LOOMIS SAYLES INVESTMENT TRUST
NSAR-B/A, 1998-03-03
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<PAGE>      PAGE  1
000 B000000 12/31/97
000 C000000 000917469
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 LOOMIS SAYLES INVESTMENT TRUST
001 B000000 811-08282
001 C000000 6174822450
002 A000000 ONE FINANCIAL CENTER
002 B000000 BOSTON
002 C000000 MA
002 D010000 02111
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  8
007 C010100  1
007 C020100 LSIT INVESTMENT GRADE FIXED INCOME FUND
007 C030100 N
007 C010200  2
007 C020200 LSIT FIXED INCOME FUND
007 C030200 N
007 C010300  3
007 C020300 LSIT CALIFORNIA TAX FREE INCOME FUND
007 C030300 N
007 C010400  4
007 C010500  5
007 C020500 LSIT CORE GROWTH FUND
007 C030500 N
007 C010600  6
007 C020600 LSIT CORE FIXED INCOME FUND
007 C030600 N
007 C010700  7
007 C020700 LSIT HIGH YIELD FIXED INCOME FUND
007 C030700 N
007 C010800  8
007 C020800 LSIT CONVERTIBLE BOND FUND
007 C030800 N
007 C010900  9
007 C020900 LSIT INTERMEDIATE DURATION FIXED INCOME FUND
007 C030900 N
007 C011000 10
008 A00AA01 LOOMIS SAYLES & COMPANY, L.P.
008 B00AA01 A
008 C00AA01 801-170
<PAGE>      PAGE  2
008 D01AA01 BOSTON
008 D02AA01 MA
008 D03AA01 02111
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02102
015 E01AA01 X
015 A00AA02 THE CANADA TRUST CO.
015 B00AA02 S
015 C01AA02 TORONTO
015 D01AA02 CANADA
015 E04AA02 X
015 A00AA03 BANQUE PARIBAS
015 B00AA03 S
015 C01AA03 MILAN
015 D01AA03 ITALY
015 E04AA03 X
015 A00AA04 CITIBANK MEXICO S.A.
015 B00AA04 S
015 C01AA04 MEXICO CITY
015 D01AA04 MEXICO
015 E04AA04 X
015 A00AA05 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
015 B00AA05 S
015 C01AA05 WELLINGTON
015 D01AA05 NEW ZEALAND
015 E04AA05 X
015 A00AA06 STANDARD CORPORATE AND MERCHANT BANK
015 B00AA06 S
015 C01AA06 JOHANNESBURG
015 D01AA06 SOUTH AFRICA
015 E04AA06 X
015 A00AA07 STANDARD CHARTERED BANK
015 B00AA07 S
015 C01AA07 BANGKOK
015 D01AA07 THAILAND
015 E04AA07 X
015 A00AA08 CITIBANK N.A.
015 B00AA08 S
015 C01AA08 BUENOS AIRES
015 D01AA08 ARGENTINA
015 E04AA08 X
015 A00AA09 WESTPAC BANKING CORPORATION
015 B00AA09 S
015 C01AA09 SYDNEY
015 D01AA09 AUSTRALIA
015 E04AA09 X
015 A00AA10 GIROCREDIT BANK
015 B00AA10 S
<PAGE>      PAGE  3
015 C01AA10 VIENNA
015 D01AA10 AUSTRIA
015 E04AA10 X
015 A00AA11 GENERALE DE BANQUE
015 B00AA11 S
015 C01AA11 BRUSSELS
015 D01AA11 BELGIUM
015 E04AA11 X
015 A00AA12 CITIBANK N.A.
015 B00AA12 S
015 C01AA12 SAO PAULO
015 D01AA12 BRAZIL
015 E04AA12 X
015 A00AA13 CITIBANK N.A.
015 B00AA13 S
015 C01AA13 SANTIAGO
015 D01AA13 CHILE
015 E04AA13 X
015 A00AA14 THE HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B00AA14 S
015 C01AA14 SHANGHAI
015 D01AA14 CHINA
015 E04AA14 X
015 A00AA15 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B00AA15 S
015 C01AA15 PRAGUE
015 D01AA15 CZECH REPUBLIC
015 E04AA15 X
015 A00AA16 DEN DANSKE BANK
015 B00AA16 S
015 C01AA16 COPENHAGEN
015 D01AA16 DENMARK
015 E04AA16 X
015 A00AA17 MERITA BANK LIMITED
015 B00AA17 S
015 C01AA17 HELSINKI
015 D01AA17 FINLAND
015 E04AA17 X
015 A00AA18 BANQUE PARIBAS
015 B00AA18 S
015 C01AA18 PARIS
015 D01AA18 FRANCE
015 E04AA18 X
015 A00AA19 DRESDNER BANK AG
015 B00AA19 S
015 C01AA19 FRANKFURT
015 D01AA19 GERMANY
015 E04AA19 X
015 A00AA20 NATIONAL BANK OF GREECE S.A.
015 B00AA20 S
015 C01AA20 ATHENS
<PAGE>      PAGE  4
015 D01AA20 GREECE
015 E04AA20 X
015 A00AA21 STANDARD CHARTERED BANK PLC.
015 B00AA21 S
015 C01AA21 HONG KONG
015 D01AA21 HONG KONG
015 E04AA21 X
015 A00AA22 CITIBANK BUDAPEST RT.
015 B00AA22 S
015 C01AA22 BUDAPEST
015 D01AA22 HUNGARY
015 E04AA22 X
015 A00AA23 DEUTSCHE BANK AG
015 B00AA23 S
015 C01AA23 MUMBAI
015 D01AA23 INDIA
015 E04AA23 X
015 A00AA24 THE HONG KONG & SHANGHAI BANKING CORP. LTD.
015 B00AA24 S
015 C01AA24 MUMBAI
015 D01AA24 INDIA
015 E04AA24 X
015 A00AA25 STANDARD CHARTERED BANK PLC
015 B00AA25 S
015 C01AA25 JAKARTA
015 D01AA25 INDONESIA
015 E04AA25 X
015 A00AA26 BANK OF IRELAND
015 B00AA26 S
015 C01AA26 DUBLIN
015 D01AA26 IRELAND
015 E04AA26 X
015 A00AA27 BANK HAPOALIM B.M.
015 B00AA27 S
015 C01AA27 TEL AVIV
015 D01AA27 ISRAEL
015 E04AA27 X
015 A00AA28 THE DAIWA BANK, LIMITED
015 B00AA28 S
015 C01AA28 TOKYO
015 D01AA28 JAPAN
015 E04AA28 X
015 A00AA29 THE FUJI BANK, LIMITED
015 B00AA29 S
015 C01AA29 TOKYO
015 D01AA29 JAPAN
015 E04AA29 X
015 A00AA30 SUMITOMO TRUST & BANKING CO., LTD.
015 B00AA30 S
015 C01AA30 TOKYO
015 D01AA30 JAPAN
<PAGE>      PAGE  5
015 E04AA30 X
015 A00AA31 THE BRITISH BANK OF THE MIDDLE EAST
015 B00AA31 S
015 C01AA31 AMMAN
015 D01AA31 JORDAN
015 E04AA31 X
015 A00AA32 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B00AA32 S
015 C01AA32 KUALA LUMPUR
015 D01AA32 MALAYSIA
015 E04AA32 X
015 A00AA33 BANQUE COMMERCIALE DU MAROC
015 B00AA33 S
015 C01AA33 CASABLANCA
015 D01AA33 MOROCCO
015 E04AA33 X
015 A00AA34 MEESPIERSON N.V.
015 B00AA34 S
015 C01AA34 AMSTERDAM
015 D01AA34 NETHERLANDS
015 E04AA34 X
015 A00AA35 CHRISTIANIA BANK OG KREDITKASSE
015 B00AA35 S
015 C01AA35 OSLO
015 D01AA35 NORWAY
015 E04AA35 X
015 A00AA36 CITIBANK N.A.
015 B00AA36 S
015 C01AA36 LIMA
015 D01AA36 PERU
015 E04AA36 X
015 A00AA37 STANDARD CHARTERED BANK PLC
015 B00AA37 S
015 C01AA37 MANILA
015 D01AA37 PHILIPPINES
015 E04AA37 X
015 A00AA38 CITIBANK POLAND S.A.
015 B00AA38 S
015 C01AA38 WARSAW
015 D01AA38 POLAND
015 E04AA38 X
015 A00AA39 BANCO COMERCIAL PORTUGUES
015 B00AA39 S
015 C01AA39 LISBON
015 D01AA39 PORTUGAL
015 E04AA39 X
015 A00AA40 CREDIT SUISSE (MOSCOW) LIMITED
015 B00AA40 S
015 C01AA40 MOSCOW
015 D01AA40 RUSSIA
015 E04AA40 X
<PAGE>      PAGE  6
015 A00AA41 THE DEVELOPMENT BANK OF SINGAPORE LTD
015 B00AA41 S
015 C01AA41 SINGAPORE
015 D01AA41 SINGAPORE
015 E04AA41 X
015 A00AA42 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B00AA42 S
015 C01AA42 BRATSLAVIA
015 D01AA42 SLOVAK REPUBLIC
015 E04AA42 X
015 A00AA43 SEOULBANK
015 B00AA43 S
015 C01AA43 SEOUL
015 D01AA43 KOREA
015 E04AA43 X
015 A00AA44 BANCO SANTANDER S.A.
015 B00AA44 S
015 C01AA44 MADRID
015 D01AA44 SPAIN
015 E04AA44 X
015 A00AA45 THE HONG KONG & SHANGHAI BANKING CORP. LTD.
015 B00AA45 S
015 C01AA45 COLOMBO
015 D01AA45 SRI LANKA
015 E04AA45 X
015 A00AA46 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA46 S
015 C01AA46 STOCKHOLM
015 D01AA46 SWEDEN
015 E04AA46 X
015 A00AA47 UNION BANK OF SWITZERLAND
015 B00AA47 S
015 C01AA47 ZURICH
015 D01AA47 SWITZERLAND
015 E04AA47 X
015 A00AA48 THE CENTRAL TRUST OF CHINA
015 B00AA48 S
015 C01AA48 TAIPEI
015 D01AA48 TAIWAN - R.O.C.
015 E04AA48 X
015 A00AA49 CITIBANK N.A.
015 B00AA49 S
015 C01AA49 ISTANBUL
015 D01AA49 TURKEY
015 E04AA49 X
015 A00AA50 STATE STREET BANK AND TRUST COMPANY
015 B00AA50 S
015 C01AA50 LONDON
015 D01AA50 UNITED KINGDOM
015 E04AA50 X
015 A00AA51 CITIBANK N.A.
<PAGE>      PAGE  7
015 B00AA51 S
015 C01AA51 MONTEVIDEO
015 D01AA51 URUGUAY
015 E04AA51 X
015 A00AA52 CITIBANK N.A.
015 B00AA52 S
015 C01AA52 CARACAS
015 D01AA52 VENEZUELA
015 E04AA52 X
015 A00AA53 CITRITRUST COLOMBIA S.A. SOCIEDAD
015 B00AA53 S
015 C01AA53 BOGOTA
015 D01AA53 COLOMBIA
015 E04AA53 X
020 A000001 CS FIRST BOSTON CORP.
020 B000001 13-5659485
020 C000001     10
020 A000002 NATWEST SECURITIES CORP.
020 B000002 13-3312778
020 C000002      6
020 A000003 LEWCO SECS. AGENT FOR WERT
020 B000003 00-0000000
020 C000003      6
020 A000004 PRUDENTIAL SECURITIES INC.
020 B000004 22-2638166
020 C000004      6
020 A000005 SALOMON BROTHERS INC.
020 B000005 13-3082694
020 C000005      4
020 A000006 DONALDSON LUFKIN & JENRETTE
020 B000006 13-2741729
020 C000006      4
020 A000007 COWEN & CO.
020 B000007 13-5616116
020 C000007      4
020 A000008 BEAR STEARNS & CO.
020 B000008 13-3299429
020 C000008      4
020 A000009 GOLDMAN SACHS & CO.
020 B000009 13-5108880
020 C000009      4
020 A000010 OPPENHEIMER & CO. INC.
020 B000010 13-2798343
020 C000010      3
021  000000       77
022 A000001 STATE STREET BANK
022 B000001 04-1867445
022 C000001   1412420
022 D000001         0
022 A000002 TORONTO DOMINION SECURITIES
022 B000002 00-0000000
<PAGE>      PAGE  8
022 C000002     18854
022 D000002     15323
022 A000003 CS FIRST BOSTON
022 B000003 13-5965945
022 C000003     18195
022 D000003      8691
022 A000004 MERRILL LYNCH, PIERCE, FE
022 B000004 13-5674085
022 C000004     19143
022 D000004      3916
022 A000005 MORGAN STANLEY CO. INC.
022 B000005 13-2655998
022 C000005     17733
022 D000005      7463
022 A000006 LEHMAN BROTHERS CO.
022 B000006 13-2518468
022 C000006     15298
022 D000006      6374
022 A000007 GOLDMAN SACHSS
022 B000007 13-5108880
022 C000007     14234
022 D000007      6142
022 A000008 SMITH BARNEY INC.
022 B000008 00-0000000
022 C000008     10437
022 D000008       728
022 A000009 MORGAN, J.P., SECURITIES IN
022 B000009 13-3224016
022 C000009      8626
022 D000009      4661
022 A000010 SCOTIA MCLEOD INC.
022 B000010 00-0000000
022 C000010      7581
022 D000010      4964
023 C000000    1637433
023 D000000     111290
077 A000000 Y
077 B000000 Y
080 A00AA00 ST PAUL'S FIRE AND MARINE INSURANCE COMPANY
080 C00AA00    15000
081 A00AA00 Y
081 B00AA00  24
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 N
085 B00AA00 N
058 A000100 N
<PAGE>      PAGE  9
059  000100 Y
060 A000100 Y
060 B000100 Y
061  000100  3000000
062 A000100 Y
062 B000100   0.0
062 C000100   0.0
062 D000100   2.0
062 E000100   0.0
062 F000100   0.0
062 G000100   0.0
062 H000100   0.0
062 I000100   0.0
062 J000100   0.0
062 K000100   0.0
062 L000100   0.0
062 M000100   8.7
062 N000100   5.2
062 O000100   0.8
062 P000100  52.1
062 Q000100  26.8
062 R000100   1.8
071 A000100     61581
071 B000100     34746
071 C000100     59633
071 D000100   58
072 A000100 12
072 B000100     4504
072 C000100       94
072 D000100        0
072 E000100        0
072 F000100      244
072 G000100       27
072 H000100        0
074 N000100    83108
074 O000100        0
074 P000100       79
074 Q000100        0
074 R010100        0
074 R020100        0
074 R030100        0
074 R040100       65
074 S000100        0
074 T000100    82964
074 U010100     6879
074 U020100        0
074 V010100    12.06
074 V020100     0.00
074 W000100   0.0000
074 X000100       14
074 Y000100        0
<PAGE>      PAGE  10
075 A000100        0
075 B000100    61127
076  000100     0.00
028 A010200      1975
028 A020200      1833
028 A030200         0
028 A040200      3149
028 B010200      7337
028 B020200         0
028 B030200         0
028 B040200       113
028 C010200     26313
028 C020200         0
028 C030200         0
028 C040200       117
028 D010200     22047
028 D020200         0
028 D030200         0
028 D040200        50
028 E010200      6111
028 E020200         0
028 E030200         0
028 E040200       200
028 F010200     11211
028 F020200     10135
028 F030200         0
028 F040200      6327
028 G010200     74994
028 G020200     11968
028 G030200         0
028 G040200      9956
028 H000200         0
058 A000200 N
059  000200 Y
060 A000200 Y
060 B000200 Y
061  000200  3000000
062 A000200 Y
062 B000200   0.0
062 C000200   0.0
062 D000200   1.1
062 E000200   0.0
062 F000200   0.0
062 G000200   0.0
062 H000200   0.0
062 I000200   0.0
062 J000200   0.0
062 K000200   0.0
062 L000200   0.0
062 M000200   8.2
062 N000200   4.1
<PAGE>      PAGE  11
062 O000200   0.3
062 P000200  46.6
062 Q000200  27.4
062 R000200   2.2
071 A000200    110128
071 B000200     46975
071 C000200    113768
071 D000200   41
072 A000200 12
072 B000200     9069
072 C000200      373
072 D000200        0
072 E000200        0
072 F000200      574
072 G000200       47
072 H000200        0
074 N000200   174281
074 T000200   173048
075 A000200        0
075 B000200   115094
058 A000300 N
059  000300 Y
060 A000300 Y
060 B000300 Y
061  000300   500000
062 A000300 Y
062 B000300   0.0
062 C000300   0.0
062 D000300   0.0
062 E000300   0.0
062 F000300   0.0
062 G000300   0.0
062 H000300   0.0
062 I000300   0.0
062 J000300   0.0
062 K000300   0.0
062 L000300   0.0
062 M000300   0.0
062 N000300   3.0
062 O000300  95.1
062 P000300   0.0
062 Q000300   0.0
062 R000300   0.0
071 A000300      6811
071 B000300      3495
071 C000300     14884
071 D000300   23
072 A000300 12
072 B000300      818
072 C000300        0
072 D000300        0
<PAGE>      PAGE  12
072 E000300        0
072 F000300       78
072 G000300       11
072 H000300        0
074 N000300    16869
074 T000300    16822
075 A000300        0
075 B000300    15504
061  000400        0
062 A000400 Y
062 B000400   0.0
062 C000400   0.0
062 D000400   0.0
062 E000400   0.0
062 F000400   0.0
062 G000400   0.0
062 H000400   0.0
062 I000400   0.0
062 J000400   0.0
062 K000400   0.0
062 L000400   0.0
062 M000400   0.0
062 N000400   0.0
062 O000400   0.0
062 P000400   0.0
062 Q000400   0.0
062 R000400   0.0
071 A000400         0
071 B000400         0
071 C000400         0
071 D000400    0
072 A000400  6
074 N000400        0
074 T000400        0
075 A000400        0
075 B000400        0
058 A000500 N
059  000500 Y
060 A000500 Y
060 B000500 Y
061  000500  2500000
062 A000500 N
062 B000500   0.0
062 C000500   0.0
062 D000500   0.0
062 E000500   0.0
062 F000500   0.0
062 G000500   0.0
062 H000500   0.0
062 I000500   0.0
062 J000500   0.0
<PAGE>      PAGE  13
062 K000500   0.0
062 L000500   0.0
062 M000500   0.0
062 N000500   0.0
062 O000500   0.0
062 P000500   0.0
062 Q000500   0.0
062 R000500   0.0
071 A000500     45961
071 B000500     33935
071 C000500     31183
071 D000500  109
072 A000500 12
074 N000500    39582
074 T000500    38544
075 A000500        0
075 B000500    32506
058 A000600 N
059  000600 Y
060 A000600 Y
060 B000600 Y
061  000600  1000000
062 A000600 Y
062 B000600   0.0
062 C000600   0.0
062 D000600   1.0
062 E000600   0.0
062 F000600   0.0
062 G000600   0.0
062 H000600   0.0
062 I000600   0.0
062 J000600   0.0
062 K000600   0.0
062 L000600   0.0
062 M000600  49.9
062 N000600   6.8
062 O000600   0.0
062 P000600  39.2
062 Q000600   0.0
062 R000600   0.0
071 A000600     14439
071 B000600      5155
071 C000600      8675
071 D000600   59
072 A000600 12
074 N000600    16148
074 T000600    16110
075 A000600        0
075 B000600     8856
058 A000700 N
059  000700 Y
<PAGE>      PAGE  14
060 A000700 Y
060 B000700 Y
061  000700  3000000
062 A000700 Y
062 B000700   0.0
062 C000700   0.0
062 D000700   6.7
062 E000700   0.0
062 F000700   0.0
062 G000700   0.0
062 H000700   0.0
062 I000700   0.0
062 J000700   0.0
062 K000700   0.0
062 L000700   0.0
062 M000700   0.0
062 N000700   0.0
062 O000700   0.0
062 P000700  67.4
062 Q000700  15.7
062 R000700   8.1
071 A000700     42833
071 B000700     18289
071 C000700     19391
071 D000700   94
072 A000700 12
074 A000700        1
074 B000700     1931
074 C000700        0
074 D000700    25912
074 E000700     1248
074 F000700     1108
074 G000700        0
074 H000700        0
074 I000700        0
074 J000700        0
074 K000700       61
074 L000700      525
074 M000700        0
074 N000700    30786
074 T000700    28872
075 A000700        0
075 B000700    20819
058 A000800 N
059  000800 Y
060 A000800 Y
060 B000800 Y
061  000800  3000000
062 A000800 Y
062 B000800   0.0
062 C000800   0.0
<PAGE>      PAGE  15
062 D000800   2.3
062 E000800   0.0
062 F000800   0.0
062 G000800   0.0
062 H000800   0.0
062 I000800   0.0
062 J000800   0.0
062 K000800   0.0
062 L000800   0.0
062 M000800   3.9
062 N000800   0.0
062 O000800   0.0
062 P000800  75.1
062 Q000800   0.0
062 R000800   8.6
071 A000800      4785
071 B000800      4437
071 C000800      7974
071 D000800   56
072 A000800 12
074 N000800     8251
074 T000800     8188
075 A000800        0
075 B000800     8332
061  000900        0
062 A000900 Y
062 B000900   0.0
062 C000900   0.0
062 D000900   0.0
062 E000900   0.0
062 F000900   0.0
062 G000900   0.0
062 H000900   0.0
062 I000900   0.0
062 J000900   0.0
062 K000900   0.0
062 L000900   0.0
062 M000900   0.0
062 N000900   0.0
062 O000900   0.0
062 P000900   0.0
062 Q000900   0.0
062 R000900   0.0
071 A000900         0
071 B000900         0
071 C000900         0
071 D000900    0
072 A000900  6
074 N000900        0
074 T000900        0
075 A000900        0
<PAGE>      PAGE  16
075 B000900        0
SIGNATURE   VENETTA PHILLIPS                             
TITLE       REPORTING ADMIN     
 


REPORT OF INDEPENDENT ACCOUNTANTS







To the Trustee of Loomis Sayles Investment Trust:

 

In planning and performing our audits of the financial
statements and financial highlights of the Loomis Sayles
Investment Trust [consisting of Loomis Sayles California
"Tax-Free Income Fund, Loomis Sayles Convertible Bond Fund,"
"Loomis Sayles Core Fixed Income Fund, Loomis Sayles Core Growth"
"Fund, Loomis Sayles Fixed Income Fund, Loomis Sayles High Yield"
"Fixed Income Fund, and Loomis Sayles Investment Grade Fixed"
"Income Fund (collectively known as the ""Funds"")] for the year"
"ended December 31, 1997, we considered its internal control,"
"including control over  safeguarding securities, in order to"
determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and financial highlights
"and to comply with the requirements of Form N-SAR, 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 and financial highlights 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 controls, errors or"
"fraud may occur and may 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 any specific
internal control component 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 and financial
highlights 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, including controls over"							
"safeguarding securities, that we consider to be material"							
"weaknesses, as defined above as of December 31, 1997."							
							
							
							
This report is intended solely for the information and use of							
management and the Securities and Exchange Commission.							
							
							
							
							
							
							
							
"Boston, Massachusetts"							Coopers & Lybrand L.L.P

23-Feb-98




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