<PAGE> PAGE 1
000 A000000 03/31/99
000 C000000 0000895571
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 CAPITAL APPRECIATION PORTFOLIO
001 B000000 811-07408
001 C000000 4108953709
002 A000000 1 SOUTH STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21201
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 BANKERS TRUST COMPANY
008 B000001 A
008 C000001 801-xxxxx
008 D010001 NEW YORK
008 D020001 NY
008 D030001 10006
010 A000001 BANKERS TRUST COMPANY
010 C010001 NEW YORK
010 C020001 NY
010 C030001 10006
011 A000001 FEDERATED SERVICE COMPANY
011 B000001 8-41134
011 C010001 PITTSBURG
011 C020001 PA
011 C030001 15222
011 C040001 3775
012 A000001 BANKERS TRUST COMPANY
012 B000001 84-XXXXX
012 C010001 NEW YORK
<PAGE> PAGE 2
012 C020001 NY
012 C030001 10006
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 BALTIMORE
013 B020001 MD
013 B030001 21202
015 A000001 BANKERS TRUST COMPANY
015 B000001 C
015 C010001 NEW YORK
015 C020001 MD
015 C030001 10017
015 E030001 X
018 000000 Y
019 A000000 Y
019 B000000 56
019 C000000 BTTINFUNDS
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 22
020 A000002 PAINWEBBER INCORPORATED
020 B000002 13-2638166
020 C000002 6
020 A000003 BERNSTEIN (SANFORD C.) & CO., INC.
020 B000003 13-3844904
020 C000003 4
020 A000004 JOHNSON RICE & COMPANY LLC
020 B000004 72-1091384
020 C000004 4
020 A000005 HOENIG & CO., INC.
020 B000005 13-2656060
020 C000005 3
020 A000006 FURMAN SELTZ LLC
020 B000006 13-3856626
020 C000006 3
020 A000007 LEHMAN BROTHERS INC.
020 B000007 13-2518466
020 C000007 3
020 A000008 COWEN & CO
020 B000008 13-5616116
020 C000008 2
020 A000009 PERSHING DIV. OF DONALDSON LUFKIN & JENRETTE
020 B000009 13-2741729
020 C000009 2
020 A000010 S.G. WARBERG & CO INC.
020 B000010 13-3340045
020 C000010 1
021 000000 65
022 A000001 BEAR STEARNS & CO INC.
022 B000001 13-3299429
022 C000001 1143
022 D000001 1681
<PAGE> PAGE 3
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000002 13-5674085
022 C000002 1211
022 D000002 1552
022 A000003 CREDIT SUISSE FIRST BOSTON CORP.
022 B000003 13-5659485
022 C000003 697
022 D000003 1515
022 A000004 LEHMAN BROTHERS INC.
022 B000004 13-2518466
022 C000004 508
022 D000004 1054
022 A000005 GOLDMAN SACHS & CO.
022 B000005 13-5108880
022 C000005 597
022 D000005 923
022 A000006 SALOMON SMITH BARNEY
022 B000006 11-2418191
022 C000006 930
022 D000006 424
022 A000007 ADAMS HARKNESS & HILL
022 B000007 04-2149932
022 C000007 893
022 D000007 58
022 A000008 MORGAN STANLEY AND CO INC.
022 B000008 13-2655998
022 C000008 258
022 D000008 652
022 A000009 US BANCORP PIPER JAFFRAY
022 B000009 41-0953246
022 C000009 261
022 D000009 635
022 A000010 HERZOG HEINE GEDULD
022 B000010 13-1955436
022 C000010 85
022 D000010 682
023 C000000 9329
023 D000000 12286
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 Y
026 D000000 Y
<PAGE> PAGE 4
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 55
028 A020000 0
028 A030000 0
028 A040000 1325
028 B010000 232
028 B020000 0
028 B030000 0
028 B040000 1870
028 C010000 2746
028 C020000 0
028 C030000 0
028 C040000 6335
028 D010000 312
028 D020000 0
028 D030000 0
028 D040000 1742
028 E010000 217
028 E020000 0
028 E030000 0
028 E040000 960
028 F010000 1843
028 F020000 0
028 F030000 0
028 F040000 2708
028 G010000 5405
028 G020000 0
028 G030000 0
028 G040000 14940
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
041 000000 N
<PAGE> PAGE 5
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.650
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 Y
054 H000000 Y
<PAGE> PAGE 6
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 Y
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
<PAGE> PAGE 7
070 E020000 N
070 F010000 Y
070 F020000 Y
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 Y
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 19396
071 B000000 28762
071 C000000 20569
071 D000000 94
072 A000000 6
072 B000000 0
072 C000000 75
072 D000000 0
072 E000000 0
072 F000000 79
072 G000000 12
072 H000000 0
072 I000000 0
072 J000000 0
072 K000000 0
072 L000000 0
072 M000000 2
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 14
072 S000000 5
072 T000000 0
<PAGE> PAGE 8
072 U000000 0
072 V000000 0
072 W000000 1
072 X000000 113
072 Y000000 40
072 Z000000 2
072AA000000 5250
072BB000000 0
072CC010000 2404
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 0
074 D000000 0
074 E000000 276
074 F000000 22098
074 G000000 1553
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 12
074 M000000 0
074 N000000 23939
074 O000000 96
074 P000000 9
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 24
074 S000000 0
074 T000000 23810
074 U010000 0
074 U020000 0
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 2
074 Y000000 0
075 A000000 0
075 B000000 24353
076 000000 0.00
077 A000000 Y
<PAGE> PAGE 9
077 O000000 Y
077 Q010000 Y
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE BRIAN WIXTED
TITLE PRINCIPAL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000895571
<NAME> BT CAPITAL APPRECIATION PORTFOLIO
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 17,636,153
<INVESTMENTS-AT-VALUE> 23,927,025
<RECEIVABLES> 11,513
<ASSETS-OTHER> 472
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 23,939,010
<PAYABLE-FOR-SECURITIES> 96,460
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,139
<TOTAL-LIABILITIES> 128,599
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,519,539
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,290,872
<NET-ASSETS> 23,810,411
<DIVIDEND-INCOME> 74,982
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 72,784
<NET-INVESTMENT-INCOME> 2,198
<REALIZED-GAINS-CURRENT> 5,250,578
<APPREC-INCREASE-CURRENT> 2,403,864
<NET-CHANGE-FROM-OPS> 7,656,640
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1,878,911)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 78,849
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 112,838
<AVERAGE-NET-ASSETS> 24,343,297
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0.60
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
BT CAPITAL APPRECIATION PORTFOLIO
Rule 10f-3 Transactions
Trade Date 10/22/98
Broker Morgan Stanley
ISSUER Conoco, Inc. (COC)
SHARES PURCHASED 8,800
% OF OFFERING 0.0058%
SPREAD OR COMMISSION
PER SHARE $0.5877
PRICE
PER SHARE $23.00
TOTAL $202,400
