EQUITY ANALYSTS INC.
REGISTERED INVESTMENT ADVISORS
ANALYSTS INVESTMENT TRUST
ANNUAL REPORT
July 31, 1999
ANALYSTS STOCK FUND
ANALYSTS FIXED INCOME FUND
ANALYSTS INTERNET.FUND
<PAGE>
ANALYSTS INVESTMENT TRUST
ANNUAL REPORT
ANALYSTS STOCK FUND
ANALYSTS FIXED INCOME FUND
ANALYSTS INTERNET.FUND
CONTENTS
PAGE
----
Message from the Fund President/Portfolio Manager 1
Performance Summary 3
Independent Auditors Report 5
Statements of Assets and Liabilities 6
Analysts Stock Fund Schedule of Investments in Securities 7
Analysts Fixed Income Fund Schedule of Investments in Securities 8
Analysts Internet.Fund Schedule of Investments in Securities 10
Statements of Operations 11
Statements of Changes in Net Assets 12
Financial Highlights 13
Notes to Financial Statements 15
Trustees and Officers 18
<PAGE>
MESSAGE FROM THE FUND PRESIDENT/PORTFOLIO MANAGER
-------------------------------------------------
ANALYSTS STOCK FUND
- -------------------
This report covers the period August 1, 1998 through July 31, 1999. The total
return of the Stock Fund from August 1, 1998 through July 31, 1999 was 14.36%.
This compares to a 14.01% rate of return for the Dow Jones World-Global Index
(DJWG). Since inception of the Analysts Stock Fund (August 25, 1993), the
average annual total return of the Analysts Stock Fund is 14.04% verses 12.02%
for the DJWG.
The one-year returns of the Analysts Stock Fund and the DJWG were almost the
same. This period was highlighted by the Federal Reserve cutting interest rates
75 basis points and then raising rates in May 1999 by 25 basis points and in
August 1999 by another 25 basis points. Stocks rallied from October 1998 through
July 1999 with the S&P 500 hitting an all time high of 1418 on July 16.
Long-term interest rates have been increasing since October 1998 taking the
30-year Treasury bond from 4.75% in October 1998 to 6.20% in June 1999. I
believe the rise in long term rates is due primarily to the world economic
recovery and heavy issuance of corporate debt. The Analysts Stock Fund has
maintained a discipline of blending large and small capitalization stocks, value
and growth stocks, and foreign and domestic stocks. The Fund has also
diversified in many sectors but has slightly over weighted the technology
sector. Large capitalization stocks have outperformed all other groups of stocks
during this period and since the Analysts Stock Fund is a blend of large and
small capitalization stocks it has underperformed in this regard. Since
technology stocks have also outperformed non-technology stocks during this
period, the overweighting of this sector has helped the Analysts Stock Fund stay
ahead of the DJWG despite the presence of medium and small capitalization stocks
in the Analysts Stock Fund portfolio. The strategy of the Analysts Stock Fund
will continue to be diversity between Large Capitalization, Small
Capitalization, International, Real Estate Investment Trusts and Natural
Resources Stocks, blending value and growth styles of investing. Our research
indicates that an allocation between these broad groups has provided the highest
risk adjusted returns.
The international economic crisis that started in Thailand in 1997 has now ended
and a world recovery is underway. Economists are predicting growth for Asia for
the upcoming year, which will increase demand for goods and services. Oil prices
have recovered in response to increasing demand and OPEC's production cuts. The
Fed has responded by tightening the Fed Funds rate by 50 basis points in June
and August 1999. The U.S. economy appears to be in good shape with low
unemployment, steady growth, and stable prices. The Fed is concerned about the
tight labor markets and high capacity utilization rates. If the economy grows
too fast, shortages will develop in the labor markets and production will not
keep up with demand. This could lead to an inflationary environment disrupting
financial markets. Long-term interest rates should remain in a range for the
next 12 months between 5.5% to 6.5% as the economy slows in response to the Fed
tightening. In this stable interest rate and stable price environment stocks
should do well although not as well as we have seen in the past several years.
Large capitalization stocks are trading at record high levels relative to their
earnings per share while medium and small capitalization stocks are trading much
lower relative to their earnings per share. I believe the medium and small
capitalization stocks should outperform the large capitalization stocks over the
next 12 months causing the major indexes to show lower returns than the public
has come to expect. This is because large capitalization stocks dominate the
major indexes. Therefore my outlook is positive, especially for the foreign and
small/medium capitalization sectors.
ANALYSTS FIXED INCOME FUND
- --------------------------
The total return of the Fixed Income Fund for the period August 1, 1998 through
July 31, 1999 was -1.77%. This compares to a 4.16% rate of return for the Lehman
Intermediate T-Bond Index (LITB) over the same period. Since inception of the
Analysts Fixed Income Fund (August 25, 1993), the average annual return of the
Analysts Fixed Income Fund was 3.58% verses 5.43% for the Lehman Intermediate
T-Bond Index.
The Analysts Fixed Income Fund is diversified between Government Bonds,
Corporate Bonds, Mortgage Backed Securities, Preferred Stocks, Global Bond Funds
and Real Estate Investment Trusts. The Fund's strategy is to remain broadly
diversified to reduce our exposure in any one area and reduce our volatility.
The global economic crisis caused a flight to quality of global capital. This
flight to quality took money out of domestic corporate, foreign corporate, and
sovereign debt and put money into U.S. Treasury Bonds. Long-term interest rates
have been increasing since October 1998 taking the 30-year Treasury bond from
4.75% in October 1998 to 6.20% in June 1999. In addition there has been a larger
than normal issuance of corporate debt, increasing supply and the spreads
relative to treasury debt. The result of this has been continued
underperformance of most types of bonds relative to treasury bonds. Since the
Analysts Fixed Income Fund is a blend of Government Bonds, Corporate Bonds,
Mortgage Backed Securities, Preferred Stocks, Global Bond Funds and Real Estate
Investment Trusts, the Fund has underperformed the pure treasury index. The Fund
compares favorably to the Merrill Lynch Corporate 10 year Index, which declined
1.76% during this one-year period. The Analysts Fixed Income Fund will continue
to remain diversified between corporate debt, foreign debt, mortgage backed
debt, preferred stocks, REIT's, and treasury bonds.
<PAGE>
ANALYSTS FIXED INCOME FUND (CONTINUED)
- --------------------------------------
The international economic crisis that started in Thailand in 1997 has now ended
and a world recovery is underway. Economists are predicting growth for Asia for
the upcoming year, which will increase demand for goods and services. Oil prices
have recovered in response to increasing demand and OPEC's production cuts. The
Fed has responded by tightening the Fed Funds rate by 50 basis points in June
and August 1999. The U.S. economy is in good shape with low unemployment, steady
growth, and stable prices. The Fed is concerned about the tight labor markets
and high capacity utilization rates. If the economy grows too fast, shortages
will develop in the labor markets and production will not keep up with demand.
This could lead to an inflationary environment disrupting financial markets.
Long-term interest rates should remain in a range for the next 12 months between
5.5% to 6.5% as the economy slows in response to the Fed tightening. In this
stable interest rate and stable price environment fixed income investments
should do well. The balanced federal budget will also work to keep interest
rates low as the supply of Treasury Bonds decreases. The more federal debt that
is retired with budget surpluses the more downward pressure there will be on
interest rates. If the government chooses to spend the surplus, whether through
more spending or tax cuts, the more likely we will have higher interest rates.
If the government can continue fiscal discipline and reduce the national debt,
and the Fed can keep prices stable, interest rates should stay stable for the
next 12 months.
ANALYSTS INTERNET.FUND
- ----------------------
This report covers the period May 4, 1999 (inception of the Fund) through July
31, 1999. The total return of the internet.fund from May 4, 1999 (inception of
the Fund) through July 31, 1999 was 3.52%. This compares to a -17.58% rate of
return for the Dow Jones Internet Composite Index (DJIC) for the same period.
The total annualized return of the internet.fund from inception (May 4, 1999)
through July 31, 1999 was 14.77%.
The internet stocks peaked in April 1999 after an incredible advance sparked by
the decrease in short term interest rates last fall and the high level of
interest in the internet. The April 13, 1999 release of the consumer price index
reflected a higher than expected increase of .7% This set in motion a Fed
tightening bias and a correction in the internet stocks. Internet stocks such as
AOL, Amazon.com, and Yahoo are down 46%, 55%, and 48% respectively at the end of
July from their historical highs. The Analysts internet.fund is invested in a
broad range of internet stocks covering the internet service providers,
networkers, portals, hardware manufacturers, software developers, content
providers, financial service providers, e-tailers, and entertainment companies.
This diversification and a blended approach of growth and value, large and small
capitalization, and foreign and domestic styles have given the internet.fund
better performance than the DJIC.
The international economic crisis that started in Thailand in 1997 has now ended
and a world recovery is underway. Economists are predicting growth for Asia for
the upcoming year, which will increase demand for goods and services. Oil prices
have recovered in response to increasing demand and OPEC's production cuts. The
Fed has responded by tightening the Fed Funds rate by 50 basis points in June
and August 1999. The U.S. economy appears to be in good shape with low
unemployment, steady growth, and stable prices. The Fed is concerned about the
tight labor markets and high capacity utilization rates. If the economy grows
too fast, shortages will develop in the labor markets and production will not
keep up with demand. This could lead to an inflationary environment disrupting
financial markets. Long-term interest rates should remain in a range for the
next 12 months between 5.5% to 6.5% as the economy slows in response to the Fed
tightening. In this stable interest rate and stable price environment,
technology stocks should do well as new technologies are created and
applications for the internet are expanded. Some internet advances we are seeing
are voice communications over the internet, high speed access over cable,
computerless access to the internet, digital music and movie downloads, and an
increase of products available through e-tailing. The telecommunication industry
will consolidate as cable, telephone and TV become part of one monthly package.
The internet will improve the efficiency of the economy by reducing overhead of
retailers (eliminating "bricks and mortar"), reducing the middle layer of
distribution, and increasing the information available to the public. I am very
bullish on the internet and related technologies not only for the companies
directly involved, but for the entire U.S. economy. I believe that internet
technologies will be the engine that drives the economy, creating new
efficiencies, raising productivity, and raising the U.S. standard of living.
Therefore my outlook is positive and although the internet stocks are extremely
volatile, a diversified portfolio spread across many sectors will do very well
long term.
Lee Manzler
President and Portfolio Manager
August 31, 1999
2
<PAGE>
[Graph Depicted Here]
The following graph would show the comparison of a $10,000 investment between
the Analyst Stock Fund and the Dow Jones World Index from July 1993 through
July 1999.
Analysts Stock Fund
Growth of a $10,000 Investment
Compared to Dow Jones World Index
From 8/25/93 Thru 1/31/99
Analysts Investment Trust Stock Fund
to
Dow Jones World Index
<TABLE>
<CAPTION>
DJ
AIT STOCK WORLD
DATE STOCK INDEX
---- ----- -----
<S> <C> <C>
Average Annual Total Return Jul-93 10000 10000
For the Period Ending 7/31/99 Aug-93 10649 10210
1 Year: 14.36% 5 Years: 14.69% Since Inception (8/25/93): 14.04% Sep-93 10796 9978
Oct-93 11189 10199
Nov-93 10821 9559
Dec-93 11345 9981
Jan-94 11835 10658
Average Annual Total Return Feb-94 11574 10491
For the Period Ending 6/30/99 Mar-94 10971 10044
1 Year: 12.51% 5 Years: 15.76% Since Inception (8/25/93): 14.25% Apr-94 11023 10319
May-94 10960 10319
Jun-94 10602 10298
Jul-94 10990 10468
Aug-94 11353 10694
Sep-94 11268 10504
Oct-94 11369 10711
Nov-94 10944 10184
Dec-94 10982 10239
Jan-95 10971 10011
Feb-95 11161 10118
Mar-95 11450 10577
Apr-95 11706 10933
May-95 12024 11014
Jun-95 12214 10981
Jul-95 12641 11485
Aug-95 12649 11270
Sep-95 12888 11499
Oct-95 12522 11327
Nov-95 12899 11669
Dec-95 13161 11993
Jan-96 13366 12215
Feb-96 13476 12241
Mar-96 13575 12402
Apr-96 13866 12704
May-96 14027 12686
Jun-96 13982 12700
Jul-96 13506 12187
Aug-96 13781 12319
Sep-96 14134 12799
Oct-96 14278 12816
Nov-96 15062 13497
Dec-96 15074 13263
Jan-97 15582 13359
Feb-97 15847 13501
Mar-97 15626 13185
Apr-97 15977 13543
May-97 16803 14402
Jun-97 17329 15056
Jul-97 18299 15744
Aug-97 17567 14790
Sep-97 18449 15565
Oct-97 17467 14640
Nov-97 17642 14845
Dec-97 18000 14976
Jan-98 18180 15278
Feb-98 18996 16325
Mar-98 19963 16981
Apr-98 19999 17101
May-98 19561 17009
Jun-98 19590 17286
Jul-98 19073 17208
Aug-98 16611 14805
Sep-98 17309 15102
Oct-98 18508 16503
Nov-98 19461 17416
Dec-98 20483 18223
Jan-99 20658 18573
Feb-99 20401 18021
Mar-99 20503 18735
Apr-99 21532 19572
May-99 21059 18848
Jun-99 22033 19772
Jul-99 21811 19619
</TABLE>
3
<PAGE>
[Graph Depicted Here]
The following graph would show the comparison of a $10,000 investment between
the Analyst Fixed Income Fund and the Lehman Intermediate T-Bond Index from July
1993 through July 1999.
Analysts Fixed Income Fund
Growth of a $10,000 Investment
Compared to Lehman Intermediate T-Bond Index
From 8/25/93 Thru 1/31/99
Analysts Investment Trust Fixed Income Fund
to
Lehman Intermediate T-Bond Index
<TABLE>
<CAPTION>
AIT LEHMAN
FIXED T-BOND
DATE INCOME INDEX
---- ------ -----
<S> <C> <C>
Average Annual Total Return Jul-93 10000 10000
For the Period Ending 7/31/99 Aug-93 9885 10034
1 Year: -1.77% 5 Years: 5.51% Since Inception (8/25/93): 3.58% Sep-93 9851 10077
Oct-93 9850 10091
Nov-93 9691 10042
Dec-93 9699 10085
Jan-94 9913 10186
Average Annual Total Return Feb-94 9787 10054
For the Period Ending 6/30/99 Mar-94 9454 9912
1 Year: -0.90% 5 Years: 6.12% Since Inception (8/25/93): 3.78% Apr-94 9450 9844
May-94 9432 9854
Jun-94 9259 9860
Jul-94 9423 9983
Aug-94 9398 10012
Sep-94 9225 9927
Oct-94 9082 9934
Nov-94 9013 9886
Dec-94 9081 9882
Jan-95 9293 10048
Feb-95 9547 10244
Mar-95 9574 10296
Apr-95 9708 10417
May-95 10138 10710
Jun-95 10168 10782
Jul-95 10140 10782
Aug-95 10241 10868
Sep-95 10346 10939
Oct-95 10446 11062
Nov-95 10566 11199
Dec-95 10726 11313
Jan-96 10856 11412
Feb-96 10671 11282
Mar-96 10632 11228
Apr-96 10572 11193
May-96 10600 11189
Jun-96 10687 11309
Jul-96 10731 11343
Aug-96 10757 11347
Sep-96 10915 11493
Oct-96 11128 11682
Nov-96 11366 11824
Dec-96 11386 11763
Jan-97 11387 11802
Feb-97 11483 11816
Mar-97 11288 11751
Apr-97 11401 11882
May-97 11536 11973
Jun-97 11687 12076
Jul-97 12023 12302
Aug-97 11892 12252
Sep-97 12145 12388
Oct-97 12135 12534
Nov-97 12272 12560
Dec-97 12433 12666
Jan-98 12615 12830
Feb-98 12567 12812
Mar-98 12573 12853
Apr-98 12528 12913
May-98 12573 13001
Jun-98 12576 13090
Jul-98 12542 13142
Aug-98 12222 13401
Sep-98 12700 13727
Oct-98 12623 13756
Nov-98 12679 13700
Dec-98 12627 13757
Jan-99 12656 13809
Feb-99 12381 13609
Mar-99 12433 13703
Apr-99 12616 13744
May-99 12509 13656
Jun-99 12464 13677
Jul-99 12321 13689
</TABLE>
4
<PAGE>
INDEPENDENT AUDITORS REPORT
---------------------------
To the Shareholders and
Board of Trustees
Analysts Investment Trust
We have audited the accompanying statements of assets and liabilities of the
Analysts Investment Trust (comprising, respectively, the Stock Fund, the Fixed
Income Fund, and the internet.fund), including the schedules of investments in
securities as of July 31, 1999, the related statements of operations of the
Stock Fund and the Fixed Income Fund for the year then ended and the
internet.fund for the period from inception (May 4, 1999) through July 31, 1999,
the statements of changes in net assets of the Stock Fund and the Fixed Income
Fund for each of the two years in the period then ended and the internet.fund
for the period from inception (May 4, 1999) through July 31, 1999, and financial
highlights of the Stock Fund and the Fixed Income Fund for each of the five
years in the period then ended and the internet.fund for the period from
inception (May 4, 1999) through July 31, 1999. 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 audits 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 July
31, 1999, 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 the Analysts Investment Trust as of
July 31, 1999, the results of operations of the Stock Fund and the Fixed Income
Fund for the year then ended and the internet.fund for the period from inception
(May 4, 1999) through July 31, 1999, the changes in net assets of the Stock Fund
and the Fixed Income Fund for each of the two years in the period then ended and
the internet.fund for the period from inception (May 4, 1999) through July 31,
1999, and the financial highlights of the Stock Fund and the Fixed Income Fund
for each of the five years in the period then ended and the internet.fund for
the period from inception (May 4, 1999) through July 31, 1999 in conformity with
generally accepted accounting principles.
Berge & Company LTD
Cincinnati, Ohio
August 25, 1999
5
<PAGE>
ANALYSTS INVESTMENT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JULY 31, 1999
<TABLE>
<CAPTION>
STOCK FIXED INCOME
FUND FUND INTERNET.FUND
---- ---- -------------
ASSETS
<S> <C> <C> <C>
Investment securities, at value $ 8,952,483 $ 3,809,418 $ 786,256
Dividends and interest receivable 8,027 46,187 703
Receivable for investment security sold -- 103 --
Cash 25,175 15,731 1,295
----------- ----------- ---------
Total Assets 8,985,685 3,871,439 788,254
LIABILITIES
Payable for investment security purchased -- -- 34,529
Management fee payable 15,017 4,860 1,744
----------- ----------- ---------
Total Liabilities 15,017 4,860 36,273
----------- ----------- ---------
NET ASSETS $ 8,970,668 $ 3,866,579 $ 751,981
=========== =========== =========
Net assets consist of:
Capital shares $ 5,925,006 $ 4,121,068 $ 768,320
Accumulated undistributed net investment
income (loss) (34,031) 19,959 (2,013)
Accumulated net realized gains (losses)
from securities transactions 1,696,862 14,743 --
Net unrealized appreciation (depreciation)
on investments 1,382,831 (289,191) (14,326)
----------- ----------- ---------
NET ASSETS $ 8,970,668 $ 3,866,579 $ 751,981
=========== =========== =========
Net asset value, offering price, and
redemption price per share $ 28.41 $ 13.24 $ 9.86
=========== =========== =========
Fund shares outstanding 315,731 291,978 76,263
=========== =========== =========
</TABLE>
6 See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ANALYSTS INVESTMENT TRUST
ANALYSTS STOCK FUND
SCHEDULE OF INVESTMENTS IN SECURITIES
JULY 31, 1999
COMMON STOCK: 93.6%
Large Capitalization U.S. Stocks: 39.1%
SHARES VALUE
- ------ -----
<C> <S> <C>
5,500 Abbott Laboratories $236,155
4,100 Ameritech Corporation 300,325
4,900 Banc One Corporation 267,356
7,300 Cincinnati Financial Corporation 274,663
11,100 Comair Holdings Inc. 271,256
6,600 Dell Computer Corporation * 269,775
3,000 Diamonds Trust 319,125
3,800 Intel Corporation 262,200
9,000 Kroger Co. * 236,813
10,000 Office Depot Inc. 187,500
8,700 Oracle Corporation * 331,144
3,000 Proctor & Gamble Corporation 271,500
2,100 S&P 500 Depository Trust 278,775
---------
Total (Cost: $2,985,382) 3,506,587
Small/Medium Capitalization U.S. Stocks: 19.8%
8,200 Airborne Freight Corporation 204,487
6,400 Dallas Semiconductor 326,000
18,000 Pomeroy Computer Resources 259,875
3,600 S&P 400 Deposit Receipt 276,075
25,000 Shoe Carnival 334,375
9,500 Speedway Motorsports * 370,500
---------
Total (Cost: $1,468,832) 1,771,312
Foreign Stocks: 31.9%
8,200 Cadbury Schweppes PLC 210,638
2,500 DaimlerChrysler Corporation 180,625
10,000 Elan Corporation 290,625
5,800 Royal Dutch 353,800
3,200 TDK Corporation ADR 320,400
1,500 Vodafone Group PLC ADR 315,750
9,800 WEBS-Italy 226,625
26,000 WEBS-Japan 349,375
13,000 WEBS-United Kingdom 276,250
3,800 WPP Group PLC ADR 340,100
-----------
Total (Cost: $2,301,973) 2,864,188
Natural Resources Stocks: 2.8%
9,800 First Industrial Realty (Cost $256,644) $253,575
-----------
MONEY MARKET MUTUAL FUND: 6.2%
556,821 Firstar Stellar Treasury Fund 556,821
-----------
TOTAL INVESTMENT SECURITIES AT VALUE
(COST: $7,569,652) 99.8% 8,952,483
ALL OTHER ASSETS LESS LIABILITIES 0.2% 18,185
------------
NET ASSETS 100% $ 8,970,668
============
<FN>
* Non-dividend paying investment.
</FN>
See accompanying notes to financial statements. 7
<PAGE>
ANALYSTS INVESTMENT TRUST
ANALYSTS FIXED INCOME FUND
SCHEDULE OF INVESTMENTS IN SECURITIES
JULY 31, 1999
COMMON STOCK: 33.7%
Real Estate Investment Trusts: 10.4%
SHARES VALUE
- ------ -----
2,050 American Health Properties $37,797
4,000 Berkshire Realty, Inc. 46,750
1,400 Carramerica Realty Corporation 33,775
3,580 Commercial Net Lease 42,065
4,200 Dynex Capital, Inc. 9,975
3,200 First Industrial Realty 82,800
2,350 HRPT Properties 33,341
1,500 Hospitality Properties 40,875
1,489 Omega Healthcare Investors 34,247
1,650 Simon Debartolo Group, Inc. 43,828
-------
Total (Cost: $462,091) 405,453
Closed End Mutual Funds: 23.3%
15,000 Dreyfus Strategic Government
Income 128,438
11,700 Duff & Phelps Bond Income 167,456
10,900 Kleinwort Benson Australian Income 72,212
19,800 Putnam Premier Income Fund 142,312
6,294 Scudder Global High Income Fund 33,437
9,200 Templeton Emerging Markets Income 96,600
20,000 Templeton Global Government Fund 126,250
20,000 Templeton Global Income Fund 132,500
-------
Total (Cost$1,092,820) 899,205
--------
TOTAL COMMON STOCK (COST: $1,554,911) 1,304,658
PREFERRED STOCKS: 7.0%
2,000 Carolina Power & Light Company 50,750
2,000 Citigroup Cap I PFD 50,125
2,000 Consolidated Edison PFD 49,250
2,000 Unum Corporation MIDS 50,500
3,000 Vornado Realty Trust 70,500
-------
TOTAL PREFERRED STOCK (COST: $274,813) 271,125
CORPORATE BONDS: 37.6%
FACE
----
35,000 Texaco Capital Corp. 9.0%, 12/15/99 35,432
50,000 DuPont E I De Nemours &
Company 9.15%, 4/15/00 51,136
46,000 Household Financial 9.625%, 7/15/00 47,547
5,000 First Chicago Corporation 11.25%, 2/20/01 5,364
5,000 Bankamerica Corporation 8.375%, 3/15/02 5,213
100,000 Associates Corporation 6.375%, 7/15/02 99,171
100,000 Sony Corporation 6.125%, 3/4/03 98,597
8 See accompanying notes to financial statements.
<PAGE>
ANALYSTS INVESTMENT TRUST
ANALYSTS FIXED INCOME FUND
SCHEDULE OF INVESTMENTS IN SECURITIES
JULY 31, 1999
CORPORATE BONDS: 37.6% (CONTINUED)
FACE
- ----
100,000 Kentucky Power 6.65% 5/01/03 $99,152
10,000 General Motors Corporation 8.875%, 5/15/03 10,655
10,000 Consolidated National Gas Company 5.75%, 8/01/03 9,659
50,000 New York Telephone Company 5.625%, 11/01/03 48,282
50,000 American Telephone & Telegraph Company 6.75%, 4/1 50,188
50,000 Nationsbank Corporation 7.75%, 8/15/04 51,739
10,000 Southwestern Bell 5.75%, 9/1/04 9,517
100,000 Salomon Smith Barney 6.25%, 1/15/05 96,153
50,000 Pacific Bell Telephone Company 6.25%, 3/1/05 49,313
50,000 U.S. West Communications 6.125%, 11/15/05 47,907
150,000 Loews Corporation 6.75%, 12/15/06 144,792
100,000 Entergy Corporation 6.45%, 4/1/08 93,984
100,000 Oakwood Homes Corporation 8.125%, 3/1/09 96,062
100,000 GE Capital Corporation 8.65%, 5/15/09 112,428
30,000 Chemical Banking Corporation 7.5%, 5/15/10 28,948
50,000 Citicorp 7.0%, 12/15/10 46,899
50,000 J.P. Morgan 6.610% 12/15/10 45,913
10,000 Caterpillar Inc. Del. 9.375%, 8/15/11 11,557
50,000 Aetna Life & Cas Company 6.75%, 9/15/13 46,493
10,000 International Business Machines 8.375%, 11/1/19 11,450
---------
TOTAL CORPORATE BONDS (COST: $1,486,242) 1,453,551
U.S. GOVERNMENT OBLIGATIONS/CD: 10.5%
100,000 First National Bank Keystone 5.6%, 9/16/03 100,000
300,000 United States Treasury Notes 6.5%, 10/15/06 306,937
-------
TOTAL U.S. GOVERNMENT OBLIGATIONS/CD (COST: $399,578) 406,937
MORTGAGE BACKED OBLIGATIONS: 5.4%
1,655 Paine Webber CMO Trust Series 1988-I, 8.6%, 4/1/18 1,703
4,891 FHLMC REMIC 1991 Trust 1177 Class 1, 6.95%, 1/15/21 4,922
14,454 FNMA REMIC Series 93-1601, 6.5%, 7/25/22 13,762
12,000 FNMA REMIC 1992 Trust G53 Class J, 7.0%, 9/25/22 11,915
12,000 FNMA 1993 Trust 122 Class L, 6.5%, 1/25/23 11,327
20,000 FNMA REMIC 1993 Trust G 10 Class J, 5.0%, 3/25/23 17,022
20,000 FHLMC REMIC 1993 Trust 1497 Class Q, 7.0%, 4/15/23 18,655
20,000 FHLMC REMIC 1993 Trust 1602 Class BB, 6.1%, 4/15/23 18,518
12,000 FHLMC REMIC 1993 Trust 1503 Class H, 7.0%, 5/15/23 11,277
12,000 FNMA REMIC 1993 Trust 50 Class L, 7.0%, 5/25/23 11,318
4,000 FHLMC REMIC 1993 Trust G13 Class D, 6.75%, 6/25/23 3,741
100,000 EFLOT 1998-2 9.03%, 6/25/24 83,750
-------
TOTAL MORTGAGE BACKED OBLIGATIONS (COST: $217,829) 207,910
MONEY MARKET MUTUAL FUND: 4.3%
165,237 Firstar Stellar Treasury Fund 165,237
-------
TOTAL INVESTMENT SECURITIES AT VALUE (COST: $4,098,609) 98.5% 3,809,418
ALL OTHER ASSETS LESS LIABILITIES 1.5% 57,161
-----------
NET ASSETS 100% $ 3,866,579
===========
See accompanying notes to financial statements. 9
<PAGE>
ANALYSTS INVESTMENT TRUST
ANALYSTS INTERNET.FUND
SCHEDULE OF INVESTMENTS IN SECURITIES
JULY 31, 1999
COMMON STOCK: 78.0%
Large Capitalization U.S. Stocks: 44.1%
SHARES VALUE
------ -----
200 Amazon.com * $20,013
200 America Online, Inc. * 19,025
500 AT&T 25,969
400 Banc One Corporation 21,825
430 Citrix Systems * 22,387
540 Dell Computer Corporation * 22,073
180 Donaldson Lufkin 9,304
200 IBM 25,137
600 Infoseek * 22,838
264 Lucent Technologies 17,176
320 Lycos, Inc. * 13,220
200 Microsoft Corporation * 17,162
620 Mindspring * 20,809
1,000 Oracle Corporation * 38,062
200 Sun Microsystems * 13,575
320 Verio, Inc. * 22,820
-------
Total (Cost: $329,815) 331,395
Small/Medium Capitalization U.S. Stocks: 28.2%
1,350 Audio Highway * 20,419
660 Barnes & Noble * 14,891
470 Black Box Corporation * 23,852
2,400 Boundless Technologies * 12,900
1,600 Cabletron Systems * 19,300
490 Earthlink * 23,673
1,900 Edify Corporation * 20,425
1,000 Excalibur Technologies * 10,812
1,900 Infonautics * 13,300
400 Innodata Corporation * 3,700
600 R.H. Donnelly 10,538
1,600 Spyglass * 21,600
1,000 Vocaltech Communications * 10,313
300 IMall, Inc. * 6,094
---------
Total (Cost: $224,836) 211,817
Foreign Stocks: 5.7%
280 Nortel Networks 24,815
510 Pacific Internet * 18,200
---------
Total (Cost: $45,903) 43,015
---------
TOTAL COMMON STOCK (COST: $600,533) 586,227
MONEY MARKET MUTUAL FUND: 26.6%
200,029 Firstar Stellar Treasury Fund 200,029
---------
TOTAL INVESTMENT SECURITIES AT VALUE (COST: $800,582) 104.6% 786,257
ALL OTHER ASSETS LESS LIABILITIES (4.6%) (34,275)
---------
NET ASSETS 100% $751,981
=========
<FN>
*Non-dividend paying investment.
</FN>
</TABLE>
10 See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ANALYSTS INVESTMENT TRUST
STATEMENTS OF OPERATIONS
PERIOD FROM
INCEPTION
(MAY 4, 1999)
THROUGH
YEAR ENDED JULY 31, 1999 JULY 31, 1999
-------------------------- -------------
FIXED INCOME
STOCK FUND FUND INTERNET.FUND
---------- ---- -------------
INVESTMENT INCOME:
<S> <C> <C> <C>
Dividends $ 153,839 $ 141,733 $ 1,573
Interest 22,265 180,113 --
----------- --------- --------
Total Investment Income 176,104 321,846 1,573
EXPENSES:
Management Fee 169,539 68,193 3,586
----------- --------- --------
NET INVESTMENT INCOME (LOSS) 6,565 253,653 (2,013)
REALIZED AND UNREALIZED GAINS
(LOSSES) ON INVESTMENTS:
Net realized gains from security transactions 1,729,257 35,047 --
Net change in net unrealized appreciation
(depreciation) on investments (562,916) (354,879) (14,326)
----------- --------- --------
NET REALIZED AND UNREALIZED GAINS
(LOSSES) ON INVESTMENTS 1,166,341 (319,832) (14,326)
----------- --------- --------
NET INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ 1,172,906 $ (66,179) $(16,339)
=========== ========= ========
</TABLE>
See accompanying notes to financial statements. 11
<PAGE>
<TABLE>
<CAPTION>
ANALYSTS INVESTMENT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
PERIOD FROM
INCEPTION
(MAY 4, 1999)
THROUGH
YEARS ENDED JULY 31, 1999 AND 1998 JULY 31, 1999
-------------------------------------------------- -------------
FIXED INTERNET.
STOCK FUND INCOME FUND FUND
------------------------ ----------------- ----
1999 1998 1999 1998
---- ---- ---- ----
FROM OPERATIONS:
<S> <C> <C> <C> <C> <C>
Net investment income (loss) $ 6,565 $ 26,743 $ 253,653 $ 243,524 $ (2,013)
Net realized gains (losses) from
security transactions 1,729,257 (23,447) 35,047 13,073 --
Net change in net unrealized appreciation
(depreciation) on investments (562,916) 298,454 (354,879) (70,735) (14,326)
----------- ----------- ----------- ----------- ---------
Increase (decrease) in net assets from
operations 1,172,906 301,750 (66,179) 185,862 (16,339)
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income 50,841 17,818 256,768 238,220 --
From capital gains -- 43,883 -- -- --
----------- ----------- ----------- ----------- ---------
Decrease in net assets from distributions
to shareholders 50,841 61,701 256,768 238,220 --
FROM FUND SHARE TRANSACTIONS:
Proceeds from shares sold 1,839,261 3,314,488 1,145,875 1,492,824 780,232
Net asset value of shares issued from
reinvestment of distributions to
shareholders 50,841 61,701 230,591 217,950 --
Payment for shares redeemed (2,223,333) (1,822,896) (1,859,341) (1,010,987) (11,912)
----------- ----------- ----------- ----------- ---------
(Decrease) increase from fund share
transactions (333,231) 1,553,293 (482,875) 699,787 768,320
----------- ----------- ----------- ----------- ---------
TOTAL INCREASE (DECREASE) IN NET
ASSETS 788,834 1,793,342 (805,822) 647,429 751,981
NET ASSETS:
Beginning of period 8,181,834 6,388,492 4,672,401 4,024,972 --
----------- ----------- ----------- ----------- ---------
End of period $ 8,970,668 $ 8,181,834 $ 3,866,579 $ 4,672,401 $ 751,981
=========== =========== =========== =========== =========
Accumulated undistributed net
investment income $ -- $ 10,244 $ 19,959 $ 23,075 $ --
=========== =========== =========== =========== =========
</TABLE>
12 See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ANALYSTS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS - STOCK FUND
FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED JULY 31, 1999, 1998, 1997,
1996 AND 1995 AND THE PERIOD FROM INCEPTION (AUGUST 25, 1993) THROUGH JULY 31,
1994
1999 1998 1997 1996 1995
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 24.99 $ 24.18 $ 18.28 $ 17.87 $ 15.79
Income from investment operations:
Net investment income .02 .09 .32 .34 .24
Net realized and unrealized gains on securities 3.56 .93 6.06 .81 2.11
-------- --------- ------- --------- -------
Total from investment operations 3.58 1.02 6.38 1.15 2.35
Less distributions:
Dividends from net investment income (.16) (.06) (.35) (.31) (.27)
Dividends from capital gains - (.15) (.13) (.43) -
-------- -------- -------- -------- -----
Total distributions (.16) (.21) (.48) (.74) (.27)
-------- -------- --------- -------- --------
Net asset value, end of period $ 28.41 $ 24.99 $ 24.18 $ 18.28 $ 17.87
====== ====== ====== ====== ======
Total return 14.36% 4.25% 35.47% 6.84% 15.01%
====== ======= ====== ======= ======
Ratios/Supplemental Data:
Net assets, end of period (thousands) $ 8,971 $ 8,182 $ 6,388 $ 3,642 $ 2,549
Ratio of expenses to average net assets 2.00% 2.00% 2.00% 2.00% 2.00%
Ratio of net investment income to average net assets .08% .37% 1.54% 1.89% 1.45%
Portfolio turnover rate 89.30% 5.47% 5.11% 6.19% 32.02%
ANALYSTS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS - FIXED INCOME FUND
FOR A SHARE OUTSTANDING THROUGHOUT THE YEARS ENDED JULY 31, 1999, 1998, 1997,
1996 AND 1995 AND THE PERIOD FROM INCEPTION (AUGUST 25, 1993) THROUGH JULY 31,
1994
1999 1998 1997 1996 1995
---- ---- ---- ---- ----
Net asset value, beginning of period $ 14.27 $ 14.43 $ 13.62 $ 13.57 $ 13.38
Income from investment operations:
Net investment income .78 .80 .79 .78 .80
Net realized and unrealized gains on securities (1.03) (.18) .78 .01 .18
------ ------- -------- -------- --------
Total from investment operations (.25) .62 1.57 .79 .98
Less distributions from net investment income (.78) (.78) (.76) (.74) (.79)
------- ------- -------- -------- --------
Net asset value, end of period $ 13.24 $ 14.27 $ 14.43 $ 13.62 $ 13.57
====== ====== ======== ======= ======
Total return (1.77%) 4.30% 12.05% 5.84% 7.61%
====== ======= ======== ======== =======
Ratios/Supplemental Data:
Net assets, end of period (thousands) $ 3,867 $ 4,672 $ 4,025 $ 2,319 $ 1,477
Ratio of expenses to average net assets 1.50% 1.50% 1.50% 1.50% 1.50%
Ratio of net investment income to average net assets 5.57% 5.50% 5.63% 5.65% 6.03%
Portfolio turnover rate 9.70% 9.91% 0.97% 22.34% 18.01%
</TABLE>
See accompanying notes to financial statements. 13
<PAGE>
<TABLE>
<CAPTION>
ANALYSTS INVESTMENT TRUST
FINANCIAL HIGHLIGHTS - INTERNET.FUND
FOR A SHARE OUTSTANDING THROUGH THE PERIOD FROM
INCEPTION (MAY 4, 1999) THROUGH JULY 31, 1999
1999
----
<S> <C>
Net asset value, beginning of period $ 9.52
Income from investment operations:
Net investment loss (.04)
Net realized and unrealized gains on securities .38
Total from investment operations .34
Net asset value, end of period $ 9.86
=======
Total return 14.77% *
Ratios/Supplemental Data:
Net assets, end of period (thousands) $ 752
Ratio of expenses to average net assets 3.00%
Ratio of net investment loss to average net assets (1.68)%
Portfolio turnover rate 0.00%
<FN>
*Annualized
</FN>
</TABLE>
14 See accompanying notes to financial statements.
<PAGE>
ANALYSTS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
Analysts Investment Trust (Trust) is registered under the Investment
Advisers Act of 1940, as amended, as a no-load, diversified, open end
management investment company. The Trust was established as an Ohio
Business Trust under a Declaration of Trust dated May 28, 1993. The
Declaration of Trust, as amended, permits the Trustees to issue an
unlimited number of shares of the Analysts Stock Fund (Stock Fund),
Analysts Fixed Income Fund (Fixed Income Fund), and the Analysts
internet.fund (internet.fund) (The Funds). The Stock Fund's investment
objective is to provide long term capital appreciation. The Fixed Income
Fund's investment objective is to provide a high level of income over the
long term consistent with preservation of capital. The internet.fund's
objective is to provide long term growth through capital appreciation.
The following is a summary of the significant accounting policies of the
Trust:
SECURITIES VALUATION - Equity securities, options and commodities listed
on exchanges or on the NASDAQ are valued at the last sale price as of the
close of business on the day the securities are being valued. Lacking a
last sale price, a security is generally valued at its last bid price,
except when, in Equity Analysts Inc.'s (The Advisor) opinion, the last
bid price does not accurately reflect the current value of the security.
All other securities for which over-the-counter market quotations are
readily available are valued at their bid price. When market quotations
are not readily available, when the Advisor determines the last bid price
does not accurately reflect the current value, or when restricted
securities are being valued, such securities are valued as determined in
good faith by the Advisor, subject to review of the Board of Trustees.
Fixed income securities (including mortgage related and asset backed and
receivable backed securities) may be valued on the basis of prices
furnished by a pricing service when the Advisor believes such prices
accurately reflect the fair value of such securities. A pricing service
utilizes electronic data processing techniques to determine prices for
normal institutional-size trading units of debt securities without regard
to sale or bid prices. When prices are not readily available from a
pricing service, or when restricted or illiquid securities are being
valued, securities are valued at fair value as determined in good faith
by the Advisor, subject to review by the Board of Trustees. Short term
investments in fixed income securities with maturities of less than 60
days when acquired, or which subsequently are within 60 days of maturity,
are valued by using the amortized cost method of valuation. Repurchase
agreements are valued at cost which approximates fair value. It is the
policy of the Funds that their custodian take possession of the
underlying collateral securities. Collateral is marked to market daily to
ensure that the fair value of the underlying assets equals or exceeds the
value of the seller's repurchase obligation. In the event of a bankruptcy
or another default of the seller of a repurchase agreement, a Fund could
experience both delays in liquidating the underlying securities and
losses. The loss would equal the amount by which the carrying value of
the repurchase agreement(s) exceeded the proceeds received in liquidation
of the underlying collateral securities. To minimize the possibility of
loss, the Funds enter into repurchase agreements only with institutions
deemed to be creditworthy by the Advisor, including the bank that serves
as custodian for the Funds.
OPTIONS ACCOUNTING PRINCIPLES - When a put or call option is written, an
amount equal to the premium received is recorded as an asset and an
equivalent liability. The amount of the liability is subsequently
marked-to-market to reflect the current market value of the option
written at which time an unrealized gain or loss is recognized. The
current fair value of a traded option contract is the last sale price or,
in the absence of a last sale price, the mean between the last bid and
ask price, or in the absence of either of these two prices, fair value as
determined in good faith by the Board of Trustees. When a written option
contract expires or is terminated (closing purchase transaction), a
realized gain (or realized loss if the cost of the closing purchase
transaction exceeds the premium received when the option was sold) is
recorded without regard to any unrealized gain or loss on the underlying
security, and the liability related to such option is extinguished. When
an option is exercised by the holder, a gain or loss from the underlying
security is realized and the proceeds from such a sale are increased by
the premium originally received. When a put or call option is written,
the Funds must maintain a margin account with its custodian or the broker
with a maintenance margin determined on a daily basis as the value of the
underlying investment fluctuates.
SHARE VALUATION - The net asset value per share is calculated daily by
dividing the total value of each Fund's investments and other assets,
less liabilities, by the total number of shares outstanding.
INVESTMENT INCOME AND DISTRIBUTIONS TO SHAREHOLDERS - Interest income is
accrued as earned. Dividend income is recorded on the ex-dividend date.
Distributions to shareholders arising from net investment income are
declared and it is the intention that such distributions be paid
quarterly. Net realized capital gains, if any, are distributed to
shareholders at least once per year.
15
<PAGE>
ANALYSTS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)
SECURITY TRANSACTIONS - Security transactions are accounted for on a
trade date basis, which is the date the order to buy or sell is executed.
Securities sold are valued on a specific identification basis.
USE OF ESTIMATES - The preparation of financial statements in conformity
with generally accepted accounting principles requires the Advisor to
make estimates and assumptions that affect the amounts reported in these
financial statements and accompanying notes. The Advisor believes that
the estimates utilized in preparing these financial statements are
reasonable and prudent.
Actual results could differ from these estimates.
FEDERAL INCOME TAXES - It is each Fund's policy to comply with the
special provisions of the Internal Revenue Code available to regulated
investment companies. As provided therein, in any fiscal year in which a
Fund so qualifies, and distributes at least 90% of its taxable net
income, the Fund (but not its shareholders) will be relieved of federal
income tax on the income distributed. Accordingly, no provision for
income taxes is made. In order to avoid imposition of the excise tax
created by the Tax Reform Act of 1986 as amended by the Revenue Act of
1987, it is each Fund's intention to declare as dividends in each
calendar year at least 98% of its net investment income (earned during
the calendar year) and 98% of its realized capital gains (earned during
the twelve months ended October 31 of the calendar year) plus
undistributed amounts from prior years.
2. INVESTMENT TRANSACTIONS
Investment transactions in the Stock Fund and the Fixed Income Fund for
the year ended July 31, 1999 and in the internet.fund for the period from
inception (May 4, 1999) through July 31, 1999, are as follows:
<TABLE>
<CAPTION>
FIXED
STOCK FUND INCOME FUND INTERNET.FUND
---------- ----------- -------------
<S> <C> <C> <C>
Purchase of investment securities $ 7,035,088 $ 399,230 $ 600,553
Proceeds from sales and maturities
of investment securities 6,433,364 898,681 -
</TABLE>
The table above includes U.S. Government Securities of $731,125 sold by
the Fixed Income Fund. There were no sales of U.S. Government Securities
by either the Stock Fund or the internet.fund during the year. There were
no purchases of U.S.
Government Securities by any of the funds in fiscal 1999.
3. TRANSACTIONS WITH AFFILIATES AND RELATED PARTIES
The President and Treasurer, and the Vice President and Secretary of the
Trust are shareholders and employees of Equity Analysts, Inc., registered
investment advisor to the Trust. In addition, each of these individuals
is a shareholder of the Funds. Each Fund's investments are managed by the
Advisor under the terms of a Management Agreement.
Under the Management Agreement, the Advisor pays all of the expenses of
the Funds except brokerage, taxes, interest and extraordinary expenses.
As compensation for investment advisory services and the Advisor's
agreement to pay the above Fund expenses, each Fund pays the Advisor a
fee, computed and accrued daily, based upon the following rates:
<TABLE>
<CAPTION>
FIXED
AVERAGE DAILY ASSETS STOCK FUND INCOME FUND INTERNET.FUND
-------------------- ---------- ----------- -------------
<S> <C> <C> <C> <C>
Up to and including $20 million 2.00% 1.50% 3.00%
From $20 million to $40 million 1.75% 1.25% 2.75%
From $40 million to $100 million 1.50% 1.00% 2.50%
Above $100 million .75% .75% 2.25%
</TABLE>
16
<PAGE>
ANALYSTS INVESTMENT TRUST
NOTES TO FINANCIAL STATEMENTS
4. FUND SHARE TRANSACTIONS
Proceeds and payments on shares of the Funds as shown in the Statements of
Changes in Net Assets are the result of the following share transactions:
<TABLE>
<CAPTION>
FIXED INTERNET.
STOCK FUND INCOME FUND FUND
---------- ----------- ----
<S> <C> <C> <C>
Shares sold 71,488 81,864 77,389
Shares issued from reinvestment
of distributions 1,974 16,688 -
Shares redeemed (85,092) (133,992) (1,116)
--------- -------- -------
Net (decrease) increase (11,630) (35,440) 76,263
Shares at beginning of period 327,361 327,418 -
-------- -------- --------
Shares at end of period 315,731 291,978 76,263
======== ======== =======
</TABLE>
5. SECURITY TRANSACTIONS
For Federal income tax purposes, the cost of investments owned at July
31, 1999 was the same as identified cost. At July 31, 1999, the
composition of unrealized appreciation (the excess of value over tax
cost) and depreciation (the excess of tax cost over value) by Fund was as
follows:
<TABLE>
<CAPTION>
GROSS GROSS NET APPRECIATION
APPRECIATION DEPRECIATION (DEPRECIATION)
------------ ------------ --------------
<S> <C> <C> <C>
Stock Fund $ 1,575,765 $ (192,934) $ 1,382,831
Fixed Income Fund 48,778 (337,969) (289,191)
internet.fund 31,901 (46,227) (14,326)
</TABLE>
17
<PAGE>
TRUSTEES AND OFFICERS
David Lee Manzler Jr.
President, Treasurer & Trustee
David L. Manzler Sr.
Vice President, Secretary & Trustee
Walter E. Bowles, III
Trustee
Robert W. Buechner
Trustee
David J. Orth
Trustee
Anthony J. Schement
Trustee
- --------------------------------------------------------------------------------
INVESTMENT ADVISOR
Equity Analysts Inc.
9200 Montgomery Road
Suite 13A
Cincinnati, OH 45242
CUSTODIAN
Star Bank, N.A.
425 Walnut Street
Cincinnati, OH 45202
GENERAL COUNSEL
Brown, Cummins & Brown Co. LPA
441 Vine Street
3500 Carew Tower
Cincinnati, OH 45202
AUDITORS
Berge & Company LTD
20 West 9th Street
Cincinnati, OH 45202
18
