U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /x/
Pre-Effective Amendment No.
---
Post-Effective Amendment No. 5
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and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /x/
Amendment No. 7
---
(Check appropriate box or boxes)
PROFIT FUNDS INVESTMENT TRUST
(Exact Name of Registrant as Specified in Charter)
8720 Georgia Avenue, Suite 808
Silver Spring, Maryland 20910
(Address of Principal Executive Offices)
Registrant's Telephone Number, including Area Code: (703) 506-9400
Eugene A. Profit
Investor Resources Group, LLC
8720 Georgia Avenue, Suite 808
Silver Spring, Maryland 20910
(Name and Address of Agent for Service)
Copies to:
David M. Leahy, Esq.
Sullivan & Worcester, LLP
1025 Connecticut Avenue NW/Suite 1000
Washington, D.C. 20036
It is proposed that this filing will become effective:
/X/ immediately upon filing pursuant to Rule 485(b)
/ / on (date) pursuant to Rule 485(b)
/ / 60 days after filing pursuant to Rule 485(a)
/ / on (date) pursuant to Rule 485(a)
<PAGE>
The cross-reference sheet, Part A, Part B and Part C are incorporated by
reference from the Registrant's Post Effective Amendment No. 4 to the
Registration Statement on Form N-1A (File No. 333-6849) as filed with the
Securities and Exchange Commission on November 30, 1998.
<PAGE>
SIGNATURES
----------
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it meets all of
the requirements for effectiveness of this Registration Statement pursuant to
Rule 485(b) under the Securities Act of 1933 and has duly caused this
Registration Statement to be signed below on its behalf by the undersigned,
thereunto duly authorized, in the City of Silver Spring, and State of Maryland,
on the 2nd day of December, 1998.
PROFIT FUNDS INVESTMENT TRUST
By:/s/ Eugene A. Profit
--------------------
Eugene A. Profit
President
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the dates indicated.
Signature Title Date
/s/ Eugene A. Profit President December 2, 1998
- ----------------------- and Trustee
Eugene A. Profit
/s/ Mark J. Seger Treasurer December 2, 1998
- -----------------------
Mark J. Seger
- ----------------------- Trustee
Larry E. Jennings, Jr.*
- ----------------------- Trustee By: /s/ John F. Splain
Robert M. Milanicz* ------------------
John F. Splain
Attorney-in-Fact*
- ----------------------- Trustee December 2, 1998
Joseph A. Quash*
- ----------------------- Trustee
Deborah Owens*
<PAGE>
INDEX TO EXHIBITS
(1) Declaration of Trust*
(2) By-Laws*
(3) Inapplicable
(4) Inapplicable
(5) Form of Management Agreement with Investor Resources Group, LLC*
(6)(i) Underwriting Agreement with Countrywide Investments, Inc.*
(ii) Agreement to Transfer Underwriting Contract*
(7) Inapplicable
(8) Custody Agreement*
(9)(i) Administration Agreement with Countrywide Fund Services, Inc.*
(ii) Accounting Services Agreement with Countrywide Fund Services, Inc.*
(iii) Transfer, Dividend Disbursing, Shareholder Service and Plan Agency
Agreement with Countrywide Fund Services, Inc.*
(10) Opinion and Consent of Counsel*
(11) Consent of Independent Accountants
(12) Inapplicable
(13) Agreement Relating to Initial Capital*
(14) Inapplicable
(15) Plan of Distribution Pursuant to Rule 12b-1*
(16) Inapplicable
(17) Financial Data Schedule
(18) Inapplicable
- ----------------------------
* Incorporated herein by reference to this Registration Statement as
originally filed with the Securities and Exchange commission or as
subsequently amended.
CONSENT OF INDEPENDENT ACCOUNTANTS
We consent to the incorporation in this Post-Effective Amendment No. 5 to the
Registration Statement of the Profit Value Fund Form N-1A (File No. 333-6849) of
our report dated November 24, 1998 on our audit of the financial statements and
financial highlights of the Profit Value Fund as of September 30, 1998 and for
the periods then ended referred to in our report. We also consent to the
reference to our Firm under the captions "Financial Highlights" in the
Prospectus and under the captions "Auditors" in the Statement of Additional
Information in this Post-Effective Amendment No. 5 to the Registration Statement
on Form N-1A (File No. 333-6849).
/s/ PricewaterhouseCoopers LLP
Columbus, Ohio
December 2, 1998
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001016887
<NAME> PROFIT FUNDS INVESTMENT TRUST
<SERIES>
<NUMBER> 1
<NAME> PROFIT VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 1,488,933
<INVESTMENTS-AT-VALUE> 1,756,705
<RECEIVABLES> 273,549
<ASSETS-OTHER> 73,114
<OTHER-ITEMS-ASSETS> 11,131
<TOTAL-ASSETS> 2,114,499
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 98,367
<TOTAL-LIABILITIES> 98,367
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,744,953
<SHARES-COMMON-STOCK> 159,211
<SHARES-COMMON-PRIOR> 156,052
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,407
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 267,772
<NET-ASSETS> 2,016,132
<DIVIDEND-INCOME> 37,526
<INTEREST-INCOME> 1,006
<OTHER-INCOME> 0
<EXPENSES-NET> 42,434
<NET-INVESTMENT-INCOME> (3,902)
<REALIZED-GAINS-CURRENT> 3,421
<APPREC-INCREASE-CURRENT> (34,188)
<NET-CHANGE-FROM-OPS> (34,669)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,477
<DISTRIBUTIONS-OF-GAINS> 8,347
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 73,832
<NUMBER-OF-SHARES-REDEEMED> 72,439
<SHARES-REINVESTED> 1,766
<NET-CHANGE-IN-ASSETS> 6,356
<ACCUMULATED-NII-PRIOR> 11,364
<ACCUMULATED-GAINS-PRIOR> 8,333
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 27,115
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 190,654
<AVERAGE-NET-ASSETS> 2,169,345
<PER-SHARE-NAV-BEGIN> 12.88
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> (.06)
<PER-SHARE-DIVIDEND> .09
<PER-SHARE-DISTRIBUTIONS> .05
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.66
<EXPENSE-RATIO> 1.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
