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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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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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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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070 N021700 N
070 O011700 Y
070 O021700 N
070 P011700 Y
070 P021700 N
070 Q011700 N
070 Q021700 N
070 R011700 N
070 R021700 N
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<PAGE> PAGE 42
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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> 000906619
<NAME> BT SMALL CAP PORTFOLIO
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 30-Sep-99
<PERIOD-END> 30-Sep-99
<INVESTMENTS-AT-COST> 184,391,944
<INVESTMENTS-AT-VALUE> 221,588,911
<RECEIVABLES> 5,454,970
<ASSETS-OTHER> 0
<TOTAL-ASSETS> 227,043,881
<PAYABLE-FOR-SECURITIES> 11,601,729
<OTHER-ITEMS LIABILITIES> 137,142
<TOTAL-LIABILITIES> 11,738,871
<PAID-IN-CAPITAL-COMMON> 178,108,043
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<EXPENSES-NET> 1,226,550
<NET-INVESTMENT-INCOME> (188,887)
<REALIZED-GAINS-CURRENT> 49,022,746
<APPREC-INCREASE-CURRENT> 30,229,254
<NET-CHANGE-FROM-OPS> 79,063,113
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 000906619
<NAME> BT PACIFIC BASIN PORTFOLIO
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 30-Sep-99
<PERIOD-END> 30-Sep-99
<INVESTMENTS-AT-COST> 5,400,769
<INVESTMENTS-AT-VALUE> 6,244,988
<RECEIVABLES> 9,483
<ASSETS-OTHER> 297,523
<TOTAL-ASSETS> 6,551,994
<PAYABLE-FOR-SECURITIES> 0
<OTHER-ITEMS LIABILITIES> 132,993
<TOTAL-LIABILITIES> 132,993
<PAID-IN-CAPITAL-COMMON> 5,611,046
<SHARES-COMMON-CURRENT> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 807,955
<NET-ASSETS> 6,419,001
<DIVIDEND-INCOME> 91,132
<INTEREST-INCOME> 15,254
<OTHER-INCOME> 0
<EXPENSES-NET> 61,734
<NET-INVESTMENT-INCOME> 44,652
<REALIZED-GAINS-CURRENT> 223,780
<APPREC-INCREASE-CURRENT> 2,839,957
<NET-CHANGE-FROM-OPS> 3,108,389
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,176,554
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45,917
<GROSS-EXPENSE> 103,962
<AVERAGE-NET-ASSETS> 6,122,415
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.00%
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 000906619
<NAME> BT LATIN AMERICAN EQUITY PORTFOLIO
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 09/30/1999
<PERIOD-END> 09/30/1999
<INVESTMENTS-AT-COST> 4
<INVESTMENTS-AT-VALUE> 4
<RECEIVABLES>
<ASSETS-OTHER>
<TOTAL-ASSETS> 4
<PAYABLE-FOR-SECURITIES> 0
<OTHER-ITEMS LIABILITIES>
<TOTAL-LIABILITIES>
<PAID-IN-CAPITAL-COMMON> 5
<SHARES-COMMON-CURRENT> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC>
<NET-ASSETS> 4
<DIVIDEND-INCOME>
<INTEREST-INCOME>
<OTHER-INCOME> 0
<EXPENSES-NET>
<NET-INVESTMENT-INCOME>
<REALIZED-GAINS-CURRENT>
<APPREC-INCREASE-CURRENT> 1
<NET-CHANGE-FROM-OPS>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES>
<GROSS-EXPENSE>
<AVERAGE-NET-ASSETS> 6
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 1.00%
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 000906619
<NAME> PRESERVATION PLUS PORTFOLIO
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 30-Sep-99
<PERIOD-END> 30-Sep-99
<INVESTMENTS-AT-COST> 393,309,502
<INVESTMENTS-AT-VALUE> 387,793,000
<RECEIVABLES> 3,131,655
<ASSETS-OTHER> 9,053,005
<TOTAL-ASSETS> 399,977,660
<PAYABLE-FOR-SECURITIES> 59,048,825
<OTHER-ITEMS LIABILITIES> 173,042
<TOTAL-LIABILITIES> 59,221,867
<PAID-IN-CAPITAL-COMMON> 331,702,788
<SHARES-COMMON-CURRENT> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,053,005
<NET-ASSETS> 340,755,793
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,920,396
<OTHER-INCOME> 1,298,837
<EXPENSES-NET> 1,019,962
<NET-INVESTMENT-INCOME> 16,199,271
<REALIZED-GAINS-CURRENT> (2,122,205)
<APPREC-INCREASE-CURRENT> 2,122,205
<NET-CHANGE-FROM-OPS> 16,199,271
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 108,204,412
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 940,438
<GROSS-EXPENSE> 1,450,934
<AVERAGE-NET-ASSETS> 290,893,337
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 0.35%
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 000906619
<NAME> BT EMERGING MARKETS EQUITY PORTFOLIO
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 30-Sep-99
<PERIOD-END> 30-Sep-99
<INVESTMENTS-AT-COST> 2,086,764
<INVESTMENTS-AT-VALUE> 2,409,302
<RECEIVABLES> 670,578
<ASSETS-OTHER> 142,677
<TOTAL-ASSETS> 3,222,557
<PAYABLE-FOR-SECURITIES> 139,881
<OTHER-ITEMS LIABILITIES> 58,699
<TOTAL-LIABILITIES> 198,580
<PAID-IN-CAPITAL-COMMON> 2,704,097
<SHARES-COMMON-CURRENT> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 319,880
<NET-ASSETS> 3,023,977
<DIVIDEND-INCOME> 49,802
<INTEREST-INCOME> 8,346
<OTHER-INCOME> 0
<EXPENSES-NET> 32,942
<NET-INVESTMENT-INCOME> 25,206
<REALIZED-GAINS-CURRENT> 222,165
<APPREC-INCREASE-CURRENT> 676,143
<NET-CHANGE-FROM-OPS> 923,514
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,056,434
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 32,746
<GROSS-EXPENSE> 89,063
<AVERAGE-NET-ASSETS> 2,981,048
<PER-SHARE-NAV-BEGIN> 0.00
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 0.00
<EXPENSE-RATIO> 1.10%
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 000906619
<NAME> BT PRESERVATIONPLUS INCOME PORTFOLIO
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR END> 09/30/1999
<PERIOD-END> 09/30/1999
<INVESTMENTS-AT-COST> 25
<INVESTMENTS-AT-VALUE> 25
<RECEIVABLES>
<ASSETS-OTHER>
<TOTAL-ASSETS> 26
<PAYABLE-FOR-SECURITIES> 0
<OTHER-ITEMS LIABILITIES>
<TOTAL-LIABILITIES>
<PAID-IN-CAPITAL-COMMON>
<SHARES-COMMON-CURRENT> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 26
<DIVIDEND-INCOME> 0
<INTEREST-INCOME>
<OTHER-INCOME>
<EXPENSES-NET>
<NET-INVESTMENT-INCOME>
<REALIZED-GAINS-CURRENT>
<APPREC-INCREASE-CURRENT>
<NET-CHANGE-FROM-OPS>
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 26094997
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES>
<GROSS-EXPENSE>
<AVERAGE-NET-ASSETS> 1
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0.49%
</TABLE>
BT Small Cap Portfolio
Rule 10f-3 Transactions
Trade Date: 05/07/1999
Broker: Pershing Div. of Donaldson, Lufkin and Jenrette
Issuer: Media Metrix, Inc.
Shares Purchased: 4,000
% of Offering: 0.13%
Spread or Commission per share: $0.71
Price per Share: $17.00
To the Trustees of the BT
Institutional Portfolios:
In planning and performing our
audit of the financial
statements of the Global Emerging
Markets Equity Portfolio
(one of the portfolios comprising
BT Institutional Portfolios,
hereafter referred to as the
"Portfolio") for the year ended
September 30, 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
September 30, 1999.
This report is intended solely for
the information and use of
management, the Trustees of the BT
Institutional Portfolios
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 17, 1999
To the Trustees of the Pacific
Basin Equity Portfolio:
In planning and performing our
audit of the financial statements
of the Pacific Basin Equity
Portfolio (hereafter referred to as
the
"Portfolio") for the year ended
September 30, 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
September 30, 1999.
This report is intended solely for
the information and use of
management, the Trustees of the
Pacific Basin 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 17, 1999
Report of Independent Auditors
To the Board of Trustees
BT PreservationPlus Portfolio
BT Pyramid Mutual Funds - BT
PreservationPlus Fund
In planning and performing our
audits of the
financial statements of BT
PreservationPlus
Portfolio and BT PreservationPlus
Fund (the "Funds")
for the year ended September 30,
1999, we considered
their 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
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
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 for
safeguarding securities, that we
consider to be
material weaknesses as defined
above at September
30, 1999.
This report is intended solely for
the information
and use of the board of trustees
and management of
BT PreservationPlus Portfolio and
BT PreservationPlus
Fund and the Securities and
Exchange Commission
and is not intended to be and
should not be used by
anyone other than these specified
parties.
ERNST & YOUNG LLP
November 8, 1999
Report of Independent Auditors
To the Board of Trustees
BT PreservationPlus Income
Portfolio
BT Investment Funds - BT
PreservationPlus Income
Fund
In planning and performing our
audit of the
financial statements of BT
PreservationPlus
Income Portfolio and BT
PreservationPlus Income Fund
(the "Funds") for the year ended
September 30, 1999,
we considered their 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 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 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 for
safeguarding securities, that we
consider to be
material weaknesses as defined
above at September
30, 1999.
This report is intended solely for
the information
and use of the board of trustees
and management
of BT PreservationPlus Income
Portfolio and BT
PreservationPlus Income Fund and
the Securities
and Exchange Commission and is not
intended to be
and should not be used by anyone
other than these
specified parties.
ERNST & YOUNG LLP
November 8, 1999
To the Trustees of the Small Cap
Portfolio:
In planning and performing our
audit of the financial statements
of the Small Cap Portfolio
(hereafter referred to as the
"Portfolio")
for the year ended September 30,
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 September 30, 1999.
This report is intended solely for
the information and use of
management, the Trustees of the
Small Cap 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 17, 1999
To the Trustees of the Latin
American Equity Portfolio:
In planning and performing our
audit of the financial statements
of the Latin American Equity
Portfolio (hereafter referred to as
the "Portfolio") for the year ended
September 30, 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
September 30, 1999.
This report is intended solely for
the information and use of
management, the Trustees of the
Latin American 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 17, 1999
