-----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, PFhI2CRaISp/v6Ec9IRyaTDkp4jJh+622qJ7+RGedaLH89Jx/f+fgKkEXHiM2Gsj Vrw+lTNoR363I5Npc+eBxg== 0000894189-03-001497.txt : 20031002 0000894189-03-001497.hdr.sgml : 20031002 20031002145606 ACCESSION NUMBER: 0000894189-03-001497 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20030731 FILED AS OF DATE: 20031002 EFFECTIVENESS DATE: 20031002 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-07959 FILM NUMBER: 03923865 BUSINESS ADDRESS: STREET 1: U.S BANCORP FUND SERVICES, LLC STREET 2: 615 E MICHIGAN STREET CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-5344 MAIL ADDRESS: STREET 1: 615 E MICHIGAN STREET STREET 2: MK-WI-LC2 CITY: MILWAUKEE STATE: WI ZIP: 53202 N-CSR 1 ncar.txt JACOBS & COMPANY MUTUAL FUNDS As filed with the Securities and Exchange Commission on October 2, 2003 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 811-07959 Advisors Series Trust --------------------- (Exact name of registrant as specified in charter) 615 East Michigan Street Milwaukee, WI 53202 ------------------- (Address of principal executive offices) (Zip code) Eric M. Banhazl Advisors Series Trust 2020 East Financial Way, Suite 100 Glendora, CA 91741 ------------------ (Name and address of agent for service) (414) 765-5344 -------------- Registrant's telephone number, including area code Date of fiscal year end: January 31, 2004 ---------------- Date of reporting period: July 31, 2003 --------------- Item 1. Report to Stockholders. [LOGO] JACOBS & COMPANY MUTUAL FUND Ticker Symbol: JACOX CUSIP: 007 989 775 Shareholder Services toll free (877) 560-6823 [Graphic] Semi-Annual Report July 31, 2003 JACOBS & COMPANY MUTUAL FUND SCHEDULE OF INVESTMENTS at July 31, 2003 (Unaudited) - -------------------------------------------------------------------------------- Shares COMMON STOCKS: 57.74% Market Value - -------------------------------------------------------------------------------- Aerospace/Defense: 5.05% 7,200 United Technologies Corp. # $ 541,656 ------------------ Commercial Banks: 5.91% 10,000 FirstMerit Corp 238,700 12,300 Union Planters Corp. # 395,322 ------------------ 634,022 ------------------ Computers: 7.04% 10,000 Hewlett-Packard Co. # 211,700 6,700 International Business Machines Corp. # 544,375 ------------------ 756,075 ------------------ Food: 6.73% 11,500 ConAgra Foods, Inc. # 259,095 53,000 Del Monte Foods Co.* 463,750 ------------------ 722,845 ------------------ Manufacturing: 9.18% 5,000 3M Co. # 701,000 10,000 General Electric Co. # 284,400 ------------------ 985,400 ------------------ Petroleum (Integrated): 9.62% 7,000 ChevronTexaco Corp. # 504,770 6,000 ConocoPhillips # 314,040 6,000 Exxon Mobil Corp. # 213,480 ------------------ 1,032,290 ------------------ Pharmaceuticals: 3.23% 10,000 Bristol-Myers Squibb Co. # 262,000 5,000 Schering-Plough Corp. 84,900 ------------------ 346,900 ------------------ Semiconductor: 6.81% 29,300 Intel Corp. # 731,035 ------------------ Software: 3.08% 12,500 Microsoft Corp. # 330,000 ------------------ Telecommunication Services: 1.09% 5,000 SBC Communications, Inc. 116,800 ------------------ TOTAL COMMON STOCKS (Cost $5,783,554) 6,197,023 ------------------ See Notes to Financial Statements. JACOBS & COMPANY MUTUAL FUND SCHEDULE OF INVESTMENTS at July 31, 2003 (Unaudited), Continued - -------------------------------------------------------------------------------- Shares EXCHANGE TRADED FUNDS:0.73% Market Value - -------------------------------------------------------------------------------- 2,000 Wireless HOLDRs Trust 78,700 ------------------ TOTAL EXCHANGE TRADED FUNDS (Cost $78,820) 78,700 ------------------ PREFERRED STOCKS:12.44% - -------------------------------------------------------------------------------- Financial Services: 11.28% 18,300 City Holding Capital Trust II 459,330 5,000 Corts-TR Verizon Global, 7.375%, 12/01/2030 Series 131,500 5,000 Countrywide Capital IV, 6.75%, 4/01/2033 Series 122,000 5,000 General Electric Capital Corp., 5.875%, 2/18/2033 Series 124,250 10,000 General Electric Capital Corp., 6.10%, 11/15/2032 Series 252,000 5,000 Wells Fargo Capital Trust VII, 5.85%, 05/01/2033 Series 121,225 ------------------ 1,210,305 ------------------ Retail: 1.16% 5,000 Sears Roebuck Acceptance, 7.00%, 7/15/2042 Series 124,100 ------------------ TOTAL PREFERRED STOCKS (Cost $1,325,320) 1,334,405 ------------------ Principal Amount U.S. GOVERNMENT AGENCY:23.43% - -------------------------------------------------------------------------------- Federal Home Loan Bank: 6.65% $200,000 4.00%, 07/30/2013 196,398 250,000 4.00%, 05/07/2015 245,673 300,000 4.25%, 07/16/2018 271,557 ------------------ 713,628 ------------------ Federal Home Loan Mortgage Company:6.89% 250,000 3.40%, 04/01/2011 242,033 500,000 4.00%, 10/29/2012 497,018 ------------------ 739,051 ------------------ See Notes to Financial Statements. JACOBS & COMPANY MUTUAL FUND SCHEDULE OF INVESTMENTS at July 31, 2003 (Unaudited), Continued - -------------------------------------------------------------------------------- Principal Amount Market Value - -------------------------------------------------------------------------------- Government National Mortgage Association: 9.89% $120,494 6.00%, 01/15/2024 $ 123,208 222,713 6.00%, 04/15/2029 227,087 301,015 6.00%, 11/15/2031 306,698 227,591 6.00%, 10/15/2032 232,090 166,554 6.50%, 07/15/2032 172,547 ------------------ 1,061,630 ------------------ Shares - -------------------------------------------------------------------------------- 14,728 Government Securities Income Fund Unit, Series 1C-GNMA 372 ------------------ TOTAL U.S. GOVERNMENT AGENCY (Cost $2,574,295) 2,514,681 ----------------- Principal Amount CORPORATE BONDS:7.35% - -------------------------------------------------------------------------------- Chemicals: 3.06% $100,000 Lyondell Chemical Co., 9.875%, 05/01/2007 97,500 250,000 Lyondell Chemical Co., 10.875%, 05/01/2009 231,250 ------------------ 328,750 ------------------ Finance: 2.41% 250,000 Ford Motor Credit Co., 7.50%, 06/15/2004 258,205 ------------------ Shipping: 1.88% 200,000 Sea Containers Ltd., 12.50%, 12/01/2004 201,500 ------------------ TOTAL CORPORATE BONDS (Cost $796,834) 788,455 ------------------ See Notes to Financial Statements. JACOBS & COMPANY MUTUAL FUND SCHEDULE OF INVESTMENTS at July 31, 2003 (Unaudited), Continued - -------------------------------------------------------------------------------- Shares SHORT-TERM INVESTMENTS: 3.50% Market Value - -------------------------------------------------------------------------------- 375,832 Federated Cash Trust Series II Treasury (Cost $375,832) $ 375,832 ------------------ TOTAL SHORT-TERM INVESTMENTS (Cost $375,832) 375,832 ------------------- Total Investments in Securities (Cost $10,934,655): 105.19% 11,289,096 Call Options Written: (2.64%) (283,100) Liabilities in Excess of Other Assets: (2.55%) (273,718) ------------------- Net Assets: 100.0% $10,732,278 =================== * Non-income producing security. # Security is subject to written call option. See Notes to Financial Statements. JACOBS & COMPANY MUTUAL FUND SCHEDULE OF CALL OPTIONS WRITTEN at July 31, 2003 (Unaudited) - -------------------------------------------------------------------------------- Contracts Underlying Security/Expiration Date/Exercise Price Market Value - -------------------------------------------------------------------------------- Bristol-Myers Squibb Co. 40 Expiration September 2003, Exercise Price $30.00 . $ (400) 60 Expiration December 2003, Exercise Price $30.00 (2,700) ChevronTexaco Corp. 35 Expiration September 2003, Exercise Price $65.00 . (24,850) 35 Expiration September 2003, Exercise Price $70.00 . (11,550) ConocoPhillips 60 Expiration November 2003, Exercise Price $55.00 . (6,900) ConAgra Foods, Inc. 115 Expiration September 2003, Exercise Price $22.50 . (8,625) Exxon Mobil Corp. 7 Expiration October 2003, Exercise Price $37.50 (245) General Electric Co. 50 Expiration December 2003, Exercise Price $30.00 .. (4,750) Hewlett-Packard Co. 57 Expiration November 2003, Exercise Price $20.00 . (16,245) 43 Expiration January 2004, Exercise Price $20.00 (12,040) Intel Corp. 101 Expiration October 2003, Exercise Price $22.50 (34,340) 192 Expiration January 2004, Exercise Price $25.00 (44,160) International Business Machines Corp. 33 Expiration October 2003, Exercise Price $85.00 (7,260) 34 Expiration October 2003, Exercise Price $90.00 (3,060) Microsoft Corp. 125 Expiration January 2004, Exercise Price $27.50 (21,250) 3M Co. 25 Expiration October 2003, Exercise Price $135.00 (18,250) 25 Expiration January 2004, Exercise Price $140.00 (16,000) Union Planters Corp. 123 Expiration September 2003, Exercise Price $32.50 . (7,995) United Technologies Corp. 72 Expiration January 2004, Exercise Price $75.00 (42,480) ------------- Total Call Options Written (proceeds $235,604) $(283,100) ============= See Notes to Financial Statements. JACOBS & COMPANY MUTUAL FUND STATEMENT OF ASSETS AND LIABILITIES at July 31, 2003 (Unaudited) ASSETS Investments in securities, at value (identified cost $10,934,655) $11,289,096 Receivables Securities sold 98,420 Dividends and interest 46,974 Prepaid expenses 4,984 ------------------ Total assets 11,439,474 ------------------ LIABILITIES Call options written, at value (proceeds $235,604) 283,100 Payables Securities purchased 201,569 Due to Advisor 2,641 Due to Custodian 193,848 Due to Administrator 3,058 Distribution fees 2,326 Other accrued expenses 20,654 ------------------ Total liabilities 707,196 ------------------ NET ASSETS $10,732,278 ================== Net asset value, offering and redemption price per share [$10,732,278 / 1,244,530 shares outstanding; unlimited number of shares (par value $0.01) authorized]... $8.62 ================== COMPONENTS OF NET ASSETS Paid-in capital $12,292,814 Undistributed net investment income 128,781 Accumulated net realized loss on investments (1,996,262) Net unrealized appreciation / (depreciation) of: Investments 354,441 Options written (47,496) ------------------ NET ASSETS $10,732,278 ================== See Notes to Financial Statements. JACOBS & COMPANY MUTUAL FUND STATEMENT OF OPERATIONS For the Six Months Ended July 31, 2003 (Unaudited) - -------------------------------------------------------------------------------- INVESTMENT INCOME Income Dividends $ 126,318 Interest 93,043 ------------------ Total income 219,361 ------------------ Expenses Advisory fees (Note 3) 54,512 Administration fees (Note 3) 17,852 Fund accounting fees 14,132 12b-1 fees (Note 4) 13,628 Custody fees 10,688 Transfer agent fees 10,661 Audit fees 8,679 Legal fees 6,667 Registration fees 3,224 Directors fees 2,976 Shareholder reporting 2,476 Other 1,492 Insurance fees 793 ------------------ Total expenses 147,780 Less: advisory fee waiver (Note 3) (38,756) ------------------ Net expenses 109,024 ------------------ Net investment income 110,337 ------------------ REALIZED AND UNREALIZED LOSS ON INVESTMENTS Net realized loss from security transactions (1,133,837) Net change in unrealized appreciation on investments 287,472 ------------------ Net realized and unrealized loss on investments (846,365) ------------------ Net Decrease in Net Assets Resulting from Operations $ (736,028) ================== See Notes to Financial Statements. JACOBS & COMPANY MUTUAL FUND STATEMENT OF CHANGES IN NET ASSETS - -------------------------------------------------------------------------------- Six Months Ended Year July 31, Ended 2003 January 31, (Unaudited) 2003 - -------------------------------------------------------------------------------- DECREASE IN NET ASSETS FROM OPERATIONS Net investment income $ 110,337 $ 159,120 Net realized loss on security transactions (1,133,837) (972,073) Net change in unrealized appreciation/ (depreciation) on investments 287,472 (104,159) --------------- --------------- Net decrease in net assets resulting from operations (736,028) (917,112) --------------- --------------- DISTRIBUTIONS TO SHAREHOLDERS From net investment income -- (155,060) From net realized gain -- -- --------------- --------------- Total dividends and distribution to shareholders -- (155,060) --------------- --------------- TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST Net increase/(decrease) in net assets derived from net change in outstanding shares (63,726) 2,672,948 --------------- --------------- Total increase/(decrease) in net assets (799,754) 1,600,776 --------------- --------------- NET ASSETS Beginning of period 11,532,032 9,931,256 --------------- --------------- End of period $10,732,278 $11,532,032 =============== =============== (a) A summary of share transactions is as follows: Six Months Ended Year July 31, 2003 Ended (Unaudited) January 31, 2003 ----------------------------------------------------- Paid in Paid in Shares Capital Shares Capital ----------------------------------------------------- Shares sold 112,673 $ 994,933 424,249 $4,082,294 Shares issued for reinvestment of dividends and distributions -- -- 16,292 150,377 Shares redeemed (121,889) (1,058,659) (161,905) (1,559,723) ----------------------------------------------------- Net increase (9,216) $ (63,726) 278,636 $2,672,948 ===================================================== See Notes to Financial Statements. JACOBS & COMPANY MUTUAL FUND FINANCIAL HIGHLIGHTS - FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD - -------------------------------------------------------------------------------- Six Months June 11, 2001* Ended Year Ended Through July 31, 2003 January 31, January 31, (Unaudited) 2003 2002 - -------------------------------------------------------------------------------- Net asset value, beginning of period $9.20 $10.18 $10.00 ------------------------------------------ Income from investment operations: Net investment income 0.09 0.13 0.06 Net realized and unrealized gain/(loss) on investments (0.67) (0.98) 0.21 ------------------------------------------ Total from investment operations (0.58) (0.85) 0.27 ------------------------------------------ Less Distributions: From net investment income... 0.00 (0.13) (0.07) From net realized gain on investments 0.00 0.00 (0.02) ------------------------------------------ Total distributions 0.00 (0.13) (0.09) ------------------------------------------ Net asset value, end of period $8.62 $ 9.20 $10.18 ========================================== Total return (6.30%)+ (8.39%) 2.74%+ Ratios/supplemental data: Net assets, end of period (thousands) $10,732 $11,532 $9,931 Ratio of expenses to average net assets: Before expense reimbursement 2.71%** 3.54% 5.96%** After expense reimbursement 2.00%** 2.00% 2.00%** Ratio of net investment income to average net assets After expense reimbursement 2.02%** 1.50% 1.57%** Portfolio turnover rate 169.6% 190.7% 49.7% * Commencement of operations. + Not Annualized. ** Annualized. See Notes to Financial Statements. JACOBS & COMPANY MUTUAL FUND NOTES TO FINANCIAL STATEMENTS at July 31, 2003 (Unaudited) - -------------------------------------------------------------------------------- NOTE 1 - ORGANIZATION The Jacobs & Company Mutual Fund (the "Fund") is a series of shares of beneficial interest of the Advisors Series Trust (the "Trust") which is registered under the Investment Company Act of 1940 (the "1940 Act") as a diversified open-end management investment company. The Fund commenced operations on June 11, 2001. The investment objective of the Fund is to seek a combination of current income and growth of capital, consistent with preservation of capital. The Advisor seeks to achieve its objective by investing in a combination of equity and fixed-income securities. In selecting equity securities for the Fund, the Advisor seeks growth stocks of large-capitalization domestic companies that the Advisor believes to be of high-quality, based on its analysis of factors such as potential earnings growth, strength of management, product development and dividend history. In selecting fixed-income securities, the Advisor seeks safety of principal, monthly cash flows and above-average yield, with a sensitivity to risk. Covered call options will be written on equity securities to enhance total return and provide additional protection during corrections and consolidations in the equity markets. NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America. A. Security Valuation: The Fund's investments are carried at fair value. Securities that are primarily traded on a national securities exchange shall be valued at the last sale price on the exchange on which they are primarily traded on the day of valuation or, if there has been no sale on such day, at the mean between the bid and asked prices. Securities primarily traded in the NASDAQ National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price ("NOCP"). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter ("OTC") securities which are not traded in the NASDAQ National Market System shall be valued at the most recent trade price. Securities for which market quotations are not readily JACOBS & COMPANY MUTUAL FUND NOTES TO FINANCIAL STATEMENTS (Unaudited), Continued available, if any, are valued following procedures approved by the Board of Trustees. Short-term investments are valued at amortized cost, which approximates market value. B. Federal Income Taxes. It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no Federal income tax provision is required. C. Securities Transactions, Dividend Income and Distributions. Securities transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. Discounts and premiums on securities purchased are amortized over the life of the respective security. Paydown gains and losses on mortgage backed securities are recorded as adjustments to interest income. Dividend income and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations which differs from accounting principles generally accepted in the United States of America. To the extent these book/tax differences are permanent such amounts are reclassified within the capital accounts based on their Federal tax treatment. D. 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 reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates. E. Options Transactions. The Fund may write call options only if it (i) owns an offsetting position in the underlying security or (ii) maintains cash or other liquid assets in an amount equal to or greater than its obligation under the option. When the Fund writes a call option, an amount equal to the premium received is included in the statement of assets and JACOBS & COMPANY MUTUAL FUND NOTES TO FINANCIAL STATEMENTS (Unaudited), Continued liabilities as a liability. The amount of the liability is subsequently marked-to-market to reflect the current market value of the option. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, a gain or loss is realized. If a written call option is exercised, a gain or loss is realized for the sale of the underlying security and the proceeds from the sale are increased by the premium originally received. As writer of an option, the Fund has no control over whether the underlying securities are subsequently sold (called) and, as a result, retains the market risk of an unfavorable change in the price of the security underlying the written option. The Fund may purchase put and call options. Put options are purchased to hedge against a decline in the value of securities held in the Fund's portfolio. If such a decline occurs, the put options will permit the Fund to sell the securities underlying such options at the exercise price, or to close out the options at a profit. The premium paid for a put or call option plus any transaction costs will reduce the benefit, if any, realized by the Fund upon exercise of the option, and, unless the price of the underlying security rises or declines sufficiently, the option may expire worthless to the Fund. In addition, in the event that the price of the security in connection with which an option was purchased moves in a direction favorable to the Fund, the benefits realized by the Fund as a result of such favorable movement will be reduced by the amount of the premium paid for the option and related transaction costs. Written and purchased options are non-income producing securities. NOTE 3 - COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS Jacobs & Company (the "Advisor") provides the Fund with investment management services under an Investment Advisory Agreement (the "Agreement"). Under the Agreement the Advisor furnishes all investment advice, office space, facilities, and most of the personnel needed by the Fund. As compensation for its services, the Advisor receives a monthly fee at the annual rate of 1.00% of the Fund's average daily net assets. For the six months ended July 31, 2003, the Fund incurred $54,512 in advisory fees. JACOBS & COMPANY MUTUAL FUND NOTES TO FINANCIAL STATEMENTS (Unaudited), Continued The Fund is responsible for its own operating expenses. The Advisor has contractually agreed to limit the Fund's total operating expenses by reducing all or a portion of its fees and reimbursing the Fund's expenses, for an indefinite period, so that its ratio of expenses to average net assets will not exceed 2.00%. Any such reduction made by the Advisor in its fees or payment of expenses which are the Fund's obligation are subject to reimbursement by the Fund to the Advisor, if so requested by the Advisor, in subsequent fiscal years if the aggregate amount actually paid by the Fund toward the operating expenses for such fiscal year (taking into account the reimbursement) does not exceed the applicable limitation on Fund expenses. The advisor is permitted to be reimbursed only for fee reductions and expense payments made in the previous three fiscal years, but is permitted to look back five years and four years, respectively, during the initial six years and seventh year of the Fund's operations. For the six months ended July 31, 2003, the Advisor absorbed expenses of $38,756; no amounts were reimbursed to the Advisor. The Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. Any such reimbursement is also contingent upon Board of Trustees review and approval prior to the time the reimbursement is initiated. Cumulative expenses subject to recapture pursuant to the aforementioned conditions amounted to $326,601 at July 31, 2003, and will expire as follows: Year Amount ---- ------ 2007 $124,518 2008 $202,083 U.S. Bancorp Fund Services, LLC (the "Administrator") acts as the Fund's administrator under an Administration Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns; prepares reports and materials to be supplied to the trustees; monitors the activities of the Fund's custodian, transfer agent and accountant; coordinates the preparation and payment of Fund expenses and reviews the Fund's expense accruals. For its services, the Administrator receives a monthly fee at the following annual rates: Fund Asset Level Fee rate - ---------------- -------- Less than $24 million $36,000 $24 to $100 million 0.15% of average daily net assets $100 to $150 million 0.10% of average daily net assets More than $150 million 0.05% of average daily net assets JACOBS & COMPANY MUTUAL FUND NOTES TO FINANCIAL STATEMENTS (Unaudited), Continued For the six months ended July 31, 2003, the Fund incurred $17,852 in administration fees. U.S. Bancorp Fund Services, LLC provides fund accounting and transfer agency services for the Fund. Quasar Distributors, LLC (the "Distributor") acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. The Distributor is an affiliate of the Administrator. Certain officers of the Trust are officers of the Administrator and the Distributor. NOTE 4 - DISTRIBUTION COSTS The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan"). The Plan permits the Fund to pay for distribution and related expenses at an annual rate of up to 0.25% of the Fund's average daily net assets annually. The expenses covered by the Plan may include the cost of preparing and distributing prospectuses and other sales material, advertising and public relations expenses, payments to financial intermediaries and compensation of personnel involved in selling shares of the Fund. Payments made pursuant to the Plan will represent compensation for distribution and service activities, not reimbursements for specific expenses incurred. Pursuant to a distribution coordination agreement adopted under the Plan, distribution fees are paid to the Advisor as "Distribution Coordinator". For the six months ended July 31, 2003, the Fund paid the Distribution Coordinator $13,628. NOTE 5 - OPTION CONTRACTS WRITTEN The number of option contracts written and the premiums received by the Jacobs & Company Mutual Fund during the six months ended July 31, 2003, were as follows: Number of Contracts Premiums Received ------------------- ----------------- Options outstanding, beginning of period 1,304 $ 234,471 Options written 11,864 2,124,486 Options exercised (477) (51,452) Options expired -- -- Options closed (11,459) (2,071,901) ------- ---------- Options outstanding, end of period 1,232 $ 235,604 ===== =========== JACOBS & COMPANY MUTUAL FUND NOTES TO FINANCIAL STATEMENTS (Unaudited), Continued NOTE 6 - PURCHASES AND SALES OF SECURITIES During the six months ended July 31, 2003, the aggregate purchases and sales of securities (excluding short-term investments) were: Purchases Sales --------- ----- Long Transactions $17,869,038 $17,252,398 NOTE 7 - CHANGE OF AUDITORS On June 13, 2003, PricewaterhouseCoopers LLP ("PwC") resigned as the independent auditors for Advisors Series Trust (the "Company"), of which Jacobs & Company Mutual Fund (the "Fund") is one of sixteen series of the Company. On June 13, 2003, the Company retained Tait Weller & Baker CPA's, LLP ("Tait") as the independent auditors for all sixteen series of the Company. The retention of Tait as the independent auditors of each series of the Company has been approved by the Company's Audit Committee and Board of Trustees. (This Page Intentionally Left Blank.) Advisor Jacobs & Company 300 Summers Street, Suite 970 Charleston, WV 25301 www.jacobsandcompany.com Distributor Quasar Distributors, LLC 615 East Michigan Street, 2nd Floor Milwaukee, WI 53202 Custodian U.S. Bank, N.A. 425 Walnut Street Cincinnati, OH 45202 Transfer Agent U.S. Bancorp Fund Services, LLC 615 East Michigan Street, 2nd Floor Milwaukee, WI 53202 Legal Counsel Paul, Hastings, Janofsky & Walker LLP 55 Second Street, 24th Floor San Francisco, CA 94105 This report is intended for the shareholders of the Fund and may not be used as sales literature unless preceded or accompanied by a current prospectus. For a current prospectus please call 1-877-560-6823. Past performance results shown in this report should not be considered a representation of future performance. Share price and returns will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are dated and are subject to change. Item 2. Code of Ethics. Not applicable for semi-annual reports. Item 3. Audit Committee Financial Expert. Not applicable for semi-annual reports. Item 4. Principal Accountant Fees and Services. Not applicable for semi-annual reports. Item 5. Audit Committee of Listed Registrants. Not applicable to open-end investment companies. Item 6. [Reserved] Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End - -------------------------------------------------------------------------------- Management Investment Companies. -------------------------------- Not applicable to open-end investment companies. Item 8. [Reserved] Item 9. Controls and Procedures. (a) The Registrant's President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act. (b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant's last fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 10. Exhibits. (a) Any code of ethics or amendment thereto. Not applicable for semi-annual reports. (b) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. (c) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. 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. (Registrant) Advisors Series Trust --------------------- By (Signature and Title) /s/ Eric M. Banhazl -------------------------- Eric M. Banhazl, President Date 9/25/03 ------- 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. (Registrant) Advisors Series Trust --------------------- By (Signature and Title) /s/ Eric M. Banhazl -------------------------- Eric M. Banhazl, President Date 9/25/03 ------- By (Signature and Title) /s/ Douglas G. Hess ------------------------------- Douglas G. Hess, Treasurer Date 9/25/03 ------- EX-99 3 certs.txt CERTS CERTIFICATIONS I, Eric M. Banhazl, certify that: 1. I have reviewed this report on Form N-CSR of the Advisors Series 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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) 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 (d) 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: 9/25/03 /s/ Eric M. Banhazl ----------- ------------------------------------ Eric M. Banhazl President CERTIFICATIONS I, Douglas G. Hess, certify that: 1. I have reviewed this report on Form N-CSR of the Advisors Series 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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) 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 (d) 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: 9/25/03 /s/ Douglas G. Hess ----------- ----------------------------------- Douglas G. Hess Treasurer EX-99 4 cert906.txt 906 CERTS Certification Pursuant to Section 906 of the Sarbanes-Oxley Act --------------------------------------------------------------- Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Advisors Series Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Advisors Series Trust for the period ended July 31, 2003, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of Advisors Series Trust for the stated period. /s/Eric M. Banhazl /s/Douglas G. Hess - --------------------------------- ------------------------------------ Eric M. Banhazl Douglas G. Hess President, Advisors Series Trust Treasurer, Advisors Series Trust Date: 9/25/03 ------- This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Advisors Series Trust for purposes of the Securities Exchange Act of 1934. -----END PRIVACY-ENHANCED MESSAGE-----