<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
070 L021700 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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SIGNATURE J. S. NEUMAN
TITLE SECRETARY
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<CIK> 0000797657
<NAME> BT INVESTMENT FUNDS
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<OVERDISTRIB-NII-PRIOR> 0
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<EXPENSE-RATIO> 150
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the BT
Investment Small Cap Fund Semiannual Report dated March 31, 1997, and is
qualified in its entirety by reference to such Semiannual Report.
</LEGEND>
<CIK> 0000797657
<NAME> BT INVESTMENT FUNDS
<SERIES>
<NUMBER> 16
<NAME> BT INVESTMENT SMALL CAP FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 148258862
<INVESTMENTS-AT-VALUE> 148258862
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<TOTAL-ASSETS> 148408293
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<SHARES-COMMON-PRIOR> 11185714
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<ACCUMULATED-NET-GAINS> 5798508
<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (342450)
<EXPENSES-NET> 631806
<NET-INVESTMENT-INCOME> (974256)
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<APPREC-INCREASE-CURRENT> (65128828)
<NET-CHANGE-FROM-OPS> (50714381)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (13993488)
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<NUMBER-OF-SHARES-SOLD> 72534815
<NUMBER-OF-SHARES-REDEEMED> 113825000
<SHARES-REINVESTED> 10338678
<NET-CHANGE-IN-ASSETS> (95659376)
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<GROSS-EXPENSE> 655945
<AVERAGE-NET-ASSETS> 194936022
<PER-SHARE-NAV-BEGIN> 21.66
<PER-SHARE-NII> (.12)
<PER-SHARE-GAIN-APPREC> (4.88)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.42
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.24
<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 BT
Investment Pacific Basin Fund Semiannual Report dated March 31, 1997 and is
qualified in its entirety by reference to such Semiannual Report.
</LEGEND>
<CIK> 0000797657
<NAME> BT INVESTMENT FUNDS
<SERIES>
<NUMBER> 17
<NAME> BT INVESTMENT PACIFIC BASIN FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 31923942
<INVESTMENTS-AT-VALUE> 31923942
<RECEIVABLES> 19970
<ASSETS-OTHER> 23234
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<TOTAL-LIABILITIES> 946981
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30023993
<SHARES-COMMON-STOCK> 2693635
<SHARES-COMMON-PRIOR> 2489738
<ACCUMULATED-NII-CURRENT> (185096)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 932229
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 249039
<NET-ASSETS> 31020165
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 2971
<EXPENSES-NET> 119799
<NET-INVESTMENT-INCOME> (116828)
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<NET-CHANGE-IN-ASSETS> 1630862
<ACCUMULATED-NII-PRIOR> (68268)
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<PER-SHARE-NAV-BEGIN> 11.80
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> .28
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<PER-SHARE-NAV-END> 11.52
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<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 BT
Investment Latin American Fund Semiannual Report dated March 31, 1997, and is
qualified in its entirety by reference to such Semiannual Report.
</LEGEND>
<CIK> 0000797657
<NAME> BT INVESTMENT FUNDS
<SERIES>
<NUMBER> 18
<NAME> BT INVESTMENT LATIN AMERICAN FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 24610204
<INVESTMENTS-AT-VALUE> 24610204
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<ACCUMULATED-NII-CURRENT> (21456)
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<OVERDISTRIBUTION-GAINS> 0
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<NET-INVESTMENT-INCOME> (40974)
<REALIZED-GAINS-CURRENT> 1915435
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<DISTRIBUTIONS-OF-GAINS> 0
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<ACCUMULATED-NII-PRIOR> 23831
<ACCUMULATED-GAINS-PRIOR> (8579575)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 0
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<GROSS-EXPENSE> 127068
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<PER-SHARE-NAV-BEGIN> 10.71
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 1.60
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.29
<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 BT
Investment Funds Semiannual Report dated March 31, 1997, and is qualified
in its entirety by reference to such Semiannual Report.
</LEGEND>
<CIK> 0000797657
<NAME> BT INVESTMENT FUNDS
<SERIES>
<NUMBER> 19
<NAME> BT INVESTMENT EUROPEAN EQUITY FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 0
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 0
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<NET-INVESTMENT-INCOME> 0
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<DISTRIBUTIONS-OF-INCOME> 0
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-EXPENSE> 0
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<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<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 BT
Investment Funds Semiannual Report dated March 31, 1997, and is qualified
in its entirety by reference to such Semiannual Report.
</LEGEND>
<CIK> 0000797657
<NAME> BT INVESTMENT FUNDS
<SERIES>
<NUMBER> 20
<NAME> BT INVESTMENT INTERNATIONAL BOND FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> OCT-01-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
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<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 0
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<SHARES-REINVESTED> 0
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
