<PAGE> PAGE 1
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001 A000000 BT PYRAMID FUNDS
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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SIGNATURE CHARLES RIZZO
TITLE VICE PRESIDENT
To the Trustees of the BT Pyramid Mutual Funds:
In planning and performing our audit of the financial statements
of the BT Investment Equity Appreciation Fund (one of the
Funds comprising BT Pyramid Mutual Funds, hereafter
referred to as the "Fund") for the year ended September 30, 1999,
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 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 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, 1999.
This report is intended solely for the information and use of
management, the Trustees of the BT Pyramid Mutual Funds
and the Securities and Exchange Commission and is not intended
to be and should not be used by anyone other than these
specified parties.
PricewaterhouseCoopers LLP
Baltimore, Maryland
November 17, 1999
Report of Independent Auditors
To the Board of Trustees
BT PreservationPlus Portfolio
BT Pyramid Mutual Funds - BT PreservationPlus Fund
In planning and performing our audits of the financial
statements of BT PreservationPlus Portfolio and BT
PreservationPlus Fund (the "Funds") for the year ended
September 30, 1999, we considered their 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 to
comply with the requirements of Form N-SAR, and 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 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, errors 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 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 for safeguarding securities,
that we consider to be material weaknesses as defined above
at September 30, 1999.
This report is intended solely for the information and
use of the board of trustees and management of BT
PreservationPlus Portfolio and BT PreservationPlus Fund
and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other
than these specified parties.
ERNST & YOUNG LLP
November 8, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
FINANCIAL DATA SCHEDULE
ARTICLE 6
CIK 884463
NAME Preservation Plus Fund
Institutional Class
PERIOD TYPE 12-MOS
FISCAL YEAR END 30-Sep-99
PERIOD END 30-Sep-99
INVESTMENTS AT COST 340,755,684
INVESTMENTS AT VALUE 340,755,684
RECEIVABLES 353,904
ASSETS OTHER 258,011
TOTAL ASSETS 341,367,599
PAYABLE FOR SECURITIES 0
OTHER ITEMS LIABILITIES 1,015,945
TOTAL LIABILITIES 1,015,945
PAID IN CAPITAL COMMON 187,437,711
SHARES COMMON CURRENT 18,656,321
SHARES COMMON PRIOR 16,219,286
ACCUMULATED NII CURRENT 0
ACCUMULATED NET GAINS (2,394,568)
OVERDISTRIBUTION GAINS 0
ACCUM APPREC OR DEPREC 1,130,319
NET ASSETS 186,563,222
DIVIDEND INCOME 0
INTEREST INCOME 0
OTHER INCOME 16,199,262
EXPENSES NET 335,319
NET INVESTMENT INCOME 15,863,943
REALIZED GAINS CURRENT (2,122,205)
APPREC INCREASE CURRENT 2,122,205
NET CHANGE FROM OPS 15,863,943
DISTRIBUTIONS OF INCOME 9,995,052
DISTRIBUTIONS OF GAINS 874,487
DISTRIBUTIONS OTHER (874,487)
NUMBER OF SHARES SOLD 5,332,928
NUMBER OF SHARES REDEEMED (3,970,685)
SHARES REINVESTED 1,074,792
NET CHANGE IN ASSETS 24,370,362
UNDISTRIBUTED NII PRIOR 0
ACCUMULATED GAINS PRIOR 0
OVERDISTRIB NII PRIOR 0
OVERDIST NET GAINS PRIOR 0
GROSS ADVISORY FEES 0
GROSS EXPENSE 721,992
AVERAGE NET ASSETS 180,753,129
PER SHARE NAV BEGIN 10.00
PER SHARE NII 0.55
PER SHARE GAIN APPREC 0.00
PER SHARE DIVIDEND (0.55)
PER SHARE DISTRIBUTIONS (0.05)
RETURNS OF CAPITAL 0.05
PER SHARE NAV END 10.00
EXPENSE RATIO 0.40%
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
FINANCIAL DATA SCHEDULE
ARTICLE 6
CIK 884463
NAME Preservation Plus Fund
Institutional Service Class
PERIOD TYPE 12-MOS
FISCAL YEAR END 30-Sep-99
PERIOD END 30-Sep-99
INVESTMENTS AT COST 340,755,684
INVESTMENTS AT VALUE 340,755,684
RECEIVABLES 353,904
ASSETS OTHER 258,011
TOTAL ASSETS 341,367,599
PAYABLE FOR SECURITIES 0
OTHER ITEMS LIABILITIES 1,015,945
TOTAL LIABILITIES 1,015,945
PAID IN CAPITAL COMMON 115,220,100
SHARES COMMON CURRENT 11,493,538
SHARES COMMON PRIOR 5,513,656
ACCUMULATED NII CURRENT 0
ACCUMULATED NET GAINS (2,394,568)
OVERDISTRIBUTION GAINS 0
ACCUM APPREC OR DEPREC 1,130,319
NET ASSETS 114,935,376
DIVIDEND INCOME 0
INTEREST INCOME 0
OTHER INCOME 16,199,262
EXPENSES NET 335,319
NET INVESTMENT INCOME 15,863,943
REALIZED GAINS CURRENT (2,122,205)
APPREC INCREASE CURRENT 2,122,205
NET CHANGE FROM OPS 15,863,943
DISTRIBUTIONS OF INCOME 4,330,326
DISTRIBUTIONS OF GAINS 284,725
DISTRIBUTIONS OTHER (284,725)
NUMBER OF SHARES SOLD 8,620,987
NUMBER OF SHARES REDEEMED (3,096,018)
SHARES REINVESTED 454,913
NET CHANGE IN ASSETS 59,798,818
UNDISTRIBUTED NII PRIOR 0
ACCUMULATED GAINS PRIOR 0
OVERDISTRIB NII PRIOR 0
OVERDIST NET GAINS PRIOR 0
GROSS ADVISORY FEES 0
GROSS EXPENSE 721,992
AVERAGE NET ASSETS 80,729,884
PER SHARE NAV BEGIN 10.00
PER SHARE NII 0.54
PER SHARE GAIN APPREC 0.00
PER SHARE DIVIDEND (0.54)
PER SHARE DISTRIBUTIONS (0.05)
RETURNS OF CAPITAL 0.05
PER SHARE NAV END 10.00
EXPENSE RATIO 0.55%
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
FINANCIAL DATA SCHEDULE
ARTICLE 6
CIK 884463
NAME Preservation Plus Fund
Investment Class
PERIOD TYPE 12-MOS
FISCAL YEAR END 30-Sep-99
PERIOD END 30-Sep-99
INVESTMENTS AT COST 340,755,684
INVESTMENTS AT VALUE 340,755,684
RECEIVABLES 353,904
ASSETS OTHER 258,011
TOTAL ASSETS 341,367,599
PAYABLE FOR SECURITIES 0
OTHER ITEMS LIABILITIES 1,015,945
TOTAL LIABILITIES 1,015,945
PAID IN CAPITAL COMMON 21,845,312
SHARES COMMON CURRENT 2,175,435
SHARES COMMON PRIOR 1,500,333
ACCUMULATED NII CURRENT 0
ACCUMULATED NET GAINS (2,394,568)
OVERDISTRIBUTION GAINS 0
ACCUM APPREC OR DEPREC 1,130,319
NET ASSETS 21,754,347
DIVIDEND INCOME 0
INTEREST INCOME 0
OTHER INCOME 16,199,262
EXPENSES NET 335,319
NET INVESTMENT INCOME 15,863,943
REALIZED GAINS CURRENT (2,122,205)
APPREC INCREASE CURRENT 2,122,205
NET CHANGE FROM OPS 15,863,943
DISTRIBUTIONS OF INCOME 1,023,937
DISTRIBUTIONS OF GAINS 90,966
DISTRIBUTIONS OTHER (90,966)
NUMBER OF SHARES SOLD 1,850,751
NUMBER OF SHARES REDEEMED (1,283,691)
SHARES REINVESTED 108,042
NET CHANGE IN ASSETS 6,751,014
UNDISTRIBUTED NII PRIOR 0
ACCUMULATED GAINS PRIOR 0
OVERDISTRIB NII PRIOR 0
OVERDIST NET GAINS PRIOR 0
GROSS ADVISORY FEES 0
GROSS EXPENSE 721,992
AVERAGE NET ASSETS 18,851,091
PER SHARE NAV BEGIN 10.00
PER SHARE NII 0.54
PER SHARE GAIN APPREC 0.00
PER SHARE DIVIDEND (0.54)
PER SHARE DISTRIBUTIONS (0.05)
RETURNS OF CAPITAL 0.05
PER SHARE NAV END 10.00
EXPENSE RATIO 0.55%
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
FINANCIAL DATA SCHEDULE
ARTICLE 6
CIK 884463
NAME Preservation Plus Fund
Service Class
PERIOD TYPE 12-MOS
FISCAL YEAR END 30-Sep-99
PERIOD END 30-Sep-99
INVESTMENTS AT COST 340,755,684
INVESTMENTS AT VALUE 340,755,684
RECEIVABLES 353,904
ASSETS OTHER 258,011
TOTAL ASSETS 341,367,599
PAYABLE FOR SECURITIES 0
OTHER ITEMS LIABILITIES 1,015,945
TOTAL LIABILITIES 1,015,945
PAID IN CAPITAL COMMON 17,112,780
SHARES COMMON CURRENT 1,709,871
SHARES COMMON PRIOR 0
ACCUMULATED NII CURRENT 0
ACCUMULATED NET GAINS (2,394,568)
OVERDISTRIBUTION GAINS 0
ACCUM APPREC OR DEPREC 1,130,319
NET ASSETS 17,098,709
DIVIDEND INCOME 0
INTEREST INCOME 0
OTHER INCOME 16,199,262
EXPENSES NET 335,319
NET INVESTMENT INCOME 15,863,943
REALIZED GAINS CURRENT (2,122,205)
APPREC INCREASE CURRENT 2,122,205
NET CHANGE FROM OPS 15,863,943
DISTRIBUTIONS OF INCOME 514,628
DISTRIBUTIONS OF GAINS 14,071
DISTRIBUTIONS OTHER (14,071)
NUMBER OF SHARES SOLD 1,822,089
NUMBER OF SHARES REDEEMED (204,066)
SHARES REINVESTED 51,405
NET CHANGE IN ASSETS 16,694,279
UNDISTRIBUTED NII PRIOR 0
ACCUMULATED GAINS PRIOR 0
OVERDISTRIB NII PRIOR 0
OVERDIST NET GAINS PRIOR 0
GROSS ADVISORY FEES 0
GROSS EXPENSE 721,992
AVERAGE NET ASSETS 9,892,539
PER SHARE NAV BEGIN 10.00
PER SHARE NII 0.51
PER SHARE GAIN APPREC 0.00
PER SHARE DIVIDEND (0.51)
PER SHARE DISTRIBUTIONS (0.05)
RETURNS OF CAPITAL 0.05
PER SHARE NAV END 10.00
EXPENSE RATIO 0.80%
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
FINANCIAL DATA SCHEDULE
ARTICLE 6
CIK 884463
NAME BT EQUITY APPRECIATION FUND
PERIOD TYPE 12-MOS
FISCAL YEAR END 30-Sep-99
PERIOD END 30-Sep-99
INVESTMENTS AT COST 147,410,277
INVESTMENTS AT VALUE 180,427,459
RECEIVABLES 2,020,497
ASSETS OTHER 23,215
TOTAL ASSETS 182,471,171
PAYABLE FOR SECURITIES 10,626,187
OTHER ITEMS LIABILITIES 136,434
TOTAL LIABILITIES 10,762,621
PAID IN CAPITAL COMMON 103,019,050
SHARES COMMON CURRENT 8,536,924
SHARES COMMON PRIOR 8,207,903
ACCUMULATED NII CURRENT 0 195,4
85.57
ACCUMULATED NET GAINS 35,672,318 254,1
78.44
OVERDISTRIBUTION GAINS 0 187,6
66.34
ACCUM APPREC OR DEPREC 33,017,182 274,8
60.11
NET ASSETS 171,708,550 317,8
78.64
DIVIDEND INCOME 1,060,541 225,4
64.29
INTEREST INCOME 0
OTHER INCOME 0 1,455,53
3.40
EXPENSES NET 1,541,701
NET INVESTMENT INCOME (481,160)
REALIZED GAINS CURRENT 36,268,372
APPREC INCREASE CURRENT 16,844,927
NET CHANGE FROM OPS 52,632,139
DISTRIBUTIONS OF INCOME 0
DISTRIBUTIONS OF GAINS 513,014
DISTRIBUTIONS OTHER 0
NUMBER OF SHARES SOLD 3,051,438
194592.467
NUMBER OF SHARES REDEEMED 3,282,762
159610.292
SHARES REINVESTED 33,076
239386.112
NET CHANGE IN ASSETS 49,631,444
236377.279
UNDISTRIBUTED NII PRIOR 0
255279.642
ACCUMULATED GAINS PRIOR 398,119
181637.589
OVERDISTRIB NII PRIOR 0
OVERDIST NET GAINS PRIOR 0 1
1,26
GROSS ADVISORY FEES 981,463
GROSS EXPENSE 1,844,206
AVERAGE NET ASSETS 154,287,748
PER SHARE NAV BEGIN 13.98
PER SHARE NII (0.06)
PER SHARE GAIN APPREC 6.25
PER SHARE DIVIDEND 0.00
PER SHARE DISTRIBUTIONS (0.06)
RETURNS OF CAPITAL 0.00
PER SHARE NAV END 20.11
EXPENSE RATIO 1.00%
</TABLE>
