<PAGE> 1
SUMMIT INVESTMENT TRUST
SUMMIT HIGH YIELD FUND
INSTITUTIONAL SERVICE SHARES CLASS
SUPPLEMENT TO PROSPECTUS DATED OCTOBER 1, 1996,
AS SUPPLEMENTED ON OCTOBER 31, 1996
On page 28, in the first paragraph under the heading "How to Purchase
Institutional Service Shares", please insert the following after the first
sentence:
Investors may be charged a fee if they affect transactions through a broker or
agent.
On page 28, under the heading "General Methods of Purchasing Shares" in the
paragraph titled "By Mail", please delete the current mailing address and insert
the following address:
Summit Investment Trust
P.O. Box 182448
Columbus, OH 43218-2448
On page 29, please insert the following section as the final section under the
heading "Shareholder Services":
SUMMIT INVESTMENT TRUST INDIVIDUAL RETIREMENT ACCOUNT ("IRA")
- -------------------------------------------------------------
A Summit Investment Trust IRA enables individuals, even if they participate in
an employer-sponsored retirement plan, to establish their own retirement program
by purchasing Institutional Service Shares. Summit Investment Trust IRA
contributions may be tax-deductible and earnings are tax-deferred. Under the Tax
Reform Act of 1986, the tax deductibility of IRA contributions is restricted or
eliminated for individuals who participate in certain employer pension plans and
whose annual income exceeds certain limits. Existing IRAs and future
contributions up to the IRA maximums, whether deductible or not, still earn
income on a tax-deferred basis.
A Summit Investment Trust IRA distribution request must be made in writing to
the Transfer Agent. Any additional deposits to a Summit Investment Trust IRA
must distinguish the type and year of the contribution.
For more information on a Summit Investment Trust IRA call the Trust at
1-800-272-3442. Shareholders are advised to consult a tax adviser on Summit
Investment Trust IRA contribution and withdrawal requirements and restrictions.
THE DATE OF THIS SUPPLEMENT IS MARCH 3, 1997
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SUMMIT INVESTMENT TRUST
SUMMIT HIGH YIELD FUND
HIGH YIELD SHARES CLASS
SUPPLEMENT TO PROSPECTUS DATED OCTOBER 1, 1996,
AS SUPPLEMENTED ON OCTOBER 31, 1996
On page 29, in the first paragraph under the heading "How to Purchase Shares",
please insert the following after the first sentence:
Investors may be charged a fee if they affect transactions through a broker or
agent.
On page 29, under the heading "General Methods of Purchasing Shares" in the
paragraph titled "By Mail", please delete the current mailing address and insert
the following mailing address:
Summit Investment Trust
P.O. Box 182448
Columbus, OH 43218-2448
On page 32, please delete the first sentence of the paragraph titled "Certain
Qualified Purchasers" and replace with the following:
No sales charge is applicable to any Shares purchased through reinvestment of
dividends or distributions, to any sale of Shares to a Trustee or officer of
the Trust, or to the immediate families (i.e., the spouse and any children) of
such persons, or to any full-time employee or registered representative of
broker-dealers having dealer agreements with the Distributor ("Selling Broker")
and their immediate families (or any trust pension, profit sharing or other
benefit plan for such persons), or to any orders placed on behalf of other
investment companies, the securities of which are also distributed by BISYS
Fund Services, The BISYS Group, Inc. or other affiliated companies.
On page 33, please insert the following section as the final section under the
heading "Shareholder Services":
SUMMIT INVESTMENT TRUST INDIVIDUAL RETIREMENT ACCOUNT ("IRA")
- -------------------------------------------------------------
A Summit Investment Trust IRA enables individuals, even if they participate in
an employer-sponsored retirement plan, to establish their own retirement program
by purchasing Shares. Summit Investment Trust IRA contributions may be
tax-deductible and earnings are tax-deferred. Under the Tax Reform Act of 1986,
the tax deductibility of IRA contributions is restricted or eliminated for
individuals who participate in certain employer pension plans and whose annual
income exceeds certain limits. Existing IRAs and future contributions up to the
IRA maximums, whether deductible or not, still earn income on a tax-deferred
basis.
A Summit Investment Trust IRA distribution request must be made in writing to
the Transfer Agent. Any additional deposits to a Summit Investment Trust IRA
must distinguish the type and year of the contribution.
For more information on a Summit Investment Trust IRA call the Trust at
1-800-272-3442. Shareholders are advised to consult a tax adviser on Summit
Investment Trust IRA contribution and withdrawal requirements and restrictions.
THE DATE OF THIS SUPPLEMENT IS MARCH 3, 1997
