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SIGNATURE MOLLY GRAHAM
TITLE ASSISTANT SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001023132
<NAME> KALMAR POOLED INVESTMENT TRUST "GROWTH WITH VALUE" FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-Months
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> APR-11-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 184327
<INVESTMENTS-AT-VALUE> 226654
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 52
<TOTAL-ASSETS> 226706
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 184537
<SHARES-COMMON-STOCK> 16554
<SHARES-COMMON-PRIOR> 5000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (158)
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<NET-ASSETS> 226706
<DIVIDEND-INCOME> 297
<INTEREST-INCOME> 569
<OTHER-INCOME> 0
<EXPENSES-NET> 1465
<NET-INVESTMENT-INCOME> (599)
<REALIZED-GAINS-CURRENT> 8860
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<NET-CHANGE-FROM-OPS> 50589
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 14288
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
Board of Trustees of
Kalmar Pooled Investment Trust:
In planning and performing our audit of the financial statements
of Kalmar Pooled Investment Trust consisting of the "Growth-with-
Value" Small Cap Fund (the Fund) for the period from April 11,
1997 (commencement of operations) to December 31, 1997, we
considered its internal control, including controls over
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 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 internal control, errors or
irregularities may occur and may 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 any specific
internal control component 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 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, including controls over safeguarding securities, that we
consider to be material weaknesses as defined above as of
December 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
COOPERS & LYBRAND L.L.P.
Philadelphia, Pennsylvania
January 23, 1998
