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650 Third Avenue South Telephone 612 596 6000
Park Building, Suite 1300
Minneapolis, MN 55402-4333
PricewaterhouseCoopers LLP (LOGO)
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors of
Lutheran Brotherhood Family of Funds
In planning and performing our audit of the financial statements of Lutheran
Brotherhood Family of Funds (being comprised of Lutheran Brotherhood
Opportunity Growth Fund, Lutheran Brotherhood Mid Cap Growth Fund, Lutheran
Brotherhood World Growth Fund, Lutheran Brotherhood Growth Fund, Lutheran
Brotherhood Fund, Lutheran Brotherhood Value Fund, Lutheran Brotherhood High
Yield Fund, Lutheran Brotherhood Income Fund, Lutheran Brotherhood Municipal
Bond Fund, Lutheran Brotherhood Limited Maturity Bond Fund, and Lutheran
Brotherhood Money Market Fund, and hereafter referred to as the "Funds") for
the year ended October 31, 2000, we considered the Funds' internal control
structure, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purposes 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
structure.
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 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 the internal control and
its operation, including controls for safeguarding securities, that we
consider to be material weaknesses as defined above as of October 31, 2000.
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.
/s/ PricewaterhouseCoopers LLP
PRICEWATERHOUSECOOPERS LLP
December 7, 2000
