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Acorn Investment Trust
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Contact: Christine Pratt/Rod O'Connor
PRATT MARKETING GROUP
312/664-2500
Merrillyn J. Kosier, Senior Vice President
WANGER ASSET MANAGEMENT
312/634-9225
The Acorn Fund Proposes First Upward Fee Adjustment In 27 Years
Economic Growth, Increased Competition
Cause Premier Small-Cap Fund To Ask For Adjusted Rates
Chicago, October 24, 1997 -- The Acorn Fund, one of the nation's foremost small-
cap funds, is proposing to shareholders its first upward fee adjustment.
According to the Acorn Fund's advisor Wanger Asset Management, LP, the fee
adjustment is necessary for the following reasons:
. To continue to attract and retain top analytical talent;
. To continue to provide shareholders with strong long-term performance;
. To remain a premier small-cap fund
"Our goal is to give Acorn shareholders above-average performance at a below-
average expense ratio," says Acorn President and Portfolio Manager Ralph Wanger.
"The fee adjustment will keep the Acorn Fund competitive by allowing us to hire
and retain the best analytical talent, add resources, and expand systems. Even
with the proposed fee increase, Acorn Fund's total expense ratio remains nearly
42% below that of the average small-cap equity mutual fund. What's more, Acorn
Fund is a no-load fund. There are no hidden costs -- no 12b-1 fees, sales
charges, front-end charges or back-end charges."
Acorn Fund's proposed total expense ratio compared to other mutual funds tracked
by Lipper Analytical Services, Inc. The Lipper data is the average of all
Lipper-tracked funds in the category for the most recent fiscal years of each
fund as of August 1997; Acorn Fund's pro forma information is for the six months
ended June 30, 1997:
<TABLE>
<CAPTION>
Retail Taxable Acorn
Money Fixed General Mid Small Fund --
Market Income Equity Cap Cap Proposed
Funds Funds Funds Funds Funds Fees
------ ----- ----- ----- ----- ----
<S> <C> <C> <C> <C> <C> <C>
Management Fee .36% .49% .73% .76% .79% .69%
Total Expense Ratio .73% 1.08% 1.46% 1.46% 1.50% .87%
</TABLE>
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ACORN FUND...
Add One
In 1970, businessman Irving Harris launched The Acorn Fund with portfolio
manager Ralph Wanger. The Fund's philosophy -- to buy small, niche companies,
hold them while they are mid-cap, and sell them when they are large -- has
proven successful through 27 years and multiple business cycles.
Acorn Fund has established its reputation by finding hidden stock gems before
they become "celebrity stocks" on Wall Street. But finding good small company
stocks takes time, energy, and a great deal of research. And as small business
continues to thrive, the universe of smaller companies to choose from keeps
getting larger. With 396 small company mutual funds out there competing for new
ideas, the competition to uncover great stocks is at a peak.
"The fee adjustment will help assure the ongoing success of Acorn Fund,"
explains Wanger. "For example, we must continue to attract and retain top-notch
analysts. But dramatic changes in the asset management industry have created
intense competition for the best analytical talent. As compensation for skilled
people escalates, we must continue to maintain our level of quality."
"One of the hallmarks of Acorn's investment style is careful and thoughtful
analysis," says Wanger. "We have applied this same labor-intensive approach to
this fee proposal, and believe that this is the right time to adjust the fee for
the long-run benefit of our shareholders."
Ralph Wanger is President of Wanger Asset Management, LP, the Chicago-based
investment advisor to Acorn Investment Trust, Wanger Advisors Trust, and other
institutional accounts. Wanger Asset Management currently manages more than $6
billion in total assets.
The fee proposal will be voted on by Acorn shareholders at a special meeting on
December 9, 1997 and is described in Acorn's proxy statement dated October 24,
1997.
For more information about the proxy, please contact Merrillyn J. Kosier at
Wanger Asset Management, LP 312/634-9225.
