<PAGE>
BERKSHIRE CAPITAL INVESTMENT TRUST
Berkshire Capital Growth & Value Fund
1998
Annual Report
<PAGE>
TABLE OF CONTENTS
Page
----
Letter to Shareholders ........................................ 1
Performance Graph ............................................. 4
Independent Auditor's Report .................................. 5
Schedule of Investments ....................................... 6
Statement of Assets & Liabilities ............................. 7
Statement of Operations ....................................... 8
Statement of Changes in Net Assets ............................ 9
Financial Highlights, Related Ratios and Supplemental Data .... 10
Notes to Financial Statements ................................. 11
<PAGE>
PERFORMANCE SUMMARY
(total returns as of 12/31/98)
- ------------------------------------------------------------------------------
Average annual total
Q1 Q2 Q3 Q4 1 Year return since inception
(07/01/97 - 12/31/98)
==============================================================================
BFOCX 16.44% 13.42% -2.19% 58.06% 104.17% 46.46%
DJIA 11.75% 2.15% -11.99% 17.59% 18.13% 14.71%
S&P 500 13.95% 3.30% -9.95% 21.29% 28.72% 26.44%
NASDAQ 17.02% 3.32% -10.51% 29.58% 40.20% 32.75%
Composite
==============================================================================
Past performance does not guarantee future results.
All returns reflect reinvested dividends.
February 27, 1999
Dear Shareholder:
We are pleased to report that 1998 was an exceptional year for your Fund.
We met our goal of delivering superior returns to our shareholders by posting
a gain of 104.17% for the 12 month period ended December 31. As you can see in
the Performance Summary chart at the top of the page, we outperformed all of
our benchmarks by a substantial margin. Your Fund posted a gain of more than
3.6 times the return of the S&P 500 Index, the most widely used benchmark by
mutual funds for relative market performance. Your Fund also outperformed the
average total return of 14.52% posted by all U.S. equity funds for 1998
according to data from Lipper, Inc., a leading mutual fund rating company.
Further establishing our relative outperformance was The Wall Street Journal's
report that 83% of all U.S. equity funds failed to match the returns of the
S&P 500 index for 1998. While we are enthusiastic about our performance, it is
important to remind our shareholders that we are certain such remarkable
returns are unsustainable over the long-term. Nevertheless, 1998 was a year
that we will never forget and we hope that you enjoyed being a part of our
success.
The performance of your Fund did not go unrecognized as The Wall Street
Journal and Lipper, Inc. ranked your Fund the #5 best-performing equity fund
in the U.S. for 1998. The Fund was also ranked by Lipper, Inc. as the #1 fund
in its category for the same period. Mutual Funds Magazine, a leading mutual
fund publication, also noted our exceptional performance by naming the Fund as
one of its 1998 All-Star Mutual Funds. Mutual Fund Magazine also awarded your
Fund the title of "1998 Rookie Fund of the Year" which is a prestigious award
given annually to the fund with outstanding performance in its first full-year
of operation.
TECHNOLOGY LEADERS POSTED STRONG GAINS FOR 1998
The Fund's heavy weighting in technology stocks contributed substantially
to its performance for the year. We have always maintained a bias towards
investing in the technology sector because we believe that technology is
quickly becoming the key driver of the U.S. economy. Moreover, your Fund's
principal office is located in the heart of Silicon Valley, giving us a
tremendous advantage in utilizing our connections within the industry. From
our Silicon Valley location we can witness the direction of technology
firsthand, allowing us to make informed investment decisions on behalf of the
Fund.
Annual Report to Shareholders | 1
<PAGE>
DELL COMPUTER SETS THE PACE
Among the Fund's best performing investments for 1998 was Dell Computer
which gained 249% for the year. We believe that Dell is one of the most
efficiently managed companies in the world. Dell employs an intensely focused
business model based on the direct delivery of high-end PCs to its customers.
The fundamental advantage of Dell's direct model is that it allows the company
to maintain inventories that are closely matched to user demand. As a result,
Dell can install components into its computers reflecting only the very latest
technology. Dell's direct business model also allows the company to pass on
lower component prices to its customers. Most importantly, Dell's direct
relationship with its customers allows the company to deliver a superior
customer experience which builds customer satisfaction and brand loyalty. Dell
has everything we like in a company and we anticipate that it will remain a
core holding of our Fund for 1999 and beyond.
NETWORKING LEADER EXECUTES FLAWLESSLY
Another company which performed exceptionally well during 1998 was Cisco
Systems which appreciated 152%. Cisco is the world's leading supplier of
high-performance networking equipment for the Internet. The company dominates
the networking equipment space by offering the broadest line of networking
products. Cisco has demonstrated a history of spectacular sales and earnings
growth while maintaining gross margins of more than 65%. We are excited about
owning the market leader in a rapidly growing industry. Looking forward to
1999, we see the company entering into a strong product cycle where it will
introduce as many new products in a single quarter as it would normally
introduce during a full year. Cisco is clearly positioned to enjoy solid
growth in the future and we expect the company to remain a core holding of the
Fund.
MICROSOFT CONTINUES TO DOMINATE
Microsoft also contributed substantially to the Fund's overall performance
for 1998 with a return of 115%. The company's dominance in the personal
computer market remains unchallenged by its competitors. If you own a personal
computer, it is almost certain that you are using a Microsoft product. It has
been estimated that 90% of all personal computers currently use a Microsoft
operating system. There is no question that as the proliferation of the
personal computer continues to grow, Microsoft stands only to benefit since it
receives a royalty each time a computer is sold. Meanwhile, we continue to
monitor the government's antitrust suit against the company and are of the
opinion that the Microsoft will ultimately prevail. Looking at Microsoft's
financial performance, we find the company's record as nothing short of
extraordinary. Today, Microsoft has gross margins of 90% and over $19 billion
in cash on its balance sheet. The company's net margins are 40% and are
continuing to expand. This means that for every $1 of sales, Microsoft retains
$.40 in after-tax earnings. With such phenomenal financial performance and
favorable prospects going forward, it is easy to see why Microsoft continues
to be a major holding of our Fund.
Annual Report to Shareholders | 2
<PAGE>
AN 800-POUND GORILLA IS BORN
Another top-performing technology stock for the Fund during 1998 was
America Online. Already the most dominant franchise of the Internet space,
America Online truly came of age during the period as the company's share
price appreciated a stunning 576%. With over 17 million subscribers, America
Online is the world's leading provider of Internet access and content. The
company has successfully leveraged its brand name into multiple sources of
revenue streams including membership fees, high-margin advertising and
electronic commerce. America Online's pending combination with Netscape and
its alliance with Sun Microsystems will allow the company to continue to build
on its momentum as the industry leader. Looking ahead we believe the company
is better positioned than ever to be able to provide consistent and
predictable financial returns to investors. We expect America Online to remain
an integral part of our portfolio during 1999.
INTERNET MEDIA KING SOARS
For 1998, the single stock that clearly outpaced all other investments for
the Fund was Yahoo!. Shareholders of the company saw the value of their
holdings increase by 584% during the period. Yahoo! is an Internet media
company widely known for its popular search engine used to navigate the Web.
The company has the most heavily trafficked web-site on the Internet and
derives the majority of its revenues from the high-margin advertisements on
its web pages and electronic commerce. The company has built a strong
brand-name and is one of the few businesses in the sector to have ever made a
profit. Yahoo!'s underlying business model is tremendously profitable with
gross margins of 90% or roughly equivalent to that of Microsoft's. The company
also has a strong balance sheet with no debt and nearly $500 million in cash.
We continue to be impressed by Yahoo!'s quality management team and the
company's ability to consistently beat revenues and earnings projections. We
expect to continue to own Yahoo! for many years to come.
LONG-TERM OUTLOOK IS BRIGHT
Looking ahead, we anticipate the economy will continue to grow at a steady
rate with low inflation, an environment which is very favorable for financial
assets. We also believe that the worst of the Asia-Pacific crisis is behind
us. Our goal for 1999 will be to continue to focus our investments in only
those companies which have dominant franchises and strong growth prospects.
Moreover, we are very enthusiastic about the potential of all the Fund's
current holdings. You can be assured that we will be working hard on your
behalf to continue the trend that we began in 1998. Thank you for your
confidence in our abilities and for your investment in the Berkshire Capital
Growth & Value Fund.
Sincerely,
/s/ Malcolm R. Fobes III
---------------------------------
Malcolm R. Fobes III
Chairman & Chief Investment Officer
Annual Report to Shareholders | 3
<PAGE>
PERFORMANCE OVERVIEW
Hypothetical $10,000 Investment At Inception*
Average Annual Total Return
for the periods ended December 31, 1998
One Year Since Inception*
104.14% 46.46%
[GRAPH DEPICTED HERE]
S&P 500 BERKSHIRE CAPITAL
INDEX GROWTH & VALUE FUND
MONTH $ AMOUNT $ AMOUNT
------ --------- -------------
JUN-97 $10,000 $ 10,000
JUL-97 10,795 10,000
AUG-97 10,191 9,950
SEP-97 10,748 10,050
OCT-97 10,390 9,500
NOV-97 10,870 9,510
DEC-98 11,057 8,738
JAN-98 11,179 9,699
FEB-98 11,985 10,174
MAR-98 12,598 10,174
APR-98 12,725 10,346
MAY-98 12,506 10,042
JUN-98 13,014 11,539
JUL-98 12,876 11,560
AUG-98 11,017 9,314
SEP-98 11,722 11,287
OCT-98 12,675 11,620
NOV-98 13,443 14,078
DEC-98 14,217 17,822
* The inception date of the Fund was July 1, 1997. Past performance does not
guarantee future results. Investment return and principal value will fluctuate
so that shares, when redeemed, may be worth more or less than their original
cost. All returns reflect reinvested dividends. The Standard & Poor's 500
Index (the "Index") represents an unmanaged, broad-basket of stocks. The Index
is typically used as a proxy for overall market performance. The Fund's
portfolio may differ significantly from the securities in the Index. The Index
does not reflect the cost of portfolio management or trading.
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 accompanied or
preceded by an effective Prospectus which includes details regarding the
Fund's objectives, policies, expenses and other information. Please read the
prospectus carefully.
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 (877) 526-0707.
Annual Report to Shareholders | 4
<PAGE>
Independent
Auditor's Report
To the Shareholders and Board of Trustees
Berkshire Capital Growth & Value Fund
San Jose, California
We have audited the accompanying statement of assets and liabilities of
Berkshire Capital Growth & Value Fund, including the schedule of portfolio
investments, as of December 31, 1998, and the related statement of operations
for the year then ended, the statement of changes in net assets and financial
highlights for the year then ended and the period from July 1, 1997
(commencement of operations) to December 31, 1997 in the period then ended.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits 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 and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of investments
and cash held by the custodian as of December 31, 1998 by correspondence with
the custodian. 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 audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Berkshire Capital Growth & Value Fund as of December 31, 1998, the results of
its operations for the year then ended, the changes in its net assets and the
financial highlights for the year then ended and for the period from July 1,
1997 (commencement of operations) to December 31, 1997 in the period then
ended, in conformity with generally accepted accounting principles.
/s/ McCurdy & Associates
- ------------------------------
McCurdy & Associates CPA's, Inc.
Westlake, Ohio 44145
January 10, 1999
Annual Report to Shareholders | 5
<PAGE>
Berkshire Capital Growth & Value Fund
Schedule of Investments
December 31, 1998
Number of
Shares Value
------ -----
COMMON STOCKS - 66.18%
Computers - Micro - 8.29%
Dell Computer Corp.* 400 $ 29,275
------
Computer Software - 3.54%
Microsoft Corp.* 90 12,482
------
Computer Storage Devices - 3.61%
EMC Corp. - Mass* 150 12,750
------
Conglomerate - 2.00%
Berkshire Hathaway (Class B)* 3 7,050
-----
Internet Software - 25.63%
America Online, Inc.* 400 62,050
Yahoo!, Inc. 120 28,433
------
90,483
------
Medical - Drugs - 2.13%
Warner-Lambert Company 100 7,519
-----
Networking Products - 13.28%
Cisco Systems, Inc.* 505 46,870
------
Semiconductor - 3.36%
Intel Corp. 100 11,856
------
Telecommunication Equipment - 4.34%
Lucent Technologies, Inc. 80 8,795
Tellabs, Inc.* 95 6,513
-----
15,308
------
TOTAL COMMON STOCKS
(cost - $129,033) 233,593
-------
REPURCHASE AGREEMENTS - 28.33%
Fifth Third Bank, 3.82%,
dated 12/31/98, maturing 1/4/99,
to be repurchased at $100,010
collateralized by $100,000 in
Federal National Mortgage Association,
7.0%, 11/1/17,
(cost $100,000) 100,000 100,000
-------
OTHER ASSETS
LESS LIABILITIES - 5.49% 19,395
------
NET ASSETS - 100%
Equivalent to $16.44 per share $ 352,988
=======
*Non-income producing
(See Accompanying Notes to Financial Statements)
Annual Report to Shareholders | 6
<PAGE>
Berkshire Capital Growth & Value Fund
Statement of Assets and Liabilities
December 31, 1998
ASSETS:
Investment in securities, at value
(identified cost - $229,033) ........................... $ 333,593
Cash in bank ........................................... 14,385
Subscriptions receivable ............................... 5,000
Interest receivable .................................... 10
-------
Total Assets ........................................... 352,988
-------
LIABILITIES:
Total Liabilities ...................................... 0
-------
NET ASSETS ................................................ $ 352,988
=======
NET ASSETS COMPRISED OF:
Capital paid-in on shares of beneficial interest ...... $ 248,408
Undistributed net investment income ................... 20
Accumulated unrealized appreciation on investments .... 104,560
-------
NET ASSETS ................................................ $ 352,988
=======
Net asset value per share based on
21,474 shares outstanding ................................. $ 16.44
=====
(See Accompanying Notes to Financial Statements)
Annual Report to Shareholders | 7
<PAGE>
Berkshire Capital Growth & Value Fund
Statement of Operations
For the Period Ended December 31, 1998
INVESTMENT INCOME:
Dividends ............................................. $ 152
Interest .............................................. 228
---
Total Investment Income ................................... 440
---
EXPENSES:
Investment advisory fees .............................. 2,410
Administration fees ................................... 803
---
Total expenses before fee waiver .......................... 3,213
Investment advisory and administration
fees waived - Note (6) .............................. (3,213)
------
Total Expenses ............................................ 0
------
NET INVESTMENT INCOME ..................................... 440
---
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS:
Net realized gain on investments ...................... 24,183
Net change in unrealized appreciation on investments .. 117,173
-------
Net Gain on Investments ................................... 141,356
-------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ................................. $ 141,796
=======
(See Accompanying Notes to Financial Statements)
Annual Report to Shareholders | 8
<PAGE>
Berkshire Capital Growth & Value Fund
Statement of Changes in Net Assets
Year Period (a)
Ended Ended
12/31/98 12/31/97
-------- --------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS:
Net investment income ....................... $ 440 $ 1,138
Net realized gain (loss) on investments ..... 24,183 (2,613)
Net change in unrealized appreciation
on investments ............................ 117,173 (12,613)
------- --------
Net increase (decrease) in net assets
from operations ............................... 141,796 (14,088)
------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income ....................... (420) (1,138)
Net realized gain on investments ............ (21,571) 0
------ -------
Total distributions to shareholders ............. (21,991) (1,138)
CAPITAL SHARE TRANSACTIONS - Note 2:
Proceeds from shares sold.................... 109,780 115,500
Increase from shares issued in
reinvested distributions .................. 21,991 1,138
Shares redeemed ............................. 0 0
------ -------
Net increase in net assets from
capital share transactions ...................... 131,771 116,638
TOTAL INCREASE IN NET ASSETS .................... 251,576 101,412
NET ASSETS:
Beginning of period
(including undistributed net investment
income of $0) .............................. 101,412 0
------- -------
End of period
(including undistributed net investment
income of $20 and $0 respectively) ......... $ 352,988 101,412
======= =======
(a) Represents the period from the commencement of operations
(July, 1 1997) to December 31, 1997.
(See Accompanying Notes to Financial Statements)
Annual Report to Shareholders | 9
<PAGE>
Berkshire Capital Growth & Value Fund
Financial Highlights
Year Period (a)
Ended Ended
12/31/98 12/31/97
-------- --------
Per Share Data for a Share Outstanding
Throughout Each Period
NET ASSET VALUE, BEGINNING OF PERIOD: $ 8.64 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................... .03 .10
Net realized and unrealized
gains (losses) on investments .......... 8.97 (1.36)
---- -----
Total from investment operations ............. 9.00 8.74
DISTRIBUTIONS:
Dividends (from net investment income) ... (.02) (.10)
Distributions (from capital gains) ....... (1.18) 0
----- -----
Total distributions .......................... (1.20) (.10)
----- -----
NET ASSET VALUE, END OF PERIOD: $ 16.44 $ 8.64
===== ====
TOTAL RETURN - Note (6) ...................... 104.17% (12.60%)(b)
SUPPLEMENTAL DATA AND RATIOS:
Net assets, end of period .................... $ 352,988 $ 101,412
Ratio of expenses to
average net assets(c) .................. 1.93% 1.00%(b)
Ratio of expenses to
average net assets(d) .................. 0% 0%
Ratio of net investment income to
average net assets(c) .................. (1.66%) 0.12%(b)
Ratio of net investment income to
average net assets(d) .................. 0.26% 1.12%(b)
Portfolio turnover rate .................. 136% 13%(b)
(a) Represents the period from the commencement of operations
(July, 1 1997) to December 31, 1997.
(b) Not annualized.
(c) Before fee waiver.
(d) After fee waiver.
(See Accompanying Notes to Financial Statements)
Annual Report to Shareholders | 10
<PAGE>
Berkshire Capital Growth & Value Fund
Notes to Financial Statements
December 31, 1998
(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 (the "Fund") is an open-end non-diversified
portfolio of the Trust. The Fund's investment objective is to seek long-term
capital appreciation through investments in equity securities.
(a) Security Valuation
------------------
The market value of securities listed on a national exchange is determined to
be the last recent sales price on such exchange. Listed securities that have
not recently traded and over-the-counter securities are valued at the last bid
price in such market. Other assets are valued at fair market value as
determined in good faith by the Board of Trustees.
(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) 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.
(d) Distributions to Shareholders
-----------------------------
Dividends to shareholders are recorded on the ex-dividend date.
(e) Security Transactions and Related Income
---------------------------------------
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.
Annual Report to Shareholders | 11
<PAGE>
Berkshire Capital Growth & Value Fund
Notes to Financial Statements
December 31, 1998
(2) CAPITAL SHARE TRANSACTIONS:
The Trust is authorized to issue an unlimited number of shares of $1.00 par
capital stock. As of December 31, 1998 there was $248,408 of total paid-in
capital.
1998 1997
Shares Amount Shares Amount
------ ------ ------ ------
Shares sold ..................... 8,415 $109,780 11,607 $115,500
Shares issued on
reinvestment of dividends ..... 1,321 21,991 132 1,138
Shares redeemed.................. 0 0 0 0
(3) ORGANIZATIONAL COSTS:
All organizational costs were borne by the Fund's Investment Advisor.
(4) REGISTRATION FEES:
All registration fees were borne by the Fund's Investment Advisor.
(5) INVESTMENT TRANSACTIONS:
Purchases and sales of investment securities, other than U.S. Government
obligations and short-term investments, were $200,936 and $209,791
respectively. Net gain on investments for the period ended December 31, 1998
were $141,356. That amount represents the net increase in value of
investments held during the period.
For federal income tax purposes, the cost of investments owned at
December 31, 1998 was the same as identified cost. At December 31, 1998
the composition of unrealized appreciation (the excess of value over tax cost)
and depreciation (the excess of tax cost over value) was as follows:
Appreciation ........ $ 106,204
Depreciation ........ (1,644)
-------
Net appreciation..... $ 104,560
=======
Annual Report to Shareholders | 12
<PAGE>
Berkshire Capital Growth & Value Fund
Notes to Financial Statements
December 31, 1998
(6) RELATED PARTY TRANSACTIONS/
INVESTMENT ADVISORY AND ADMINISTRATION FEES:
Certain officers and directors of the Trust are also officers and directors of
Berkshire Capital Holdings, Inc. 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 period ending December
31, 1998 Berkshire Capital Holdings, Inc. has waived all investment advisory
and administration fees. The foregoing of such fees for 1998 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.
As of December 31, 1998, Malcolm R. Fobes III and Ronald G. Seger owned 38%
and 27% of the Fund's outstanding shares respectively and are considered
control persons as defined under Section 2(a)(9) of the 1940 Act by virtue of
their ownership of more than 25% of the voting securities of the Fund. Mr.
Fobes is Chairman of the Fund and shareholder of Berkshire Capital Holdings,
Inc. Mr. Seger is a Trustee of the Fund and also a shareholder of Berkshire
Capital Holdings, Inc.
Annual Report to Shareholders | 13
<PAGE>
Berkshire Capital Investment Trust
Berkshire Capital Growth & Value Fund
-------------------------------------
475 Milan Drive
Suite #103
San Jose, CA 95134
(877) 526-0707
Board of Trustees
-----------------
Malcolm R. Fobes III
Ronald G. Seger
Leland F. Smith
Andrew W. Broer
Investment Adviser/Administrator
--------------------------------
Berkshire Capital Holdings, Inc.
475 Milan Drive
Suite #103
San Jose, CA 95134
Legal Counsel
-------------
Brown, Cummins & Brown Co., L.P.A.
3500 Carew Tower
441 Vine Street
Cincinnati, Ohio 45202
Independent Auditor
-------------------
McCurdy & Associates CPA's, Inc.
27955 Clemens Road
Westlake, OH 44145
Transfer Agent
--------------
Mutual Shareholder Services
1301 East Ninth Street
Suite #3600
Cleveland, OH 44114
Custodian
---------
Fifth Third Bank
38 Fountain Square Plaza
Cincinnati, OH 45263
Annual Report to Shareholders | 14
