THE HERITAGE WEST DIVIDEND CAPTURE INCOME FUND
ANNUAL REPORT
MAY 31, 1999
<PAGE>
THE HERITAGE WEST DIVIDEND CAPTURE INCOME FUND
Dear Shareholders:
As advisor to The Heritage West Dividend Capture Income Fund, it is my
pleasure to provide shareholders with a review of the Fund and its performance
during its first year of operation. As you know, the Fund invests primarily in
preferred stocks. These securities were chosen because they are unlike other
income producing securities in several important and advantageous respects. The
most important of these differences is what makes this Fund and its unique
strategy possible. Unlike bonds which are bought and sold with accrued interest,
preferred stocks "trade flat", meaning investors can buy and hold for as little
as one day and still be paid the entire dividend. Since preferred share prices
are adjusted downward by the amount of the dividend being paid, this advantage
seemingly becomes less clear. If the downward adjustment were to be recovered
over the entire ninety or so days between dividends, then, in fact, there would
be no advantage. Very often, however, the price adjustment following a dividend
is recovered in less than ninety days. This gives rise to a strategy of dividend
"captures". Specifically, to buy a preferred stock prior to its dividend, and
sell as soon as it has recovered to the purchase price, then purchase a
different preferred stock approaching its ex-dividend date and continue
repeating the process. The objective is to earn more than the four dividends
than could be earned with a buy-hold strategy.
The Fund continues to utilize a dividend capture strategy with a large
majority of its assets. Ordinarily, the quality rating of a preferred stock has
little influence in the dividend capture process. During the latter half of 1998
however, quality became the most important factor in determining which preferred
stocks to purchase. At the inception of the Fund in late June of 1998, the
interest rate on the 30 year U.S. treasury bond stood at 5 3/4%. By October of
1998, the rate had fallen to 4 3/4% in a massive flight to quality brought on by
falling stock prices and a very strong dollar driven higher by the collapse of
the Russian Ruble. This caused lower rated, higher yielding preferred issues to
under perform their higher quality counterparts. The Fund saw share prices fall
and dividend capture times extend in its lower rated holdings while higher
quality issues were enjoying rising prices and shorter dividend capture cycles.
During this period, the Fund's net asset value (the "NAV") fell from its opening
value of $12.25 to a low of $11.56 on 10-08-1998. As the Fund transitioned its
assets to higher quality preferred issues, the NAV began to climb, reaching
$12.44 on 1-29-1999. The NAV benefited from significantly shorter dividend
capture times as investor demand for higher quality sources of income drove
prices steadily higher. By year end 1998, the 30 year U.S. Treasury Bond yield
had risen to just over 5%, and by the end of May 1999, the long bond had settled
just below the 6% yield level. As interest rates moved sharply higher, the
Fund's NAV slipped to $12.22, three cents from the initial NAV at inception. As
of 5-31-99, the Fund's portfolio was 84.5% invested in issues considered to be
investment grade, specifically those rated AAA, AA, A, and BBB by S&P, and 15.5%
invested in issues rated BB and B by S&P. The Fund does not permit investments
rated lower than B by S&P or in unrated securities considered by the advisor to
be equivalent to less than a B rating.
Some of the gain in the NAV was the result of the addition of a small
number of convertible preferred securities. These are income paying preferred
stocks that can be converted to the issuers underlying common stock at terms
<PAGE>
THE HERITAGE WEST DIVIDEND CAPTURE INCOME FUND
that are generally preset at the time of issuance. As the stock market recovered
from the sharp correction of the fall of 1998, the Fund's convertible preferred
stock positions rose in value with the overall market while still providing the
Fund with a source of distributable income. As of 5-31-99, the Fund held
convertible preferred positions amounting to 6.03% of the total portfolio.
Thank you for your continued support of the Fund.
Sincerely,
/s/ Craig O. Jolly
Craig O. Jolly
Portfolio Manager
<PAGE>
THE HERITAGE WEST DIVIDEND CAPTURE INCOME FUND
Comparison of the change in value of a $10,000 investment in The Heritage West
Dividend Capture Income Fund versus the Merrill Lynch Perpetual Preferred Index.
The Heritage West Merrill Lynch
Dividend Capture Fund Perpetual Preferred Index
--------------------- -------------------------
24-Jun-98 $10,000 $10,000
31-Aug-98 $ 9,650 $ 9,958
30-Nov-98 $ 9,960 $10,159
28-Feb-99 $10,326 $10,186
31-May-99 $10,547 $10,075
Total Return
Period ended May 31, 1999
Since inception (6/24/98) 5.47%
Returns shown for the Fund reflect the effect of the maximum sales load of
2.00%.
Past performance is not predictive of future performance.
The Merrill Lynch Perpetual Preferred Index is a market capitalization weighted
index that includes perpetual-payment preferred issues. Quality range is BBB3 -
AAA based on composite Moody and S&P ratings. Issues must have at least $30
million in shares outstanding at the end of each month. Both dividend and price
return are calculated daily based on an accrued schedule and exchange pricing.
Prices are taken at approximately 3 pm E.T. The Index is not available for
direct investment and does not incur expenses.
3
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THE HERITAGE WEST DIVIDEND CAPTURE INCOME FUND
SCHEDULE OF INVESTMENTS AT MAY 31, 1999
- --------------------------------------------------------------------------------
Shares PREFERRED STOCKS: 79.86% Market Value
- --------------------------------------------------------------------------------
AUTOMOTIVE-DIVERSIFIED: 1.85%
4,100 Ford Motor Company Series B........................... $ 115,825
----------
BANKING-DIVERSIFIED: 4.24%
5,000 The Chase Manhattan Corporation Pfd................... 141,563
5,000 The Bank of New York Company, Inc. Cap 3 7.05%........ 123,750
----------
265,313
----------
BANKING-INTERNATIONAL FINANCIAL SERVICES: 2.85%
6,600 Barclays Bank PLC ADS Series D....................... 178,200
----------
ENTERTAINMENT-TV & RADIO PROGRAMMING: 3.89%
5,000 Carlton Communications, PLC 8% Pfd.................... 125,937
3,000 Sinclair Broadcast 6% Conv Perp Pfd................... 117,000
----------
242,937
----------
FINANCIAL SERVICES- DIVERSIFIED: 4.76%
5,000 Hartford Capital II 8.35% QUIPS....................... 130,937
3,500 Citicorp Cum Preferred 8.5%........................... 90,781
3,000 ITT Hartford Group, Inc. I 7.7% QUIPS................. 76,125
----------
297,843
----------
FINANCIAL SERVICES-INSURANCE: 2.26%
500 National Rural Utilities Cooperative Finance
Corporation 7.65% QUICS............................. 12,844
5,000 National Rural Utilities Cooperative Finance
Corporation 8.00% QUICS............................. 128,125
----------
140,969
----------
FINANCIAL SERVICES-SECURITIES BROKERAGE: 6.82%
5,000 Morgan Stanley Dean Witter & Co. FIN 9% PLC........... 127,500
7,000 Morgan Stanley Dean Witter & Co. Cap Trust I 7.1%..... 173,250
5,000 Merrill Lynch & Co., Inc. Cap Trust IV 7.12% TOPRS.... 125,312
----------
426,062
----------
FOOD-DIVERSIFIED: 5.65%
5,000 Grand Metropolitan PLC, 9.42% Series A................ 140,938
10,600 ConAgra Capital, L.C. Series B Pfd.................... 212,000
----------
352,938
----------
4
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THE HERITAGE WEST DIVIDEND CAPTURE INCOME FUND
SCHEDULE OF INVESTMENTS AT MAY 31, 1999, CONTINUED
- --------------------------------------------------------------------------------
Shares Market Value
- --------------------------------------------------------------------------------
FOOD-FAST FOOD: 0.21%
500 McDonald's Corporation SDIB 7.5%...................... $ 12,969
----------
INSURANCE-DIVERSIFIED: 4.59%
600 Travelers/Aetna Property Casualty Corp. 8% Pfd........ 15,450
10,000 Allstate Financing I 7.95% Cum Pfd. Series A.......... 256,250
600 Allstate Corp. 7.125% QUIPS........................... 15,000
----------
286,700
----------
INSURANCE-LONG TERM DISABILITY: 2.05%
5,000 Unum Corp. 8.8% Jr. Series A MIDS..................... 128,125
----------
INSURANCE-MUNICIPAL BOND: 5.67%
6,500 Financial Security Assurance Holdings Ltd............. 163,719
7,600 Ambac Fin. Group 7.08% Deb. Sec....................... 190,950
----------
354,669
----------
INSURANCE-REINSURANCE: 2.02%
5,000 Partnerre Ltd. Cum. 8.00% Series A Pfd................ 126,250
----------
REAL ESTATE-APARTMENTS: 3.12%
8,000 United Dominion Rlty 8.60% Tr. Cum Pfd................ 195,000
----------
REAL ESTATE-DIVERSIFIED: 2.56%
7,100 Assoc. Estates Rlty Corp. 9.75% Dep. Shs.............. 159,750
----------
REAL ESTATE-HEALTH CARE: 4.25%
200 Omega Healthcare Invs Inc Pfd Ser A................... 4,988
15,100 G&L Realty 10.25% Pfd. Series A....................... 260,475
----------
265,463
----------
REAL ESTATE-INDUSTRIAL, OFFICE: 1.89%
5,000 Liberty Property Trust 8.8% Series A.................. 118,125
----------
REAL ESTATE-MOTEL: 7.32%
7,000 Cendant Corp. 7.5% Conv. Pfd. Inc. Prid............... 222,250
10,350 Equity Inns Inc. 9.5 Cum. Pfd. Series A............... 235,462
----------
457,712
----------
5
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THE HERITAGE WEST DIVIDEND CAPTURE INCOME FUND
SCHEDULE OF INVESTMENTS AT MAY 31, 1999, CONTINUED
- --------------------------------------------------------------------------------
Shares Market Value
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS-DIVERSIFIED: 2.75%
1,800 Pacific Telesis 7.56%TOPRS............................ $ 45,563
5,000 GTE Corporation 9.25% Cum Pfd. MIPS................... 126,562
----------
172,125
----------
UTILITY-DIVERSIFIED: 4.02%
5,000 Northern States Power Company TOPRS 7.875%............ 128,438
4,900 BGE Capital Trust I 7.16%........................... 122,500
----------
250,938
----------
UTILITY-ELECTRIC: 7.09%
1,300 Consolidated Edison 7.75% QUICS....................... 33,231
4,000 Southern Company Capital TOPRS 7.125%................. 98,750
4,800 Potomac Elec. Power TOPRS 7.375%...................... 123,600
100 Southern California Edison 4.78% Cum Pfd.............. 1,925
3,800 Jersey Central Power & Light Company 8.56% MIPS....... 96,425
700 Alabama Power Company 7% Series B .................... 17,412
2,900 Alabama Power Company 7% SR NTS....................... 71,922
----------
443,265
----------
Total Preferred Stocks (cost $5,061,588).............. 4,991,178
----------
Par
Amount Short Term Investment: 12.69%
- --------------------------------------------------------------------------------
$800,000 U.S. Treasury Bills 8/15/99 (cost $792,082)........... 793,016
----------
Totals Investments (cost $5,853,670)+: 92.55%......... 5,784,194
Other Assets less Liabilities: 7.45%.................. 465,608
----------
Total Net Assets: 100.00%............................. $6,249,802
==========
+ At May 31, 1999, the cost of securities for federal tax purposes was
$5,855,030. Gross unrealized appreciation and depreciation of securities were as
follows:
Gross unrealized appreciation......................... $ 37,367
Gross unrealized depreciation......................... (108,203)
----------
Net unrealized depreciation........................... $ (70,836)
==========
See Notes to Financial Statements.
6
<PAGE>
THE HERITAGE WEST DIVIDEND CAPTURE INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES AT MAY 31, 1999
- --------------------------------------------------------------------------------
ASSETS:
Investments in securities, at value (identified cost $5,853,670) $5,784,194
Cash........................................................... 681,584
Receivables
Securities Sold............................................. 74,223
Dividends and interest...................................... 39,556
Deferred Organization Cost..................................... 28,498
Prepaid expenses .............................................. 18,276
----------
Total assets............................................. 6,626,331
----------
LIABILITIES
Payables
Securities purchased........................................ 326,769
Administration fees......................................... 2,147
Accrued expenses............................................... 47,613
----------
Total liabilities........................................ 376,529
----------
NET ASSETS........................................................ $6,249,802
==========
Net asset value per share*
$6,249,802/511,516 shares outstanding;
unlimited number of shares (par value $0.01) authorized........ $ 12.22
==========
Offering price per share ($12.22/0.98)............................ $ 12.47
==========
COMPONENTS F NET ASSETS
Paid-in capital................................................ $6,223,007
Accumulated net realized gain on investments................... 96,271
Net unrealized depreciation on investments..................... (69,476)
----------
Net assets.................................................. $6,249,802
==========
* Redemption price per share is equal to net asset value per share less 1%
redemption fee on shares held less than one year.
See Notes to Financial Statements.
7
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THE HERITAGE WEST DIVIDEND CAPTURE INCOME FUND
STATEMENT OF OPERATIONS
FOR THE PERIOD FROM JUNE 24, 1998* THROUGH MAY 31, 1999
- --------------------------------------------------------------------------------
INVESTMENT INCOME
Income
Dividends (Net of tax withheld of $253)..................... $ 367,500
Interest.................................................... 10,901
----------
Total income............................................. 378,401
----------
Expenses
Advisory fees (Note 3)...................................... 39,380
Administration fees (Note 3)................................ 27,862
Custodian and fund accounting fees.......................... 20,394
Professional fees........................................... 19,506
Transfer agent fees......................................... 15,495
Registration fees........................................... 7,248
Reports to shareholders..................................... 6,503
Amortization of deferred organization costs................. 6,502
Trustees' fees.............................................. 4,085
Other ...................................................... 3,715
Insurance expense........................................... 2,086
----------
Total expenses........................................... 152,776
Less, advisory fee waiver and absorption (Note 3)........ (73,748)
----------
Net expenses............................................. 79,028
----------
Net investment income.................................... 299,373
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from security transactions................... 144,221
Net change in unrealized appreciation (depreciation) on
investments................................................... (69,476)
----------
Net realized and unrealized gain on investments............. 74,745
----------
Net Increase in Net Assets Resulting from Operations..... $ 374,118
==========
* Commencement of Operations.
See Notes to Financial Statements.
8
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THE HERITAGE WEST DIVIDEND CAPTURE INCOME FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
June 24, 1998*
through
May 31, 1999
- --------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment income ......................................... $ 299,373
Net realized gain from security transactions................... 144,221
Net change in unrealized depreciation on investments........... (69,476)
----------
Net increase in net assets resulting from operations........ 374,118
----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income ......................................... (347,323)
----------
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change in
outstanding shares (a)....................................... 6,223,007
----------
Total increase in net assets................................... $6,249,802
==========
NET ASSETS
Beginning of period............................................... --
----------
End of period..................................................... $6,249,802
==========
(a) A summary of capital shares transactions is as follows:
June 24, 1998*
through
May 31, 1999
------------------------
Shares Value
---------- ----------
Shares sold ......................................... 509,573 $6,200,974
Shares issued in reinvestment of distributions....... 15,635 188,948
Shares redeemed...................................... (13,692) (166,915)
---------- ----------
Net increase......................................... 511,516 $6,223,007
========== ==========
* Commencement of Operations.
See Notes to Financial Statements.
9
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THE HERITAGE WEST DIVIDEND CAPTURE INCOME FUND
FINANCIAL HIGHLIGHTS
FOR A CAPITAL SHARE OUTSTANDING THROUGHOUT THE PERIOD
- -------------------------------------------------------------------------------
June 24, 1998*
through
May 31, 1999
- -------------------------------------------------------------------------------
Net asset value, beginning of period............................. $ 12.25
----------
Income from investment operations:
Net investment income......................................... 0.83
Net realized and unrealized gain on investments............... 0.06
----------
Total from investment operations................................. 0.89
----------
Less distributions:
From net investment income.................................... (0.92)
Net asset value, end of period................................... $ 12.22
==========
Total return .................................................... 7.63%++
Ratios/supplemental data:
Net assets, end of period (thousands)............................ $ 6,250
Ratio of expenses to average net assets:
Before expense reimbursement.................................. 3.82%+
After expense reimbursement................................... 1.98%+
Ratio of net investment income to average net assets:
After expense reimbursement................................... 7.48%+
Portfolio turnover rate.......................................... 253.59%
* Commencement of operations.
+ Annualized.
++ Does not include sales load and is not annualized.
See Notes to Financial Statements.
10
<PAGE>
THE HERITAGE WEST DIVIDEND CAPTURE INCOME FUND
NOTES TO FINANCIAL STATEMENTS AT MAY 31, 1999
- --------------------------------------------------------------------------------
NOTE 1 - ORGANIZATION
The Heritage West Dividend Capture Income Fund (the "Fund") is a series of
shares of Advisors Series Trust (the "Trust"), which is registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company. The Fund began operations on June 24, 1998. The investment objective of
the Fund is to achieve a high rate of current income. The Fund attempts to
achieve this objective by buying and selling preferred stocks for the Fund's
portfolio in order to realize a high level of dividend income.
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.
B. FEDERAL INCOME TAXES: It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its
taxable income to its shareholders. Therefore, no federal income tax
provision is required.
C. SECURITY TRANSACTIONS, DIVIDENDS AND DISTRIBUTIONS: Security
transactions are accounted for on the trade date. Dividend income and
distributions to shareholders are recorded on the ex-dividend date.
Realized gains and losses on securities sold are determined on the
basis of identified cost.
D. DEFERRED ORGANIZATION COSTS: The Fund has incurred expenses of $35,000
in connection with their organization. These costs have been deferred
and are being amortized on a straight-line basis over a period of
sixty months from the date the Fund commenced investment operations.
E. USE OF ESTIMATES: The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net
assets during the reporting period. Actual results could differ from
those estimates.
11
<PAGE>
THE HERITAGE WEST DIVIDEND CAPTURE INCOME FUND
NOTES TO FINANCIAL STATEMENTS, CONTINUED
- --------------------------------------------------------------------------------
NOTE 3 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
For the fiscal year ended May 31, 1999, Heritage West Advisors, LLC (the
"Advisor") provided the Fund with investment management services under an
Investment Advisory Agreement. The Advisor furnished all investment advice,
office space, facilities, and provides most of the personnel needed by the Fund.
As compensation for its services, the Advisor is entitled to a monthly fee at
the annual rate of 1% based upon the average daily net assets of the Fund. For
the fiscal year ended May 31, 1999, the Fund incurred $39,380 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% of average net assets (the "expense cap"). Any such reductions
made by the Advisor in its fees or payment of expenses which are the Fund's
obligation are subject to reimbursement by the Fund to the Advisor, if so
requested by the Advisor, in subsequent fiscal years if the aggregate amount
actually paid by the Fund toward the operating expenses for such fiscal year
(taking into account the reimbursement) does not exceed the applicable
limitation on Fund expenses. The Advisor is permitted to be reimbursed only for
fee reductions and expense payments made in the previous three fiscal years, but
is permitted to look back five years and four years, respectively, during the
initial six years and seventh year of the 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 fiscal year
ended May 31, 1999, the Advisor reduced its fees and absorbed Fund expenses in
the amount of $73,748; no amounts were reimbursed to the Advisor.
Investment Company Administration, LLC (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 annual rate of 0.20% of average daily net assets, subject to a
minimum fee of $30,000 annually.
Heritage West Securities (the "Distributor") acts as the Fund's principal
underwriter in a continuous public offering of the Fund's shares. The
Distributor is an affiliate of the Advisor.
Certain officers of the Fund are also officers and/or directors of the
Administrator.
NOTE 4 - PURCHASES AND SALES OF SECURITIES
For the fiscal year ended May 31, 1999, the cost of purchases and the
proceeds from sales of securities, excluding short-term securities, were
$12,897,233 and $7,979,866, respectively.
12
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THE HERITAGE WEST DIVIDEND CAPTURE INCOME FUND
INDEPENDENT AUDITOR'S REPORT
- --------------------------------------------------------------------------------
The Board of Trustees and Shareholders
The Heritage West Dividend Capture Income Fund
We have audited the accompanying statement of assets and liabilities,
including the schedule of investments of The Heritage West Dividend Capture
Income Fund, series of Advisors Series Trust, as of May 31, 1999, and the
related statements of operations, changes in net assets and the financial
highlights for the period indicated in the accompanying financial statements.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audit.
We conducted our audit in accordance with the generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of May
31, 1999, by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of The
Heritage West Dividend Capture Income Fund, series of Advisors Series Trust, as
of May 31, 1999, the results of its operations, the changes in its net assets
and the financial highlights for the period indicated, in conformity with
generally accepted accounting principles.
/s/ McGLADREY & PULLEN, LLP
McGLADREY & PULLEN, LLP
New York, New York
July 9, 1999
<PAGE>
ADVISOR
Heritage West Advisors, LLC
7373 North Scottsdale Road
Suite D-201
Scottsdale, Arizona 85253
DISTRIBUTOR
Heritage West Securities, Inc.
7373 North Scottsdale Road
Suite D-201
Scottsdale, Arizona 85253
AUDITOR
McGladrey & Pullen, LLP
555 Fifth Avenue
New York, NY 10017-2416
CUSTODIAN
WFS First Clearing Corporation
Glen Allen, VA 23058
TRANSFER AGENT
American Data Services, Inc.
150 Motor Parkway, Suite 109
Hauppauge, New York 11788-0132
LEGAL COUNSEL
Paul, Hastings, Janofsky & Walker LLP
345 California Street
San Francisco, California 94104
