STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number: 811-22180
Meyers Capital Investments Trust
(Exact Name of Registrant as Specified in Charter)
2695 Sandover Road
Columbus, OH 43220
(Address of Principal Executive Offices)(Zip Code)
Registrant’s Telephone Number, including Area Code: (614) 442-0384
Frank B. Meyers
2695 Sandover Road
Columbus, OH 43220
(Name and Address of Agent for Service)
With copy to:
JoAnn M. Strasser
Thompson Hine LLP
312 Walnut Street, 14th floor
Cincinnati, Ohio 45202
Registrant’s Telephone Number, including Area Code: 508-276-1705
Date of fiscal year end: May 31
Date of reporting period: May 31, 2011
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
ANNUAL REPORT
MEYERS CAPITAL AGGRESSIVE GROWTH FUND
May 31, 2011
MEYERS CAPITAL AGGRESSIVE GROWTH FUND
SHAREHOLDER LETTER
MAY 31, 2011 (UNAUDITED)
Dear Shareholder,
The Fund’s total return for the fiscal year ended May 31, 2011 was positive 33.99%. Although the Fund produced positive returns on an absolute basis, it lagged its benchmark, the Russell 2000 Growth Index, which produced a total return of 36.79% over the same period. Consequently, the adviser's management fee was reduced pursuant to the performance-based element of the Management Agreement between the adviser and the Fund for the period June 1, 2010, to September30, 2010. After September 30, 2010, the Fund converted to a fixed-rate universal fee of 1.90%, without a performance-based element. The Fund's fixed-rate universal fee includes all ordinary expenses such as management fees.
During the period covered in this report, the equity markets, including the Russell 2000 Growth Index, generally trended higher. Consequently, as was the case last year, market trends dominated performance while stock selection and diversification played a diminished role. During the last year, the Fund's securities performed relatively well except for a few laggards, which resulted in somewhat below-index performance. Nonetheless, the Fund's portfolio will continue to be managed on an opportunistic basis relying on security selection rather than any index-replication or index-tracking strategy.
Although the Fund and most stock indexes have continued an upward return trend since the rebound from the March 2009 lows, we remain in challenging times. Both the US and global economy are uncertain, investors are nervous and consumers are cautious. Historically, such times have represented excellent opportunities for investors with long-term time horizons. The Meyers Capital Aggressive Growth Fund is currently invested in many great small companies that appear to be trading below their long-term intrinsic value and I am very optimistic and excited about the benefits of astute security selection and the prospects for the Fund.
Thanks for your continued confidence.
Sincerely,
![[meyersncsr201108001.jpg]](https://capedge.com/proxy/N-CSR/0001162044-11-000708/meyersncsr201108001.jpg)
Frank Meyers
Portfolio Manager
MEYERS CAPITAL AGGRESSIVE GROWTH FUND
PERFORMANCE ILLUSTRATION
MAY 31, 2011 (UNAUDITED)
AVERAGE ANNUAL RATE OF RETURN (%)
FOR PERIODS ENDING MAY 31, 2011
One Year | Since Inception (September 2, 2008) | Value | |
Meyers Capital Aggressive Growth Fund | 33.99% | 1.10% | $10,304 |
Russell 2000 Growth Index | 36.79% | 8.15% | $12,397 |
![[meyersncsr201108003.jpg]](https://capedge.com/proxy/N-CSR/0001162044-11-000708/meyersncsr201108003.jpg)
This chart assumes an initial investment of $10,000 made on 9/2/2008 (commencement of operations). Total return is based on the net change in NAV and assumes reinvestment of all dividends and other distributions. Performance figures represent past performance which is not predictive of future performance. Investment return and principal value will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost.
The Russell 2000 Growth Index is an unmanaged benchmark that assumes reinvestment of all distributions and excludes the effect of taxes and fees. It is a widely recognized unmanaged index representative of broader markets and ranges of securities than are found in the Fund’s portfolio. Individuals cannot invest directly in an index.
The returns shown do not reflect taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.
Current performance may be lower or higher than the performance data quoted. To obtain performance data current to the most recent month end, please call (866)-232-3837.
MEYERS CAPITAL AGGRESSIVE GROWTH FUND
PORTFOLIO ILLUSTRATION
MAY 31, 2011 (UNAUDITED)
The following chart gives a visual breakdown of the Fund by the industry sectors the underlying securities represent as a percentage of the portfolio of investments.
![[meyersncsr201108005.jpg]](https://capedge.com/proxy/N-CSR/0001162044-11-000708/meyersncsr201108005.jpg)
Shares | Value | ||
COMMON STOCKS - 95.74% | |||
Beverages & Beverage Products - 3.62% | |||
1,000 | Dr. Pepper Snapple Group, Inc. | $ 41,200 | |
1,500 | SoadStream International Ltd. * | 87,165 | |
128,365 | |||
Biological Products - 0.20% | |||
1,900 | Bacterin International Holdings, Inc. * | 7,011 | |
Coating, Engraving & Allied Services - 0.45% | |||
2,000 | Material Sciences Corp. * | 15,800 | |
Commercial Printing - 1.28% | |||
2,000 | Mutli-Color Corp. | 45,220 | |
Computer Communications Equipment - 3.56% | |||
3,500 | Ezchip Semiconductor Ltd. * | 126,140 | |
Crude Petroleum & Natural Gas - 5.07% | |||
1,000 | Brigham Exploration Co. * | 31,140 | |
500 | Cimarex Energy Co. | 47,965 | |
2,000 | Complete Production Services, Inc. * | 66,380 | |
5,000 | Kodiak Oil & Gas Corp. * | 34,250 | |
179,735 | |||
Deep Sea Foreign Transportation - 0.73% | |||
1,500 | Seaspan Corp. | 26,040 | |
Drilling Oil & Gas Wells - 4.06% | |||
4,000 | SeaDrill Ltd. | 143,960 | |
Electronic Components & Accessories - 4.45% | |||
12,000 | IEC Electronics Corp. * | 81,480 | |
1,600 | Universal Display Corp. * | 76,352 | |
157,832 | |||
Gold & Silver Ores - 2.90% | |||
9,982 | Endeavour Silver Corp. * | 102,715 | |
Industrial Instruments for Measurement, Display & Control - 1.99% | |||
6,000 | Rudolph Technologies, Inc. * | 70,380 | |
*Non-income producing securities during the period.
The accompanying notes are an integral part of these financial statements.
Shares | Value | ||
Industrial Organic Chemicals - 4.54% | |||
2,200 | Kronos Worldwide, Inc. | 66,308 | |
2,000 | LSB Industries, Inc. * | 94,680 | |
160,988 | |||
Metal Mining - 0.35% | |||
700 | Harry Winston Diamond Corp. * | 12,362 | |
Motor Vehicle Parts & Accessories - 4.01% | |||
3,000 | Motorcar Parts America, Inc. * | 46,050 | |
3,500 | Titan International, Inc. | 96,215 | |
142,265 | |||
Optical Instruments & Lenses - 1.45% | |||
5,000 | Nova Measuring Instruments Ltd. * | 51,250 | |
Orthopedic, Prosthetic & Surgical Equipment - 1.86% | |||
2,000 | Mako Surgical Corp. * | 65,840 | |
Papers & Allied Products - 6.05% | |||
25,400 | Boise, Inc. * | 214,376 | |
Packaging Products - 0.57% | |||
500 | Crown Holdings, Inc. * | 20,305 | |
Personal Credit Institutions - 3.21% | |||
600 | Credit Acceptance Corp. * | 48,000 | |
2,010 | Ezcorp, Inc. Class A * | 65,908 | |
113,908 | |||
Plastics & Foam Products - 1.10% | |||
2,500 | Entegris, Inc. * | 22,950 | |
1,000 | UFP Technologies, Inc. * | 16,020 | |
38,970 | |||
Radio Broadcasting Stations - 0.66% | |||
10,000 | Sirus XM Radio, Inc. * | 23,500 | |
Retail-Apparel & Accessory Stores - 1.61% | |||
1,000 | Joseph A Bank Clothiers, Inc. * | 57,100 | |
| |||
Retail-Eating Places - 0.26% | |||
400 | Arcos Dorados Holdings, Inc. Class A * | 9,100 | |
*Non-income producing securities during the period.
The accompanying notes are an integral part of these financial statements.
Shares | Value | ||
Semiconductors & Related Devices - 7.47% | |||
5,000 | GT Solar International, Inc. * | 63,800 | |
2,500 | NXP Semiconductors N.V. * | 71,325 | |
3,039 | Sequans Communications S.A. ADR * | 58,258 | |
4,500 | Vishay Intertechnology, Inc. | 71,415 | |
264,798 | |||
Services-Auto Rental & Leasing - 1.78% | |||
700 | AMERCO * | 63,203 | |
Services-Business Services - 10.59% | |||
15,000 | BGC Partners, Inc. Class A | 124,650 | |
10,249 | Cardtronics, Inc. * | 226,913 | |
1,500 | Edelman Financial Group, Inc. | 11,940 | |
600 | Service Source International, Inc. * | 11,670 | |
375,173 | |||
Services-Computer Integrated Systems Design - 5.73% | |||
7,900 | Ebix, Inc. * | 156,420 | |
3,000 | Intersection, Inc. | 46,560 | |
202,980 | |||
Services-Equipment Rental & Leasing - 5.33% | |||
3,500 | Tal International Group, Inc. | 118,055 | |
3,950 | SeaCube Container Leasing Ltd. | 70,902 | |
188,957 | |||
Services- Offices & Clinics of Doctors of Medicine - 2.10% | |||
15,303 | Metropolitan Health Networks, Inc. * | 74,526 | |
Services-Prepackaged Software - 1.81% | |||
1,100 | Clicksoftware Technologies, Ltd. * | 11,726 | |
2,000 | Fundtech Ltd. * | 35,920 | |
2,990 | Magic Software Enterprises Ltd. * | 16,325 | |
63,971 | |||
Smelting & Refining of Nonferrous Metals - 2.45% | |||
3,000 | Globe Specialty Metals, Inc. | 67,980 | |
1,000 | Titanium Metals Corp. * | 18,730 | |
86,710 | |||
Telephone & Telegraph Apparatus - 3.20% | |||
20,000 | Alcatel-Lucent * | 113,400 | |
ADR - American Depository Receipt
*Non-income producing securities during the period.
The accompanying notes are an integral part of these financial statements.
Shares | Value | ||
Water, Sewer, Pipeline, Communication & Power Line Construction - 1.01% | |||
500 | Preformed Line Products Co. | 35,780 | |
Wholesale-Computer & Peripheral Equipment & Software - 0.29% | |||
2,000 | SED International Holdings, Inc. * | 10,200 | |
TOTAL FOR COMMON STOCKS (Cost $3,169,853) - 95.74% | 3,392,860 | ||
REAL ESTATE INVESTMENT TRUSTS - 2.72% | |||
500 | Digital Reality Trust, Inc. | 31,185 | |
2,500 | Dupont Fabros Technology, Inc. | 65,350 | |
TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $89,805) - 2.72% | 96,535 | ||
SHORT-TERM INVESTMENTS - 0.21% | |||
7,440 | Huntington Money Market IV 0.01% ** | 7,440 | |
TOTAL FOR SHORT-TERM INVESTMENTS (Cost $7,440) - 0.21% | 7,440 | ||
TOTAL INVESTMENTS (Cost $3,267,098) - 98.67% | 3,496,835 | ||
OTHER ASSETS LESS LIABILITIES - 1.33% | 46,807 | ||
NET ASSETS - 100.00% | $3,543,642 | ||
*Non-income producing securities during the period.
** Variable rate security; the money market rate shown represents the yield at May 31, 2011.
The accompanying notes are an integral part of these financial statements.
Assets: | ||
Investments in Securities, at Value (Cost $3,267,098) | $ 3,496,835 | |
Receivables: | ||
Securities Sold | 135,791 | |
Dividends and Interest | 2,402 | |
Total Assets | 3,635,028 | |
Liabilities: | ||
Payables: | ||
Securities Purchased | 85,388 | |
Due to Advisor | 5,998 | |
Total Liabilities | 91,386 | |
Net Assets | $ 3,543,642 | |
Net Assets Consist of: | ||
Paid In Capital | $ 3,458,583 | |
Accumulated Undistributed Realized Loss on Investments | (144,678) | |
Unrealized Appreciation in Value of Investments | 229,737 | |
Net Assets, for 344,502 Shares Outstanding | $ 3,543,642 | |
Net Asset Value Per Share | $ 10.29 | |
Minimum Redemption Price Per Share * (Note 4) | $ 10.19 | |
* The Fund will impose a 1.00% redemption fee on shares redeemed prior to twelve months from the date of purchase.
The accompanying notes are an integral part of these financial statements.
MEYERS CAPITAL AGGRESSIVE GROWTH FUND
STATEMENT OF OPERATIONS
For the year ended May 31, 2011
Investment Income: | ||
Dividends | $ 24,095 | |
Total Investment Income | 24,095 | |
Expenses: | ||
Advisory Fees (Note 3) | 65,996 | |
Total Expenses | 65,996 | |
Performance Fees Waived and Reimbursed by the Advisor (Note 3) | (28,859) | |
Net Expenses | 37,137 | |
Net Investment Loss | (13,042) | |
Realized and Unrealized Gain on Investments: | ||
Realized Gain on Investments | 690,330 | |
Net Change in Unrealized Appreciation on Investments | 187,756 | |
Realized and Unrealized Gain on Investments | 878,086 | |
Net Increase in Net Assets Resulting from Operations | $865,044 | |
The accompanying notes are an integral part of these financial statements.
MEYERS CAPITAL AGGRESSIVE GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended | Year Ended | ||
5/31/2011 | 5/31/2010 | ||
Increase (Decrease) in Net Assets From Operations: | |||
Net Investment Loss | $ (13,042) | $ (5,889) | |
Net Realized Gain on Investments | 690,330 | 452,003 | |
Unrealized Appreciation (Depreciation) on Investments | 187,756 | (222,093) | |
Net Increase in Net Assets Resulting from Operations | 865,044 | 224,021 | |
Distributions to Shareholders: | |||
Net Investment Income | (4,372) | - | |
Total Distributions Paid to Shareholders | (4,372) | - | |
Capital Share Transactions (Note 4) | 86,236 | (72,062) | |
Total Increase in Net Assets | 946,908 | 151,959 | |
Net Assets: | |||
Beginning of Period | 2,596,734 | 2,444,775 | |
End of Period (Including Undistributed Net Investment Loss of $0 & $0, respectively) | $3,543,642 | $2,596,734 | |
The accompanying notes are an integral part of these financial statements.
MEYERS CAPITAL AGGRESSIVE GROWTH FUND
FINANCIAL HIGHLIGHTS
Selected data for a share of capital stock outstanding throughout the period:
Year Ended | Year Ended | Period Ended* | |||
5/31/ 2011 | 5/31/ 2010 | 5/31/ 2009 | |||
Net Asset Value, at Beginning of Period | $ 7.69 | $ 7.07 | $ 10.00 | ||
Income From Investment Operations: | |||||
Net Investment Loss ** | (0.04) | (0.02) | (0.11) | ||
Net Gain (Loss) on Securities (Realized and Unrealized) | 2.65 | 0.64 | (2.82) | ||
Total from Investment Operations | 2.61 | 0.62 | (2.93) | ||
Distributions: | |||||
Net Investment Income | (0.01) | - | - | ||
Total from Distributions | (0.01) | - | - | ||
Net Asset Value, at End of Period | $ 10.29 | $ 7.69 | $ 7.07 | ||
Total Return *** | 33.99% | 8.77% | (29.30)% | (b) | |
Ratios/Supplemental Data: | |||||
Net Assets at End of Period (Thousands) | $ 3,544 | $ 2,597 | $ 2,445 | ||
Before Waivers | |||||
Ratio of Expenses to Average Net Assets | 2.18% | 2.87% | 2.90% | (a) | |
Ratio of Net Investment Loss to Average Net Assets | (1.39)% | (2.58)% | (2.11)% | (a) | |
After Waivers | |||||
Ratio of Expenses to Average Net Assets | 1.23% | 0.51% | 2.79% | (a) | |
Ratio of Net Investment Loss to Average Net Assets | (0.43)% | (0.22)% | (2.00)% | (a) | |
Portfolio Turnover | 442.59% | 169.32% | 621.55% | ||
* For the Period September 2, 2008 (commencement of investment operations) through May 31, 2009.
** Per share net investment loss has been determined on the basis of average shares outstanding during the period.
*** Assumes reinvestment of dividends.
(a) Annualized
(b) Not Annualized
The accompanying notes are an integral part of these financial statements.
MEYERS CAPITAL AGGRESSIVE GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
MAY 31, 2011
Note 1. Organization
The Meyers Capital Aggressive Growth Fund (the “Fund”) is the sole series of the Meyers Capital Investments Trust (the “Trust”), a non-diversified, open-end investment company, registered with the Securities and Exchange Commission. The Trust was organized on January 10, 2008 under the laws of Ohio by an Agreement and Declaration of Trust. The Fund commenced investment operations on September 2, 2008. The Trust is permitted to issue an unlimited number of shares of beneficial interest of separate series. The investment adviser to the Fund is Meyers Capital Management Group, LLC (the “Adviser”). The Fund seeks to achieve long-term appreciation in the value of its shares.
Note 2. Summary of Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America.
Security Valuation- Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review by the Board of Trustees.
Fixed income securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reflect the fair market value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair market value of the securities, when prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Adviser, in conformity with guidelines adopted
MEYERS CAPITAL AGGRESSIVE GROWTH FUND
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MAY 31, 2011
by and subject to review of the Board of Trustees. Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value.
In accordance with the Trust’s good faith pricing guidelines, the Adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accord with this principle may, for example, be based on (i) a multiple of earnings; (ii) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (iii) yield to maturity with respect to debt issues, or a combination of these and other methods.
Financial Futures Contracts The Fund may invest in financial futures contracts solely for the purpose of hedging its existing portfolio securities, or securities that the Fund intends to purchase, against fluctuations in fair value caused by changes in market values or interest rates. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin” are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the security. The Fund recognizes a gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged assets.
Share Valuation- The price (net asset value) of the shares of the Fund is normally determined as of 4:00 p.m., Eastern time on each day the Fund is open for business and on any other day on which there is sufficient trading in the Fund’s securities to materially affect the net asset value. The Fund is normally open for business on every day except Saturdays, Sundays and the following holidays: New Year’s Day, Martin Luther King Day, Presidents Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving and Christmas.
Security Transaction Timing- Security transactions are recorded on the dates transactions are entered into (the trade dates). Dividend income and distributions to shareholders are recognized on the ex-dividend date. Interest income is recognized on an accrual basis. The Fund uses the identified cost basis in computing gain or loss on sale of investment securities. Discounts and premiums on securities purchased are amortized over the life of the respective securities. Withholding taxes on foreign dividends are provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.
Income Taxes- The Fund intends to qualify each year as a “regulated investment company” under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying, the Fund will not be subject to federal income taxes to the extent that it distributes substantially all of its net investment income and any realized capital gains. It is the Fund's policy to distribute annually, prior to the end of the calendar year, dividends sufficient to satisfy excise tax requirements of the Internal Revenue Service. This Internal Revenue Service requirement may cause an excess of distributions over the book year-end accumulated income.
The Fund recognizes tax benefits of certain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. In addition, GAAP requires management of the Fund to analyze all open tax years, fiscal years 2008-2010, as defined by IRS statute of limitations for all major industries, including federal tax authorities and certain state tax authorities. As of and during the year ended May 31, 2011, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total tax amounts of unrecognized tax benefits will significantly change in the next twelve months.
Distributions to Shareholders- The Fund intends to distribute to its shareholders substantially all of its net realized capital gains and net investment income, if any, at year-end. Distributions will be recorded on ex-dividend date.
Use of Estimates- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.
Reclassification of Capital Account- GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no impact on the net asset value of the Fund and are designed generally to present undistributed income and net realized gains on a tax basis, which is considered to be more informative to shareholders. As of May 31, 2011, the Fund reclassified permanent book/tax differences of $13,042 from net investment loss to paid in capital.
Note 3. Investment Management Agreement
The Fund has an investment advisory agreement with Meyers Capital Management Group, LLC (the “Advisor”), under which the Advisor selects the securities and manages the investments for the Fund. The Fund paid a variable performance-based management fee through September 30, 2010. This fee is comprised of an annual base rate of 2.90% of average daily net assets (fulcrum fee), subject to a performance adjustment, in accordance with a rate schedule. The performance adjustment either increases or decreases the management fee, depending on how well the Fund has performed relative to the Russell 2000 Growth Index over a performance period. The performance period is the most recent 12-month period (rolling 12-month period). After September 30, 2010, the Fund paid a fixed rate management fee of 1.90%.
The management fee will be the fulcrum fee (i.e., there will be no performance adjustment) if the Fund’s performance is within positive or negative 2.00% (two percentage points) of the investment record of the Russell 2000 Growth Index over the performance period. If the difference between the Fund’s performance and the investment record of the Russell 2000 Growth Index exceeds two percentage points, the fee will be adjusted either up or down based upon a performance adjustment rate that varies at a rate of 0.01% for each increment of 0.05% of differential performance over two percentage points. The maximum annualized performance adjustment rate is plus or minus 2.40% (which would result from a performance differential of 14 percentage points or more between the Fund’s performance and the investment record of the Russell 2000 Growth Index). The rate calculated is applicable to the last month of the performance period and it is subject to recalculation for the following month. The performance adjustment is calculated each day of the last month of the performance period by multiplying the applicable performance adjustment rate by the Fund’s average daily net assets over the performance period and dividing the result by the number of days in the year. During the first full 12 calendar months immediately following the effective date of the Trust’s registration statement (“Initial Period”), the Adviser shall be entitled to receive only the fulcrum fee. The Advisor will be entitled to receive a performance adjustment only after completion of the Initial Period. The purpose of suspending payment of the performance adjustment during the Initial Period is to establish a performance record for the Fund on which the management fee is later calculated. For the year ended May 31, 2011, the Advisor earned a gross fee of $87,954 from the Fund, of which $20,487 was reduced for performance fees. Under the expense reimbursement agreement, which terminated September 30, 2010, the Adviser contractually agreed to limit the Fund’s net annual operating expenses to 1.90% of the Fund’s average daily net assets, $30,330 was reimbursed during the year ended May 31, 2011. The Fund owed the Advisor $5,998 as of May 31, 2011.
Note 4. Capital Share Transactions
The Fund is authorized to issue an unlimited number of shares of separate series, no par value. The total paid-in capital as of May 31, 2011, was $3,458,583. Transactions in capital were as follows:
Year Ended May 31, 2011 | Year Ended May 31, 2010 | |||
Shares | Amount | Shares | Amount | |
Shares sold | 81,580 | $ 711,864 | 9,252 | $ 72,938 |
Shares reinvested | 444 | 4,372 | - | - |
Shares redeemed | (75,436) | (630,000) | (17,351) | (145,000) |
Total increase (decrease) | 6,588 | $ 86,236 | (8,099) | $(72,062) |
Shareholders will be subject to a Redemption Fee on redemptions equal to 1% of the net asset value of the Fund shares redeemed within 20 days after their purchase. For the year ended May 31, 2011, there were no redemption fees collected.
Note 5. Investment Transactions
For the year ended May 31, 2011, purchases and sales of investment securities other than U.S. Government obligations and short-term investments aggregated $13,266,585 and $13,161,901, respectively.
Note 6. Fair Value
GAAP establish a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. It applies to fair value measurements already required or permitted by existing standards. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).
The three levels of the fair value hierarchy under GAAP are described as follows:
Level 1 – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Fund has the ability to access.
Level 2 – Quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in inactive markets. Level 2 inputs include those other than quoted prices that are observable for the asset or liability and that are derived principally from, or corroborated by, observable market data by correlation or other means. If the asset or liability has a specified term the Level 2 inputs must be observable for substantially the full term of the asset or liability.
Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used should maximize the use of observable inputs and minimize the use of unobservable inputs.
The following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the methodologies used at May 31, 2011 and 2010.
Investments – Valued at quoted market prices
The preceding methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Fund believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
The following table presents the Fund’s assets measured at fair value on a recurring basis at May 31, 2011:
Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
Common Stocks | $3,392,860 | - | - | $3,392,860 |
Real Estate Investment Trusts | 96,535 | - | - | 96,535 |
Short-Term Investments: | ||||
Huntington Money Market IV | 7,440 | - | - | 7,440 |
$3,496,835 | - | - | $3,496,835 |
The Fund did not have any liabilities that were measured at fair value on the recurring basis at May 31, 2011.
Note 7. Tax Matters
As of May 31, 2011, the tax basis components of distributable earnings, unrealized appreciation (depreciation) and tax cost of investment securities were as follows:
Capital loss carryforward expiring 5/31/2015 + | ($105,522) |
Gross unrealized appreciation on investment securities | $ 333,667 |
Gross unrealized depreciation on investment securities | ($129,957) |
Net unrealized appreciation on investment securities | $ 203,710 |
Cost of investment securities, including ST investments # | $3,470,808 |
+ The capital loss carryforward will be used to offset any capital gains realized by the Fund in future years through the expiration date. The Fund will not make distributions from capital gains while a capital loss carryforward remains.
# The difference between the tax cost and book cost basis of investments is due to wash sales disallowed for tax purposes.
During the year ended May 31, 2011, a distribution of $0.0132 per share, or $4,372 in the aggregate, was declared and paid from net investment income.
The tax character of distributions paid during years ended May 31, 2011 and May 31, 2010 were as follows:
Fiscal year ended
Fiscal year ended
Distributions paid from: 5/31/2011 5/31/2010
Ordinary Income $ 4,372 $ -
Total $ 4,372 $ -
Note 8. Control and Ownership
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940, as amended. As of May 31, 2011, Frank and Anita Meyers owned approximately 85.98% of the Fund and may be deemed to control the Fund.
Note 9. Change of Service Provider
The Board approved the hiring of Skoda, Minotti & Co. as the new auditor for the year ended May 31, 2011. The former contracts with Sanville & Company for auditing services were terminated.
MEYERS CAPITAL AGGRESSIVE GROWTH FUND
AUDITOR’S OPINION
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF TRUSTEES
MEYERS CAPITAL AGGRESSIVE GROWTH FUND,
A SERIES OF MEYERS CAPITAL INVESTMENT TRUSTS
We have audited the accompanying statement of assets and liabilities of Meyers Capital Aggressive Growth Fund, a Series of Meyers Capital Investments Trust (the Fund) as of May 31, 2011, and the related statements of operations, changes in net assets, and financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned at May 31, 2011, by correspondence with the custodian. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Meyers Capital Aggressive Growth Fund, a Series of Meyers Capital Investments Trust as of May 31, 2011, the results of its operations, changes in net assets and financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America. The financial statements of the Fund as of May 31, 2010 and for the year ended, including financial highlights for each of the periods in the two years then ended, were audited by other auditors whose report dated July 23, 2010 expressed an unqualified opinion on those statements.
SKODA MINOTTI
![[meyersncsr201108007.jpg]](https://capedge.com/proxy/N-CSR/0001162044-11-000708/meyersncsr201108007.jpg)
Mayfield Village, Ohio
July 14, 2011
MEYERS CAPITAL AGGRESSIVE GROWTH FUND
EXPENSE ILLUSTRATION
MAY 31, 2011 (UNAUDITED)
Expense Example
As a shareholder of the Meyers Capital Aggressive Growth Fund, you incur ongoing costs which typically consist of management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six month period, December 1, 2010 through May 31, 2011.
Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in this Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Beginning Account Value | Ending Account Value | Expenses Paid During the Period * | |
December 1, 2010 | May 31, 2011 | December 1, 2010 to May 31, 2011 | |
Actual | $1,000.00 | $1,166.91 | $10.26 |
Hypothetical (5% Annual | |||
Return before expenses) | $1,000.00 | $1,015.46 | $9.55 |
* Expenses are equal to the Fund's annualized expense ratio of 1.90%, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the period).
MEYERS CAPITAL AGGRESSIVE GROWTH FUND
TRUSTEE TABLE
MAY 31, 2011 (UNAUDITED)
The following table provides information regarding each Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act.
Name, Address and Year of Birth1 | Position(s) Held with the Fund | Term of Office/Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee2 | Other Directorships Held by Trustee During Past 5 Years |
Mary Lynn Hohman Address: 2676 Andover Road Year of Birth: 1962 | Trustee | Indefinite/ February 12, 2010 to present | Real Estate Agent, Re/Max Associates Realtors, Columbus,OH | 1 | None |
Frank Iafolla Year of Birth: 1945 | Trustee | Indefinite/ April 2008 to present | Owner, Pro-Deck (contracting company), 1986-present | 1 | None |
1 Unless otherwise specified, the mailing address of each Trustee is c/o Meyers Capital Investments Trust, 2695 Sandover Road, Columbus, Ohio 43220.
2 The “Fund Complex” consists of Meyers Capital Investments Trust.
MEYERS CAPITAL AGGRESSIVE GROWTH FUND
TRUSTEE TABLE (CONTINUED)
MAY 31, 2011 (UNAUDITED)
The following table provides information regarding each Trustee who is an “interested person” of the Trust, as defined in the 1940 Act, and each officer of the Trust.
Name, Address and Year of Birth1 | Position(s) Held with the Fund | Term of Office/ Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | Other Directorships Held by Trustee During Past 5 Years |
Frank B. Meyers2 Year of Birth: 1957 | Trustee, President, Treasurer and Chief Compliance Officer | Indefinite/ January 2008 to present | President, Meyers Capital Management Group, LLC (adviser to the Trust), 2008-present; Private Investor, Self-Employed, 2001-2008 | 1 | None |
Anita E. Meyers Year of Birth: 1958 | Secretary | Indefinite/ January 2008 to present | Pharmacist, Bioscrip, 2002-present | N/A | NA |
1Unless otherwise specified, the address of each Trustee and officer is 2695 Sandover Road, Columbus, Ohio 43220.
2 Frank B. Meyers is considered an “Interested” Trustee as defined in the 1940 Act, because he is an officer of the Trust and the Managing Member of the Fund’s Adviser. Frank B. Meyers and Anita E. Meyers are spouses.
The Trustees were paid no fees during the year ended May 31, 2011.
MEYERS CAPITAL AGGRESSIVE GROWTH FUND
ADDITIONAL INFORMATION
MAY 31, 2011 (UNAUDITED)
The Fund's Statement of Additional Information ("SAI") includes additional information about the Trustees and is available, without charge, upon request or by visiting http://meyersfunds.com. You may call toll-free (866) 232-3837 to request a copy of the SAI or to make shareholder inquiries.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies during the most recent 12-month period ended June 30 are available without charge upon request by (1) calling the Fund at (866) 232-3837 and (2) from Fund documents filed with the Securities and Exchange Commission ("SEC") on the SEC's website at www.sec.gov.
The Fund files a complete schedule of investments with the SEC for the first and third quarter of each fiscal year on Form N-Q. The Fund’s first and third fiscal quarters end on August 31 and February 28. The Form N-Q filing must be made within 60 days of the end of the quarter. The Fund’s Forms N-Q are available on the SEC’s website at http://sec.gov, or they may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (call 1-800-732-0330 for information on the operation of the Public Reference Room). You may also obtain copies by calling the Fund at (866) 232-3837.
BASIS FOR RENEWAL OF INVESTMENT ADVISORY CONTRACT
In connection with a Board meeting held on June 2, 2011 (the "Meeting"), the Board, including a majority of the Trustees who are not interested persons of the Trust nor parties to the investment advisory agreement nor interested persons of any party to the investment advisory agreement (the "Independent Trustees"), discussed the renewal of the investment advisory management agreement (the "Management Agreement") between the Trust and the Adviser, on behalf of the Fund. In considering the renewal of the Management Agreement, the Board interviewed the Adviser and received materials specifically relating to the Management Agreement. These materials included: (a) performance and expense data for a peer group of funds and appropriate indices with respect to the Fund; (b) arrangements with respect to the distribution of the Fund's shares; and (c) the resources available with respect to compliance with the Fund's investment policies and restrictions and with policies on personal securities transactions. Additional information was furnished by the Adviser including information on (a) the overall organization of the Adviser; (b) investment management staffing; and (c) the financial condition of the Adviser.
MEYERS CAPITAL AGGRESSIVE GROWTH FUND
ADDITIONAL INFORMATION (CONTINUED)
MAY 31, 2011 (UNAUDITED)
In their consideration of renewing the Management Agreement, the Board, including the Independent Trustees, did not identify any single factor as controlling. Matters considered by the Board, including the Independent Trustees, in connection with its renewal of the Management Agreement include the following:
Nature, Extent and Quality of Services. As to the nature, extent, and quality of the services provided by the Adviser, the Board considered the Adviser's investment philosophy and strategy. In addition, the Trustees reviewed the Adviser's Form ADV which described the operations and policies of the Adviser. The Trustees also reviewed a description of the organizational structure of the Adviser, noting that the Adviser operates with a single member, Frank Meyers, performing all the functions of the Adviser. The Trustees noted that while the Adviser does not have the depth of employees that other adviser's may possess, Mr. Meyers devotes 100% of his time to the Fund and is not distracted by having other accounts to manage. Therefore, the Trustees concluded that the Adviser is adequately staffed relative to its responsibilities and obligations to the Fund. They also observed that the Adviser's operational and compliance processes are well designed and give the Trustees confidence that the Fund will be managed in conformity with its investment objective and restrictions. Additionally, the Trustees noted some of the prominent features of the Adviser's investment process, including ongoing reviews of financial market developments and supporting the Fund via a website and plans for promotional activities. The Adviser certified to the Board that it had complied with the Trust's Code of Ethics. The Board also considered a review of a summary of the Adviser's unaudited financial statements. However, as a single member limited liability company that does not have custody of client assets, the Adviser has no need for financial statements separate from those of Mr. Meyers. Consequently, the Trustees concluded that the large amount of Mr. Meyers' personal assets invested in the Fund and the security agreement between the Adviser, Mr. Meyers and the Fund were sufficient to give reasonable assurance that the Adviser can fulfill any financial obligation to the Fund. The Trustees concluded that the Adviser has provided high quality advisory services to the Fund, and that the nature and extent of services provided by the Adviser were reasonable and consistent with the Board's expectations.
Performance. As to the Fund's performance, the Trustees reviewed performance information relative to the Fund's benchmark, the Russell 2000 Growth Index (the "Index"), and peer groups for roughly similar-sized funds with an equity investment strategy. The Trustees noted that for the period since the Fund's inception on September 2, 2008, through March 31, 2011, the Fund that for the period since the Fund's inception on September 2, 2008 through March 31, 2011, the Fund had returned 1.97% annualized, which was 6.07% below that of the Fund's broad-based securities market Index, which returned 8.04% over the same period. Next, the Trustees reviewed the most recent annual performance for the year ended March 31, 2011. The Trustees noted that the Fund gained 28.38% during that period, while the Fund's Index rose 31.03%. Additionally, during the quarter ended March 31, 2011 the Fund gained 7.03%, while the Fund's Index rose 9.24%. The Trustees noted concern over the Fund's sub-Index performance. However, the Trustees concurred with the Adviser's view that, generally, over time, some portion of any below-Index performance could be attributed to the fees and expenses paid by the Fund when compared to the Index that pays none. Furthermore, they noted that the Fund's performance is highly reliant on the Adviser's individual stock selection because the Adviser does not pursue an Index-tracking strategy. Consequently, performance should be expected to vary from the Index on an ongoing basis. Additionally, the Trustees compared the Fund's performance to a peer group of equity funds with roughly similar size to that of the Fund. They noted that even though the Fund's performance was below the peer group average during calendar year 2010, it was nonetheless within a range that the Trustees considered reasonable. The Trustees also observed that the Adviser has no other clients and, consequently, no comparison of the Fund’s performance versus other clients could be made. Overall, the Trustees concluded that performance was acceptable, although they would continue to monitor performance with the expectation that performance versus the Fund's Index and peer group would improve.
Fees and Expenses. The Trustees then reviewed information in the peer group studies comparing the expense ratio of the Fund to those of a peer group. Because the Fund is structured as a unitary or universal fee fund, the Trustees compared total Fund expenses to a peer group of similar-sized equity funds rather than focusing solely on management fees. They noted that the Fund's total fees of 1.90% were slightly above the peer group average, after expense caps. Additionally, they reviewed before-expense cap fees and noted the Fund was significantly below the peer group average. They also noted that the Adviser has no affiliated entities such as a broker-dealer that might be in position to derive revenue from a relationship with the Fund. The Trustees noted that, whether viewed from a gross basis or a net of expense cap basis, the total fees and expenses of the Fund were within a range of reasonable expenses when compared to a peer group. Additionally, they noted that because the Adviser has no other clients, no other-client comparison could be made. The Trustees concluded that the Fund's unitary management fee is fair and reasonable, particularly when considering the small size of the Fund.
Economies of Scale. The Board, including the Independent Trustees, considered whether there have been any economies of scale in respect of the management of the Fund and whether there is potential for realization of any further economies of scale. The Trustees determined that a discussion of economies of scale was not yet relevant at this time due to the small size of the Fund, but that the issue should be considered again as the Fund grows.
Profitability. As to costs incurred by and profits realized by the Adviser, the Board reviewed information regarding the adviser's management fee income for the period ended November 30, 2010, as presented in the Fund's semi-annual report. The Trustees observed that the Adviser pays all ordinary Fund expenses under the unitary fee structure and that, in total, the Adviser's relationship with the Fund is only marginally profitable or not profitable.
Conclusion. Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate renewing the Management Agreement, and as assisted by the advice of independent counsel, the Board, including the Independent Trustees, concluded that the overall arrangement provided under the terms of the Management Agreement was a reasonable business arrangement and that renewal of the Management Agreement was in the best interests of the Trust and the Fund's shareholders.
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Board of Trustees
Frank B. Meyers, Chairman
Frank Iafolla
Mary Lynn Hohman
Investment Adviser
Meyer Capital Management Group, LLC
Dividend Paying Agent,
Shareholders’ Servicing Agent,
Transfer Agent
Mutual Shareholder Services, LLC
Custodian
Huntington National Bank
Independent Registered Public Accounting Firm
Skoda, Minotti & Co.
Legal Counsel
Thompson Hine LLP
This report is provided for the general information of the shareholders of the Meyers Capital Aggressive Growth Fund. This report is not intended for distribution to prospective investors in the Fund, unless preceded or accompanied by an effective prospectus.
Item 2. Code of Ethics. Not applicable.
Item 3. Audit Committee Financial Expert. Not applicable.
Item 4. Principal Accountant Fees and Services.
(a)
Audit Fees
FY 2011
$ 9,000
FY 2010
$ 11,000
(b)
Audit-Related Fees
Registrant
FY2011
$ 0
FY2010
$ 0
Nature of the fees:
Not applicable.
(c)
Tax Fees
Registrant
FY 2011
$ 2,000
FY 2010
$ 1,500
Nature of the fees:
Tax preparation and filing.
(d)
All Other Fees
Registrant
FY 2011
$ 0
FY 2010
$ 0
Nature of the fees:
Not applicable.
(e)
(1)
Audit Committee’s Pre-Approval Policies
The audit committee approves all audit and non-audit related services and, therefore, has not adopted pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
(2)
Percentages of Services Approved by the Audit Committee
None of the services described in paragraph (b) through (d) of this Item were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f)
During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
(g)
The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:
Registrant
FY 2011
$ 2,000
FY 2010
$ 1,500
(h)
The registrant's audit committee has not considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.
Item 5. Audit Committee of Listed Companies. Not applicable.
Item 6. Schedule of Investments. Not applicable – schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable.
Item 8. Portfolio Managers of Closed-End Funds. Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.
Item 11. Controls and Procedures.
(a) The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing of this report.
(b)
There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1)
EX-99.CODE ETH. Not applicable.
(a)(2)
EX-99.CERT. Filed herewith.
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(b)
EX-99.906CERT. Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Meyers Capital Investments Trust
By /s/Frank B. Meyers
Frank B. Meyers
President and Treasurer
Date: August 8, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /s/Frank B. Meyers
Frank B. Meyers
President and Treasurer
Date August 8, 2011
*Print the name and title of each signing officer under his or her signature.