<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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074 U013600 0
074 U023600 0
074 V013600 0.00
074 V023600 0.00
074 W003600 0.0000
074 X003600 0
<PAGE> PAGE 22
074 Y003600 0
SIGNATURE CHARLES RIZZO
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000797657
<NAME> BT INVESTMENT INTERNATIONAL EQUITY FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 31-Oct-99
<PERIOD-END> 31-Oct-99
<INVESTMENTS-AT-COST> 1,920,059,246
<INVESTMENTS-AT-VALUE> 1,920,059,246
<RECEIVABLES> 5,086,012
<ASSETS-OTHER> 38,284
<TOTAL-ASSETS> 1,925,183,542
<PAYABLE-FOR-SECURITIES> 0
<OTHER-ITEMS LIABILITIES> 11,516,748
<TOTAL-LIABILITIES> 11,516,748
<PAID-IN-CAPITAL-COMMON> 1,583,051,150
<SHARES-COMMON-CURRENT> 75,553,610
<SHARES-COMMON-PRIOR> 76,449,542
<ACCUMULATED-NII-CURRENT> (973,857)
<ACCUMULATED-NET-GAINS> (15,655,895)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 347,245,396
<NET-ASSETS> 1,913,666,794
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (206,199)
<EXPENSES-NET> 1,273,273
<NET-INVESTMENT-INCOME> (1,479,472)
<REALIZED-GAINS-CURRENT> (6,378,904)
<APPREC-INCREASE-CURRENT> 93,522,062
<NET-CHANGE-FROM-OPS> 85,663,686
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,872,995
<NUMBER-OF-SHARES-REDEEMED> 10,768,927
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 62,436,398
<ACCUMULATED-NII-PRIOR> 3,610,542
<ACCUMULATED-GAINS-PRIOR> (12,855,969)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<GROSS-EXPENSE> 1,377,949
<AVERAGE-NET-ASSETS> 1,876,112,942
<PER-SHARE-NAV-BEGIN> 24.22
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 1.13
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 25.33
<EXPENSE-RATIO> 1.50%
</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
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 31-Oct-99
<PERIOD-END> 31-Oct-99
<INVESTMENTS-AT-COST> 4,78
<INVESTMENTS-AT-VALUE> 4,78
<RECEIVABLES>
<ASSETS-OTHER>
<TOTAL-ASSETS> 4,83
<PAYABLE-FOR-SECURITIES> 0
<OTHER-ITEMS LIABILITIES>
<TOTAL-LIABILITIES>
<PAID-IN-CAPITAL-COMMON> 12,848
<SHARES-COMMON-CURRENT> 4
<SHARES-COMMON-PRIOR> 4
<ACCUMULATED-NII-CURRENT> 1
<ACCUMULATED-NET-GAINS> (8,039
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1
<NET-ASSETS> 4,80
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME>
<EXPENSES-NET>
<NET-INVESTMENT-INCOME>
<REALIZED-GAINS-CURRENT> (
<APPREC-INCREASE-CURRENT> 1
<NET-CHANGE-FROM-OPS> 1
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD>
<NUMBER-OF-SHARES-REDEEMED>
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS>
<ACCUMULATED-NII-PRIOR> 1
<ACCUMULATED-GAINS-PRIOR> (7,979
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<GROSS-EXPENSE>
<AVERAGE-NET-ASSETS> 4,63
<PER-SHARE-NAV-BEGIN>
<PER-SHARE-NII>
<PER-SHARE-GAIN-APPREC>
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END>
<EXPENSE-RATIO> 1.90%
</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
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 31-Oct-99
<PERIOD-END> 31-Oct-99
<INVESTMENTS-AT-COST> 6,649,892
<INVESTMENTS-AT-VALUE> 6,649,892
<RECEIVABLES> 56,715
<ASSETS-OTHER> 7,923
<TOTAL-ASSETS> 6,714,530
<PAYABLE-FOR-SECURITIES> 0
<OTHER-ITEMS LIABILITIES> 30,347
<TOTAL-LIABILITIES> 30,347
<PAID-IN-CAPITAL-COMMON> 22,338,766
<SHARES-COMMON-CURRENT> 1,649,296
<SHARES-COMMON-PRIOR> 1,675,041
<ACCUMULATED-NII-CURRENT> 94,758
<ACCUMULATED-NET-GAINS> (16,793,378)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,044,037
<NET-ASSETS> 6,684,183
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 5,388
<EXPENSES-NET> 4,164
<NET-INVESTMENT-INCOME> 1,225
<REALIZED-GAINS-CURRENT> 116,726
<APPREC-INCREASE-CURRENT> 236,086
<NET-CHANGE-FROM-OPS> 354,037
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 78,212
<NUMBER-OF-SHARES-REDEEMED> 103,957
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 249,302
<ACCUMULATED-NII-PRIOR> 102,125
<ACCUMULATED-GAINS-PRIOR> (16,918,698)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<GROSS-EXPENSE> 13,188
<AVERAGE-NET-ASSETS> 6,542,599
<PER-SHARE-NAV-BEGIN> 3.84
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.21
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 4.05
<EXPENSE-RATIO> 1.75%
</TABLE>
To the Trustees of the BT Investment Funds:
In planning and performing our audit of the
financial statements of the Latin American
Equity Fund, International Equity Fund and
Pacific Basin Equity Fund (Funds
comprising BT Investment Funds, hereafter
referred to as the "Funds") for the year
ended October 31, 1999, 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 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 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 October 31, 1999.
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
and is not intended to be and should not be
used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
Baltimore, Maryland
November 19, 1999
