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PROFIT FUNDS INVESTMENT TRUST
Cross Reference Sheet
Pursuant to Rule 481(a)
Under the Securities Act of 1933
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PART A
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Item No. Registration Statement Caption Caption in Prospectus
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1. Cover Page Cover Page
2. Synopsis Expense Information
3. Condensed Financial Information Performance Information
4. General Description of Registrant Operation of the Fund;
Investment Objective,
Investment Policies and
Risk Considerations
5. Management of the Fund Operation of the Fund
6. Capital Stock and Other Securities Cover Page; Operation of the
Fund; Dividends and
Distributions; Taxes
7. Purchase of Securities Being How to Purchase Shares;
Offered Shareholder Services;
Distribution Plan;
Calculation of Share Price;
Application
8. Redemption or Repurchase How to Redeem Shares;
Shareholder Services;
Distribution Plan
9. Pending Legal Proceedings Inapplicable
PART B
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Caption in Statement
of Additional
Item No. Registration Statement Caption Information
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10. Cover Page Cover Page
11. Table of Contents Table of Contents
(i)
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12. General Information and History The Trust
13. Investment Objectives and Policies Definitions, Policies
and Risk Considerations;
Quality Ratings of
Corporate Bonds and
Preferred Stocks;+
Investment Limitations;
Securities Transactions;
Portfolio Turnover
14. Management of the Fund Trustees and Officers
15. Control Persons and Principal Inapplicable
Holders of Securities
16. Investment Advisory and Other The Investment Manager;
Services The Investment Adviser;
Distribution Plan; The
Distributor; Custodian;
Auditors;
17. Brokerage Allocation and Other Securities Transactions
Practices
18. Capital Stock and Other Securities The Trust
19. Purchase, Redemption and Pricing of Calculation of Share
Securities Being Offered Price; Redemption in
Kind
20. Tax Status Taxes
21. Underwriters Inapplicable
22. Calculation of Performance Data Historical Performance
Information
23. Financial Statements Statements of Assets and
Liabilities
PART C
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The information required to be included in Part C is set forth under the
appropriate Item, so numbered, in Part C to this Registration Statement.
(ii)
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PROFIT FUNDS INVESTMENT TRUST
PROFIT LOMAX VALUE FUND
SUPPLEMENT DATED APRIL 1, 1997 TO
PROSPECTUS DATED NOVEMBER 11, 1996
This Supplement provides new information beyond that contained in the
prospectus for the Profit Lomax Value Fund, and should be retained and read in
conjunction with the section of the prospectus entitled "Operation of the Fund"
which begins on page 10.
The Fund has entered into an Underwriting Agreement with Countrywide
Investments, Inc. ("Countrywide" or "Distributor") 312 Walnut Street,
21st Floor, Cincinnati, Ohio 45202, under which Countrywide provides
distribution services to the Fund. Under the terms of the Underwriting
Agreement, and in accordance with the Fund's Distribution Plan, the Fund
or the Manager pays all costs relating to distribution of Fund shares,
subject to a limit of 0.25% per annum of the average daily net asset
value of the Fund for payments made directly by the Fund or for payments
made to the Manager by the Fund as reimbursement for distribution
expenses incurred by the Manager.
PLEASE RETAIN FOR FUTURE REFERENCE
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PROFIT FUNDS INVESTMENT TRUST
PROFIT LOMAX VALUE FUND
SUPPLEMENT DATED APRIL 1, 1997 TO
STATEMENT OF ADDITIONAL INFORMATION
DATED NOVEMBER 11, 1996
This Supplement provides new information beyond that contained in the
Statement of Additional Information for the Profit Funds Investment Trust, and
should be inserted as a new section after "The Investment Adviser." This
Supplement to the Statement of Additional Information, which is incorporated by
reference into the Prospectus for the Trust, should be read only in conjunction
with the Prospectus for the Funds, dated November 11, 1996, as they may from
time to time be revised.
THE DISTRIBUTOR
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Countrywide Investments, Inc. ("Countrywide" or "Distributor") 312
Walnut Street, 21st Floor,Cincinnati, Ohio 45202, serves as Distributor
for the Trust pursuant to an Underwriting Agreement. Shares are sold on
a continuous basis by the Distributor. The Distributor has agreed to use
its best efforts to solicit orders for the sale of Trust shares, but it
is not obliged to sell any particular amount of shares. The Underwriting
Agreement provides that, unless sooner terminated, it will continue in
effect for two years from the date of its execution, and for continuous
one-year periods thereafter if such continuance is approved at least
annually (i) by the Board of Trustees or a vote of a majority of the
outstanding shares, and (ii) by a majority of the Trustees who are not
interested persons of the Trust or of the Distributor by vote cast in
person at a meeting called for the purpose of voting on such approval.
Under the terms of the Underwriting Agreement, and in accordance with
the Fund's Distribution Plan, the Fund or the Manager pays all costs
relating to distribution of Fund shares, subject to a limit of 0.25% per
annum of the average daily net asset value of the Fund for payments made
directly by the Fund or for payments made to the Manager by the Fund as
reimbursement for distribution expenses incurred by the Manager.
The Underwriting Agreement may be terminated by the Trust at any time,
without the payment of any penalty,
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by vote of a majority of the entire Board of Trustees of the Trust or by a vote
of a majority of the outstanding shares on 60 days' written notice to the
Distributor, or by the Distributor at any time, without the payment of any
penalty, on 60 days' written notice to the Trust. The Underwriting Agreement
will automatically and immediately terminate in the event of its assignment.
