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 811-07813
----------------------------
KOBREN INSIGHT FUNDS
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
20 William Street, Suite 310
P.O. Box 9135
WELLESLEY HILLS, MA 02481
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Gail A. Hanson, Esq.
PFPC Inc.
101 Federal Street, 6th Floor
BOSTON, MA 02110
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-456-2736
-----------------------
Date of fiscal year end: DECEMBER 31, 2003
-------------------
Date of reporting period: JUNE 30, 2003
-------------------
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. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
- --------------------------------------------------------------------------------
KOBREN INSIGHT MANAGEMENT, INC.
KOBREN GROWTH FUND
- --------------------------------------------------------------------------------
SEMI-ANNUAL REPORT JUNE 30, 2003
[GRAPHIC OMITTED]
KOBREN
INSIGHT
FUNDS
- --------------------------------------------------------------------------------
MESSAGE TO SHAREHOLDERS
STOCKS STAGE A WELCOME RALLY,
BUT SECOND-HALF MAY BE TOUGHER
In my Annual Message last December, I stated "we enter 2003 considerably more
optimistic than we were 12 months ago." I listed several reasons for our
brighter outlook:
1. Monetary stimulus (low interest rates).
2. Fiscal stimulus (President Bush's proposed tax cuts).
3. Low earnings expectations (easier to beat).
4. More reasonable stock valuations.
5. Lack of bullish sentiment (often a contrary indicator).
[PHOTO OMITTED]
ERIC M. KOBREN
Those factors did in fact lead to a much brighter start to 2003. As the year
began to unfold, interest rates went even lower, Congress passed a modified
version of Bush's tax cuts, and corporate earnings surpassed (low) expectations.
Combine that with (relatively) attractive valuations and a (relatively
successful) conclusion to the war in Iraq. It is easy to see why sentiment began
to change and investors pushed the stock market to a very strong first-half. The
Dow gained 9.0%, the S&P 500 rose 11.8% and Kobren Growth Fund advanced 11.1%.
The second-half of 2003 could be more challenging. Strong monetary and fiscal
stimuli remain a positive, but many of our other reasons for optimism are losing
ground.
First, as shown below, earnings expectations for the first half of 2003 were low
and they were easily surpassed in the first quarter. For the last two quarters
of the year, however, expectations rise sharply to 12% and 21%, respectively.
Even MEETING those expectations will require much more than just the
cost-cutting efforts that were largely responsible for the first quarter
earnings improvement. Companies will have to see real top-line revenue growth
and that, in turn, will require solid economic growth, something that has yet to
materialize despite all the stimulus.
Second, thanks to the strong run-up in the markets this year, with only modest
improvements in earnings, valuations are now less attractive than they were at
the end of 2002. The P/E ratio on the S&P 500 is currently more than double its
long-term average. It will take a lot of earnings growth to bring that number
back down if prices remain high.
Lastly, sentiment has changed radically. If most of the fund managers we spoke
with at the end of last year were still leery of a recovery in stock prices, the
majority of managers we've spoken with recently are positive. In fact, overall
market sentiment is as bullish, if not more so, as it was at the bubble-peak in
1999.
This is not to argue that stocks will necessarily go down from here. If, as most
expect, the economy begins to show solid growth in the second half, thanks to
the extraordinary amount of fiscal and monetary stimuli, stocks could benefit.
Despite high valuations, stocks can still advance, as we saw in the late '90s.
But we believe the risks of owning stocks have definitely increased since the
beginning of the year.
We continue to position the Fund to participate in further market advances, but
we are mindful of the increased risks. We remain well diversified with a broad
mix of stock styles, as well as significant international and bond exposures.
One last note within our bond holdings we are focused on high-yield funds which
should benefit from an improving economy and are less sensitive to an uptick in
interest rates than high-quality Treasury bonds. Although their recent advance
has been impressive, we continue to feel high-yield bonds offer attractive
opportunities.
Sincerely,
/S/ Eric M. Kobren
Eric M. Kobren
President and Portfolio Manager
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
S&P 500 EARNINGS GROWTH EXPECTATIONS
ESTIMATES ACTUAL
1st Qtr 0.072 0.119
2nd Qtr 0.059
3rd Qtr 0.124
4th Qtr 0.211
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
KOBREN GROWTH FUND (6/30/03)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
VALUE OF $10,000 INVESTED 12/16/96
12/16/1996 10,000.00
12/17/1996 10,000.00
12/18/1996 10,020.00
12/19/1996 10,110.00
12/20/1996 10,160.00
12/23/1996 10,160.00
12/24/1996 10,180.00
12/25/1996 10,180.00
12/26/1996 10,200.00
12/27/1996 10,250.00
12/30/1996 10,260.00
12/31/1996 10,240.00
1/1/1997 10,240.00
1/2/1997 10,180.00
1/3/1997 10,260.00
1/6/1997 10,290.00
1/7/1997 10,340.00
1/8/1997 10,320.00
1/9/1997 10,380.00
1/10/1997 10,410.00
1/13/1997 10,420.00
1/14/1997 10,500.00
1/15/1997 10,510.00
1/16/1997 10,540.00
1/17/1997 10,590.00
1/20/1997 10,630.00
1/21/1997 10,640.00
1/22/1997 10,670.00
1/23/1997 10,630.00
1/24/1997 10,550.00
1/27/1997 10,490.00
1/28/1997 10,500.00
1/29/1997 10,540.00
1/30/1997 10,610.00
1/31/1997 10,630.00
2/3/1997 10,650.00
2/4/1997 10,650.00
2/5/1997 10,590.00
2/6/1997 10,610.00
2/7/1997 10,680.00
2/10/1997 10,660.00
2/11/1997 10,670.00
2/12/1997 10,780.00
2/13/1997 10,880.00
2/14/1997 10,870.00
2/17/1997 10,870.00
2/18/1997 10,900.00
2/19/1997 10,900.00
2/20/1997 10,820.00
2/21/1997 10,820.00
2/24/1997 10,890.00
2/25/1997 10,900.00
2/26/1997 10,840.00
2/27/1997 10,780.00
2/28/1997 10,740.00
3/3/1997 10,770.00
3/4/1997 10,760.00
3/5/1997 10,830.00
3/6/1997 10,830.00
3/7/1997 10,910.00
3/10/1997 10,980.00
3/11/1997 10,990.00
3/12/1997 10,930.00
3/13/1997 10,770.00
3/14/1997 10,810.00
3/17/1997 10,780.00
3/18/1997 10,720.00
3/19/1997 10,670.00
3/20/1997 10,620.00
3/21/1997 10,610.00
3/24/1997 10,660.00
3/25/1997 10,670.00
3/26/1997 10,670.00
3/27/1997 10,540.00
3/28/1997 10,540.00
3/31/1997 10,420.00
4/1/1997 10,390.00
4/2/1997 10,300.00
4/3/1997 10,280.00
4/4/1997 10,340.00
4/7/1997 10,370.00
4/8/1997 10,420.00
4/9/1997 10,400.00
4/10/1997 10,380.00
4/11/1997 10,240.00
4/14/1997 10,230.00
4/15/1997 10,330.00
4/16/1997 10,400.00
4/17/1997 10,400.00
4/18/1997 10,430.00
4/21/1997 10,370.00
4/22/1997 10,430.00
4/23/1997 10,450.00
4/24/1997 10,450.00
4/25/1997 10,380.00
4/28/1997 10,410.00
4/29/1997 10,550.00
4/30/1997 10,610.00
5/1/1997 10,620.00
5/2/1997 10,730.00
5/5/1997 10,860.00
5/6/1997 10,870.00
5/7/1997 10,790.00
5/8/1997 10,850.00
5/9/1997 10,920.00
5/12/1997 11,000.00
5/13/1997 10,990.00
5/14/1997 11,020.00
5/15/1997 11,040.00
5/16/1997 11,000.00
5/19/1997 11,000.00
5/20/1997 11,070.00
5/21/1997 11,090.00
5/22/1997 11,070.00
5/23/1997 11,160.00
5/26/1997 11,160.00
5/27/1997 11,140.00
5/28/1997 11,130.00
5/29/1997 11,110.00
5/30/1997 11,150.00
6/2/1997 11,160.00
6/3/1997 11,180.00
6/4/1997 11,150.00
6/5/1997 11,190.00
6/6/1997 11,270.00
6/9/1997 11,310.00
6/10/1997 11,320.00
6/11/1997 11,360.00
6/12/1997 11,440.00
6/13/1997 11,510.00
6/16/1997 11,540.00
6/17/1997 11,540.00
6/18/1997 11,520.00
6/19/1997 11,600.00
6/20/1997 11,590.00
6/23/1997 11,460.00
6/24/1997 11,570.00
6/25/1997 11,550.00
6/26/1997 11,510.00
6/27/1997 11,540.00
6/30/1997 11,560.00
7/1/1997 11,620.00
7/2/1997 11,700.00
7/3/1997 11,800.00
7/4/1997 11,800.00
7/7/1997 11,770.00
7/8/1997 11,780.00
7/9/1997 11,700.00
7/10/1997 11,750.00
7/11/1997 11,780.00
7/14/1997 11,780.00
7/15/1997 11,780.00
7/16/1997 11,880.00
7/17/1997 11,860.00
7/18/1997 11,750.00
7/21/1997 11,710.00
7/22/1997 11,840.00
7/23/1997 11,920.00
7/24/1997 11,960.00
7/25/1997 11,950.00
7/28/1997 11,940.00
7/29/1997 11,990.00
7/30/1997 12,100.00
7/31/1997 12,140.00
8/1/1997 12,070.00
8/4/1997 12,060.00
8/5/1997 12,100.00
8/6/1997 12,160.00
8/7/1997 12,120.00
8/8/1997 12,000.00
8/11/1997 11,970.00
8/12/1997 11,930.00
8/13/1997 11,940.00
8/14/1997 11,930.00
8/15/1997 11,780.00
8/18/1997 11,800.00
8/19/1997 11,870.00
8/20/1997 12,020.00
8/21/1997 11,940.00
8/22/1997 11,890.00
8/25/1997 11,880.00
8/26/1997 11,850.00
8/27/1997 11,850.00
8/28/1997 11,770.00
8/29/1997 11,680.00
9/1/1997 11,680.00
9/2/1997 11,820.00
9/3/1997 11,900.00
9/4/1997 11,900.00
9/5/1997 11,950.00
9/8/1997 11,970.00
9/9/1997 11,990.00
9/10/1997 11,900.00
9/11/1997 11,830.00
9/12/1997 11,910.00
9/15/1997 11,920.00
9/16/1997 12,020.00
9/17/1997 12,060.00
9/18/1997 12,080.00
9/19/1997 12,090.00
9/22/1997 12,090.00
9/23/1997 12,050.00
9/24/1997 12,030.00
9/25/1997 12,030.00
9/26/1997 12,090.00
9/29/1997 12,150.00
9/30/1997 12,170.00
10/1/1997 12,270.00
10/2/1997 12,310.00
10/3/1997 12,380.00
10/6/1997 12,440.00
10/7/1997 12,470.00
10/8/1997 12,430.00
10/9/1997 12,410.00
10/10/1997 12,410.00
10/13/1997 12,410.00
10/14/1997 12,430.00
10/15/1997 12,390.00
10/16/1997 12,330.00
10/17/1997 12,200.00
10/20/1997 12,270.00
10/21/1997 12,410.00
10/22/1997 12,400.00
10/23/1997 12,170.00
10/24/1997 12,110.00
10/27/1997 11,430.00
10/28/1997 11,640.00
10/29/1997 11,760.00
10/30/1997 11,580.00
10/31/1997 11,700.00
11/3/1997 11,930.00
11/4/1997 11,950.00
11/5/1997 12,010.00
11/6/1997 11,950.00
11/7/1997 11,770.00
11/10/1997 11,720.00
11/11/1997 11,700.00
11/12/1997 11,470.00
11/13/1997 11,490.00
11/14/1997 11,570.00
11/17/1997 11,760.00
11/18/1997 11,660.00
11/19/1997 11,610.00
11/20/1997 11,710.00
11/21/1997 11,760.00
11/24/1997 11,590.00
11/25/1997 11,580.00
11/26/1997 11,610.00
11/27/1997 11,610.00
11/28/1997 11,640.00
12/1/1997 11,750.00
12/2/1997 11,790.00
12/3/1997 11,830.00
12/4/1997 11,850.00
12/5/1997 11,920.00
12/8/1997 11,970.00
12/9/1997 11,910.00
12/10/1997 11,800.00
12/11/1997 11,620.00
12/12/1997 11,590.00
12/15/1997 11,600.00
12/16/1997 11,650.00
12/17/1997 11,680.00
12/18/1997 11,590.00
12/19/1997 11,500.00
12/22/1997 11,530.00
12/23/1997 11,460.00
12/24/1997 11,410.00
12/25/1997 11,410.00
12/26/1997 11,430.00
12/29/1997 11,580.00
12/30/1997 11,740.00
12/31/1997 11,779.00
1/1/1998 11,779.00
1/2/1998 11,789.00
1/5/1998 11,799.00
1/6/1998 11,718.00
1/7/1998 11,677.00
1/8/1998 11,585.00
1/9/1998 11,329.00
1/12/1998 11,308.00
1/13/1998 11,452.00
1/14/1998 11,533.00
1/15/1998 11,492.00
1/16/1998 11,595.00
1/19/1998 11,595.00
1/20/1998 11,728.00
1/21/1998 11,697.00
1/22/1998 11,595.00
1/23/1998 11,564.00
1/26/1998 11,523.00
1/27/1998 11,615.00
1/28/1998 11,697.00
1/29/1998 11,789.00
1/30/1998 11,769.00
2/2/1998 11,984.00
2/3/1998 12,035.00
2/4/1998 12,066.00
2/5/1998 12,076.00
2/6/1998 12,137.00
2/9/1998 12,178.00
2/10/1998 12,240.00
2/11/1998 12,260.00
2/12/1998 12,270.00
2/13/1998 12,229.00
2/16/1998 12,229.00
2/17/1998 12,270.00
2/18/1998 12,332.00
2/19/1998 12,321.00
2/20/1998 12,362.00
2/23/1998 12,434.00
2/24/1998 12,362.00
2/25/1998 12,465.00
2/26/1998 12,557.00
2/27/1998 12,577.00
3/2/1998 12,598.00
3/3/1998 12,608.00
3/4/1998 12,567.00
3/5/1998 12,434.00
3/6/1998 12,639.00
3/9/1998 12,618.00
3/10/1998 12,721.00
3/11/1998 12,761.00
3/12/1998 12,792.00
3/13/1998 12,833.00
3/16/1998 12,884.00
3/17/1998 12,894.00
3/18/1998 12,905.00
3/19/1998 12,925.00
3/20/1998 12,976.00
3/23/1998 12,987.00
3/24/1998 13,068.00
3/25/1998 13,079.00
3/26/1998 13,079.00
3/27/1998 13,058.00
3/30/1998 13,007.00
3/31/1998 13,089.00
4/1/1998 13,161.00
4/2/1998 13,253.00
4/3/1998 13,283.00
4/6/1998 13,294.00
4/7/1998 13,171.00
4/8/1998 13,161.00
4/9/1998 13,253.00
4/10/1998 13,253.00
4/13/1998 13,242.00
4/14/1998 13,345.00
4/15/1998 13,396.00
4/16/1998 13,283.00
4/17/1998 13,365.00
4/20/1998 13,437.00
4/21/1998 13,488.00
4/22/1998 13,508.00
4/23/1998 13,375.00
4/24/1998 13,273.00
4/27/1998 13,007.00
4/28/1998 13,058.00
4/29/1998 13,140.00
4/30/1998 13,304.00
5/1/1998 13,386.00
5/4/1998 13,427.00
5/5/1998 13,386.00
5/6/1998 13,314.00
5/7/1998 13,222.00
5/8/1998 13,304.00
5/11/1998 13,283.00
5/12/1998 13,304.00
5/13/1998 13,314.00
5/14/1998 13,294.00
5/15/1998 13,242.00
5/18/1998 13,171.00
5/19/1998 13,232.00
5/20/1998 13,273.00
5/21/1998 13,283.00
5/22/1998 13,242.00
5/25/1998 13,242.00
5/26/1998 13,099.00
5/27/1998 12,987.00
5/28/1998 13,068.00
5/29/1998 13,048.00
6/1/1998 12,966.00
6/2/1998 12,946.00
6/3/1998 12,915.00
6/4/1998 12,976.00
6/5/1998 13,089.00
6/8/1998 13,140.00
6/9/1998 13,130.00
6/10/1998 12,997.00
6/11/1998 12,854.00
6/12/1998 12,802.00
6/15/1998 12,577.00
6/16/1998 12,680.00
6/17/1998 12,884.00
6/18/1998 12,833.00
6/19/1998 12,833.00
6/22/1998 12,843.00
6/23/1998 12,966.00
6/24/1998 13,058.00
6/25/1998 13,089.00
6/26/1998 13,109.00
6/29/1998 13,171.00
6/30/1998 13,181.00
7/1/1998 13,355.00
7/2/1998 13,345.00
7/3/1998 13,345.00
7/6/1998 13,478.00
7/7/1998 13,468.00
7/8/1998 13,549.00
7/9/1998 13,529.00
7/10/1998 13,539.00
7/13/1998 13,580.00
7/14/1998 13,693.00
7/15/1998 13,723.00
7/16/1998 13,805.00
7/17/1998 13,856.00
7/20/1998 13,846.00
7/21/1998 13,672.00
7/22/1998 13,601.00
7/23/1998 13,386.00
7/24/1998 13,324.00
7/27/1998 13,263.00
7/28/1998 13,120.00
7/29/1998 13,079.00
7/30/1998 13,222.00
7/31/1998 13,058.00
8/3/1998 12,915.00
8/4/1998 12,618.00
8/5/1998 12,598.00
8/6/1998 12,659.00
8/7/1998 12,731.00
8/10/1998 12,659.00
8/11/1998 12,383.00
8/12/1998 12,557.00
8/13/1998 12,424.00
8/14/1998 12,362.00
8/17/1998 12,434.00
8/18/1998 12,598.00
8/19/1998 12,587.00
8/20/1998 12,547.00
8/21/1998 12,352.00
8/24/1998 12,362.00
8/25/1998 12,393.00
8/26/1998 12,219.00
8/27/1998 11,799.00
8/28/1998 11,625.00
8/31/1998 11,073.00
9/1/1998 11,247.00
9/2/1998 11,339.00
9/3/1998 11,237.00
9/4/1998 11,155.00
9/7/1998 11,155.00
9/8/1998 11,625.00
9/9/1998 11,421.00
9/10/1998 11,155.00
9/11/1998 11,278.00
9/14/1998 11,452.00
9/15/1998 11,492.00
9/16/1998 11,595.00
9/17/1998 11,339.00
9/18/1998 11,370.00
9/21/1998 11,288.00
9/22/1998 11,390.00
9/23/1998 11,656.00
9/24/1998 11,523.00
9/25/1998 11,503.00
9/28/1998 11,523.00
9/29/1998 11,472.00
9/30/1998 11,226.00
10/1/1998 10,899.00
10/2/1998 10,919.00
10/5/1998 10,664.00
10/6/1998 10,633.00
10/7/1998 10,459.00
10/8/1998 10,152.00
10/9/1998 10,387.00
10/12/1998 10,623.00
10/13/1998 10,571.00
10/14/1998 10,725.00
10/15/1998 11,093.00
10/16/1998 11,267.00
10/19/1998 11,390.00
10/20/1998 11,503.00
10/21/1998 11,544.00
10/22/1998 11,625.00
10/23/1998 11,574.00
10/26/1998 11,656.00
10/27/1998 11,687.00
10/28/1998 11,687.00
10/29/1998 11,830.00
10/30/1998 12,014.00
11/2/1998 12,240.00
11/3/1998 12,199.00
11/4/1998 12,321.00
11/5/1998 12,393.00
11/6/1998 12,454.00
11/9/1998 12,352.00
11/10/1998 12,291.00
11/11/1998 12,240.00
11/12/1998 12,178.00
11/13/1998 12,199.00
11/16/1998 12,260.00
11/17/1998 12,291.00
11/18/1998 12,383.00
11/19/1998 12,434.00
11/20/1998 12,547.00
11/23/1998 12,731.00
11/24/1998 12,680.00
11/25/1998 12,710.00
11/26/1998 12,710.00
11/27/1998 12,782.00
11/30/1998 12,587.00
12/1/1998 12,628.00
12/2/1998 12,577.00
12/3/1998 12,454.00
12/4/1998 12,598.00
12/7/1998 12,680.00
12/8/1998 12,690.00
12/9/1998 12,690.00
12/10/1998 12,557.00
12/11/1998 12,516.00
12/14/1998 12,301.00
12/15/1998 12,393.00
12/16/1998 12,403.00
12/17/1998 12,526.00
12/18/1998 12,618.00
12/21/1998 12,761.00
12/22/1998 12,761.00
12/23/1998 12,894.00
12/24/1998 12,894.00
12/25/1998 12,894.00
12/28/1998 12,946.00
12/29/1998 13,048.00
12/30/1998 13,048.00
12/31/1998 13,128.00
1/1/1999 13,128.00
1/4/1999 13,222.00
1/5/1999 13,337.00
1/6/1999 13,546.00
1/7/1999 13,504.00
1/8/1999 13,546.00
1/11/1999 13,504.00
1/12/1999 13,285.00
1/13/1999 13,190.00
1/14/1999 13,065.00
1/15/1999 13,274.00
1/18/1999 13,274.00
1/19/1999 13,379.00
1/20/1999 13,452.00
1/21/1999 13,285.00
1/22/1999 13,201.00
1/25/1999 13,295.00
1/26/1999 13,379.00
1/27/1999 13,316.00
1/28/1999 13,442.00
1/29/1999 13,567.00
2/1/1999 13,609.00
2/2/1999 13,515.00
2/3/1999 13,630.00
2/4/1999 13,484.00
2/5/1999 13,421.00
2/8/1999 13,410.00
2/9/1999 13,201.00
2/10/1999 13,138.00
2/11/1999 13,368.00
2/12/1999 13,159.00
2/15/1999 13,159.00
2/16/1999 13,190.00
2/17/1999 13,044.00
2/18/1999 13,096.00
2/19/1999 13,138.00
2/22/1999 13,379.00
2/23/1999 13,410.00
2/24/1999 13,327.00
2/25/1999 13,274.00
2/26/1999 13,264.00
3/1/1999 13,243.00
3/2/1999 13,211.00
3/3/1999 13,211.00
3/4/1999 13,306.00
3/5/1999 13,504.00
3/8/1999 13,588.00
3/9/1999 13,578.00
3/10/1999 13,693.00
3/11/1999 13,724.00
3/12/1999 13,703.00
3/15/1999 13,798.00
3/16/1999 13,829.00
3/17/1999 13,829.00
3/18/1999 13,934.00
3/19/1999 13,913.00
3/22/1999 13,902.00
3/23/1999 13,661.00
3/24/1999 13,693.00
3/25/1999 13,871.00
3/26/1999 13,829.00
3/29/1999 14,007.00
3/30/1999 13,996.00
3/31/1999 13,965.00
4/1/1999 14,007.00
4/2/1999 14,007.00
4/5/1999 14,185.00
4/6/1999 14,206.00
4/7/1999 14,206.00
4/8/1999 14,290.00
4/9/1999 14,394.00
4/12/1999 14,447.00
4/13/1999 14,426.00
4/14/1999 14,415.00
4/15/1999 14,499.00
4/16/1999 14,604.00
4/19/1999 14,457.00
4/20/1999 14,478.00
4/21/1999 14,719.00
4/22/1999 14,876.00
4/23/1999 14,876.00
4/26/1999 14,949.00
4/27/1999 14,981.00
4/28/1999 14,960.00
4/29/1999 14,949.00
4/30/1999 14,939.00
5/3/1999 15,127.00
5/4/1999 15,022.00
5/5/1999 15,075.00
5/6/1999 14,981.00
5/7/1999 15,033.00
5/10/1999 15,106.00
5/11/1999 15,179.00
5/12/1999 15,232.00
5/13/1999 15,263.00
5/14/1999 15,033.00
5/17/1999 14,970.00
5/18/1999 14,928.00
5/19/1999 14,991.00
5/20/1999 15,022.00
5/21/1999 14,949.00
5/24/1999 14,729.00
5/25/1999 14,520.00
5/26/1999 14,614.00
5/27/1999 14,447.00
5/28/1999 14,572.00
5/31/1999 14,572.00
6/1/1999 14,551.00
6/2/1999 14,562.00
6/3/1999 14,604.00
6/4/1999 14,782.00
6/7/1999 14,865.00
6/8/1999 14,729.00
6/9/1999 14,719.00
6/10/1999 14,614.00
6/11/1999 14,593.00
6/14/1999 14,509.00
6/15/1999 14,593.00
6/16/1999 14,750.00
6/17/1999 14,834.00
6/18/1999 14,928.00
6/21/1999 14,970.00
6/22/1999 14,865.00
6/23/1999 14,865.00
6/24/1999 14,719.00
6/25/1999 14,708.00
6/28/1999 14,855.00
6/29/1999 15,001.00
6/30/1999 15,148.00
7/1/1999 15,190.00
7/2/1999 15,242.00
7/5/1999 15,242.00
7/6/1999 15,253.00
7/7/1999 15,148.00
7/8/1999 15,127.00
7/9/1999 15,200.00
7/12/1999 15,190.00
7/13/1999 15,159.00
7/14/1999 15,253.00
7/15/1999 15,368.00
7/16/1999 15,389.00
7/19/1999 15,347.00
7/20/1999 15,127.00
7/21/1999 15,179.00
7/22/1999 15,033.00
7/23/1999 15,022.00
7/26/1999 14,907.00
7/27/1999 14,970.00
7/28/1999 15,001.00
7/29/1999 14,813.00
7/30/1999 14,803.00
8/2/1999 14,750.00
8/3/1999 14,677.00
8/4/1999 14,541.00
8/5/1999 14,583.00
8/6/1999 14,509.00
8/9/1999 14,520.00
8/10/1999 14,363.00
8/11/1999 14,509.00
8/12/1999 14,499.00
8/13/1999 14,698.00
8/16/1999 14,719.00
8/17/1999 14,824.00
8/18/1999 14,740.00
8/19/1999 14,719.00
8/20/1999 14,761.00
8/23/1999 14,907.00
8/24/1999 14,824.00
8/25/1999 14,876.00
8/26/1999 14,771.00
8/27/1999 14,687.00
8/30/1999 14,499.00
8/31/1999 14,520.00
9/1/1999 14,551.00
9/2/1999 14,415.00
9/3/1999 14,666.00
9/6/1999 14,666.00
9/7/1999 14,719.00
9/8/1999 14,708.00
9/9/1999 14,803.00
9/10/1999 14,855.00
9/13/1999 14,792.00
9/14/1999 14,708.00
9/15/1999 14,593.00
9/16/1999 14,499.00
9/17/1999 14,562.00
9/20/1999 14,530.00
9/21/1999 14,342.00
9/22/1999 14,311.00
9/23/1999 14,122.00
9/24/1999 14,017.00
9/27/1999 14,080.00
9/28/1999 14,017.00
9/29/1999 14,049.00
9/30/1999 14,133.00
10/1/1999 14,112.00
10/4/1999 14,195.00
10/5/1999 14,154.00
10/6/1999 14,290.00
10/7/1999 14,258.00
10/8/1999 14,311.00
10/11/1999 14,405.00
10/12/1999 14,279.00
10/13/1999 14,049.00
10/14/1999 13,986.00
10/15/1999 13,724.00
10/18/1999 13,672.00
10/19/1999 13,745.00
10/20/1999 13,902.00
10/21/1999 13,923.00
10/22/1999 14,091.00
10/25/1999 14,091.00
10/26/1999 13,986.00
10/27/1999 14,049.00
10/28/1999 14,290.00
10/29/1999 14,530.00
11/1/1999 14,520.00
11/2/1999 14,489.00
11/3/1999 14,604.00
11/4/1999 14,687.00
11/5/1999 14,740.00
11/8/1999 14,782.00
11/9/1999 14,771.00
11/10/1999 14,855.00
11/11/1999 14,949.00
11/12/1999 15,085.00
11/15/1999 15,159.00
11/16/1999 15,316.00
11/17/1999 15,284.00
11/18/1999 15,441.00
11/19/1999 15,420.00
11/22/1999 15,399.00
11/23/1999 15,305.00
11/24/1999 15,431.00
11/25/1999 15,431.00
11/26/1999 15,535.00
11/29/1999 15,462.00
11/30/1999 15,253.00
12/1/1999 15,347.00
12/2/1999 15,462.00
12/3/1999 15,661.00
12/6/1999 15,776.00
12/7/1999 15,797.00
12/8/1999 15,881.00
12/9/1999 15,891.00
12/10/1999 15,986.00
12/13/1999 15,996.00
12/14/1999 15,860.00
12/15/1999 15,828.00
12/16/1999 15,965.00
12/17/1999 16,027.00
12/20/1999 16,080.00
12/21/1999 16,247.00
12/22/1999 16,352.00
12/23/1999 16,551.00
12/24/1999 16,551.00
12/27/1999 16,614.00
12/28/1999 16,645.00
12/29/1999 16,854.00
12/30/1999 16,886.00
12/31/1999 17,027.00
1/3/2000 16,983.00
1/4/2000 16,361.00
1/5/2000 16,183.00
1/6/2000 16,017.00
1/7/2000 16,417.00
1/10/2000 16,827.00
1/11/2000 16,605.00
1/12/2000 16,461.00
1/13/2000 16,738.00
1/14/2000 16,894.00
1/17/2000 16,894.00
1/18/2000 17,005.00
1/19/2000 17,127.00
1/20/2000 17,127.00
1/21/2000 17,216.00
1/24/2000 16,805.00
1/25/2000 16,861.00
1/26/2000 16,838.00
1/27/2000 16,805.00
1/28/2000 16,394.00
1/31/2000 16,539.00
2/1/2000 16,794.00
2/2/2000 16,938.00
2/3/2000 17,249.00
2/4/2000 17,316.00
2/7/2000 17,349.00
2/8/2000 17,582.00
2/9/2000 17,471.00
2/10/2000 17,527.00
2/11/2000 17,305.00
2/14/2000 17,349.00
2/15/2000 17,338.00
2/16/2000 17,305.00
2/17/2000 17,482.00
2/18/2000 17,182.00
2/21/2000 17,182.00
2/22/2000 17,160.00
2/23/2000 17,504.00
2/24/2000 17,626.00
2/25/2000 17,571.00
2/28/2000 17,582.00
2/29/2000 17,893.00
3/1/2000 18,148.00
3/2/2000 18,126.00
3/3/2000 18,415.00
3/6/2000 18,392.00
3/7/2000 18,237.00
3/8/2000 18,215.00
3/9/2000 18,426.00
3/10/2000 18,348.00
3/13/2000 17,904.00
3/14/2000 17,471.00
3/15/2000 17,182.00
3/16/2000 17,715.00
3/17/2000 17,926.00
3/20/2000 17,582.00
3/21/2000 17,760.00
3/22/2000 18,093.00
3/23/2000 18,259.00
3/24/2000 18,348.00
3/27/2000 18,370.00
3/28/2000 18,159.00
3/29/2000 17,860.00
3/30/2000 17,438.00
3/31/2000 17,693.00
4/3/2000 17,171.00
4/4/2000 16,827.00
4/5/2000 16,849.00
4/6/2000 17,260.00
4/7/2000 17,649.00
4/10/2000 17,182.00
4/11/2000 16,927.00
4/12/2000 16,328.00
4/13/2000 16,050.00
4/14/2000 15,240.00
4/17/2000 15,373.00
4/18/2000 15,973.00
4/19/2000 15,917.00
4/20/2000 15,862.00
4/21/2000 15,862.00
4/24/2000 15,617.00
4/25/2000 15,984.00
4/26/2000 15,950.00
4/27/2000 16,072.00
4/28/2000 16,250.00
5/1/2000 16,461.00
5/2/2000 16,317.00
5/3/2000 15,973.00
5/4/2000 16,061.00
5/5/2000 16,250.00
5/8/2000 16,095.00
5/9/2000 15,961.00
5/10/2000 15,640.00
5/11/2000 15,873.00
5/12/2000 16,050.00
5/15/2000 16,239.00
5/16/2000 16,394.00
5/17/2000 16,217.00
5/18/2000 16,039.00
5/19/2000 15,739.00
5/22/2000 15,517.00
5/23/2000 15,307.00
5/24/2000 15,406.00
5/25/2000 15,384.00
5/26/2000 15,362.00
5/29/2000 15,362.00
5/30/2000 15,850.00
5/31/2000 15,939.00
6/1/2000 16,172.00
6/2/2000 16,472.00
6/5/2000 16,461.00
6/6/2000 16,505.00
6/7/2000 16,572.00
6/8/2000 16,494.00
6/9/2000 16,539.00
6/12/2000 16,494.00
6/13/2000 16,583.00
6/14/2000 16,627.00
6/15/2000 16,594.00
6/16/2000 16,627.00
6/19/2000 16,794.00
6/20/2000 16,750.00
6/21/2000 16,838.00
6/22/2000 16,539.00
6/23/2000 16,383.00
6/26/2000 16,472.00
6/27/2000 16,461.00
6/28/2000 16,528.00
6/29/2000 16,472.00
6/30/2000 16,583.00
7/3/2000 16,761.00
7/4/2000 16,761.00
7/5/2000 16,572.00
7/6/2000 16,716.00
7/7/2000 16,894.00
7/10/2000 16,894.00
7/11/2000 16,927.00
7/12/2000 17,038.00
7/13/2000 17,027.00
7/14/2000 17,171.00
7/17/2000 17,160.00
7/18/2000 16,949.00
7/19/2000 16,805.00
7/20/2000 16,983.00
7/21/2000 16,872.00
7/24/2000 16,672.00
7/25/2000 16,705.00
7/26/2000 16,572.00
7/27/2000 16,361.00
7/28/2000 16,039.00
7/31/2000 16,161.00
8/1/2000 16,250.00
8/2/2000 16,228.00
8/3/2000 16,294.00
8/4/2000 16,450.00
8/7/2000 16,661.00
8/8/2000 16,672.00
8/9/2000 16,605.00
8/10/2000 16,505.00
8/11/2000 16,627.00
8/14/2000 16,783.00
8/15/2000 16,738.00
8/16/2000 16,705.00
8/17/2000 16,861.00
8/18/2000 16,827.00
8/21/2000 16,872.00
8/22/2000 16,883.00
8/23/2000 16,916.00
8/24/2000 16,983.00
8/25/2000 17,016.00
8/28/2000 17,071.00
8/29/2000 17,027.00
8/30/2000 17,016.00
8/31/2000 17,182.00
9/1/2000 17,293.00
9/4/2000 17,293.00
9/5/2000 17,127.00
9/6/2000 16,938.00
9/7/2000 17,027.00
9/8/2000 16,883.00
9/11/2000 16,805.00
9/12/2000 16,716.00
9/13/2000 16,772.00
9/14/2000 16,805.00
9/15/2000 16,650.00
9/18/2000 16,361.00
9/19/2000 16,483.00
9/20/2000 16,417.00
9/21/2000 16,328.00
9/22/2000 16,417.00
9/25/2000 16,417.00
9/26/2000 16,283.00
9/27/2000 16,239.00
9/28/2000 16,539.00
9/29/2000 16,383.00
9/30/2000 16,383.00
10/2/2000 16,294.00
10/3/2000 16,195.00
10/4/2000 16,228.00
10/5/2000 16,217.00
10/6/2000 15,895.00
10/9/2000 15,806.00
10/10/2000 15,640.00
10/11/2000 15,384.00
10/12/2000 14,985.00
10/13/2000 15,429.00
10/16/2000 15,495.00
10/17/2000 15,229.00
10/18/2000 15,129.00
10/19/2000 15,584.00
10/20/2000 15,751.00
10/23/2000 15,784.00
10/24/2000 15,795.00
10/25/2000 15,451.00
10/26/2000 15,373.00
10/27/2000 15,495.00
10/30/2000 15,606.00
10/31/2000 16,006.00
11/1/2000 16,017.00
11/2/2000 16,161.00
11/3/2000 16,172.00
11/6/2000 16,172.00
11/7/2000 16,161.00
11/8/2000 15,939.00
11/9/2000 15,784.00
11/10/2000 15,473.00
11/13/2000 15,240.00
11/14/2000 15,540.00
11/15/2000 15,662.00
11/16/2000 15,473.00
11/17/2000 15,418.00
11/20/2000 15,085.00
11/21/2000 15,129.00
11/22/2000 14,840.00
11/23/2000 14,840.00
11/24/2000 15,096.00
11/27/2000 15,229.00
11/28/2000 15,018.00
11/29/2000 15,029.00
11/30/2000 14,840.00
12/1/2000 14,962.00
12/4/2000 14,985.00
12/5/2000 15,562.00
12/6/2000 15,384.00
12/7/2000 15,307.00
12/8/2000 15,640.00
12/11/2000 15,784.00
12/12/2000 15,651.00
12/13/2000 15,506.00
12/14/2000 15,284.00
12/15/2000 15,129.00
12/18/2000 15,207.00
12/19/2000 15,051.00
12/20/2000 14,618.00
12/21/2000 14,696.00
12/22/2000 15,029.00
12/25/2000 15,029.00
12/26/2000 15,118.00
12/27/2000 15,307.00
12/28/2000 15,451.00
12/29/2000 15,367.00
12/30/2000 15,367.00
12/31/2000 15,367.00
1/1/2001 15,367.00
1/2/2001 14,993.00
1/3/2001 15,504.00
1/4/2001 15,442.00
1/5/2001 15,142.00
1/8/2001 15,080.00
1/9/2001 15,092.00
1/10/2001 15,205.00
1/11/2001 15,367.00
1/12/2001 15,329.00
1/15/2001 15,329.00
1/16/2001 15,442.00
1/17/2001 15,442.00
1/18/2001 15,529.00
1/19/2001 15,392.00
1/22/2001 15,429.00
1/23/2001 15,616.00
1/24/2001 15,604.00
1/25/2001 15,616.00
1/26/2001 15,566.00
1/29/2001 15,654.00
1/30/2001 15,741.00
1/31/2001 15,716.00
2/1/2001 15,778.00
2/2/2001 15,616.00
2/5/2001 15,666.00
2/6/2001 15,691.00
2/7/2001 15,666.00
2/8/2001 15,641.00
2/9/2001 15,517.00
2/12/2001 15,654.00
2/13/2001 15,591.00
2/14/2001 15,579.00
2/15/2001 15,666.00
2/16/2001 15,492.00
2/19/2001 15,492.00
2/20/2001 15,354.00
2/21/2001 15,130.00
2/22/2001 15,043.00
2/23/2001 14,968.00
2/26/2001 15,230.00
2/27/2001 15,167.00
2/28/2001 15,055.00
3/1/2001 15,030.00
3/2/2001 15,067.00
3/5/2001 15,142.00
3/6/2001 15,242.00
3/7/2001 15,367.00
3/8/2001 15,404.00
3/9/2001 15,167.00
3/12/2001 14,643.00
3/13/2001 14,693.00
3/14/2001 14,406.00
3/15/2001 14,431.00
3/16/2001 14,169.00
3/19/2001 14,406.00
3/20/2001 14,219.00
3/21/2001 13,945.00
3/22/2001 13,770.00
3/23/2001 13,995.00
3/26/2001 14,169.00
3/27/2001 14,369.00
3/28/2001 14,132.00
3/29/2001 14,095.00
3/30/2001 14,219.00
3/31/2001 14,219.00
4/2/2001 14,020.00
4/3/2001 13,608.00
4/4/2001 13,621.00
4/5/2001 14,095.00
4/6/2001 13,870.00
4/9/2001 14,020.00
4/10/2001 14,319.00
4/11/2001 14,219.00
4/12/2001 14,394.00
4/13/2001 14,394.00
4/16/2001 14,369.00
4/17/2001 14,519.00
4/18/2001 14,955.00
4/19/2001 15,055.00
4/20/2001 14,930.00
4/23/2001 14,781.00
4/24/2001 14,668.00
4/25/2001 14,880.00
4/26/2001 14,968.00
4/27/2001 15,142.00
4/30/2001 15,167.00
5/1/2001 15,292.00
5/2/2001 15,280.00
5/3/2001 15,067.00
5/4/2001 15,255.00
5/7/2001 15,217.00
5/8/2001 15,205.00
5/9/2001 15,192.00
5/10/2001 15,242.00
5/11/2001 15,155.00
5/14/2001 15,192.00
5/15/2001 15,230.00
5/16/2001 15,616.00
5/17/2001 15,741.00
5/18/2001 15,778.00
5/21/2001 16,028.00
5/22/2001 16,003.00
5/23/2001 15,766.00
5/24/2001 15,828.00
5/25/2001 15,716.00
5/28/2001 15,716.00
5/29/2001 15,616.00
5/30/2001 15,392.00
5/31/2001 15,504.00
6/1/2001 15,566.00
6/4/2001 15,654.00
6/5/2001 15,853.00
6/6/2001 15,691.00
6/7/2001 15,729.00
6/8/2001 15,616.00
6/11/2001 15,467.00
6/12/2001 15,454.00
6/13/2001 15,354.00
6/14/2001 15,105.00
6/15/2001 15,092.00
6/18/2001 15,030.00
6/19/2001 15,043.00
6/20/2001 15,167.00
6/21/2001 15,255.00
6/22/2001 15,117.00
6/25/2001 15,018.00
6/26/2001 15,018.00
6/27/2001 15,005.00
6/28/2001 15,142.00
6/29/2001 15,217.00
6/30/2001 15,217.00
7/2/2001 15,280.00
7/3/2001 15,267.00
7/4/2001 15,267.00
7/5/2001 15,130.00
7/6/2001 14,855.00
7/9/2001 14,918.00
7/10/2001 14,731.00
7/11/2001 14,693.00
7/12/2001 14,955.00
7/13/2001 15,055.00
7/16/2001 14,905.00
7/17/2001 15,030.00
7/18/2001 14,980.00
7/19/2001 15,043.00
7/20/2001 15,018.00
7/23/2001 14,831.00
7/24/2001 14,594.00
7/25/2001 14,806.00
7/26/2001 14,980.00
7/27/2001 15,030.00
7/30/2001 15,030.00
7/31/2001 15,092.00
8/1/2001 15,167.00
8/2/2001 15,242.00
8/3/2001 15,167.00
8/6/2001 15,030.00
8/7/2001 15,030.00
8/8/2001 14,818.00
8/9/2001 14,793.00
8/10/2001 14,868.00
8/13/2001 14,918.00
8/14/2001 14,918.00
8/15/2001 14,843.00
8/16/2001 14,855.00
8/17/2001 14,668.00
8/20/2001 14,718.00
8/21/2001 14,618.00
8/22/2001 14,718.00
8/23/2001 14,706.00
8/24/2001 14,918.00
8/27/2001 14,868.00
8/28/2001 14,693.00
8/29/2001 14,569.00
8/30/2001 14,369.00
8/31/2001 14,419.00
9/3/2001 14,419.00
9/4/2001 14,419.00
9/5/2001 14,357.00
9/6/2001 14,107.00
9/7/2001 13,883.00
9/10/2001 13,895.00
9/11/2001 13,895.00
9/12/2001 13,895.00
9/13/2001 13,895.00
9/14/2001 13,895.00
9/17/2001 13,172.00
9/18/2001 13,034.00
9/19/2001 12,772.00
9/20/2001 12,411.00
9/21/2001 12,199.00
9/24/2001 12,523.00
9/25/2001 12,585.00
9/26/2001 12,473.00
9/27/2001 12,610.00
9/28/2001 12,885.00
9/29/2001 12,885.00
9/30/2001 12,885.00
10/1/2001 12,797.00
10/2/2001 12,947.00
10/3/2001 13,197.00
10/4/2001 13,209.00
10/5/2001 13,197.00
10/8/2001 13,109.00
10/9/2001 13,059.00
10/10/2001 13,321.00
10/11/2001 13,533.00
10/12/2001 13,471.00
10/15/2001 13,434.00
10/16/2001 13,571.00
10/17/2001 13,321.00
10/18/2001 13,221.00
10/19/2001 13,271.00
10/22/2001 13,434.00
10/23/2001 13,396.00
10/24/2001 13,384.00
10/25/2001 13,558.00
10/26/2001 13,621.00
10/29/2001 13,384.00
10/30/2001 13,147.00
10/31/2001 13,159.00
11/1/2001 13,346.00
11/2/2001 13,346.00
11/5/2001 13,471.00
11/6/2001 13,583.00
11/7/2001 13,583.00
11/8/2001 13,596.00
11/9/2001 13,621.00
11/12/2001 13,608.00
11/13/2001 13,820.00
11/14/2001 13,820.00
11/15/2001 13,783.00
11/16/2001 13,795.00
11/19/2001 13,945.00
11/20/2001 13,895.00
11/21/2001 13,833.00
11/22/2001 13,833.00
11/23/2001 13,970.00
11/26/2001 14,020.00
11/27/2001 13,970.00
11/28/2001 13,808.00
11/29/2001 13,920.00
11/30/2001 13,907.00
12/3/2001 13,845.00
12/4/2001 13,982.00
12/5/2001 14,257.00
12/6/2001 14,219.00
12/7/2001 14,144.00
12/10/2001 13,970.00
12/11/2001 13,932.00
12/12/2001 13,907.00
12/13/2001 13,770.00
12/14/2001 13,820.00
12/17/2001 13,895.00
12/18/2001 14,007.00
12/19/2001 14,082.00
12/20/2001 14,032.00
12/21/2001 14,132.00
12/24/2001 14,144.00
12/25/2001 14,144.00
12/26/2001 14,219.00
12/27/2001 14,294.00
12/28/2001 14,349.00
12/31/2001 14,249.00
1/1/2002 14,249.00
1/2/2002 14,236.00
1/3/2002 14,286.00
1/4/2002 14,387.00
1/7/2002 14,337.00
1/8/2002 14,311.00
1/9/2002 14,249.00
1/10/2002 14,274.00
1/11/2002 14,174.00
1/14/2002 14,073.00
1/15/2002 14,149.00
1/16/2002 13,973.00
1/17/2002 14,073.00
1/18/2002 13,986.00
1/21/2002 13,986.00
1/22/2002 13,948.00
1/23/2002 14,048.00
1/24/2002 14,086.00
1/25/2002 14,098.00
1/28/2002 14,111.00
1/29/2002 13,848.00
1/30/2002 13,948.00
1/31/2002 14,123.00
2/1/2002 14,036.00
2/4/2002 13,785.00
2/5/2002 13,773.00
2/6/2002 13,660.00
2/7/2002 13,635.00
2/8/2002 13,798.00
2/11/2002 13,935.00
2/12/2002 13,910.00
2/13/2002 14,023.00
2/14/2002 13,998.00
2/15/2002 13,935.00
2/18/2002 13,935.00
2/19/2002 13,748.00
2/20/2002 13,898.00
2/21/2002 13,760.00
2/22/2002 13,810.00
2/25/2002 13,973.00
2/26/2002 14,036.00
2/27/2002 14,048.00
2/28/2002 13,998.00
3/1/2002 14,236.00
3/4/2002 14,462.00
3/5/2002 14,412.00
3/6/2002 14,575.00
3/7/2002 14,562.00
3/8/2002 14,625.00
3/11/2002 14,675.00
3/12/2002 14,625.00
3/13/2002 14,562.00
3/14/2002 14,575.00
3/15/2002 14,700.00
3/18/2002 14,750.00
3/19/2002 14,788.00
3/20/2002 14,650.00
3/21/2002 14,687.00
3/22/2002 14,612.00
3/25/2002 14,462.00
3/26/2002 14,512.00
3/27/2002 14,600.00
3/28/2002 14,650.00
3/29/2002 14,650.00
3/30/2002 14,650.00
3/31/2002 14,650.00
4/1/2002 14,650.00
4/2/2002 14,550.00
4/3/2002 14,487.00
4/4/2002 14,462.00
4/5/2002 14,462.00
4/8/2002 14,487.00
4/9/2002 14,462.00
4/10/2002 14,600.00
4/11/2002 14,424.00
4/12/2002 14,462.00
4/15/2002 14,474.00
4/16/2002 14,675.00
4/17/2002 14,687.00
4/18/2002 14,700.00
4/19/2002 14,725.00
4/22/2002 14,600.00
4/23/2002 14,600.00
4/24/2002 14,562.00
4/25/2002 14,562.00
4/26/2002 14,462.00
4/29/2002 14,399.00
4/30/2002 14,487.00
5/1/2002 14,575.00
5/2/2002 14,562.00
5/3/2002 14,499.00
5/6/2002 14,374.00
5/7/2002 14,337.00
5/8/2002 14,600.00
5/9/2002 14,462.00
5/10/2002 14,362.00
5/13/2002 14,474.00
5/14/2002 14,637.00
5/15/2002 14,637.00
5/16/2002 14,625.00
5/17/2002 14,675.00
5/20/2002 14,600.00
5/21/2002 14,499.00
5/22/2002 14,512.00
5/23/2002 14,600.00
5/24/2002 14,499.00
5/27/2002 14,499.00
5/28/2002 14,437.00
5/29/2002 14,412.00
5/30/2002 14,374.00
5/31/2002 14,399.00
6/3/2002 14,211.00
6/4/2002 14,149.00
6/5/2002 14,199.00
6/6/2002 14,073.00
6/7/2002 14,086.00
6/10/2002 14,086.00
6/11/2002 13,948.00
6/12/2002 13,898.00
6/13/2002 13,823.00
6/14/2002 13,773.00
6/17/2002 13,998.00
6/18/2002 13,986.00
6/19/2002 13,898.00
6/20/2002 13,773.00
6/21/2002 13,672.00
6/24/2002 13,647.00
6/25/2002 13,522.00
6/26/2002 13,484.00
6/27/2002 13,560.00
6/28/2002 13,610.00
6/29/2002 13,610.00
6/30/2002 13,610.00
7/1/2002 13,409.00
7/2/2002 13,146.00
7/3/2002 13,146.00
7/4/2002 13,146.00
7/5/2002 13,434.00
7/8/2002 13,409.00
7/9/2002 13,259.00
7/10/2002 13,008.00
7/11/2002 12,983.00
7/12/2002 12,971.00
7/15/2002 12,895.00
7/16/2002 12,820.00
7/17/2002 12,920.00
7/18/2002 12,757.00
7/19/2002 12,482.00
7/22/2002 12,231.00
7/23/2002 11,943.00
7/24/2002 12,294.00
7/25/2002 12,244.00
7/26/2002 12,331.00
7/29/2002 12,732.00
7/30/2002 12,795.00
7/31/2002 12,858.00
8/1/2002 12,632.00
8/2/2002 12,457.00
8/5/2002 12,181.00
8/6/2002 12,369.00
8/7/2002 12,469.00
8/8/2002 12,695.00
8/9/2002 12,732.00
8/12/2002 12,695.00
8/13/2002 12,544.00
8/14/2002 12,783.00
8/15/2002 12,895.00
8/16/2002 12,908.00
8/19/2002 13,096.00
8/20/2002 13,008.00
8/21/2002 13,159.00
8/22/2002 13,296.00
8/23/2002 13,121.00
8/26/2002 13,196.00
8/27/2002 13,058.00
8/28/2002 12,895.00
8/29/2002 12,920.00
8/30/2002 12,883.00
9/2/2002 12,883.00
9/3/2002 12,582.00
9/4/2002 12,707.00
9/5/2002 12,582.00
9/6/2002 12,720.00
9/9/2002 12,783.00
9/10/2002 12,858.00
9/11/2002 12,870.00
9/12/2002 12,695.00
9/13/2002 12,707.00
9/16/2002 12,682.00
9/17/2002 12,519.00
9/18/2002 12,482.00
9/19/2002 12,231.00
9/20/2002 12,244.00
9/23/2002 12,106.00
9/24/2002 11,968.00
9/25/2002 12,143.00
9/26/2002 12,294.00
9/27/2002 12,131.00
9/30/2002 12,006.00
10/1/2002 12,206.00
10/2/2002 12,106.00
10/3/2002 11,993.00
10/4/2002 11,818.00
10/7/2002 11,642.00
10/8/2002 11,692.00
10/9/2002 11,492.00
10/10/2002 11,692.00
10/11/2002 11,943.00
10/14/2002 12,018.00
10/15/2002 12,331.00
10/16/2002 12,156.00
10/17/2002 12,356.00
10/18/2002 12,407.00
10/21/2002 12,532.00
10/22/2002 12,407.00
10/23/2002 12,494.00
10/24/2002 12,407.00
10/25/2002 12,507.00
10/28/2002 12,469.00
10/29/2002 12,369.00
10/30/2002 12,469.00
10/31/2002 12,444.00
11/1/2002 12,595.00
11/4/2002 12,670.00
11/5/2002 12,745.00
11/6/2002 12,858.00
11/7/2002 12,682.00
11/8/2002 12,582.00
11/11/2002 12,419.00
11/12/2002 12,482.00
11/13/2002 12,444.00
11/14/2002 12,632.00
11/15/2002 12,682.00
11/18/2002 12,645.00
11/19/2002 12,582.00
11/20/2002 12,720.00
11/21/2002 12,908.00
11/22/2002 12,920.00
11/25/2002 12,945.00
11/26/2002 12,795.00
11/27/2002 13,021.00
11/28/2002 13,021.00
11/29/2002 13,046.00
12/2/2002 13,083.00
12/3/2002 12,933.00
12/4/2002 12,908.00
12/5/2002 12,845.00
12/6/2002 12,895.00
12/9/2002 12,695.00
12/10/2002 12,795.00
12/11/2002 12,795.00
12/12/2002 12,808.00
12/13/2002 12,682.00
12/16/2002 12,870.00
12/17/2002 12,808.00
12/18/2002 12,695.00
12/19/2002 12,632.00
12/20/2002 12,720.00
12/23/2002 12,757.00
12/24/2002 12,732.00
12/25/2002 12,732.00
12/26/2002 12,720.00
12/27/2002 12,582.00
12/30/2002 12,607.00
12/31/2002 12,644.00
1/1/2003 12,644.00
1/2/2003 12,896.00
1/3/2003 12,884.00
1/6/2003 13,023.00
1/7/2003 12,934.00
1/8/2003 12,808.00
1/9/2003 12,972.00
1/10/2003 12,997.00
1/13/2003 12,985.00
1/14/2003 13,010.00
1/15/2003 12,934.00
1/16/2003 12,922.00
1/17/2003 12,795.00
1/20/2003 12,795.00
1/21/2003 12,644.00
1/22/2003 12,581.00
1/23/2003 12,656.00
1/24/2003 12,454.00
1/27/2003 12,265.00
1/28/2003 12,353.00
1/29/2003 12,391.00
1/30/2003 12,240.00
1/31/2003 12,353.00
2/3/2003 12,391.00
2/4/2003 12,277.00
2/5/2003 12,265.00
2/6/2003 12,227.00
2/7/2003 12,126.00
2/10/2003 12,164.00
2/11/2003 12,176.00
2/12/2003 12,037.00
2/13/2003 11,974.00
2/14/2003 12,113.00
2/17/2003 12,113.00
2/18/2003 12,290.00
2/19/2003 12,227.00
2/20/2003 12,214.00
2/21/2003 12,341.00
2/24/2003 12,202.00
2/25/2003 12,176.00
2/26/2003 12,101.00
2/27/2003 12,202.00
2/28/2003 12,265.00
3/3/2003 12,214.00
3/4/2003 12,101.00
3/5/2003 12,126.00
3/6/2003 12,075.00
3/7/2003 12,088.00
3/10/2003 11,898.00
3/11/2003 11,823.00
3/12/2003 11,785.00
3/13/2003 12,050.00
3/14/2003 12,101.00
3/17/2003 12,353.00
3/18/2003 12,391.00
3/19/2003 12,429.00
3/20/2003 12,479.00
3/21/2003 12,656.00
3/24/2003 12,366.00
3/25/2003 12,479.00
3/26/2003 12,454.00
3/27/2003 12,454.00
3/28/2003 12,442.00
3/31/2003 12,328.00
4/1/2003 12,378.00
4/2/2003 12,581.00
4/3/2003 12,543.00
4/4/2003 12,543.00
4/7/2003 12,631.00
4/8/2003 12,606.00
4/9/2003 12,517.00
4/10/2003 12,568.00
4/11/2003 12,555.00
4/14/2003 12,694.00
4/15/2003 12,783.00
4/16/2003 12,682.00
4/17/2003 12,833.00
4/18/2003 12,833.00
4/21/2003 12,833.00
4/22/2003 12,997.00
4/23/2003 13,086.00
4/24/2003 13,023.00
4/25/2003 12,922.00
4/28/2003 13,061.00
4/29/2003 13,086.00
4/30/2003 13,136.00
5/1/2003 13,149.00
5/2/2003 13,275.00
5/5/2003 13,301.00
5/6/2003 13,414.00
5/7/2003 13,376.00
5/8/2003 13,263.00
5/9/2003 13,402.00
5/12/2003 13,515.00
5/13/2003 13,503.00
5/14/2003 13,503.00
5/15/2003 13,578.00
5/16/2003 13,604.00
5/19/2003 13,376.00
5/20/2003 13,364.00
5/21/2003 13,376.00
5/22/2003 13,490.00
5/23/2003 13,515.00
5/26/2003 13,515.00
5/27/2003 13,654.00
5/28/2003 13,679.00
5/29/2003 13,705.00
5/30/2003 13,844.00
6/2/2003 13,919.00
6/3/2003 13,919.00
6/4/2003 14,084.00
6/5/2003 14,159.00
6/6/2003 14,172.00
6/9/2003 14,020.00
6/10/2003 14,096.00
6/11/2003 14,260.00
6/12/2003 14,273.00
6/13/2003 14,185.00
6/16/2003 14,374.00
6/17/2003 14,425.00
6/18/2003 14,374.00
6/19/2003 14,298.00
6/20/2003 14,286.00
6/23/2003 14,122.00
6/24/2003 14,122.00
6/25/2003 14,084.00
6/26/2003 14,122.00
6/27/2003 14,071.00
6/30/2003 14,046.00
- --------------------------------------------------------------------------------
12 MONTHS ANNUALIZED
YTD ENDED SINCE INCEPTION
TOTAL RETURN (%) 6/30/03 6/30/03 (12/16/96)
- ---------------- ------- ---------- ---------------
Kobren Growth 11.1% 3.2% 5.3%
- --------------------------------------------------------------------------------
KOBREN GROWTH FUND (Ticker: KOGRX): As most investors know, 1999 through 2001
were very difficult years for the equities markets. While we were pleased to
have fared well versus the major market averages (and other funds in our peer
group), it was nonetheless a challenging time. After hitting a low on March
11th, however, the Fund came back strong posting an 11.1% first half return. We
are especially gratified that we achieved this return with 37% less volatility
than the S&P 500 Index over the past six months as turbulent markets persist and
we attempt to smooth out the ride.
Our diversification efforts included unconventional bond funds (MFS HIGH INCOME
and PIMCO REAL RETURN) and an alternative fund (PIMCO COMMODITY REAL RETURN
STRATEGY). We've held bonds for some time and added PIMCO Commodity Real Return
Strategy in March as we were intrigued by this fund's equity-like return
potential combined with its diversifying qualities.
While all current fund positions provided positive returns, the largest
contributors to first half performance were our value funds, namely OAKMARK
SELECT, LONGLEAF PARTNERS SMALL CAP and LONGLEAF PARTNERS. Longleaf Partners
Small Cap had the best return of the group, returning over 20% for the first
half of the year. This fund had a relative performance rough patch several years
ago, but our patience was rewarded as Longleaf's management team impressively
recorded top quartile peer group returns over the last 1 1/2 years.
- --------------------------------------------------------------------------------
ASSET ALLOCATION*
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
International 14.8%
Bond 15.7%
U.S. Stocks 68.4%
Cash & Net Other
Assets and Liab. 1.1%
- --------------------------------------------------------------------------------
STYLE ALLOCATION*
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Cash & Net Other Assets and Liab. 1.1%
Large Cap Blend 9.4%
Large Cap Growth 24.1%
Small Cap Value 11.4%
International 14.8%
Mid Cap Value 23.5%
Bond 15.7%
*BASED ON TOTAL NET ASSETS.
- --------------------------------------------------------------------------------
TOP TEN HOLDINGS*
- --------------------------------------------------------------------------------
KOBREN GROWTH STYLE ALLOC (%)
- ---------------------------- ------------------ ------------
Oakmark Select - Class I Mid Cap Value 16.9%
Julius Baer Int'l Equity - Inst'l Class International 14.8%
Fidelity Blue Chip Growth Large Cap Growth 12.5%
MFS High Income - Class A Bond 12.1%
T. Rowe Price Blue Chip Growth Large Cap Growth 11.6%
Longleaf Partners Small Cap Small Cap Value 11.4%
Fidelity Contrafund II Large Cap Blend 6.9%
Longleaf Partners Mid Cap Value 6.6%
Fidelity Large Cap Blend 2.5%
PIMCO Commodity Real Ret. Strategy Bond 1.9%
TOTAL FUND NET ASSETS $50,600,174
- --------------------------------------------------------------------------------
TOP SECTORS**
- --------------------------------------------------------------------------------
(TOTALS MAY NOT EQUAL 100%)
Financial Services 19.9
Consumer Services 13.6
Healthcare 11.9
Industrial Materials 10.3
Media 9.2
Consumer Goods 8.5
Business Services 8.0
Energy 6.3
Hardware 5.4
Telecom 3.5
Software 2.6
Utilities 0.8
**EQUITIES ONLY
- --------------------------------------------------------------------------------
Kobren Insight Management, Inc. is the adviser for Kobren Insight Funds, and
Kobren Insight Brokerage, Inc., a NASD broker/dealer, is the distributor for the
Funds. Performance data reflects past performance and is not a guarantee of
future results. Performance data does not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or the redemption of Fund shares and
would have been lower in the absence of fee waivers and expense reimbursements.
Total return figures include reinvestment of all distributions. Investment
return and principal value will fluctuate with market conditions and an
investor's shares when redeemed may be worth more or less than their original
cost.
- --------------------------------------------------------------------------------
2 KOBREN INSIGHT FUNDS-2003 SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
- --------------------------------------------------------------------------------
JUNE 30, 2003 (UNAUDITED)
- -----------------------------------------------------------------
SHARES MUTUAL FUNDS - 100.01% VALUE (NOTE 1)
- -----------------------------------------------------------------
LARGE CAP GROWTH - 24.15%
- -----------------------------------------------------------------
178,838 Fidelity Blue Chip Growth Fund $ 6,348,733
234,683 T. Rowe Price Blue Chip Growth Fund 5,874,127
-------------
12,222,860
MID CAP VALUE - 23.46%
- -----------------------------------------------------------------
129,761 Longleaf Partners Fund 3,332,264
309,987 Oakmark Select Fund - Class I 8,537,049
-------------
11,869,313
BOND - 15.71%
- -----------------------------------------------------------------
1,615,708 MFS High Income Fund - Class A 6,107,377
75,102 PIMCO Commodity Real Return
Strategy Fund - Class I 951,541
76,370 PIMCO Real Return Fund - Class I 889,708
-------------
7,948,626
INTERNATIONAL - 14.78%
- -----------------------------------------------------------------
347,777 Julius Baer International
Equity Fund - Class I 7,477,208
SMALL CAP VALUE - 11.37%
- -----------------------------------------------------------------
235,368 Longleaf Partners Small Cap Fund 5,752,383
LARGE CAP BLEND - 9.40%
- -----------------------------------------------------------------
373,727 Fidelity Contrafund II 3,513,036
50,751 Fidelity Fund 1,241,372
-------------
4,754,408
- -----------------------------------------------------------------
SHARES MUTUAL FUNDS - 100.01% VALUE (NOTE 1)
- -----------------------------------------------------------------
MONEY MARKET FUND - 1.14%
- -----------------------------------------------------------------
580,509 Dreyfus Cash Mgmt. Plus Fund (1) $ 580,509
TOTAL MUTUAL FUNDS
(COST $45,135,347) 50,605,307
-------------
TOTAL INVESTMENTS
(Cost $45,135,347*) 100.01% 50,605,307
LIABILITIES NET OF CASH
AND OTHER ASSETS -0.01% (5,133)
-------- -------------
TOTAL NET ASSETS 100.00% $ 50,600,174
======== =============
- --------------------------------------------------------------------------------
(1) An affiliate of the Custodian
For Federal income tax purposes, cost is $45,135,347 and appreciation
(depreciation) is as follows:
Unrealized appreciation: $5,530,317
Unrealized depreciation: (60,357)
------------
Net unrealized appreciation: $5,469,960
============
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
JUNE 30, 2003 (UNAUDITED)
ASSETS:
Investments, at value (Note 1) (See Portfolio of Investments) $ 50,605,307
Dividends receivable 44,237
Receivable for fund shares sold 1,189
Prepaid expenses and other assets 5,871
------------
Total assets 50,656,604
------------
LIABILITIES:
Investment advisory fee payable (Note 2) 22,224
Accrued Trustees' fees and expenses (Note 2) 2,892
Accrued expenses and other payables 31,314
------------
Total liabilities 56,430
------------
NET ASSETS: $ 50,600,174
============
Investments, at cost $ 45,135,347
============
NET ASSETS CONSIST OF:
Accumulated undistributed net investment income $ 95,938
Accumulated net realized loss on investments sold (3,928,790)
Net unrealized appreciation of investments 5,469,960
Paid-in capital 48,963,066
------------
NET ASSETS $ 50,600,174
============
SHARES OUTSTANDING 4,549,766
============
Net asset value, offering and redemption price per share $ 11.12
============
SEE NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
International investing has special risks, including currency fluctuation,
political and economic instability, and the volatility of emerging markets. The
S&P 500 Index is an unmanaged index of common stocks. The Adviser absorbs
certain expenses of each Kobren Insight Fund, without which total returns would
have been lower. Portfolio holdings are also subject to change. Data sources:
Kobren Insight Management, Inc. and Morningstar. This report must be preceded or
accompanied by a prospectus. Please read it carefully before investing. You may
obtain a prospectus by calling a Kobren Insight Fund representative at
1-800-4KOBREN (1-800-456-2736) or by visiting www.kobren.com. Copyright (C)2003
- --------------------------------------------------------------------------------
KOBREN INSIGHT FUNDS-2003 SEMI-ANNUAL REPORT 3
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED)
INVESTMENT INCOME:
Dividends $ 315,857
-----------
Total investment income 315,857
-----------
EXPENSES:
Investment advisory fee (Note 2) 174,352
Administration fee (Note 2) 34,643
Transfer agent fees 25,846
Custodian fees 1,493
Professional fees 13,044
Trustees' fees and expenses (Note 2) 6,758
Registration and filing fees 8,757
Reports to shareholders 6,073
Other 8,874
-----------
Total expenses 279,840
Expenses reimbursed by investment adviser (Note 2) (47,370)
Other reductions (Note 2) (12,551)
-----------
Net expenses 219,919
-----------
NET INVESTMENT INCOME 95,938
-----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain from security transactions 392,318
Short-term capital gain distributions received 4
Long-term capital gain distributions received 17
Net increase in unrealized appreciation of securities 4,519,459
-----------
Net realized and unrealized gain on investments 4,911,798
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 5,007,736
===========
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2003 (UNAUDITED) DECEMBER 31, 2002
------------------------ -----------------
Net investment income $ 95,938 $ 306,686
Net realized gain (loss) from security transactions 392,318 (2,166,017)
Short-term capital gains distributions received 4 58,704
Long-term capital gains distributions received 17 53,462
Net increase in unrealized appreciation (depreciation)
of investments 4,519,459 (4,167,293)
-------------- ---------------
Net increase (decrease) in net assets resulting from operations 5,007,736 (5,914,458)
Distribution to shareholders from:
Net investment income -- (306,695)
Short-term capital gain distributions received -- (58,704)
-------------- ---------------
Total distributions -- (365,399)
Net decrease in net assets from fund share transactions (Note 5) (898,182) (2,564,072)
-------------- ---------------
Net increase (decrease) in net assets 4,109,554 (8,843,929)
NET ASSETS:
Beginning of period 46,490,620 55,334,549
-------------- ---------------
End of period (including line A) $ 50,600,174 $ 46,490,620
============== ===============
(A) Accumulated undistributed net investment income $ 95,938 $ --
============== ===============
SEE NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
4 KOBREN INSIGHT FUNDS-2003 SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
- ----------------------------------------------------
For a Fund Share Outstanding Throughout the Period.
- ----------------------------------------------------
FOR THE
SIX MONTHS
ENDED
6/30/2003 FOR THE YEAR ENDED
(UNAUDITED) 12/31/2002 12/31/2001 12/31/2000 12/31/1999 12/31/1998 (A)
----------- ---------- ---------- ---------- ---------- --------------
Net asset value - beginning of period $ 10.01 $ 11.37 $ 12.32 $ 15.34 $ 12.54 $ 11.51
Net investment income (loss) (1)(b) 0.02 0.07 (0.04) (0.04) (0.04) (0.02)
Short-term capital gains distributions received -- 0.01 0.01 0.22 0.14 0.05
Net realized and unrealized gain (loss)
on investments 1.09 (1.36) (0.87) (1.68) 3.63 1.29
------- ------- ------- ------- ------- -------
Net increase (decrease) in net assets resulting
from investment operations 1.11 (1.28) (0.90) (1.50) 3.73 1.32
Distributions from net investment income -- (0.07) -- -- -- --
Distributions from net realized short-term
capital gain distributions received -- (0.01) -- (0.19) (0.10) (0.03)
Distributions from net realized capital gains
on investments -- -- (0.05) (1.33) (0.83) (0.26)
------- ------- ------- ------- ------- -------
Total distributions -- (0.08) (0.05) (1.52) (0.93) (0.29)
Net asset value - end of period $ 11.12 $ 10.01 $ 11.37 $ 12.32 $ 15.34 $ 12.54
======= ======= ======= ======= ======= =======
Total return (c) 11.09% (d) (11.26)% (7.28)% (9.75)% 29.70% 11.45%
======= ======= ======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $50,600 $46,491 $55,335 $63,105 $73,151 $64,507
Ratio of net investment income (loss)
to average net assets (b) 0.41% (e) 0.61% (0.32)% (0.41)% (0.34)% (0.19)%
Ratio of operating expenses to average net assets
before fees waived and/or expenses reimbursed
by investment adviser and other reductions (2) 1.20% (e) 1.21% 1.08% 1.06% 1.07% 1.07%
Ratio of operating expenses to average net assets
after reimbursements and reductions (2) 0.95% (e) 0.96% 0.96% 0.99% 0.98% 0.91%
Portfolio turnover rate 60% (d) 143% 80% 93% 66% 62%
- ----------------------------------------------------------------------------------------------------------------------------------
<FN>
(a) Per share net investment income has been calculated using the monthly average share method.
(b) Net investment income (loss) would have been lower in the absence of fee waivers and expense reimbursements.
(c) Total return represents aggregate total return for the period indicated and would have been lower in the absence of fee
waivers and expense reimbursements and assumes reinvestment of all distributions.
(d) Not Annualized.
(e) Annualized.
1. Recognition of net investment income (loss) by the Fund is affected by the timing of the declaration of dividends by the
underlying investment companies in which the Fund invests.
2. Does not include expenses of the investment companies in which the Fund invests.
</FN>
SEE NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
KOBREN INSIGHT FUNDS-2003 SEMI-ANNUAL REPORT 5
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
JUNE 30, 2003 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES: Kobren Insight Funds (the "Trust") was
organized on September 13, 1996, as a Massachusetts business trust. The Trust is
registered under the Investment Company Act of 1940, as amended (the "1940
Act"), as a no-load, open-end diversified management investment company.
At a special meeting held on February 11, 2002, the Board of Trustees of the
Trust approved an Agreement and Plan of Reorganization to exchange shares of
Kobren Moderate Growth Fund for shares of Kobren Growth Fund. A summary of the
reorganization as of April 26, 2002 is as follows:
FUND TOTAL NET ASSETS UNREALIZED GAIN SHARES EXCHANGED NET ASSET VALUE
- ---- ---------------- --------------- ---------------- ---------------
Kobren Moderate Growth Fund $19,984,387 $1,235,942 1,895,468 $10.54
NET ASSETS PROCEEDS NET ASSETS SHARES ISSUED NET ASSET
FUND PRIOR TO MERGER FROM MERGER AFTER MERGER IN EXCHANGE VALUE
- ---- --------------- ------------ ------------ ----------- ----------
Kobren Growth Fund $36,317,000 $19,984,387 $56,301,387 1,731,711 $11.54
As of June 30, 2003, the Trust offered shares of two funds, Kobren Growth Fund
and Delphi Value Fund. Information presented in these financial statements
pertains only to Kobren Growth Fund (the "Fund"). The Fund seeks to achieve its
investment objective by investing primarily in shares of other investment
companies ("underlying funds"), but also may invest directly in securities that
are suitable investments for the Fund. The following is a summary of significant
accounting policies followed by the Fund in the preparation of its financial
statements.
USE OF ESTIMATES -- The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts and disclosures in the financial statements. Actual results could differ
from those estimates.
PORTFOLIO VALUATION -- The underlying funds are valued according to their stated
net asset value. The Fund's other investment securities are valued at the last
sale price on the securities exchange or national securities market on which
such securities primarily are traded or for NASDAQ traded securities, the NASDAQ
Official Closing Price. Securities not listed on an exchange or national
securities market, or securities in which there were no transactions, are valued
at the average of the most recent bid and asked prices. Bid price is used when
no asked price is available. Short-term investments are carried at amortized
cost, which approximates market value. Any securities or other assets for which
recent market quotations are not readily available are valued at fair value as
determined in good faith by or under the direction of the Board of Trustees.
DIVIDENDS AND DISTRIBUTIONS -- It is the policy of the Fund to declare and pay
dividends from net investment income annually. The Fund will distribute net
realized capital gain, (including net short-term capital gains) if any annually,
unless offset by any available capital loss carryforward. Additional
distributions of net investment income and capital gain for the Fund may be made
in order to avoid the application of a 4% non-deductible excise tax on certain
undistributed amounts of ordinary income and capital gain. Income distributions
and capital gain distributions are determined in accordance with income tax
regulations, which may differ from generally accepted accounting principles.
These differences are due primarily to differing treatments of income and gain
on various investment securities held by the Fund. The tax character of
distributions paid during 2002 and 2001 was as follows:
KOBREN GROWTH
---------------
DISTRIBUTIONS PAID FROM: 2002 2001
----------- ----------
Ordinary income $ 365,399 $ --
Long-term capital gain -- 261,877
----------- ----------
$ 365,399 $ 261,877
As of December 31, 2002, the components of distributable earnings on a tax basis
were as follows:
KOBREN GROWTH
-------------
Capital loss carryforward $ (1,874,521)
Unrealized appreciation 872,709
-------------
$ (1,001,812)
These amounts are as of the most recent tax year ended.
Net investment income and realized gain and loss for federal income tax purposes
may differ from that reported in the financial statements because of permanent
book and tax basis differences. Permanent book and tax basis differences of
$58,713, $(543,018) and $484,305 were reclassified at
- --------------------------------------------------------------------------------
6 KOBREN INSIGHT FUNDS-2003 SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
JUNE 30, 2003 (UNAUDITED)
December 31, 2002 between undistributed net investment income, accumulated net
realized loss on investments and paid-in capital for the Fund. These
reclassifications are related to short-term capital gain dividends received,
wash sales and capital loss carryforwards related to Moderate Growth Fund. The
difference between book basis and tax-basis unrealized appreciation is
attributable to the tax deferral of losses on wash sales.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME -- Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the specific identified cost basis. Dividend income
is recognized on the ex-dividend date. Interest income is recognized on the
accrual basis. All discounts/premiums are accreted/amortized using the effective
yield method.
FEDERAL INCOME TAX -- The Fund has qualified and intends to continue to qualify
as a regulated investment company under Subchapter M of the Internal Revenue
Code, applicable to regulated investment companies, by distributing
substantially all of its earnings to its shareholders. Therefore, no federal
income or excise tax provision is applicable. For the year ended December 31,
2002, the Fund had capital loss carryforwards of $326,295 from Kobren Moderate
Growth Fund and $1,548,226 from Kobren Growth Fund expiring on December 31, 2008
and 2009, respectively. Under current tax laws, certain capital losses realized
after October 31 may be deferred and treated as occurring on the first day of
the following fiscal year. For the fiscal year ended December 31, 2002, the Fund
elected to defer capital losses occurring between November 1, 2002 and December
31, 2002 in the amount of $2,368,816.
EXPENSES -- Expenses of the Trust which are directly identifiable to a specific
fund are allocated to that fund. Certain of the Trust's other expenses are
allocated equally to those funds which make up the Trust. Other expenses of the
Trust are allocated among the funds based upon relative net assets of each fund.
2. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE AND RELATED PARTY TRANSACTIONS:
The Trust has entered into an investment advisory agreement with Kobren Insight
Management, Inc. ("KIM"). The Fund pays KIM a fee, computed daily and paid
monthly, at the annual rate of 0.75% of the Fund's average daily net assets. KIM
has voluntarily agreed to limit the Fund's other operating expenses to 0.25% of
the Fund's average daily net assets. This voluntary agreement may be terminated
at the discretion of the Adviser.
The Trust has also entered into an administration agreement with PFPC Inc.
(the "Administrator"), a member of PNC Financial Services Group,Inc. The
Administrator also serves as the Trust's transfer agent and dividend paying
agent. Boston Safe Deposit and Trust Company, an indirectly wholly-owned
subsidiary of Mellon Bank Corporation, serves as the Trust's custodian. Kobren
Insight Brokerage, Inc. ("KIB"), an affiliate of KIM, serves as distributor of
the Fund's shares and bears all distribution costs. No distribution fees are
paid by the Fund.
For the six months ended June 30, 2003, expense reimbursements were as
follows:
EXPENSES REIMBURSED BY INVESTMENT ADVISER OTHER REDUCTIONS (1)
----------------------------------------- --------------------
Kobren Growth Fund $ 47,370 $ 12,551
(1) Reimbursement to Fund of 12b-1 distribution fees paid to KIB by certain fund
investments held in the portfolio of the Fund.
No officer, director or employee of KIM, KIB, the Administrator, or any
affiliate thereof, receives any compensation from the Trust for serving as a
trustee or officer of the Trust. Each trustee who is not an "affiliated person"
receives an annual retainer fee of $5,000 plus $1,000 for each board meeting
attended and $500 for each committee meeting attended. The Trust also reimburses
out-of-pocket expenses incurred by each trustee in attending such meetings.
3. SUB-TRANSFER AGENT FEES: The Fund is subject to sub-transfer agent fees
consisting of broker-dealer and fund network fees at an annual rate of up to
0.10% of the average daily balances of accounts invested through those networks.
Costs of $5,191 were incurred by the Fund for the six months ended June 30,
2003, and are included in other expenses on the Statement of Operations.
- --------------------------------------------------------------------------------
KOBREN INSIGHT FUNDS-2003 SEMI-ANNUAL REPORT 7
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
JUNE 30, 2003 (UNAUDITED)
4. PURCHASES AND SALES: The aggregate amounts of purchases and sales of the
Fund's investment securities, other than short-term securities, for the six
months ended June 30, 2003, were $27,617,493 and $27,547,769 of non-governmental
issues, respectively.
5. SHARES OF BENEFICIAL INTEREST: As of June 30, 2003, an unlimited number of
shares of beneficial interest, par value $0.001, was authorized for the Trust.
Changes in shares of beneficial interest for the Fund were as follows:
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2003 (UNAUDITED) DECEMBER 31, 2002
SHARES AMOUNT SHARES AMOUNT
-------- -------- -------- --------
Shares sold 303,376 $ 3,192,879 700,309 $ 7,481,746
Shares issued as reinvestment of distributions -- -- 35,724 357,599
Shares issued due to merger (Note 1) -- -- 1,731,711 19,984,387
Shares redeemed (397,106) (4,091,061) (2,690,648) (30,387,804)
---------- ----------- ----------- ------------
Net decrease (93,730) $ (898,182) (222,904) $ (2,564,072)
========== =========== =========== ============
At June 30, 2003, KIM and its affiliates owned 575,887 shares of the Fund
representing 12.66% of the total outstanding shares.
6. RISK FACTORS OF THE FUND: Indirectly investing in underlying funds through
Kobren Growth Fund involves additional and duplicative expenses and certain tax
results that would not be present if an investor were to make a direct
investment in the underlying funds. The Fund, together with any "affiliated
persons" (as such term is defined in the 1940 Act) may purchase only up to 3% of
the total outstanding securities of an underlying fund. Accordingly, when the
Trust, KIM or their affiliates hold shares of any of the underlying funds, the
Fund's ability to invest fully in shares of such underlying funds may be
restricted, and KIM must then, in some instances, select alternative investments
for the Fund.
- --------------------------------------------------------------------------------
8 KOBREN INSIGHT FUNDS-2003 SEMI-ANNUAL REPORT
[LOGO OMITTED - KOBREN INSIGHT FUNDS]
DELPHI VALUE FUND
- --------------------------------------------------------------------------------
SEMI-ANNUAL REPORT JUNE 30, 2003
- --------------------------------------------------------------------------------
Dear Fellow Shareholders,
We are pleased to report that the Delphi Value Fund, Retail class, appreciated
11.3% (11.5% Institutional class) in the first half of 2003. Upon further
scrutiny, one discerns that the overall market action was quite schizophrenic.
During the first quarter, your Fund declined 4.9% as the geopolitical events in
Iraq overshadowed the U.S. equity markets. In the second quarter, the portfolio
spurted 17.1% in the aftermath of our military victory in Operation Iraqi
Freedom. Historic precedents are noteworthy. In 1991, George H.W. Bush was
President, Iraq had already occupied Kuwait, and the U.S. economy was teetering
on the brink of recession. After the coalition triumph in Operation Desert
Storm, the U.S. equity market (as measured by the S&P 500) soared 30.4%. Had
someone predicted such a rally, he would have been transported to the nearest
mental institution for medical observation. Flash forward to 2003. George W.
Bush presided in the White House as the U.S. military successfully toppled
Saddam's regime. Once again, the U.S. economy is noticeably weak while the U.S.
stock markets have already surged.
[PHOTO OMITTED - SCOTT BLACK]
SCOTT M. BLACK
Quite candidly, elements of speculation (vintage 1999-2000) have reappeared. In
the first half of this year, the top performing market indices comprised the
NASDAQ Biotech, USA Today Internet 50, and the NASDAQ Telecommunications; all
appreciating greater than 30%. Additionally, many of the semiconductor and
semiconductor equipment issues have doubled and tripled from their respective
lows notwithstanding the absence of current earnings, meaningful book values, or
the likelihood of an imminent earnings rebound. With the S&P 500 at 22x forecast
2003 earnings, and at 3x book value, we believe that U.S. equities, as a whole,
are expensive. For a sustained bull market rally, in our view, corporate
earnings must strengthen significantly in the forthcoming year driven by an
upturn in the U.S. economy.
While Mr. Greenspan has provided ample monetary stimulus through his multiple
rate cuts, I personally believe that the new tax legislation is misguided. Since
consumption has provided the impetus for growth in real GDP in the post World
War II era, the main thrust of the tax cuts should have been directed toward the
broad middle class. Lowering the top tax brackets and reducing the marginal
rates on dividends are unlikely to jumpstart our phlegmatic economy. While the
"mortgage refi" punchbowl has fueled some economic recovery, the rise in
unemployment to 6.4% is worrisome.
An analysis of the individual holdings indicates that 24 of our positions
appreciated more than 20% in the first half of 2003. The three housing stocks,
D.R. Horton (+62.0%), Toll Brothers (+40.1%), and Lennar (+38.6%), were
beneficiaries of the housing boom. Two technology companies posted superlative
gains; namely, Western Digital (+61.2%), and Micron Technology (+41.9%).
Finally, First Essex Bancorp (Andover, Massachusetts) soared 41.1% from a
takeover by Sovereign Bancorp. Conversely, a loss (-35.3%) was realized in
Scholastic Corp., a children's publisher. Despite the rights to the new Harry
Potter book, Scholastic recorded disappointing earnings. A review of portfolio
activity finds that seven new positions were added over the past six months.
Micron Technology, the leading U.S. DRAM manufacturer, was purchased near its
book value. American Axle, Baxter International, Maxtor (disc drives), OMI (oil
tankers), and BB&T (superregional banking) were acquired at between 5x and 12x
expected 2003 earnings. Finally, Nexen, a Canadian energy producer, was
purchased below 3x estimated 2003 cash flow.
Despite the aforementioned overvaluation of U.S. equities, we remain confident
in our ability to identify new candidates which conform to our value criteria.
For the record, entering the second quarter of 2003, your portfolio was priced
at 11.0x one year forecast earnings with an average return on equity of 17.2%.
We thank you for your continued support.
Very truly yours,
/s/ SCOTT M. BLACK
Scott M. Black
President
- --------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
- --------------------------------------------------------------------------------
JUNE 30, 2003 (UNAUDITED)
SHARES VALUE (NOTE 1)
COMMON STOCKS - 92.99%
- ------------------------------------------------------------------------
AEROSPACE/TECHNOLOGY - 5.83%
- ------------------------------------------------------------------------
15,800 Arrow Electronics, Inc. (1) $ 240,792
13,500 General Dynamics Corp. 978,750
62,675 Kemet Corp. (1) 633,017
125,500 LSI Logic Corp. (1) 888,540
54,900 Maxtor Corp. (1) 412,299
72,200 Micron Technology, Inc. (1) 839,686
99,600 Western Digital Corp. (1) 1,025,880
--------------
5,018,964
BANKING - 10.19%
- ------------------------------------------------------------------------
40,000 Banknorth Group, Inc. 1,020,800
25,500 BB&T Corp. 874,650
77,750 Colonial BancGroup, Inc. 1,078,392
28,000 Community Bank System, Inc. 1,064,000
7,600 First Essex Bancorp, Inc. 358,264
31,850 North Fork Bancorporation, Inc. 1,084,811
37,500 Southwest Bancorp, Inc. 1,027,875
29,300 Webster Financial Corp. 1,107,540
23,065 Wells Fargo & Co. 1,162,476
--------------
8,778,808
BASIC MATERIALS - 4.22%
- ------------------------------------------------------------------------
36,150 Alcoa, Inc. 921,825
24,550 Cytec Industries, Inc. (1) 829,790
76,500 Lyondell Chemical Co. 1,035,045
32,650 Plum Creek Timber Co., Inc., REIT 847,268
--------------
3,633,928
CONGLOMERATES - 5.98%
- ------------------------------------------------------------------------
941 Berkshire Hathaway, Inc., Class B (1) 2,286,630
19,000 Norsk Hydro A/S, SP ADR 933,850
32,600 St. Joe Co. (The) 1,017,120
23,300 Textron, Inc. 909,166
--------------
5,146,766
CONSTRUCTION & REAL ESTATE - 6.91%
- ------------------------------------------------------------------------
26,000 Boston Properties, Inc., REIT 1,138,800
49,318 D.R. Horton, Inc. 1,385,836
32,000 Equity Office Properties Trust, REIT 864,320
20,015 Lennar Corp., Class A 1,431,072
39,900 Toll Brothers, Inc. (1) 1,129,569
--------------
5,949,597
CONSUMER RELATED - 1.16%
- ------------------------------------------------------------------------
50,500 Disney (Walt) Co. 997,375
ENERGY - 9.12%
- ------------------------------------------------------------------------
35,000 Cabot Oil & Gas Corp. 966,350
81,000 Denbury Resources, Inc. (1) 1,087,830
36,258 GlobalSantaFe Corp. 846,262
48,000 GulfMark Offshore, Inc. (1) 810,240
12,100 Nexen, Inc. 306,130
20,800 Talisman Energy, Inc. 953,680
29,425 Tidewater, Inc. 864,212
38,700 Westport Resources Corp. (1) 880,425
56,733 XTO Energy, Inc. 1,140,901
--------------
7,856,030
FINANCIAL SERVICES - 8.93%
- ------------------------------------------------------------------------
27,000 American Express Co. 1,128,870
16,584 Bear Stearns Cos., Inc. 1,201,013
27,500 Citigroup, Inc. 1,177,000
11,500 Goldman Sachs Group, Inc. 963,125
25,615 iStar Financial, Inc., REIT 934,947
17,800 Lehman Brothers Holdings, Inc. 1,183,344
25,755 Morgan Stanley 1,101,026
--------------
7,689,325
FOOD & BEVERAGE - 4.46%
- ------------------------------------------------------------------------
43,500 Jack in the Box, Inc. (1) 970,050
46,000 Pepsi Bottling Group, Inc. 920,920
66,000 PepsiAmericas, Inc. 828,960
80,000 Ryan's Family Steak Houses, Inc. (1) 1,120,000
--------------
3,839,930
INSURANCE - 7.08%
- ------------------------------------------------------------------------
66,600 CNA Surety Corp. 656,010
39,400 IPC Holdings, Ltd. 1,319,900
SHARES VALUE (NOTE 1)
INSURANCE (CONTINUED)
- ------------------------------------------------------------------------
19,000 MGIC Investment Corp. $ 886,160
22,800 Radian Group, Inc. 835,620
32,200 RenaissanceRe Holdings, Ltd. 1,465,744
11,300 XL Capital, Ltd., Class A 937,900
--------------
6,101,334
MANUFACTURING - 3.47%
- ------------------------------------------------------------------------
39,000 American Axle & Mfg Holdings, Inc. (1) 932,100
23,000 Lear Corp. (1) 1,058,460
41,675 Masco Corp. 993,949
--------------
2,984,509
MEDICAL PRODUCTS - 1.07%
- ------------------------------------------------------------------------
35,500 Baxter International, Inc. 923,000
PUBLISHING & BROADCASTING - 14.56%
- ------------------------------------------------------------------------
35,000 Comcast Corp., Class A (1) 1,009,050
30,000 Cox Communications, Inc., Class A (1) 957,000
19,900 Dow Jones & Co., Inc. 856,297
18,600 Gannett, Inc. 1,428,666
14,000 Harte-Hanks, Inc. 266,000
29,500 Lee Enterprises, Inc. 1,107,135
90,500 Liberty Media Corp., Class A (1) 1,046,180
21,600 McClatchy Co., Class A 1,244,592
18,500 McGraw-Hill Cos., Inc. 1,147,000
34,800 News Corp., Ltd., SP ADR 1,053,396
25,000 Viacom, Inc., Class B (1) 1,091,500
1,823 Washington Post Co., Class B 1,336,077
--------------
12,542,893
RETAIL - 4.23%
- ------------------------------------------------------------------------
25,500 Ethan Allen Interiors, Inc. 896,580
27,400 Federated Department Stores, Inc. 1,009,690
33,025 May Department Stores Co. (The) 735,137
23,500 Ross Stores, Inc. 1,004,390
--------------
3,645,797
TEXTILES & APPAREL - 3.43%
- ------------------------------------------------------------------------
28,500 Jones Apparel Group, Inc. (1) 833,910
33,000 Liz Claiborne, Inc. 1,163,250
37,000 Polo Ralph Lauren Corp. 954,230
--------------
2,951,390
TRANSPORTATION - 2.35%
- ------------------------------------------------------------------------
162,500 OMI Corp. (1) 1,001,000
23,865 Teekay Shipping Corp. 1,023,809
--------------
2,024,809
TOTAL COMMON STOCKS 80,084,455
(Cost $66,059,565)
INVESTMENT COMPANY - 7.44%
6,407,035 Dreyfus Cash Management Plus Fund (2) 6,407,035
--------------
TOTAL INVESTMENT COMPANY 6,407,035
--------------
(Cost $6,407,035)
TOTAL INVESTMENTS - 100.43% 86,491,490
(Cost $72,466,600*)
LIABILITIES NET OF CASH
& OTHER ASSETS - (0.43)% (370,625)
--------------
TOTAL NET ASSETS - 100.00% $ 86,120,865
==============
- ------------------------------------------------------------------------
(1) Non-income producing.
(2) An affiliate of the Custodian
REIT Real Estate Investment Trust
SP ADR Sponsored American Depositary Receipt
* For Federal income tax purposes, cost is $72,466,600 and appreciation
(depreciation) is as follows:
Unrealized appreciation: $ 17,065,129
Unrealized depreciation: (3,040,239)
------------
Net unrealized appreciation: $ 14,024,890
============
SEE NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
2 DELPHI VALUE FUND -- 2003 SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
JUNE 30, 2003 (UNAUDITED)
ASSETS:
Investments, at value (Note 1) (See Portfolio of Investments) $ 86,491,490
Dividends receivable 84,748
Receivable for investments sold 98,659
Receivable for shares sold 378,500
Prepaid expenses and other assets 1,283
--------------
Total assets 87,054,680
--------------
LIABILITIES:
Payable for investments purchased 695,328
Payable for shares redeemed 116,171
Investment advisory fee payable (Note 2) 71,567
Distribution fee payable (Note 2) 10,317
Accrued Trustees' fees and expenses (Note 2) 4,948
Accrued expenses and other payables 35,484
--------------
Total liabilities 933,815
--------------
NET ASSETS $ 86,120,865
==============
Investments, at cost $ 72,466,600
==============
NET ASSETS CONSIST OF:
Accumulated undistributed net investment income $ 37,801
Accumulated net realized loss on investments sold (300,565)
Net unrealized appreciation of investments 14,024,890
Paid-in capital 72,358,739
--------------
NET ASSETS $ 86,120,865
==============
COMPUTATION OF NET ASSET VALUE
RETAIL CLASS SHARES:
Net asset value, offering and redemption price
per share ($49,124,429 / 3,703,745 shares) $ 13.26
==============
INSTITUTIONAL CLASS SHARES:
Net asset value, offering and redemption price
per share ($36,996,436 / 2,760,545 shares) $ 13.40
==============
SEE NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
DELPHI VALUE FUND -- 2003 SEMI-ANNUAL REPORT 3
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED JUNE 30, 2003 (UNAUDITED)
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends $ 577,890
-------------
Total investment income 577,890
-------------
EXPENSES:
Investment advisory fee (Note 2) 386,897
Administration fee (Note 2) 38,459
Transfer agent fees (Note 2) 35,948
Sub-transfer agent fee (Retail Class) (Note 3) 10,044
Custodian fees (Note 2) 8,911
Professional fees 20,363
Trustees' fees and expenses (Note 2) 11,274
Registration and filing fees 13,401
Reports to shareholders 6,814
Distribution fees (Retail Class) (Note 2) 55,198
Other 4,530
-------------
Total expenses 591,839
-------------
NET INVESTMENT LOSS (13,949)
-------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain from security transactions 991,998
Net increase in unrealized appreciation of securities 7,703,081
-------------
Net realized and unrealized gain on investments 8,695,079
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 8,681,130
=============
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
FOR THE SIX MONTHS ENDED FOR THE YEAR ENDED
JUNE 30, 2003 (UNAUDITED) DECEMBER 31, 2002
------------------------- ------------------
Net investment loss $ (13,949) $ (2,705)
Net realized gain (loss) from security transactions 991,998 (1,065,724)
Net increase in unrealized appreciation (depreciation) of investments 7,703,081 (7,300,886)
---------------- ----------------
Net increase (decrease) in net assets resulting from operations 8,681,130 (8,369,315)
DISTRIBUTION TO SHAREHOLDERS FROM:
RETAIL SHARES:
Net realized gains on investments -- --
---------------- ----------------
Total distributions -- --
INSTITUTIONAL SHARES:
Net realized gains on investments -- --
---------------- ----------------
Total distributions -- --
Total distributions to shareholders -- --
Net increase in net assets from fund share transactions 35,580 13,091,829
---------------- ----------------
Net increase in net assets 8,716,710 4,722,514
NET ASSETS:
Beginning of period 77,404,155 72,681,641
---------------- ----------------
End of period (including line A) $ 86,120,865 $ 77,404,155
================ ================
(A) Accumulated undistributed net investment income $ 37,801 $ 51,750
================ ================
SEE NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
4 DELPHI VALUE FUND -- 2003 SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD
RETAIL CLASS SHARES
---------------------------------------------------------------------------
FOR THE PERIOD
FOR THE 12/23/98
SIX MONTHS ENDED (COMMENCEMENT
6/30/2003 ------------FOR THE YEAR ENDED--------- OF OPERATIONS)
(UNAUDITED) 12/31/2002 12/31/2001 12/31/2000 12/31/1999 TO 12/31/98
----------- ---------- ---------- ---------- ---------- --------------
Net asset value - beginning of period $ 11.91 $ 13.18 $ 13.00 $ 11.19 $ 10.12 $10.00
Net investment income (loss) (a) (0.01) (0.02) (0.02) (0.01) -- (b)(c) 0.01
Net realized and unrealized gain (loss)
on investments 1.36 (1.25) 0.27 1.94 1.14 0.11
--------- --------- --------- --------- --------- --------
Net increase (decrease) in net assets resulting
from investment operations 1.35 (1.27) 0.25 1.93 1.14 0.12
Distributions from net investment income -- -- -- -- -- (c) --
Distributions from net realized gains
on investments -- -- (0.07) (0.12) (0.07) --
--------- --------- --------- --------- --------- --------
Total distributions -- -- (0.07) (0.12) (0.07) --
Net asset value - end of period $ 13.26 $ 11.91 $ 13.18 $ 13.00 $ 11.19 $10.12
========= ========= ========= ========= ========= ========
Total return (d) 11.34% (e) (9.64)% 1.90% 17.30% 11.30% 1.20% (e)
========= ========= ========= ========= ========= ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $49,124 $43,808 $44,744 $45,312 $31,055 $5,056
Ratio of net investment income/(loss) to
average net assets (a) (0.17)% (f) (0.13)% (0.12)% (0.12)% 0.00% 0.82% (f)
Ratio of operating expenses to average net assets
before fees waived and/or expenses reimbursed by
investment adviser and administrator 1.66% (f) 1.63% 1.64% 1.71% 1.86% 10.91% (f)
Ratio of operating expenses to average net assets
after waivers and/or expense reimbursements 1.66% (f) 1.63% 1.64% 1.71% 1.75% 1.75% (f)
Portfolio turnover rate 10% (e) 23% 29% 45% 17% 0% (e)
<FN>
- -----------------------------------------------------------------------------------------------------------------------------------
(a) Net investment income (loss) would have been lower (greater) during periods in which fees were waived and expenses reimbursed.
(b) The selected per share data was calculated using the weighted average share method for the period.
(c) The selected amounts are less than $0.005.
(d) Total return represents aggregate total return for the period indicated and would have been lower during periods in which fees
were waived and expenses reimbursed and assumes reinvestment of all distributions.
(e) Not Annualized.
(f) Annualized.
</FN>
SEE NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
DELPHI VALUE FUND -- 2003 SEMI-ANNUAL REPORT 5
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD
INSTITUTIONAL CLASS SHARES
---------------------------------------------------------------------------
FOR THE PERIOD
FOR THE 12/23/98
SIX MONTHS ENDED (COMMENCEMENT
6/30/2003 ------------FOR THE YEAR ENDED--------- OF OPERATIONS)
(UNAUDITED) 12/31/2002 12/31/2001 12/31/2000 12/31/1999 TO 12/31/98
----------- ---------- ---------- ---------- ---------- --------------
Net asset value - beginning of period $ 12.02 $ 13.26 $ 13.05 $ 11.20 $ 10.12 $10.00
Net investment income (a) 0.01 0.02 0.02 0.02 0.03 (b) 0.01
Net realized and unrealized gain (loss)
on investments 1.37 (1.26) 0.26 1.95 1.14 0.11
--------- --------- --------- --------- --------- --------
Net increase (decrease) in net assets resulting
from investment operations 1.38 (1.24) 0.28 1.97 1.17 0.12
Distributions from net investment income -- -- -- -- (0.02) --
Distributions from net realized gains
on investments -- -- (0.07) (0.12) (0.07) --
--------- --------- --------- --------- --------- --------
Total distributions -- -- (0.07) (0.12) (0.09) --
Net asset value - end of period $ 13.40 $ 12.02 $ 13.26 $ 13.05 $ 11.20 $10.12
========= ========= ========= ========= ========= ========
Total return (c) 11.48% (d) (9.35)% 2.12% 17.64% 11.61% 1.20% (d)
========= ========= ========= ========= ========= ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $36,996 $33,596 $27,938 $23,956 $22,763 $ 272
Ratio of net investment income to average
net assets (a) 0.13% (e) 0.17% 0.18% 0.18% 0.25% 1.07% (e)
Ratio of operating expenses to average net assets
before fees waived and/or expenses reimbursed by
investment adviser and administrator 1.36% (e) 1.33% 1.34% 1.41% 1.57% 10.66% (e)
Ratio of operating expenses to average net assets
after waivers and/or expense reimbursements 1.36% (e) 1.33% 1.34% 1.41% 1.50% 1.50% (e)
Portfolio turnover rate 10% (d) 23% 29% 45% 17% 0% (d)
<FN>
- ----------------------------------------------------------------------------------------------------------------------------------
(a) Net investment income would have been lower during periods in which fees were waived and expenses reimbursed.
(b) The selected per share data was calculated using the weighted average share method for the period.
(c) Total return represents aggregate total return for the period indicated and would have been lower during periods in which fees
were waived and expenses reimbursed and assumes reinvestment of all distributions.
(d) Not Annualized.
(e) Annualized
</FN>
SEE NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
6 DELPHI VALUE FUND -- 2003 SEMI-ANNUAL REPORT
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
JUNE 30, 2003 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES: Kobren Insight Funds (the "Trust") was
organized on September 13, 1996, as a Massachusetts business trust. The Trust is
registered under the Investment Company Act of 1940, as amended (the "1940
Act"), as a no-load, open-end diversified management investment company. As of
June 30, 2003, the Trust offered shares of two funds, Kobren Growth Fund and
Delphi Value Fund. Information presented in these financial statements pertains
only to Delphi Value Fund (the "Fund"). The Fund is authorized to issue two
classes of shares - the Retail Class and the Institutional Class. Each class of
shares outstanding bears the same voting, dividend, liquidation and other rights
and conditions, except that the expenses incurred in the distribution and
marketing of such shares are different for each class. Additionally, the Retail
Class is subject to 12b-1 fees and sub-transfer agent fees. The Fund seeks to
achieve its investment objective by investing primarily in equity securities of
U.S. companies. The following is a summary of significant accounting policies
followed by the Fund in the preparation of its financial statements.
USE OF ESTIMATES -- The preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts and disclosures in the financial statements. Actual results could differ
from those estimates.
PORTFOLIO VALUATION -- Investment securities are valued at the last sale price
on the securities exchange or national securities market on which such
securities primarily are traded or for NASDAQ traded securities, the NASDAQ
Official Closing Price. Securities not listed on an exchange or national
securities market, or securities in which there were no transactions, are valued
at the average of the most recent bid and asked prices. Bid price is used when
no asked price is available. Short-term investments with remaining maturities of
60 days or less are valued at amortized cost, which approximates market value.
Any securities or other assets for which recent market quotations are not
readily available are valued at fair value as determined in good faith by or
under the direction of the Board of Trustees.
DIVIDENDS AND DISTRIBUTIONS -- It is the policy of the Fund to declare and pay
dividends from net investment income annually. The Fund will distribute net
realized capital gain (including net short-term capital gain), if any annually,
unless offset by any available capital loss carryforward. Additional
distributions of net investment income and capital gain for the Fund may be made
in order to avoid the application of a 4% non-deductible excise tax on certain
undistributed amounts of ordinary income and capital gain. Income distributions
and capital gain distributions are determined in accordance with income tax
regulations, which may differ from generally accepted accounting principles.
These differences are due primarily to differing treatments of income and gain
on various investment securities held by the Fund. The tax character of
distributions paid during 2002 and 2001 was as follows:
DELPHI VALUE FUND
DISTRIBUTIONS PAID FROM: 2002 2001
Ordinary income $ -- $365,577
Long-term capital gain -- --
------- -----------
$ -- $365,577
As of December 31, 2002, the components of distributable earnings on a tax basis
were as follows:
DELPHI VALUE FUND
Capital loss carryforward $(1,274,204)
Unrealized appreciation 6,350,910
--------------
$ 5,076,706
These amounts are as of the most recent tax year ended.
Net investment income and realized gain and loss for federal income tax purposes
may differ from that reported in the financial statements because of permanent
book and tax basis differences. Permanent book and tax basis differences of
$54,455, $65,089 and $(119,544) were reclassified at December 31, 2002 between
accumulated net investment income, accumulated net realized loss on investments
and paid-in capital for the Fund. These reclassifications related to return of
capital adjustments due to REIT adjustments, long-term capital gain dividends
received and the treatment of net operating losses. The difference between book
basis and tax-basis unrealized appreciation is attributable to the REIT
adjustments.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME -- Securities transactions are
recorded on a trade date basis. Realized gain and loss from securities
transactions are recorded on the specific identified cost basis. Dividend income
is recognized on the ex-dividend date. Dividend income on foreign securities is
recognized as soon as the Fund is informed of the ex-dividend date. Interest
income is recognized on the accrual basis. All discounts/premiums are
accreted/amortized using the effective yield method.
FEDERAL INCOME TAX -- The Fund has qualified and intends to continue to qualify
as a regulated investment company under Subchapter M of the Internal Revenue
Code, applicable to regulated investment companies, by distributing
substantially all of its earnings to its shareholders. Therefore, no federal
income or excise tax provision is applicable. For the year ended December 31,
2002, Delphi Value Fund had capital loss carryforwards of $299,998 and $974,206
expiring on December 31, 2009 and 2010,
- --------------------------------------------------------------------------------
DELPHI VALUE FUND -- 2003 SEMI-ANNUAL REPORT 7
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
JUNE 30, 2003 (UNAUDITED)
respectively. Under current tax laws, certain capital losses realized after
October 31 may be deferred and treated as occurring on the first day of the
following fiscal year. For the fiscal year ended December 31, 2002, the Fund
elected to defer capital losses occurring between November 1, 2002 and December
31, 2002 in the amount of $47,460.
EXPENSES -- Expenses of the Trust which are directly identifiable to a specific
fund are allocated to that fund. Certain of the Trust's other expenses are
allocated equally to those funds which make up the Trust. Other expenses of the
Trust are allocated among the funds based upon relative net assets of each fund.
2. INVESTMENT ADVISORY FEE, ADMINISTRATION FEE, DISTRIBUTION AND SHAREHOLDER
SERVICING FEES AND OTHER RELATED PARTY TRANSACTIONS: The Trust has entered into
an investment advisory agreement (the "Advisory Agreement") with Kobren Insight
Management, Inc. ("KIM" or the "Adviser") who has engaged Delphi Management,
Inc. ("Delphi") as the Fund's sub-adviser. The Advisory Agreement provides that
the Fund pays KIM a fee, computed daily and paid monthly, at the annual rate of
1.00% of the Fund's average daily net assets. KIM is solely responsible for the
payment of the sub-adviser fee to Delphi. KIM has voluntarily agreed to limit
the Fund's total annual operating expenses of the Retail Class and Institutional
Class to no more than 1.75% and 1.50%, respectively, of the Fund's average daily
net assets. This voluntary agreement may be terminated at the discretion of the
Adviser.
The Trust has also entered into an administration agreement (the
"Administration Agreement") with PFPC Inc. (the "Administrator"), a member of
PNC Financial Services Group, Inc. The Administrator also serves as the Trust's
transfer agent and dividend paying agent. Boston Safe Deposit and Trust Company,
an indirect and wholly-owned subsidiary of Mellon Bank Corporation, serves as
the Trust's custodian. Kobren Insight Brokerage, Inc. ("KIB"), an affiliate of
KIM, serves as distributor of the Fund.
The Retail Class of the Fund has adopted a Shareholder Servicing and
Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. The
Fund pays KIB a monthly 12b-1 fee for distribution services provided, at an
annual rate of 0.25% of the average daily net assets attributable to the Retail
Class of shares.
No officer, director or employee of KIM, KIB, the Administrator, or any
affiliate thereof, receives any compensation from the Trust for serving as a
trustee or officer of the Trust. Each trustee who is not an "affiliated person"
receives an annual retainer fee of $5,000 plus $1,000 for each board meeting
attended and $500 for each committee meeting attended. The Trust also reimburses
out-of-pocket expenses incurred by each trustee in attending such meetings.
3. SUB-TRANSFER AGENT FEES: The Retail Class of the Fund is subject to
sub-transfer agent fees consisting of broker-dealer and fund network fees. The
Fund pays participating networks a monthly fee for processing shareholder orders
at an annual rate of up to 0.10% of the average daily balance of fund accounts
invested through those networks.
4. PURCHASES AND SALES: The aggregate amounts of purchases and sales of the
Fund's investment securities, other than short-term securities, for the six
months ended June 30, 2003, were $7,359,545 and $8,378,773 of non-governmental
issues, respectively.
5. SHARES OF BENEFICIAL INTEREST: As of June 30, 2003, an unlimited number of
shares of beneficial interest, par value $0.001, was authorized for the Trust.
Changes in shares of beneficial interest for the Fund were as follows:
SIX MONTHS ENDED YEAR ENDED
JUNE 30, 2003 (UNAUDITED) DECEMBER 31, 2002
RETAIL CLASS: SHARES AMOUNT SHARES AMOUNT
------ ------ ------ ------
Shares sold 392,130 $ 4,806,870 1,165,124 $ 15,122,314
Shares issued as reinvestment of distributions -- -- -- --
Shares redeemed (366,501) (4,370,209) (882,179) (11,244,113)
----------- ------------- ----------- --------------
Net increase 25,629 436,661 282,945 3,878,201
=========== ============= =========== ==============
INSTITUTIONAL CLASS:
Shares sold 234,068 2,839,521 1,218,785 15,727,451
Shares issued as reinvestment of distributions -- -- -- --
Shares redeemed (269,284) (3,240,602) (529,364) (6,513,823)
----------- ------------- ----------- --------------
Net increase (decrease) (35,216) (401,081) 689,421 9,213,628
----------- ------------- ----------- --------------
Net increase (decrease) from fund
share transactions (9,587) $ 35,580 972,366 $ 13,091,829
=========== ============= =========== ==============
At June 30, 2003, KIM, Delphi and their affiliates owned 588,528 Retail Class
shares of the Fund representing 15.89% of the outstanding shares. Discretionary
accounts managed by KIM for management clients collectively held 2,024,776
shares of the Institutional Class representing 73.35% of the outstanding shares.
- --------------------------------------------------------------------------------
8 DELPHI VALUE FUND -- 2003 SEMI-ANNUAL REPORT
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 REGISTRANTS.
Not applicable.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. [RESERVED]
ITEM 9. CONTROLS AND PROCEDURES.
(a)The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the "1940
Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days
of the filing date of the report that includes the disclosure required
by this paragraph, based on their evaluation of these controls and
procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act
(17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b)There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's last fiscal
half-year (the registrant's second fiscal half-year in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting.
ITEM 10. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 are attached hereto.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act
of 2002 are attached hereto.
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.
(Registrant) KOBREN INSIGHT FUNDS
-------------------------------------------------------------
By (Signature and Title)* /S/ ERIC M. KOBREN
------------------------------------------------
Eric M. Kobren, Chairman & President
(principal executive officer)
Date AUGUST 18, 2003
---------------------------------------------------------------------
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 (Signature and Title)* /S/ ERIC M. KOBREN
------------------------------------------------
Eric M. Kobren, Chairman & President
(principal executive officer)
Date AUGUST 18, 2003
---------------------------------------------------------------------
By (Signature and Title)* /S/ ERIC J. GODES
------------------------------------------------
Eric J. Godes, Chief Financial Officer,
Vice President, Treasurer & Secretary
(principal financial officer)
Date AUGUST 18, 2003
---------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.