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SIGNATURE CHARLES RIZZO
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000888779
<NAME> BT INTERNATIONAL EQUITY PORTFOLIO
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 31-Oct-99
<PERIOD-END> 31-Oct-99
<INVESTMENTS-AT-COST> 2,464,854,322
<INVESTMENTS-AT-VALUE> 2,953,537,940
<RECEIVABLES> 33,763,415
<ASSETS-OTHER> 337,842,879
<TOTAL-ASSETS> 3,325,144,234
<PAYABLE-FOR-SECURITIES> 14,248,569
<OTHER-ITEMS LIABILITIES> 293,534,831
<TOTAL-LIABILITIES> 307,783,400
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<NET-INVESTMENT-INCOME> (323,887)
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</TABLE>
To the Trustees of the International Equity
Portfolio:
In planning and performing our audit of the
financial statements of the International
Equity Portfolio (hereafter referred to as the
"Portfolio") for the year ended October 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
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 Portfolio 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
and financial highlights 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, error 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 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 over 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
Trustees of the International Equity
Portfolio 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
Baltimore, Maryland
November 19, 1999
