BT PYRAMID MUTUAL FUNDS
NSAR-B, 1996-11-27
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<PAGE>      PAGE  1
000 B000000 09/30/96
000 C000000 0000884463
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 3.0.a
000 J000000 A
001 A000000 BT PYRAMID FUNDS
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001 C000000 4122887496
002 A000000 1001 LIBERTY AVENUE
002 B000000 PITTSBURG
002 C000000 PA
002 D010000 15222
002 D020000 3775
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004  000000 N
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006  000000 N
007 A000000 Y
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007 C010300  3
007 C020300 LIMITED TERM U.S. GOVERNMENT FUND
007 C030300 N
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007 C010500  5
007 C020500 EQUITY APPRECIATION FUND
007 C030500 N
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<PAGE>      PAGE  4
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<PAGE>      PAGE  6
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080 A00AA00 NATIONAL UNION INSURANCE COMPANY
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<PAGE>      PAGE  7
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066 A000300 N
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<PAGE>      PAGE  8
070 H020300 N
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
028 B040500      2550
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028 F020500         0
028 F030500         0
028 F040500      1996
028 G010500     25950
028 G020500         0
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028 G040500     13199
028 H000500         0
066 A000500 Y
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070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
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070 K020500 Y
070 L010500 Y
<PAGE>      PAGE  11
070 L020500 N
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<PAGE>      PAGE  12
073 A020500   0.0000
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SIGNATURE   JAY S. NEUMAN                                
TITLE       SECRETARY           
 


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Pyramid
Equity Appreciation Fund Annual Report dated September 30, 1996, and is
qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000884463
<NAME> BT PYRAMID FUNDS
<SERIES>
   <NUMBER> 5
   <NAME> EQUITY APPRECIATION FUND
       
<S>                             <C>
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<INVESTMENTS-AT-COST>                        133155673
<INVESTMENTS-AT-VALUE>                       157322730
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<ASSETS-OTHER>                                    5149
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       111335
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<SENIOR-EQUITY>                                      0
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<SHARES-COMMON-STOCK>                         10343971
<SHARES-COMMON-PRIOR>                          6509857
<ACCUMULATED-NII-CURRENT>                     (522948)
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<PER-SHARE-NAV-BEGIN>                            14.14
<PER-SHARE-NII>                                  (.05)
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<PER-SHARE-DIVIDEND>                                 0
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<PER-SHARE-NAV-END>                              15.23
<EXPENSE-RATIO>                                    100
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Pyramid
Limited Term U.S. Government Fund Annual Report dated September 30, 1996, and is
qualified in its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000884463
<NAME> BT PYRAMID FUNDS
<SERIES>
   <NUMBER> 3
   <NAME> LIMITED TERM U.S. GOVERNMENT FUND
       
<S>                             <C>
<PERIOD-TYPE>                   9-MOS
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<INVESTMENTS-AT-COST>                         52224002
<INVESTMENTS-AT-VALUE>                        52224002
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<ASSETS-OTHER>                                   13206
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                52295798
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<GROSS-EXPENSE>                                 187279
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<PER-SHARE-NAV-BEGIN>                             9.96
<PER-SHARE-NII>                                    .38
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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