ROCHDALE
INVESTMENT TRUST
[LOGO]
ROCHDALE LARGE GROWTH PORTFOLIO
ROCHDALE LARGE VALUE PORTFOLIO
ROCHDALE MID/SMALL GROWTH PORTFOLIO
ROCHDALE MID/SMALL VALUE PORTFOLIO
ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO
SEMI-ANNUAL REPORT
FOR THE PERIOD ENDED
JUNE 30, 2000
<PAGE>
ROCHDALE INVESTMENT TRUST
Dear Shareholders:
The stock markets have experienced many swings but have made little progress
during the first half of the year. Nonetheless, we are satisfied with the
performance of our Active Disciplined series of funds for the first half of the
year. Each Constellation equity fund seeks to combine the advantages of a
disciplined and consistent selection methodology with the right amount of
variability to provide the shareholders with an intelligent means to capture the
returns for the style specific to each asset class. The principal benefit of the
Constellation Funds is to help reduce the uncertainty associated with asset
class investing when employing mutual funds which are neither style nor asset
class specific. Our funds are designed to capture the long-term returns of each
style and asset class. The results for this initial period provide evidence of
this methodology delivering such returns.
THE ECONOMY - During the first half of the year 2000, the market was influenced
by the following factors:
* GDP growth rates above historic norms
* Investor confidence near all-time highs
* Consumer spending at high levels, but moderating
* A consensus that the Federal Reserve may not increase interest rates
further
* Inflation under control
EQUITY MARKETS - Investors experienced a shift in the market segments leading
the advance over the past several years. The technology sector was one of the
worst performing while the healthcare sector was one of the best performing.
While the large-cap stocks have been far and away the leading category of stocks
in the past, the first half of the year saw the much-maligned mid-small growth
sector rebound. Year to date, these mid-small stocks are the best performing
asset class. The large capitalization companies have traded within a narrow
range so far this year, with a less than 1% year-to-date gain as of mid-year.
LARGE GROWTH PORTFOLIO - Since the beginning of the year, the large-cap growth
index traded in a range of minus 5% to plus 5%, and finished the semi-annual
period up 2.8%. Constellation Large Growth earned a very strong return of 5.7%.
The focus on the larger, more high-quality companies within this segment was the
principal reason for the performance.
LARGE VALUE PORTFOLIO - For the first half of 2000, the large-cap value index
traded between a high point of plus 2% and, at one point, was down more than 8%.
At the end of June the large-cap value index finished down 4.1%. The performance
of the Constellation Large Value fund was similar and actually tracked within 2%
during the period. At the end of the first half of the year, the Constellation
Large Value fund declined 3.6%, performing better than the index.
MID/SMALL GROWTH PORTFOLIO - We are pleased with the strong performance of this
fund. While the mid-small growth index returned an impressive 13.2% through
June, our Constellation Mid/Small Growth fund generated a superior 21.8%
year-to-date gain. Just as past performance is not indicative of future results,
we caution that fund out-performance of this nature is above that amount we
normally associate with an active disciplined fund and understand that this is
largely attributable to certain segments of the technology industry.
2
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ROCHDALE INVESTMENT TRUST
MID/SMALL VALUE PORTFOLIO - Delivering performance relative to the mid-cap and
small-cap value indices is quite challenging due to the diverse nature of the
universe of companies. The mid-small value index moved inside a range of plus
and minus 5% for the first six months of the year and ended the period with a
gain of 3.8%. Our results were below the index as the utilities within the value
index enjoyed a brief period of positive performance. Within the value segment
of the mid-small cap universe, we purposely do not invest in utilities because
we feel they are better represented by investors via their fixed income
portfolio. Our Constellation Mid/Small Value performance of 0.5% was more
representative, we believe, of the value stocks excluding utilities.
INTERMEDIATE FIXED INCOME PORTFOLIO - The Fixed Income fund is performing
slightly below the comparative index at the end of the first half of the year.
The fund is well positioned to capture the returns from its targeted maturity
range after a somewhat inverted yield curve environment experienced during the
first half of the year. As a long-term investor in fixed income, the fund is
focused on the yield-to-maturity rather than short-term bond pricing. At present
our YTM is in line with the relevant benchmarks, providing your account with
what we view as the proper exposure to the fixed income market.
Sincerely,
Carl Acebes
Garrett R. D'Alessandro
Portfolio Managers
3
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ROCHDALE LARGE GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS AT JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
Shares COMMON STOCK: 102.56% Market Value
--------------------------------------------------------------------------------
CHEMICALS - 0.90%
59 Avery Dennison Corp.................................... $ 3,960
61 Sealed Air Corp........................................ 3,195
---------
7,155
---------
CLOTHING - 0.52%
133 The Gap Inc............................................ 4,156
---------
COMPUTER HARDWARE - 13.26%
643 Cisco Systems Inc...................................... 40,871
338 Dell Computer Corp..................................... 16,668
281 E M C Corp............................................. 21,619
65 Gateway Inc............................................ 3,689
47 Lexmark International Group Inc........................ 3,161
214 Sun Microsystems Inc................................... 19,461
---------
105,469
---------
COMPUTER SOFTWARE - 15.49%
29 Adobe Systems Inc...................................... 3,770
78 BMC Software Inc....................................... 2,846
104 Computer Associates International Inc.................. 5,323
333 Compuware Corp......................................... 3,455
240 International Business Machines Corp................... 26,295
504 Microsoft Corp......................................... 40,320
407 Oracle Corp............................................ 34,213
62 Veritas Software Corp.................................. 7,007
---------
123,229
---------
DEPARTMENT STORES - 4.13%
570 Wal-Mart Stores Inc.................................... 32,846
---------
DRUGS - 13.94%
51 Allergan Inc........................................... 3,799
147 Amgen Inc.............................................. 10,327
61 Biogen, Inc............................................ 3,935
282 Bristol-Myers Squibb Co................................ 16,426
323 Merck & Co., Inc....................................... 24,750
847 Pfizer Inc............................................. 40,692
216 Schering-Plough Corp................................... 10,908
---------
110,837
---------
4
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ROCHDALE LARGE GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS AT JUNE 30, 2000 (UNAUDITED), Continued
--------------------------------------------------------------------------------
Shares Market Value
--------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 12.33%
54 ADC Telecommunications Inc............................. $ 4,529
38 Comverse Technology Inc................................ 3,534
44 Corning Inc............................................ 11,874
540 Lucent Technologies Inc................................ 31,995
49 Millipore Corp......................................... 3,693
481 Nortel Networks Corp................................... 32,828
122 Solectron Corp......................................... 5,109
66 Tellabs Inc............................................ 4,517
---------
98,079
---------
FINANCIAL SERVICES - 5.77%
791 General Electric Co.................................... 41,923
44 Providian Financial Corp............................... 3,960
---------
45,883
---------
FOOD/BEVERAGE - 4.54%
87 Bestfoods ............................................. 6,025
118 General Mills Inc...................................... 4,513
125 Kellogg Co............................................. 3,719
286 PepsiCo Inc............................................ 12,709
60 Quaker Oats Co......................................... 4,508
109 SYSCO Corp............................................. 4,592
---------
36,066
---------
HOME PRODUCTS - 4.23%
137 Colgate-Palmolive Co................................... 8,203
445 Procter & Gamble Co.................................... 25,476
---------
33,679
---------
INDUSTRIAL PARTS - 1.51%
254 Tyco International Ltd................................. 12,033
---------
INFORMATION SERVICES - 4.75%
321 America Online Inc..................................... 16,933
151 Automatic Data Processing Inc.......................... 8,088
80 Interpublic Group of Companies Inc..................... 3,440
59 Omnicom Group Inc...................................... 5,255
96 Paychex Inc............................................ 4,032
---------
37,748
---------
MEDIA - 3.25%
246 Comcast Corp........................................... 9,963
209 Time Warner Inc........................................ 15,884
---------
25,847
---------
5
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ROCHDALE LARGE GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS AT JUNE 30, 2000 (UNAUDITED), Continued
--------------------------------------------------------------------------------
Shares Market Value
--------------------------------------------------------------------------------
MEDICAL PRODUCTS - 4.42%
69 Guidant Corp...........................................$ 3,415
219 Johnson & Johnson ................................. 22,311
189 Medtronic Inc.......................................... 9,415
---------
35,141
---------
SEMICONDUCTORS - 9.36%
55 Altera Corp............................................ 5,607
298 Intel Corp............................................. 39,839
90 Linear Technology Corp................................. 5,754
257 Texas Instruments Inc.................................. 17,653
68 Xilinx Inc............................................. 5,614
---------
74,467
---------
SPECIALTY RETAIL - 2.78%
97 Bed Bath & Beyond Inc.................................. 3,516
52 Best Buy Co., Inc...................................... 3,289
306 Home Depot Inc......................................... 15,281
---------
22,086
---------
TELEPHONE - 1.38%
128 U.S. West Inc. New..................................... 10,976
---------
Total Common Stock (cost $771,596)..................... 815,697
---------
Total Investments in Securities
(cost $771,596+): 102.56% ........................... 815,697
Liabilities in excess of Other Assets: (2.56%)......... (20,362)
---------
Total Net Assets: 100% $ 795,335
=========
+ At June 30, 2000, 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.......................... $ 57,208
Gross unrealized depreciation.......................... (13,107)
---------
Net unrealized appreciation....................... $ 44,101
=========
See accompanying Notes to Financial Statements.
6
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ROCHDALE LARGE VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS AT JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
Shares COMMON STOCK: 102.22% Market Value
--------------------------------------------------------------------------------
BANKS - 14.99%
340 Bank of America Corp................................... $ 14,620
293 Chase Manhattan Corp................................... 13,519
542 Citigroup Inc.......................................... 32,656
430 First Union Corp....................................... 10,669
332 FleetBoston Financial Corp............................. 11,288
424 National City Corp..................................... 7,235
479 Wells Fargo Co......................................... 18,561
---------
108,548
---------
CHEMICALS - 1.11%
141 Illinois Tool Works Inc................................ 8,037
---------
COMPUTER HARDWARE - 6.62%
156 3Com Corp.............................................. 8,989
317 Compaq Computer Corp................................... 8,103
157 Hewlett-Packard Co..................................... 19,605
111 Seagate Technology ................................. 6,105
248 Xerox Corp............................................. 5,146
---------
47,948
---------
DEFENSE/AEROSPACE - 1.69%
305 Honeywell International Inc............................ 10,275
102 Raytheon Co. - Class B................................. 1,964
---------
12,239
---------
DEPARTMENT STORES - 1.66%
180 Federated Department Stores............................ 6,075
183 Sears Roebuck & Co..................................... 5,970
---------
12,045
---------
DRUGS - 5.22%
275 American Home Products Co.............................. 16,156
121 Cardinal Health Inc.................................... 8,954
245 Pharmacia Corp......................................... 12,663
---------
37,773
---------
ELECTRICAL EQUIPMENT - 2.86%
59 Agilent Technologies................................... 4,351
59 Agilent Technologies Rights............................ 0
366 Motorola Inc........................................... 10,637
78 Teradyne Inc........................................... 5,733
---------
20,721
---------
ENERGY RESOURCES - 11.38%
195 Amerada Hess Corp...................................... 12,041
233 Chevron Corporation ................................. 19,761
449 Exxon Mobil Corp....................................... 35,246
302 Phillips Petroleum Co.................................. 15,308
---------
82,356
---------
7
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ROCHDALE LARGE VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS AT JUNE 30, 2000 (UNAUDITED), Continued
--------------------------------------------------------------------------------
Shares Market Value
--------------------------------------------------------------------------------
ENTERTAINMENT - 1.98%
260 Carnival Corp.......................................... $ 5,070
136 Viacom Inc. - Class B.................................. 9,274
---------
14,344
---------
FINANCIAL SERVICES - 3.28%
237 Associates First Capital Corp.......................... 5,288
175 Federal Home Loan Mortgage Co.......................... 7,088
218 Federal National Mortgage Association.................. 11,377
---------
23,753
---------
GROCERY STORES - 1.85%
178 Albertson's Inc........................................ 5,918
166 Safeway Inc............................................ 7,491
---------
13,409
---------
HEAVY ELECTRICAL - 2.41%
203 Emerson Electronic Co.................................. 12,256
164 Rockwell International Corp............................ 5,166
---------
17,422
---------
INDUSTRIAL EQUIPMENT - 3.48%
197 Caterpillar Inc........................................ 6,673
142 Ingersoll-Rand Co...................................... 5,716
217 United Technologies Corp............................... 12,776
---------
25,165
---------
INFORMATION SERVICES - 1.97%
169 Electronic Data Systems................................ 6,971
147 First Data Corp........................................ 7,295
---------
14,266
---------
MEDIA - 2.46%
459 Walt Disney Co......................................... 17,815
---------
MEDICAL PROVIDERS - 2.03%
239 Columbia/HCA Healthcare Corp........................... 7,260
87 United HealthCare Corp................................. 7,460
---------
14,720
---------
MOTOR VEHICLES - 3.17%
392 Delphi Automotive Systems Corp......................... 5,709
351 Ford Motor Co.......................................... 15,093
174 Visteon Corp........................................... 2,121
---------
22,923
---------
8
<PAGE>
ROCHDALE LARGE VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS AT JUNE 30, 2000 (UNAUDITED), Continued
--------------------------------------------------------------------------------
Shares Market Value
--------------------------------------------------------------------------------
OIL REFINERIES - 4.09%
206 Enron Corp............................................. $ 13,287
306 Texaco Inc............................................. 16,295
---------
29,582
---------
PROPERTY INSURANCE - 6.48%
294 Allstate Corp.......................................... 6,542
273 American International Group Inc....................... 32,077
138 Loews Corp............................................. 8,280
---------
46,899
---------
RAILROADS - 0.93%
295 Burlington Northern Santa Fe Corp...................... 6,767
---------
RESTAURANTS - 1.71%
376 McDonald's Corp........................................ 12,384
---------
SECURITIES/ASSETS - 3.56%
85 Merrill Lynch & Co., Inc............................... 9,775
192 Morgan Stanley Dean Witter & Co........................ 15,984
---------
25,759
---------
SEMICONDUCTORS - 1.29%
106 Micron Technology Inc.................................. 9,335
---------
SPECIALTY RETAIL - 1.68%
159 CVS Corp............................................... 6,360
141 Loew's Companies Inc................................... 5,790
---------
12,150
---------
TELEPHONE - 12.09%
555 AT&T Corp.............................................. 17,552
306 Bell Atlantic Corp..................................... 15,549
396 BellSouth Corp......................................... 16,879
234 GTE Corp............................................... 14,567
500 Worldcom Inc........................................... 22,938
---------
87,485
---------
THRIFTS - 1.02%
255 Washington Mutual Inc.................................. 7,363
---------
WIRELESS COMMUNICATIONS - 1.21%
141 ALLTEL Corp............................................ 8,733
---------
Total Common Stock (cost $779,152)..................... 739,941
---------
9
<PAGE>
ROCHDALE LARGE VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS AT JUNE 30, 2000 (UNAUDITED), Continued
--------------------------------------------------------------------------------
Market Value
--------------------------------------------------------------------------------
Total Investments in Securities
(cost $779,152+): 102.22%............................ $ 739,941
Liabilities in excess of Other Assets: (2.22%)......... (16,077)
---------
Total Net Assets: 100%................................. $ 723,864
=========
+ At June 30, 2000, 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.......................... $ 23,775
Gross unrealized depreciation.......................... (62,986)
---------
Net unrealized depreciation ........................ $ (39,211)
=========
See accompanying Notes to Financial Statements.
10
<PAGE>
ROCHDALE MID/SMALL GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS AT JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
Shares COMMON STOCK: 100.93% Market Value
--------------------------------------------------------------------------------
BANKS - 2.08%
212 Zions Bancorporation................................... $ 9,729
---------
COMPUTER HARDWARE - 4.26%
81 RSA Security Inc....................................... 5,609
180 Symbol Technologies, Inc............................... 9,720
104 Zebra Technologies Corp................................ 4,608
---------
19,937
---------
COMPUTER SOFTWARE - 10.80%
70 Intuit, Inc............................................ 2,689
68 Macromedia, Inc........................................ 6,575
92 Mercury Interactive Corp............................... 8,901
271 Network Associates..................................... 5,522
165 Rational Software Corp................................. 15,335
126 Symantec Corp.......................................... 6,796
138 Synopsys, Inc.......................................... 4,770
---------
50,588
---------
DRUGS - 14.51%
217 Chiron Corp............................................ 10,308
125 Forest Laboratories, Inc............................... 12,625
368 IVAX Corp.............................................. 15,272
132 Millennium Pharmaceuticals, Inc........................ 14,767
124 Sepracor Inc........................................... 14,958
---------
67,930
---------
ELECTRICAL EQUIPMENT - 13.33%
255 C-Cube Microsystems Inc................................ 5,004
106 Digital Microwave Corp................................. 4,041
321 Jabil Circuit, Inc..................................... 15,930
229 SCI Systems............................................ 8,974
66 SPX Corp............................................... 7,982
281 Vicor Corp............................................. 9,782
86 Waters Corp............................................ 10,734
---------
62,447
---------
FINANCIAL SERVICES - 2.94%
300 Concord EFS, Inc....................................... 7,800
150 SEI Investments Co..................................... 5,972
---------
13,772
---------
FOOD/BEVERAGE - 3.52%
429 Hormel Foods Corp...................................... 7,213
286 McCormick & Co., Inc................................... 9,295
---------
16,508
---------
11
<PAGE>
ROCHDALE MID/SMALL GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS AT JUNE 30, 2000 (UNAUDITED), Continued
--------------------------------------------------------------------------------
Shares Market Value
--------------------------------------------------------------------------------
INDUSTRIAL PARTS - 2.19%
250 American Standard Companies Inc........................ $ 10,250
---------
INDUSTRIAL SERVICES - 8.57%
269 Cintas Corp............................................ 9,869
191 Fiserv, Inc............................................ 8,261
228 Manpower Inc........................................... 7,296
203 NOVA Corp.............................................. 5,671
332 Viad Corp.............................................. 9,047
---------
40,144
---------
INFORMATION SERVICES - 1.45%
178 Valassis Communications................................ 6,786
---------
LEISURE - 3.68%
436 International Game Technology Corp..................... 11,554
137 International Speedway Corp............................ 5,668
---------
17,222
---------
MEDIA - 4.80%
146 Univision Communications Inc........................... 15,111
216 Westwood One, Inc...................................... 7,371
---------
22,482
---------
MEDICAL PRODUCTS - 6.06%
68 IDEC Pharmaceuticals Corp.............................. 7,977
259 Stryker Corp........................................... 11,331
324 VISX, Inc.............................................. 9,092
---------
28,400
---------
MOTOR VEHICLES - 0.84%
357 Meritor Automotive, Inc................................ 3,927
---------
PUBLISHING - 2.02%
238 Reader's Digest Association, Inc....................... 9,461
---------
SEMICONDUCTORS - 12.64%
371 Atmel Corp............................................. 13,681
300 Cypress Semiconductor Corp............................. 12,675
149 Integrated Device Technology Inc....................... 8,921
166 Micrel, Inc............................................ 7,211
85 Qlogic Corp............................................ 5,615
151 Vitesse Semiconductor Corp............................. 11,108
---------
59,211
---------
12
<PAGE>
ROCHDALE MID/SMALL GROWTH PORTFOLIO
SCHEDULE OF INVESTMENTS AT JUNE 30, 2000 (UNAUDITED), Continued
--------------------------------------------------------------------------------
Shares Market Value
--------------------------------------------------------------------------------
SPECIALTY RETAIL - 2.65%
206 BJ's Wholesale Club, Inc............................... $ 6,798
173 Williams-Sonoma, Inc................................... 5,612
---------
12,410
---------
TELECOMMUNICATIONS - LOCAL TELECOMMUNICATIONS - 2.05%
370 Broadwing Inc.......................................... 9,597
---------
TELECOMMUNICATIONS - WIRELESS, SATELLITE AND MICROWAVE
COMMUNICATIONS EQUIPMENT - 0.66%
65 Powerwave Technologies................................. 3,080
---------
TRUCKING - 1.88%
185 Expeditors International of Washington, Inc............ 8,787
---------
Total Common Stock (cost $443,959)..................... 472,668
---------
Total Investments in Securities
(cost $443,959+): 100.93% 472,668
Liabilities in excess of Other Assets: (0.93%)......... (4,345)
---------
Total Net Assets: 100%................................. $ 468,323
=========
+ At June 30, 2000, 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.......................... $ 44,099
Gross unrealized depreciation.......................... (15,390)
---------
Net unrealized appreciation $ 28,709
=========
See accompanying Notes to Financial Statements.
13
<PAGE>
ROCHDALE MID/SMALL VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS AT JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
Shares COMMON STOCK: 100.70% Market Value
--------------------------------------------------------------------------------
BANKS - 8.64%
253 CCB Financial Corp..................................... $ 9,361
441 Charter One Financial Inc.............................. 10,143
502 Compass Bancshares Inc................................. 8,565
439 Mercantile Bankshares Corp............................. 13,088
---------
41,157
---------
CHEMICALS - 4.55%
187 Cabot Corp............................................. 5,096
218 Crompton Corp.......................................... 2,671
161 Lyondell Chemical Co................................... 2,697
85 Payless Shoe Source Inc................................ 4,436
671 RPM Inc................................................ 6,794
---------
21,694
---------
COMPUTER HARDWARE - 1.82%
203 Diebold Inc............................................ 5,659
69 Tech Data Corp......................................... 3,006
---------
8,665
---------
COMPUTER SOFTWARE - 1.07%
187 Acxiom Corp............................................ 5,096
---------
CONSTRUCTION - 2.67%
130 Southdown Inc.......................................... 7,507
171 U S G Corp............................................. 5,194
---------
12,701
---------
CONSUMER DURABLES - 2.34%
248 Mohawk Industries Inc.................................. 5,394
462 Shaw Industries Inc.................................... 5,775
---------
11,169
---------
DEPARTMENT STORES - 0.36%
162 Saks Inc............................................... 1,701
---------
DRUGS - 3.67%
132 Genzyme Corp........................................... 7,846
172 ICN Pharmaceuticals Inc................................ 4,784
266 Mylan Laboratories Inc................................. 4,854
---------
17,484
---------
ELECTRICAL EQUIPMENT - 1.83%
191 Sensormatic Electronics Corp........................... 3,020
150 Vishay Intertechnology Inc............................. 5,691
---------
8,711
---------
14
<PAGE>
ROCHDALE MID/SMALL VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS AT JUNE 30, 2000 (UNAUDITED), Continued
--------------------------------------------------------------------------------
Shares Market Value
--------------------------------------------------------------------------------
ENERGY RESERVES - 3.09%
156 Devon Energy Corp...................................... $ 8,765
419 Ocean Energy Inc....................................... 5,945
---------
14,710
---------
FINANCIAL SERVICES - 1.13%
87 Express Scripts Inc. - Class A......................... 5,405
---------
FOOD/BEVERAGE - 3.88%
367 IBP Inc................................................ 5,666
396 Sonoco Products Co..................................... 8,143
534 Tyson Foods Inc........................................ 4,672
---------
18,481
---------
HEAVY ELECTRICAL - 1.70%
317 Hubbell Inc. - Class B................................. 8,083
---------
HEAVY MACHINERY - 1.14%
295 Trinity Industries Inc................................. 5,457
---------
HOTELS - 1.57%
613 Park Place Entertainment............................... 7,471
---------
INDUSTRIAL SERVICES - 7.29%
176 Affiliated Computer Services Inc....................... 5,819
127 DST Systems Inc........................................ 9,668
260 GATX Corp.............................................. 8,840
437 Modis Professional Services Inc........................ 3,878
210 SunGard Data Systems Inc............................... 6,510
---------
34,715
---------
MEDIA - 9.74%
355 A.H. Belo Corp......................................... 6,146
247 Chris-Craft Industries Inc............................. 16,359
50 Washington Post Co..................................... 23,900
---------
46,405
---------
MEDICAL PROVIDERS - 4.72%
438 Foundation Health Systems, Inc......................... 5,694
299 Hillenbrand Industries Inc............................. 9,362
129 Lincare Holdings Inc................................... 3,177
71 PacifiCare Health Systems Inc.......................... 4,273
---------
22,506
---------
MINING - 2.07%
383 Cleveland-Cliffs Inc................................... 9,886
---------
15
<PAGE>
ROCHDALE MID/SMALL VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS AT JUNE 30, 2000 (UNAUDITED), Continued
--------------------------------------------------------------------------------
Shares Market Value
--------------------------------------------------------------------------------
MOTOR VEHICLES - 2.64%
228 Arvin Industries Inc................................... $ 3,961
160 Borg-Warner Automotive Inc............................. 5,620
151 Lear Corp.............................................. 3,020
---------
12,601
---------
OIL REFINING - 3.79%
728 Ultramar Diamond Shamrock Corp......................... 18,064
---------
OIL SERVICES - 7.61%
80 BJ Services Co......................................... 5,000
173 Ensco International Inc................................ 6,196
510 Global Marine Inc...................................... 14,376
144 Noble Drilling Corp.................................... 5,931
119 Weaterford International............................... 4,738
---------
36,241
---------
PROPERTY INSURANCE - 4.52%
190 Allmerica Financial Corp............................... 9,951
211 Ambac Financial Group Inc.............................. 11,565
---------
21,516
---------
RESTAURANTS - 1.44%
234 Outback Steakhouse Inc................................. 6,844
---------
SECURITIES/ASSETS - 2.83%
184 A.G. Edwards Inc....................................... 7,176
120 ReliaStar Financial Corp............................... 6,292
---------
13,468
---------
SEMICONDUCTORS - 3.99%
100 Alliance Semiconductor Corp............................ 2,456
161 Arrow Electronics Inc.................................. 4,991
82 Avnet Inc.............................................. 4,858
27 Coherent Inc........................................... 2,265
79 International Rectifier Corp........................... 4,424
---------
18,994
---------
SPECIALTY RETAIL - 0.45%
96 Barnes & Noble Inc. ................................... 2,136
---------
TOBACCO PRODUCTS - 0.59%
100 R.J. Reynolds Tobacco Holdings......................... 2,794
---------
THRIFTS - 1.81%
461 GreenPoint Financial Corp. ............................ 8,644
---------
16
<PAGE>
ROCHDALE MID/SMALL VALUE PORTFOLIO
SCHEDULE OF INVESTMENTS AT JUNE 30, 2000 (UNAUDITED), Continued
--------------------------------------------------------------------------------
Shares Market Value
--------------------------------------------------------------------------------
TRUCKING - 4.30%
732 Alexander & Baldwin Inc. .............................. $ 16,150
177 USFreightways Corp. ................................... 4,348
---------
20,498
---------
WIRELESS COMMUNICATIONS - 3.45%
164 Telephone and Data Systems Inc. ....................... 16,441
---------
Total Common Stock (cost $491,766)..................... 479,738
---------
Total Investments in Securities
(cost $491,766+): 100.70% 479,738
Liabilities in excess of Other Assets: (0.70%)......... (3,326)
---------
Total Net Assets: 100% ................................ $ 476,412
=========
+ At June 30, 2000, 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 ......................... $ 17,702
Gross unrealized depreciation ......................... (29,730)
---------
Net unrealized depreciation ......................... $ (12,028)
=========
See accompanying Notes to Financial Statements.
17
<PAGE>
ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS AT JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
Shares/Par CORPORATE BONDS: 91.39% Market Value
--------------------------------------------------------------------------------
AIRLINES - 1.61%
5,000 Delta Airlines, 8.50%, 3/15/02........................ $ 5,020
---------
APPAREL - CLOTHING - 8.07%
15,000 The Limited Inc., 9.125%, 2/01/01..................... 15,171
10,000 VF Corp., 7.60%, 4/1/04 .............................. 9,990
---------
25,161
---------
BANKS - 10.11%
23,000 Citigroup Inc., 5.80%, 3/15/04........................ 21,946
10,000 Suntrust Banks, 6.125%, 6/15/04....................... 9,568
---------
31,514
---------
CHEMICALS - 6.11%
20,000 Eastman Chemical Corp., 6.375%, 1/15/04............... 19,054
---------
COMMERCIAL FINANCING AND LEASING - 4.56%
15,000 USL Capital Corp., 5.95%, 10/15/03.................... 14,202
---------
COMPUTER HARDWARE - 4.89%
15,000 IKON Office Solutions, 8.875%, 4/15/01................ 15,226
---------
FINANCIAL SERVICES - 34.58%
15,000 AON Corp., 6.70%, 6/15/03............................. 14,541
45,000 Federal Farm Credit Bank, 5.85%, 12/01/00............. 44,835
30,000 Federal National Mortgage Association,
5.625%, 5/14/04 .................................... 28,594
20,000 Key Bank, 7.55%, 9/15/06.............................. 19,794
---------
107,764
---------
INDUSTRIAL PARTS - 7.92%
25,000 Tyco International Group SA, 6.125%, 6/15/01.......... 24,691
---------
MOTOR VEHICLES - 4.69%
15,000 Cooper Tire & Rubber Co., 7.75%, 12/15/09............. 14,627
---------
SECURITIES/ASSET MANAGEMENT - 3.08%
10,000 Goldman Sachs Group Inc., 7.35%, 10/01/09............. 9,601
---------
THRIFTS - 4.18%
13,000 ABN-AMRO Bank - NY, 8.25%, 8/01/09.................... 13,041
---------
TOBACCO - 1.59%
5,000 Philip Morris Cos., 7.50%, 1/15/02.................... 4,960
---------
Total Corporate Bonds (cost $284,435) ................ 284,861
---------
18
<PAGE>
ROCHDALE INTERMEDIATE FIXED INCOME PORTFOLIO
SCHEDULE OF INVESTMENTS AT JUNE 30, 2000 (UNAUDITED), Continued
--------------------------------------------------------------------------------
Market Value
--------------------------------------------------------------------------------
Total Investments in Securities
(cost $284,435+): 91.39% ........................... $ 284,861
Other Assets less Liabilities: 8.61%.................. 26,825
---------
Total Net Assets: 100% ............................... $ 311,686
=========
+ At June 30, 2000, 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......................... $ 1,225
Gross unrealized depreciation......................... (799)
---------
Net unrealized appreciation...................... $ 426
=========
See accompanying Notes to Financial Statements.
19
<PAGE>
ROCHDALE INVESTMENT TRUST
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES AT JUNE 30, 2000 (UNAUDITED)
------------------------------------------------------------------------------------------------------------------------
MID/SMALL MID/SMALL INTERMEDIATE
LARGE GROWTH LARGE VALUE GROWTH VALUE FIXED INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(cost $771,596, $779,152, $443,959,
$491,766 and $284,435, respectively)............. $ 815,697 $ 739,941 $ 472,668 $ 479,738 $ 284,861
Cash ............................................. 6,656 8,134 9,698 13,489 16,894
Receivables:
Due from Advisor ............................... 5,820 5,830 6,112 6,077 6,381
Fund shares sold ............................... 1,910 1,330 3,140 1,960 32,000
Dividends and interest ......................... 303 592 147 312 4,482
Investments sold ............................... -- -- -- -- 97,923
Prepaid expenses ................................. 811 811 810 811 811
--------- --------- --------- --------- ---------
TOTAL ASSETS ..................................... 831,197 756,638 492,575 502,387 443,352
--------- --------- --------- --------- ---------
LIABILITIES
Payable for investments purchased ................ 17,331 14,327 5,724 7,477 113,103
Accrued expenses ................................. 18,531 18,447 18,528 18,498 18,563
--------- --------- --------- --------- ---------
TOTAL LIABILITIES ................................ 35,862 32,774 24,252 25,975 131,666
--------- --------- --------- --------- ---------
NET ASSETS ......................................... $ 795,335 $ 723,864 $ 468,323 $ 476,412 $ 311,686
========= ========= ========= ========= =========
Number of shares, $0.01 par value, issued
and outstanding (unlimited shares authorized).... 30,104 30,047 15,379 18,968 12,424
========= ========= ========= ========= =========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE ................................... $ 26.42 $ 24.09 $ 30.45 $ 25.12 $ 25.09
========= ========= ========= ========= =========
COMPOSITION OF NET ASSETS
Paid-in capital .................................. $ 751,832 $ 762,309 $ 433,713 $ 487,515 $ 308,285
Undistributed / accumulated net investment
income (loss).................................... (602) 765 (641) 517 3,442
Undistributed / accumulated net realized
gain (loss) from security transactions........... 4 1 6,542 408 (467)
Net unrealized appreciation (depreciation)
on investments................................... 44,101 (39,211) 28,709 (12,028) 426
--------- --------- --------- --------- ---------
Net Assets ......................................... $ 795,335 $ 723,864 $ 468,323 $ 476,412 $ 311,686
========= ========= ========= ========= =========
</TABLE>
See accompanying Notes to Financial Statements.
20
<PAGE>
ROCHDALE INVESTMENT TRUST
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS - DECEMBER 31, 1999* THROUGH JUNE 30, 2000 (UNAUDITED)
---------------------------------------------------------------------------------------------------------------------------
MID/SMALL MID/SMALL INTERMEDIATE
LARGE GROWTH LARGE VALUE GROWTH VALUE FIXED INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Income
Dividend income .................................... $ 600 $ 2,024 $ 243 $ 1,582 $ --
Interest income .................................... 298 278 227 225 3,721
Other income ....................................... -- 76 -- -- 472
-------- -------- -------- -------- --------
Total income ......................................... 898 2,378 470 1,807 4,193
-------- -------- -------- -------- --------
Expenses
Administration fee ................................. 10,283 10,283 10,283 10,283 10,283
Fund accounting fees ............................... 7,000 7,000 7,000 7,000 7,000
Transfer agent fees ................................ 4,836 4,836 4,836 4,836 4,836
Registration fees .................................. 4,254 4,254 4,254 4,254 4,254
Audit fee .......................................... 4,000 4,000 4,000 4,000 4,000
Legal fees ......................................... 2,647 2,647 2,647 2,647 2,647
Miscellaneous ...................................... 1,775 1,691 1,775 1,775 1,775
Reports to shareholders ............................ 1,035 1,035 1,035 1,035 1,035
Insurance .......................................... 305 305 305 305 305
Advisory fees ...................................... 600 645 412 478 237
Custody fees ....................................... 205 205 205 205 205
-------- -------- -------- -------- --------
Total expenses ....................................... 36,940 36,901 36,752 36,818 36,577
Less: expenses waived and reimbursed ................. (35,440) (35,288) (35,641) (35,528) (36,577)
-------- -------- -------- -------- --------
Net expenses ......................................... 1,500 1,613 1,111 1,290 0
-------- -------- -------- -------- --------
NET INVESTMENT INCOME (LOSS) ......................... (602) 765 (641) 517 4,193
-------- -------- -------- -------- --------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from security
transactions........................................ 4 1 6,542 408 (467)
Net change in unrealized appreciation
(depreciation) on investments ...................... 44,101 (39,211) 28,709 (12,028) 426
-------- -------- -------- -------- --------
Net realized and unrealized gain (loss)
on investments................................... 44,105 (39,210) 35,251 (11,620) (41)
-------- -------- -------- -------- --------
NET INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS....................... $ 43,503 $(38,445) $ 34,610 $(11,103) $ 4,152
======== ======== ======== ======== ========
</TABLE>
* Inception of Portfolio.
See accompanying Notes to Financial Statements.
21
<PAGE>
ROCHDALE INVESTMENT TRUST
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
DECEMBER 31, 1999* THROUGH JUNE 30, 2000 (UNAUDITED)
-------------------------------------------------------------------------------------------------------------------------
MID/SMALL MID/SMALL INTERMEDIATE
LARGE GROWTH LARGE VALUE GROWTH VALUE FIXED INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS OPERATIONS:
Net investment income (loss) ..................... $ (602) $ 765 $ (641) $ 517 $ 4,193
Net realized gain (loss) from security
transactions..................................... 4 1 6,542 408 (467)
Net change in unrealized appreciation
(depreciation) on investments.................... 44,101 (39,211) 28,709 (12,028) 426
--------- --------- --------- --------- ---------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS........................ 43,503 (38,445) 34,610 (11,103) 4,152
--------- --------- --------- --------- ---------
DISTRIBUTIONS TO SHAREHOLDERS:
Net investment income ............................ -- -- -- -- (751)
--------- --------- --------- --------- ---------
FUND SHARE TRANSACTIONS:
Proceeds from shares sold ........................ 701,832 712,309 383,713 437,515 257,534
Shares issued on reinvestment of distributions.... -- -- -- -- 751
Cost of shares redeemed .......................... -- -- -- -- --
--------- --------- --------- --------- ---------
NET INCREASE FROM FUND SHARE TRANSACTIONS...... 701,832 712,309 383,713 437,515 258,285
--------- --------- --------- --------- ---------
TOTAL INCREASE IN NET ASSETS ..................... 745,335 673,864 418,323 426,412 261,686
NET ASSETS
Beginning of period .............................. 50,000 50,000 50,000 50,000 50,000
--------- --------- --------- --------- ---------
END OF PERIOD ..................................... $ 795,335 $ 723,864 $ 468,323 $ 476,412 $ 311,686
========= ========= ========= ========= =========
CHANGE IN SHARES:
Shares sold ...................................... 28,104 28,047 13,379 16,968 10,394
Shares issued on reinvestment of distributions.... -- -- -- -- 30
Shares redeemed .................................. -- -- -- -- --
--------- --------- --------- --------- ---------
NET INCREASE ..................................... 28,104 28,047 13,379 16,968 10,424
========= ========= ========= ========= =========
</TABLE>
*Inception of Portfolio.
See accompanying Notes to Financial Statements.
22
<PAGE>
ROCHDALE INVESTMENT TRUST
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS - DECEMBER 31, 1999* THROUGH JUNE 30, 2000 (UNAUDITED)
FOR A CAPITAL SHARE OUTSTANDING THROUGHOUT THE PERIOD
----------------------------------------------------------------------------------------------------------------
LARGE LARGE MID/SMALL MID/SMALL INTERMEDIATE
GROWTH VALUE GROWTH VALUE FIXED INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .......... $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00
------- ------- ------- ------- -------
Income from investment operations:
Net investment income (loss).................. (0.02) 0.03 (0.04) 0.03 0.43
Net realized and unrealized gain (loss)
on investments............................... 1.44 (0.94) 5.49 0.09 (0.14)
------- ------- ------- ------- -------
Total from investment operations .............. 1.42 (0.91) 5.45 0.12 0.29
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income ......... -- -- -- -- (0.20)
------- ------- ------- ------- -------
Net asset value, end of period ................ $ 26.42 $ 24.09 $ 30.45 $ 25.12 $ 25.09
======= ======= ======= ======= =======
Total return .................................. 5.68% (3.64%) 21.80% 0.48% 1.17%
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) ......... $ 795 $ 724 $ 468 $ 476 $ 312
Portfolio turnover rate ....................... 0.01% 0.04% 66.12% 12.01% 90.47%
Ratio of expenses to average net assets:
Before expense reimbursement and waivers...... 30.78%# 28.60%# 44.66%# 38.53%# 61.76%#
After expense reimbursement and waivers....... 1.25%# 1.25%# 1.35%# 1.35%# 0.00%#
Ratio of net investment income (loss) to
average net assets:
Before expense reimbursement and waivers...... (30.04%)# (26.75%)# (44.09%)# (36.64%)# (54.68%)#
After expense reimbursement and waivers....... (0.50%)# 0.59%# (0.78%)# 0.54%# 7.08%#
</TABLE>
* Inception of Portfolio.
# Annualized.
See accompanying Notes to Financial Statements.
23
<PAGE>
ROCHDALE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS AT JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
NOTE 1 - ORGANIZATION
Rochdale Large Growth Portfolio, Rochdale Large Value Portfolio, Rochdale
Mid/Small Growth Portfolio, Rochdale Mid/Small Value Portfolio, and Rochdale
Intermediate Fixed Income 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 is to achieve
long-term growth of capital in the Large Growth, Large Value, Mid/Small Growth,
and Mid/Small Value Portfolios, and to seek current income and capital
appreciation in the Intermediate Fixed Income Portfolio.
The Portfolios commenced operations on December 31, 1999.
The Rochdale Large Growth Portfolio is a large-cap domestic equity fund
that uses a proprietary methodology, focusing on fundamental and technical
attributes, to select leading companies within the growth industries segment of
the large-cap universe. Selected growth companies have greater earnings growth,
price momentum, and positive analyst sentiment relative to their growth industry
peers.
The Rochdale Large Value Portfolio is a large-cap domestic equity fund that
uses a proprietary methodology, focusing on fundamental and technical
attributes, to select leading companies within the value industries segment of
the large-cap universe. Selected value companies are undervalued relative to
their cash flow return on investment and have above-average price momentum
relative to their industry peers.
The Rochdale Mid/Small Growth Portfolio is a mid- and small-cap domestic
equity fund that uses a proprietary methodology, focusing on fundamental and
technical attributes, to select leading companies within the growth industries
segment of the mid- and small-cap universe. Selected growth companies have
greater earnings growth, price momentum, and positive analyst sentiment relative
to their growth industry peers.
The Rochdale Mid/Small Value Portfolio is a mid- and small-cap domestic
equity fund that uses a proprietary methodology, focusing on fundamental and
technical attributes, to select leading companies within the value industries
segment of the mid- and small-cap universe. Selected value companies are
undervalued relative to their cash flow return on investment and have
above-average price momentum relative to their industry peers.
The Rochdale Intermediate Fixed Income Portfolio is a fixed-income fund
that purchases intermediate-term obligations of issuers that provide an
attractive rate of current income or provide for capital appreciation based on
the maturity, duration and credit quality of the issuer relative to comparable
issuers. Under normal circumstances the Portfolio primarily will hold corporate
obligations, which are expected to earn a higher rate of income than those of
the comparable obligations of the U.S. Government or its agencies.
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 are 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.
24
<PAGE>
ROCHDALE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS AT JUNE 30, 2000 (UNAUDITED), Continued
--------------------------------------------------------------------------------
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.
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. OPTION WRITING. Each Portfolio may purchase put and call options and
may write (sell) covered call options and secured put options on
securities and indices. When the Portfolio writes an option, an amount
equal to the premium received by the Portfolio is recorded as a
liability and is subsequently adjusted to the current fair value of
the option written. Premiums received from writing options that expire
unexercised are treated by the Portfolio on the expiration date as
realized gains from investments. The difference between the premium
and the amount paid on effecting a closing purchase transaction,
including brokerage commissions, is also treated as a realized gain,
or, if the premium is less than the amount paid for the closing
purchase transaction, as a realized loss. If a call option is
exercised, the premium is added to the proceeds from the sale of the
underlying security or currency in determining whether the Portfolio
has realized a gain or loss. If a put option is exercised, the premium
reduces the cost basis of the securities purchased by the Portfolio.
The Portfolio as writer of an option bears the market risk of an
unfavorable change in the price of the security underlying the written
option.
H. 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.
25
<PAGE>
ROCHDALE INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS AT JUNE 30, 2000 (UNAUDITED), Continued
--------------------------------------------------------------------------------
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 0.50% from the Large Growth,
Large Value, Mid/Small Growth, and Mid/Small Value Portfolios, and 0.40% from
the Intermediate Fixed Income 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 1.25%, 1.25%, 1.35%, 1.35%, and 0.90% of average net assets for the
Large Growth, Large Value, Mid/Small Growth, Mid/Small Value, and Intermediate
Fixed Income 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 June 30, 2000, the Advisor has reimbursed the Portfolios for
expenses in excess of the limit in the amounts of $35,440 for the Large Growth
Portfolio, $35,288 for the Large Value Portfolio, $35,641 for the Mid/Small
Growth Portfolio, $35,528 for the Mid/Small Value Portfolio, and $36,577 for the
Intermediate Fixed Income Portfolio, respectively, making the Portfolios'
expense ratios 1.25%, 1.25%, 1.35%, 1.35%, and 0.00% versus actual operating
expenses of 30.78%, 28.60%, 44.66%, 38.53%, and 61.76%, respectively.
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 0.10% annually of
average net assets, with a minimum annual fee of $25,000.
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.
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 June 30, 2000.
NOTE 5 - PURCHASES AND SALES OF SECURITIES
For the period ended June 30, 2000, the cost of purchases and the proceeds
from sales of securities, other than short-term investments, were $771,609,
$779,253, $549,213, $514,054, and $381,718, and $17, $102, $111,796, $22,696,
and $96,816, respectively, for the Large Growth, Large Value, Mid/Small Growth,
Mid/Small Value, and Intermediate Fixed Income Portfolios.
26
<PAGE>
INVESTMENT 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
(800) 245-9888
----------
CUSTODIAN
Union Bank of California, N.A.
475 Sansome Street
San Francisco, California 94111
----------
TRANSFER AND DIVIDEND DISBURSING AGENT
American Data Services, Inc.
P.O. Box 5536
Hauppauge, New York 11788-0132
(877) 881-2744
----------
INDEPENDENT AUDITORS
Tait, Weller & Baker
8 Penn Center Plaza, 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)
