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 811-21214
Opus Investment Trust
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(Exact name of registrant as specified in charter)
440 Lincoln Street
Worcester, Massachusetts 01653
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(Address of principal executive offices) (Zip code)
George M. Boyd, Esq.
Allmerica Financial
440 Lincoln Street
Worcester, Massachusetts 01653
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(Name and address of agent for service)
Registrant's telephone number, including area code: 1-508-855-1000
Date of fiscal year end: September 30
Date of reporting period: March 31, 2005
Item 1. Report(s) to Stockholders.
The Registrant's semi-annual report transmitted to shareholders pursuant to Rule
30e-1 under the Investment Company Act of 1940 is as follows:
[Graphic]
Opus
Cash Reserves
Semiannual Report
March 31, 2005
Opus Cash Reserves
Semi Annual Commentary - March 31/st/ 2005
Opus Investment Management
April 7, 2005
Opus Cash Reserves returned 0.82% for the period from inception (November 18,
2004) through March 31, 2005, outperforming its benchmark, the Salomon Smith
Barney Three-Month U.S. Treasury Bill Index*, which returned 0.63%.
From inception, the Fund maintained a relatively short weighted-average
maturity, in the range of 10 to 20 days. This position enabled the fund to take
advantage of a rapidly increasing interest rate environment as the Federal
Reserve Board (Fed) moved the Federal Funds rate from 2.00% to 2.75% during the
period. By focusing primarily on short dated, high quality, commercial paper and
certificates of deposit, the Fund was successful in its attempt to outperform
its benchmark. Floating-rate notes were also utilized in the portfolio for their
built in reset functions, which help to keep pace with the Fed rate hikes.
The economy continued to perform well during a long and unseasonably cold winter
across the United States. The New Year brought with it optimism of domestic
prosperity and continued momentum. The stock market, which experienced a
dramatic run up during the fourth quarter, managed to hold its gains. The
ten-year Treasury note, also a widely watched measure of economic health, had
its yield move higher from 4.22% at the beginning of the quarter to 4.48% as of
March 31. The shorter two-year Treasury note moved rapidly higher from 3.07% at
year end 2004 to 3.78%.
We believe that recent economic progress is sustainable and that the U.S.
appears to be solidly on the path to recovery. GDP numbers are expected to run
in the 3.5% to 4.00% range going forward, indicative of healthy economic
activity. Job growth stayed consistent through the winter months with the
economy adding several hundred thousand jobs across various sectors. The
unemployment rate moved lower to 5.2% as of the most recent March reading. The
housing market continues to astonish, registering double digit year-over-year
gains in many parts of the country. Corporate revenues and profitability appear
to have stabilized, which we believe should lead to expenditures on equipment
and an increase in jobs. This activity should support any economic recovery and
expansion.
The reemergence of inflation is a concern for the economy going forward. Higher
commodity and energy prices could hurt the consumer's ability to support the
economy. With oil and gas prices at near historic highs and the savings rate of
U.S. citizens at all time lows, many speculate that consumer discretionary
spending will decrease below the level necessary to support a growing economy. A
consumer with less disposable income means fewer retail sales, which weakens
demand for goods and services and ultimately hurts companies, job growth, and
the economy's bottom line. The flip side of inflation can be just as concerning.
If inflation rises too quickly from an overheated economy, the cost to companies
of raw materials for producing goods and services may outpace consumers'
willingness to pay for them. Again, this could ultimately result in fewer goods
and services purchased and a slowdown in the economy.
The Fed walks a tightrope in trying to balance growth and inflation. It has
recently dismissed reports that inflation is a major concern, while
acknowledging its growing presence. It currently does not believe that consumer
spending will decrease below the level necessary to support a growing economy.
It has continued to raise the federal funds rate in order to wring out any
excess
monetary stimulation of the past few years. These increases also serve to
preempt inflationary pressures by slowing the economic expansion somewhat.
Looking forward, we believe the economic recovery to be real. We also believe
that the economy will continue to grow, at a slightly higher than moderate pace.
Further, we believe the Fed will continue its tightening cycle by raising
short-term interest rates at a steady clip for the foreseeable future. This
should bode well for Opus Cash Reserves, as higher rates may translate into
higher yields. We expect that our strategy for the second quarter of 2005 will
be to continue to maintain a relatively short average maturity and emphasize
floating-rate securities.
Sincerely,
Eric M. Trigilio, CFA
Vice President, Portfolio Manager
The Fund is neither insured nor guaranteed by the U.S. government, the Federal
Deposit Insurance Corporation or any other government agency. Although the Fund
seeks to maintain a net asset value of $1.00 per share, it is possible to lose
money by investing in the Fund.
*The Salomon Smith Barney Three-Month U.S. Treasury Bill Index measures monthly
return equivalents of yield averages that are not marked to market and is an
average of the last three Three-Month Treasury bill issues.
OPUS CASH RESERVES
PORTFOLIO SUMMARY - March 31, 2005 (Unaudited)
SECTOR BREAKDOWN*
74.9% Commercial Paper
20.5% Corporate Notes
4.0% Banker's Note
0.7% Investment Companies
(0.1)% Net Other Assets and Liabilities
-----
100.0%
=====
* The portfolio's sector breakdown is
expressed as a percentage of net assets and may vary over time.
OPUS INVESTMENT TRUST
EXPENSE EXAMPLE (Unaudited)
As a shareholder of Opus Cash Reserves (the "Fund"), you incur two types of
costs: (1) transactions costs and (2) ongoing costs, including management fees
and other fund expenses. This Example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period from November 18, 2004 (commencement of
operations) to March 31, 2005.
Actual Expenses
The first line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid during the period.
Hypothetical Expense Example for Comparison Purposes
The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. The hypothetical account values and expenses may not
be used to estimate the actual ending account balance or expenses you paid for
the period. You may use this information to compare the ongoing costs of
investing in the Fund and other funds. To do so, compare this 5% hypothetical
example with the 5% hypothetical examples that appear in the shareholder reports
of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transaction costs. Therefore, the
second line of the table is useful in comparing ongoing costs only, and will not
help you determine the relative total costs of owning different funds. In
addition, if transaction costs were included, your costs would have been higher.
Expenses Paid During
Beginning Period*
Account Value November 18, 2004
November 18, 2004 Ending (Commencement of
(Commencement of Account Value Operations) to
Opus Cash Reserves Operations) March 31, 2005 March 31, 2005
Actual $ 1,000 $ 1008.20 $ 0.66
Hypothetical (5% return before
expenses)/1/ $ 1,000 $ 1017.70 $ 0.67
* Expenses are equal to the Fund's annualized expense ratio of 0.18%, multiplied
by the average account value over the period, multiplied by 134/365 (to reflect
the actual period November 18, 2004 (commencement of operations) to March 31,
2005).
/1/ Assuming that the annualized expense ratio of 0.18% was constant for a full
six-month period ended March 31, 2005, the Hypothetical Ending Account Value and
the Hypothetical Expenses Paid During Period would have been $1,024.03 and
$0.91, respectively, for the one-half year period ended March 31, 2005.
OPUS CASH RESERVES
PORTFOLIO OF INVESTMENTS - March 31, 2005 (Unaudited)
Par Value Value
- --------- ----------------
CORPORATE NOTES -- 20.5%
Auto Manufacturers - 7.0%
$ 5,000,000 American Honda Finance, MTN (a)(b)
2.71%, 12/06/05 $ 5,000,000
2,000,000 BMW U.S. Capital (a)(b)
2.82%, 4/18/06 2,000,000
----------------
7,000,000
----------------
Banks - 8.3%
2,000,000 American Express Centurion (a)
2.76%, 7/12/05 1,999,897
1,305,000 Wachovia Corp.
6.875%, 9/15/05 1,325,692
5,000,000 Wells Fargo & Co., MTN (a)
3.02%, 6/17/05 5,000,112
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8,325,701
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Banks - Foreign Banks & Branches - 3.2%
3,250,000 Royal Bank of Scotland (a)
2.78%, 6/20/05 3,249,726
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Diversified Financial Services - 2.0%
2,000,000 Credit Suisse First Boston (a)
2.73%, 1/06/06 2,000,114
----------------
Total Corporate Notes
(cost $20,575,541) 20,575,541
----------------
COMMERCIAL PAPER (c) -- 74.9%
Banks - 2.0%
2,000,000 Dexia Delaware LLC
2.87%, 5/20/05 1,992,187
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Banks - Foreign Banks & Branches - 3.1%
3,067,000 Nieuw Amsterdam Receivables Corp. (b)
2.70%, 4/07/05 3,065,620
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Commercial Services - 4.0%
4,000,000 First Data Corp.
2.75%, 4/06/05 3,998,472
----------------
Diversified Financial Services - 60.7%
4,000,000 Amsterdam Funding (b)
2.74%, 4/05/05 3,998,782
4,000,000 Asset One Securitization (b)
2.80%, 4/15/05 3,995,645
4,000,000 Citigroup Global Markets
2.78%, 4/04/05 3,999,073
See notes to financial statements.
OPUS CASH RESERVES
PORTFOLIO OF INVESTMENTS - March 31, 2005 (Unaudited) (continued)
Par Value Value
- --------- ----------------
COMMERCIAL PAPER (c) -- continued
Diversified Financial Services - continued
$ 4,000,000 Goldman Sachs
2.80%, 4/08/05 $ 3,997,822
3,000,000 Govco, Inc. (b)
2.83%, 4/01/05 3,000,000
4,000,000 HBOS Treasury Services
2.59%, 4/07/05 3,998,273
2,600,000 International Lease Finance Corp.
2.59%, 4/06/05 2,599,065
5,000,000 Koch Industries, Inc. (b)
2.81%, 4/01/05 5,000,000
4,000,000 Lehman Brothers Holdings
2.85%, 4/01/05 4,000,000
4,000,000 Morgan Stanley
2.78%, 4/14/05 3,995,985
2,200,000 Park Granada LLC (b)
2.85%, 4/01/05 2,200,000
2,000,000 Preferred Receivables Funding Corp. (b)
2.77%, 4/01/05 2,000,000
3,000,000 Rabobank USA Finance Corp.
2.82%, 4/01/05 3,000,000
3,000,000 Swiss Re Financial Products (b)
2.99%, 6/22/05 2,979,568
4,000,000 Three Pillars Funding (b)
2.80%, 4/20/05 3,994,089
4,000,000 UBS Finance Delaware LLC
2.79%, 4/01/05 4,000,000
4,000,000 Variable Funding (b)
2.76%, 4/01/05 4,000,000
----------------
60,758,302
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Hand & Machine Tools - 2.2%
2,200,000 Stanley Works (b)
2.88%, 5/24/05 2,190,672
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Telecommunications - 2.9%
2,930,000 SBC Communications, Inc. (b)
2.80%, 4/14/05 2,927,038
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Total Commercial Paper
(cost $74,932,291) 74,932,291
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See notes to financial statements.
OPUS CASH RESERVES
PORTFOLIO OF INVESTMENTS - March 31, 2005 (Unaudited) (continued)
Par Value Value
- --------- -------------
CERTIFICATES OF DEPOSIT -- 4.0%
$ 4,000,000 Bank of America
2.86%, 5/16/05 $ 4,000,000
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Total Certificates of Deposit
(cost $4,000,000) 4,000,000
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Shares
- ------
INVESTMENT COMPANIES -- 0.7%
407,184 Barclays Prime Money Market Fund 407,184
335,828 Merrill Lynch Premier Institutional Fund 335,828
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Total Investment Companies
(cost $743,012) 743,012
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Total Investments - 100.1%
(Cost $100,250,844) 100,250,844
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Net Other Assets and Liabilities - (0.1)% (150,239)
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Total Net Assets--100.0% $ 100,100,605
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- ----------
(a) Variable rate security. The rate shown reflects rate in effect at period
end.
(b) Security exempt from registration under Rule 144A of the Securities Act of
1933. This security may be resold, in transactions exempt from
registration, to qualified institutional buyers. At March 31, 2005, these
securities amounted to $46,351,414 or 46.3% of net assets. These securities
have been deemed to be liquid in accordance with procedures established by
the Board of Trustees.
(c) Effective yield at time of purchase.
MTN Medium Term Note
FEDERAL INCOME TAX INFORMATION (See Note 2)
At March 31, 2005, the aggregate cost of investment securities for tax purposes
was $100,250,844.
See notes to financial statements.
OPUS CASH RESERVES
Statement of Assets and Liabilities
March 31, 2005 (Unaudited)
- --------------------------------------------------------------------------------
ASSETS:
Investments at value (Cost $100,250,844) $ 100,250,844
Cash 30,737
Receivables:
Investments sold 14,999,842
Interest 49,125
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Total Assets 115,330,548
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LIABILITIES:
Payables:
Accrued Management fee 15,778
Securities purchased 14,998,822
Dividends 215,343
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Total Liabilities 15,229,943
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NET ASSETS: $ 100,100,605
================
NET ASSETS consist of:
Paid in capital $ 100,100,609
Net realized loss on investments (4)
----------------
TOTAL NET ASSETS $ 100,100,605
================
Shares of beneficial interest outstanding 100,100,609
Net asset value, offering price and repurchase
per share (Net Assets / Shares Outstanding) $ 1.00
================
See notes to financial statements.
OPUS CASH RESERVES
Statement of Operations
For the period November 18, 2004* through March 31, 2005 (Unaudited)
- --------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest $ 1,003,927
---------------
EXPENSES:
Management fees 92,059
---------------
Total Expenses before waiver 92,059
Less expense waiver (16,738)
---------------
Net Expenses 75,321
---------------
Net Investment Income 928,606
REALIZED LOSS ON INVESTMENTS:
Net realized loss on investments (4)
---------------
Net increase in net assets resulting from operations $ 928,602
===============
* Commencement of operations.
See notes to financial statements.
OPUS CASH RESERVES
Statements of Changes in Net Assets
For the period November 18, 2004* through March 31, 2005 (Unaudited)
- --------------------------------------------------------------------------------
OPERATIONS:
Net investment income $ 928,606
Net realized loss on investments (4)
--------------
Net increase in net assets resulting from operations 928,602
--------------
Dividends from net investment income (928,606)
--------------
Capital Share Transactions:
Proceeds from shares sold 270,945,523
Issued on reinvestment of dividends 1,452
Cost of shares repurchased (170,846,366)
--------------
Net increase in net assets resulting from shares transactions 100,100,609
--------------
Increase in Net Assets 100,100,605
NET ASSETS:
Beginning of period -
--------------
End of period $ 100,100,605
==============
OTHER INFORMATION:
Share Transactions:
Sold 270,945,523
Issued on reinvestment of dividends 1,452
Repurchased (170,846,366)
--------------
Net increase in shares outstanding 100,100,609
==============
* Commencement of operations.
See notes to financial statements.
OPUS CASH RESERVES
Financial Highlights
For the period November 18, 2004* through March 31, 2005 (Unaudited)
- --------------------------------------------------------------------------------
PER SHARE DATA:
Net asset value at beginning of period $ 1.00
--------------
Net investment income 0.008
--------------
Dividends from net investment income (0.008)
--------------
Net asset value at end of period $ 1.00
==============
TOTAL RETURN** 0.82%
RATIOS/SUPPLEMENTAL DATA:
Net assets at end of period (000's omitted) $ 100,101
Ratios to average net assets of:
Expenses, net of management fee waiver 0.18% ***
Expenses, prior to management fee waiver 0.22% ***
Net investment income, net of management fee waiver 2.22% ***
* Commencement of operations.
** Not Annualized.
*** Annualized.
See notes to financial statements.
OPUS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. ORGANIZATION
Opus Investment Trust (the "Trust") is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end, diversified management
investment company established as a Massachusetts business trust. The Trust is
comprised of one portfolio: Opus Cash Reserves, a money market fund (the
"Fund"). The Fund has established two classes of shares, Class I and Class R
shares. Class R shares are not being offered. The Fund commenced operations on
November 18, 2004. The accompanying financial statements and financial
highlights are those of Class I shares of the Fund.
In the opinion of management, the unaudited financial statements reflect all
adjustments, which consist of normal and recurring adjustments, necessary to
present fairly the financial position of the Fund at March 31, 2005, the results
of its operations, the changes in its net assets, and the financial highlights
for the period November 18, 2004 (commencement of operations) to March 31, 2005.
2. SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions at the date of the financial statements. Actual
results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Trust in the preparation of its financial statements:
Security Valuation: Securities of the Fund are valued utilizing the amortized
cost valuation method, permitted in accordance with Rule 2a - 7 under the 1940
Act. This method involves valuing a portfolio security initially at its cost and
thereafter assuming a constant amortization to maturity of any discount or
premium.
Security Transactions and Investment Income: Security transactions are recorded
as of the trade date. Realized gains and losses from security transactions are
determined on the basis of identified cost. Interest income, including
amortization of premium and accretion of discount on securities, is accrued
daily. Income distributions earned by the Fund from investments in certain
investment companies are recorded as interest income in the accompanying
financial statements.
Federal Income Taxes: The Fund intends to qualify as a "regulated investment
company" under Subchapter M of the Internal Revenue Code of 1986, as amended. By
so qualifying, the Fund will not be subject to Federal income taxes to the
extent it distributes all of its taxable income and net realized gains, if any,
for its fiscal year. In addition, by distributing during each calendar year
substantially all of its net investment income, capital gains and certain other
amounts, if any, the Fund will not be subject to Federal excise tax. Therefore,
no Federal income tax provision is required.
Distributions to Shareholders: Dividends from net investment income are declared
daily and paid monthly for the Fund. The Fund declares and distributes all net
realized capital gains, if any, at least annually. Distributions to shareholders
are recorded on the ex-dividend date.
Expenses: Under an arrangement among the Trust and the Board of Trustees for the
fiscal year ending September 30, 2005, the independent Trustees are paid no
compensation for their services.
3. INVESTMENT MANAGEMENT, ADMINISTRATION, AND OTHER RELATED PARTY TRANSACTIONS
Management Fees: Opus Investment Management, Inc. (the "Manager"), a direct,
wholly-owned subsidiary of Allmerica Financial Corporation ("AFC"), serves as
investment manager to the Fund. Under the terms of the management agreement, the
Fund pays a management fee, calculated daily and payable monthly, at an annual
rate of 0.22% of the Fund's average daily net assets. The Manager is responsible
for the payment of all expenses incurred in the operation of the Fund except for
certain non-recurring and extraordinary expenses, taxes, interest, fees paid to
the independent Trustees, brokerage fees and commissions and certain other
expenses.
4. REIMBURSEMENT OF EXPENSES AND WAIVER OF FEES
The Manager has contractually agreed to waive fees and/or reimburse expenses to
limit total annual fund operating expenses to 0.18%. This waiver and/or expense
reimbursement will remain in effect until September 30, 2005. Under the terms of
the expense limitation agreement, fees waived or expenses reimbursed by the
Manager are subject to reimbursement by the Fund for the year in which the
expense limitation agreement is in effect. No reimbursement payment will be made
by the Fund if it would result in the Fund exceeding this expense limitation.
For the period November 18, 2005 (commencement of operations) through March 31,
2005, the management fee waiver amounted to $16,738.
Effective May 16, 2005, the Manager has voluntarily agreed to waive fees and/or
reimburse expenses to limit total annual fund operating expenses to 0.08%. The
implementation of a voluntary expense waiver and/or reimbursement in any year
does not bind the investment manager to implement future expense limitations
with respect to the Fund. This expense waiver and/or reimbursement may be
terminated by the investment manager at any time.
5. SHARES OF BENEFICIAL INTEREST
The Trust's Declaration of Trust authorizes the Trustees to issue an unlimited
number of shares of beneficial interest of the Fund, each without a par value.
At March 31, 2005, First Allmerica Financial Life Insurance Company, a
wholly-owned subsidiary of Allmerica Financial Life Insurance and Annuity
Company, a wholly-owned subsidiary of AFC, owned 100,609 shares or 0.1% of the
Fund and The Bank of New York, as agent for it's security lending clients
consisting of multiple subsidiaries and affiliates of AFC, owned 100,000,000
shares or 99.9% of the Fund.
6. FOREIGN SECURITIES
The Fund may invest in only U.S. dollar denominated foreign securities.
Investing in foreign securities involves special risks not typically associated
with investing in securities of U.S. issuers. The risks include future adverse
political and economic developments. Moreover, securities of many foreign
issuers and their markets may be less liquid and their prices more volatile than
those of securities of comparable U.S. issuers.
OPUS INVESTMENT TRUST
REGULATORY DISCLOSURES (Unaudited)
The performance data quoted represents past performance and the investment
return and principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
An investment in Opus Cash Reserves (the "Fund") is not insured or guaranteed by
the Federal Deposit Insurance Corporation or any other government agency.
Although the Fund seeks to preserve the value of your investment at a stable net
asset value of $1.00 per share, it is possible to lose money by investing in the
Fund.
Securities issued by some U.S. Government-sponsored entities, such as the
Federal Home Loan Mortgage Corporation (Freddie Mac) and the Federal National
Mortgage Association (Fannie Mae), are not backed by the full faith and credit
of the U.S. Government. No assurances can be given that the U.S. Government
would provide financial support to a U.S. Government-sponsored instrumentality
if not obligated to do so.
Opus Investment Trust (the "Trust") files complete schedules of portfolio
holdings of the Fund with the Securities and Exchange Commission for the first
and third quarters of each fiscal year on Form N-Q. The Trust's Forms N-Q are
available on the Commission's website at http://www.sec.gov. The Trust's Forms
N-Q may also be reviewed and copied at the Commission's Public Reference Room in
Washington, DC. Information regarding the operation of the Public Reference Room
may be obtained by calling the Commission at 1-800-SEC-0330.
During the period November 18, 2004 (commencement of operations) to March 31,
2005, the Fund did not vote proxies relating to its portfolio securities because
the Fund invests exclusively in non-voting securities.
Item 2. Code of Ethics.
Not required for a semi-annual period.
Item 3. Audit Committee Financial Expert.
Not required for a semi-annual period.
Item 4. Principal Accountant Fees and Services.
Not required for a semi-annual period.
Item 5. Audit Committee of Listed Registrants.
Not required for a semi-annual period.
Items 6. Schedule of Investments.
The Schedule of Investments is included as a part of the report to shareholders
filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Below are procedures by which shareholders may recommend nominees to the Board
of Trustees.
Procedures for Shareholders to Submit Nominee Candidates for
Allmerica Investment Trust, Allmerica Securities Trust and Opus Investment Trust
A Trust shareholder must follow the following procedures in order to
properly submit a nominee recommendation for the Committee's
consideration.
1. The shareholder must submit any such recommendation (a
"Shareholder Recommendation") in writing to: Governance Committee
Chair, [insert name of Trust], c/o Secretary, 440 Lincoln Street,
Mail Stop N440, Worcester, MA 01653.
2. With respect to Allmerica Securities Trust, the Shareholder
Recommendation must be delivered to or mailed and received at the
address above not less than forty-five (45) calendar days nor
more than seventy-five (75) calendar days prior to the date of
the Board or shareholder meeting at which the nominee would be
elected.
3. The Shareholder Recommendation must include: (i) a statement in
writing setting forth (A) the name, age, date of birth, business
address, residence address and nationality of the person
recommended by the shareholder (the "candidate"); (B) the class
or series and number of all shares of the Trust or series thereof
owned of record or beneficially by the candidate, as reported to
such shareholder by the candidate; (C) any other information
regarding the candidate called for with respect to director
nominees by paragraphs (a), (d), (e) and (f) of Item 401 of
Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101
(Schedule 14A) under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), adopted by the Securities and
Exchange Commission (or the corresponding provisions of any
regulation or rule subsequently adopted by the Securities and
Exchange Commission or any successor agency applicable to the
Trust); (D) any other information regarding the candidate that
would be required to be disclosed if the candidate were a nominee
in a proxy statement or other filing required to be made in
connection with solicitation of proxies for election of Trustees
or directors pursuant to Section 14 of the Exchange Act and the
rules and regulations promulgated thereunder; and (E) whether the
recommending shareholder believes that the candidate is or will
be an "interested person" of the Trust (as defined in the
Investment Company Act of 1940, as amended) and, if not an
"interested person," information regarding the candidate that
will be sufficient for the Trust to make such determination; (ii)
the written and signed consent of the candidate to be named as a
nominee and to serve as a Trustee if elected; (iii) the
recommending shareholder's name as it appears on the Trust's
books; (iv) the class or series and number of all shares of the
Trust or series thereof owned beneficially and of record by the
recommending shareholder; and (v) a description of all
arrangements or understandings between the recommending
shareholder and the candidate and any other person or persons
(including their names) pursuant to which the recommendation is
being made by the recommending shareholder. In addition, the
Committee may require the candidate to furnish such other
information as it may reasonably require or deem necessary to
determine the eligibility of such candidate to serve on the
Board.
Item 11. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers
have concluded that, based on their evaluation of the effectiveness of
the registrant's disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) as of the date
within 90 days of the filing date of this report on Form N-CSR, such
disclosure controls and procedures provide reasonable assurances that
material information relating to the registrant is made known to them
by the appropriate persons.
(b) Changes to internal control over financial reporting: Not applicable
Item 12. Exhibits.
(a) Certification of principal executive officer and principal financial
officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b) Certification of principal executive officer and principal financial
officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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) Opus Investment Trust
By: /s/ John P. Kavanaugh
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Name: John P. Kavanaugh
Title: President and Chairman
Date: April 21, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed by the following
persons on behalf of the registrant and in the capacities and on the dates
indicated.
By: /s/ John P. Kavanaugh
-----------------------------------
Name: John P. Kavanaugh
Title: President and Chairman
Date: April 21, 2005
By: /s/ Paul T. Kane
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Name: Paul T. Kane
Title: Assistant Vice President and Treasurer
(Principal Accounting Officer and Principal Financial Officer)
Date: April 21, 2005