UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-7778
Analysts Investment Trust
(Exact name of registrant as specified in charter)
7750 Montgomery Road, Cincinnati, Ohio 45236
(Address of principal executive offices)
(Zip code)
Timothy E. Mackey
7750 Montgomery Road, Cincinnati, Ohio 45236
(Name and address of agent for service)
Registrant's telephone number, including area code: 513-792-5402
Date of fiscal year end: July 31
Date of reporting period: January 31, 2005
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
EQUITY ANALYSTS INC.
REGISTERED INVESTMENT ADVISER
ANALYSTS INVESTMENT TRUST
SEMI- ANNUAL REPORT
January 31, 2005
ANALYSTS STOCK FUND
ANALYSTS FIXED INCOME FUND
ANALYSTS AGGRESSIVE STOCK FUND
Analysts Investment Trust
Graphical Illustrations
The following charts give a visual breakdown of the Funds’ investments by the industry sectors the underlying securities represent, or, in the case of the Fixed Income Fund, the types of securities the Fund contains.
Analysts Investment Trust |
| |
Analysts Stock Fund | ||
SCHEDULE OF INVESTMENTS | ||
January 31, 2005 (Unaudited) |
| |
Shares | Security Description | Value |
COMMON STOCKS - 88.86% |
| |
Basic Materials - 5.15% |
| |
6,000 | AK Steel * | 87,060 |
4,000 | Dow Chemical | 198,800 |
6,000 | Placer Dome, Inc. | 102,300 |
|
| 388,160 |
Consumer Cyclicals - 11.14% |
| |
5,300 | Comcast Corp.* | 170,607 |
3,000 | Coach, Inc. * | 168,300 |
2,100 | Omnicom Group, Inc. | 178,269 |
3,000 | Urban Outfitters * | 126,210 |
4,600 | Walgreen Co. | 196,006 |
|
| 839,392 |
Consumer Non-cyclicals - 3.40% |
| |
4,000 | Archer Daniels-Midland Co. | 96,800 |
3,000 | Procter & Gamble Co. | 159,690 |
256,490 | ||
|
|
|
Energy - 7.47% | ||
3,800 | Apache Corp. | 206,796 |
4,600 | Diamond Offshore Drilling | 201,342 |
3,000 | Exxon Mobil | 154,800 |
562,938 | ||
|
|
|
Financials - 7.11% | ||
1,500 | Federal Home Loan Mortgage Corp. | 97,935 |
4,000 | Fifth Third Bank | 185,880 |
3,000 | North Fork Bancorporation, Inc. | 86,100 |
2,700 | Wells Fargo & Co. | 165,510 |
|
| 535,425 |
Health Care - 17.04% |
| |
2,500 | Amgen, Inc* | 155,600 |
2,000 | Barr Labs | 95,100 |
4,000 | Biomet, Inc. | 169,920 |
3,000 | Dialysis Centers of America * | 65,700 |
4,000 | Gilead Sciences * | 132,400 |
3,000 | Johnson & Johnson | 194,100 |
3,000 | Medtronic, Inc. | 157,470 |
3,000 | St. Jude Medical, Inc. * | 117,840 |
2,200 | United Healthcare Corp. | 195,580 |
|
| 1,283,710 |
Industrials - 15.82% |
| |
2,900 | Boeing Co. | 146,740 |
1,500 | Caterpillar, Inc. | 133,650 |
2,200 | Fedex Corp. | 210,430 |
3,300 | First Data Corp. | 134,442 |
2,100 | Illinois Tool Works, Inc. | 182,658 |
2,000 | Ingersoll-Rand | 148,760 |
3,000 | Norfolk Southern Corp. | 104,760 |
1,300 | United Technologies | 130,884 |
1,192,324 | ||
Oil & Gas - 1.43% |
| |
3,000 | XTO Energy | 107,730 |
|
|
|
Technology - 18.71% | ||
6,000 | ATI Technologies * | 103,980 |
6,000 | Atheros Communications * | 64,800 |
4,000 | Blue Coat Systems * | 103,000 |
4,000 | Broadcom Corp. * | 127,320 |
5,000 | Cisco Systems, Inc.* | 90,200 |
3,000 | Dell Computer Corp. * | 125,280 |
5,000 | Intel Corp. | 112,250 |
1,600 | International Business Machines, Inc. | 149,472 |
2,000 | Lexmark International Group * | 166,700 |
4,000 | Microsoft Corp. | 105,120 |
6,000 | Tellabs, Inc. * | 42,720 |
6,000 | Verisgn * | 155,040 |
4,000 | Xerox Corp. * | 63,520 |
1,409,402 | ||
|
|
|
Telecommunications - 1.59% | ||
4,600 | Vodaphone Airtouch | 119,508 |
|
|
|
TOTAL COMMON STOCKS (Cost $5,563,210) - 88.86% | 6,695,079 | |
|
|
|
CASH EQUIVALENTS (Cost $1,099,502) - 14.59% | ||
1,099,502 | First American Treasury Obligations Cl. A rate: 1.39% | 1,099,502 |
TOTAL INVESTMENTS ($6,662,712) - 103.45% | 7,794,581 | |
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.45%) | (260,049) | |
NET ASSETS - 100.00% | $ 7,534,532 | |
* Non Income Producing Securities | ||
ADR - American Depository Receipt |
The accompanying notes are an integral part of the financial statements.
Analysts Investment Trust |
| |
Analysts Fixed Income Fund | ||
SCHEDULE OF INVESTMENTS | ||
January 31, 2005 (Unaudited) |
| |
Shares/Par | Security Description | Value |
COMMON STOCKS - 18.49% |
| |
Real Estate Investment Trusts - 18.49% | ||
1,700 | Apartment Investment and Management Co. | 61,030 |
2,000 | Capital Automotive PFD Series A | 50,680 |
2,000 | Capital Automotive REIT | 65,340 |
1,600 | First Industrial Realty Trust, Inc. | 62,592 |
3,198 | Health Care Properties Investors, Inc. | 83,020 |
1,500 | Hospitality Properties Trust | 63,975 |
2,100 | Sovran Self Storage, Inc. | 83,580 |
2,500 | Summitt Properties, Inc. | 76,125 |
|
|
|
TOTAL COMMON STOCKS (Cost $404,235) | 546,342 | |
|
|
|
Preferred Stocks - 8.47% | ||
2,000 | BAC Capital Trust II | 52,560 |
1,000 | MBNA Capital E | 27,480 |
2,500 | Morgan Stanley CP IV 6.25% 6/1/07 | 63,875 |
2,000 | US Bancorp Capital IV | 52,740 |
2,000 | XL Capital Ltd. Series B | 53,580 |
TOTAL PREFERRED STOCKS (Cost $248,479) | 250,235 | |
|
|
|
Corporate Bonds - 45.58% | ||
100,000 | Boeing Capital Corp. 6.10%, 3/1/11 | 109,165 |
150,000 | Comcast Corp. 6.5%, 1/15/15 | 166,836 |
100,000 | Credit Suisse First Boston USA, Inc. 6.50%, 1/15/12 | 111,582 |
100,000 | FNMA 4.50%, 9/30/19 | 98,630 |
100,000 | General Electric Capital Corp. 8.65%, 5/15/09 | 116,477 |
100,000 | Household Bank 7.20%, 4/12/07 | 105,328 |
100,000 | International Lease Finance 5.625%, 6/1/07 | 104,075 |
200,000 | Loews Corp. 6.75%, 12/15/06 | 210,532 |
100,000 | National Rural Utilities 5.75%, 8/28/09 | 106,412 |
100,000 | Sears Roebuck Acceptance 6.00%, 1/15/06 | 101,347 |
100,000 | Target Corp. 7.50%, 8/15/10 | 116,391 |
TOTAL CORPORATE BONDS (Cost $1,345,916) | 1,346,775 | |
|
|
|
Mortgage-Backed Obligations - 7.91% | ||
18,615 | Empire Federal Home Loan Owner Trust 1998-2 9.03%, 6/25/24 | 18,626 |
100,000 | FHR 2833 GH 5.50%, 12/15/31 | 102,179 |
100,000 | FHR 2834 AQ 5.50%, 6/15/33 | 101,070 |
9,528 | FNMA REMIC 1992 Trust G10 Call J, 5.0%, 3/25/23 | 9,297 |
2,062 | FNMA REMIC 1992 Trust G53 Call J, 7.0%, 9/25/22 | 2,173 |
295 | Paine Webber CMO Trust Series 1998-I, 8.6%, 4/1/18 | 312 |
|
|
|
TOTAL MORTGAGE-BACK OBLIGATIONS (Cost $226,455) | 233,657 | |
|
|
|
Closed End Funds - 3.94% | ||
1,100 | iShares Lehman Treasuries Infl. Pro | 116,402 |
Government Bonds - 5.03% |
| |
150,000 | US Treasury Bond 2.625% 11/15/06 | 148,549 |
|
|
|
Cash Equivalents - 9.98% |
| |
294,981 | First American Treasury Obligations Cl. A rate: 1.39% | 294,981 |
|
|
|
TOTAL INVESTMENTS ($2,776,635) - 99.41% | 2,936,941 | |
|
|
|
OTHER ASSETS LESS LIABILITIES - 0.59% | 17,534 | |
|
|
|
NET ASSETS - 100.00% | $ 2,954,475 | |
|
|
|
The accompanying notes are an integral part of the financial statements.
Analysts Investment Trust |
| |
Analysts Aggressive Stock Fund | ||
SCHEDULE OF INVESTMENTS | ||
January 31, 2005 (Unaudited) |
| |
Shares | Security Description | Value |
COMMON STOCKS - 88.11% |
| |
Basic Materials - 7.45% | ||
2,000 | Century Aluminum * | 49,840 |
4,000 | Pan American Silver * | 60,120 |
|
| 109,960 |
Consumer Cyclicals - 76.39% | ||
2,000 | Callaway Golf | 26,620 |
10,000 | Innovo Group * | 36,900 |
800 | RH Donnelly * | 47,360 |
6,000 | Six Flags, Inc. * | 25,680 |
|
| 136,560 |
Consumer Non-Cyclicals - 7.86% | ||
2,100 | Archer Daniels-Midland Co. | 50,820 |
800 | Constellation Brands, Inc. CL-A | 41,536 |
5,000 | Pathmark Stores, Inc. | 23,700 |
116,056 | ||
Energy - 7.12% |
|
|
8,000 | Ivanhoe Petroleum | 16,800 |
800 | Noble Corp.* | 42,680 |
2,400 | Oil States International, Inc. | 45,720 |
|
| 105,200 |
Financials - 8.20% |
| |
500 | Federal Home Loan Mortgage Corp. | 32,645 |
800 | Morgan Stanley | 44,768 |
1,000 | Silicon Valley Bancshares* | 43,640 |
|
| 121,053 |
Healthcare - 11.28% |
| |
4,000 | Ariad Pharmaceuticals, Inc. * | 30,040 |
2,000 | Gilead Sciences, Inc. * | 66,200 |
6,000 | Penn Treaty American Corp. * | 12,840 |
2,000 | Teva Pharmaceuticals Ind. | 57,460 |
166,540 | ||
|
|
|
Industrial - 8.72% | ||
1,200 | Jabil Circuit* | 28,284 |
1,300 | PerkinElmer, Inc. | 29,887 |
4,000 | Solectron Corp. * | 19,880 |
2,000 | Wabash National Corp. | 50,760 |
|
| 128,811 |
Technology - 28.23% |
| |
6,000 | Altair Nanotechnologies, Inc. * | 14,400 |
1,400 | Applied Materials, Inc.* | 22,260 |
4,000 | BEA Systems * | 34,080 |
1,800 | Cisco Systems, Inc.* | 32,472 |
1,400 | Citrix Systems, Inc.* | 30,030 |
1,200 | Cree, Inc.* | 28,836 |
4,000 | Finisar, Inc. * | 7,000 |
4,000 | Geopharm, Inc. * | 17,200 |
4,000 | Lasercard Corp. * | 33,640 |
4,000 | Matrixone, Inc. * | 21,680 |
6,000 | Maxtor Corp. * | 28,380 |
4,000 | Red Hat, Inc. * | 43,400 |
1,500 | Tyco Laboratories, Inc. | 54,210 |
1,400 | Yahoo, Inc. * | 49,294 |
416,882 | ||
|
|
|
TOTAL COMMON STOCKS (Cost $1,141,824) - 88.11% | 1,301,062 | |
|
|
|
Cash Equivalents (Cost $178,759) - 12.11% |
| |
178,759 | First American Treasury Obligations Cl. A rate: 1.39% | 178,759 |
| . |
|
TOTAL INVESTMENTS (Cost $1,320,583) - 100.21% | 1,479,821 | |
|
|
|
LIABILITIES IN EXCESS OF OTHER ASSETS - (.21%) | (3,137) | |
|
|
|
NET ASSETS - 100.00% | $ 1,476,684 | |
|
|
|
* Non Income Producing Securities |
The accompanying notes are an integral part of the financial statements.
Analysts Investment Trust |
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|
STATEMENTS OF ASSETS & LIABILITIES | |||
January 31, 2005 (Unaudited) |
|
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|
Analysts Fixed | Analysts | ||
Analysts Stock | Income | Aggressive Stock | |
Fund | Fund | Fund | |
Assets: |
|
|
|
Investment Securities at Market Value | $ 7,794,581 | $ 2,936,941 | $ 1,479,821 |
(Cost $6,662,712, $2,776,635 and $1,320,583 , respectively) |
|
|
|
Dividends and Interest Receivable | 5,075 | 21,316 | 410 |
Receivable from Securities Sold | 219,064 | - | - |
Total Assets | 8,018,720 | 2,958,257 | 1,480,231 |
Liabilities: |
|
|
|
Accrued Expenses | 12,849 | 3,782 | 3,547 |
Payable for Securities Purchased | 471,339 | - | - |
Total Liabilities | 484,188 | 3,782 | 3,547 |
Net Assets | $ 7,534,532 | $ 2,954,475 | $ 1,476,684 |
Net Assets Consist of: |
|
|
|
Capital Shares and Paid-In Capital | 6,841,233 | 2,967,465 | $ 2,066,661 |
Accumulated Undistributed Net Investment Income (Loss) | (81,072) | 21,785 | (31,771) |
Accumulated Undistributed Realized | |||
Loss on Investments | (357,498) | (195,081) | (717,444) |
Unrealized Appreciation on Investments | 1,131,869 | 160,306 | 159,238 |
Net Assets | $ 7,534,532 | $ 2,954,475 | $ 1,476,684 |
Outstanding Shares, No Par Value | 357,242 | 210,330 | 190,112 |
Per Share Net Asset Value and Offering Price | $ 21.09 | $ 14.05 | $ 7.77 |
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The accompanying notes are an integral part of the financial statements.
Analysts Investment Trust |
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STATEMENTS OF OPERATIONS | |||
For the six months ended January 31, 2005 (Unaudited) |
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| |
Analysts | Analysts | ||
Analysts Stock | Fixed Income | Aggressive Stock | |
Fund | Fund | Fund | |
Investment Income: |
|
|
|
Dividends | $ 59,143 | $ 27,011 | $ 2,929 |
Interest | 5,624 | 44,530 | 1,117 |
Total Investment Income | 64,767 | 71,541 | 4,046 |
Expenses: |
|
|
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Management Fee | 76,978 | 22,634 | 22,839 |
|
|
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Net Investment Income (Loss) | (12,211) | 48,907 | (18,793) |
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Net Realized and Unrealized Gain (Loss) on Investments: | |||
Net Realized Gain (Loss) on Investments | 215,381 | (15,759) | 17,071 |
Net Change in Unrealized Appreciation on Investments | 243,479 | 80,298 | 8,892 |
Net Realized and Unrealized Gain (Loss) on Investments | 458,860 | 64,539 | 25,963 |
Net Increase in Net Assets from Operations | $ 446,649 | $ 113,446 | $ 7,170 |
The accompanying notes are an integral part of the financial statements.
ANALYSTS INVESTMENT TRUST | ||
ANALYSTS STOCK FUND |
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STATEMENTS OF CHANGES IN NET ASSETS | ||
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(Unaudited) | ||
Six Months ended | Year ended | |
January 31, 2005 | July 31, 2004 | |
FROM OPERATIONS: |
|
|
Net Investment Loss | $(12,211) | $(68,861) |
Net Realized Gain (Loss) on Investments | 215,381 | 332,500 |
Net Change in Unrealized Appreciation | 243,479 | 357,976 |
Increase in Net Assets from Operations | 446,649 | 621,615 |
From Fund Share Transactions: |
|
|
Proceeds from shares sold | 628,508 | 1,151,110 |
Payment for shares redeemed | (1,230,610) | (1,156,648) |
Net Decrease from Fund Share Transactions | (602,102) | (5,538) |
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Net Increase in Net Assets | (155,453) | 616,077 |
NET ASSETS: |
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Net Increase (Decrease) in Net Assets | (155,453) | 616,077 |
Net Assets at Beginning of Period | 7,689,985 | 7,073,908 |
Net Assets at End of Period | $ 7,534,532 | $ 7,689,985 |
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The accompanying notes are an integral part of the financial statements.
ANALYSTS INVESTMENT TRUST | ||
ANALYSTS FIXED INCOME FUND |
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STATEMENTS OF CHANGES IN NET ASSETS | ||
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(Unaudited) | ||
Six Months Ended | Year Ended | |
January 31, 2005 | July 31, 2004 | |
FROM OPERATIONS: |
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|
Net Investment Income | $ 48,907 | $126,154 |
Net Realized Gain (Loss) on Investments | (15,759) | 76,247 |
Net Change in Unrealized Appreciation (Depreciation) | 80,298 | (78,101) |
Increase in Net Assets from Operations | 113,446 | 124,300 |
From Distributions to Shareholders: |
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|
Net Investment Income | (52,376) | (115,449) |
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From Fund Share Transactions: | ||
Proceeds from shares sold | 357,566 | 555,711 |
Shares issued from reinevestment of distributions | 46,749 | 103,895 |
Payment for shares redeemed | (478,256) | (582,502) |
Net Increase (Decrease) from Fund Share Transactions | (73,941) | 77,104 |
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Net Increase (Decrease) in Net Assets | (12,871) | 85,955 |
NET ASSETS: |
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Net Increase (Decrease) in Net Assets | (12,871) | 85,955 |
Net Assets at Beginning of Period | 2,967,346 | 2,881,391 |
Net Assets at End of Period | $ 2,954,475 | $ 2,967,346 |
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The accompanying notes are an integral part of the financial statements.
ANALYSTS INVESTMENT TRUST | ||
ANALYSTS AGGRESSIVE STOCK FUND |
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STATEMENTS OF CHANGES IN NET ASSETS | ||
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(Unaudited) | ||
Six Months Ended | Year ended | |
January 31, 2005 | July 31, 2004 | |
FROM OPERATIONS: |
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|
Net Investment Loss | $(18,793) | $(36,474) |
Net Realized Gain (Loss) on Investments | 17,071 | 9,566 |
Net Change in Unrealized Appreciation | 8,892 | 171,881 |
Increase in Net Assets from Operations | 7,170 | 144,973 |
From Fund Share Transactions: |
|
|
Proceeds from shares sold | 119,757 | 300,713 |
Payment for shares redeemed | (312,693) | (253,387) |
Net Increase from Fund Share Transactions | (192,936) | 47,326 |
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Net Increase (Decrease) in Net Assets | (185,766) | 192,299 |
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NET ASSETS: | ||
Net Increase (Decrease) in Net Assets | (185,766) | 192,299 |
Net Assets at Beginning of Period | 1,662,450 | 1,470,151 |
Net Assets at End of Period | $ 1,476,684 | $ 1,662,450 |
The accompanying notes are an integral part of the financial statements.
ANALYSTS INVESTMENT TRUST |
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ANALYSTS STOCK FUND | |||||||
FINANCIAL HIGHLIGHTS | |||||||
January 31, 2005 |
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Selected data for a share outstanding throughout the period | |||||||
(Unaudited) | |||||||
Six Months | Year | Year | Year | Year | Year | ||
ended | ended | ended | ended | ended | ended | ||
1/31/2005 | 7/31/2004 | 7/31/2003 | 7/31/2002 | 7/31/2001 | 7/31/2000 | ||
Net Asset Value at Beginning of Period | $ 19.86 |
| $ 18.33 | $ 16.17 | $ 21.05 | $ 26.15 | $ 28.41 |
Net Investment Income (Loss) | (0.03) |
| (0.19) | (0.13) | (0.16) | 0.03 | (0.05) |
Net Gains or Losses on Investments | |||||||
(Realized and Unrealized) | 1.26 |
| 1.72 | 2.29 | (4.72) | (3.60) | 2.35 |
Total from Investment Operations | 1.23 | 1.53 | 2.16 | (4.88) | 3.57 | 2.30 | |
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Distributions from Capital Gains | - | - | - | - | (1.53) | (4.56) | |
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Net Asset Value at End of Period | $ 21.09 | $ 19.86 | $ 18.33 | $ 16.17 | $ 21.05 | $ 26.15 | |
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Total Return | 6.19 % | (a) | 8.35 % | 13.32 % | (23.17)% | (13.51)% | 14.21 % |
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Ratios/Supplemental Data: | |||||||
Net Assets at End of Period (000's omitted) | $ 7,535 |
| $ 7,690 | $ 7,074 | $ 6,671 | $ 8,336 | $ 9,636 |
Ratio of Expenses to Average Net Assets | 2.00 % | (b) | 2.00 % | 2.00 % | 2.00 % | 2.00 % | 2.00 % |
Ratio of Net Investment Income (Loss) to | |||||||
Average Net Assets | (0.33)% | (b) | (0.89)% | (0.80)% | (0.81)% | 0.12 % | (0.19)% |
Portfolio Turnover Rate | 382.45 % |
| 27.63 % | 59.35 % | 88.91 % | 15.43 % | 0.00 % |
| |||||||
(a) Not Annualized | |||||||
(b) Annualized |
The accompanying notes are an integral part of the financial statements.
ANALYSTS INVESTMENT TRUST | |||||||
ANALYSTS FIXED INCOME FUND |
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| |||
FINANCIAL HIGHLIGHTS | |||||||
January 31, 2005 |
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Selected data for a share outstanding throughout the period | |||||||
(Unaudited) | |||||||
Six Months | Year | Year | Year | Year | Year | ||
ended | ended | ended | ended | ended | ended | ||
1/31/2005 | 7/31/2004 | 7/31/2003 | 7/31/2002 | 7/31/2001 | 7/31/2000 | ||
Net Asset Value at Beginning of Period | $ 13.77 |
| $ 13.72 | $ 13.61 | $ 13.31 | $12.67 | $13.24 |
Net Investment Income | 0.23 |
| 0.59 | 0.55 | 0.58 | 0.73 | 0.78 |
Net Gains or Losses on Investments | |||||||
(Realized and Unrealized) | 0.30 |
| - | 0.12 | 0.30 | 0.64 | (0.51) |
Total from Investment Operations | 0.53 | 0.59 | 0.67 | 0.88 | 1.37 | 0.27 | |
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Distributions from Net Investment Income | (0.25) | (0.54) | (0.56) | (0.58) | (0.73) | (0.79) | |
Distributions from Capital Gains | - |
| - | - | - | - | (0.05) |
Total Distributions | (0.25) | (0.54) | 0.56 | (0.58) | (0.73) | (0.84) | |
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Net Asset Value at End of Period | $ 14.05 | $ 13.77 | $13.72 | $ 13.61 | $ 13.31 | $12.67 | |
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Total Return | 3.86 % | (a) | 4.30 % | 5.39% | 6.77 % | 11.11 % | 2.32 % |
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Ratios/Supplemental Data: | |||||||
Net Assets at End of Period (000's omitted) | $ 2,954 |
| $ 2,967 | $2,881 | $ 5,029 | $ 4,763 | $ 3,896 |
Ratio of Expenses to Average Net Assets | 1.50 % | (b) | 1.50 % | 1.50% | 1.50 % | 1.50 % | 1.50 % |
Ratio of Net Investment Income to | |||||||
Average Net Assets | 3.25 % | (b) | 4.25 % | 4.08 % | 4.30 % | 5.58 % | 6.24 % |
Portfolio Turnover Rate | 22.48 % |
| 33.38 % | 40.32 % | 21.18 % | 0.00 % | 11.30 % |
| |||||||
(a) Not Annualized | |||||||
(b) Annualized |
The accompanying notes are an integral part of the financial statements.
ANALYSTS INVESTMENT TRUST | |||||||
ANALYSTS AGRESSIVE STOCK FUND |
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FINANCIAL HIGHLIGHTS | |||||||
January 31, 2005 |
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Selected data for a share outstanding throughout the period | |||||||
(Unaudited) | |||||||
Six Months | Year | Year | Year | Year | Year | ||
ended | ended | ended | ended | ended | ended | ||
1/31/2005 | 7/31/2004 | 7/31/2003 | 7/31/2002 | 7/31/2001 | 7/31/2000 | ||
Net Asset Value at Beginning of Period | $ 7.76 |
| $ 7.07 | $ 5.61 | $ 9.04 | $12.32 | $ 9.86 |
Net Investment Loss | (0.09) |
| (0.17) | (0.11) | (0.16) | (0.16) | (0.17) |
Net Gains or Losses on Investments | |||||||
(Realized and Unrealized) | 0.10 |
| 0.86 | 1.57 | (3.27) | (3.12) | 2.63 |
Total from Investment Operations | 0.01 | 0.69 | 1.46 | (3.43) | (3.28) | 2.46 | |
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Net Asset Value at End of Period | $ 7.77 | $ 7.76 | $ 7.07 | $ 5.61 | $ 9.04 | $12.32 | |
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Total Return | 0.13 % | (a) | 9.76 % | 26.03% | (38.00)% | (26.60)% | 24.99 % |
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Ratios/Supplemental Data: | |||||||
Net Assets at End of Period (000's omitted) | $ 1,477 |
| $ 1,662 | $1,470 | $ 1,108 | $1,534 | $ 2,119 |
Ratio of Expenses to Average Net Assets | 2.75 % | (b) | 2.75 % | 2.75% | 2.81 % | 3.00 % | 3.00 % |
Ratio of Net Investment Loss to | |||||||
Average Net Assets | (2.30)% | (b) | (2.20)% | (1.94)% | (2.02)% | (1.58)% | (1.32)% |
Portfolio Turnover Rate | 597.91 % |
| 28.55 % | 32.72 % | 76.33 % | 8.81 % | 1.36 % |
(a) Not Annualized | |||||||
(b) Annualized |
The accompanying notes are an integral part of the financial statements.
1.
Significant Accounting Policies and Organization
Analysts Investment Trust (the Trust) is registered under the Investment Company Act of 1940, as amended, as a no-load, diversified, open end management investment company. The Trust was established as an Ohio Business Trust under a Declaration of Trust dated May 28, 1993. The Declaration of Trust, as amended, permits the Trustees to issue an unlimited number of shares of the Analysts Stock Fund (Stock Fund), Analysts Fixed Income Fund (Fixed Income Fund), and the Analysts Aggressive Stock Fund (Aggressive Stock Fund, formerly the internet.fund) (the Funds). The Stock Fund’s investment objective is to provide long term capital appreciation. The Fixed Income Fund’s investment objective is to provide a high level of income over the long term consistent with preservation of capital. The Aggressive Stock Fund’s objective is to provide long term growth through capital appreciation. &nbs p;The investment adviser to each of the Funds is Equity Analysts, Inc. (the Adviser). The following is a summary of the significant accounting policies of the Trust:
Securities Valuation – Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange or on the NASDAQ over-the-counter market are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an equity security is generally valued by the pricing service at its last bid price. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review of the Board of Trustees of the Trust.
Fixed income securities (including mortgage-related securities and asset-backed and receivable-backed securities) may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reflect the fair market value of such securities. A pricing service utilizes electronic data processing techniques to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. Corporate bonds, mortgage-related securities and asset-backed and receivable-backed securities are valued using the Adviser’s proprietary bond pricing model, which has been approved by the Board’s Trustees. When market quotations, pricing service prices or prices from the Adviser’s bond pricing model are not readily available, when the Adviser determines a proposed price does not accurately reflect the current value, or when restricted securities are being valued, such securities are valued as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review of the Board of Trustees of the Trust. Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation.
Share Valuation - The net asset value per share is calculated daily by dividing the total value of each Fund's investments and other assets, less liabilities, by the total number of the Fund’s shares outstanding.
Investment Income and Distributions to Shareholders - Interest income is accrued as earned. Dividend income is recorded on the ex-dividend date. Distributions to shareholders arising from net investment income are declared and it is the intention that such distributions be paid quarterly. Net realized capital gains, if any, are distributed to shareholders at least once per year.
Each Fund may periodically make reclassifications among certain of its capital accounts as a result of the timing and characterization of certain income and capital gains distributions determined in accordance with federal tax regulations, which may differ from accounting principles generally accepted in the United States of America. These reclassifications are due to differing treatment for items such as deferral of wash sales, capital loss carryovers and post – October losses.
Accordingly, reclassifications were recorded to decrease capital and undistributed net investment losses by $159,484 and $126,770 for the Stock Fund and Aggressive Stock Fund as of July 31,2004, respectively.
Security Transactions - Security transactions are accounted for on a trade date basis, which is the date the order to buy or sell is executed. Securities sold are valued on a specific identification basis.
Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Adviser to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. The Adviser believes that the estimates utilized in preparing these financial statements are reasonable and prudent. Actual results could differ from these estimates.
Federal Income Taxes - It is each Fund's policy to comply with the special provisions of the Internal Revenue Code available to regulated investment companies. As provided therein, in any fiscal year in which a Fund so qualifies, and distributes at least 90% of its taxable net income, the Fund (but not its shareholders) will be relieved of federal income tax on the income distributed. Accordingly, no provision for income taxes is made. In order to avoid imposition of the excise tax created by the Tax Reform Act of 1986 as amended by the Revenue Act of 1987, it is each Fund's intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98% of its realized capital gains (earned during the twelve months ended October 31 of the calendar year) plus undistributed amounts from prior years.
As of July 31, 2004, The Stock Fund, the Fixed Income Fund and the Aggressive Stock Fund had capital loss carry forwards expiring in 2008 to 2011 for federal income tax purposes of approximately $642,000, $179,000 and $747,000, respectively. Capital loss carryovers are available to offset future realized capital gains and thereby reduce further taxable gain distributions.
2.
Investment Transactions
Investment transactions, excluding those in U.S. government securities, in the Stock Fund, Fixed Income Fund and Aggressive Stock Fund for the six months ended January 31, 2005 were as follows:
Stock Fund
Fixed Income Fund
Aggressive Stock Fund
Purchase of Investment
$12,512,717
$299,625
$4,046,168
Securities
Proceeds from Sales and
13,700,258
381,815
4,243,675
Maturities of Investment
Securities
3.
Transactions with Affiliates and Related Parties
Timothy E. Mackey is the President, and Mark Strofe is the Treasurer, of the Adviser, and are also trustees and/or officers of the Trust. The Adviser manages each Fund under the terms of Management Agreements.
Under the Management Agreements, the Adviser pays all of the expenses of the Funds except brokerage fees and commissions, taxes, interest and extraordinary expenses. As compensation for investment advisory services and the Adviser’s agreement to pay the Funds’ expenses, each Fund pays the Adviser a fee, computed and accrued daily, based upon the following annual rates:
Fixed
Aggressive Stock
Average daily assets
Stock Fund
Income Fund
Fund
Up to and including $20 million
2.00%
1.50%
2.75%
From $20 million to $40 million
1.75%
1.25%
2.50%
From $40 million to $100 million
1.50%
1.00%
2.00%
Above $100 million
0.75%
0.75%
1.50%
For the six months ended January 31, 2005, the Adviser earned a fee of $76,978 from the Stock Fund, $22,634 from the Income Fund and $22,839 from the Aggressive Stock Fund. The Adviser paid trustee fees of $792 for the period July 31, 2004 through January 31, 2005.
4.
Fund Share Transactions
Proceeds and payments on shares of the Funds as shown in the Statements of Changes in Net Assets are the result of the following share transactions:
Fixed
Aggressive Stock
Stock Fund
Income Fund
Fund
Shares sold
30,244
25,448
15,200
Shares issued from reinvestment
of distributions
-
3,331 -
Shares redeemed
(60,165)
(34,006)
(39,191)
Net increase (decrease)
(29,921)
(5,227)
(23,991)
Shares at beginning of period
387,163
215,557
214,103
Shares at end of period
357,242
210,330
190,112
5.
Security Transactions
At January 31, 2005, the composition of unrealized appreciation and depreciation by Fund was as follows:
Gross
Gross
Net Appreciation
Appreciation
Depreciation
(Depreciation)
Stock Fund
$ 1,255,553
$ (123,684)
$ 1,131,869
Fixed Income Fund
186,585
(26,279)
160,306
Aggressive Stock Fund
273,334
(114,096)
159,238
TRUSTEES
The Board of Trustees supervises the business activities of the Trust. The following table provides information regarding the Trustees of the Trust who are not interested person Trustees. Each Trustee serves as a Trustee until the termination of the Trust unless the Trustee dies, resigns, retires or is removed. Each Trustee oversees the three Funds of the Trust.
Trustee | Position With Funds | Principal Occupation(s) (Last 5 years) | Other Directorships |
Walter Bowles 6645 Miami Trails Drive Loveland, OH 45140 DOB: 1961 | Trustee since 1993 | President of Webco Environmental Management, Inc., an environmental consulting firm, since September 1993. | None |
Robert Buechner 105 East Fourth St. Suite 300 Cincinnati, Ohio 45202 DOB: 1947 | Trustee since 1993 | President of the law firm of Buechner, Haffer O’Connell, Meyers & Healey Co., LPA. | None |
K. Richard Niehoff 622 Pelhamdale Ave, Ste 45 Pelham Manor, NY 10803 DOB: 1943 | Trustee since 2004 | President of Mark Securities, Inc., a member of the Boston Stock Exchange, since November 2002; President of WEBiX, Inc., a software development company, September 2001 to November 2002; President of VSX, Inc., an alternative trading system company, August 1999 to September 2001 | None |
The following table provides information regarding the Trustees of the Trust who are interested person Trustees.
Trustee | Position With Funds | Principal Occupation(s) (Last 5 years) | Other Directorships |
Timothy E. Mackey 7750 Montgomery Road Cincinnati, Ohio 45236 DOB: 1960 | President and Trustee since 2002 | Owner of Equity Analysts LLC, a Registered Representative for Equity Analysts since April 1999, and was a Registered Representative for Legg Mason, June 1997 to March 1999 | None |
Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which is available without charge upon request, by calling 1-888-217-5426.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted those proxies during the 12-month period ended June 30, 2004 are available without charge: (1) upon request by calling the Fund at 1-888-217-5426, or (2) from the Funds’ documents files with the Securities and Exchange Commission (“SEC”) on the SEC’s website at www.sec.gov.
The Funds files a complete schedule of investments with the SEC for the first and third quarter of each fiscal year on Form N-Q. The Fund’s first and third fiscal quarters end on April 30 and October 31. The Form N-Q filing must be made within 60 days of the end of the quarter, and the Funds’ first Form N-Q was filed with the SEC on December 30, 2004. The Funds’ Forms N-Q are available on the SEC’s website at http://sec.gov, or they may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC (call 1-800-732-0330 for information on the operation of the Public Reference Room). You may also obtain copies by calling the Funds’ at 1-888-217-5426.
Expense Example
As a shareholder of a Fund in the Analysts Investment Trust, you incur one type of cost: management fees. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds 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, August 1, 2004 through January 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 on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. 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 these Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Beginning Account Value | Ending Account Value | Expenses Paid During Period * | |
August 1, 2004 | January 31, 2005 | 08/01/04 to 01/31/05 | |
Stock Fund |
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Actual | $1000.00 | $1061.93 | $10.39 |
Hypothetical (5% Annual Return before expenses) | $1000.00 | $1015.12 | $10.16 |
Aggressive Stock Fund | |||
Actual | $1000.00 | $1001.29 | $13.87 |
Hypothetical (5% Annual Return before expenses) | $1000.00 | $1011.34 | $13.94 |
Fixed Income Fund | |||
Actual | $1000.00 | $1038.59 | $7.71 |
Hypothetical (5% Annual Return before expenses) | $1000.00 | $1017.64 | $7.63 |
* Expenses are equal to the Funds’ annualized expense ratios (Stock Fund of 2.00%, Aggressive Stock Fund of 2.75% and Fixed Income Fund of 1.50%), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Item 2. Code of Ethics. Not applicable.
Item 3. Audit Committee Financial Expert. Not applicable.
Item 4. Principal Accountant Fees and Services. Not applicable.
Item 5. Audit Committee of Listed Companies. Not applicable.
Item 6. Schedule of Investments. Not applicable - schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable.
Item 8. Purchases of Equity Securities by Closed-End Funds. Not applicable.
Item 9. Submission of Matters to a Vote of Security Holders.
The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.
Item 10. Controls and Procedures.
(a) Based on an evaluation of the registrant's disclosure controls and procedures as of March 15, 2005, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 11. Exhibits.
(a)(1)
EX-99.CODE ETH. Not applicable..
(a)(2)
EX-99.CERT. Filed herewith.
(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(b)
EX-99.906CERT. Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Analysts Investment Trust
By /s/Timothy E. Mackey
*Timothy E. Mackey
President
Date April 7, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /s/Timothy E. Mackey
*Timothy E. Mackey
President
Date April 7, 2005
By /s/Mark G. Srofe
*Mark G. Srofe
Treasurer
Date April 7, 2005
* Print the name and title of each signing officer under his or her signature.