Report of Independent Auditors
To the Board of Trustees
Legg Mason Investors Trust, Inc.
In planning and performing our audit of the financial statements
of Legg Mason Investors Trust, Inc. (the "Trust") (comprised of
the American Leading Companies Trust, the Balanced Trust, the
U.S. Small-Capitalization Value Trust and the Financial Services
Fund) for the year ended March 31, 2000, 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, and not to
provide assurance on internal control.
The management of the 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, 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 errors 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
operations, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above at
March 31, 2000.
This report is intended solely for the information and use of the
Board of Trustees and management of Legg Mason Investors
Trust, Inc. 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
Philadelphia, Pennsylvania
May 3, 2000
