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
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KOBREN INSIGHT FUNDS
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(Exact name of registrant as specified in charter)
20 William Street, Suite 310
P.O. Box 9135
WELLESLEY HILLS, MA 02481
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(Address of principal executive offices) (Zip code)
Gail A. Hanson, Esq.
PFPC Inc.
99 High Street, 27th Floor
BOSTON, MA 02110
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(Name and address of agent for service)
Registrant's telephone number, including area code: 800-456-2736
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Date of fiscal year end: DECEMBER 31, 2003
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Date of reporting period: DECEMBER 31, 2003
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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.
[LOGO OMITTED]
KOBREN INSIGHT FUNDS
KOBREN INSIGHT MANAGEMENT, INC.
KOBREN GROWTH FUND
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ANNUAL REPORT DECEMBER 31, 2003
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OUTLOOK FOR 2004 ...
AN ENCORE PRESENTATION?
After three tough years, 2003 will go down as a very good one for the stock
market and for Kobren Growth Fund, which delivered market returns while taking
on 36% less risk (volatility) than the S&P 500.
Will 2004 be an encore performance, or is the curtain about to come down on
this bull market production? Of course, no one really knows the answer to that
question, but a good place to start is to examine the outlook for the major
investment themes we pursued in 2003.
In some sense, 2003 was an "easy" year, because the investment themes we
identified at the outset are still intact as we enter 2004. However, it is
unlikely that these themes will remain intact over the next 12 months and we are
watching for signs of new themes developing -- even this early in the year.
U.S. STOCKS STILL IN AN UPTREND
We remain comfortable with our current level of stock exposure, although
the backdrop for stocks is quite different than it was a year ago. At the
beginning of 2003, the economy was struggling to gain traction and corporate
earnings were in the doldrums. Today, both are growing at a very rapid pace.
While this may seem to be a better economic environment, remember that the
market is always looking ahead. In fact, the stock market generally does better
when earnings are moving from WEAK TO STRONG (as they were in 2003), versus from
STRONG TO STRONG.
Another major difference is investor sentiment. In early 2003, pessimism
was the order of the day for both institutional investors and the general
public. Now, bullishness in both camps is at extreme levels. While bullishness
may be good for stock prices in the short run, extreme optimism is generally a
caution flag for the market over the next 12 months.
On the positive side, inflation remains low, the amount of monetary and
fiscal stimulus in the economy is still extremely high, and we have the
favorable "election year" stock cycle in our favor. In short, while the backdrop
for stocks may be less favorable heading into 2004 than it was a year ago, the
bias is still to the upside.
INTERNATIONAL STOCKS REMAIN APPEALING
Another theme we played in 2003 was to carry significant international
equity exposure. Our reasoning was two-fold. First, valuations on overseas
equities were lower than for the U.S., while on balance growth prospects were
similar. Second, we expected the dollar to decline versus major foreign
currencies which would give an additional boost to the returns of international
funds that do not hedge currencies. Foreign stock funds did, in fact, nicely
outperform domestic stock funds last year. As we head into 2004, we expect that
outperformance to continue as valuations are still lower overseas and the dollar
remains weak.
SELECTIVITY WITH BONDS IS KEY
Within the bond market, selecting the right sectors was very important in
2003 and we anticipate more of the same this year. Last year, we favored
high-yield bonds over U.S. Treasury bonds. The reasoning for this was our
expectation of the turn around in the economy. While all bonds are subject to
the risk of rising interest rates (if rates go to 5% and you own a bond paying
4% it's not worth as much anymore), high-yield bonds are more sensitive to the
risk of default (credit risk). The companies that issue them are typically in
tough financial shape. In a growing economy, their fortunes generally improve
and they are less likely to default -- so their bonds rise in value. U.S.
Treasuries are the polar opposite. Being backed by the Federal Government, they
carry essentially no risk of default. Thus the prices of U.S. Treasuries are
more sensitive to the level of interest rates, and the longer the bond, the
greater the sensitivity. This proved effective in 2003 as high-yield bonds
substantially outperformed U.S. Treasuries although the differences between
short- and long-term U.S. Treasuries were minimal.
Entering 2004, we are maintaining our positions in high-yield bond funds as
we expect the economy to continue to grow and interest rates to remain under
upward pressure. We also have some unique bond exposure with PIMCO COMMODITY
REAL RETURN STRATEGY Fund. This fund invests in TIPS (Treasury Inflation
Protected Securities) which offer the same credit safety as conventional
Treasury bonds, but whose principal is protected against inflation. It is also
structured to move with commodity prices. Should inflation heat up this year,
this Fund should fare well.
/S/ ERIC M. KOBREN
Eric M. Kobren
President and Portfolio Manager
[BEGIN SIDEBAR]
[PHOTO OMITTED - ERIC M. KOBREN]
ERIC M. KOBREN
[END SIDEBAR]
KOBREN GROWTH FUND (12/31/03)
VALUE OF $10,000 INVESTED 12/16/96
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Kobren Growth S&P 500
12/16/1996 10000 10000
12/17/1996 10000 10070
12/18/1996 10020 10147
12/19/1996 10110 10345
12/20/1996 10160 10388
12/23/1996 10160 10361
12/24/1996 10180 10418
12/25/1996 10180 10418
12/26/1996 10200 10485
12/27/1996 10250 10503
12/30/1996 10260 10462
12/31/1996 10240 10282
1/1/1997 10240 10282
1/2/1997 10180 10230
1/3/1997 10260 10384
1/6/1997 10290 10378
1/7/1997 10340 10457
1/8/1997 10320 10392
1/9/1997 10380 10482
1/10/1997 10410 10547
1/13/1997 10420 10547
1/14/1997 10500 10677
1/15/1997 10510 10654
1/16/1997 10540 10690
1/17/1997 10590 10780
1/20/1997 10630 10787
1/21/1997 10640 10871
1/22/1997 10670 10920
1/23/1997 10630 10800
1/24/1997 10550 10702
1/27/1997 10490 10626
1/28/1997 10500 10627
1/29/1997 10540 10733
1/30/1997 10610 10896
1/31/1997 10630 10924
2/3/1997 10650 10933
2/4/1997 10650 10969
2/5/1997 10590 10818
2/6/1997 10610 10847
2/7/1997 10680 10978
2/10/1997 10660 10921
2/11/1997 10670 10979
2/12/1997 10780 11166
2/13/1997 10880 11293
2/14/1997 10870 11247
2/17/1997 10870 11247
2/18/1997 10900 11358
2/19/1997 10900 11306
2/20/1997 10820 11172
2/21/1997 10820 11157
2/24/1997 10890 11276
2/25/1997 10900 11301
2/26/1997 10840 11214
2/27/1997 10780 11068
2/28/1997 10740 11009
3/3/1997 10770 11072
3/4/1997 10760 11013
3/5/1997 10830 11170
3/6/1997 10830 11124
3/7/1997 10910 11213
3/10/1997 10980 11335
3/11/1997 10990 11303
3/12/1997 10930 11206
3/13/1997 10770 11004
3/14/1997 10810 11054
3/17/1997 10780 11090
3/18/1997 10720 11006
3/19/1997 10670 10952
3/20/1997 10620 10909
3/21/1997 10610 10929
3/24/1997 10660 11024
3/25/1997 10670 11000
3/26/1997 10670 11022
3/27/1997 10540 10791
3/28/1997 10540 10791
3/31/1997 10420 10557
4/1/1997 10390 10592
4/2/1997 10300 10461
4/3/1997 10280 10464
4/4/1997 10340 10570
4/7/1997 10370 10629
4/8/1997 10420 10688
4/9/1997 10400 10612
4/10/1997 10380 10580
4/11/1997 10240 10293
4/14/1997 10230 10377
4/15/1997 10330 10531
4/16/1997 10400 10654
4/17/1997 10400 10630
4/18/1997 10430 10694
4/21/1997 10370 10611
4/22/1997 10430 10809
4/23/1997 10450 10796
4/24/1997 10450 10762
4/25/1997 10380 10681
4/28/1997 10410 10788
4/29/1997 10550 11083
4/30/1997 10610 11187
5/1/1997 10620 11150
5/2/1997 10730 11351
5/5/1997 10860 11593
5/6/1997 10870 11560
5/7/1997 10790 11392
5/8/1997 10850 11457
5/9/1997 10920 11523
5/12/1997 11000 11703
5/13/1997 10990 11642
5/14/1997 11020 11684
5/15/1997 11040 11770
5/16/1997 11000 11602
5/19/1997 11000 11652
5/20/1997 11070 11770
5/21/1997 11090 11739
5/22/1997 11070 11688
5/23/1997 11160 11847
5/26/1997 11160 11847
5/27/1997 11140 11884
5/28/1997 11130 11851
5/29/1997 11110 11809
5/30/1997 11150 11869
6/2/1997 11160 11842
6/3/1997 11180 11830
6/4/1997 11150 11757
6/5/1997 11190 11805
6/6/1997 11270 12010
6/9/1997 11310 12079
6/10/1997 11320 12112
6/11/1997 11360 12175
6/12/1997 11440 12371
6/13/1997 11510 12509
6/16/1997 11540 12518
6/17/1997 11540 12526
6/18/1997 11520 12451
6/19/1997 11600 12577
6/20/1997 11590 12587
6/23/1997 11460 12306
6/24/1997 11570 12554
6/25/1997 11550 12451
6/26/1997 11510 12380
6/27/1997 11540 12430
6/30/1997 11560 12400
7/1/1997 11620 12484
7/2/1997 11700 12668
7/3/1997 11800 12849
7/4/1997 11800 12849
7/7/1997 11770 12783
7/8/1997 11780 12878
7/9/1997 11700 12721
7/10/1997 11750 12809
7/11/1997 11780 12852
7/14/1997 11780 12875
7/15/1997 11780 12979
7/16/1997 11880 13132
7/17/1997 11860 13062
7/18/1997 11750 12834
7/21/1997 11710 12800
7/22/1997 11840 13095
7/23/1997 11920 13132
7/24/1997 11960 13185
7/25/1997 11950 13163
7/28/1997 11940 13131
7/29/1997 11990 13214
7/30/1997 12100 13357
7/31/1997 12140 13387
8/1/1997 12070 13287
8/4/1997 12060 13332
8/5/1997 12100 13361
8/6/1997 12160 13474
8/7/1997 12120 13346
8/8/1997 12000 13099
8/11/1997 11970 13151
8/12/1997 11930 13004
8/13/1997 11940 12944
8/14/1997 11930 12983
8/15/1997 11780 12647
8/18/1997 11800 12813
8/19/1997 11870 13003
8/20/1997 12020 13192
8/21/1997 11940 12992
8/22/1997 11890 12971
8/25/1997 11880 12923
8/26/1997 11850 12823
8/27/1997 11850 12835
8/28/1997 11770 12696
8/29/1997 11680 12637
9/1/1997 11680 12637
9/2/1997 11820 13032
9/3/1997 11900 13039
9/4/1997 11900 13082
9/5/1997 11950 13057
9/8/1997 11970 13088
9/9/1997 11990 13122
9/10/1997 11900 12918
9/11/1997 11830 12831
9/12/1997 11910 12991
9/15/1997 11920 12935
9/16/1997 12020 13299
9/17/1997 12060 13263
9/18/1997 12080 13324
9/19/1997 12090 13369
9/22/1997 12090 13439
9/23/1997 12050 13389
9/24/1997 12030 13285
9/25/1997 12030 13193
9/26/1997 12090 13300
9/29/1997 12150 13414
9/30/1997 12170 13329
10/1/1997 12270 13445
10/2/1997 12310 13516
10/3/1997 12380 13581
10/6/1997 12440 13689
10/7/1997 12470 13836
10/8/1997 12430 13709
10/9/1997 12410 13664
10/10/1997 12410 13614
10/13/1997 12410 13630
10/14/1997 12430 13660
10/15/1997 12390 13596
10/16/1997 12330 13449
10/17/1997 12200 13293
10/20/1997 12270 13454
10/21/1997 12410 13689
10/22/1997 12400 13637
10/23/1997 12170 13386
10/24/1997 12110 13259
10/27/1997 11430 12348
10/28/1997 11640 12980
10/29/1997 11760 12945
10/30/1997 11580 12730
10/31/1997 11700 12884
11/3/1997 11930 13228
11/4/1997 11950 13253
11/5/1997 12010 13283
11/6/1997 11950 13217
11/7/1997 11770 13072
11/10/1997 11720 12983
11/11/1997 11700 13020
11/12/1997 11470 12772
11/13/1997 11490 12924
11/14/1997 11570 13090
11/17/1997 11760 13342
11/18/1997 11660 13231
11/19/1997 11610 13323
11/20/1997 11710 13526
11/21/1997 11760 13584
11/24/1997 11590 13353
11/25/1997 11580 13413
11/26/1997 11610 13427
11/27/1997 11610 13427
11/28/1997 11640 13480
12/1/1997 11750 13754
12/2/1997 11790 13711
12/3/1997 11830 13786
12/4/1997 11850 13735
12/5/1997 11920 13886
12/8/1997 11970 13866
12/9/1997 11910 13773
12/10/1997 11800 13690
12/11/1997 11620 13484
12/12/1997 11590 13462
12/15/1997 11600 13603
12/16/1997 11650 13669
12/17/1997 11680 13635
12/18/1997 11590 13491
12/19/1997 11500 13371
12/22/1997 11530 13469
12/23/1997 11460 13263
12/24/1997 11410 13173
12/25/1997 11410 13173
12/26/1997 11430 13226
12/29/1997 11580 13469
12/30/1997 11740 13717
12/31/1997 11779 13712
1/1/1998 11779 13712
1/2/1998 11789 13777
1/5/1998 11799 13806
1/6/1998 11718 13659
1/7/1998 11677 13626
1/8/1998 11585 13514
1/9/1998 11329 13113
1/12/1998 11308 13276
1/13/1998 11452 13459
1/14/1998 11533 13542
1/15/1998 11492 13440
1/16/1998 11595 13593
1/19/1998 11595 13593
1/20/1998 11728 13834
1/21/1998 11697 13725
1/22/1998 11595 13615
1/23/1998 11564 13538
1/26/1998 11523 13529
1/27/1998 11615 13700
1/28/1998 11697 13822
1/29/1998 11789 13937
1/30/1998 11769 13863
2/2/1998 11984 14160
2/3/1998 12035 14228
2/4/1998 12066 14243
2/5/1998 12076 14197
2/6/1998 12137 14326
2/9/1998 12178 14302
2/10/1998 12240 14419
2/11/1998 12260 14437
2/12/1998 12270 14497
2/13/1998 12229 14440
2/16/1998 12229 14440
2/17/1998 12270 14478
2/18/1998 12332 14614
2/19/1998 12321 14560
2/20/1998 12362 14644
2/23/1998 12434 14700
2/24/1998 12362 14593
2/25/1998 12465 14770
2/26/1998 12557 14853
2/27/1998 12577 14863
3/2/1998 12598 14840
3/3/1998 12608 14902
3/4/1998 12567 14839
3/5/1998 12434 14667
3/6/1998 12639 14961
3/9/1998 12618 14913
3/10/1998 12721 15082
3/11/1998 12761 15145
3/12/1998 12792 15168
3/13/1998 12833 15149
3/16/1998 12884 15301
3/17/1998 12894 15317
3/18/1998 12905 15390
3/19/1998 12925 15450
3/20/1998 12976 15584
3/23/1998 12987 15533
3/24/1998 13068 15676
3/25/1998 13079 15624
3/26/1998 13079 15608
3/27/1998 13058 15535
3/30/1998 13007 15508
3/31/1998 13089 15624
4/1/1998 13161 15716
4/2/1998 13253 15885
4/3/1998 13283 15924
4/6/1998 13294 15905
4/7/1998 13171 15742
4/8/1998 13161 15630
4/9/1998 13253 15758
4/10/1998 13253 15758
4/13/1998 13242 15745
4/14/1998 13345 15831
4/15/1998 13396 15882
4/16/1998 13283 15724
4/17/1998 13365 15931
4/20/1998 13437 15944
4/21/1998 13488 15987
4/22/1998 13508 16043
4/23/1998 13375 15887
4/24/1998 13273 15722
4/27/1998 13007 15419
4/28/1998 13058 15400
4/29/1998 13140 15538
4/30/1998 13304 15782
5/1/1998 13386 15913
5/4/1998 13427 15928
5/5/1998 13386 15835
5/6/1998 13314 15689
5/7/1998 13222 15550
5/8/1998 13304 15735
5/11/1998 13283 15722
5/12/1998 13304 15852
5/13/1998 13314 15899
5/14/1998 13294 15878
5/15/1998 13242 15756
5/18/1998 13171 15717
5/19/1998 13232 15769
5/20/1998 13273 15809
5/21/1998 13283 15844
5/22/1998 13242 15785
5/25/1998 13242 15785
5/26/1998 13099 15551
5/27/1998 12987 15528
5/28/1998 13068 15606
5/29/1998 13048 15510
6/1/1998 12966 15513
6/2/1998 12946 15545
6/3/1998 12915 15399
6/4/1998 12976 15572
6/5/1998 13089 15843
6/8/1998 13140 15870
6/9/1998 13130 15909
6/10/1998 12997 15822
6/11/1998 12854 15575
6/12/1998 12802 15636
6/15/1998 12577 15325
6/16/1998 12680 15476
6/17/1998 12884 15754
6/18/1998 12833 15744
6/19/1998 12833 15663
6/22/1998 12843 15700
6/23/1998 12966 15931
6/24/1998 13058 16123
6/25/1998 13089 16071
6/26/1998 13109 16130
6/29/1998 13171 16205
6/30/1998 13181 16140
7/1/1998 13355 16351
7/2/1998 13345 16320
7/3/1998 13345 16320
7/6/1998 13478 16478
7/7/1998 13468 16440
7/8/1998 13549 16611
7/9/1998 13529 16500
7/10/1998 13539 16582
7/13/1998 13580 16595
7/14/1998 13693 16772
7/15/1998 13723 16732
7/16/1998 13805 16863
7/17/1998 13856 16903
7/20/1998 13846 16865
7/21/1998 13672 16594
7/22/1998 13601 16581
7/23/1998 13386 16235
7/24/1998 13324 16250
7/27/1998 13263 16342
7/28/1998 13120 16099
7/29/1998 13079 16031
7/30/1998 13222 16286
7/31/1998 13058 15969
8/3/1998 12915 15852
8/4/1998 12618 15278
8/5/1998 12598 15413
8/6/1998 12659 15531
8/7/1998 12731 15528
8/10/1998 12659 15439
8/11/1998 12383 15240
8/12/1998 12557 15461
8/13/1998 12424 15328
8/14/1998 12362 15156
8/17/1998 12434 15454
8/18/1998 12598 15706
8/19/1998 12587 15662
8/20/1998 12547 15571
8/21/1998 12352 15423
8/24/1998 12362 15522
8/25/1998 12393 15589
8/26/1998 12219 15467
8/27/1998 11799 14875
8/28/1998 11625 14656
8/31/1998 11073 13660
9/1/1998 11247 14188
9/2/1998 11339 14137
9/3/1998 11237 14021
9/4/1998 11155 13902
9/7/1998 11155 13902
9/8/1998 11625 14610
9/9/1998 11421 14365
9/10/1998 11155 13994
9/11/1998 11278 14410
9/14/1998 11452 14708
9/15/1998 11492 14822
9/16/1998 11595 14934
9/17/1998 11339 14555
9/18/1998 11370 14572
9/21/1998 11288 14627
9/22/1998 11390 14709
9/23/1998 11656 15230
9/24/1998 11523 14897
9/25/1998 11503 14926
9/28/1998 11523 14987
9/29/1998 11472 14991
9/30/1998 11226 14535
10/1/1998 10899 14098
10/2/1998 10919 14330
10/5/1998 10664 14129
10/6/1998 10633 14073
10/7/1998 10459 13879
10/8/1998 10152 13718
10/9/1998 10387 14075
10/12/1998 10623 14266
10/13/1998 10571 14225
10/14/1998 10725 14378
10/15/1998 11093 14979
10/16/1998 11267 15106
10/19/1998 11390 15192
10/20/1998 11503 15214
10/21/1998 11544 15300
10/22/1998 11625 15423
10/23/1998 11574 15312
10/26/1998 11656 15335
10/27/1998 11687 15235
10/28/1998 11687 15278
10/29/1998 11830 15535
10/30/1998 12014 15717
11/2/1998 12240 15902
11/3/1998 12199 15892
11/4/1998 12321 16006
11/5/1998 12393 16225
11/6/1998 12454 16329
11/9/1998 12352 16177
11/10/1998 12291 16152
11/11/1998 12240 16047
11/12/1998 12178 16002
11/13/1998 12199 16118
11/16/1998 12260 16263
11/17/1998 12291 16313
11/18/1998 12383 16389
11/19/1998 12434 16506
11/20/1998 12547 16663
11/23/1998 12731 17016
11/24/1998 12680 16943
11/25/1998 12710 17000
11/26/1998 12710 17000
11/27/1998 12782 17081
11/30/1998 12587 16670
12/1/1998 12628 16837
12/2/1998 12577 16783
12/3/1998 12454 16481
12/4/1998 12598 16863
12/7/1998 12680 17020
12/8/1998 12690 16930
12/9/1998 12690 16962
12/10/1998 12557 16698
12/11/1998 12516 16722
12/14/1998 12301 16360
12/15/1998 12393 16670
12/16/1998 12403 16658
12/17/1998 12526 16917
12/18/1998 12618 17033
12/21/1998 12761 17246
12/22/1998 12761 17256
12/23/1998 12894 17615
12/24/1998 12894 17582
12/25/1998 12894 17582
12/28/1998 12946 17571
12/29/1998 13048 17810
12/30/1998 13048 17669
12/31/1998 13128 17630
1/1/1999 13128 17630
1/4/1999 13222 17615
1/5/1999 13337 17855
1/6/1999 13546 18254
1/7/1999 13504 18218
1/8/1999 13546 18295
1/11/1999 13504 18134
1/12/1999 13285 17784
1/13/1999 13190 17712
1/14/1999 13065 17394
1/15/1999 13274 17840
1/18/1999 13274 17840
1/19/1999 13379 18063
1/20/1999 13452 18032
1/21/1999 13285 17725
1/22/1999 13201 17582
1/25/1999 13295 17708
1/26/1999 13379 17971
1/27/1999 13316 17842
1/28/1999 13442 18163
1/29/1999 13567 18368
2/1/1999 13609 18272
2/2/1999 13515 18115
2/3/1999 13630 18262
2/4/1999 13484 17925
2/5/1999 13421 17795
2/8/1999 13410 17860
2/9/1999 13201 17464
2/10/1999 13138 17574
2/11/1999 13368 17552
2/12/1999 13159 17670
2/15/1999 13159 17670
2/16/1999 13190 17839
2/17/1999 13044 17585
2/18/1999 13096 17776
2/19/1999 13138 17804
2/22/1999 13379 18278
2/23/1999 13410 18264
2/24/1999 13327 18011
2/25/1999 13274 17893
2/26/1999 13264 17797
3/1/1999 13243 17766
3/2/1999 13211 17613
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12/25/2001 14144 17035
12/26/2001 14219 17105
12/27/2001 14294 17226
12/28/2001 14349 17284
12/31/2001 14249 17092
1/1/2002 14249 17092
1/2/2002 14236 17192
1/3/2002 14286 17350
1/4/2002 14387 17458
1/7/2002 14337 17345
1/8/2002 14311 17283
1/9/2002 14249 17205
1/10/2002 14274 17226
1/11/2002 14174 17064
1/14/2002 14073 16957
1/15/2002 14149 17073
1/16/2002 13973 16797
1/17/2002 14073 16965
1/18/2002 13986 16797
1/21/2002 13986 16797
1/22/2002 13948 16674
1/23/2002 14048 16806
1/24/2002 14086 16865
1/25/2002 14098 16882
1/28/2002 14111 16879
1/29/2002 13848 16398
1/30/2002 13948 16593
1/31/2002 14123 16842
2/1/2002 14036 16723
2/4/2002 13785 16310
2/5/2002 13773 16244
2/6/2002 13660 16149
2/7/2002 13635 16102
2/8/2002 13798 16342
2/11/2002 13935 16577
2/12/2002 13910 16511
2/13/2002 14023 16681
2/14/2002 13998 16652
2/15/2002 13935 16469
2/18/2002 13935 16469
2/19/2002 13748 16158
2/20/2002 13898 16378
2/21/2002 13760 16124
2/22/2002 13810 16257
2/25/2002 13973 16549
2/26/2002 14036 16550
2/27/2002 14048 16564
2/28/2002 13998 16518
3/1/2002 14236 16892
3/4/2002 14462 17221
3/5/2002 14412 17106
3/6/2002 14575 17358
3/7/2002 14562 17281
3/8/2002 14625 17382
3/11/2002 14675 17441
3/12/2002 14625 17401
3/13/2002 14562 17234
3/14/2002 14575 17219
3/15/2002 14700 17415
3/18/2002 14750 17406
3/19/2002 14788 17477
3/20/2002 14650 17202
3/21/2002 14687 17228
3/22/2002 14612 17155
3/25/2002 14462 16904
3/26/2002 14512 17006
3/27/2002 14600 17097
3/28/2002 14650 17139
3/29/2002 14650 17139
3/30/2002 14650 17139
3/31/2002 14650 17139
4/1/2002 14650 17126
4/2/2002 14550 16980
4/3/2002 14487 16813
4/4/2002 14462 16828
4/5/2002 14462 16774
4/8/2002 14487 16816
4/9/2002 14462 16705
4/10/2002 14600 16895
4/11/2002 14424 16496
4/12/2002 14462 16605
4/15/2002 14474 16479
4/16/2002 14675 16865
4/17/2002 14687 16831
4/18/2002 14700 16808
4/19/2002 14725 16818
4/22/2002 14600 16559
4/23/2002 14600 16456
4/24/2002 14562 16340
4/25/2002 14562 16315
4/26/2002 14462 16090
4/29/2002 14399 15928
4/30/2002 14487 16100
5/1/2002 14575 16244
5/2/2002 14562 16217
5/3/2002 14499 16051
5/6/2002 14374 15741
5/7/2002 14337 15694
5/8/2002 14600 16285
5/9/2002 14462 16051
5/10/2002 14362 15782
5/13/2002 14474 16076
5/14/2002 14637 16417
5/15/2002 14637 16329
5/16/2002 14625 16437
5/17/2002 14675 16566
5/20/2002 14600 16346
5/21/2002 14499 16166
5/22/2002 14512 16259
5/23/2002 14600 16425
5/24/2002 14499 16227
5/27/2002 14499 16227
5/28/2002 14437 16088
5/29/2002 14412 15987
5/30/2002 14374 15944
5/31/2002 14399 15981
6/3/2002 14211 15585
6/4/2002 14149 15585
6/5/2002 14199 15729
6/6/2002 14073 15419
6/7/2002 14086 15394
6/10/2002 14086 15443
6/11/2002 13948 15186
6/12/2002 13898 15288
6/13/2002 13823 15128
6/14/2002 13773 15094
6/17/2002 13998 15528
6/18/2002 13986 15543
6/19/2002 13898 15286
6/20/2002 13773 15081
6/21/2002 13672 14824
6/24/2002 13647 14878
6/25/2002 13522 14630
6/26/2002 13484 14598
6/27/2002 13560 14855
6/28/2002 13610 14843
6/29/2002 13610 14843
6/30/2002 13610 14843
7/1/2002 13409 14525
7/2/2002 13146 14220
7/3/2002 13146 14309
7/4/2002 13146 14309
7/5/2002 13434 14835
7/8/2002 13409 14658
7/9/2002 13259 14297
7/10/2002 13008 13812
7/11/2002 12983 13916
7/12/2002 12971 13826
7/15/2002 12895 13775
7/16/2002 12820 13521
7/17/2002 12920 13597
7/18/2002 12757 13230
7/19/2002 12482 12723
7/22/2002 12231 12304
7/23/2002 11943 11972
7/24/2002 12294 12658
7/25/2002 12244 12587
7/26/2002 12331 12800
7/29/2002 12732 13493
7/30/2002 12795 13552
7/31/2002 12858 13686
8/1/2002 12632 13283
8/2/2002 12457 12977
8/5/2002 12181 12532
8/6/2002 12369 12907
8/7/2002 12469 13168
8/8/2002 12695 13599
8/9/2002 12732 13650
8/12/2002 12695 13577
8/13/2002 12544 13285
8/14/2002 12783 13820
8/15/2002 12895 13981
8/16/2002 12908 13960
8/19/2002 13096 14290
8/20/2002 13008 14091
8/21/2002 13159 14271
8/22/2002 13296 14472
8/23/2002 13121 14144
8/26/2002 13196 14251
8/27/2002 13058 14054
8/28/2002 12895 13801
8/29/2002 12920 13801
8/30/2002 12883 13775
9/2/2002 12883 13775
9/3/2002 12582 13204
9/4/2002 12707 13439
9/5/2002 12582 13226
9/6/2002 12720 13449
9/9/2002 12783 13585
9/10/2002 12858 13684
9/11/2002 12870 13685
9/12/2002 12695 13349
9/13/2002 12707 13392
9/16/2002 12682 13412
9/17/2002 12519 13148
9/18/2002 12482 13088
9/19/2002 12231 12695
9/20/2002 12244 12726
9/23/2002 12106 12550
9/24/2002 11968 12333
9/25/2002 12143 12643
9/26/2002 12294 12875
9/27/2002 12131 12460
9/30/2002 12006 12278
10/1/2002 12206 12770
10/2/2002 12106 12471
10/3/2002 11993 12337
10/4/2002 11818 12060
10/7/2002 11642 11829
10/8/2002 11692 12034
10/9/2002 11492 11707
10/10/2002 11692 12117
10/11/2002 11943 12591
10/14/2002 12018 12683
10/15/2002 12331 13283
10/16/2002 12156 12964
10/17/2002 12356 13254
10/18/2002 12407 13332
10/21/2002 12532 13563
10/22/2002 12407 13419
10/23/2002 12494 13509
10/24/2002 12407 13304
10/25/2002 12507 13532
10/28/2002 12469 13420
10/29/2002 12369 13300
10/30/2002 12469 13431
10/31/2002 12444 13359
11/1/2002 12595 13588
11/4/2002 12670 13700
11/5/2002 12745 13807
11/6/2002 12858 13936
11/7/2002 12682 13620
11/8/2002 12582 13502
11/11/2002 12419 13222
11/12/2002 12482 13325
11/13/2002 12444 13323
11/14/2002 12632 13653
11/15/2002 12682 13738
11/18/2002 12645 13595
11/19/2002 12582 13541
11/20/2002 12720 13805
11/21/2002 12908 14102
11/22/2002 12920 14053
11/25/2002 12945 14089
11/26/2002 12795 13796
11/27/2002 13021 14183
11/28/2002 13021 14183
11/29/2002 13046 14145
12/2/2002 13083 14119
12/3/2002 12933 13911
12/4/2002 12908 13867
12/5/2002 12845 13701
12/6/2002 12895 13787
12/9/2002 12695 13482
12/10/2002 12795 13670
12/11/2002 12795 13681
12/12/2002 12808 13631
12/13/2002 12682 13448
12/16/2002 12870 13765
12/17/2002 12808 13653
12/18/2002 12695 13475
12/19/2002 12632 13374
12/20/2002 12720 13548
12/23/2002 12757 13572
12/24/2002 12732 13498
12/25/2002 12732 13498
12/26/2002 12720 13456
12/27/2002 12582 13246
12/30/2002 12607 13306
12/31/2002 12644 13314
1/1/2003 12644 13314
1/2/2003 12896 13758
1/3/2003 12884 13751
1/6/2003 13023 14060
1/7/2003 12934 13969
1/8/2003 12808 13776
1/9/2003 12972 14044
1/10/2003 12997 14044
1/13/2003 12985 14025
1/14/2003 13010 14107
1/15/2003 12934 13906
1/16/2003 12922 13851
1/17/2003 12795 13657
1/20/2003 12795 13657
1/21/2003 12644 13442
1/22/2003 12581 13304
1/23/2003 12656 13440
1/24/2003 12454 13047
1/27/2003 12265 12836
1/28/2003 12353 13004
1/29/2003 12391 13094
1/30/2003 12240 12798
1/31/2003 12353 12966
2/3/2003 12391 13036
2/4/2003 12277 12852
2/5/2003 12265 12785
2/6/2003 12227 12706
2/7/2003 12126 12578
2/10/2003 12164 12674
2/11/2003 12176 12572
2/12/2003 12037 12417
2/13/2003 11974 12399
2/14/2003 12113 12664
2/17/2003 12113 12664
2/18/2003 12290 12913
2/19/2003 12227 12823
2/20/2003 12214 12702
2/21/2003 12341 12870
2/24/2003 12202 12634
2/25/2003 12176 12725
2/26/2003 12101 12563
2/27/2003 12202 12712
2/28/2003 12265 12771
3/3/2003 12214 12675
3/4/2003 12101 12480
3/5/2003 12126 12604
3/6/2003 12075 12487
3/7/2003 12088 12591
3/10/2003 11898 12266
3/11/2003 11823 12163
3/12/2003 11785 12221
3/13/2003 12050 12643
3/14/2003 12101 12664
3/17/2003 12353 13113
3/18/2003 12391 13169
3/19/2003 12429 13285
3/20/2003 12479 13310
3/21/2003 12656 13616
3/24/2003 12366 13136
3/25/2003 12479 13296
3/26/2003 12454 13224
3/27/2003 12454 13204
3/28/2003 12442 13128
3/31/2003 12328 12895
4/1/2003 12378 13052
4/2/2003 12581 13395
4/3/2003 12543 13328
4/4/2003 12543 13364
4/7/2003 12631 13381
4/8/2003 12606 13361
4/9/2003 12517 13175
4/10/2003 12568 13260
4/11/2003 12555 13211
4/14/2003 12694 13469
4/15/2003 12783 13555
4/16/2003 12682 13389
4/17/2003 12833 13597
4/18/2003 12833 13597
4/21/2003 12833 13573
4/22/2003 12997 13868
4/23/2003 13086 13985
4/24/2003 13023 13869
4/25/2003 12922 13677
4/28/2003 13061 13923
4/29/2003 13086 13970
4/30/2003 13136 13957
5/1/2003 13149 13950
5/2/2003 13275 14160
5/5/2003 13301 14107
5/6/2003 13414 14226
5/7/2003 13376 14156
5/8/2003 13263 14014
5/9/2003 13402 14217
5/12/2003 13515 14396
5/13/2003 13503 14355
5/14/2003 13503 14313
5/15/2003 13578 14427
5/16/2003 13604 14393
5/19/2003 13376 14034
5/20/2003 13364 14018
5/21/2003 13376 14076
5/22/2003 13490 14205
5/23/2003 13515 14226
5/26/2003 13515 14226
5/27/2003 13654 14504
5/28/2003 13679 14533
5/29/2003 13705 14479
5/30/2003 13844 14693
6/2/2003 13919 14745
6/3/2003 13919 14815
6/4/2003 14084 15043
6/5/2003 14159 15103
6/6/2003 14172 15068
6/9/2003 14020 14888
6/10/2003 14096 15024
6/11/2003 14260 15222
6/12/2003 14273 15238
6/13/2003 14185 15087
6/16/2003 14374 15425
6/17/2003 14425 15440
6/18/2003 14374 15417
6/19/2003 14298 15182
6/20/2003 14286 15197
6/23/2003 14122 14983
6/24/2003 14122 15011
6/25/2003 14084 14887
6/26/2003 14122 15053
6/27/2003 14071 14906
6/30/2003 14046 14880
7/1/2003 14084 15002
7/2/2003 14197 15177
7/3/2003 14159 15054
7/4/2003 14159 15054
7/7/2003 14336 15340
7/8/2003 14374 15398
7/9/2003 14336 15313
7/10/2003 14210 15107
7/11/2003 14298 15252
7/14/2003 14387 15339
7/15/2003 14324 15287
7/16/2003 14235 15190
7/17/2003 14071 15003
7/18/2003 14159 15180
7/21/2003 14058 14958
7/22/2003 14109 15100
7/23/2003 14134 15108
7/24/2003 14096 15001
7/25/2003 14210 15262
7/28/2003 14210 15229
7/29/2003 14147 15121
7/30/2003 14084 15096
7/31/2003 14096 15142
8/1/2003 13995 14941
8/4/2003 13970 15028
8/5/2003 13844 14763
8/6/2003 13831 14791
8/7/2003 13907 14899
8/8/2003 13945 14952
8/11/2003 13995 15002
8/12/2003 14096 15151
8/13/2003 14058 15060
8/14/2003 14122 15160
8/15/2003 14134 15165
8/18/2003 14235 15304
8/19/2003 14298 15344
8/20/2003 14324 15314
8/21/2003 14362 15360
8/22/2003 14260 15204
8/25/2003 14235 15214
8/26/2003 14248 15260
8/27/2003 14286 15264
8/28/2003 14349 15357
8/29/2003 14450 15438
9/1/2003 14450 15438
9/2/2003 14602 15652
9/3/2003 14665 15722
9/4/2003 14677 15749
9/5/2003 14614 15648
9/8/2003 14715 15806
9/9/2003 14639 15677
9/10/2003 14475 15490
9/11/2003 14526 15579
9/12/2003 14538 15613
9/15/2003 14513 15555
9/16/2003 14639 15778
9/17/2003 14652 15727
9/18/2003 14791 15936
9/19/2003 14778 15886
9/22/2003 14665 15679
9/23/2003 14740 15774
9/24/2003 14602 15473
9/25/2003 14551 15383
9/26/2003 14450 15287
9/29/2003 14526 15437
9/30/2003 14475 15274
10/1/2003 14690 15616
10/2/2003 14740 15649
10/3/2003 14842 15797
10/6/2003 14905 15866
10/7/2003 14980 15942
10/8/2003 14943 15864
10/9/2003 15031 15940
10/10/2003 15081 15931
10/13/2003 15081 16043
10/14/2003 15195 16106
10/15/2003 15183 16067
10/16/2003 15208 16119
10/17/2003 15081 15954
10/20/2003 15119 16036
10/21/2003 15107 16057
10/22/2003 14968 15818
10/23/2003 14955 15870
10/24/2003 14943 15796
10/27/2003 14968 15830
10/28/2003 15145 16070
10/29/2003 15183 16093
10/30/2003 15183 16080
10/31/2003 15195 16138
11/3/2003 15284 16265
11/4/2003 15258 16177
11/5/2003 15258 16158
11/6/2003 15284 16255
11/7/2003 15309 16184
11/10/2003 15246 16092
11/11/2003 15208 16083
11/12/2003 15359 16274
11/13/2003 15397 16272
11/14/2003 15347 16151
11/17/2003 15220 16048
11/18/2003 15170 15902
11/19/2003 15157 16031
11/20/2003 15094 15896
11/21/2003 15132 15922
11/24/2003 15271 16181
11/25/2003 15309 16210
11/26/2003 15397 16283
11/27/2003 15397 16283
11/28/2003 15435 16280
12/1/2003 15574 16464
12/2/2003 15587 16410
12/3/2003 15574 16386
12/4/2003 15599 16463
12/5/2003 15536 16337
12/8/2003 15599 16458
12/9/2003 15524 16318
12/10/2003 15460 16303
12/11/2003 15574 16493
12/12/2003 15663 16538
12/15/2003 15637 16444
12/16/2003 15650 16554
12/17/2003 15650 16576
12/18/2003 15801 16774
12/19/2003 15814 16767
12/22/2003 15877 16833
12/23/2003 15877 16880
12/24/2003 15940 16850
12/25/2003 15940 16850
12/26/2003 15953 16878
12/29/2003 16105 17094
12/30/2003 16143 17098
12/31/2003 16179 17134
12 MONTHS 5 YEAR ANNUALIZED
ENDED ANNUALIZED SINCE INCEPTION
TOTAL RETURN (%) 12/31/03 RETURN (12/16/96)
- ---------------- -------- ------ ----------
Kobren Growth +28.0% +4.3% +7.1%
S&P 500 Index +28.7% -0.6% +7.9%
KOBREN GROWTH FUND (Ticker: KOGRX): After suffering through three rough years,
2003 brought welcome relief for most growth investors. We are especially pleased
that while taking on 36% less volatility than the S&P 500 Index, and maintaining
a 15% non-equity allocation for most of the year, we were able to keep up with
the major market indexes. While underlying fund selections are always important,
Kobren Growth's success in 2003 in large part was attributed to our sub-asset
allocation decisions.
We remain overweight in international securities and underweight in the
larger capitalization areas of the market. Both decisions paid off handsomely in
2003. In the non-equity positions, we hold both commodity-linked and corporate
high yield bonds. Although these sectors slightly underperformed a strong S&P
500 Index for the last six months of the year, we have some continued concerns
about the equity market (namely, valuations and sentiment levels), and remain
comfortable maintaining this non-equity exposure.
In the equity sector of the portfolio, long-term holdings in the
LONGLEAF funds and OAKMARK SELECT FUND were relative underperformers in their
peer groups, though they still posted strong absolute returns this year. Given
these funds' disciplined approaches and quality managers, we are continuing to
hold them. Our largest international holding, JULIUS BAER INTERNATIONAL EQUITY
FUND, has impressed us with its flexible investment style. We continue to like
international markets for 2004.
ASSET ALLOCATION*
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
U.S. Stocks 65.0%
International 21.3%
Bond 14.6%
Cash & Net Other Assets and Liab. -0.9%
TOP TEN HOLDINGS*
KOBREN GROWTH STYLE ALLOC (%)
- ---------------------------- ---------------- ----------
Oakmark Select Mid Cap Value 14.7
T. Rowe Price Blue Chip Growth Large Cap Growth 12.0
Julius Baer International Equity International 11.6
Fidelity Blue Chip Growth Large Cap Growth 10.8
Longleaf Partners Small Cap Small Cap Value 10.6
PIMCO High Yield High Yield Bond 9.9
Longleaf Partners Mid Cap Value 7.1
Fidelity Discovery Large Blend 7.1
Artisan International Small Cap International 5.7
Pimco Commodity Real Return Strategy Specialty 4.8
TOTAL FUND ASSETS $54,647,827
STYLE ALLOCATION*
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Cash & Net Other Assets and Liab. -0.9%
Large Cap Growth 22.8%
Small Cap Value 10.6%
Large Cap Blend 9.7%
Specialty 4.8%
International 21.3%
Mid Cap Value 21.8%
Bonds 9.9%
*BASED ON TOTAL NET ASSETS.
TOP SECTORS**
(TOTALS MAY NOT EQUAL 100%)
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Financial Services 20.7
Consumer Services 13.4
Healthcare 11.3
Industrial Materials 10.1
Consumer Goods 9.0
Media 8.4
Business Services 7.6
Telecom 6.0
Hardware 5.5
Energy 4.4
Software 2.7
Utilities 0.9
**EQUITIES ONLY
- --------------------------------------------------------------------------------
Kobren Insight Management, Inc. is the Adviser for the Kobren Growth Fund, and
Kobren Insight Brokerage, Inc., a NASD broker/dealer, is the distributor for the
Fund. 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 ANNUAL REPORT
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 2003
SHARES MUTUAL FUNDS - 101.47% VALUE (NOTE 1)
LARGE CAP GROWTH - 22.82%
- ---------------------------------------------------------------------------
148,677 Fidelity Blue Chip Growth Fund $ 5,892,074
231,166 T. Rowe Price Blue Chip Growth Fund 6,576,678
-----------
12,468,752
MID CAP VALUE - 21.77%
- ---------------------------------------------------------------------------
129,761 Longleaf Partners Fund 3,890,237
261,580 Oakmark Select Fund - Class I 8,009,584
-----------
11,899,821
INTERNATIONAL - 21.26%
- ---------------------------------------------------------------------------
200,281 Artisan International Small Cap Fund 3,126,379
235,891 Julius Baer Int'l Equity Fund - Class I 6,338,377
170,794 SSgA Emerging Markets Fund 2,152,007
-----------
11,616,763
SMALL CAP VALUE - 10.64%
- ---------------------------------------------------------------------------
201,940 Longleaf Partners Small Cap Fund 5,817,902
BOND - 9.89%
- ---------------------------------------------------------------------------
553,035 PIMCO High Yield Fund - Class I 5,403,156
LARGE CAP BLEND - 9.73%
- ---------------------------------------------------------------------------
375,641 Fidelity Discovery Fund 3,884,126
51,018 Fidelity Fund 1,432,577
-----------
5,316,703
SHARES MUTUAL FUNDS - 101.47% VALUE (NOTE 1)
SPECIALTY - 4.75%
- ---------------------------------------------------------------------------
190,055 PIMCO Commodity Real Return
Strategy Fund - Class I $ 2,598,046
MONEY MARKET FUND - 0.61%
- ---------------------------------------------------------------------------
331,584 Dreyfus Cash Mgmt Plus Fund (1) 331,584
TOTAL MUTUAL FUNDS
(COST $44,718,042) 55,452,727
-----------
TOTAL INVESTMENTS 101.47% 55,452,727
(Cost $44,718,042*)
LIABILITIES NET OF CASH
AND OTHER ASSETS -1.47% (804,900)
------- -----------
TOTAL NET ASSETS 100.00% $54,647,827
======= ===========
- --------------------------------------------------------------------------------
(1) An affiliate of the Custodian
* For Federal income tax purposes, cost is $44,778,552 and appreciation is as
follows:
Unrealized appreciation: $ 10,674,175
Unrealized depreciation: --
----------
Net unrealized appreciation: $ 10,674,175
==========
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2003
ASSETS:
Investments, at value (Note 1) (See Portfolio of Investments) $ 55,452,727
Dividends receivable 32,183
Receivable for fund shares sold 88,026
Prepaid expenses and other assets 4,377
------------
Total assets 55,577,313
------------
LIABILITIES:
Payable for dividend distribution 19,121
Payable for fund shares redeemed 838,741
Investment advisory fee payable (Note 2) 30,579
Accrued Trustees' fees and expenses (Note 2) 3,974
Accrued expenses and other payables 37,071
------------
Total liabilities 929,486
------------
NET ASSETS: $ 54,647,827
============
Investments, at cost $ 44,718,042
============
NET ASSETS CONSIST OF:
Accumulated net investment income $ 100,048
Accumulated net realized loss on investments sold (2,337,820)
Net unrealized appreciation of investments 10,734,685
Paid-in capital 46,150,914
------------
NET ASSETS $ 54,647,827
============
SHARES OUTSTANDING 4,307,872
============
Net asset value, offering and redemption price per share $ 12.69
============
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 the Kobren Growth 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)2004
- --------------------------------------------------------------------------------
KOBREN INSIGHT FUNDS -- 2003 ANNUAL REPORT 3
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2003
INVESTMENT INCOME:
Dividends $ 991,635
------------
Total investment income 991,635
------------
EXPENSES:
Investment advisory fee (Note 2) 369,790
Administration fee (Note 2) 70,510
Transfer agent fees (Note 2) 52,066
Sub-transfer agent fees (Note 3) 11,051
Custodian fees (Note 2) 2,993
Professional fees 29,196
Trustees' fees and expenses (Note 2) 15,557
Registration and filing fees 14,533
Reports to shareholders 10,250
Other 7,427
------------
Total expenses 583,373
Expenses reimbursed by investment adviser (Note 2) (90,322)
Other reductions (Note 2) (22,062)
------------
Net expenses 470,989
------------
NET INVESTMENT INCOME 520,646
------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain from security transactions 1,953,313
Short-term capital gain distributions received 94,991
Long-term capital gain distributions received 23,876
Net increase in unrealized appreciation of securities 9,784,184
------------
Net realized and unrealized gain on investments 11,856,364
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 12,377,010
============
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31,
2003 2002
------ ------
Net investment income $ 520,646 $ 306,686
Net realized gain (loss) from security transactions 1,953,313 (2,166,017)
Short-term capital gain distributions received 94,991 58,704
Long-term capital gain distributions received 23,876 53,462
Net change in unrealized appreciation (depreciation) of investments 9,784,184 (4,167,293)
------------- -------------
Net increase (decrease) in net assets resulting from operations 12,377,010 (5,914,458)
Distribution to shareholders from:
Net investment income (515,589) (306,695)
Short-term capital gain distributions received -- (58,704)
------------- -------------
Total distributions (515,589) (365,399)
Net decrease in net assets from fund share transactions (Note 5) (3,704,214) (2,564,072)
------------- -------------
Net increase (decrease) in net assets 8,157,207 (8,843,929)
NET ASSETS:
Beginning of period 46,490,620 55,334,549
------------- -------------
End of period (including line A) $ 54,647,827 $ 46,490,620
============= =============
(A) Accumulated net investment income $ 100,048 $ --
============= =============
SEE NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
4 KOBREN INSIGHT FUNDS -- 2003 ANNUAL REPORT
FINANCIAL HIGHLIGHTS
FOR A FUND SHARE OUTSTANDING THROUGHOUT THE YEAR.
FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR FOR THE YEAR
ENDED ENDED ENDED ENDED ENDED
12/31/2003 12/31/2002 12/31/2001 12/31/2000 12/31/1999
------------ ------------ ------------ ------------ ------------
Net asset value - beginning of period $ 10.01 $ 11.37 $ 12.32 $ 15.34 $ 12.54
Net investment income (loss) (1) (b) 0.12 0.07 (0.04) (0.04) (0.04)
Short-term capital gain distributions received 0.02 0.01 0.01 0.22 0.14
Net realized and unrealized gain (loss) on
investments 2.66 (1.36) (0.87) (1.68) 3.63
----------- ------------ ------------ ------------ -----------
Net increase (decrease) in net assets resulting
from investment operations 2.80 (1.28) (0.90) (1.50) 3.73
Distributions from net investment income (0.12) (0.07) -- -- --
Distributions from net realized short-term capital gain
distributions received -- (0.01) -- (0.19) (0.10)
Distributions from net realized capital gain
on investments -- -- (0.05) (1.33) (0.83)
----------- ------------ ------------ ------------ -----------
Total distributions (0.12) (0.08) (0.05) (1.52) (0.93)
Net asset value - end of period $ 12.69 $ 10.01 $ 11.37 $ 12.32 $ 15.34
=========== ============ ============ ============ ===========
Total return (a) 27.96% (11.26)% (7.28)% (9.75)% 29.70%
=========== ============ ============ ============ ===========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 54,648 $ 46,491 $ 55,335 $ 63,105 $ 73,151
Ratio of net investment income (loss) to average
net assets (b) 1.06% 0.61% (0.32)% (0.41)% (0.34)%
Ratio of operating expenses to average net assets
before fees waived and/or expenses reimbursed
by investment adviser and other reductions (2) 1.18% 1.21% 1.08% 1.06% 1.07%
Ratio of operating expenses to average net assets after
reimbursements and reductions (2) 0.96% 0.96% 0.96% 0.99% 0.98%
Portfolio turnover rate 81% 143% 80% 93% 66%
<FN>
- --------------------------------------------------------------------------------
(a) 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.
(b) Net investment income (loss) would have been lower (greater) in the absence
of fee waivers and expense reimbursements.
(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 ANNUAL REPORT 5
NOTES TO FINANCIAL STATEMENTS - DECEMBER 31, 2003
1. ORGANIZATION AND 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
FUND PRIOR TO MERGER FROM MERGER AFTER MERGER IN EXCHANGE NET ASSET VALUE
- ---- --------------- ----------- ------------ ------------ ---------------
Kobren Growth Fund $36,317,000 $19,984,387 $56,301,387 1,731,711 $11.54
As of December 31, 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 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 2003 and 2002 was as follows:
DISTRIBUTIONS PAID IN 2003 DISTRIBUTIONS PAID IN 2002
-------------------------------- -----------------------------------
ORDINARY LONG-TERM ORDINARY LONG-TERM
INCOME CAPITAL GAINS INCOME CAPITAL GAINS
------------ -------------- ----------- ----------------
Kobren Growth Fund $ 515,589 $ -- $ 365,399 $ --
As of December 31, 2003, the components of distributable earnings on a tax basis
were as follows:
CAPITAL LOSS UNDISTRIBUTED UNDISTRIBUTED UNREALIZED
CARRYFORWARD ORDINARY INCOME LONG-TERM GAIN APPRECIATION
------------- --------------- -------------- --------------
Kobren Growth Fund $ (2,277,310) $ 119,169 $ -- $ 10,674,175
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
$94,991, $(88,871) and $(6,120) were reclassified at December 31, 2003 among
undistributed net investment income, accumulated net realized loss on
investments and paid-in capital for the Fund. These reclasses are related to
short-term capital gain dividends received and return of capital adjustments due
to REIT adjustments. The difference between book basis and tax-basis unrealized
appreciation is attributable to the tax deferral of losses on wash sales and
return of capital adjustments due to 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. 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,
2003, the Fund had capital loss carryforwards of $326,295 expiring on December
31, 2008 from Moderate Growth Fund and $1,548,226 and $402,789 from Growth Fund
expiring on December 31, 2009 and 2011, respectively.
EXPENSES -- Expenses of the Trust which are directly identifiable to a specific
fund are allocated to that fund. Other expenses of the Trust are allocated among
the funds based upon relative net assets of each fund. Certain of the Trust's
other expenses are allocated equally to those funds which make up the Trust.
COMMITMENTS AND CONTINGENCIES -- In the normal course of business, the Trust
enters into contracts on behalf of the Fund that contain a variety of provisions
for general indemnifications. The Fund's maximum exposure under these
arrangements is unknown as this would involve future claims that may be made
against the Fund that are not known at this time. However, based on experience,
the Fund believes the risk of loss is remote.
- --------------------------------------------------------------------------------
6 KOBREN INSIGHT FUNDS -- 2003 ANNUAL REPORT
NOTES TO FINANCIAL STATEMENTS - DECEMBER 31, 2003
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 Fund also receives reimbursement of 12b-1
distribution fees paid to KIB by certain fund investments held in the portfolio
of the Fund.
For the year ended December 31, 2003, expense reimbursements were as follows:
EXPENSES REIMBURSED BY INVESTMENT ADVISER OTHER REDUCTIONS (1)
----------------------------------------- --------------------
Kobren Growth Fund $ 90,322 $ 22,062
<FN>
(1) Reimbursement of 12b-1 distribution fees.
</FN>
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. Mellon Trust of New England, N.A., an indirectly whollyowned subsidiary
of Mellon Financial 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.
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.
4. PURCHASES AND SALES: The aggregate amounts of purchases and sales of the
Fund's investment securities, other than short-term securities, for the year
ended December 31, 2003, were $39,280,707 and $40,940,352 of non-governmental
issues, respectively.
5. SHARES OF BENEFICIAL INTEREST: As of December 31, 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:
YEAR ENDED DECEMBER 31, 2003 YEAR ENDED DECEMBER 31, 2002
SHARES AMOUNT SHARES AMOUNT
------ ------ ------ ------
Shares sold 458,246 $ 5,053,499 700,309 $ 7,481,746
Shares issued as reinvestment of distributions 39,123 496,467 35,724 357,599
Shares issued due to merger (Note 1) -- -- 1,731,711 19,984,387
Shares redeemed (832,993) (9,254,180) (2,690,648) (30,387,804)
---------- ------------ ----------- ------------
Net decrease (335,624) $ (3,704,214) (222,904) $ (2,564,072)
========== ============ =========== ============
At December 31, 2003, KIM and its affiliates owned 575,900 shares of the Fund
representing 13.4% 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.
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of Kobren Insight Funds and the Shareholders of Kobren
Growth Fund:
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Kobren Growth Fund ("Fund") at
December 31, 2003, and the results of its operations for the year then ended,
the changes in its net assets for each of the two years in the period then ended
and the financial highlights for the each of the five years in the period then
ended, in conformity with accounting principles generally accepted in the United
States of America. These financial statements and financial highlights
(hereafter referred to as "financial statements") are the responsibility of the
Fund's management; our responsibility is to express an opinion on these
financial statements based on our audits. We conducted our audits of these
financial statements in accordance with auditing standards generally accepted in
the United States of America, which require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 2003 by
correspondence with the custodian, provide a reasonable basis for our opinion.
Boston, Massachusetts PricewaterhouseCoopers LLP
February 12, 2004
- --------------------------------------------------------------------------------
KOBREN INSIGHT FUNDS -- 2003 ANNUAL REPORT 7
ADDITIONAL INFORMATION (UNAUDITED) - DECEMBER 31, 2003
TAX INFORMATION:
The percentage of income from direct obligations of the U.S. Government in the
Fund was 2.20%
For the fiscal year ended December 31, 2003 certain dividends paid by the Fund
may be subject to a maximum tax rate of 15%, as provided by the Jobs and Growth
Tax Relief Reconciliation Act of 2003. Kobren Growth Fund designated $202,523
(from 01/01/03 to 12/31/03), as taxed at a rate of 15%. Complete information
will be computed and reported in conjunction with your 2003 Form 1099-DIV.
INFORMATION ABOUT TRUSTEES AND OFFICERS
Information pertaining to the Trustees and officers* of the Trust is set forth
below. The Statement of Additional Information (SAI) includes additional
information about the Trustees and is available without charge, upon request by
calling (toll-free) 1-800-456-2736.
- ------------------------------------------------------------------------------------------------------------------------------------
TERM OF NUMBER OF PORT-
OFFICE AND FOLIOS IN FUND OTHER TRUSTEESHIPS/
NAME, ADDRESS, AGE AND LENGTH OF COMPLEX OVER- DIRECTORSHIPS
POSITION(S) WITH TRUST TIME SERVED 1 PRINCIPAL OCCUPATION(S) DURING PAST 5 YEARS SEEN BY TRUSTEE HELD BY TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
DISINTERESTED TRUSTEES
- ------------------------------------------------------------------------------------------------------------------------------------
Edward B. Bloom 7 years Chief Financial Officer and Treasurer of 2 None
c/o 20 William Street, Suite 310 International Data Group Inc., a
Wellesley Hills, MA 02481 publishing company.
Age: 53, Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
Arthur Dubroff 7 years Chief Financial Officer of Net2Phone, Inc., a 2 Virtual
c/o 20 William Street, Suite 310 provider of Voice over Internet Protocol telephony Communities, Inc.,
Wellesley Hills, MA 02481 services, from November 2002 to present; Chief Emisphere
Age: 53, Trustee Financial Officer of Virtual Communities, Inc, a Technologies, Inc.
software provider, from July 2000 to the present;
Consultant for Turnberry Consulting from October
1999 to November 2002; Executive V.P. and Chief
Financial Officer of Enhance Financial Services
Group, Inc., from July 1996 to September 1999.
- ------------------------------------------------------------------------------------------------------------------------------------
Robert I. Goldfarb 5 years Vice President and Assistant General Counsel of 2 None
c/o 20 William Street, Suite 310 Andrx Corp. since March 2000; Partner at Hughes
Wellesley Hills, MA 02481 Hubbard & Reed LLP, a law firm, and associated
Age: 48, Trustee with the firm from July 1989 through July 2000.
- ------------------------------------------------------------------------------------------------------------------------------------
Stuart J. Novick 7 years Senior Vice President and General Counsel of 2 None
c/o 20 William Street, Suite 310 Children's Hospital Boston since April 1997; Vice
Wellesley Hills, MA 02481 President and General Counsel of Children's
Age: 53, Trustee Hospital Boston from April 1986 to April 1997.
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEES 2
- ------------------------------------------------------------------------------------------------------------------------------------
Eric M. Kobren 7 years President of Mutual Fund Investors Association, 2 None
20 William Street, Suite 310 Inc. since 1985; President of Kobren Insight
Wellesley Hills, MA 02481 Management, Inc. and Kobren Insight Brokerage, Inc.
Age: 50 since 1987. These are a financial publishing concern,
Chairman and President a registered investment advisory firm and a registered
broker-dealer, respectively. Since 2001, Managing
Director of Alumni Capital, LLC, a General Partner
to a private investment partnership.
- ------------------------------------------------------------------------------------------------------------------------------------
Michael P. Castellano 7 years Retired. From December 1994 to June 1997, Chief 2 Puradyn Filter
c/o 20 William Street, Suite 310 Administrative Officer of Kobren Insight Technologies, Inc.,
Wellesley Hills, MA 02481 Management, Inc. and a registered representative of ResortQuest
Age 62, Trustee Kobren Insight Brokerage, Inc. International, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS WHO ARE NOT TRUSTEES
- ------------------------------------------------------------------------------------------------------------------------------------
Eric J. Godes 7 years Managing Director of Kobren Insight Management, N/A N/A
20 William Street, Suite 310 Inc. and Managing Director and a registered
Wellesley Hills, MA 02481 representative of Kobren Insight Brokerage, Inc.
Age: 42 Since 2001, Managing Director of Alumni Capital,
Chief Financial Officer, Vice LLC, a General Partner to a private investment
President, Treasurer, Secretary partnership.
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
* The term "officer" means the president, vice president, secretary, treasurer,
controller or any other officer who performs a policy making function.
1 Trustees will serve for an indefinite term until the earliest of a Trustee's:
(i) removal by two-thirds of the Board of Trustees or shareholders, (ii)
resignation, (iii) death, (iv) bankruptcy or (v) adjudicated incompetence.
2 "Interested person" of the Trust as defined in the Investment Company Act of
1940. Messrs. Kobren and Castellano are each considered an "interested person"
because of their affiliation with Kobren Insight Management, Inc. and Kobren
Insight Brokerage, Inc., which acts as the Trust's investment adviser and
distributor, respectively.
- --------------------------------------------------------------------------------
</FN>
8 KOBREN INSIGHT FUNDS -- 2003 ANNUAL REPORT
[LOGO OMITTED - KOBREN INSIGHT FUNDS]
DELPHI VALUE FUND
ANNUAL REPORT DECEMBER 31, 2003
- --------------------------------------------------------------------------------
Dear Fellow Shareholders,
It hardly seems possible that five years have elapsed since the launch of
Delphi Value Fund on December 23, 1998. During that period, we witnessed the
collapse of the stock market bubble with concomitantly poor results for the US
equity markets. Nonetheless, we are pleased to report that your Fund's
cumulative return since inception outpaced the general market index, the
Standard & Poor's 500 Index, by a wide margin, +61.3%, (+63.5% for the
Institutional class) to -2.7%. As Benjamin Graham, the father of value
investing, notably stated, "Value will out." For the calendar year 2003, the
Delphi Value Fund surged 32.6% (33.0% for the Institutional class) versus 28.7%
for the S&P 500 Index and 38.1% for the Russell Midcap Value Index. Most
disturbing, speculative fever reemerged in the past year; witness the large
advances in biotech, Internet, and technology shares. Companies with no earnings
outperformed corporations with earnings. For example, the USA Today Internet 50
and the NASDAQ Composite rallied, 66.6% and 50.5%, respectively.
While we are sanguine about the prospects for a continued stock market
rally in 2004, we do not expect another 20% plus uptick for the year.
Ostensibly, with the S&P 500 at 1111.92, or 20.2x estimated 2004 earnings, and
above 3x book value, one could conclude that equities, as a whole, are expensive
by historical standards. Given the low level of nominal interest rates, we posit
that the S&P 500 is roughly 8 to 9% undervalued headed into 2004. Most of the
economic indicators are favorable. Real gross domestic product should grow 4 to
4 1/2%, inflation should remain below 2%, the Fed should remain accommodative
until the November elections, and corporate profits should grow by double
digits. The major negatives are four-fold: (i) the federal budgetary deficit is
exploding to $450 billion; (ii) the trade deficit will top $500 billion; (iii)
the Bush administration does not appear willing to defend the US dollar,
particularly against the Euro, for fear of raising domestic interest rates and
removing the "mortgage refi" stimulus; and (iv) job creation has been
practically nonexistent. Consumers require paychecks. It is our contention that,
whichever party takes control of the White House in the upcoming election, it
must seriously address the federal deficits. With the baby boomers' retirement
looming on the not too distant horizon, massive deficits are not sustainable.
An analysis of the second half winners indicates that the top performers
emanated from three major industrial categories; namely manufacturing, energy,
and homebuilding. Manufacturers like American Axle (+69.1%) and Alcoa (+49.0%),
builders such as D.R. Horton (+53.9%) and Toll Brothers (+40.4%), and energy
related shares like OMI Corp (+45.0%) and Nexen (+42.7%) led the percentage
gainers. XL Capital, a Bermuda reinsurer, posted a miniscule 6.6% decline in the
second half. Purchases comprised three principal groupings: fallen angels
(Merck), industrial rebound candidates (Dow Chemical), and generally obscure
names (Cable Design Technologies, General Cable, Lamson & Sessions, Local
Financial, Polyair Inter Pack, and Sensient Technologies). To-date, Dow
Chemical, Cable Design, and Local Financial (Oklahoma) have already rallied more
than 25% since their respective purchases. We divested several holdings with
gains because of full valuations; namely, Harte Hanks (advertising), Lyondell
(chemicals), General Dynamics (aerospace), and St. Joe Corp (real estate
development). Moreover, we affected selective losses in Gulfmark, Jack in the
Box, and CNA Surety to offset some of the realized gains. Most holdings
represent between 1% and 2% of the portfolio.
Congruent with our stated objectives of purchasing good businesses with
high returns on equity and low price/earnings ratios, the latest Russell/Mellon
survey (September 30, 2003) calculated the Delphi Value Fund multiple at 12.7x
one year forecast earnings per share and an after-tax ROE of 16.7%. For the
record, the historical earnings growth rate of the portfolio holdings has been
13.1% per annum over the past ten years, a figure far exceeding that of the S&P
500, Russell 2500 Value, and Russell Midcap Value indices.
We thank you for your continued support of Delphi Value Fund and wish you
good financial results in 2004.
Very truly yours,
/S/ SCOTT M. BLACK
Scott M. Black
Portfolio Manager
[BEGIN SIDEBAR]
[PHOTO OMITTED - SCOTT M. BLACK]
SCOTT M. BLACK
[END SIDEBAR]
12/23/98 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03
Delphi Value Fund Retail Class
Russell Midcap Value Index
- --------------------------------------------------------------------------------
FUND OVERVIEW
- --------------------------------------------------------------------------------
DECEMBER 31, 2003
- --------------------------------------------------------------------------------
VALUE OF $10,000 INVESTED 12/23/98
Delphi Value Russell Midcap Value
12/23/1998 10000 10000
12/24/1998 10000 10000
12/25/1998 10000 9995
12/28/1998 10000 9995
12/29/1998 10020 10081
12/30/1998 10040 10119
12/31/1998 10120 10267
1/1/1999 10120 10267
1/4/1999 10130 10246
1/5/1999 10160 10330
1/6/1999 10260 10480
1/7/1999 10260 10421
1/8/1999 10290 10482
1/11/1999 10260 10416
1/12/1999 10240 10290
1/13/1999 10210 10204
1/14/1999 10130 10049
1/15/1999 10210 10235
1/18/1999 10210 10235
1/19/1999 10260 10225
1/20/1999 10280 10173
1/21/1999 10210 10103
1/22/1999 10210 10013
1/25/1999 10260 10057
1/26/1999 10270 10083
1/27/1999 10190 9948
1/28/1999 10190 9999
1/29/1999 10250 10028
2/1/1999 10340 10014
2/2/1999 10320 9959
2/3/1999 10380 10041
2/4/1999 10280 9958
2/5/1999 10250 9922
2/8/1999 10240 9959
2/9/1999 10150 9842
2/10/1999 10120 9791
2/11/1999 10200 9875
2/12/1999 10110 9735
2/15/1999 10110 9735
2/16/1999 10150 9777
2/17/1999 10050 9699
2/18/1999 10060 9808
2/19/1999 10110 9821
2/22/1999 10220 9994
2/23/1999 10180 9955
2/24/1999 10110 9894
2/25/1999 10070 9823
2/26/1999 10040 9808
3/1/1999 10080 9813
3/2/1999 10080 9838
3/3/1999 10050 9814
3/4/1999 10140 9912
3/5/1999 10210 10051
3/8/1999 10200 10051
3/9/1999 10150 10000
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12/31/2001 13463 12507
1/1/2002 13463 12507
1/2/2002 13402 12482
1/3/2002 13473 12546
1/4/2002 13576 12669
1/7/2002 13535 12650
1/8/2002 13494 12584
1/9/2002 13463 12561
1/10/2002 13432 12526
1/11/2002 13320 12430
1/14/2002 13228 12342
1/15/2002 13341 12411
1/16/2002 13157 12270
1/17/2002 13218 12351
1/18/2002 13157 12305
1/21/2002 13157 12305
1/22/2002 13095 12259
1/23/2002 13198 12373
1/24/2002 13289 12480
1/25/2002 13361 12546
1/28/2002 13412 12571
1/29/2002 13187 12363
1/30/2002 13300 12473
1/31/2002 13432 12634
2/1/2002 13381 12603
2/4/2002 13198 12416
2/5/2002 13157 12367
2/6/2002 13095 12288
2/7/2002 13044 12253
2/8/2002 13208 12369
2/11/2002 13402 12557
2/12/2002 13361 12535
2/13/2002 13494 12652
2/14/2002 13504 12653
2/15/2002 13432 12624
2/18/2002 13432 12624
2/19/2002 13279 12454
2/20/2002 13392 12553
2/21/2002 13320 12491
2/22/2002 13412 12564
2/25/2002 13627 12720
2/26/2002 13667 12805
2/27/2002 13698 12853
2/28/2002 13749 12839
3/1/2002 13913 13017
3/4/2002 14137 13267
3/5/2002 14137 13200
3/6/2002 14311 13397
3/7/2002 14270 13357
3/8/2002 14301 13374
3/11/2002 14301 13403
3/12/2002 14291 13379
3/13/2002 14209 13315
3/14/2002 14229 13350
3/15/2002 14331 13458
3/18/2002 14362 13474
3/19/2002 14444 13538
3/20/2002 14301 13427
3/21/2002 14291 13403
3/22/2002 14250 13370
3/25/2002 14096 13210
3/26/2002 14199 13315
3/27/2002 14331 13458
3/28/2002 14382 13495
3/29/2002 14382 13495
3/30/2002 14382 13495
3/31/2002 14382 13495
4/1/2002 14342 13450
4/2/2002 14291 13400
4/3/2002 14158 13272
4/4/2002 14219 13318
4/5/2002 14280 13369
4/8/2002 14362 13470
4/9/2002 14403 13505
4/10/2002 14546 13706
4/11/2002 14372 13554
4/12/2002 14464 13624
4/15/2002 14464 13547
4/16/2002 14638 13692
4/17/2002 14617 13679
4/18/2002 14607 13642
4/19/2002 14658 13662
4/22/2002 14525 13539
4/23/2002 14577 13532
4/24/2002 14505 13503
4/25/2002 14495 13513
4/26/2002 14393 13427
4/29/2002 14342 13323
4/30/2002 14495 13486
5/1/2002 14628 13554
5/2/2002 14699 13620
5/3/2002 14648 13572
5/6/2002 14372 13401
5/7/2002 14321 13389
5/8/2002 14577 13559
5/9/2002 14485 13458
5/10/2002 14342 13323
5/13/2002 14485 13431
5/14/2002 14760 13629
5/15/2002 14750 13631
5/16/2002 14730 13595
5/17/2002 14750 13633
5/20/2002 14668 13526
5/21/2002 14474 13437
5/22/2002 14454 13483
5/23/2002 14556 13622
5/24/2002 14577 13559
5/27/2002 14577 13559
5/28/2002 14393 13466
5/29/2002 14301 13436
5/30/2002 14239 13388
5/31/2002 14301 13466
6/3/2002 14035 13224
6/4/2002 13943 13139
6/5/2002 14005 13240
6/6/2002 13831 13055
6/7/2002 13872 13118
6/10/2002 13821 13163
6/11/2002 13637 13014
6/12/2002 13647 13005
6/13/2002 13504 12876
6/14/2002 13545 12861
6/17/2002 13862 13156
6/18/2002 13902 13179
6/19/2002 13800 13095
6/20/2002 13688 13030
6/21/2002 13586 12937
6/24/2002 13606 12845
6/25/2002 13422 12693
6/26/2002 13310 12621
6/27/2002 13432 12760
6/28/2002 13596 12865
6/29/2002 13596 12865
6/30/2002 13596 12865
7/1/2002 13412 12629
7/2/2002 13136 12307
7/3/2002 13085 12198
7/4/2002 13085 12198
7/5/2002 13463 12570
7/8/2002 13341 12436
7/9/2002 13157 12162
7/10/2002 12901 11844
7/11/2002 12809 11831
7/12/2002 12707 11746
7/15/2002 12585 11679
7/16/2002 12442 11535
7/17/2002 12391 11490
7/18/2002 12156 11241
7/19/2002 11900 10895
7/22/2002 11492 10574
7/23/2002 11206 10247
7/24/2002 11645 10731
7/25/2002 11706 10830
7/26/2002 11839 10921
7/29/2002 12483 11473
7/30/2002 12493 11553
7/31/2002 12493 11605
8/1/2002 12288 11391
8/2/2002 11951 11073
8/5/2002 11584 10783
8/6/2002 11921 11100
8/7/2002 12064 11233
8/8/2002 12431 11488
8/9/2002 12483 11538
8/12/2002 12442 11537
8/13/2002 12237 11306
8/14/2002 12574 11602
8/15/2002 12820 11746
8/16/2002 12860 11721
8/19/2002 13034 11887
8/20/2002 12901 11782
8/21/2002 13014 11928
8/22/2002 13116 12084
8/23/2002 12912 11897
8/26/2002 13014 12028
8/27/2002 12840 11910
8/28/2002 12626 11733
8/29/2002 12646 11732
8/30/2002 12656 11740
9/2/2002 12656 11740
9/3/2002 12248 11406
9/4/2002 12421 11560
9/5/2002 12288 11423
9/6/2002 12544 11573
9/9/2002 12626 11631
9/10/2002 12677 11630
9/11/2002 12656 11638
9/12/2002 12411 11375
9/13/2002 12462 11426
9/16/2002 12431 11381
9/17/2002 12258 11156
9/18/2002 12196 11098
9/19/2002 11859 10825
9/20/2002 11921 10850
9/23/2002 11767 10689
9/24/2002 11563 10455
9/25/2002 11767 10687
9/26/2002 12023 10926
9/27/2002 11757 10642
9/30/2002 11727 10555
10/1/2002 12023 10833
10/2/2002 11798 10530
10/3/2002 11614 10391
10/4/2002 11400 10126
10/7/2002 11073 9867
10/8/2002 11175 9961
10/9/2002 10838 9560
10/10/2002 11185 9966
10/11/2002 11543 10279
10/14/2002 11573 10319
10/15/2002 12064 10740
10/16/2002 11808 10442
10/17/2002 12135 10737
10/18/2002 12145 10758
10/21/2002 12360 11008
10/22/2002 12186 10823
10/23/2002 12309 10931
10/24/2002 12176 10819
10/25/2002 12340 10968
10/28/2002 12217 10867
10/29/2002 12125 10764
10/30/2002 12186 10876
10/31/2002 12196 10890
11/1/2002 12391 11075
11/4/2002 12421 11140
11/5/2002 12401 11133
11/6/2002 12503 11303
11/7/2002 12248 11028
11/8/2002 12156 10886
11/11/2002 11992 10694
11/12/2002 12043 10774
11/13/2002 12013 10770
11/14/2002 12258 11023
11/15/2002 12350 11111
11/18/2002 12227 11029
11/19/2002 12186 10971
11/20/2002 12370 11159
11/21/2002 12595 11415
11/22/2002 12574 11446
11/25/2002 12564 11495
11/26/2002 12350 11318
11/27/2002 12677 11576
11/28/2002 12677 11576
11/29/2002 12636 11576
12/2/2002 12677 11571
12/3/2002 12513 11422
12/4/2002 12442 11352
12/5/2002 12360 11279
12/6/2002 12411 11330
12/9/2002 12196 11148
12/10/2002 12319 11295
12/11/2002 12329 11338
12/12/2002 12360 11342
12/13/2002 12196 11236
12/16/2002 12421 11461
12/17/2002 12370 11402
12/18/2002 12248 11274
12/19/2002 12176 11189
12/20/2002 12309 11325
12/23/2002 12309 11333
12/24/2002 12258 11287
12/25/2002 12258 11287
12/26/2002 12268 11325
12/27/2002 12094 11184
12/30/2002 12125 11245
12/31/2002 12166 11301
1/1/2003 12166 11301
1/2/2003 12472 11606
1/3/2003 12421 11580
1/6/2003 12605 11818
1/7/2003 12503 11694
1/8/2003 12380 11582
1/9/2003 12544 11747
1/10/2003 12544 11743
1/13/2003 12513 11700
1/14/2003 12534 11737
1/15/2003 12452 11639
1/16/2003 12462 11600
1/17/2003 12319 11481
1/20/2003 12319 11481
1/21/2003 12115 11306
1/22/2003 12023 11184
1/23/2003 12135 11294
1/24/2003 11921 11045
1/27/2003 11757 10838
1/28/2003 11849 10960
1/29/2003 11931 11014
1/30/2003 11747 10846
1/31/2003 11880 10988
2/3/2003 11890 11020
2/4/2003 11767 10908
2/5/2003 11747 10864
2/6/2003 11655 10794
2/7/2003 11533 10688
2/10/2003 11584 10772
2/11/2003 11492 10688
2/12/2003 11359 10538
2/13/2003 11308 10525
2/14/2003 11430 10650
2/17/2003 11430 10650
2/18/2003 11624 10847
2/19/2003 11553 10768
2/20/2003 11502 10726
2/21/2003 11645 10876
2/24/2003 11481 10700
2/25/2003 11563 10765
2/26/2003 11471 10658
2/27/2003 11573 10763
2/28/2003 11624 10806
3/3/2003 11573 10766
3/4/2003 11379 10598
3/5/2003 11379 10647
3/6/2003 11298 10589
3/7/2003 11369 10656
3/10/2003 11175 10423
3/11/2003 11093 10297
3/12/2003 11042 10273
3/13/2003 11390 10558
3/14/2003 11359 10546
3/17/2003 11665 10847
3/18/2003 11676 10906
3/19/2003 11767 10949
3/20/2003 11839 11017
3/21/2003 12064 11269
3/24/2003 11696 10910
3/25/2003 11767 11015
3/26/2003 11706 10957
3/27/2003 11727 10960
3/28/2003 11737 10947
3/31/2003 11573 10843
4/1/2003 11706 10960
4/2/2003 11972 11171
4/3/2003 11921 11089
4/4/2003 11921 11105
4/7/2003 11962 11131
4/8/2003 11890 11066
4/9/2003 11808 10977
4/10/2003 11870 11039
4/11/2003 11870 11017
4/14/2003 12084 11206
4/15/2003 12196 11299
4/16/2003 12094 11185
4/17/2003 12268 11333
4/18/2003 12268 11333
4/21/2003 12288 11367
4/22/2003 12585 11592
4/23/2003 12636 11647
4/24/2003 12503 11577
4/25/2003 12370 11437
4/28/2003 12503 11619
4/29/2003 12534 11644
4/30/2003 12544 11667
5/1/2003 12534 11643
5/2/2003 12666 11809
5/5/2003 12666 11843
5/6/2003 12758 11940
5/7/2003 12758 11905
5/8/2003 12687 11826
5/9/2003 12820 11975
5/12/2003 13003 12104
5/13/2003 12993 12111
5/14/2003 12973 12110
5/15/2003 13024 12203
5/16/2003 12993 12251
5/19/2003 12748 11996
5/20/2003 12738 11994
5/21/2003 12820 12065
5/22/2003 12932 12181
5/23/2003 12973 12296
5/26/2003 12973 12296
5/27/2003 13157 12504
5/28/2003 13218 12493
5/29/2003 13198 12428
5/30/2003 13463 12694
6/2/2003 13596 12784
6/3/2003 13565 12771
6/4/2003 13739 12969
6/5/2003 13810 13047
6/6/2003 13759 13017
6/9/2003 13524 12808
6/10/2003 13688 12904
6/11/2003 13882 13096
6/12/2003 13902 13128
6/13/2003 13800 12970
6/16/2003 14025 13196
6/17/2003 14015 13159
6/18/2003 13933 13099
6/19/2003 13780 12958
6/20/2003 13719 12946
6/23/2003 13576 12753
6/24/2003 13586 12774
6/25/2003 13576 12743
6/26/2003 13637 12853
6/27/2003 13576 12801
6/30/2003 13545 12783
7/1/2003 13657 12846
7/2/2003 13790 12995
7/3/2003 13729 12930
7/4/2003 13729 12930
7/7/2003 13923 13126
7/8/2003 14015 13212
7/9/2003 14015 13179
7/10/2003 13831 12985
7/11/2003 13923 13083
7/14/2003 14076 13179
7/15/2003 13984 13114
7/16/2003 13933 13029
7/17/2003 13800 12879
7/18/2003 13923 13032
7/21/2003 13749 12902
7/22/2003 13851 13049
7/23/2003 13841 13050
7/24/2003 13831 13018
7/25/2003 13902 13175
7/28/2003 13933 13168
7/29/2003 13862 13120
7/30/2003 13882 13137
7/31/2003 13913 13180
8/1/2003 13821 13059
8/4/2003 13759 13044
8/5/2003 13606 12871
8/6/2003 13688 12877
8/7/2003 13729 12932
8/8/2003 13780 12988
8/11/2003 13862 13020
8/12/2003 14005 13149
8/13/2003 13964 13117
8/14/2003 14035 13214
8/15/2003 14045 13221
8/18/2003 14178 13335
8/19/2003 14270 13420
8/20/2003 14280 13455
8/21/2003 14382 13549
8/22/2003 14219 13403
8/25/2003 14158 13368
8/26/2003 14199 13398
8/27/2003 14229 13440
8/28/2003 14372 13547
8/29/2003 14454 13648
9/1/2003 14454 13648
9/2/2003 14597 13831
9/3/2003 14628 13897
9/4/2003 14628 13900
9/5/2003 14536 13832
9/8/2003 14648 13962
9/9/2003 14536 13834
9/10/2003 14250 13602
9/11/2003 14352 13678
9/12/2003 14362 13714
9/15/2003 14331 13686
9/16/2003 14546 13826
9/17/2003 14495 13795
9/18/2003 14648 13969
9/19/2003 14689 13984
9/22/2003 14505 13833
9/23/2003 14597 13910
9/24/2003 14393 13711
9/25/2003 14250 13592
9/26/2003 14127 13492
9/29/2003 14291 13615
9/30/2003 14199 13542
10/1/2003 14536 13789
10/2/2003 14607 13850
10/3/2003 14750 14013
10/6/2003 14842 14103
10/7/2003 14903 14153
10/8/2003 14842 14133
10/9/2003 14934 14211
10/10/2003 14944 14215
10/13/2003 15098 14347
10/14/2003 15169 14409
10/15/2003 15098 14343
10/16/2003 15118 14373
10/17/2003 14893 14232
10/20/2003 14893 14254
10/21/2003 14955 14256
10/22/2003 14740 14089
10/23/2003 14791 14122
10/24/2003 14740 14067
10/27/2003 14883 14190
10/28/2003 15108 14345
10/29/2003 15220 14430
10/30/2003 15210 14481
10/31/2003 15230 14536
11/3/2003 15384 14689
11/4/2003 15353 14646
11/5/2003 15394 14661
11/6/2003 15506 14772
11/7/2003 15455 14756
11/10/2003 15332 14633
11/11/2003 15271 14597
11/12/2003 15465 14773
11/13/2003 15506 14796
11/14/2003 15404 14695
11/17/2003 15312 14567
11/18/2003 15179 14457
11/19/2003 15210 14522
11/20/2003 15149 14441
11/21/2003 15200 14497
11/24/2003 15435 14731
11/25/2003 15527 14851
11/26/2003 15588 14928
11/27/2003 15588 14928
11/28/2003 15578 14957
12/1/2003 15792 15147
12/2/2003 15751 15115
12/3/2003 15659 15080
12/4/2003 15690 15078
12/5/2003 15578 14970
12/8/2003 15721 15072
12/9/2003 15588 14948
12/10/2003 15445 14841
12/11/2003 15659 15050
12/12/2003 15721 15098
12/15/2003 15557 14967
12/16/2003 15608 15014
12/17/2003 15649 15066
12/18/2003 15833 15255
12/19/2003 15823 15263
12/22/2003 15915 15351
12/23/2003 15976 15402
12/24/2003 15956 15385
12/25/2003 15956 15385
12/26/2003 16007 15412
12/29/2003 16211 15588
12/30/2003 16211 15614
12/31/2003 16129 15603
TOTAL RETURN
12 MONTHS 5 YEAR ANNUALIZED
ENDED ANNUALIZED SINCE INCEPTION
12/31/03 RETURN (12/23/98)
-------- ------ ----------
Retail Class +32.6% +9.8% +10.0%
Institutional Class +33.0% +10.1% +10.3%
Russell Midcap Value +38.1% +8.7% +9.3%
- --------------------------------------------------------------------------------
NET ASSET VALUE - 12/31/03
Retail Class: $15.79 Institutional Class: $15.98
- --------------------------------------------------------------------------------
TOTAL NET ASSETS
$106,375,518
TOP TEN EQUITY HOLDINGS*
SECURITY SECTOR ALLOC (%)
- --------------------------- -------------------------- ----------
Berkshire Hathaway, Class B Conglomerates 2.9
D.R. Horton, Inc. Construction & Real Estate 1.8
Lennar Corp., Class A Construction & Real Estate 1.7
Gannett, Inc. Publishing & Broadcasting 1.6
Washington Post Co., Class B Publishing & Broadcasting 1.6
XTO Energy, Inc. Energy 1.6
Viacom, Inc., Class B Publishing & Broadcasting 1.5
Toll Brothers, Inc. Construction & Real Estate 1.5
RenaissanceRe Holdings, Ltd. Insurance 1.5
IPC Holdings, Ltd. Insurance 1.4
*As a percent of total net assets.
SECTORS
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Publishing & Broadcasting 14.4%
Banking 11.0%
Energy 9.1%
Financial Services 8.7%
Aerospace/Technology 7.3%
Construction & Real Estate 6.2%
Insurance 6.0%
Cash & Net Other Assets and Liabilities 5.8%
Basic Materials 5.5%
Manufacturing 5.4%
Conglomerates 5.2%
Retail 4.2%
Food & Beverage 3.4%
Textiles & Apparel 3.1%
Transportation 2.6%
Consumer Related 1.1%
Pharmaceuticals 1.0%
ASSET ALLOCATION
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
Equity 94.2%
Cash & Net Other Assets and Liabilities 5.8%
- --------------------------------------------------------------------------------
Kobren Inisight Management, Inc. is the Fund's adviser, Delphi Management,
Inc. is the sub-adviser and Kobren Insight Brokerage, Inc., a NASD
broker/dealer, is the distributor of the Fund. Performance data reflects past
performance and is not a guarantee of future returns. Performance data does not
reflect the deduction of taxes that a shareholder would pay on Fund
distributions or the redemption of Fund shares. Total return figures include
reinvestment of all distributions. Investment returns and principal values
fluctuate with changing market conditions, so that when redeemed, shares may be
worth more or less than their original cost. The Russell Midcap Value Index is
an unmanaged index of common stocks. The Adviser absorbed certain expenses of
the Fund during certain periods, without which the total return would be lower.
Portfolio holdings and percentages of the Fund may change at any time. You may
obtain a prospectus by calling a Kobren Insight Fund representative at
1-800-456-2736.
- --------------------------------------------------------------------------------
2 DELPHI VALUE FUND -- 2003 ANNUAL REPORT
- --------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
- --------------------------------------------------------------------------------
DECEMBER 31, 2003
SHARES VALUE (NOTE 1)
COMMON STOCKS - 94.24%
- --------------------------------------------------------------------------------
AEROSPACE/TECHNOLOGY - 7.32%
- --------------------------------------------------------------------------------
119,000 Cable Design Tech Corp. (1) $ 1,069,810
126,000 General Cable Corp. (1) 1,026,900
76,875 Kemet Corp. (1) 1,052,419
133,600 LSI Logic Corp. (1) 1,185,032
105,000 Maxtor Corp. (1) 1,165,500
80,000 Micron Technology, Inc. (1) 1,077,600
102,900 Western Digital Corp. (1) 1,213,191
-----------
7,790,452
BANKING - 11.00%
- --------------------------------------------------------------------------------
40,000 Banknorth Group, Inc. 1,301,200
30,000 BB&T Corp. 1,159,200
77,750 Colonial BancGroup, Inc. 1,346,630
26,700 Community Bank System, Inc. 1,308,300
59,068 Local Financial Corp. (1) 1,230,977
31,850 North Fork Bancorporation, Inc. 1,288,969
73,800 Southwest Bancorp, Inc. 1,319,544
29,300 Webster Financial Corp. 1,343,698
23,765 Wells Fargo & Co. 1,399,521
-----------
11,698,039
BASIC MATERIALS - 5.49%
- --------------------------------------------------------------------------------
36,750 Alcoa, Inc. 1,396,500
24,550 Cytec Industries, Inc. (1) 942,475
32,400 Dow Chemical Co. 1,346,868
36,085 Plum Creek Timber Co., Inc., REIT 1,098,788
53,500 Sensient Technologies Corp. 1,057,695
------------
5,842,326
CONGLOMERATES - 5.22%
- --------------------------------------------------------------------------------
1,081 Berkshire Hathaway, Inc., Class B (1) 3,043,015
19,000 Norsk Hydro ASA, SP ADR 1,174,200
23,300 Textron, Inc. 1,329,498
------------
5,546,713
CONSTRUCTION & REAL ESTATE - 6.19%
- --------------------------------------------------------------------------------
26,000 Boston Properties, Inc., REIT 1,252,940
44,418 D.R. Horton, Inc. 1,921,523
19,015 Lennar Corp., Class A 1,825,440
39,900 Toll Brothers, Inc. (1) 1,586,424
------------
6,586,327
SHARES VALUE (NOTE 1)
CONSUMER RELATED - 1.11%
- --------------------------------------------------------------------------------
50,500 Disney (Walt) Co. $ 1,178,165
ENERGY - 9.10%
- --------------------------------------------------------------------------------
35,000 Cabot Oil & Gas Corp. 1,027,250
81,000 Denbury Resources, Inc. (1) 1,126,710
41,558 GlobalSantaFe Corp. 1,031,885
38,500 Nexen, Inc. 1,390,235
20,800 Talisman Energy, Inc. 1,177,280
33,325 Tidewater, Inc. 995,751
42,500 Westport Resources Corp. (1) 1,269,050
58,533 XTO Energy, Inc. 1,656,484
------------
9,674,645
FINANCIAL SERVICES - 8.75%
- --------------------------------------------------------------------------------
27,000 American Express Co. 1,302,210
17,084 Bear Stearns Cos., Inc. 1,365,866
28,900 Citigroup, Inc. 1,402,806
13,900 Goldman Sachs Group, Inc. 1,372,347
25,615 iStar Financial, Inc., REIT 996,423
17,900 Lehman Brothers Holdings, Inc. 1,382,238
25,755 Morgan Stanley 1,490,442
------------
9,312,332
FOOD & BEVERAGE - 3.42%
- --------------------------------------------------------------------------------
52,500 Pepsi Bottling Group, Inc. 1,269,450
66,000 PepsiAmericas, Inc. 1,129,920
82,000 Ryan's Family Steak Houses, Inc. (1) 1,241,480
------------
3,640,850
- --------------------------------------------------------------------------------
INSURANCE - 5.95%
39,400 IPC Holdings, Ltd. 1,534,236
19,000 MGIC Investment Corp. 1,081,860
23,200 Radian Group, Inc. 1,131,000
32,200 RenaissanceRe Holdings, Ltd 1,579,410
12,900 XL Capital, Ltd., Class A 1,000,395
-----------
6,326,901
SEE NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
DELPHI VALUE FUND -- 2003 ANNUAL REPORT 3
- --------------------------------------------------------------------------------
PORTFOLIO OF INVESTMENTS
- --------------------------------------------------------------------------------
DECEMBER 31, 2003
SHARES VALUE (NOTE 1)
MANUFACTURING - 5.39%
- --------------------------------------------------------------------------------
37,700 American Axle & Manufacturing
Holdings, Inc. (1) $ 1,523,834
139,675 Lamson & Sessions Co. (1) 805,925
23,600 Lear Corp. 1,447,388
41,675 Masco Corp. 1,142,311
79,500 Polyair Inter Pack, Inc. (1) 818,055
------------
5,737,513
PHARMACEUTICALS - 1.04%
- --------------------------------------------------------------------------------
24,000 Merck & Co., Inc. 1,108,800
PUBLISHING & BROADCASTING - 14.37%
- --------------------------------------------------------------------------------
44,550 Comcast Corp., Class A (1) 1,393,524
38,050 Cox Communications, Inc., Class A (1) 1,310,822
17,000 Dow Jones & Co., Inc. 847,450
19,000 Gannett, Inc. 1,694,040
29,500 Lee Enterprises, Inc. 1,287,675
115,100 Liberty Media Corp., Class A (1) 1,368,539
20,600 McClatchy Co., Class A 1,417,280
20,000 McGraw-Hill Cos., Inc. 1,398,400
34,800 News Corp., Ltd., SP ADR 1,256,280
36,550 Viacom, Inc., Class B 1,622,089
2,135 Washington Post Co., Class B 1,689,639
------------
15,285,738
RETAIL - 4.15%
- --------------------------------------------------------------------------------
25,500 Ethan Allen Interiors, Inc. 1,067,940
27,400 Federated Department Stores, Inc. 1,291,362
27,025 May Department Stores Co. (The) 785,617
48,000 Ross Stores, Inc. 1,268,640
------------
4,413,559
TEXTILES & APPAREL - 3.10%
- --------------------------------------------------------------------------------
32,500 Jones Apparel Group, Inc. 1,144,975
33,000 Liz Claiborne, Inc. 1,170,180
34,100 Polo Ralph Lauren Corp. 982,080
------------
3,297,235
SHARES VALUE (NOTE 1)
TRANSPORTATION - 2.64%
- --------------------------------------------------------------------------------
162,500 OMI Corp. (1) $ 1,451,125
23,865 Teekay Shipping Corp. 1,361,021
------------
2,812,146
TOTAL COMMON STOCKS 100,251,741
(Cost $70,300,864)
INVESTMENT COMPANY - 5.82%
6,184,485 Dreyfus Cash Mgmt Plus Fund (2) 6,184,485
------------
TOTAL INVESTMENT COMPANY 6,184,485
------------
(Cost $6,184,485)
TOTAL INVESTMENTS - 100.06% 106,436,226
(Cost $76,485,349*)
LIABILITIES NET OF CASH &
OTHER ASSETS - (0.06)% (60,708)
------------
TOTAL NET ASSETS - 100.00% $106,375,518
=============
- -------------------------------------------------
(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 $76,426,619 and
appreciation (depreciation) is as follows:
Unrealized appreciation: $ 30,392,333
Unrealized depreciation: (382,726)
-------------
Net unrealized appreciation: $ 30,009,607
=============
SEE NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
4 DELPHI VALUE FUND -- 2003 ANNUAL REPORT
- --------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
DECEMBER 31, 2003
ASSETS:
Investments, at value (Note 1) (See Portfolio of Investments) $ 106,436,226
Dividends receivable 104,609
Receivable for shares sold 165,022
Prepaid expenses and other assets 6,238
-------------
Total assets 106,712,095
-------------
LIABILITIES:
Payable for investments purchased 134,133
Payable for shares redeemed 35,648
Investment advisory fee payable (Note 2) 88,402
Distribution fee payable (Note 2) 12,328
Accrued trustees' fees and expenses (Note 2) 7,651
Accrued expenses and other payables 58,415
-------------
Total liabilities 336,577
-------------
NET ASSETS $ 106,375,518
=============
Investments, at cost $ 76,485,349
=============
NET ASSETS CONSIST OF:
Accumulated net realized gain on investments sold $ 999,438
Net unrealized appreciation of investments 29,950,877
Paid-in capital 75,425,203
-------------
NET ASSETS $ 106,375,518
=============
COMPUTATION OF NET ASSET VALUE
RETAIL CLASS SHARES:
Net asset value, offering and redemption price
per share ($61,196,504 / 3,874,561 shares) $ 15.79
=============
INSTITUTIONAL CLASS SHARES:
Net asset value, offering and redemption price
per share ($45,179,014 / 2,826,815 shares) $ 15.98
=============
SEE NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
DELPHI VALUE FUND -- 2003 ANNUAL REPORT 5
- --------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED DECEMBER 31, 2003
INVESTMENT INCOME:
Dividends $ 1,244,673
-------------
Total investment income 1,244,673
-------------
EXPENSES:
Investment advisory fee (Note 2) 873,190
Administration fee (Note 2) 78,957
Transfer agent fees (Note 2) 71,203
Sub-transfer agent fee (Retail Class) (Note 3) 21,625
Custodian fees (Note 2) 20,036
Professional fees 48,226
Trustees' fees and expenses (Note 2) 27,752
Registration and filing fees 22,680
Reports to shareholders 10,014
Distribution fees (Retail Class) (Note 2) 123,081
Other 24,294
-------------
Total expenses 1,321,058
-------------
NET INVESTMENT LOSS (76,385)
-------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS :
Net realized gain from security transactions 2,118,228
Net increase in unrealized appreciation of securities 23,629,068
-------------
Net realized and unrealized gain on investments 25,747,296
-------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 25,670,911
=============
- --------------------------------------------------------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
FOR THE YEAR ENDED FOR THE YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
------------------ ------------------
Net investment loss $ (76,385) $ (2,705)
Net realized gain (loss) from security transactions 2,118,228 (1,065,724)
Net change in unrealized appreciation (depreciation) of investments 23,629,068 (7,300,886)
------------- -------------
Net increase (decrease) in net assets resulting from operations 25,670,911 (8,369,315)
Net increase in net assets from fund share transactions (Note 5) 3,300,452 13,091,829
------------- -------------
Net increase in net assets 28,971,363 4,722,514
NET ASSETS:
Beginning of period 77,404,155 72,681,641
------------- -------------
End of period (including line A) $ 106,375,518 $ 77,404,155
============= =============
(A) Accumulated net investment income $ -- $ 51,750
============= =============
SEE NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
6 DELPHI VALUE FUND -- 2003 ANNUAL REPORT
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH YEAR
RETAIL CLASS SHARES
------------------------------------
-------------------------FOR THE YEAR ENDED------------------------
12/31/2003 12/31/2002 12/31/2001 12/31/2000 12/31/1999
Net asset value - beginning of period $ 11.91 $ 13.18 $ 13.00 $ 11.19 $ 10.12
Net investment income (loss) (0.03) (0.02) (0.02) (0.01) -- (b)(c)(d)
Net realized and unrealized gain (loss) on investments 3.91 (1.25) 0.27 1.94 1.14
-------- -------- -------- -------- --------
Net increase (decrease) in net assets resulting from
investment operations 3.88 (1.27) 0.25 1.93 1.14
Distributions from net investment income -- -- -- -- -- (c)
Distributions from net realized gains on investment -- -- (0.07) (0.12) (0.07)
-------- -------- -------- -------- --------
Total distributions -- -- (0.07) (0.12) (0.07)
Net asset value - end of period $ 15.79 $ 11.91 $ 13.18 $ 13.00 $ 11.19
======== ======== ======== ======== ========
Total return 32.58% (9.64)% 1.90% 17.30% 11.30% (a)
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $61,197 $43,808 $44,744 $ 45,312 $31,055
Ratio of net investment income (loss)
to average net assets (0.21)% (0.13)% (0.12)% (0.12)% 0.00% (d)
Ratio of operating expenses to average net assets
before fees waived and/or expenses reimbursed
by investment adviser and administrator 1.64% 1.63% 1.64% 1.71% 1.86%
Ratio of operating expenses to average net assets
after waivers and/or expense reimbursements 1.64% 1.63% 1.64% 1.71% 1.75%
Portfolio turnover rate 22% 23% 29% 45% 17%
<FN>
- --------------------------------------------------------------------------------
(a) 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.
(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) Net investment income (loss) would have been lower (greater) during periods
in which fees were waived and expenses reimbursed.
</FN>
SEE NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
DELPHI VALUE FUND -- 2003 ANNUAL REPORT 7
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH YEAR
INSTITUTIONAL CLASS SHARES
-------------------------------------
-----------------FOR THE YEAR ENDED---------------------
12/31/2003 12/31/2002 12/31/2001 12/31/2000 12/31/1999
Net asset value - beginning of period $ 12.02 $ 13.26 $ 13.05 $ 11.20 $ 10.12
Net investment income 0.01 0.02 0.02 0.02 0.03 (b)(c)
Net realized and unrealized gain (loss) on investments 3.95 (1.26) 0.26 1.95 1.14
-------- --------- -------- -------- --------
Net increase (decrease) in net assets resulting from
investment operations 3.96 (1.24) 0.28 1.97 1.17
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 $ 15.98 $ 12.02 $ 13.26 $ 13.05 $ 11.20
======== ======== ======== ======== ========
Total return 32.95% (9.35)% 2.12% 17.64% 11.61% (a)
======== ======== ======== ======== ========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $45,179 $33,596 $27,938 $23,956 $22,763
Ratio of net investment income
to average net assets 0.08% 0.17% 0.18% 0.18% 0.25% (c)
Ratio of operating expenses to average net assets
before fees waived and/or expenses reimbursed
by investment adviser and administrator 1.35% 1.33% 1.34% 1.41% 1.57%
Ratio of operating expenses to average net assets
after waivers and/or expense reimbursements 1.35% 1.33% 1.34% 1.41% 1.50%
Portfolio turnover rate 22% 23% 29% 45% 17%
<FN>
- --------------------------------------------------------------------------------
(a) 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.
(b) The selected per share data was calculated using the weighted average share
method for the period.
(c) Net investment income would have been lower during periods in which fees
were waived and expenses reimbursed.
</FN>
SEE NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
8 DELPHI VALUE FUND -- 2003 ANNUAL REPORT
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
1. ORGANIZATION AND 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 December 31, 2003, the Trust offered shares of two funds, Kobren
Growth Fund and Delphi Value Fund. Information presented in these financial
statements pertains only to the 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. Investment income, common
expenses and realized and unrealized gains and losses are allocated among the
share classes of the Fund based on the relative net assets of each class. 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 securities with remaining maturities of
60 days or less are valued at amortized cost, which approximates 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 gains 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.
As of December 31, 2003, the components of distributable earnings on a tax basis
were as follows:
CAPITAL LOSS UNDISTRIBUTED UNDISTRIBUTED UNREALIZED
CARRYFORWARD ORDINARY INCOME LONG-TERM GAIN APPRECIATION
------------ --------------- -------------- ------------
Delphi Value Fund $ -- $ -- $ 940,708 $ 30,009,607
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
$24,635, $173,773 and $(198,408) were reclassified at December 31, 2003 among
undistributed net investment income, accumulated net realized loss on
investments and paid-in capital for the Fund. These reclasses are 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
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 exdividend 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.
- --------------------------------------------------------------------------------
DELPHI VALUE FUND -- 2003 ANNUAL REPORT 9
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
EXPENSES -- Expenses of the Trust which are directly identifiable to a specific
fund are allocated to that fund. Other expenses of the Trust are allocated among
the funds based upon relative net assets of each fund. Certain of the Trust's
other expenses are allocated equally to those funds which make up the Trust.
COMMITMENTS AND CONTINGENCIES -- In the normal course of business, the Trust
enters into contracts on behalf of the Fund that contain a variety of provisions
for general indemnifications. The Fund's maximum exposure under these
arrangements is unknown as this would involve future claims that may be made
against the Fund that are not known at this time. However, based on experience,
the Fund believes the risk of loss is remote.
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. Mellon Trust of New England, N.A., an indirectly
wholly-owned subsidiary of Mellon Financial 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 maintaining shareholder accounts 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 year ended December 31,
2003, were $20,263,380 and $18,176,503 of non-governmental issues, respectively.
- --------------------------------------------------------------------------------
10 DELPHI VALUE FUND -- 2003 ANNUAL REPORT
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
5. SHARES OF BENEFICIAL INTEREST
As of December 31, 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:
YEAR ENDED YEAR ENDED
DECEMBER 31, 2003 DECEMBER 31, 2002
-------------------- --------------------
RETAIL CLASS: SHARES AMOUNT SHARES AMOUNT
------ ------ ------ ------
Shares sold 782,257 $ 10,512,019 1,165,124 $ 15,122,314
Shares issued as reinvestment of distributions -- -- -- --
Shares redeemed (585,812) (7,536,897) (882,179) (11,244,113)
--------- --------------- ---------- -------------
Net increase 196,445 $ 2,975,122 282,945 $ 3,878,201
========= =============== ========== =============
INSTITUTIONAL CLASS:
Shares sold 525,944 $ 7,000,814 1,218,785 $ 15,727,451
Shares issued as reinvestment of distributions -- -- -- --
Shares redeemed (494,890) (6,675,484) (529,364) (6,513,823)
--------- --------------- ---------- -------------
Net increase 31,054 325,330 689,421 9,213,628
--------- --------------- ---------- -------------
Total net increase from fund share transactions $ 3,300,452 $ 13,091,829
=============== =============
At December 31, 2003, KIM, Delphi and their affiliates owned 615,907 Retail
Class shares of the Fund representing 15.9% of the outstanding shares.
Discretionary accounts managed by KIM for management clients collectively held
1,897,461 shares of the Institutional Class representing 67.1% of the
outstanding shares.
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees of Kobren Insight Funds and the Shareholders of Delphi
Value Fund:
In our opinion, the accompanying statement of assets and liabilities, including
the portfolio of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of the Delphi Value Fund ("the Fund")
at December 31, 2003, and the results of its operations for the year then ended,
the changes in its net assets for each of the two years in the period then ended
and the financial highlights for the each of the five years in the period then
ended, in conformity with accounting principles generally accepted in the United
States of America These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with auditing standards generally accepted in the
United States of America, which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 2003 by
correspondence with the custodian, provide a reasonable basis for our opinion.
Boston, Massachusetts PricewaterhouseCoopers LLP
February 12, 2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
DELPHI VALUE FUND -- 2003 ANNUAL REPORT 11
- --------------------------------------------------------------------------------
ADDITIONAL INFORMATION (UNAUDITED) -- DECEMBER 31, 2003
- --------------------------------------------------------------------------------
INFORMATION ABOUT TRUSTEES AND OFFICERS
Information pertaining to the Trustees and officers* of the Trust is set forth
below. The Statement of Additional Information (SAI) includes additional
information about the Trustees and is available without charge, upon request by
calling (toll free) 1-800-456-2736.
NUMBER OF
TERM OF PORTFOLIOS
OFFICE AND IN FUND
LENGTH OF COMPLEX OTHER TRUSTEESHIPS/
NAME, ADDRESS, AGE AND TIME PRINCIPAL OCCUPATION(S) DURING OVERSEEN DIRECTORSHIPS
POSITION(S) WITH TRUST SERVED 1 PAST 5 YEARS BY TRUSTEE HELD BY TRUSTEE
- ------------------------------------------------------------------------------------------------------------------------------------
DISINTERESTED TRUSTEES
- ------------------------------------------------------------------------------------------------------------------------------------
Edward B. Bloom 7 years Chief Financial Officer and 2 None
c/o 20 William Street, Suite 310 Treasurer of International Data
Wellesley Hills, MA 02481 Group Inc., a publishing company.
Age: 53, Trustee
- ------------------------------------------------------------------------------------------------------------------------------------
Arthur Dubroff 7 years Chief Financial Officer of 2 Virtual Communities, Inc.,
c/o 20 William Street, Suite 310 Net2Phone, Inc., a provider of Emisphere Technologies, Inc.
Wellesley Hills, MA 02481 Voice over Internet Protocol
Age: 53, Trustee telephony services, from November
2002 to present; Chief Financial
Officer of Virtual Communities,
Inc, a software provider, from
July 2000 to the present;
Consultant for Turnberry
Consulting from October 1999 to
November 2002; Executive V.P. and
Chief Financial Officer of Enhance
Financial Services Group, Inc.,
from July 1996 to September 1999.
- ------------------------------------------------------------------------------------------------------------------------------------
Robert I. Goldfarb 5 years Vice President and Assistant 2 None
c/o 20 William Street, Suite 310 General Counsel of Andrx Corp.
Wellesley Hills, MA 02481 since March 2000; Partner at
Age: 48, Trustee Hughes Hubbard & Reed LLP, a law
firm, and associated with the firm
from July 1989 through July 2000.
- ------------------------------------------------------------------------------------------------------------------------------------
Stuart J. Novick 7 years Senior Vice President and General 2 None
c/o 20 William Street, Suite 310 Counsel of Children's Hospital
Wellesley Hills, MA 02481 Boston since April 1997; Vice
Age: 53, Trustee President and General Counsel of
Children's Hospital Boston from
April 1986 to April 1997.
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEES 2
- ------------------------------------------------------------------------------------------------------------------------------------
Eric M. Kobren 7 years President of Mutual Fund Investors 2 None
20 William Street, Suite 310 Association, Inc. since 1985;
Wellesley Hills, MA 02481 President of Kobren Insight
Age: 50 Management, Inc. and Kobren
Chairman and President Insight Brokerage, Inc. since
1987. These are a financial
publishing concern, a registered
investment advisory firm and
a registered brokerdealer,
respectively. Since 2001,
Managing Director of Alumni
Capital, LLC, a General
Partner to a private
investment partnership.
- ------------------------------------------------------------------------------------------------------------------------------------
Michael P. Castellano 7 years Retired. From December 1994 to 2 Puradyn Filter
c/o 20 William Street, Suite 310 June 1997, Chief Administrative Technologies, Inc.,
Wellesley Hills, MA 02481 Officer of Kobren Insight ResortQuest International,
Age 62, Trustee Management, Inc. and a registered Inc.
representative of Kobren Insight
Brokerage, Inc.
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS WHO ARE NOT TRUSTEES
- ------------------------------------------------------------------------------------------------------------------------------------
Eric J. Godes 7 years Managing Director of Kobren N/A N/A
20 William Street, Suite 310 Insight Management, Inc. and
Wellesley Hills, MA 02481 Managing Director and a registered
Age: 42 representative of Kobren Insight
Chief Financial Officer, Vice Brokerage, Inc. Since 2001,
President, Treasurer, Secretary Managing Director of Alumni
Capital, LLC, a General Partner to
a private investment partnership.
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
* The term "officer" means the president, vice president, secretary, treasurer,
controller or any other officer who performs a policy making function.
1 Trustees will serve for an indefinite term until the earliest of a Trustee's:
(i) removal by two-thirds of the Board of Trustees or shareholders, (ii)
resignation, (iii) death, (iv) bankruptcy or (v) adjudicated incompetence.
2 "Interested person" of the Trust as defined in the Investment Company Act of
1940. Messrs. Kobren and Castellano are each considered an "interested person"
because of their affiliation with Kobren Insight Management, Inc. and Kobren
Insight Brokerage, Inc., which acts as the Trust's investment adviser and
distributor, respectively.
</FN>
- --------------------------------------------------------------------------------
12 DELPHI VALUE FUND -- 2003 ANNUAL REPORT
ITEM 2. CODE OF ETHICS.
(a) The registrant, as of the end of the period covered by this report, has
adopted a code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
regardless of whether these individuals are employed by the registrant
or a third party.
(b) There have been no amendments, during the period covered by this
report, to a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are employed
by the registrant or a third party, and that relates to any element of
the code of ethics description.
(c) The registrant has not granted any waivers, including an implicit
waiver, from a provision of the code of ethics that applies to the
registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing
similar functions, regardless of whether these individuals are employed
by the registrant or a third party, that relates to one or more of the
items set forth in paragraph (b) of this item's instructions.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
As of the end of the period covered by the report, the registrant's board of
trustees has determined that Arthur Dubroff is qualified to serve as an audit
committee financial expert serving on its audit committee and that he is
"independent," as defined by this Item 3.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) The aggregate fees billed for each of the last two fiscal years for
professional services rendered by the principal accountant for the
audit of the registrant's annual financial statements or services that
are normally provided by the accountant in connection with statutory
and regulatory filings or engagements for those fiscal years are
$36,000 for 2002 and $37,600 for 2003.
(b) The aggregate fees billed in each of the last two fiscal years for
assurance and related services by the principal accountant that are
reasonably related to the performance of the audit of the registrant's
financial statements and are not reported under paragraph (a) of this
Item are $2,580 for 2002 and $2,709 for 2003.
(c) The aggregate fees billed in each of the last two fiscal years for
professional services rendered by the principal accountant for tax
compliance, tax advice, and tax planning are $6,020 for 2002 and $6,321
for 2003.
(d) The aggregate fees billed in each of the last two fiscal years for
products and services provided by the principal accountant, other than
the services reported in paragraphs (a) through (c) of this Item are $0
for 2002 and $0 for 2003.
(e)(1) Disclose the audit committee's pre-approval policies and
procedures described in paragraph (c)(7) of Rule 2-01 of
Regulation S-X.
The Audit Committee of Kobren Insight Funds (the "Trust") shall
pre-approve all audit, review, attest or non-audit services (other
than DE MINIMIS non-audit services as defined by the
Sarbanes-Oxley Act of 2002) to be provided to the Trust by the
independent auditors. The Audit Committee shall also pre-approve
all non-audit services (other than DE MINIMIS non-audit services
as defined by the Sarbanes-Oxley Act of 2002) to be provided by
the Trust's independent auditors to the investment adviser or
subadviser to any Fund and any entity controlling, controlled by,
or under common control with any investment adviser or subadviser
that provides ongoing services to the Trust, if the engagement
relates directly to the Trust's operations and financial
reporting. The Audit Committee has delegated, to the extent
permitted by law, pre-approval responsibilities to the Chairman of
the Audit Committee who shall report to the Audit Committee
regarding approved services at the Audit Committee's next
regularly scheduled meeting.
(e)(2) The percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee
pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X
are as follows:
(b) 5.8% for 2002 and 5.8% for 2003
(c) 13.5% for 2002 and 13.6% for 2003
(d) 0% for 2002 and 0% for 2003
(f) The percentage of hours expended on the principal accountant's
engagement to audit the registrant's financial statements for the most
recent fiscal year that were attributed to work performed by persons
other than the principal accountant's full-time, permanent employees
was less than fifty percent.
(g) The aggregate non-audit fees billed by the registrant's accountant for
services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by
another investment adviser), and any entity controlling, controlled by,
or under common control with the adviser that provides ongoing services
to the registrant for each of the last two fiscal years of the
registrant was $0 for 2002 and $0 for 2003.
(h) The registrant's audit committee of the board of trustees HAS
considered whether the provision of non-audit services that were
rendered to the registrant's investment adviser (not including any
sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any
entity controlling, controlled by, or under common control with the
investment adviser that provides ongoing services to the registrant
that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule
2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
ITEM 5. AUDIT COMMITTEE OF LISTED 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. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.
ITEM 10. 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 Securities
Exchange Act of 1934, as amended (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 11. EXHIBITS.
(a)(1) Code of ethics, or any amendment thereto, that is the subject of
disclosure required by Item 2 is attached hereto.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 are attached hereto.
(a)(3) Not applicable.
(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 FEBRUARY 23, 2004
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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 FEBRUARY 23, 2004
----------------------------------------------------------------------------
By (Signature and Title)* /S/ ERIC J. GODES
-------------------------------------------------------
Eric J. Godes, Chief Financial Officer, Vice
President, Treasurer & Secretary
(principal financial officer)
Date FEBRUARY 23, 2004
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* Print the name and title of each signing officer under his or her signature.