March 13, 2000

                          COUNTRYWIDE INVESTMENT TRUST

                 ADJUSTABLE RATE U.S. GOVERNMENT SECURITIES FUND

                 SUPPLEMENT TO PROSPECTUS DATED FEBRUARY 1, 2000


The Board of Trustees  recently  determined to terminate the public  offering of
shares of the Adjustable Rate U.S.  Government  Securities  Fund.  Consequently,
shares of the Adjustable Rate U.S. Government  Securities Fund will no longer be
available for purchase by investors following the close of business on March 15,
2000.  All of the  outstanding  shares of the  Adjustable  Rate U.S.  Government
Securities  Fund will be redeemed to  shareholders.  These  redemptions  will be
completed on or about May 1, 2000.



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