The American Trust
ALLEGIANCE FUND
One Court Street
Lebanon, New Hampshire 03766
www.allegiancefund.com
Trading Symbol: ATAFX
SEMI-ANNUAL REPORT
FOR THE PERIOD ENDED
AUGUST 31, 1999
<PAGE>
AMERICAN TRUST ALLEGIANCE FUND
October, 1999
Dear Fellow Shareholder,
We are pleased to send you the American Trust Allegiance Fund's semi-annual
report for the six- month period ending August 31, 1999. The Fund continues to
experience steady growth with assets totaling $19.8 million as of August 31,
1999. The Fund's competitive investment performance of a total return of 47.76%
ranked it in the top 25% of growth mutual funds for the twelve-month period
ending August 31, 1999 according to Lipper Analytic Services, Inc. The S&P 500
Index, an unmanaged index of 500 industrial, utility, transportation,
technology, and financial companies of the U.S. markets, provided a total return
of 39.82% over the same 12 month period. Based on total return, Lipper ranked
the Fund 257 out of 1,091 growth funds for the year ending August 31, 1999.
The six months covered in this semi-annual report encompasses a period in
which the broad market averages experienced a 10% fluctuation downward in price,
while the damage to many individual companies' stock prices was even more
severe. This price action serves as a useful reminder to all investors of the
risks inherent in investing in common stocks. Interest rate concerns also moved
to the forefront for investors due to the Federal Reserve's two increases in the
federal funds rate. The Fed's tightening, the first since 1994, coincided with a
potential shift in investor interest away from high quality growth companies
toward more cyclical, lower quality names. The specter of higher interest rates,
earnings concerns, and style shifts provided a challenging backdrop for U.S.
investors.
Our "bottom up" investment approach attempts to look through macroeconomic
events impacting the financial markets and focus on identifying companies that
satisfy our financial and social criteria. Finding companies with attractive
long-term growth potential is our primary job. Our investment discipline
frequently leads to technology names as that sector offers the most attractive
long-term growth potential and is a major component of the U.S. economy that is
globally dominant. Despite short-term volatility, which can be fairly sharp at
times, we believe investors should continue to seek technology exposure in their
long-term portfolios. Consequently, the Fund's portfolio remains overweighted in
technology companies.
We thank you for your support and look forward to helping you achieve your
financial goals.
/s/ Jeffrey M. Harris
Jeffrey M. Harris, CFA
/s/ Paul H. Collins
Paul H. Collins
Remember past performance is not a guarantee of future results. Fund share
values and returns fluctuate and investors may have a gain or a loss when shares
are redeemed. The Fund's average annual total return for the year ended
September 30, 1999 was 34.43% and since inception (March 11, 1997) to September
30, 1999 was 25.81%. Based on total return, Lipper ranked the Fund in the top
31% of growth funds (332nd out of 1083 growth funds) for the one year ended
September 30, 1999. Total return identifies the return of the Fund taking into
consideration changes in the NAV price, accumulation and reinvestment of
dividends and the compounding factor over time. During the year ended September
30, 1999, fees were waived and expenses advanced to the Fund.
<PAGE>
AMERICAN TRUST ALLEGIANCE FUND
Comparison of the change in value of a $10,000 investment in the American Trust
Allegiance Fund versus the S & P 500 Composite Stock Price Index.
Average Annual Total Return
Period Ended August 31, 1999
1 Year.............................47.76%
Since Inception
(3/11/97)..........................26.51%
American Trust S & P 500 Composite
Allegiance Fund Stock Price Index
--------------- -----------------
11-Mar-97 $10,000 $10,000
31-Mar-97 $ 9,210 $ 9,342
30-Apr-97 $ 9,950 $ 9,902
31-May-97 $10,630 $10,497
30-Jun-97 $11,110 $10,968
31-Jul-97 $12,100 $11,841
31-Aug-97 $11,450 $11,175
30-Sep-97 $12,240 $11,791
31-Oct-97 $11,820 $11,404
30-Nov-97 $12,200 $11,927
31-Dec-97 $12,480 $12,132
31-Jan-98 $12,460 $12,271
28-Feb-98 $13,480 $13,149
31-Mar-98 $14,000 $13,822
30-Apr-98 $14,140 $13,963
31-May-98 $13,620 $13,718
30-Jun-98 $14,670 $14,278
31-Jul-98 $14,330 $14,130
31-Aug-98 $12,110 $12,086
30-Sep-98 $13,378 $12,858
31-Oct-98 $14,244 $13,910
30-Nov-98 $15,130 $14,750
31-Dec-98 $17,081 $15,600
31-Jan-99 $17,914 $16,256
28-Feb-99 $17,183 $15,742
31-Mar-99 $18,248 $16,372
30-Apr-99 $18,614 $17,009
31-May-99 $17,842 $16,600
30-Jun-99 $18,898 $17,522
31-Jul-99 $18,198 $16,977
31-Aug-99 $17,893 $16,892
Past performance is not predictive of future performance.
* The S&P 500 Composite Stock Price Index is an unmanaged
capitalization-weighted index of 500 stocks designed to represent the broad
domestic economy.
2
<PAGE>
AMERICAN TRUST ALLEGIANCE FUND
TOP 10 HOLDINGS at August 31, 1999
- --------------------------------------------------------------------------------
Solectron Corporation
Intel Corporation
Microsoft Corporation
Cisco Systems, Inc.
Lucent Technologies Inc.
America Online, Inc.
International Business Machines Corporation
EMC Corporation
The Home Depot, Inc.
American International Group, Inc.
3
<PAGE>
AMERICAN TRUST ALLEGIANCE FUND
SCHEDULE OF INVESTMENTS AT AUGUST 31, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
Shares COMMON STOCKS: 89.62% Market Value
- --------------------------------------------------------------------------------
ALUMINUM: 1.98%
6,100 Alcoa Inc............................................ $ 393,831
-----------
BANKS - MAJOR REGIONAL: 6.39%
6,050 Fifth Third Bancorp.................................. 400,812
7,300 Mellon Bank Corporation.............................. 243,638
3,100 Northern Trust Corporation........................... 262,919
6,050 State Street Corporation............................. 362,244
-----------
1,269,613
-----------
BROADCAST MEDIA: 1.89%
11,500 Comcast Corporation - Special Class A............... 375,187
-----------
COMMUNICATIONS EQUIPMENT: 4.77%
9,400 Lucent Technologies Inc.............................. 602,188
5,800 Tellabs, Inc.*....................................... 345,463
-----------
947,651
-----------
COMPUTER HARDWARE: 6.04%
4,500 Dell Computer Corporation*........................... 219,656
4,500 International Business Machines Corporation.......... 560,531
5,300 Sun Microsystems, Inc.*.............................. 421,350
-----------
1,201,537
-----------
COMPUTER SOFTWARE AND SERVICES: 8.04%
6,300 America Online, Inc.*................................ 575,269
5,900 Computer Sciences Corporation*....................... 408,206
6,650 Microsoft Corporation*............................... 615,541
-----------
1,599,016
-----------
COMPUTERS - NETWORKING: 3.04%
8,910 Cisco Systems, Inc.*................................. 604,209
-----------
COMPUTERS - PERIPHERAL: 2.75%
9,100 EMC Corporation*..................................... 546,000
-----------
ELECTRICAL EQUIPMENT: 4.63%
8,350 Solectron Corporation*............................... 653,388
7,700 Symbol Technologies, Inc............................. 268,056
-----------
921,444
-----------
See accompanying Notes to Financial Statements.
4
<PAGE>
AMERICAN TRUST ALLEGIANCE FUND
SCHEDULE OF INVESTMENTS AT AUGUST 31, 1999 (UNAUDITED), CONTINUED
- --------------------------------------------------------------------------------
Shares Market Value
- --------------------------------------------------------------------------------
ELECTRONICS - SEMICONDUCTOR: 6.75%
7,500 Intel Corporation.................................... $ 616,406
5,600 Texas Instruments, Incorporated...................... 459,550
3,900 Vitesse Semiconductor Corporation*................... 265,200
-----------
1,341,156
-----------
ELECTRONICS - SEMICONDUCTOR EQUIPMENT: 1.68%
4,700 Applied Materials, Inc.*............................. 333,994
-----------
FINANCIAL - DIVERSIFIED: 2.03%
6,500 Fannie Mae........................................... 403,812
-----------
HOUSEHOLD PRODUCTS: 2.03%
7,550 Colgate-Palmolive Company............................ 403,925
-----------
INSURANCE - BROKERS: 1.75%
4,775 Marsh & McLennan Companies, Inc...................... 347,680
-----------
INSURANCE - MULTILINE: 2.32%
4,978 American International Group, Inc.................... 461,398
-----------
MACHINERY - DIVERSE: 2.21%
6,900 Ingersoll-Rand Company............................... 439,013
-----------
MANUFACTURER - DIVERSE: 3.45%
5,500 Illinois Tool Works Inc.............................. 428,656
3,900 United Technologies Corporation...................... 257,888
-----------
686,544
-----------
OIL - INTERNATIONAL: 2.92%
4,000 Exxon Corporation.................................... 315,500
4,300 Royal Dutch Petroleum Company ADR.................... 266,063
-----------
581,563
-----------
OIL AND GAS - DRILL AND EQUIPMENT: 1.98%
5,900 Schlumberger Limited................................. 393,825
-----------
PAPER & FOREST PRODUCTS: 1.90%
6,700 Weyerhaeuser Company................................. 376,875
-----------
See accompanying Notes to Financial Statements.
5
<PAGE>
AMERICAN TRUST ALLEGIANCE FUND
SCHEDULE OF INVESTMENTS AT AUGUST 31, 1999 (UNAUDITED), CONTINUED
- --------------------------------------------------------------------------------
Shares Market Value
- --------------------------------------------------------------------------------
RESTAURANTS: 1.54%
7,400 McDonald's Corporation............................... $ 306,175
-----------
RETAIL - APPAREL: 2.06%
10,475 The Gap, Inc......................................... 409,834
-----------
RETAIL - BUILDING SUPPLY: 2.43%
7,900 The Home Depot, Inc.................................. 482,887
-----------
RETAIL - SPECIALTY: 1.88%
13,600 Bed Bath & Beyond Inc.*.............................. 374,000
-----------
SERVICES - COMMERCIAL AND CONSTRUCTION: 0.97%
3,750 Cintas Corporation................................... 192,656
-----------
SERVICES - DATA PROCESSING: 3.84%
9,400 Automatic Data Processing, Inc....................... 369,537
13,350 Paychex, Inc......................................... 392,991
-----------
762,528
-----------
TELECOMMUNICATIONS - LONG DISTANCE: 5.54%
8,900 AT&T Corp............................................ 400,500
5,500 MCI WorldCom Incorporated*........................... 416,625
9,900 Qwest Communications International Inc.*............. 284,625
-----------
1,101,750
-----------
TELEPHONE: 2.81%
6,600 BellSouth Corporation................................ 298,650
5,400 SBC Communications Inc............................... 259,200
-----------
557,850
-----------
Total Common Stocks (cost $13,912,483)............... 17,815,953
-----------
*Non-income producing securities.
See accompanying Notes to Financial Statements.
6
<PAGE>
AMERICAN TRUST ALLEGIANCE FUND
Principal
Amount SHORT-TERM INVESTMENTS: 9.86%
- --------------------------------------------------------------------------------
$1,959,527 Firstar Stellar Treasury Fund, 4.62%
(cost $1,959,527).................................. 1,959,527
-----------
Total Investments in Securities
(cost $15,872,010): 99.48%......................... 19,775,480
Other Assets Less Liabilities: 0.52%................. 103,701
TOTAL NET ASSETS: 100.00% ........................... $19,879,181
===========
At August 31, 1999, the cost of securities for Federal tax purposes was the same
as the basis for financial reporting. Unrealized appreciation and depreciation
of securities were as follows:
Gross unrealized appreciation........................ $ 4,276,427
Gross unrealized depreciation........................ (372,957)
-----------
TOTAL NET ASSETS: 100.00%............................ $ 3,903,470
===========
See accompanying Notes to Financial Statements.
7
<PAGE>
AMERICAN TRUST ALLEGIANCE FUND
STATEMENT OF ASSETS AND LIABILITIES AT AUGUST 31, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
ASSETS
Investments in securities, at value
(identified cost $15,872,010)................................. $19,775,480
Cash............................................................ 72
Receivables
Fund shares sold.............................................. 74,899
Dividends and interest........................................ 8,797
Deferred Organization Costs..................................... 9,344
Prepaid expenses ............................................... 18,703
Other Assets ................................................... 11,473
-----------
Total assets................................................ 19,898,768
-----------
LIABILITIES
Payables
Due to Advisor................................................ 11,242
Administration fees........................................... 3,184
Accrued expenses................................................ 5,161
-----------
Total liabilities........................................... 19,587
-----------
NET ASSETS........................................................ $19,879,181
===========
Net asset value, offering and redemption price per share
($19,879,181/1,127,738 shares outstanding;
unlimited number of shares authorized, par value $0.01)......... $ 17.63
===========
COMPONENTS OF NET ASSETS
Paid-in capital................................................. $15,942,461
Accumulated net realized gain on investments.................... 33,250
Net unrealized appreciation on investments...................... 3,903,470
-----------
Net assets.................................................... $19,879,181
===========
See accompanying Notes to Financial Statements.
8
<PAGE>
AMERICAN TRUST ALLEGIANCE FUND
STATEMENT OF OPERATIONS - FOR THE SIX MONTHS ENDED AUGUST 31, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
INVESTMENT INCOME
Income
Dividends..................................................... $ 53,384
Interest ..................................................... 12,947
-----------
Total income................................................ 66,331
-----------
Expenses
Advisory fees................................................. 80,380
Administration fees........................................... 17,051
Custodian and accounting fees................................. 13,509
Transfer agent fees........................................... 12,602
Audit fees.................................................... 7,058
Registration fees............................................. 11,038
Miscellaneous................................................. 1,008
Trustees' fees................................................ 1,360
Reports to shareholders....................................... 2,017
Legal fees.................................................... 2,493
Insurance..................................................... 1,517
Amortization of deferred organization costs................... 1,866
-----------
Total expenses.............................................. 151,899
Less, advisory fee waiver and absorption.................... (28,562)
-----------
Net expenses................................................ 123,337
-----------
Net investment loss....................................... (57,006)
-----------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
Net realized gain from security transactions.................... 262,040
Net change in unrealized appreciation on investments............ 231,333
-----------
Net realized and unrealized gain on investments............... 493,373
-----------
Net Increase in Net Assets Resulting from Operations........ $ 436,367
===========
See accompanying Notes to Financial Statements.
9
<PAGE>
AMERICAN TRUST ALLEGIANCE FUND
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------
Six Months Year
Ended Ended
August 31, 1999# February 28, 1999
------------------------------------
<S> <C> <C>
INCREASE IN NET ASSETS FROM OPERATIONS
Net investment loss........................................... $ (57,006) $ (52,858)
Net realized gain from security transactions ................. 262,040 (94,763)
Net change in unrealized appreciation on investments.......... 231,333 2,552,998
----------- -----------
Net increase in net assets resulting from operations..... 436,367 2,405,377
----------- -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net realized gain on security transactions.................... -- (147,358)
----------- -----------
Total dividends and distributions to shareholders......... -- (147,358)
----------- -----------
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change
in outstanding shares (a)................................... 6,113,404 4,711,269
----------- -----------
Total increase in net assets.................................. 6,549,771 6,969,288
NET ASSETS
Beginning of period............................................. 13,329,410 6,360,122
----------- -----------
End of period .................................................. $19,879,181 $13,329,410
=========== ===========
</TABLE>
(a) A summary of capital shares transactions is as follows:
<TABLE>
<CAPTION>
Six Months Year
Ended Ended
August 31, 1999# February 28, 1999
------------------------- -------------------------
Shares Value Shares Value
------------------------- -------------------------
<S> <C> <C> <C> <C>
Shares sold............................ 392,507 $ 7,045,409 384,345 $ 5,725,856
------------------------- -------------------------
Shares issued in reinvestment of
distributions........................ -- -- 9,895 144,009
Shares redeemed........................ (51,936) (932,005) (79,048) (1,158,596)
------------------------- -------------------------
Net increase........................... 340,571 $ 6,113,404 315,192 $ 4,711,269
=========== =========== =========== ===========
</TABLE>
# Unaudited.
See accompanying Notes to Financial Statements.
10
<PAGE>
AMERICAN TRUST ALLEGIANCE FUND
FINANCIAL HIGHLIGHTS - FOR A CAPITAL SHARE OUTSTANDING THROUGHOUT EACH PERIOD
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
Six Months Year Mar. 11, 1997*
Ended Ended through
Aug. 31, 1999** Feb. 28, 1999 Feb. 28, 1998
-----------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period.................. $ 16.93 $ 13.48 $ 10.00
------- ------- -------
Income from investment operations:
Net investment loss................................. (0.05) (0.07) (0.03)
Net realized and unrealized gain on investments..... 0.75 3.30 3.51
------- ------- -------
Total from investment operations...................... 0.70 3.23 3.48
------- ------- -------
Less distributions:
From net realized gain.............................. 0.00 (0.22) 0.00
------- ------- -------
Total distributions................................... 0.00 (0.22) 0.00
------- ------- -------
Net asset value, end of period........................ $ 17.63 $ 16.93 $ 13.48
======= ======= =======
Total return.......................................... 4.13%++ 27.47% 34.80%++
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)................. $19,879 $13,329 $ 6,360
Ratio of expenses to average net assets:
Before expense reimbursement........................ 1.79%+ 2.30% 4.04%+
After expense reimbursement......................... 1.45%+ 1.45% 1.45%+
Ratio of net investment loss to average net assets
After expense reimbursement......................... (0.67%)+ (0.57%) (0.42%)+
Portfolio turnover rate............................... 16.25% 38.22% 27.65%
</TABLE>
* Commencement of operations.
** Unaudited.
+ Annualized.
++ Not Annualized.
See accompanying Notes to Financial Statements.
11
<PAGE>
AMERICAN TRUST ALLEGIANCE FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
NOTE 1 - ORGANIZATION
The American Trust Allegiance Fund (the "Fund") is a series of shares of
beneficial interest of Advisors Series Trust (the "Trust"), which is registered
under the Investment Company Act of 1940 as a diversified, open-end management
investment company. The Fund began operations on March 11, 1997.
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 value 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. Discounts and premiums on securities
purchased are amortized over the life of the respective securities.
D. DEFERRED ORGANIZATION COSTS: The Fund has incurred expenses of $18,500
in connection with its 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.
NOTE 3 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
For the six months ended August 31, 1999, American Trust Company (the
"Advisor") provided the Fund with investment management services under an
Investment Advisory Agreement. The Advisor furnished all investment advice,
12
<PAGE>
AMERICAN TRUST ALLEGIANCE FUND
NOTES TO FINANCIAL STATEMENTS, (UNAUDITED) CONTINUED
- --------------------------------------------------------------------------------
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 0.95% based upon the average daily net assets of the Fund.
For the six months ended August 31, 1999, the Fund incurred $80,380 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 1.45% 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 the first, second or third fiscal year next
succeeding the fiscal year of the reduction or absorption 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. With respect to the reimbursement of a particular
fee reduction or expense payment, a reimbursement to the Advisor is permitted
only within the three-year period following the year in which the Advisor
reduced the subject fee or paid the subject expense. 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 if so requested by the Advisor even if that practice may
require the Advisor to waive, reduce or absorb current Fund expenses. For the
six months ended August 31, 1999, the Advisor reduced its fees and absorbed Fund
expenses in the amount of $28,562; no amounts were reimbursed to the Advisor.
Investment Company Administration, L.L.C. (the "Administrator") acts as the
Fund's Administrator under an Administration Agreement. The Administrator
prepares various federal and state regulatory filings, reports and returns for
the Fund; prepares reports and materials to be supplied to the trustees;
monitors the activities of the Fund's custodian, transfer agent and accountants;
coordinates the preparation and payment of the Fund's expenses and reviews the
Fund's expense accruals. For its services, the Administrator receives a monthly
fee at the following annual rate:
Fund asset level Fee rate
---------------- --------
Less than $15 million $30,000
$15 million to less than $50 million 0.20% of average daily net assets
$50 million to less than $100 million 0.15% of average daily net assets
$100 million to less than $150 million 0.10% of average daily net assets
More than $150 million 0.05% of average daily net assets
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 - SECURITIES TRANSACTIONS
For the six months ended August 31, 1999, the cost of purchases and the
proceeds from sales of securities, excluding short-term securities, were
$7,112,779 and $2,608,612, respectively.
13
<PAGE>
ADVISOR
American Trust Company
One Court Street
Lebanon, NH 03766
1-800-788-8806
DISTRIBUTOR
First Fund Distributors, Inc.
4455 East Camelback Road, Suite 261E
Phoenix, AZ 85018
CUSTODIAN
Firstar Bank, N.A.
425 Walnut Street
Cincinnati, OH 45202
TRANSFER AGENT
American Data Services, Inc.
150 Motor Parkway, Suite 109
Hauppauge, NY 11788
1-800-385-7003
LEGAL COUNSEL
Paul, Hastings, Janofsky & Walker, LLP
345 California Street, 29th Floor
San Francisco, CA 94104
This report is intended for shareholders of the Fund and may not be used as
sales literature unless preceded or accompanied by a current prospectus.
Past performance results shown in this report should not be considered a
representation of future performance. Share price and returns will fluctuate so
that shares, when redeemed, may be worth more or less than their original cost.
Statements and other information herein are dated and are subject to change.
