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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
ANNUAL NOTICE OF SECURITIES SOLD
PURSUANT TO RULE 24F-2
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1. Name and address of issuer:
SUMMIT INVESTMENT TRUST
3435 STELZER RD.
COLUMBUS, OHIO 43219
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2. Name of each series or class of funds for which this notice is filed:
HIGH YIELD FUND
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3. Investment Company Act File Number: 811-8406
Securities Act File Number: 33-76250
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4. Last day of the fiscal year for which this notice is filed:
MAY 31, 1997
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5. Check box if this notice is being filed more than 180 days after the close
of the issuer's fiscal year for purpose of reporting securities sold after
the close of the fiscal year but before termination of the issuer's 24f-2
declaration:
[ ]
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6. Date of termination of issuer's declaration under rule 24f-2 (a)(1), if
applicable:
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7. Number and amount of securities of the same class or series which had been
registered under the Securities Act of 1933 other than pursuant to rule
24f-2 in a prior fiscal year, but which remained unsold at the beginning
of the fiscal year:
NONE
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8. Number and amount of securities registered during the fiscal year other than
pursuant to rule 24f-2:
NONE
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9. Number and aggregate sale price of securities sold during the fiscal year:
$8,243,230 Price
733,390 Shares
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10. Number and aggregate sale price of securities sold during the fiscal
year in reliance upon registration pursuant to rule 24f-2:
$8,243,230 Price
733,390 Shares
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11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable:
$4,761,817 Price
426,459 Shares
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12. Calculation of registration fee:
<TABLE>
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(i) Aggregate sale price of securities sold during the fiscal
year in reliance on rule 24f-2: $8,243,230
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(ii) Aggregate price of shares issued in connection with
dividend reinvestment plans: $4,761,817
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(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year: $5,304,586
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(iv) Aggregate price of shares redeemed or repurchased
and previously applied as a reduction to filing fees
pursuant to rule 24f-2: 0
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(v) Net aggregate price of securities sold and issued during
the fiscal year in reliance on rule 24f-2: $7,700,461
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(vi) Multiplier prescribed by Section 6(b) of the Securities
Act of 1933 or other applicable law or registration: 1/3300
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(vii) Fee Due: $2,333.47
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</TABLE>
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13. Check box if fees are being remitted to the Commission's lockbox depository
as described in section 3a of the Commission's Rules of Informal and
Other Procedures
[ X ]
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository:
7/28/97
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SIGNATURES
This report has been signed below by the following persons on behalf of
the issuer and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ THRESA DEWAR
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Thresa Dewar, Treasurer
---------------------------------
Date July 25, 1997
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* Please print the name and title of the signing officer below the
signature.
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[STRADLEY RONON STEVENS & YOUNG, LLP LETTERHEAD]
Direct Dial:
(215) 564-8115
July 24, 1997
Summit Investment Trust
3435 Stelzer Road
Columbus, OH 43219-3035
Gentlemen:
You have informed us that, in accordance with Rule 24f-2 under the
Investment Company Act of 1940, as amended (the "1940 Act"), Summit Investment
Trust, a Massachusetts business trust (the "Trust"), intends to file a Rule
24f-2 Notice with the United States Securities and Exchange Commission (the
"SEC"), setting forth, among other things, that for the Trust's fiscal year
ended May 31, 1997, the Trust, having elected to register an indefinite number
of shares of its common stock, sold 1,159,849 shares of the Trust, under Rule
24f-2, and making definite the number of shares of common stock registered
under the Securities Act of 1933 (the "1933 Act") for such period. You have
also informed us that all such shares were issued in accordance with the
provisions relating thereto in the registration statement filed by the Trust
under the 1933 and 1940 Acts.
We have acted as legal counsel to the Trust during the period of time
referred to above and, as such, have reviewed the Agreement and Declaration of
Trust of the Trust; its Bylaws; the registration statement the Trust has filed
with the SEC under the 1940 and 1933 Acts, and such minutes of the corporate
proceedings and other documents as we deem material to our opinion.
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Summit Investment Trust
July 24, 1997
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Based on the foregoing, we are of the opinion that the 733,390 shares
of the Trust, sold under such Rule during the Trust's fiscal year ended May 31,
1997, were fully-paid, non-assessable and legally issued shares of common stock
of the Trust.
We hereby consent to the filing of this opinion with the SEC as an
exhibit or accompaniment to the aforementioned Rule 24f-2 Notice, as an exhibit
to the Trust's amendment to its registration statement under the 1933 Act, and
to any reference to us in the prospectus of the Trust as legal counsel who has
passed upon the legality of the offering of such shares of common stock. We
also consent to the filing of this opinion with the securities regulatory
agencies of any states or other jurisdiction in which such shares of common
stock are offered for sale.
Very truly yours,
STRADLEY, RONON, STEVENS & YOUNG, LLP
By: /s/ BRUCE G. LETO
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Bruce G. Leto
Partner
