To the Board of Trustees and Shareholders of Financial Investors
Trust:
In planning and performing our audit of the financial statements
of the U.S. Treasury Money Market Fund, the U.S. Government Money
Market Fund, the Prime Money Market Fund, the Aristata Equity
Fund, the Aristata Quality Bond Fund, the Aristata Colorado
Quality Tax-Exempt Fund and the United Association S&P 500 Index
Fund of Financial Investors Trust (collectively, the "Funds") for
the year ended April 30, 2000 (on which we have issued our report
dated June 7, 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,
misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of internal
control to future periods are subject to the risk that it may
become inadequate because of changes in conditions, or that the
degree of compliance with policies or procedures may deteriorate.
Our consideration of the Funds' 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
April 30, 2000.
This report is intended solely for the information and use of
management, the Board of Trustees and Shareholders of Financial
Investors 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.
Yours truly,
DELOITTE & TOUCHE LLP
June 7, 2000
