Report of Independent Accountants
To the Trustees of
Summit Investment Trust
In planning and performing our audits of the financial
statements of Summit High Yield Fund and Summit
Emerging Markets Bond Fund (separate portfolios
constituting Summit Investment Trust, hereafter
referred to as the "Funds") for the year ended
May 31, 2000 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 Funds 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, 2000.
This report is intended solely for the information
and use of management and the Trustees of
the Funds and the Securities and Exchange
Commission and is not intended to be and
should not be used by anyone other than these
specified parties.
July 14, 2000
