-----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, K7+uUx/cgj1vomjI0vn1KRZ/eQ4Gj38KSf0xJAFi0FJm/52K/iwIQD0Cg82nHQdO EW9IYcSZXX2iBuqfGSsy/g== 0000950147-01-501139.txt : 20010626 0000950147-01-501139.hdr.sgml : 20010626 ACCESSION NUMBER: 0000950147-01-501139 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010430 FILED AS OF DATE: 20010625 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: 1666841 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-7037.txt SEMI-ANNUAL REPORT DATED 4/30/2001 VAN DEVENTER & HOCH ------------------- AMERICAN VALUE FUND Semi-Annual Report April 30, 2001 VAN DEVENTER & HOCH AMERICAN VALUE FUND June 15, 2000 Dear Fellow Shareholder: The AST American Value Fund has performed very well recently, with the Fund posting a positive return of 5.92% for the six month period ending April 30, 2001. By comparison, the S&P 500 Index declined 12.07% for the same period. The Fund's strong performance for the period under review can be attributed to several factors. Foremost, many of the Fund's holdings have appreciated significantly from last year's lows as other investors have also recognized the inherent value of these businesses. Secondly, the Fund's significant investments in economically sensitive industries and sectors has contributed positively to the period's returns. These stocks have risen in response to lower interest rates and expectations of a rebound in economic growth. Thirdly, although the Fund is more concentrated in economically sensitive sectors, we have maintained broad diversification. This diversification has helped stabilize the Fund's returns by muting the negative impact of the Fund's technology and telecommunication holdings. As this year continues to unfold, more investors are recognizing the positive prospects for stocks: interest rates are low, monetary policies are accommodative, inflation is contained and the Government's finances are in surplus. In this favorable environment, it is likely that the earnings of corporate America will resume growing at above-average rates in the years ahead. And, in turn, reasonably valued stocks should have room to continue advancing. We will continue to focus the Fund's investments on attractively valued securities of financially sound and growing businesses. We believe this disciplined strategy should continue to meet the Fund's objectives of safety and long-term growth of capital. Cordially, /s/ Russell Kartub Russell Kartub Portfolio Manager for American Value Fund Footnotes: Remember past performance is no guarantee of future results. Fund share values and returns fluctuate and investors may have a gain or a loss when shares are redeemed. The S&P 500 is an unmanaged capitalization-weighted index of 500 stocks designed to represent the broad domestic economy. Indexes do not incur expenses and are not available for direct investment. 2 VAN DEVENTER & HOCH AMERICAN VALUE FUND SCHEDULE OF INVESTMENTS AT APRIL 30, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- Shares COMMON STOCKS: 97.28% Market Value - -------------------------------------------------------------------------------- BASIC MATERIALS: 3.36% 6,000 Praxair, Inc. ...................................... $ 283,980 ----------- CAPITAL GOODS: 14.97% 2,000 Avery Dennison Corp. ............................... 112,140 2,000 Boeing Co. ......................................... 123,600 6,500 Crown Cork & Seal Co., Inc. ........................ 28,014 3,000 Emerson Electric Co. ............................... 199,950 3,000 Fluor Corp. ........................................ 158,130 2,300 Honeywell International, Inc. ...................... 112,424 6,500 ITT Industries, Inc. ............................... 286,455 8,300 Reliance Steel & Aluminum Co. ...................... 243,190 ----------- 1,263,903 ----------- COMMUNICATION SERVICES: 5.05% 350 Avaya, Inc.* ....................................... 5,177 2,000 Bell South Corp. ................................... 83,920 7,000 MCI WorldCom, Inc.* ................................ 127,750 1,500 SBC Communications, Inc ............................ 61,875 734 VelocityHSI, Inc ................................... 33 2,684 Verizon Communications ............................. 147,808 ----------- 426,563 ----------- CONSUMER CYCLICAL: 15.82% 8,000 Delphi Automotive Systems Corp. .................... 119,200 7,500 Masco Corp ......................................... 172,500 18,000 Mattel, Inc. ....................................... 290,700 3,000 May Department Stores Co. .......................... 111,750 9,000 Sherwin-Williams Co. ............................... 188,820 4,000 Tribune Co. ........................................ 168,560 7,000 V F Corp. .......................................... 284,130 ----------- 1,335,660 ----------- CONSUMER STAPLES: 7.43% 7,000 Albertson's, Inc. .................................. 233,800 12,000 Bowne & Co., Inc. .................................. 120,000 3,000 Clorox Co. ......................................... 95,490 3,000 Kimberly-Clark Corp. ............................... 178,200 ----------- 627,490 ----------- 3 VAN DEVENTER & HOCH AMERICAN VALUE FUND SCHEDULE OF INVESTMENTS AT APRIL 30, 2001 (UNAUDITED), CONTINUED - -------------------------------------------------------------------------------- Shares Market Value - -------------------------------------------------------------------------------- ENERGY: 8.87% 3,000 Halliburton Co. .................................... $ 129,630 9,500 Occidental Petroleum Corp. ......................... 286,140 2,600 Phillips Petroleum Co. ............................. 154,960 5,000 Texas Pacific Land Trust ........................... 178,500 ----------- 749,230 ----------- FINANCIAL SERVICES: 15.82% 2,500 A.G. Edwards, Inc. ................................. 101,675 4,000 Allstate Corp. ..................................... 167,000 2,000 Fannie Mae ......................................... 160,520 2,400 MBIA, Inc. ......................................... 114,840 3,000 Metris Companies, Inc. ............................. 90,000 2,500 T. Rowe Price Associates ........................... 86,900 4,000 UnumProvident Corp. ................................ 119,640 2,000 Wachovia Corp.* .................................... 121,600 3,720 Washington Mutual, Inc. ............................ 185,740 4,000 Wells Fargo Co. .................................... 187,880 ----------- 1,335,795 ----------- HEALTH CARE: 8.02% 4,000 Bristol Myers Squibb Co. ........................... 224,000 2,000 Johnson & Johnson .................................. 192,960 1,400 Merck & Co., Inc ................................... 106,358 4,000 Schering-Plough Corp. .............................. 154,160 ----------- 677,478 ----------- TECHNOLOGY: 14.38% 1,000 Applied Materials, Inc.* ........................... 54,600 8,500 Compaq Computer Corp. .............................. 148,750 4,000 Electronic Data Systems Corp. ...................... 258,000 3,000 Intel Corp. ........................................ 92,730 1,500 International Business Machines Corp. .............. 172,710 9,000 Lucent Technologies, Inc. .......................... 90,090 2,700 Microsoft Corp.* ................................... 182,925 3,500 Motorola, Inc. ..................................... 54,425 2,500 Texas Instruments, Inc. ............................ 96,750 7,000 Xerox Corp. ........................................ 63,280 ----------- 1,214,260 ----------- 4 VAN DEVENTER & HOCH AMERICAN VALUE FUND SCHEDULE OF INVESTMENTS AT APRIL 30, 2001 (UNAUDITED), CONTINUED - -------------------------------------------------------------------------------- Shares Market Value - -------------------------------------------------------------------------------- TRANSPORTATION & SERVICES: 1.01% 1,500 Union Pacific Corp. $ 85,335 ----------- UTILITIES: 2.53% 4,000 American Water Works Co., Inc. 124,000 1,500 FPL Group, Inc. 89,850 ----------- 213,850 ----------- TOTAL COMMON STOCKS (Cost $7,454,233+) 8,213,544 ----------- Principal Amount SHORT-TERM INVESTMENTS: 2.73% - -------------------------------------------------------------------------------- MONEY MARKET INSTRUMENTS: 0.01% $ 292 UMB Money Market Fiduciary (Cost $292) 292 ----------- U.S. TREASURY OBLIGATIONS: 2.72% 231,000 U.S. Treasury Bill, due 12/07/2001 (Cost $228,649) 230,136 ----------- TOTAL SHORT-TERM INVESTMENTS (Cost $228,941) 230,428 ----------- TOTAL INVESTMENTS IN SECURITIES (Cost $7,683,175): 100.01% 8,443,972 Liabilities in excess of Other Assets: (0.01%) (721) ----------- NET ASSETS: 100% $ 8,443,251 =========== * Non-income producing security. + Gross unrealized appreciation and depreciation of securities is as follows: Gross unrealized appreciation 1,758,792 Gross unrealized depreciation (999,481) ----------- Net unrealized appreciation 759,311 =========== See accompanying Notes to Financial Statements. 5 VAN DEVENTER & HOCH AMERICAN VALUE FUND STATEMENT OF ASSETS AND LIABILITIES AT APRIL 30, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- ASSETS Investments in securities, at value (identified cost $7,684,661) ............................... $ 8,443,972 Cash Receivables: Dividends and interest ..................................... 10,309 Other Assets ................................................. 1,281 ----------- Total assets ........................................... 8,455,562 ----------- LIABILITIES Accrued expenses ............................................. 12,311 ----------- Total liabilities ...................................... 12,311 ----------- NET ASSETS ..................................................... $ 8,443,251 =========== NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE [$8,443,251 / 678,819 shares outstanding; unlimited number of shares authorized without par value] ............. $ 12.44 =========== COMPONENTS OF NET ASSETS Paid-in capital .............................................. $ 7,375,399 Undistributed net investment income .......................... 27,838 Accumulated net realized gain on investments ................. 280,703 Net unrealized appreciation on investments ................... 759,311 ----------- Net assets ............................................. $ 8,443,251 =========== See accompanying Notes to Financial Statements. 6 VAN DEVENTER & HOCH AMERICAN VALUE FUND STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED APRIL 30, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- INVESTMENT INCOME Income Dividends .................................................. $ 67,243 Interest ................................................... 6,034 ----------- Total income ........................................... 73,277 ----------- Expenses (Note 3) Management fees ............................................ 28,318 Administration fees ........................................ 28,318 Distribution fees .......................................... 7,776 ----------- Total expenses ......................................... 64,412 ----------- NET INVESTMENT INCOME .............................. 8,865 ----------- REALIZED AND UNREALIZED GAIN ON INVESTMENTS Net realized gain on investments ............................. 281,588 Net change in unrealized appreciation on investments ......... 178,487 ----------- Net realized and unrealized gain on investments ............ 460,075 ----------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ... $ 468,940 =========== See accompanying Notes to Financial Statements. 7 VAN DEVENTER & HOCH AMERICAN VALUE FUND STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
Six Months ended Year ended April 30, 2001# October 31, 2000 --------------- ---------------- INCREASE / (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income ................................. $ 8,865 $ 103,673 Net realized gain on investments ...................... 281,588 8,595 Net change in unrealized appreciation / (depreciation) on investments ....................... 178,487 (223,492) ----------- ----------- NET INCREASE / (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......... 468,940 (110,224) ----------- ----------- DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS From net investment income ............................ (79,130) (100,781) From net realized gains ............................... (2,517) -- ----------- ----------- TOTAL DIVIDENDS AND DISTRIBUTION TO SHAREHOLDERS (81,647) (100,781) ----------- ----------- TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST Net (decrease) in net assets derived from net change in outstanding shares (a) ............. (146,636) (2,202,947) ----------- ----------- TOTAL INCREASE / (DECREASE) IN NET ASSETS ....... 240,657 (2,414,952) ----------- ----------- NET ASSETS Beginning of period ................................... 8,202,594 10,617,546 ----------- ----------- END OF PERIOD ......................................... $ 8,443,251 $ 8,202,594 =========== =========== (a) A summary of share transactions is as follows: Six Months ended Year ended April 30, 2001# October 31, 2000 -------------------------- -------------------------- Shares Value Shares Value ----------- ----------- ----------- ----------- Shares sold .................... 8,328 $ 98,683 34,366 $ 372,185 Shares issued for reinvestment of distributions ................ 6,671 81,582 8,853 100,655 Shares redeemed ................ (27,528) (326,901) (243,564) (2,675,787) ----------- ----------- ----------- ----------- Net increase / (decrease) ...... (12,529) $ (146,636) (200,345) $(2,202,947) =========== =========== =========== ===========
# Unaudited. See accompanying Notes to Financial Statements. 8 VAN DEVENTER & HOCH AMERICAN VALUE FUND FINANCIAL HIGHLIGHTS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
Six Months Year May 7, 1999* ended ended through April 30, 2001# October 31, 2000 October 31, 1999 --------------- ---------------- ---------------- Net asset value, beginning of period ....... $11.86 $11.91 $13.60 ------ ------ ------ INCOME FROM INVESTMENT OPERATIONS: Net investment income .................... 0.05 0.14 0.08 Net realized and unrealized gain / (loss) on investments ......................... 0.65 (0.08) (1.77) ------ ------ ------ Total from investment operations ........... 0.70 0.06 (1.69) ------ ------ ------ LESS DISTRIBUTIONS: From net investment income ............... (0.11) (0.11) -- From net realized gains .................. (0.01) -- -- ------ ------ ------ Total distributions ...................... (0.12) (0.11) -- ------ ------ ------ Net asset value, end of period ........... $12.44 $11.86 $11.91 ====== ====== ====== Total return ............................. 5.92%++ 0.57% (12.43%)++ RATIOS/SUPPLEMENTAL DATA: Net assets, end of period (millions) ..... $ 8.4 $ 8.2 $ 10.6 Ratio of expenses to average net assets: 1.50%+ 1.40% 1.29%+ Ratio of net investment income to average net assets: .................... 2.20%+ 1.18% 1.23%+ Portfolio turnover rate .................. 8.36%++ 26.22% 25.16%++
* Commencement of operations. # Unaudited. ++ Not annualized. + Annualized. See accompanying Notes to Financial Statements. 9 VAN DEVENTER & HOCH AMERICAN VALUE FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - -------------------------------------------------------------------------------- NOTE 1 - ORGANIZATION The Van Deventer & Hoch American Value 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's investment objective is long-term growth of capital and above average current income with investments primarily in equity securities of U.S. companies (i.e. companies with at least a five-year operating history) which, in the opinion of the Fund's advisor, are undervalued by the market. The Fund began operations on May 7, 1999. On August 10, 2000, the shareholders of Allegiance American Value Fund, a series of Allegiance Investment Trust, approved an Agreement and Plan of Reorganization ("Reorganization Plan") for a tax-free reorganization whereby substantially all of the assets of the Allegiance American Value Fund were exchanged for shares of the Van Deventer & Hoch American Value Fund, a series of Advisors Series Trust. The Allegiance American Value Fund was the accounting survivor and therefore the operations and performance since the commencement of its operations on May 7, 1999 were carried over to the Fund. 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 following procedures approved by the Board of Trustees. Short-term investments are valued at amortized cost, which approximates market value. 10 VAN DEVENTER & HOCH AMERICAN VALUE FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED), CONTINUED - -------------------------------------------------------------------------------- B. FEDERAL INCOME TAXES: It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to its shareholders. Therefore, no federal income tax provision is required. C. SECURITY TRANSACTIONS, DIVIDENDS AND DISTRIBUTIONS: Security transactions are accounted for on the trade date. Realized gains and losses on securities sold are determined on the basis of identified cost. Dividend income and distributions to shareholders are recorded on the ex-dividend date. The amount of dividends and distributions to shareholders from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations which differs from generally accepted accounting principles. To the extent these book/tax differences are permanent such amounts are reclassified within the capital accounts based on their Federal tax treatment. The reclassification relates primarily to the net operating loss of the Fund which is not deductible for tax purposes and was reclassified to paid-in capital. 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 - COMMITMENTS AND OTHER TRANSACTIONS WITH AFFILIATES A. MANAGEMENT FEE. Van Deventer & Hoch (the "Advisor") acts as the Investment Advisor to the Fund. The advisor provided the Fund with investment management services under an Investment Advisory Agreement. The Advisor furnished all investment advice, office space, facilities, and provides most of the personnel needed by the Fund. As compensation for its services, the Advisor is entitled to a monthly fee at the annual rate of 0.70% based upon the average daily net assets of the Fund. For the six months ended April 30, 2001, the Fund incurred $28,318 in Advisory Fees. 11 VAN DEVENTER & HOCH AMERICAN VALUE FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED), CONTINUED - -------------------------------------------------------------------------------- B. ADMINISTRATIVE SERVICE FEE. Pursuant to an Administrative Services Agreement, Van Deventer & Hoch provides certain administration services to the Fund. In consideration of the services provided by Van Deventer & Hoch, they receive a fee computed daily and paid monthly at an annual rate of 0.70% of the average daily net assets of the Fund. This fee arrangement requires them to absorb and pay out of their own resources all operating expenses that exceed an annual rate of 1.50% of the average daily net assets. C. DISTRIBUTION FEES. The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 (the "Plan"). The Plan permits the Fund to pay for distribution and related expenses at an annual rate of up to 0.10% of the Fund's average daily net assets annually. The expenses covered by the Plan may include the cost of preparing and distributing prospectuses and other sales material, advertising and public relations expenses, payments to financial intermediaries and compensation of personnel involved in selling shares of the Fund. Payments made pursuant to the Plan will represent compensation for distribution and service activities, not reimbursements for specific expenses incurred. Pursuant to a distribution coordination agreement adopted under the Plan, distribution fees are paid to the Advisor as "Distribution Coordinator". For the six months ended April 30, 2001, the Fund paid the Distribution Coordinator in the amount of $7,776 D. 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 12 VAN DEVENTER & HOCH AMERICAN VALUE FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED), CONTINUED - -------------------------------------------------------------------------------- E. First Fund Distributors, 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 Administrator. F. Certain officers of the Fund are also officers and/or directors of the Administrator and the Distributor. NOTE 5 - PURCHASES AND SALES OF SECURITIES For the six months ended April 30, 2001, the cost of purchases and the proceeds from sales of securities, excluding short-term securities, were $658,790 and $774,433, respectively. NOTE 6 - PRIVACY NOTICE The Van Deventer & Hoch American Value Fund and Van Deventer & Hoch 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. 13 ADVISOR Van Deventer & Hoch 655 N. Central Avenue, Suite 1550 Glendale, California 91203 DISTRIBUTOR First Fund Distributors, Inc. 4455 East Camelback Road, Suite 261E Phoenix, Arizona 85018 CUSTODIAN United Missouri Bank, N.A. 928 Grand Boulevard Kansas City, Missouri 64106 TRANSFER AGENT ICA Fund Services Corp. 4455 East Camelback Road, Suite 261E Phoenix, Arizona 85018 800-576-8229 LEGAL COUNSEL Paul, Hastings, Janofsky & Walker LLP 345 California Street, 29th Floor San Francisco, California 94104 -----END PRIVACY-ENHANCED MESSAGE-----