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<PAGE> PAGE 2
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SIGNATURE CHARLES RIZZ0
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 000800074
<NAME> FLAG INTERNATIONAL FUND
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 31-Oct-99
<PERIOD-END> 31-Oct-99
<INVESTMENTS-AT-COST> 9,460,696
<INVESTMENTS-AT-VALUE> 12,483,749
<RECEIVABLES> 44,954
<ASSETS-OTHER> 15,024
<TOTAL-ASSETS> 12,543,727
<PAYABLE-FOR-SECURITIES> 123,377
<OTHER-ITEMS LIABILITIES> 20,662
<TOTAL-LIABILITIES> 144,039
<PAID-IN-CAPITAL-COMMON> 10,575,651
<SHARES-COMMON-CURRENT> 640,706
<SHARES-COMMON-PRIOR> 719,333
<ACCUMULATED-NII-CURRENT> (240,882)
<ACCUMULATED-NET-GAINS> (960,223)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,025,142
<NET-ASSETS> 12,399,688
<DIVIDEND-INCOME> 88,894
<INTEREST-INCOME> 2,256
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> (227)
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<NET-CHANGE-FROM-OPS> 1,684,614
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<ACCUMULATED-NII-PRIOR> 0
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</TABLE>
INDEPENDENT AUDITORS' REPORT
The Audit Committee of the Board of
Directors,
Flag Investors International Fund, Inc.
In planning and performing our audit of
the financial statements of Flag
Investors International Fund, Inc. (the
"Fund") for the year ended October 31,
1999 (on which we have issued our
report dated December 3, 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 opinion on the financial
statements and to comply with the
requirements of Form N-SAR, and not
to provide assurance on the Fund's
internal control.
The management of the Fund 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 any
internal control, misstatements due to
error or fraud may occur and not be
detected. Also, projections of any
evaluation of internal control to future
periods are subject to the risk that the
internal control may become inadequate
because of changes in conditions, or that
the degree of compliance with policies
or procedures may deteriorate.
Our consideration of the Fund's internal
control would not necessarily disclose
all matters in the 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
misstatement 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 the Fund's internal
control and its operation, including
controls for safeguarding securities, that
we consider to be material weaknesses
as defined above as of October 31,
1999.
This report is intended solely for the
information and use of management, the
Audit Committee of the Board of
Directors of Flag Investors International
Fund, Inc. and the Securities and
Exchange Commission and is not
intended to be and should not be used
by anyone other than these specified
parties.
DELOITTE & TOUCHE LLP
Princeton, New Jersey
December 3, 1999
