0000950147-01-501729.txt : 20011019
0000950147-01-501729.hdr.sgml : 20011019
ACCESSION NUMBER: 0000950147-01-501729
CONFORMED SUBMISSION TYPE: N-30D
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20010731
FILED AS OF DATE: 20011012
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: 1940 Act
SEC FILE NUMBER: 811-07959
FILM NUMBER: 1758264
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-7588.txt
SEMI-ANNUAL REPORT FOR THE PERIOD ENDED 7/31/01
[LOGO]
JACOBS & COMPANY MUTUAL FUND
TICKER SYMBOL: JACOX
CUSIP: 007 989 775
SHAREHOLDER SERVICES TOLL FREE (877) 560-6823
[GRAPHIC]
SEMI-ANNUAL REPORT
JULY 31, 2001
JACOBS & COMPANY MUTUAL FUND
September, 2001
Dear Shareholder:
During the past 14 years, my staff and I have developed relationships and worked
with many people and companies in the financial services industry in New York. I
frequently travel to New York and have walked the streets that are now lined
with debris of the World Trade Center. The attack that was launched on the
United States on September 11 impacts us both professionally and personally.
While many of us are not in close proximity to New York or Washington, the blows
that were dealt in those locations are certainly felt by all of us across the
country and the civilized world.
We join with all of you in offering our prayers for the families and friends of
the people killed in these attacks and to the heroes who sacrificed their lives
attempting to save others. We also wish a speedy recovery to the survivors.
The firms that we have business relationships with are functional and have
backup operations off site. The individuals and their families with whom we work
are all safe.
Because of the timing of our fund's fiscal year, we are required to send you
this initial report on operations. Given the recent commencement date of the
Fund, and the very brief time covered by this report, we think it is premature
to provide a report on performance for these initial weeks. However, we believe
our investment strategies should position us well both during the period of
uncertainty that is likely to continue until the financial markets understand
the nature of the "war on terrorism" to which the United States and most of the
civilized world has committed and over the long term thereafter. We will
continue to monitor the movements of capital and their effects as we strive to
position the Fund's portfolio to achieve your investment objectives.
In the meantime, if you have any questions about your investment in the Fund,
please don't hesitate to call us. Thank you again for your investment.
God bless America!
John M. Jacobs
2
JACOBS & COMPANY MUTUAL FUND
SCHEDULE OF INVESTMENTS AT JULY 31, 2001 (UNAUDITED)
--------------------------------------------------------------------------------
Shares COMMON STOCKS: 54.67% Market Value
--------------------------------------------------------------------------------
AIR TRANSPORT: 0.29%
200 FedEx Corp.*......................................... $ 8,274
----------
BANKING-MONEY CENTER: 3.74%
2,800 Bank One Corp........................................ 108,388
----------
BANKING-REGIONAL: 9.69%
7,750 AmSouth Bancorp...................................... 154,070
6,700 City Holding Capital Trust II........................ 126,630
----------
280,700
----------
CHEMICAL (BASIC): 0.89%
600 E. I. du Pont de Nemours and Co...................... 25,692
----------
COMPUTER SYSTEMS (DIVERSIFIED): 4.00%
1,100 International Business Machines Corp................. 115,731
----------
CONGLOMERATE: 3.55%
1,400 United Technologies Corp............................. 102,760
----------
FINANCIAL SERVICES (DIVERSIFIED): 1.25%
900 American Express Co.................................. 36,297
----------
OFFICE EQUIPMENT & SUPPLIES: 0.80%
2,900 Xerox Corp........................................... 23,142
----------
PETROLEUM (INTEGRATED): 7.75%
1,000 Exxon Mobil Corp..................................... 41,760
600 Phillips Petroleum Co................................ 34,254
5,000 USX-Marathon Group................................... 148,350
----------
224,364
----------
PHARMACEUTICALS: 3.91%
2,900 Schering-Plough Corp................................. 113,245
----------
RAILROADS: 0.93%
500 Union Pacific Corp................................... 26,845
----------
SEMICONDUCTOR: 1.13%
1,100 Intel Corp........................................... 32,791
----------
See Notes to Financial Statements.
3
JACOBS & COMPANY MUTUAL FUND
SCHEDULE OF INVESTMENTS AT JULY 31, 2001 (UNAUDITED), CONTINUED
--------------------------------------------------------------------------------
Shares Market Value
--------------------------------------------------------------------------------
TELECOMMUNICATIONS SERVICES: 13.91%
5,800 AT&T Corp............................................ $ 117,218
1,865 AT&T Wireless*....................................... 34,857
3,500 Bellsouth Corp....................................... 142,450
2,000 Verizon Communications, Inc.......................... 108,300
----------
402,825
----------
UTILITIES: 2.86%
3,520 The Southern Co...................................... 82,720
----------
TOTAL COMMON STOCKS
(Cost $1,524,777)+................................. 1,583,774
----------
PREFERRED STOCKS: 0.40%
--------------------------------------------------------------------------------
GROCERY
500 Great Atlantic & Pacific Tea, Inc., 9.375%........... 11,650
----------
TOTAL PREFERRED STOCKS
(Cost $11,735)+.................................... 11,650
----------
Principal Market
Amount MORTGAGE BACKED OBLIGATIONS: 41.83% Value
--------------------------------------------------------------------------------
$ 1,251 Government National Mortgage Association,
Pool #1610, 6.50%, 9/15/2002....................... 1,265
1,185 Government National Mortgage Association,
Pool #237978, 9.50%, 5/15/2003..................... 1,235
789 Government National Mortgage Association,
Pool #2675, 8.00%, 1/15/2004....................... 819
714 Government National Mortgage Association,
Pool #3986, 8.25%, 8/15/2004....................... 744
413 Government National Mortgage Association,
Pool #4366, 8.50%, 9/15/2004....................... 431
1,790 Government National Mortgage Association,
Pool #4655, 9.00%, 11/15/2004...................... 1,879
972 Government National Mortgage Association,
Pool #5239, 9.00%, 1/15/2005....................... 1,026
857 Government National Mortgage Association,
Pool #7292, 7.50%, 4/15/2005....................... 895
294 Government National Mortgage Association,
Pool #5607, 9.00%, 4/15/2005....................... 307
See Notes to Financial Statements.
4
JACOBS & COMPANY MUTUAL FUND
SCHEDULE OF INVESTMENTS AT JULY 31, 2001 (UNAUDITED), CONTINUED
--------------------------------------------------------------------------------
Principal Market
Amount Value
--------------------------------------------------------------------------------
$ 895 Government National Mortgage Association,
Pool #6459, 8.00%, 6/15/2005....................... $ 935
1,364 Government National Mortgage Association,
Pool #7451, 7.25%, 7/15/2005....................... 1,403
6,426 Government National Mortgage Association,
Pool #6351, 8.00%, 8/15/2005....................... 6,711
601 Government National Mortgage Association,
Pool #6501, 8.00%, 8/15/2005....................... 627
1,596 Government National Mortgage Association,
Pool #7056, 8.00%, 8/15/2005....................... 1,667
822 Government National Mortgage Association,
Pool #8579, 7.25%, 11/15/2005...................... 846
3,593 Government National Mortgage Association,
Pool #9113, 8.00%, 12/15/2005...................... 3,752
511 Government National Mortgage Association,
Pool #6742, 8.05%, 12/15/2005...................... 537
2,684 Government National Mortgage Association,
Pool #8445, 8.50%, 1/15/2006....................... 2,834
2,393 Government National Mortgage Association,
Pool #8829, 8.50%, 2/15/2006....................... 2,527
1,476 Government National Mortgage Association,
Pool #8926, 8.25%, 5/15/2006....................... 1,551
567 Government National Mortgage Association,
Pool #10460, 8.00%, 6/15/2006...................... 594
1,136 Government National Mortgage Association,
Pool #12203, 7.50%, 6/15/2006...................... 1,184
774 Government National Mortgage Association,
Pool #10253, 8.00%, 8/15/2006...................... 812
2,503 Government National Mortgage Association,
Pool #11751, 8.00%, 8/15/2006...................... 2,627
2,172 Government National Mortgage Association,
Pool #11059, 8.00%, 9/15/2006...................... 2,279
1,346 Government National Mortgage Association,
Pool #13160, 8.00%, 11/15/2006..................... 1,412
1,811 Government National Mortgage Association,
Pool #12946, 8.00%, 12/15/2006..................... 1,900
2,967 Government National Mortgage Association,
Pool #14912, 7.50%, 3/15/2007...................... 3,096
1,297 Government National Mortgage Association,
Pool #17283, 7.50%, 6/15/2007...................... 1,353
See Notes to Financial Statements.
5
JACOBS & COMPANY MUTUAL FUND
SCHEDULE OF INVESTMENTS AT JULY 31, 2001 (UNAUDITED), CONTINUED
--------------------------------------------------------------------------------
Principal Market
Amount Value
--------------------------------------------------------------------------------
$ 5,600 Government National Mortgage Association,
Pool #17083, 8.00%, 8/15/2007...................... $ 5,902
5,549 Government National Mortgage Association,
Pool #17728, 8.00%, 8/15/2007...................... 5,847
2,605 Government National Mortgage Association,
Pool #19778, 8.00%, 9/15/2007...................... 2,746
1,781 Government National Mortgage Association,
Pool #18954, 8.00%, 10/15/2007..................... 1,877
6,490 Government National Mortgage Association,
Pool #21330, 8.00%, 12/15/2007..................... 6,839
1,858 Government National Mortgage Association,
Pool #22514, 8.00%, 1/15/2008...................... 1,964
1,735 Government National Mortgage Association,
Pool #29644, 9.00%, 3/15/2009...................... 1,853
1,886 Government National Mortgage Association,
Pool #32285, 9.00%, 5/15/2009...................... 2,014
2,179 Government National Mortgage Association,
Pool #32899, 9.50%, 8/15/2009...................... 2,382
1,952 Government National Mortgage Association,
Pool #33471, 9.50%, 9/15/2009...................... 2,134
1,678 Government National Mortgage Association,
Pool #35213, 10.00%, 11/15/2009.................... 1,859
3,512 Government National Mortgage Association,
Pool #37395, 10.00%, 11/15/2009.................... 3,889
780 Government National Mortgage Association,
Pool #33838, 11.00%, 12/15/2009.................... 866
2,905 Government National Mortgage Association,
Pool #34436, 11.00%, 12/15/2009.................... 3,225
3,214 Government National Mortgage Association,
Pool #36921, 11.00%, 12/15/2009.................... 3,568
544 Government National Mortgage Association,
Pool #37899, 11.00%, 12/15/2009.................... 604
1,147 Government National Mortgage Association,
Pool #38190, 11.00%, 12/15/2009.................... 1,274
437 Government National Mortgage Association,
Pool #36425, 11.00%, 1/15/2010..................... 487
541 Government National Mortgage Association,
Pool #37364, 11.00%, 1/15/2010..................... 603
432 Government National Mortgage Association,
Pool #38347, 11.00%, 1/15/2010..................... 481
See Notes to Financial Statements.
6
JACOBS & COMPANY MUTUAL FUND
SCHEDULE OF INVESTMENTS AT JULY 31, 2001 (UNAUDITED), CONTINUED
--------------------------------------------------------------------------------
Principal Market
Amount Value
--------------------------------------------------------------------------------
$ 783 Government National Mortgage Association,
Pool #38758, 11.00%, 1/15/2010..................... $ 873
390 Government National Mortgage Association,
Pool #39325, 11.00%, 1/15/2010..................... 435
1,343 Government National Mortgage Association,
Pool #37508, 11.00%, 2/15/2010..................... 1,497
113 Government National Mortgage Association,
Pool #38320, 11.00%, 2/15/2010..................... 126
711 Government National Mortgage Association,
Pool #39279, 11.00%, 2/15/2010..................... 792
416 Government National Mortgage Association,
Pool #39982, 11.00%, 2/15/2010..................... 463
123 Government National Mortgage Association,
Pool #91753, 11.00%, 2/15/2010..................... 137
1,884 Government National Mortgage Association,
Pool #39619, 11.00%, 3/15/2010..................... 2,100
1,671 Government National Mortgage Association,
Pool #38384, 11.00%, 3/15/2010..................... 1,862
2,014 Government National Mortgage Association,
Pool #38484, 11.00%, 3/15/2010..................... 2,245
4,344 Government National Mortgage Association,
Pool #39471, 10.75%, 3/15/2010..................... 4,786
1,834 Government National Mortgage Association,
Pool #38712, 11.00%, 3/15/2010..................... 2,044
891 Government National Mortgage Association,
Pool #38776, 11.00%, 3/15/2010..................... 993
1,416 Government National Mortgage Association,
Pool #38952, 11.00%, 3/15/2010..................... 1,578
3,724 Government National Mortgage Association,
Pool #91779, 11.00%, 3/15/2010..................... 4,122
782 Government National Mortgage Association,
Pool #41777, 11.00%, 4/15/2010..................... 872
6,698 Government National Mortgage Association,
Pool #41055, 11.00%, 5/15/2010..................... 7,464
659 Government National Mortgage Association,
Pool #41968, 11.00%, 6/15/2010..................... 734
3,932 Government National Mortgage Association,
Pool #39623, 11.00%, 6/15/2010..................... 4,381
350 Government National Mortgage Association,
Pool #37311, 11.00%, 7/15/2010..................... 390
See Notes to Financial Statements.
7
JACOBS & COMPANY MUTUAL FUND
SCHEDULE OF INVESTMENTS AT JULY 31, 2001 (UNAUDITED), CONTINUED
--------------------------------------------------------------------------------
Principal Market
Amount Value
--------------------------------------------------------------------------------
$ 630 Government National Mortgage Association,
Pool #40493, 11.00%, 7/15/2010..................... $ 702
168 Government National Mortgage Association,
Pool #37681, 11.00%, 8/15/2010..................... 187
2,073 Government National Mortgage Association,
Pool #39032, 11.00%, 8/15/2010..................... 2,310
719 Government National Mortgage Association,
Pool #40338, 11.00%, 8/15/2010..................... 801
891 Government National Mortgage Association,
Pool #41955, 11.00%, 8/15/2010..................... 993
2,750 Government National Mortgage Association,
Pool #43135, 11.00%, 9/15/2010..................... 3,065
3,039 Government National Mortgage Association,
Pool #42379, 11.00%, 9/15/2010..................... 3,387
343 Government National Mortgage Association,
Pool #42880, 11.00%, 9/15/2010..................... 382
2,997 Government National Mortgage Association,
Pool #44543, 11.00%, 9/15/2010..................... 3,340
1,838 Government National Mortgage Association,
Pool #91110, 11.00%, 9/15/2010..................... 2,034
1,017 Government National Mortgage Association,
Pool #92525, 11.00%, 9/15/2010..................... 1,125
1,109 Government National Mortgage Association,
Pool #48000, 11.00%, 3/15/2011..................... 1,238
1,996 Government National Mortgage Association,
Pool #43547, 11.00%, 4/15/2011..................... 2,229
1,438 Government National Mortgage Association,
Pool #49133, 10.00%, 5/15/2011..................... 1,602
2,152 Government National Mortgage Association,
Pool #68948, 11.00%, 6/15/2013..................... 2,408
411 Government National Mortgage Association,
Pool #70153, 11.00%, 6/15/2013..................... 459
992 Government National Mortgage Association,
Pool #62337, 11.00%, 7/15/2013..................... 1,110
1,273 Government National Mortgage Association,
Pool #67881, 11.00%, 7/15/2013..................... 1,425
816 Government National Mortgage Association,
Pool #71109, 11.00%, 7/15/2013..................... 913
175 Government National Mortgage Association,
Pool #99260, 11.00%, 7/15/2013..................... 195
See Notes to Financial Statements.
8
JACOBS & COMPANY MUTUAL FUND
SCHEDULE OF INVESTMENTS AT JULY 31, 2001 (UNAUDITED), CONTINUED
--------------------------------------------------------------------------------
Principal Market
Amount Value
--------------------------------------------------------------------------------
$ 832 Government National Mortgage Association,
Pool #68955, 10.50%, 8/15/2013..................... $ 927
4,136 Government National Mortgage Association,
Pool #68554, 11.00%, 9/15/2013..................... 4,628
2,268 Government National Mortgage Association,
Pool #900225, 11.00%, 9/15/2013.................... 2,521
726 Government National Mortgage Association,
Pool #266424, 11.00%, 11/15/2013................... 812
5,595 Government National Mortgage Association,
Pool #282173, 11.00%, 1/15/2014.................... 6,276
17 Government National Mortgage Association,
Pool #61, 10.50%, 1/20/2014........................ 18
4,402 Government National Mortgage Association,
Pool #112260, 11.00%, 1/20/2014.................... 4,913
559 Government National Mortgage Association,
Pool #901821, 10.00%, 2/20/2014.................... 619
401 Government National Mortgage Association,
Pool #282176, 11.00%, 3/15/2014.................... 450
4,923 Government National Mortgage Association,
Pool #116119, 8.00%, 3/20/2014..................... 5,225
1,219 Government National Mortgage Association,
Pool #286522, 11.00%, 4/15/2015.................... 1,366
3,338 Government National Mortgage Association,
Pool #131204, 11.00%, 7/20/2015.................... 3,720
1,217 Government National Mortgage Association,
Pool #127001, 11.00%, 8/15/2015.................... 1,363
697 Government National Mortgage Association,
Pool #129913, 11.00%, 8/15/2015.................... 780
1,733 Government National Mortgage Association,
Pool #131555, 11.00%, 8/15/2015.................... 1,942
385 Government National Mortgage Association,
Pool #132772, 11.00%, 8/15/2015.................... 431
401 Government National Mortgage Association,
Pool #133042, 11.00%, 8/15/2015.................... 449
136 Government National Mortgage Association,
Pool #134373, 11.00%, 8/15/2015.................... 152
678 Government National Mortgage Association,
Pool #134597, 11.00%, 8/15/2015.................... 760
462 Government National Mortgage Association,
Pool #119236, 11.00%, 9/15/2015.................... 517
See Notes to Financial Statements.
9
JACOBS & COMPANY MUTUAL FUND
SCHEDULE OF INVESTMENTS AT JULY 31, 2001 (UNAUDITED), CONTINUED
--------------------------------------------------------------------------------
Principal Market
Amount Value
--------------------------------------------------------------------------------
$ 2,532 Government National Mortgage Association,
Pool #125175, 11.00%, 9/15/2015.................... $ 2,836
134 Government National Mortgage Association,
Pool #128869, 11.00%, 9/15/2015.................... 150
1,183 Government National Mortgage Association,
Pool #131731, 11.00%, 9/15/2015.................... 1,325
1,748 Government National Mortgage Association,
Pool #135430, 11.00%, 9/15/2015.................... 1,958
1,323 Government National Mortgage Association,
Pool #135604, 11.00%, 9/15/2015.................... 1,483
67 Government National Mortgage Association,
Pool #135825, 11.00%, 9/15/2015.................... 75
321 Government National Mortgage Association,
Pool #136675, 11.00%, 9/15/2015.................... 360
3,270 Government National Mortgage Association,
Pool #137568, 11.00%, 9/15/2015.................... 3,663
475 Government National Mortgage Association,
Pool #138011, 11.00%, 9/15/2015.................... 532
932 Government National Mortgage Association,
Pool #138141, 11.00%, 9/15/2015.................... 1,044
1,129 Government National Mortgage Association,
Pool #140412, 11.00%, 9/15/2015.................... 1,264
473 Government National Mortgage Association,
Pool #132412, 11.50%, 9/15/2015.................... 528
830 Government National Mortgage Association,
Pool #405, 11.00%, 9/20/2015....................... 925
1,168 Government National Mortgage Association,
Pool #132231, 10.50%, 10/15/2015................... 1,302
83 Government National Mortgage Association,
Pool #132926, 11.00%, 10/15/2015................... 93
359 Government National Mortgage Association,
Pool #134149, 11.00%, 10/15/2015................... 402
2,355 Government National Mortgage Association,
Pool #138194, 10.50%, 10/15/2015................... 2,626
6,672 Government National Mortgage Association,
Pool #138271, 11.00%, 10/15/2015................... 7,474
1,324 Government National Mortgage Association,
Pool #138769, 11.00%, 10/15/2015................... 1,483
525 Government National Mortgage Association,
Pool #139475, 11.00%, 10/15/2015................... 588
See Notes to Financial Statements.
10
JACOBS & COMPANY MUTUAL FUND
SCHEDULE OF INVESTMENTS AT JULY 31, 2001 (UNAUDITED), CONTINUED
--------------------------------------------------------------------------------
Principal Market
Amount Value
--------------------------------------------------------------------------------
$ 902 Government National Mortgage Association,
Pool #141404, 11.00%, 10/15/2015................... $ 1,011
1,085 Government National Mortgage Association,
Pool #135190, 11.00%, 11/15/2015................... 1,216
802 Government National Mortgage Association,
Pool #138208, 11.00%, 11/15/2015................... 898
555 Government National Mortgage Association,
Pool #142031, 11.00%, 12/15/2015................... 621
604 Government National Mortgage Association,
Pool #145611, 11.00%, 12/15/2015................... 677
441 Government National Mortgage Association,
Pool #146422, 10.50%, 12/15/2015................... 492
1,921 Government National Mortgage Association,
Pool #146709, 11.00%, 12/15/2015................... 2,152
2,588 Government National Mortgage Association,
Pool #155420, 10.50%, 1/15/2016.................... 2,884
4,492 Government National Mortgage Association,
Pool #150509, 10.00%, 2/15/2016.................... 5,000
225 Government National Mortgage Association,
Pool #145980, 11.00%, 2/15/2016.................... 252
913 Government National Mortgage Association,
Pool #148138, 11.00%, 2/15/2016.................... 1,020
1,824 Government National Mortgage Association,
Pool #145366, 10.50%, 3/15/2016.................... 2,033
1,980 Government National Mortgage Association,
Pool #148736, 10.50%, 3/15/2016.................... 2,206
1,259 Government National Mortgage Association,
Pool #152673, 11.00%, 3/15/2016.................... 1,406
622 Government National Mortgage Association,
Pool #515, 11.00%, 3/20/2016....................... 691
1,186 Government National Mortgage Association,
Pool #151080, 10.00%, 4/15/2016.................... 1,320
614 Government National Mortgage Association,
Pool #288863, 10.50%, 4/15/2016.................... 684
507 Government National Mortgage Association,
Pool #161603, 10.00%, 7/15/2016.................... 565
1,012 Government National Mortgage Association,
Pool #592, 10.50%, 7/20/2016....................... 1,123
1,373 Government National Mortgage Association,
Pool #172247, 10.00%, 9/15/2016.................... 1,529
See Notes to Financial Statements.
11
JACOBS & COMPANY MUTUAL FUND
SCHEDULE OF INVESTMENTS AT JULY 31, 2001 (UNAUDITED), CONTINUED
--------------------------------------------------------------------------------
Principal Market
Amount Value
--------------------------------------------------------------------------------
$ 651 Government National Mortgage Association,
Pool #188568, 9.50%, 11/15/2016.................... $ 719
1,832 Government National Mortgage Association,
Pool #167184, 8.00%, 1/15/2017..................... 1,945
7,010 Government National Mortgage Association,
Pool #196006, 8.00%, 3/15/2017..................... 7,442
2,286 Government National Mortgage Association,
Pool #250403, 8.00%, 4/15/2017..................... 2,427
1,846 Government National Mortgage Association,
Pool #227977, 10.50%, 9/15/2017.................... 2,056
2,948 Government National Mortgage Association,
Pool #237025, 10.00%, 11/15/2017................... 3,280
753 Government National Mortgage Association,
Pool #909931, 10.75%, 11/15/2017................... 825
3,512 Government National Mortgage Association,
Pool #236916, 10.00%, 7/15/2018.................... 3,908
2,233 Government National Mortgage Association,
Pool #258753, 10.00%, 7/15/2018.................... 2,485
1,903 Government National Mortgage Association,
Pool #1058, 10.50%, 9/20/2018...................... 2,109
2,386 Government National Mortgage Association,
Pool #255753, 10.00%, 11/15/2018................... 2,654
1,261 Government National Mortgage Association,
Pool #262092, 10.00%, 11/15/2018................... 1,403
1,280 Government National Mortgage Association,
Pool #267738, 10.00%, 12/15/2018................... 1,424
629 Government National Mortgage Association,
Pool #228303, 10.00%, 1/15/2019.................... 701
2,346 Government National Mortgage Association,
Pool #257036, 10.00%, 1/15/2019.................... 2,611
1,696 Government National Mortgage Association,
Pool #163622, 11.00%, 2/15/2019.................... 1,881
1,341 Government National Mortgage Association,
Pool #227264, 9.50%, 4/15/2019..................... 1,480
43 Government National Mortgage Association,
Pool #228381, 10.50%, 4/15/2019.................... 47
4,269 Government National Mortgage Association,
Pool #274504, 11.00%, 5/15/2019.................... 4,735
648 Government National Mortgage Association,
Pool #1187, 10.50%, 5/20/2019...................... 717
See Notes to Financial Statements.
12
JACOBS & COMPANY MUTUAL FUND
SCHEDULE OF INVESTMENTS AT JULY 31, 2001 (UNAUDITED), CONTINUED
--------------------------------------------------------------------------------
Principal Market
Amount Value
--------------------------------------------------------------------------------
$ 585 Government National Mortgage Association,
Pool #269644, 10.00%, 6/15/2019.................... $ 651
1,375 Government National Mortgage Association,
Pool #911466, 10.75%, 7/15/2019.................... 1,503
1,181 Government National Mortgage Association,
Pool #276363, 10.00%, 8/15/2019.................... 1,315
1,645 Government National Mortgage Association,
Pool #274133, 10.50%, 8/15/2019.................... 1,829
5,445 Government National Mortgage Association,
Pool #279431, 9.50%, 10/15/2019.................... 6,009
10,861 Government National Mortgage Association,
Pool #287870, 8.00%, 3/15/2020..................... 11,499
1,732 Government National Mortgage Association,
Pool #289148, 10.50%, 4/15/2020.................... 1,925
534 Government National Mortgage Association,
Pool #189464, 9.50%, 5/15/2020..................... 590
1,003 Government National Mortgage Association,
Pool #291427, 10.50%, 6/15/2020.................... 1,114
1,575 Government National Mortgage Association,
Pool #1417, 9.50%, 6/20/2020....................... 1,731
851 Government National Mortgage Association,
Pool #1456, 11.00%, 8/20/2020...................... 937
186 Government National Mortgage Association,
Pool #286544, 11.00%, 11/15/2020................... 205
3,864 Government National Mortgage Association,
Pool #299070, 11.00%, 11/15/2020................... 4,277
3,380 Government National Mortgage Association,
Pool #304655, 8.50%, 9/15/2021..................... 3,617
16,646 Government National Mortgage Association,
Pool #319005, 8.00%, 12/15/2021.................... 17,616
8,659 Government National Mortgage Association,
Pool #311459, 7.00%, 5/15/2022..................... 8,937
15,374 Government National Mortgage Association,
Pool #334335, 7.00%, 9/15/2022..................... 15,869
100,518 Government National Mortgage Association,
Pool #351025, 6.50%, 4/15/2023..................... 101,912
8,333 Government National Mortgage Association,
Pool #194046, 7.50%, 5/15/2023..................... 8,691
9,395 Government National Mortgage Association,
Pool #350487, 7.00%, 5/15/2023..................... 9,692
See Notes to Financial Statements.
13
JACOBS & COMPANY MUTUAL FUND
SCHEDULE OF INVESTMENTS AT JULY 31, 2001 (UNAUDITED), CONTINUED
--------------------------------------------------------------------------------
Principal Market
Amount Value
--------------------------------------------------------------------------------
$ 21,979 Government National Mortgage Association,
Pool #352155, 6.50%, 5/15/2023..................... $ 22,284
13,075 Government National Mortgage Association,
Pool #337077, 6.50%, 6/15/2023..................... 13,257
6,421 Government National Mortgage Association,
Pool #359384, 8.00%, 6/15/2023..................... 6,773
21,153 Government National Mortgage Association,
Pool #324809, 7.00%, 7/15/2023..................... 21,822
15,365 Government National Mortgage Association,
Pool #352706, 7.00%, 7/15/2023..................... 15,851
12,338 Government National Mortgage Association,
Pool #255536, 6.50%, 8/15/2023..................... 12,509
20,508 Government National Mortgage Association,
Pool #344505, 6.50%, 8/15/2023..................... 20,792
18,005 Government National Mortgage Association,
Pool #358403, 6.50%, 8/15/2023..................... 18,255
9,727 Government National Mortgage Association,
Pool #367794, 6.50%, 9/15/2023..................... 9,862
31,010 Government National Mortgage Association,
Pool #344544, 6.00%, 11/15/2023.................... 30,841
15,087 Government National Mortgage Association,
Pool #359938, 7.50%, 11/15/2023.................... 15,735
19,270 Government National Mortgage Association,
Pool #363815, 6.00%, 11/15/2023.................... 19,165
15,378 Government National Mortgage Association,
Pool #366642, 6.00%, 12/15/2023.................... 15,294
12,327 Government National Mortgage Association,
Pool #352001, 6.50%, 12/15/2023.................... 12,498
17,586 Government National Mortgage Association,
Pool #363394, 7.50%, 12/15/2023.................... 18,341
170,238 Government National Mortgage Association,
Pool #374552, 6.00%, 1/15/2024..................... 169,197
15,195 Government National Mortgage Association,
Pool #346076, 6.55%, 1/15/2024..................... 15,402
8,483 Government National Mortgage Association,
Pool #379989, 7.50%, 3/15/2024..................... 8,837
19,214 Government National Mortgage Association,
Pool #374684, 6.50%, 4/15/2024..................... 19,475
10,909 Government National Mortgage Association,
Pool #376463, 6.50%, 4/15/2024..................... 11,058
See Notes to Financial Statements.
14
JACOBS & COMPANY MUTUAL FUND
SCHEDULE OF INVESTMENTS AT JULY 31, 2001 (UNAUDITED), CONTINUED
--------------------------------------------------------------------------------
Principal Market
Amount Value
--------------------------------------------------------------------------------
$ 38,802 Government National Mortgage Association,
Pool #379844, 7.50%, 4/15/2024..................... $ 40,421
6,909 Government National Mortgage Association,
Pool #388741, 7.50%, 4/15/2024..................... 7,197
17,299 Government National Mortgage Association,
Pool #335075, 7.00%, 5/15/2024..................... 17,843
24,121 Government National Mortgage Association,
Pool #386490, 7.00%, 5/15/2024..................... 24,879
10,056 Government National Mortgage Association,
Pool #397027, 7.00%, 5/15/2024..................... 10,372
10,624 Government National Mortgage Association,
Pool #371817, 7.00%, 6/15/2024..................... 10,957
11,695 Government National Mortgage Association,
Pool #392228, 7.00%, 6/15/2024..................... 12,062
6,596 Government National Mortgage Association,
Pool #386063, 8.00%, 7/15/2024..................... 6,954
21,045 Government National Mortgage Association,
Pool #398378, 8.00%, 8/15/2024..................... 22,186
12,167 Government National Mortgage Association,
Pool #413120, 7.00%, 9/15/2025..................... 12,523
9,905 Government National Mortgage Association,
Pool #423991, 7.50%, 8/15/2026..................... 10,287
18,349 Government National Mortgage Association,
Pool #461144, 6.50%, 12/15/2027.................... 18,510
9,321 Government National Mortgage Association II,
Pool #101646, 11.00%, 8/20/2013.................... 10,378
169 Government National Mortgage Association II,
Pool #477, 10.50%, 1/20/2016....................... 188
271 Government National Mortgage Association II,
Pool #9180, 10.75%, 3/20/2016...................... 297
878 Government National Mortgage Association II,
Pool #9212, 10.25%, 8/20/2016...................... 963
2,455 Government National Mortgage Association II,
Pool #9250, 8.75%, 5/20/2017....................... 2,568
1,802 Government National Mortgage Association II,
Pool #967, 11.00%, 4/20/2018....................... 1,991
1,475 Government National Mortgage Association II,
Pool #1108, 11.00%, 12/20/2018..................... 1,630
2,223 Government National Mortgage Association II,
Pool #1140, 11.00%, 2/20/2019...................... 2,453
See Notes to Financial Statements.
15
JACOBS & COMPANY MUTUAL FUND
SCHEDULE OF INVESTMENTS AT JULY 31, 2001 (UNAUDITED), CONTINUED
--------------------------------------------------------------------------------
Principal Market
Amount Value
--------------------------------------------------------------------------------
$ 384 Government National Mortgage Association II,
Pool #1204, 11.00%, 6/20/2019...................... $ 424
1,070 Government National Mortgage Association II,
Pool #12390, 11.00%, 8/20/2019..................... 1,181
1,377 Government National Mortgage Association II,
Pool #1400, 10.00%, 5/20/2020...................... 1,525
191 Government National Mortgage Association II,
Pool #1401, 10.50%, 5/20/2020...................... 211
1,271 Government National Mortgage Association II,
Pool #331379, 8.00%, 9/15/2022..................... 1,341
8,688 Government National Mortgage Association II,
Pool #394, 7.50%, 10/20/2022....................... 9,036
--------------------------------------------------------------------------------
TOTAL MORTGAGE BACKED OBLIGATIONS
(Cost $1,208,222)+................................. 1,211,612
----------
CORPORATE BONDS: 0.27%
--------------------------------------------------------------------------------
SHIPPING
10,000 Sea Containers Ltd., 12.50%, 12/1/2004............... 7,800
----------
TOTAL CORPORATE BONDS
(Cost $7,798)+................................. 7,800
----------
--------------------------------------------------------------------------------
Shares SHORT-TERM INVESTMENTS: 2.84% Market Value
--------------------------------------------------------------------------------
82,215 Firstar Stellar Treasury Fund
(Cost $82,215)..................................... $ 82,215
----------
Total Investments in Securities
(Cost $2,834,747): 100.01%........................ 2,897,051
Liabilities in excess of Other Assets: (0.01%)...... (294)
----------
Net Assets: 100.00%.................................. $2,896,757
==========
* Non-income producing security.
See Notes to Financial Statements.
16
JACOBS & COMPANY MUTUAL FUND
SCHEDULE OF CALL OPTIONS WRITTEN AT JULY 31, 2001 (UNAUDITED)
--------------------------------------------------------------------------------
Contracts Common Stocks/Expiration Date/Exercise Price Market Value
--------------------------------------------------------------------------------
9 American Express/Oct, 50............................. $ (225)
16 AmSouth Bancorp/Dec, 20.............................. (1,760)
3 AT&T/Oct, 25......................................... (15)
8 Bank One/Nov, 42.5................................... (520)
7 Bank One/Aug, 40..................................... (210)
35 Bellsouth/Oct, 45.................................... (2,100)
3 Dupont/Oct, 55....................................... (30)
4 IBM/ Jan, 120........................................ (1,640)
4 Southern Co/Nov, 25.................................. (220)
5 Union Pacific, Nov, 60............................... (425)
10 United Technologies/Nov, 80.......................... (2,350)
2 United Technologies/Aug, 80.......................... (90)
2 United Technologies/Aug, 85.......................... (10)
11 USX Marathon Group/Oct, 32.5......................... (660)
20 Verizon/Oct, 60...................................... (1,300)
---------
Total Call Options Written
(proceeds $15,271).................................. $ (11,555)+
=========
+ Gross unrealized appreciation and depreciation of securities is as follows:
Gross unrealized appreciation........................ $ 74,024
Gross unrealized depreciation........................ (11,720)
----------
Net unrealized appreciation........................ $ 62,304
==========
See Notes to Financial Statements.
17
JACOBS & COMPANY MUTUAL FUND
STATEMENT OF ASSETS AND LIABILITIES AT JULY 31, 2001 (UNAUDITED)
--------------------------------------------------------------------------------
ASSETS
Investments in securities, at value
(identified cost $2,834,747) ................................ $2,897,051
Receivables
Dividends and interest ...................................... 8,524
Due from Advisor ............................................ 14,399
Paydowns .................................................... 3,734
Prepaid expenses .............................................. 1,747
----------
Total assets ............................................. 2,925,455
----------
LIABILITIES
Call options written, at value (proceeds $15,271) ............. 11,555
Payables
Administration fees ......................................... 3,469
Fund shares repurchased ..................................... 20
Investment securities purchased ............................. 2,432
Accrued expenses .............................................. 11,222
----------
Total liabilities ........................................ 28,698
----------
NET ASSETS ..................................................... $2,896,757
==========
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE
[$2,896,757 / 282,609 shares outstanding; unlimited
number of shares (par value $0.01) authorized] ................ $ 10.25
==========
COMPONENTS OF NET ASSETS
Paid-in capital ............................................... $2,825,030
Undistributed net investment income ........................... 3,494
Accumulated net realized gain on investments .................. 2,213
Net unrealized appreciation on investments .................... 66,020
----------
Net assets ............................................... $2,896,757
==========
See Notes to Financial Statements.
18
JACOBS & COMPANY MUTUAL FUND
STATEMENT OF OPERATIONS FOR THE 55 DAY PERIOD ENDED JULY 31, 2001 (UNAUDITED)
--------------------------------------------------------------------------------
INVESTMENT INCOME
Income
Dividends ..................................................... $ 3,073
Interest ...................................................... 4,818
--------
Total income ............................................... 7,891
--------
Expenses
Organization fees ............................................. 35,000
Administration fees (Note 3) .................................. 5,030
Fund accounting fees .......................................... 3,912
Professional fees ............................................. 2,935
Transfer agent fees ........................................... 2,655
Advisory fees (Note 3) ........................................ 2,128
Custody fees .................................................. 1,397
Shareholder Reporting ......................................... 838
Registration fees ............................................. 618
Trustee fees .................................................. 601
Other ......................................................... 279
Distribution (Note 4) ......................................... 530
--------
Total expenses ............................................. 55,923
Less: advisory fee waiver and absorption (Note 3) .......... (51,526)
--------
Net expenses ............................................... 4,397
--------
NET INVESTMENT INCOME ................................... 3,494
--------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain from security transactions ................... 2,213
Net change in unrealized appreciation on
investments .................................................. 66,020
--------
Net realized and unrealized gain on investments ............ 68,233
--------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .... $ 71,727
========
* Commencement of Operations
See Notes to Financial Statements.
19
JACOBS & COMPANY MUTUAL FUND
STATEMENT OF CHANGES IN NET ASSETS (UNAUDITED)
--------------------------------------------------------------------------------
June 6, 2001*
through
July 31, 2001
--------------------------------------------------------------------------------
NET INCREASE IN ASSETS FROM:
OPERATIONS
Net investment income ....................................... $ 3,494
Net realized gain on security transactions .................. 2,213
Net change in unrealized appreciation
on investments ............................................ 66,020
----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS ........................................... 71,727
----------
TRANSACTIONS IN SHARES OF BENEFICIAL INTEREST
Net increase in net assets derived
from net change in outstanding shares (a) ................. 2,825,030
----------
TOTAL INCREASE IN NET ASSETS ........................... 2,896,757
----------
NET ASSETS
Beginning of period ........................................... 0
----------
END OF PERIOD ................................................. $2,896,757
==========
(a) A summary of share transactions is as follows:
June 6, 2001*
through
July 31, 2001
----------------------------------
Shares Paid in Capital
------ ---------------
Shares sold ........................ 285,421 $ 2,853,615
Shares redeemed .................... (2,812) (28,585)
----------- -----------
Net increase ....................... 282,609 $ 2,825,030
=========== ===========
* Commencement of operations.
See Notes to Financial Statements.
20
JACOBS & COMPANY MUTUAL FUND
FINANCIAL HIGHLIGHTS - FOR A SHARE OUTSTANDING
THROUGHOUT THE PERIOD (UNAUDITED)
--------------------------------------------------------------------------------
June 6, 2001*
through
July 31, 2001
--------------------------------------------------------------------------------
Net asset value, beginning of period ......................... $ 10.00
---------
Income from investment operations:
Net investment income ...................................... 0.01
Net realized and unrealized gain on investments ............ 0.24
---------
Total from investment operations ............................. 0.25
---------
Net asset value, end of period ............................... $ 10.25
=========
TOTAL RETURN ................................................. 2.50%+
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands) ........................ $ 2,897
Ratio of expenses to average net assets:
Before expense reimbursement ............................... 25.43%**
After expense reimbursement ................................ 2.00%**
Ratio of net investment income to average net assets:
After expense reimbursement ................................ 1.59%**
Portfolio turnover rate ...................................... 5.38%
* Commencement of operations.
+ Not Annualized.
** Annualized.
See Notes to Financial Statements.
21
JACOBS & COMPANY MUTUAL FUND
NOTES TO FINANCIAL STATEMENTS AT JULY 31, 2001 (UNAUDITED)
--------------------------------------------------------------------------------
NOTE 1 - ORGANIZATION
The Jacobs & Company Mutual Fund (the "Fund") is a series of shares of
beneficial interest of Advisors Series Trust (the "Trust"), which is registered
under the Investment Company Act of 1940 as a non-diversified, open-end
management investment company. The Fund began operations on June 6, 2001. The
investment objective of the Fund is to seek income and growth of capital,
consistent with preservation of capital.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Fund. These policies are in conformity with 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. Options on securities that are listed on an exchange shall
be valued at the last sales price at the close of trading on such
exchange or, if there was no sale on the applicable options exchange
on such day, at the average of the quoted bid and asked prices as of
the close of such exchange. 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.
22
JACOBS & COMPANY MUTUAL FUND
NOTES TO FINANCIAL STATEMENTS, CONTINUED
--------------------------------------------------------------------------------
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.
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 period from June 6, 2001 (commencement of operations) through July
31, 2001, Jacobs & Company (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 period from June 6, 2001 (commencement of
operations) through July 31, 2001. the Fund incurred $2,128 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
23
JACOBS & COMPANY MUTUAL FUND
NOTES TO FINANCIAL STATEMENTS, CONTINUED
--------------------------------------------------------------------------------
limitation on Fund expenses. The Advisor is permitted to be reimbursed only for
fee reductions and expense payments made in the previous three fiscal years, but
is permitted to look back five years and four years, respectively, during the
initial six years and seventh year of the Fund's operations. Any such
reimbursement is also contingent upon Board of Trustees review and approval at
the time the reimbursement is made. Such reimbursement may not be paid prior to
the Fund's payment of current ordinary operating expenses. For the period from
June 6, 2001 (commencement of operations) through July 31, 2001, the Advisor
reduced its fees by $2,128 and absorbed expenses of $49,398; no amounts were
reimbursed to the Advisor. Cumulative expenses subject to recapture pursuant to
the aforementioned conditions amounted to $51,526 at July 31, 2001.
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 $24 million $36,000
$24 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 Fund's
principal underwriter in a continuous public offering of the Fund's shares. The
Distributor is an affiliate of the Administrator.
Certain officers of the Fund are also officers and/or directors of the
Administrator and the Distributor.
NOTE 4 - DISTRIBUTION COSTS
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 (the
"Plan"). The Plan permits the Fund to pay for distribution and related expenses
at an annual rate of up to 0.25% of the Fund's average daily net assets
annually. The expenses covered by the Plan may include the cost of preparing and
distributing prospectuses and other sales material, advertising and public
24
JACOBS & COMPANY MUTUAL FUND
NOTES TO FINANCIAL STATEMENTS, CONTINUED
--------------------------------------------------------------------------------
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 period from June 6, 2001
(commencement of operations) through July 31, 2001, the Fund paid the
Distribution Coordinator $530.
NOTE 5 - PURCHASES AND SALES OF SECURITIES
For the period from June 6, 2001 (commencement of operations) through July
31, 2001, the cost of purchases and the proceeds from sales of securities,
excluding short-term securities, were $586,021 and $68,623 respectively.
25
ADVISOR
Jacobs & Company
333 Summer St., #970
Charleston, WV 25301
DISTRIBUTOR
First Fund Distributors, Inc.
4455 East Camelback Road, Suite 261-E
Phoenix, Arizona 85018
CUSTODIAN
Firstar Institutional Custody Services
425 Walnut Street
Cincinnati, Ohio 45202
TRANSFER AGENT
ICA Fund Services Corporation
4455 East Camelback Road, Suite 261-E
Phoenix, Arizona 85018
LEGAL COUNSEL
Paul, Hastings, Janofsky & Walker LLP
345 California Street, 29th Floor
San Francisco, California 94104
This report is intended for the shareholders of the Fund and may not be used as
sales literature unless preceded or accompanied by a current prospectus.
Past performance results shown in this report should not be considered a
representation of future performance. Share price and returns will fluctuate so
that shares, when redeemed, may be worth more or less than their original cost.
Statements and other information herein are dated and are subject to change.