<PAGE> PAGE 1
000 B000000 09/30/98
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 BT PYRAMID FUNDS
001 B000000 811-45973
001 C000000 4108953709
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 C020300 LIMITED TERM U.S. GOVERNMENT FUND
007 C030300 Y
007 C010400 4
007 C010500 5
007 C020500 EQUITY APPRECIATION FUND
007 C030500 N
007 C010600 6
007 C020600 PRESERVATION PLUS FUND
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
007 C012100 21
007 C012200 22
007 C012300 23
<PAGE> PAGE 2
007 C012400 24
007 C012500 25
007 C012600 26
007 C012700 27
007 C012800 28
007 C012900 29
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007 C013100 31
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007 C014200 42
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007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
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007 C015300 53
007 C015400 54
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007 C016800 68
007 C016900 69
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007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
<PAGE> PAGE 3
007 C017500 75
007 C017600 76
007 C017700 77
007 C017800 78
007 C017900 79
007 C018000 80
007 C018100 81
007 C018200 82
007 C018300 83
007 C018400 84
007 C018500 85
007 C018600 86
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007 C018800 88
007 C018900 89
007 C019000 90
010 A00AA01 BANKERS TRUST COMPANY
010 C01AA01 NEW YORK
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011 A00AA01 FEDERATED SERVICES COMPANY
011 B00AA01 8-41134
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 PRICEWATERHOUSE COOPERS
013 B01AA01 BALTIMORE
013 B02AA01 MD
013 B03AA01 21202
015 A00AA01 BANKERS TRUST COMPANY
015 B00AA01 C
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10017
015 E03AA01 X
018 00AA00 N
019 A00AA00 Y
019 B00AA00 59
019 C00AA00 BTTINFUNDS
020 A000001 MERRILL LYNCH
020 B000001 13-5674085
020 C000001 93
020 A000002 ROBINSON HUMPHREY
020 B000002 58-1472560
020 C000002 49
<PAGE> PAGE 4
020 A000003 HOENIG & CO.
020 B000003 13-2656060
020 C000003 42
020 A000004 BRIDGE TRADING
020 B000004 43-1450530
020 C000004 29
020 A000005 PAINE WEBBER
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020 A000006 FURMAN SELZ
020 B000006 13-2753731
020 C000006 23
020 A000007 GERARD KLAUER
020 B000007 13-3459853
020 C000007 20
020 A000008 LEHMAN BROTHERS
020 B000008 13-2518466
020 C000008 15
020 A000009 COWEN & CO.
020 B000009 13-5616116
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020 A000010 DONALDSON LUFKIN, JENRETTE
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021 000000 473
022 A000001 PRESERVATION PLUS PORTFOLIO
022 B000001 23-2871188
022 C000001 287697
022 D000001 54960
022 A000002 SHORT INTERMEDIATE TAX FREE PORTFOLIO
022 B000002 04-3167398
022 C000002 18951
022 D000002 79516
022 A000003 FURMAN SELZ
022 B000003 13-2753731
022 C000003 7631
022 D000003 15369
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022 B000004 13-2655998
022 C000004 8800
022 D000004 9431
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022 C000005 8777
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022 A000007 GOLMAN SACHS
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<PAGE> PAGE 5
022 C000007 8134
022 D000007 6329
022 A000008 SMITH BARNEY
022 B000008 13-1912900
022 C000008 4228
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022 D000009 7088
022 A000010 DONALDSON LUFKIN JENRETTE
022 B000010 13-2741729
022 C000010 3715
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026 G020000 N
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<PAGE> PAGE 6
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
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032 00AA00 0
033 00AA00 0
034 00AA00 N
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036 B00AA00 0
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039 00AA00 N
040 00AA00 Y
041 00AA00 N
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042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
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044 00AA00 0
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077 A000000 Y
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<PAGE> PAGE 7
081 A00AA00 Y
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084 A00AA00 N
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085 A00AA00 Y
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028 G020300 1228
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<PAGE> PAGE 8
045 000300 N
048 000300 0.000
048 A010300 0
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048 B010300 0
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048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
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055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
058 A000300 N
058 B000300 N
058 C000300 N
058 D000300 N
058 E000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 20000
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 Y
<PAGE> PAGE 9
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
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<PAGE> PAGE 10
072 U000300 0
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072 Z000300 2770
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072EE000300 0
073 A010300 0.4949
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076 000300 0.00
028 A010500 8213
<PAGE> PAGE 11
028 A020500 0
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045 000500 Y
048 000500 0.650
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<PAGE> PAGE 12
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 Y
054 A000500 Y
054 B000500 Y
054 C000500 Y
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 Y
054 H000500 Y
054 I000500 N
054 J000500 Y
054 K000500 N
054 L000500 Y
054 M000500 Y
054 N000500 N
054 O000500 N
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
058 A000500 N
058 B000500 N
058 C000500 N
058 D000500 N
058 E000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 Y
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
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<PAGE> PAGE 13
070 D010500 Y
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
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 240334
071 B000500 273909
071 C000500 151531
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072 B000500 1040
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<PAGE> PAGE 14
072 R000500 32
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<PAGE> PAGE 15
075 B000500 162958
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028 A010600 55670
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045 000600 N
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<PAGE> PAGE 16
048 J010600 0
048 J020600 0.000
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048 K020600 0.000
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
058 A000600 N
058 B000600 N
058 C000600 N
058 D000600 N
058 E000600 N
059 000600 Y
060 A000600 Y
060 B000600 Y
061 000600 25000
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
070 N010600 Y
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<PAGE> PAGE 17
070 O020600 N
070 P010600 Y
070 P020600 N
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070 Q020600 N
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070 R020600 N
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073 A010600 0.5600
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<PAGE> PAGE 18
074 D000600 0
074 E000600 0
074 F000600 0
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074 H000600 0
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074 L000600 0
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074 T000600 232737
074 U010600 1500
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074 V010600 10.00
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076 000600 0.00
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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> 0000884463
<NAME> EQUITY APPRECIATION FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 112,003,601
<INVESTMENTS-AT-VALUE> 128,175,856
<RECEIVABLES> 1,316,552
<ASSETS-OTHER> 8,892
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 129,501,300
<PAYABLE-FOR-SECURITIES> 1,294,090
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,130,104
<TOTAL-LIABILITIES> 7,424,194
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105,506,732
<SHARES-COMMON-STOCK> 8,735,172
<SHARES-COMMON-PRIOR> 10,179,900
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 398,119
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,172,255
<NET-ASSETS> 122,077,106
<DIVIDEND-INCOME> 1,039,505
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 1,628,917
<NET-INVESTMENT-INCOME> (589,412)
<REALIZED-GAINS-CURRENT> 9,600,928
<APPREC-INCREASE-CURRENT> (23,654,809)
<NET-CHANGE-FROM-OPS> (14,643,293)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 10,600,974
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,206,412
<NUMBER-OF-SHARES-REDEEMED> 10,385,246
<SHARES-REINVESTED> 734,106
<NET-CHANGE-IN-ASSETS> (47,931,208)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4,466,623
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,059,224
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,951,739
<AVERAGE-NET-ASSETS> 162,597,506
<PER-SHARE-NAV-BEGIN> 16.70
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> (1.68)
<PER-SHARE-DIVIDEND> 0.00
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> BT PRESERVATION PLUS FUND - SERVICE CLASS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> BT INSTITUTIONAL PRESERVATION PLUS FUND - SERVICE CLASS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000884463
<NAME> BT INSTITUTIONAL PRESERVATION PLUS FUND
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<NAME> BT INVESTMENT PRESERVATION PLUS FUND
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To the Trustees of BT Pyramid Mutual Funds:
In planning and performing our audit of the financial statements and financial
highlights of BT Equity Appreciation Fund (one of the Funds comprising BT
Pyramid Mutual Funds, hereafter referred to as the "Fund") for the year ended
September 30, 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 Fund 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 September 30, 1998.
This report is intended solely for the information and use of management, the
Trustees of BT Pyramid Mutual Funds, and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Baltimore, Maryland
November 6, 1998
