BT INVESTMENT FUNDS
NSAR-B, 1998-05-29
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<PAGE>      PAGE  1
000 B000000 03/31/98
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 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  3
007 C010100  1
007 C010200  2
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
007 C011100 11
007 C011200 12
007 C021200 LIFECYCLE LONG RANGE FUND
007 C031200 N
007 C011300 13
007 C021300 LIFECYCLE MID RANGE FUND
007 C031300 N
007 C011400 14
007 C021400 LIFECYCLE SHORT RANGE FUND
007 C031400 N
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 BANKERS TRUST COMPANY
010 C01AA01 NEW YORK
<PAGE>      PAGE  2
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
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   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 ASSET MANAGEMENT PORTFOLIO I
022 B000001 04-3148798
022 C000001     50578
022 D000001     21232
022 A000002 ASSET MANAGEMENT PORTFOLIO II
022 B000002 04-3172235
022 C000002     26729
022 D000002     12017
022 A000003 ASSET MANAGEMENT PORTFOLIO III
022 B000003 04-3172237
022 C000003     18127
022 D000003      8097
<PAGE>      PAGE  3
022 C000004         0
022 D000004         0
022 C000005         0
022 D000005         0
022 C000006         0
022 D000006         0
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022 D000007         0
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022 D000008         0
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022 D000009         0
022 C000010         0
022 D000010         0
023 C000000      95434
023 D000000      41346
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
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042 B00AA00   0
042 C00AA00   0
042 D00AA00   0
042 E00AA00   0
042 F00AA00   0
042 G00AA00   0
042 H00AA00   0
<PAGE>      PAGE  4
043  00AA00      0
044  00AA00      0
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048 E01AA00        0
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048 F01AA00        0
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048 G01AA00        0
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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 N
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
<PAGE>      PAGE  5
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
070 A01AA00 Y
070 A02AA00 N
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 Y
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 Y
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 Y
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 N
070 M01AA00 Y
070 M02AA00 N
070 N01AA00 Y
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
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070 Q02AA00 N
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070 R02AA00 N
077 A000000 Y
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080 C00AA00        0
081 A00AA00 N
081 B00AA00   0
082 A00AA00 N
<PAGE>      PAGE  6
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
028 A011200      2921
028 A021200         0
028 A031200         0
028 A041200      1065
028 B011200      3157
028 B021200         0
028 B031200         0
028 B041200      1036
028 C011200      2585
028 C021200      7919
028 C031200         0
028 C041200       833
028 D011200     11593
028 D021200         0
028 D031200         0
028 D041200      2694
028 E011200      3658
028 E021200         0
028 E031200         0
028 E041200      1958
028 F011200      3197
028 F021200      1117
028 F031200         0
028 F041200      1930
028 G011200     27111
028 G021200      9036
028 G031200         0
028 G041200      9516
028 H001200         0
066 A001200 Y
066 B001200 N
066 C001200 N
066 D001200 N
066 E001200 N
066 F001200 N
066 G001200 Y
067  001200 Y
068 A001200 N
068 B001200 N
069  001200 N
071 A001200         0
071 B001200         0
071 C001200         0
071 D001200    0
<PAGE>      PAGE  7
072 A001200 12
072 B001200        0
072 C001200        0
072 D001200        0
072 E001200     3202
072 F001200        0
072 G001200      700
072 H001200        0
072 I001200        0
072 J001200        0
072 K001200        0
072 L001200       18
072 M001200        3
072 N001200       10
072 O001200        0
072 P001200        0
072 Q001200        0
072 R001200        5
072 S001200        4
072 T001200        0
072 U001200        0
072 V001200        0
072 W001200        5
072 X001200      745
072 Y001200      314
072 Z001200     2771
072AA001200    22302
072BB001200        0
072CC011200     5919
072CC021200        0
072DD011200     2688
072DD021200        0
072EE001200     7578
073 A011200   0.3262
073 A021200   0.0000
073 B001200   0.9513
073 C001200   0.0000
074 A001200        0
074 B001200        0
074 C001200        0
074 D001200        0
074 E001200        0
074 F001200        0
074 G001200        0
074 H001200        0
074 I001200   138772
074 J001200        0
074 K001200        0
074 L001200      189
074 M001200       12
074 N001200   138973
<PAGE>      PAGE  8
074 O001200        0
074 P001200       41
074 Q001200        0
074 R011200        0
074 R021200        0
074 R031200        0
074 R041200       89
074 S001200        0
074 T001200   138843
074 U011200     9528
074 U021200        0
074 V011200    14.57
074 V021200     0.00
074 W001200   0.0000
074 X001200       42
074 Y001200        0
075 A001200        0
075 B001200   107653
076  001200     0.00
028 A011300      1822
028 A021300         0
028 A031300         0
028 A041300       904
028 B011300      2414
028 B021300         0
028 B031300         0
028 B041300      1097
028 C011300      1646
028 C021300      6287
028 C031300         0
028 C041300       468
028 D011300      5338
028 D021300         0
028 D031300         0
028 D041300      2414
028 E011300      1542
028 E021300         0
028 E031300         0
028 E041300      1231
028 F011300      1583
028 F021300       728
028 F031300         0
028 F041300      1118
028 G011300     14345
028 G021300      7015
028 G031300         0
028 G041300      7232
028 H001300         0
066 A001300 Y
066 B001300 N
066 C001300 N
<PAGE>      PAGE  9
066 D001300 N
066 E001300 Y
066 F001300 N
066 G001300 N
067  001300 Y
068 A001300 N
068 B001300 N
069  001300 N
071 A001300         0
071 B001300         0
071 C001300         0
071 D001300    0
072 A001300 12
072 B001300        0
072 C001300        0
072 D001300        0
072 E001300     2945
072 F001300        0
072 G001300      515
072 H001300        0
072 I001300        0
072 J001300        0
072 K001300        0
072 L001300       18
072 M001300        3
072 N001300       10
072 O001300        0
072 P001300        0
072 Q001300        0
072 R001300        5
072 S001300        5
072 T001300        0
072 U001300        0
072 V001300        0
072 W001300        5
072 X001300      561
072 Y001300      243
072 Z001300     2627
072AA001300    14607
072BB001300        0
072CC011300     1032
072CC021300        0
072DD011300     2559
072DD021300        0
072EE001300     5706
073 A011300   0.3741
073 A021300   0.0000
073 B001300   0.8423
073 C001300   0.0000
074 A001300        0
074 B001300        0
<PAGE>      PAGE  10
074 C001300        0
074 D001300        0
074 E001300        0
074 F001300        0
074 G001300        0
074 H001300        0
074 I001300    95072
074 J001300        0
074 K001300        0
074 L001300       81
074 M001300       12
074 N001300    95165
074 O001300        0
074 P001300       28
074 Q001300        0
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074 R021300        0
074 R031300        0
074 R041300       34
074 S001300        0
074 T001300    95103
074 U011300     7722
074 U021300        0
074 V011300    12.32
074 V021300     0.00
074 W001300   0.0000
074 X001300       41
074 Y001300        0
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075 B001300    79267
076  001300     0.00
028 A011400      1129
028 A021400         0
028 A031400         0
028 A041400      1003
028 B011400      1085
028 B021400         0
028 B031400         0
028 B041400       472
028 C011400      1265
028 C021400      3592
028 C031400         0
028 C041400       530
028 D011400      2863
028 D021400         0
028 D031400         0
028 D041400      1250
028 E011400      3715
028 E021400         0
028 E031400         0
028 E041400       697
<PAGE>      PAGE  11
028 F011400      2238
028 F021400         0
028 F031400         0
028 F041400       635
028 G011400     12295
028 G021400      3592
028 G031400         0
028 G041400      4587
028 H001400         0
066 A001400 Y
066 B001400 N
066 C001400 N
066 D001400 N
066 E001400 N
066 F001400 Y
066 G001400 N
067  001400 Y
068 A001400 N
068 B001400 N
069  001400 N
071 A001400         0
071 B001400         0
071 C001400         0
071 D001400    0
072 A001400 12
072 B001400        0
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072 D001400        0
072 E001400     1749
072 F001400        0
072 G001400      255
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072 I001400        0
072 J001400        0
072 K001400        0
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072 M001400        3
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072 Z001400     1592
072AA001400     4102
<PAGE>      PAGE  12
072BB001400        0
072CC011400      976
072CC021400        0
072DD011400     1606
072DD021400        0
072EE001400     3089
073 A011400   0.4614
073 A021400   0.0000
073 B001400   0.8647
073 C001400   0.0000
074 A001400        0
074 B001400        0
074 C001400        0
074 D001400        0
074 E001400        0
074 F001400        0
074 G001400        0
074 H001400        0
074 I001400    49399
074 J001400        0
074 K001400        0
074 L001400       41
074 M001400       11
074 N001400    49451
074 O001400        0
074 P001400       12
074 Q001400        0
074 R011400        0
074 R021400        0
074 R031400        0
074 R041400       32
074 S001400        0
074 T001400    49407
074 U011400     4567
074 U021400        0
074 V011400    10.82
074 V021400     0.00
074 W001400   0.0000
074 X001400       50
074 Y001400        0
075 A001400        0
075 B001400    39245
076  001400     0.00
SIGNATURE   JAY S. NEUMAN                                
TITLE       SECRETARY           
 


<TABLE> <S> <C>


<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the BT
Investment Funds Annual Report dated March 31, 1998, and is qualified in
its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> BT INVESTMENT FUNDS
<SERIES>
   <NUMBER> 14
   <NAME> LIFECYCLE SHORT RANGE
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAR-31-1998
<PERIOD-START>                             APR-01-1997
<PERIOD-END>                               MAR-31-1998
<INVESTMENTS-AT-COST>                         49399147
<INVESTMENTS-AT-VALUE>                        49399147
<RECEIVABLES>                                    40787
<ASSETS-OTHER>                                   11414
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                49451348
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        43752
<TOTAL-LIABILITIES>                              43752
<SENIOR-EQUITY>                                      0
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<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                                  49407596
<DIVIDEND-INCOME>                                    0
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<OTHER-INCOME>                                 1748553
<EXPENSES-NET>                                  156981
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<REALIZED-GAINS-CURRENT>                       4102263
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<NET-CHANGE-FROM-OPS>                          6670309
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      1605565
<DISTRIBUTIONS-OF-GAINS>                       3088812
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<OVERDISTRIB-NII-PRIOR>                              0
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<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 299656
<AVERAGE-NET-ASSETS>                          39245297
<PER-SHARE-NAV-BEGIN>                            10.31
<PER-SHARE-NII>                                    .44
<PER-SHARE-GAIN-APPREC>                           1.39
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                         1.32
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              10.82
<EXPENSE-RATIO>                                     58
<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 Annual Report dated March 31, 1998, and is qualified in
its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> BT INVESTMENT FUNDS
<SERIES>
   <NUMBER> 13
   <NAME> LIFECYCLE MID RANGE FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAR-31-1998
<PERIOD-START>                             APR-01-1997
<PERIOD-END>                               MAR-31-1998
<INVESTMENTS-AT-COST>                         95071515
<INVESTMENTS-AT-VALUE>                        95071515
<RECEIVABLES>                                    81235
<ASSETS-OTHER>                                   11891
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                95164641
<PAYABLE-FOR-SECURITIES>                             0
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<OTHER-ITEMS-LIABILITIES>                        61548
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<NET-ASSETS>                                  95103093
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
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<NET-CHANGE-FROM-OPS>                         18266991
<EQUALIZATION>                                       0
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<DISTRIBUTIONS-OF-GAINS>                       5705614
<DISTRIBUTIONS-OTHER>                                0
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<OVERDISTRIB-NII-PRIOR>                              0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 560248
<AVERAGE-NET-ASSETS>                          79266710
<PER-SHARE-NAV-BEGIN>                             10.8
<PER-SHARE-NII>                                    .37
<PER-SHARE-GAIN-APPREC>                           2.36
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<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.32
<EXPENSE-RATIO>                                     48
<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 Annual Report dated March 31, 1998, and is qualified in
its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000797657
<NAME> BT INVESTMENT FUNDS
<SERIES>
   <NUMBER> 12
   <NAME> LIFECYCLE LONG RANGE FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAR-31-1998
<PERIOD-START>                             APR-01-1997
<PERIOD-END>                               MAR-31-1998
<INVESTMENTS-AT-COST>                        138771839
<INVESTMENTS-AT-VALUE>                       138771839
<RECEIVABLES>                                   146806
<ASSETS-OTHER>                                   12293
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               138930938
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       129965
<TOTAL-LIABILITIES>                             129965
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     108983123
<SHARES-COMMON-STOCK>                          9524862
<SHARES-COMMON-PRIOR>                          6547534
<ACCUMULATED-NII-CURRENT>                       304495
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       21789643
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       7723712
<NET-ASSETS>                                 138800973
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                 3201762
<EXPENSES-NET>                                  430609
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