This Profile is filed pursuant to Rule 497(k)(1)(i)
under the Securities Act OF 1933.
PROFILE
July 12, 1998
ATALANTA/SOSNOFF INVESTMENT TRUST
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ATALANTA/SOSNOFF FUND
No-Load Fund
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The Atalanta/Sosnoff Fund seeks long-term capital appreciation,
through equity investments in companies entering a
cycle of accelerating earnings momentum.
This Profile summarizes key information about the Fund that is included in the
Fund's prospectus. The Fund's prospectus includes additional information about
the Fund, including a more detailed description of the risks associated with
investing in the Fund that you may want to consider before you invest. You may
obtain the prospectus and other information about the Fund at no cost by calling
toll-free 1-877-SOSNOFF (1-877-767-6633) or on Atalanta/Sosnoff Capital
Corporation's website at www.atalantasosnoff.com.
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ATALANTA/SOSNOFF FUND
Essential Questions Every Investor Should Ask
1. What are the Objectives and Goals of the Fund?
The Atalanta/Sosnoff Fund seeks long-term capital appreciation, through
equity investments in companies entering a cycle of accelerating earnings
momentum.
2. What are the Fund's Investment Strategies?
The Fund seeks to achieve its investment objective by investing
primarily in the common stocks of companies which, in the opinion of the
Adviser, are entering a cycle of accelerating earnings momentum. The Adviser may
examine various factors including, but not limited to, the following:
o EARNINGS MOMENTUM - Which companies will experience an accelerating
rate of growth during the next business cycle?
o GROWTH RATE P/E - What price to earnings ratio is being paid for the
growth rate and where does that place it relative to its peers?
o EARNINGS STABILITY - How consistently has the company been able to
grow operating income over an economic cycle?
o PRICE PERFORMANCE - Has the stock outperformed the market indices
through the current stock market cycle?
3. What are the Principal Risks of Investing in the Fund?
o The Atalanta/Sosnoff Fund is primarily a stock fund; like all stock
investments, it exposes the investor to potential drops in stock prices. The
stock market's long rise over time has been punctuated by declines; even in
rising markets, the share prices of the most profitable companies can fall.
o The Fund's investment return and net asset value fluctuate and when
you sell your shares you may receive more or less than the amount you paid for
them.
o The Fund may write (sell) covered put and call options as a means of
enhancing the portfolio's returns, and may buy put and call options written by
others covering securities, stock indices and futures contracts to attempt to
provide protection against the adverse effects of anticipated changes in the
prices of such securities. Option writing, while designed to hedge and enhance
income, may result in lost profits and additional transaction costs.
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o Although the annual portfolio turnover rate of the Fund cannot be
accurately predicted, it is not expected to exceed 150%, but may be either
higher or lower. High turnover (more than 100%) involves correspondingly greater
transaction costs.
4. What are the Fund's Fees and Expenses?
This table describes the fees and expenses that you may pay if you buy,
sell or hold shares of the Fund.
Shareholder Fees
(fees paid directly from your investment):
Sales charge imposed on purchases None
Sales charge imposed on
reinvested dividends None
Deferred sales charge None
Redemption fee None*
Exchange Fee None
* A wire transfer fee is charged by the Fund's Custodian in the case of
redemptions made by wire. Such fee is subject to change and is
currently $9.
Annual Fund Operating Expenses
(expenses that are deducted from Fund assets as a percentage of average daily
assets):
Management Fees .75%
Distribution (12b-1) Fees .25%
Other Expenses .50%*
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Total Annual Fund Operating Expenses 1.50%
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* "Other Expenses" are based on estimated amounts for the
current fiscal year.
Example:
This Example is intended to help you compare the cost of investing in the Fund
with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated and then redeem all of
your shares at the end of those periods. The Example also assumes that your
investment has a 5% return each year and that the Fund's operating expenses
remain the same. Although your actual costs may be higher or lower, based on
those assumptions your costs would be:
1 Year......... $ 153
3 Years........ 474
The above example should not be considered a representation of past or future
expenses or performance. Actual expenses may be greater or less than those
shown.
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5. Who are the Investment Adviser and Portfolio Managers of the Fund?
The Trust retains Atalanta/Sosnoff Capital Corporation (Delaware), 101
Park Avenue, New York, New York 10178 (the "Adviser"), to manage the Fund's
investments. The Adviser is a registered investment adviser that has been
advising individual, institutional and corporate clients since 1982. The Adviser
is a wholly-owned subsidiary of Atalanta/Sosnoff Capital Corporation, a public
company listed as a member firm of the New York Stock Exchange. Martin T.
Sosnoff is the controlling shareholder of the Adviser's parent company.
Martin T. Sosnoff, C.F.A., Chairman of the Board of the Adviser and its
parent company, is primarily responsible for the day-to-day management of the
Fund. Mr. Sosnoff founded the Adviser in 1981. He has authored two books on the
money management business, Humble on Wall Street (1975) and Silent Investor,
Silent Loser (1986), and currently writes a column for Forbes magazine. Mr.
Sosnoff chairs an investment committee of three senior executives of the Adviser
in managing the Fund's portfolio. Craig B. Steinberg is President and a Director
of the Adviser and has been employed by the Adviser since 1985. Paul P. Tanico
is Executive Vice President of the Adviser and has been employed by the Adviser
since 1997. He has been a General Partner of Castlerock Partners, an investment
partnership, since 1993.
6. How Do I Buy Shares?
Shares are sold without a sales charge. To purchase shares of the Fund,
complete the enclosed application and mail it with a check payable to the Fund.
The Fund's mailing address is P.O. Box 5354, Cincinnati, Ohio 45201-5354. You
may also establish an account by wiring funds from your bank or other financial
institution. You may also open your account through a broker-dealer authorized
to sell shares of the Fund. Your initial investment must be at least $5,000 or
$2,000 for investments by an Individual Retirement Account. The Fund may, in the
Adviser's sole discretion, accept certain accounts with less than the stated
minimum investment.
7. How Do I Sell Shares?
You may redeem all or a portion of your shares on any business day by
sending a written request to the Fund. If the shares to be redeemed have a value
of $25,000 or more, your signature must be guaranteed by any eligible guarantor
institution. If you have made appropriate arrangements to do so, your written
instructions may request that your redemption proceeds be wired to an existing
account with a bank or other financial institution. You may also redeem your
shares through a broker-dealer authorized to do so.
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8. How are Distributions Made and What are the Tax Considerations?
The Fund intends to declare and distribute income dividends and net
realized capital gains at least once annually. The Fund's capital gains
distributions are taxable at different rates depending on how long the Fund has
held its assets. All dividends and distributions will be reinvested
automatically in shares of the Fund unless you otherwise elect to receive your
distributions in cash.
9. What Other Services are Available from the Fund?
A wide range of shareholder services are available, including, but not
limited to:
o 24-hour automated telephone line
o Automated investment plan
o Direct deposit plan
o Tax-deferred retirement plans
(e.g, IRAs, Keogh, 401(k), 403(b), etc...)
For more information about investing in Atalanta/Sosnoff Fund, please call
toll-free 1-877-SOSNOFF (1-877-767-6633) or visit Atalanta/Sosnoff Capital
Corporation's website at www.atalantasosnoff.com.
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