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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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045 000500 Y
046 000500 N
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<PAGE> PAGE 22
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049 000500 N
050 000500 N
051 000500 N
052 000500 N
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053 C000500 N
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
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068 A000500 N
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069 000500 Y
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070 B020500 N
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<PAGE> PAGE 23
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 Y
070 F020500 Y
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 Y
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 N
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 18852
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<PAGE> PAGE 24
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<PAGE> PAGE 25
075 B000500 41804
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028 A010600 15932
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<PAGE> PAGE 26
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049 000600 N
050 000600 N
051 000600 N
052 000600 N
053 A000600 Y
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062 A000600 N
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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SIGNATURE JULIE TEDESCO
TITLE VICE PRESIDENT
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<SHARES-COMMON-PRIOR> 3903617
<ACCUMULATED-NII-CURRENT> 6086
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<DISTRIBUTIONS-OF-GAINS> (853735)
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</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Trustees
BT Insurance Funds Trust
In planning and performing our audits of the financial statements of
BT Insurance Funds Trust (the "Trust") for the year ended December 31, 1999,
we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for
the purpose of expressing our opinions on the financial statements and to
comply with the requirements of Form N-SAR, and not to provide assurance
on internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing financial statements
for external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the specific internal control components does
not reduce to a relatively low level the risk that misstatements caused
by errors or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal control and
its operation, including controls for safeguarding securities, that we
consider to be material weaknesses as defined above at December 31, 1999.
This report is intended solely for the information and use of the board
of trustees and management of the Trust and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other
than these specified parties.
Philadelphia, Pennsylvania
February 4, 2000
