-----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, G/Ix5NMqCZHk3qTc9/m+OFccwqzwz0mMQo7gacl+h9/OENq19gOHWbdiy4B7bQPa NY3fE6pJbj4kJZTkAtVaqA== 0000950147-01-500223.txt : 20010207 0000950147-01-500223.hdr.sgml : 20010207 ACCESSION NUMBER: 0000950147-01-500223 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001130 FILED AS OF DATE: 20010206 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: 1525791 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 e-6207.txt SEMI-ANNUAL REPORT DTD. 11/30/2000 HERITAGE WEST PREFERRED SECURITIES INCOME FUND SEMI-ANNUAL REPORT NOVEMBER 30, 2000 Dear Shareholders: We continued to see a decline in preferred security prices during the six months ended November 30, 2000, primarily as a result of the continuing slide in the overall markets and multiple announcements of earnings disappointments. Sincerely, /s/ Craig O. Jolly Craig O. Jolly Portfolio Manager THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND SCHEDULE OF INVESTMENTS AT NOVEMBER 30, 2000 (UNAUDITED) - -------------------------------------------------------------------------------- Shares COMMON & PREFERRED SECURITIES: 93.51% Market Value - -------------------------------------------------------------------------------- AIRLINES - 2.22% 3,800 UAL Corp. Capital - 13.25% Trust Originated Callable Preferred................................... $ 109,250 ---------- BANKING - DIVERSIFIED - 7.38% 4,000 Bank of New York Capital Trust - 7.80% Preferred....... 97,750 5,000 California Federal Preferred Capital - 9.125% Exchangeable Series A Preferred..................... 112,188 3,700 Citicorp - 8.40% Cumulative Preferred.................. 94,350 100 Commerce Capital Trust I - 8.75% Preferred............. 2,444 2,500 Citicorp Capital III - 7.10% Preferred................. 56,875 ---------- 363,607 ---------- BANKING - SPECIALTY - INTERNATIONAL - 1.74% 3,400 Barclays Bank PLC, Series D ADR........................ 85,850 ---------- BUSINESS SERVICES - DIVERSIFIED - 1.15% 25 KIMG Management Group - Class A Series A-3 Preferred*.. 25,000 1,400 Swedish Export Credit - Preferred...................... 31,325 ---------- 56,325 ---------- COMMUNICATION - DIVERSIFIED - 0.34% 700 Pacific Telesis Financing I - 7.56% Trust Originated Preferred................................. 16,537 ---------- ELECTRIC - PLANT & EQUIPMENT - 1.67% 3,000 Pacific Gas & Electric Corporation..................... 82,312 ---------- FINANCIAL - SPECIALTY - BROKERAGE - 4.31% 4,900 DLJ Capital Trust I - 8.42% Preferred.................. 121,887 4,000 Merrill Lynch Capitall Trust IV - 7.12% Trust Originated Preferred.......................... 90,750 ---------- 212,637 ---------- FINANCIAL SERVICES - DIVERSIFIED - 2.91% 3,000 Finovia Financial Trust - 5.50% Trust Originated Convertible Preferred.................... 27,750 5,000 Chase Capital Trust IV - 7.34% Series D Cum. Preferred. 115,937 ---------- 143,687 ---------- 2 THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND SCHEDULE OF INVESTMENTS AT NOVEMBER 30, 2000 (UNAUDITED), CONTINUED - -------------------------------------------------------------------------------- Shares Market Value - -------------------------------------------------------------------------------- FOOD - DIVESIFIED - 3.58% 10,600 ConAgra Capital LC - Series B Cum. Preferred........... $ 176,225 ---------- FOOD - SPECIALTY - BEVERAGES - 0.65% 2,000 Glacier Water Trust I - 9.0625% Preferred.............. 32,250 ---------- FOOD - SPECIALTY - FAST FOOD - 2.49% 5,000 McDonalds Corp. - 7.50% Subordinated Deferrable Interest Debentures...................... 122,813 ---------- HOUSEHOLD PRODUCTS - DIVERSIFIED - 1.61% 3,000 Household Capital Trust V- 10.00% Guaranteed Trust Preferred...................................... 79,313 ---------- INDUSTRIAL - DIVERSIFIED - 1.14% 2,400 B F Goodrich Capital - 8.30% Preferred QUIPS........... 56,250 ---------- INSURANCE - DIVERSIFIED - 6.09% 7,000 Acceptance Insurance Company, Inc. Capital Trust - 9.00% Preferred..................... 87,500 4,000 Farmers Group Capital - 8.45% QUIPS.................... 99,500 4,500 Financial Security Assurance - 7.38% Preferred......... 105,188 300 Partnerre Limited - 8.00% Series A Preferred........... 7,237 ---------- 299,425 ---------- INSURANCE - SPECIALTY - LIFE/HEALTH - 2.49% 5,000 UNUM Corporation - 8.80% Series A MIDS................. 122,500 ---------- MEDIA - DIVERSIFIED - 3.56% 4,000 Mediaone Financial Trust II - 9.50% Preferred.......... 98,750 3,000 Sinclair Broadcast Group, Inc. - 6.00% Convertible Perpetual Preferred..................... 76,875 ---------- 175,625 ---------- 3 THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND SCHEDULE OF INVESTMENTS AT NOVEMBER 30, 2000 (UNAUDITED), CONTINUED - -------------------------------------------------------------------------------- Shares Market Value - -------------------------------------------------------------------------------- MINING/METALS - EXPLORATION - 1.25% 3,000 Rio Algom Limited - 9.375% Preferred................... $ 61,500 ---------- OIL & GAS - EXPLORATION - 3.12% 4,000 Repsol International Capital Limited - Series A Non-Cumulative Guaranteed Preferred................... 83,500 3,000 Nexen, Inc. - 9.375% Preferred......................... 70,125 ---------- 153,625 ---------- REAL ESTATE - DIVERSIFIED - 10.63% 3,000 Associates Estates Realty Corp. - 9.75% Depository Shares.................................... 54,375 15,100 G&L Realty Corp. - 10.25% Series A Preferred........... 215,175 4,000 Istar Financial Inc.................................... 79,000 7,000 New Plan Excel Realty Trust Inc........................ 95,375 4,000 United Dominion Realty Trust - 8.60% Cumulative Preferred.................................. 79,750 ---------- 523,675 ---------- REAL ESTATE - SPECIALTY - MOTEL - 5.20% 6,000 Cendant Corporation - 7.50% Covertible Preferred Income PRIDES............................... 82,125 10,950 Equity Inns, Inc. - 9.50% Series A Cumulative Preferred................................. 173,831 ---------- 255,956 ---------- RETAIL - GENERAL MERCHANDISE - 1.24% 5,000 Dilliards Capital Trust I - 7.50% Preferred............ 60,938 ---------- UTILITY - DIVERSIFIED - 1.42% 3,000 Duke Energy Capital Trust - 7.20% Cumulative QUIPS..... 69,937 ---------- 4 THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND SCHEDULE OF INVESTMENTS AT NOVEMBER 30, 2000 (UNAUDITED), CONTINUED - -------------------------------------------------------------------------------- Shares Market Value - ------------------------------------------------------------------------------- UTILITY - SPECIALTY - ELECTRIC - 15.01% 2,200 Consolidated Edison Company - 7.75% QUICS.............. $ 53,900 4,000 EIX Trust I - 7.875% Cumulative QUIPS.................. 91,250 3,900 National Rural Utility Coop - 7.65% QUICS.............. 93,600 5,000 National Rural Utility Coop - 8.00% QUICS.............. 123,125 1,000 Peco Energy Capital Trust - 8.00% Preferred............ 24,938 100 Southern California Edison Company 4.78% Series Cumulative Preferred................................ 1,525 11,900 Southern Company Capital Trust IV 7.13% Trust Originated Preferred................................ 265,519 2,000 Public Service Enterprise Group........................ 85,500 ---------- 739,357 ---------- Total Preferred and Common Stocks (Cost $5,101,260).... 3,999,594 ---------- Principal Amount U.S. GOVERNMENT OBLIGATIONS: 8.11.% - -------------------------------------------------------------------------------- $400,000 U.S. Treasury Bill Due 12/07/2000 Cost ($396,211)...... 399,595 ---------- Principal Amount SHORT-TERM INVESTMENTS: 4.20% - -------------------------------------------------------------------------------- $207,118 Firstar Stellar Treasury Fund (Cost $248,031).......... 207,118 ---------- Total Investments in Securities (Cost $5,101,260+): 93.51%.......................... 4,606,307 Other Assets less Liabilities: 6.49%................... 319,630 ---------- Total Net Assets: 100.00%............................. $ 4,925,937 ========== + Gross unrealized appreciation and depreciation of securities is as follows: Gross unrealized appreciation.......................... $ 31,917 Gross unrealized depreciation.......................... (734,048) ---------- Net unrealized depreciation....................... $ (702,131) ========== * Valued in good faith at fair value by the Board of Trustees following procedures approved by the Board of Trustees. See accompanying Notes to Financial Statements. 5 THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND STATEMENT OF ASSETS AND LIABILITIES AT NOVEMBER 30, 2000 (UNAUDITED) - -------------------------------------------------------------------------------- ASSETS Cash ......................................................... $ 10,681 Investments in securities, at value (cost $5,308,438) ........ 4,606,307 Receivables: Dividends and interest ..................................... 12,367 Due from Advisor ........................................... 5,223 Miscellaneous .............................................. 69,767 Securities sold ............................................ 251,956 Deferred organization costs .................................. 17,911 Prepaid expenses ............................................. 19,619 ----------- Total assets ........................................... $ 4,993,831 ----------- LIABILITIES Payables Administration fees ........................................ 2,264 Distributions .............................................. 60,023 Fund shares repurchased .................................... 815 Accrued expenses ............................................. 4,792 ----------- Total liabilities ...................................... 67,894 ----------- NET ASSETS ..................................................... $ 4,925,937 =========== NET ASSET VALUE PER SHARE* $4,925,937/488,759 shares outstanding; unlimited number of shares (par value $0.01) authorized....................... $ 10.08 =========== OFFERING PRICE PER SHARE ($10.08/.995) ......................... $ 10.55 COMPONENTS OF NET ASSETS Paid-in capital .............................................. $ 5,977,842 Dividends in excess of net investment income ................. (45,496) Accumulated net realized loss on investments ................. (304,338) Net unrealized depreciation on investments ................... (702,071) ----------- Net assets ............................................. $ 4,925,937 =========== * Redemption price per share is equal to net asset value per share less 1% redemption fee on shares held less than one year. See accompanying Notes to Financial Statements. 6 THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED NOVEMBER 30, 2000 (UNAUDITED) - -------------------------------------------------------------------------------- INVESTMENT INCOME Income Interest ...................................................... $ 25,035 Dividends ..................................................... 220,124 --------- Total income ............................................ 245,159 --------- Expenses Advisory fees (Note 3) ........................................ 26,723 Administration fees (Note 3) .................................. 15,040 Custodian and fund accounting fees ............................ 9,062 Professional fees ............................................. 15,042 Transfer agent fees ........................................... 8,023 Registration fees ............................................. 5,723 Reports to shareholders ....................................... 3,510 Amortization of deferred organization costs ................... 3,510 Other ......................................................... 4,162 Trustee fees .................................................. 2,156 Insurance ..................................................... 895 --------- Total expenses .......................................... 93,846 Less, advisory fee waiver and absorption (Note 3) ....... (40,192) --------- Net expenses ............................................ 53,647 --------- NET INVESTMENT INCOME ............................... 191,512 --------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized loss on investments ................................ (199,165) Net change in unrealized appreciation on investments ............ 145,897 --------- Net realized and unrealized loss on investments.......... (53,268) --------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 138,244 ========= See accompanying Notes to Financial Statements. 7 THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
Six Months Year Ended Ended November 30, 2000# May 31, 2000 ------------------ ------------ INCREASE/(DECREASE) IN NET ASSETS FROM: OPERATIONS Net investment income ................................. $ 191,512 $ 457,163 Net realized loss on investments ...................... (199,165) (103,813) Net change in unrealized appreciation / (depreciation) on investments ....................... 145,897 (778,493) ----------- ----------- NET INCREASE / (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ....................... 138,244 (425,143) ----------- ----------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS Net investment income ................................. (191,512) (545,575) Dividends in excess of net investment income .......... (45,496) -- Return of capital ..................................... -- (156,071) ----------- ----------- TOTAL DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS...... (237,008) (701,646) ----------- ----------- TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST Net decrease / (increase) in net assets derived from net change in outstanding shares (a) ........... (424,949) 326,637 ----------- ----------- TOTAL DECREASE IN NET ASSETS .......................... (523,713) (800,152) NET ASSETS Beginning of period ...................................... 5,449,650 6,249,802 ----------- ----------- END OF PERIOD ............................................ $ 4,925,937 $ 5,449,650 =========== =========== (a) A summary of share transactions is as follows: Six Months Year Ended Ended November 30, 2000# May 31, 2000 -------------------- ------------------------ Shares Value Shares Value ------ ----- ------ ----- Shares sold ..................... 42,697 $ 451,996 101,690 $ 1,200,366 Shares issued on reinvestments of distributions ............ 10,868 113,913 35,931 394,739 Shares redeemed ................. (93,941) (990,858) (120,002) (1,268,468) ------- --------- -------- ----------- Net decrease .................... (40,376) $(424,949) 17,619 $ 326,637 ======= ========= ======== ===========
# Unaudited. See accompanying Notes to Financial Statements. 8 THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND FINANCIAL HIGHLIGHTS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
Six Months Year June 24, 1998* Ended Ended through November 30, 2000# May 31, 2000 May 31, 1999 ------------------ ------------ ------------ Net asset value, beginning of period ..................... $ 10.30 $ 12.22 $ 12.25 Income from investment operations: Net investment income .................................. 0.90 0.76 0.83 Net realized and unrealized gain / (loss) on investments ................................ (0.65) (1.46) 0.06 --------- --------- --------- Total from investment operations ......................... 0.25 (0.70) 0.89 --------- --------- --------- Less distributions: From net investment income ............................. (0.36) (0.97) (0.92) In excess of net investment income ..................... (0.11) -- -- Return of capital ...................................... -- (0.25) -- --------- --------- --------- Total distributions ...................................... (0.47) (1.22) (0.92) --------- --------- --------- Net asset value, end of period ........................... $ 10.08 $ 10.30 $ 12.22 ========= ========= ========= TOTAL RETURN (DOES NOT INCLUDE SALES LOAD) ............... 1.73%+ (5.93%) 7.63%+ RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (millions) ..................... $ 4,926 $ 5,449 $ 6,250 Ratio of expenses to average net assets: Before expense reimbursement ........................... 3.51%++ 2.98% 3.82%++ After expense reimbursement ............................ 2.01%++ 1.97% 1.98%++ Ratio of net investment income to average net assets: After expense reimbursement ............................ 7.81%++ 7.19% 7.48%++ Portfolio turnover rate .................................. 170.65% 63.36% 253.59%
# Unaudited. * Commencement of operations. + Not Annualized. ++ Annualized. 9 THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - -------------------------------------------------------------------------------- NOTE 1 - ORGANIZATION The Heritage West Preferred Securities Income 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 diversified, open-end management investment company. The Fund began operations on June 24, 1998. The investment objective of the Fund is to achieve a high rate of current income. The Fund attempts to achieve this objective by buying and selling preferred stocks for the Fund's portfolio in order to realize a high level of dividend income. See Note 5 regarding the Trustees determination to liquidate the Fund subsequent to November 30, 2000. 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 generally accepted accounting principles. 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 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 in good faith by the Board of Trustees 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. 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. DEFERRED ORGANIZATION COSTS: The Fund has incurred expenses of $35,000 in connection with their organization. These costs have been deferred and are being amortized on a straight-line basis over a period of sixty months from the date the Fund commenced investment operations. 10 THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED), CONTINUED - -------------------------------------------------------------------------------- E. 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 November 30, 2000, Heritage West Advisors, LLC (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 1.00% based upon the average daily net assets of the Fund. For the six months ended November 30, 2000, the Fund incurred $26,723 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 2.00% 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 Funds 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 six months ended November 30, 2000, the Advisor reduced its fees and absorbed Fund expenses in the amount of $40,199; no amounts were reimbursed to the Advisor. Investment Company Administration, 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 11 THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED), CONTINUED - -------------------------------------------------------------------------------- Heritage West Securities, Inc. (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 Advisor. Certain officers of the Fund are also officers and/or directors of the Administrator and the Distributor. NOTE 4 - SECURITIES TRANSACTIONS For the six months ended November 30, 2000, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were $8,438,643and $13,785,095, respectively. NOTE 5 - SUBSEQUENT EVENTS On November 27, 2000, The Board of Trustees of the Trust determined to liquidate the Fund as soon as practicable and to distribute the net proceeds of the liquidation (adjusted to absorb any unamortized organization costs and the costs of the liquidation) pro rata to all shareholders. The liquidation of substantially all the Fund's assets was accomplished by December 8, 2000, and an initial distribution of the net liquidation proceeds was made on December 11, 2000. The Fund continues to hold one position, 25 shares of KIMG Management Group - Class A Series A-3 Preferred, which is not liquid and to which the Board of Trustees has assigned a fair value of $25,000. The net proceeds, if any, of the liquidation of the KIMG Management Group - Class A Series A-3 Preferred position will be distributed pro rata to shareholders of record promptly following receipt. The Fund will then be terminated. 12 ADVISOR Heritage West Advisers, LLC 3550 North Central Avenue Suite 1800 Phoenix, Arizona 85012 DISTRIBUTOR Heritage West Securities, Inc. 7373 North Scottsdale Road Suite D-201 Scottsdale, Arizona 85253 CUSTODIAN Firstar Institutional Custody Services 425 Walnut Street Cincinnati, Ohio 45202 TRANSFER AGENT ICA Fund Services Corp. 4455 East Camelback Road, Suite 261E Phoenix, AZ 85018 LEGAL COUNSEL Paul, Hastings, Janofsky & Walker LLP 345 California Street, 29th Floor San Francisco, California 94104 -----END PRIVACY-ENHANCED MESSAGE-----