ALBEMARLE INVESTMENT TRUST/
497, 2000-11-14
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November 14, 2000

Albemarle Investment Trust (the "Trust")
Supplement to the Statement of Additional  Information  ("SAI") Dated January 1,
2000

Effective October 9, 2000, the address for the Trust, and the Trust's Secretary,
Treasurer and Assistant Vice  President  will be 221 East Fourth  Street,  Suite
300,  Cincinnati,  Ohio 45202.  After this date please  disregard  the addresses
printed in the SAI.



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