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<PAGE> PAGE 10
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028 A010800 408932
028 A020800 0
028 A030800 0
028 A040800 756441
028 B010800 422032
<PAGE> PAGE 21
028 B020800 0
028 B030800 0
028 B040800 653869
028 C010800 382952
028 C020800 0
028 C030800 0
028 C040800 260661
028 D010800 773514
028 D020800 0
028 D030800 0
028 D040800 383903
028 E010800 803594
028 E020800 0
028 E030800 0
028 E040800 541862
028 F010800 578875
028 F020800 0
028 F030800 0
028 F040800 1244955
028 G010800 3369899
028 G020800 0
028 G030800 0
028 G040800 3841691
028 H000800 0
045 000800 N
048 000800 0.000
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
058 A000800 N
059 000800 Y
060 A000800 Y
<PAGE> PAGE 22
060 B000800 Y
061 000800 1000000
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
066 A000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 N
070 A020800 N
070 B010800 N
070 B020800 N
070 C010800 N
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 N
070 J020800 N
070 K010800 Y
070 K020800 Y
070 L010800 N
070 L020800 N
070 M010800 N
070 M020800 N
<PAGE> PAGE 23
070 N010800 N
070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
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 181821
072 F000800 0
072 G000800 1674
072 H000800 0
072 I000800 0
072 J000800 0
072 K000800 0
072 L000800 15
072 M000800 8
072 N000800 410
072 O000800 0
072 P000800 0
072 Q000800 0
072 R000800 4
072 S000800 9
072 T000800 0
072 U000800 0
072 V000800 0
072 W000800 32
072 X000800 2152
072 Y000800 478
072 Z000800 180147
072AA000800 0
072BB000800 106
072CC010800 0
072CC020800 0
072DD010800 180147
072DD020800 0
072EE000800 0
073 A010800 0.0543
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
<PAGE> PAGE 24
074 A000800 0
074 B000800 0
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 3389709
074 J000800 0
074 K000800 0
074 L000800 0
074 M000800 65
074 N000800 3389774
074 O000800 0
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 15614
074 S000800 0
074 T000800 3374160
074 U010800 3374007
074 U020800 0
074 V010800 1.00
074 V020800 0.00
074 W000800 1.0000
074 X000800 2
074 Y000800 0
075 A000800 3318715
075 B000800 0
076 000800 0.00
028 A011000 0
028 A021000 0
028 A031000 0
028 A041000 0
028 B011000 0
028 B021000 0
028 B031000 0
028 B041000 0
028 C011000 0
028 C021000 0
028 C031000 0
028 C041000 0
028 D011000 0
028 D021000 0
028 D031000 0
028 D041000 0
028 E011000 0
028 E021000 0
<PAGE> PAGE 25
028 E031000 0
028 E041000 0
028 F011000 0
028 F021000 0
028 F031000 0
028 F041000 0
028 G011000 0
028 G021000 0
028 G031000 0
028 G041000 0
028 H001000 0
045 001000 N
048 001000 0.000
048 A011000 0
048 A021000 0.000
048 B011000 0
048 B021000 0.000
048 C011000 0
048 C021000 0.000
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
048 F021000 0.000
048 G011000 0
048 G021000 0.000
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
048 K021000 0.000
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
<PAGE> PAGE 26
062 Q001000 0.0
062 R001000 0.0
066 A001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 N
070 B011000 N
070 B021000 N
070 C011000 N
070 C021000 N
070 D011000 N
070 D021000 N
070 E011000 N
070 E021000 N
070 F011000 N
070 F021000 N
070 G011000 N
070 G021000 N
070 H011000 N
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 N
070 J021000 N
070 K011000 Y
070 K021000 Y
070 L011000 N
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 N
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 Y
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
071 A001000 0
071 B001000 0
071 C001000 0
071 D001000 0
072 A001000 12
072 B001000 0
072 C001000 0
072 D001000 0
<PAGE> PAGE 27
072 E001000 0
072 F001000 0
072 G001000 0
072 H001000 0
072 I001000 0
072 J001000 0
072 K001000 0
072 L001000 0
072 M001000 0
072 N001000 0
072 O001000 0
072 P001000 0
072 Q001000 0
072 R001000 0
072 S001000 0
072 T001000 0
072 U001000 0
072 V001000 0
072 W001000 0
072 X001000 0
072 Y001000 0
072 Z001000 0
072AA001000 0
072BB001000 0
072CC011000 0
072CC021000 0
072DD011000 0
072DD021000 0
072EE001000 0
073 A011000 0.0000
073 A021000 0.0000
073 B001000 0.0000
073 C001000 0.0000
074 A001000 0
074 B001000 0
074 C001000 0
074 D001000 0
074 E001000 0
074 F001000 0
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 0
074 K001000 0
074 L001000 0
074 M001000 0
074 N001000 0
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074 P001000 0
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074 R011000 0
<PAGE> PAGE 28
074 R021000 0
074 R031000 0
074 R041000 0
074 S001000 0
074 T001000 0
074 U011000 0
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074 V011000 0.00
074 V021000 0.00
074 W001000 0.0000
074 X001000 0
074 Y001000 0
075 A001000 0
075 B001000 0
076 001000 0.00
028 A011200 157169
028 A021200 0
028 A031200 0
028 A041200 182112
028 B011200 243621
028 B021200 0
028 B031200 0
028 B041200 225674
028 C011200 182374
028 C021200 0
028 C031200 0
028 C041200 78093
028 D011200 137014
028 D021200 0
028 D031200 0
028 D041200 183969
028 E011200 182310
028 E021200 0
028 E031200 0
028 E041200 107746
028 F011200 465583
028 F021200 0
028 F031200 0
028 F041200 540343
028 G011200 1368071
028 G021200 0
028 G031200 0
028 G041200 1317937
028 H001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 0.150
048 A011200 0
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<PAGE> PAGE 29
048 B021200 0.000
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 Y
053 B001200 Y
053 C001200 N
054 A001200 Y
054 B001200 Y
054 C001200 Y
054 D001200 N
054 E001200 N
054 F001200 N
054 G001200 N
054 H001200 Y
054 I001200 N
054 J001200 Y
054 K001200 N
054 L001200 N
054 M001200 Y
054 N001200 N
054 O001200 N
058 A001200 N
059 001200 Y
060 A001200 Y
060 B001200 Y
061 001200 0
062 A001200 Y
062 B001200 16.1
062 C001200 23.2
062 D001200 60.6
062 E001200 0.0
<PAGE> PAGE 30
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.1
063 A001200 37
063 B001200 0.0
064 A001200 Y
064 B001200 N
066 A001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 Y
070 B011200 N
070 B021200 N
070 C011200 N
070 C021200 N
070 D011200 N
070 D021200 N
070 E011200 N
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 Y
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 Y
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 N
<PAGE> PAGE 31
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 0
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072 A001200 12
072 B001200 23249
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072 F001200 646
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074 B001200 296148
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<PAGE> PAGE 32
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074 M001200 6
074 N001200 490374
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074 R041200 2149
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075 A001200 430835
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SIGNATURE BRIAN WIXTED
TITLE PRINCIPAL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862157
<NAME> INSTITUTIONAL CASH MANAGEMENT FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 2,347,764,891
<INVESTMENTS-AT-VALUE> 2,347,764,891
<RECEIVABLES> 415,048
<ASSETS-OTHER> 42,071
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,348,222,010
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,080,485
<TOTAL-LIABILITIES> 1,080,485
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,347,580,989
<SHARES-COMMON-STOCK> 2,347,580,989
<SHARES-COMMON-PRIOR> 1,922,505,130
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (439,464)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,347,141,525
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 123,127,574
<OTHER-INCOME> 0
<EXPENSES-NET> 1,143,625
<NET-INVESTMENT-INCOME> 121,983,949
<REALIZED-GAINS-CURRENT> 140,279
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 122,124,228
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (121,983,949)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38,329,659,039
<NUMBER-OF-SHARES-REDEEMED> (38,014,384,008)
<SHARES-REINVESTED> 109,800,828
<NET-CHANGE-IN-ASSETS> 425,216,138
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (579,743)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,345,562
<AVERAGE-NET-ASSETS> 2,286,229,790
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.23
<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> 0008116072
<NAME> INSTITUTIONAL TREASURY MONEY FUND
<SERIES>
<NUMBER>
<NAME>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 1,729,166,771
<INVESTMENTS-AT-VALUE> 1,729,166,771
<RECEIVABLES> 0
<ASSETS-OTHER> 39,745
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,729,206,516
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 364,156
<TOTAL-LIABILITIES> 364,156
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,728,477,540
<SHARES-COMMON-STOCK> 1,728,477,540
<SHARES-COMMON-PRIOR> 1,852,468,160
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 356,742
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,728,834,282
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 106,963,627
<EXPENSES-NET> 1,034,694
<NET-INVESTMENT-INCOME> 105,928,933
<REALIZED-GAINS-CURRENT> 199,282
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 106,128,215
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (105,937,011)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,298,889,115
<NUMBER-OF-SHARES-REDEEMED> (15,496,583,149)
<SHARES-REINVESTED> 73,703,414
<NET-CHANGE-IN-ASSETS> (123,799,416)
<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> 1,133,684
<AVERAGE-NET-ASSETS> 2,052,614,231
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.25
<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> 0000862157
<NAME> BT INSTITUTIONAL EQUITY 500 INDEX FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 2,243,377,555
<INVESTMENTS-AT-VALUE> 2,243,377,555
<RECEIVABLES> 45,978,934
<ASSETS-OTHER> 299,859
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,289,656,348
<PAYABLE-FOR-SECURITIES> 484,381
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 202,108
<TOTAL-LIABILITIES> 686,489
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,207,527,453
<SHARES-COMMON-STOCK> 14,605,938
<SHARES-COMMON-PRIOR> 12,112,389
<ACCUMULATED-NII-CURRENT> 41,821
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,145,965
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,069,254,620
<NET-ASSETS> 2,288,969,859
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 27,758,599
<EXPENSES-NET> 370,384
<NET-INVESTMENT-INCOME> 27,388,215
<REALIZED-GAINS-CURRENT> 16,811,388
<APPREC-INCREASE-CURRENT> 411,132,012
<NET-CHANGE-FROM-OPS> 455,331,615
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 27,346,394
<DISTRIBUTIONS-OF-GAINS> 36,598,002
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,799,218
<NUMBER-OF-SHARES-REDEEMED> 4,667,456
<SHARES-REINVESTED> 361,789
<NET-CHANGE-IN-ASSETS> 767,323,015
<ACCUMULATED-NII-PRIOR> 426,224
<ACCUMULATED-GAINS-PRIOR> (3,537,178)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,108,418
<AVERAGE-NET-ASSETS> 1,853,349,065
<PER-SHARE-NAV-BEGIN> 125.63
<PER-SHARE-NII> 2.05
<PER-SHARE-GAIN-APPREC> 33.70
<PER-SHARE-DIVIDEND> (2.05)
<PER-SHARE-DISTRIBUTIONS> (2.61)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 156.72
<EXPENSE-RATIO> 0.10
<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> 0000862157
<NAME> INSTITUTIONAL CASH RESERVES FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 2,368,511,767
<INVESTMENTS-AT-VALUE> 2,368,511,767
<RECEIVABLES> 44,913
<ASSETS-OTHER> 34,466
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,368,591,146
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 814,195
<TOTAL-LIABILITIES> 814,195
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,368,111,605
<SHARES-COMMON-STOCK> 2,368,111,605
<SHARES-COMMON-PRIOR> 1,549,343,355
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (334,654)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,367,776,951
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 130,414,445
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 130,414,445
<REALIZED-GAINS-CURRENT> 144,205
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 130,558,650
<EQUALIZATION> (130,414,445)
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 39,677,902,986
<NUMBER-OF-SHARES-REDEEMED> (38,978,363,653)
<SHARES-REINVESTED> 119,228,918
<NET-CHANGE-IN-ASSETS> 818,912,456
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (478,860)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,533,006
<AVERAGE-NET-ASSETS> 2,424,324,196
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.18
<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> 0000862157
<NAME> INSTITUTIONAL LIQUID ASSET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 3,389,709,147
<INVESTMENTS-AT-VALUE> 3,389,709,147
<RECEIVABLES> 0
<ASSETS-OTHER> 65,260
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,389,774,407
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,614,731
<TOTAL-LIABILITIES> 15,614,731
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,374,007,026
<SHARES-COMMON-STOCK> 3,374,007,026
<SHARES-COMMON-PRIOR> 3,316,767,939
<ACCUMULATED-NII-CURRENT> 58,387
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 94,263
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,374,159,676
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 181,820,656
<OTHER-INCOME> 0
<EXPENSES-NET> 1,673,691
<NET-INVESTMENT-INCOME> 180,146,965
<REALIZED-GAINS-CURRENT> 105,907
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 180,252,872
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (180,146,965)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,993,553,949
<NUMBER-OF-SHARES-REDEEMED> (9,936,314,862)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 57,344,994
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 46,743
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000862157
<NAME> INSTITUTIONAL TREASURY ASSETS FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 487,989,857
<INVESTMENTS-AT-VALUE> 487,989,857
<RECEIVABLES> 1,320,989
<ASSETS-OTHER> 1,063,566
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 490,374,412
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,142,426
<TOTAL-LIABILITIES> 2,142,426
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 488,231,652
<SHARES-COMMON-STOCK> 488,231,652
<SHARES-COMMON-PRIOR> 94,385,809
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (6,201)
<ACCUMULATED-NET-GAINS> 140
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 488,225,501
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 23,248,852
<OTHER-INCOME> 0
<EXPENSES-NET> 689,337
<NET-INVESTMENT-INCOME> 22,559,515
<REALIZED-GAINS-CURRENT> 140
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 22,559,655
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (22,566,000)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,638,493,264
<NUMBER-OF-SHARES-REDEEMED> (2,244,647,511)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 393,839,408
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 284
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,172,762
<AVERAGE-NET-ASSETS> 430,835,363
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<PER-SHARE-NII> 0.05
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<PER-SHARE-DISTRIBUTIONS> (0.05)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Shareholders and Board of Directors
of BT Institutional Funds:
In planning and performing our audit of the financial statements and financial
highlights of Institutional Cash Management Fund, Institutional Treasury Money
Fund, Institutional Equity 500 Index Fund, Institutional Cash Reserve Fund,
Institutional Liquid Assets Fund, and Institutional Treasury Assets Fund (six of
the Funds comprising the BT Institutional Funds, hereafter referred to as the
"Funds") for the year ended December 31, 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 December 31, 1998.
This report is intended solely for the information and use of management, the
Board of Directors of the BT Institutional Funds and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
Baltimore, Maryland
February 5, 1999
