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<PAGE>
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SIGNATURE DAVID J. KEALEY
TITLE FUND ADMINISTRATOR
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Liquid
Asset Porfolio Annual Report dated December 31, 1995 and is qualified in its
entirety by reference to such Annual Report.
</LEGEND>
<CIK> 0000906619
<NAME> LIQUID ASSETS PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 1420393102
<INVESTMENTS-AT-VALUE> 1420393102
<RECEIVABLES> 1651593
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1481610903
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<NET-CHANGE-IN-ASSETS> 1468184880
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees
Tax Free Money Portfolio,
NY Tax Free Money Portfolio,
Cash Management Portfolio,
Treasury Money Portfolio,
Equity 500 Index Portfolio,
Intermediate Tax Free Portfolio,
Utility Portfolio,
Short/Intermediate U.S. Government
Securities Portfolio, and
BT Investment Portfolios on behalf of
Liquid Assets Portfolio:
In planning and performing our audits of the financial statements and financial
highlights of the Tax Free Money Portfolio, NY Tax Free Money Portfolio, Cash
Management Portfolio, Treasury Money Portfolio, Equity 500 Index Portfolio,
Intermediate Tax Free Portfolio, Utility Portfolio, Short/Intermediate U.S.
Government Securities Portfolio, and BT Investment Portfolios on behalf of
Liquid Assets Portfolio for the periods ended December 31, 1995, we considered
their internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and financial highlights and
to comply with the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of the Tax Free Money Portfolio, NY Tax Free Money Portfolio,
Cash Management Portfolio, Treasury Money Portfolio, Equity 500 Index Portfolio,
Intermediate Tax Free Portfolio, Utility Portfolio, Short/Intermediate U.S.
Government Securities Portfolio, and BT Investment Portfolios on behalf of
Liquid Assets Portfolio is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgements by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit the
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements and financial
highlights 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 internal control structure, including
procedures for safeguarding securities, that we consider to be material
weaknesses, as defined above, as of December 31, 1995.
This report is intended solely for the information and use of management of the
Tax Free Money Portfolio, NY Tax Free Money Portfolio, Cash Management
Portfolio, Treasury Money Portfolio, Equity 500 Index Portfolio, Intermediate
Tax Free Portfolio, Utility Portfolio, Short/Intermediate U.S. Government
Securities Portfolio, and BT Investment Portfolios on behalf of Liquid Assets
Portfolio and the Securities and Exchange Commission.
/s/ COOPERS & LYBRAND L.L.P.
Kansas City, Missouri
February 13, 1996
