o BT INSURANCE FUNDS TRUST o
EAFE(R) EQUITY INDEX FUND
SEMI-ANNUAL REPORT
--------------------
JUNE o 1999
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
TABLE OF CONTENTS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
LETTER TO SHAREHOLDERS ........................ 3
EAFE EQUITY INDEX FUND
Schedule of Investments ..................... 6
Statement of Assets and Liabilities ......... 13
Statement of Operations ..................... 14
Statements of Changes in Net Assets ......... 15
Financial Highlights ........................ 16
Notes to Financial Statements ............... 17
</TABLE>
------------------
The Fund is not insured by the FDIC or any other government agency
and is not a deposit, obligation of or guaranteed by Bankers Trust
Company. The Fund is subject to investment risks, including possible
loss of principal amount invested.
------------------
2
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
LETTER TO SHAREHOLDERS
- --------------------------------------------------------------------------------
MARKET ACTIVITY
Overall, 15 of the 20 EAFE(R) markets posted gains for the semi-annual period
ended June 30, 1999, and nine had double-digit returns. Equities accounted for
most of the advance of the MSCI EAFE(R) 1 Index2, gaining in each month of the
period except May; currencies lost ground throughout.
The major story of the first half of 1999 was the rather significant market
rotations in the EAFE markets, as European markets pulled back, and Asian and
Pacific Rim markets recovered strongly. The two biggest influences on EAFE Index
performance were the stunning reversal of the Japanese equity market and the
introduction of the Euro.
EUROPE
Regionally, Europe declined 3.2% in U.S. dollar terms during the semi-annual
period. The previously outperforming European markets were hurt by a strong U.S.
dollar, slowing domestic growth rates, and increased competition resulting from
the January 1, 1999 introduction of the common Euro currency.
o GREAT EXPECTATIONS FOR THE MUCH-ANTICIPATED INTRODUCTION OF THE EURO IN
JANUARY HAD FUELED A STRONG EUROPEAN MARKET IN 1998 AND INTO JANUARY 1999,
ONLY TO DISAPPOINT LATER. Strategists expected impressive capital flows into
Europe as the unified market promoted a more stable economic environment and
greater transparency in financial reporting. However, the Euro's value versus
the U.S. dollar declined by about 13% since its inception, dampening European
equity returns in U.S. dollar terms.
o ON THE OTHER HAND, EUROPEAN MARKETS RESPONDED TO SEVERAL POSITIVE FACTORS AS
WELL.
o MERGER ACTIVITY ROSE AS COMPANIES SOUGHT ECONOMIES OF SCALE IN AN ENLARGED
"DOMESTIC" MARKET. -- For example, in January, Zeneca PLC (UK) agreed to buy
Astra (Sweden), and Ford Motor bid to buy Volvo's car unit. France's Societe
Generale bought competitor Paribas in February, and other bank stocks rose
as investors felt there would be more mergers in the fragmented European
banking sector. Takeover activity remained strong in April, as Deutsche
Telecom and Telecom Italia announced a merger in an attempt to fend off
Olivetti's bid for the Italian phone company. By the end of the semi-annual
period, Olivetti had won the battle for Telecom Italia in the largest
leveraged buyout in European history, buoying somewhat the European markets
overall. Also in June, Repsol, the Spanish energy firm, received shareholder
approval for its bid to buy YPF, the Argentinian oil company.
o MANY EUROPEAN COMPANIES CONTINUED TO ANNOUNCE BETTER THAN EXPECTED EARNINGS.
-- For instance, Finland was a top performing market during the first
quarter of 1999, rising on better than expected earnings from Nokia, the
global telecommunications company whose shares account for more than 50% of
the Finnish market. Austria was the top performing market in February,
rising on better than expected earnings from Bank Austria, the country's
largest bank.
o EUROPEAN GOVERNMENTS CONTINUED TO CUT INTEREST RATES. -- Norway, the United
Kingdom, Switzerland, and the European Central Bank each cut rates,
prompting several equity markets to rally in response.
o POLITICAL AND ECONOMIC EVENTS PROMPTED STRONG REACTION. -- In March 1999,
German Finance Minister LaFontaine resigned amid disagreements over policy
matters. European equity markets rallied on the news, as investors felt that
the new Minister, Eichel, would be more pro-business. In June 1999, European
markets rallied in response to lower than expected U.S. inflation figures
and the perception that the Federal Reserve Board would not necessarily be
inclined to raise U.S. interest rates further.
PACIFIC BASIN
The Pacific Basin rose 21% in U.S. dollar terms during the semi-annual period.
The previously struggling Asian and Pacific Rim markets rallied back from 1998's
global economic woes primarily due to falling domestic interest rates, stable
currencies, strong domestic consumption, and improving exports.
o JAPAN HAD A PARTICULARLY STRONG SHOWING IN THE LAST MONTH OF ITS FISCAL YEAR,
MARCH 1999, WITH ITS EQUITY MARKET RISING BASED LARGELY ON STRONG FOREIGN
BUYING. -- Foreigners bought 1.7 trillion yen in March, the largest monthly
amount on record. The bullishness arose after several companies announced
restructuring plans, with the goal of increasing profitability. Some of the
companies included Sony, Oji Paper, and Japan Airlines. By May, the Japanese
market reversed some of its earlier gains, as foreign demand for stock turned
negative after four consecutive months of aggressive buying by foreign hedge
funds, asset allocators and active managers. In June, Japan's equity market
rallied back, spurred on by signs of economic recovery and continued foreign
buying of Japanese shares. At June 30, 1999, Japan's EAFE market weight was
24%, the highest level in recent years.
o HONG KONG'S EQUITY MARKET ROSE, AS INVESTORS BECAME MORE OPTIMISTIC ABOUT
CORPORATE EARNINGS. -- In addition, the Hong Kong government announced in
March that it would be selling its $23 billion stock portfolio over the next
three years. In April, Hong Kong was the best performing EAFE market, as
foreigners increased their equity allocation to the market when the Hong Kong
central bank cut its interest rates by 0.25% to 8.5% and the property market
strengthened.
o ENCOURAGED BY INVESTOR CONFIDENCE OF ECONOMIC RECOVERY IN THE REGION, OTHER
ASIAN EQUITY MARKETS ALSO PERFORMED WELL FOR THE SEMI-ANNUAL PERIOD.
-- Singapore, Australia, and New Zealand were among the stronger performing
markets in the region.
INVESTMENT REVIEW (3)
<TABLE>
<CAPTION>
AVERAGE
ANNUAL
TOTAL
PERIODS ENDED JUNE 30, 1999 CUMULATIVE TOTAL RETURNS RETURNS
- ----------------------------- ----------------------------------- ------------------------
<S> <C> <C> <C> <C> <C>
Past 6 Past Since Past Since
months 1 year inception 1 year inception
- ------------------------------------------------------------------------------------------
BT EAFE(R) (1) Equity
Index Fund (4)
(inception 8/22/97) 4.11% 8.29% 18.25% 8.29% 9.46%
- ------------------------------------------------------------------------------------------
MSCI EAFE Index (2) 3.97% 7.62% 17.43% 7.62% 9.16%
</TABLE>
MANAGER OUTLOOK
A fundamental reassessment of the global economic outlook was the big story for
the financial markets during the first half of 1999. The nightmare scenarios of
Armageddon, deflation and financial meltdown that prevailed late last year were
replaced by signs of improving growth, particularly in Asia. These emerging
market economies
3
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
LETTER TO SHAREHOLDERS
- --------------------------------------------------------------------------------
saw their currencies as well as their fixed income and equity markets bounce
back sharply. Nascent signs of a recovery in the long-suffering Japanese economy
were key to this recovery. In Europe, signs of vitality were a little harder to
come by, but things do seem to be pointing up as we look ahead, giving some
support to equities.
Provided the monetary tightening in the U.S. remains fairly modest, it is
unlikely to cause serious repercussions in the rest of the world. In Europe, we
expect growth to improve gradually over the balance of the year, bringing to an
end the period of monetary easing. Given the slack in these economies, however,
there is no serious threat, we believe, of overheating or monetary tightening in
the foreseeable future. Equity markets in Europe should perform well against the
backdrop of improving growth and still-benign inflation. We remain somewhat
skeptical that a full-fledged recovery is underway in Japan, though the worst is
probably past.
Of course, as an index fund, designed to replicate as closely as possible,
before expenses, the broad diversification and total return of the MSCI EAFE
Index with net dividends, we neither evaluate short-term fluctuations in the
Fund's performance nor manage according to a given outlook for the equity
markets or the economies in general. Still, we will continue monitoring economic
conditions and how they affect the financial markets.
/s/ Richard J. Vella
--------------------
Richard J. Vella
PORTFOLIO MANAGER OF THE EAFE(R) EQUITY INDEX PORTFOLIO
June 30, 1999
- ----------
(1)The MSCI EAFE Index is the exclusive property of Morgan Stanley. Morgan
Stanley Capital International is a service mark of Morgan Stanley and has
been licensed for use by Bankers Trust Company.
(2)The MSCI EAFE Index is an unmanaged capitalization-weighted index containing
approximately 1,100 equity securities of companies located outside the United
States. Investments cannot be made in an index.
(3)Foreign investing involves special risks, including currency risk, increased
volatility of foreign securities, and differences in auditing and other
financial standards.
(4)Past performance is not indicative of future results. Investment return and
principal value will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than their original cost. The Fund is not insured
by the FDIC and is not a deposit, obligation of, or guaranteed by Bankers
Trust Company. The Fund is subject to investment risks, including possible
loss of principal amount invested.
4
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
LETTER TO SHAREHOLDERS (CONCLUDED)
- --------------------------------------------------------------------------------
Diversification of Portfolio Investments
By Sector as of June 30, 1999 (Unaudited)
[PIE CHART APPEARS HERE WITH THE FOLLOWING VALUES]
United States 3%
Spain 3%
Italy 4%
Netherlands 6%
Switzerland 6%
France 9%
Germany 9%
Australia 3%
Japan 24%
United Kingdom 21%
Other (+) 12%
(+) Consists of countries less than 3%.
- --------------------------------------------------------------------------------
PERFORMANCE COMPARISON
- --------------------------------------------------------------------------------
Comparison of Change in Value of a $10,000 investment in the EAFE Equity Index
Fund, with the MSCI EAFE(R) Index from August 22, 1997 through June 30, 1999.
Average Annual Total Returns for the Periods Ended June 30, 1999
Six months Since 8/22/97*
4.11% 9.46%
*THE FUND'S INCEPTION DATE.
INVESTMENT RETURN AND PRINCIPAL VALUE
MAY FLUCTUATE SO THAT SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS
THAN THEIR ORIGINAL COST.
[GRAPH APPEARS HERE.]
-- EAFE(R)Equity Index Fund - $11,825
--- MSCI EAFE(R)Index - $11,743
8/97 $10,000
12/97 $9,400
6/98 $10,800
12/98 $11,400
6/99 $11,700
Past performance is not indicative of future performance. The MSCI EAFE(R)
index is unmanaged. Investments may not be made in an index. The Fund is
subject to investment risks, including possible loss of principal amount
invested.
5
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ------------- ------------------------------------------------- -------
<S> <C> <C>
COMMON STOCKS - 95.85%
AUSTRALIA - 2.64%
3,241 Amcor Ltd. ...................................... $17,992
4,621 AMP Ltd. (a) .................................... 50,452
1,821 Australian Gas and Light Co., Ltd. .............. 11,063
4,646 Boral Ltd. ...................................... 7,862
962 Brambles Industries Ltd. ........................ 25,310
7,426 Broken Hill Proprietary Co., Ltd. ............... 85,907
6,804 Coca Cola Amatil Ltd. ........................... 27,387
4,938 Coles Myer Ltd. ................................. 28,693
5,934 Colonial Ltd. (144A) ............................ 20,986
8,533 CSR Ltd. ........................................ 24,368
12,474 Foster's Brewing Group Ltd. ..................... 35,111
7,664 General Property Trust .......................... 12,443
2,508 Gio Australia Holdings Ltd. ..................... 6,102
2,157 Lend Lease Corp., Ltd. .......................... 29,577
6,303 National Australia Bank Ltd. .................... 104,165
8,649 News Corp., Ltd. ................................ 73,698
6,524 Normandy Mining Ltd. ............................ 4,339
1,158 Orica Ltd. ...................................... 6,316
4,100 Pacific Dunlop Ltd. ............................. 5,908
3,110 Pioneer International Ltd. ...................... 7,915
1,240 Rio Tinto Ltd. .................................. 20,306
4,959 Southcorp Holdings Ltd. ......................... 20,000
2,112 Suncorp-Metway Ltd .............................. 12,565
2,540 TABCORP Holdings Ltd. ........................... 17,093
22,060 Telstra Corp., Ltd. ............................. 126,243
1,663 Wesfarmers Ltd. ................................. 14,951
8,870 Westfield Trust Ltd. ............................ 17,931
276 Westfield Trust - New Units ..................... 555
8,019 Westpac Banking Corp., Ltd. ..................... 51,949
5,497 WMC Ltd. ........................................ 23,583
6,338 Woolworths Ltd. ................................. 21,053
-------
911,823
-------
AUSTRIA - 0.17%
260 Austrian Airlines Osterreichische
Luftverkehrs AG ................................. 6,269
140 Austria Tabakwerke AG ........................... 8,150
40 Generali Holding Vienna AG ...................... 7,336
150 Oesterreichische Elektrizitaets-
wirtschafts AG-A ................................ 21,823
70 VA Technologie AG ............................... 6,336
400 Wienerberger Baustoffindustrie AG ............... 10,349
-------
60,263
-------
BELGIUM - 1.42%
76 Barco N.V. ...................................... 12,224
14 Colruyt SA ...................................... 9,203
171 Delhaize Le Lion SA ............................. 14,544
25 D' Ieteren NV SA ................................ 11,537
233 Electrabel SA ................................... 75,142
3,070 Fortis (B) (a) .................................. 96,319
112 Fortis (B) - CVG (a) ............................ 637
1,008 Fortis B-Strip VVPR (a) ......................... 10
120 Groupe Bruxelles Lambert SA ..................... 20,265
1,316 KBC Bancassurance Holding ....................... 77,967
104 PetroFina SA .................................... 59,686
426 Solvay SA ....................................... 28,245
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------- ------------------------------------------------- -------
<S> <C> <C>
408 Tractebel ....................................... $57,172
700 UCB SA .......................................... 29,932
-------
492,883
-------
DENMARK - 0.77%
200 Carlsberg AS-A .................................. 8,037
200 Carlsberg AS-B .................................. 8,314
4 A/S Dampskibsselskabet Svendborg ................ 49,383
301 Danisco AS ...................................... 13,555
300 Den Danske Bank ................................. 32,423
5 D/S 1912-B ...................................... 44,201
147 ISS International Service Systems AS-B .......... 7,801
365 Novo Nordisk AS-B ............................... 39,297
1,010 Tele Danmark AS-B ............................... 49,541
200 Unidanmark AS-A ................................. 13,302
-------
265,854
-------
FINLAND - 1.84%
700 Kemira Oyj ...................................... 4,227
500 Kesko Oyj ....................................... 6,723
4,500 Merita Ltd. ..................................... 25,548
200 Metra Oyj-B ..................................... 4,224
5,200 Nokia Oyj-A ..................................... 455,415
600 Outokumpu Oyj-A ................................. 6,738
200 Pohjola Group Insurance Corp. ................... 10,252
300 Sampo Insurance Co., Ltd.-A ..................... 8,686
50 SGL Carbon AG ................................... 3,864
2,500 Sonera Group Oyj (a) ............................ 54,609
600 Tieto Corp. - B SHS (a) ......................... 24,976
1,100 UPM-Kymmene Oyj ................................. 31,508
-------
636,770
-------
FRANCE - 9.02%
162 Accor SA ........................................ 40,644
912 Alcatel Alsthom ................................. 128,266
1,539 AXA-UAP ......................................... 187,589
970 Banque Nationale de Paris ....................... 80,755
155 Eridania Beghin-Say SA .......................... 22,199
244 BIC ............................................. 12,859
145 Bouygues ........................................ 38,291
147 Canal Plus ...................................... 41,213
299 Cap Gemini Sogeti ............................... 46,951
1,070 Carrefour Supermarche SA ........................ 157,103
437 Compagnie de Saint Gobain ....................... 69,566
345 Danone .......................................... 88,868
1,180 Elf Aquitaine SA ................................ 173,010
50 Essilor International ........................... 15,615
320 Etablissements Economiques du Casino
Guichard-Perrachon SA ........................... 28,026
4,392 France Telecom SA ............................... 331,478
457 LaFarge SA ...................................... 43,414
259 Lagardere SCA ................................... 9,634
356 L'Air Liquide ................................... 55,938
151 Legrand SA ...................................... 30,712
292 L'OREAL ......................................... 197,215
374 LVMH (Moet-Hennessy Louis Vuitton) .............. 109,401
651 Michelin-B ...................................... 26,609
818 Paribas ......................................... 91,615
127 Pechiney SA ..................................... 5,454
</TABLE>
See Notes to Financial Statements
6
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ------------- -------------------------------------------------- ------
<S> <C> <C>
531 Pinault-Printemps-Redoute SA ..................... $ 91,040
82 Promodes ......................................... 53,777
267 PSA Peugeot Citroen .............................. 42,091
1,648 Rhone-Poulenc-A .................................. 75,239
3,328 Sanofi SA ........................................ 141,104
775 Schneider SA ..................................... 43,479
115 Simco SA ......................................... 9,716
466 Societe Generale ................................. 82,056
186 Sodexho Alliance SA .............................. 32,005
697 Suez Lyonnaise des Eaux .......................... 125,605
73 Technip .......................................... 8,183
1,108 Total SA-B ....................................... 142,818
600 Usinor Sacilor ................................... 8,933
444 Valeo SA ......................................... 36,598
2,432 Vivendi .......................................... 196,831
----------
3,121,900
----------
GERMANY - 9.00%
200 Adidas AG ........................................ 19,834
1,066 Allianz AG ....................................... 295,457
200 AMB Aachener & Muenchener
Beteiligungs AG .................................. 20,607
50 Axa Colonia Konzrn AG ............................ 4,791
2,900 BASF AG .......................................... 128,036
3,100 Bayer AG ......................................... 129,041
1,796 Bayerische Hypotheken-und Wechsel-
Bank AG .......................................... 116,582
250 Beiersdorf AG .................................... 16,614
350 Continental AG ................................... 8,294
4,287 DaimlerChrysler AG (a) ........................... 371,037
2,627 Deutsche Bank AG ................................. 160,103
1,850 Deutsche Lufthansa AG ............................ 33,510
9,400 Deutsche Telekom AG .............................. 394,191
2,400 Dresdner Bank AG ................................. 93,721
250 Heidelberger Zement AG ........................... 20,607
250 Hochtief AG ...................................... 11,488
50 Karstadt AG ...................................... 24,007
500 MAN AG ........................................... 17,052
1,700 Mannesmann AG .................................... 253,456
750 Merck KGaA ....................................... 24,373
1,160 Metro AG ......................................... 71,951
412 Muenchener Rueckversicherungs-
Gesellschaft AG .................................. 76,199
362 Muenchener Rueckversicherungs-
Gesellschaft AG .................................. 66,019
843 Preussag AG ...................................... 45,253
2,050 RWE AG ........................................... 94,817
250 SAP AG ........................................... 84,489
300 Schering AG ...................................... 31,776
2,450 Siemens AG ....................................... 188,822
2,500 Thyssen AG ....................................... 54,943
2,150 VEBA AG .......................................... 126,269
100 Viag AG .......................................... 47,190
1,310 Volkswagen AG .................................... 83,820
----------
3,114,349
----------
HONG KONG - 2.46%
4,473 Bank of East Asia Ltd. ........................... 11,329
21,000 Cathay Pacific Airways ........................... 32,209
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------- -------------------------------------------------- ----------------
<S> <C> <C>
10,000 Cheung Kong Holdings Ltd. ........................ $ 88,934
10,000 CLP Holdings Ltd. ................................ 48,591
8,700 Hang Seng Bank Ltd. .............................. 97,276
54,442 Hong Kong Telecommunications Ltd. ................ 141,392
20,234 Hong Kong and China Gas Co., Ltd. ................ 29,339
17,000 Hutchison Whampoa Ltd. ........................... 153,926
4,000 Johnson Electric Holdings Ltd. ................... 16,498
11,682 New World Development Co., Ltd. .................. 35,007
2,000 Television Broadcasts Ltd. ....................... 9,383
10,000 Shangri-La Asia Ltd. ............................. 12,373
11,191 Sun Hung Kai Properties Ltd. ..................... 102,050
7,000 Swire Pacific Ltd.-A ............................. 34,645
12,000 Wharf Holdings Ltd. .............................. 37,429
----------
850,381
----------
IRELAND - 0.40%
3,946 Allied Irish Banks Plc. .......................... 51,838
2,178 CRH Plc. ......................................... 38,599
1,349 Independent Newpapers Plc. ....................... 6,463
1,179 Irish Life & Permanent PLC ....................... 12,454
3,447 Jefferson Smurfit Group Plc. ..................... 8,080
1,068 Kerry Group Plc.-A ............................... 12,655
933 Ryanair Holdings Plc. (a) ........................ 9,661
----------
139,750
----------
ITALY - 4.15%
9,313 Alitalia SPA (a) ................................. 24,181
4,781 Assicurazioni Generali ........................... 165,517
7,693 Banca Commerciale Italiana ....................... 56,120
12,068 Banca Intesa SPA (a) ............................. 57,944
8,618 Benetton Group SPA ............................... 16,960
24,235 Credito Italiano SPA ............................. 106,374
4,476 Edison SPA ....................................... 38,740
34,291 ENI SPA .......................................... 204,571
15,748 Fiat SPA ......................................... 49,814
23,317 Istituto Nazionale delle Assicurazioni (INA)...... 54,056
2,884 Italgas SPA ...................................... 12,094
1,887 Mediobanca SPA ................................... 19,734
13,016 Montedison SPA ................................... 21,190
12,589 Olivetti Group SPA (a) ........................... 30,223
6,909 Parmalat Finanziaria SPA ......................... 9,041
795 Rinascente SPA ................................... 6,012
1,847 Riunione Adriatica di Sicurta SPA ................ 17,927
7,083 San Paolo-IMI SPA ................................ 96,333
11,016 Telecom Italia Mobile RCN ........................ 40,521
28,457 Telecom Italia Mobile SPA ........................ 169,767
1,179 Telecom Italia RCN ............................... 6,390
21,673 Telecom Italia SPA ............................... 225,094
17860 Unione Immobiliare SPA ........................... 7,913
----------
1,436,516
----------
JAPAN - 23.48%
1,000 Acom Co., Ltd. ................................... 86,399
3,000 Ajinomoto Co., Inc. .............................. 34,229
1,000 Alps Electric Co. ................................ 23,439
16,000 Asahi Bank Ltd. .................................. 76,726
3,000 Asahi Breweries Ltd. ............................. 37,354
7,000 Asahi Chemical Industry Co., Ltd. ................ 38,834
8,000 Asahi Glass Co., Ltd. ............................ 51,922
</TABLE>
See Notes to Financial Statements
7
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ------------- --------------------------------------------------- -------
<S> <C> <C>
20,000 Bank of Tokyo-Mitsubishi Ltd. ..................... $284,911
3,000 Bank of Yokohama Ltd. ............................. 7,714
4,000 Bridgestone Corp. ................................. 121,042
4,000 Canon, Inc. ....................................... 115,089
2,000 Casio Computer Co., Ltd. .......................... 15,213
2,000 Chiba Bank Ltd. ................................... 7,391
4,000 Chichibu Onoda Cement Corp. ....................... 11,476
1,000 Citizen Watch Co., Ltd. ........................... 8,681
500 Credit Saison Co., Ltd. ........................... 10,459
4,000 Dai Nippon Printing Co., Ltd. ..................... 63,993
2,000 Daiei, Inc. ....................................... 6,846
1,000 Daiichi Pharmaceutical ............................ 15,527
3,000 Daikin Industries, Ltd. ........................... 34,849
6,000 Dainippon Ink & Chemicals, Inc. ................... 20,438
3,000 Daiwa House Industry Co., Ltd. .................... 31,575
6,000 Daiwa Securities Co., Ltd. ........................ 39,686
4,000 Denso Corp. ....................................... 81,356
17 East Japan Railway Co. ............................ 91,360
2,000 Ebara Corp. ....................................... 23,795
2,000 Eisai Co., Ltd. ................................... 39,438
1,000 Fanuc ............................................. 53,741
15,000 Fuji Bank Ltd. .................................... 104,671
2,000 Fuji Photo Film Co. ............................... 75,734
10,000 Fujitsu Ltd. ...................................... 201,323
2,000 Furukawa Electric Co., Ltd. ....................... 9,177
4,000 Gunma Bank ........................................ 25,134
6,000 Hankyu Corp. ...................................... 23,811
14,000 Hitachi Ltd. ...................................... 131,377
3,000 Hitachi Zosen Corp. ............................... 3,621
4,000 Honda Motor Co., Ltd. ............................. 169,657
1,000 House Foods Corp. ................................. 14,750
12,000 Industrial Bank of Japan .......................... 95,246
4,000 Itochu Corp. ...................................... 9,955
2,000 Ito-Yokado Co., Ltd. .............................. 133,940
8,000 Japan Airlines .................................... 26,457
5,000 Japan Energy Corp. ................................ 5,870
3,000 Joyo Bank ......................................... 11,683
2,000 JUSCO Co. ......................................... 36,379
5,000 Kajima Corp. ...................................... 18,189
1,000 Kaneka Corp. ...................................... 9,425
4,800 Kansai Electric Power Co., Inc. ................... 91,277
3,000 Kao Corp. ......................................... 84,332
8,000 Kawasaki Heavy Industries Ltd. .................... 21,695
14,000 Kawasaki Steel Corp. .............................. 26,160
2,000 Kinden Corp. ...................................... 21,579
11,000 Kinki Nippon Railway .............................. 54,113
5,000 Kirin Brewery Co., Ltd. ........................... 59,942
1,000 Kokuyo ............................................ 16,122
5,000 Komatsu Ltd. ...................................... 31,955
7,000 Kubota Corp. ...................................... 20,951
2,000 Kuraray Co., Ltd. ................................. 24,076
1,000 Kurita Water Industries ........................... 17,941
1,000 Kyocera Corp. ..................................... 58,702
2,000 Kyowa Hakko Kogyo ................................. 11,459
2,000 Marui Co., Ltd. ................................... 33,072
9,000 Matsushita Electric Industrial Co., Ltd. .......... 174,866
2,000 Minabea Co., Ltd. ................................. 22,323
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------- --------------------------------------------------- ----------------
<S> <C> <C>
10,000 Mitsubishi Chemical Corp. ......................... $ 34,642
7,000 Mitsubishi Corp. .................................. 47,458
9,000 Mitsubishi Electric Corp. ......................... 34,601
7,000 Mitsubishi Estate Co., Ltd. ....................... 68,351
15,000 Mitsubishi Heavy Industries Ltd. .................. 60,893
4,000 Mitsubishi Materials Corp. ........................ 8,962
7,000 Mitsubishi Trust & Banking Corp. .................. 68,061
5,000 Mitsui Fudosan Co., Ltd. .......................... 40,513
4,000 Mitsui Marine & Fire Insurance Co., Ltd. .......... 19,678
3,000 Mitsui Trust & Banking Co., Ltd. .................. 4,787
7,000 Mitsui & Co. ...................................... 48,847
2,000 Mitsukoshi Ltd. ................................... 8,698
1,000 Murata Manufacturing Co., Ltd. .................... 65,812
1,000 Mycal Corp. ....................................... 6,284
8,000 NEC Corp. ......................................... 99,545
2,000 NGK Insulators .................................... 20,901
1,000 Nikon Corp. ....................................... 16,370
1,000 Nippon Comsys Corp. ............................... 16,246
5,000 Nippon Express Co., Ltd. .......................... 29,971
2,000 Nippon Meat Packers, Inc. ......................... 26,127
6,000 Nippon Oil Co., Ltd. .............................. 25,300
5,000 Nippon Paper Industries Co. ....................... 26,085
34,000 Nippon Steel Corp. ................................ 78,991
55 Nippon Telegraph & Telephone Corp. ................ 641,174
6,000 Nippon Yusen Kabushiki Kaisha ..................... 23,117
10,000 Nissan Motor Co., Ltd. ............................ 47,788
1,000 Nissin Food Products Co., Ltd. .................... 24,390
1,000 Nitto Denko Corp. ................................. 21,000
10,000 NKK Corp. ......................................... 8,185
9,000 Nomura Securities Co., Ltd. ....................... 105,440
3,000 NSK, Ltd. ......................................... 16,470
4,000 Obayashi Corp. .................................... 20,141
2,000 Odakyu Electric Railway ........................... 6,697
7,000 Oji Paper Co., Ltd. ............................... 40,513
2,000 Olympus Optical Co., Ltd. ......................... 29,582
2,000 Omron Corp. ....................................... 34,725
1,000 Onward Kashiyama Co., Ltd. ........................ 10,996
14,000 Osaka Gas Co., Ltd. ............................... 47,573
1,000 Pioneer Electronic Corp. .......................... 19,471
1,000 Rohm Co., Ltd. .................................... 156,676
20,000 Sakura Bank Ltd. .................................. 75,899
2,000 Sankyo Co., Ltd. .................................. 50,434
7,000 Sanyo Electric Co., Ltd. .......................... 28,475
1,000 Secom Co., Ltd. ................................... 104,175
5,000 Sekisui Chemical Co., Ltd. ........................ 29,020
5,000 Sekisui House Ltd. ................................ 53,989
5,000 Sharp Corp. ....................................... 59,115
1,000 Shimano, Inc. ..................................... 23,687
5,000 Shimizu Corp. ..................................... 19,512
2,000 Shin-Etsu Chemical Co., Ltd. ...................... 66,970
2,000 Shiseido Co., Ltd. ................................ 29,996
4,000 Shizuoka Bank ..................................... 39,884
1,700 Sony Corp. ........................................ 183,423
13,000 Sumitomo Bank Ltd. ................................ 161,331
8,000 Sumitomo Chemical Co. ............................. 36,709
5,000 Sumitomo Corp. .................................... 36,585
4,000 Sumitomo Electric Industries ...................... 45,506
</TABLE>
See Notes to Financial Statements
8
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ------------- -------------------------------------------------- ----------------
<S> <C> <C>
3,000 Sumitomo Marine & Fire Insurance Co. ............. $ 18,107
14,000 Sumitomo Metal Industries ........................ 17,478
2,000 Sumitomo Metal Mining Co. ........................ 8,269
3,000 Taisei Corp. ..................................... 6,598
2,000 Taisho Pharmaceutical Co. ........................ 66,143
1,000 Takashimaya Co., Ltd. ............................ 9,566
4,000 Takeda Chemical Industries ....................... 185,531
5,000 Teijin Ltd. ...................................... 20,256
918 Thomson CSF ...................................... 31,876
3,000 Tobu Railway Co., Ltd. ........................... 8,508
100 Toho Co. ......................................... 14,634
2,600 Tohoku Electric Power ............................ 39,382
11,000 Tokai Bank ....................................... 62,753
7,000 Tokio Marine & Fire Insurance Co. ................ 76,106
1,000 Tokyo Dome Corp. ................................. 5,804
6,100 Tokyo Electric Power Co. ......................... 128,859
1,000 Tokyo Electron Ltd. .............................. 67,879
17,000 Tokyo Gas Co., Ltd. .............................. 41,885
5,000 Tokyu Corp. ...................................... 12,609
4,000 Toppan Printing Co., Ltd. ........................ 44,680
6,000 Toray Industries, Inc. ........................... 30,062
1,000 Tostem Corp. ..................................... 19,223
2,000 Toto Ltd. ........................................ 15,461
1,000 Toyo Seikan Kaisha ............................... 22,489
2,000 Toyoda Automatic Loom Works ...................... 33,981
16,000 Toyota Motor Corp. ............................... 506,656
1,000 Uny Co., Ltd. .................................... 15,048
1,000 Wacoal Corp. ..................................... 10,186
1,000 Yamaha Corp. ..................................... 12,030
2,000 Yamanouchi Pharmaceutical Co., Ltd. .............. 76,561
2,000 Yamato Transport Co., Ltd. ....................... 34,890
1,000 Yamazaki Baking Co., Ltd. ........................ 12,418
---------
8,122,146
---------
NETHERLANDS - 5.49%
6,577 ABN Amro Holdings NV ............................. 142,309
2,607 AEGON NV ......................................... 188,969
1,341 Akzo Nobel ....................................... 56,373
73 ASR Verzekeringsgroep NV ......................... 4,810
3,416 Elsevier NV ...................................... 39,596
173 Getronics NV ..................................... 6,649
1,344 Heineken NV ...................................... 68,755
4,118 ING Groep NV ..................................... 222,757
2,763 Koninklijke Ahold NV (a) ......................... 95,085
2,227 Koninklijke KPN NV ............................... 104,404
1,545 Philips Electronics NV ........................... 152,327
157 Oce NV ........................................... 3,996
9,191 Royal Dutch Petroleum Company .................... 537,893
2,324 TNT Post Group NV ................................ 55,433
2,576 Unilever NV-CVA .................................. 173,451
1,128 Wolters Kluwer NV-CVA ............................ 44,862
---------
1,897,669
---------
NEW ZEALAND - 0.16%
12,304 Brierley Investments Ltd. ........................ 3,453
6,498 Carter Holt Harvey Ltd. .......................... 7,775
2,801 Lion Nathan Ltd. ................................. 6,703
8,619 Telecom Corp. of New Zealand Ltd. ................ 36,963
---------
54,894
---------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------- -------------------------------------------------- ----------------
<S> <C> <C>
NORWAY - 0.39%
300 Bergesen d.y. ASA-A .............................. $ 4,416
1,950 Christiania Bank Og Kreditkasse .................. 7,002
3,600 Den Norske Bank ASA .............................. 11,877
210 Kvaerner ASA-A ................................... 4,317
400 Merkantildata ASA ................................ 3,857
1,150 Norsk Hydro ASA .................................. 43,340
200 Norske Skogsindustrier ASA 'A' Free .............. 7,360
1,150 Orkla ASA-A ...................................... 17,876
600 Petroleum-Geo Services ASA (a) ................... 9,022
350 Schibsted ASA .................................... 3,931
2,000 Storebrand ASA-A (a) ............................. 13,450
200 Tomra Systems ASA ................................ 7,512
---------
133,960
---------
PORTUGAL - 0.50%
844 Banco Comercial Portugues, SA .................... 21,853
662 Banco Espirito Santo e Comercial de
Lisboa, SA ....................................... 15,388
344 BPI-SGPS, SA (a) ................................. 7,003
300 Brisa Auto-Estradas de Portugal, SA .............. 12,364
500 Cimpor-Cimentos de Portugal, SA .................. 12,879
2,823 Electricidade de Portugal, SA .................... 50,786
400 Jeronimo Martins, SGPS, SA ....................... 13,201
905 Portugal Telecom, SA ............................. 36,786
100 Sonae Investimentos, SGPS, SA .................... 3,398
---------
173,658
---------
SINGAPORE - 0.95%
3,000 City Developments Ltd. ........................... 19,213
5,000 DBS Land Ltd. .................................... 9,988
4,600 Development Bank of Singapore Ltd. ............... 56,216
5,042 Oversea-Chinese Banking Corp., Ltd. .............. 42,066
15,000 Sembcorp Industries Ltd. ......................... 23,796
5,000 Singapore Airlines Ltd. .......................... 47,591
2,048 Singapore Press Holdings Ltd. - 100 .............. 35,256
19,000 Singapore Technologies Enginnering Ltd. .......... 21,545
30,000 Singapore Telecommunications Ltd. ................ 51,469
3,000 United Overseas Bank Ltd. ........................ 20,975
---------
328,115
---------
SLOVAKIA - 0.08%
2,500 Skandinaviska Enskilda Ban-A ..................... 29,158
---------
SPAIN - 2.90%
2,102 Argentaria SA .................................... 47,842
1,578 Autopistas Concesionaria Espanola SA ............. 18,456
8,914 Banco Bilbao Vizcaya SA .......................... 128,675
15,721 Banco Santander SA ............................... 163,601
135 Corporacion Financiera Alba SA ................... 21,838
933 Dragados & Construcciones SA ..................... 10,930
4,551 Endesa SA ........................................ 96,971
366 Fomento de Construcciones y
Contratas SA ..................................... 20,930
723 Gas Natural SDG, SA .............................. 52,518
4,089 Iberdrola SA...................................... 62,228
3,882 Repsol SA ........................................ 79,196
313 Sociedad General de Aguas de
Barcelona SA ..................................... 16,130
481 Sol Melia, S.A. .................................. 20,295
</TABLE>
See Notes to Financial Statements
9
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ------------- ---------------------------------------------- --------
<S> <C> <C>
998 Tabacalera SA-A .............................. $ 20,154
4,570 Telefonica SA ................................ 219,943
555 Vallehermoso SA .............................. 5,370
592 Union Electrica Fenosa SA .................... 7,734
366 Zaradoya Otis SA ............................. 9,183
---------
1,001,994
---------
SWEDEN - 2.31%
4,400 ABB AB-A ..................................... 58,575
400 AGA AB-A ..................................... 4,995
900 Atlas Copco AB-A ............................. 24,546
600 Drott AB (a) ................................. 4,877
1,800 Electrolux AB-Ser. B ......................... 37,746
8,400 Ericsson Telecommunications-B ................ 269,667
2,600 Forenings Sparbanken AB ...................... 36,757
3,900 Hennes & Mauritz AB-B ........................ 96,486
200 Netcom Systems AB (a) ........................ 6,739
1,000 Sandvik AB-A ................................. 21,854
1,600 Securitas AB-B ............................... 23,939
3,000 Skandia Forsakrings AB ....................... 56,195
600 Skanska AB-B ................................. 22,655
1,000 Svenska Cellulosa AB-B ....................... 25,918
4,000 Svenska Handelsbanken-A ...................... 48,066
300 Volvo AB-A ................................... 8,659
1,800 Volvo AB-B ................................... 52,272
---------
799,946
---------
SWITZERLAND - 6.38%
30 ABB AG-Bearer ................................ 44,359
80 Adecco SA .................................... 42,842
30 Alusuisse-Lonza Holdings AG .................. 34,947
1,140 Credit Suisse Group .......................... 197,146
31 Holderbank Financiere Glarus AG-B ............ 36,570
31 Holderbank Financiere Glarus AG-Reg .......... 9,865
170 Nestle SA .................................... 306,120
295 Novartis AG-Registered ....................... 430,505
7 Roche Holdings AG-Bearer ..................... 115,204
30 Roche Holdings AG-Genusschine ................ 308,197
50 SAirGroup .................................... 10,463
60 Schweizerische Rueckversicherungs-
Gesellschaft ................................. 114,176
20 Sulzer AG .................................... 12,150
340 Swisscom AG (a) .............................. 127,869
100 The Swatch Group AG .......................... 14,272
915 UBS AG ....................................... 272,941
225 Zurich Allied AG ............................. 127,869
---------
2,205,495
---------
UNITED KINGDOM - 21.34%
6,075 Abbey National Plc. .......................... 114,047
6,739 Allied Zurich AG (a) ......................... 84,713
525 Anglian Water Plc. ........................... 5,801
1,422 Arjo Wiggins Appleton Plc. ................... 4,942
3,939 Associated British Foods Plc. ................ 26,015
4,842 AstraZeneca Group PLC (a) .................... 188,814
4,537 BAA Plc. ..................................... 43,624
6,451 Barclays Plc. ................................ 187,709
3,412 Bass Plc. .................................... 49,506
1,411 BBA Group Plc. ............................... 10,809
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------- ---------------------------------------------- -------
<S> <C> <C>
871 Berkley Group Plc. ........................... $ 10,448
17,657 BG Plc. ...................................... 107,848
3,707 Blue Circle Industries Plc. .................. 24,658
2,096 BOC Group Plc. ............................... 40,967
3,913 Boots Co. Plc. ............................... 46,475
1,890 BP Amoco Plc ................................. 205,065
2,675 BPB Plc. ..................................... 15,938
9,406 British Aerospace Plc. ....................... 61,047
6,587 British Airways Plc. ......................... 45,451
9,742 British American Tobacco Plc. ................ 91,598
2,369 British Land Co. Plc. ........................ 19,810
30,275 British Petroleum Co. Plc. ................... 542,588
7,373 British Sky Broadcasting Group Plc. .......... 68,394
6,485 British Steel Plc. ........................... 16,790
27,516 British Telecommunications Plc. .............. 461,046
2,725 Bunzl Plc. ................................... 13,509
705 Burmah Castrol Plc. .......................... 13,402
10,334 Cable & Wireless Plc. ........................ 131,696
10,086 Cadbury Schweppes Plc. ....................... 63,950
2,152 Carlton Communications Plc. .................. 17,859
13,283 Centrica Plc. (a) ............................ 31,249
5,612 CGU Plc. ..................................... 81,073
4,210 Compass Group Plc. ........................... 41,741
14,668 Diageo Plc. .................................. 153,173
865 Electrocomponents Plc. ....................... 6,401
5,058 EMI Group Plc. ............................... 40,581
13,474 General Electric Co. Plc. .................... 137,412
3,896 GKN Plc. ..................................... 66,508
15,494 Glaxo Wellcome Plc. .......................... 430,567
4,820 Granada Group Plc. ........................... 89,423
4,311 Great Universal Stores Plc. .................. 47,770
9,650 Halifax Plc. ................................. 114,766
3,762 Hanson Plc. .................................. 33,415
8,082 HSBC Holdings Plc. ........................... 286,124
3,929 HSBC Holdings Plc. (75P) ..................... 139,159
2,904 Imperial Chemical Industries Plc. ............ 28,700
855 Jarvis Plc. .................................. 4,023
5,752 Kingfisher Plc. .............................. 66,186
4,347 Ladbroke Group Plc. .......................... 17,250
2,668 Land Securities Plc. ......................... 35,872
2,064 Lasmo Plc. (a) ............................... 4,717
21,913 Legal & General Group Plc. ................... 55,783
23,317 Lloyds TSB Group Plc. ........................ 316,079
12,269 Marks & Spencer Plc. ......................... 70,974
5,051 Mediaset SPA (a) ............................. 44,861
2,337 MEPC Plc. .................................... 19,063
3,658 Misys Plc. ................................... 31,309
8,911 National Grid Group Plc. ..................... 62,013
5,043 National Power Plc. .......................... 36,725
698 Next Plc. .................................... 8,477
2,613 Pearson Plc. ................................. 53,091
2,755 Peninsular and Oriental Steam Navigation
Company ...................................... 41,363
329 Pernod Ricard ................................ 22,034
13,305 Pirelli S.P.A. ............................... 36,191
1,767 Provident Financial Plc. (a) ................. 24,343
8,357 Prudential Corp. Plc. ........................ 123,033
2,696 Railtrack Group Plc. ......................... 55,117
</TABLE>
See Notes to Financial Statements
10
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Description Value
- ------------- -------------------------------------------- ----------------
<S> <C> <C>
110 OMV AG ..................................... $ 9,803
1,793 Rank Group Plc. ............................ 7,129
5,839 Reed International Plc. .................... 38,955
13,807 Rentokil Initial Plc. ...................... 53,864
6,093 Reuters Holdings Plc. ...................... 80,146
1,140 Rexam Plc. ................................. 4,600
5,479 Rio Tinto Plc. ............................. 91,847
1,460 RMC Group Plc. ............................. 23,508
6,721 Rolls-Royce Plc. ........................... 28,445
3,788 Royal Bank of Scotland Group Plc. .......... 77,143
6,099 Royal & Sun Alliance Insurance
Group Plc. ................................. 54,613
4,959 Safeway Plc. ............................... 19,874
9,258 Sainsbury (J.) Plc. ........................ 58,372
1,500 Schroders Plc. ............................. 30,642
6,241 Scottish Power Plc. ........................ 53,909
3,504 Scottish & Newcastle Plc. .................. 36,481
3,348 Scottish & Southern Energy Plc. ............ 34,250
19,388 Siebe Plc. ................................. 91,834
23,950 SmithKline Beechman Plc. ................... 311,259
851 Smiths Industries Plc. ..................... 11,241
3,669 Stagecoach Holdings Plc. ................... 13,143
914 Tate & Lyle Plc. ........................... 5,730
33,259 Tesco Plc. ................................. 85,583
1,264 Thames Water Plc. .......................... 20,043
948 TI Group Plc. .............................. 6,351
14,082 Unilever Plc. .............................. 125,190
2,352 United Utilities Plc. ...................... 28,584
13,260 Vodafone Group Plc. ........................ 261,263
3,356 Williams Holding Plc. ...................... 22,165
2,166 Wolseley Plc. .............................. 16,303
2,797 Zeneca Group Plc. .......................... 108,191
----------
7,381,546
----------
TOTAL COMMON STOCKS (Cost $30,223,317) 33,159,070
----------
PREFERRED STOCKS - 0.61%
AUSTRALIA - 0.16%
7,486 News Corp., Ltd. ........................... 56,959
----------
AUSTRIA - 0.08%
505 Bank Austria AG ............................ 26,537
----------
GERMANY - 0.34%
550 RWE AG ..................................... 19,098
200 SAP AG-Vorzug .............................. 79,852
500 Volkswagen AG .............................. 18,469
----------
117,419
----------
ITALY - 0.03%
5,404 Fiat SPA ................................... 8,658
----------
TOTAL PREFERRED STOCKS (Cost $183,874) 209,573
----------
RIGHTS & WARRANTS - 0.05%
FRANCE - 0.05%
3 AXA-UAP .................................... 110
145 Bouygues Rts. .............................. 385
521 LVMH Bonus Rts. ............................ 15,299
----------
15,794
----------
</TABLE>
<TABLE>
<CAPTION>
Shares Description Value
- ------------- -------------------------------------------- ----------------
<S> <C> <C>
HONG KONG - 0.00%
350 Wharf Holdings Ltd. -WT 12/99 .............. $ 325
----------
ITALY - 0.00%
12,589 Olivetti SPA RTS ........................... 1,693
----------
PORTUGAL - 0.00%
1,200 Portugal Telecom Rtsc ...................... 12
----------
SPAIN - 0.00%
3 Aguas DeBarcelona New ...................... 155
----------
TOTAL RIGHTS AND WARRANTS (Cost $0) 17,979
----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
- -----------
<S> <C> <C>
SHORT TERM INSTRUMENTS (B) - 2.83%
U.S.A. - 2.83%
$ 330,000 U.S. Treasury Bill, 4.45%, 8/19/1999 (c)...... 328,003
660,000 U.S. Treasury Bill, 4.69%, 10/7/1999 ......... 651,644
-------
TOTAL SHORT TERM INSTRUMENTS (Cost $977,846) 979,647
-------
TOTAL INVESTMENTS (Cost $31,385,037)..............99.34% 34,366,269
OTHER ASSETS IN EXCESS OF LIABILITIES............. 0.66% 227,966
----------
NET ASSETS.......................................100.00% $34,594,235
===========
</TABLE>
- ---------------------
(a) Non-income producing security.
(b) Average yield at time of purchase.
(c) Pledged as collateral for open futures contracts.
<TABLE>
<CAPTION>
INDUSTRY DIVERSIFICATION (AS A PERCENTAGE OF NET ASSETS):
(UNAUDITED)
INDUSTRY % OF NET ASSETS
- ---------- ----------------
<S> <C>
Appliances & Household Durables .............. 1.89%
Automobiles .................................. 3.96
Banking ...................................... 14.35
Beverages & Tobacco .......................... 1.77
Broadcasting & Publishing .................... 1.49
Business & Public Services ................... 4.03
Chemicals .................................... 2.21
Electrical & Electronics ..................... 4.84
Electronic Composition & Instruments ......... 1.75
Energy Sources ............................... 6.32
Financial Services ........................... 1.64
Food & Household Products .................... 2.83
Health & Personal Care ....................... 8.50
Insurance .................................... 6.03
Merchandising ................................ 3.95
Other ........................................ 17.27
Real Estate .................................. 1.63
Telecommunications ........................... 11.28
Utilities .................................... 4.26
------
100.00%
======
</TABLE>
See Notes to Financial Statements
11
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
SCHEDULE OF INVESTMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
At June 30, 1999, the Fund's open futures contracts were as follows:
<TABLE>
<CAPTION>
NUMBER OF UNREALIZED
CONTRACTS CONTRACT EXPIRATION OPENING CURRENT APPRECIATION
PURCHASED TYPE DATE POSITION MARKET VALUE (DEPRECIATION)
- ----------- ------------ ------------ ------------- -------------- ---------------
<S> <C> <C> <C> <C> <C>
1 IBEX PLUS 7/16/99 $ 105,811 $ 104,967 $ (844)
1 Hang Seng 7/29/99 89,974 87,322 (2,652)
1 TOPIX 9/9/99 111,022 116,329 5,307
11 Nikkei 300 9/9/99 246,891 252,013 5,122
4 FTSE 100 9/17/99 414,823 400,210 (14,613)
3 DAX 9/17/99 417,923 416,403 (1,520)
4 CAC 40 9/30/99 182,904 188,039 5,135
---------- ---------- ---------
$1,569,348 $1,565,283 $ (4,065)
========== ========== =========
</TABLE>
At June 30, 1999, the Fund's open forwards currency exchange contracts were as
follows:
<TABLE>
<CAPTION>
FORWARD FOREIGN CURRENCY BUY CONTRACTS:
UNREALIZED
SETTLEMENT CONTRACTS AT IN EXCHANGE APPRECIATION
CONTRACTS TO DELIVER DATE VALUE FOR U.S. $ (DEPRECIATION)
- -------------------------------- ------------ -------------- ------------- ---------------
<S> <C> <C> <C> <C> <C>
1,648,000 Euro Monetary 7/26/99 $1,701,287 $1,706,751 $ (5,464)
85,365,000 Japanese Yen 7/26/99 708,463 703,751 4,712
484,000 British Pound 7/26/99 763,028 765,277 (2,249)
--------
(3,001)
========
</TABLE>
<TABLE>
<CAPTION>
UNREALIZED
SETTLEMENT CONTRACTS AT IN EXCHANGE APPRECIATION
CONTRACTS TO RECEIVE DATE VALUE FOR U.S. $ (DEPRECIATION)
- -------------------------------- ------------ -------------- ------------- ---------------
<S> <C> <C> <C> <C> <C>
1,366,000 Euro Monetary 7/26/99 $1,410,169 $1,429,628 $ 19,459
68,402,000 Japanese Yen 7/26/99 567,683 566,298 (1,385)
397,000 British Pound 7/26/99 625,872 630,992 5,120
--------
$ 23,194
========
</TABLE>
See Notes to Financial Statements
12
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investments at value (cost $31,385,037).................................................. $ 34,366,269
Receivable for Investment securities sold ............................................... 1,368,234
Interest and dividends receivable ....................................................... 153,420
Deferred organizational costs and other assets .......................................... 33,334
------------
Total Assets .......................................................................... 35,921,257
------------
LIABILITIES:
Due to Custodian ........................................................................ 1,235,762
Variation margin for futures contracts .................................................. 9,741
Investment advisory fee payable ......................................................... 3,253
Administration fee payable .............................................................. 4,065
Trustees'/Directors fee payable ......................................................... 2,019
Custody fee payable ..................................................................... 38,668
Other accrued expenses .................................................................. 33,514
------------
Total Liabilities ..................................................................... 1,327,022
------------
NET ASSETS ............................................................................... $ 34,594,235
============
COMPOSITION OF NET ASSETS:
Paid-in-capital (2,972,102 outstanding shares of beneficial interest) ................... $ 29,595,117
Undistributed net investment income ..................................................... 531,119
Accumulated net realized gain on investments, foreign currency transactions and futures 1,552,883
contracts
Net unrealized appreciation of investments, assets and liabilities in foreign currency
and futures contracts.................................................................. 2,915,116
------------
TOTAL NET ASSETS ......................................................................... $ 34,594,235
============
NET ASSET VALUE .......................................................................... $ 11.64
============
</TABLE>
See Notes to Financial Statements
13
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest ................................................................................ $ 66,079
Dividends ............................................................................... 548,386
Less foreign taxes withheld ........................................................... (67,994)
----------
Total Investment Income ............................................................... 546,471
----------
EXPENSES:
Advisory fees ........................................................................... 91,343
Administration fees ..................................................................... 39,019
Custodian fees .......................................................................... 38,668
Fund accounting fees .................................................................... 17,702
Professional fees ....................................................................... 15,051
Trustees fees ........................................................................... 9,066
Printing fees ........................................................................... 9,007
Registation and filing fees ............................................................. 3,661
Transfer agent fees ..................................................................... 3,619
Amortization of organizational costs .................................................... 2,067
Other ................................................................................... 1,559
----------
Total expenses before waiver/reimbursement ............................................ 230,762
Less waiver/reimbursement by Advisor .................................................. (85,926)
Less waiver by Administrator .......................................................... (15,000)
----------
Total expenses net of waiver/reimbursement ............................................ 129,836
----------
NET INVESTMENT INCOME .................................................................... 416,635
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS
Net realized gain on investments ........................................................ 1,460,531
Net realized gain on futures contracts .................................................. 643,848
Net realized loss on foreign currency transactions ...................................... (354,988)
Net change in unrealized appreciation (depreciation) on investments ..................... (285,644)
Net change in unrealized appreciation (depreciation) on futures, foreign currencies and
forward currency contracts............................................................ (168,752)
----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS ........ 1,294,995
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ..................................... $1,711,630
==========
</TABLE>
See Notes to Financial Statements
14
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS ENDED
JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998
----------------- ------------------
<S> <C> <C>
INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS:
Net investment income .................................................................. $ 416,635 $ 280,241
Net realized gain on investments, futures contracts and foreign currency transactions .. 1,749,391 100,196
Net change in unrealized appreciation (depreciation) of investments,
assets and liabilities in foreign currency and futures contracts ...................... (454,396) 4,388,022
------------- ------------
Net increase in net assets resulting from operations .................................. 1,711,630 4,768,459
------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income .................................................................. -- (492,028)
Net realized gain on investments ....................................................... -- (30,752)
------------- ------------
Total distributions ................................................................... -- (522,780)
------------- ------------
SHARE TRANSACTIONS:
Net proceeds from sale of shares ....................................................... 18,339,587 18,290,262
Issued to shareholders in reinvestment of distributions ................................ -- 522,780
Costs of shares repurchased ............................................................ (21,412,582) (1,512,182)
------------- ------------
Net increase (decrease) in net assets from share transactions ......................... (3,072,995) 17,300,860
------------- ------------
Net increase (decrease) in net assets ................................................. (1,361,365) 21,546,539
------------- ------------
NET ASSETS:
Beginning of period .................................................................... 35,955,600 14,409,061
------------- ------------
End of period .......................................................................... $ 34,594,235 $ 35,955,600
============= ============
Undistributed net investment income .................................................... $ 531,119 $ 114,484
============= ============
</TABLE>
See Notes to Financial Statements
15
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
For a share outstanding throughout each period
<TABLE>
<CAPTION>
FOR THE SIX FOR THE PERIOD
MONTHS ENDED AUGUST 22, 19971
JUNE 30, 1999 YEAR ENDED THROUGH
(UNAUDITED) DECEMBER 31, 1998 DECEMBER 31, 1997
--------------- ------------------- ------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD .................................... $ 11.18 $ 9.34 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................................. 0.14 0.12 0.02(2)
Net realized and unrealized gain (loss) on investments, future contracts
and foreign currency transactions .................................... 0.32 1.89 (0.68)
------- ------- --------
Net increase (decrease) in net asset value from operations ............. 0.46 2.01 (0.66)
------- ------- --------
LESS DISTRIBUTIONS:
Distributions from net investment income ............................... -- ( 0.16) --
Distributions from net realized gain on investments .................... -- ( 0.01) --
------- ------- --------
Total distributions .................................................. -- ( 0.17) --
------- ------- --------
NET ASSET VALUE, END OF PERIOD .......................................... $ 11.64 $ 11.18 $ 9.34
======= ======= ========
TOTAL RETURN(4).......................................................... 4.11% 21.60% (6.60)%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of period (in 000s) ..................................... $ 34,594 $35,956 $ 14,409
Ratios to average net assets:
Net investment income including reimbursement/waiver ................... 2.08%(3) 1.20% 0.72%(3)
Net investment income (loss) excluding reimbursement/waiver ............ 1.58%(3) 0.19% (1.38%)(3)
Operating expenses including reimbursement/waiver ...................... 0.65%(3) 0.65% 0.65%(3)
Operating expenses excluding reimbursement/waiver ...................... 1.15%(3) 1.66% 2.75%(3)
Portfolio turnover rate ................................................. 21% 7% 0%(5)
</TABLE>
- ----------
(1) Commencement of operations.
(2) Based on average shares method.
(3) Annualized.
(4) Total investment return is calculated assuming an initial investment made at
the net asset asset value at the beginning of the period, reinvestment of
all dividends and distributions at net asset value during the period and
redemption on the last day of the period. Total return calculated for a
period of less than one year is not annualized. If fees for the advisor and
administrator were not waived the total return would have been lower.
(5) Less than 1%.
See Notes to Financial Statements
16
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
NOTE 1 -- ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
A. ORGANIZATION
The BT Insurance Funds Trust (the "Trust"), is currently comprised of seven
series: Equity 500 Index Fund, Small Cap Index Fund, EAFE(R) Equity Index Fund,
International Equity Fund, Small Cap Fund, U.S. Bond Index Fund, and the Managed
Assets Fund. The Trust is an open-end management investment company which is
registered under the Investment Company Act of 1940 as amended (the "Act"). The
Trust was organized as a Massachusetts business trust on January 19, 1996.
The accompanying financial statements and financial highlights are those of the
EAFE(R) Equity Index Fund (the "Fund") which commenced operations on August 22,
1997.
B. SECURITY VALUATION
The portfolio's investments, which are traded on a recognized stock exchange or
for which price quotations are available, are valued each business day on the
basis of market valuations furnished by an independent pricing service approved
by the Board of Trustees. Securities traded on national stock exchanges or other
domestic exchanges are valued based on the closing price of the security traded
on that exchange prior to the time when the Fund's assets are valued. Short-term
obligations with remaining maturities of 60 days or less are valued at amortized
cost. Other short-term debt securities are valued on a mark-to-market basis
until such time as they reach a remaining maturity of 60 days, whereupon they
will be valued at amortized cost using their value on the 61st day. All other
securities and other assets are valued at their fair value as determined in good
faith under procedures established by and under the general supervision of the
Board of Trustees.
C. SECURITY TRANSACTIONS AND INVESTMENT INCOME
Security transactions are accounted for on a trade date basis. Dividend income,
less foreign taxes withheld, if any, is recorded on the ex-dividend date or upon
receipt of ex-dividend notification in the case of certain foreign securities.
Interest income is recorded on the accrual basis and includes amortization of
premium and discount on investments. Realized gains and losses from securities
transactions are recorded on the identified cost basis.
D. FUTURES CONTRACTS
The Fund may enter into financial futures contracts which are contracts to buy a
standard quantity of securities at a specified price on a future date. The Fund
is required to deposit either in cash or securities an amount equal to a certain
percentage of the contract amount. Variation margin payments are made or
received by the Fund each day, dependent on the daily fluctuations in the value
of the underlying security, and are recorded for financial statement purposes as
unrealized gains or losses by the Fund. The Fund's investments in financial
futures contracts are designed to enable the Fund to closely replicate the
benchmark index used by the Fund. Risks arise from possible illiquidity of the
futures market and from movements in security values.
Futures contracts are valued at the settlement price established each day by the
board of trade or exchange on which they are traded.
E. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
The Fund may enter into forward foreign currency exchange contracts. A forward
foreign currency exchange contract is an obligation to purchase or sell a
specific currency at a specified price at a future date. These contracts are
used in an attempt to protect against fluctuations in foreign currency exchange
rates that would adversely affect the portfolio position or an anticipated
investment position. Forward foreign currency exchange contracts are valued at
the daily forward exchange rate of the underlying currency. Gains or losses on
the purchase or sale of forward foreign currency exchange contracts having the
same settlement date and broker are recognized on the date of offset, otherwise
gains or losses are recognized on the settlement date. The use of forward
foreign currency exchange contracts does not eliminate fluctuations in the
underlying prices of the Fund's securities. but it does establish a rate of
exchange that can be achieved in the future. Although forward foreign currency
exchange contracts limit the risk of loss due to a decline in the value of the
hedged currency, they also limit any potential gain that might result should the
value of the currency increase. In addition, the Fund could be exposed to risks
if the counterparties to the contracts are unable to meet the terms of their
contracts.
F. FOREIGN CURRENCY TRANSLATION
Assets and liabilities denominated in foreign currencies and commitments under
forward foreign exchange currency contracts are translated into U.S. dollars at
the mean of the quoted bid and asked prices of such currencies against the U.S.
dollar. Purchases and sales of portfolio securities are translated into U.S.
dollars at the rates of exchange prevailing when such securities were acquired
or sold. Income and expenses are translated into U.S. dollars at rates of
exchange prevailing when earned or accrued.
Net foreign exchange losses of $44,639 represent foreign exchange gains and
losses from holding foreign currencies, exchange gains or losses realized
between the trade and settlement dates on security transactions, and the
difference between the amounts of interest and dividends recorded on the Fund's
books and the U.S. dollar equivalent of the amounts actually received or paid.
Net unrealized currency gains and losses from valuing foreign currency
denominated assets and liabilities are reflected as a component of net
unrealized appreciation (depreciation) of investments, assets and liabilities in
foreign currency and futures contracts.
G. FOREIGN SECURITIES
The Fund invests in foreign securities. Investing in securities of foreign
companies involves special risks and considerations not typically associated
with investing in the securities of U.S. companies. These risks include
re-evaluation of currencies and future adverse political and economic
developments. Moreover, securities of many foreign companies and their markets
may be less liquid and their prices more volatile than those of securities of
comparable U.S. companies.
H. FEDERAL INCOME TAXES
The Fund intends to continue to elect to be treated as a "regulated investment
company" under Sub-chapter M of the Internal Revenue Code and to distribute all
of its net taxable income. Accordingly, no provision for federal income taxes
has been made in the accompanying financial statements.
I. EXPENSES
The Trust accounts separately for the assets, liabilities and operations of
each of its Series. Expenses directly attributable to a Series
17
<PAGE>
- --------------------------------------------------------------------------------
BT INSURANCE FUNDS TRUST EAFE(R) EQUITY INDEX FUND
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
are charged to that Series, while the expenses which are attributable to more
than one Series of the Trust are allocated based upon the relative net assets of
each Series.
J. ORGANIZATION COSTS
Costs incurred in connection with the Fund's organization are being amortized on
a straight-line basis over five years commencing on August 22, 1997. In the
event that any of the initial shares are redeemed during such amortization
period, the redemption proceeds will be reduced for any unamortized organization
costs in the same proportion as the number of shares redeemed bears to the
number of initial shares outstanding at the time of the redemption.
K. DIVIDENDS FROM NET INVESTMENT INCOME AND DISTRIBUTIONS OF CAPITAL GAINS
Dividends from net investment income and net realized gains from investment
transactions, if any, are distributed to shareholders annually.
Dividends and distributions to shareholders are recorded on the ex-dividend
date. Income and capital gains distributions are determined in accordance with
federal tax regulations and may differ from those determined in accordance with
generally accepted accounting principles. To the extent these differences are
permanent, such amounts are reclassified within the capital accounts based on
their federal tax basis treatment; temporary differences do not require such
reclassification.
Distributions from net realized gains for book purposes may involve short-term
capital gains, which are included as ordinary income for tax purposes.
L. SHARES OF BENEFICIAL INTEREST
The Fund is authorized to issue an unlimited number of shares of beneficial
interest with a par value of $0.001 per share. Transactions in shares of
beneficial interest were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 1999 DECEMBER 31, 1998
------------------ ------------------
SHARES SHARES
------------------ ------------------
<S> <C> <C>
Shares sold 1,615,053 1,768,419
Reinvestment of
dividends 0 48,903
Shares redeemed (1,858,501) (143,685)
---------- ---------
Net increase
(decrease) (243,448) 1,673,637
========== =========
</TABLE>
M. OTHER
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts in the financial statements. Actual results could
differ from those estimates.
NOTE 2 -- FEES AND TRANSACTIONS WITH AFFILIATES
Under the Advisory Agreement with Bankers Trust Company (the "Advisor"), the
Fund will pay an advisory fee at an annual percentage rate of 0.45% of the
average daily net assets of the Fund. These fees are accrued daily and paid
monthly. The Advisor has voluntarily undertaken to waive its fee and to
reimburse the Fund for certain expenses so that the Fund's total operating
expenses will not exceed 0.65% of average daily net assets. For the six months
ended June 30, 1999, the gross Advisory fee and waiver were as follows:
<TABLE>
<CAPTION>
GROSS ADVISORY ADVISORY FEE
FEE WAIVED
- --------------- -------------
<S> <C>
$ 91,343 $85,926
</TABLE>
First Data Investor Services Group, Inc. ("Investor Services Group") serves as
Administrator and Transfer Agent of the Trust. For services rendered as the
Trust's Administrator, Investor Services Group receives the following fees,
accrued daily, and paid monthly.
<TABLE>
<CAPTION>
ADMINISTRATION FEES
- -------------------------------------------------------------
FEE % OF THE TRUST'S
DAILY NET ASSETS AVERAGE DAILY NET ASSETS
- --------------------- -------------------------------------
<S> <C>
0.02 % Up to $2 billion
0.01 % Over $2 billion and up to $5 billion
0.0075% Over $5 billion
</TABLE>
Investor Services Group also receives a $70,000 flat fee per year, per Series of
the Trust, paid monthly.
Investor Services Group waived $15,000 of its fees for the six months ended June
30, 1999.
The Trust does not compensate its officers or affiliated trustees. Each
independent trustee is paid $1,250 per Board of Trustees meeting attended and a
quarterly retainer of $2,500.
NOTE 3 -- PURCHASES AND SALES OF INVESTMENT SECURITIES The aggregate cost of
purchases and proceeds from the sale of investments, other than short-term
obligations, for the six months ended June 30, 1999, were $7,499,416 and
$7,690,823, respectively.
The aggregate gross unrealized appreciation and depreciation for all securities
as computed on a federal income tax basis, at June 30, 1999 is as follows:
<TABLE>
<CAPTION>
APPRECIATION DEPRECIATION NET COST
- -------------- ---------------- ------------- --------------
<S> <C> <C> <C>
$4,374,563 $(1,393,330) $2,981,233 $31,385,037
</TABLE>
NOTE 4 -- OTHER INFORMATION
On November 30, 1998, BT Corporation, Deutsche Bank, A.G. ("Deutsche Bank") and
Circle Acquisition Corporation entered into an Agreement and Plan of Merger (the
"Merger Agreement"). Pursuant to the terms of the Merger Agreement, Circle
Acquisition Corporation, a wholly-owned New York subsidiary of Deutsche Bank,
merged with and into BT Corporation on June 4, 1999, with BT Corporation
continuing as the surviving entity (the "Merger"). Under the terms of the
Merger, each outstanding share of BT Corporation common stock was converted into
the right to receive $93 in cash, without interest. Since the Merger, BT
Corporation, along with its affiliates, has continued to offer the range of
financial products and services, including investment advisory services, that it
offered prior to the Merger.
As a result of the Merger, BT Corporation became a wholly-owned subsidiary of
Deutsche Bank. Deutsche Bank is a banking company with limited liability
organized under the laws of the Federal Republic of Germany. Deutsche Bank is
the parent company of a group consisting of banks, capital markets companies,
funds management companies, mortgage banks and a property finance company,
installment financing and leasing companies, insurance companies, research and
consultancy companies and other domestic and foreign companies. At March 31,
1999, the Deutsche Bank Group had total assets of US $727 billion. The Deutsche
Bank Group's capital and reserves at March 31, 1999 were US $19.6 billion.
18
<PAGE>
(This Page Intentionally Left Blank)
<PAGE>
BT INSURANCE FUNDS TRUST
EAFE(R) EQUITY INDEX FUND
INVESTMENT ADVISOR
BANKERS TRUST COMPANY
130 Liberty Street
New York, NY 10006
ADMINISTRATOR AND TRANSFER AGENT
FIRST DATA INVESTOR SERVICES GROUP, INC.
3200 Horizon Drive
King of Prussia, PA 19406
DISTRIBUTOR
FIRST DATA DISTRIBUTORS, INC.
4400 Computer Drive
Westborough, MA 01581
CUSTODIAN
BANKERS TRUST COMPANY
130 Liberty Street
New York, NY 10006
INDEPENDENT AUDITORS
ERNST & YOUNG LLP
2001 Market Street
Philadelphia, PA 19103
COUNSEL
WILLKIE FARR & GALLAGHER
787 Seventh Avenue
New York, NY 10019
-------------------
For information on how to invest, shareholder account information
and current price and yield information, please contact your
insurance company representative. This report must be preceded or
accompanied by a current prospectus for the Fund.
-------------------
EAFE(R) Equity Index Fund Cusip #00576E508
INSEAFE200 (6/99)
