UNITED 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 811-7778
Analysts Investment Trust
(Exact name of registrant as specified in charter)
7750 Montgomery Road, Cincinnati, Ohio 45236
(Address of principal executive offices)
(Zip code)
Timothy E. Mackey
7750 Montgomery Road, Cincinnati, Ohio 45236
(Name and address of agent for service)
Registrant's telephone number, including area code: 513-792-5402
Date of fiscal year end: July 31
Date of reporting period: January 31, 2004
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.
EQUITY ANALYSTS INC.
REGISTERED INVESTMENT ADVISER
ANALYSTS INVESTMENT TRUST
SEMI - ANNUAL REPORT
(UNAUDITED)
January 31, 2004
ANALYSTS STOCK FUND
ANALYSTS FIXED INCOME FUND
ANALYSTS AGGRESSIVE STOCK FUND
TABLE OF CONTENTS
S chedule of I nvestments- Analysts S tock F und
S chedule of I nvestments- Analysts Fixed I ncome F und
S chedule of I nvestments- Analysts A ggressive Stock F und
Statements of A ssets and L iabilities
Statements of O perations
S tatement of C hanges in Net Assets - Analysts S tock F und
S tatement of C hanges in Net Assets - Analysts Fixed I ncome F und
S tatement of C hanges- Analysts A ggressive Stock F und
F inancial H ighlights- Analysts S tock F und
F inancial H ighlights- Analysts Fixed I ncome F und
F inancial H ighlights- Analysts A ggressive Stock F und
N otes to Financial Statements
Trustees and Officers
Analysts Investment Trust | | |
Analysts Stock Fund | | |
SCHEDULE OF INVESTMENTS | | |
January 31, 2004 (Unaudited) | | |
| | | |
Shares | Security Description | Value |
Common Stock (100.00%) | | |
| | | |
Air Courier Services (1.88%) | | |
2,200 | Fedex Corp. | 148,016 |
| | |
Air Transportation, Scheduled (1.50%) | | |
7,900 | Southwest Airlines Co. | 118,105 |
| | | |
Aircraft (1.54%) | | |
2,900 | Boeing Co. | 121,075 |
| | |
Aircraft Engines & Engine Parts (1.58%) | | |
1,300 | United Technologies | 124,202 |
| | | |
Beverages (2.92%) | | |
2,000 | Diageo Plc ADR | 106,400 |
2,600 | Pepsico, Inc. | 122,876 |
| | | 229,276 |
| | |
Biological Products (3.78%) | | |
2,900 | Amgen, Inc. * | 187,514 |
2,000 | Gilead Sciences * | 109,620 |
| | 297,134 |
| | | |
Cable & Other Pay Television Services (2.00%) | | |
4,600 | Comcast Corp. * | 156,860 |
| | |
Computer & Office Equipment (1.64%) | | |
5,400 | Hewlett Packard Co. | 128,466 |
| | | |
Computer Communications Equipment (1.92%) | | |
5,850 | Cisco Systems, Inc. | 150,404 |
| | |
Construction Machinery & Equipment (1.49%) | | |
1,500 | Caterpillar, Inc. | 117,195 |
| | | |
Crude Petroleum & Natural Gas (1.86%) | | |
3,800 | Apache Corp. | 146,224 |
| | |
Drilling Oil & Gas Wells (2.13%) | | |
3,800 | Nabors Industries, Ltd. * | 167,200 |
| | | |
Electromedical & Electrotherapeutic Apparatus (2.13%) | | |
3,400 | Medtronic, Inc. | 167,348 |
| | |
Electronic Computers (1.83%) | | |
4,300 | Dell Computer Corp. | 143,792 |
1,600 | International Business Machines, Inc. | 158,768 |
| | 302,560 |
| | | |
Fats & Oils (1.40%) | | |
7,000 | Archer Daniels-Midland Co. | 109,620 |
| | |
Federal & Federally Sponsored Credit Agencies (1.19%) | | |
1,500 | Federal Home Loan Mortgage Corp. | 93,630 |
| | | |
Finance Services (1.65%) | | |
3,300 | First Data Corp. | 129,228 |
| | |
Fire, Marine & Casualty Insurance (2.12%) | | |
2,400 | American International Group, Inc. | 166,680 |
| | | |
General Industrial Machinery & Equipment (2.09%) | | |
2,100 | Illinois Tool Works, Inc. | 164,010 |
| | |
Heating Equipment, Except Elec & Warm Air; & Pumping Fixtures (1.88%) | | |
2,100 | Fortune Brands | 147,315 |
| | | |
Hospital & Medical Service Plans (1.71%) | | |
2,200 | United Healthcare Corp. | 133,936 |
| | |
Household Audio &Video Equipment (1.55%) | | |
3,000 | Sony Corp. | 121,950 |
| | | |
Investment Advice (0.01%) | | |
13 | Piper Jaffray, Inc. * | 610 |
| | |
Malt Beverages (1.36%) | | |
2,100 | Anheuser Busch Companies, Inc. | 106,512 |
| | | |
National Commercial Banks (5.73%) | | |
1,800 | BankAmerica Corp. | 146,628 |
3,000 | Citigroup, Inc. | 148,440 |
2,700 | Wells Fargo & Co. | 155,007 |
| | 450,075 |
| | | |
Petroleum Refining (1.56%) | | |
3,000 | Exxon Mobil | 122,370 |
| | |
Pharmaceutical Preparations (6.85%) | | |
2,200 | Forest Laboratories, Inc. Cl. A * | 163,878 |
3,000 | Johnson & Johnson | 160,260 |
4,150 | Mylan Laboratories, Inc. | 101,218 |
2,500 | Novartis AG ADR | 112,875 |
| | 538,231 |
| | | |
Plastic Materials, Synth Resin& Nonvulcan Elastomers (2.35%) | | |
4,400 | Dow Chemical | 184,580 |
| | |
Primary Production of Aluminum (2.39%) | | |
5,500 | Aluminum Company of America | 187,990 |
| | | |
Radiotelephone Communications (1.50%) | | |
4,600 | Vodaphone Airtouch | 117,760 |
| | |
Railroads, Line-Haul Operating (1.48%) | | |
5,200 | Norfolk Southern Corp. | 115,960 |
| | | |
Retail - Drug Stores and Proprietary Stores (2.02%) | | |
4,600 | Walgreen Co. | 158,930 |
| | |
Retail-Lumber & Other Building Material Dealers (1.85%) | | |
4,100 | Home Depot, Inc. | 145,427 |
| | | |
Retail-Variety Stores (1.71%) | | |
2,500 | Wal-Mart Stores, Inc. | 134,625 |
| | |
Security Brokers, Dealers & Floatation Companies (2.02%) | | |
2,700 | Merrill Lynch & Company, Inc. | 158,733 |
| | | |
Semicounductors & Related Devices (4.69%) | | |
4,800 | Intel Corp. | 146,496 |
2,900 | Xilinx, Inc. | 121,510 |
9,000 | Taiwan Semiconductor Company, Ltd. * | 100,620 |
| | 368,626 |
| | | |
Services-Advertising Agencies (2.20%) | | |
2,100 | Omnicom Group, Inc. | 173,040 |
| | |
Services-Computer Processing & Data Preparation (1.59%) | | |
4,000 | Sungard Data Systems, Inc. * | 124,520 |
| | | |
Services-General Medical & Surgical Hospitals, NEC (1.56%) | | |
5,000 | Health Management Accosiation, Inc. Cl. A | 122,550 |
| | |
Services-Motion Picture & Video Tape Production (2.05%) | | |
6,700 | Disney Enterprises, Inc. | 160,800 |
| | | |
Services-Prepackaged Software (5.45%) | | |
6,500 | Microsoft Corp. | 179,725 |
8,400 | Oracle Corp. | 116,424 |
3,400 | Symantec Corp. * | 131,852 |
| | 428,001 |
| | | |
Soap, Detergents, Cleaning Preparation, Perfumes & Cosmetics (1.93%) | | |
1,500 | Procter & Gamble Co. | 151,620 |
| | |
State Commercial Banks (2.15%) | | |
4,000 | North Folk Bancorporation, Inc. | 168,600 |
| | | |
Surety Insurance (1.72%) | | |
1,700 | XL Capital Ltd. Cl. A | 135,150 |
| | |
Telephone Communication (No Radiotelephone) (1.57%) | | |
2,300 | Level 3 Communications, Inc. | 122,958 |
| | | |
TOTAL COMMON STOCKS (Cost $6,593,462) | | 7,818,102 |
| | | |
CASH EQUIVALENTS | | |
43,128 | First American Treasury Obligations Cl. A rate: .29 | 43,128 |
| | |
TOTAL CASH EQUIVALENTS | | 43,128 |
| | |
| | | |
TOTAL INVESTMENTS - (100.11%) | | 7,861,230 |
| | | |
LIABILITIES IN EXCESS OF OTHER ASSETS - (-0.11%) | | (8,900) |
| | | |
NET ASSETS - 100.00% | | $ 7,852,330 |
| | | |
* Non Income Producing Securities | | |
The accompanying notes are an integral part of the financial statements.
Analysts Investment Trust | | |
Analysts Fixed Income Fund | | |
SCHEDULE OF INVESTMENTS | | |
January 31, 2004 (Unaudited) | | |
Shares | Security Description | Value |
Common Stock (25.45%) | | |
| | | |
Real Estate Investment Trusts (1.88%) | | |
2,900 | Annaly Mortgage Management | 56,898 |
1,700 | Apartment Investment and Management Co. | 59,806 |
2,000 | Capital Automotive REIT | 70,140 |
1,400 | Carramerica Realty Corporation | 44,478 |
3,580 | Commericial Net Lease Realty, Inc. | 65,514 |
2,000 | Duke Realty Corp. | 65,740 |
2,000 | Equity Office Properties | 59,300 |
1,600 | First Industrial Realty Trust, Inc. | 58,528 |
1,599 | Health Care Properties Investors, Inc. | 89,912 |
1,500 | Hospitality Properties Trust | 62,775 |
2,100 | Sovran Self Storage, Inc. | 78,330 |
2,500 | Summitt Properties, Inc. | 57,700 |
| | | |
TOTAL COMMON STOCKS (Cost $605,505) | | 769,121 |
| | | |
Preferred Stocks (9.84%) | | |
2,000 | BAC Capital Trust II | 53,480 |
2,000 | Citigroup Capital VIII | 53,480 |
1,000 | MBNA Capital E | 27,580 |
2,000 | Mississippi Power Capital Trust II | 53,700 |
2,000 | US Bancorop Capital IV | 53,700 |
2,000 | XL Capital Ltd. Series B | 55,240 |
| | | |
TOTAL PREFERRED STOCKS (Cost $286,268) | | 297,180 |
| | | |
| | |
Corporate Bonds (51.39%) | | |
50,000 | American Telephone & Telegraph Co. 6.75%, 4/1/04 | 50,491 |
100,000 | Boeing Capital Corp. 6.10%, 3/1/11 | 109,107 |
100,000 | Credit Suisse First Boston USA, Inc. 6.50%, 1/15/12 | 112,009 |
100,000 | Entergy Mississippi Corp. 6.45%, 4/1/08 | 102,329 |
100,000 | General Electric Capital Corp. 8.65%, 5/15/09 | 122,552 |
100,000 | Household Bank CD 7.20%, 4/12/07 | 108,272 |
100,000 | International Lease Finance 5.625%, 6/1/07 | 107,675 |
75,000 | John Hancock 5.625%, 12/01/08 | 80,983 |
200,000 | Loews Corp. 6.75%, 12/15/06 | 216,544 |
100,000 | National Rural Utilities 5.75%, 8/28/09 | 108,725 |
50,000 | NationsBank Corp. 7.75%, 8/15/04 | 51,701 |
50,000 | Pacific Bell Telephone Co. 6.25%, 3/1/05 | 52,396 |
100,000 | Salomon Smith Barney 6.25%, 1/15/05 | 104,735 |
100,000 | Sears Roebuck Acceptance 6.00%, 1/15/06 | 106,249 |
100,000 | Target Corp. 7.50%, 8/15/10 | 119,112 |
| | | |
TOTAL CORPORATE BONDS (Cost $1,503,586) | | 1,552,880 |
| | | |
| | |
Mortgage-Backed Obligations (2.64%) | | |
31,185 | Empire Federal Home Loan Owner Trust 1998-2 9.03%, 6/25/24 | 32,434 |
13,322 | FNMA REMIC 1992 Trust G10 Call J, 5.0%, 3/25/23 | 13,674 |
2,880 | FNMA REMIC 1992 Trust G53 Call J, 7.0%, 9/25/22 | 3,100 |
30,000 | Green Tree Financial Corp TST 1997-A, 7.87%, 3/15/28 | 30,000 |
414 | Paine Webber CMO Trust Series 1998-I, 8.6%, 4/1/18 | 450 |
| | | |
TOTAL MORTGAGE-BACK OBLIGATIONS (Cost $70,395) | | 79,658 |
| | | |
| | |
Cash Equivalents | | |
300,024 | First American Treasury Obligations Cl. A rate: .29 | 300,024 |
| | | |
TOTAL CASH EQUIVALENTS | | |
| | | |
TOTAL INVESTMENTS (99.25%) | | 2,998,863 |
| | | |
OTHER ASSETS LESS LIABILITIES - 0.75% | | 22,679 |
| | | |
NET ASSETS - 100.00% | | $ 3,021,542 |
| | | |
* Non Income Producing Securities | | |
The accompanying notes are an integral part of the financial statements.
Analysts Investment Trust | | |
Analysts Aggressive Stock Fund | | |
SCHEDULE OF INVESTMENTS | | |
January 31, 2004 (Unaudited) | | |
Shares | Security Description | Value |
Common Stock (93.26%) | | |
| | | |
Beverages (1.58%) | | |
800 | Constellation Brands, Inc. Cl. A * | 26,832 |
| | |
Biological Products (No Disgnostic Substances (3.32%) | | |
600 | Gilead Sciences, Inc. | 32,886 |
1,000 | Medimmune, Inc. * | 23,490 |
| | 56,376 |
Biotechnology & Drugs (4.40%) | | |
1,800 | Cisco Systems, Inc. * | 46,278 |
1,400 | Citrix Systems, Inc. * | 28,420 |
| | 74,698 |
Drilling Oil & Gas Wells (1.75%) | | |
800 | Noble Corp. * | 29,680 |
| | | |
Electronic Computers (0.00%) | | |
1,000 | Dell Computer Corp. * | 33,440 |
| | |
Electronic Connectors (0.00%) | | |
1,500 | Tyco Laboratories, Inc. | 40,125 |
| | | |
Fats and Oils (1.94%) | | |
2,100 | Archer Daniels-Midland Co. | 32,886 |
| | |
Federal & Federally-Sponsored Credit Agencies (1.84%) | | |
500 | Federal Home Loan Mortgage Corp. | 31,210 |
| | | |
Finance Services (5.27%) | | |
3,400 | Charles Schwab Corp. | 42,806 |
800 | Morgan Stanley | 46,568 |
| | | 89,374 |
| | |
Laboratory Analystical Instrument (3.57%) | | |
650 | Millipore Corp. * | 33,767 |
1,300 | Perkinelmer, Inc. | 26,845 |
| | 60,612 |
| | | |
National Commercial Banks (4.69%) | | |
1,100 | J.P. Morgan Chase, Co. | 42,779 |
1,300 | U.S. Bancorp | 36,751 |
| | | 79,530 |
| | |
Oil & Gas Field Services, NEC (2.84%) | | |
1,600 | Halliburton Co. | 48,240 |
| | | |
Optical Instruments & Lenses (1.34%) | | |
400 | Kla-Tencor Corp. * | 22,808 |
| | |
Orthopedic, Prosthetic & Surgical Appliances & Supplies (2.05%) | | |
900 | Biomet, Inc. | 34,794 |
| | | |
Pharmaceutical Preparations (11.16%) | | |
500 | Allergan, Inc. | 41,425 |
1,000 | Biovail Corp. * | 22,170 |
500 | Forest Laboratories, Inc. Cl. A | 37,245 |
1,400 | Medicis Pharmaceuticals Corp. | 50,904 |
600 | Teva Pharmaceuticals Ind. | 37,554 |
| | 189,298 |
| | | |
Printed Circuit Boards (2.09%) | | |
1,200 | Jabil Circuit * | 35,520 |
| | |
Publishing & Printing (1.97%) | | |
800 | R.H. Donnelly * | 33,440 |
| | | |
Radio & TV Broadcasting & Communications Equipment (2.10%) | | |
2,150 | Motorola, Inc. | 35,647 |
| | |
Real Estate Agents & Managers (2.00%) | | |
1,500 | Cendant Corp. | 33,975 |
| | | |
Refuse Systems (1.47%) | | |
900 | Waste Management | 24,984 |
| | |
Retail-Building Materials, Hardware, Garden Supply (1.99%) | | |
1,000 | Sherwin Willaims Co. | 33,740 |
| | | |
Retail-Eating & Drinking P laces (2.16%) | | |
1,000 | Starbucks Corp. * | 36,610 |
| | |
Retail-Family Clothing Stores (0.00%) | | |
1,200 | Nordstrom, Inc. | 47,160 |
| | | |
Retail-Grocery Stores (1.79%) | | |
1,300 | Albertsons, Inc. | 30,368 |
| | |
Retail-Miscellaneous Shopping Goods Store (2.35%) | | |
1,500 | Staples, Inc. | 39,915 |
| | | |
Semiconductors & Related Devices (5.05%) | | |
1,200 | Cree, Inc. * | 30,084 |
2,700 | JDS Uniphase * | 13,770 |
1,000 | Xilinx, Inc. * | 41,900 |
| | 85,754 |
| | | |
Services-Computer Integrated Systems Design (1.94%) | | |
700 | Yahoo, Inc. * | 32,886 |
| | |
Services-Motion Picture & Video Tape Production (3.81%) | | |
1,300 | Disney Enterprises, Inc. | 31,200 |
1,900 | Time Warner, Inc. * | 33,383 |
| | 64,583 |
| | | |
Services-Prepackaged Software (1.78%) | | |
2,400 | Bea Systems * | 30,216 |
1,800 | Netiq Corp. * | 23,940 |
2,201 | Oracle Corp. * | 30,506 |
| | 84,662 |
| | | |
Special Industry Machinery, NEC (3.83%) | | |
1,400 | Applied Materials, Inc. * | 30,366 |
1,000 | Silicon Valley Group, Inc. * | 34,610 |
| | | 64,976 |
| | |
Telephone Communications (No Radiotelephone) (2.84%) | | |
900 | Level 3 Communications, Inc. | 48,114 |
| | | |
| | |
TOTAL COMMON STOCKS (Cost $1,325,703) | | 1,582,237 |
| | |
| | | |
Cash Equivalents | | |
117,491 | First American Treasury Obligations Cl. A rate: .29 | 117,491 |
| | |
TOTAL CASH EQUIVALENTS | | |
| | |
TOTAL INVESTMENTS - -0.18% | | 1,699,728 |
| | |
OTHER ASSETS LESS LIABILITIES - -0.18% | | (3,066) |
| | |
NET ASSETS - 100.00% | | $ 1,696,662 |
| | |
* Non Income Producing Securities | | |
The accompanying notes are an integral part of the financial statements.
Analysts Investment Trust | | | |
STATEMENTS OF ASSETS & LIABILITIES | | | |
January 31, 2004 (Unaudited) | | | |
| | | | |
| | | | |
| | | Analysts Fixed | Analysts |
| | Analysts Stock | Income | Aggressive Stock |
| | Fund | Fund | Fund |
| | | | |
Assets: | | | |
Investment Securities at Market Value | $ 7,861,230 | $ 2,998,863 | $ 1,699,728 |
(Cost $6,635,443 and $2,765,778 and $1,443,194 , respectively) | | | |
Cash | - | 357 | - |
Dividends and Interest Receivable | 4,435 | 26,011 | 796 |
Total Assets | 7,865,665 | 3,025,231 | 1,700,524 |
Liabilities: | | | |
Accrued Expenses | 13,335 | 3,689 | 3,862 |
Total Liabilities | 13,335 | 3,689 | 3,862 |
Net Assets | $ 7,852,330 | $ 3,021,542 | $ 1,696,662 |
| | | |
Net Assets Consist of: | | | |
Paid-In Capital | 7,512,272 | 2,990,652 | $ 2,325,758 |
Accumulated Undistributed Net Investment Income | (196,262) | 12,977 | (120,513) |
Accumulated Undistributed Realized | | | |
Gain (Loss) on Investments - Net | (689,467) | (215,172) | (765,117) |
Unrealized Appreciation/(Depreciation) in Value | | | |
of Investments Based on Identified Cost - Net | 1,225,787 | 233,085 | 256,534 |
Net Assets | $ 7,852,330 | $ 3,021,542 | $ 1,696,662 |
| | | |
Shares of Benefical Interest, No Par Value | 382,619 | 211,991 | 206,722 |
Per Share Net Asset Value and Offering Price | $ 20.52 | $ 14.25 | $8.21 |
Offering Price Per Share | 20.52 | | |
| | | |
The accompanying notes are an integral part of the financial statements.
Analysts Investment Trust | | | |
STATEMENTS OF OPERATIONS | | | |
Six months ended January 31, 2004 (Unaudited) | | |
| | | | |
| | | | |
| | | Analysts | Analysts |
| | Analysts Stock | Fixed Income | Aggressive Stock |
| | Fund | Fund | Fund |
| | | | |
Investment Income: | | | |
Dividends | $41,184 | $31,955 | $ 4,685 |
| | | |
Interest | 69 | 47,700 | 77 |
Total Investment Income | 41,253 | 79,655 | 4,762 |
Expenses: | | | |
Investment Advisory | 76,886 | 22,393 | 21,994 |
Total Expenses | 76,886 | 22,393 | 21,994 |
| | | |
Net Investment Loss | (35,633) | 57,262 | (17,232) |
| | | |
Realized and Unrealized (Loss) on Investments: | | | |
Realized (Loss) on Investments | 215,912 | 40,393 | (21,036) |
Unrealized Appreciation on Investments | 695,373 | 74,785 | 278,063 |
Net Realized and Unrealized (Loss) on Investments | 911,285 | 115,178 | 257,027 |
| | | | |
Net Increase (Decrease) in Net Assets from Operations | $ 875,652 | $ 172,440 | $ 239,795 |
The accompanying notes are an integral part of the financial statements.
ANALYSTS STOCK FUND | |
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) |
| | |
| | | |
| | | |
| | | |
| | Six months ended | Year ended |
| | January 31, 2004 | July 31, 2003 |
FROM OPERATIONS: | | |
Net Investment Income | $ (35,633) | $ (51,868) |
Net Realized Gain (Loss) on Investments | 215,912 | (256,664) |
Net Unrealized Appreciation (Depreciation) | 695,373 | 1,122,849 |
Increase (Decrease) in Net Assets from Operations | 875,652 | 814,317 |
From Distributions to Shareholders: | | |
Net Realized Gain from Security Transactions | 0 | 0 |
Net (Decrease) in Net Assets from Distributions | 0 | 0 |
| | |
From Fund Share Transactions: | | |
Proceeds from shares sold | 688,814 | 943,696 |
Shares issued from reinevestment of distributions | 0 | 0 |
Payment for shares redeemed | (784,897) | (1,355,195) |
Net Increase (Decrease) from Share Transactions | (96,083) | (411,499) |
| | |
| | | |
Net Increase (Decrease) in Net Assets | 779,569 | 402,818 |
| | | |
NET ASSETS: | | |
Net Increase (Decrease) in Net Assets | 779,569 | 402,818 |
Net Assets at Beginning of Period | 7,073,908 | 6,671,090 |
Net Assets at End of Period | $ 7,853,477 | $ 7,073,908 |
| | |
The accompanying notes are an integral part of the financial statements.
ANALYSTS FIXED INCOME FUND | |
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) |
| | |
| | | |
| | | |
| | | |
| | Six months ended | Year ended |
| | January 31, 2004 | July 31, 2003 |
FROM OPERATIONS: | | |
Net Investment Income | $ 57,262 | $ 149,239 |
Net Realized Gain (Loss) on Investments | 40,393 | (127,413) |
Net Unrealized Appreciation (Depreciation) | 74,785 | 143,034 |
Increase (Decrease) in Net Assets from Operations | 172,440 | 164,860 |
From Distributions to Shareholders: | | |
Net Realized Gain from Security Transactions | (58,638) | (151,100) |
Net Decrease in Net Assets from Distributions | (58,638) | (151,100) |
| | |
From Fund Share Transactions: | | |
Proceeds from shares sold | 357,200 | 982,296 |
Shares issued from reinevestment of distributions | 53,107 | 137,442 |
Payment for shares redeemed | (383,958) | (3,281,744) |
Net Increase (Decrease) from Share Transactions | 26,349 | (2,162,006) |
| | |
| | | |
Net Increase (Decrease) in Net Assets | 140,151 | (2,148,246) |
| | | |
NET ASSETS: | | |
Net Increase (Decrease) in Net Assets | 140,151 | (2,148,246) |
Net Assets at Beginning of Period | 2,881,391 | 5,029,637 |
Net Assets at End of Period | $ 3,021,542 | $ 2,881,391 |
| | |
The accompanying notes are an integral part of the financial statements.
ANALYSTS AGGRESSIVE STOCK FUND |
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) |
| | |
| | | |
| | | |
| | | |
| | Six months ended | Year ended |
| | January 31, 2004 | July 31, 2003 |
FROM OPERATIONS: | | |
Net Investment Income | $ (17,232) | $ (23,881) |
Net Realized Gain (Loss) on Investments | (21,036) | (120,411) |
Net Unrealized Appreciation (Depreciation) | 278,063 | 438,686 |
Increase (Decrease) in Net Assets from Operations | 239,795 | 294,394 |
From Distributions to Shareholders: | | |
Net Realized Gain from Security Transactions | 0 | 0 |
Net Decrease in Net Assets from Distributions | 0 | 0 |
| | |
From Fund Share Transactions: | | |
Proceeds from shares sold | 148,271 | 252,032 |
Payment for shares redeemed | (161,555) | (184,118) |
Net Increase (Decrease) from Share Transactions | (13,284) | 67,914 |
| | | |
Net Increase (Decrease) in Net Assets | | |
from Shareholder Activity | 226,511 | 362,308 |
| | |
NET ASSETS: | | |
Net Increase in Net Assets | 226,511 | 362,308 |
Net Assets at Beginning of Period | 1,470,151 | 1,107,843 |
Net Assets at End of Period | $ 1,696,662 | $ 1,470,151 |
The accompanying notes are an integral part of the financial statements.
ANALYSTS STOCK FUND | | | | |
FINANCIAL HIGHLIGHTS | | | | | |
January 31, 2004 (Unaudited) | | | | | |
Selected data for a share outstanding throughout the period | | | |
| | | | | | |
| | Six months | Year | Year | Year | Year |
| | ended | ended | ended | ended | ended |
| | 1/31/2004 | 7/31/2003 | 7/31/2002 | 7/31/2001 | 7/31/2000 |
| | | | | | |
Net Asset Value at Beginning of Period | $ 18.33 | $ 16.17 | $ 21.05 | $ 26.15 | $ 28.41 |
| | | | | | |
Net Investment Income Loss | (0.09) | (0.13) | (0.16) | 0.03 | (0.05) |
Net Gains or Losses on Securities | | | | | |
(Realized and Unrealized) | 2.28 | 2.29 | (4.72) | (3.60) | 2.35 |
Total from Investment Operations | 2.19 | 2.16 | (4.88) | 3.57 | 2.30 |
| | | | | |
Distributions from Net Investment Income | - | - | - | - | - |
Distributions from Capital Gains | - | - | - | (1.53) | (4.56) |
Total Distributions | - | - | - | (1.53) | (4.56) |
| | | | | |
Net Asset Value at End of Period | $ 20.52 | $ 18.33 | $ 16.17 | $ 21.05 | $ 26.15 |
| | | | | |
Total Return | 11.96 % | 13.32 % | (23.17)% | (13.51)% | 14.21 % |
| | | | | |
Ratios/Supplemental Data: | | | | | |
Net Assets at End of Period (000's omitted) | $ 7,852 | $ 7,074 | $ 6,671 | $ 8,336 | $ 9,636 |
| | | | | | |
Ratio of Expenses to Average Net Assets (a) | 2.00 % | 2.00 % | 2.00 % | 2.00 % | 2.00 % |
Ratio of Net Investment Income (Loss) to | | | | | |
Average Net Assets (a) | (0.93)% | (0.80)% | (0.81)% | 0.12 % | (0.19)% |
| | | | | | |
Portfolio Turnover Rate | 45.21 % | 59.35 % | 88.91 % | 15.43 % | 0.00 % |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
(a) Ratios are annualized for periods of less than one year, except for the | | | | |
total return ratio. | | | | | |
The accompanying notes are an integral part of the financial statements.
ANALYSTS FIXED INCOME FUND | | | |
FINANCIAL HIGHLIGHTS | | | | | |
January 31, 2004 (Unaudited) | | | | | |
Selected data for a share outstanding throughout the period | | | |
| | | | | | |
| | Six months | Year | Year | Year | Year |
| | ended | ended | ended | ended | ended |
| | 1/31/2004 | 7/31/2003 | 7/31/2002 | 7/31/2001 | 7/31/2000 |
| | | | | | |
Net Asset Value at Beginning of Period | $ 13.72 | $ 13.61 | $13.31 | $12.67 | $13.24 |
| | | | | | |
Net Investment Income | 0.27 | $ 0.55 | 0.58 | 0.73 | 0.78 |
Net Gains or Losses on Securities | | | | | |
(Realized and Unrealized) | 0.27 | 0.12 | 0.30 | 0.64 | (0.51) |
Total from Investment Operations | 0.54 | 0.67 | 0.88 | 1.37 | 0.27 |
| | | | | |
Distributions from Net Investment Income | - | (0.56) | (0.58) | (0.73) | (0.79) |
Distributions from Capital Gains | - | - | - | - | (0.05) |
Total Distributions | - | 0.56 | (0.58) | (0.73) | (0.84) |
| | | | | |
Net Asset Value at End of Period | $ 14.26 | $ 13.72 | $13.61 | $13.31 | $12.67 |
| | | | | |
Total Return | 5.92 % | 5.39% | 6.77 % | 11.11 % | 2.32 % |
| | | | | |
Ratios/Supplemental Data: | | | | | |
Net Assets at End of Period (000's omitted) | $ 3,022 | $ 2,881 | $5,029 | $4,763 | $3,896 |
| | | | | | |
Ratio of Expenses to Average Net Assets (a) | 1.50 % | 1.50% | 1.50 % | 1.50 % | 1.50 % |
Ratio of Net Investment Income (Loss) to | | | | | |
Average Net Assets (a) | 3.83 % | 4.08 % | 4.30 % | 5.58 % | 6.24 % |
| | | | | | |
Portfolio Turnover Rate | 5.24 % | 40.32 % | 21.18 % | 0.00 % | 11.30 % |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
(a) Ratios are annualized for periods of less than one year, except for the | | | | |
total return ratio. | | | | | |
The accompanying notes are an integral part of the financial statements.
ANALYSTS AGRESSIVE STOCK FUND | | |
FINANCIAL HIGHLIGHTS | | | | | |
January 31, 2004 (Unaudited) | | | | | |
Selected data for a share outstanding throughout the period | | | |
| | | | | | |
| | Six months | Year | Year | Year | Year |
| | ended | ended | ended | ended | ended |
| | 1/31/2004 | 6/30/2003 | 6/30/2002 | 6/30/2001 | 6/30/2000 |
| | | | | | |
Net Asset Value at Beginning of Period | $ 7.07 | $ 5.61 | $ 9.04 | $12.32 | $ 9.86 |
| | | | | | |
Net Investment Income | 0.27 | $ (0.11) | (0.16) | (0.16) | (0.17) |
Net Gains or Losses on Securities | | | | | |
(Realized and Unrealized) | 0.88 | 1.57 | (3.27) | (3.12) | 2.63 |
Total from Investment Operations | 1.15 | 1.46 | (3.43) | (3.28) | 2.46 |
| | | | | |
Distributions from Net Investment Income | - | - | - | - | - |
Distributions from Capital Gains | - | - | - | - | - |
Total Distributions | - | - | - | - | - |
| | | | | |
Net Asset Value at End of Period | $ 8.22 | $ 7.07 | $ 5.61 | $ 9.04 | $12.32 |
| | | | | |
Total Return | 16.09 % | 26.03% | (38.00)% | (26.60)% | 24.99 % |
| | | | | |
Ratios/Supplemental Data: | | | | | |
Net Assets at End of Period (000's omitted) | $ 1,697 | $ 1,470 | $1,108 | $1,534 | $2,119 |
| | | | | | |
Ratio of Expenses to Average Net Assets (a) | 2.78 % | 2.75% | 2.81 % | 3.00 % | 3.00 % |
Ratio of Net Investment Income (Loss) to | | | | | |
Average Net Assets (a) | 7.12 % | (1.94)% | (2.02)% | (1.58)% | (1.32)% |
| | | | | | |
Portfolio Turnover Rate | 10.04 % | 32.72 % | 76.33 % | 8.81 % | 1.36 % |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
(a) Ratios are annualized for periods of less than one year, except for the | | | | |
total return ratio. | | | | | |
The accompanying notes are an integral part of the financial statements.
ANALYSTS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
1.
Significant Accounting Policies and Organization
Analysts Investment Trust (the Trust) is registered under the Investment Company Act of 1940, as amended, as a no-load, diversified, open end management investment company. The Trust was established as an Ohio Business Trust under a Declaration of Trust dated May 28, 1993. The Declaration of Trust, as amended, permits the Trustees to issue an unlimited number of shares of the Analysts Stock Fund (Stock Fund), Analysts Fixed Income Fund (Fixed Income Fund), and the Analysts Aggressive Stock Fund (Aggressive Stock Fund, formerly the internet.fund) (the Funds). The Stock Fund’s investment objective is to provide long term capital appreciation. The Fixed Income Fund’s investment objective is to provide a high level of income over the long term consistent with preservation of capital. The Aggressive Stock Fund’s objective is to provide long term growth through capital appreciation. The following is a summary of the significant accounting policies of the Trust:
Securities Valuation - Equity securities, options and commodities listed on exchanges or on the NASDAQ are valued at the last quoted sale price as of the close of business on the day the securities are being valued. Lacking a last sale price, a security is generally valued at its last bid price, except when, in Equity Analysts Inc.'s (the Adviser) opinion, the last bid price does not accurately reflect the current value of the security. All other securities for which over-the-counter market quotations are readily available are valued at their last bid price. Fixed income securities may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reflect the fair value of such securities. A pricing service utilizes electronic data processing techniques to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. Corporate bonds, mortgage-backed obligations and asset backed and receivable backed securities are valued using the Adviser’s proprietary bond pricing model, which has been approved by the Board of Trustees. When market quotations or pricing service prices or prices from the Adviser’s bond pricing model are not readily available, when the Adviser determines a proposed price does not accurately reflect the current value, or when restricted 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 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.
Share Valuation - The net asset value per share is calculated daily by dividing the total value of each Fund's investments and other assets, less liabilities, by the total number of the Fund’s shares outstanding.
Investment Income and Distributions to Shareholders - Interest income is accrued as earned. Dividend income is recorded on the ex-dividend date. Distributions to shareholders arising from net investment income are declared and it is the intention that such distributions be paid quarterly. Net realized capital gains, if any, are distributed to shareholders at least once per year.
Security Transactions - Security transactions are accounted for on a trade date basis, which is the date the order to buy or sell is executed. Securities sold are valued on a specific identification basis.
Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Adviser to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The Adviser believes that the estimates utilized in preparing these financial statements are reasonable and prudent. Actual results could differ from these estimates.
Federal Income Taxes - It is each Fund's policy to comply with the special provisions of the Internal Revenue Code available to regulated investment companies. As provided therein, in any fiscal year in which a Fund so qualifies, and distributes at least 90% of its taxable net income, the Fund (but not its shareholders) will be relieved of federal income tax on the income distributed. Accordingly, no provision for income taxes is made. In order to avoid imposition of the excise tax created by the Tax Reform Act of 1986 as amended by the Revenue Act of 1987, it is each Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98% of its realized capital gains (earned during the twelve months ended October 31 of the calendar year) plus undistributed amounts from prior years.
The Stock Fund, the Fixed Income Fund and the Aggressive Stock Fund have capital loss carryforwards expiring in 2008 to 2011 for federal income tax purposes of approximately $710,000, $107,000 and $778,000, respectively.
2.
Investment Transactions
Investment transactions in the Stock Fund, Fixed Income Fund and Aggressive Stock Fund for the six months ended January 31, 2004 are as follows:
| | Stock Fund | Fixed Income Fund | Aggressive Stock Fund |
Purchase of Investment Securities | $1,727,940 | $68,344 | $157,709 |
Proceeds from Sales and Maturities of Investment Securities | 1,681,122 | 315,902 | 146,439 |
3.
Transactions with Affiliates and Related Parties
Timothy E. Mackey is the President, and Mark Strofe is the Treasurer, of Equity Analysts, Inc. (the Adviser), registered investment adviser to the Funds. The Adviser manages each Fund under the terms of Management Agreements. RiverPoint Capital Management, Inc. (formerly O’Sullivan Sims & Hogan, Inc.) (the Sub-Adviser), an unrelated registered investment adviser, is the sub-adviser to the Funds. On July 26, 2002, RiverPoint accepted two new individuals as managing directors and shareholders causing a change of control and the automatic termination of the original sub-advisory agreement under the Investment Company Act of 1940, as amended.
Mutual Shareholder Services serves as transfer agent and accounting services agent, U.S. Bank serves as custodian.
Under the Management Agreements, the Adviser pays all of the expenses of the Funds except brokerage fees and commissions, taxes, interest and extraordinary expenses. As compensation for investment advisory services and the Adviser’s agreement to pay the above Fund expenses, each Fund pays the Adviser a fee, computed and accrued daily, based upon the following annual rates:
| | | Fixed | Aggressive Stock |
Average daily assets | Stock Fund | Income Fund | Fund |
Up to and including $20 million | 2.00% | 1.50% | 2.75% |
From $20 million to $40 million | 1.75% | 1.25% | 2.50% |
From $40 million to $100 million | 1.50% | 1.00% | 2.00% |
Above $100 million | .75% | .75% | 1.50% |
The Sub-Adviser manages each of the Funds’ investment portfolios. Under the terms of the sub-advisory agreement, the Adviser (not the Funds) pays the sub-adviser a fee based upon the average daily net assets of each Fund at the following rates: Stock Fund, 0.50%; Fixed Income Fund 0.35%; Aggressive Stock Fund 0.65%. With respect to the amount of assets in each Fund on the effective date of the original sub-advisory agreement, September 28, 2001, the sub-adviser has agreed to waive a portion of its fees during the first two years of the sub-advisory arrangement. Fees paid during August 2003 through September 2003 with respect to the amount of assets in each Fund were at the following rates: Stock Fund, 0.35%; Fixed Income Fund, 0.35%; Aggressive Stock Fund, 0.45%.
4.
Fund Share Transactions
Proceeds and payments on shares of the Funds as shown in the Statements of Changes in Net Assets are the result of the following share transactions:
| | | Fixed | Aggressive Stock |
| | Stock Fund | Income Fund | Fund |
Shares sold | 688,814 | 357,200 | 148,271 |
Shares issued from reinvestment | | | |
of distributions | - | 53,107 | |
Shares redeemed | (784,897) | (383,958) | (161,555) |
Net increase (decrease) | (96,083) | 26,349 | (13,284) |
Shares at beginning of period | 478,702 | 185,642 | 220,005 |
Shares at end of period | 382,619 | 211,991 | 206,721 |
5.
Security Transactions
For Federal income tax purposes, the cost of investments owned at July 31, 2003, was the same as identified cost. At July 31, 2003, the composition of unrealized appreciation (the excess of value over tax cost) and depreciation (the excess of tax cost over value) by Fund was as follows:
| | Gross | Gross | Net Appreciation |
| | Appreciation | Depreciation | (Depreciation) |
Stock Fund | $ 747,757 | $ (217,342) | $ 530,415 |
Fixed Income Fund | 182,071 | (23,963) | 158,108 |
Aggressive Stock Fund | 214,121 | (235,656) | (21,535) |
TRUSTEES AND OFFICERS
Timothy E. Mackey
President & Trustee
Mark Srofe
Treasurer
Walter E. Bowles, III
Trustee
Robert W. Buechner
Trustee
Chetan Demania
Trustee
Investment Advisor
Equity Analysts Inc.
7750 Montgomery Road
Cincinnati, OH 45236
513-792-5400
800-845-2611 (toll free)
513-984-2411 (Fax)
Sub Advisor
RiverPoint Capital Management, Inc.
250 West Court Street, Suite 312E
Cincinnati, OH 45202
Custodian
US Bank
425 Walnut Street
Cincinnati, OH 45202
Legal Counsel
Thompson Hine LLP
312 Walnut Street 14th Floor
Cincinnati, OH 45202
Auditors
BKD L.L.P
312 Walnut Street, Suite 3000
Cincinnati, OH 45201
Item 2. Code of Ethics. Not applicable.
Item 3. Audit Committee Financial Expert. Not applicable.
Item 4. Principal Accountant Fees and Services. Not applicable.
Item 5. Audit Committee of Listed Companies. Not applicable.
Item 6. Reserved.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable.
Item 8. Purchases of Equity Securities by Closed-End Funds. Not applicable.
Item 9. Submission of Matters to a Vote of Security Holders. Not applicable.
Item 10. Controls and Procedures.
(a)
Based on an evaluation of the registrant’s disclosure controls and procedures as of __________________, 2003 [within 90 days of filing date of this Form N-CSR], the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b)
There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 11. 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, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Analysts Investment Trust
By /s/Timothy E. Mackey
*Timothy E. Mackey
President
Date April 12, 2004
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/Timothy E. Mackey
*Timothy E. Mackey
President
Date April 12, 2004
By /s/Mark G. Strofe
*Mark G. Strofe
Treasurer
Date April 12, 2004
* Print the name and title of each signing officer under his or her signature.
