<PAGE> PAGE 1
000 A000000 09/30/99
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 4108953761
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 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
010 C02AA01 NY
<PAGE> PAGE 2
010 C03AA01 10006
011 A00AA01 ICC DISTRIBUTORS, INC.
011 B00AA01 8-48427
011 C01AA01 PORTLAND
011 C02AA01 ME
011 C03AA01 04101
012 A00AA01 BANKERS TRUST COMPANY
012 B00AA01 84-xxxxxxx
012 C01AA01 NEW YORK
012 C02AA01 NY
012 C03AA01 10006
013 A00AA01 PRICEWATERHOUSE COOPERS LLP
013 B01AA01 BALTIMORE
013 B02AA01 MD
013 B03AA01 21201
015 A00AA01 BANKERS TRUST COMPANY
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10006
015 E03AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 57
019 C00AA00 BTTINFUNDS
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020 C000004 0
020 C000005 0
020 C000006 0
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021 000000 0
022 A000001 ASSET MANAGEMENT PORTFOLIO I
022 B000001 04-3148798
022 C000001 58898
022 D000001 18962
022 A000002 ASSET MANAGEMENT PORTFOLIO II
022 B000002 04-3172235
022 C000002 47063
022 D000002 19151
022 A000003 ASSET MANAGEMENT PORTFOLIO III
022 B000003 04-3172237
022 C000003 21160
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<PAGE> PAGE 3
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<PAGE> PAGE 4
048 00AA00 0.000
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<PAGE> PAGE 5
063 B00AA00 0.0
070 A01AA00 Y
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<PAGE> PAGE 6
086 D010000 0
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028 A011200 6314
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066 A001200 Y
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<PAGE> PAGE 7
072 B001200 0
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073 A011200 0.1700
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074 H001200 0
074 I001200 109518
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074 L001200 60762
074 M001200 15
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<PAGE> PAGE 8
074 P001200 50
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074 X001200 113
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076 001200 0.00
028 A011300 3188
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028 H001300 0
066 A001300 Y
066 B001300 N
066 C001300 N
066 D001300 N
<PAGE> PAGE 9
066 E001300 N
066 F001300 Y
066 G001300 N
067 001300 Y
068 A001300 N
068 B001300 N
071 A001300 0
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<PAGE> PAGE 10
074 E001300 0
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028 A011400 4700
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<PAGE> PAGE 11
028 F031400 0
028 F041400 2500
028 G011400 20447
028 G021400 713
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028 H001400 0
066 A001400 Y
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066 D001400 N
066 E001400 N
066 F001400 Y
066 G001400 N
067 001400 Y
068 A001400 N
068 B001400 N
069 001400 N
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<PAGE> PAGE 12
072CC021400 0
072DD011400 714
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072EE001400 0
073 A011400 0.1600
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074 B001400 0
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074 F001400 0
074 G001400 0
074 H001400 0
074 I001400 27886
074 J001400 0
074 K001400 0
074 L001400 14942
074 M001400 21
074 N001400 42849
074 O001400 0
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074 T001400 42823
074 U011400 4250
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SIGNATURE CHARLES RIZZO
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
FINANCIAL DATA SCHEDULE
ARTICLE 6
CIK 0000797657
NAME BT INVESTMENT LIFECYCLE LONG RANGE FUND
PERIOD TYPE 6-MOS
FISCAL YEAR END 31-Mar-00
PERIOD END 30-Sep-99
INVESTMENTS AT COST 109,517,756
INVESTMENTS AT VALUE 109,517,756
RECEIVABLES 60,762,264
ASSETS OTHER 15,381
TOTAL ASSETS 170,295,401
PAYABLE FOR SECURITIES 0
OTHER ITEMS LIABILITIES 112,076
TOTAL LIABILITIES 112,076
PAID IN CAPITAL COMMON 160,693,100
SHARES COMMON CURRENT 13,791,057
SHARES COMMON PRIOR 10,621,099
ACCUMULATED NII CURRENT 0
ACCUMULATED NET GAINS 0
OVERDISTRIBUTION GAINS 2,717,614
ACCUM APPREC OR DEPREC 13,190,894
NET ASSETS 170,183,325
DIVIDEND INCOME 0
INTEREST INCOME 0
OTHER INCOME 1,874,047
EXPENSES NET 297,563
NET INVESTMENT INCOME 1,576,484
REALIZED GAINS CURRENT (1,642,413)
APPREC INCREASE CURRENT 141,899
NET CHANGE FROM OPS 75,970
DISTRIBUTIONS OF INCOME (2,016,093)
DISTRIBUTIONS OF GAINS (1,361,842)
DISTRIBUTIONS OTHER 0
NUMBER OF SHARES SOLD 4,020,162
NUMBER OF SHARES REDEEMED (7,082,887)
SHARES REINVESTED 4,158,962
NET CHANGE IN ASSETS 36,633,335
UNDISTRIBUTED NII PRIOR (2,278,005)
ACCUMULATED GAINS PRIOR 2,021,200
OVERDISTRIB NII PRIOR 0
OVERDIST NET GAINS PRIOR 0
GROSS ADVISORY FEES 0
GROSS EXPENSE 515,474
AVERAGE NET ASSETS 149,045,962
PER SHARE NAV BEGIN 12.57
PER SHARE NII 0.18
PER SHARE GAIN APPREC 0.12
PER SHARE DIVIDEND 0.17
PER SHARE DISTRIBUTIONS 0.12
RETURNS OF CAPITAL 0.00
PER SHARE NAV END 12.34
EXPENSE RATIO 1.00%
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
FINANCIAL DATA SCHEDULE
ARTICLE 6
CIK 0000797657
NAME Lifecycle Mid Range
PERIOD TYPE 6-MOS
FISCAL YEAR END 31-Mar-00
PERIOD END 30-Sep-99
INVESTMENTS AT COST 66,777,105
INVESTMENTS AT VALUE 66,777,105
RECEIVABLES 38,045,747
ASSETS OTHER 14,765
TOTAL ASSETS 104,837,617
PAYABLE FOR SECURITIES 0
OTHER ITEMS LIABILITIES 46,001
TOTAL LIABILITIES 46,001
PAID IN CAPITAL COMMON 102,299,946
SHARES COMMON CURRENT 9,941,623
SHARES COMMON PRIOR 7,317,330
ACCUMULATED NII CURRENT 16,486
ACCUMULATED NET GAINS (2,296,622)
OVERDISTRIBUTION GAINS 0
ACCUM APPREC OR DEPREC 4,771,806
NET ASSETS 104,791,616
DIVIDEND INCOME 0
INTEREST INCOME 0
OTHER INCOME 1,283,129
EXPENSES NET 167,602
NET INVESTMENT INCOME 1,115,527
REALIZED GAINS CURRENT (957,161)
APPREC INCREASE CURRENT 327,883
NET CHANGE FROM OPS 486,249
DISTRIBUTIONS OF INCOME 1,048,609
DISTRIBUTIONS OF GAINS 113,858
DISTRIBUTIONS OTHER 0
NUMBER OF SHARES SOLD 4,295,325
NUMBER OF SHARES REDEEME (1,781,150)
SHARES REINVESTED 110,118
NET CHANGE IN ASSETS (17,547,503)
UNDISTRIBUTED NII PRIOR (50,432)
ACCUMULATED GAINS PRIOR (1,225,602)
OVERDISTRIB NII PRIOR 0
OVERDIST NET GAINS PRIOR 0
GROSS ADVISORY FEES 0
GROSS EXPENSE 299,547
AVERAGE NET ASSETS 84,115,330
PER SHARE NAV BEGIN 10.60
PER SHARE NII 0.13
PER SHARE GAIN APPREC (0.05)
PER SHARE DIVIDEND 0.12
PER SHARE DISTRIBUTIONS 0.02
RETURNS OF CAPITAL 0.00
PER SHARE NAV END 10.54
EXPENSE RATIO 1.00%
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
FINANCIAL DATA SCHEDULE
ARTICLE 6
CIK 0000797657
NAME Lifecycle Short Range Fund
PERIOD TYPE 6-MOS
FISCAL YEAR END 31-Mar-00
PERIOD END 30-Sep-99
INVESTMENTS AT COST 27,886,556
INVESTMENTS AT VALUE 27,886,556
RECEIVABLES 14,941,790
ASSETS OTHER 20,639
TOTAL ASSETS 42,848,985
PAYABLE FOR SECURITIES 0
OTHER ITEMS LIABILITIES 25,661
TOTAL LIABILITIES 25,661
PAID IN CAPITAL COMMON 43,548,997
SHARES COMMON CURRENT 4,249,873
SHARES COMMON PRIOR 4,351,892
ACCUMULATED NII CURRENT (55,417)
ACCUMULATED NET GAINS (1,837,776)
OVERDISTRIBUTION GAINS 0
ACCUM APPREC OR DEPREC 1,167,520
NET ASSETS 42,823,324
DIVIDEND INCOME 0
INTEREST INCOME 0
OTHER INCOME 835,612
EXPENSES NET 92,445
NET INVESTMENT INCOME 743,167
REALIZED GAINS CURRENT (799,055)
APPREC INCREASE CURRENT 43,629
NET CHANGE FROM OPS (12,259)
DISTRIBUTIONS OF INCOME 714,364
DISTRIBUTIONS OF GAINS 0
DISTRIBUTIONS OTHER 0
NUMBER OF SHARES SOLD 1,985,346
NUMBER OF SHARES REDEEMED (2,157,985)
SHARES REINVESTED 70,620
NET CHANGE IN ASSETS (1,708,474)
UNDISTRIBUTED NII PRIOR (84,219)
ACCUMULATED GAINS PRIOR (1,038,722)
OVERDISTRIB NII PRIOR 0
OVERDIST NET GAINS PRIOR 0
GROSS ADVISORY FEES 0
GROSS EXPENSE 173,626
AVERAGE NET ASSETS 46,032,380
PER SHARE NAV BEGIN 10.23
PER SHARE NII 0.17
PER SHARE GAIN APPREC (0.16)
PER SHARE DIVIDEND 0.16
PER SHARE DISTRIBUTIONS 0.00
RETURNS OF CAPITAL 0.00
PER SHARE NAV END 10.08
EXPENSE RATIO 1.00%
</TABLE>
