Report of Independent Accountants
To the Board of Directors and Shareholders
of the Flag Investors Portfolios Trust:
In planning and performing our audit of the financial statements of the Flag
Investors Top 50 Europe Fund, Flag Investors Top 50 World Fund, Flag
Investors Top 50 US Fund, Flag Investors Top 50 Asia Fund, Flag Investors
Japanese Equity Fund, Flag Investors European Mid Cap Fund, Deutsche
Top 50 Europe Fund, Deutsche Top 50 World Fund, Deutsche Top 50 US
Fund, Deutsche Top 50 Asia Fund, Deutsche Japanese Equity Fund,
Deutsche European Mid Cap Fund, Deutsche US Money Market Fund
(the "Funds") for the year ended 08/31/00, we considered its internal
control, including control activities for safeguarding securities, in order
to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements
of Form N-SAR, not to provide assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that controls may become
inadequate because of changes in conditions or that the effectiveness of
their design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of 08/31/00.
This report is intended solely for the information and use of the Board of
Directors, management and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other than these
specified parties.
[PricewaterhouseCoopers LLP (signed)]
[Date]
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