September 10, 1999
Countrywide Investment Trust
Supplement to Prospectuses Dated November 30, 1998 and August 1, 1999
Countrywide Strategic Trust
Supplement to Prospectuses Dated August 1, 1999
Countrywide Tax-Free Trust
Supplement to Prospectuses Dated November 1, 1998
And November 1, 1998 (Revised August 1, 1999)
Fort Washington Investment Advisors, Inc., 420 East Fourth Street, Cincinnati,
Ohio, has entered into an agreement with Countrywide Credit Industries, Inc. to
purchase Countrywide Financial Services, Inc. ("CFS"), Countrywide Investments,
Inc. and Countrywide Fund Services, Inc. Countrywide Investments, Inc. (the
"Adviser") provides investment advisory and distribution services for the
Trusts, and Countrywide Fund Services, Inc. provides transfer agency, accounting
and administrative services for the Trusts.
On September 8, 1999, the Boards of Trustees of the Countrywide Funds approved
new management agreements with the Adviser, and the Board of Trustees of
Countrywide Strategic Trust approved new subadvisory agreements for the
Aggressive Growth and Growth/Value Funds with Mastrapasqua & Associates, Inc.,
to become effective upon the closing of the proposed acquisition of CFS by Fort
Washington Investment Advisors (the "Acquisition").
If the new management and subadvisory agreements are approved by Fund
shareholders at a meeting scheduled to be held on October 27, 1999, or at any
adjournment thereof (the "Meeting"), upon consummation of the Acquisition, the
Adviser, under the ownership of Fort Washington Investment Advisors, will manage
the Countrywide Funds and Mastrapasqua & Associates, Inc. will act as subadviser
for the Aggressive Growth and Growth/Value Funds. The proposed new management
and subadvisory agreements will become effective on the closing date of the
Acquisition, which is expected to occur immediately following the Meeting.
Shareholders will also be asked (1) to elect a slate of Trustees for each
Trust's Board to serve following consummation of the Acquisition and (2) to
ratify the selection of the Funds' independent public accountants for the
current fiscal year.
After the Acquisition is completed, CFS will be operated as a wholly-owned
subsidiary of Fort Washington Investment Advisors. Fort Washington Investment
Advisors is part of Western-Southern Enterprise, a dynamic group of financial
services companies owned by The Western and Southern Life Insurance Company.
As a full-service registered investment advisory firm, Fort Washington
Investment Advisors offers professional and comprehensive investment management
services for foundations and endowments, corporate pension funds, insurance
companies, mutual funds, colleges and universities, religious organizations and
high net worth individuals. Fort Washington Investment Advisors and its advisory
subsidiaries have assets under management exceeding $16 billion.
