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SIGNATURE DAVID J. KEALEY
TITLE SENIOR ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Asset
Management Portfolio II Annual Report dated March 31, 1996, and is qualified in
its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000906619
<NAME> BT INVESTMENT PORTFOLIOS
<SERIES>
<NAME> ASSET MANAGEMENT PORTFOLIO II
<NUMBER> 3
<S> <C>
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<FISCAL-YEAR-END> MAR-31-1996
<PERIOD-START> APR-01-1995
<PERIOD-END> MAR-31-1996
<INVESTMENTS-AT-COST> 49519508
<INVESTMENTS-AT-VALUE> 50728203
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<ACCUMULATED-NET-GAINS> 1208079
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (136727)
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<INTEREST-INCOME> 1750719
<OTHER-INCOME> 0
<EXPENSES-NET> 231650
<NET-INVESTMENT-INCOME> 1756177
<REALIZED-GAINS-CURRENT> 2255768
<APPREC-INCREASE-CURRENT> 989840
<NET-CHANGE-FROM-OPS> 5001785
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<NET-CHANGE-IN-ASSETS> 25795158
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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 Asset
Management Portfolio III Annual Report dated March 31, 1996, and is qualified in
its entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000906619
<NAME> BT INVESTMENT PORTFOLIOS
<SERIES>
<NAME> ASSET MANAGEMENT PORTFOLIO III
<NUMBER> 4
<S> <C>
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<PAID-IN-CAPITAL-COMMON> 28493702
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<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (100789)
<NET-ASSETS> 28868665
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<REALIZED-GAINS-CURRENT> 725026
<APPREC-INCREASE-CURRENT> 536562
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<DISTRIBUTIONS-OF-GAINS> 0
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<NET-CHANGE-IN-ASSETS> 7667065
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees
Asset Management Portfolio II
Asset Management Portfolio III:
In planning and performing our audit of the financial statements
and financial highlights of the Asset Management Portfolio II
and Asset Management Portfolio III for the year ended March 31,
1996, we considered the internal control structure, including
procedures 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 the internal control structure.
The management of the Asset Management Portfolio II and Asset
Management Portfolio III is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or
disposition and that transactions are executed in accordance
with management's authorization and recorded properly to permit
the preparation of financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure
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 the internal control structure would not
necessarily disclose all matters in the internal control
structure 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 the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities 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 the
internal control structure, including procedures for
safeguarding securities, that we consider to be material
weaknesses, as defined above, as of March 31, 1996.
This report is intended solely for the information and use of
management of the Asset Management Portfolio II and Asset
Management Portfolio III and the Securities and Exchange
Commission.
/s/ Coopers & Lybrand L.L.P.
COOPERS & LYBRAND L.L.P.
Kansas City, Missouri
May 3, 1996
