-----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, JFm6qCry6AoTkX5jRR5AF2Nq1e2AP63KYaICvEfqSBK9IvaE3uTrX2Frv7ymBx9w 21idTwnMxW9P2EYCEwqoIA== 0000898531-04-000123.txt : 20040311 0000898531-04-000123.hdr.sgml : 20040311 20040311150549 ACCESSION NUMBER: 0000898531-04-000123 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20031231 FILED AS OF DATE: 20040311 EFFECTIVENESS DATE: 20040311 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: 04662798 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 cagf-ncsra.txt 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 ST. 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) 765-5340 --------------- Registrant's telephone number, including area code Date of fiscal year end: DECEMBER 31, 2003 ----------------- Date of reporting period: DECEMBER 31, 2003 ----------------- ITEM 1. REPORT TO STOCKHOLDERS. - ------------------------------ CAPITAL ADVISORS GROWTH FUND (CAPITAL ADVISORS GROWTH FUND LOGO) ANNUAL REPORT DECEMBER 31, 2003 January 14, 2004 Dear Shareholder, Your Fund enjoyed a rewarding year in 2003, producing a total return of 33.12%. Since the Fund did not make any taxable distributions to its shareholders in 2003, the return presented above is net of all taxes and fees for shareholders that owned the Fund throughout the year, and did not sell at year-end. Comparable returns for the S&P 500 Stock Index and the Lipper Large Cap Growth Index over the same time period were +28.67%, and +26.96% respectively. Please refer to page 6 for more complete performance information. We were pleased last year to extend a stretch of successful relative investment performance by the Fund dating back to the third quarter of 2001, when the investment climate changed materially in the aftermath of the 9/11 tragedy. Measured over the nine calendar quarters since September 30, 2001 the Fund produced a total return of +23.30% versus +10.95% for the S&P 500 Index. Industry sectors that influenced the Fund's performance most favorably in 2003 include media, internet/e-commerce, technology hardware, and retail. Representative companies from these sectors include XM SATELLITE RADIO, EBAY, INTEL, and BEST BUY. Disappointing sectors within the Fund in 2003 include aerospace/defense, technology software and medical devices. Defense contractors like LOCKHEED MARTIN and NORTHROP GRUMMAN failed to retain the attention of stock market investors in 2003 as the action shifted to companies with greater cyclical leverage to an improving economy. The Fund's primary exposure to the software sector is its position in MICROSOFT, which produced a lackluster return in 2003. In the medical device sector, the primary laggard in 2003 was JOHNSON & JOHNSON. The ten largest holdings in the Fund as of December 31, 2003 were as follows: SECURITY NO. SHARES COST/SHARE MARKET/SHARE PORTFOLIO % - -------- ---------- ---------- ------------ ----------- XM Satellite Radio 26,000 31.59 26.36 4.8% Best Buy 12,100 38.59 52.24 4.5 Cisco Systems 26,000 13.59 24.29 4.5 AutoZone 7,000 73.24 85.21 4.2 Bed, Bath & Beyond 13,000 41.73 43.35 4.0 Microsoft 20,000 39.10 27.54 3.9 Intel 16,860 39.89 32.20 3.8 L-3 Communications 9,900 55.46 51.36 3.6 Amgen 8,100 47.05 61.80 3.5 Williams-Sonoma 14,300 30.08 34.77 3.5 Of the 34 common stocks held by the Fund as of December 31, 2003, the 10 largest holdings represented 40.3% of total assets. Looking to 2004 there are a million things to worry about, as always. To navigate these uncertainties Capital Advisors utilizes various models in an effort to forecast events before they occur. However, due to realistic limitations for these models, our back-up plan is to remain as well-prepared as possible to react efficiently to change as it unfolds in real-time. To prepare for change we try to understand everything that might happen in the future, and then we build a checklist of variables to watch for in order to know which of the various possibilities is actually unfolding at any given time. One variable that bears watching in virtually every possible scenario for 2004 is the direction of interest rates, due to the broad influence interest rates have upon stock prices, in particular. The interest rate equation is particularly relevant today because our financial system might be facing a secular change in its prevailing interest rate environment for the first time in 20 years. After trending lower for all but a few cyclical exceptions since the early 1980s, interest rates possibly reached a lower limit in 2003, suggesting the prevailing trend in 2004 and beyond might be contrary to the predominant experience of an entire generation of investors. We believe the behavior of interest rates will matter a lot in 2004, both in terms of which direction rates move, and what variables influence the process. For instance, a rising rate environment driven by healthy demand for capital in an expanding economy might prompt a more benign response from investors than would a rise in rates triggered by increasing inflation expectations. We never presume to be macro-thinkers at Capital Advisors, but events in China have grown too important to ignore in our opinion. China is currently the sixth largest economy in the world, although measured on a purchasing power parity basis it is number three. China's policy to peg its currency to the U.S. dollar exerts significant influence upon our interest rates, our currency, and our economic growth potential. The feedback loops at work here are not widely discussed among Wall Street strategists today. To the extent that we pay close attention to this important dynamic we might position the Fund to react appropriately when China's resolve for its currency peg, in particular, is inevitably tested at some point in the future. Many investors are worried about inflation. A rather convincing case can be made for the return of inflationary pressures in 2004, depending upon which data points one chooses to emphasize in the analysis. If the available data is mined another way, however, deflation presents itself as a possible villain for the financial markets in the coming year. Clearly, forecasts for inflation and deflation cannot both be right. Rather than "bet the farm" on either possible scenario, the Fund tries to maintain a balanced exposure to either possibility, while remaining flexible to skew the Fund's exposure one way, or the other, depending upon which outcome seems to be unfolding in real-time. An important point to remember is that most of the risks described above are systemic in nature. In other words, we couldn't avoid them if we tried without reducing the expected return in the Fund to a "minimal-risk" money-market level. We can, however, attempt to manage the security-specific risks we assume within the Fund. These uncertainties include things like balance sheet risk, which we can reduce by eliminating from consideration the stocks of financially unhealthy corporations. We can reduce concentration risk by maintaining a broadly diversified mix of securities spanning multiple industry sectors. And we can reduce business risk by concentrating our investments in companies we believe enjoy sustainable competitive advantages in the industry sectors in which they compete. As a "core" forecast to build upon for 2004, consider that analysts expect the companies included in the Fund to grow their earnings by around 18% in 2004 versus 2003. If one assumes these stocks are fairly valued today, and that they can remain fairly valued through the end of next year, the expected return from this basket of companies might approximate any improvement they exhibit in their collective earning power over the coming 12 months. The 18 professionals at Capital Advisors are proud to have delivered a prosperous year for the Fund in 2003. In 2004 we will be working diligently to do it again. We appreciate the trust you have placed with the Capital Advisors Growth Fund. /s/Richard E. Minshall /s/Keith C. Goddard Richard E. Minshall Keith C. Goddard, CFA Chief Investment Officer Portfolio Manager Capital Advisors Growth Fund Capital Advisors Growth Fund Chairman, Capital Advisors, Inc. President & CEO, Capital Advisors, Inc. PERFORMANCE FIGURES FOR THE FUND AND INDICES REFERENCED REPRESENT PAST PERFORMANCE AND ARE NOT INDICATIVE OF FUTURE PERFORMANCE. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original investment. Investment performance reflects voluntary fee waivers in effect. In the absence of such waivers, total return would be reduced. Opinions expressed are those of Richard E. Minshall and Keith C. Goddard, and are subject to change, are not guaranteed, and should not be considered recommendations to buy or sell any security. The S&P 500 Index is an unmanaged, capitalization-weighted index of 500 stocks designed to represent the broad domestic economy. The Russell 1000 Growth Index is a market-cap weighted index of common stocks incorporated in the U.S. and its territories. This index measures the performance of those 1,000 companies with higher price-to-book ratios and higher forecasted growth values. Indices are not available for direct investment and do not incur expenses. Fund holdings and sector weightings are subject to change and should not be considered a recommendation to buy or sell a security. GROWTH STOCKS TYPICALLY ARE MORE VOLATILE THAT VALUE STOCKS, HOWEVER, VALUE STOCKS HAVE A LOWER EXPECTED GROWTH RATE IN EARNINGS AND SALES. THE FUND IS NON-DIVERSIFIED, MEANING IT MAY CONCENTRATE ITS ASSETS IN FEWER INDIVIDUAL HOLDINGS THAN A DIVERSIFIED FUND. THEREFORE, THE FUND IS MORE EXPOSED TO INDIVIDUAL STOCK VOLATILITY THAN A DIVERSIFIED FUND. The Fund is distributed by Quasar Distributors, LLC. 02/04 Comparison of the change in value of a $10,000 investment in the Capital Advisors Growth Fund versus the S&P 500 Composite Stock Price Index and the Lipper Large-Cap Growth Fund Index. Capital Advisors S&P 500 Composite Lipper Large-Cap Growth Fund Stock Price Index Growth Fund Index ----------- ----------------- ----------------- 1/1/2000 $10,000 $10,000 $10,000 3/31/2000 $11,630 $10,229 $10,813 6/30/2000 $10,925 $9,957 $10,024 9/30/2000 $12,100 $9,860 $9,856 12/31/2000 $8,652 $9,089 $8,033 3/31/2001 $6,035 $8,011 $6,261 6/30/2001 $7,185 $8,480 $6,682 9/30/2001 $5,085 $7,235 $5,354 12/31/2001 $6,570 $8,008 $6,116 3/31/2002 $6,175 $8,030 $5,960 6/30/2002 $5,090 $6,954 $5,018 9/30/2002 $4,405 $5,752 $4,214 12/31/2002 $4,710 $6,238 $4,397 3/31/2003 $4,650 $6,041 $4,329 6/30/2003 $5,320 $6,971 $4,914 9/30/2003 $5,630 $7,156 $5,070 12/31/2003 $6,270 $8,028 $5,582 Average Annual Total Return1 -------------------------------- One Year 33.12% Since Inception (1/1/00) (11.01%) AVERAGE ANNUAL TOTAL RETURN1 -------------------------------- ONE YEAR SINCE INCEPTION (1/1/00) -------- ------------------------ S&P 500 Index 28.68% (5.34%) Lipper Large-Cap Growth Fund Index 26.96% (13.57%) Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate, so that an investors shares, when redeemed, may be worth more or less than the original investment. Investment performance reflects voluntary fee waivers in effect. In the absence of such waivers, total return would be reduced. Indices do not incur expenses and are not available for investment. 1 Average Annual Total Return represents the average change in account value over the periods indicated. The S&P 500 Composite Stock Price Index is an unmanaged capitalization-weighted index of 500 stocks designed to represent the broad domestic economy. The Lipper Large-Cap Growth Fund Index is comprised of funds that invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) of greater than 300% of the dollar-weighted median market capitalization of the S&P Mid-Cap 400 Index. Large-Cap Growth funds normally invest in companies with long-term earnings expected to grow significantly faster than the earnings of the stocks represented in a major unmanaged stock index. These funds will normally have an above-average price- to-earnings ratio, price-to-book ratio, and three-year earnings growth figure, compared to the U.S. diversified large-cap funds universe average. The funds in this index have a similar investment objective as the Capital Advisors Growth Fund. SCHEDULE OF INVESTMENTS AT DECEMBER 31, 2003 Shares COMMON STOCKS: 97.66% Market Value ------ --------------------- ------------ AEROSPACE/DEFENSE: 7.71% 11,500 Embraer Aircraft Corp. Adr.# $ 402,845 9,900 L-3 Communications Holdings, Inc.* 508,464 2,000 Northrop Grumman Corp. 191,200 ----------- 1,102,509 ----------- AUTO STORE: 4.17% 7,000 Autozone, Inc.* 596,470 ----------- BIOTECHNOLOGY: 4.87% 8,100 Amgen, Inc.* 500,580 5,325 Biogen Idec Inc.* 195,854 ----------- 696,434 ----------- COMPUTER HARDWARE: 11.29% 26,000 Cisco Systems, Inc.* 631,540 13,000 Dell Computer Corp.* 441,480 16,860 Intel Corp. 542,892 ----------- 1,615,912 ----------- COMPUTER SOFTWARE: 6.88% 20,000 Microsoft Corp. 550,800 7,500 CDW Corp. 433,200 ----------- 984,000 ----------- CONSUMER STAPLES: 1.40% 2,000 Procter & Gamble 199,760 ----------- CONSUMER NON-DURABLES: 2.53% 11,000 Constellation Brands, Inc. - Class A* 362,230 ----------- E-COMMERCE: 3.34% 7,400 eBay, Inc.* 477,966 ----------- FINANCIAL SERVICES: 3.07% 9,100 American Express Co. 438,893 ----------- FOOD: 1.25% 4,800 Sysco Corp. 178,704 ----------- HEALTHCARE SERVICES: 3.34% 8,900 Universal Health Services, Inc. - Class B 478,108 ----------- MEDIA: 6.51% 7,500 Comcast Corp - Class A* 246,525 26,000 XM Satellite Radio Holdings, Inc.* 685,360 ----------- 931,885 ----------- OPTICAL SUPPLIES: 2.05% 4,850 Alcon Inc. 293,619 ----------- PHARMACEUTICALS: 4.16% 3,700 Eli Lilly and Company 260,221 9,500 Pfizer, Inc. 335,635 ----------- 595,856 ----------- RETAIL STORES: 21.71% 12,100 Best Buy Co., Inc. 632,104 13,000 Bed Bath and Beyond Inc.* 563,550 10,700 Family Dollar Stores, Inc. 383,916 12,600 Pier 1 Imports, Inc. 275,436 10,000 Tiffany & Co. 452,000 5,700 Wal-Mart Stores, Inc. 302,385 14,300 Williams Sonoma Inc.* 497,211 ----------- 3,106,602 ----------- RESEARCH - COMMERCIAL: 1.84% 3,600 Quest Diagnostics, Inc. 263,196 ----------- TECHNOLOGY - DATA PROCESSING: 6.15% 8,400 Affiliated Computer Services - Class A* 457,464 10,300 First Data 423,227 ----------- 880,691 ----------- WIRELESS COMMUNICATIONS: 5.39% 8,930 QUALCOM, Inc. 481,594 7,800 Utstarcom Inc.* 289,146 ----------- 770,740 ----------- Total Common Stocks (Cost $12,931,738) 13,973,575 ----------- Principal Amount SHORT TERM INVESTMENTS: 1.87% - --------- ------------------------------ 267,337 SEI Daily Income Trust - Government B (Cost $267,337) 267,337 ----------- Total Investments in Securities (Cost $13,199,075): 99.53% 14,240,912 Assets in Excess of Other Liabilities: 0.47% 67,814 ----------- Net Assets: 100.00% $14,308,726 ----------- ----------- * Non-income producing security. # U.S. security of foreign issuer. See Notes to Financial Statements. STATEMENT OF ASSETS AND LIABILITIES AT DECEMBER 31, 2003 ASSETS Investments in securities, at value (identified cost $13,199,075) $14,240,912 Cash Receivables 1,071 Dividends and interest 5,968 Fund shares sold 88,998 Prepaid expenses 7,190 ----------- Total assets 14,344,139 ----------- LIABILITIES Payables Distribution fees 2,906 Administration fees 2,548 Due to advisor 6,373 Accrued fund accounting fees 3,459 Accrued transfer agent fees 2,773 Accrued custodian fees 698 Accrued other expenses 16,656 ----------- Total liabilities 35,413 ----------- NET ASSETS $14,308,726 ----------- ----------- NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE [$14,308,726 / 1,141,048 shares outstanding; unlimited number of shares (par value $0.01) authorized] $12.54 ------ ------ COMPONENTS OF NET ASSETS Paid-in capital $23,620,727 Accumulated net realized loss on investments (10,353,838) Net unrealized appreciation on investments 1,041,837 ----------- Net assets $14,308,726 ----------- ----------- See Notes to Financial Statements. STATEMENT OF OPERATIONS FOR THE YEAR ENDED DECEMBER 31, 2003 INVESTMENT INCOME Income Dividends $ 81,204 Interest 1,373 ---------- Total Income 82,577 ---------- Expenses Advisory fees (Note 3) 85,712 Distribution Fees (Note 4) 28,571 Administration fees (Note 3) 29,999 Fund accounting fees 20,516 Professional fees 27,874 Transfer agent fees 18,918 Registration fees 6,377 Trustee fees 7,337 Miscellaneous 2,453 Custody fees 4,058 Shareholder Reporting 6,227 Insurance 1,505 ---------- Total expenses 239,547 Less: advisory fee waiver (Note 3) (68,174) ---------- Net expenses 171,373 ---------- NET INVESTMENT LOSS (88,796) ---------- REALIZED AND UNREALIZED GAIN / (LOSS) ON INVESTMENTS Net realized loss from security transactions (393,124) Net change in unrealized appreciation on investments 3,795,360 ---------- Net realized and unrealized gain on investments 3,402,236 ---------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $3,313,440 ---------- ---------- See Notes to Financial Statements. STATEMENTS OF CHANGES IN NET ASSETS Year Ended Year Ended December 31, 2003 December 31, 2002 ----------------- ----------------- NET INCREASE (DECREASE) IN ASSETS FROM: OPERATIONS Net investment loss $ (88,796) $ (103,854) Net realized loss from security transactions (393,124) (3,637,756) Net change in unrealized appreciation (depreciation) on investments 3,795,360 (821,621) ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 3,313,440 (4,563,231) ----------- ----------- TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST Net increase (decrease) in net assets derived from net change in outstanding shares (a) 675,470 (1,123,433) ----------- ----------- TOTAL INCREASE (DECREASE) IN NET ASSETS 3,988,910 (5,686,664) ----------- ----------- NET ASSETS Beginning of year 10,319,816 16,006,480 ----------- ----------- END OF YEAR (INCLUDING UNDISTRIBUTED NET INVESTMENT INCOME OF $0 AND $0, RESPECTIVELY) $14,308,726 $10,319,816 ----------- ----------- ----------- -----------
(a) A summary of share transactions is as follows: Year Ended Year Ended December 31, 2003 December 31, 2002 ----------------------- ------------------------- Shares Paid in Capital Shares Paid in Capital ------ --------------- ------ --------------- Shares sold 263,722 $ 2,892,699 144,407 $ 1,563,342 Shares redeemed (218,532) (2,217,229) (266,956) (2,686,775) -------- ----------- -------- ----------- Net increase (decrease) 45,190 $ 675,470 (122,549) $(1,123,433) -------- ----------- -------- ----------- -------- ----------- -------- ----------- See Notes to Financial Statements. FINANCIAL HIGHLIGHTS FOR A SHARE OUTSTANDING THROUGHOUT THE YEAR Year Year Year Year Ended Ended Ended Ended December 31, December 31, December 31, December 31, 2003 2002 2001 2000 ------------ ------------ ------------ ------------ Net asset value, beginning of year $ 9.42 $13.14 $17.30 $20.00 ------ ------ ------ ------ Income from investment operations: Net investment loss (0.08) (0.09) (0.13) (0.16) Net realized and unrealized gain (loss) on investments 3.20 (3.63) (4.03) (2.54) ------ ------ ------ ------ Total from investment operations 3.12 (3.72) (4.16) (2.70) ------ ------ ------ ------ Net asset value, end of year $12.54 $ 9.42 $13.14 $17.30 ------ ------ ------ ------ ------ ------ ------ ------ Total return 33.12% (28.31%) (24.05%) (13.50%) Ratios/supplemental data: Net assets, end of year (thousands) $14,309 $10,320 $16,006 $17,191 Ratio of expenses to average net assets: Before expense reimbursement 2.10% 1.90% 1.82% 1.75% After expense reimbursement 1.50% 1.50% 1.50% 1.49% Ratio of net investment loss to average net assets After expense reimbursement (0.78%) (0.83%) (1.08%) (1.12%) Portfolio turnover rate 58.95% 61.66% 58.16% 49.39%
See Notes to Financial Statements. NOTES TO FINANCIAL STATEMENTS AT DECEMBER 31, 2003 NOTE 1 - ORGANIZATION The Capital Advisors Growth Fund (the "Fund") is a series of shares of beneficial interest of Advisors Series Trust (the "Trust"), which is registered under the Investment Company Act of 1940 as a non-diversified, open-end management investment company. The Fund began operations on January 1, 2000. The investment objective of the Fund is to seek long-term growth of capital. 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 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. Security Transactions, Dividends and Distributions: Security transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. 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. Reclassification of Capital Accounts. The Fund accounts and reports for distributions to shareholders in accordance with the American Institute of Certified Public Accountant's Statement of Position 93-2: Determination, Disclosure, and Financial Statement Presentation of Income, Capital and Return of Capital Distributions by Investment Companies. For the year ended December 31, 2003, the Fund decreased accumulated net investment loss and decreased paid in capital by $88,796, respectively. Net assets were not affected by the change. NOTE 3 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES For the year ended December 31, 2003, Capital Advisors, Inc. (the "Advisor") provided the Fund with investment management services under an Investment Advisory Agreement. The Advisor furnished all investment advice, office space, facilities, and provides most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee at the annual rate of 0.75% based upon the average daily net assets of the Fund. For the year ended December 31, 2003, the Fund incurred $85,712 in Advisory Fees. The Fund is responsible for its own operating expenses. The Advisor has agreed to reduce fees payable to it by the Fund and to pay Fund operating expenses to the extent necessary to limit the Fund's aggregate annual operating expenses to 1.50% of average net assets (the "expense cap"). 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. Any such reimbursement is also contingent upon Board of Trustees review and approval at the time the reimbursement is made. Such reimbursement may not be paid prior to the Fund's payment of current ordinary operating expenses. For the year ended December 31, 2003, the Advisor reduced its fees and absorbed Fund expenses in the amount of $68,174; no amounts were reimbursed to the Advisor. Cumulative expenses subject to recapture pursuant to the aforementioned conditions amounted to $201,567 at December 31, 2003. Cumulative expenses subject to recapture expire as follows: Year Amount ---- ------ 2005 $ 83,528 2007 49,865 2008 68,174 -------- $201,567 -------- -------- U.S. Bancorp Fund Services, L.L.C. (the "Administrator") acts as the Fund's Administrator under an Administration Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns for the Fund; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Fund's custodian, transfer agent and accountants; coordinates the preparation and payment of the Fund's expenses and reviews the Fund's expense accruals. For its services, the Administrator receives a monthly fee at the following annual rate: Fund asset level Fee rate ---------------- -------- Less than $15 million $30,000 $15 million to less than $50 million 0.20% of average daily net assets $50 million to less than $100 million 0.15% of average daily net assets $100 million to less than $150 million 0.10% of average daily net assets More than $150 million 0.05% of average daily net assets U.S. Bancorp Fund Services, LLC ("USBFS") also serves as the Fund Accountant and Transfer Agent to the Fund. U.S. Bank, N.A., an affiliate of USBFS, serves as the Fund's custodian. Quasar Distributors, L.L.C. (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 Fund are also 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 year ended December 31, 2003, the Fund paid the Distribution Coordinator $28,571. NOTE 5 - PURCHASES AND SALES OF SECURITIES For the year ended December 31, 2003, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were $7,087,396 and $6,651,908 respectively. NOTE 6 - INCOME TAXES Net investment income/(loss) and net realized gains/(losses) differ for financial statement and tax purposes due to differing treatments of wash sale losses deferred and losses realized subsequent to October 31 on the sale of securities. The tax character of distributions paid during years ended December 31, 2003 and 2002 were as follows: 2003 2002 ---- ---- Long-term capital gains -- -- As of December 31, 2003, the components of accumulated earnings/(losses) on a tax basis were as follows: Cost of investments $ 13,199,075 ------------ ------------ Gross tax unrealized appreciation $ 1,952,221 Gross tax unrealized depreciation (910,384) ------------ Net tax unrealized appreciation $ 1,041,837 ------------ Undistributed ordinary income $ -- Undistributed long-term capital gain -- ------------ Total distributable earnings $ -- ------------ Other accumulated gains/losses $(10,353,838) ------------ Total accumulated earnings/(losses) $ (9,312,001) ------------ ------------ The Fund had post October losses of $283,686. The Fund had a capital loss carryforward of ($10,070,152) which expires as follows: Year Amount ---- ------ 2011 $ (359,341) 2010 (6,640,280) 2009 (2,986,224) 2008 (84,307) ------------ $(10,070,152) ------------ ------------ NOTE 7 - CHANGE OF AUDITORS On June 13, 2003, PricewaterhouseCoopers LLP ("PwC") resigned as the independent accountants for the Avatar Advantage Equity Allocation Fund (the "Fund"), a series of Advisors Series Trust (the "Company"). On June 13, 2003, the Company retained Tait, Weller & Baker ("Tait") as the independent accountants for the Fund. The retention of Tait as the independent accountants of the Fund has been approved by the Company's Audit Committee and Board of Trustees. The reports of PwC on the financial statements of the Fund for the past two fiscal years contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. In connection with its audits for the two most recent fiscal years and through June 13, 2003, there have been no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC would have caused them to make reference thereto in their report on the financial statements for such years. REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS To the Board of Trustees and Shareholders of Advisors Series Trust Milwaukee, WI We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Capital Advisors Growth Fund, a series of Advisors Series Trust, as of December 31, 2003, and the related statement of operations, the statement of changes in net assets and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The statement of changes in net assets for the year ended December 31, 2002 and the financial highlights for each of the three years in the period then ended have been audited by other auditors, whose report dated February 21, 2003 expressed an unqualified opinion on such financial statement and financial highlights. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2003 by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Capital Advisors Growth Fund as of December 31, 2003, the results of its operations, the changes in its net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. TAIT, WELLER & BAKER Philadelphia, Pennsylvania February 04, 2004 INFORMATION ABOUT TRUSTEES AND OFFICERS (UNAUDITED) The business and affairs of the Fund are managed under the direction of the Fund's Board of Trustees. Information pertaining to the Trustees and Officers of the Fund is set forth below. Unless noted otherwise, each person has held the position listed for a minimum of five years. The SAI includes additional information about the Fund's officers and trustees and is available, without charge, upon request by calling the advisor. INDEPENDENT TRUSTEES -------------------- # OF FUNDS IN POSITION TERM OF COMPLEX OTHER HELD OFFICE AND OVERSEEN DIRECTORSHIPS NAME, AGE WITH THE LENGTH OF PRINCIPAL OCCUPATION BY HELD BY AND ADDRESS TRUST TIME SERVED DURING PAST FIVE YEARS TRUSTEE TRUSTEE - ----------- -------- ----------- ---------------------- -------- -------------- Walter E. Auch Trustee Indefinite Management Consultant One Director, (Born 1921) Term Nicholas-Applegate 2020 E. since Funds, Salomon Financial Way February Smith Barney Glendora, CA 91741 1997 Funds, Bayan Strategic Realty Trust, Legend Properties, Pimco Advisors LLP, and Senele Group James Clayburn Trustee Indefinite Dean Emeritus, John E. One Director, The LaForce Term Anderson Graduate School Payden & Rygel (Born 1927) since of Management, University Investment Group, 2020 E. May of California, Los Angeles. The Payden/ Financial Way 2002 Metzler Investment Glendora, CA 91741 Group, PIC Investment Trust, PIC Small Cap Portfolio, PIC Balanced Portfolio, PIC Growth Portfolio, PIC Mid Cap Portfolio, Provident Investment Counsel Institutional Money Market Fund, Black Rock Funds, Jacobs Engineering, Timken Co., and Cancervax Donald E. O'Connor Trustee Indefinite Financial Consultant; One Independent (Born 1936) Term formerly Executive Vice Director, The 2020 E. since President and Chief Parnassus Fund, Financial Way February Operating officer of ICI The Parnassus Glendora, CA 91741 1997 Mutual Insurance Company Income Fund and (until January, 1997). The Forward Funds George J. Rebhan Trustee Indefinite Retired; formerly President, One Trustee, (Born 1934) Term Hotchkis and Wiley Funds E*Trade Funds 2020 E. since (mutual funds) from Financial Way May 2002 1985 to 1993. Glendora, CA 91741 George T. Trustee Indefinite Senior Vice President, One None Wofford III Term Information Services, (Born 1939) since Federal Home Loan Bank 2020 E. February of San Francisco. Financial Way 1997 Glendora, CA 91741
INTERESTED TRUSTEES AND OFFICERS ------------------------------- # OF FUNDS IN OTHER POSITION TERM OF COMPLEX DIRECTORSHIPS HELD OFFICE AND OVERSEEN HELD BY NAME, AGE WITH THE LENGTH OF PRINCIPAL OCCUPATION BY TRUSTEE TRUSTEE OR AND ADDRESS TRUST TIME SERVED DURING PAST FIVE YEARS OR OFFICER OFFICER - ----------- -------- ----------- ---------------------- ---------- ------------ Eric M. Banhazl Trustee Indefinite Senior Vice President, U.S. One None (Born 1957) & Term Bancorp Fund Services, LLC, 2020 E. President since the Fund's administrator (since Financial Way February July, 2001); Treasurer, Investec Glendora, CA 91741 1997 Funds; formerly, Executive Vice President, Investment Company Administration, LLC ("ICA") (The Fund's former administrator). Douglas G. Hess Treasurer Indefinite Assistant Vice President One None (Born 1967) Term Compliance and Administration, 615 E. since U.S. Bancorp Fund Services, LLC Michigan Street December since March 1997. Milwaukee, WI 53202 2003 Rodney DeWalt Secretary Indefinite Compliance Administrator, U.S. One None (Born 1967) Term Bancorp Fund Services, LLC 615 E. Since since January 2003. Michigan Street December Milwaukee, WI 53202 2003
ADVISOR Capital Advisors, Inc. 320 Boston Street Tulsa, Oklahoma 74103 DISTRIBUTOR Quasar Distributors, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202 CUSTODIAN U.S. Bank, N.A. 425 Walnut Street Cincinnati, Ohio 45202 TRANSFER AGENT U.S. Bancorp Fund Services, LLC 615 East Michigan Street Milwaukee, Wisconsin 53202 1-866-205-0523 LEGAL COUNSEL Paul, Hastings, Janofsky & Walker, LLP 55 Second Street, 24th Floor San Francisco, California 94105 INDEPENDENT PUBLIC ACCOUNTANTS Tait, Weller & Baker 1818 Market Street, Suite 2400 Philadelphia, Pennsylvania 19103 This report is intended for shareholders of the Fund and may not be used as sales literature unless preceded or accompanied by a current prospectus. 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. - ----------------------- The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any amendments to its code of ethics during the covered period. The registrant has not granted any waivers from any provisions of the code of ethics during the covered period. A copy of the registrant's Code of Ethics is filed herewith. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. - ---------------------------------------- The registrant's board of trustees has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the registrant believes that the experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant's level of financial complexity. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. - ----------------------------------------------- The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "other services" provided by the principal accountant were. The following table details the aggregate fees billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant. # of Hours spent FYE 12/31/2003 FYE 12/31/2002 in FYE 2003 --------------- --------------- ---------------- Audit Fees $13,000 $17,500 N/a Audit-Related Fees N/a N/a N/a Tax Fees $2,000 $3,800 N/a All Other Fees N/a N/a N/a The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant. All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant. The following table indicates the non-audit fees billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.--not sub-adviser) for the last two years. The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence. Non-Audit Related Fees FYE 12/31/2003 FYE 12/31/2002 - ---------------------- --------------- --------------- Registrant N/a N/a Registrant's Investment Adviser N/a N/a 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. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT - --------------------------------------------------------------------------- COMPANY AND AFFILIATED PURCHASES. - --------------------------------- Not applicable to open-end investment companies. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. - ------------------------------------------------------------ Not applicable. ITEM 10. 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 11. EXHIBITS. - ----------------- (a) (1) Any code of ethics or amendment thereto. Filed herewith. (2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith. (b) 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 3/2/04 ------ 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/ Eric M. Banhazl ----------------------- Eric M. Banhazl, President Date 3/2/04 ------ By (Signature and Title)* /s/ Douglas G. Hess ----------------------- Douglas G. Hess, Treasurer Date 3/3/04 ------ * Print the name and title of each signing officer under his or her signature.
EX-99.CODE ETH 3 cagf-ex99codeeth.txt EX.99.CODE ETH EXHIBIT A - --------- ADVISORS SERIES TRUST CODE OF ETHICS FOR PRINCIPAL EXECUTIVE OFFICER & PRINCIPAL FINANCIAL OFFICER Advisors Series Trust (the "Trust") requires its Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers"), to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust and each of its series (each a "Fund," collectively the "Funds"), with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The following principles and responsibilities shall govern the professional conduct of the Principal Officers: 1. HONEST AND ETHICAL CONDUCT. The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to such conflict between their interests and those of a Fund to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner. The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated or compromised. 2. FINANCIAL RECORDS AND REPORTING The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by a Fund, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies. The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers. The Principal Officers shall share knowledge and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust. 3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Funds with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law regulation or rule. 4. COMPLIANCE WITH THIS CODE OF ETHICS The Principal Officers shall promptly report any violations of this Code of Ethics to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust. 5. AMENDMENT AND WAIVER This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the Investment Company Act of 1940. EX-99.CERT 4 cagf-ex99cert302.txt EX.99.CERT CERTIFICATIONS -------------- I, Eric M. Banhazl, certify that: 1. I have reviewed this report on Form N-CSR of 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: 3/2/04 /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 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: 3/3/04 /s/ Douglas G. Hess ------ ------------------- Douglas G. Hess Treasurer EX-99.906 CERT 5 cagf-ex99cert906.txt EX.99.906CERT 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 the Advisors Series Trust for the year ended December 31, 2003 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and 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 Dated: 3/2/04 -------------- 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.
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