CAPITAL MANAGEMENT INVESTMENT TRUST
SUPPLEMENT
Dated August 18, 2000
CAPITAL MANAGEMENT MID-CAP FUND
A Special Meeting ("Meeting") of Shareholders of the Capital Management Mid-Cap
Fund ("Fund") was held pursuant to notice on August 17, 2000. The purpose of the
Meeting was to approve a new Plan of Distribution pursuant to Rule 12b-1
("Plan") for the Investor Shares and the reimbursement of Rule 12b-1 related
expenses that have accrued during the time between the lapse of the previous
Plan of Distribution Pursuant to Rule 12b-1 (November 10, 1999) and shareholder
approval of the new Plan (August 17, 2000). Additionally, Shareholders of the
Fund were asked to vote on the approval of a new Investment Advisory Agreement
that would replace the former investment advisory agreement which terminated on
November 10, 1999. All three items were approved by a majority of Shareholders
of the Fund at the Meeting and became effective on August 17, 2000.
Also, please note that the "Average Annual Total Returns" listed in the table on
page 4 of the Fund's Investor Shares Prospectus are for the year ended December
31, 1999, not 1998 as listed.
Investors Should Retain This Supplement for Future Reference
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