<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE MILT EMERINE
TITLE MANAGER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919989
<NAME> SUMMIT HIGH YIELD FUND
<SERIES>
<NUMBER> 011
<NAME> SUMMIT HIGH YIELD FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 36205704
<INVESTMENTS-AT-VALUE> 38099470
<RECEIVABLES> 1874107
<ASSETS-OTHER> 20968
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 39994545
<PAYABLE-FOR-SECURITIES> 1000000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50816
<TOTAL-LIABILITIES> 1050816
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35254495
<SHARES-COMMON-STOCK> 3064624<F1>
<SHARES-COMMON-PRIOR> 2591388<F1>
<ACCUMULATED-NII-CURRENT> 48225
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1747243
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1893766
<NET-ASSETS> 38943729
<DIVIDEND-INCOME> 35148
<INTEREST-INCOME> 3486114
<OTHER-INCOME> 0
<EXPENSES-NET> 541830
<NET-INVESTMENT-INCOME> 2979432
<REALIZED-GAINS-CURRENT> 2908478
<APPREC-INCREASE-CURRENT> <160322>
<NET-CHANGE-FROM-OPS> 5727588
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3108041<F1>
<DISTRIBUTIONS-OF-GAINS> 1369117<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 379660<F1>
<NUMBER-OF-SHARES-REDEEMED> 302538<F1>
<SHARES-REINVESTED> 396115<F1>
<NET-CHANGE-IN-ASSETS> 8543183
<ACCUMULATED-NII-PRIOR> 7287
<ACCUMULATED-GAINS-PRIOR> 755490
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 367253
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 790981
<AVERAGE-NET-ASSETS> 31378042<F1>
<PER-SHARE-NAV-BEGIN> 11.05<F1>
<PER-SHARE-NII> 0.99<F1>
<PER-SHARE-GAIN-APPREC> 0.90<F1>
<PER-SHARE-DIVIDEND> 1.12<F1>
<PER-SHARE-DISTRIBUTIONS> 0.50<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.32<F1>
<EXPENSE-RATIO> 1.60<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>HIGH YIELD SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919989
<NAME> SUMMIT HIGH YIELD FUND
<SERIES>
<NUMBER> 012
<NAME> SUMMIT HIGH YIELD FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> MAY-31-1997
<PERIOD-START> JUN-01-1996
<PERIOD-END> MAY-31-1997
<INVESTMENTS-AT-COST> 36205704
<INVESTMENTS-AT-VALUE> 38099470
<RECEIVABLES> 1874107
<ASSETS-OTHER> 20968
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 39994545
<PAYABLE-FOR-SECURITIES> 1000000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 50816
<TOTAL-LIABILITIES> 1050816
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 35254495
<SHARES-COMMON-STOCK> 374948<F1>
<SHARES-COMMON-PRIOR> 160746<F1>
<ACCUMULATED-NII-CURRENT> 48225
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1747243
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1893766
<NET-ASSETS> 38943729
<DIVIDEND-INCOME> 35148
<INTEREST-INCOME> 3486114
<OTHER-INCOME> 0
<EXPENSES-NET> 541830
<NET-INVESTMENT-INCOME> 2979432
<REALIZED-GAINS-CURRENT> 2908478
<APPREC-INCREASE-CURRENT> <160322>
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<DISTRIBUTIONS-OF-INCOME> 280720<F1>
<DISTRIBUTIONS-OF-GAINS> 100079<F1>
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 353730<F1>
<NUMBER-OF-SHARES-REDEEMED> 169873<F1>
<SHARES-REINVESTED> 30344<F1>
<NET-CHANGE-IN-ASSETS> 8543183
<ACCUMULATED-NII-PRIOR> 7287
<ACCUMULATED-GAINS-PRIOR> 755490
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 367253
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 790981
<AVERAGE-NET-ASSETS> 2666132<F1>
<PER-SHARE-NAV-BEGIN> 11.03<F1>
<PER-SHARE-NII> 1.04<F1>
<PER-SHARE-GAIN-APPREC> 0.87<F1>
<PER-SHARE-DIVIDEND> 1.14<F1>
<PER-SHARE-DISTRIBUTIONS> 0.50<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 11.30<F1>
<EXPENSE-RATIO> 1.43<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>INSTITUTIONAL SERVICE SHARES
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</TABLE>
To the Shareholders and Trustees of
Summit Investment Trust
In planning and performing our audits
of the financial
statements of Summit Investment Trust
for the year ended May 31,
1997, we considered its internal control
structure, including
procedures 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 the
internal control structure.
The management of Summit Investment
Trust is responsible for
establishing and maintaining an internal
control structure. In
fulfilling this responsibility, estimates
and judgments by
management are required to assess the
expected benefits and
related costs of internal control structure
policies and
procedures. Two objectives of an internal
control structure are
to provide management with reasonable,
but not absolute,
assurance that assets are safeguarded
against loss from
unauthorized use or disposition and
transactions are executed in
accordance with management's
authorization and recorded properly
to permit preparation of financial
statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any
internal control
structure, errors or irregularities may
occur and may not be
detected. Also, projection of any
evaluation of the structure
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 the internal control
structure would not
necessarily disclose all matters in the
internal control
structure 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 the specific internal
control structure
elements does not reduce to a relatively low
level the risk that
errors or irregularities 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 the internal
control structure,
including procedures for safeguarding securities,
that we
consider to be material weaknesses as defined
above as of May
31, 1997.
This report is intended solely for the
information and use of
management and the Securities and
Exchange Commission.
COOPERS & LYBRAND, L.L.P.
Columbus, Ohio
July 21, 1997
