Report of Independent Auditors
To the Shareholders
and Board of Trustees of
LIR Money Series
In planning and performing our audits of the
financial
statements of LIR Money Series (comprising,
respectively,
the Cash Reserves Fund, Liquid Assets Fund and
Select
Money Fund), for the period ended April 30,
2000 for the
Cash Reserves Fund and the Liquid Assets Fund
and for the
year ended April 30, 2000 for the Select Money
Fund, 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
the internal control.
The management of LIR Money Series is
responsible for
establishing and maintaining internal control.
In fulfilling
this responsibility, estimates and judgements
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 any internal
control, error
or fraud may occur and not be detected. Also,
projections 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 Certifies 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
mistakes 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 April 30, 2000.
This report is intended solely for the
information and use of
the shareholders, Board of Trustees and
management of LIR
Money Series 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
June 8, 2000
