November 5, 1999
COUNTRYWIDE INVESTMENT TRUST
SHORT TERM GOVERNMENT INCOME FUND
MONEY MARKET FUND
INSTITUTIONAL GOVERNMENT INCOME FUND
SUPPLEMENT TO PROSPECTUSES DATED NOVEMBER 30, 1998
INTERMEDIATE TERM GOVERNMENT INCOME FUND
ADJUSTABLE RATE U.S. GOVERNMENT SECURITIES FUND
INTERMEDIATE BOND FUND
SUPPLEMENT TO PROSPECTUSES DATED AUGUST 1, 1999
THE FOLLOWING SHOULD BE READ IN CONJUNCTION WITH THE SECTION ENTITLED
"OPERATION OF THE FUND":
On October 29, 1999, Fort Washington Investment Advisors, Inc., a wholly-owned
subsidiary of The Western-Southern Life Insurance Company ("Western-Southern")
acquired all of the outstanding stock of Countrywide Financial Services,
Inc. (the "Acquisition"). Countrywide Investments, Inc. (the "Adviser"), which
provides investment advisory and distribution services to the Trust, and
Countrywide Fund Services, Inc. (the "Transfer Agent"), which provides
transfer agency, accounting and administrative services to the Trust, are
wholly-owned subsidiaries of Countrywide Financial Services, Inc. As a
result of the Acquisition, the Adviser and the Transfer Agent are each an
indirect wholly-owned subsidiary of Western-Southern. Western-Southern provides
life and health insurance, annuities, mutual funds, business planning insurance,
asset management and other related financial services.
On October 27, 1999, a Special Meeting of Shareholders of the Trust was held in
order for shareholders to vote on certain matters relating to the Acquisition.
Shareholders of the Funds voted to approve new investment advisory agreements
with the Adviser containing substantially identical terms and conditions,
in all material respects, as the advisory agreements in effect prior to the
Acquisition. Shareholders also elected the following individuals to serve on
the Board of Trustees of the Trust effective upon the closing of the
Acquisition: William O. Coleman, Phillip R. Cox, H. Jerome Lerner,
Robert H. Leshner, Jill T. McGruder, Oscar P. Robertson, Nelson Schwab, Jr.,
Robert E. Stautberg and Joseph S. Stern, Jr.
The investment objectives and policies of the Funds have not been affected by
the Acquisition.
THE FOLLOWING SHOULD BE READ IN CONJUNCTION WITH THE SECTION ENTITLED "HOW TO
PURCHASE SHARES":
As a result of the Acquisition, the InvestPlus Plan will no longer be offered.
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Therefore, Countrywide Home Loans mortgage holders may no longer write one
check for their mortgage payment and their investment in a Fund. The
paragraph describing the InvestPlus Plan should be disregarded and is
no longer applicable.
EFFECTIVE NOVEMBER 15, 1999, FOR THE INTERMEDIATE TERM GOVERNMENT INCOME FUND,
THE ADJUSTABLE RATE U.S. GOVERNMENT SECURITIES FUND AND INTERMEDIATE BOND FUND
ONLY, THE FOLLOWING SHOULD BE READ IN CONJUNCTION WITH THE SECTION ENTITLED
"OPERATION OF THE FUND":
Effective November 15, 1999, Scott Weston, formerly co-portfolio manager, is the
sole portfolio manager of the Intermediate Term Government Income Fund,
Adjustable Rate U.S. Government Securities Fund and Intermediate Bond Fund.
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