-----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, V4XhPY8N+0RDQ0xno/uyFa3xllQ2rrwc0n/EnkeusRZkEFVyHVtlzaKGgY65FE5x i515fjQMEHRv2PqaMjpIOg== 0000950147-01-501041.txt : 20010605 0000950147-01-501041.hdr.sgml : 20010605 ACCESSION NUMBER: 0000950147-01-501041 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010331 FILED AS OF DATE: 20010604 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: 1653202 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-6955.txt SEMI-ANNUAL REPORT DATED 3/31/2001 ROCKHAVEN ASSET MANAGEMENT THE RISK MANAGERS The Rockhaven Fund The Rockhaven Premier Dividend Fund [LOGO] SEMI-ANNUAL REPORT FOR THE SIX MONTHS ENDED MARCH 31, 2001 Dear Investor: To begin, I want to send my personal thanks to all of our shareholders. Despite the downright ugly conditions we have seen in the equity markets over the last year, our funds have suffered minimal redemptions. We see this as a sign of educated investors and value your trust and confidence. It is easy to be a market participant during bull markets, but it is the bear markets that separate true long-term investors from their short-term counterparts. In the last year, as we have watched the implosion of the Internet Bubble, many have questioned the viability of the Internet as a new way of life. So much had been said regarding the rise of technology and the fundamental changes it will bring to our lives. The promises of endless interconnectivity, the abundance of boundless knowledge, and the efficiencies of a connected network, which were heralded not long ago, have receded from the spotlight. It is hard to believe in the power of the technology when we have such a limited grasp on its capability. The outperformance of these stocks in the market was affirmation of the power of technology, although we couldn't understand its intricacies. Now that these stocks have dwindled in value to mere pennies, has technology lost its gild? Of course not...we are merely on the edge of a new era. Much like the Industrial Revolution and the Great Railroad Boom spurred speculation, so has technology. The rapid rise of innovations in the telecommunications and technology sector created tremendous excitement about the possibilities of the future. As this excitement grew and proliferated, more and more of us became convinced of the power technology yields. Investors wanted increasingly bigger pieces of the action, so they invested their dollars with companies full of promise, but no product. Some of these companies were successful and have created the new paradigm; they became the new industry leaders, replacing the old (Dell versus Apple). Some failed to execute their ideas or bring products to market (Webvan). Some provide excellent products and services, but have yet to turn a profit (Amazon). However, no matter how the last decade is perceived, it cannot be denied that a life-changing shift has begun. The Industrial Revolution did not occur overnight. There were numerous investors who lost their fortune in the steel industry in the late 1800s and even more people who lost their lives changing the way modern society lives - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 1 2001 SEMI-ANNUAL REPORT and works. Many railroad company operations were nothing more than "get rich quick" schemes, but we still use the rails to ship almost 40% of our freight! The evolution of these industries was slow and bumpy, but the fact remains that substantial economic change has always been surrounded by a period of speculation, hardship to certain economic segments, and the failure of the MAJORITY of players. What has changed this time around is that the average person has assumed a greater personal stake in the successes and failures of the emerging new era. Everyday investors have a stake in these successes and failures. Rather than a, protracted dissemination of a new way of life, the majority of Americans have become instantly caught up in the technology and telecommunications industry, not only through our investments, but also in our lifestyles. This is truly a historical first. This new era will emerge and we will see drastic changes to our everyday lives, but we won't see them immediately. There are still opportunities to invest in these emerging industries, but they are harder to find. There are still ways to make money, but it won't be easy. In the last six months, we have become increasingly selective in our security selection process. Our focus has remained on limiting downside risk. We continue to look for companies with strong industry position, a profitable business model, and dedicated leadership. The funds have performed well throughout. Both funds have performed more or less in line with their benchmarks year to date and both funds outperformed their benchmarks for the year 2000. The convertibles in both portfolios have held up beautifully and have become excellent sources of yield in the portfolios. We are beginning to see signs of life for the market and are capitalizing on new opportunities. While we believe value stocks have had a solid run in the last 12 months, we believe outperformance for the remainder of the year will most likely come from the growth-oriented names and are adjusting our portfolios accordingly. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 2 2001 SEMI-ANNUAL REPORT THE CURRENT ENVIRONMENT * EARNINGS--While capital spending on technology has ground to a halt, the excesses will continue to be worked off during the next several quarters. Next year's comparisons will be much easier. * INTEREST RATES--Four strong Fed easings, and a fifth on the way, have led to an improving equity market. Inflation remains subdued and the inverted yield curve has changed its direction. Very low short-term rates are making equities once again attractive to investors. * LIQUIDITY--Money supply and assets in money market funds have been booming. The prospect of lower taxes is also bullish. SUMMARY While I would love to be outright bullish, the uncertainty surrounding the breadth and depth of the earnings collapse has kept me cautious. We continue to invest our portfolios sector-neutral to their appropriate benchmarks and are focusing on companies with earnings visibility and improving competitive positions. Our optimism is on the rise. Once again, I thank you for your continued support. /s/ Christopher Wiles Christopher Wiles - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 3 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND Schedule of Investments AT MARCH 31, 2001 (UNAUDITED) SHARES COMMON STOCKS: 50.19% MARKET VALUE - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY: 2.07% 3,200 Tiffany & Co. $ 87,200 ------------ CONSUMER STAPLES: 4.81% 1,000 H. J. Heinz Company 40,200 1,600 The Gillette Company 49,872 1,150 The Quaker Oats Company 112,700 ------------ 202,772 ------------ ENERGY: 3.51% 1,824 Exxon Mobil Corporation 147,744 ------------ FINANCE: 12.14% 750 American International Group, Inc. 60,375 2,599 Citigroup Inc. 116,903 2,365 J.P. Morgan Chase & Co. 106,188 1,100 Lehman Brothers Holdings Inc. 68,970 1,600 Mellon Financial Corporation 64,832 1,700 Merrill Lynch & Co.,. Inc. 94,180 ------------ 511,448 ------------ HEALTH CARE: 10.17% 2,100 Abbott Laboratories 99,099 1,500 Bristol-Myers Squibb Company 89,100 1,267 Johnson & Johnson 110,824 1,500 Pfizer, Inc. 61,425 1,860 Schering-Plough Corporation 67,946 ------------ 428,394 ------------ INDUSTRIALS: 6.51% 1,500 Emerson Electric Co. 92,940 2,500 General Electric Company 104,650 1,350 Illinois Tools Works Inc. 76,734 ------------ 274,324 ------------ INFORMATION TECHNOLOGY: 6.18% 2,300 Corning Incorporated 47,587 1,300 Electronic Data Systems Corporation 72,618 1,200 Microsoft Corp.(1) 65,625 3,475 Motorola, Inc. 49,554 800 Texas Instruments Inc. 24,784 ------------ 260,168 ------------ MATERIALS: 2.08% 2,150 E. I. du Pont de Nemours and Company 87,505 ------------ OTHER: 0.97% 350 S&P 500 Depository Receipt/Spdr Trust Series I 40,842 ------------ TELECOMMUNICATIONS SERVICES: 1.75% 1,800 BellSouth Corporation 73,656 ------------ Total Common Stocks (Cost $2,154,325) $ 2,114,053 ------------ - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 4 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND Schedule of Investments AT MARCH 31, 2001 (UNAUDITED) SHARES CONVERTIBLE PREFERRED STOCKS: 26.50% MARKET VALUE - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY: 2.54% 1,800 Cox Communications, Inc., 7% $ 107,100 ------------ CONSUMER STAPLES: 2.76% 1,600 The Estee Lauder Companies Inc., 6.25% 116,208 ------------ ENERGY: 2.98% 1,300 Apache Corporation, $2.015 63,089 1,700 EOG Resources/Enron Corporation, 7% 62,305 ------------ 125,394 ------------ FINANCE: 4.34% 850 MetLife Capital Trust I, 8% 80,325 1,250 Washington Mutual, Inc., 8% 102,625 ------------ 182,950 HEALTH CARE: 1.59% 1,500 Pharmacia Corporation, 6.5% 66,975 ------------ INFORMATION TECHNOLOGY: 4.11% 2,700 Amdocs Automatic, 6.75% 114,750 600 Tribune Company/America Online (PHONES), 2% 58,200 ------------ 172,950 ------------ ELECOMMUNICATION SERVICES: 3.93% 470 Global Crossing Ltd., 6.75% 73,907 1,500 Qwest Trends Trust, 5.75%(2) 91,500 ------------ 165,407 ------------ UTILITIES: 4.25% 900 Calpine "High Tides" Capital Trust II, 5.5% 97,538 3,000 Duke Energy Corporation, 8.25% 81,750 ------------ 179,288 ------------ Total Convertible Preferred Stock (Cost $1,082,219) $ 1,116,272 ------------ - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 5 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND Schedule of Investments AT MARCH 31, 2001 (UNAUDITED) PRINCIPAL AMOUNT CONVERTIBLE BONDS: 21.95% MARKET VALUE - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY: 6.52% 105,000 Costco Companies, Inc., 0%, 8/19/2017(1) $ 98,569 220,000 Four Seasons Hotel, Inc., Lyons, 0%, 9/23/2029(1) 71,500 60,000 Omnicom Group Inc., 2.25%, 1/6/2013 104,775 ------------ 274,844 ------------ HEALTH CARE: 2.29% 80,000 Amerisource Health, 5%, 12/1/2007(2) 96,300 ------------ INDUSTRIAL: 4.31% 160,000 SPX Corporation, 0%, 2/6/2021 (1,2) 88,800 90,000 UPS, 1.75%, 9/27/2007 92,700 ------------ 181,500 ------------ INFORMATION TECHNOLOGY: 8.83% 50,000 Affiliated Computer Services, Inc. (convertible into shares of Affiliated Computer Services), 4%, 3/15/2005 $ 80,375 30,000 Burr-Brown Corporation (convertible into shares of Texas Instruments), 4.25%, 2/15/2007(2) 33,300 75,000 DDI Corporation, 5.25%, 3/1/2008 61,594 75,000 Juniper Networks, Inc., 4.75%, 3/15/2007 54,938 770,000 Peregrine, 5.5%, 11/15/2007(2) 74,287 80,000 Rational Software Corporation, 5%, 2/1/2007 67,600 ------------ 372,094 ------------ Total Convertible Bonds (Cost $1,006,163) $ 924,738 ------------ PRINCIPAL AMOUNT SHORT-TERM INVESTMENTS: 0.66% MARKET VALUE - -------------------------------------------------------------------------------- $ 27,678 Firstar Stellar Treasury Fund (Cost $27,678) $ 27,678 ------------ Total Investments in Securities (Cost $4,270,385)3: 99.30% 4,182,741 Other Assets in Excess of Liabilities: 0.70% 29,660 ------------ NET ASSETS: 100% $ 4,212,401 ------------ (1) NON-INCOME PRODUCING. (2) SECURITIES ISSUED IN RELIANCE ON RULE 144A OF THE SECURITIES ACT OF 1933. RULE 144A SECURITIES MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM REGISTRATION NORMALLY TO QUALIFIED INSTITUTIONAL BUYERS. THESE SECURITIES HAVE BEEN DETERMINED BY THE ADVISOR TO BE LIQUID PURSUANT TO PROCEDURES ADOPTED BY THE TRUSTEES. AT MARCH 31, 2001, THESE SECURITIES AMOUNTED TO $350,887, REPRESENTING 8.33% OF NET ASSETS. (3) AT MARCH 31, 2001, GROSS UNREALIZED APPRECIATION AND DEPRECIATION OF SECURITIES WERE AS FOLLOWS: Gross unrealized appreciation $ 238,864 Gross unrealized depreciation (326,508) ------------ Net unrealized appreciation $ (87,644) ------------ - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 6 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND Statement of Assets and Liabilities AT MARCH 31, 2001 (UNAUDITED) ASSETS Investments in securities, at value (cost $4,270,385) $ 4,182,741 Receivables: Securities sold 17,960 Dividends and interest 8,169 Due from advisor 13,108 Prepaid expenses 24,637 ----------- Total assets 4,246,615 ----------- LIABILITIES Payables: Securities purchased 23,462 Accrued expenses 10,752 ----------- Total liabilities 34,214 ----------- NET ASSETS $ 4,212,401 =========== Net asset value and redemption price per share [$4,212,401/389,303 shares outstanding; unlimited number of shares (par value $.01) authorized] $ 10.82 =========== Maximum offering price per share ($10.82/.9425) $ 11.48 ----------- COMPONENTS OF NET ASSETS Paid-in capital $ 4,020,277 Accumulated net realized gain on investments 279,768 Net unrealized appreciation on investments (87,644) ----------- Net assets $ 4,212,401 =========== SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 7 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND Statement of Operations FOR THE SIX MONTHS ENDED MARCH 31, 2001 (UNAUDITED) INVESTMENT INCOME Income Dividends $ 36,466 Interest 15,024 --------- Total income 51,490 --------- Expenses Advisory fees (Note 3) 16,943 Professional fees 15,032 Fund accounting fees 12,890 Administration fees (Note 3) 10,602 Transfer agent fees 10,040 Distribution fees (Note 4) 5,647 Registration expense 5,475 Reports to shareholders 4,898 Custody fees 3,636 Trustee fees 2,361 Other 2,116 Insurance expense 801 --------- Total expenses 90,441 Less: advisory fee waiver and absorption (Note 3) (56,595) --------- Net expenses 33,846 --------- Net investment income 17,644 ========= REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized loss on investments (205,618) Net change in unrealized appreciation on investments (724,217) --------- Net realized and unrealized loss on investments (929,835) --------- Net decrease in net assets resulting from operations $(912,191) ========= SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 8 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND Statements of Changes in Net Assets
SIX MONTHS ENDED YEAR ENDED MAR. 31, 2001(1) SEPT. 30, 2000 ---------------- -------------- NET INCREASE/(DECREASE) IN NET ASSETS FROM: OPERATIONS Net investment income $ 17,644 $ 44,999 Net realized (loss)/gain on investments (205,618) 478,572 Net change in unrealized appreciation on investments (724,217) 403,036 ----------- ----------- NET (DECREASE)/INCREASE IN NET ASSETS RESULTING FROM OPERATIONS (912,191) 926,607 =========== =========== DISTRIBUTIONS TO SHAREHOLDERS From net investment income (18,853) (42,552) From net realized gain (416,087) (81,316) ----------- ----------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS (434,940) (123,868) =========== =========== TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST Net increase in net assets derived from net change in outstanding shares (a) 610,392 1,153,052 ----------- ----------- TOTAL (DECREASE) / INCREASE IN NET ASSETS (736,739) 1,955,791 =========== =========== NET ASSETS Beginning of year 4,949,140 2,993,349 ----------- ----------- End of year $ 4,212,401 $ 4,949,140 =========== ===========
(a) A summary of share transactions is as follows:
YEAR ENDED YEAR ENDED MAR. 31, 2001(1) SEPT. 30, 2000 -------------------------- -------------------------- SHARES VALUE SHARES VALUE -------- ----------- -------- ----------- Shares sold 35,780 $ 446,741 95,600 $ 1,360,625 Shares issued in reinvestment of distributions 31,153 356,394 7,279 96,478 Shares redeemed (14,955) (192,743) (20,929) (304,051) -------- ----------- -------- ----------- Net increase 51,978 $ 610,392 81,950 $ 1,153,052 ======== =========== ======== ===========
(1) UNAUDITED. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 9 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN FUND Financial Highlights FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
NOV. 3, 1997(1) SIX MONTHS YEAR ENDED YEAR ENDED THROUGH MAR. 31, 2001(5) SEPT. 30, 2000 SEPT. 30, 1999 SEPT. 30, 1998 ---------------- -------------- -------------- -------------- Net asset value, beginning of period $ 14.67 $ 11.72 $ 9.71 $ 10.00 ------- ------- ------- ------- INCOME FROM INVESTMENT OPERATIONS Net investment income 0.06 0.14 0.09 0.14 ------- ------- ------- ------- Net realized and unrealized gain/(loss) on investments (2.62) 3.26 2.03 (0.29) ------- ------- ------- ------- Total from investment operations (2.56) 3.40 2.12 (0.15) ------- ------- ------- ------- LESS DISTRIBUTIONS From net investment income (0.06) (0.14) (0.11) (0.14) From net realized gain on investments (1.23) (0.31) -- -- ------- ------- ------- ------- Total distributions (1.29) (0.45) (0.11) (0.14) ------- ------- ------- ------- Net asset value, end of period $ 10.82 $ 14.67 $ 11.72 $ 9.71 ======= ======= ======= ======= Total return(2) (17.97)%(3) 29.48% 21.88% (1.61)%(3) ======= ======= ======= ======= RATIOS/SUPPLEMENTAL DATA Net assets, end of period (millions) $ 4.2 $ 4.9 $ 3.0 $ 2.0 RATIO OF EXPENSES TO AVERAGE NET ASSETS Before expense reimbursement 4.00%(4) 3.80% 4.59% 8.51%(4) After expense reimbursement 1.50%(4) 1.50% 1.50% 1.49%(4) RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS After expense reimbursement 0.78%(4) 1.07% 0.83% 1.82%(4) Portfolio turnover rate 110.54% 142.74% 113.36% 98.13% ======= ======= ======= =======
(1) COMMENCEMENT OF OPERATIONS. (2) DOES NOT REFLECT SALES LOAD. (3) NOT ANNUALIZED. (4) ANNUALIZED. (5) UNAUDITED. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 10 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN PREMIER DIVIDEND FUND Schedule of Investments AT MARCH 31, 2001 (UNAUDITED) SHARES COMMON STOCKS: 3.51% MARKET VALUE - -------------------------------------------------------------------------------- MATERIALS: 2.63% 48,800 AMEX Basic Industries SPDR $ 974,536 OTHER: 0.88% 2,800 S&P 500 Depository Receipt/Spdr Trust Series I 326,732 Total Common Stocks (Cost $1,398,078) $ 1,301,268 SHARES CONVERTIBLE PREFERRED STOCKS: 43.36% MARKET VALUE - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY/STAPLES: 3.00% 15,300 The Estee Lauder Companies Inc., 6.25% $ 1,111,239 ------------ ENERGY: 10.41% 17,500 Apache Corporation, 6.75% 849,275 15,800 El Paso (Coastal), Feline prides, 6.625% 707,840 26,600 EOG Resources/Enron Corporation, 7% 974,890 19,000 K N Energy, Inc./Kinder Morgan, 8.25% 1,318,600 ------------ 3,850,605 ------------ FINANCIAL: 5.25% 9,000 MetLife Capital Trust I, 8% 850,500 13,300 Washington Mutual, Inc., 8% 1,091,930 ------------ 1,942,430 ------------ HEALTH CARE: 2.57% 21,300 Pharmacia Corporation, 6.5% 951,045 ------------ MEDIA: 5.97% 19,600 Cox Communications, Inc., 7% 1,166,200 10,750 Tribune Company/America Online (PHONES), 2% 1,042,750 ------------ 2,208,950 ------------ TELECOMMUNICATIONS: 9.61% 32,700 Amdocs Automatic, 6.75% 1,389,750 6,200 Global Crossing Ltd., 6.75% 974,950 19,500 Qwest Trends Trust, 5.75% 2 1,189,500 ------------ 3,554,200 ------------ UTILITIES: 6.55% 11,700 Calpine "High Tides" Trust II, 5.5% 1,267,987 42,400 Duke Energy Corporation, 8.25% 1,155,400 ------------ 2,423,387 ------------ Total Convertible Preferred Stocks (Cost $15,719,085) $ 16,041,856 ------------ - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 11 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN PREMIER DIVIDEND FUND Schedule of Investments AT MARCH 31, 2001 (UNAUDITED) PRINCIPAL AMOUNT CONVERTIBLE BONDS: 51.31% MARKET VALUE - -------------------------------------------------------------------------------- CONSUMER DISCRETIONARY/STAPLES: 5.14% 1,095,000 Costco Companies, Inc., 0%, 8/19/2017(1) $ 1,027,931 2,684,000 Four Seasons Hotel, Inc., Lyons, 0%, 9/23/2029(1) 872,300 ------------ 1,900,231 ------------ FINANCIAL: 2.26% 820,000 JPM/Jardine Matheson (JMH Finance), 4.75%, 9/6/2007(2) 837,425 ------------ HEALTH CARE: 9.44% 930,000 Allergan Inc., 0%, 11/1/2020(1,2) 578,925 690,000 Amerisource Health, 5%, 12/1/2007(2) 830,587 1,085,000 Elan Finance, 0%, 12/14/2018(1) 862,575 690,000 Gilead Sciences, 5%, 12/15/2007(2) 633,938 590,000 Invitrogen, 5.5%, 3/1/2007 587,050 ------------ 3,493,075 ------------ INDUSTRIALS/TRANSPORTATION: 5.68% 1,330,000 United Parcel Service, Inc., 1.75%, 9/27/2007 1,369,900 730,000 Waste Connections, 5.5%, 4/15/2006 730,913 ------------ 2,100,813 ------------ MEDIA: 4.67% 840,000 Liberty Media (convertible into shares of Viacom), 3.25%, 3/15/2031(2) 817,950 520,000 Omnicom Group Inc., 2.25%, 1/6/2013 908,050 ------------ 1,726,000 TECHNOLOGY: 22.44% 600,000 Affiliated Computer Services, Inc. (convertible into shares of Affiliated Computer Services), 4%, 3/15/2005 964,500 820,000 Burr-Brown Corporation (convertible into shares of Texas Instruments), 4.25%, 2/15/2007(2) 910,200 940,000 Comverse Technology, Inc., 1.5%, 12/1/2005(2) 804,875 950,000 DDI Corporation, 5.25%, 3/1/2008 780,188 835,000 International Rectifier Corporation, 4.25%, 7/15/2007(2) 694,094 1,100,000 Juniper Networks, Inc., 4.75%, 3/15/2007 805,750 300,000 Kestrel Solutions, Inc., 5.5%, 7/15/2005(2,3) 264,000 865,000 Peregrine, 5.5%, 11/15/2007(2) 917,981 940,000 Rational Software Corporation, 5%, 2/1/2007(2) 794,300 930,000 Semtech Corporation, 4.5%, 2/1/2007(2) 871,875 980,000 Solectron Corporation, 0%, 5/8/2020(1) 493,675 ------------ 8,301,438 ------------ TELECOMMUNICATIONS: 1.68% 790,000 American Tower Corporation, 5%, 2/15/2010 622,125 ------------ Total Convertible Bonds (Cost $20,826,944) $ 18,981,107 ------------ - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 12 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN PREMIER DIVIDEND FUND Schedule of Investments AT MARCH 31, 2001 (UNAUDITED) PRINCIPAL AMOUNT SHORT-TERM INVESTMENTS: 0.42% MARKET VALUE - -------------------------------------------------------------------------------- $154,463 Firstar Stellar Treasury Fund (Cost $154,463) $ 154,463 ------------ Total Investments in Securities (Cost $38,098,570)(4): 98.60% 36,478,694 Other Assets in Excess of Liabilities: 1.40% 517,089 ------------ NET ASSETS: 100% $ 36,995,783 ============ (1) NON-INCOME PRODUCING. (2) SECURITIES ISSUED IN RELIANCE ON RULE 144A OF THE SECURITIES ACT OF 1933. RULE 144A SECURITIES MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM REGISTRATION NORMALLY TO QUALIFIED INSTITUTIONAL BUYERS. THESE SECURITIES HAVE BEEN DETERMINED BY THE ADVISOR TO BE LIQUID PURSUANT TO PROCEDURES ADOPTED BY THE TRUSTEES. AT MARCH 31, 2001, THESE SECURITIES AMOUNTED TO $8,317,469, REPRESENTING 22.48% OF NET ASSETS. (3) SECURITIES VALUED UNDER PROCEDURES APPROVED BY THE BOARD OF TRUSTEES. (4) AT MARCH 31, 2001, GROSS UNREALIZED APPRECIATION AND DEPRECIATION OF SECURITIES WERE AS FOLLOWS: Gross unrealized appreciation $ 1,619,920 Gross unrealized depreciation (3,239,797) ------------ Net unrealized appreciation $ (1,619,877) ============ - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 13 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN PREMIER DIVIDEND FUND Statement of Assets and Liabilities AT MARCH 31, 2001 (UNAUDITED) ASSETS Investments in securities, at value (cost $38,098,570) $ 36,478,694 Receivables: Securities sold 1,107,218 Dividends and interest 131,690 Fund shares sold 146,154 Prepaid expenses 34,230 ------------ Total assets 37,897,986 ------------ LIABILITIES Payables: Interest purchased 542 Securities purchased 815,750 Fund shares redeemed 57,075 Accrued expenses 28,837 ------------ Total liabilities 902,204 ------------ NET ASSETS $ 36,995,783 ------------ Net asset value and redemption price per share [$36,995,783/2,737,929 shares outstanding; unlimited number of shares (par value $.01) authorized] $ 13.51 ------------ Maximum offering price per share ($13.51/.9425) $ 14.33 ------------ COMPONENTS OF NET ASSETS Paid-in capital $ 36,846,161 Accumulated net realized gain on investments 1,769,499 Net unrealized depreciation on investments (1,619,877) ------------ Net assets $ 36,995,783 ============ SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 14 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN PREMIER DIVIDEND FUND Statement of Operations FOR THE SIX MONTHS ENDED MARCH 31, 2001 (UNAUDITED) INVESTMENT INCOME Income Dividends $ 344,874 Interest 321,280 ----------- Total income $ 666,154 Expenses Advisory fees (Note 3) $ 128,202 Distribution fees (Note 4) 45,212 Administration fees (Note 3) 36,170 Fund accounting fees 13,914 Professional fees 12,474 Transfer agent fees 10,140 Custody fees 5,532 Registration expense 5,254 Reports to shareholders 5,125 Other 3,260 Trustee fees 2,361 Insurance fees 1,845 ----------- Total expenses 269,489 Add: expenses recouped by advisor (Note 3) 1,585 ----------- Net expenses 271,074 ----------- Net investment income 395,080 =========== REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS Net realized loss on investments (2,365,351) Net change in unrealized appreciation on investments (5,858,759) ----------- Net realized and unrealized loss on investments (8,224,110) ----------- Net decrease in net assets resulting from operations $(7,829,030) =========== SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 15 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN PREMIER DIVIDEND FUND Statements of Changes in Net Assets
SIX MONTHS ENDED YEAR ENDED NET INCREASE/(DECREASE) IN NET ASSETS FROM: MAR. 31, 2001(1) SEPT. 30, 2000 ---------------- -------------- OPERATIONS Net investment income $ 395,080 $ 453,828 Net realized (loss)/gain on investments (2,365,351) 3,694,066 Net change in unrealized appreciation on investments (5,858,759) 3,496,919 ------------ ------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS (7,829,030) 7,644,813 ============ ============ DISTRIBUTIONS TO SHAREHOLDERS From net investment income (370,166) (416,093) From net realized gain (3,836,119) (242,031) ------------ ------------ TOTAL DISTRIBUTIONS TO SHAREHOLDERS (4,206,285) (658,124) ============ ============ TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST Net increase in net assets derived from net change in outstanding shares (a) 12,007,353 21,299,705 ------------ ------------ TOTAL (DECREASE)/INCREASE IN NET ASSETS (27,962) 28,286,394 ============ ============ NET ASSETS Beginning of year 37,023,745 8,737,351 ------------ ------------ End of year $ 36,995,783 $ 37,023,745 ============ ============
(a) A summary of share transactions is as follows:
SIX MONTHS ENDED YEAR ENDED MAR. 31, 2001(1) SEPT. 30, 2000 ---------------------------- ---------------------------- SHARES VALUE SHARES VALUE ------------ ------------ ------------ ------------ Shares sold 690,747 $ 10,557,490 1,338,984 $ 22,560,352 Shares issued in reinvestment of distributions 267,281 3,743,935 34,207 576,853 Shares redeemed (153,613) (2,294,072) (105,738) (1,837,500) ------------ ------------ ------------ ------------ Net increase 804,416 $ 12,007,353 1,267,453 $ 21,299,705 ============ ============ ============ ============
(1) UNAUDITED. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 16 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN PREMIER DIVIDED FUND Financial Highlights FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
NOV. 3, 1997(1) SIX MONTHS ENDED YEAR ENDED YEAR ENDED THROUGH MAR. 31, 2001(5) SEPT. 30, 1999 SEPT. 30, 2000 SEPT. 30, 1998 ---------------- -------------- -------------- -------------- Net asset value, beginning of period $ 19.15 $ 13.12 $ 9.80 $ 10.00 ------- ------- ------- ------- INCOME FROM INVESTMENT OPERATIONS Net investment income 0.17 0.29 0.18 0.21 Net realized and unrealized gain/(loss) on investments (3.76) 6.26 3.33 (0.21) ------- ------- ------- ------- Total from investment operations (3.59) 6.55 3.51 -- ------- ------- ------- ------- LESS DISTRIBUTIONS From net investment income (0.16) (0.27) (0.19) (0.20) From net realized gain on investments (1.89) (0.25) -- -- ------- ------- ------- ------- Total distributions (2.05) (0.52) (0.19) (0.20) ------- ------- ------- ------- Net asset value, end of period $ 13.51 $ 19.15 $ 13.12 $ 9.80 ======= ======= ======= ======= Total return(2) (19.10)%(3) 50.67% 35.98% (0.10)%(3) RATIOS/SUPPLEMENTAL DATA Net assets, end of period (millions) $ 37.0 $ 37.0 $ 8.7 $ 1.7 RATIO OF EXPENSES TO AVERAGE NET ASSETS Before expense reimbursement 1.50%(4) 1.58% 3.06% 11.28%(4) After expense reimbursement 1.50%(4) 1.50% 1.50% 1.49%(4) RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS After expense reimbursement 2.18%(4) 1.83% 1.51% 2.62%(4) Portfolio turnover rate 139.83% 180.77% 120.16% 147.56% ======= ======= ======= =======
(1) COMMENCEMENT OF OPERATIONS. (2) DOES NOT REFLECT SALES LOAD. (3) NOT ANNUALIZED. (4) ANNUALIZED. (5) UNAUDITED. SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 17 2001 SEMI-ANNUAL REPORT THIS PAGE WAS INTENTIONALLY LEFT BLANK. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 18 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN PREMIER DIVIDEND FUND Notes to Financial Statements AT MARCH 31, 2001 (UNAUDITED) NOTE 1--ORGANIZATION The Rockhaven Fund and The 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 19 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN PREMIER DIVIDEND FUND Notes to Financial Statements AT MARCH 31, 2001 (UNAUDITED) 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 generally accepted accounting principles. 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, 2001, 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, 2001, The Rockhaven Fund and The Rockhaven Premier Dividend Fund incurred $16,943 and $128,202, 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 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 reimbursement is made. Such reimbursement may not be paid prior to a Fund's payment of current ordinary - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 20 2001 SEMI-ANNUAL REPORT THE ROCKHAVEN PREMIER DIVIDEND FUND Notes to Financial Statements AT MARCH 31, 2001 (UNAUDITED) operating expenses. For the six months ended March 31, 2001, the Advisor recouped $1,585 of such expenses it previously reimbursed to The Rockhaven Premier Dividend Fund. For the six months ended March 31, 2001, the Advisor reduced its fees and absorbed Fund expenses in the amount of $56,595 for The Rockhaven Fund; no amounts were reimbursed to the Advisor. Cumulative expenses subject to recapture, pursuant to the aforementioned conditions, amounted to $337,404 and $192,923 for The Rockhaven Fund and The Rockhaven Premier Dividend Fund, respectively. 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 Funds' custodian, transfer agent and accountants; coordinates the preparation and payment of the Funds' expenses and reviews the Funds' 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 Funds' shares. The Distributor is an affiliate of the Administrator. Certain officers of the Funds are also officers and/or directors of the Administrator and the Distributor. NOTE 4 - DISTRIBUTION COSTS The Funds have adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan"). The Plan permits the Funds 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 the Funds. 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, - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 21 2001 SEMI-ANNUAL REPORT distribution fees are paid to the Advisor as "Distribution Coordinator". For the six months ended March 31, 2001, the Funds paid the Distribution Coordinator in the amount of $5,647 for The Rockhaven Fund and $45,212 for The Rockhaven Premier Dividend Fund. NOTE 5 - SECURITIES TRANSACTIONS For the six months ended March 31, 2001, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, for The Rockhaven Fund, were $5,156,713 and $4,972,844, respectively. For the six months ended March 31, 2001, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, for The Rockhaven Premier Dividend Fund, were $58,327,130 and $50,639,849, respectively. NOTE 6 - PRIVACY NOTICE The Rockhaven Funds and Rockhaven Asset Management collect non-public information about you from the following sources: * Information we receive about you on applications or other forms; * Information you give us orally; and * Information about your transactions with us or others. We do not disclose any non-public personal information about our customers or former customers without the customer's authorization, except as required by law or in response to inquiries from governmental authorities. We restrict access to your personal and account information to those employees who need to know that information to provide products and services to you. We also may disclose that information to unaffiliated third parties (such as to brokers or custodians) only as permitted by law and only as needed for us to provide agreed services to you. We maintain physical, electronic and procedural safeguards to guard your non-public personal information. - -------------------------------------------------------------------------------- ROCKHAVEN ASSET MANAGEMENT 22 2001 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 Ultimus Fund Solutions, LLC 135 Merchant Street, Suite 230 Cincinnati, OH 45246 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 ORIGINAL COST. STATEMENTS AND OTHER INFORMATION HEREIN ARE DATED AND 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 (5/01-1500) -----END PRIVACY-ENHANCED MESSAGE-----