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SUMMIT INVESTMENT TRUST
Summit High Yield Fund
Summit High Yield Shares
Supplement to Prospectus dated September 15, 1995
Summit High Yield Institutional Service Shares
Supplement to Prospectus dated December 12, 1995
Under the heading 'The Trust and the Fund' in each prospectus, the
paragraph entitled 'Portfolio Manager' is deleted and replaced with the
following paragraph:
Portfolio Management. Since May 21, 1996, Messrs. Steven R. Sutermeister
and Gary R. Rodmaker have been primarily responsible for the day-to-day
management of the Fund's investment portfolio. Both portfolio managers
have extensive experience in managing high yield investment portfolios.
Mr. Sutermeister has been a Representative of FSCM since its
organization in January 1994, and has also been a Vice President and
Director of the Fixed Income Group of Carillon since September 1990. In
that capacity, Mr. Sutermeister oversees the management of more than $3
billion in fixed income assets, and is personally responsible for the
investment of nearly $200 million in high yield assets for various
clients. In addition, Mr. Sutermeister serves as the portfolio manager
of Carillon Bond Fund, another registered investment company that is
advised by Carillon. Mr. Rodmaker, a Chartered Financial Analyst, has
been an employee of the Adviser since its inception, and is also a
senior member of the Fixed Income Group of Carillon. Mr. Rodmaker joined
Carillon in 1990. In his present position, Mr. Rodmaker is responsible
for managing $1.250 billion of corporate bonds, including investment
grade securities, private placements and high yield bonds.
The date of this supplement is May 30, 1996.
