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DGHM Investment Trust – ‘NSAR-B’ for 2/28/14

On:  Tuesday, 7/15/14, at 2:54pm ET   ·   Effective:  7/15/14   ·   For:  2/28/14   ·   Accession #:  1209286-14-333   ·   File #:  811-21958

Previous ‘NSAR-B’:  ‘NSAR-B’ on 4/29/13 for 2/28/13   ·   Latest ‘NSAR-B’:  This Filing

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 7/15/14  DGHM Investment Trust             NSAR-B      2/28/14    2:18K                                    Avery Publishin… Corp/FADGHM All-Cap Value Fund Class C (DGACX) — Institutional Class (DGAIX) — Investor Class (DGHMX)DGHM V2000 Small Cap Value Fund Class C (DGSVX) — Institutional Class (DGIVX) — Investor Class (DGSMX)

Annual Report by an Investment Company   —   Form N-SAR   —   ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-B      Annual Report by an Investment Company                15     61K 
 2: EX-99.c HOLDERS RTS  Instrument Defining the Rights of          HTML      7K 
                Security Holders                                                 


‘NSAR-B’   —   Annual Report by an Investment Company




SEC Info rendering:  Data from the Answer File, which may only contain updates to a prior Form N-SAR


Form N-SAR
 
Annual Report by an Open-End Investment Company
 
Report 
 
      Registrant:   DGHM Investment TrustList all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  2/28/14

Were there any Answer File errors in the Filing?  None Found
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.SEC CIK:      1376071
SEC File #:   811-21958

Telephone #:  800-653-2839
 
 2.Address:      565 Fifth Avenue Suite 2101
              New York, NY  10017
 
 3.Is this the first Form N-SAR filed by the Registrant?  No
 
 4.Is this the final Form N-SAR filed by the Registrant?  Yes
 
 
Funds/Series Top of Form N-SAR 
                                                                                    
 7.Is the Registrant a Funds/Series (multiple portfolios) company?  Yes

The number of separate Funds/Series (portfolios) at period end:  2
The number of separate Funds/Series (portfolios) reported here: 2...

N-SAR S#      Fund/Series — Filings for F/S#… Symbols 
 
Information Common to All 
Series 1:     DGHM All-Cap Value FundS#14642  DGACX & 2 more
Series 2:     DGHM V2000 Smallcap Value FundS#29316  DGSVX & 2 more
 
Family of Investment Companies 
 
19.Is the Registrant/Series part of a “family” of investment companies?  No
 
Investment Company Type 
 
27.Is the Registrant an “open-end” investment company?  Yes, Open-End
 
Additional Disclosures 
 
77.Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77C:  Matters Submitted to a Vote of Security HoldersYes

EX-99.77Q1: Other DisclosureYes
 
 All SeriesList of 2 Funds/Series Reported Here 

Information Common to All Funds/Series
 
 All: Custodian 
 
18.Does the Registrant’s/Series’ Custodian(s) maintain some or all of the
Registrant’s/Series’ securities in a central depository or book-entry
system pursuant to Rule 17f-4?  Yes
 
 All: Portfolio Transactions with Entities Acting as Principals 
 
22.The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1Entity:       None
 
 All: Considerations which Affected the Participation of Brokers or Dealers 
 
26.Considerations which affected the participation of brokers or dealers or
other entities in commissions or other compensation paid on portfolio
transactions of the Registrant:

Consideration?
Sales of the Registrant’s/Series’ shares ...............................  No
Receipt of investment research and statistical info ....................  Yes
Receipt of quotations for portfolio valuations .........................  No
Ability to execute portfolio transactions to obtain the best price
  and execution ........................................................  Yes
Receipt of telephone line and wire services ............................  No
Broker or Dealer which is an affiliated person .........................  No
An arrangement to return or credit part or all of commissions or
  profits thereon...
    To an Investment Adviser or Principal Underwriter, or to an
      affiliated person of either ......................................  No
    To the Registrant ..................................................  No
Other ..................................................................  No
 
 Series 1Information Common to All Funds/Series  List of 2 Funds/Series 
 
 7.Name:         DGHM All-Cap Value FundS#14642  DGACX & 2 more

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S 1: Investment Adviser 
 
 8.1Name:         Dalton, Greiner, Hartman, Maher & Co. LLC
Role:         Adviser
SEC File #:   801-62895
Location:     New York, NY
 
 S 1: Administrator 
 
10.1Name:         Commonwealth Shareholder Services Inc.
Location:     Richmond, VA
 
 S 1: Principal Underwriter 
 
11.1Name:         First Dominion Capital Corp.
SEC File #:   008-33719
Location:     Richmond, VA
 
 S 1: Shareholder Servicing/Transfer Agent 
 
12.1Name:         Commonwealth Fund Services, Inc.
SEC File #:   084-01553
Location:     Richmond, VA
 
 S 1: Independent Public Accountant 
 
13.1Name:         BBD, LLC
Location:     Philadelphia, PA
 
 S 1: Custodian 
 
15.1Name:         U.S. Bank, N.A.
Role:         Custodian
Location:     Philadelphia, PA

Type of custody:  Section 17(f)(1) — Bank
 
 S 1: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
 S 1: Sales and Repurchases 
 
28.Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s)0
 
 S 1: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.Was a front-end sales load deducted from any share sales during the
period?  No
 
34.Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  Yes
 
35.Total deferred or contingent deferred sales loads collected during the
period from redemptions and repurchases of the Registrant’s/Series’
shares ($000s)0
 
36.Did the Registrant/Series retain all monies collected from the deferred
or contingent deferred sales loads during the period?  No

The net amount the Registrant/Series retained from deferred or
contingent deferred sales loads ($000s)0
 
37.Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  No
 
39.Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
 S 1: Payment Plan for the Distribution of Fund Shares 
 
40.During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  Yes
 
41.During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  Yes
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................
59
Printing & mailing of prospectuses to other than current shareholders ..
Payments to underwriters ...............................................
Payments to brokers or dealers ......................................... 41
Direct payments to sales personnel .....................................
Payments to banks and savings & loans ..................................
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................
Unallocated payments made for a combination of such services ...........
 
43.Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s)0
 
44.If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s)0
 
 S 1: Advisory Fee 
 
45.Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.65%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
54.Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  No
Salaries & compensation of Registrant’s interested Directors ...........  No
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  No
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  Yes
 
 S 1: Miscellaneous Info 
 
55.Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 S 1: Classification and Asset Allocation 
 
58.Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.Is the Registrant/Series a management investment company?  Yes
 
60.Was the Registrant/Series a diversified investment company at any time
during the period?  Yes

Was the Registrant/Series a diversified investment company at the end of
the period?  Yes
 
61.The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $1,000
 
62.Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  Yes
    Growth?                           No
    Growth and income?                No
               Income?                No
    Total return?                     No
 
67.Is the Registrant/Series a “balanced” Fund?  No
 
68.Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.Is the Registrant/Series an index Fund?  No
 
 S 1: Investment Practices 
 
70.Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      No        
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           No        
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              No        
Writing or investing in options on stock index futures?  No        
Writing or investing in other commodity futures?         No        
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            Yes      No
Currency exchange transactions?                          Yes      No
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  No        
Margin purchases?                                        No        
Short selling?                                           No        
 
 S 1: Portfolio Turnover 
 
71.Portfolio turnover rate for the period:
 
Purchases ($000s)0
Sales ($000s):      0

Monthly average Value of portfolio ($000s)0

Percent turnover (lesser of Purchases or Sales, divided by Value):  0%
 
 S 1: Financial Info — Income and Expenses 
 
72.The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................
Net dividend income ..............................................
Account maintenance fees .........................................
Net other income .................................................

Expenses  ($000s)
Advisory fees ....................................................
Administrator fees ...............................................
Salaries and other compensation ..................................
Shareholder Servicing Agent fees .................................
Custodian fees ...................................................
Postage ..........................................................
Printing expenses ................................................
Directors’ fees ..................................................
Registration fees ................................................
Taxes ............................................................
Interest .........................................................
Bookkeeping fees paid to anyone performing this service ..........
Auditing fees ....................................................
Legal fees .......................................................
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
Amortization of organization expenses ............................
Shareholder meeting expenses .....................................
Other expenses ...................................................
Total expenses ...................................................

Expense reimbursements ($000s):   0

Net investment income ($000s):    0

Realized capital gains ($000s):   0
Realized capital losses ($000s)0

Net unrealized appreciation during the period ($000s)0
Net unrealized depreciation during the period ($000s)0

Total income dividends for which the record date passed during the
period ($000s)0

Total capital gains distributions for which the record date passed
during the period ($000s)0
 
73.Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0000

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 1: Financial Info — Condensed Balance Sheet Data 
 
74.Assets  ($000s)
Cash .............................................................
Repurchase agreements ............................................
Short-term debt securities, other than repurchase agreements .....
Long-term debt securities, including convertible debt ............
Preferred, conv. preferred and adjustable-rate preferred stock ...
Common stock .....................................................
Options on equities ..............................................
Options on all futures ...........................................
Other investments ................................................
Receivables from portfolio instruments sold ......................
Receivables from affiliated persons ..............................
Other receivables ................................................
All other assets .................................................
Total assets .....................................................

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
Amounts owed to affiliated persons ...............................
Senior long-term debt ............................................
Other liabilities:
  Reverse repurchase agreements ..................................
  Short sales ....................................................
  Written options ................................................
  All other liabilities ..........................................

Equity  ($000s)
Senior equity ....................................................
Net assets of common shareholders ................................

Number of shares outstanding (000s):   0

Net Asset Value (NAV) per share (to nearest cent):  $0.00

Total number of shareholder accounts:  0

Total value of assets in segregated accounts ($000s)0
 
 Series 2Information Common to All Funds/Series  List of 2 Funds/Series 
 
 7.Name:         DGHM V2000 Smallcap Value FundS#29316  DGSVX & 2 more

Is this the final Form N-SAR filed for this Fund/Series?  No
 
 S 2: Investment Adviser 
 
 8.1Name:         Dalton, Greiner, Hartman, Maher & Co. LLC
Role:         Adviser
SEC File #:   801-62895
Location:     New York, NY
 
 S 2: Administrator 
 
10.1Name:         Commonwealth Shareholder Services Inc.
Location:     Richmond, VA
 
 S 2: Principal Underwriter 
 
11.1Name:         First Dominion Capital Corp.
SEC File #:   008-33719
Location:     Richmond, VA
 
 S 2: Shareholder Servicing/Transfer Agent 
 
12.1Name:         Commonwealth Fund Services, Inc.
SEC File #:   084-01553
Location:     Richmond, VA
 
 S 2: Independent Public Accountant 
 
13.1Name:         BBD, LLC
Location:     Philadelphia, PA
 
 S 2: Custodian 
 
15.1Name:         U.S. Bank, N.A.
Role:         Custodian
Location:     Philadelphia, PA

Type of custody:  Section 17(f)(1) — Bank
 
 S 2: Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 
24.At period end, did the Registrant/Series hold any securities of the
Registrant’s/Series’ regular brokers or dealers, or of the parents of
such brokers or dealers, that derive more than 15% of gross revenue from
securities-related activities?  No
 
 S 2: Sales and Repurchases 
 
28.Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
      Reinvestment of dividends and distributions ................
      Other ......................................................
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s)0
 
 S 2: Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
29.Was a front-end sales load deducted from any share sales during the
period?  No
 
34.Did the Registrant/Series impose a deferred or contingent deferred sales
load during the period?  No
 
37.Did the Registrant/Series impose a redemption fee other than a deferred
or contingent sales load during the period?  No
 
39.Were any account maintenance fees or other administrative fees imposed
directly on shareholders during the period?  No
 
 S 2: Payment Plan for the Distribution of Fund Shares 
 
40.During the period, did the Registrant/Series have a plan of distribution
adopted pursuant to Rule 12b-1?  Yes
 
41.During the period, did the Registrant/Series use its assets directly to
make payments under the 12b-1 plan?  Yes
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................
Printing & mailing of prospectuses to other than current shareholders ..
Payments to underwriters ...............................................
Payments to brokers or dealers .........................................
Direct payments to sales personnel .....................................
Payments to banks and savings & loans ..................................
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................
Unallocated payments made for a combination of such services ...........
 
43.Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s)0
 
44.If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s)0
 
 S 2: Advisory Fee 
 
45.Did the Registrant/Series have an advisory contract during the period?  Yes
 
46.Did the Registrant/Series pay more than one Investment Adviser directly
for investment advice during the period?  No
 
47.Was the Registrant’s/Series’ advisory fee based solely on a percentage
of its assets?  Yes
 
48.Fee (single rate or step rates) applied to the Registrant’s/Series’
assets based on the advisory contract:
    Single-fee rate:  0.8%
    Step-fee rates:
      For 1st $000s:  0
        Annual rate:  0.0%
 
49.Was the Registrant’s/Series’ advisory fee during the period based solely
on a percentage of its income?  No
 
50.Was the Registrant’s/Series’ advisory fee during the period based on
some combined percentage of its income and assets?  No
 
51.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on its investment performance?  No
 
52.Was the Registrant’s/Series’ advisory fee during the period based in
whole or in part on the assets, income or performance of other
Registrants?  No
 
53.Were the expenses of the Registrant/Series limited or reduced at any
time during the period by some agreement or understanding other than by
Blue Sky Laws?  Yes

Was the limitation that applied during the period based on...
    Assets?   Yes
    Income?   No
 
54.Indicated below are whether services were supplied or paid for wholly or
in substantial part by Investment Adviser(s) or Administrator(s) in
connection with the advisory or administrative contract(s) but for which
the Adviser(s) or Administrator(s) are not reimbursed by the Registrant:

Provided to the Registrant?
Occupancy and office rental ............................................  Yes
Clerical and bookkeeping services ......................................  Yes
Accounting services ....................................................  No
Services of independent auditors .......................................  No
Services of outside counsel ............................................  No
Registration and filing fees ...........................................  No
Stationery, supplies and printing ......................................  No
Salaries & compensation of Registrant’s interested Directors ...........  No
Salaries & compensation of Registrant’s disinterested Directors ........  No
Salaries & compensation of Registrant’s Officers who aren’t Directors ..  No
Reports to current shareholders ........................................  No
Determination of offering and redemption prices ........................  No
Trading department .....................................................  Yes
Prospectus preparation and printing for current shareholders ...........  No
Other ..................................................................  Yes
 
 S 2: Miscellaneous Info 
 
55.Did the Registrant/Series have any of the following outstanding at any
time during the period which exceeded 1% of aggregate net assets:
    Overdrafts?  No
    Bank loans?  No
 
56.During the period, did the Registrant’s/Series’ Investment Adviser(s)
have advisory clients other than investment companies?  Yes
 
57.Did the Registrant/Series adjust the number of its shares outstanding by
means of a stock split or stock dividend?  No
 
 S 2: Classification and Asset Allocation 
 
58.Is the Registrant/Series a Separate Account of an insurance company?  No
 
59.Is the Registrant/Series a management investment company?  Yes
 
60.Was the Registrant/Series a diversified investment company at any time
during the period?  Yes

Was the Registrant/Series a diversified investment company at the end of
the period?  Yes
 
61.The lowest minimum initial investment required by the Registrant/Series
from an investor that is not an employee or otherwise affiliated with
the Registrant/Series, its Investment Adviser, Principal Underwriter or
other affiliated entity:  $1,000
 
62.Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes

Which best describes its primary investment objective:

    Aggressive capital appreciation?  No
               Capital appreciation?  Yes
    Growth?                           No
    Growth and income?                No
               Income?                No
    Total return?                     No
 
67.Is the Registrant/Series a “balanced” Fund?  No
 
68.Does the Registrant/Series have more than 50% of its net assets at
period end invested in the securities of issuers...
    Engaged primarily in production or distribution of precious metals?  No
    Located primarily in countries other than the United States?  No
 
69.Is the Registrant/Series an index Fund?  No
 
 S 2: Investment Practices 
 
70.Activities that are permitted by the Registrant’s/Series’ investment
policies, and which were engaged in during the period:

Activity                                            Permitted Engaged In
Writing or investing in repurchase agreements?           Yes      No
Writing or investing in options on equities?             Yes      No
Writing or investing in options on debt securities?      No        
Writing or investing in options on stock indices?        Yes      No
Writing or investing in interest rate futures?           No        
Writing or investing in stock index futures?             Yes      No
Writing or investing in options on futures?              No        
Writing or investing in options on stock index futures?  No        
Writing or investing in other commodity futures?         No        
Investments in restricted securities?                    Yes      No
Investments in shares of other investment companies?     Yes to both
Investments in securities of foreign issuers?            Yes      No
Currency exchange transactions?                          Yes      No
Loaning portfolio securities?                            Yes      No
Borrowing of money?                                      Yes      No
Purchases/sales by certain exempted affiliated persons?  No        
Margin purchases?                                        No        
Short selling?                                           No        
 
 S 2: Portfolio Turnover 
 
71.Portfolio turnover rate for the period:
 
Purchases ($000s)0
Sales ($000s):      0

Monthly average Value of portfolio ($000s)0

Percent turnover (lesser of Purchases or Sales, divided by Value):  0%
 
 S 2: Financial Info — Income and Expenses 
 
72.The number of months covered by the values in Items 72 and 73:  6

Income  ($000s)
Net interest income ..............................................
Net dividend income ..............................................
Account maintenance fees .........................................
Net other income .................................................

Expenses  ($000s)
Advisory fees ....................................................
Administrator fees ...............................................
Salaries and other compensation ..................................
Shareholder Servicing Agent fees .................................
Custodian fees ...................................................
Postage ..........................................................
Printing expenses ................................................
Directors’ fees ..................................................
Registration fees ................................................
Taxes ............................................................
Interest .........................................................
Bookkeeping fees paid to anyone performing this service ..........
Auditing fees ....................................................
Legal fees .......................................................
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
Amortization of organization expenses ............................
Shareholder meeting expenses .....................................
Other expenses ...................................................
Total expenses ...................................................

Expense reimbursements ($000s):   0

Net investment income ($000s):    0

Realized capital gains ($000s):   0
Realized capital losses ($000s)0

Net unrealized appreciation during the period ($000s)0
Net unrealized depreciation during the period ($000s)0

Total income dividends for which the record date passed during the
period ($000s)0

Total capital gains distributions for which the record date passed
during the period ($000s)0
 
73.Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0000

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
 S 2: Financial Info — Condensed Balance Sheet Data 
 
74.Assets  ($000s)
Cash .............................................................
Repurchase agreements ............................................
Short-term debt securities, other than repurchase agreements .....
Long-term debt securities, including convertible debt ............
Preferred, conv. preferred and adjustable-rate preferred stock ...
Common stock .....................................................
Options on equities ..............................................
Options on all futures ...........................................
Other investments ................................................
Receivables from portfolio instruments sold ......................
Receivables from affiliated persons ..............................
Other receivables ................................................
All other assets .................................................
Total assets .....................................................

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
Amounts owed to affiliated persons ...............................
Senior long-term debt ............................................
Other liabilities:
  Reverse repurchase agreements ..................................
  Short sales ....................................................
  Written options ................................................
  All other liabilities ..........................................

Equity  ($000s)
Senior equity ....................................................
Net assets of common shareholders ................................

Number of shares outstanding (000s):   0

Net Asset Value (NAV) per share (to nearest cent):  $0.00

Total number of shareholder accounts:  0

Total value of assets in segregated accounts ($000s)0
 
 Signature  Top of Form N-SAR 
                                                                                    
/s/      Thomas Gibson      
Name:   Thomas Gibson
Title:  Treasurer

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