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<PAGE> PAGE 6
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<PAGE> PAGE 11
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SIGNATURE JEFF STARRICK
TITLE FINANCIAL ANALYST
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<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
Report of Independent Accountants
To the Trustees of
the Summit Investment Trust
In planning and performing our audits of the
financial statements of the Summit Investment
Trust for the period ended May 31, 1998, we
considered its internal control, including
controls over 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 Summit Investment 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, errors or irregularities 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 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 internal control, including
controls over safeguarding securities, that we
consider to be material weaknesses as defined
above as of May 31, 1998.
This report is intended solely for the
information and use of management of the Summit
Investment Trust and the Securities and
Exchange Commission.
PRICEWATERHOUSECOOPERS LLP
Columbus, Ohio
July 23, 1998
