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Supplement No. 3 Dated July 7, 1999
(To Prospectus Dated February 1, 1999)
Kobrick Investment Trust
Kobrick Growth Fund
Kobrick Capital Fund
Kobrick Emerging Growth Fund
GROWTH FUND - Portfolio Manager
Under the above caption at page 2 of the Prospectus, the paragraph is revised in
its entirety as follows:
Michael E. Nance is the portfolio manager of the Growth Fund, See "Fund
Details - Management of the Funds" for a summary of Mr. Nance's experience.
MANAGEMENT OF THE FUNDS
Under the above caption at page 16 of the Prospectus, the following provisions
are revised in their entirety:
The second paragraph:
Kobrick Funds LLC became the investment manager to the Funds in July 1999,
following its acquisition of substantially all of the assets and certain
liabilities of the prior investment manager to the Funds, also know as
Kobrick Funds LLC. The Investment Manager is a wholly owned subsidiary of
Nvest Companies, L.P. ("Nvest"). Nvest has 18 affiliates and divisions and
$133 billion in assets under management (as of March 31, 1999). There was
no change in the day to day management of the Investment Manager or
investment strategy of the Funds as a result of the acquisition. Frederick
R. Kobrick continues to serve as President and Chief Executive Officer of
the Investment Manager.
The third paragraph:
Frederick R. Kobrick, CFA, is the portfolio manager of the Capital Fund and
the Emerging Growth Fund. He has been portfolio manager of the Capital Fund
since its inception and was previously portfolio manager of the Emerging
Growth Fund from its inception until February 1, 1999 and returned as
portfolio manager on April 9, 1999. He has been in the investment business
for more than 28 years. For the 12 year period immediately prior to
becoming President of the predecessor to Kobrick Funds LLC in 1997, he was
an equity portfolio manager at State Street Research & Management Company,
where he served as Senior Vice President since 1989 and as a member of the
firm's Equity Investment Committee since 1985.
Michael E. Nance, became the portfolio manager of the Growth Fund as of
July 1, 1999. Mr. Nance joined Kobrick Funds from Putnam Investments in
June of 1999, where he was a Senior Vice President and a Co-Manager of the
Putnam Voyager Fund and certain institutional accounts. Mr. Nance joined
Putnam in 1994 as Assistant Vice President and Equity Analyst in the Global
Equity Research Group.
