-----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, F1Q66RbZ1lxNAA/8abqybrvmv2W4X2WKt63Rk+KTesKvRP4MamxWNJqkw91kJGz9 D0kfYU+ftj50LVrm5z1WSg== /in/edgar/work/20000605/0000950147-00-000868/0000950147-00-000868.txt : 20000919 0000950147-00-000868.hdr.sgml : 20000919 ACCESSION NUMBER: 0000950147-00-000868 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000605 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVISORS SERIES TRUST CENTRAL INDEX KEY: 0001027596 STANDARD INDUSTRIAL CLASSIFICATION: [ ] STATE OF INCORPORATION: DE FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-07959 FILM NUMBER: 649193 BUSINESS ADDRESS: STREET 1: 2020 E FINANCIAL WAY SUITE 100 CITY: GLENDORA STATE: CA ZIP: 91741 BUSINESS PHONE: 8188521033 MAIL ADDRESS: STREET 1: 2020 E FINANCIAL WAY STREET 2: SUITE 100 CITY: GLENDORA STATE: CA ZIP: 91741 N-30D 1 0001.txt SEMI-ANNUAL REPORT DATED 3/31/00 ROCKHAVEN ASSET MANAGEMENT THE RISK MANAGERS The Rockhaven Fund The Rockhaven Premier Dividend Fund LOGO SEMI-ANNUAL FOR THE SIX MONTHS ENDED MARCH 31, 2000 Dear Investor: First and foremost, we thank you for your continued support of Rockhaven and our funds. Recent months have been tumultuous and your vote of confidence is important to us. All employees here at Rockhaven invest in our funds as well, so it may help to remember that we are with you each step of the way. In the last ten years or so, responsibility of your financial future has been shifted...to you. The most notable landmark of this momentous shift was the creation of the 401(k) and 403(b) plans in 1981. Previously, almost all employees participated in defined benefit, or pension plans. As people become less tied to their jobs, 401(k) plans have proliferated as "portable retirement". Fewer people begin and end their employment careers with the same company, so employers have replaced the relatively inflexible pension plan with retirement benefits that can travel with employees who move on to new positions at different firms. While this has definitely bestowed benefits upon you and I, it has made each one of us more responsible than ever before. With the rise of personal responsibility over our own retirement assets, we have been encouraged to learn about the stock market and other investment vehicles. The proliferation of financial media, including CNBC and the Wall Street Journal, have helped to create an almost nationwide fascination with stocks. Individual investors now control 70% of the industry's $20 trillion under management. Not so long ago, everyone believed professional investors controlled movements in the market and that their superior knowledge was somehow rational, and this was comforting. However, in a world of limitless financial data and daily performance reporting, investors' attitudes and behavior toward professional money managers has gone from trusted fiduciary to commoditization. We seem to have created a market with a case of attention deficit disorder... in today's world, the only money management businesses are the ones with superior performance. We need to perform well enough to attract new money, well enough to please our existing shareholders, and well enough to attract and retain talented employees. While as a professional money manager, it may appear as if we are nameless, faceless institutions, we in fact have a very real interest in your success. Not to mention that a good percentage of our net worth is in our own funds! - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 1 2000 SEMI-ANNUAL REPORT As a professional money manager, I have learned a few things in my tenure over the last 17 years. I have learned to "listen to the market". Take what it will give you....and don't fight it. Seek to identify what risks it will reward you for, and more importantly, what risks it won't reward you for. Be in harmony with the market. That is why we don't market time and we don't make sector bets. We focus purely on security selection. I understand that as an investor, you are constantly being pulled in a variety of different directions. Very few of you invest professionally, as a way to earn a living. You are too busy pursuing your own endeavors as accountants, doctors, truck drivers, and so on (if I didn't mention you specifically, I apologize). Take comfort in the fact that myself and the Rockhaven team are dedicated to your financial success and each day we are here listening to the market and accepting the responsibility of your invested assets. We value the opportunity to do so and your continued confidence is appreciated. CURRENT ENVIRONMENT Wealth Effect...What Wealth Effect? If productivity, can be our savior one quarter, how can it be the villain the next? Greenspan now warns that greater productivity leads to higher earnings and higher stock prices. Since stocks are worth more, people will spend more, and that would create supply shortages, labor shortages, traffic jams, road rage, ulcers, impotency, and who knows what else. Better to nip this productivity cancer in the bud than suffer the consequences of prosperity! * EARNINGS -- For the world's largest economic power experiencing it's longest economic expansion in history, last quarter's GDP growth of 7.3% is truly stunning. Yet inflation remains subdued. Companies can't raise prices, yet they are compelled to pay higher wages and higher costs for most commodities. Still, the astounding gains in productivity have lead to first quarter earnings gains for the S&P 500 in excess of 20%. Earnings continue to be robust. * INTEREST RATES -- The bond market has reacted to Mr. Greenspan's rate increase by rallying at the long-end of the curve. The bond market has factored in another 50 basis point increase, and believes that the Fed is much closer to the end of its tightening efforts than the beginning. If this holds true, rates will probably be lower by year-end. Also, the recent declines in the most speculative corners of the stock market will definitely cool talk of a wealth effect. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 2 2000 SEMI-ANNUAL REPORT * LIQUIDITY -- During his reign Mr. Greenspan has generally adhered to the price rule, and that is why we have little or no inflation. He has deviated from the rule during times of crisis or to avert one (i.e., Mexico, Russia, Asia, Y2K). Having amply funded the Y2K threat, and with no crisis on the near-term horizon, we can continue to expect the excess liquidity to be absorbed. * SUMMARY -- The first quarter saw the lingering effects of excess liquidity (strong earnings, and strong cash flows into all things technology) drive the NASDAQ beyond reason. As the second quarter begins, we are seeing a lot of the market's excesses being corrected. This is a very healthy process as long as it is not carried to extremes. If Mr. Greenspan can gradually ease off the pedal without doing serious damage to the economy, 2000 should continue to be a year where the economy grows, inflation stays low, and equity markets post positive returns. TRACKING PROGRESS The incredible story of the NASDAQ continues to surprise us all. The market is being driven, more than ever, by supply and demand. This has always been the case, but now we're on Internet time. Stocks that have risen on pure demand and limited supply, with no earnings and miniscule revenues, are now falling from the weight of excess supply and no demand. See the following tables provided by Ed Kerschner of PaineWebber. OLD OLD INDUSTRIALS, OLD NEW INDUSTRIALS AND NEW NEW INDUSTRIAL (PERCENT CHANGE IN PRICE) 12/31/99 3/10/00 12/31/99 TO 3/10/00 TO 4/12/00 TO 4/12/00 ---------- ---------- ---------- Old Old Industrials (21.7)% 22.4% (4.2)% Old New Industrials 10.8 (9.7) 0.1 New New Industrials 64.2 (42.8) (6.1) NASDAQ 100 23.7 (20.8) (2.0) NASDAQ Composite 24.1 (25.3) (7.4) S&P 500 (5.0) 5.2 (0.1) DJIA (13.6) 12.0 (3.2) Merrill Lynch All Convertible 13.4 (12.6) (0.9) SOURCE: PAINE WEBBER - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 3 2000 SEMI-ANNUAL REPORT OLD AND NEW METRICS OF OLD OLD INDUSTRIALS, OLD NEW INDUSTRIALS AND NEW NEW INDUSTRIAL MARCH 10, 2000 APRIL 12, 2000 --------------------------- --------------------------- PRICE/EARNINGS PRICE/SALES PRICE/EARNINGS PRICE/SALES -------------- ----------- -------------- ----------- 1999 2000 1999 1999 2000 1999 ---- ---- ---- ---- ---- ---- Old Old Industrials 12.6x 10.8x 0.6x 15.4x 13.2x 0.7x Old New Industrials 69.2 54.3 7.3 62.5 49.0 6.6 New New Industrials Nmf Nmf 85.7 Nmf Nmf 49.0 NASDAQ 100 147.1 110.8 11.0 116.5 87.7 8.7 NASDAQ Composite N/A N/A N/A N/A N/A N/A S&P 500 28.3 24.1 2.1 29.8 25.3 2.2 DJIA 21.9 19.1 1.7 24.5 21.4 1.9 - ---------- SOURCE: PAINE WEBBER The convertible market has continued to mirror the NASDAQ, and was up 13.39% as of March 10th, but is down since that time. As of this writing, convertibles issued by companies with no credit support have come down hardest. The funds are constructed to run sector neutral to their respective benchmarks (the S&P 500 Index for the Rockhaven Fund and the Merrill Lynch All-Convertible Index for the Rockhaven Premier Dividend Fund). This sector-neutrality helped us to aptly invested in the sectors which were most successful in the past six months, primarily technology. By focusing on security selection, we are able to add value by picking the best names in each sector. The sector neutrality helps us to participate in the sectors which are working, without being overexposed in the sectors which are not. However, as things have turned ugly, our sector-neutrality and disciplined portfolio construction, as well as the use of convertibles, has allowed us to hang on to some of our past gains. We have worked hard as a team to limit the possibilities of a dramatic downside, even if that limits a little of our upside. We are professionals, and we plan on staying in this game for a long, long time. If you have the stomach for it, this is still one of the greatest professions there is. If you don't, there's a lot more to life than the stock market. Thank you for your continuing support, /s/ Christopher Wiles Christopher Wiles - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 4 2000 SEMI-ANNUAL REPORT The Rockhaven Fund AVERAGE ANNUAL TOTAL RETURN(3) One Year .....................24.49% Since Inception (11/3/97) ....17.34% COMPARISON OF THE CHANGE IN VALUE OF A $10,000INVESTMENT IN THE ROCKHAVEN FUND VERSUS THE S&P 500 COMPOSITE STOCK PRICE INDEX(1) AND THE S&P/BARRA VALUE FUND INDEX.(2) S&P 500 Barra S&P 500 Composite The Rockhaven Fund Value Fund Index Stock Price Index ------------------ ---------------- ----------------- 3 Nov 97 $10,000 $10,000 $10,000 31 Dec 97 9,707 10,335 10,317 31 Mar 98 10,807 11,666 11,430 30 Jun 98 10,543 12,075 11,459 30 Sep 98 9,274 10,831 9,928 31 Dec 98 10,860 13,091 11,604 31 Mar 99 11,127 13,700 11,880 30 Jun 99 11,868 14,619 13,103 30 Sep 99 11,303 13,661 11,842 31 Dec 99 13,558 15,647 12,846 31 Mar 00 $14,697 $12,965 $15,959 - ---------- PAST PERFORMANCE DOES NOT PREDICT FUTURE PERFORMANCE. (1) THE S&P 500 COMPOSITE STOCK PRICE IS AN UNMANAGED CAPITALIZATION-WEIGHTED INDEX INDEX OF 500 STOCKS DESIGNED TO REPRESENT THE BROAD DOMESTIC ECONOMY. (2) THE S&P/BARRA VALUE IS ANUNMANAGED INDEX PPROXIMATELY INDEX CAPITALIZATION-WEIGHTED THAT CONTAIA 50% OF THE STOCKS IN THE S&P LOWER 500 PRICE-TO-BOOK RATIOS. (3) AVERAGE ANNUAL TOTAL RETURN AND GRAPH FOR THE FUND DEPICTS TABLE PERFORMANCE ASSUMING THE MAXIMUM SALES LOAD HAD BEEN PAID. IF SHARES PURCHASEAT A BREAKPOINT LESS THAN THE WE'RE LOAD MAXIMUM SALES LOAD OR AT NAV, RETURNS SHOWN WOULD BE HIGHER. The Rockhaven Premier Dividend Fund - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 5 2000 SEMI-ANNUAL REPORT AVERAGE ANNUAL TOTAL RETURN(2) One Year ........................45.19% Since Inception (11/3/97) .......29.27% COMPARISON OF THE CHANGE IN VALUE OF A $10,000 INVESTMENT IN THE ROCKHAVEN PREMIER DIVIDEND FUND VERSUS THE MERRILL LYNCH ALL-CONVERTIBLE INDEX.(1) The Rockhaven Premier Merrill Lynch All Dividend Fund Convertible Index ------------- ----------------- 3 Nov 97 $10,000 $10,000 31 Dec 97 31 Mar 98 30 Jun 98 30 Sep 98 [PLOT POINTS TO COME!] 31 Dec 98 31 Mar 99 30 Jun 99 30 Sep 99 31 Dec 99 31 Mar 00 $18,557 $16,623 - ---------- PAST PERFORMANCE DOES NOT PREDICT FUTURE PERFORMANCE. (1) THE VALUATION CALCULATION FOR THE MERRILL LYNCH ALL-CONVERTIBLE INDEX IS FOR THE PERIOD NOVEMBER 1, 1997 THROUGH MARCH 31, 2000. THIS INDEX INCLUDES U.S. DOLLAR-DENOMINATED CONVERTIBLES OF $50 MILLION OR MORE IN SIZE, AND INCORPORATES BOTH TRADITIONAL AND MANDATORY CONVERSION STRUCTURES. (2) THE AVERAGE ANNUAL TOTAL RETURN TABLE AND GRAPH FOR THE FUND DEPICTS PERFORMANCE ASSUMING THE MAXIMUM SALES LOAD HAD BEEN PAID. IF SHARES WERE PURCHASED AT A LOAD BREAKPOINT LESS THAN THE MAXIMUM SALES LOAD OR AT NAV, RETURNS SHOWN WOULD BE HIGHER. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 6 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND Schedule of Investments AT MARCH 31, 2000 SHARES/ PRINCIPAL COMMON STOCKS & AMOUNT CONVERTIBLE SECURITIES: 98.74% MARKET VALUE - -------------------------------------------------------------------------------- BASIC MATERIALS: 2.05% 600 E. I. du Pont de Nemours and Company $ 31,725 1,200 Sealed Air Corporation, Cvt. Pfd. $2 Series A 62,325 ---------- 94,050 ---------- CAPITAL GOODS/DIVERSIFIED: 10.83% 500 Corning Incorporated 97,000 700 General Electric Company 108,631 30,000 Oak Industries Inc., Cvt. Bd. 4.875%, 3/1/2008 126,675 60,000 Sanmina Corporation, Cvt. Bd. 4.25%, 5/6/2002 96,975 100,000 Solectron Corporation, Cvt. Bd. 0%, 1/27/20191 67,125 ---------- 496,406 ---------- COMMUNICATION SERVICES: 11.78% 2,500 Amdocs Limited, Cvt. Pfd. 6.75% 155,000 1,200 MediaOne Group, Inc., Cvt. Pfd. 7% 62,400 120,000 NEXTEL Communications, Inc., Cvt. Bd. 5.25%, 1/15/2010 143,550 300 NEXTLINK Communications, Inc., Cvt. Pfd. 6.5% 85,838 90,000 NTL Incorporated, Cvt. Bd. 5.75%, 12/15/2009 92,588 ---------- 539,376 ---------- CONSUMER CYCLICAL: 10.99% 1,700 Automatic Data Processing 82,025 115,000 Costco Companies, Inc., Cvt. Bd. 0%, 8/19/20171 137,425 2,200 Dollar General Corporation, STRYPES 8.5% 84,150 1,550 Ford Motor Company 71,203 30,000 Omnicom Group Inc., Cvt. Bd. 4.25%, 1/3/2007 89,813 700 Wal-Mart Stores, Inc. 38,850 ---------- 503,466 ---------- ENERGY: 5.09% 3,00 Enron Corp., Cvt. Pfd. 7% 66,188 1,324 Exxon Mobil Corporation 103,024 1,300 Shell Transport and Trading ADR 63,781 ---------- 232,993 ---------- FINANCE: 12.09% 700 American International Group, Inc. 76,650 800 Bank of America Corporation 41,950 1,750 Citigroup Inc. 103,796 700 J.P. Morgan & Co., Incorporated 92,225 700 Lehman Brothers Holdings Inc. 67,900 800 Merrill Lynch & Co., Inc. 84,000 1,000 The Chase Manhattan Bank 87,188 ---------- 553,709 ---------- - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 7 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND Schedule of Investments AT MARCH 31, 2000 SHARES/ PRINCIPAL COMMON STOCKS & AMOUNT CONVERTIBLE SECURITIES: 98.74% MARKET VALUE - -------------------------------------------------------------------------------- HEALTH CARE: 8.70% 2,000 Abbott Laboratories 70,375 1,000 Bausch & Lomb Incorporated 52,188 900 Bristol-Myers Squibb Company 51,975 70,000 Centocor, Inc., Cvt. Bd. 4.75%, 2/21/2001 77,875 1,900 Monsanto Company, Cvt. Pfd. 6.5% 86,925 70,000 Roche Holdings, Inc., Cvt. Bd. 0%, 1/19/2015(1) 59,238 ---------- 398,576 ---------- STAPLES: 10.49% 60,000 Clear Channel Communications, Inc., Cvt. Bd. 2.625%, 4/1/2003 73,950 500 Houston Industries, Inc./Time Warner, Cvt. Pfd. 7% 79,500 900 The Coca-Cola Company 42,244 1,000 The Estee Lauder Companies Inc., Cvt. Pfd. 6.25% 95,000 1,300 The Quaker Oats Company 78,813 2,000 The Seagram Company Ltd., Cvt. Pfd. ACES 7.5% 111,000 ---------- 480,507 ---------- TECHNOLOGY: 24.32% 60,000 Atmel Corporation, Cvt. Bd. 0%, 4/21/20181 87,750 1,900 Computer Associates International, Inc. 112,455 90,000 Conexant Systems, Inc., Cvt. Bd. 4%, 2/01/2007 82,350 70,000 Juniper Networks, Inc., Cvt. Bd. 4.75%, 3/15/2007 69,825 30,000 Lattice Semiconductor Corporation, Cvt. Bd 4.75%, 11/1/2006 55,050 25,000 Level One Communications, Incorporated, Cvt. Bd. 4%, 9/1/2004 108,530 700 Motorola, Inc. 99,662 130,000 Rational Software Corporation, Cvt. Bd. 5%, 2/5/2003 162,500 900 Texas Instruments, Incorporated 144,000 50,000 VERITAS Software Corporation, Cvt. Bd. 1.856%, 8/1/2006 191,875 ---------- 1,113,997 ========== UTILITIES: 2.40% 2,000 Calpine Capital Trust II 109,750 ---------- Total Common Stocks and Convertible Securities (cost $3,712,235) $4,522,830 ========== - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 8 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND Schedule of Investments AT SEPTEMBER 30, 1999 PRINCIPAL AMOUNT SHORT-TERM INVESTMENTS: 0.58% MARKET VALUE - -------------------------------------------------------------------------------- $7,513 Firstar Stellar Treasury Fund (cost $26,626) $ 26,654 Total Investments in Securities (cost $3,738,861): 99.32% 4,549,484 Other Assets in Excess of Liabilities: 0.68% 31,197 ---------- TOTAL NET ASSETS: 100% $4,580,681 ========== (1) NON-INCOME PRODUCING SECURITY. GROSS UNREALIZED APPRECIATION AND DEPRECIATION OF SECURITIES IS AS FOLLOWS: GROSS UNREALIZED APPRECIATION $ 899,759 GROSS UNREALIZED DEPRECIATION $ (89,136) ---------- NET UNREALIZED APPRECIATION $ 810,623 ========== - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 9 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND Statement of Assets and Liabilities AT MARCH 31, 2000 (UNAUDITED) ASSETS Investments in securities, at value (identified cost $3,738,861) $4,549,484 Receivables: Due from Advisor 10,674 Dividends and interest 10,614 Fund shares sold 1,429 Prepaid expenses and other 22,453 ---------- Total assets 4,594,654 ========== LIABILITIES Payables: Fund shares repurchased 108 Accrued expenses 13,865 ---------- Total liabilities 13,973 ========== NET ASSETS $4,580,681 ========== Net asset value and redemption price per share ($4,580,681/308,572 shares outstanding; unlimited number of shares (par value $0.01) authorized) $ 14.84 ========== Offering price per share ($14.84/0.9425) $ 15.75 ========== COMPONENTS OF NET ASSETS Paid-in capital $3,434,807 Undistributed net realized gain on investments 335,251 Net unrealized appreciation on investments 810,623 ---------- Net assets $4,580,681 ========== See accompanying Notes to Financial Statements. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 10 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND Statement of Operations FOR THE SIX MONTHS ENDED MARCH 31, 2000 (UNAUDITED) INVESTMENT INCOME Income Dividends and Interest $ 31,765 Expenses Administration fees (Note 3) 15,041 Advisory fees (Note 3) 13,838 Professional fees 12,169 Fund accounting fee 9,026 Transfer agent fees 8,395 Registration fees 5,342 Distribution expense (Note 4) 4,613 Custodian 3,610 Other 1,888 Report to shareholders 1,504 Trustees' fees 1,441 --------- Total expenses 76,867 Less: advisory fee waiver and absorption (49,191) --------- Net expenses 27,676 --------- Net investment income 4,089 ========= REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain from security transactions 351,719 Net change in unrealized appreciation on investments 577,086 --------- Net realized and unrealized gain on investments 928,805 --------- Net Increase in Net Assets Resulting from Operations $ 932,894 ========= See accompanying Notes to Financial Statements. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 11 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND Statement of Changes in Net Assets
SIX MONTH ENDED YEAR ENDED MARCH 31, 2000(2) SEPT. 30, 1999 ----------------- -------------- INCREASE IN NET ASSETS FROM OPERATIONS Net investment income $ 4,089 $ 25,704 Net realized gain from security transactions 351,719 188,976 Net change in unrealized appreciation on investments 577,086 342,499 ----------- ----------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS 932,894 557,179 =========== =========== DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS Net investment income (7,862) (30,220) Net realized gain on security transactions (81,316) 0 ----------- ----------- (89,178) (30,220) =========== =========== CAPITAL SHARE TRANSACTIONS Net increase in net assets derived from net change in outstanding shares (a) 743,616 475,083 ----------- ----------- TOTAL INCREASE IN NET ASSETS 1,587,332 1,002,042 =========== =========== NET ASSETS Beginning of period 2,993,349 1,991,307 ----------- ----------- END OF PERIOD $ 4,580,681 $ 2,993,349 =========== ===========
(a) A summary of capital share transactions is as follows: SIX MONTHS ENDED YEAR ENDED MARCH 31, 2000(2) SEPT. 30, 1999 ------------------------- ------------------------- SHARES PAID IN CAPITAL SHARES PAID IN CAPITAL ------ --------------- ------ --------------- Shares sold 57,519 $ 819,166 90,975 $ 955,142 Shares issued in reinvestment of distributions 5,373 68,608 2,002 23,116 Shares redeemed (9,694) (144,158) (42,733) (503,175) ------ --------- ------ --------- Net increase 53,198 $ 743,616 50,244 $ 475,083 ====== ========= ====== ========= (1) COMMENCEMENT OF OPERATIONS. (2) UNAUDITED. See accompanying Notes to Financial Statements. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 12 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND Financial Highlights FOR A CAPITAL SHARE OUTSTANDING THROUGHOUT THE PERIOD
SIX MONTHS NOV. 3, 1997(1) ENDED YEAR ENDED THROUGH MARCH 31, 2000(2) SEPT. 30, 1999 SEPT. 30, 1998 ----------------- -------------- -------------- Net asset value, beginning of period $ 11.72 $ 9.71 $10.00 ------- ------- ------ Income from investment operations: Net investment income 0.03 0.09 0.14 Net realized and unrealized gain (loss) on investments 3.43 2.03 (0.29) ------- ------- ------ Total from investment operations 3.46 2.12 (0.15) ------- ------- ------ Less distributions: From net investment income (0.03) (0.11) (0.14) From net realized gains (0.31) -- -- ------- ------- ------ (0.34) (0.11) (0.14) ------- ------- ------ Net asset value, end of period $ 14.84 $ 11.72 $ 9.71 ======= ======= ====== Total return 0.03%(3) 21.88% (1.61)%(3) Ratios/supplemental data: Net assets, end of period (thousands) $ 4,581 $ 2,993 $1,991 Ratio of expenses to average net assets: Before expense reimbursement 4.14%(2) 4.59% 8.51%(2) After expense reimbursement 1.49%(2) 1.50% 1.49%(2) Ratio of net investment income to average net assets After expense reimbursement 0.22%(2) 0.83% 1.82%(2) Portfolio turnover rate 69.78% 113.36% 98.13% ======= ======= ======
- ---------- (1) COMMENCEMENT OF OPERATIONS. (2) ANNUALIZED. (3) NOT ANNUALIZED. (4) UNAUDITED. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 13 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN PREMIER DIVIDEND FUND Schedule of Investments AT MARCH 31, 2000 SHARES/ PRINCIPAL COMMON STOCKS & AMOUNT CONVERTIBLE SECURITIES: 98.74% MARKET VALUE - -------------------------------------------------------------------------------- BASIC MATERIALS: 4.23% 6,800 Georgia-Pacific Corporation, Cvt. Pfd. $ 291,550 18,200 Sealed Air Corporation, Cvt. Pfd. $2 Series A 945,263 ----------- 1,236,813 ----------- CAPITAL GOODS: 11.34% 16,500 Ingersoll-Rand Co., Cvt. Pfd. 6.75% 387,750 300,000 Oak Industries Inc., Cvt. Bd. 4.875%, 3/1/2008 1,266,750 590,000 Sanmina Corporation, Cvt. Bd. 4.75%, 5/1/2004 953,588 1,050,000 Solectron Corporation, Cvt. Bd. 0%, 1/27/20191 704,813 ----------- 3,312,901 ----------- COMMUNICATIONS: 18.30% 19,200 Amdocs Limited, Cvt. Pfd. 6.75% 1,190,400 14,200 MediaOne Group, Inc., Cvt. Pfd. 7% 738,400 1,000,000 NEXTEL Communications, Inc., Cvt. Bd. 5.25%, 1/15/2010 1,196,250 3,100 NEXTLINK Communications, Inc., Cvt. Pfd. 6.5% 886,988 650,000 NTL Incorporated, Cvt. Bd. 5.75%, 12/15/2009 668,688 8,500 Qwest Trend Trust 5.75% Cvt. Pfd. 667,250 ----------- 5,347,976 ----------- CONSUMER CYCLICAL: 5.76% 700,000 Costco Companies, Inc., Cvt. Bd. 0%, 8/19/20171 836,500 9,500 Dollar General Corporation, Cvt. Pfd. STRYPES 8.5% 363,375 1,694,000 Four Seasons Hotel, Inc., Cvt. Bd. 0%, 9/23/20291 484,907 ----------- 1,684,782 ----------- ENERGY: 5.63% 19,400 Apache Corporation, Cvt. Pfd. 6.5% 873,000 35,000 Enron Corp., Cvt. Pfd. 7% 772,187 ----------- 1,645,187 ----------- FINANCE: 4.62% 21,800 CNB Capital Trust, Cvt. Pfd. 6% 708,500 31,660 Lincoln National Corporation, Cvt. Pfd. 7.75% 641,115 ----------- 1,349,615 ----------- SERVICES: 11.42% 520,000 Clear Channel Communications, Inc., Cvt. Bd. 2.625%, 4/1/2003 640,900 8,100 Cox Communications, Inc., Cvt. Pfd. 7% 514,350 2,950 Houston Industries, Inc./Time Warner, Cvt. Pfd. 7% 469,050 265,000 Omnicom Group Inc., Cvt. Bd. 4.25%, 1/3/2007 793,344 9,900 The Seagram Company Ltd., Cvt. Pfd. ACES 7.5% 549,450 6,700 XM Satellite Radio 8.25% Cvt. Pfd. 370,175 ----------- 3,337,269 ----------- - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 14 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN PREMIER DIVIDEND FUND Schedule of Investments AT MARCH 31, 2000 SHARES/ PRINCIPAL COMMON STOCKS & AMOUNT CONVERTIBLE SECURITIES: 98.74% MARKET VALUE - -------------------------------------------------------------------------------- STAPLES: 10.55% 590,000 Centocor, Inc., Cvt. Bd. 4.75%, 2/21/2001 $ 656,375 525,000 COR Therapeutics, Inc., Cvt. Bd. 5%, 3/01/2007 652,969 650,000 Elan Finance, Cvt. Bd. 0%, 12/14/20181 465,562 800,000 Roche Holdings, Inc., Cvt. Bd. 0%, 1/19/20151 677,000 6,600 The Estee Lauder Companies Inc., Cvt. Pfd. TRACES 6.25% 627,000 ----------- 3,078,906 ----------- TECHNOLOGY: 21.17% 500,000 Citrix Systems, Inc., Cvt. Bd. 0%, 3/2/20191 485,000 550,000 Conexant Systems, Inc., Cvt. Bd. 4%, 2/01/2007 503,250 350,000 Exodus Communications, Inc., Cvt. Bd. 5%, 7/15/2008 721,436 1,000,000 Juniper Networks, Inc., Cvt. Bd. 4.75%, 3/15/2007 997,500 440,000 Lattice Semiconductor Corporation, Cvt. Bd. 4.75%, 11/1/2006 807,400 800,000 Rational Software Corporation, Cvt. Bd. 5%, 2/5/2003 1,000,000 750,000 Semtech Corporation, Cvt. Bd. 4.5%, 2/1/2007 711,563 250,000 VERITAS Software Corporation, Cvt. Bd. 1.86%, 8/13/2006 959,375 ----------- 6,185,524 ----------- UTILITIES: 4.34% 5,200 AES Trust III, Cvt. Pfd. 351,000 16,700 Calpine Capital Trust II, Cvt. Pfd. 5.5% 916,412 ----------- 1,267,412 ----------- Total Preferred Stocks and Bonds (cost $24,528,062) $28,446,385 =========== PRINCIPAL AMOUNT SHORT-TERM INVESTMENTS: 1.43% MARKET VALUE - -------------------------------------------------------------------------------- $ 418,781 Firstar Stellar Treasury Fund (cost $418,781) $ 418,781 ----------- Total Investments in Securities (cost $24,946,943): 98.79% $28,865,166 Assets in Excess of Liabilities: 1.21% 353,696 ----------- TOTAL NET ASSETS: 100% $29,218,862 =========== (1) NON-INCOME PRODUCING SECURITY. GROSS UNREALIZED APPRECIATION AND DEPRECIATION OF SECURITIES IS AS FOLLOWS: GROSS UNREALIZED APPRECIATION $ 4,404,470 GROSS UNREALIZED DEPRECIATION (486,147) ----------- NET UNREALIZED APPRECIATION $ 3,918,323 =========== - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 15 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN PREMIER DIVIDEND FUND Statement of Assets and Liabilities AT MARCH 31, 2000 (UNAUDITED) ASSETS Investments in securities, at value (identified cost $24,946,843) $28,865,166 Receivables: Dividends and interest 91,409 Fund shares sold 958,793 Prepaid expenses and other 24,854 ----------- Total assets 29,940,222 =========== LIABILITIES Payables: Due to advisor 25,326 Dividends 34,865 Fund shares repurchased 115,129 Securities purchased 530,803 Accrued expenses 15,237 ----------- Total liabilities 721,360 =========== NET ASSETS $29,218,862 =========== Net asset value and redemption price per share ($29,218,862/1,581,535 shares outstanding; unlimited number of shares (par value $0.01) authorized) $ 18.48 =========== Offering price per share ($18.48/0.9425) $ 19.61 =========== COMPONENTS OF NET ASSETS Paid-in capital $22,680,610 Undistributed net realized gain on investments 2,619,929 Net unrealized appreciation on investments 3,918,323 ----------- Net assets $29,218,862 =========== - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 16 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN PREMIER DIVIDEND FUND Statement of Operations FOR THE SIX MONTHS ENDED MARCH 31, 2000 (UNAUDITED) INVESTMENT INCOME Income Dividends and interest $ 430,607 EXPENSES Administration fees (Note 3) 15,041 Advisory fees (Note 3) 67,717 Professional fees 11,637 Fund accounting fee 9,026 Transfer agent fees 8,721 Registration fees 5,276 Distribution expense (Note 4) 22,772 Custodian 2,811 Trustees' fees 1,440 ----------- Total expenses 144,441 Less: advisory fee waiver and absorption (12,264) ----------- Net expenses 132,177 ----------- Net investment income 298,430 =========== REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain from security transactions $ 2,789,063 Net change in unrealized appreciation on investments 3,176,360 ----------- Net realized and unrealized gain on investments 5,965,423 ----------- Net Increase in Net Assets Resulting from Operations $ 6,263,853 =========== - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 17 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN PREMIER DIVIDEND FUND Statements of Changes in Net Assets
SIX MONTHS ENDED YEAR ENDED MARCH 31, 2000(2) SEPT. 30, 1999 ----------------- -------------- INCREASE IN NET ASSETS FROM OPERATIONS Net investment income $ 298,430 $ 81,811 Net realized gain from security transactions 2,789,063 276,358 Net change in unrealized appreciation on investments 3,176,360 794,811 ------------ ----------- Net increase (decrease) in net assets resulting from operations 6,263,853 1,152,980 ============ =========== DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS Net investment income (299,331) (86,569) Net realized gain on security transactions (242,032) 0 ------------ ----------- (541,363) (86,569) ============ =========== CAPITAL SHARE TRANSACTIONS Net increase in net assets derived from net change in outstanding shares (a) 14,759,021 5,992,141 ------------ ----------- Total increase in net assets 20,481,511 7,058,552 ============ =========== NET ASSETS Beginning of period 8,737,351 1,678,799 ------------ ----------- End of period $ 29,218,862 $ 8,737,351 ============ ===========
(a) A summary of capital share transactions is as follows: SIX MONTHS ENDED YEAR ENDED MARCH 31, 2000 SEPT. 30, 1999 -------------------------- ------------------------- SHARES PAID IN CAPITAL SHARES PAID IN CAPITAL ------ --------------- ------ --------------- Shares sold 949,002 $ 15,347,306 520,970 $ 6,336,978 Shares issued in reinvestment of distributions 28,532 467,652 6,153 76,958 Shares redeemed (62,060) (1,055,937) (32,319) (421,795) ------- ------------ ------- ----------- Net increase 915,474 $ 14,759,021 494,804 $ 5,992,141 ======= ============ ======= =========== (1) COMMENCEMENT OF OPERATIONS. (2) UNAUDITED. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 18 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN PREMIER DIVIDEND FUND Financial Highlights FOR A CAPITAL SHARE OUTSTANDING THROUGHOUT THE PERIOD
SIX MONTHS NOV. 3, 1997(1) ENDED YEAR ENDED THROUGH MARCH 31, 2000(4) SEPT. 30, 1999 SEPT. 30, 1999 ----------------- -------------- -------------- Net asset value, beginning of period $ 13.12 $ 9.80 $ 10.00 ------- ------- ------- Income from investment operations: Net investment income 0.40 0.18 0.21 Net realized and unrealized gain (loss) on investments 5.42 3.33 (0.21) ------- ------- ------- Total from investment operations 5.82 3.51 0.00 ------- ------- ------- Less distributions: From net investment income (0.21) (0.19) (0.20) From new realized gains (0.25) -- -- ------- ------- ------- Total distributions (0.46) (0.19) (0.20) ------- ------- ------- Net asset value, end of period $ 18.48 $ 13.12 $ 9.80 ======= ======= ======= Total return 44.95%(3) 27.86% (0.10)%(3) Ratios/supplemental data: Net assets, end of period (thousands) $29,219 $ 8,737 $ 4,806 Ratio of expenses to average net assets: Before expense reimbursement 1.57%(2) 3.06% 11.28%(2) After expense reimbursement 1.44%(2) 1.50% 1.49%(2) Ratio of net investment income to average net assets After expense reimbursement 3.25%(2) 1.51% 2.62%(2) Portfolio turnover rate 107.97% 120.16% 147.56% ======= ======= =======
- ---------- (1) COMMENCEMENT OF OPERATIONS. (2) ANNUALIZED. (3) NOT ANNUALIZED. (4) UNAUDITED. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 19 2000 SEMI-ANNUAL REPORT THIS PAGE WAS INTENTIONALLY LEFT BLANK. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 20 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND & THE ROCKHAVEN PREMIER DIVIDEND FUND Notes to Financial Statements AT MARCH 31, 2000 NOTE 1 -- ORGANIZATION The Rockhaven Fund and Rockhaven Premier Dividend Fund (the "Funds") are each 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 diversified, open-end management investment company. The Rockhaven Fund's primary investment objective is obtaining above average current income together with capital appreciation. The Rockhaven Premier Dividend Fund's primary investment objective is obtaining high current income and its secondary objective is seeking capital appreciation. The Funds attempt to achieve their objectives by investing in a diversified portfolio of equity securities. The Funds began operations on November 3, 1997. NOTE 2 -- SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with generally accepted accounting principles. A. SECURITY VALUATION: The Funds' 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 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 Funds' 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. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 21 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND & THE ROCKHAVEN PREMIER DIVIDEND FUND Notes to Financial Statements AT MARCH 31, 2000 C. SECURITY TRANSACTIONS, DIVIDENDS AND DISTRIBUTIONS: Security transactions are accounted for on the trade date. Dividend income and distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. Distributions which exceed net realized gains for financial reporting purposes but not for tax purposes are reported as distributions in excess of net realized gains and are primarily due to differing treatments for wash sales and realized losses subsequent to October 31 on sale of securities. 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 securities. D. USE OF ESTIMATES: The preparation of financial statements in conformity with generally accepted accounting principles 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. NOTE 3 -- INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES For the six months ended March 31, 2000, Rockhaven Asset Management, LLC (the "Advisor") provided the Funds 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 each 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 each Fund. For the six months ended March 31, 2000, the Rockhaven Fund and The Rockhaven Premier Dividend Fund incurred $13,838 and $67,717 , respectively, in Advisory Fees. The Funds are responsible for their own operating expenses. The Advisor has agreed to reduce fees payable to it by each Fund and to pay each Fund's operating expenses to the extent necessary to limit each Fund's aggregate annual operating expenses to 1.50% of average net assets (the "expense cap"). Any such reductions made by the Advisor in its fees or payment of expenses which are a 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 - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 22 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND & THE ROCKHAVEN PREMIER DIVIDEND FUND Notes to Financial Statements AT MARCH 31, 2000 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 the Fund's 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 reimbursed is made. Such reimbursement may not be paid prior to a Fund's payment of current ordinary operating expenses. For the six months ended March 31, 2000, the Advisor reduced its fees and absorbed Fund expenses in the amount of $49,191 for The Rockhaven Fund and $12,264 for The Rockhaven Premier Dividend Fund; no amounts were reimbursed to the Advisor. Investment Company Administration, L.L.C. (the "Administrator") acts as the Funds' Administrator under an Administration Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; 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 Fund expenses and reviews each 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 First Fund Distributors, Inc. (the "Distributor") acts as the Funds' 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 and/or directors of the Administrator and the Distributor. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 23 2000 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND & THE ROCKHAVEN PREMIER DIVIDEND FUND Notes to Financial Statements AT MARCH 31, 2000 NOTE 4 -- DISTRIBUTION COSTS Each Fund has adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan"). The Plan permits each Fund to pay for distribution and related expenses at an annual rate of up to 0.25% of each 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 each 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 March 31, 2000, the Funds paid the Distribution Coordinator in the amount of $4,613 for The Rockhaven Fund and $22,772 for The Rockhaven Premier Dividend Fund. NOTE 5 -- PURCHASES AND SALES OF SECURITIES For the six months ended March 31, 2000, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, for The Rockhaven Fund, were $3,116,538 and $2,553,999, respectively. For the six months ended March 31, 2000, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, for The Rockhaven Premier Dividend Fund, were $31,791,688 and $19,394,637, respectively. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 24 2000 SEMI-ANNUAL REPORT Notes - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 25 2000 SEMI-ANNUAL REPORT Notes - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 26 2000 SEMI-ANNUAL REPORT ADVISOR Rockhaven Asset Management, LLC 100 First Avenue, Suite 850 Pittsburgh, PA 15222 www.rockhaven.com DISTRIBUTOR First Fund Distributors, Inc. 4455 East Camelback Road, Suite 261E Phoenix, AZ 85018 CUSTODIAN Firstar Bank, N.A. 425 Walnut Street Cincinnati, OH 45202 TRANSFER AGENT American Data Services, Inc. 150 Motor Parkway, Suite 109 Hauppauge, NY 11788 888.229.2105 LEGAL COUNSEL Paul, Hastings, Janofsky & Walker LLP 345 California Street, 29th Floor San Francisco, CA 94104 AUDITORS PricewaterhouseCoopers LLP 1177 Avenue of the Americas New York, NY 10036 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. LOGO ROCKHAVEN ASSET MANAGEMENT THE RISK MANAGERS 100 First Avenue Suite 850 Pittsburgh, PA 15222 800.522.3508 412.434.6771 FAX www.rockhaven.com (6/00 - 0000) -----END PRIVACY-ENHANCED MESSAGE-----