<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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070 M011700 Y
070 M021700 N
070 N011700 Y
070 N021700 N
070 O011700 Y
070 O021700 N
070 P011700 Y
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 45
072 F001700 0
072 G001700 46
072 H001700 0
072 I001700 0
072 J001700 0
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072 M001700 6
072 N001700 19
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<PAGE> PAGE 22
072 S001700 15
072 T001700 0
072 U001700 0
072 V001700 0
072 W001700 4
072 X001700 125
072 Y001700 79
072 Z001700 -1
072AA001700 224
072BB001700 0
072CC011700 2839
072CC021700 0
072DD011700 0
072DD021700 0
072EE001700 2143
073 A011700 0.0000
073 A021700 0.0000
073 B001700 2.0400
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 6419
074 J001700 0
074 K001700 34
074 L001700 0
074 M001700 10
074 N001700 6463
074 O001700 0
074 P001700 0
074 Q001700 0
074 R011700 0
074 R021700 0
074 R031700 0
074 R041700 28
074 S001700 0
074 T001700 6435
074 U011700 1675
074 U021700 0
074 V011700 3.84
074 V021700 0.00
074 W001700 0.0000
074 X001700 190
074 Y001700 0
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075 B001700 6011
<PAGE> PAGE 23
076 001700 0.00
028 A011800 2035
028 A021800 0
028 A031800 0
028 A041800 437
028 B011800 1465
028 B021800 0
028 B031800 0
028 B041800 2510
028 C011800 1725
028 C021800 0
028 C031800 0
028 C041800 328
028 D011800 363
028 D021800 0
028 D031800 0
028 D041800 2308
028 E011800 169
028 E021800 0
028 E031800 0
028 E041800 159
028 F011800 306
028 F021800 0
028 F031800 0
028 F041800 1588
028 G011800 6063
028 G021800 0
028 G031800 0
028 G041800 7330
028 H001800 0
037 001800 N
038 001800 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 Y
070 C021800 N
070 D011800 Y
070 D021800 N
<PAGE> PAGE 24
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 N
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 Y
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 152
072 F001800 0
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072 H001800 0
072 I001800 0
072 J001800 0
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072 M001800 6
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072 S001800 16
<PAGE> PAGE 25
072 T001800 0
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072 Y001800 86
072 Z001800 93
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072BB001800 787
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072DD021800 0
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073 A011800 0.5200
073 A021800 0.0000
073 B001800 0.0000
073 C001800 0.0000
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074 J001800 0
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074 N001800 4796
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074 S001800 0
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074 V021800 0.00
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076 001800 0.00
<PAGE> PAGE 26
028 A011900 0
028 A021900 0
028 A031900 0
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028 B021900 0
028 B031900 0
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<PAGE> PAGE 27
070 I011900 N
070 I021900 N
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070 K011900 Y
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070 L011900 Y
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070 N011900 Y
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071 A001900 0
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<PAGE> PAGE 28
072BB001900 0
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<PAGE> PAGE 29
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<PAGE> PAGE 30
070 L022000 N
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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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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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SIGNATURE CHARLES RIZZO
TITLE VICE PRESIDENT
To the Trustees of the BT
Investment Funds:
In planning and performing our
audit of the financial
statements of the Small Cap Fund,
Capital Appreciation
Fund, Intermediate Tax Free Fund,
Latin American Equity
Fund, Global Emerging Markets
Equity Fund, and Pacific
Basin Equity Fund (Funds comprising
BT Investment Funds,
hereafter referred to as the
"Funds") for the year ended
September 30, 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
September 30, 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 17, 1999
Report of Independent Auditors
To the Board of Trustees
BT PreservationPlus Income
Portfolio
BT Investment Funds - BT
PreservationPlus Income
Fund
In planning and performing our
audit of the
financial statements of BT
PreservationPlus
Income Portfolio and BT
PreservationPlus Income Fund
(the "Funds") for the year ended
September 30, 1999,
we considered their 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, and 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 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,
errors 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 for
safeguarding securities, that we
consider to be
material weaknesses as defined
above at September
30, 1999.
This report is intended solely for
the information
and use of the board of trustees
and management
of BT PreservationPlus Income
Portfolio and BT
PreservationPlus Income Fund and
the Securities
and Exchange Commission and is not
intended to be
and should not be used by anyone
other than these
specified parties.
ERNST & YOUNG LLP
November 8, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000797657
<NAME> BT CAPITAL APPRECIATION FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 30-Sep-99
<PERIOD-END> 30-Sep-99
<INVESTMENTS-AT-COST> 28,740,545
<INVESTMENTS-AT-VALUE> 28,740,545
<RECEIVABLES> 0
<ASSETS-OTHER> 36,519
<TOTAL-ASSETS> 28,777,064
<PAYABLE-FOR-SECURITIES> 0
<OTHER-ITEMS LIABILITIES> 45,061
<TOTAL-LIABILITIES> 45,061
<PAID-IN-CAPITAL-COMMON> 16,063,468
<SHARES-COMMON-CURRENT> 1,945,242
<SHARES-COMMON-PRIOR> 2,240,182
<ACCUMULATED-NII-CURRENT> (76,543)
<ACCUMULATED-NET-GAINS> 7,721,310
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,947,225
<NET-ASSETS> 28,732,003
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 17,564
<EXPENSES-NET> 162,423
<NET-INVESTMENT-INCOME> (144,859)
<REALIZED-GAINS-CURRENT> 8,027,605
<APPREC-INCREASE-CURRENT> 1,426,125
<NET-CHANGE-FROM-OPS> 9,308,871
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 3,057,167
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 707,455
<NUMBER-OF-SHARES-REDEEME 1,175,938
<SHARES-REINVESTED> 173,543
<NET-CHANGE-IN-ASSETS> 3,235,267
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,895,731
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR 0
<GROSS-ADVISORY-FEES> 0
<GROSS-EXPENSE> 241,995
<AVERAGE-NET-ASSETS> 25,026,304
<PER-SHARE-NAV-BEGIN> 11.38
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 4.99
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 1.53
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 14.77
<EXPENSE-RATIO> 1.25%
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000797657
<NAME> BT INVESTMENT PRESERVATION PLUS INCOME FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 30-Sep-99
<PERIOD-END> 30-Sep-99
<INVESTMENTS-AT-COST> 143,752
<INVESTMENTS-AT-VALUE> 143,752
<RECEIVABLES> 22,370
<ASSETS-OTHER> 0
<TOTAL-ASSETS> 166,122
<PAYABLE-FOR-SECURITIES> 0
<OTHER-ITEMS LIABILITIES> 48,533
<TOTAL-LIABILITIES> 48,533
<PAID-IN-CAPITAL-COMMON> 117,589
<SHARES-COMMON-CURRENT> 11,759
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<ACCUMULATED-NET-GAINS> (170)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 170
<NET-ASSETS> 117,589
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 3,012
<EXPENSES-NET> 188
<NET-INVESTMENT-INCOME> 2,824
<REALIZED-GAINS-CURRENT> (170)
<APPREC-INCREASE-CURRENT> 170
<NET-CHANGE-FROM-OPS> 2,824
<DISTRIBUTIONS-OF-INCOME> 2,824
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 44,719
<NUMBER-OF-SHARES-REDEEMED> 33,138
<SHARES-REINVESTED> 178
<NET-CHANGE-IN-ASSETS> 117,589
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<GROSS-EXPENSE> 47,905
<AVERAGE-NET-ASSETS> 63,572
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.44
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.44
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 0.89%
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000797657
<NAME> BT INVESTMENT GLOBAL EMERGING MARKETS FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 30-Sep-99
<PERIOD-END> 30-Sep-99
<INVESTMENTS-AT-COST> 3,023,977
<INVESTMENTS-AT-VALUE> 3,023,977
<RECEIVABLES> 29,560
<ASSETS-OTHER> 0
<TOTAL-ASSETS> 3,053,537
<PAYABLE-FOR-SECURITIES> 0
<OTHER-ITEMS LIABILITIES> 37,660
<TOTAL-LIABILITIES> 37,660
<PAID-IN-CAPITAL-COMMON> 2,718,269
<SHARES-COMMON-CURRENT> 275,760
<SHARES-COMMON-PRIOR> 240,916
<ACCUMULATED-NII-CURRENT> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 297,608
<NET-ASSETS> 3,015,877
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 24,593
<EXPENSES-NET> 23,592
<NET-INVESTMENT-INCOME> 1,001
<REALIZED-GAINS-CURRENT> 219,992
<APPREC-INCREASE-CURRENT> 653,053
<NET-CHANGE-FROM-OPS> 874,046
<DISTRIBUTIONS-OF-INCOME> 4,779
<DISTRIBUTIONS-OF-GAINS> 183,791
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 90,648
<NUMBER-OF-SHARES-REDEEMED> 55,804
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,078,619
<ACCUMULATED-NII-PRIOR> 7,000
<ACCUMULATED-GAINS-PRIOR> (45,776)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<GROSS-EXPENSE> 109,369
<AVERAGE-NET-ASSETS> 2,914,000
<PER-SHARE-NAV-BEGIN> 8.04
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 3.60
<PER-SHARE-DIVIDEND> (0.02)
<PER-SHARE-DISTRIBUTIONS> (0.68)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.94
<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 LATIN AMERICAN EQUITY FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 30-Sep-99
<PERIOD-END> 30-Sep-99
<INVESTMENTS-AT-COST> 4,74
<INVESTMENTS-AT-VALUE> 4,74
<RECEIVABLES>
<ASSETS-OTHER>
<TOTAL-ASSETS> 4,79
<PAYABLE-FOR-SECURITIES> 0
<OTHER-ITEMS LIABILITIES>
<TOTAL-LIABILITIES>
<PAID-IN-CAPITAL-COMMON> 12,868
<SHARES-COMMON-CURRENT> 4
<SHARES-COMMON-PRIOR> 7
<ACCUMULATED-NII-CURRENT>
<ACCUMULATED-NET-GAINS> (7
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,87
<NET-ASSETS> 4,76
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 1
<EXPENSES-NET>
<NET-INVESTMENT-INCOME>
<REALIZED-GAINS-CURRENT> (7
<APPREC-INCREASE-CURRENT> 1,87
<NET-CHANGE-FROM-OPS> 1,1
<DISTRIBUTIONS-OF-INCOME> 3
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1619374
<NUMBER-OF-SHARES-REDEEMED> 1,95
<SHARES-REINVESTED>
<NET-CHANGE-IN-ASSETS> (1,48
<ACCUMULATED-NII-PRIOR>
<ACCUMULATED-GAINS-PRIOR>
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<GROSS-EXPENSE>
<AVERAGE-NET-ASSETS> 6,54
<PER-SHARE-NAV-BEGIN>
<PER-SHARE-NII>
<PER-SHARE-GAIN-APPREC>
<PER-SHARE-DIVIDEND>
<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> 30-Sep-99
<PERIOD-END> 30-Sep-99
<INVESTMENTS-AT-COST> 6,418,993
<INVESTMENTS-AT-VALUE> 6,418,993
<RECEIVABLES> 34,515
<ASSETS-OTHER> 9,587
<TOTAL-ASSETS> 6,463,095
<PAYABLE-FOR-SECURITIES> 0
<OTHER-ITEMS LIABILITIES> 28,214
<TOTAL-LIABILITIES> 28,214
<PAID-IN-CAPITAL-COMMON> 22,443,503
<SHARES-COMMON-CURRENT> 1,675,041
<SHARES-COMMON-PRIOR> 1,111,175
<ACCUMULATED-NII-CURRENT> (968)
<ACCUMULATED-NET-GAINS> (16,918,698)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,839,448
<NET-ASSETS> 6,434,881
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 44,652
<EXPENSES-NET> 45,620
<NET-INVESTMENT-INCOME> (968)
<REALIZED-GAINS-CURRENT> 223,788
<APPREC-INCREASE-CURRENT> 2,839,448
<NET-CHANGE-FROM-OPS> 3,062,268
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2,341,154
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,563,583
<NUMBER-OF-SHARES-REDEEMED> (5,998,264)
<SHARES-REINVESTED> 22
<NET-CHANGE-IN-ASSETS> 2,166,681
<ACCUMULATED-NII-PRIOR> 2,471,739
<ACCUMULATED-GAINS-PRIOR> (17,038,404)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<GROSS-EXPENSE> 125,307
<AVERAGE-NET-ASSETS> 6,011,108
<PER-SHARE-NAV-BEGIN> 3.85
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 2.03
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 2.04
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 3.84
<EXPENSE-RATIO> 1.75%
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000797657
<NAME> BTINVESTMENT SMALL CAP FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 30-Sep-99
<PERIOD-END> 30-Sep-99
<INVESTMENTS-AT-COST> 215,304,983
<INVESTMENTS-AT-VALUE> 215,304,983
<RECEIVABLES> 1,300,011
<ASSETS-OTHER> 27,468
<TOTAL-ASSETS> 216,632,462
<PAYABLE-FOR-SECURITIES> 0
<OTHER-ITEMS LIABILITIES> 360,162
<TOTAL-LIABILITIES> 360,162
<PAID-IN-CAPITAL-COMMON> 145,324,751
<SHARES-COMMON-CURRENT> 9,881,175
<SHARES-COMMON-PRIOR> 11,514,530
<ACCUMULATED-NII-CURRENT> 0
<ACCUMULATED-NET-GAINS> 31,982,126
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,965,423
<NET-ASSETS> 216,272,300
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> (188,887)
<EXPENSES-NET> 1,332,210
<NET-INVESTMENT-INCOME> (1,521,097)
<REALIZED-GAINS-CURRENT> 49,022,740
<APPREC-INCREASE-CURRENT> 30,229,250
<NET-CHANGE-FROM-OPS> 77,730,893
<DISTRIBUTIONS-OF-INCOME> 593,090
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,607,904
<NUMBER-OF-SHARES-REDEEMED> 10,266,076
<SHARES-REINVESTED> 24,817
<NET-CHANGE-IN-ASSETS> 43,962,241
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (14,926,427)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<GROSS-EXPENSE> 1,437,760
<AVERAGE-NET-ASSETS> 204,972,369
<PER-SHARE-NAV-BEGIN> 14.96
<PER-SHARE-NII> (0.15)
<PER-SHARE-GAIN-APPREC> 7.13
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.05
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 21.89
<EXPENSE-RATIO> 1.25%
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
ARTICLE 6
CIK 0000797657
NAME BT INVESTMENT INTERMEDIATE TAX FREE FUND
PERIOD TYPE 12-MOS
FISCAL YEAR END 30-Sep-99
PERIOD END 30-Sep-99
INVESTMENTS AT COST 20,033,813
INVESTMENTS AT VALUE 20,033,813
RECEIVABLES 3,015
ASSETS OTHER 18,203
TOTAL ASSETS 20,055,031
PAYABLE FOR SECURITIES 0
OTHER ITEMS LIABILITIES 95,445
TOTAL LIABILITIES 95,445
PAID IN CAPITAL COMMON 19,825,247
SHARES COMMON CURRENT 1,918,464
SHARES COMMON PRIOR 2,184,335
ACCUMULATED NII CURRENT 0
ACCUMULATED NET GAINS 40,180
OVERDISTRIBUTION GAINS 0
ACCUM APPREC OR DEPREC 94,159
NET ASSETS 19,959,586
DIVIDEND INCOME 0
INTEREST INCOME 0
OTHER INCOME 908,809
EXPENSES NET 85,829
NET INVESTMENT INCOME 822,980
REALIZED GAINS CURRENT 49,667
APPREC INCREASE CURRENT (1,154,450)
NET CHANGE FROM OPS (281,803)
DISTRIBUTIONS OF INCOME 822,980
DISTRIBUTIONS OF GAINS 153,783
DISTRIBUTIONS OTHER 0
NUMBER OF SHARES SOLD 521,268
NUMBER OF SHARES REDEEMED (823,289)
SHARES REINVESTED 36,150
NET CHANGE IN ASSETS (4,112,400)
UNDISTRIBUTED NII PRIOR 0
ACCUMULATED GAINS PRIOR 144,296
OVERDISTRIB NII PRIOR 0
OVERDIST NET GAINS PRIOR 0
GROSS ADVISORY FEES 0
GROSS EXPENSE 160,702
AVERAGE NET ASSETS 21,448
PER SHARE NAV BEGIN 11.02
PER SHARE NII 0.41
PER SHARE GAIN APPREC (0.53)
PER SHARE DIVIDEND 0.41
PER SHARE DISTRIBUTIONS 0.09
RETURNS OF CAPITAL 0.00
PER SHARE NAV END 10.40
EXPENSE RATIO 0.85%
</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
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 30-Sep-99
<PERIOD-END> 30-Sep-99
<INVESTMENTS-AT-COST> 1,825,653,442
<INVESTMENTS-AT-VALUE> 1,825,653,442
<RECEIVABLES> 29,360,753
<ASSETS-OTHER> 39,198
<TOTAL-ASSETS> 1,855,053,393
<PAYABLE-FOR-SECURITIES> 0
<OTHER-ITEMS LIABILITIES> 3,822,997
<TOTAL-LIABILITIES> 3,822,997
<PAID-IN-CAPITAL-COMMON> 1,606,752,489
<SHARES-COMMON-CURRENT> 76,449,542
<SHARES-COMMON-PRIOR> 60,529,388
<ACCUMULATED-NII-CURRENT> 3,610,542
<ACCUMULATED-NET-GAINS> (12,855,969)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 253,723,334
<NET-ASSETS> 1,851,230,396
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 17,111,975
<EXPENSES-NET> 13,857,892
<NET-INVESTMENT-INCOME> 3,254,083
<REALIZED-GAINS-CURRENT> 1,150,801
<APPREC-INCREASE-CURRENT> 232,624,850
<NET-CHANGE-FROM-OPS> 237,029,734
<DISTRIBUTIONS-OF-INCOME> 3,594,378
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 91,035,744
<NUMBER-OF-SHARES-REDEEMED> 75,245,376
<SHARES-REINVESTED> 129,786
<NET-CHANGE-IN-ASSETS> 599,650,798
<ACCUMULATED-NII-PRIOR> 3,610,542
<ACCUMULATED-GAINS-PRIOR> (29,075,698)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<GROSS-EXPENSE> 14,914,877
<AVERAGE-NET-ASSETS> 1,735,535,675
<PER-SHARE-NAV-BEGIN> 20.68
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 3.56
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 24.22
<EXPENSE-RATIO> 1.50%
</TABLE>
