SEC Company Response from KIT COLE INVESTMENT TRUST (CIK 0001110219) — Nov 5, 2004
KIT COLE INVESTMENT TRUST (CIK 0001110219)
Date: Nov. 5, 2004 · CIK: 0001110219 · Accession: 0000897069-04-001913
AI Filing Summary & Sentiment
File numbers found in text: 811-09887
Letter
VIA EDGAR CLIENT/MATTER NUMBER 045731-0101 Ms. Christina Delano Division of Investment Management Securities and Exchange Commission Fifth Street, N.W. Judiciary Plaza Washington, DC 20549 Re: Kit Cole Investment Trust File No. 811-09887
Dear Ms. Delano:
Kit Cole Investment Trust (the “Registrant”) has asked me to respond to the comments to the June 30, 2004 Annual Report to Shareholders of Registrant which you provided to Registrant on October 7, 2004.
Redemption Fee Disclosure – Disclose in the Notes to the Financial Statements a description of the redemption fee and add a footnote to the Statement of Assets and Liabilities, “Net asset value, offering and redemption price per share” that discloses that a redemption fee of 1% is charged on redemptions of shares held for less than 6 months.
Response – Registrant has advised me that it will make the requested change in future filings.
Distribution Fee – Explain why the amount of the distribution (12b-1 fees) fees in the Statement of Operations is lower than the amount of the distribution fees payable in the Statement of Assets and Liabilities.
Response – Registrant advised me that it recently realized it was overaccruing 12b-1 fees and since June 30, 2004 has ceased accruing 12b-1 fees. Registrant has advised me that it has plans to utilize the 12b-1 fees so accrued.
Note 1 of the Notes to the Financial Statements – Change the disclosure in Note 1 of the Notes to Financial Statements to refer to the Kit Cole Strategic Growth Fund as a “non-diversified management investment company.”
Response – Registrant has advised me that it will make the requested change in future filings.
Note 2 of the Notes to the Financial Statements – In “(b)” expand the discussion to address “fair value” valuation and disclose whether any securities are “fair valued.” Response – Registrant has advised me that it will make the requested change in future filings and that as of June 30, 2004, no securities held by Registrant were “fair valued.”
BRUSSELS
CHICAGO
DETROIT
JACKSONVILLE
LOS ANGELES
MADISON
MILWAUKEE
NEW YORK
ORLANDO
SACRAMENTO
SAN DIEGO
SAN DIEGO/DEL MAR
SAN FRANCISCO
SILICON VALLEY
TALLAHASSEE
TAMPA
TOKYO
WASHINGTON, D.C.
WEST PALM BEACH
Ms. Christina Delano
November 5, 2004 Page 2
Note 3 of the Notes to the Financial Statements – Correct the table in Note 3 of the Notes to the Financial Statement so that there is only one amount for each year of expiration.
Response – Registration has advised me that in future filings the amount opposite “6/30/06” will be “$337,029", and the amount opposite “6/30/07” will be $304,103".
Information about Trustees and Officers – Include the disclosure required by Item 21(b)(6) of Form N-1A.
Response – Registrant has advised me it will make the requested inclusion in future filings.
Very truly yours,
/s/ Richard L. Teigen
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CORRESP
1
cmw1024.htm
RESPONSE LETTER
FOLEY & LARDNER LLP
ATTORNEYS AT LAW
777 EAST WISCONSIN AVENUE
MILWAUKEE, WISCONSIN 53202-5306
414.271.2400 TEL
414.297.4900 FAX
www.foley.com
November 5, 2004
WRITER'S DIRECT LINE
414.297.5660
rteigen@foley.com Email
VIA EDGAR
CLIENT/MATTER NUMBER
045731-0101
Ms. Christina
Delano
Division of Investment Management
Securities and Exchange Commission
450
Fifth Street, N.W.
Judiciary Plaza
Washington, DC 20549
Re:
Kit
Cole Investment Trust
File No. 811-09887
Dear Ms. Delano:
Kit
Cole Investment Trust (the “Registrant”) has asked me to respond to the comments
to the June 30, 2004 Annual Report to Shareholders of Registrant which you provided to
Registrant on October 7, 2004.
Redemption Fee Disclosure
– Disclose in the Notes to the Financial Statements a description of the redemption
fee and add a footnote to the Statement of Assets and Liabilities, “Net asset value,
offering and redemption price per share” that discloses that a redemption fee of 1%
is charged on redemptions of shares held for less than 6 months.
Response – Registrant has
advised me that it will make the requested change in future filings.
Distribution Fee –
Explain why the amount of the distribution (12b-1 fees) fees in the Statement of
Operations is lower than the amount of the distribution fees payable in the Statement of
Assets and Liabilities.
Response – Registrant
advised me that it recently realized it was overaccruing 12b-1 fees and since June 30,
2004 has ceased accruing 12b-1 fees. Registrant has advised me that it has plans to
utilize the 12b-1 fees so accrued.
Note 1 of the Notes to the
Financial Statements – Change the disclosure in Note 1 of the Notes to Financial
Statements to refer to the Kit Cole Strategic Growth Fund as a “non-diversified
management investment company.”
Response – Registrant has
advised me that it will make the requested change in future filings.
Note 2 of the Notes to the
Financial Statements – In “(b)” expand the discussion to address
“fair value” valuation and disclose whether any securities are “fair
valued.” Response – Registrant has advised me that it will make the
requested change in future filings and that as of June 30, 2004, no securities held by
Registrant were “fair valued.”
BRUSSELS
CHICAGO
DETROIT
JACKSONVILLE
LOS ANGELES
MADISON
MILWAUKEE
NEW YORK
ORLANDO
SACRAMENTO
SAN DIEGO
SAN DIEGO/DEL MAR
SAN FRANCISCO
SILICON VALLEY
TALLAHASSEE
TAMPA
TOKYO
WASHINGTON, D.C.
WEST PALM BEACH
Ms. Christina Delano
November 5, 2004
Page 2
Note 3 of the Notes to the
Financial Statements – Correct the table in Note 3 of the Notes to the Financial
Statement so that there is only one amount for each year of expiration.
Response – Registration
has advised me that in future filings the amount opposite “6/30/06” will be
“$337,029", and the amount opposite “6/30/07” will be $304,103".
Information about Trustees and
Officers – Include the disclosure required by Item 21(b)(6) of Form N-1A.
Response – Registrant has
advised me it will make the requested inclusion in future filings.
Very truly yours,
/s/ Richard L. Teigen
Richard L. Teigen
cc:
Jeff
Tappan
Starr Frohlich