SUMMIT CASH RESERVES FUND
OF FINANCIAL INSTITUTIONS SERIES TRUST
Supplement Dated October 12, 1998 to
Statement of Additional Information Dated September 29, 1998
The third full paragraph on page 12 of the Statement of Additional
Information is modified as follows:
"Shares with a net asset value of at least $100 are required to
qualify for the exchange privilege and any shares utilized in an
exchange must have been held by the shareholder for at least 15
days. It is contemplated that the exchange privilege may be
applicable to other new mutual funds whose shares are distributed by
the Distributor."
The third full paragraph on page 13 of the Statement of Additional
Information is modified as follows:
"Shares with a net asset value of at least $100 are required to
qualify for the exchange program into the Money Fund and any shares
utilized in an exchange must have been held by the shareholder for
at least 15 days."
