ROCHDALE ATLAS PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
(UNAUDITED)
- --------------------------------------------------------------------------------
ASSETS
U.S. Treasury Bill (10/08/98, Yield 1.014%,
Face Value $54,000, Cost $53,990) $53,990
Cash 760
Deferred organization expense 30,275
-------
TOTAL ASSETS 85,025
-------
Liabilities
Payables --
Due to advisor 30,275
-------
TOTAL LIABILITIES 30,275
-------
NET ASSETS $54,750
=======
COMPOSITION OF NET ASSETS
Paid-in capital $54,750
Undistributed net investment income --
Accumulated net realized gains --
Net unrealized appreciation --
-------
NET ASSETS $54,750
=======
Number of shares, $0.01 par value, issued
and outstanding (unlimited shares authorized) 2,190
=======
NET ASSET VALUE PER SHARE $ 25.00
=======
See Notes to Financial Statements
<PAGE>
ROCHDALE ATLAS PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE PERIOD FROM JUNE 29, 1998* TO SEPTEMBER 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
INVESTMENT INCOME
INCOME
Dividend income $ --
Interest income --
------
Total income --
------
EXPENSES
Amortization of deferred organizational costs 1,082
------
Total expenses 1,082
Less: waiver 1,082
------
Net expenses --
NET INVESTMENT INCOME --
------
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gain (loss):
Investments --
Foreign currency transactions --
------
Net realized gain (loss)
Net unrealized appreciation on:
Investments --
Foreign currency transactions --
------
Net unrealized appreciation --
------
NET REALIZED AND UNREALIZED GAINS --
------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ --
======
- ----------
* Inception
See Notes to Financial Statements
<PAGE>
ROCHDALE ATLAS PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
- --------------------------------------------------------------------------------
FOR THE PERIOD FROM
6/29/98* TO 9/30/98
-------------------
Increase (Decrease) in Net Assets
Operations:
Net investment income $ --
Net realized gain (loss) --
Net unrealized appreciation (depreciation) --
-------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS --
-------
Distributions to shareholders:
From net investment income --
From net realized gains --
-------
TOTAL DISTRIBUTIONS --
-------
Fund share transactions:
Proceeds from shares sold 54,750
Net asset value of shares issued on reinvestment
of distributions --
reinvestment of distributions
Cost of shares redeemed --
-------
NET INCREASE FROM FUND SHARE TRANSACTIONS 54,750
-------
NET INCREASE IN NET ASSETS 54,750
-------
NET ASSETS
Beginning of period --
-------
END OF PERIOD $54,750
=======
CHANGE IN SHARES
Shares sold 2,190
Shares issued on reinvestment of distributions --
Shares redeemed --
NET INCREASE 2,190
=======
- ----------
* Inception
See Notes to Financial Statements
<PAGE>
ROCHDALE MAGNA PORTFOLIO
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1998
(UNAUDITED)
- --------------------------------------------------------------------------------
ASSETS
U.S. Treasury Bill (10/08/98, Yield 1.00%,
Face Value $51,000, Cost $50,990) $50,990
Cash 760
Deferred organization expenses 30,275
-------
TOTAL ASSETS 82,025
-------
Liabilities
Payables --
Due to advisor 30,275
-------
TOTAL LIABILITIES 30,275
-------
Net Assets $51,750
=======
COMPOSITION OF NET ASSETS
Paid-in capital $51,750
Undistributed net investment income --
Accumulated net realized gains --
Net unrealized appreciation --
-------
NET ASSETS $51,750
=======
Number of shares, $0.01 par value, issued
and outstanding (unlimited shares authorized) 2,070
=======
NET ASSET VALUE PER SHARE $ 25.00
=======
See Notes to Financial Statements
<PAGE>
ROCHDALE MAGNA PORTFOLIO
STATEMENT OF OPERATIONS
FOR THE PERIOD FROM JUNE 29, 1998* TO SEPTEMBER 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
INVESTMENT INCOME
INCOME
Dividend income $ --
Interest income --
------
Total income --
------
EXPENSES
Amortization of deferred organizational costs 1,082
------
Total expenses 1,082
Less: waiver 1,082
------
Net expenses --
------
NET INVESTMENT INCOME --
------
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized gain (loss):
Investments --
Foreign currency transactions --
------
Net realized gain (loss)
Net unrealized appreciation on:
Investments --
Foreign currency transactions --
------
Net unrealized appreciation --
------
NET REALIZED AND UNREALIZED GAINS --
------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ --
======
- ----------
* Inception
See Notes to Financial Statements
<PAGE>
ROCHDALE MAGNA PORTFOLIO
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
FOR THE PERIOD FROM
6/29/98* TO 9/30/98
-------------------
INCREASE (DECREASE) IN NET ASSETS
Operations:
Net investment income $ --
Net realized gain (loss) --
Net unrealized appreciation (depreciation) --
-------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS --
-------
Distributions to shareholders:
From net investment income --
From net realized gains --
-------
TOTAL DISTRIBUTIONS --
-------
Fund share transactions:
Proceeds from shares sold 51,750
Net asset value of shares issued on reinvestment
of distributions --
Cost of shares redeemed --
-------
NET INCREASE FROM FUND SHARE TRANSACTIONS 51,750
NET INCREASE IN NET ASSETS 51,750
-------
NET ASSETS
Beginning of period --
-------
END OF PERIOD $51,750
=======
CHANGE IN SHARES
Shares sold 2,070
Shares issued on reinvestment of distributions --
Shares redeemed --
-------
NET INCREASE 2,070
=======
- ----------
* Inception
See Notes to Financial Statements
<PAGE>
ROCHDALE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS AT SEPTEMBER 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
NOTE 1 - ORGANIZATION
Rochdale Atlas Portfolio and Rochdale Magna Portfolio (the "Portfolios")
are diversified series of shares of beneficial interest of Rochdale Investment
Trust (the "Trust"), which is registered under the Investment Company Act of
1940 (the "1940 Act") as an open-end management investment company. The
investment objective of the Trust is to attain long-term total returns. The
Atlas Portfolio seeks to achieve its objective by investing primarily in equity
securities of foreign developed and emerging markets as identified through
Rochdale's proprietary methodology incorporating valuation, financial, economic,
and political attributes. The Magna Portfolio seeks to achieve its objective of
long -term capital appreciation by investing primarily in securities of
companies that meet the fundamental criteria incorporated in the proprietary
methodology of Rochdale Investment Management ("Rochdale" or the "Advisor"),
including various valuation and financial attributes.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Portfolios. These policies are in conformity with generally
accepted accounting principles.
A. Security Valuation. In valuing the Portfolios' assets for calculating
net asset value, readily marketable portfolio securities listed on a
national securities exchange or NASDAQ are valued at the last sale
price on the business day as of which such values is being determined.
If there has been no sale on such exchange or on NASDAQ on such day,
the security is valued at the closing bid price on such day. Readily
marketable securities traded only in an over-the-counter market and
not on NASDAQ are valued at the current or last bid price. If no bid
is quoted on such day, the security is valued by such method as the
Board of Trustees of the Trust shall determine in good faith to
reflect the security's fair value. All other assets of the Portfolios
are valued in such manner as the Board of Trustees in good faith deems
appropriate to reflect their fair value.
B. Federal Income Taxes. The Portfolios intend to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute all of its taxable income to
its shareholders. Therefore, no federal income tax provision is
required.
C. Security Transactions, Investment Income and Distributions. Security
transactions are accounted for on the date the security is purchased
or sold (trade date). Dividend income is recognized on the ex-dividend
date, and interest income is recognized on the accrual basis. Purchase
discounts and premiums on securities held by the Portfolios are
accreted and amortized to maturity using the effective interest
method. Realized gains and losses on securities sold are determined
under the identified cost method.
<PAGE>
ROCHDALE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS AT SEPTEMBER 30, 1998, CONTINUED
- --------------------------------------------------------------------------------
D. Deferred Organization Costs. All of the expenses incurred by the
Advisor in connection with the organization and registration of the
Portfolios' shares will be borne by the Portfolios and are being
amortized to expense on a straight-line basis over a period of five
years.
E. Foreign Currency. Values of investments denominated in foreign
currencies are converted into U.S. dollars using the spot market rate
of exchange at the time of valuation. Purchases and sales of
investments and dividend and interest income are translated into U.S.
dollars using the spot market rate of exchange prevailing on the
respective dates of such translations. The gain or loss resulting from
changes in foreign exchange rates is included with net realized and
unrealized gain or loss from investments, as appropriate.
F. 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 at the date of the financial
statements. Actual results could differ from those estimates.
NOTE 3 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS
Rochdale Investment Management Inc. (the "Advisor") will provided the
Portfolios with investment management services under an Investment Advisory
Agreement. The Advisor will furnish all investment advice, office space,
facilities, and most of the personnel needed by the Trust. As compensation for
its services, the Advisor will be entitled to a monthly fee at the annual rate
of 1.00% from each Portfolio based upon the average daily net assets of each
Portfolio.
The Portfolios are responsible for their own operating expenses. The
Advisor has agreed to reduce fees payable to them by the Portfolios to the
extent necessary to limit each Portfolio's aggregate annual operating expenses
to 2.50%, and 2.75% of average net assets for the Magna and Atlas Portfolios,
respectively. Any such reductions made by the Advisor in its fees or payments or
reimbursement of expenses which are the Portfolios' obligation may be subject to
reimbursement by the Portfolios within the following three years, provided the
Portfolios are able to effect such reimbursement and remain in compliance with
applicable limitations. Through October 31, 1998, the Advisor has voluntarily
waived all expenses of the Portfolios.
Investment Company Administration Corporation (the "Administrator") acts as
the Trust's Administrator under an Administration Agreement. The Administrator
prepares various federal and state regulatory filings, reports and returns for
the Portfolios; prepares reports and materials to be supplied to the trustees;
<PAGE>
ROCHDALE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS AT SEPTEMBER 30, 1998, CONTINUED
- --------------------------------------------------------------------------------
monitors the activities of the Portfolios' custodian, transfer agent and
accountants; coordinates the preparation and payment of Fund expenses and
reviews the Fund's expense accruals. For its services, the Administrator
receives a monthly fee from each Portfolio at a rate of .10% annually of average
net assets, with a minimum annual fee per Portfolio of $40,000.
Rochdale Investment Management, Inc., the Adviser, also acts as the
Portfolios' principal underwriter in a continuous public offering of the
Portfolios' shares.
Certain officers and trustees of the Trust are also officers and/or
directors of the Advisor or Administrator.
NOTE 4 - DISTRIBUTION PLAN
The Portfolios have adopted a Distribution Plan (the "Plan") pursuant to
Rule 12b-1. The Plan provides that the Portfolios may pay for distribution and
related expenses of up to an annual rate of 0.25% of each Portfolio's average
net assets to Rochdale as distributor. Rochdale does not expect to assess a
12b-1 fee during the first year of each Portfolio's operations.
NOTE 5 - PURCHASES AND SALES OF SECURITIES
For the period ended September 30, 1998 the Magna and the Atlas Portfolios
purchased U.S. Government and Government Agency obligations, with a cost of
$50,990 and $53,990, respectively.
