September 28, 2000
Brundage, Story and Rose Investment Trust
Supplement to Prospectus Dated April 1, 2000
Bessemer Trust Company, N.A. ("Bessemer Trust") has entered into an agreement to
acquire the business of Brundage, Story and Rose, LLC, a New York limited
liability company (the "Acquisition"). After the Acquisition is completed,
Brundage, Story and Rose, LLC (the "Adviser") will be a Delaware limited
liability company operated as a subsidiary of Bessemer Trust. Brundage, Story
and Rose, LLC provides investment advisory services for both series of the
Brundage, Story and Rose Investment Trust (the "Trust"), the Brundage, Story and
Rose Equity Fund and the Brundage, Story and Rose Short/Intermediate Term
Fixed-Income Fund (individually a "Fund" or jointly the "Funds").
On September 13, 2000, the Board of Trustees of the Trust approved an interim
advisory agreement with the Adviser to become effective upon the closing of the
proposed Acquisition, which is expected to be on or about October 2, 2000. The
interim advisory agreement will remain in effect for no more than 150 days or
until Fund shareholders approve or disapprove the new advisory agreement. On
September 13, 2000, the Board of Trustees also approved a new advisory agreement
with the Adviser. If the new advisory agreement is approved by Fund
shareholders, the Adviser, under the ownership of Bessemer Trust, will manage
the Funds. Management has yet to schedule a shareholders' meeting in order to
consider the new advisory agreement, but expects that any such a meeting will be
held in February 2001.
Bessemer Trust is a unique wealth management and trust company that has provided
wealth management services to high-net-worth individuals and select institutions
since 1907. The company supervises assets in excess of $34.9 billion as of
August 31, 2000, and provides a wide range of services including asset
management, tax and estate planning, fiduciary counseling, family business
planning, and targeted philanthropy. Headquartered in New York City, Bessemer
Trust also services clients from offices in Palm Beach, Miami and Naples,
Florida; San Francisco and Los Angeles, California; Washington, D.C.; Chicago,
Illinois; Atlanta, Georgia; Woodbridge, New Jersey; London, England; and the
Cayman Islands.
OPERATION OF THE FUNDS (page 17)
Reference to H. Dean Benner in the third paragraph is deleted and replaced with
the following:
Effective October 2, 2000, Harold S. Woolley, an Executive Vice President with
Bessemer Trust, is primarily responsible for managing the portfolio of the
Fixed-Income Fund. Mr. Woolley has been employed by Bessemer Trust in various
capacities since 1985, where he is in charge of fixed income investments.
Effective October 9, 2000 the address for the Brundage, Story and Rose
Investment Trust (the "Trust") will be 221 East Fourth Street, Suite 300,
Cincinnati, Ohio 45202. Effective October 9, 2000 the sole telephone for the
Trust will be 1-800-320-2212. After this date please disregard the address and
telephone numbers printed in the Prospectus.
