<PAGE> PAGE 1
000 B000000 12/31/1999
000 C000000 0000912521
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 OFFIT INVESTMENT TRUST FUND, INC.
001 B000000 811-08036
001 C000000 2127589600
002 A000000 103 BELLEVUE PARKWAY
002 B000000 WILMINGTON
002 C000000 DE
002 D010000 19809
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 8
007 C010100 1
007 C020100 OFFITBANK HIGH YIELD FUND
007 C030100 N
007 C010200 2
007 C020200 OFFITBANK EMERGING MARKETS FUND
007 C030200 N
007 C010300 3
007 C020300 OFFITBANK NEW YORK MUNICIPAL FUND
007 C030300 N
007 C010400 4
007 C020400 OFFITBANK LATIN AMERICA EQUITY FUND
007 C030400 N
007 C010500 5
007 C020500 OFFITBANK CALIFORNIA MUNICIPAL FUND
007 C030500 N
007 C010600 6
007 C020600 OFFITBANK NATIONAL MUNICIPAL FUND
007 C030600 N
007 C010700 7
007 C020700 OFFITBANK U.S. GOVERNMENT SECURITIES FUND
007 C030700 N
007 C010800 8
007 C020800 OFFITBANK MORTGAGE SECURITIES FUND
007 C030800 N
007 C010900 9
007 C011000 10
008 A00AA01 OFFITBANK
008 B00AA01 A
008 C00AA01 801-000000
<PAGE> PAGE 2
008 D01AA01 NEW YORK
008 D02AA01 NY
008 D03AA01 10022
010 A00AA01 PFPC, INC.
010 B00AA01 85-1196
010 C01AA01 WILMINGTON
010 C02AA01 DE
010 C03AA01 19809
011 A00AA01 OFFIT FUNDS DISTRIBUTOR, INC.
011 B00AA01 8-00000000
011 C01AA01 WEST CONSHOHOCKEN
011 C02AA01 PA
011 C03AA01 19428
011 C04AA01 2961
012 A00AA01 PFPC, INC.
012 B00AA01 85-1196
012 C01AA01 WILMINGTON
012 C02AA01 DE
012 C03AA01 19809
013 A00AA01 PRICEWATERHOUSECOOPERS
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10036
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 3
019 C00AA00 OFFITBANKI
020 A000001 MERRILL LYNCH
020 B000001 13-5674085
020 C000001 15
020 A000002 SALOMON SMITH BARNEY
020 B000002 13-1912900
020 C000002 11
020 A000003 UNI BANK
020 C000003 11
020 A000004 CS FIRST BOSTON CORP.
020 B000004 13-5659485
020 C000004 11
020 A000005 ICATU
020 B000005 13-3690833
020 C000005 9
020 A000006 FINAMEX
020 C000006 9
020 A000007 GOLDMAN SACHS
020 B000007 13-5108880
020 C000007 6
020 A000008 LAZARD FRERES
020 B000008 13-5545100
020 C000008 5
020 A000009 LIBRA CAPITAL SDN BHD
020 C000009 4
<PAGE> PAGE 3
020 A000010 BANK OF AMERICA
020 C000010 2
021 000000 89
022 A000001 BANK OF NEW YORK (THE)
022 B000001 13-3878175
022 C000001 16120930
022 D000001 99625
022 A000002 SALOMON SMITH BARNEY
022 B000002 13-1912900
022 C000002 1493227
022 D000002 76556
022 A000003 CHASE MANHATTAN
022 B000003 13-3112953
022 C000003 857213
022 D000003 46375
022 A000004 MERRILL LYNCH
022 B000004 13-5674085
022 C000004 210558
022 D000004 100251
022 A000005 DONALDSON LUFKIN & JENRETTE
022 B000005 13-2638130
022 C000005 147608
022 D000005 92083
022 A000006 SHEARSON LEHMAN BROTHERS
022 B000006 13-2518466
022 C000006 107881
022 D000006 122248
022 A000007 BEAR, STEARNS & CO. INC.
022 B000007 13-3299429
022 C000007 91460
022 D000007 94693
022 A000008 PRUDENTIAL SECURITIES INC.
022 B000008 22-2347336
022 C000008 151540
022 D000008 17878
022 A000009 GOLDMAN, SACHS & CO.
022 B000009 13-5108880
022 C000009 85419
022 D000009 69902
022 A000010 J.P. MORGAN & CO.
022 B000010 13-3224016
022 C000010 47472
022 D000010 40207
023 C000000 19755129
023 D000000 1235269
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
<PAGE> PAGE 4
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
<PAGE> PAGE 5
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 N
060 B00AA00 N
061 00AA00 250000
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 Y
077 J000000 N
077 K000000 Y
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 RELIANCE INSURANCE COMPANY
080 C00AA00 1900
081 A00AA00 N
081 B00AA00 0
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
<PAGE> PAGE 6
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
014 A000101 DELETE
015 A000101 BANK OF NEW YORK
015 B000101 C
015 C010101 NEW YORK
015 C020101 NY
015 C030101 10286
015 E010101 X
028 A010100 41072
028 A020100 9037
028 A030100 0
028 A040100 42159
028 B010100 40705
028 B020100 9096
028 B030100 0
028 B040100 43866
028 C010100 19431
028 C020100 9510
028 C030100 0
028 C040100 34620
028 D010100 9427
028 D020100 9319
028 D030100 0
028 D040100 117634
028 E010100 37700
028 E020100 8726
028 E030100 0
028 E040100 57499
028 F010100 38724
028 F020100 15015
028 F030100 0
028 F040100 178334
028 G010100 187059
028 G020100 60703
028 G030100 0
028 G040100 474112
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
<PAGE> PAGE 7
048 A010100 200000
048 A020100 0.850
048 B010100 400000
048 B020100 0.750
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 600000
048 K020100 0.650
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
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 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 93.9
062 Q000100 1.7
062 R000100 1.7
063 A000100 0
063 B000100 7.9
064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
<PAGE> PAGE 8
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 Y
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 742180
071 B000100 701707
071 C000100 1661389
071 D000100 42
072 A000100 12
072 B000100 169584
072 C000100 884
072 D000100 0
072 E000100 0
072 F000100 12190
072 G000100 1247
072 H000100 0
072 I000100 154
072 J000100 274
072 K000100 0
072 L000100 0
072 M000100 0
<PAGE> PAGE 9
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 15
072 R000100 2
072 S000100 104
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 359
072 X000100 14345
072 Y000100 0
072 Z000100 156123
072AA000100 0
072BB000100 8968
072CC010100 0
072CC020100 129852
072DD010100 164659
072DD020100 0
072EE000100 0
073 A010100 0.9000
073 A020100 0.2100
073 B000100 0.0100
073 C000100 0.0000
074 A000100 0
074 B000100 11329
074 C000100 0
074 D000100 1404717
074 E000100 24750
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 46
074 J000100 0
074 K000100 0
074 L000100 34054
074 M000100 3065
074 N000100 1477962
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 8718
074 S000100 0
074 T000100 1469244
074 U010100 159616
074 U020100 1470
074 V010100 9.11
074 V020100 10.03
<PAGE> PAGE 10
074 W000100 0.0000
074 X000100 1480
074 Y000100 0
075 A000100 0
075 B000100 1752357
076 000100 0.00
015 A000201 BANK OF NEW YORK
015 B000201 C
015 C010201 BROOKLYN
015 C020201 NY
015 C030201 11245
015 E010201 X
028 A010200 9437
028 A020200 0
028 A030200 0
028 A040200 1451
028 B010200 1
028 B020200 0
028 B030200 0
028 B040200 516
028 C010200 10725
028 C020200 2760
028 C030200 0
028 C040200 1497
028 D010200 3220
028 D020200 0
028 D030200 0
028 D040200 3388
028 E010200 1937
028 E020200 0
028 E030200 0
028 E040200 5365
028 F010200 1990
028 F020200 2982
028 F030200 0
028 F040200 4813
028 G010200 27310
028 G020200 5742
028 G030200 0
028 G040200 17030
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 200000
048 A020200 0.900
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
<PAGE> PAGE 11
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 200000
048 K020200 0.800
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 3.7
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 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 80.5
062 Q000200 14.4
062 R000200 0.0
063 A000200 0
063 B000200 6.8
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 Y
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
<PAGE> PAGE 12
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 Y
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 114810
071 B000200 106137
071 C000200 144330
071 D000200 73
072 A000200 12
072 B000200 19947
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 1345
072 G000200 187
072 H000200 0
072 I000200 41
072 J000200 1
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 15
072 R000200 46
072 S000200 7
<PAGE> PAGE 13
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 21
072 X000200 1663
072 Y000200 45
072 Z000200 18329
072AA000200 0
072BB000200 14940
072CC010200 33460
072CC020200 0
072DD010200 18329
072DD020200 0
072EE000200 0
073 A010200 1.0200
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0200
074 A000200 0
074 B000200 6324
074 C000200 0
074 D000200 165436
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 4065
074 M000200 18
074 N000200 175843
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 2119
074 S000200 0
074 T000200 173724
074 U010200 18655
074 U020200 0
074 V010200 9.31
074 V020200 0.00
074 W000200 0.0000
074 X000200 296
074 Y000200 0
075 A000200 0
075 B000200 149408
076 000200 0.00
<PAGE> PAGE 14
014 A000301 WACHOVIA
014 B000301 8-00000
015 A000301 BANK OF NEW YORK
015 B000301 C
015 C010301 NEW YORK
015 C020301 NY
015 C030301 10286
015 E010301 X
028 A010300 1088
028 A020300 218
028 A030300 0
028 A040300 3722
028 B010300 1513
028 B020300 202
028 B030300 0
028 B040300 2057
028 C010300 2819
028 C020300 195
028 C030300 0
028 C040300 3933
028 D010300 2268
028 D020300 199
028 D030300 0
028 D040300 970
028 E010300 1516
028 E020300 195
028 E030300 0
028 E040300 1623
028 F010300 3315
028 F020300 204
028 F030300 0
028 F040300 5821
028 G010300 12519
028 G020300 1213
028 G030300 0
028 G040300 18126
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.350
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
<PAGE> PAGE 15
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
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 1.6
062 M000300 0.0
062 N000300 0.0
062 O000300 96.6
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 8.3
064 A000300 N
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
<PAGE> PAGE 16
070 G010300 Y
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 69099
071 B000300 65669
071 C000300 70801
071 D000300 93
072 A000300 12
072 B000300 3292
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 251
072 G000300 90
072 H000300 0
072 I000300 18
072 J000300 13
072 K000300 0
072 L000300 2
072 M000300 1
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 15
072 R000300 33
072 S000300 4
072 T000300 0
072 U000300 7
072 V000300 0
072 W000300 23
<PAGE> PAGE 17
072 X000300 457
072 Y000300 98
072 Z000300 2933
072AA000300 0
072BB000300 578
072CC010300 0
072CC020300 2913
072DD010300 2933
072DD020300 0
072EE000300 0
073 A010300 0.4300
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 2500
074 D000300 63402
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 1111
074 J000300 0
074 K000300 0
074 L000300 1407
074 M000300 6
074 N000300 68426
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 198
074 S000300 0
074 T000300 68228
074 U010300 6612
074 U020300 0
074 V010300 10.32
074 V020300 0.00
074 W000300 0.0000
074 X000300 105
074 Y000300 0
075 A000300 0
075 B000300 71776
076 000300 0.00
015 A000401 THE CHASE MANHATTEN BANK
015 B000401 C
015 C010401 BROOKLYN
015 C020401 NY
<PAGE> PAGE 18
015 C030401 11245
015 E010401 X
028 A010400 13
028 A020400 0
028 A030400 0
028 A040400 101
028 B010400 426
028 B020400 0
028 B030400 0
028 B040400 820
028 C010400 537
028 C020400 0
028 C030400 0
028 C040400 588
028 D010400 906
028 D020400 0
028 D030400 0
028 D040400 884
028 E010400 1155
028 E020400 0
028 E030400 0
028 E040400 1215
028 F010400 1005
028 F020400 146
028 F030400 0
028 F040400 1135
028 G010400 4042
028 G020400 146
028 G030400 0
028 G040400 4743
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 1.000
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
<PAGE> PAGE 19
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
062 A000400 N
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
063 A000400 0
063 B000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 Y
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 Y
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
<PAGE> PAGE 20
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 10800
071 B000400 10870
071 C000400 17132
071 D000400 63
072 A000400 12
072 B000400 11
072 C000400 461
072 D000400 0
072 E000400 0
072 F000400 175
072 G000400 22
072 H000400 0
072 I000400 18
072 J000400 1
072 K000400 0
072 L000400 0
072 M000400 0
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 15
072 R000400 10
072 S000400 6
072 T000400 0
072 U000400 6
072 V000400 0
072 W000400 8
072 X000400 261
072 Y000400 37
<PAGE> PAGE 21
072 Z000400 248
072AA000400 0
072BB000400 5385
072CC010400 13420
072CC020400 0
072DD010400 285
072DD020400 0
072EE000400 0
073 A010400 0.0900
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0400
074 A000400 0
074 B000400 396
074 C000400 0
074 D000400 0
074 E000400 12852
074 F000400 10711
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 152
074 M000400 18
074 N000400 24129
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 184
074 S000400 0
074 T000400 23945
074 U010400 2161
074 U020400 0
074 V010400 11.08
074 V020400 0.00
074 W000400 0.0000
074 X000400 61
074 Y000400 0
075 A000400 0
075 B000400 17487
076 000400 0.00
015 A000501 BANK OF NEW YORK
015 B000501 C
015 C010501 NEW YORK
015 C020501 NY
015 C030501 10286
015 E010501 X
<PAGE> PAGE 22
028 A010500 20
028 A020500 31
028 A030500 0
028 A040500 939
028 B010500 50
028 B020500 31
028 B030500 0
028 B040500 200
028 C010500 0
028 C020500 30
028 C030500 0
028 C040500 105
028 D010500 20
028 D020500 31
028 D030500 0
028 D040500 0
028 E010500 0
028 E020500 31
028 E030500 0
028 E040500 0
028 F010500 250
028 F020500 32
028 F030500 0
028 F040500 30
028 G010500 340
028 G020500 186
028 G030500 0
028 G040500 1274
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.350
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
<PAGE> PAGE 23
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
062 A000500 Y
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
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 96.5
062 P000500 0.0
062 Q000500 0.0
062 R000500 3.7
063 A000500 0
063 B000500 7.9
064 A000500 Y
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
<PAGE> PAGE 24
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 Y
070 R020500 N
071 A000500 6349
071 B000500 6571
071 C000500 12737
071 D000500 20
072 A000500 12
072 B000500 578
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 46
072 G000500 16
072 H000500 0
072 I000500 18
072 J000500 2
072 K000500 0
072 L000500 0
072 M000500 0
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 15
072 R000500 20
072 S000500 1
072 T000500 0
072 U000500 8
072 V000500 0
072 W000500 16
072 X000500 142
072 Y000500 76
072 Z000500 512
072AA000500 0
072BB000500 22
072CC010500 0
072CC020500 637
072DD010500 512
<PAGE> PAGE 25
072DD020500 0
072EE000500 0
073 A010500 0.4000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 13167
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 504
074 J000500 0
074 K000500 0
074 L000500 178
074 M000500 24
074 N000500 13873
074 O000500 204
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 24
074 S000500 0
074 T000500 13645
074 U010500 1357
074 U020500 0
074 V010500 10.06
074 V020500 0.00
074 W000500 0.0000
074 X000500 26
074 Y000500 0
075 A000500 0
075 B000500 13112
076 000500 0.00
015 A000601 BANK OF NEW YORK
015 B000601 C
015 C010601 NEW YORK
015 C020601 NY
015 C030601 10286
015 E010601 X
028 A010600 305
028 A020600 59
028 A030600 0
028 A040600 878
028 B010600 0
028 B020600 56
<PAGE> PAGE 26
028 B030600 0
028 B040600 0
028 C010600 115
028 C020600 57
028 C030600 0
028 C040600 80
028 D010600 76
028 D020600 56
028 D030600 0
028 D040600 276
028 E010600 0
028 E020600 58
028 E030600 0
028 E040600 196
028 F010600 200
028 F020600 49
028 F030600 0
028 F040600 1073
028 G010600 696
028 G020600 335
028 G030600 0
028 G040600 2503
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
048 000600 0.350
048 A010600 0
048 A020600 0.000
048 B010600 0
048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
062 A000600 Y
062 B000600 0.0
<PAGE> PAGE 27
062 C000600 0.0
062 D000600 0.0
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 0.5
062 M000600 0.0
062 N000600 0.0
062 O000600 98.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 9.7
064 A000600 Y
064 B000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 N
070 L020600 N
070 M010600 N
070 M020600 N
<PAGE> PAGE 28
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 N
071 A000600 67629
071 B000600 76927
071 C000600 22581
071 D000600 299
072 A000600 12
072 B000600 992
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 78
072 G000600 28
072 H000600 0
072 I000600 18
072 J000600 4
072 K000600 0
072 L000600 0
072 M000600 0
072 N000600 0
072 O000600 0
072 P000600 0
072 Q000600 15
072 R000600 22
072 S000600 4
072 T000600 0
072 U000600 5
072 V000600 0
072 W000600 15
072 X000600 189
072 Y000600 78
072 Z000600 881
072AA000600 0
072BB000600 281
072CC010600 0
072CC020600 471
072DD010600 0
072DD020600 471
072EE000600 881
073 A010600 0.4100
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
<PAGE> PAGE 29
074 A000600 0
074 B000600 0
074 C000600 0
074 D000600 18654
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 110
074 J000600 0
074 K000600 0
074 L000600 295
074 M000600 26
074 N000600 19085
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 41
074 S000600 0
074 T000600 19044
074 U010600 1897
074 U020600 0
074 V010600 10.04
074 V020600 0.00
074 W000600 0.0000
074 X000600 26
074 Y000600 0
075 A000600 0
075 B000600 22219
076 000600 0.00
015 A000701 BANK OF NEW YORK
015 B000701 C
015 C010701 NEW YORK
015 C020701 NY
015 C030701 10286
015 E010701 X
028 A010700 2922
028 A020700 164
028 A030700 0
028 A040700 4077
028 B010700 376
028 B020700 155
028 B030700 0
028 B040700 360
028 C010700 15
028 C020700 146
028 C030700 0
028 C040700 3249
<PAGE> PAGE 30
028 D010700 2054
028 D020700 152
028 D030700 0
028 D040700 1144
028 E010700 7990
028 E020700 145
028 E030700 0
028 E040700 3029
028 F010700 1160
028 F020700 190
028 F030700 0
028 F040700 4285
028 G010700 14517
028 G020700 952
028 G030700 0
028 G040700 16144
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.350
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
<PAGE> PAGE 31
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 2.7
062 M000700 67.3
062 N000700 28.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 5.7
064 A000700 N
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 Y
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
<PAGE> PAGE 32
070 Q010700 N
070 Q020700 N
070 R010700 Y
070 R020700 N
071 A000700 95940
071 B000700 89403
071 C000700 39688
071 D000700 225
072 A000700 12
072 B000700 2191
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 143
072 G000700 51
072 H000700 0
072 I000700 18
072 J000700 7
072 K000700 0
072 L000700 0
072 M000700 0
072 N000700 0
072 O000700 0
072 P000700 0
072 Q000700 15
072 R000700 31
072 S000700 3
072 T000700 0
072 U000700 4
072 V000700 0
072 W000700 16
072 X000700 288
072 Y000700 83
072 Z000700 1986
072AA000700 0
072BB000700 1057
072CC010700 0
072CC020700 1681
072DD010700 1991
072DD020700 0
072EE000700 43
073 A010700 0.4900
073 A020700 0.0000
073 B000700 0.0100
073 C000700 0.0000
074 A000700 0
074 B000700 0
074 C000700 40441
074 D000700 0
074 E000700 0
074 F000700 0
<PAGE> PAGE 33
074 G000700 0
074 H000700 0
074 I000700 1152
074 J000700 0
074 K000700 0
074 L000700 889
074 M000700 17
074 N000700 42499
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 77
074 S000700 0
074 T000700 42422
074 U010700 4348
074 U020700 0
074 V010700 9.76
074 V020700 0.00
074 W000700 0.0000
074 X000700 61
074 Y000700 0
075 A000700 0
075 B000700 40939
076 000700 0.00
015 A000801 BANK OF NEW YORK
015 B000801 C
015 C010801 NEW YORK
015 C020801 NY
015 C030801 10286
015 E010801 X
028 A010800 2599
028 A020800 258
028 A030800 0
028 A040800 355
028 B010800 3711
028 B020800 261
028 B030800 0
028 B040800 348
028 C010800 983
028 C020800 270
028 C030800 0
028 C040800 141
028 D010800 154
028 D020800 269
028 D030800 0
028 D040800 1393
028 E010800 27
028 E020800 252
<PAGE> PAGE 34
028 E030800 0
028 E040800 404
028 F010800 652
028 F020800 222
028 F030800 0
028 F040800 2759
028 G010800 8126
028 G020800 1532
028 G030800 0
028 G040800 5400
028 H000800 0
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.350
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
062 A000800 Y
062 B000800 5.6
062 C000800 0.0
062 D000800 0.0
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 1.8
062 M000800 0.0
062 N000800 92.1
<PAGE> PAGE 35
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 22.8
064 A000800 Y
064 B000800 N
066 A000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 N
070 B010800 N
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 N
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 N
070 M010800 Y
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 Y
070 R020800 N
071 A000800 39050
071 B000800 16544
<PAGE> PAGE 36
071 C000800 57343
071 D000800 29
072 A000800 12
072 B000800 3908
072 C000800 0
072 D000800 0
072 E000800 0
072 F000800 213
072 G000800 58
072 H000800 0
072 I000800 15
072 J000800 10
072 K000800 0
072 L000800 2
072 M000800 1
072 N000800 0
072 O000800 0
072 P000800 0
072 Q000800 15
072 R000800 32
072 S000800 3
072 T000800 0
072 U000800 4
072 V000800 0
072 W000800 49
072 X000800 402
072 Y000800 98
072 Z000800 3604
072AA000800 0
072BB000800 137
072CC010800 0
072CC020800 3194
072DD010800 3608
072DD020800 0
072EE000800 9
073 A010800 0.5900
073 A020800 0.0000
073 B000800 0.0000
073 C000800 0.0000
074 A000800 0
074 B000800 0
074 C000800 62001
074 D000800 0
074 E000800 0
074 F000800 0
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 406
<PAGE> PAGE 37
074 M000800 25
074 N000800 62432
074 O000800 0
074 P000800 2
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 121
074 S000800 0
074 T000800 62309
074 U010800 6419
074 U020800 0
074 V010800 9.71
074 V020800 0.00
074 W000800 0.0000
074 X000800 71
074 Y000800 0
075 A000800 0
075 B000800 60855
076 000800 0.00
SIGNATURE MARY JANE MALONEY
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912521
<NAME> OFFITBANK INVESTMENT TRUST FUND, INC.
<SERIES>
<NUMBER> 011
<NAME> HIGH YIELD FUND - SELECT CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 1597442239
<INVESTMENTS-AT-VALUE> 1440796034
<RECEIVABLES> 34100023
<ASSETS-OTHER> 74611
<OTHER-ITEMS-ASSETS> 2990864
<TOTAL-ASSETS> 1477961532
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8717508
<TOTAL-LIABILITIES> 8717508
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1642005226
<SHARES-COMMON-STOCK> 159616205
<SHARES-COMMON-PRIOR> 175540759
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2984862
<ACCUMULATED-NET-GAINS> (16016711)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (153759629)
<NET-ASSETS> 1469244024
<DIVIDEND-INCOME> 883536
<INTEREST-INCOME> 169584383
<OTHER-INCOME> 0
<EXPENSES-NET> (14344603)
<NET-INVESTMENT-INCOME> 156123316
<REALIZED-GAINS-CURRENT> (8967507)
<APPREC-INCREASE-CURRENT> (129851643)
<NET-CHANGE-FROM-OPS> 17304166
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (164388096)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 516203977
<NUMBER-OF-SHARES-REDEEMED> (767972952)
<SHARES-REINVESTED> 114020009
<NET-CHANGE-IN-ASSETS> (270385203)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (1435436)
<OVERDIST-NET-GAINS-PRIOR> (62898)
<GROSS-ADVISORY-FEES> 12190323
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14344603
<AVERAGE-NET-ASSETS> 1752357349
<PER-SHARE-NAV-BEGIN> 9.91
<PER-SHARE-NII> 0.90
<PER-SHARE-GAIN-APPREC> (0.79)
<PER-SHARE-DIVIDEND> (0.90)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.11
<EXPENSE-RATIO> 0.82
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912521
<NAME> OFFITBANK INVESTMENT TRUST FUND, INC.
<SERIES>
<NUMBER> 012
<NAME> HIGH YIELD FUND - MSD&T CLASS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 1597442239
<INVESTMENTS-AT-VALUE> 1440796034
<RECEIVABLES> 34100023
<ASSETS-OTHER> 74611
<OTHER-ITEMS-ASSETS> 2990864
<TOTAL-ASSETS> 1477961532
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8717508
<TOTAL-LIABILITIES> 8717508
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1642005226
<SHARES-COMMON-STOCK> 1469511
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2984862
<ACCUMULATED-NET-GAINS> (16016711)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (153759629)
<NET-ASSETS> 1469244024
<DIVIDEND-INCOME> 883536
<INTEREST-INCOME> 169584383
<OTHER-INCOME> 0
<EXPENSES-NET> (14344603)
<NET-INVESTMENT-INCOME> 156123316
<REALIZED-GAINS-CURRENT> (8967507)
<APPREC-INCREASE-CURRENT> (129851643)
<NET-CHANGE-FROM-OPS> 17304166
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (270952)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14718645
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (270385203)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (1435436)
<OVERDIST-NET-GAINS-PRIOR> (62898)
<GROSS-ADVISORY-FEES> 12190323
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14344603
<AVERAGE-NET-ASSETS> 1752357349
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.19
<PER-SHARE-GAIN-APPREC> 0.05
<PER-SHARE-DIVIDEND> (.21)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.03
<EXPENSE-RATIO> 1.07
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912521
<NAME> OFFITBANK INVESTMENT TRUST FUND, INC.
<SERIES>
<NUMBER> 02
<NAME> EMERGING MARKETS FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 178197943
<INVESTMENTS-AT-VALUE> 171760864
<RECEIVABLES> 4064475
<ASSETS-OTHER> 17962
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 175843301
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2119263
<TOTAL-LIABILITIES> 2119263
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 224890674
<SHARES-COMMON-STOCK> 18654632
<SHARES-COMMON-PRIOR> 18150265
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1919817)
<ACCUMULATED-NET-GAINS> (42809740)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6437079)
<NET-ASSETS> 173724038
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 19946916
<OTHER-INCOME> 0
<EXPENSES-NET> (1618020)
<NET-INVESTMENT-INCOME> 18328896
<REALIZED-GAINS-CURRENT> (14939784)
<APPREC-INCREASE-CURRENT> 33460289
<NET-CHANGE-FROM-OPS> 36849401
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (18026181)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> (302715)
<NUMBER-OF-SHARES-SOLD> 50168407
<NUMBER-OF-SHARES-REDEEMED> (54249530)
<SHARES-REINVESTED> 10379144
<NET-CHANGE-IN-ASSETS> 24818526
<ACCUMULATED-NII-PRIOR> (2210458)
<ACCUMULATED-GAINS-PRIOR> (27882025)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1344676
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1662843
<AVERAGE-NET-ASSETS> 149408493
<PER-SHARE-NAV-BEGIN> 8.20
<PER-SHARE-NII> 1.06
<PER-SHARE-GAIN-APPREC> 1.09
<PER-SHARE-DIVIDEND> (1.02)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> (0.02)
<PER-SHARE-NAV-END> 9.31
<EXPENSE-RATIO> 1.08
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912521
<NAME> OFFITBANK INVESTMENT TRUST FUND, INC.
<SERIES>
<NUMBER> 03
<NAME> NY MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 68069715
<INVESTMENTS-AT-VALUE> 67012838
<RECEIVABLES> 1406717
<ASSETS-OTHER> 6780
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 68426335
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 198324
<TOTAL-LIABILITIES> 198324
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 69863178
<SHARES-COMMON-STOCK> 6611659
<SHARES-COMMON-PRIOR> 6265371
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (578290)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1056877)
<NET-ASSETS> 68228011
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3291971
<OTHER-INCOME> 0
<EXPENSES-NET> (358880)
<NET-INVESTMENT-INCOME> 2933091
<REALIZED-GAINS-CURRENT> (578290)
<APPREC-INCREASE-CURRENT> (2913138)
<NET-CHANGE-FROM-OPS> (558337)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2933091)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28065457
<NUMBER-OF-SHARES-REDEEMED> (6588867)
<SHARES-REINVESTED> 2449903
<NET-CHANGE-IN-ASSETS> 435065
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 251216
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 457421
<AVERAGE-NET-ASSETS> 71775961
<PER-SHARE-NAV-BEGIN> 10.82
<PER-SHARE-NII> 0.43
<PER-SHARE-GAIN-APPREC> (0.50)
<PER-SHARE-DIVIDEND> (0.43)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.32
<EXPENSE-RATIO> 0.50
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912521
<NAME> OFFITBANK INVESTMENT TRUST FUND, INC.
<SERIES>
<NUMBER> 04
<NAME> LATIN AMERICA EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 17266006
<INVESTMENTS-AT-VALUE> 23959293
<RECEIVABLES> 152458
<ASSETS-OTHER> 17180
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24128931
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 184180
<TOTAL-LIABILITIES> 184180
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37200349
<SHARES-COMMON-STOCK> 2160400
<SHARES-COMMON-PRIOR> 2228978
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (19924459)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6668861
<NET-ASSETS> 23944751
<DIVIDEND-INCOME> 460574
<INTEREST-INCOME> 10986
<OTHER-INCOME> 0
<EXPENSES-NET> (223837)
<NET-INVESTMENT-INCOME> 247723
<REALIZED-GAINS-CURRENT> (5384595)
<APPREC-INCREASE-CURRENT> 13420087
<NET-CHANGE-FROM-OPS> 8283215
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (284842)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6590882
<NUMBER-OF-SHARES-REDEEMED> (7146256)
<SHARES-REINVESTED> 145620
<NET-CHANGE-IN-ASSETS> 7588619
<ACCUMULATED-NII-PRIOR> 86976
<ACCUMULATED-GAINS-PRIOR> (14597008)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 174866
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 261287
<AVERAGE-NET-ASSETS> 17486594
<PER-SHARE-NAV-BEGIN> 7.34
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 3.78
<PER-SHARE-DIVIDEND> 0.13
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.08
<EXPENSE-RATIO> 1.28
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912521
<NAME> OFFITBANK INVESTMENT TRUST FUND, INC.
<SERIES>
<NUMBER> 05
<NAME> CALIFORNIA MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 14124057
<INVESTMENTS-AT-VALUE> 13671341
<RECEIVABLES> 177554
<ASSETS-OTHER> 24357
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 13873252
<PAYABLE-FOR-SECURITIES> 204060
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23934
<TOTAL-LIABILITIES> 227994
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14112034
<SHARES-COMMON-STOCK> 1357060
<SHARES-COMMON-PRIOR> 1050154
<ACCUMULATED-NII-CURRENT> 8345
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22405)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (452716)
<NET-ASSETS> 13645258
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 577793
<OTHER-INCOME> 0
<EXPENSES-NET> (65447)
<NET-INVESTMENT-INCOME> 512346
<REALIZED-GAINS-CURRENT> (22405)
<APPREC-INCREASE-CURRENT> (636696)
<NET-CHANGE-FROM-OPS> (146755)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (512346)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4381453
<NUMBER-OF-SHARES-REDEEMED> (1507814)
<SHARES-REINVESTED> 364877
<NET-CHANGE-IN-ASSETS> 2579415
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45892
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 141799
<AVERAGE-NET-ASSETS> 13111963
<PER-SHARE-NAV-BEGIN> 10.54
<PER-SHARE-NII> 0.40
<PER-SHARE-GAIN-APPREC> (0.48)
<PER-SHARE-DIVIDEND> 0.40
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.06
<EXPENSE-RATIO> 0.50
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912521
<NAME> OFFITBANK INVESTMENT TRUST FUND, INC.
<SERIES>
<NUMBER> 06
<NAME> NATIONAL MUNICIPAL FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 18885773
<INVESTMENTS-AT-VALUE> 18763645
<RECEIVABLES> 294600
<ASSETS-OTHER> 26357
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 19084602
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 41001
<TOTAL-LIABILITIES> 41001
<SENIOR-EQUITY> 19043601
<PAID-IN-CAPITAL-COMMON> 19441140
<SHARES-COMMON-STOCK> 1897662
<SHARES-COMMON-PRIOR> 2850783
<ACCUMULATED-NII-CURRENT> 5322
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (280733)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (122128)
<NET-ASSETS> 19043601
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 992044
<OTHER-INCOME> 0
<EXPENSES-NET> (111095)
<NET-INVESTMENT-INCOME> 880949
<REALIZED-GAINS-CURRENT> (280733)
<APPREC-INCREASE-CURRENT> (471504)
<NET-CHANGE-FROM-OPS> 128712
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (880949)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8882215
<NUMBER-OF-SHARES-REDEEMED> (19499510)
<SHARES-REINVESTED> 678632
<NET-CHANGE-IN-ASSETS> (10690900)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 77770
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 189540
<AVERAGE-NET-ASSETS> 22218941
<PER-SHARE-NAV-BEGIN> 10.43
<PER-SHARE-NII> 0.41
<PER-SHARE-GAIN-APPREC> (0.39)
<PER-SHARE-DIVIDEND> (0.41)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.04
<EXPENSE-RATIO> 0.50
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912521
<NAME> OFFITBANK INVESTMENT TRUST FUND, INC.
<SERIES>
<NUMBER> 07
<NAME> U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 43232885
<INVESTMENTS-AT-VALUE> 41593254
<RECEIVABLES> 888798
<ASSETS-OTHER> 17357
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42499409
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77692
<TOTAL-LIABILITIES> 77692
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45142988
<SHARES-COMMON-STOCK> 4348609
<SHARES-COMMON-PRIOR> 3762982
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (143)
<ACCUMULATED-NET-GAINS> (1081497)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1639631)
<NET-ASSETS> 42421717
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2190970
<OTHER-INCOME> 0
<EXPENSES-NET> (204695)
<NET-INVESTMENT-INCOME> 1986275
<REALIZED-GAINS-CURRENT> (1056878)
<APPREC-INCREASE-CURRENT> (1681065)
<NET-CHANGE-FROM-OPS> (751668)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1986275)
<DISTRIBUTIONS-OF-GAINS> (42714)
<DISTRIBUTIONS-OTHER> (4923)
<NUMBER-OF-SHARES-SOLD> (25276670)
<NUMBER-OF-SHARES-REDEEMED> (21151397)
<SHARES-REINVESTED> 1722886
<NET-CHANGE-IN-ASSETS> 3062579
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 18095
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 143287
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 288034
<AVERAGE-NET-ASSETS> 40939057
<PER-SHARE-NAV-BEGIN> 10.46
<PER-SHARE-NII> 0.49
<PER-SHARE-GAIN-APPREC> (0.69)
<PER-SHARE-DIVIDEND> (0.49)
<PER-SHARE-DISTRIBUTIONS> (0.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.76
<EXPENSE-RATIO> 0.50
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912521
<NAME> OFFITBANK INVESTMENT TRUST FUND, INC.
<SERIES>
<NUMBER> 08
<NAME> MORTGAGE SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 64733456
<INVESTMENTS-AT-VALUE> 62001397
<RECEIVABLES> 407314
<ASSETS-OTHER> 23609
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62432320
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 123487
<TOTAL-LIABILITIES> 123487
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65185856
<SHARES-COMMON-STOCK> 6419298
<SHARES-COMMON-PRIOR> 5300194
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (267)
<ACCUMULATED-NET-GAINS> (144697)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2732059)
<NET-ASSETS> 62308833
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3908127
<OTHER-INCOME> 0
<EXPENSES-NET> (304276)
<NET-INVESTMENT-INCOME> 3603851
<REALIZED-GAINS-CURRENT> (137336)
<APPREC-INCREASE-CURRENT> (3193680)
<NET-CHANGE-FROM-OPS> 272835
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3608482)
<DISTRIBUTIONS-OF-GAINS> (9056)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16252334
<NUMBER-OF-SHARES-REDEEMED> 8024428
<SHARES-REINVESTED> 2964170
<NET-CHANGE-IN-ASSETS> 7847373
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1695
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 212993
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 402375
<AVERAGE-NET-ASSETS> 60855232
<PER-SHARE-NAV-BEGIN> 10.28
<PER-SHARE-NII> 0.59
<PER-SHARE-GAIN-APPREC> (0.57)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.59
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.71
<EXPENSE-RATIO> 0.50
</TABLE>
EXHIBIT INDEX
EXHIBIT A:
Attachment to item 77B:
Accountants report on internal control
EXHIBIT B:
Attachment to item 77C: Submission of matters to a vote of
Security holders.
EXHIBIT C:
Attachment to item 77I: Terms of new or amended securities.
EXHIBIT D:
Attachment to item 77K: Changes in Registrant's certifying
accountant
EXHIBIT E:
Attachment to item 77Q1(d)
EXHIBIT F:
Attachment to item 77Q1(f)
- ------------------------------------------------------------------
EXHIBIT A:
Report of Independent Accountants
To the Board of Directors and Shareholders of
The OFFIT Investment Fund, Inc.:
In planning and performing our audit of the financial
statements of The OFFIT Investment Fund, Inc. (the "Fund")
for the year ended December 31, 1999, 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 the Fund 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 controls may become inadequate because of changes
in conditions or that the effectiveness of their 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 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
December 31, 1999.
This report is intended solely for the information and use of
the Board of Directors, management and the Securities and
Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.
PricewaterhouseCoopers LLP
February 16, 2000
EXHIBIT B:
The OFFIT Investment Fund, Inc. (the "Company")
77 C
The Company held a special meeting of shareholders on
July 30, 1999. The two matters voted upon by
shareholders and the resulting votes for each matter
were as follows:
1. Approval of a new advisory agreement between
OFFITBANK and the Company on behalf of each Fund:
Voting Results (in thousands of shares)
For Against Abstained
/Withheld
High Yield Fund 107,606 32 585
Emerging Markets Fund 9,385 - -
Latin America Equity Fund 1,474 - -
New York Municipal Fund 3,783 - -
California Municipal Fund 854 - -
National Municipal Fund 1,599 - -
U.S. Government Securities Fund 3,030 - -
Mortgage Securities Fund 4,505 - -
2. Election of the following Director:
Voting Results (in thousands of shares)
For Against Abstained
/Withheld
Stephen M. Peck 127,409 1,009 6
EXHIBIT C:
77 I(b)
On November 1, 1999 the High Yield Fund began
offering "MSD&T Shares." MSD&T Shares are being
offered through Mercantile-Safe Deposit and Trust
Company and its affiliated and correspondent banks.
EXHIBIT D:
77 K
On December 16, 1999, the Board of Directors of the
Company elected Ernst & Young LLP as the independent
accountants for the Company for the year ending
December 31, 2000, replacing PricewaterhouseCoopers
LLP. The Audit Committee did not take any separate
action on this matter.
PricewaterhouseCoopers LLP's reports on the Company's
financial statements for the years ended December 31,
1998 and 1997 did not contain an adverse opinion or a
disclaimer of opinion, nor were such reports qualified
or modified as to uncertainty, audit scope or
accounting principles.
During the years ended December 31, 1998 and 1997, and
through December 16, 1999, there were no disagreements
with PricewaterhouseCoopers LLP on any matter of
accounting principles or practices, financial statement
disclosure, or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of
PricewaterhouseCoopers LLP, would have caused it to
make reference to the subject matter of the
disagreement in its report on the financial statements
for such years.
EXHIBIT E:
77 Q1(d)
As discussed in Item 77 C above, the shareholders
of each Fund of the Company voted to approve a new
advisory agreement with OFFITBANK. The agreement is
provided below.
FORM OF NEW ADVISORY AGREEMENT
INVESTMENT ADVISORY AGREEMENT
THE OFFITBANK INVESTMENT FUND, INC.
P.O. Box 8701
Wilmington, DE 19899
__________________, 1999
OFFITBANK
520 Madison Avenue
New York, New York 10022
Dear Sir or Madam:
This will confirm the agreement between the undersigned (the
"Company") and you (the "Investment Adviser") as follows:
1. The Company proposes to engage in the business of
investing and reinvesting the assets of the OFFITBANK
High Yield Fund, OFFITBANK Emerging Markets Fund,
OFFITBANK Latin America Equity Fund, OFFITBANK U.S.
Government Securities Fund, OFFITBANK Mortgage Securities
Fund, OFFITBANK California Municipal Fund, OFFITBANK New
York Municipal Fund, and OFFITBANK National Municipal
Fund (individually a "Fund", collectively the "Funds") in
the manner and in accordance with the investment
objectives and limitations specified in the Company's
Articles of Incorporation and Articles Supplementary (the
"Articles") and the currently effective prospectus,
including the documents incorporated by reference therein
(the "Prospectus"), relating to the Company and the
Funds, included in the Company's Registration Statement
an amended from time to time (the "Registration
Statement"), filed by the Company under the Investment
Company Act of 1940, as amended (the "1940 Act"), and the
Securities Act of 1933, as amended. Copies of the
documents referred to in the preceding sentence have been
furnished to the Investment Adviser. Any amendments to
these documents shall be furnished to the Investment
Adviser.
2. The Company employs the Investment Adviser to (a) make
investment strategy decisions for the Funds, (b) manage
the investing and reinvesting of the Funds' assets as
specified in paragraph 1, (c) place purchase and sale
orders on behalf of the Funds and, (d) provide continuous
supervision of each Fund's investment portfolio.
3. (a) The Investment Adviser shall, at its expense, provide
the Funds with office space, furnishings and equipment
and personnel required by it to perform the services to
be provided by the Investment Adviser pursuant to this
Agreement.
(b) Except as provided in subparagraph (a), the Company
shall be responsible for all of the Funds' expenses and
liabilities, including taxes; interest; fees (including
fees paid to its directors who are not affiliated with
the Investment Adviser or any of its affiliates); fees
payable to the Securities and Exchange Commission; state
securities qualification fees; costs of preparing and
printing prospectuses for regulatory purposes and for
distribution to existing shareholders; advisory and
administration fees, charges of the custodian and
transfer agent; insurance premiums; auditing and legal
expenses; costs of shareholders' reports and
shareholders' meetings; any extraordinary expenses; and
brokerage fees and commissions, if any, in connection
with the purchase or sale of portfolio securities.
4. As manager of the Funds' assets, the Investment Adviser
shall make investments for the Funds' account in
accordance with the investment objectives and limitations
set forth in the Articles, the Prospectus, the 1940 Act,
the provisions of the Internal Revenue Code of 1986, as
amended, relating to regulated investment companies,
applicable banking laws and regulations, and policy
decisions adopted by the Company's Board of Directors
from time to time. The Investment Adviser shall advise
the Company's officers and Board of Directors, at such
times as the Company's Board of Directors may specify, of
investments made for the Funds' accounts and shall, when
requested by the Company's officers or Board of
Directors, supply the reasons for making such
investments.
5. The Investment Adviser is authorized on behalf of the
Company, from time to time when deemed to be in the best
interests of the Company and to the extent permitted by
applicable law, to purchase and/or sell securities in
which the Investment Adviser or any of its affiliates
underwrites, deals in and/or makes a market and/or may
perform or seek to perform investment banking services
for issuers of such securities. The Investment Adviser is
further authorized, to the extent permitted by applicable
law, to select brokers for the execution of trades for
the Company, which broker may be an affiliate of the
Investment Adviser, provided that the best competitive
execution price is obtained at the time of the trade
execution.
6. In consideration of the Investment Adviser's undertaking
to render the services described in this agreement, the
Company agrees that the Investment Adviser shall not be
liable under this agreement for any error of judgment or
mistake of law or for any loss suffered by the Company in
connection with the performance of this agreement,
provided that nothing in this agreement shall be deemed
to protect or purport to protect the Investment Adviser
against any liability to the Company or its stockholders
to which the Investment Adviser would otherwise be
subject by reason of willful misfeasance, bad faith or
gross negligence in the performance of the Investment
Adviser's duties under this agreement or by reason of the
Investment Adviser's reckless disregard of its
obligations and duties hereunder.
7. In consideration of the services to be rendered by the
Investment Adviser under this agreement, the Company
shall pay the Investment Adviser monthly fees on the
first Business Day (as defined in the Prospectus) of each
month based upon the average daily net assets of each
Fund during the preceding month (as determined on the
days and at the time set forth in the Prospectus for
determining net asset value per share) at the following
annual rates; .85% for the first $200,000,000 of assets,
.75% on the next $400,000,000, and .65% of amounts in
excess of $600,000,000 for the OFFITBANK High Yield Fund;
.90% of the first $200,000,000 of net assets and .80% on
amounts in excess thereof for the OFFITBANK Emerging
Markets Fund; 1.00% for the assets of the OFFITBANK Latin
America Equity Fund; 0.35% for the assets of the
OFFITBANK U.S. Government Securities Fund; 0.35% for the
assets of the OFFITBANK Mortgage Securities Fund; 0.35%
for the assets of the OFFITBANK California Municipal
Fund; 0.35% for the assets of the OFFITBANK New York
Municipal Fund; and 0.35% for the assets of the OFFITBANK
National Municipal Fund. If the fees payable to the
Investment Adviser pursuant to this paragraph 7 begins to
accrue before the end of any month or if this agreement
terminates before the end of any month, the fees for the
period from such date to the end of such month or from
the beginning of such month to the date of termination,
as the case may be, shall be prorated according to the
proportion which such period bears to the full month in
which such effectiveness or termination occurs. For
purposes of calculating each such monthly fee, the value
of the Funds' net assets shall be computed in the manner
specified in the Prospectus and the Articles for the
computation of the value of the Funds' net assets in
connection with the determination of the net asset value
of shares of the Funds' capital stock.
8. This agreement shall continue in effect until two years
from the date hereof and thereafter with respect to each
Fund for successive annual periods, provided that such
continuance is specifically approved at least annually
(a) by the vote of a majority of such Fund's outstanding
voting securities (as defined in the 1940 Act) or by the
Company's Board of Directors and (b) by the vote, cast in
person at a meeting called for the purpose, of a majority
of the Company's directors who are not parties to this
agreement or "interested persons" (as defined in the 1940
Act) of any such party. This agreement may be terminated
by any Fund at any time, without the payment of any
penalty, by a vote of a majority of such Fund's
outstanding voting securities (as defined in the 1940
Act) or by a vote of a majority of the Company's entire
Board of Directors on 60 days' written notice to the
Investment Adviser or by the Investment Adviser on 60
days' written notice to the Company. This agreement may
remain in effect with respect to a Fund even if it has
been terminated in accordance with this paragraph with
respect to the other Funds. This agreement shall
terminate automatically in the event of its assignment
(as defined in the 1940 Act).
9. Upon expiration or earlier termination of this agreement,
the Company shall, if reference to "OFFITBANK" is made in
the corporate name of the Company or in the names of the
Funds and if the Investment Adviser requests in writing,
as promptly as practicable change its corporate name and
the names of the Funds so as to eliminate all reference
to "OFFITBANK", and thereafter the Company and the funds
shall cease transacting business in any corporate name
using the words "OFFITBANK" or any other reference to the
Investment Adviser or "OFFITBANK". The foregoing rights
of the Investment Adviser and obligations of the Company
shall not deprive the Investment Adviser, or any
affiliate thereof which has "OFFITBANK" in its name, of,
but shall be in addition to, any other rights or remedies
to which the Investment Adviser and any such affiliate
may be entitled in law or equity by reason of any breach
of this agreement by the Company, and the failure or
omission of the Investment Adviser to request a change of
the Company's or the Funds" name or a cessation of the
use of the name of "OFFITBANK" as described in this
paragraph 9 shall not under any circumstances be deemed a
waiver of the right to require such change or cessation
at any time thereafter for the same or any subsequent
breach.
10. Except to the extent necessary to perform the
Investment Adviser's obligations under this agreement,
nothing herein shall be deemed to limit or restrict the
right of the Investment Adviser, or any affiliate of the
Investment Adviser, or any employee of the Investment
Adviser, to engage in any other business or to devote
time and attention to the management or other aspects of
any other business, whether of a similar or dissimilar
nature, or to render services of any kind to any other
corporation, firm, individual or association.
11. This agreement shall be governed by the laws of the
State of Maryland.
If the foregoing correctly sets forth the agreement between
the Company and the Investment Adviser, please so indicate
by signing and returning to the Company the enclosed copy
hereof.
Very truly yours,
THE OFFITBANK INVESTMENT FUND, INC.
By: ----------------------
ACCEPTED:
OFFITBANK
By: --------------------
EXHIBIT F:
77 Q1(f)
As discussed in 77 K above, the Board of
Directors of the Company elected Ernst & Young LLP as
the independent accountants for the year ending
December 31, 2000, replacing PricewaterhouseCoopers LLP
("PwC"). Accordingly, the letter from the Company
and PwC required by this item is provided below.
February 23, 2000
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Commissioners:
We have read the statements made by The OFFIT Investment
Fund, Inc. and The OFFIT Variable Insurance Fund, Inc., (the
"Funds") (copies attached), which we understand will be
filed with the Commission, pursuant to Item 77K of Form N-
SAR, as part of the Fund's Form N-SAR report for the period
ending December 31, 1999. We agree with the statements
concerning our Firm in such Form N-SAR.
Very truly yours,
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
