<PAGE>
Mayer, Brown & Platt
1675 Broadway
New York, New York 10019-5820
BETH R. KRAMER MAIN TELEPHONE
Of Cousel 212-506-2670
MAIN FAX
212-262-1910
October 1, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Attention: Filing Desk
Re: Supplement to the Statement of Additional Information
Meyers Investment Trust -- Meyers Pride Value Fund
File Nos. 333-02111 and 811-7581
-------------------------------------------
Dear Sir or Madam:
Pursuant to the Securities Act of 1933, as amended, and Rule 497(e)
thereunder, on behalf of Meyers Investment Trust (the "Trust"), we are
delivering to you herewith the Supplement dated October 1, 1999 to the Statement
of Additional Information filed on September 27, 1999 relating to the Trust.
Very truly yours,
/s/Beth R. Kramer, Esq.
--------------------
Beth R. Kramer, Esq.
cc: Briccio B. Barrientos
Securities and Exchange Commission
CHICAGO BERLIN CHARLOTTE COLOGNE HOUSTON LONDON
LOS ANGELES NEW YORK WASHINGTON
INDEPENDENT MEXICO CITY CORRESPONDENT, JAUREGUI, NAVARETE, NADER Y ROJAS
INDEPENDENT PARIS CORRESPONDENT LAMBERT & LEE
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Rule 497(e)
File Nos. 333-02111 and 811-7581
MEYERS INVESTMENT TRUST
Meyers Pride Value Fund
SUPPLEMENT DATED OCTOBER 1, 1999 TO STATEMENT OF ADDITIONAL
INFORMATION FILED ON SEPTEMBER 27, 1999
The Statement of Additional Information is amended as follows:
1. On Page 1:
a. Under the heading "STATEMENT OF ADDITIONAL INFORMATION" replace
"September , 1999" with "September 27, 1999."
b. In the second line of the third paragraph replace "September , 1999"
with "September 27, 1999."
2. On Page 3. In the first line of the second paragraph replace "September ,
1999" with "September 27, 1999."
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MEYERS PRIDE VALUE FUND
A separate portfolio of the Meyers Investment Trust
_________________
8901 Wilshire Boulevard
Beverly Hills, California 90211
Telephone Number: (310) 657-9393
Facsimile Number: (310) 657-9380
STATEMENT OF ADDITIONAL INFORMATION
September 27, 1999
The Meyers Pride Value Fund (the "Fund") is organized as a separate series of
the Meyers Investment Trust (the "Trust"), a business trust organized under the
laws of the State of Delaware. The Fund was formerly known as the Meyers
Sheppard Pride Fund, and the Trust was formerly known as the Meyers Sheppard
Investment Trust.
The Fund is an open-end, no-load diversified mutual fund whose overall
investment objective is to attain long-term capital appreciation by investing in
a diversified portfolio of equity securities of undervalued but nevertheless
fundamentally sound companies which have also been identified as having
progressive Open Workplace policies. See "Investment Objectives, Policies And
Restrictions" herein.
This Statement of Additional Information (the "SAI") sets forth information
which may be of interest to investors but which is not necessarily included in
the Prospectus for the Fund, dated September 27, 1999, as amended or
supplemented from time to time. This SAI should be read in conjunction with the
Fund's Prospectus. A copy of both the Prospectus and the SAI may be obtained by
an investor without charge by contacting BISYS Fund Services Limited
Partnership, the Fund's Distributor, at 3435 Stelzer Road, Columbus, Ohio 43219,
or calling 1-800-410-3337. This SAI has been incorporated by reference into the
Prospectus.
This SAI is NOT a prospectus and is authorized for distribution to prospective
investors only if preceded or accompanied by an effective prospectus and should
be read only in conjunction with such prospectus.
TABLE OF CONTENTS
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Page
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The Fund 2
Investment Objectives, Policies and Restrictions 3
Risk Factors 9
Tax Sheltered Retirement Plans 10
Investment Programs 12
Performance Information 13
Determination of Net Asset Value; Valuation of Fund Securities 14
Management of and Service Providers for the Trust and the Fund 15
Independent Auditors 21
Code of Ethics 21
Taxation 21
Fund Transactions and Brokerage Commissions 23
Description of Shares, Voting Rights and Liabilities 24
Financial Statements 25
</TABLE>
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investment in each of these accounts is $50. The Trust, on behalf of the Fund,
has adopted a Distribution Plan which permits reimbursement of certain expenses
incurred by the Distributor in connection with the sale and distribution of
shares of the Fund, up to a maximum of 0.25% (on an annual basis) of the Fund's
average daily net assets.
In addition to the shares offered in the Fund's prospectus, dated September 27,
1999, and this SAI, the Fund has established a second class of shares that is
not publicly offered in the United States.
No sales load is charged with respect to either the purchase or redemption of
Fund shares. The Fund will redeem shares of the Fund from shareholders at any
time at the next determined net asset value per share. The redemption price may
be more or less than the purchase price. An investor should contact the
Distributor to request additional information about the procedures under which
Fund shares may be purchased and redeemed. See "Buying and Selling Shares" in
the Prospectus.
INVESTMENT OBJECTIVES, POLICIES AND RESTRICTIONS
Investment Objective
The overall investment objective of the Fund (the "Investment Objective") is to
attain long-term capital appreciation by investing in a diversified portfolio of
equity securities of undervalued but nevertheless fundamentally sound companies
which have also been identified as having progressive Open Workplace policies.
The minimum criteria for identifying such companies is that they have in place
explicit policies against discrimination in hiring and promotion based on sexual
orientation.
Investment Strategy
In order to achieve its Investment Objective, the Fund will use an actively
managed, value-based investment approach focusing on a long-term market cycle
(at least three to five years), consistent with moderate levels of risk, wherein
the Investment Manager will identify companies exhibiting the following
characteristics: (1) low or inexpensive current value relative to earnings
estimates, cash flow, book value and/or break-up value; (2) good management; (3)
strong business fundamentals; and (4) positive earnings momentum.
The Fund invests in equity securities of publicly traded companies, primarily
common stocks. The Fund may also invest in preferred stocks, warrants and
certain debt instruments convertible into stock. Publicly-traded companies are
companies whose equity securities are traded over a national stock exchange or
over-the-counter through the National Association of Securities Dealers
Automatic Quotation ("NASDAQ") system or the National Association of Securities
Dealers, Inc. ("NASD") Electronic Bulletin Board. The Fund may invest in
companies in all ranges of capitalization; however, the Investment Manager
expects to invest at least 60% of the Fund's net assets in equity securities of
companies with a total market capitalization of at least $2 billion. Market
capitalization is computed by multiplying the current market price of a share of
a company's stock by the total number of its shares outstanding. It is a
commonly used measure of the size and value of a company.
3
