BERKSHIRE CAPITAL INVESTMENT TRUST
Berkshire Capital Growth & Value Fund
1997
Annual Report
<PAGE>
TABLE OF CONTENTS
Page
----
Letter to Shareholders ........................................ 1
Portfolio Snapshot ............................................ 4
Independent Auditors' Report .................................. 5
Statement of Assets & Liabilities ............................. 6
Statement of Operations ....................................... 7
Statement of Changes in Net Assets ............................ 8
Notes to Financial Statements ................................. 9
Financial Highlights, Related Ratios and Supplemental Data .... 12
Schedule of Portfolio of Investments .......................... 13
<PAGE>
<TABLE>
<CAPTION>
BERKSHIRE CAPITAL GROWTH & VALUE FUND
Net Asset Value High, Low & Close
For Six Months Ended December 31, 1997
3rd 4th
Quarter Quarter
===============================
<S> <C> <C>
High $ 10.05 $ 10.10
Low 9.95 8.29
Close 10.05 *8.64
===============================
<FN>
*Dividend distribution of $.10 per share paid on 12/30/97
</TABLE>
February 27, 1998
Dear Shareholder:
On July 1, 1997 the Securities and Exchange Commission granted the
effectiveness of your fund. I highlight this significant event in order to
illustrate that success, more often than not, is the direct result of good
preparation and the ability to persevere. Such qualities are the exact
ingredients required when making profitable long-term investments. We intend
to adhere to these qualities as we build a tradition of success that will
carry us forward for many years to come. The launching of our fund has proven
that in order to be successful, one does not have to be a sizable financial
institution backed by a multitude of attorneys and an abundance of capital. In
fact, our small fund was created on little more than a simple idea which was
boot-strapped by a meager budget. With that, we would like to take this
opportunity to salute all of those individuals who had the courage to stand
firm in the face of adversity and by doing so, realized their dreams.
OUR MISSION
At the Berkshire Capital Growth & Value Fund our single goal is to
increase share-owner value. Because each of our shareholders has entrusted us
with their assets, it is our responsibility to deliver superior performance
over the long-term. We like to place a great deal of emphasis on "long-term."
Furthermore, we recognize that if we do our job properly, our investment
decisions will have a positive impact on the lives of others. For example,
increasing share-owner value can help to provide for someone's college
education, a new home, or even retirement. We also realize that it is
important to treat our shareholders as investment-partners which is why we
have invested a significant amount of our own net-worth into the fund. We
encourage such investment because as a share-owner you can be confident that
our economic interests will always be aligned exactly with yours. Lastly, we
will never forget that we were put into business to work for our shareholders.
Our ultimate goal will always be to serve your interests as we endeavor to
increase share-owner value.
1
<PAGE>
OUR INVESTMENT PHILOSOPHY
As you read through our annual report you will find that we maintain a
portfolio with a limited number of securities. You will also notice that a
large percentage of our portfolio is dedicated to a select few of some of the
world's most successful companies. We are not afraid to allocate a large
portion of our portfolio to these companies because we invest only in those
businesses in which we have a high degree of knowledge and understanding. Such
knowledge and understanding gives us the confidence to concentrate our
investments which increases our chances of achieving superior returns to our
shareholders over the long-term. We feel there is a great disadvantage to
owning a portfolio with a large number of securities. This is because owning
such a portfolio makes it increasingly difficult to maintain what we consider
to be an adequate amount of knowledge about each security. We feel that
investing with an limited amount of knowledge and understanding is inherently
more risky than owning a portfolio with limited diversification. As a result,
our goal will always be to focus our investments into a limited number of only
the best companies, all of which we know very well.
OUR 1997 RESULTS
Your fund demonstrated an increase of 0.5% for the third quarter and a
decrease of 13% for the fourth quarter, resulting in an overall net decrease
of 12.6% for the first six months of operation. On December 30, 1997 the Board
of Trustees authorized the payment of a dividend in the amount of $.10 per
share for the distribution of the fund's investment income. The table below
shows a comparison of your fund's returns versus three major market indices -
the Dow Jones Industrial Average (DJIA), Standard & Poor's 500 (S&P 500) and
the NASDAQ Composite Index (NASDAQ):
<TABLE>
<CAPTION>
3rd 4th Since
Quarter Quarter Inception
===========================================
<S> <C> <C> <C>
BCGVF 0.5% -13.0% -12.6%
DJIA* 4.0% 0.0% 4.0%
S&P 500* 7.5% 2.9% 10.6%
NASDAQ* 17.0% -6.7% 9.1%
===========================================
<FN>
*Includes reinvestment of dividends.
Assumes investments are made on the day prior to the first day of each period.
Past performance is not a guarantee of future results.
</TABLE>
As you can see, the fund's returns remained relatively unchanged during
the third quarter lagging behind the DJIA, S&P 500 and the NASDAQ indices.
This was due in large part to your portfolio manager's inability to find
anything of value during this time period. As a result, the fund maintained a
cash position of nearly 90% for most of the quarter. The fund did however,
record its first investments during the period with purchases of shares in
both the Coca-Cola and Gillette companies. The purchases were made after the
share prices of both had declined by nearly 25%. The declines were due to
concerns over the future profitability of these companies because of the
strength of the U.S. dollar. We felt that these concerns were exaggerated and
are very pleased to have purchased such quality companies at bargain prices.
2
<PAGE>
The fourth quarter was dominated by news of the financial crisis in the
Asian-Pacific markets. On October 27, 1997 concerns over this region's
currency devaluations and large percentage stock market declines finally
spilled over to the U.S. markets causing the DJIA to fall a breathtaking
554.12 points. The DJIA had recorded a single-day loss of 7.18%. This was a
significant event for the fund because it was on this day that your portfolio
manager stepped in and purchased some of the fund's largest investments.
Specifically, we established large positions in Cisco Systems, Intel and
PeopleSoft. These three companies alone comprised over 45% of the fund's
holdings at year-end. The tables below show the fund's three largest and
smallest investments for 1997.
THREE LARGEST INVESTMENTS
====================================
Cisco Systems 24.3% $ 24,642
Intel 17.3% 17,563
Coca-Cola 5.3% 5,335
------------------------------------
Total 46.9% $ 47,540
====================================
THREE SMALLEST INVESTMENTS
====================================
Ascend 1.3% $ 1,347
Texas Instruments 1.8% 1,800
Adaptec 2.2% 2,227
------------------------------------
Total 5.3% $ 5,374
====================================
The fund's decline in value during the fourth quarter was due in large
part to continued market volatility amid concerns over the impact of the
Asian-Pacific crisis on the U.S. economy. The technology sector experienced
the largest decline as evidenced by the 6.7% decrease in the technology-laden
NASDAQ index. The fund outpaced the retreat of this index because a
significant amount of the fund's investments were concentrated in the
technology sector. We remain quite confident in the future growth of this
sector however, and will continue to concentrate our holdings there despite
the market's temporary reversal.
As we move forward into 1998 it is important to remind our shareholders
that the goal of our fund is to increase share-owner value over the long-term.
A six-month period is much too short of a time frame in which to gauge a
proper performance comparison. In fact, as of this writing your fund has
already increased in value by over 16% since year-end. We recognize that
stock market corrections like the one we experienced during the fourth quarter
are usually temporary. This is especially true when the underlying
fundamentals of our economy remain strong as they are now. We will always
welcome such corrections because they present us with opportunities to
purchase terrific companies at bargain prices.
Sincerely,
/S/ MALCOLM R. FOBES III
------------------------
Malcolm R. Fobes III
Chairman
3
<PAGE>
<TABLE>
<CAPTION>
Portfolio Snapshot
December 31, 1997
===========================================================================
Security Percent Shares Price Market Value
---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
3Com 4.1% 120 34 15/16 $ 4,192
Adaptec 2.2% 60 37 1/8 2,227
Ascend 1.3% 55 24 1/2 1,347
Berkshire Hathaway 4.6% 3 1539 4,617
Cisco Systems 24.3% 442 55 3/4 24,642
Coca-Cola 5.3% 80 66 11/16 5,335
Dell Computer 4.1% 50 84 4,200
E*Trade 5.2% 230 23 5,290
Gillette 5.0% 50 100 7/16 5,022
IBM 5.2% 50 104 5/8 5,231
Innovex 3.4% 150 22 15/16 3,441
Intel 17.3% 250 70 1/4 17,563
Microsoft 4.5% 35 129 1/4 4,524
PeopleSoft 3.8% 100 39 3,900
Sun Microsystems 3.1% 80 39 7/8 3,190
Texas Instruments 1.8% 40 45 1,800
Vivus 4.5% 430 10 5/8 4,569
Cash .3% 322
---------------------------------------------------------------------------
Total Investments 100.0% 2,225 $ 101,412
===========================================================================
</TABLE>
IMPORTANT LEGAL DISCLOSURES
This report is submitted for the general information of the shareholders of
the Berkshire Capital Growth & Value Fund. It is not authorized for
distribution to prospective investors in the Fund unless preceded or
accompanied by an effective Prospectus which includes details regarding the
Fund's objectives, policies, expenses and other information.
Past performance is not a guarantee of future results. Investment return and
principal value will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than their original cost.
The Dow Jones Industrial Average, the Standard & Poor's 500 index and the
NASDAQ Composite index all represent an unmanaged, broad-basket of stocks.
They are typically used as a proxy for overall market performance.
Investing in technology stocks entails certain risks, including increased
volatility of share value. Investors are encouraged to read the Fund's
Prospectus carefully. Copies of the most recent Prospectus may be obtained by
calling the Fund directly at (408) 526-0707.
4
<PAGE>
MEREDITH, CARDOZO, LANZ & CHIU LLP
Certified Public Accountants
97 South Second Street, Suite 100
San Jose, California 95113
(408) 278-0220
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees and Shareholders
Berkshire Capital Investment Trust
We have audited the accompanying statement of assets and liabilities of
Berkshire Capital Investment Trust (comprising the Berkshire Capital Growth &
Value Fund), including the schedule of portfolio investments, as of December
31, 1997 and the related statements of operations and changes in net assets
for the period from July 1, 1997 (date of inception) to December 31, 1997.
These financial statements are the responsibility of the Company's management.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards 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. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Berkshire Capital Investment
Trust, as of December 31, 1997, and the results of its operations and the
changes in its net assets for the period from July 1, 1997 (date of inception)
to December 31, 1997, in conformity with generally accepted accounting
principles.
/s/ MEREDITH, CARDOZO, LANZ & CHIU LLP
- --------------------------------------
Meredith, Cardozo, Lanz & Chiu LLP
San Jose, California
January 21, 1998
5
<PAGE>
<TABLE>
<CAPTION>
Berkshire Capital Investment Trust
Statement of Assets & Liabilities
December 31, 1997
<S> <C>
ASSETS - Note (1)
Investment in securities, at value
(identified cost - $113,703) ........................... $ 101,090
Cash in bank ........................................... 319
Dividend receivable .................................... 3
-------
Total assets ........................................... 101,412
LIABILITIES
Total liabilities ...................................... 0
-------
Net assets - at value .................................. $ 101,412
=======
NET ASSETS COMPRISED OF:
Common Stock (par value $1.00) ......................... $ 11,738
Paid-in capital ........................................ 104,900
Net realized gain (loss) from investments .............. (2,613)
Net unrealized gain (loss) on investments .............. (12,613)
--------
Total net assets ....................................... $ 101,412
========
Net asset value per share based on
11,738.358 shares outstanding .......................... $ 8.64
========
</TABLE>
See Accompanying Notes to Financial Statements
6
<PAGE>
<TABLE>
<CAPTION>
Berkshire Capital Investment Trust
Statement of Operations
For the Period from July 1, 1997 (date of inception) to December 31, 1997
<S> <C>
INVESTMENT INCOME:
Income:
Dividends .............................................. $ 87
Interest ............................................... 1,051
-----
Total income ........................................... 1,138
-----
Expenses:
Investment advisory fees ............................... 764
Administration fees .................................... 255
Investment advisory and administration fees waived -
Note (7) ............................................... (1019)
-----
Total expenses ......................................... 0
-----
Total investment income ................................ 1,138
-----
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain (loss) on investments ................ (2,613)
Net change in unrealized gain (loss)
on investments for 1997 ................................ (12,613)
--------
Net gain (loss) on investments for 1997 ................ (15,226)
--------
Net increase (decrease) in net assets
resulting from operations .............................. $ (14,088)
========
</TABLE>
See Accompanying Notes to Financial Statements
7
<PAGE>
<TABLE>
<CAPTION>
Berkshire Capital Investment Trust
Statement of Changes in Net Assets
For the Period from July 1, 1997 (date of inception) to December 31, 1997
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income .................................. $ 1,138
Net realized gain (loss) on investments ................ (2,613)
Net change in unrealized gain (loss) on investments .... (12,613)
--------
Net increase (decrease) in net assets
resulting from operations .............................. (14,088)
--------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income .................................. $ (1,138)
Net realized gain on investments ....................... 0
-------
Reinvestment of dividends by shareholders .............. 1,138
CAPITAL SHARE TRANSACTIONS:
Proceeds from sale of shares -
net of redemption, if any .............................. 115,500
-------
Total increase in net assets ........................... 101,412
NET ASSETS:
Beginning of year ...................................... 0
--------
End of year ............................................ $ 101,412
========
</TABLE>
See Accompanying Notes to Financial Statements
8
<PAGE>
Berkshire Capital Investment Trust
Notes to Financial Statements
December 31, 1997
(1) SIGNIFICANT ACCOUNTING POLICIES:
The Berkshire Capital Investment Trust (the "Trust") was organized as a
business trust under the state of Delaware on November 25, 1996. The Trust is
authorized to issue an indefinite number of shares of beneficial interest, par
value $1.00 per share. Shares have non-cumulative voting rights, do not have
preemptive subscription rights and are freely transferable. The Berkshire
Capital Growth & Value Fund is an open-end non-diversified portfolio of the
Trust.
(a) Security Valuation
Investments in securities traded on a national security exchange (or
reported on the NASDAQ national market) are stated at the last reported sales
price on the day of valuation; other securities traded on the over-the-counter
market and listed securities for which no sale was reported on that date are
stated at the last quoted bid price.
(b) Federal Income Taxes
The Trust's policy is to comply with the requirements of the
Internal Revenue Code that are applicable to regulated investment companies
and to distribute all its taxable income to its shareholders. Therefore, no
federal income tax provision is required.
(c) Equalization
The Trust uses the accounting practice of equalization, by which a
portion of the proceeds from the sale and cost of redemption of capital
shares, equivalent on a per share basis to the amount of undistributed net
investment income on the date of the transaction, is credited or charged to
undistributed income. As a result, undistributed net investment income per
share is unaffected by sales or redemption of capital shares.
(d) Use Of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
(continued)
9
<PAGE>
Berkshire Capital Investment Trust
Notes to Financial Statements
(1) SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(e) Distributions To Shareholders
Dividends to shareholders are recorded on the ex-dividend date.
(f) Accounting Practices
The Trust follows the industry practice and records security
transactions on the trade date. The specific identification method is used for
determining gains and losses for financial statement and income tax purposes.
Dividend income is recorded on the ex-dividend date and interest income is
recorded on an accrual basis.
(2) CURRENT YEAR DISTRIBUTIONS TO SHAREHOLDERS:
On December 31, 1997, the Board of Trustees approved the distribution of
$.0979 per share aggregating $1,138 declared from net investment income during
1997. The dividend was paid on December 30, 1997 to shareholders of record on
December 29, 1997. All shareholders have elected to have all dividends
reinvested into additional shares of the Trust's stock. This resulted in the
issuance of 131.698 additional shares of common stock.
As of December 31, 1997, the Trust had available for federal income tax
purposes an unused capital loss carryover of $2,613 which will expire in 2002.
(3) CAPITAL SHARE TRANSACTIONS:
The Trust is authorized to issue an unlimited number of shares of $1.00 par
capital stock. As of December 31, 1997 there was $116,638 of total paid-in
capital.
Shares sold ................. 11,606.660 $ 115,500
Shares issued on
reinvestment of dividends ... 131.698 1,138
Net increase ................ 11,738.358 $ 116,638
========== =========
(4) ORGANIZATIONAL COSTS:
All organizational costs were borne by the Fund's Investment Advisor.
(5) REGISTRATION FEES:
All registration fees were borne by the Fund's Investment Advisor.
(continued)
10
<PAGE>
Berkshire Capital Investment Trust
Notes to Financial Statements
(6) INVESTMENT TRANSACTIONS:
Purchases and sales of investment securities were $122,139 and $5,822
respectively for common stocks. Net loss on investments for the year ended
December 31, 1997 were $15,226. That amount represents the net decrease in
value of investments held during the year. The components are as follows:
Realized loss on securities ........... $ 2,613
Net unrealized loss on securities ..... 12,613
------
Net decrease .......................... $ 15,226
======
(7) INVESTMENT ADVISORY FEES:
The Trust has an Investment Advisory Agreement and a separate Administration
Agreement with Berkshire Capital Holdings, Inc. Under the terms of the
Investment Advisory Agreement, Berkshire Capital Holdings, Inc. will receive a
fee accrued each calendar day (including weekends and holidays) at a rate of
1.5% per annum of the daily net assets of the Fund. Under the Administration
Agreement, Berkshire Capital Holdings, Inc. receives a fee as compensation for
services rendered, facilities furnished and expenses assumed. Such fee is
computed as a percentage of the Fund's daily net assets and are accrued each
calendar day (including weekends and holidays). The administration fee is
based on the following schedule:
Percentage Daily Net Asset Range
---------- ----------------------
.50% $0 to $50 million
.45% $50 to $200 million
.40% $200 to $500 million
.35% $500 to $1 billion
.30% excess of $1 billion
Berkshire Capital Holdings, Inc. may at its discretion, forego fees normally
paid to it by the Trust for services rendered. For the fiscal year ending
December 31, 1997, Berkshire Capital Holdings, Inc. has agreed to irrevocably
waive any and all rights to its investment advisory and administration fees.
The foregoing of such fees for 1997 had a material effect on the Fund's
expense ratio and yield to the shareholders. Such material effect was the
subsequent lowering of the Fund's expense ratio resulting in the increase of
the yield to the shareholders.
(continued)
11
<PAGE>
Berkshire Capital Investment Trust
Notes to Financial Statements
(8) FINANCIAL HIGHLIGHTS:
Selected data for a share outstanding throughout each period:
<TABLE>
<CAPTION>
Financial Highlights, Related Ratios and Supplemental Data
December 31, 1997
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD: ..................... $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................................... .10
Net gains or losses on securities (both realized and unrealized) (1.36)
------
Total from investment operations .......................... 8.74
LESS DISTRIBUTIONS:
Dividends (from net investment income) .................... (.10)
Distributions (from capital gains) ........................ 0
-----
Total distributions ....................................... (.10)
-----
NET ASSET VALUE, END OF PERIOD ............................ $ 8.64
=====
Total return - Note (7) ................................... (12.6%)*
RATIO/SUPPLEMENTAL DATA:
Net assets, end of period ................................. $ 101,412
Ratio of expenses to average net assets - Note (7) ........ 0%
Ratio of net investment income to average net assets ...... 1%
Portfolio turnover rate ................................... 13%
Average commission rate paid for securities transactions
(cost per share) .......................................... $ .7897
<FN>
*Not annualized.
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
Berkshire Capital Investment Trust
Schedule of Portfolio of Investments
December 31, 1997
Shares Percent Unrealized
or of Historical Market Gain
Common Stocks (99.7%) Face Amount Total Cost Value (Loss)
----------- ----- -------- ------- -------
<S> <C> <C> <C> <C> <C>
BEVERAGES:
The Coca-Cola Company* 80 5.3% $ 4,819 $ 5,335 $ 516
---- ------ ----- ----
Total Beverages 5.3% 4,819 5,335 516
PERSONAL CARE:
Gillette Company* 50 5.0% 4,368 5,022 654
---- ------ ----- ----
Total Personal Care 5.0% 4,368 5,022 654
COMPUTER:
Dell Computer Corporation 50 4.1% 4,087 4,200 113
IBM Corporation* 50 5.2% 5,138 5,231 93
Sun Microsystems, Inc. 80 3.1% 3,747 3,190 (557)
----- ------ ------ -----
Total Computer 12.4% 12,972 12,621 (351)
COMPUTER COMPONENTS:
Adaptec, Inc. 60 2.2% 3,016 2,227 (789)
Innovex, Inc.* 150 3.4% 4,469 3,441 (1,028)
---- ----- ----- ------
Total Computer Components 5.6% 7,485 5,668 (1,817)
CONGLOMERATE:
Berkshire Hathaway (Class B) 3 4.6% 4,474 4,617 143
---- ----- ----- ---
Total Conglomerate 4.6% 4,474 4,617 143
FINANCIAL SERVICES:
E*Trade Group, Inc. 230 5.2% 5,632 5,290 (342)
---- ----- ----- -----
Total Financial Services 5.2% 5,632 5,290 (342)
MEDICAL PRODUCTS:
Vivus, Inc. 430 4.5% 12,141 4,569 (7,572)
---- ------ ----- ------
Total Medical Products 4.5% 12,141 4,569 (7,572)
NETWORKING:
Ascend Communications 55 1.3% 2,043 1,347 (696)
3Com Corporation 120 4.1% 5,663 4,192 (1,471)
Cisco Systems, Inc. 442 24.3% 23,361 24,642 1,281
----- ------ ------ -----
Total Networking 29.7% 31,067 30,181 (886)
(continued on next page)
13
<PAGE>
SEMICONDUCTOR:
Intel Corporation* 250 17.3% 20,524 17,563 (2,961)
Texas Instruments* 40 1.8% 2,600 1,800 (800)
---- ----- ----- -----
Total Semiconductor 19.1% 23,124 19,363 (3,761)
SOFTWARE:
Microsoft Corporation 35 4.5% 4,636 4,524 (112)
PeopleSoft, Inc. 100 3.8% 2,985 3,900 915
---- ----- ----- -----
Total Software 8.3% 7,621 8,424 803
Total Common Stocks 113,703 101,090 (12,613)
------- ------- --------
Cash: .3% 322 322
--- --- ---
Total Cash .3% 322 322
Total Investments 100% $ 114,025 $ 101,412 $ (12,613)
==== ======= ======= ========
<FN>
*Income Producing
</TABLE>
14
<PAGE>
BERKSHIRE CAPITAL INVESTMENT TRUST
BERKSHIRE CAPITAL GROWTH & VALUE FUND
-------------------------------------
475 Milan Drive, #103
San Jose, CA 95134
(408) 526-0707
BOARD OF TRUSTEES
-----------------
Malcolm R. Fobes III
Ronald G. Seger
Leland F. Smith
Arthur J. Hopper
INVESTMENT ADVISER/TRANSFER AGENT/FUND ACCOUNTANT
-------------------------------------------------
Berkshire Capital Holdings, Inc.
475 Milan Drive, #103
San Jose, CA 95134
CUSTODIAN
---------
Berkshire Capital Investment Trust
475 Milan Drive, #103
San Jose, CA 95134
LEGAL COUNSEL
-------------
Hall & Evans, L.L.C.
1200 Seventeenth Street
Suite 1700
Denver, CO 80202
INDEPENDENT AUDITOR
-------------------
Meredith, Cardozo Lanz & Chiu LLP
97 South Second Street
Suite 100
San Jose, CA 95113
15
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001030979
<NAME> BERKSHIRE CAPITAL INVESTMENT TRUST
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 113,703
<INVESTMENTS-AT-VALUE> 101,090
<RECEIVABLES> 3
<ASSETS-OTHER> 319
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101,412
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 104,900
<SHARES-COMMON-STOCK> 11,738
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (12,613)
<NET-ASSETS> 101,412
<DIVIDEND-INCOME> 87
<INTEREST-INCOME> 1,051
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 1,138
<REALIZED-GAINS-CURRENT> (2,613)
<APPREC-INCREASE-CURRENT> (12,613)
<NET-CHANGE-FROM-OPS> (14,088)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,138
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,606
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 132
<NET-CHANGE-IN-ASSETS> 11,738
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 101,284
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> (1.36)
<PER-SHARE-DIVIDEND> (.10)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.64
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
