Report of Independent Auditors
To the Board of Trustees of Brandes Investment Trust
In planning and performing our audit of the financial
statements of Brandes Institutional International Equity
Fund for the year ended October 31, 2000, we considered
its internal control, including control activities for
safekeeping 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 internal
control.
The management of Brandes Institutional International
Equity 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
accounting principles generally accepted in the United
States. 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 specific internal control components
does not reduce to a relatively low level the risk that errors
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 safekeeping securities, that
we consider to be material weaknesses as defined above at
October 31, 2000.
This report is intended solely for the information and use of
the board of trustees and management of Brandes
Institutional International Equity 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
December 15, 2000
