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ROCHDALE
INVESTMENT TRUST
ROCHDALE MAGNA PORTFOLIO
ROCHDALE ALPHA PORTFOLIO
ROCHDALE ATLAS PORTFOLIO
SEMI-ANNUAL REPORT
FOR THE SIX MONTHS ENDED
SEPTEMBER 30, 1999
<PAGE>
ROCHDALE INVESTMENT TRUST
November 28, 1999
Dear Fellow Shareholder:
We are pleased to report the six month investment performance of the Rochdale
Atlas ("Atlas"), Rochdale Magna (" Magna") and Rochdale Alpha ("Alpha")
portfolios through September 30, 1999.
ROCHDALE ATLAS PORTFOLIO
Many of the developed international economies moved closer to or entered into
the beginnings of an economic recovery during the six months ended September 30,
1999. Japan is the most significant international economy to reach the status of
economic recovery. This portends well not only for the U.S. economy but also for
many of the emerging economies of Southeast Asia. The principal risk to the
sustainable recovery at this time appears to be related to the much needed
structural reforms in the financial systems of several Asian counties. These
financial systems lag the level required to establish a complete and robust
recovery. The consensus expectations for the year 2000 call for continued growth
in most Asian and Latin American countries with Europe beginning to slow down.
While most foreign countries are at different points in their economic cycle
than the U.S., we expect the U.S. economy will remain an important influence on
the development of the economic recoveries around the world.
The Atlas portfolio rose 14.2% during the six month period ended September 30,
1999. For the same period, the Dow Jones International Index (excluding U.S.)
returned 17.7% and the Morgan Stanley EAFE index returned 12.9%. We are pleased
with the performance of the portfolio during the past six months as we are well
positioned to benefit from the expected growth of the Asian and Latin American
markets for the remainder of the year.
Our strategy of selecting the most attractive countries from the universe of
world markets continues to highlight the attractiveness of many Asian and Latin
American markets, given the revival in their economies over the past half year.
The countries in which we were invested on September 30, 1999 are:
* Austria * Chile * Korea
* Belgium * India * Norway
* Brazil * Ireland * Philippines
* Singapore
ROCHDALE MAGNA PORTFOLIO
The Magna portfolio is invested in those companies we believe are attractive
from an investment perspective within the major industries of the S&P 500
universe. We employ a structured fundamental methodology to select those
companies expected to perform well relative to their industry peers. We expect
to hold companies as long as they remain within the top half of their peer
group. The portfolio's objective is to monitor its turnover so that the turnover
is lower than average and therefore captures the benefits of lower taxation.
This was evidenced by the low turnover of 5.0% experienced during the six month
period ended September 30, 1999. We are invested across all major economic
sectors, excluding utilities, and believe this balance has provided the
portfolio with the favorable returns of 2.2% for the six months ended September
30, 1999, which compares favorably to the S&P 500 return of 0.7%.
As of September 30, 1999 the top five holdings in Magna were:
COMPANY ROCHDALE MAGNA PORTFOLIO
- ------- ------------------------
BMC Software Inc 3.5%
Unisys Corp 3.5%
Texas Instruments Inc 3.5%
Cisco Systems Inc 3.5%
Tyco Intl Ltd 3.4%
<PAGE>
ROCHDALE ATLAS PORTFOLIO
ROCHDALE ALPHA PORTFOLIO
The Alpha portfolio seeks to provide performance associated with the small- and
mid-cap companies of the S&P universe. Historically these small- and medium-size
companies have experienced higher levels of variability and also higher rates of
return. The Alpha companies are selected through our own research analysts'
direct research work. The companies are selected based on the research conducted
by the analysts using an array of factors including revenue growth, earnings
growth and assessments of competitors and industry dynamics. The portfolio is
more concentrated than the Magna portfolio and therefore is subject to higher
variability relative to the benchmark indices.
On June 1, 1999, we commenced the Alpha portfolio. For the period from inception
to September 30, 1999, the portfolio returned 4.4%. This compares to the
benchmark returns for the S&P MidCap 400 and the S&P SmallCap 600 Indices of
- -8.3% and 0.5% respectively.
The five leading companies in which we are invested on September 30 are:
COMPANY ROCHDALE ALPHA PORTFOLIO
- ------- ------------------------
Vicor Corp 7.3%
Hannaford Bros Co 4.9%
Metris Cos Inc 4.8%
Linear Technology Corp 4.6%
Hormel Foods Corp 4.3%
We are pleased with the performance of each of the portfolios in relation to
their respective benchmarks and are confident in their diversified nature. While
past performance is not indicative of future returns, we believe each portfolio
is well positioned to capture the returns associated with the risks of the asset
class that the portfolio is dedicated to providing.
Sincerely,
Carl Acebes
Garrett R. D'Alessandro
Portfolio Managers
4
<PAGE>
ROCHDALE ATLAS PORTFOLIO
SCHEDULE OF INVESTMENTS AT SEPTEMBER 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
Shares COMMON STOCKS: 100.51% Market Value
- --------------------------------------------------------------------------------
AUSTRIA - 7.58%
BANKS - 3.91%
9,471 Bank Austria AG...................................... $ 471,128
-----------
9,425 Erste Bank Der Ost................................... 480,473
-----------
951,601
-----------
BUILDING MATERIALS - 1.90%
20,824 Wienerberger Baust................................... 463,097
-----------
ENERGY - 1.77%
4,659 OMV AG............................................... 431,542
-----------
TOTAL FOR AUSTRIA.................................... 1,846,240
-----------
BELGIUM - 9.08%
BANKS - 2.46%
11,791 KBC Bankverzekerin NFV............................... 599,081
-----------
FINANCIAL SERVICES - 5.40%
5,771 Almanij (Algem Maa).................................. 313,172
17,302 Fortis B............................................. 563,352
2,309 Gpe Bruxelles Lam.................................... 439,783
-----------
1,316,307
-----------
MERCHANDISE - 1.22%
3,711 Delhaize Le Lion..................................... 296,152
-----------
PETROLEUM REFINING: 0.00%
2,106 Total ............................................... 22
-----------
TOTAL FOR BELGIUM.................................... 2,211,562
-----------
BRAZIL - 9.58%
BANKS - 1.02%
14,078 Unibanco Uniao De Barncos Bras Bank.................. 249,005
-----------
CRUDE PETROLEUM AND NATURAL GAS - 3.91%
60,850 Petroleo Brasileiro Sa Petro......................... 953,634
-----------
MALT BEVERAGE - 1.65%
33,530 Companhia Cerveja Ria Brahma......................... 402,360
-----------
PULP MILLS MANUFACTURING - 1.83%
29,000 Companhia Energetoca De Minas........................ 445,422
-----------
5
<PAGE>
ROCHDALE ATLAS PORTFOLIO
SCHEDULE OF INVESTMENTS AT SEPTEMBER 30, 1999 (UNAUDITED), CONTINUED
- --------------------------------------------------------------------------------
Shares Market Value
- --------------------------------------------------------------------------------
RAW MATERIALS - 0.73%
8,450 Aracruz Celulose SA.................................. $ 176,394
-----------
TELECOMMUNICATIONS - 0.44%
6,800 Telesp Participacpoes SA............................. 107,100
-----------
TOTAL FOR BRAZIL..................................... 2,333,915
-----------
CHILE - 7.78%
BANKS - 1.33%
18,885 Banco Santander Chile ADR............................ 324,586
-----------
MERCHANDISE - 1.20%
17,446 Distribucion Y Servicio D & S ADR.................... 293,311
-----------
MULTI-INDUSTRY - 1.19%
28,590 Quinenco SA ADR...................................... 289,474
-----------
TELECOMMUNICATIONS - 1.46%
19,663 Compania CIA De Telecom De Chile ADR................. 355,163
-----------
UTILITIES - 2.60%
20,387 Chilectra SA ADR..................................... 386,472
11,827 Enersis SA ADR....................................... 246,889
-----------
633,361
-----------
TOTAL FOR CHILE...................................... 1,895,895
-----------
FRANCE - 1.11%
ENERGY - 1.11%
2,106 Total Fina........................................... 264,425
72 Total Fina SA........................................ 4,567
-----------
268,992
-----------
TOTAL FOR FRANCE..................................... 268,992
-----------
INDIA - 12.53%
BEVERAGES - 2.37%
23,142 ITC Ltd. GDR......................................... 578,550
-----------
CHEMICALS - 2.57%
57,670 Reliance Industries Ltd. GDR......................... 625,731
-----------
6
<PAGE>
ROCHDALE ATLAS PORTFOLIO
SCHEDULE OF INVESTMENTS AT SEPTEMBER 30, 1999 (UNAUDITED), CONTINUED
- --------------------------------------------------------------------------------
Shares Market Value
- --------------------------------------------------------------------------------
HEALTH CARE - 1.16%
11,924 Ranbaxy Laboratories Ltd. GDR........................ $ 283,195
-----------
MOTOR VEHICLES - 0.80%
18,413 Bajaj Auto Ltd. GDR.................................. 195,638
-----------
MULTI-INDUSTRY - 4.06%
76,873 India Fund Inc....................................... 989,740
-----------
TELECOMMUNICATIONS - 1.57%
37,463 Mahanagar Telephone NI GDR........................... 379,313
-----------
TOTAL FOR INDIA...................................... 3,052,167
-----------
IRELAND - 8.50%
BANKS - 3.22%
16,403 Allied Irish Banks PLC............................... 417,251
45,172 Bank of Ireland...................................... 367,699
-----------
784,950
-----------
BUILDING MATERIALS - 1.51%
19,341 CRH.................................................. 367,966
-----------
HEALTH CARE - 2.39%
3,684 Elan Corp............................................ 119,783
13,754 Elan PLC ADR......................................... 461,619
-----------
581,402
-----------
TRANSPORTATION - AIR - 1.38%
7,311 Ryanair Holdings PLC................................. 335,392
-----------
TOTAL FOR IRELAND.................................... 2,069,710
-----------
REPUBLIC OF KOREA - 15.28%
AUTOMOBILES - 2.38%
77,407 Hyundai Motor Co. GDR................................ 522,497
47,666 Hyundai Motor Co..................................... 57,199
-----------
579,696
-----------
CHEMICALS - 2.83%
20,204 LG Chemical Ltd. GDR................................. 689,967
-----------
ELECTRONIC APPLIANCES - 3.31%
12,870 Samsung Electronics Ltd.............................. 806,048
-----------
7
<PAGE>
ROCHDALE ATLAS PORTFOLIO
SCHEDULE OF INVESTMENTS AT SEPTEMBER 30, 1999 (UNAUDITED), CONTINUED
- --------------------------------------------------------------------------------
Shares Market Value
- --------------------------------------------------------------------------------
MULTI-INDUSTRY: 3.66%
71,000 Korea Fund Inc....................................... $ 891,938
-----------
TELECOMMUNICATIONS - 0.99%
23,360 SK Telecommunications Ltd............................ 240,900
-----------
UTILITIES - 2.11%
32,049 Korea Electric Power Corp. ADR....................... 514,787
-----------
TOTAL FOR REPUBLIC OF KOREA.......................... 3,723,336
-----------
NORWAY - 8.09%
BANKS - 2.65%
163,067 Den Norske Bank...................................... 644,143
-----------
ENERGY - 4.56%
17,479 Norsk Hydro AS ADR................................... 751,597
18,878 Petroleum Geological Services AS ADR................. 359,862
-----------
1,111,459
-----------
FINANCIAL SERVICES - 0.87%
28,330 Storebrand ASA....................................... 212,114
-----------
TRANSPORTATION - SEA - 0.01%
222 Leif Hoegh & Co...................................... 2,522
-----------
TOTAL FOR NORWAY..................................... 1,970,238
-----------
PHILIPPINES - 9.42%
ENERGY - 1.22%
3,286,882 Petron Corp.......................................... 297,346
-----------
MULTI-INDUSTRY - 5.70%
1,602,917 Ayala Corp........................................... 384,073
157,703 First Philippine Fund Inc............................ 1,005,357
-----------
1,389,430
-----------
REAL ESTATE - 1.37%
1,982,204 SM Prime Holdings Inc................................ 334,406
-----------
TELECOMMUNICATIONS - 1.13%
12,680 Philippine Long Distance Telephone Co. ADR........... 275,790
-----------
TOTAL FOR PHILIPPINES................................ 2,296,972
-----------
8
<PAGE>
ROCHDALE ATLAS PORTFOLIO
SCHEDULE OF INVESTMENTS AT SEPTEMBER 30, 1999 (UNAUDITED), CONTINUED
- --------------------------------------------------------------------------------
Shares Market Value
- --------------------------------------------------------------------------------
SINGAPORE - 11.56%
BANKS - 3.86%
61,000 Overseas Chinese Bank................................ $ 473,647
61,442 United Overseas Bank................................. 466,236
-----------
939,883
-----------
BROADCASTING AND PUBLISHING - 2.08%
32,100 Singapore Press HD................................... 506,047
-----------
ELECTRONICS - 1.79%
117,000 Natsteel Electronics................................. 437,029
-----------
REAL ESTATE - 2.03%
9,000 City Developments Ltd. ADR........................... 45,781
88,362 City Developments.................................... 449,607
-----------
495,388
-----------
TRANSPORTATION - AIRLINES - 1.80%
45,000 Singapore Airlines................................... 439,412
-----------
TOTAL FOR SINGAPORE.................................. 2,817,759
-----------
Total Common Stocks (cost $23,835,104)............... 24,486,786
-----------
Total Investment in Securities
(cost $23,835,104+): 100.51%......................... 24,486,786
Liabilities in excess of Other Assets: (0.51%)....... (124,500)
-----------
TOTAL NET ASSETS: 100%............................... $24,362,286
===========
+ At September 30, 1999, the cost for Federal income tax purposes was the same
as the basis for financial reporting. Unrealized appreciation and depreciation
of securities were as follows:
Gross unrealized appreciation........................ $ 2,519,929
Gross unrealized depreciation........................ (1,868,247)
-----------
Net unrealized appreciation...................... $ 651,682
===========
See accompanying Notes to Financial Statements.
9
<PAGE>
ROCHDALE MAGNA PORTFOLIO
SCHEDULE OF INVESTMENTS AT SEPTEMBER 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
Shares COMMON STOCKS - 100.61% Market Value
- --------------------------------------------------------------------------------
APPAREL - 0.11%
408 VF Corp.............................................. $ 12,648
-----------
AUTOMOTIVE - 1.00%
2,249 Ford Motor Co. Del................................... 112,872
-----------
BANKS - 5.10%
2,000 Bank of America Corp................................. 111,375
3,792 Chase Manhattan Corp. New............................ 285,822
4,883 Fleet Financial Group Inc............................ 178,840
-----------
576,037
-----------
BASIC MATERIALS - 5.88%
10,000 Engelhard Corp....................................... 181,875
7,223 Mead Corp............................................ 248,291
4,554 Sealed Air Corp. New................................. 233,677
-----------
663,843
-----------
BUSINESS SERVICES - 8.16%
3,364 Computer Sciences Corp............................... 236,531
6,067 De Luxe Corp......................................... 206,278
5,572 Interpublic Group Cos., Inc.......................... 229,148
7,317 Paychex Inc.......................................... 249,693
-----------
921,650
-----------
CAPITAL GOODS - 8.63%
2,740 Honeywell Inc........................................ 304,996
6,009 ITT Industries Inc................................... 191,161
4,200 Johnson Controls Inc................................. 278,512
3,376 United Technologies Inc.............................. 200,239
-----------
974,908
-----------
COMPUTER SOFTWARE - 0.16%
700 Compuware Corp....................................... 18,244
-----------
CONSUMER SERVICES - 1.04%
2,700 Carnival Corp........................................ 117,450
-----------
ENERGY - 3.95%
3,600 Exxon Corp........................................... 273,375
6,314 Sunoco Inc........................................... 172,846
-----------
446,221
-----------
ENVIRONMENTAL SERVICES - 0.10%
1,000 Allied Waste Industries, Inc......................... 11,688
-----------
10
<PAGE>
ROCHDALE MAGNA PORTFOLIO
SCHEDULE OF INVESTMENTS AT SEPTEMBER 30, 1999 (UNAUDITED), CONTINUED
- --------------------------------------------------------------------------------
Shares Market Value
- --------------------------------------------------------------------------------
FINANCIAL SERVICES - 7.59%
2,332 Aetna Inc............................................ $ 114,851
5,369 Countrywide Credit Industries Inc.................... 173,150
3,682 Hartford Financial Services Group.................... 150,501
2,490 Morgan Stanley Dean Witter........................... 222,077
2,484 Providian Financial Corp............................. 196,702
-----------
857,281
-----------
FOOD AND BEVERAGE - 2.20%
4,016 Quaker Oats Co....................................... 248,490
-----------
HEALTH CARE - 11.22%
5,803 Becton Dickinson & Co................................ 162,847
4,302 Pharmacia & Upjohn Inc............................... 213,487
5,113 Schering-Plough Corp................................. 223,055
3,711 Tyco International Ltd. New.......................... 383,161
4,300 Warner-Lambert Co.................................... 285,412
-----------
1,267,962
-----------
MEDIA - 1.92%
5,132 Viacom Inc. - Class B................................ 216,827
-----------
MEDICAL PRODUCTS - 0.63%
1,500 Bard CR Inc.......................................... 70,594
-----------
OIL REFINING - 2.12%
5,800 Enron Corp........................................... 239,250
-----------
PERSONAL AND HOUSEHOLD PRODUCTS - 1.26%
4,260 Avon Products Inc.................................... 105,701
1,300 Newell Rubbermaid Inc................................ 37,131
-----------
142,832
-----------
PUBLISHING - 1.67%
7,336 American Greetings Corp.............................. 188,902
-----------
RETAIL - 5.21%
4,867 Federated Department Stores Inc...................... 212,627
3,860 Lowes Companies Inc.................................. 188,175
8,632 Supervalu Inc........................................ 188,285
-----------
589,087
-----------
11
<PAGE>
ROCHDALE MAGNA PORTFOLIO
SCHEDULE OF INVESTMENTS AT SEPTEMBER 30, 1999 (UNAUDITED), CONTINUED
- --------------------------------------------------------------------------------
Shares Market Value
- --------------------------------------------------------------------------------
TECHNOLOGY - 23.86%
5,627 BMC Software Inc..................................... $ 402,682
5,740 Cisco Systems Inc.................................... 393,549
5,785 Dell Computer Corp................................... 241,885
4,738 E M C Corp........................................... 338,471
5,218 Gateway Inc.......................................... 231,875
4,548 Lucent Technologies Inc.............................. 295,051
4,812 Texas Instruments Inc................................ 395,787
8,773 Unisys Corp.......................................... 395,882
-----------
2,695,182
-----------
TELECOMMUNICATIONS - 7.19%
3,200 Bell Atlantic Corp................................... 215,400
2,700 Centurytel Inc....................................... 109,688
9,051 Global Crossing Ltd.................................. 239,845
3,444 MCI Worldcom Inc..................................... 247,538
-----------
812,471
-----------
TRANSPORTATION - 1.61%
11,970 Southwest Airlines Co................................ 181,794
-----------
Total Common Stocks (cost $10,987,709)............... 11,366,233
-----------
Total Investment in Securities
(cost $10,987,709+): 100.61%......................... 11,366,233
Liabilities in excess of Other Assets: (0.61%)....... (68,918)
-----------
TOTAL NET ASSETS: 100%............................... $11,297,315
===========
+At September 30, 1999, the cost for Federal income tax purposes was the same
as the basis for financial reporting. Unrealized appreciation and depreciation
of securities were as follows:
Gross unrealized appreciation........................ $ 1,176,496
Gross unrealized depreciation........................ (797,972)
-----------
Net unrealized appreciation................ $ 378,524
===========
See accompanying Notes to Financial Statements.
12
<PAGE>
ROCHDALE ALPHA PORTFOLIO
SCHEDULE OF INVESTMENTS AT SEPTEMBER 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
Shares COMMON STOCKS - 99.65% Market Value
- --------------------------------------------------------------------------------
BASIC MATERIALS - 5.29%
2,000 Bowater Inc.......................................... $ 105,000
-----------
COMPUTER SOFTWARE - 10.38%
2,000 I2 Technologies Inc.................................. 77,625
4,100 Progress Software Corp............................... 128,638
-----------
206,263
-----------
CONSUMER - CYCLICAL - 8.97%
3,500 Bed Bath & Beyond Inc................................ 122,281
2,900 Hon Industries Inc................................... 55,825
-----------
178,106
-----------
CONSUMER - NON-CYCLICAL - 8.86%
3,660 Dial Corp. New....................................... 93,330
2,000 Hormel Foods Corp.................................... 82,625
-----------
175,955
-----------
CONSUMER SERVICES - 9.00%
5,500 International Game Technology........................ 99,000
3,130 Outback Steakhouse Inc............................... 79,717
-----------
178,717
-----------
FINANCIAL SERVICES - 24.92%
10,700 Contifinancial Corp.................................. 11,369
6,000 DVI Inc.............................................. 98,250
2,200 Finova Group Inc..................................... 80,300
3,480 Metris Cos Inc....................................... 102,443
1,780 Provident Financial Group Inc........................ 65,081
1,500 Radian Group Inc..................................... 64,406
1,330 Zions Bancorp........................................ 73,316
-----------
495,165
-----------
HEALTH CARE - 9.71%
2,300 Forest Labs Inc...................................... 96,887
3,750 Hooper Holmes Inc.................................... 96,094
-----------
192,981
-----------
OIL SERVICES - 4.30%
9,500 Santa Fe Snyder Corp................................. 85,500
-----------
TECHNOLOGY - 18.22%
1,600 Lexmark International Group Inc...................... 128,800
5,860 Vicor Corp........................................... 132,949
1,530 Xilinx Inc........................................... 100,263
-----------
362,012
-----------
Total Common Stocks (cost $2,061,191)................ 1,979,699
-----------
13
<PAGE>
ROCHDALE ALPHA PORTFOLIO
SCHEDULE OF INVESTMENTS AT SEPTEMBER 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
Market Value
- --------------------------------------------------------------------------------
Total Investment in Securities
(cost $2,061,191+): 99.65%........................... $ 1,979,699
Other Assets less Liabilities: 0.35%................. 6,929
-----------
TOTAL NET ASSETS: 100%............................... $ 1,986,628
===========
+ At September 30, 1999, the cost for Federal income tax purposes was the same
as the basis for financial reporting. Unrealized appreciation and depreciation
of securities were as follows:
Gross unrealized appreciation........................ $ 85,012
Gross unrealized depreciation........................ (166,504)
-----------
Net unrealized depreciation................ $ (81,492)
===========
See accompanying Notes to Financial Statements.
14
<PAGE>
ROCHDALE INVESTMENT TRUST
STATEMENT OF ASSETS AND LIABILITIES AT SEPTEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
ATLAS MAGNA ALPHA
PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investments in securities, at value (cost $23,835,104,
$10,987,709, and $2,061,191, respectively)............... $24,486,786 $11,366,233 $ 1,979,699
Cash and foreign currency.................................... 189,946 8,710
Receivables:
Forward currency contracts - net......................... 3,839 0
Dividends................................................ 2,831 4,304 1,057
Fund shares sold......................................... 0 27,000 99,150
Investments sold......................................... 0 0 15,299
Due from Manager......................................... 0 0 10,557
Prepaid registration......................................... 12,729 11,414 10,995
----------- ----------- -----------
TOTAL ASSETS................................................. 24,696,131 11,417,661 2,116,757
----------- ----------- -----------
LIABILITIES
Cash overdraft............................................... 0 0 24,118
Payables:
Due to Advisor........................................... 20,207 2,421 0
Securities purchased..................................... 246,393 59,025 76,297
Accrued expenses............................................. 67,245 58,900 29,714
----------- ----------- -----------
TOTAL LIABILITIES............................................ 333,845 120,346 130,129
----------- ----------- -----------
NET ASSETS..................................................... $24,362,286 $11,297,315 $ 1,986,628
=========== =========== ===========
Number of shares, $0.01 par value, issued
and outstanding (unlimited shares authorized).............. 699,016 377,565 83,160
=========== =========== ===========
NET ASSET VALUE, OFFERING AND REDEMPTION* PRICE PER SHARE...... $ 34.85 $ 29.92 $ 23.89
=========== =========== ===========
COMPOSITION OF NET ASSETS
Paid-in capital.............................................. $22,615,940 $10,874,082 $ 2,086,556
Accumulated net investment loss.............................. (17,015) (37,585) (4,331)
Undistributed net realized gain (loss) on investments........ 1,112,592 82,294 (14,105)
Net unrealized appreciation (depreciation) on investments.... 650,769 378,524 (81,492)
----------- ----------- -----------
Net Assets..................................................... $24,362,286 $11,297,315 $ 1,986,628
=========== =========== ===========
</TABLE>
* Shareholders holding shares for less than eighteen months will be subject to a
2.00% redemption fee.
See accompanying Notes to Financial Statements.
15
<PAGE>
ROCHDALE INVESTMENT TRUST
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
ATLAS MAGNA ALPHA
PORTFOLIO PORTFOLIO PORTFOLIO*
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income
Dividend income (net of foreign taxes of $24,493, $0
and $0, respectively)............................... $ 141,967 $ 53,527 $ 1,968
Interest income.......................................... 1,662 0 0
----------- ----------- -----------
Total income................................................. 143,629 53,527 1,968
----------- ----------- -----------
Expenses
Advisory fees............................................ 90,732 52,679 3,345
Fund accounting fees..................................... 26,297 14,687 9,716
Custody fees............................................. 24,207 7,084 4,120
Administration fee....................................... 20,130 20,130 13,200
Registration fees........................................ 10,080 9,143 4,543
Audit fee................................................ 9,967 9,967 4,800
Legal fees............................................... 6,014 5,514 3,960
Transfer agent fees...................................... 5,313 5,113 3,240
Miscellaneous............................................ 4,507 3,007 1,920
Reports to shareholders.................................. 3,507 3,507 3,204
Insurance................................................ 1,501 1,001 360
Trustee fees............................................. 1,360 1,360 776
Deferred organization costs.............................. 0 0 18,800
----------- ----------- -----------
Total expenses............................................... 203,615 133,192 71,984
Less: expenses waived and reimbursed......................... (42,971) (42,080) (65,685)
----------- ----------- -----------
Net expenses................................................. 160,644 91,112 6,299
----------- ----------- -----------
NET INVESTMENT LOSS ......................................... (17,015) (37,585) (4,331)
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss):
Security transactions.................................... 1,081,462 15,883 (14,105)
Foreign currency transactions............................ (6,218) 0 0
----------- ----------- -----------
Net realized gain (loss) on security transactions.... 1,075,244 15,883 (14,105)
----------- ----------- -----------
Net change in unrealized appreciation on:
Investments.............................................. 524,593 72,025 (81,492)
Foreign currency transactions............................ (4,460) 0 0
----------- ----------- -----------
Net change in unrealized appreciation on investments 520,133 72,025 (81,492)
----------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS.............................. 1,595,377 87,908 (95,597)
----------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............... $ 1,578,362 $ 50,323 $ (99,928)
=========== =========== ===========
</TABLE>
* For the period June 1, 1999 (Inception of Portfolio) through September 30,
1999.
See accompanying Notes to Financial Statements.
16
<PAGE>
ROCHDALE INVESTMENT TRUST
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
ATLAS MAGNA ALPHA
PORTFOLIO PORTFOLIO PORTFOLIO
-------------------------- ------------------------- ----------
Six Months 6/29/98* Six Months 6/29/98* 6/1/99*
Ended through Ended through through
9/30/99+ 3/31/99 9/30/99+ 3/31/99 9/30/99+
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment loss..................... $ (17,015) $ (1,368) $ (37,585) $ (4,569) $ (4,331)
Net realized gain (loss) on security
transactions......................... 1,075,244 38,716 15,883 70,980 (14,105)
Net change in unrealized
appreciation on investments.......... 520,133 130,636 72,025 306,499 (81,492)
----------- ----------- ----------- ---------- ----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS............ 1,578,362 167,984 50,323 372,910 (99,928)
----------- ----------- ----------- ---------- ----------
FUND SHARE TRANSACTIONS:
Proceeds from shares sold............... 13,627,201 9,968,316 3,247,868 7,685,818 2,109,635
Shares issued on reinvestment
of distributions..................... 0 0 0 0 0
Cost of shares redeemed................. (967,276) (67,051) (111,354) 0 (73,079)
----------- ----------- ----------- ---------- ----------
NET INCREASE FROM FUND SHARE
TRANSACTIONS..................... 12,659,925 9,901,265 3,136,514 7,685,818 2,036,556
----------- ----------- ----------- ---------- ----------
TOTAL INCREASE IN NET ASSETS............ 14,238,287 10,069,249 3,186,837 8,058,728 1,936,628
----------- ----------- ----------- ---------- ----------
NET ASSETS
Beginning of period..................... 10,123,999 54,750 8,110,478 51,750 50,000
----------- ----------- ----------- ---------- ----------
END OF PERIOD.............................. $24,362,286 $10,123,999 $11,297,315 $8,110,478 $1,986,628
=========== =========== =========== ========== ==========
CHANGE IN SHARES
Shares sold............................. 395,518 331,730 104,139 274,922 86,313
Shares issued on reinvestment
of distributions..................... 0 0 0 0 0
Shares redeemed......................... (28,221) (2,201) (3,566) 0 (3,153)
----------- ----------- ----------- ---------- ----------
NET INCREASE............................ 367,297 329,529 100,573 274,922 83,160
=========== =========== =========== ========== ==========
</TABLE>
+ Unaudited.
* Inception of Portfolio.
See accompanying Notes to Financial Statements.
17
<PAGE>
ROCHDALE INVESTMENT TRUST
FINANCIAL HIGHLIGHTS
FOR A CAPITAL SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
ATLAS MAGNA ALPHA
PORTFOLIO PORTFOLIO PORTFOLIO
------------------ ------------------ ------
Six Months 6/29/98* Six Months 6/29/98* 6/1/99*
Ended through Ended through through
9/30/99+ 3/31/99 9/30/99+ 3/31/99 9/30/99+
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period................ $30.52 $25.00 $29.28 $25.00 $25.00
------ ------ ------ ------ ------
Income from investment operations:
Net investment (loss) income..................... (0.02) 0 (0.10) (0.02) (0.05)
Net realized and unrealized gain (loss)
on investments................................ 4.35 5.52 0.74 4.30 (1.06)
------ ------ ------ ------ ------
Total from investment operations.................... 4.33 5.52 0.64 4.28 (1.11)
------ ------ ------ ------ ------
Net asset value, end of period...................... $34.85 $30.52 $29.92 $29.28 $23.89
====== ====== ====== ====== ======
Total return........................................ 14.19% 22.08%** 2.19% 17.12%** (4.44%)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (millions)................ $ 24.4 $ 10.1 $ 11.3 $ 8.1 $ 2.0
Portfolio turnover rate............................. 19.30% 22.90% 5.26% 47.81% 1.72%
Ratio of expenses to average net assets:
Before expense reimbursement and waivers......... 2.28%# 7.79%# 2.56%# 6.19%# 21.48%#
After expense reimbursement and waivers.......... 1.80%# 1.61%# 1.75%# 1.60%# 1.88%#
Ratio of net investment loss to average net assets:
Before expense reimbursement and waivers......... (0.67%)# (6.26%)# (1.53%)# (4.88%)# (20.90%)#
After expense reimbursement and waivers.......... (0.19%)# (0.08%)# (0.72%)# (0.29%)# (1.29%)#
</TABLE>
+ Unaudited.
* Inception of Portfolio.
** Commencement of investment operations - October 2, 1998.
# Annualized.
See accompanying Notes to Financial Statements.
18
<PAGE>
ROCHDALE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
NOTE 1 - ORGANIZATION
Rochdale Atlas Portfolio, Rochdale Magna Portfolio and Rochdale Alpha
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 achieve
long-term capital appreciation.
The Rochdale Atlas and Rochdale Magna Portfolios were established in June,
1998. Initial outside investors purchased shares of the Portfolios on June 29,
1998. However, investment operations of the Portfolios did not commence until
October 2, 1998 and October 23, 1998 for the Rochdale Atlas Portfolio and the
Rochdale Magna Portfolio, respectively. The Rochdale Alpha Portfolio commenced
operations on June 1, 1999.
The Rochdale Atlas Portfolio is a foreign equity fund. It seeks to achieve
its objective by investing primarily in equity securities of select foreign
developed and emerging countries that Rochdale Investment Management, Inc.
("Rochdale" or the "Advisor") has identified as attractive relative to other
countries based on fundamental valuation, financial, and economic attributes.
The Rochdale Magna Portfolio is a large-cap domestic equity fund. It seeks
to achieve its objective by investing primarily in securities of companies that
Rochdale has identified through fundamental criteria as the leading growth and
leading value companies relative to growth and value industry peers.
The Rochdale Alpha Portfolio is a small- to medium-cap domestic equity
fund. It seeks to achieve its objective by investing primarily in equity
securities of small and medium-sized U.S. companies that Rochdale has identified
as expecting to grow earnings at a rate above that of larger, more established
companies.
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 their taxable income to
their shareholders. Therefore, no federal income tax provision is
required.
C. SECURITY TRANSACTIONS AND INVESTMENT INCOME. Security transactions are
accounted for on the date the security is purchased or sold (trade
date). The cost of securities sold is determined under the identified
cost method. 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.
D. 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.
19
<PAGE>
ROCHDALE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS AT SEPTEMBER 30, 1999 (UNAUDITED), CONTINUED
- --------------------------------------------------------------------------------
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. Foreign
securities and currency transactions may involve certain
considerations and risks not typically associated with those of
domestic origin.
E. FORWARD CURRENCY CONTRACTS. A forward currency contract is an
agreement between two parties to buy or sell a currency at a set price
on a future date. Forward contracts are marked to market daily and the
change in market value is recorded by the Portfolio as an unrealized
gain or loss. When a contract is closed, the Portfolio records a
realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was
closed. The Portfolio could be at risk if the counterparties are
unable to meet the terms of the contracts or if the value of the
currency changes unfavorably.
F. DISTRIBUTIONS TO SHAREHOLDERS. Distributions from net investment
income and realized gains, if any, are recorded on the ex-dividend
date. Income distributions and capital gain distributions are
determined in accordance with income tax regulations, which may differ
from generally accepted accounting principles. These differences are
primarily due to differing treatments for foreign currency
transactions, net operating losses, equalization and post-October
capital and currency losses.
G. 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") provides the
Portfolios with investment management services under an Investment Advisory
Agreement. The Advisor furnishes all investment advice, office space,
facilities, and most of the personnel needed by the Trust. As compensation for
its services, the Advisor is 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 it by the Portfolios to the extent
necessary to limit each Portfolio's aggregate annual operating expenses to a
maximum of 2.50%, 2.75% and 1.95% of average net assets for the Rochdale Magna,
Rochdale Atlas and Rochdale Alpha 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. For the
period ended March 31, 1999, the Advisor has waived its fees and has reimbursed
the Portfolios for expenses in the amounts of $42,971 for the Rochdale Atlas
Portfolio, $42,080 for the Rochdale Magna Portfolio and $65,685 for the Rochdale
Alpha Portfolio, respectively, making the Portfolios' expense ratios 1.80%,
1.75% and 1.88% versus actual operating expenses of 2.28%, 2.56% and 21.48%.
Investment Company Administration, LLC (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;
monitors the activities of the Portfolios' custodian, transfer agent and
accountants; coordinates the preparation and payment of Fund expenses and
reviews the Portfolios' 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 Advisor, 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.
20
<PAGE>
ROCHDALE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS AT SEPTEMBER 30, 1999 (UNAUDITED), CONTINUED
- --------------------------------------------------------------------------------
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 elected to waive its fees for
the period ended September 30, 1999.
NOTE 5 - PURCHASES AND SALES OF SECURITIES
For the period ended September 30, 1999, the cost of purchases and the
proceeds from sales of securities, other than short-term investments, were
$16,259,593, $3,699,273 and $2,092,799, and $3,497,076, $547,790 and $17,415,
respectively, for the Rochdale Atlas Portfolio, for the Rochdale Magna Portfolio
and for the Rochdale Alpha Portfolio, respectively.
21
<PAGE>
ADVISOR
Rochdale Investment Management, Inc.
570 Lexington Avenue
New York, New York 10022-6837
(212) 702-3500
DISTRIBUTOR
Rochdale Investment Management, Inc.
570 Lexington Avenue
New York, New York 10022-6837
(212) 702-3500
CUSTODIAN AND TRANSFER AGENT
State Street Bank & Trust
1776 Heritage Drive
North Quincy, Massachusetts 02171
AUDITORS
Tait, Weller & Baker
8 Penn Center, Suite 800
Philadelphia, Pennsylvania 19103
LEGAL COUNSEL
Paul, Hastings, Janofsky & Walker LLP
345 California Street, 29th Floor
San Francisco, California 94104
This report is intended for shareholders of the Fund and may not be used as
sales literature unless preceded or accompanied by a current prospectus.
Past performance results shown in this report should not be considered a
representation of future performance. Share price and returns will fluctuate so
that shares, when redeemed, may be worth more or less than their original cost.
Statements and other information herein are dated and are subject to change.
<PAGE>
ROCHDALE INVESTMENT TRUST
570 Lexington Avenue
New York, NY 10022-6837
800-245-9888
www.rochdale.com
You can discuss your questions about the Portfolios, and request other
information, including Statement of Additional Information (SAI), Annual Report
or Semi-Annual Report, free of charge, by calling the Portfolios at 800-245-9888
or visiting our Web site at www.rochdale.com. In the Portfolios' Annual Reports,
you will find a discussion of the market conditions and investment strategies
that significantly affected the Portfolios' performance during their last fiscal
year. The SAI provides detailed information about the Portfolios and is
incorporated into this Prospectus by reference.
You can review and copy information about the Portfolios, including the
Portfolios' reports and SAI, at the Public Reference Room of the Securities and
Exchange Commission, or get copies for a fee, by writing or calling the Public
Reference Room of the Commission, Washington, DC 20549-6009 (1-800-SEC-0330).
You can obtain the same information free of charge from the Commission's
Internet Web site at http://www.sec.gov.
(The Trust's SEC Investment Company Act
file number is 811-8685)
