To the Shareholders and Trustees of
Liberty-Stein Roe Funds Investment Trust
In planning and performing our audits of the financial statements of Stein Roe
Asia Pacific Fund, Stein Roe Balanced Fund, Stein Roe Growth Stock Fund, Stein
Roe International Fund, Stein Roe Young Investor Fund, Liberty Midcap Growth
Fund, Stein Roe Small Company Growth Fund, Stein Roe Capital Opportunities
Fund, Stein Roe Disciplined Stock Fund, Liberty Value Opportunities Fund,
Liberty Growth Investor Fund and Stein Roe Focus Fund (the "Funds") for the
year ended September 30, 2000, we considered their
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, and 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 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 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 September 30, 2000.
This report is intended solely for the information and use of
management and the Trustees of Liberty-Stein Roe Funds Investment
Trust 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
Boston, MA
November 20, 2000
