-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Uq/KZbPFp/Yez6tdS1UA2t87Hq5PFxZYTU9NyuiLdm/lsiG0p6dj4M9HKzDsfuM8 /zYawRLvcICJWh4XIB0SnQ== 0000909012-96-000075.txt : 19960701 0000909012-96-000075.hdr.sgml : 19960701 ACCESSION NUMBER: 0000909012-96-000075 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960430 FILED AS OF DATE: 19960628 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERIPRIME FUNDS CENTRAL INDEX KEY: 0001000579 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 752616671 STATE OF INCORPORATION: TX FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 033-96826 FILM NUMBER: 96587612 BUSINESS ADDRESS: STREET 1: 1793 KINGSWOOD DR STREET 2: STE 200 CITY: SOUTHLAKE STATE: TX ZIP: 76092 BUSINESS PHONE: 8174311297 MAIL ADDRESS: STREET 1: 1793 KINGSWOOD DRIVE STREET 2: SUITE 200 CITY: SOUTHLAKET STATE: TX ZIP: 76092 N-30D 1 SEMI-ANNUAL REPORT April 30, 1996 Dear fellow shareholders: We are pleased to provide you with the first report on the results for the AIT Vision U.S. Equity Portfolio (the Fund). The Fund made its initial investments on December 28, 1995 and provided a gain of 10.22% in net asset value per share during its inaugural four months ending April 30, 1996. As of April 30, the Fund was approximately 96% invested in common stocks with the balance in cash holdings. During this period, the Fund's performance was aided by solid returns within the U.S. stock market where the Frank Russell 3000 index rose 7.48% and the S&P 500 appreciated 6.91%. In addition, the Fund's ability to include holdings in smaller companies likewise helped as these companies provided leadership in the marketplace throughout the period. The Fund's investment strategy is to utilize advanced computerized stock modeling techniques across a broad common stock universe and create a portfolio of holdings which will provide a consistent core U.S. equity investment. At a time when many traditional investment managers are concerned with staying competitive in an exploding information age, we are harnessing this tremendous revolution to assist us in developing unique insights that define our advantage within the marketplace. However, simply having powerful computer technology is not sufficient for superior investment performance. That is why we have assembled an investment group of practitioners which include mathematicians, computer scientists, financial analysts, and traders whom collectively apply clever algorithms to investment decision making. We would be even more pleased to be able to maintain our initial perfor- mance success, but of course there are no guarantees of future results. Thank you for the confidence you have placed in us and we hope to foster proud long term relationships. Sincerely, /s/ Douglas W. Case, CFA Douglas W. Case, CFA Director of Equity Portfolio Management LBS Capital Management, Inc. /s/ Dean S. Barr Dean S. Barr Chief Investment Officer LBS Capital Management, Inc.
AIT VISION U.S. EQUITY PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 1996 (Unaudited) Shares Value - -------- --------- COMMON STOCKS 95.94% BROADCASTING 2.71% 200 Clear Channel Communication* $ 13,550 ----------- CABLE TELEVISION 1.14% 300 Telecommunications Inc. 5,737 ----------- CASINO/GAMBLING 3.14% 300 Mirage Resorts Inc.* 15,712 ----------- CLOTHING/SHOE/ACCESS CHAINS 5.80% 400 Gap Inc. 12,050 100 Nordstrom Inc. 5,087 400 TJX Cos Inc. 11,800 ----------- 28,937 ----------- COMPUTER SOFTWARE 8.39% 300 Continuum Inc.* 17,100 100 Microsoft Corp.* 11,338 400 Oracle Corp.* 13,500 ----------- 41,938 ----------- The accompanying notes are an integral part of these financial statements. AIT VISION U.S. EQUITY PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 1996 (Unaudited) Shares Value - -------- ------- COMPUTER/VIDEO CHAINS 3.57% 400 Circuit City Stores Inc. $ 12,700 100 Tandy Corp. 5,187 ----------- 17,887 ----------- CONSTRUCTION/AGRICULTURAL EQUIPMENT/TRUCKS 3.27% 300 JLG Industries Inc. 16,350 ----------- CONTRACT DRILLING 3.43% 700 Reading & Bates Corp. 17,150 ----------- DIVERSIFIED COMMERCIAL SERVICES 2.71% 200 Pay Chex Inc. 13,550 ----------- DIVERSIFIED ELECTRONICS PRODUCTS 1.71% 200 SCI SYS. INC. 8,575 ----------- DIVERSIFIED MANUFACTURE 5.27% 300 Danaher Corp. 11,813 200 Dresser Industries Inc. 6,375 400 Zurn Industries Inc. 8,150 ----------- 26,338 ----------- ELECTRONIC DATA PROCESSING 4.23% 200 Hewlett Packard Co. 21,175 ----------- The accompanying notes are an integral part of these financial statements. AIT VISION U.S. EQUITY PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 1996 (Unaudited) Shares Value - -------- ------- ENGINEERING & CONSTRUCTION 2.22% 400 Jacobs Engineering Group Inc. $ 11,100 ----------- FINANCE COMPANIES 1.46% 100 Student Loan Marketing Assn. 7,325 ----------- FINANCIAL PUBLISHING/SERVICES 2.45% 500 Equifax Inc. 12,250 ----------- FOREST PRODUCTS 3.11% 200 Georgia Pacific Corp. 15,550 ----------- HEALTH INDUSTRY SERVICES 2.37% 100 HBO & Co. 11,875 ----------- INDUSTRIAL MACHINERY/COMPONENTS 0.77% 100 Ingersoll Rand Co. 3,875 ----------- INDUSTRIAL SPECIALTIES 5.72% 600 BMC Industries Inc. 16,050 300 Millipore Corp. 12,562 ----------- 28,612 ----------- The accompanying notes are an integral part of these financial statements. AIT VISION U.S. EQUITY PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 1996 (Unaudited) Shares Value - -------- -------- INVESTMENT BANKERS/BROKERS/SERVICES 1.21% 100 Merrill Lynch & Co. Inc. $ 6,038 ----------- INVESTMENT MANAGERS 2.29% 200 Franklin Res. Inc. 11,450 ----------- MAJOR BANKS 5.92% 200 BankAmerica Corp. 15,150 235 First Union Corp. 14,453 ----------- 29,603 MAJOR PHARMACEUTICALS 3.70% 200 Johnson & Johnson 18,500 ----------- NATURAL GAS DISTRIBUTIONS 0.93% 100 Consolidated Natural Gas Co. 4,675 ----------- OIL REFINING/MARKETING 1.15% 200 Valero Energy Corp. 5,775 ----------- OILFIELD SERVICES/EQUIPMENT 3.44% 300 Halliburton Co. 17,213 ----------- OTHER SPECIALITY CHAINS 1.33% 200 Pep Boys Manny, Moe & Jack 6,675 ----------- The accompanying notes are an integral part of these financial statements. AIT VISION U.S. EQUITY PORTFOLIO SCHEDULE OF INVESTMENTS April 30, 1996 (Unaudited) Shares Value - -------- --------- PACKAGED FOODS 1.60% 200 Dole Food Inc. $ 8,000 ----------- PACKAGED GOODS/COSMETICS 3.38% 200 Procter & Gamble Co. 16,900 ----------- PAINTS/COATINGS 2.02% 200 PPG Industries Inc. 10,125 ----------- PRECIOUS METALS 2.10% 800 Echo Bay Mines Ltd. 10,500 ----------- SAVINGS & LOANS ASSOCIATIONS 2.22% 400 Washington Mutual Inc. 11,100 ----------- SPECIALTY STEELS 1.18% 300 Allegheny Ludium Corp. 5,925 ----------- TOTAL COMMON STOCKS (COST $430,482) 479,965 ----------- TOTAL INVESTMENTS (Cost $430,482) 95.94% 479,965 Other Assets less Liabilities 4.06% 20,310 ------- --------- TOTAL NET ASSETS 100.00% $500,275 ======= ========= *Non-Income producing securities.
The accompanying notes are an integral part of these financial statements.
AIT VISION U.S. EQUITY PORTFOLIO STATEMENT OF ASSETS AND LIABILITIES April 30, 1996 (Unaudited) ASSETS: Investment in common stock at market value (identified cost--$430,482)(Note 1)............................ $479,965 Cash............................................................. 15,257 Receivable for securities sold................................... 5,661 Dividends and interest receivable................................ 235 -------- TOTAL ASSETS.................................. 501,118 -------- LIABILITIES: Accrued advisory fee............................................. 563 Dividends payable................................................ 0 Accrued operating expenses....................................... 280 -------- TOTAL LIABILITIES............................. 843 -------- NET ASSETS (equivalent to $11.10 per share based on 45,068 shares of common stock outstanding)--(Note 4)...... $500,275 ======== NET ASSETS CONSIST OF: Paid in capital (Note 4)....................................... $458,586 Undistributed net investment income/(loss)..................... (1,267) Accumulated undistributed net realized gain/(loss) from security transactions................................................ (6,527) Net unrealized appreciation/(depreciation) of investments...... 49,483 -------- NET ASSETS APRIL 30, 1996........................................ $500,275 ========
The accompanying notes are an integral part of these financial statements.
AIT VISION U.S. EQUITY PORTFOLIO STATEMENT OF OPERATIONS For the period from November 6, 1995 (Commencement of Operations) through April 30, 1996 (Unaudited) INVESTMENT INCOME: Dividends...................................................... $1,028 Interest....................................................... 0 -------- TOTAL INVESTMENT INCOME..................................... 1,028 -------- OPERATING EXPENSES: Investment advisory fee (Note 3)............................... 1,615 Trustees' fees................................................. 680 TOTAL OPERATING EXPENSES.................................... 2,295 NET INVESTMENT INCOME/(LOSS)................................ (1,267) NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS: Net realized gain/(loss) on security transactions................ (6,527) Net change in unrealized appreciation/(depreciation) on investments.................................................. 49,483 NET GAIN/(LOSS) ON INVESTMENTS................................... 42,956 NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS...................................... $41,689
The accompanying notes are an integral part of these financial statements.
AIT VISION U.S. EQUITY PORTFOLIO STATEMENT OF CHANGES IN NET ASSETS For the period ended April 30, 1996 (Unaudited) INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income/(loss)................................... $(1,267) Net realized gain/(loss) from securities transactions.......... (6,527) Net change in unrealized appreciation/(depreciation) of investments during the period............................................. 49,483 --------- NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS.................................................. 41,689 --------- DISTRIBUTION TO SHAREHOLDERS: Net investment income......................................... 0 Realized gain................................................. 0 --------- 0 --------- FUND SHARE TRANSACTIONS: Shares sold.................................................... 434,192 Shares issued in reinvestment of dividends..................... 0 Shares redeemed................................................ (606) --------- TOTAL CAPITAL STOCK............................................. 433,586 --------- NET INCREASE/(DECREASE) IN NET ASSETS............................ 475,275 --------- NET ASSETS: Beginning of period........................................... 25,000 --------- End of period.................................................. $500,275 =========
The accompanying notes are an integral part of these financial statements.
AIT VISION U.S. EQUITY PORTFOLIO FINANCIAL HIGHLIGHTS For a share outstanding throughout the period from November 6, 1995 (Commencement of Operations) through April 30, 1996 (Unaudited) Net asset value- beginning of period........................... $10.00 -------- Income from investment operations: Net investment income/(loss)................................... (.04) Net gain/(loss) on investments both realized and unrealized.... 1.14 -------- Total from investment operations............................... 1.10 -------- Less distributions: Dividends from net investment income........................... 0 Dividends from capital gains................................... 0 -------- Net asset value - end of period................................. $11.10 ======== Total Return**................................................. 32.47% Ratio/supplemental data: Net assets, end of period (in 000's)........................... 500 Ratio of expenses to average net assets**...................... 2.07% Ratio of net investment income to average net assets**......... (1.15)% Portfolio turnover rate........................................ 81.56% Average Commission rate paid................................... .0471 ** Annualized
The accompanying notes are an integral part of these financial statements. AIT VISION U.S. EQUITY PORTFOLIO Notes to Financial Statements April 30, 1996 (Unaudited) 1. ORGANIZATION The AIT Vision U.S. Equity Portfolio (the "Fund") was organized as a series of the AmeriPrime Funds, an Ohio business trust (the "Trust"), on August 8, 1995, and commenced operations on November 6, 1995. The Trust is registered under the Investment Company Act of 1940, as amended, as a diversified series, open end management investment company. The Trust Agreement permits the Trustees to issue an unlimited number of shares of beneficial interest of separate series without par value. 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. Securities Valuations - Securities which are traded on any exchange or on the NASDAQ over-the-counter market are valued at the last quoted sale price. Lacking a last sale price, a security is valued at its last bid price except when, in the Adviser's opinion the last bid price does not accurately reflect the current value of the security. All other securities for which over-the- counter market quotations are readily available are valued at their last bid price. When market quotations are not readily available, when the Adviser determines the last bid price does not accurately reflect the current value or when restricted securities are being valued, such securities are valued as determined in good faith by the Adviser, in conformity with guidelines adopted by and subject to review of the Board of Trustees of the Trust. Fixed income securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices accurately reflect the fair market value of such securities. A pricing service utilizes electronic data processing techniques based on yield spreads relating to securities with similar characteristics to determine prices for normal institutional-size trading units of debt securities without regard to sale or bid prices. When prices are not readily available from a pricing service, or when restricted or illiquid securities are being valued, securities are valued at fair value as determined in good faith by the Adviser, subject to review of the Board of Trustees. Short term investments in fixed income securities with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. AIT VISION U.S. EQUITY PORTFOLIO Notes to Financial Statements April 30, 1996 (Unaudited) Federal Income Taxes - The Fund intends to qualify each year as a "regulated investment company" under the Internal Revenue Code of 1986, as amended. By so qualifying, the Fund will not be subject to federal income taxes to the extent that it distributes substantially all of its net investment income and any realized capital gains. Dividends and Distributions - The Fund intends to distribute substantially all of its net investment income as dividends to its shareholders on an annual basis. The Fund intends to distribute its net long term capital gains and its net short term capital gains at least once a year. Other - The Fund follows industry practice and records security transactions on the trade date. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date and interest income is recorded on an accrual basis. NOTE 3. INVESTMENT ADVISORY AGREEMENT The Fund retains LBS Capital Management, Inc. (the "Adviser") to manage the Fund's investments. Dean S. Barr and Walter J. Loick are the controlling shareholders of the Adviser. Douglas W. Case, CFA, Director of Equity Portfolio Mangement, and Dean S. Barr, Managing Director and Chief Investment Officer, are primarily responsible for the day to day managment of the Fund's portfolio. Under the terms of the management agreement, (the "Agreement"), the Adviser manages the Fund's investments subject to approval of the Board of Trustees and pays all of the expenses of the Fund except brokerage, taxes, interest, fees and expenses of non-interested persons, trustees, and extraordinary expenses. As compensation for its management services and agreement to pay the Fund's expenses, the Fund is obligated to pay the Adviser a fee computed and accrued daily and paid monthly at an annual rate of 1.47% of the average daily net assets of the Fund. The rate of the advisory fees paid by most investment companies to their investment advisers is lower than the rate of the advisory fees paid by the Fund. In this regard, it should be noted that most investment companies pay thier own operating expenses directly, while the Fund's expenses, except those specified above, are paid by the Adviser. For the period from November 6, 1995 through April 30, 1996, the Adviser has received a fee of $1,615 from the Fund. AIT VISION U.S. EQUITY PORTFOLIO Notes to Financial Statements April 30, 1996 (Unaudited) NOTE 4. CAPITAL SHARE TRANSACTIONS As of April 30, 1996 there was an unlimited number of no par value shares of capital stock authorized for the Fund. Transactions in capital stock were as follows: For the period from November 6, 1995 (Commencement of Operations) through April 30, 1996 Shares Amount --------- ---------- Shares sold 42,625 $434,192 Shares issued in reinvestment of dividends 0 0 Shares redeemed (57) (606) --------- ---------- Net increase 42,568 $433,586 ========= ========== Total paid in capital $458,586 ==========
NOTE 5. INVESTMENTS For the period from November 6, 1995 (commencement of operations) through April 30, 1996, purchases and sales of investment securities, other than short- term investments, aggregated $680,673 and $243,664 respectively. The gross unrealized appreciation for all securities totaled $52,121 and the gross unrealized depreciation for all securities totaled $2,638 for a net unrealized appreciation of $49,483 The aggregate cost of securities for federal income tax purposes at April 30, 1996 was $430,482. -----END PRIVACY-ENHANCED MESSAGE-----