00
028 A012000 0
028 A022000 0
028 A032000 0
028 A042000 0
028 B012000 0
028 B022000 0
028 B032000 0
028 B042000 0
028 C012000 0
028 C022000 0
028 C032000 0
028 C042000 0
028 D012000 0
028 D022000 0
028 D032000 0
028 D042000 0
028 E012000 0
028 E022000 0
028 E032000 0
028 E042000 0
028 F012000 0
028 F022000 0
<PAGE> PAGE 33
028 F032000 0
028 F042000 0
028 G012000 0
028 G022000 0
028 G032000 0
028 G042000 0
028 H002000 0
070 A012000 Y
070 A022000 N
070 B012000 N
070 B022000 N
070 C012000 N
070 C022000 N
070 D012000 N
070 D022000 N
070 E012000 N
070 E022000 N
070 F012000 N
070 F022000 N
070 G012000 Y
070 G022000 N
070 H012000 N
070 H022000 N
070 I012000 N
070 I022000 N
070 J012000 N
070 J022000 N
070 K012000 Y
070 K022000 N
070 L012000 Y
070 L022000 N
070 M012000 Y
070 M022000 N
070 N012000 Y
070 N022000 N
070 O012000 Y
070 O022000 N
070 P012000 Y
070 P022000 N
070 Q012000 N
070 Q022000 N
070 R012000 N
070 R022000 N
071 A002000 0
071 B002000 0
071 C002000 0
071 D002000 0
072 A002000 12
072 B002000 0
072 C002000 0
072 D002000 0
<PAGE> PAGE 34
072 E002000 0
072 F002000 0
072 G002000 0
072 H002000 0
072 I002000 0
072 J002000 0
072 K002000 0
072 L002000 0
072 M002000 0
072 N002000 0
072 O002000 0
072 P002000 0
072 Q002000 0
072 R002000 0
072 S002000 0
072 T002000 0
072 U002000 0
072 V002000 0
072 W002000 0
072 X002000 0
072 Y002000 0
072 Z002000 0
072AA002000 0
072BB002000 0
072CC012000 0
072CC022000 0
072DD012000 0
072DD022000 0
072EE002000 0
073 A012000 0.0000
073 A022000 0.0000
073 B002000 0.0000
073 C002000 0.0000
074 A002000 0
074 B002000 0
074 C002000 0
074 D002000 0
074 E002000 0
074 F002000 0
074 G002000 0
074 H002000 0
074 I002000 0
074 J002000 0
074 K002000 0
074 L002000 0
074 M002000 0
074 N002000 0
074 O002000 0
074 P002000 0
074 Q002000 0
074 R012000 0
<PAGE> PAGE 35
074 R022000 0
074 R032000 0
074 R042000 0
074 S002000 0
074 T002000 0
074 U012000 0
074 U022000 0
074 V012000 0.00
074 V022000 0.00
074 W002000 0.0000
074 X002000 0
074 Y002000 0
075 A002000 0
075 B002000 0
076 002000 0.00
SIGNATURE JAY S. NEUMAN
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the
Investment Capital Apprectiation Fund Annual Report dated September 30, 1996,
and is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> BT INVESTMENT FUNDS
<SERIES>
<NUMBER> 8
<NAME> CAPITAL APPRECIATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 67478448
<INVESTMENTS-AT-VALUE> 67478448
<RECEIVABLES> 7260
<ASSETS-OTHER> 5467
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67491175
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106375
<TOTAL-LIABILITIES> 106375
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 47717389
<SHARES-COMMON-STOCK> 4013416
<SHARES-COMMON-PRIOR> 3408487
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2089067
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17578344
<NET-ASSETS> 67384800
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (4708)
<EXPENSES-NET> 405364
<NET-INVESTMENT-INCOME> (410072)
<REALIZED-GAINS-CURRENT> 6405510
<APPREC-INCREASE-CURRENT> 1389272
<NET-CHANGE-FROM-OPS> 7384710
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 6765953
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25355460
<NUMBER-OF-SHARES-REDEEMED> 19562155
<SHARES-REINVESTED> 3593138
<NET-CHANGE-IN-ASSETS> 10005200
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2859582
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 462743
<AVERAGE-NET-ASSETS> 62363717
<PER-SHARE-NAV-BEGIN> 16.83
<PER-SHARE-NII> (.10)
<PER-SHARE-GAIN-APPREC> 1.89
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.83
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.79
<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
Investment Global High Yield Securities Fund Annual Report dated September 30,
1996, and is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> BT INVESTMENT FUNDS
<SERIES>
<NUMBER> 15
<NAME> GLOBAL HIGH YIELD SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 19571101
<INVESTMENTS-AT-VALUE> 19571101
<RECEIVABLES> 0
<ASSETS-OTHER> 18907
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19590008
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 49389
<TOTAL-LIABILITIES> 49389
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17147199
<SHARES-COMMON-STOCK> 1744731
<SHARES-COMMON-PRIOR> 2342469
<ACCUMULATED-NII-CURRENT> 524700
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 220152
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1648568
<NET-ASSETS> 19540619
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1712705
<EXPENSES-NET> 146086
<NET-INVESTMENT-INCOME> 1566619
<REALIZED-GAINS-CURRENT> 855081
<APPREC-INCREASE-CURRENT> 1618682
<NET-CHANGE-FROM-OPS> 4040382
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1488712
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10018654
<NUMBER-OF-SHARES-REDEEMED> 16324044
<SHARES-REINVESTED> 381174
<NET-CHANGE-IN-ASSETS> (3372546)
<ACCUMULATED-NII-PRIOR> 511309
<ACCUMULATED-GAINS-PRIOR> (699445)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 256025
<AVERAGE-NET-ASSETS> 19477440
<PER-SHARE-NAV-BEGIN> 9.78
<PER-SHARE-NII> .87
<PER-SHARE-GAIN-APPREC> 1.30
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .75
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.20
<EXPENSE-RATIO> 150
<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
Investment International Equity Fund Annual Report dated September 30, 1996, and
is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> BT INVESTMENT FUNDS
<SERIES>
<NUMBER> 5
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 161678276
<INVESTMENTS-AT-VALUE> 161678276
<RECEIVABLES> 166693
<ASSETS-OTHER> 9547
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 161854516
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 162870
<TOTAL-LIABILITIES> 162870
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 135977614
<SHARES-COMMON-STOCK> 9641288
<SHARES-COMMON-PRIOR> 5351217
<ACCUMULATED-NII-CURRENT> 1972372
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3984951
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19756709
<NET-ASSETS> 161691646
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 2033530
<EXPENSES-NET> 982661
<NET-INVESTMENT-INCOME> 1050869
<REALIZED-GAINS-CURRENT> 6080697
<APPREC-INCREASE-CURRENT> 7989401
<NET-CHANGE-FROM-OPS> 15120967
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1680074
<DISTRIBUTIONS-OF-GAINS> 2218709
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 98926188
<NUMBER-OF-SHARES-REDEEMED> 33430708
<SHARES-REINVESTED> 2166771
<NET-CHANGE-IN-ASSETS> 78884435
<ACCUMULATED-NII-PRIOR> 799626
<ACCUMULATED-GAINS-PRIOR> 1924914
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1057155
<AVERAGE-NET-ASSETS> 115607245
<PER-SHARE-NAV-BEGIN> 15.47
<PER-SHARE-NII> .18
<PER-SHARE-GAIN-APPREC> 1.80
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .68
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.77
<EXPENSE-RATIO> 150
<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
Investment Intermediate Tax Free Fund Annual Report dated September 30, 1996,
and is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> BT INVESTMENT FUNDS
<SERIES>
<NUMBER> 11
<NAME> INTERMEDIATE TAX FREE FUND
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 22019268
<INVESTMENTS-AT-VALUE> 22019268
<RECEIVABLES> 0
<ASSETS-OTHER> 7393
<OTHER-ITEMS-ASSETS> 24472
<TOTAL-ASSETS> 22051133
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43576
<TOTAL-LIABILITIES> 43576
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22002796
<SHARES-COMMON-STOCK> 2127754
<SHARES-COMMON-PRIOR> 2104168
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (704362)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 709123
<NET-ASSETS> 22007557
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 780705
<EXPENSES-NET> 67185
<NET-INVESTMENT-INCOME> 713520
<REALIZED-GAINS-CURRENT> 276617
<APPREC-INCREASE-CURRENT> (754829)
<NET-CHANGE-FROM-OPS> 235308
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 713520
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4536603
<NUMBER-OF-SHARES-REDEEMED> 10528057
<SHARES-REINVESTED> 868327
<NET-CHANGE-IN-ASSETS> (205549)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (980979)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 107508
<AVERAGE-NET-ASSETS> 22436122
<PER-SHARE-NAV-BEGIN> 10.56
<PER-SHARE-NII> .33
<PER-SHARE-GAIN-APPREC> (.22)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .33
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.34
<EXPENSE-RATIO> 85
<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
Investment Latin American Equity Fund Annual Report dated September 30, 1996,
and is qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> BT INVESTMENT FUNDS
<SERIES>
<NUMBER> 18
<NAME> LATIN AMERICAN EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 17032666
<INVESTMENTS-AT-VALUE> 17032666
<RECEIVABLES> 9800
<ASSETS-OTHER> 12328
<OTHER-ITEMS-ASSETS> 22101
<TOTAL-ASSETS> 17076895
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 80012
<TOTAL-LIABILITIES> 80012
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24024121
<SHARES-COMMON-STOCK> 1587240
<SHARES-COMMON-PRIOR> 1602060
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (8532124)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1504886
<NET-ASSETS> 16996883
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 174692
<EXPENSES-NET> 150861
<NET-INVESTMENT-INCOME> 23831
<REALIZED-GAINS-CURRENT> 938638
<APPREC-INCREASE-CURRENT> 1901030
<NET-CHANGE-FROM-OPS> 2863499
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24344592
<NUMBER-OF-SHARES-REDEEMED> 23835412
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3372679
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (9518213)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 204173
<AVERAGE-NET-ASSETS> 15086131
<PER-SHARE-NAV-BEGIN> 8.50
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 2.19
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.71
<EXPENSE-RATIO> 200
<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
Investment Pacific Basin Fund Annual Report dated September 30, 1996, and is
qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> BT INVESTMENT FUNDS
<SERIES>
<NUMBER> 17
<NAME> PACIFIC BASIN EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 29409376
<INVESTMENTS-AT-VALUE> 29409376
<RECEIVABLES> 10000
<ASSETS-OTHER> 13596
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29432972
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43669
<TOTAL-LIABILITIES> 43669
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27490005
<SHARES-COMMON-STOCK> 2489738
<SHARES-COMMON-PRIOR> 2236081
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 903974
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 995324
<NET-ASSETS> 29389303
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 141789
<EXPENSES-NET> 210057
<NET-INVESTMENT-INCOME> (68268)
<REALIZED-GAINS-CURRENT> 1604612
<APPREC-INCREASE-CURRENT> 590614
<NET-CHANGE-FROM-OPS> 2126958
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 37293728
<NUMBER-OF-SHARES-REDEEMED> 34535657
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4885029
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (632370)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 266760
<AVERAGE-NET-ASSETS> 28008042
<PER-SHARE-NAV-BEGIN> 10.96
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> .87
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.80
<EXPENSE-RATIO> 175
<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
Investment Small Cap Fund Annual Report dated September 30, 1996, and is
qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> BT INVESTMENT FUNDS
<SERIES>
<NUMBER> 16
<NAME> SMALL CAP FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 242809448
<INVESTMENTS-AT-VALUE> 242809448
<RECEIVABLES> 245188
<ASSETS-OTHER> 12276
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 243066912
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 830683
<TOTAL-LIABILITIES> 830683
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 177057815
<SHARES-COMMON-STOCK> 11185714
<SHARES-COMMON-PRIOR> 6645609
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4403294
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 60775120
<NET-ASSETS> 242236229
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (94845)
<EXPENSES-NET> 1285892
<NET-INVESTMENT-INCOME> (1380737)
<REALIZED-GAINS-CURRENT> 4946585
<APPREC-INCREASE-CURRENT> 38472178
<NET-CHANGE-FROM-OPS> 42038026
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 10302003
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 249711457
<NUMBER-OF-SHARES-REDEEMED> 169725477
<SHARES-REINVESTED> 7579445
<NET-CHANGE-IN-ASSETS> 119301448
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 9758712
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1395852
<AVERAGE-NET-ASSETS> 197829583
<PER-SHARE-NAV-BEGIN> 18.50
<PER-SHARE-NII> (.12)
<PER-SHARE-GAIN-APPREC> 4.65
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.37
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.66
<EXPENSE-RATIO> 125
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
