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<PAGE> PAGE 1
000 A000000 7/31/99 (a)
000 C000000 0000906762
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 ANALYSTS INVESTMENT TRUST
001 B000000 811-07778
001 C000000 5139843377
002 A000000 9200 MONTGOMERY ROAD, SUITE 13A
002 B000000 CINCINNATI
002 C000000 OH
002 D010000 45242
002 D020000 7736
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 ANALYSTS STOCK FUND
007 C030100 N
007 C010200 2
007 C020200 ANALYSTS FIXED INCOME FUND
007 C030200 N
007 C010300 3
007 C020300 ANALYSTS INTERNET.FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 EQUITY ANALYSTS INC.
008 B00AA01 A
008 C00AA01 801-26086
008 D01AA01 CINCINNATI
008 D02AA01 OH
008 D03AA01 45242
008 D04AA01 7736
010 A00AA01 EQUITY ANALYSTS INC.
010 B00AA01 801-26086
010 C01AA01 CINCINNATI
010 C02AA01 OH
010 C03AA01 45242
011 C04AA01 7736
<PAGE> PAGE 2
011 B00AA01 801-26086
011 C01AA01 CINCINNATI
011 C02AA01 OH
011 C03AA01 45242
011 C04AA01 7736
013 A00AA01 BERGE & CO. LTD
013 B01AA01 CINCINNATI
013 B01AA01 OH
013 B03AA01 45202
014 A00AA01 EQUITY ANALYSTS INC.
014 B00AA01 801-26086
015 A00AA01 STAR BANK, N.A.
015 B00AA01 C
015 C01AA01 CINCINNATI
015 C02AA01 OH
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015 C04AA01 0001
015 E01AA01 X
019 00AA00 Y
019 A00A00 Y
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019 C00AA00 ANALYSTSIT
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020 C000001 7
020 A000002 LEGG MASON
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<PAGE> PAGE 3
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<PAGE> PAGE 4
031 A00AA00 0
031 B00AA00 0
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040 00AA00 N
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042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
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060 B00AA00 Y
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077 A000000 N
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085 A00AA00 N
085 B00AA00 N
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086 A020000 0
086 B010000 0
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086 D020000 0
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<PAGE> PAGE 5
086 F010000 0
086 F020000 0
STOCK FUND
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
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048 E010100 100000
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048 H020100 0.75
048 I010100 100000
048 I020100 0.75
048 J010100 100000
048 J020100 0.75
048 K010100 100000
048 K020100 0.75
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
054 A000100 Y
054 B000100 Y
054 C000100 Y
054 D000100 Y
054 E000100 Y
054 F000100 Y
054 G000100 Y
054 H000100 Y
054 I000100 Y
<PAGE> PAGE 6
054 J000100 Y
054 K000100 Y
054 L000100 Y
054 M000100 Y
054 N000100 Y
054 O000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
062 A000100 N
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062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q'000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
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066 D000100 N
066 E000100 Y
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
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070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
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070 D020100 N
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070 E020100 N
<PAGE> PAGE 7
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 Y
070 Q020100 N
070 R010100 Y
070 R020100 N
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071 B000100 6433
071 C00100 7204
071 D000100 89
072 A000100 12 X
072 B000100 23
072 C000100 154
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072 E000100 0
072 F000100 170
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 0
072 K000100 0
072 L000100 0
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
072 S000100 0
072 T000100 0
072 U000100 0
<PAGE> PAGE 8
072 V000100 0
072 W000100 0
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072 Y000100 0
072 Z000100 7
072 AA000100 1729
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072 CC000100 0
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072 EE000100 0
073 A010100 0.09
073 A020100 0
073 B000100 0
073 C000100 0
074 A000100 25
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 8953
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 8
074 M000100 0
074 N000100 8986
074 O000100 0
074 P000100 0
074 Q000100 0
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074 R020100 0
074 R030100 0
074 R040100 15
074 S000100 0
074 T000100 8971
074 U010100 316
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074 V010100 28.41
074 V020100 0
074 W000100 0
074 X000100 539
074 Y000100 0
075 A000100 0
075 B000100 8495
076 000100 0.00
FIXED INCOME FUND
024 000200 N
025 D000201 0
<PAGE> PAGE 9
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.00
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048 A020200 1.50
048 B010200 20000
048 B020200 1.25
048 C010200 60000
048 C020200 1.00
048 D010200 100000
048 D020200 0.75
048 E010200 100000
048 E020200 0.75
048 F010200 100000
048 F020200 0.75
048 G010200 100000
048 G020200 0.75
048 H010200 100000
048 H020200 0.75
048 I010200 100000
048 I020200 0.75
048 J010200 100000
048 J020200 0.75
048 K010200 100000
048 K020200 0.75
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 000200 N
053 A000200 Y
054 A000200 Y
054 B000200 Y
054 C000200 Y
054 D000200 Y
054 E000200 Y
054 F000200 Y
054 G000200 Y
054 H000200 Y
054 I000200 Y
054 J000200 Y
054 K000200 Y
054 L000200 Y
054 M000200 Y
<PAGE> PAGE 10
054 N000200 Y
054 O000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
062 A000200 Y
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062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 5.7 X
062 M000200 10.5
062 N000200 0.0
062 O000200 0.0
062 P000200 37.6
062 Q000200 35.7 X
062 R000200 10.5 X
063 A000200 0
063 B000200 8.3
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
069 000200 N
069 B000200 N
070 A010200 Y
070 A020200 Y
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 Y
070 I020200 N
<PAGE> PAGE 11
070 J010200 N
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 Y
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 399
071 B000200 899
071 C000200 4113
071 D000200 9.7
072 A000200 12 X
072 B000200 142
072 C000200 180
072 D000200 0
072 E000200 0
072 F000200 68
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 0
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 0
072 X000200 68
072 Y000200 0
072 Z000200 254
072 AA000200 35
072 BB000200 0
072 CC010200 0
<PAGE> PAGE 12
072 CC020200 355
072 DD010200 257
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072 EE000200 0
073 A010200 0.79
073 A020200 0
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074 B000200 0
074 C000200 165
074 D000200 2967
074 E000200 271
074 F000200 405
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074 M000200 0
074 N000200 3871
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074 R030200 0
074 R040200 4
074 S000200 0
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074 U010200 292
074 U020200 0
074 V010200 13.24
074 V020200 0.00
074 W000200 0.00
074 X000200 330
074 Y000200 0
075 A000200 0
075 B000200 4554
076 000200 0.00
NEW SERIES: INTERNET.FUND
024 000300 N
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025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
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046 000300 N
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048 B020300 2.75
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048 D010300 100000
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048 E010300 100000
048 E020300 2.25
048 F010300 100000
048 F020300 2.25
048 G010300 100000
048 G020300 2.25
048 H010300 100000
048 H020300 2.25
048 I010300 100000
048 I020300 2.25
048 J010300 100000
048 J020300 2.25
048 K010300 100000
048 K020300 2.25
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 000300 N
053 A000300 Y
054 A000300 Y
054 B000300 Y
054 C000300 Y
054 D000300 Y
054 E000300 Y
054 F000300 Y
054 G000300 Y
054 H000300 Y
054 I000300 Y
054 J000300 Y
054 K000300 Y
054 L000300 Y
054 M000300 Y
054 N000300 Y
054 O000300 N
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
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062 K000300 0.0
062 L000300 0.0
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062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 0.0
066 A000300 Y
066 C000300 Y
067 000300 N
068 A000300 N
069 000300 N
069 B000300 N
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 Y
070 I020300 N
070 J010300 N
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 Y
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 601
071 B000300 0
071 C000300 651
071 D000300 0
072 A000300 12
072 B000300 0
072 C000300 2
072 D000300 0
072 E000300 0
072 F000300 4
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 0
072 K000300 0
072 L000300 0
072 M000300 0
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 0
072 S000300 0
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 4
072 Y000300 0
072 Z000300 -2
072 AA000300 0
072 BB000300 0
072 CC010300 0
072 CC020300 14
072 DD010300 0
072 DD020300 0
072 EE000300 0
073 A010300 0
073 A020300 0
073 B000300 0
073 C000300 0
074 A000300 1
074 B000300 0
074 C000300 200
074 D000300 0
074 E000300 0
074 F000300 586
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 1
074 M000300 0
074 N000300 788
074 O000300 34
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 2
074 S000300 0
074 T000300 752
074 U010300 76
074 U020300 0
074 V010300 9.86
074 V020300 0.00
074 W000300 0.00
074 X000300 92
074 Y000300 0
075 A000300 0
075 B000300 497
076 000300 0.00
BERGE & COMPANY LTD 20 WEST NINTH STREET
CERTIFIED PUBLIC ACCOUNTANTS CINCINNATI, OHIO 45202
(513) 651-3827
Independent Auditors Supplemental
Report on Internal Control
The Board of Trustees
Analysts Investment Trust
In planning and performing our audit of the financial statements of Analysts
Investment Trust for the year ended July 31, 1999, we considered its internal
control, including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on internal control.
The management of Analysts Investment Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective or preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and may not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operations, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
July 1, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees, and the Securities and Exchange Commission.
/s/ BERGE & COMPANY LTD
- -----------------------
Berge & Company LTD
Cincinnati, Ohio
August 25, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-START> AUG-01-1998
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 4,098,609
<INVESTMENTS-AT-VALUE> 3,809,418
<RECEIVABLES> 46,290
<ASSETS-OTHER> 15,731
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,871,439
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,860
<TOTAL-LIABILITIES> 4,860
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,121,068
<SHARES-COMMON-STOCK> 291,978
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 19,959
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 14,743
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (289,191)
<NET-ASSETS> 3,866,579
<DIVIDEND-INCOME> 141,733
<INTEREST-INCOME> 180,113
<OTHER-INCOME> 0
<EXPENSES-NET> 68,193
<NET-INVESTMENT-INCOME> 253,653
<REALIZED-GAINS-CURRENT> 35,047
<APPREC-INCREASE-CURRENT> (354,879)
<NET-CHANGE-FROM-OPS> (66,179)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 256,768
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,145,875
<NUMBER-OF-SHARES-REDEEMED> 1,859,341
<SHARES-REINVESTED> 230,591
<NET-CHANGE-IN-ASSETS> (805,822)
<ACCUMULATED-NII-PRIOR> 23,075
<ACCUMULATED-GAINS-PRIOR> 13,073
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 68,193
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 68,193
<AVERAGE-NET-ASSETS> 4,553,937
<PER-SHARE-NAV-BEGIN> 14.27
<PER-SHARE-NII> 0.78
<PER-SHARE-GAIN-APPREC> (1.03)
<PER-SHARE-DIVIDEND> 0.78
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.24
<EXPENSE-RATIO> 1.50
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUL-31-1999
<PERIOD-START> AUG-01-1998
<PERIOD-END> JUL-31-1999
<INVESTMENTS-AT-COST> 800,582
<INVESTMENTS-AT-VALUE> 786,256
<RECEIVABLES> 703
<ASSETS-OTHER> 1,295
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 788,254
<PAYABLE-FOR-SECURITIES> 34,529
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,744
<TOTAL-LIABILITIES> 36,273
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 768,320
<SHARES-COMMON-STOCK> 76,273
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (2,013)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
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