HOWARD
EQUITY FUND
ANNUAL REPORT
NOVEMBER 30, 1999
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HOWARD EQUITY FUND
ANNUAL REPORT
NOVEMBER 30, 1999
Dear Fellow Shareholder:
We are pleased to report that the Howard Equity Fund (the "Fund") outperformed
the S&P 500 Index for the period ending November 30th. For the fiscal period
December 29, 1998 (commencement of operations) through November 30, 1999, the
Fund appreciated 20.40% as compared to a 14.31% increase in the S&P 500 Index --
an advantage of nearly 6 percentage points. The Fund also performed favorably as
compared to the Lipper Multi-Cap Core Fund Index which appreciated 12.43% during
the same period.
During the past year, the recovering economies of the Pacific Rim and Europe
combined with an increasingly vigorous domestic economy to accelerate economic
growth. To best capitalize on this increase in economic activity, the Fund
emphasized investments in selected cyclically sensitive businesses. While our
investments in financial services, healthcare and consumer non-durables have
been rewarding, we continue to under-weight these areas in order to take
advantage of what we believe to be more attractive valuations in technology,
telecommunications, energy services, industrial manufacturing and
consumer/industrial cyclicals.
The Fund did lag the indices in the early part of the year when extremely narrow
market breadth continued the focus on companies that would benefit from slower
economic growth. However, the investment landscape began to change as the first
quarter drew to a close. As strategists and portfolio managers began to embrace
the concept of accelerating economic growth, the previously "unattractive"
sectors of the marketplace began to appreciate significantly.
The strength in the beneficiaries of economic growth concurrent with the
rotational correction of the prior equity leadership will cause the equity
market to remain volatile for the next several months. The more cyclically
sensitive Dow Jones Industrials should remain in a trading range between 12,000
and 10,000, while the S&P Index (which includes a greater weighting of the prior
leadership) might have a trading range with a modest downward bias between 1,450
and 1,200.
In order to take advantage of investment opportunities in this environment, we
increased cash holdings as a percentage of the Fund's assets to more than 20% at
December 31, 1999. The sharp market decline during the first three trading days
of the year provided an excellent opportunity to increase our equity exposure
once again. Assets have increased significantly over the past year which now
allows the Fund to be followed on financial web sites or quote machines on a
daily basis under its new ticker symbol (HEFGX).
/s/ Anthony Orphanos
Anthony Orphanos
Chief Investment Officer & Portfolio Manager
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HOWARD EQUITY FUND
Footnotes:
Performance figures of the Fund and indexes referenced represent past
performance and are not indicative of future performance of the Fund or the
indexes. Share value will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than the original investment. Indexes do not incur
expenses and are not available for investment.
The S&P Index is an unmanaged capitalization-weighted index of 500 stocks
designed to represent the broad domestic economy.
The Lipper Multi-Cap Core Fund Index is comprised of funds that invest in a
variety of market capitalization ranges, without concentrating 75% of their
equity assets in any one market capitalization range over an extended period of
time. Multi-Cap Core funds will normally have an average price-to-earnings
ratio, price-to-book ratio, and three-year earnings growth figure, compared to
the U.S. diversified multi-cap equity funds universe average.
The Fund's annual total return for the period December 29, 1998 (inception) to
November 30, 1999 was 20.40%.
The Fund is distributed by First Fund Distributors, Inc., Phoenix, AZ. Member
NASD.
2
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HOWARD EQUITY FUND
Comparison of the change in value of a $10,000 investment in the
Howard Equity Fund versus the S & P 500 Composite Stock Price Index
and the Lipper Multi-Cap Core Fund Index.
Total Return
Since inception (12/29/98).............. 20.40%
S & P 500 Composite Lipper Multi-Cap
Howard Equity Fund Stock Price Index Core Fund Index
------------------ ----------------- ---------------
29-Dec-98 $10,000 $10,000 $10,000
31-Dec-98 $ 9,940 $10,002 $10,000
31-Jan-99 $10,120 $10,423 $10,332
28-Feb-99 $10,230 $10,093 $ 9,934
31-Mar-99 $10,100 $10,497 $10,247
30-Apr-99 $10,600 $10,906 $10,665
31-May-99 $10,770 $10,643 $10,546
30-Jun-99 $11,370 $11,234 $11,063
31-Jul-99 $11,230 $10,885 $10,820
31-Aug-99 $11,450 $10,830 $10,631
30-Sep-99 $11,260 $10,532 $10,366
31-Oct-99 $11,100 $11,206 $10,892
30-Nov-99 $12,040 $11,431 $11,243
Past performance is not predictive of future performance.
3
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HOWARD EQUITY FUND
SCHEDULE OF INVESTMENTS AT NOVEMBER 30, 1999
- --------------------------------------------------------------------------------
Shares COMMON STOCKS: 66.51% Market Value
- --------------------------------------------------------------------------------
AEROSPACE/DEFENSE - EQUIPMENT: 1.13%
2,000 United Technologies Corporation....................... $ 113,000
-----------
AUCTION HOUSE/ART DEALER: 2.03%
6,500 Sotheby's Holdings, Inc., Class A..................... 202,719
-----------
CELLULAR TELECOM: 1.98%
2,000 Nextel Communications, Inc.*.......................... 198,250
-----------
COMPUTER SOFTWARE: 3.74%
5,500 Cambridge Technology Partners (Massachusetts), Inc.*.. 79,063
13,000 Parametric Technology Corporation*.................... 294,937
-----------
374,000
-----------
COMPUTERS - HARDWARE: 1.90%
2,000 Hewlett-Packard Company............................... 189,750
-----------
CONSULTING SERVICES: 1.69%
7,000 Comdisco, Inc......................................... 168,875
-----------
DIVERSIFIED MANUFACTURING OPERATIONS: 0.96%
1,000 Minnesota Mining and Manufacturing Company............ 95,563
-----------
ELECTRONIC COMPONENTS - SEMICONDUCTOR: 5.79%
3,800 Texas Instruments, Incorporated....................... 365,037
5,500 Watkins-Johnson Company............................... 213,469
-----------
578,506
-----------
INSTRUMENTS - SCIENTIFIC: 1.23%
3,000 PerkinElmer, Inc...................................... 123,375
-----------
INTERNET CONTENT: 1.21%
2,500 Security First Technologies Corporation*.............. 120,625
-----------
4
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HOWARD EQUITY FUND
SCHEDULE OF INVESTMENTS AT NOVEMBER 30, 1999, CONTINUED
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Shares Market Value
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INTERNET SOFTWARE: 5.56%
4,000 At Home Corporation*.................................. $ 194,000
-----------
1,300 Covad Communications Group, Inc....................... 67,519
8,000 Open Market, Inc.*.................................... 294,500
-----------
556,019
-----------
MACHINERY - CONSTRUCTION & MINING: 1.16%
2,500 Caterpillar Inc....................................... 115,937
-----------
MEDICAL - BIOMEDICAL/GENOMICS: 4.11%
8,000 Lynx Therapeutics, Inc.*............................ 93,000
2,000 Millennium Pharmaceuticals, Inc.*..................... 194,687
2,000 PE Corporation - Celera Genomics Group Stock*......... 122,500
-----------
410,187
-----------
MEDICAL DRUGS: 0.34%
2,000 Pharmacopeia, Inc.*................................... 34,500
-----------
MONEY CENTER BANKS: 1.32%
1,000 J.P. Morgan & Co., Incorporated....................... 131,500
-----------
MULTI-LINE INSURANCE: 0.78%
2,000 CNA Financial Corporation*............................ 78,000
-----------
NETWORK SOFTWARE: 11.10%
55,000 NetSpeak Corporation*................................. 893,750
11,000 Novell, Inc.*......................................... 215,188
-----------
1,108,938
-----------
OIL - FIELD MACHINERY & EQUIPMENT: 9.09%
10,000 Cooper Cameron Corporation*........................... 428,750
3,000 Halliburton Company................................... 116,062
34,000 Varco International, Inc.............................. 363,375
-----------
908,187
-----------
OIL - FIELD SERVICES: 2.79%
8,000 BJ Services Company*.................................. 279,000
-----------
5
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HOWARD EQUITY FUND
SCHEDULE OF INVESTMENTS AT NOVEMBER 30, 1999, CONTINUED
- --------------------------------------------------------------------------------
Shares Market Value
- --------------------------------------------------------------------------------
OIL & GAS DRILLING: 2.26%
8,000 Transocean Offshore Inc............................... $ 225,500
-----------
PIPELINES: 0.68%
2,000 The Williams Companies, Inc........................... 67,500
-----------
STEEL PRODUCERS: 1.31%
21,000 Bethlehem Steel Corporation*.......................... 131,250
-----------
TELECOM SERVICES: 1.55%
819 Global Crossing Ltd.*................................. 35,729
3,500 Qwest Communications International Inc.*.............. 119,656
-----------
155,385
-----------
TELEPHONE - LONG DISTANCE: 2.80%
5,000 AT&T Corp............................................. 279,375
-----------
Total Common Stocks (Cost $5,614,910): 66.51%......... 6,645,941
-----------
Principal
Amount SHORT-TERM INVESTMENTS: 36.89%
- --------------------------------------------------------------------------------
$3,685,836 Firstar Stellar Treasury Fund, 4.18%
(Cost $3,685,836) .................................. 3,685,836
-----------
Total Investments in Securities
(Cost $9,300,746+): 103.40%......................... 10,331,777
Liabilities in excess of Other Assets: (3.40)%........ (339,714)
-----------
TOTAL NET ASSETS: 100.00% ............................ $ 9,992,063
===========
* Non-income producing security.
+ At November 30, 1999, the cost of securities for Federal tax purposes was
the same as the basis for financial reporting. Gross unrealized
appreciation and depreciation of securities on a tax basis were as follows:
Gross unrealized appreciation......................... $ 1,210,497
Gross unrealized depreciation......................... (179,466)
-----------
Net unrealized appreciation....................... $ 1,031,031
===========
See Notes to Financial Statements.
6
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HOWARD EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES AT NOVEMBER 30, 1999
- --------------------------------------------------------------------------------
ASSETS
Investments in securities, at value
(identified cost $9,300,746).................................. $10,331,777
Receivables
Fund shares sold.............................................. 35,000
Dividends and interest ....................................... 15,968
Prepaid expenses ............................................... 301
-----------
Total assets................................................ 10,383,046
-----------
LIABILITIES
Payables
Due to Investment Advisor..................................... 2,781
Payable for securities purchased.............................. 353,479
Administration fees........................................... 2,466
Accrued expenses................................................ 32,257
-----------
Total liabilities........................................... 390,983
-----------
NET ASSETS ...................................................... $ 9,992,063
===========
Net asset value, offering and redemption price per share
[$9,992,063/829,729 shares outstanding; unlimited number
of shares (par value $0.01) authorized]......................... $12.04
===========
COMPONENTS OF NET ASSETS
Paid-in capital................................................. $ 9,135,698
Undistributed net investment income............................. 3,092
Accumulated net realized loss on investments.................... (177,758)
Net unrealized appreciation on investments ..................... 1,031,031
-----------
Net assets.................................................. $ 9,992,063
===========
See Notes to Financial Statements.
7
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HOWARD EQUITY FUND
STATEMENT OF OPERATIONS
FOR THE PERIOD FROM DECEMBER 29, 1998* THROUGH NOVEMBER 30, 1999
- --------------------------------------------------------------------------------
INVESTMENT INCOME
Income
Dividends....................................................... $ 19,223
Interest........................................................ 65,929
----------
Total income.................................................. 85,152
----------
Expenses
Advisory fees (Note 3).......................................... 41,862
Administration fee (Note 3) .................................... 27,616
Organization expense............................................ 25,000
Custodian and accounting fees................................... 20,704
Distribution Expense (Note 3) .................................. 20,931
Professional fees............................................... 17,654
Transfer agent fees............................................. 12,851
Reports to shareholders......................................... 7,699
Registration fees............................................... 4,476
Other .......................................................... 2,684
Trustees' fees.................................................. 2,635
Insurance expense............................................... 736
----------
Total expenses................................................ 184,848
Less: fee waivers and absorption (Note 3)..................... (102,788)
----------
Net expenses.................................................. 82,060
----------
Net investment income......................................... 3,092
----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss from security transactions.................. (177,758)
Net change in unrealized appreciation on investments.......... 1,031,031
----------
Net realized and unrealized gain on investments............. 853,273
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS...... $ 856,365
==========
* Commencement of operations.
See Notes to Financial Statements.
8
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HOWARD EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
December 29, 1998*
through
November 30, 1999
-----------------
Increase (DECREASE) in net assets from OPERATIONS
Net investment income......................................... $ 3,092
Net realized loss from security transactions.................. (177,758)
Net change in unrealized appreciation on investments.......... 1,031,031
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ....... 856,365
----------
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from net
change in outstanding shares (a)............................ 9,135,698
----------
TOTAL INCREASE IN NET ASSETS ............................... 9,992,063
NET ASSETS
Beginning of period............................................. --
----------
END OF PERIOD .................................................. $9,992,063
==========
(a) A summary of capital shares transactions is as follows:
December 29, 1998*
through
November 30, 1999
-------------------------------
Shares Paid In Capital
------ ---------------
Shares sold ............................... 842,974 $9,277,834
Shares redeemed............................ (13,245) (142,136)
------- ----------
Net increase............................... 829,729 $9,135,698
======= ==========
*Commencement of operations.
See Notes to Financial Statements.
9
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HOWARD EQUITY FUND
FINANCIAL HIGHLIGHTS
FOR A CAPITAL SHARE OUTSTANDING THROUGHOUT THE PERIOD
- --------------------------------------------------------------------------------
December 29, 1998*
through
November 30, 1999
-----------------
Net asset value, beginning of period......................... $10.00
------
Income from investment operations:
Net realized and unrealized gain on investments........ 2.04
------
Total from investment operations............................. 2.04
------
Net asset value, end of period............................... $12.04
======
Total return................................................. 20.40%++
Ratios/supplemental data:
Net assets, end of period (000).............................. $9,992
Ratio of expenses to average net assets:
Before expense reimbursement............................... 4.39%+
After expense reimbursement................................ 1.95%+
Ratio of net investment income to average net assets:
After expense reimbursement................................ 0.07%+
Portfolio turnover rate...................................... 211.31%
* Commencement of operations.
+ Annualized.
++ Not Annualized.
See Notes to Financial Statements.
10
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HOWARD EQUITY FUND
NOTES TO FINANCIAL STATEMENTS
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NOTE 1 - ORGANIZATION
The Howard Equity 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 December 29, 1998. The investment
objective of the Fund is to seek growth of capital. The Fund attempts to achieve
its objective by investing primarily in equity securities of large to mid
capitalization companies.
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. 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 ended November 30, 1999, Howard Capital Management (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.
11
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HOWARD EQUITY FUND
NOTES TO FINANCIAL STATEMENTS, Continued
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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 ended November 30, 1999, the Fund incurred $41,862 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 1.95% 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 period ended
November 30, 1999, the Advisor reduced its fees and absorbed Fund expenses in
the amount of $74,624; no amounts were reimbursed to the Advisor.
Investment Company Administration Corporation (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
From February 7, 1999 through May 2, 1999, the Administrator voluntarily
waived its fee in the amount of $7,233.
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 0.50% of the Fund's average daily net assets
annually. The expenses covered by the Plan may include the cost of preparing and
distributing prospectuses and other sales material, advertising and public
relations expenses, payments to financial intermediaries and compensation of
personnel involved in selling shares of the Fund. Payments made pursuant to the
Plan will represent compensation for distribution and service activities, not
reimbursements for specific expenses incurred. Pursuant to a distribution
12
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HOWARD EQUITY FUND
NOTES TO FINANCIAL STATEMENTS, Continued
- --------------------------------------------------------------------------------
coordination agreement adopted under the Plan, distribution fees are paid to the
Advisor as "Distribution Coordinator." Fees totaling $20,931 were waived by the
Advisor, as Distribution Coordinator, for the period from December 29, 1998 to
November 30, 1999. The Plan allows excess distribution expenses to be carried
forward for the following three fiscal years.
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 - 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
$11,406,465 and $5,613,797, respectively.
At November 30, 1999, the Fund had tax basis capital losses of
approximately $177,000 which may be carried over to offset future capital gains.
Such losses expire November 30, 2007.
13
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INDEPENDENT AUDITOR'S REPORT
- --------------------------------------------------------------------------------
To the Board of Trustees and Shareholders
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of the Howard Equity Fund, series of
Advisors Series Trust (the "Fund") at November 30, 1999, and the results of its
operations, the changes in its net assets and the financial highlights for the
period from December 29, 1998 (commencement of operations) through November 30,
1999, in conformity with generally accepted accounting principles. These
financial statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audit. We conducted our audit of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audit, which included confirmation of securities at November
30, 1999 by correspondence with the custodian and brokers, provides a reasonable
basis for the opinion expressed above.
PricewaterhouseCoopers LLP
New York, New York
December 30, 1999
14
<PAGE>
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 Fund's initial year of operation,
McGladrey did not report on the Fund's financial statements.
There were no disagreements with McGladrey on any matter of accounting principle
or practices, financial statement disclosure, or auditing scope or procedure.
On September 10, 1999, the Fund, with the approval of its Board of Trustees and
its Audit Committee, engaged PwC as its independent auditors.
15
<PAGE>
HOWARD
CAPITAL MANAGEMENT
ADVISOR
HOWARD CAPITAL MANAGEMENT
45 ROCKEFELLER PLAZA
SUITE 1440
NEW YORK, NY 10111
(212) 586-4800
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
SHAREHOLDER SERVICING AGENT
AMERICAN DATA SERVICES, INC.
150 MOTOR PARKWAY
SUITE 109
HAUPPAUGE, NY 11788-0132
(888) 229-2105
AUDITORS
PRICEWATERHOUSECOOPERS LLP
1177 AVENUE OF THE AMERICAS
NEW YORK, NY 10036
LEGAL COUNSEL
PAUL, HASTINGS, JANOFSKY
& WALKER LLP
345 CALIFORNIA STREET
SAN FRANCISCO, CA 94014
