Report of Independent Public Accountants
To the Board of Trustees of
the Tuscarora Investment Trust:
In planning and performing our audit of the financial
statements of the Tuscarora Investment Trust for the
year ended June 30, 2000, 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 Tuscarora 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
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,
error 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 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
June 30, 2000.
This report is intended solely for the information and
use of management and the Board of Trustees of
Tuscarora Investment Trust and the Securities and
Exchange Commission and is not intended to be and
should not be used by anyone other than these specified
parties.
/s/ ARTHUR ANDERSEN LLP
Columbus, Ohio,
July 28, 2000
