-----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, RbRdmwdZ5NBw6oixjKvR48/es1vW6aDSeUOq9L4Cw/NKIuQbRMcHw5IPN593fQps CkxnHmZbvBgP6Eeo0+ZyKQ== 0000909012-96-000076.txt : 19960701 0000909012-96-000076.hdr.sgml : 19960701 ACCESSION NUMBER: 0000909012-96-000076 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: 96587707 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 Carl Domino Associates, LP 580 Village Boulevard, Suite 225 West Palm Beach, FL 33409 Fax: 407-697-0070 Research Library Fax: 407-686-8074 April 30, 1996 Dear Shareholders: We are proud to present the investment results for the Carl Domino Equity Income Fund. Since inception in December 1995, the Fund has returned 10.9%, significantly out pacing the return of the S&P 500 at 8.8%. In the coming months, the market will be influenced by the upcoming presidential election. The markets have generally responded favorably in election years as investors tend to gain enthusiasm once it has become clear whose policies will be selected in November. Despite the fact that the market is at an all time high, we still find many secuerities that offer good value. American companies continue to be dynamic and are quick both to close losing operations and deploy excess cash flows in low rish/high return fashion. Accordingly, we continue to emphasize the shares of companies with strong balance sheets and improving prospects that might be subject to corporate rationalization. We believe an accelerated pace of dividend increases and continued share repurchases are likely since companies are enjoying strong cash flows and payout ratios are relatively low. Both should further bolster share prices. While there will undoubtadly be corrections in the market, in our view, only a material rise in interest rates could cause serious downside pressure. Our fundamental strategy of buying stocks with higher than market yields which should provide significant downside cushion should the market or individual companies prove to be disappointing. Emphasis will continue to be placed on companies with strong balance sheets and financial strategies that incorporate dividend increases and share repurchases. Be assured that although we cannot guarantee future results, the investment professionals at Carl Domino Associates will work hard to avoid disappointments and take advantage of opportunities as they arise. Best regards, /s/ Carl J. Domino Carl J. Domino Managing Partner
CARL DOMINO EQUITY INCOME FUND SCHEDULE OF INVESTMENTS April 30, 1996 (Unaudited) Shares Value - -------- --------- COMMON STOCKS 93.03% ELECTRONIC EQUIPMENT 1.30% 300 Thomas & Betts Corp. $ 11,813 ----------- PUBLISHING 1.81% 400 Reader's Digest Assn. Inc. 16,400 ----------- PUBLISHING & ENTERTAINMENT 1.57% 400 Cedar Fair LP 14,300 ----------- RETAIL 2.56% 1,100 Intimate Brands Inc. 23,237 ----------- EQUIPMENT/SERVICE/DRILLING 1.39% 600 McDermott International Inc. 12,600 ----------- OIL & GAS DOMESTIC 8.00% 500 Questar Corp. 17,500 400 Sonat Inc. 17,450 650 Sun Inc. 20,150 800 USX-Marathon Group 17,600 ----------- 72,700 ----------- The accompanying notes are an integral part of these financial statements. CARL DOMINO EQUITY INCOME FUND SCHEDULE OF INVESTMENTS April 30, 1996 (Unaudited) Shares Value - -------- ------- OIL & GAS INTERNATIONAL 4.85% 250 Mobil Corp. $ 28,750 700 YPF Sociedad Anonima ADR 15,313 ----------- 44,063 ----------- FINANCE-MISCELLANEOUS 4.23% 4,000 Hoeing Group Inc. 15,000 825 MBNA Corp. 23,409 ----------- 38,409 ----------- INSURANCE-MULTI/P & C/LIFE 8.41% 400 GCR Holdings Ltd* 10,200 400 ITT Hartford Group Inc. 19,550 500 Lincoln National Corp. 24,125 800 USLife Corp. 22,500 ----------- 76,375 ----------- MAJOR REGULAR BANKS/OTHER BANKS 6.49% 200 BankAmerica Corp. 15,150 200 Barnett Banks Inc 12,675 400 Boatmens Bancshares Inc. 15,500 400 CoreStates Financial Corp. 15,600 ----------- 58,925 ----------- The accompanying notes are an integral part of these financial statements. CARL DOMINO EQUITY INCOME FUND SCHEDULE OF INVESTMENTS April 30, 1996 (Unaudited) Shares Value - -------- ------- MONEY CENTER BANKS 2.27% 300 Chemical Bank Corp. $ 20,662 ----------- SAVINGS & LOANS 3.35% 700 Ahmanson H F & Co. 16,625 600 Great Western 13,800 ----------- 30,425 ----------- CONGLOMERATES/SPECIAL SITUATIONS 1.67% 1,000 Hanson PLC ADR 15,125 ----------- MISCELLANEOUS 3.96% 2,000 Orange PLC ADR* 36,000 ----------- REIT's 2.70% 700 Glimcher Realty Trust 11,987 600 Security Capital Pacific Trust 12,525 ----------- 24,512 ----------- CHEMICAL 2.25% 600 Witco Corp. 20,475 ----------- The accompanying notes are an integral part of these financial statements. CARL DOMINO EQUITY INCOME FUND SCHEDULE OF INVESTMENTS April 30, 1996 (Unaudited) Shares Value - -------- -------- PAPER & FOREST PRODUCTS/PACKAGING 3.72% 303 International Paper Co. $12,082 400 Union Camp Corp. 21,750 ----------- 33,832 ----------- COSMETICS 2.11% 400 Tambrands Inc. 19,150 ----------- DIVERIFIED/SUPPLIES/HOSPITALS/NURSING 2.30% 400 US Healthcare Inc. 20,850 ----------- DRUGS 9.62% 1,000 Adac Labs 16,375 150 American Home Products Corp. 15,825 800 Glaxo Welcome PLC ADR 19,300 500 Pharmacia & Upjohn Inc. 19,125 150 Warner Lambert Co. 16,763 ----------- 87,388 ----------- FOOD 3.32% 300 General Mills 16,650 400 Heinz H J Co. 13,550 ----------- 30,200 ----------- HEALTHCARE 0.97% 200 Baxter International Inc. 8,850 ----------- The accompanying notes are an integral part of these financial statements. CARL DOMINO EQUITY INCOME FUND SCHEDULE OF INVESTMENTS April 30, 1996 (Unaudited) Shares Value - -------- ------- STAPLES/MISCELLANEOUS SERVICES 6.06% 600 Block H & R Inc. $ 21,075 300 Deluxe Corp. 10,500 1,250 New England Business Service Inc. 23,438 ----------- 55,013 ----------- TOBACCO 1.49% 150 Phillip Morris Cos. Inc. 13,519 ----------- COMPUTER SOFTWARE & SERVICE 1.57% 500 Compuserve Corp.* 14,250 ----------- PHOTOGRAPHY/OFFICE EQUIPMENT 3.13% 200 Eastman Kodak Co. 15,300 200 Minnesota Mining & Manufacturing Co. 13,150 ----------- 28,450 ----------- UTILITIES 1.93% 600 Telefonica de Argentina S A ADR 17,550 ----------- TOTAL COMMON STOCKS (COST $793,969) 845,073 ----------- TOTAL INVESTMENTS (Cost $793,969) 93.03% 845,073 Other Assets less Liabilities 6.97% 63,310 -------- ----------- TOTAL NET ASSETS 100.00% $ 908,383 ======== =========== *Non-Income producing securities.
The accompanying notes are an integral part of these financial statements.
CARL DOMINO EQUITY INCOME FUND STATEMENT OF ASSETS AND LIABILITIES April 30, 1996 (Unaudited) ASSETS: Investment in common stock at market value (identified cost--$793,969)(Note 1)............................ $845,073 Cash............................................................. 88,232 Receivable for securities sold................................... 13,876 Receivable for Fund shares sold.................................. 5,000 Dividends and interest receivable................................ 710 --------- TOTAL ASSETS.................................. 952,891 --------- LIABILITIES: Payable for securities purchased................................. 42,928 Accrued advisory fee............................................. 1,147 Accrued operating expenses....................................... 433 --------- TOTAL LIABILITIES............................. 44,508 --------- NET ASSETS (equivalent to $11.09 per share based on 81,932 shares of common stock outstanding)--(Note 4)...... $908,383 ========= NET ASSETS CONSIST OF: Paid in capital (Note 4)....................................... $844,136 Undistributed net investment income/(loss)..................... 2,622 Accumulated undistributed net realized gain/(loss) from security transactions................................................. 10,521 Net unrealized appreciation/(depreciation) of investments........ 51,104 --------- NET ASSETS APRIL 30, 1996........................................ $908,383 =========
The accompanying notes are an integral part of these financial statements.
CARL DOMINO EQUITY INCOME FUND STATEMENT OF OPERATIONS For the period from November 6, 1995 (Commencement of Operations) through April 30, 1996 (Unaudited) INVESTMENT INCOME: Dividends...................................................... $7,289 Interest....................................................... 242 --------- TOTAL INVESTMENT INCOME..................................... 7,531 --------- OPERATING EXPENSES: Investment advisory fee (Note 3)............................... 4,076 Trustees' fees................................................. 833 --------- TOTAL OPERATING EXPENSES..................................... 4,909 --------- NET INVESTMENT INCOME/(LOSS)................................. 2,622 --------- NET REALIZED AND UNREALIZED GAINS/(LOSSES) ON INVESTMENTS: Net realized gain/(loss) on security transactions.............. 10,521 Net change in unrealized appreciation/(depreciation) on investments.................................................. 51,104 --------- NET GAIN/(LOSS) ON INVESTMENTS................................ 61,625 --------- NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................................... $64,247 =========
The accompanying notes are an integral part of these financial statements.
CARL DOMINO EQUITY INCOME FUND 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)................................... $ 2,622 Net realized gain/(loss) from securities transactions.......... 10,521 Net change in unrealized appreciation/(depreciation) of investments during the period........................................... 51,104 --------- NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS.................................................. 64,247 --------- DISTRIBUTION TO SHAREHOLDERS: Net investment income......................................... 0 Realized gain................................................. 0 --------- 0 --------- FUND SHARE TRANSACTIONS: Shares sold.................................................... 826,032 Shares issued in reinvestment of dividends..................... 0 Shares redeemed................................................ (6,896) --------- TOTAL CAPITAL STOCK 819,136 --------- NET INCREASE/(DECREASE) IN NET ASSETS............................ 883,382 --------- NET ASSETS: Beginning of period........................................... 25,000 --------- End of period.................................................. 908,383 =========
The accompanying notes are an integral part of these financial statements.
CARL DOMINO EQUITY INCOME FUND 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.......................................... .04 Net gain on investments both realized and unrealized........... 1.05 -------- Total from investment operations............................... 1.09 -------- Less distributions: Dividends from net investment income........................... 0 Dividends from capital gains................................... 0 -------- Net asset value- end of period................................. $11.09 ======== Total Return**................................................. 26.25% Ratio/supplemental data: Net assets, end of period (in 000's)........................... 908 Ratio of expenses to average net assets**...................... 1.79% Ratio of net investment income to average net assets**......... .96% Portfolio turnover rate........................................ 26.00% Average Commission rate paid................................... .0538 ** Annualized
The accompanying notes are an integral part of these financial statements. CARL DOMINO EQUITY INCOME FUND Notes to Financial Statements April 30, 1996 (Unaudited) 1. ORGANIZATION The Carl Domino Equity Income Fund (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. CARL DOMINO EQUITY INCOME FUND 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 Carl Domino Associates, L.P. (the "Adviser") to manage the Fund's investments. The Adviser is a limited partnership organized in Delaware and its general partner is Carl Domino, Inc. The controlling shareholder of Carl Domino, Inc. is Carl Domino. Mr. Domino is 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 1.50% 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 their 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 $4,076 from the Fund. CARL DOMINO EQUITY INCOME FUND 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 80,072 $826,032 Shares issued in reinvestment of dividends 0 0 Shares redeemed (640) (6,896) --------- --------- Net increase 79,432 $819,136 ========= ========= Total paid in capital $844,136 ========
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 $949,075 and $152,797 respectively. The gross unrealized appreciation for all securities totaled $61,176 and the gross unrealized depreciation for all securities totaled $10,072 for a net unrealized appreciation of $51,104. The aggregate cost of securities for federal income tax purposes at April 30, 1996 was $793,969. -----END PRIVACY-ENHANCED MESSAGE-----