BT PYRAMID MUTUAL FUNDS
NSAR-A, 1997-08-26
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<PAGE>      PAGE  1
000 A000000 06/30/97
000 C000000 0000884463
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  PYRAMID
001 B000000 811-45973
001 C000000 8164354372
002 A000000 127 W.10TH
002 B000000 KANSAS CITY
002 C000000 MO
002 D010000 64105
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 INVESTMENT MONEY MARKET FUND
007 C030100 N
007 C010200  2
007 C020200 EQUITY 500 INDEX FUND
007 C030200 N
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 C011300 13
007 C011400 14
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007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
007 C012400 24
007 C012500 25
<PAGE>      PAGE  2
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
007 C013000 30
010 A00AA01 BANKERS TRUST COMPANY
010 C01AA01 NEW YORK
010 C02AA01 NY
010 C03AA01 10006
011 A00AA01 FEDERATED SERVICES COMPANY
011 B00AA01 8-15561
011 C01AA01 PITTSBURG
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3775
012 A00AA01 BANKERS TRUST COMPANY
012 B00AA01 84-XXXXXXX
012 C01AA01 NEW YORK
012 C02AA01 NY
012 C03AA01 10006
013 A00AA01 COOPERS AND LYBRAND
013 B01AA01 KANSAS CITY
013 B02AA01 MO
013 B03AA01 64105
013 B04AA01 1716
015 A00AA01 BANKERS TRUST COMPANY
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10017
015 E03AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   63
019 C00AA00 BTTINFUNDS
020 C000001      0
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 CASH MANAGEMENT PORTFOLIO
022 B000001 04-3086682
022 C000001   5387593
022 D000001   5645587
022 A000002 EQUITY 500 INDEX PORTFOLIO
<PAGE>      PAGE  3
022 B000002 04-3148831
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022 D000002     74162
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<PAGE>      PAGE  4
037  00AA00 N
038  00AA00      0
039  00AA00 N
040  00AA00 Y
041  00AA00 N
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042 B00AA00   0
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042 E00AA00   0
042 F00AA00   0
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055 A00AA00 N
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<PAGE>      PAGE  5
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062 L00AA00   0.0
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063 B00AA00  0.0
077 A000000 Y
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078  000000 N
080 A00AA00 NATIONAL UNION INSURANCE COMPANY
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083 A00AA00 N
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<PAGE>      PAGE  6
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066 A000100 N
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070 E020100 N
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070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 N
<PAGE>      PAGE  7
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
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<PAGE>      PAGE  8
073 B000100   0.0000
073 C000100   0.0000
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028 D010200     11154
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028 D040200      5986
<PAGE>      PAGE  9
028 E010200     18546
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028 G030200         0
028 G040200     39674
028 H000200         0
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 Y
067  000200 N
068 A000200 N
068 B000200 N
069  000200 Y
070 A010200 Y
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 N
070 M010200 Y
070 M020200 N
070 N010200 Y
<PAGE>      PAGE  10
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200         0
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071 D000200    0
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072 B000200        0
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072 E000200     7700
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072 V000200        0
072 W000200        3
072 X000200     1134
072 Y000200      595
072 Z000200     7161
072AA000200     4917
072BB000200        0
072CC010200    62671
072CC020200        0
072DD010200     7138
072DD020200        0
072EE000200     3704
073 A010200   0.2981
073 A020200   0.0000
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073 C000200   0.0000
074 A000200        0
<PAGE>      PAGE  11
074 B000200        0
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074 U020200        0
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076  000200     0.00
SIGNATURE   JAY S. NEUMAN                                
TITLE       SECRETARY           
 


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the BT
Pyramid Mutual Funds Semiannual Report dated June 30, 1997, and is qualified
in its entirety by reference to such Semiannual Report.
</LEGEND>
<CIK> 0000884463
<NAME> BT PYRAMID MUTUAL FUNDS
<SERIES>
   <NUMBER> 1
   <NAME> INVESTMENT MONEY MARKET FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-01-1997
<INVESTMENTS-AT-COST>                        474846386
<INVESTMENTS-AT-VALUE>                       474846386
<RECEIVABLES>                                    55641
<ASSETS-OTHER>                                    8393
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               474910420
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       972622
<TOTAL-LIABILITIES>                             972622
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     474297922
<SHARES-COMMON-STOCK>                        474297922
<SHARES-COMMON-PRIOR>                        416518570
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (360124)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                 473937798
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                                    0
<OTHER-INCOME>                                12449948
<EXPENSES-NET>                                  393552
<NET-INVESTMENT-INCOME>                       12056396
<REALIZED-GAINS-CURRENT>                        (2778)
<APPREC-INCREASE-CURRENT>                            0
<NET-CHANGE-FROM-OPS>                         12053618
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     12056396
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 754166
<AVERAGE-NET-ASSETS>                         466839942
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                    .03
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                          .03
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                     35
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the BT
Investment Funds Semiannual Report dated June 30, 1997, and is qualified in
its entirety by reference to such Semiannual Report.
</LEGEND>
<CIK> 0000884463
<NAME> BT PYRAMID MUTUAL FUNDS
<SERIES>
   <NUMBER> 2
   <NAME> BT INVESTMENT EQUITY 500 INDEX FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                        589304710
<INVESTMENTS-AT-VALUE>                       589304710
<RECEIVABLES>                                  1202027
<ASSETS-OTHER>                                    9565
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               590516302
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       383637
<TOTAL-LIABILITIES>                             383637
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     372328897
<SHARES-COMMON-STOCK>                         29916989
<SHARES-COMMON-PRIOR>                         27370025
<ACCUMULATED-NII-CURRENT>                         6022
<OVERDISTRIBUTION-NII>                               0
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<DIVIDEND-INCOME>                                    0
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<EXPENSES-NET>                                  429308
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<APPREC-INCREASE-CURRENT>                     80133453
<NET-CHANGE-FROM-OPS>                         95864893
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      4302587
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      117413364
<NUMBER-OF-SHARES-REDEEMED>                   74753275
<SHARES-REINVESTED>                            4147830
<NET-CHANGE-IN-ASSETS>                       138370225
<ACCUMULATED-NII-PRIOR>                          24621
<ACCUMULATED-GAINS-PRIOR>                     (749376)
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                                0
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 780294
<AVERAGE-NET-ASSETS>                         509253308
<PER-SHARE-NAV-BEGIN>                            16.51
<PER-SHARE-NII>                                    .15
<PER-SHARE-GAIN-APPREC>                           3.22
<PER-SHARE-DIVIDEND>                                 0
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<RETURNS-OF-CAPITAL>                                 0
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<EXPENSE-RATIO>                                     25
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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