<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 place 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.
On page 30, please delete the paragraph under the heading "Redemption In Kind"
and replace with the following:
All redemptions of shares of the Fund shall be made in cash, except that
this commitment to redeem shares in cash at the request for redemption by
any shareholder of record of the Fund is limited in amount with respect to
each shareholder during any 90-day period to the lesser
<PAGE> 2
of $250,000 or 1% of the net asset value of the Fund at the beginning of such
period. This commitment is irrevocable without prior approval of the SEC. In the
case of redemption requests by a shareholder of record during any 90-day period
in excess of such limit for cash redemptions, the Board of Trustees reserves the
right to have the Fund make payment, in whole or in part, in securities or other
assets of the Fund. In this event, the securities or other assets would be
valued in the same manner as the securities or other assets of the Fund are
valued for purposes of determining the net asset value per share of the Fund. If
the shareholder recipient of such securities or other assets were to sell such
securities or other assets, the shareholder recipient could receive less than
the redemption value of the securities or other assets and could incur certain
transaction costs.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS FOR FUTURE
REFERENCE. THIS SUPPLEMENT SUPERSEDES ALL PREVIOUS SUPPLEMENTS.
THE DATE OF THIS SUPPLEMENT IS APRIL 15, 1997.
<PAGE> 3
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 place 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 or 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.
<PAGE> 4
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.
On page 34, please delete the paragraph under the heading "Redemption In Kind"
and replace with the following:
All redemptions of shares of the Fund shall be made in cash, except that
this commitment to redeem shares in cash at the request for redemption by
any shareholder of record of the Fund is limited in amount with respect to
each shareholder during any 90-day period to the lesser of $250,000 or 1%
of the net asset value of the Fund at the beginning of such period. This
commitment is irrevocable without prior approval of the SEC. In the case of
redemption requests by a shareholder of record during any 90-day period in
excess of such limit for cash redemptions, the Board of Trustees reserves
the right to have the Fund make payment, in whole or in part, in securities
or other assets of the Fund. In this event, the securities or other assets
would be valued in the same manner as the securities or other assets of the
Fund are valued for purposes of determining the net asset value per share
of the Fund. If the shareholder recipient of such securities or other
assets were to sell such securities or other assets, the shareholder
recipient could receive less than the redemption value of the securities or
other assets and could incur certain transaction costs.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS FOR FUTURE
REFERENCE. THIS SUPPLEMENT SUPERSEDES ALL PREVIOUS SUPPLEMENTS.
THE DATE OF THIS SUPPLEMENT IS APRIL 15, 1997.
<PAGE> 5
SUMMIT INVESTMENT TRUST
SUMMIT HIGH YIELD FUND
HIGH YIELD SHARES CLASS
INSTITUTIONAL SERVICE SHARES CLASS
SUPPLEMENT TO COMBINED STATEMENT OF ADDITIONAL INFORMATION
DATED OCTOBER 1, 1996, AS SUPPLEMENTED ON OCTOBER 31, 1996
On page 52, please delete the heading and paragraph titled "Redemption-In-Kind".
THE DATE OF THIS SUPPLEMENT IS APRIL 15, 1997.
