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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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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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SIGNATURE KYLE MORAN
TITLE ASSISTANT TREASURER
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<NUMBER> 020
<NAME> BURNHAM DOW 30 FUND
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<NET-CHANGE-FROM-OPS> 780,358
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<DISTRIBUTIONS-OF-INCOME> (780,558)
<DISTRIBUTIONS-OF-GAINS> (5)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 56,016,142
<NUMBER-OF-SHARES-REDEEMED> (23,879,405)
<SHARES-REINVESTED> 774,705
<NET-CHANGE-IN-ASSETS> 32,911,237
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 76,685
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 193,833
<AVERAGE-NET-ASSETS> 25,702,200
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.00)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.88
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 050
<NAME> BURNHAM US TREASURY MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 83,357,463
<INVESTMENTS-AT-VALUE> 83,357,463
<RECEIVABLES> 61,616
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 46,157
<TOTAL-ASSETS> 83,465,236
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 83,663
<TOTAL-LIABILITIES> 83,663
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83,381,573
<SHARES-COMMON-STOCK> 83,381,573
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 83,381,573
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 845,310
<OTHER-INCOME> 0
<EXPENSES-NET> 117,291
<NET-INVESTMENT-INCOME> 728,019
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 728,019
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (728,019)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 94,671,802
<NUMBER-OF-SHARES-REDEEMED> (12,017,131)
<SHARES-REINVESTED> 726,902
<NET-CHANGE-IN-ASSETS> 83,381,573
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 62,555
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 134,088
<AVERAGE-NET-ASSETS> 72,255,965
<PER-SHARE-NAV-BEGIN> 1.00
<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> 1.00
<EXPENSE-RATIO> 0.75
</TABLE>
Report of Independent Accountants
To the Board of Directors and Shareholders
of Burnham Investors Trust:
In planning and performing our audit of the financial statements of
Burnham Investors Trust (constituting Burnham Fund, Burnham Dow 30
Focused Fund, Burnham Financials Services Fund, Burnham Money
Market Fund and Burnham US Treasury Fund hereafter referred to as the
"Funds") for the year ended December 31, 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 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 controls may become
inadequate because of changes in conditions or that the effectiveness of
their 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 as of December 31, 1999.
This report is intended solely for the information and use of the Board of
Directors, management 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
New York, New York
February 17, 2000
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