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THE HERITAGE WEST
PREFERRED SECURITIES
INCOME FUND
SEMI-ANNUAL REPORT
NOVEMBER 30, 1999
<PAGE>
THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND
Dear Shareholders:
The Heritage West Preferred Securities Income Fund has seen its holdings
undergo extreme volatility during the half year of operation ending November 30,
1999. The Fund's total return declined 7.32% inclusive of dividends and
excluding sales charges. Rising interest rates were primarily responsible for
the decline. While most traditional fixed income funds experienced poor or
negative total returns for the period, the less volatile nature of preferred
securities in general, helped to offset the sharp rise in interest rates.
Virtually every security in the Fund experienced a sharp drop in share
price during the June through November period. The most extreme share price
declines were attributed to the highest quality issues. Higher quality, lower
yielding securities tend to be more sensitive to changes in interest rates due
to competition for capital. Investors tend to sell their lowest yielding
instruments more readily to seek out higher yields. Volatile common stock share
prices may have also contributed to increased uncertainty about the general
direction of the economy causing declines in share prices throughout the quality
spectrum.
Since declining preferred share prices affected the entire quality
spectrum, the Advisor has focused its recent purchases on those securities that
are most undervalued relative to their quality peer group regardless of the
specific quality rating. This has led to the purchase of several moderate
quality issues (B and BB, as rated by S&P) with yields in excess of 14.00%. It
is the Advisor's belief that these issues will not only provide a high level of
income to the Fund, but also represent an opportunity for capital appreciation
so long as the general economy neither melts down (detrimental to real estate
issues) nor overheats, precipitating higher interest rates (detrimental to
higher quality issues).
The Advisor feels that the interest rate environment will remain relatively
stable for the next several quarters since the market has anticipated one or two
rate hikes on the part of the Federal Reserve and the Fed has a tendency to
avoid election season adjustments. This should begin to ease the volatile swings
in preferred share prices and allow the Advisor to continue its basic strategy
of dividend captures. Since the current economic climate is generally considered
a favorable one for common stock share prices, the Advisor will seek to add a
few additional convertible preferred securities to the Fund's portfolio.
Thank you for your continued support of the Fund.
Sincerely,
/s/ Craig O. Jolly
Craig O. Jolly
Portfolio Manager
<PAGE>
THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND
INVESTMENT PORTFOLIO AT NOVEMBER 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
Shares PREFERRED STOCKS: 98.04% Market Value
- --------------------------------------------------------------------------------
AUTOMOTIVE - DIVERSIFIED: 0.85%
2,000 Ford Motor Company Series B Cumulative Depositary
Shares................................................ $ 54,750
-----------
BANKING - DIVERSIFIED: 9.11%
5,000 California Federal Preferred Capital Corporation
Class A............................................... 114,375
5,000 Nationsbank Capital Trust - 7.84% Preferred Securities
due 12/31/26.......................................... 117,808
7,000 The Bank of New York Company, Inc. Capital Trust
III - 7.05% Preferred Securities due 3/1/28........... 146,562
7,600 The Chase Manhattan Corporation Preferred Securities.... 209,475
-----------
588,220
-----------
BANKING - SPECIALTY - INTERNATIONAL FINANCIAL SERVICES: 4.04%
10,000 Barclays Bank PLC, Series D American Depositary
Receipt............................................... 260,625
-----------
ENTERTAINMENT - SPECIALTY -TV & RADIO PROGRAMMING: 1.67%
3,000 Sinclair Broadcast Group, Incorporated - 6.00%
Convertible Perpetual Preferred....................... 108,000
-----------
ENTERTAINMENT - SPECIALTY -TV PRODUCTION, PROGRAMMING,
BROADCASTING: 1.05%
3,000 Carlton Communications PLC - 8.00% Preferred
Securities............................................ 67,688
-----------
FINANCIAL SERVICES - DIVERSIFIED: 6.77%
10,000 American Express Company Capital Trust I - 7.00%
Quarterly Income Preferred Securities due 7/16/28..... 213,125
5,000 Citicorp - 8.40% Cumulative Preferred Securities........ 132,813
1,000 Hartford Capital Trust II - 8.35% Quarterly Income
Preferred Securities due 10/30/26..................... 24,250
3,000 ITT Hartford Group, Incorporated Capital Trust I - 7.70%
Quarterly Income Preferred Securities due 2/28/16..... 66,562
-----------
436,750
-----------
2
<PAGE>
THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND
INVESTMENT PORTFOLIO AT NOVEMBER 30, 1999 (UNAUDITED), CONTINUED
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Shares Market Value
- --------------------------------------------------------------------------------
FINANCIAL SERVICES - SPECIALTY - SECURITIES BROKERAGE: 9.16%
5,000 Merrill Lynch & Company, Incorporated Capital Trust IV -
7.12% Trust Originated Preferred Securities........... $ 107,500
5,000 Morgan Stanley Dean Witter & Company France PLC - 9.00%
Preferred Securities due 2/28/15...................... 125,313
7,000 Morgan Stanley Dean Witter Capital Trust - 7.10%
Preferred Securities due 2/28/38...................... 147,438
3,900 National Rural Utilities Cooperative Finance
Corporation - 7.65% Quarterly Income Capital
Securities due 9/15/46................................ 90,675
5,000 National Rural Utilities Cooperative Finance
Corporation - 8.00% Quarterly Income Capital
Securities due 12/31/45............................... 120,313
-----------
591,239
-----------
FOOD - DIVERSIFIED: 7.05%
10,600 ConAgra Capital LC - Series B Cumulative Preferred
Securities due 6/30/43................................ 193,450
10,000 Grand Metropolitan PLC - 9.42% Preferred Securities..... 261,875
-----------
455,325
-----------
FOOD - SPECIALTY - BEVERAGE: 1.71%
4,500 Cadbury Schweppes PLC - 8.63% Cumulative Preferred
Securities............................................ 110,531
-----------
FOOD - SPECIALTY - FAST FOOD: 1.87%
5,000 McDonalds Corporation - 7.50% Subordinated Deferrable
Interest Debentures due 1/2/37........................ 120,938
-----------
INSURANCE - DIVERSIFIED: 5.88%
12,000 Acceptance Insurance Company, Inc. Capital Trust - 9.00%
Preferred Securities due 9/30/27...................... 131,250
10,000 Allstate Finacial Corp. - 7.95% Series A Quarterly
Income Preferred Securities due 12/31/26.............. 233,750
600 Travelers Aetna Property Casualty Capital Trust II -
8.00% Preferred Securities due 5/15/36................ 14,438
-----------
379,438
-----------
INSURANCE - SPECIALTY - LONG TERM DISABILITY: 1.81%
5,000 UNUM Corporation - 8.80% Series A Monthly Income Debt
Securities............................................ 116,875
-----------
3
<PAGE>
THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND
INVESTMENT PORTFOLIO AT NOVEMBER 30, 1999 (UNAUDITED), CONTINUED
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Shares Market Value
- --------------------------------------------------------------------------------
INSURANCE - SPECIALTY - MUNICIPAL BOND: 8.37%
10,000 Ambac Financial Group, Inc. - 7.08% Debentures due
3/31/98............................................... $ 214,375
14,500 Financial Security Assurance - 7.38% Preferred
Securities due 9/30/97................................ 326,250
-----------
540,625
-----------
REAL ESTATE - DIVERSIFIED: 0.58%
2,000 Colonial Properties Trust - 8.75% Preferred Securities.. 37,500
-----------
REAL ESTATE - SPECIALTY - APARTMENTS: 0.78%
2,700 United Dominion Realty Trust, Inc - 8.60% Series B
Cumulative Redeemable Preferred Securities............ 50,625
-----------
REAL ESTATE - SPECIALTY - HEALTH CARE: 3.87%
15,100 G&L Realty Corporation - 10.25% Series A Preferred
Securities............................................ 247,263
200 Omega Healthcare Investors, Incorporated - Series A
Preferred Securities.................................. 2,750
-----------
250,013
-----------
REAL ESTATE - SPECIALTY - INDUSTRIAL, OFFICE: 1.57%
5,000 Liberty Property Trust - Series A Cumulative Preferred
Securities............................................ 101,250
-----------
REAL ESTATE - SPECIALTY - MOTEL: 6.06%
6,500 Cendant Corporation - 7.50% Convertible Preferred Income
PRIDES................................................ 173,875
13,950 Equity Inns, Inc. - 9.50% Series A Cumulative Preferred
Securities............................................ 217,097
-----------
390,972
-----------
REAL ESTATE - DIVERSIFIED: 3.37%
13,000 Associates Estates Realty Corp. - 9.75% Depositary
Shares................................................ 217,750
-----------
RETAIL - GENERAL MERCHANDISE: 1.37%
5,000 Dillards Capital Trust I - 7.50% Preferred Securities
due 8/1/38............................................ 88,125
-----------
TELECOMMUNICATIONS - DIVERSIFIED: 0.64%
1,800 Pacific Telesis Financing I - 7.56% Trust Originated
Preferred Securities.................................. 41,625
-----------
4
<PAGE>
THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND
INVESTMENT PORTFOLIO AT NOVEMBER 30, 1999 (UNAUDITED), CONTINUED
- --------------------------------------------------------------------------------
Shares Market Value
- --------------------------------------------------------------------------------
UTILITY - DIVERSIFIED: 7.18%
7,000 Baltimore Gas & Electric Capital Trust I - 7.16% Trust
Originated Preferred Securities due 6/30/38........... $ 148,750
1,000 Duke Capital Financing Trust II - 7.38% Cumulative
Quarterly Income Preferred Securities due 3/31/38..... 21,688
8,000 Duke Energy Capital Trust I - 7.20% Cumulative Quarterly
Income Preferred Securities due 9/30/37............... 173,500
5,000 Northern States Power Financial Trust I - 7.88% Trust
Originated Preferred Securities due 1/31/37........... 119,375
-----------
463,313
-----------
UTILITY - SPECIALTY - ELECTRIC: 13.27%
2,900 Alabama Power Co. - 7.00% Senior Notes due 3/31/48...... 58,986
5,500 Alabama Power Co. - 7.00% Series B due 12/31/47......... 116,531
4,700 Consolidated Edison Company of New York - 7.75%
Quarterly Income Capital Securities due 3/31/31....... 104,575
4,800 Potomac Electric Power Company - 7.38% Trust Originated
Preferred Securities due 6/1/38....................... 105,600
100 Southern California Edison Company - 4.78% Series
Cumulative Preferred.................................. 1,688
15,000 Southern Company Capital Trust IV - 7.13% Trust
Originated Preferred Securities due 6/30/28........... 318,750
7,000 Virginia Electric and Power Company - 7.15% Series A
due 6/30/28........................................... 150,500
-----------
856,630
-----------
Total Common Stocks (cost $7,167,648): 98.03%........... 6,328,807
Other Assets less Liabilities: 1.97%.................... 127,140
-----------
Total Net Assets: 100%.................................. $ 6,455,947
===========
See Notes to Financial Statements.
5
<PAGE>
THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES AT NOVEMBER 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
ASSETS:
Investments in securities, at value
(Identified cost $7,167,648)................................. $ 6,328,807
Cash........................................................... 94,990
Receivables
Due from advisor for expense reimbursement................... 10,738
Dividends and interest....................................... 24,666
Deferred Organization Cost..................................... 24,930
Prepaid expenses .............................................. 14,896
-----------
Total assets............................................... 6,499,027
-----------
LIABILITIES
Payables
Advisory fees................................................ 11,335
Administration fees.......................................... 2,311
Accrued expenses............................................... 29,434
-----------
Total liabilities.......................................... 43,080
-----------
NET ASSETS....................................................... $ 6,455,947
===========
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE
$6,455,947 / 598,823 shares outstanding;
unlimited number of shares (par value $0.01) authorized........ $ 10.78
===========
OFFERING PRICE PER SHARE ($10.78/.955)........................... $ 11.29
===========
COMPONENTS OF NET ASSETS
Paid-in capital................................................ $ 7,266,916
Accumulated net realized gain on investments................... 27,872
Net unrealized depreciation on investments .................... (838,841)
-----------
Net assets................................................. $ 6,455,947
===========
See Notes to Financial Statements.
6
<PAGE>
THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND
STATEMENT OF OPERATIONS
FOR THE JUNE 1, 1999 THROUGH NOVEMBER 30, 1999 (UNAUDITED)
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INVESTMENT INCOME
Income
Dividends.................................................... $ 276,977
-----------
Total income............................................... 276,977
-----------
Expenses
Advisory fees................................................ 33,185
Administration fees.......................................... 15,041
Custodian and fund accounting fees........................... 8,273
Professional fees............................................ 14,262
Transfer agent fees.......................................... 8,023
Registration fees............................................ 5,626
Reports to shareholders...................................... 3,510
Amortization of deferred organization costs.................. 3,510
Trustees' fees............................................... 1,254
Other ....................................................... 2,006
Insurance expense............................................ 894
-----------
Total expenses............................................. 95,584
Less, advisory fee waiver and absorption (Note 3).......... (29,041)
-----------
Net expenses............................................... 66,543
-----------
NET INVESTMENT INCOME ................................... 210,434
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from security transactions................... 2,087
Net change in unrealized depreciation on investments........... (769,365)
-----------
Net realized and unrealized loss on investments.............. (767,278)
-----------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS..... $ (556,844)
===========
See Notes to Financial Statements.
7
<PAGE>
THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS
- -------------------------------------------------------------------------------------------------------
June 1, 1999 June 24, 1998*
through through
November 30, 1999** May 31, 1998
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment income............................................ $ 210,434 $ 299,373
Net realized gain from security transactions..................... 2,087 144,221
Net change in unrealized depreciation on investments............. (769,365) (69,476)
---------- ----------
NET (DECREASE) INCREASE IN NET ASSETS RESULTING FROM OPERATIONS (556,844) 374,118
---------- ----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Net investment income............................................ (280,920) (347,323)
---------- ----------
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net change
in outstanding shares (a)...................................... 1,043,909 6,223,007
---------- ----------
TOTAL INCREASE IN NET ASSETS..................................... $ 206,145 $6,249,802
========== ==========
NET ASSETS
Beginning of period................................................ 6,249,802 --
---------- ----------
END OF PERIOD...................................................... $6,455,947 $6,249,802
========== ==========
(a) A summary of capital shares transactions is as follows:
June 1, 1999 June 24, 1998*
through through
November 30, 1999** May 31, 1999
------------------------ ------------------------
Shares Value Shares Value
---------- ---------- ---------- ----------
Shares sold .................................... 86,836 $1,033,133 509,573 $6,200,974
Shares issued in reinvestment of distributions.. 16,035 186,342 15,635 188,948
Shares redeemed................................. (15,564) (175,566) (13,692) (166,915)
---------- ---------- ---------- ----------
Net increase.................................... 87,307 $1,043,909 511,516 $6,223,007
========== ========== ========== ==========
</TABLE>
* Commencement of Operations.
** Unaudited.
See Notes to Financial Statements.
8
<PAGE>
THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
FOR A CAPITAL SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- ----------------------------------------------------------------------------------------------
June 1, 1999 June 24, 1998*
through through
November 30, 1999** May 31, 1999
- ----------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period...................... $ 12.22 $ 12.25
---------- ----------
Income from investment operations:
Net investment income................................... 0.49 0.83
Net realized and unrealized (loss) gain on investments.. (1.33) 0.06
---------- ----------
Total from investment operations.......................... (0.84) 0.89
Less dividends and distributions:
From net investment income.............................. (0.60) (0.92)
---------- ----------
Net asset value, end of period............................ $ 10.78 $ 12.22
========== ==========
Total return.............................................. (7.32)%+ 7.63%+
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (thousands)..................... $ 6,456 $ 6,250
Ratio of expenses to average net assets:
Before expense reimbursement............................ 2.87%++ 3.82%++
After expense reimbursement............................. 2.00%++ 1.98%++
Ratio of net investment income to average net assets:
After expense reimbursement............................. 6.32%++ 7.48%++
Portfolio turnover rate................................... 38.94% 253.59%
</TABLE>
* Commencement of operations.
** Unaudited.
+ Does not include sales load and is not annualized.
++ Annualized.
See Notes to Financial Statements.
9
<PAGE>
THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND
NOTES TO FINANCIAL STATEMENTS AT NOVEMBER 30, 1999 (UNAUDITED)
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NOTE 1 - ORGANIZATION
The Heritage West Preferred Securities Income Fund, formerly 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 objective of the Fund is to
achieve a high rate of current income by primarily buying and selling preferred
securities.
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 market
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 on 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 on
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 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.
10
<PAGE>
THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND
NOTES TO FINANCIAL STATEMENTS (UNAUDITED), CONTINUED
- --------------------------------------------------------------------------------
NOTE 3 - INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
For the period ended November 30, 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 period ended November 30, 1999, the Fund incurred $33,185 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 sixth 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 ended November
30, 1999, the Advisor reduced its fees and absorbed Fund expenses in the amount
of $29,041; 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 period ended November 30, 1999, the cost of purchases and the
proceeds from sales of securities, excluding short-term securities, were
$4,537,325 and $2,347,101, respectively.
11
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THE HERITAGE WEST PREFERRED SECURITIES INCOME FUND
CHANGE IN INDEPENDENT ACCOUNTANT
- --------------------------------------------------------------------------------
On August 27, 1999, McGladrey & Pullen, LLP ("McGladrey") resigned as
independent auditors of the Fund pursuant to an agreement by
PricewaterhouseCoopers LLP ("PwC") to acquire McGladrey's investment company
practice. The McGladrey partners and professionals serving the Fund at the time
of the acquisition joined PwC.
Since this change occurred during the Funds initial year of operation McGladrey
did not report on the Fund's financial statements.
The report of McGladrey on the financial statements of the Fund during the last
fiscal year contained no adverse opinion or disclaimer of opinion, and was not
qualified or modified as to uncertainty, audit scope or accounting principles.
On September 10, 1999, the Fund, with the approval of its Board of Trustees and
its Audit Committee, engaged PwC as its independent auditors.
12
<PAGE>
ADVISOR
Heritage West Advisers, 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
TRANSFER AGENT
ICA Fund Services Corp.
4455 East Camelback Road, Suite 261E
Phoenix, AZ 85018
LEGAL COUNSEL
Paul, Hastings, Janofsky & Walker LLP
345 California Street
San Francisco, California 94104
