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TITLE FUND ADMINISTRATOR
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<GROSS-EXPENSE> 26,805
<AVERAGE-NET-ASSETS> 1,041,848
<PER-SHARE-NAV-BEGIN> 10.00
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<PER-SHARE-GAIN-APPREC> 0.32
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</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO ACCOMPANY FORM N-SAR
____
To the Trustees of Kobrick-Cendant Investment Trust:
In planning and performing our audits of the financial statements and
financial highlights (hereafter referred to as "financial statements") of
Kobrick-Cendant Capital Fund, Kobrick-Cendant Emerging Growth Fund and
Kobrick-Cendant Growth Fund (constituting Kobrick-Cendant Investment Trust
hereafter referred to as the Trust) for the periods ended September 30, 1998
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, 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 judgements 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 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 any
specific internal control component does not reduce to a relatively low level
the risk that misstatements due to 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 operation, including controls over safeguarding
securities, that we consider to be material weaknesses as defined above as of
September 30, 1998.
This report is intended solely for the information and use of management
and the Trustees of the Trust and the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
Boston, Massachusetts
November 11, 1998
Item 77K. Changes in Registrants Certifying Accountant
Effective July 22, 1998, the Board of Trustees of Kobrick-Cendant
Investment Trust (the Trust) accepted the resignation of Ernst & Young
LLP (Ernst & Young) as independent accountants for the Trust. On
September 9, 1998, the Trustees of the Trust who are not interested
parties (as such term is defined in Section 2(a)(19) of the Investment
Company Act of 1940) of the Trust approved the engagement of
PricewaterhouseCoopers LLP as independent accountants for the Trust to
audit the financial statements of the Trust for the fiscal year ending
September 30, 1998. Such engagement was recommended by the Audit
Committee of the Board of Trustees of the Trust.
The reports of Ernst & Young on the Trusts financial statements
since the initial capitalization of the Trust on December 23, 1997 (the
Initial Capitalization Date) did not contain any adverse opinion or a
disclaimer of opinion and were not qualified or modified as to
uncertainty, audit scope or accounting principles.
In connection with the audit of the Trusts financial statements
as of the Initial Capitalization Date and in the fiscal period
subsequent thereto, there were no disagreements with Ernst & Young on
any matter of accounting principles or practices, financial statement
disclosure or auditing scope or procedure which, if not resolved to the
satisfaction of Ernst & Young, would have caused Ernst & Young to make
reference to the matter in connection with its reports on the Trusts
financial statements with respect to such periods. Also, since the
Initial Capitalization Date and in the fiscal period subsequent thereto,
there were no reportable events as defined in subparagraph (a)(1)(v)
of Item 304 of Regulation S-K.
Since the Initial Capitalization Date and in the subsequent
interim period prior to the engagement of PricewaterhouseCoopers LLP,
neither the Trust nor anyone else on its behalf consulted
PricewaterhouseCoopers LLP regarding either (i) the application of
accounting principles to a specified transaction, either completed or
proposed, or (ii) the type of audit opinion that might be rendered on
the Trusts financial statements, nor was PricewaterhouseCoopers LLP
consulted regarding the subject of a disagreement (as described in Item
304, paragraph (a) (1) (iv)) or a reportable event (as described in Item
304, paragraph (a) (1) (iv)).
The Trust has requested Ernst & Young to furnish a letter
addressed to the Securities and Exchange Commission stating whether it
agrees with the above statements. A copy of the letter dated November
20, 1998, furnished by Ernst & Young, is filed as Exhibit to this
report on Form N-SAR.
November 20, 1998
Securities and Exchange Commission
Washington, D.C. 20549
RE: Kobrick-Cendant Investment Trust
File No. 811-8436
Dear Sir or Madam:
We have read item 77K of the Form N-SAR of Kobrick-Cendant Investment
Trust for the period ended September 30, 1998 and agree with the
statements contained therein.
Very truly yours,
/S/ Ernst & Young LLP
Ernst & Young LLP
