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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 12
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SIGNATURE TINA D. HOSKING
TITLE SECRETARY
To the Board of Trustees of the
Brundage, Story and Rose Investment Trust:
In planning and performing our audit of the financial statements of the
Brundage, Story and Rose Investment Trust for the year ended November 30, 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 Brundage, Story and Rose Investment Trust 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, error 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
November 30, 1999.
This report is intended solely for the information and use of management,
the Board of Trustees and the Securities and Exchange Commission.
/s/ Arthur Andersen LLP
Cincinnati, Ohio,
December 28, 1999
BRUNDAGE, STORY AND ROSE INVESTEMENT TRUST
N-SAR
FISCAL YEAR END 11/30/99
Attachment for Item 77.D)
On September 20, 1999, the Prospectus for the Brundage, Story and Rose
Investment Trust, dated March 31, 1999, was supplemented by the following change
in language:
In order to change the limitation on portfolio investment by the
Short/Intermediate Term Fixed-Income Fund in debt securities rated Baa or
BBB, the fourth full paragraph of the section "Investment Risks" on page 11
of the Prospectus is replaced in its entirety with the following:
"While securities in these categories are generally accepted as being of
investment grade, securities rated Baa or BBB have speculative
characteristics and changes in economic conditions or other circumstances
are more likely to lead to a weakened capacity to pay principal and
interest than is the case with higher grade securities. The Fund will not
invest more than 15% of its net assets in securities rated Baa or BBB."
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<NUMBER-OF-SHARES-SOLD> 412,442
<NUMBER-OF-SHARES-REDEEMED> 473,265
<SHARES-REINVESTED> 191,704
<NET-CHANGE-IN-ASSETS> (668,620)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 239,477
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 194,381
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 409,257
<AVERAGE-NET-ASSETS> 38,875,644
<PER-SHARE-NAV-BEGIN> 10.96
<PER-SHARE-NII> 0.58
<PER-SHARE-GAIN-APPREC> (0.49)
<PER-SHARE-DIVIDEND> 0.58
<PER-SHARE-DISTRIBUTIONS> 0.07
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.40
<EXPENSE-RATIO> 0.65
</TABLE>
