-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L+a2LSh5EZKy4weZOjfTB7fyuuUcxdYgSIAdyVt0pVEQeuvwr+VQlyOzfu+lIXM2 7kxPZ7PMb91Pr7nCL7PO8A== 0001041994-04-000002.txt : 20040206 0001041994-04-000002.hdr.sgml : 20040206 20040206105801 ACCESSION NUMBER: 0001041994-04-000002 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20031130 FILED AS OF DATE: 20040206 EFFECTIVENESS DATE: 20040206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEW PROVIDENCE INVESTMENT TRUST CENTRAL INDEX KEY: 0001041994 STATE OF INCORPORATION: MA FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-08295 FILM NUMBER: 04572185 BUSINESS ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: PO BOX 69 CITY: ROCKYMOUNT STATE: NC ZIP: 27802-0069 BUSINESS PHONE: 2529729922 MAIL ADDRESS: STREET 1: 116 SOUTH FRANKLIN STREET STREET 2: PO BOX 69 CITY: ROCKY MOUNT STATE: NC ZIP: 27802-0069 N-CSRS 1 ncsr1103.txt NEW PROVIDENCE INVESTMENT TRUST UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-08295 --------- New Providence Investment Trust ------------------------------- (Exact name of registrant as specified in charter) 116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina 27802 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) C. Frank Watson III 116 South Franklin Street, Post Office Box 69, Rocky Mount, North Carolina 27802 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 252-972-9922 ------------ Date of fiscal year end: May 31, 2004 ------------ Date of reporting period: November 30, 2003 ----------------- Item 1. REPORTS TO STOCKHOLDERS. ________________________________________________________________________________ WISDOM FUND ________________________________________________________________________________ a series of the New Providence Investment Trust SEMI-ANNUAL REPORT (Unaudited) FOR THE PERIOD ENDED NOVEMBER 30, 2003 INVESTMENT ADVISOR Atlanta Investment Counsel, LLC 3717 Haddon Hall Road, NW Suite 200 Atlanta, Georgia 30327 WISDOM FUND 116 South Franklin Street Post Office Drawer 4365 Rocky Mount, North Carolina 27803-0365 1-800-525-3863 This report and the financial statements contained herein are submitted for the general information of the shareholders of the Wisdom Fund (the "Fund"). This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus. Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested. Neither the Fund nor the Fund's distributor is a bank. For more information about the Fund, including charges and expenses, call the fund for a free prospectus. You should read the prospectus carefully before you invest or send money. Distributor: Capital Investment Group, Inc., Post Office Drawer 4365, Rocky Mount, North Carolina 27803, Phone 1-800-773-3863 WISDOM FUND PORTFOLIO OF INVESTMENTS November 30, 2003 (Unaudited) - ------------------------------------------------------------------------------------------------------------------------------------ Value Shares (note 1) - ------------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS - 73.11% Apparel - 0.43% Jones Apparel Group, Inc. ............................................. 5,310 $ 183,195 ----------- Banks - 3.21% M & T Bank Corporation ................................................ 2,030 190,556 SunTrust Banks, Inc. .................................................. 1,100 78,155 Wells Fargo Company ................................................... 18,922 1,084,798 ----------- 1,353,509 ----------- Beverages - 7.66% The Coca-Cola Company ................................................. 69,430 3,228,495 ----------- Building Materials - 0.85% (a)American Standard Companies, Inc. ..................................... 3,230 322,031 (a)USG Corporation ....................................................... 2,400 36,168 ----------- 358,199 ----------- Chemicals - 1.25% Great Lakes Chemical Corporation ...................................... 3,220 73,126 The Sherwin-Williams Company .......................................... 13,970 453,047 ----------- 526,173 ----------- Commercial Services - 2.52% H&R Block, Inc. ....................................................... 3,320 180,243 (a)Iron Mountain Incorporated ............................................ 2,600 95,680 Moody's Corporation ................................................... 13,705 785,022 ----------- 1,060,945 ----------- Cosmetics & Personal Care - 2.51% The Gillette Company .................................................. 31,380 1,058,447 ----------- Diversified Financial Services - 4.02% American Express Company .............................................. 37,050 1,693,556 ----------- Electric - 1.90% Entergy Corporation ................................................... 4,550 240,513 FPL Group, Inc. ....................................................... 5,865 372,721 Progress Energy, Inc. ................................................. 4,250 186,235 ----------- 799,469 ----------- Food - 1.56% Sysco Corporation ..................................................... 18,166 659,789 ----------- Health Care Services - 0.32% (a)Five Star Quality Care, Inc. .......................................... 4 11 HCA Inc. .............................................................. 3,200 134,112 ----------- 134,123 ----------- (Continued)
WISDOM FUND PORTFOLIO OF INVESTMENTS November 30, 2003 (Unaudited) - ------------------------------------------------------------------------------------------------------------------------------------ Value Shares (note 1) - ------------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS - (Continued) Holding Companies - Diversified - 0.70% Leucadia National Corporation ......................................... 7,000 $ 297,500 ----------- Home Builders - 0.11% (a)Champion Enterprises Inc. ............................................. 6,700 48,374 ----------- Home Furnishings - 0.57% Ethan Allen Interiors, Inc. ........................................... 4,430 180,301 La-Z-Boy Incorporated ................................................. 3,000 60,600 ----------- 240,901 ----------- Insurance - Multiline - 16.61% Allstate Corporation .................................................. 24,750 999,405 Ambac Financial Group, Inc. ........................................... 7,680 528,000 American International Group, Inc. .................................... 26,450 1,532,777 Brown & Brown ......................................................... 7,330 230,529 Everest Re Group, Ltd. ................................................ 17,215 1,414,901 PartnerRe Ltd. ........................................................ 11,005 613,199 RenaissanceRe Holdings Ltd. ........................................... 32,478 1,556,671 Willis Group Holdings Limited ......................................... 3,800 125,590 ----------- 7,001,072 ----------- Insurance - Property & Casualty - 15.43% ACE Limited ........................................................... 12,847 468,273 Fidelity National Financial, Inc. ..................................... 26,921 951,119 Infinity Property & Casualty Corporation .............................. 6,900 227,838 (a)Markel Corporation .................................................... 7,200 1,852,200 (a)ProAssurance Corporation .............................................. 6,900 213,210 The Chubb Corporation ................................................. 15,400 1,007,930 The Progressive Corporation ........................................... 5,460 426,426 Wesco Financial Corporation ........................................... 386 134,733 White Mountains Insurance Group Ltd. .................................. 2,800 1,223,600 ----------- 6,505,329 ----------- Media - 2.20% Gannett Company, Inc. ................................................. 1,698 147,047 The Washington Post Company ........................................... 970 779,345 ----------- 926,392 ----------- Metal Fabrication & Hardware - 0.07% (a)Mueller Industries, Inc. .............................................. 850 27,472 ----------- Miscellaneous Manufacturing - 0.11% Dover Corporation ..................................................... 1,200 46,068 ----------- (Continued)
WISDOM FUND PORTFOLIO OF INVESTMENTS November 30, 2003 (Unaudited) - ------------------------------------------------------------------------------------------------------------------------------------ Value Shares (note 1) - ------------------------------------------------------------------------------------------------------------------------------------ COMMON STOCKS - (Continued) Oil & Gas - 1.28% (a)Evergreen Resources, Inc. ............................................. 4,800 $ 134,544 Exxon Mobil Corporation ............................................... 5,000 180,850 PetroChina Company Limited ............................................ 6,000 222,480 ----------- 537,874 ----------- Packaging & Containers - 0.42% (a)Sealed Air Corporation ................................................ 3,352 176,885 ----------- Pipelines - 1.51% Kinder Morgan, Inc. ................................................... 11,700 637,650 ----------- Real Estate Investment Trusts - 0.46% HRPT Properties Trust ................................................. 575 5,578 Tanger Factory Outlet Centers, Inc. ................................... 2,735 112,545 The Town & Country Trust .............................................. 3,156 74,797 ----------- 192,920 ----------- Retail - 2.80% Brown Shoe Company, Inc. .............................................. 3,300 115,269 Lowe's Companies, Inc. ................................................ 4,530 264,099 (a)P.F. Chang's China Bistro, Inc. ....................................... 1,000 53,980 Wendy's International, Inc. ........................................... 5,150 199,975 (a)Yum! Brands, Inc. ..................................................... 5,150 177,624 (a)Zale Corporation ...................................................... 6,800 368,220 ----------- 1,179,167 ----------- Software - 1.11% Automatic Data Processing, Inc. ....................................... 4,900 187,327 First Data Corporation ................................................ 7,470 282,740 ----------- 470,067 ----------- Textiles - 3.50% (a)Mohawk Industries, Inc. ............................................... 20,495 1,477,280 ----------- Total Common Stocks (Cost $26,812,377) ........................................................ 30,820,851 ----------- MUTUAL FUNDS - 4.83% New America High Income Fund Inc. .......................................... 20,000 41,200 PIMCO High Yield Fund ...................................................... 188,453 1,805,380 PIMCO High Income Fund ..................................................... 5,600 81,088 Templeton Global Income Fund Inc. .......................................... 12,000 107,520 ----------- Total Mutual Funds (Cost $1,943,144) .......................................................... 2,035,188 ----------- (Continued)
WISDOM FUND PORTFOLIO OF INVESTMENTS November 30, 2003 (Unaudited) - ------------------------------------------------------------------------------------------------------------------------------------ Value Shares (note 1) - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT COMPANY - 0.43% Evergreen Institutional Municipal Money Market Fund ........................ 180,561 $ 180,561 (Cost $180,561) ----------- Principal --------- U.S. GOVERNMENT OBLIGATIONS - 21.34% United States Treasury Bill due 12/11/03 .................................... $9,000,000 8,997,777 (Cost $8,997,360) ----------- Total Value of Investments (Cost $37,933,442 (b)) ................................. 99.71 % $42,034,377 Other Assets Less Liabilities ..................................................... 0.29 % 123,908 ------ ----------- Net Assets .................................................................. 100.00 % $42,158,285 ====== =========== (a) Non-income producing investment. (b) Aggregate cost for financial reporting and federal income tax purposes is the same. Unrealized appreciation/ (depreciation) of investments for financial reporting and federal income tax purposes is as follows: Unrealized appreciation ................................................................................. $ 4,557,270 Unrealized depreciation ................................................................................. (456,335) ----------- Net unrealized appreciation ................................................................... $ 4,100,935 =========== See accompanying notes to financial statements
WISDOM FUND STATEMENT OF ASSETS AND LIABILITIES November 30, 2003 (Unaudited) ASSETS Investments, at value (cost $37,933,442) ........................................................ $42,034,377 Income receivable ............................................................................... 57,568 Receivable for fund shares sold ................................................................. 154,403 Prepaid expenses ................................................................................ 11,821 ----------- Total assets ............................................................................... 42,258,169 ----------- LIABILITIES Accrued expenses ................................................................................ 48,952 Payable for fund shares redeemed ................................................................ 48,575 Disbursements in excess of cash on demand deposit ............................................... 2,357 ----------- Total liabilities .......................................................................... 99,884 ----------- NET ASSETS ............................................................................................ $42,158,285 =========== NET ASSETS CONSIST OF Paid-in capital ................................................................................. $38,096,603 Accumulated net investment loss ................................................................. (75,441) Undistributed net realized gain on investments .................................................. 36,188 Net unrealized appreciation on investments ...................................................... 4,100,935 ----------- $42,158,285 =========== INSTITUTIONAL CLASS SHARES Net asset value, redemption and offering price per share ($4,254,173 / 362,610 shares) .............................................................. $ 11.73 =========== INVESTOR CLASS SHARES Net asset value, redemption and offering price per share ($17,428,154 / 1,489,878 shares) ........................................................... $ 11.70 =========== Maximum offering price per share (100 / 94.25 of $11.70) ........................................ $ 12.41 =========== CLASS B SHARES Net asset value, redemption and offering price per share ($13,847,785 / 1,202,478 shares) ........................................................... $ 11.52 =========== CLASS C SHARES Net asset value, redemption and offering price per share ($6,628,173 / 573,083 shares) .............................................................. $ 11.57 =========== See accompanying notes to financial statements
WISDOM FUND STATEMENT OF OPERATIONS Period ended November 30, 2003 (Unaudited) NET INVESTMENT LOSS Income Interest ...................................................................................... $ 28,512 Dividends ..................................................................................... 276,817 ----------- Total income .............................................................................. 305,329 ----------- Expenses Investment advisory fees (note 2) ............................................................. 98,353 Fund administration fees (note 2) ............................................................. 24,588 Distribution and service fees - Investor Class Shares (note 3) ................................ 19,428 Distribution and service fees - Class B Shares (note 3) ....................................... 66,801 Distribution and service fees - Class C Shares (note 3) ....................................... 30,904 Custody fees .................................................................................. 6,189 Registration and filing administration fees (note 2) .......................................... 13,074 Fund accounting fees (note 2) ................................................................. 28,967 Audit fees .................................................................................... 8,261 Legal fees .................................................................................... 13,732 Securities pricing fees ....................................................................... 2,755 Shareholder recordkeeping fees (note 2) ....................................................... 23,772 Shareholder servicing expenses ................................................................ 5,023 Registration and filing expenses .............................................................. 25,148 Printing expenses ............................................................................. 6,685 Trustee fees and meeting expenses ............................................................. 1,951 Other operating expenses ...................................................................... 5,139 ----------- Total expenses ............................................................................ 380,770 ----------- Net investment loss .................................................................. (75,441) ----------- REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain from investment transactions ..................................................... 449,312 Change in unrealized appreciation (depreciation) on investments .................................... 1,668,386 ----------- Net realized and unrealized gain on investments ............................................... 2,117,698 ----------- Net increase in net assets resulting from operations ...................................... $ 2,042,257 =========== See accompanying notes to financial statements
WISDOM FUND STATEMENTS OF CHANGES IN NET ASSETS ---------------------------------------------------- Period ended Year ended November 30, May 31, 2003 (a) 2003 ---------------------------------------------------- INCREASE IN NET ASSETS Operations Net investment loss ............................................................... $ (75,441) $ (212,866) Net realized gain (loss) from investment transactions ............................. 449,312 (179,255) Change in unrealized appreciation (depreciation) on investments ................... 1,668,386 1,023,603 ----------- ----------- Net increase in net assets resulting from operations ......................... 2,042,257 631,482 ----------- ----------- Capital share transactions Increase in net assets resulting from capital share transactions (b) .............. 3,631,973 23,073,111 ----------- ----------- Total increase in net assets .......................................... 5,674,230 23,704,593 NET ASSETS Beginning of period ................................................................... 36,484,055 12,779,462 ----------- ----------- End of period ......................................................................... $42,158,285 $36,484,055 =========== =========== (a) Unaudited. (b) A summary of capital share activity follows: ------------------------------------------------------------------------ Period ended Year ended November 30, 2003 (a) May 31, 2003 Shares Value Shares Value - ---------------------------------------------------- ------------------------------------------------------------------------ INSTITUTIONAL CLASS SHARES - ---------------------------------------------------- Shares sold ........................................ 15,723 $ 177,479 59,533 $ 629,968 Shares redeemed .................................... (33,544) (376,695) (19,266) (200,123) ----------- ----------- ----------- ----------- Net (decrease) increase ....................... (17,821) $ (199,216) 40,267 $ 429,845 =========== =========== =========== =========== - ---------------------------------------------------- INVESTOR CLASS SHARES - ---------------------------------------------------- Shares sold ........................................ 388,694 $ 4,398,083 1,186,944 $12,484,955 Shares redeemed .................................... (144,608) (1,637,435) (178,198) (1,844,784) ----------- ----------- ----------- ----------- Net increase .................................. 244,086 $ 2,760,648 1,008,746 $10,640,171 =========== =========== =========== =========== - ---------------------------------------------------- CLASS B SHARES - ---------------------------------------------------- Shares sold ........................................ 141,361 $ 1,568,855 869,053 $ 9,061,351 Shares redeemed .................................... (105,841) (1,181,114) (76,569) (796,003) ----------- ----------- ----------- ----------- Net increase .................................. 35,520 $ 387,741 792,484 $ 8,265,348 =========== =========== =========== =========== - ---------------------------------------------------- CLASS C SHARES - ---------------------------------------------------- Shares sold ........................................ 74,822 $ 833,955 401,147 $ 4,218,789 Shares redeemed .................................... (13,405) (151,155) (46,073) (481,042) ----------- ----------- ----------- ----------- Net increase .................................. 61,417 $ 682,800 355,074 $ 3,737,747 =========== =========== =========== =========== - ---------------------------------------------------- FUND SUMMARY - ---------------------------------------------------- Shares sold ........................................ 620,600 $ 6,978,372 2,516,677 $26,395,063 Shares redeemed .................................... (297,398) (3,346,399) (320,106) (3,321,952) ----------- ----------- ----------- ----------- Net increase .................................. 323,202 $ 3,631,973 2,196,571 $23,073,111 =========== =========== =========== =========== See accompanying notes to financial statements
WISDOM FUND FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) INSTITUTIONAL CLASS SHARES - ------------------------------------------------------------------------------------------------------------------------------------ Period ended For the Years ended May 31, November 30, 2003 (a) 2003 2002 2001 2000 - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period ...................... $ 11.12 $ 11.54 $ 10.80 $ 9.90 $ 9.91 Income (loss) from investment operations Net investment income (loss) ................... 0.01 (0.03) (0.02) 0.17 0.18 Net realized and unrealized gain (loss) on investments........................... 0.60 (0.39) 0.85 0.90 (0.01) ----------- ----------- ----------- ----------- ----------- Total from investment operations ........... 0.61 (0.42) 0.83 1.07 0.17 ----------- ----------- ----------- ----------- ----------- Distributions to shareholders from Net investment income .......................... 0.00 0.00 0.00 (0.17) (0.18) Net realized gain from investment transactions 0.00 0.00 (0.09) 0.00 0.00 ----------- ----------- ----------- ----------- ----------- Total distributions ........................ 0.00 0.00 (0.09) (0.17) (0.18) ----------- ----------- ----------- ----------- ----------- Net asset value, end of period ............................ $ 11.73 $ 11.12 $ 11.54 $ 10.80 $ 9.90 =========== =========== =========== =========== =========== Total return .............................................. 5.49 % (3.64)% 7.78 % 10.70 % 1.64 % =========== =========== =========== =========== =========== Ratios/supplemental data Net assets, end of period ........................... $ 4,254,173 $ 4,228,602 $ 3,924,962 $ 3,164,763 $ 2,710,312 =========== =========== =========== =========== =========== Ratio of expenses to average net assets Before expense reimbursements and waived fees 1.34 %(b) 1.67 % 3.19 % 3.30 % 5.05 % After expense reimbursements and waived fees 1.34 %(b) 1.62 % 1.71 % 0.26 % 0.00 % Ratio of net investment income (loss) to average net assets Before expense reimbursements and waived fees 0.22 %(b) (0.30)% (1.65)% (1.47)% (2.87)% After expense reimbursements and waived fees 0.22 %(b) (0.25)% (0.17)% 1.57 % 2.18 % Portfolio turnover rate .............................. 12.55 % 9.28 % 6.78 % 15.46 % 41.69 % (a) Unaudited. (b) Annualized. (Continued)
WISDOM FUND FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) INVESTOR CLASS SHARES - ------------------------------------------------------------------------------------------------------------------------------------ Period ended For the Years ended May 31, November 30, 2003 (a) 2003 2002 2001 2000 - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period ...................... $ 11.10 $ 11.56 $ 10.84 $ 9.93 $ 9.92 Income (loss) from investment operations Net investment income (loss) ................... 0.00 (0.04) (0.04) 0.13 0.12 Net realized and unrealized gain (loss) on investments........................... 0.60 (0.42) 0.85 0.91 0.01 ----------- ----------- ----------- ----------- ----------- Total from investment operations ........... 0.60 (0.46) 0.81 1.04 0.13 ----------- ----------- ----------- ----------- ----------- Distributions to shareholders from Net investment income .......................... 0.00 0.00 0.00 (0.13) (0.12) Net realized gain from investment transactions 0.00 0.00 (0.09) 0.00 0.00 ----------- ----------- ----------- ----------- ----------- Total distributions ........................ 0.00 0.00 (0.09) (0.13) (0.12) ----------- ----------- ----------- ----------- ----------- Net asset value, end of period ............................ $ 11.70 $ 11.10 $ 11.56 $ 10.84 $ 9.93 =========== =========== =========== =========== =========== Total return (c) .......................................... 5.41 % (3.98)% 7.57 % 10.41 % 1.36 % =========== =========== =========== =========== =========== Ratios/supplemental data Net assets, end of period ........................... $17,428,154 $13,824,651 $ 2,739,727 $ 1,253,515 $ 656,212 =========== =========== =========== =========== =========== Ratio of expenses to average net assets Before expense reimbursements and waived fees 1.59 %(b) 1.91 % 3.39 % 3.86 % 4.29 % After expense reimbursements and waived fees 1.59 %(b) 1.87 % 1.96 % 0.68 % 0.25 % Ratio of net investment (loss) income to average net assets Before expense reimbursements and waived fees (0.04)%(b) (0.56)% (1.91)% (1.97)% (1.96)% After expense reimbursements and waived fees (0.04)%(b) (0.53)% (0.48)% 1.21 % 2.08 % Portfolio turnover rate ............................... 12.55 % 9.28 % 6.78 % 15.46 % 41.69 % (a) Unaudited. (b) Annualized. (c) Total return does not reflect payment of a sales charge. (Continued)
WISDOM FUND FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) CLASS B SHARES - ------------------------------------------------------------------------------------------------------------------------------------ Period ended For the Years ended May 31, Period ended November 30, May 31, 2003 (a) 2003 2002 2001 2000 (b) - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period ...................... $ 10.97 $ 11.50 $ 10.87 $ 9.97 $ 10.20 Income (loss) from investment operations Net investment (loss) income ................... (0.04) (0.10) (0.07) 0.06 0.04 Net realized and unrealized gain (loss) on investments........................... 0.59 (0.43) 0.79 0.90 (0.23) ----------- ----------- ----------- ----------- ----------- Total from investment operations ........... 0.55 (0.53) 0.72 0.96 (0.19) ----------- ----------- ----------- ----------- ----------- Distributions to shareholders from Net investment income .......................... 0.00 0.00 0.00 (0.06) (0.04) Net realized gain from investment transactions 0.00 0.00 (0.09) 0.00 0.00 ----------- ----------- ----------- ----------- ----------- Total distributions ........................ 0.00 0.00 (0.09) (0.06) (0.04) ----------- ----------- ----------- ----------- ----------- Net asset value, end of period ............................ $ 11.52 $ 10.97 $ 11.50 $ 10.87 $ 9.97 =========== =========== =========== =========== =========== Total return (d) .......................................... 5.01 % (4.61)% 6.72 % 9.60 % (1.85)% =========== =========== =========== =========== =========== Ratios/supplemental data Net assets, end of period ........................... $13,847,785 $12,795,975 $ 4,307,197 $ 1,796,569 $ 1,168,374 =========== =========== =========== =========== =========== Ratio of expenses to average net assets Before expense reimbursements and waived fees 2.34 %(c) 2.66 % 4.14 % 4.33 % 4.09 %(c) After expense reimbursements and waived fees 2.34 %(c) 2.62 % 2.71 % 1.28 % 1.00 %(c) Ratio of net investment (loss) income to average net assets Before expense reimbursements and waived fees (0.79)%(c) (1.31)% (2.66)% (2.50)% (1.78)%(c) After expense reimbursements and waived fees (0.79)%(c) (1.27)% (1.23)% 0.56 % 1.31 %(c) Portfolio turnover rate ............................. 12.55 % 9.28 % 6.78 % 15.46 % 41.69 % (a) Unaudited. (b) For the period from November 16, 1999 (commencement of operations) to May 31, 2000. (c) Annualized. (d) Total return does not reflect payment of a sales charge. (Continued)
FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period) CLASS C SHARES - ------------------------------------------------------------------------------------------------------------------------------------ Period ended For the Years ended May 31, Period ended November 30, May 31, 2003 (a) 2003 2002 2001 2000 (b) - ------------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of period ...................... $ 11.01 $ 11.54 $ 10.91 $ 9.98 $ 10.20 Income (loss) from investment operations Net investment (loss) income ................... (0.04) (0.09) (0.10) 0.03 0.03 Net realized and unrealized gain (loss) on investments........................... 0.60 (0.44) 0.82 0.93 (0.22) ----------- ----------- ----------- ----------- ----------- Total from investment operations ........... 0.56 (0.53) 0.72 0.96 (0.19) ----------- ----------- ----------- ----------- ----------- Distributions to shareholders from Net investment income .......................... 0.00 0.00 0.00 (0.03) (0.03) Net realized gain from investment transactions 0.00 0.00 (0.09) 0.00 0.00 ----------- ----------- ----------- ----------- ----------- Total distributions ........................ 0.00 0.00 (0.09) (0.03) (0.03) ----------- ----------- ----------- ----------- ----------- Net asset value, end of period ............................ $ 11.57 $ 11.01 $ 11.54 $ 10.91 $ 9.98 =========== =========== =========== =========== =========== Total return (d) ........................................... 5.09 % (4.59)% 6.69 % 9.64 % (1.86)% =========== =========== =========== =========== =========== Ratios/supplemental data Net assets, end of period ............................$ 6,628,173 $ 5,634,827 $ 1,807,576 $ 987,119 $ 173,395 =========== =========== =========== =========== =========== Ratio of expenses to average net assets Before expense reimbursements and waived fees 2.34 %(c) 2.66 % 4.18 % 4.44 % 4.07 %(c) After expense reimbursements and waived fees 2.34 %(c) 2.62 % 2.71 % 1.41 % 1.00 %(c) Ratio of net investment (loss) income to average net assets Before expense reimbursements and waived fees (0.79)%(c) (1.31)% (2.66)% (2.62)% (1.77)%(c) After expense reimbursements and waived fees (0.79)%(c) (1.27)% (1.19)% 0.40 % 1.30 %(c) Portfolio turnover rate .............................. 12.55 % 9.28 % 6.78 % 15.46 % 41.69 % (a) Unaudited. (b) For the period from November 16, 1999 (commencement of operations) to May 31, 2000. (c) Annualized. (d) Total return does not reflect payment of a sales charge. See accompanying notes to financial statements
WISDOM FUND NOTES TO FINANCIAL STATEMENTS November 30, 2003 (Unaudited) NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER INFORMATION The Wisdom Fund (the "Fund") is a non-diversified series of shares of beneficial interest of the New Providence Investment Trust (the "Trust"), an open-ended management investment company. The Trust was organized on July 9, 1997 as a Massachusetts Business Trust and is registered under the Investment Company Act of 1940, as amended (the "Act"). The Fund began operations on February 16, 1999. The investment objective of the Fund is to seek maximum total return consisting of any combination of capital appreciation, realized and unrealized, and income under the constantly varying market conditions. The Board of Trustees of the Trust (the "Trustees") approved, on October 7, 1999, a plan to authorize two new classes of shares designated as Class B Shares and Class C Shares. On November 16, 1999, the Class B Shares and Class C Shares commenced operations. The Fund has an unlimited number of authorized shares, which are divided into four classes - Institutional Class Shares, Investor Class Shares, Class B shares and Class C shares. Each class of shares has equal rights as to assets of the Fund, and the classes are identical except for differences in their sales charge structures and ongoing distribution and service fees. Income, expenses (other than distribution and service fees, which are not attributable to the Institutional Class Shares), and realized and unrealized gains or losses on investments are allocated to each class of shares based upon its relative net assets. All classes have equal voting privileges, except where otherwise required by law or when the Trustees determine that the matter to be voted on affects only the interests of the shareholders of a particular class. The following is a summary of significant accounting policies followed by the Fund. A. Security Valuation - The Fund's investments in securities are carried at value. Securities listed on an exchange or quoted on a national market system are valued at the close of normal trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are valued at the most recent bid price. Securities for which market quotations are not readily available, if any, are valued by using an independent pricing service or by following procedures approved by the Trustees. Short-term investments are valued at cost, which approximates value. B. Federal Income Taxes - No provision has been made for federal income taxes since substantially all taxable income has been distributed to shareholders. It is the policy of the Fund to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to make sufficient distributions of taxable income to relieve it from all federal income taxes. Net investment income (loss) and net realized gains (losses) may differ for financial statement and income tax purposes primarily because of losses incurred subsequent to October 31, which are deferred for income tax purposes. The character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the year that the income or realized gains were recorded by the Fund. The Fund has capital loss carryforwards for federal income tax purposes of $339,603, of which $174,661 expires in the year 2010 and $164,942 expires in the year 2011. It is the intention of the Trustees not to distribute any realized gains until the carryforwards have been offset or expire. (Continued) WISDOM FUND NOTES TO FINANCIAL STATEMENTS November 30, 2003 (Unaudited) C. Investment Transactions - Investment transactions are recorded on trade date. Realized gains and losses are determined using the specific identification cost method. Interest income is recorded daily on an accrual basis. Dividend income is recorded on the ex-dividend date. D. Distributions to Shareholders - The Fund may declare dividends quarterly, payable in March, June, September, and December on a date selected by the Trustees. Distributions to shareholders are recorded on the ex-dividend date. In addition, distributions may be made annually in December out of net realized gains through October 31 of that year. Distributions to shareholders are recorded on the ex-dividend date. The Fund may make a supplemental distribution subsequent to the end of its fiscal year ending May 31. E. Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimates. NOTE 2 - INVESTMENT ADVISORY FEE AND OTHER RELATED PARTY TRANSACTIONS Pursuant to an investment advisory agreement, Atlanta Investment Counsel, LLC (the "Advisor") provides the Fund with a continuous program of supervision of the Fund's assets, including the composition of its portfolio, and furnishes advice and recommendations with respect to investments, investment policies, and the purchase and sale of securities. As compensation for its services, the Advisor receives a fee at the annual rate of 0.50% of the first $500 million of the Fund's average daily net assets and 0.40% of all assets over $500 million. The Advisor currently intends to voluntarily waive all or a portion of its fee and to reimburse expenses of the Fund to limit total Fund operating expenses to a maximum of 1.75% of the average daily net assets of the Fund's Institutional Class Shares, a maximum of 2.00% of the average daily net assets of the Fund's Investor Class Shares, and a maximum of 2.75% of the average daily net assets of the Fund's Class B Shares and Class C Shares. There can be no assurance that the foregoing voluntary fee waivers or reimbursements will continue. The Advisor did not waive any fees or reimburse operating expenses incurred by the Fund for the period ended November 30, 2003. The Fund's administrator, The Nottingham Company (the "Administrator"), provides administrative services to and is generally responsible for the overall management and day-to-day operations of the Fund pursuant to an accounting and administrative agreement with the Trust. As compensation for its services, the Administrator receives a fee at the annual rate of 0.125% of the Fund's first $50 million of average daily net assets, 0.100% of the next $50 million, and 0.075% of average daily net assets over $100 million. The Administrator also receives a monthly fee of $2,250 for accounting and record-keeping services for the initial class of shares and $750 per month for each additional class of shares, plus 0.01% of the average annual net assets. The contract with the Administrator provides that the aggregate fees for the aforementioned administration shall not be less than $2,000 per month. The Administrator also receives the following to procure and pay the custodian for the Trust: 0.02% on the first $100 million of the Fund's net assets and 0.009% on all assets over $100 million, plus transaction fees, with a minimum annual fee of $4,800. The Administrator also charges the Fund for certain expenses involved with the daily valuation of portfolio securities, which are believed to be immaterial in amount. (Continued) WISDOM FUND NOTES TO FINANCIAL STATEMENTS November 30, 2003 (Unaudited) NC Shareholder Services, LLC (the "Transfer Agent") serves as the Fund's transfer, dividend paying, and shareholder servicing agent. The Transfer Agent maintains the records of each shareholder's account, answers shareholder inquiries concerning accounts, processes purchases and redemptions of the Fund's shares, acts as dividend and distribution disbursing agent, and performs other shareholder servicing functions. The Transfer Agent is compensated for its services based upon a $15 per shareholder per year, subject to a minimum fee of $1,500 per month, plus a $500 per month minimum fee for each additional class of shares. For the period ended November 30, 2003, the Transfer Agent received $23,772 in such shareholder recordkeeping fees. Capital Investment Group, Inc. (the "Distributor") serves as the Fund's principal underwriter and distributor. The Distributor receives any sales charges imposed on purchases of shares and re-allocates a portion of such charges to dealers through whom the sale was made, if any. For the period ended November 30, 2003, the Distributor retained sales charges in the amount of $11,672. Certain Trustees and officers of the Trust are also officers or directors of the Advisor or the Administrator. NOTE 3 - DISTRIBUTION AND SERVICE FEES The Trustees, including the Trustees who are not "interested persons" of the Trust as defined in the Act, adopted distribution and service plans pursuant to Rule 12b-1 of the Act (the "Plans") applicable to the Investor Class Shares, Class B Shares, and Class C Shares. The Act regulates the manner in which a regulated investment company may assume costs of distributing and promoting the sales of its shares and servicing of its shareholder accounts. The Plans provide that the Fund may incur certain costs, which may not exceed 0.25% per annum of the Investor Class Shares' average daily net assets or 1.00% per annum of the Class B Shares or Class C Shares for each year elapsed subsequent to adoption of the Plans, for payment to the Distributor and others for items such as advertising expenses, selling expenses, commissions, travel, or other expenses reasonably intended to result in sales of Investor Class Shares, Class B Shares and Class C Shares in the Fund or support servicing of those classes' shareholder accounts. The Fund incurred $19,428, $66,801, and $30,904, in distribution and service fees under the Plans with respect to Investor Class Shares, Class B Shares, and Class C Shares, respectively, for the period ended November 30, 2003. NOTE 4 - PURCHASES AND SALES OF INVESTMENTS Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, aggregated $8,409,409 and $4,601,187, respectively, for the period ended November 30, 2003. Purchases and sales of long-term U.S. government securities aggregated $45,978,964 and $45,011,000, respectively, for the period ended November 30, 2003. PROXY VOTING POLICY A copy of the Trust's Proxy Voting and Disclosure Policy and the Advisor's Proxy Voting and Disclosure Policy are included as Appendix B to the Fund's Statement of Additional Information and is available, without charge, upon request, by calling 1-800-773-3863. After June 30, 2004, information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (1) without charge, upon request, by calling the Fund at the number above and (2) on the SEC's website at http://www.sec.gov. ________________________________________________________________________________ WISDOM FUND ________________________________________________________________________________ a series of the New Providence Investment Trust This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus. Item 2. CODE OF ETHICS. Not applicable. Item 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable. Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable. Items 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. Not applicable. Items 6. [RESERVED] Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable. Item 8. [RESERVED] Item 9. CONTROLS AND PROCEDURES. (a) The Principal Executive Officer and the Principal Financial Officer have concluded that the registrant's disclosure controls and procedures are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing of this report. (b) There were no changes in the registrant's internal control over financial reporting that occurred during the registrant's fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 10. EXHIBITS. (a)(1) Not applicable. (a)(2) Certifications required by Item 10.(a)(2) of Form N-CSR are filed herewith as Exhibit 10.(a)(2). (b) Certifications required by Item 10.(b) of Form N-CSR are filed herewith as Exhibit 10.(b). SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. New Providence Investment Trust By: (Signature and Title) /s/ C. Douglas Davenport ________________________________ C. Douglas Davenport President, Treasurer, Principal Executive Officer and Principal Financial Officer Date: January 20, 2004 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: (Signature and Title) /s/ C. Douglas Davenport ________________________________ C. Douglas Davenport President, Treasurer, Principal Executive Officer and Principal Financial Officer New Providence Investment Trust Date: January 20, 2004 EX-99.CERT 3 cert302.txt SECTION 302 OFFICER CERTIFICATIONS EXHIBIT 10.(a)(2) ----------------- CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES OXLEY ACT OF 2002 I, C. Douglas Davenport, certify that: 1. I have reviewed this report on Form N-CSR of New Providence Investment Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: January 20, 2004 /s/ C. Douglas Davenport ______________________________ C. Douglas Davenport President, Treasurer, Principal Executive Officer and Principal Financial Officer New Providence Investment Trust EX-99.906CERTS 4 cert906.txt SECTION 906 OFFICER CERTIFICATIONS EXHIBIT 10.(b) -------------- NEW PROVIDENCE INVESTMENT TRUST CHIEF EXECUTIVE OFFICER CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the semi-annual report of the Wisdom Fund (the "Fund") of the New Providence Investment Trust on Form N-CSR for the period ended November 30, 2003, as filed with the Securities and Exchange Commission (the "Report"), the undersigned, C. Douglas Davenport, chief executive officer (or equivalent thereof) of the Fund, does hereby certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund. Date: January 20, 2004 By: /s/ C. Douglas Davenport _______________________________ C. Douglas Davenport President, Treasurer, Principal Executive Officer and Principal Financial Officer New Providence Investment Trust A signed original of this written statement required by Section 906 has been provided to the Wisdom Fund and will be retained by the Wisdom Fund and furnished to the Securities and Exchange Commission or its staff upon request. -----END PRIVACY-ENHANCED MESSAGE-----