Summit Cash Reserves Fund
                    of Financial Institutions Series Trust


                       Supplement dated August 8, 1996
                    to Prospectus dated September 27, 1995


     Effective August 30, 1996, dividends on the Money Fund will be declared
daily and paid monthly.   Also effective on such date, shares of the Money
Fund will begin to accrue dividends on the date they are purchased and pay
dividends through the date of redemption.

Code #  Summit 0995ALL



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