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<RECEIVABLES> 795523
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22267178
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28929
<TOTAL-LIABILITIES> 28929
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29134406
<SHARES-COMMON-STOCK> 3053293 <F1>
<SHARES-COMMON-PRIOR> 2622427 <F1>
<ACCUMULATED-NII-CURRENT> 26368
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1113334
<ACCUM-APPREC-OR-DEPREC> (5809191)
<NET-ASSETS> 22238249
<DIVIDEND-INCOME> 23524
<INTEREST-INCOME> 3191569
<OTHER-INCOME> 0
<EXPENSES-NET> 419350
<NET-INVESTMENT-INCOME> 2795743
<REALIZED-GAINS-CURRENT> (1113310)
<APPREC-INCREASE-CURRENT> (5487784)
<NET-CHANGE-FROM-OPS> (3805351)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2805873 <F1>
<DISTRIBUTIONS-OF-GAINS> 113762 <F1>
<DISTRIBUTIONS-OTHER> 0 <F1>
<NUMBER-OF-SHARES-SOLD> 121988 <F1>
<NUMBER-OF-SHARES-REDEEMED> 97114 <F1>
<SHARES-REINVESTED> 405992 <F1>
<NET-CHANGE-IN-ASSETS> (3641219)
<ACCUMULATED-NII-PRIOR> 36584
<ACCUMULATED-GAINS-PRIOR> 113769
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 157444
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 457791
<AVERAGE-NET-ASSETS> 20991792 <F1>
<PER-SHARE-NAV-BEGIN> 9.87 <F1>
<PER-SHARE-NII> 0.99 <F1>
<PER-SHARE-GAIN-APPREC> (2.54)<F1>
<PER-SHARE-DIVIDEND> 1.00 <F1>
<PER-SHARE-DISTRIBUTIONS> 0.04 <F1>
<RETURNS-OF-CAPITAL> 0 <F1>
<PER-SHARE-NAV-END> 7.28 <F1>
<EXPENSE-RATIO> 2.00 <F1>
<FN>
<F1>A SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000919989
<NAME> SUMMIT INVESTMENT TRUST
<SERIES>
<NUMBER> 022
<NAME> SUMMIT EMERGING MARKETS BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> MAY-31-1999
<PERIOD-START> DEC-01-1998
<PERIOD-END> MAY-31-1999
<INVESTMENTS-AT-COST> 27272520
<INVESTMENTS-AT-VALUE> 21463329
<RECEIVABLES> 795523
<ASSETS-OTHER> 8326
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22267178
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28929
<TOTAL-LIABILITIES> 28929
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29134406
<SHARES-COMMON-STOCK> 184 <F1>
<SHARES-COMMON-PRIOR> 0 <F1>
<ACCUMULATED-NII-CURRENT> 26368
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1113334
<ACCUM-APPREC-OR-DEPREC> (5809191)
<NET-ASSETS> 22238249
<DIVIDEND-INCOME> 23524
<INTEREST-INCOME> 3191569
<OTHER-INCOME> 0
<EXPENSES-NET> 419350
<NET-INVESTMENT-INCOME> 2795743
<REALIZED-GAINS-CURRENT> (1113310)
<APPREC-INCREASE-CURRENT> (5487784)
<NET-CHANGE-FROM-OPS> (3805351)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 110 <F1>
<DISTRIBUTIONS-OF-GAINS> 7 <F1>
<DISTRIBUTIONS-OTHER> 0 <F1>
<NUMBER-OF-SHARES-SOLD> 167 <F1>
<NUMBER-OF-SHARES-REDEEMED> 0 <F1>
<SHARES-REINVESTED> 17 <F1>
<NET-CHANGE-IN-ASSETS> (3641219)
<ACCUMULATED-NII-PRIOR> 36584
<ACCUMULATED-GAINS-PRIOR> 113769
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 157444
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 457791
<AVERAGE-NET-ASSETS> 1216 <F1>
<PER-SHARE-NAV-BEGIN> 5.94 <F1>
<PER-SHARE-NII> 0.62 <F1>
<PER-SHARE-GAIN-APPREC> 1.39 <F1>
<PER-SHARE-DIVIDEND> 0.63 <F1>
<PER-SHARE-DISTRIBUTIONS> 0.04 <F1>
<RETURNS-OF-CAPITAL> 0 <F1>
<PER-SHARE-NAV-END> 7.28 <F1>
<EXPENSE-RATIO> 2.75 <F1>
<FN>
<F1>B SHARES
</FN>
</TABLE>
Report of Independent Accountants
To the Shareholders and Trustees
Summit Investment Trust
In planning and performing our audit of the financial
statements of Summit Investment Trust for the year ended
May 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
financial highlights and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of Summit 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 and financial highlights 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 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 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
and financial highlights 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 May 31, 1999.
This report is intended solely for the information and use
of management and the Board of Trustees and Shareholders of
Summit Investment Trust and the Securities and Exchange
Commission.
PricewaterhouseCoopers LLP
July 23, 1999
