GIT Income Trust
Maximum Income Portfolio
Government Portfolio
Annual Report
March 31, 1996
GIT
GIT Investment Funds
<PAGE>
Management's Discussion of Fund Performance
May 10, 1996
Dear Shareholder:
The year ended March 31, 1996, was a volatile one for the
bond markets. The yield from 30-year Treasury bonds,
considered a proxy for investors' outlook on inflation, sank
from 7.43% on April 1, 1995 to 5.95% on December 30, and
then rose to 6.63% on April 1, 1996.
Economic reports released during April 1995 reinforced the
view that the Federal Reserve Board's rate increases in 1994
and early 1995 boosted borrowing costs enough to slow
consumer demand and subdue inflation. From July 6, 1995,
through January 31, 1996, the Fed dropped the Federal Funds
rate three times. After the January 31 rate cut, the economy
showed signs of strength. The Labor Department's
announcement of the creation of 705,000 new jobs in February
coupled with a stronger than expected gross domestic product
for the first quarter of 1996 left little doubt that the
economy had a healthy tone. During the March 26, 1996,
Federal Open Market Committee meeting, Federal Reserve
Chairman Alan Greenspan assured the bond markets that the
economy is "moving forward with inflation in check." Low
inflation and a moderately expanding economy bode well for
both the government and high-yield bond markets.
During 1995, GIT's Government Portfolio was positioned to
react to inflationary pressures by keeping a short maturity.
As we determined that inflation was in check, the fund's
average maturity was increased, and we now favor
intermediate maturities, which we feel provide the best
value. This maturity range tempers the downside risk should
yields rise and provides some upside potential in the event
that rates fall. For the year ending March 31,1996, the one
year total return for the Government Portfolio was 6.56%
Economic stability is good news for the high-yield market in
which our Maximum Income Portfolio invests. The Portfolio
had a one-year total return of 12.32% for the year ended
March 31, 1996. In February and March prices declined on
high yield bonds, but we are encouraged by strong demand for
new issues during the same period. The Maximum Income
Portfolio is diversified across twelve industry sectors,
with exposure in cable television, communications, retail
and home-building among others. We continue to focus on
issuers that provide attractive rates of return without
assuming an undue degree of risk.
The current economic conditions of low inflation and
moderate growth cause us to look favorably on the near-term
outlook for the bond market. We appreciate your confidence
in GIT Investment Funds and encourage you to look at all our
no-load mutual funds.
Sincerely,
(signature)
A. Bruce Cleveland
President
<PAGE>
Management's Discussion of Fund Performance (continued)
Comparison of Changes in the Value of a $10,000 Investment
and the Shearson Lehman Aggregate Bond Index
Depicted herein is a graphic presentation consisting of two
charts comparing the values of a $10,000 investment made to
each of the portfolios against the Shearson Lehman Aggregate
Bond Index. Through the use of line graphs, the following
information is presented:
Value (as of March 31, 1996) of a $10,000 investment made on
March 31, 1986 in the Maximum Income Portfolio: $19,244.
Average Annual Total Returns:
1 year - 12.32 percent
5 year - 10.42 percent
10 year - 6.77 percent.
Value (as of March 31, 1996) of a $10,000 investment made on
March 31, 1986 in the Government Portfolio: $18,891.
Average Annual Total Returns:
1 year - 6.56 percent
5 year - 6.71 percent
10 year - 6.57 percent.
Corresponding value of the Shearson Lehman Aggregate Bond Index: $22,857
Past performance is not predictive of future performance.
<PAGE>
Report of Ernst & Young LLP, Independent Auditors
To the Board of Trustees and Shareholders, Maximum Income
Portfolio and Government Portfolio, GIT Income Trust:
We have audited the accompanying statements of assets and
liabilities, including the portfolios of investments, of GIT
Income Trust (comprising, respectively, Maximum Income and
Government Portfolios), as of March 31, 1996, and the
related statements of operations for the year then ended,
the statements of changes in net assets for each of the two
years in the period then ended, and the financial highlights
for each of the five years in the period then ended. These
financial statements and financial highlights are the
responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable assurance
about whether the financial statements and financial
highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. Our
procedures included confirmation of securities owned as of
March 31, 1996, by correspondence with the custodian. An
audit also includes assessing the accounting principles used
and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of each of the respective
portfolios constituting GIT Income Trust at March 31, 1996,
the results of their operations for the year then ended, the
changes in their net assets for each of the two years in the
period then ended, and the financial highlights for each of
the five years in the period then ended, in conformity with
generally accepted accounting principles.
Ernst & Young LLP
Washington, DC
May 3, 1996
<PAGE>
Maximum Income Portfolio
Portfolio of Investments - March 31, 1996
Credit Rating* Principal
Moody's S&P Amount Value
CORPORATE DEBT SECURITIES: 80.8% of Net Assets
CABLE TELEVISION: 7.8%
B2 B Cablevision Systems Corporation,
Senior Subordinated Debentures,
9.875%, 2/15/13 $250,000 $260,000
B3 BB- CAI Wireless Systems, Inc., Senior
Discount Notes, 12.25%,
9/15/02 256,000 271,360
CHEMICALS: 3.8%
B1 B NL Industries Inc., Senior Secured
Notes, 11.75%, 10/15/03 250,000 259,375
COMMUNICATIONS: 25.6%
B2 B- American Radio Systems, Senior
Subordinated Notes, 9%, 2/1/06 250,000 245,000
B3 B- Arch Communications Group, Inc.,
Senior Discount Notes, 10.875%,
3/15/08 410,000 234,725
B2 B+ Century Communications Corporation,
Senior Subordinated Notes,
11.875%, 10/15/03 250,000 267,500
NR B- Chancellor Broadcasting Co., Senior
Subordinated Notes, 12.5%,
10/1/04 188,000 209,620
B2 B- EZ Communications Inc., Senior
Subordinated Notes, 9.75%
12/1/05 250,000 248,125
B2 BB- Mobile Telecommunications
Technologies Corporation, Senior
Notes, 13.5%, 12/15/02 250,000 266,250
B2 B SFX Broadcasting, Inc., Senior
Subordinated Notes, 11.375%,
10/1/00 250,000 270,000
FOREST AND PAPER PRODUCTS: 7.4%
B3 B Gaylord Container Corp., Senior
Notes, 11.5%, 5/15/01 250,000 252,500
B1 BB- Stone Container Corporation,
1st Mortgage Notes, 10.75%,
10/1/02 250,000 248,125
GAMING: 3.9%
Ba3 BB Grand Casinos Inc., 1st Mortgage
Notes, 10.125%, 12/1/03 250,000 265,000
HOMEBUILDING: 7.7%
Ba3 B+ Continental Homes Holding Corp.,
Senior Notes, 12%, 8/1/99 250,000 270,000
B2 B NVR Inc., Senior Notes, 11%,
4/15/03 250,000 252,500
LODGING: 3.6%
B3 B- Motels of America Inc., Senior
Subordinated Notes, 12%,
4/15/04 250,000 242,500
RESTAURANTS: 3.8%
B1 B+ Carrols Corporation, Senior Notes,
11.5%, 8/15/03 250,000 256,250
RETAIL-FOOD: 10.0%
B3 B- Ralph's Grocery Company, Senior
Subordinated Notes, 11%,
6/15/05 250,000 225,000
B2 B+ Stater Brothers Holdings Inc.,
Senior Notes, 11%, 3/1/01 250,000 257,500
B3 NR Super Markets General Holding
Corp., Subordinated Notes,
11.625%, 6/15/02 200,000 194,000
STEEL: 3.7%
B2 B GS Technologies Operating Inc.,
Senior Notes, 12%, 9/1/04 250,000 251,875
TEXTILES-APPAREL: 3.5%
B3 B Dan River Inc., Senior Subordinated
Notes, 10.125%, 12/15/03 250,000 237,500
TOTAL CORPORATE DEBT SECURITIES
(Cost $5,417,908) 5,484,705
U.S. GOVERNMENT OBLIGATIONS: 10.6% of Net Assets
Aaa AAA United States Treasury Notes,
5.875%, 11/15/05 500,000 481,875
Aaa AAA United States Treasury Notes,
5.625%, 2/15/06 250,000 237,110
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $757,696) 718,985
REPURCHASE AGREEMENT: 6.1% of Net Assets
With Donaldson, Lufkin & Jenrette Securities
Corporation issued 3/29/96 at 5.3%, due
4/1/96 collateralized by $420,480 in Federal
National Mortgage Association Medium-Term
Notes due 3/19/03. Total proceeds at
maturity are $411,182. (Cost $411,000) 411,000
TOTAL INVESTMENTS (Cost $6,586,604)+ $6,614,690
See Notes to Portfolio of Investments.
<PAGE>
Government Portfolio
Portfolio of Investments - March 31, 1996
Credit Rating* Principal
Moody's S&P Amount Value
U.S. GOVERNMENT OBLIGATIONS:
96.1% of Net Assets
Aaa AAA United States Treasury Bonds,
6.875%, 8/15/25 $1,250,000 $1,269,525
Aaa AAA United States Treasury Notes,
6.75%, 5/31/97 1,000,000 1,012,500
Aaa AAA United States Treasury Notes,
7.125%, 2/29/00 1,000,000 1,036,560
Aaa AAA United States Treasury Notes,
7.75%, 2/15/01 1,000,000 1,068,590
Aaa AAA United States Treasury Notes,
6.5%, 8/15/05 1,000,000 1,003,910
Aaa AAA United States Treasury Notes,
5.875%, 11/15/05 1,000,000 963,750
Aaa AAA United States Treasury Notes,
5.625%, 2/15/06 250,000 237,110
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $6,670,595) 6,591,945
REPURCHASE AGREEMENT: 2.7% of Net Assets
With Donaldson, Lufkin & Jenrette Securities
Corporation issued 3/29/96 at 5.3%, due 4/1/96
collateralized by $188,244 in Federal National
Mortgage Association Medium-Term Notes due
3/19/03. Total proceeds at maturity are $184,081.
(Cost $184,000) 184,000
TOTAL INVESTMENTS (Cost $6,854,595)+ $6,775,945
Notes to Portfolio of Investments:
Moody's Moody's Investors Service, Inc.
S&P Standard & Poor's Corporation
* Unaudited
+ Aggregate cost for federal income tax purposes and
net unrealized appreciation (depreciation) of
investments is as follows:
Maximum
Income Government
Portfolio Portfolio
Aggregate cost $6,586,604 $6,854,595
Gross unrealized appreciation $ 121,843 $ 115,326
Gross unrealized depreciation 93,757 193,976
Net unrealized appreciation
(depreciation) $ 28,086 $ (78,650)
The Notes to Financial Statements are an integral part of
these statements.
<PAGE>
Statements of Assets and Liabilities
March 31, 1996
Maximum
Income Government
Portfolio Portfolio
ASSETS
Investments, at cost $6,586,604 $6,854,595
Investments, at value (Notes 1 and 2)
Investment securities $6,203,690 $6,591,945
Repurchase agreement 411,000 184,000
Total investments 6,614,690 6,775,945
Cash 487 211
Receivables
Interest 184,800 81,880
Share subscriptions (Note 1) 200 1,250
Total assets 6,800,177 6,859,286
LIABILITIES
Payables
Shares reserved for subscriptions
(Note 1) 200 1,250
Dividends 9,830 1,926
Other liabilities 60 8
Total liabilities 10,090 3,184
NET ASSETS (Note 5) $6,790,087 $6,856,102
CAPITAL SHARES OUTSTANDING 948,038 706,487
NET ASSET VALUE PER SHARE $7.162 $9.705
Statements of Operations
For the Year Ended March 31, 1996
Maximum
Income Government
Portfolio Portfolio
INVESTMENT INCOME (Note 1)
Interest income $687,474 $470,218
Other income 7,500 --
EXPENSES (Notes 3 and 4)
Investment advisory fee 42,986 46,093
Custodian fees 2,847 3,079
Professional fees 6,943 7,390
Salaries and related expenses 26,860 29,000
Securities registration and blue sky
expenses 8,126 8,084
Telephone expense 1,634 1,765
Data processing and office equipment
expenses 13,932 14,506
Office and miscellaneous expenses 6,450 6,661
Depreciation and amortization 765 826
Total expenses 110,543 117,404
NET INVESTMENT INCOME 584,431 352,814
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain on investments 167,400 253,063
Net unrealized appreciation
(depreciation) of investments 53,681 (111,252)
NET GAIN ON INVESTMENTS 221,081 141,811
TOTAL INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $805,512 $494,625
The Notes to Financial Statements are an integral part of
these statements.
<PAGE>
Statements of Changes in Net Assets
For the Years Ended March 31
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
Net investment
income $584,431 $607,704 $352,814 $320,146
Net realized gain
(loss) on
investments 167,400 (740,266) 253,063 (565,914)
Net unrealized
appreciation
(depreciation)
of investments 53,681 373,832 (111,252) 437,937
Total increase in net
assets resulting
from operations 805,512 241,270 494,625 192,169
DISTRIBUTIONS TO SHAREHOLDERS
From net investment
income (584,431) (607,704) (352,814) (320,146)
CAPITAL SHARE
TRANSACTIONS
(Note 7) (157,381) (609,412) (938,698) (795,057)
TOTAL INCREASE (DECREASE)
IN NET ASSETS 63,700 (975,846) (796,887) (923,034)
NET ASSETS
Beginning of year6,726,387 7,702,233 7,652,989 8,576,023
End of year $6,790,087 $6,726,387 $6,856,102 $7,652,989
Financial Highlights
Selected data for a share outstanding throughout each year:
<TABLE>
Maximum Income Portfolio
Year ended March 31,
<C> <C> <C> <C> <C>
1996 1995 1994 1993 1992
Net asset
value
beginning
of period $ 6.938 7.285 7.455 7.255 6.775
Net
investment
income $ 0.608 0.597 0.606 0.674 0.689
Net
realized &
unrealized
gains
(losses) on
securities $0.224 (0.347)(0.170) 0.200 0.480
Total from
investment
operations $0.832 0.250 0.436 0.874 1.169
Distributions
from net
investment
income $(0.608)(0.597)(0.606)(0.674)(0.689)
Distributions
from capital
gains $ -- -- -- -- --
Total
Distributions$(0.608)(0.597)(0.606)(0.674)(0.689)
Net asset
value end
of period $ 7.162 6.938 7.285 7.455 7.255
Total
Return 12.32% 3.75% 5.89% 12.69% 18.08%
Net assets
at end of
period
(thousands) $6,790 6,726 7,702 7,329 6,456
Ratio of
expenses to
average net
assets 1.60% 1.52% 1.54% 1.52% 1.54%
Ratio of
net
investment
income to
average
net assets 8.47% 8.56% 8.02% 9.26% 9.95%
Portfolio
turnover 237% 243% 251% 73% 124%
Government Portfolio
Year ended March 31,
<C> <C> <C> <C> <C>
1996 1995 1994 1993 1992
Net asset
value
beginning
of period $ 9.551 9.695 10.621 10.300 10.119
Net
investment
income $0.472 0.391 0.363 0.501 0.654
Net
realized &
unrealized
gains
(losses) on
securities $0.154 (0.144)(0.151) 0.854 0.222
Total from
investment
operations $0.626 0.247 0.212 1.355 0.876
Distributions
from net
investment
income $(0.472)(0.391)(0.363)(0.501)(0.654)
Distributions
from capital
gains $ -- -- (0.775)(0.533)(0.041)
Total
Distributions$(0.472)(0.391)(1.138)(1.034)(0.695)
Net asset
value end
of period $ 9.705 9.551 9.695 10.621 10.300
Total
Return 6.56% 2.67% 1.95% 13.96% 8.84%
Net assets
at end of
period
(thousands) $ 6,856 7,653 8,576 9,734 7,375
Ratio of
expenses to
average net
assets 1.59% 1.52% 1.54% 1.52% 1.53%
Ratio of
net
investment
income to
average
net assets 4.77% 4.12% 3.53% 4.78% 6.28%
Portfolio
turnover 190% 318% 287% 357% 123
</TABLE>
The Notes to Financial Statements are an integral part of
these statements.
<PAGE>
GIT Income Trust
Notes to Financial Statements
March 31, 1996
1. Summary of Significant Accounting Policies. GIT Income
Trust (the "Trust") is registered with the Securities and
Exchange Commission under the Investment Company Act of 1940
as an open-end, diversified investment management company.
The Trust maintains two separate portfolios whose principal
objectives are to obtain high current income. The Maximum
Income Portfolio invests in long-term debt securities which
may include securities rated as low as "Caa" or "CCC" by
Moody's Investors Service, Inc. or Standard & Poor's
Corporation, respectively. The Government Portfolio invests
in securities of the U. S. Government and its agencies.
Securities Valuation: Securities having maturities of 60
days or less are valued at amortized cost, which
approximates market value. Securities having longer
maturities, for which market quotations are readily
available, are valued at the mean between their bid and
asked prices. Securities for which market quotations are
not readily available are valued at their fair value as
determined in good faith by the Trustees. Investment
transactions are recorded on the trade date. The cost of
investments sold is determined on the identified cost basis
for financial statement and federal income tax purposes.
Repurchase Agreements are valued at amortized cost, which
approximates market value.
Investment Income: Interest income, net of amortization of
premium or discount, and other income (if any) are accrued
as earned.
Dividends: Net investment income, determined as gross
investment income less expenses, is declared as a regular
dividend each business day. Declared dividends are
distributed to shareholders or reinvested in additional
shares as of the close of business at the end of each month.
Capital gains distributions reflecting net realized gains of
each portfolio (if any) are declared and paid twice annually
at calendar and fiscal year end. Additional distributions
will be made if necessary.
Income Tax: In accordance with the provisions of Subchapter
M of the Internal Revenue Code applicable to regulated
investment companies, all of the taxable income of each
portfolio is distributed to its shareholders, and therefore
no federal income tax provision is required. As of March
31, 1996, the Maximum Income and Government Portfolios had
available for federal income tax purposes unused capital
loss carryovers of $2,563,160, expiring from March 31, 1997
through March 31, 2003, and $313,426, expiring March 31,
2003, respectively.
Share Subscriptions: Shares purchased by check or otherwise
not paid for in immediately available funds are accounted
for as share subscriptions receivable and shares reserved
for subscriptions.
Use of Estimates: The preparation of the financial
statements in conformity with generally accepted accounting
principles requires management to make estimates and
assumptions that affect the reported amounts of assets and
liabilities and reported amounts of increases and decreases
in net assets from operations during the reporting period.
Actual results could differ from those estimates.
2. Investments in Repurchase Agreements. When the Trust
purchases securities under agreements to resell, the
securities are held for safekeeping by the Trust's custodian
bank as collateral. Should the market value of the
securities purchased under such an agreement decrease below
the principal amount to be received at the termination of
the agreement plus accrued interest, the counterparty is
required to place an equivalent amount of additional
securities in safekeeping with the Trust's custodian bank.
Repurchase agreements may be terminated within seven days.
Pursuant to an Exemptive Order issued by the Securities and
Exchange Commission, the Trust, along with other registered
investment companies having Advisory and Services Agreements
with Bankers Finance Investment Management Corp.("BFIMC"),
transfers uninvested cash balances into a joint trading
account. The aggregate balance in this joint trading
account is invested in one or more consolidated repurchase
agreements whose underlying securities are U.S. Treasury or
federal agency obligations.
<PAGE>
Notes to Financial Statements (continued)
3. Investment Advisory Fees and Other Transactions with
Affiliates. The Investment Adviser to the Trust, BFIMC,
earns an advisory fee equal to 0.625% per annum of the
average net assets of each of the Trust's portfolios; the
fees accrue daily and are payable monthly. In order to meet
the securities registration requirements of certain states,
BFIMC has undertaken to reimburse the Trust by the amount,
if any, by which the total expenses of the Trust (less
certain excepted expenses) exceed the applicable expense
limitation in any state or other jurisdiction in which the
Trust is subject to regulation during the fiscal year. The
Trust believes the current applicable expense limitation is
2.5% per annum of the average net assets of each portfolio
up to $30 million, 2% of any amount of such net assets
exceeding $30 million but not exceeding $100 million, and
1.5% per annum of such amount in excess of $100 million.
BFIMC is responsible for the fees and expenses of Trustees
who are affiliated with BFIMC, the rent expense of the
Trust's principal executive office premises and certain
promotional expenses. For the year ended March 31, 1996,
outside Trustee fees were $1,500 for each Portfolio. At
March 31, 1996, certain officers, Trustees, companies and
individuals affiliated with the Trust had investments in the
Trust aggregating 1.3% of the Maximum Income Portfolio
shares outstanding and 0.3% of the Government Portfolio
shares outstanding.
4. Other Expenses. With the exception of certain expenses
of the Trust payable by it directly, all support services
are provided to the Trust under a Services Agreement between
the Trust and BFIMC, pursuant to which such services are
provided for amounts not exceeding the cost to BFIMC of the
support provided. Common expenses incurred by the Trust are
allocated among the portfolios based on the ratio of net
assets of each portfolio to the combined net assets. For
the year ended March 31, 1996, operating expenses of $67,557
for the Maximum Income Portfolio and $71,311 for the
Government Portfolio have been reimbursed to BFIMC under the
Services Agreement. As of March 31, 1996, expenses of
$39,097 for the Maximum Income Portfolio and $52,350 for the
Government Portfolio have been incurred by BFIMC on behalf
of the portfolios, the billings of which have been deferred.
5. Net Assets. At March 31, 1996, net assets include the
following:
Maximum
Income Government
Portfolio Portfolio
Net paid in capital on shares of
beneficial interest $9,325,161 $7,248,177
Accumulated net realized losses (2,563,160) (313,425)
Net unrealized appreciation
(depreciation) of investments 28,086 (78,650)
Total net assets $6,790,087 $6,856,102
The Maximum Income Portfolio reclassified $(509,459) from
accumulated net realized losses to paid in capital as a
result of permanent book and tax basis differences. This
reclassification had no impact on net asset value.
6. Investment Transactions. Purchases and sales of
securities other than short-term securities for the year
ended March 31, 1996 were as follows:
Maximum
Income Government
Portfolio Portfolio
Purchases $14,650,949 $12,093,711
Sales 14,495,120 12,717,422
See Notes to Portfolios of Investments.
<PAGE>
Notes to Financial Statements (continued)
7. Capital Share Transactions. An unlimited number of
capital shares, without par value, are authorized.
Transactions in capital shares for the years ended March 31
were as follows:
Maximum Income Portfolio Government Portfolio
In Dollars
Shares sold $1,935,692 $3,563,512 $754,345 $1,891,049
Shares issued
in reinvestment
of dividends 470,973 480,421 328,159 294,883
Total shares
issued 2,406,665 4,043,933 1,082,504 2,185,932
Shares
redeemed (2,564,046) (4,653,345)(2,021,202) (2,980,989)
Net decrease $(157,381) $(609,412) $(938,698) $(795,057)
In Shares
Shares sold 270,513 510,956 76,059 200,394
Shares issued
in reinvestment
of dividends 65,664 69,036 33,140 31,146
Total shares
issued 336,177 579,992 109,199 231,540
Shares redeemed(357,676) (667,780) (204,022) (314,806)
Net decrease (21,499) (87,788) (94,823) (83,266)
<PAGE>
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<PAGE>
Telephone Numbers
Shareholder Service
Washington, DC area: 703/528-6500
Toll-free nationwide: 800/336-3063
24-Hour ACCESS
Toll-free nationwide: 800/448-4422
The GIT Family of Mutual Funds
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Special Growth Portfolio
Select Growth Portfolio
Equity Income Portfolio
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Government Portfolio
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Arizona Portfolio
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Government Investors Trust
For more complete information on any GIT Investment Fund,
including charges and expenses, request a prospectus by
calling the numbers above. Read it carefully before you
invest or send money. This prospectus does not constitute an
offering by the distributor in any jurisdiction in which such
offering may not be lawfully made.
GIT
GIT Investment Funds
1655 Fort Myer Drive
Arlington Virginia 22209
http://www.gitfunds.com
