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FOR USE IN WISCONSIN
SUMMIT INVESTORS PLANS
SUPPLEMENT DATED MARCH 1, 1996
TO THE PROSPECTUS DATED MARCH 1, 1996
Cancellation and Refund Rights
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The 18-month refund schedule discussed under the caption "Cancellation
and Refund Rights" beginning on Page 12 has been extended to 28 months for all
Plans established within this State of Wisconsin. Planholders who redeem their
Plan within the initial 28-month period will not incur sales and creation
charges that exceed 15% of the amount invested. A cancellation notice will be
furnished to Planholders in this State not less than 30 days and not more than
60 days prior to the expiration of the 28-month cancellation right.
Sales and creation charges vary with the Plan selected and the total
investment made. For example, Planholders who cancel a $50.00 per month 15-year
Plan after 28 months, but prior to the end of the 57th month, will incur
charges ranging from 24.6% down to 15%. Therefore, if you cancel your $50.00
per month Plan after the 28th month but prior to the end of the 57th month,
your charges will exceed 15%. SINCE A MAJOR PORTION OF THE ENTIRE SALES AND
CREATION CHARGE IS DEDUCTED FROM THE FIRST YEAR'S INVESTMENT, WITHDRAWAL OR
TERMINATION OF AN INVESTMENT IN THE EARLY YEARS OF A PLAN WILL PROBABLY RESULT
IN A LOSS. See "Allocation of Investments and Deductions" on Pages 4 and 5 of
the attached Prospectus.
Substitution of the Underlying Fund
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Any substitution of the underlying Fund with another fund as the
underlying investment as described on Page 18 of the attached Prospectus will
be registered for sale in Wisconsin. In addition, Planholders will be notified
if Fund shares are not available for purchase for a period of 120 days and that
they may wish to terminate their Plan.
