BERGE & COMPANY LTD. 20 WEST NINTH STREET
CERTIFIED PUBLIC ACCOUNTANTS CINCINNATI, OHIO 45202
INDEPENDENT AUDITORS SUPPLEMENTAL
REPORT ON INTERNAL CONTROL
THE BOARD OF TRUSTEES
ANALYSTS INVESTMENT TRUST
IN PLANNING AND PERFORMING OUR AUDIT OF THE FINANCIAL STATEMENTS OF ANALYSTS
INVESTMENT TRUST FOR THE YEAR ENDED JULY 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, NOT
TO PROVIDE ASSURANCE ON INTERNAL CONTROL.
THE MANAGEMENT OF ANALYSTS 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 SAFEGUARDING OF ASSETS UNAUTHORIZED
ACQUISITION, USE, OR DISPOSITION.
BECAUSE OF INHERENT LIMITATIONS IN INTERNAL CONTROL, 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
I 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 OPERATIONS, INCLUDING CONTROLS FOR SAFEGUARDING SECURITIES, THAT WE CONSIDER
TO BE MATERIAL WEAKNESSES AS DEFINED ABOVE AS OF JULY 31, 2000.
THIS REPORT IS INTENDED SOLELY FOR THE INFORMATION AND USE OF MANAGEMENT, THE
BOARD OF TRUSTEES, AND THE SECURITIES AND EXCHANGE COMMISSION AND IS NOT
INTENDED TO BE AND SHOULD BE NOT USED BY ANYONE OTHER THAN THOSE SPECIFIED
PARTIES.
/S/ BERGE & COMPANY LTD.
BERGE & COMPANY LTD.
CINCINNATI, OHIO
SEPTEMBER 1, 2000
