<PAGE> PAGE 1
000 B000000 09/30/98
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 4108953709
002 A000000 1 SOUTH STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 11
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 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
007 C011700 17
007 C021700 PACIFIC BASIN EQUITY FUND
007 C031700 N
<PAGE> PAGE 2
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 C022200 INTERNATIONAL SMALL COMPANIES FUND
007 C032200 N
007 C012300 23
007 C022300 GLOBAL EMERGING MARKETS FUND
007 C032300 N
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 PRICEWATERHOUSECOOPERS LLP
013 B01AA01 BALTIMORE
013 B02AA01 MD
<PAGE> PAGE 3
013 B03AA01 21202
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 59
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 INTERNATIONAL EQUITY PORTFOLIO
022 B000001 04-3148828
022 C000001 1512636
022 D000001 652924
022 A000002 SMALL CAP EQUITY PORTFOLIO
022 B000002 04-3203566
022 C000002 320121
022 D000002 361924
022 A000003 CAPITAL APPRECIATION PORTFOLIO
022 B000003 04-3167398
022 C000003 62320
022 D000003 81790
022 A000004 LATIN AMERICAN EQUITY PORTFOLIO
022 B000004 04-3202920
022 C000004 45173
022 D000004 63505
022 A000005 PACIFIC BASIN EQUITY PORTFOLIO
022 B000005 04-3203567
022 C000005 33237
022 D000005 43431
022 A000006 GLOBAL HIGH YIELD PORTFOLIO
022 B000006 04-3202918
022 C000006 14342
022 D000006 22532
022 A000007 INTERMEDIATE TAX FREE PORTFOLIO
022 B000007 04-3148806
022 C000007 11556
022 D000007 7741
022 A000008 GLOBAL EMERGING MARKETS PORTFOLIO
<PAGE> PAGE 4
022 C000008 2587
022 D000008 157
022 A000009 INTERNATIONAL SMALL COMPANIES PORTFOLIO
022 C000009 119
022 D000009 46
022 C000010 0
022 D000010 0
023 C000000 2002091
023 D000000 1234050
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
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
<PAGE> PAGE 5
042 H00AA00 0
043 00AA00 0
044 00AA00 0
045 00AA00 N
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
<PAGE> PAGE 6
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
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 Q010000 Y
078 000000 N
080 A00AA00 NATIONAL UNION INSURANCE COMPANY
080 C00AA00 13150
081 A00AA00 Y
081 B00AA00 22
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 157495
028 A020500 0
028 A030500 0
028 A040500 56110
028 B010500 162003
028 B020500 0
028 B030500 0
028 B040500 34900
028 C010500 159918
028 C020500 0
028 C030500 0
028 C040500 56583
028 D010500 200281
028 D020500 0
<PAGE> PAGE 7
028 D030500 0
028 D040500 61199
028 E010500 136409
028 E020500 0
028 E030500 0
028 E040500 89373
028 F010500 136404
028 F020500 0
028 F030500 0
028 F040500 109299
028 G010500 952510
028 G020500 0
028 G030500 0
028 G040500 407464
028 H000500 0
066 A000500 Y
066 B000500 N
066 C000500 Y
066 D000500 N
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 Y
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 Y
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
<PAGE> PAGE 8
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
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 13602
072 F000500 0
072 G000500 7950
072 H000500 0
072 I000500 0
072 J000500 0
072 K000500 0
072 L000500 79
072 M000500 4
072 N000500 285
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 19
072 S000500 0
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 12
072 X000500 8349
072 Y000500 487
072 Z000500 5740
072AA000500 0
072BB000500 40668
072CC010500 0
072CC020500 82397
072DD010500 403
072DD020500 0
072EE000500 15925
073 A010500 0.0100
073 A020500 0.0000
073 B000500 0.5850
<PAGE> PAGE 9
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
074 I000500 1256898
074 J000500 0
074 K000500 0
074 L000500 2910
074 M000500 49
074 N000500 1259857
074 O000500 0
074 P000500 7207
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 1070
074 S000500 0
074 T000500 1251580
074 U010500 60529
074 U020500 0
074 V010500 20.68
074 V020500 0.00
074 W000500 0.0000
074 X000500 17897
074 Y000500 0
075 A000500 0
075 B000500 935320
076 000500 0.00
028 A010800 1363
028 A020800 0
028 A030800 0
028 A040800 11426
028 B010800 615
028 B020800 0
028 B030800 0
028 B040800 1519
028 C010800 921
028 C020800 0
028 C030800 0
028 C040800 1916
028 D010800 1035
028 D020800 0
028 D030800 0
028 D040800 1574
028 E010800 215
<PAGE> PAGE 10
028 E020800 0
028 E030800 0
028 E040800 732
028 F010800 149
028 F020800 0
028 F030800 0
028 F040800 3540
028 G010800 4298
028 G020800 0
028 G030800 0
028 G040800 20707
028 H000800 0
066 A000800 Y
066 B000800 N
066 C000800 N
066 D000800 Y
066 E000800 N
066 F000800 N
066 G000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
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
<PAGE> PAGE 11
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 -20
072 F000800 0
072 G000800 252
072 H000800 0
072 I000800 0
072 J000800 0
072 K000800 0
072 L000800 16
072 M000800 3
072 N000800 7
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 8
072 S000800 8
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 7
072 X000800 301
072 Y000800 49
072 Z000800 -272
072AA000800 4678
072BB000800 0
072CC010800 0
072CC020800 8470
072DD010800 0
072DD020800 0
072EE000800 7936
073 A010800 0.0000
073 A020800 0.0000
073 B000800 2.6382
073 C000800 0.0000
074 A000800 0
074 B000800 0
<PAGE> PAGE 12
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 25689
074 J000800 0
074 K000800 0
074 L000800 0
074 M000800 7
074 N000800 25696
074 O000800 0
074 P000800 13
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 186
074 S000800 0
074 T000800 25497
074 U010800 2240
074 U020800 0
074 V010800 11.38
074 V020800 0.00
074 W000800 0.0000
074 X000800 276
074 Y000800 0
075 A000800 0
075 B000800 38815
076 000800 0.00
071 A001000 0
071 B001000 0
071 C001000 0
071 D001000 0
072 A001000 0
072 B001000 0
072 C001000 0
072 D001000 0
072 E001000 0
072 F001000 0
072 G001000 0
072 H001000 0
028 A011100 809
028 A021100 0
028 A031100 0
028 A041100 1218
028 B011100 294
028 B021100 35
028 B031100 0
028 B041100 543
<PAGE> PAGE 13
028 C011100 331
028 C021100 37
028 C031100 0
028 C041100 444
028 D011100 261
028 D021100 35
028 D031100 0
028 D041100 746
028 E011100 80
028 E021100 35
028 E031100 0
028 E041100 478
028 F011100 974
028 F021100 84
028 F031100 0
028 F041100 130
028 G011100 2749
028 G021100 226
028 G031100 0
028 G041100 3559
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
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
<PAGE> PAGE 14
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 12
072 B001100 0
072 C001100 0
072 D001100 0
072 E001100 939
072 F001100 0
072 G001100 87
072 H001100 0
072 I001100 0
072 J001100 0
072 K001100 0
072 L001100 13
072 M001100 3
072 N001100 11
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 10
072 S001100 3
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 7
072 X001100 134
072 Y001100 47
072 Z001100 852
072AA001100 145
072BB001100 0
072CC011100 630
072CC021100 0
072DD011100 852
072DD021100 0
072EE001100 25
073 A011100 0.4200
073 A021100 0.0000
073 B001100 0.0100
<PAGE> PAGE 15
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 23912
074 J001100 214
074 K001100 0
074 L001100 0
074 M001100 5
074 N001100 24131
074 O001100 0
074 P001100 4
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 55
074 S001100 0
074 T001100 24072
074 U011100 2184
074 U021100 0
074 V011100 11.02
074 V021100 0.00
074 W001100 0.0000
074 X001100 78
074 Y001100 0
075 A001100 0
075 B001100 21770
076 001100 0.00
028 A011500 649
028 A021500 0
028 A031500 0
028 A041500 1091
028 B011500 2378
028 B021500 0
028 B031500 0
028 B041500 210
028 C011500 534
028 C021500 120
028 C031500 0
028 C041500 238
028 D011500 1001
028 D021500 0
028 D031500 0
028 D041500 3282
028 E011500 492
<PAGE> PAGE 16
028 E021500 0
028 E031500 0
028 E041500 2786
028 F011500 105
028 F021500 171
028 F031500 0
028 F041500 6118
028 G011500 5159
028 G021500 291
028 G031500 0
028 G041500 13725
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
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
<PAGE> PAGE 17
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 2004
072 F001500 0
072 G001500 240
072 H001500 0
072 I001500 0
072 J001500 0
072 K001500 0
072 L001500 3
072 M001500 3
072 N001500 8
072 O001500 0
072 P001500 0
072 Q001500 0
072 R001500 13
072 S001500 0
072 T001500 0
072 U001500 2
072 V001500 0
072 W001500 4
072 X001500 273
072 Y001500 84
072 Z001500 1815
072AA001500 0
072BB001500 262
072CC011500 0
072CC021500 3358
072DD011500 1807
072DD021500 0
072EE001500 1773
073 A011500 0.8400
073 A021500 0.0000
073 B001500 0.7100
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
<PAGE> PAGE 18
074 I001500 14679
074 J001500 0
074 K001500 0
074 L001500 0
074 M001500 15
074 N001500 14694
074 O001500 0
074 P001500 10
074 Q001500 0
074 R011500 0
074 R021500 0
074 R031500 0
074 R041500 26
074 S001500 0
074 T001500 14658
074 U011500 1526
074 U021500 0
074 V011500 9.60
074 V021500 0.00
074 W001500 0.0000
074 X001500 185
074 Y001500 0
075 A001500 0
075 B001500 25228
076 001500 0.00
028 A011600 29741
028 A021600 0
028 A031600 0
028 A041600 30781
028 B011600 14645
028 B021600 0
028 B031600 0
028 B041600 14846
028 C011600 14350
028 C021600 0
028 C031600 0
028 C041600 21023
028 D011600 10307
028 D021600 0
028 D031600 0
028 D041600 17823
028 E011600 7362
028 E021600 0
028 E031600 0
028 E041600 14294
028 F011600 17632
028 F021600 0
028 F031600 0
028 F041600 16263
028 G011600 94037
028 G021600 0
<PAGE> PAGE 19
028 G031600 0
028 G041600 115030
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
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
<PAGE> PAGE 20
071 B001600 0
071 C001600 0
071 D001600 0
072 A001600 12
072 B001600 0
072 C001600 0
072 D001600 0
072 E001600 -524
072 F001600 0
072 G001600 1518
072 H001600 0
072 I001600 0
072 J001600 0
072 K001600 0
072 L001600 40
072 M001600 3
072 N001600 0
072 O001600 0
072 P001600 0
072 Q001600 0
072 R001600 17
072 S001600 0
072 T001600 0
072 U001600 0
072 V001600 0
072 W001600 2
072 X001600 1580
072 Y001600 62
072 Z001600 -2042
072AA001600 3536
072BB001600 0
072CC011600 0
072CC021600 73838
072DD011600 0
072DD021600 0
072EE001600 11612
073 A011600 0.0000
073 A021600 0.0000
073 B001600 2.2996
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 173271
074 J001600 162
074 K001600 0
<PAGE> PAGE 21
074 L001600 16
074 M001600 0
074 N001600 173449
074 O001600 0
074 P001600 83
074 Q001600 0
074 R011600 0
074 R021600 0
074 R031600 0
074 R041600 1056
074 S001600 0
074 T001600 172310
074 U011600 11515
074 U021600 0
074 V011600 14.96
074 V021600 0.00
074 W001600 0.0000
074 X001600 584
074 Y001600 0
075 A001600 0
075 B001600 233583
076 001600 0.00
028 A011700 1990
028 A021700 0
028 A031700 0
028 A041700 2623
028 B011700 3948
028 B021700 0
028 B031700 0
028 B041700 3303
028 C011700 1833
028 C021700 0
028 C031700 0
028 C041700 2352
028 D011700 2192
028 D021700 0
028 D031700 0
028 D041700 3319
028 E011700 317
028 E021700 0
028 E031700 0
028 E041700 572
028 F011700 907
028 F021700 205
028 F031700 0
028 F041700 4413
028 G011700 11187
028 G021700 205
028 G031700 0
028 G041700 16582
028 H001700 0
<PAGE> PAGE 22
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
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
<PAGE> PAGE 23
072 A001700 12
072 B001700 0
072 C001700 0
072 D001700 0
072 E001700 149
072 F001700 0
072 G001700 95
072 H001700 0
072 I001700 0
072 J001700 0
072 K001700 0
072 L001700 13
072 M001700 3
072 N001700 7
072 O001700 0
072 P001700 0
072 Q001700 0
072 R001700 13
072 S001700 0
072 T001700 0
072 U001700 0
072 V001700 0
072 W001700 9
072 X001700 140
072 Y001700 45
072 Z001700 54
072AA001700 0
072BB001700 14011
072CC011700 1768
072CC021700 0
072DD011700 270
072DD021700 0
072EE001700 1873
073 A011700 0.2400
073 A021700 0.0000
073 B001700 0.9940
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 4242
074 J001700 0
074 K001700 42
074 L001700 0
074 M001700 9
074 N001700 4293
<PAGE> PAGE 24
074 O001700 0
074 P001700 0
074 Q001700 0
074 R011700 0
074 R021700 0
074 R031700 0
074 R041700 25
074 S001700 0
074 T001700 4268
074 U011700 1110
074 U021700 0
074 V011700 3.85
074 V021700 0.00
074 W001700 0.0000
074 X001700 179
074 Y001700 0
075 A001700 0
075 B001700 12701
076 001700 0.00
028 A011800 4381
028 A021800 0
028 A031800 0
028 A041800 6226
028 B011800 1492
028 B021800 0
028 B031800 0
028 B041800 1919
028 C011800 3880
028 C021800 0
028 C031800 0
028 C041800 5743
028 D011800 3235
028 D021800 0
028 D031800 0
028 D041800 5114
028 E011800 731
028 E021800 0
028 E031800 0
028 E041800 2663
028 F011800 2509
028 F021800 0
028 F031800 0
028 F041800 7900
028 G011800 16228
028 G021800 0
028 G031800 0
028 G041800 29565
028 H001800 0
066 A001800 Y
066 B001800 N
066 C001800 Y
<PAGE> PAGE 25
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
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
<PAGE> PAGE 26
072 D001800 0
072 E001800 617
072 F001800 0
072 G001800 244
072 H001800 0
072 I001800 0
072 J001800 0
072 K001800 0
072 L001800 11
072 M001800 3
072 N001800 8
072 O001800 0
072 P001800 0
072 Q001800 0
072 R001800 14
072 S001800 0
072 T001800 0
072 U001800 2
072 V001800 0
072 W001800 6
072 X001800 288
072 Y001800 33
072 Z001800 362
072AA001800 0
072BB001800 5596
072CC011800 0
072CC021800 7639
072DD011800 69
072DD021800 0
072EE001800 0
073 A011800 0.0300
073 A021800 0.0000
073 B001800 0.0000
073 C001800 0.0000
074 A001800 0
074 B001800 0
074 C001800 0
074 D001800 0
074 E001800 0
074 F001800 0
074 G001800 0
074 H001800 0
074 I001800 6454
074 J001800 0
074 K001800 145
074 L001800 33
074 M001800 10
074 N001800 6642
074 O001800 0
074 P001800 0
074 Q001800 0
<PAGE> PAGE 27
074 R011800 0
074 R021800 0
074 R031800 0
074 R041800 386
074 S001800 0
074 T001800 6256
074 U011800 715
074 U021800 0
074 V011800 8.75
074 V021800 0.00
074 W001800 0.0000
074 X001800 258
074 Y001800 0
075 A001800 0
075 B001800 25569
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
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
<PAGE> PAGE 28
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
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 6
072 B001900 0
072 C001900 0
072 D001900 0
072 E001900 0
072 F001900 0
<PAGE> PAGE 29
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
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
<PAGE> PAGE 30
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
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
<PAGE> PAGE 31
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 6
072 B002000 0
072 C002000 0
072 D002000 0
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
<PAGE> PAGE 32
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
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
028 A012200 0
<PAGE> PAGE 33
028 A022200 0
028 A032200 0
028 A042200 0
028 B012200 0
028 B022200 0
028 B032200 0
028 B042200 0
028 C012200 0
028 C022200 0
028 C032200 0
028 C042200 0
028 D012200 31
028 D022200 0
028 D032200 0
028 D042200 14
028 E012200 73
028 E022200 0
028 E032200 0
028 E042200 32
028 F012200 15
028 F022200 0
028 F032200 0
028 F042200 0
028 G012200 119
028 G022200 0
028 G032200 0
028 G042200 46
028 H002200 0
066 A002200 Y
066 B002200 N
066 C002200 N
066 D002200 N
066 E002200 Y
066 F002200 N
066 G002200 N
067 002200 N
068 A002200 N
068 B002200 Y
069 002200 N
070 A012200 Y
070 A022200 N
070 B012200 Y
070 B022200 N
070 C012200 Y
070 C022200 N
070 D012200 Y
070 D022200 N
070 E012200 N
070 E022200 N
070 F012200 Y
070 F022200 N
<PAGE> PAGE 34
070 G012200 Y
070 G022200 N
070 H012200 Y
070 H022200 N
070 I012200 N
070 I022200 N
070 J012200 Y
070 J022200 Y
070 K012200 Y
070 K022200 N
070 L012200 Y
070 L022200 Y
070 M012200 Y
070 M022200 Y
070 N012200 Y
070 N022200 N
070 O012200 Y
070 O022200 N
070 P012200 Y
070 P022200 N
070 Q012200 Y
070 Q022200 N
070 R012200 Y
070 R022200 N
071 A002200 0
071 B002200 0
071 C002200 0
071 D002200 0
072 A002200 3
072 B002200 0
072 C002200 0
072 D002200 0
072 E002200 0
072 F002200 0
072 G002200 1
072 H002200 0
072 I002200 0
072 J002200 0
072 K002200 0
072 L002200 8
072 M002200 1
072 N002200 2
072 O002200 0
072 P002200 0
072 Q002200 0
072 R002200 6
072 S002200 0
072 T002200 0
072 U002200 0
072 V002200 0
072 W002200 0
<PAGE> PAGE 35
072 X002200 18
072 Y002200 18
072 Z002200 0
072AA002200 1
072BB002200 0
072CC012200 0
072CC022200 14
072DD012200 0
072DD022200 0
072EE002200 0
073 A012200 0.0000
073 A022200 0.0000
073 B002200 0.0000
073 C002200 0.0000
074 A002200 0
074 B002200 0
074 C002200 0
074 D002200 0
074 E002200 0
074 F002200 0
074 G002200 0
074 H002200 0
074 I002200 59
074 J002200 0
074 K002200 2
074 L002200 2
074 M002200 14
074 N002200 77
074 O002200 0
074 P002200 0
074 Q002200 0
074 R012200 0
074 R022200 0
074 R032200 0
074 R042200 16
074 S002200 0
074 T002200 61
074 U012200 8
074 U022200 0
074 V012200 8.03
074 V022200 0.00
074 W002200 0.0000
074 X002200 9
074 Y002200 0
075 A002200 0
075 B002200 22
076 002200 0.00
028 A012300 0
028 A022300 0
028 A032300 0
028 A042300 0
<PAGE> PAGE 36
028 B012300 0
028 B022300 0
028 B032300 0
028 B042300 0
028 C012300 0
028 C022300 0
028 C032300 0
028 C042300 0
028 D012300 2466
028 D022300 0
028 D032300 0
028 D042300 5
028 E012300 68
028 E022300 0
028 E032300 0
028 E042300 0
028 F012300 53
028 F022300 0
028 F032300 0
028 F042300 152
028 G012300 2587
028 G022300 0
028 G032300 0
028 G042300 157
028 H002300 0
066 A002300 Y
066 B002300 Y
066 C002300 N
066 D002300 N
066 E002300 N
066 F002300 N
066 G002300 N
067 002300 N
068 A002300 N
068 B002300 Y
069 002300 N
070 A012300 Y
070 A022300 N
070 B012300 Y
070 B022300 N
070 C012300 Y
070 C022300 N
070 D012300 Y
070 D022300 N
070 E012300 N
070 E022300 N
070 F012300 Y
070 F022300 N
070 G012300 Y
070 G022300 N
070 H012300 Y
<PAGE> PAGE 37
070 H022300 N
070 I012300 N
070 I022300 N
070 J012300 Y
070 J022300 Y
070 K012300 Y
070 K022300 N
070 L012300 Y
070 L022300 Y
070 M012300 Y
070 M022300 Y
070 N012300 Y
070 N022300 N
070 O012300 Y
070 O022300 N
070 P012300 Y
070 P022300 N
070 Q012300 Y
070 Q022300 N
070 R012300 Y
070 R022300 N
071 A002300 0
071 B002300 0
071 C002300 0
071 D002300 0
072 A002300 3
072 B002300 0
072 C002300 0
072 D002300 0
072 E002300 9
072 F002300 0
072 G002300 3
072 H002300 0
072 I002300 0
072 J002300 0
072 K002300 0
072 L002300 9
072 M002300 1
072 N002300 3
072 O002300 0
072 P002300 0
072 Q002300 0
072 R002300 6
072 S002300 0
072 T002300 0
072 U002300 0
072 V002300 0
072 W002300 0
072 X002300 22
072 Y002300 19
072 Z002300 6
<PAGE> PAGE 38
072AA002300 0
072BB002300 144
072CC012300 0
072CC022300 355
072DD012300 0
072DD022300 0
072EE002300 0
073 A012300 0.0000
073 A022300 0.0000
073 B002300 0.0000
073 C002300 0.0000
074 A002300 0
074 B002300 0
074 C002300 0
074 D002300 0
074 E002300 0
074 F002300 0
074 G002300 0
074 H002300 0
074 I002300 1940
074 J002300 0
074 K002300 0
074 L002300 0
074 M002300 13
074 N002300 1953
074 O002300 0
074 P002300 0
074 Q002300 0
074 R012300 0
074 R022300 0
074 R032300 0
074 R042300 16
074 S002300 0
074 T002300 1937
074 U012300 241
074 U022300 0
074 V012300 8.04
074 V022300 0.00
074 W002300 0.0000
074 X002300 9
074 Y002300 0
075 A002300 0
075 B002300 1525
076 002300 0.00
SIGNATURE BRIAN WIXTED
TITLE PRINCIPAL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000797657
<NAME> CAPITAL APPRECIATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 25,689,303
<INVESTMENTS-AT-VALUE> 26,689,303
<RECEIVABLES> 0
<ASSETS-OTHER> 6,410
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,695,713
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 198,977
<TOTAL-LIABILITIES> 198,977
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,079,905
<SHARES-COMMON-STOCK> 2,240,182
<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> 25,496,736
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (19,921)
<EXPENSES-NET> 252,297
<NET-INVESTMENT-INCOME> (272,218)
<REALIZED-GAINS-CURRENT> 4,677,566
<APPREC-INCREASE-CURRENT> (8,470,353)
<NET-CHANGE-FROM-OPS> (4,065,005)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 7,936,407
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,302,213
<NUMBER-OF-SHARES-REDEEMED> 5,540,913
<SHARES-REINVESTED> 361,352
<NET-CHANGE-IN-ASSETS> (23,505,654)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 300,959
<AVERAGE-NET-ASSETS> 38,814,944
<PER-SHARE-NAV-BEGIN> 15.72
<PER-SHARE-NII> (0.12)
<PER-SHARE-GAIN-APPREC> (1.58)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 2.64
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.38
<EXPENSE-RATIO> 1.25
<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
<CIK> 0000797657
<NAME> BT INVESTMENT INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1,256,898,031
<INVESTMENTS-AT-VALUE> 1,256,898,031
<RECEIVABLES> 2,909,515
<ASSETS-OTHER> 49,450
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,259,856,996
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,277,398
<TOTAL-LIABILITIES> 8,277,398
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,251,907,419
<SHARES-COMMON-STOCK> 60,529,388
<SHARES-COMMON-PRIOR> 23,751,549
<ACCUMULATED-NII-CURRENT> 7,649,393
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (29,075,698)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21,098,484
<NET-ASSETS> 1,251,579,598
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 13,601,736
<EXPENSES-NET> 7,861,477
<NET-INVESTMENT-INCOME> 5,740,259
<REALIZED-GAINS-CURRENT> (40,667,938)
<APPREC-INCREASE-CURRENT> (82,397,152)
<NET-CHANGE-FROM-OPS> (117,324,831)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 402,898
<DISTRIBUTIONS-OF-GAINS> 15,924,100
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64,961,016
<NUMBER-OF-SHARES-REDEEMED> 28,791,427
<SHARES-REINVESTED> 608,250
<NET-CHANGE-IN-ASSETS> 726,059,393
<ACCUMULATED-NII-PRIOR> 3,081,749
<ACCUMULATED-GAINS-PRIOR> 9,821,255
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,349,171
<AVERAGE-NET-ASSETS> 935,319,646
<PER-SHARE-NAV-BEGIN> 22.13
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> (0.87)
<PER-SHARE-DIVIDEND> (0.60)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.68
<EXPENSE-RATIO> 1.50
<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
<CIK> 0000797657
<NAME> INTERMEDIATE TAX FREE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 23,911,552
<INVESTMENTS-AT-VALUE> 23,911,552
<RECEIVABLES> 213,654
<ASSETS-OTHER> 5,458
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,130,664
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 58,678
<TOTAL-LIABILITIES> 58,678
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,679,081
<SHARES-COMMON-STOCK> 2,184,335
<SHARES-COMMON-PRIOR> 1,759,166
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 144,296
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,248,609
<NET-ASSETS> 24,071,986
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 938,744
<EXPENSES-NET> 86,961
<NET-INVESTMENT-INCOME> 851,783
<REALIZED-GAINS-CURRENT> 144,761
<APPREC-INCREASE-CURRENT> 630,290
<NET-CHANGE-FROM-OPS> 1,626,834
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 851,783
<DISTRIBUTIONS-OF-GAINS> 25,237
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,014,118
<NUMBER-OF-SHARES-REDEEMED> 630,927
<SHARES-REINVESTED> 41,978
<NET-CHANGE-IN-ASSETS> 5,339,585
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 24,772
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 133,907
<AVERAGE-NET-ASSETS> 21,770,494
<PER-SHARE-NAV-BEGIN> 10.65
<PER-SHARE-NII> 0.42
<PER-SHARE-GAIN-APPREC> 0.38
<PER-SHARE-DIVIDEND> (0.42)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.02
<EXPENSE-RATIO> 0.85
<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
<CIK> 0000797657
<NAME> BT GLOBAL HIGH YIELD FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 14,679,088
<INVESTMENTS-AT-VALUE> 14,679,088
<RECEIVABLES> 369
<ASSETS-OTHER> 14,196
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,693,653
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 36,047
<TOTAL-LIABILITIES> 36,047
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,787,033
<SHARES-COMMON-STOCK> 1,526,206
<SHARES-COMMON-PRIOR> 2,035,012
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (425,550)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (703,877)
<NET-ASSETS> 14,657,606
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 2,003,877
<EXPENSES-NET> 189,079
<NET-INVESTMENT-INCOME> 1,814,798
<REALIZED-GAINS-CURRENT> (261,750)
<APPREC-INCREASE-CURRENT> (3,358,404)
<NET-CHANGE-FROM-OPS> (1,805,356)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,807,333
<DISTRIBUTIONS-OF-GAINS> 1,572,170
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,433,659
<NUMBER-OF-SHARES-REDEEMED> 18,745,511
<SHARES-REINVESTED> 908,940
<NET-CHANGE-IN-ASSETS> (4,402,912)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 273,342
<AVERAGE-NET-ASSETS> 25,228,116
<PER-SHARE-NAV-BEGIN> 12.01
<PER-SHARE-NII> 0.84
<PER-SHARE-GAIN-APPREC> (1.70)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.55
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.60
<EXPENSE-RATIO> 1.50
<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
<CIK> 0000797657
<NAME> BT INVESTMENT SMALL CAP FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 173,271,361
<INVESTMENTS-AT-VALUE> 173,271,361
<RECEIVABLES> 162,381
<ASSETS-OTHER> 15,743
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 173,449,485
<PAYABLE-FOR-SECURITIES> 1,037,141
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 102,285
<TOTAL-LIABILITIES> 1,139,426
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 178,500,313
<SHARES-COMMON-STOCK> 11,514,530
<SHARES-COMMON-PRIOR> 12,089,943
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (14,926,427)
<ACCUM-APPREC-OR-DEPREC> 8,736,173
<NET-ASSETS> 172,310,059
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (523,926)
<EXPENSES-NET> 1,518,290
<NET-INVESTMENT-INCOME> (2,042,216)
<REALIZED-GAINS-CURRENT> 3,536,499
<APPREC-INCREASE-CURRENT> (73,838,071)
<NET-CHANGE-FROM-OPS> (72,343,788)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 13,960,209
<DISTRIBUTIONS-OTHER> 11,612,132
<NUMBER-OF-SHARES-SOLD> 15,646,669
<NUMBER-OF-SHARES-REDEEMED> (17,243,267)
<SHARES-REINVESTED> 1,021,185
<NET-CHANGE-IN-ASSETS> (114,012,149)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,580,119
<AVERAGE-NET-ASSETS> 233,583,111
<PER-SHARE-NAV-BEGIN> 23.68
<PER-SHARE-NII> (0.18)
<PER-SHARE-GAIN-APPREC> (6.24)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (2.30)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.96
<EXPENSE-RATIO> 1.25
<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
<CIK> 0000797657
<NAME> BT PACIFIC BASIN EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 4,242,442
<INVESTMENTS-AT-VALUE> 4,242,442
<RECEIVABLES> 41,589
<ASSETS-OTHER> 8,678
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,292,709
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,509
<TOTAL-LIABILITIES> 24,509
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,866,362
<SHARES-COMMON-STOCK> 1,109,700
<SHARES-COMMON-PRIOR> 2,607,284
<ACCUMULATED-NII-CURRENT> 2,471,739
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,038,404)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,031,497)
<NET-ASSETS> 4,268,200
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 149,240
<EXPENSES-NET> 95,257
<NET-INVESTMENT-INCOME> 53,983
<REALIZED-GAINS-CURRENT> (14,010,808)
<APPREC-INCREASE-CURRENT> 1,768,180
<NET-CHANGE-FROM-OPS> (12,188,645)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 270,311
<DISTRIBUTIONS-OF-GAINS> 1,872,886
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32,705,049
<NUMBER-OF-SHARES-REDEEMED> 41,462,722
<SHARES-REINVESTED> 856,416
<NET-CHANGE-IN-ASSETS> (22,233,099)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 140,254
<AVERAGE-NET-ASSETS> 12,700,927
<PER-SHARE-NAV-BEGIN> 10.16
<PER-SHARE-NII> 0.24
<PER-SHARE-GAIN-APPREC> (5.32)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 1.23
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 3.85
<EXPENSE-RATIO> 1.75
<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
<CIK> 0000797657
<NAME> BT LATIN AMERICAN EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 6,454,114
<INVESTMENTS-AT-VALUE> 6,454,114
<RECEIVABLES> 178,194
<ASSETS-OTHER> 9,822
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,642,130
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 385,792
<TOTAL-LIABILITIES> 385,792
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,161,075
<SHARES-COMMON-STOCK> 715,404
<SHARES-COMMON-PRIOR> 2,376,561
<ACCUMULATED-NII-CURRENT> 236,669
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,043,870)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,097,536)
<NET-ASSETS> 6,256,338
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 616,975
<EXPENSES-NET> 254,737
<NET-INVESTMENT-INCOME> 362,238
<REALIZED-GAINS-CURRENT> (5,595,775)
<APPREC-INCREASE-CURRENT> (7,638,638)
<NET-CHANGE-FROM-OPS> (12,872,175)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 68,996
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,404,954
<NUMBER-OF-SHARES-REDEEMED> 5,069,215
<SHARES-REINVESTED> 3,104
<NET-CHANGE-IN-ASSETS> (31,156,833)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (1,555,226)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 287,801
<AVERAGE-NET-ASSETS> 25,568,571
<PER-SHARE-NAV-BEGIN> 15.74
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> (7.40)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.03
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.75
<EXPENSE-RATIO> 2.00
<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
<CIK> 0000797657
<NAME> BT INTERNATIONAL SMALL COMPANY EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 59,340
<INVESTMENTS-AT-VALUE> 59,340
<RECEIVABLES> 3,592
<ASSETS-OTHER> 13,903
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 76,835
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,064
<TOTAL-LIABILITIES> 16,064
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 73,645
<SHARES-COMMON-STOCK> 60,771
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 773
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 206
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (13,853)
<NET-ASSETS> 60,771
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 98
<EXPENSES-NET> 77
<NET-INVESTMENT-INCOME> 21
<REALIZED-GAINS-CURRENT> 878
<APPREC-INCREASE-CURRENT> (13,853)
<NET-CHANGE-FROM-OPS> (12,954)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 12,360
<NUMBER-OF-SHARES-REDEEMED> 4,790
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 60,771
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 77
<AVERAGE-NET-ASSETS> 38,219
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (1.97)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.03
<EXPENSE-RATIO> 1.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000797657
<NAME> BT INVESTMENT GLOBAL EMERGING MARKETS EQUITY FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1,939,763
<INVESTMENTS-AT-VALUE> 1,939,763
<RECEIVABLES> 397
<ASSETS-OTHER> 13,722
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,953,882
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 16,624
<TOTAL-LIABILITIES> 16,624
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,331,479
<SHARES-COMMON-STOCK> 240,916
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 7,000
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (45,776)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (355,445)
<NET-ASSETS> 1,937,258
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 9,478
<EXPENSES-NET> 3,074
<NET-INVESTMENT-INCOME> 6,404
<REALIZED-GAINS-CURRENT> (143,949)
<APPREC-INCREASE-CURRENT> (355,445)
<NET-CHANGE-FROM-OPS> (492,990)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 261,126
<NUMBER-OF-SHARES-REDEEMED> 20,210
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,937,258
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 22,043
<AVERAGE-NET-ASSETS> 1,524,609
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> (1.99)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.04
<EXPENSE-RATIO> 1.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Trustees of BT Investment Funds:
In planning and performing our audit of the financial statements and financial
highlights of Small Cap Fund, Capital Appreciation Fund, International Small
Company Equity Fund, Intermediate Tax Free Fund, Latin American Equity Fund,
Global Emerging Markets Equity Fund, Global High Yield Securities Fund, and
Pacific Basin Equity Fund (Funds comprising BT Investment Funds, hereafter
referred to as the"Funds") for the year ended September 30, 1998, we considered
its internal control, including control activities 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 internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements and financial highlights
for external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control 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 internal control would not necessarily disclose all matters
in internal control 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 one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud 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 internal control and its operation, including controls over
safeguarding securities, that we consider to be material weaknesses as defined
above as of September 30, 1998.
This report is intended solely for the information and use of management, the
Trustees of the BT Investment Funds, and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Baltimore, Maryland
November 6, 1998
