September 20, 1999
BRUNDAGE, STORY AND ROSE INVESTMENT TRUST
SUPPLEMENT TO PROSPECTUS DATED MARCH 31, 1999
In order to change the limitation on portfolio investment by the
Short/Intermediate Term Fixed-Income Fund in debt securities rated Baa or BBB,
the fourth full paragraph of the section "Investment Risks" on page 11 of the
Prospectus is replaced in its entirety with the following:
"While securities in these categories are generally accepted as being of
investment grade, securities rated Baa or BBB have speculative characteristics
and changes in economic conditions or other circumstances are more likely to
lead to a weakened capacity to pay principal and interest than is the case with
higher grade securities. The Fund will not invest more than 15% of its net
assets in securities rated Baa or BBB."
Ms. Antoinette Geyelin Hoar and Mr. Charles G. Watson have resigned from the
Board of Trustees. The Board of Trustees is now comprised as follows:
Malcolm D. Clarke, Jr.
Francis S. Branin, Jr.
Cheryl L. Grandfield
Jerome B. Lieber
William M.R. Mapel
James G. Pepper
Crosby R. Smith
