-----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, NPmyEuPHQoUR+4SZfR8lWFF9c2amlhIDm+TK8CiYGfzQBIMSL5HpiWvxkQlb5hTM Iy6Gq9fWGU9NdVy/IZxt4g== 0001035449-01-500045.txt : 20010627 0001035449-01-500045.hdr.sgml : 20010627 ACCESSION NUMBER: 0001035449-01-500045 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20010331 FILED AS OF DATE: 20010524 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: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-09096 FILM NUMBER: 1647552 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: SOUTHLAKE STATE: TX ZIP: 76092 N-30D 1 westcottn30d.txt AMERIPRIME FUNDS
Westcott Technology Fund Schedule of Investments - March 30, 2001 (Unaudited) Common Stocks - 77.4% Shares Value Computer & Office Equipment - 3.6% 175 $ 16,832 ----------------- International Business Machine Corp. Laboratory Apparatus & Furniture - 2.8% 450 13,167 ----------------- Newport Corp. Printed Circuit Boards - 2.8% 500 12,812 ----------------- Plexus Corp. (a) Radio & TV Broadcasting & Communications - 2.7% 300 12,477 ----------------- Scientific-Atlanta, Inc. Semiconductors & Related Devices - 13.9% Intel Corp. 600 15,787 International Rectifier Corp. 400 16,200 Linear Technology Corp. 400 16,425 Nvidia Corp. (a) 250 16,230 ----------------- 64,642 ----------------- Services-Allied To Motion Picture Distribution - 3.8% MacRovision Corp. (a) 400 17,425 ----------------- Services-Computer Integrated Systems Design - 9.7% Cerner Corp. (a) 350 11,988 IDT Corp. (a) 975 19,744 Mentor Graphics Corp. 650 13,406 ----------------- 45,138 ----------------- Services-Computer Processing & Data Preparation - 3.2% Sungard Data Systems, Inc. (a) 300 14,769 ----------------- Services-Computer Programming Services - 3.1% Verisign, Inc. (a) 400 14,175 ----------------- Services-Computer Programming, Data Processing, Etc. - 3.6% AOL Time Warner, Inc. (a) 420 16,863 ----------------- Services-Engineering Services - 2.8% PerkinElmer, Inc. 250 13,113 ----------------- Services-Prepackaged Software - 15.5% Adobe Systems, Inc. 450 15,737 Ariba, Inc. (a) 600 4,744 Check Point Software Technologies LTD. (a) (c) 300 14,250 MacRomedia, Inc. (a) 610 9,798 Microsoft Corp. (a) 335 18,320 Veritas Software Corp. (a) 200 9,248 ----------------- 72,097 ----------------- Westcott Technology Fund Schedule of Investments - March 30, 2001 - continued (Unaudited) Common Stocks - continued Shares Value Telephone & Telegraph Apparatus - 0.9% Sycamore Networks, Inc. (a) 400 $ 4,000 ----------------- Telephone Communications (No Radio Telephone) - 9.0% Nokia Corp. (c) 1,000 24,000 Qwest Communications International, Inc. (a) 505 17,700 ----------------- 41,700 ----------------- TOTAL COMMON STOCKS (Cost $624,076) 359,210 ----------------- Principal Value Value Money Market Securities - 24.6% Firstar Treasury Fund, 4.49% (b) (Cost $114,225) 114,225 114,225 ----------------- TOTAL INVESTMENTS - 102.0% (Cost $738,301) 473,435 ----------------- Liabilities in excess of other assets - (2.0)% (8,942) ----------------- TOTAL NET ASSETS - 100.0% $ 464,493 ================= (a) Non-income producing (b) Variable rate security; the coupon rate shown represents the rate at March 30, 2001 (c) American Depository Receipt See accompanying notes which are an integral part of the financial statements.
Westcott Technology Fund March 30, 2001 Statement of Assets & Liabilities (Unaudited) Assets Investment in securities (cost $738,301) $ 473,435 Interest receivable 379 Dividends receivable 216 ------------------ Total assets 474,030 Liabilities Payable to custodian $ 7,960 Accrued investment advisory fee 1,003 Distribution fee - Class A 574 ------------------ Total liabilities 9,537 ------------------ Net Assets $ 464,493 ================== Net Assets consist of: Paid in capital $ 2,599,435 Accumulated net investment loss (4,855) Accumulated net realized loss on investments (1,865,221) Net unrealized depreciation on investments (264,866) ------------------ Net Assets $ 464,493 ================== Class A: Net Asset Value, and redemption price per share ($67,649/28,020 shares) $ 2.41 ================== Maximum offering price per share (net assets value plus sales charge of 5%) 2.54 ================== Class I: Net Asset Value, offering price and redemption price per share ($396,844/165,681 shares) $ 2.40 ================== See accompanying notes which are an integral part of the financial statements.
Westcott Technology Fund Statement of Operations for the six months ended March 30, 2001 (Unaudited) Investment Income Dividend income $ 411 Interest income 2,651 --------------- Total Income 3,062 Expenses Investment advisory fee $ 7,687 Distribution fees - Class A 140 Trustee's fees 536 --------------- Total expenses before reimbursement 8,362 Reimbursed expenses (445) --------------- Total operating expenses 7,917 --------------- Net Investment Loss (4,855) --------------- Realized & Unrealized Gain (Loss) Net realized loss on investment securities (446,212) Change in net unrealized depreciation on investment securities (354,309) --------------- Net realized and unrealized loss on investment securities (800,521) --------------- Net decrease in net assets resulting from operations $ (805,376) =============== See accompanying notes which are an integral part of the financial statements.
Westcott Technology Fund Statement of Changes in Net Assets Six Months Period ended ended March 31, 2001 September 30, 2000 (a) Increase (Decrease) in Net Assets (Unaudited) Operations Net investment loss $ (4,855) $ (22,648) Net realized loss on investment securities (446,212) (1,419,009) Change in net unrealized appreciation/depreciation (354,309) 89,443 ---------------------- ---------------------- Net decrease in net assets resulting from operations (805,376) (1,352,214) ---------------------- ---------------------- Distributions to shareholders From net investment income - - Return of capital - - From net realized gain - - ---------------------- ---------------------- Total distributions - - Share Transactions - net increase/decrease Class A (2,496) 289,950 Class I (291,510) 2,626,139 ---------------------- ---------------------- Net increase/decrease in net assets resulting from share transactions (294,006) 2,916,089 ---------------------- ---------------------- Total increase/decrease in net assets (1,099,382) 1,563,875 ---------------------- ---------------------- Net Assets Beginning of period 1,563,875 - ---------------------- ---------------------- End of period [including accumulated net $ 464,493 $ 1,563,875 ====================== ====================== investment loss of $4,855 and $0, respectively] (a) For the period December 9, 1999 (Commencement of Operations) to September 30, 2000 See accompanying notes which are an integral part of the financial statements.
Westcott Technology Fund Class A Financial Highlights Six Months ended Period March 31, 2001 ended (Unaudited) September 30, 2000 (a) Selected Per Share Data Net asset value, beginning of period $ 5.83 $ 10.00 ------------------ ----------------------- Loss from investment operations Net investment loss (0.03) (0.10) Net realized and unrealized loss (3.39) (4.07) ------------------ ----------------------- Total from investment operations (3.42) (4.17) ------------------ ----------------------- Less distributions: Distributions from net investment income - - Distributions from net realized gains - - ------------------ ----------------------- Total distributions - - ------------------ ----------------------- Net asset value, end of period $ 2.41 $ 5.83 ================== ======================= Total Return (58.66)%(b) (41.70)%(b) Ratios and Supplemental Data Net assets, end of period (000) $68 $169 Ratio of expenses to average net assets 1.97% (c) 1.97% (c) Ratio of expenses to average net assets before reimbursement 2.05% (c) 2.09% (c) Ratio of net investment income (loss) to average net assets (1.29)%(c) (1.61)%(c) Ratio of net investment income (loss) to average net assets before reimbursement (1.38)%(c) (1.73)%(c) Portfolio turnover rate 35.96% (c) 190.14% (c) (a) For the period December 9, 1999 (Commencement of Operations) to September 30, 2000 (b) For periods of less than a full year, total return is not annualized (c) Annualized See accompanying notes which are an integral part of the financial statements.
Westcott Technology Fund Class I Financial Highlights Six Months ended Period March 31, 2001 ended (Unaudited) September 30, 2000 (a) Selected Per Share Data Net asset value, beginning of period $ 5.77 $ 10.00 ------------------ ----------------------- Income from investment operations Net investment loss (0.02) (0.08) Net realized and unrealized loss (3.36) (4.15) ------------------ ----------------------- Total from investment operations (3.38) (4.23) ------------------ ----------------------- Less distributions: Distributions from net investment income - - Distributions from net realized gains - - ------------------ ----------------------- Total distributions - - ------------------ ----------------------- Net asset value, end of period $ 2.39 $ 5.77 ================== ======================= Total Return (58.65)%(b) (42.30)%(b) Ratios and Supplemental Data Net assets, end of period (000) $397 $1,395 Ratio of expenses to average net assets 1.72% (c) 1.72% (c) Ratio of expenses to average net assets before reimbursement 1.82% (c) 1.86% (c) Ratio of net investment income (loss) to average net assets (1.04)%(c) (1.32)%(c) Ratio of net investment income (loss) to average net assets before reimbursement (1.14)%(c) (1.46)%(c) Portfolio turnover rate 35.96% (c) 190.14% (c) (a) For the period December 9, 1999 (Commencement of Operations) to September 30, 2000 (b) For periods of less than a full year, total return is not annualized (c) Annualized See accompanying notes which are an integral part of the financial statements.
Westcott Technology Fund Notes to Financial Statements March 31, 2001 (Unaudited) NOTE 1. ORGANIZATION The Westcott Technology Fund (the "Fund") was organized as a diversified series of AmeriPrime Funds (the "Trust") on September 29, 1999 and commenced operations on December 9, 1999. The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated August 8, 1995 (the "Trust Agreement"). The Fund's investment objective is to provide long-term growth of capital. The Trust Agreement permits the Trustees to issue an unlimited number of shares of beneficial interest without par value. The Fund currently consists of two classes of shares, Class A and Class I, each of which has equal rights as to assets and voting privileges except that each class has different distribution expenses. The public offering price for class A shares is the determined net asset value plus a sales charge. NOTE 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 Valuation - Securities that 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 opinion of the Adviser, 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. 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 values 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. If the Adviser decides that a price provided by the pricing service does not accurately reflect the fair market value of the securities, 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, in conformity with guidelines adopted by and 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. 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 comply with federal tax rules regarding distribution of substantially all its net investment income and capital gains. These rules may cause multiple distributions during the course of the year. Westcott Technology Fund Notes to Financial Statements March 30, 2001 - continued (Unaudited) NOTE 2. SIGNIFICANT ACCOUNTING POLICIES - continued 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. Discounts and premiums on securities purchased are amortized over the life of the respective securities. NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Aegis Management, Inc., 230 Westcott St., Suite 1, Houston, Texas 77007, serves as investment adviser to the Fund. The Adviser was organized as a Texas corporation in 1933. The Adviser manages large capitalization equity, medium capitalization equity, balanced and fixed income portfolios for a variety of tax-exempt and taxable clients. The investment decisions for the Fund are made by a committee of the Adviser, which is primarily responsible for the day-to-day management 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 fees and commissions, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), 12b-1 expenses, fees and expenses of the non-interested person 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 (based on average daily net assets) of 1.70% computed and accrued daily and paid monthly. For the six months ended March 31, 2001, the Adviser received a fee of $7,686 from the Fund. The Adviser has contractually agreed to reimburse the Fund for the fees and expenses of the disinterested Trustees incurred by the Fund until February 1, 2002. For the six months ended March 31, 2001, the Adviser reimbursed expenses of $445. On behalf of the Class A shares, the Fund has adopted a distribution fee (the "Distribution Plan") under Rule 12b-1 of the 1940 Act. Under the Distribution Plan, the Fund is authorized to pay a fee in an amount not to exceed on an annual basis 0.25% of the average daily net asset value of the Class A Shares. For the six months ended March 31, 2001, the Fund incurred distribution expenses of $140 for Class A shares. For the six months ended March 31, 2001, Westcott Securities LLC, a related broker/dealer under common control, which is registered with the Securities & Exchange Commission, received distribution fees of $4 from a total $140 from the Fund for expenses related to the sale of Class A shares. Effective October 12, 2000, AmeriPrime Financial Services, Inc. and Unified Fund Services, Inc., both wholly owned subsidiaries of Unified Financial Services, Inc., merged with one another. Prior to the merger AmeriPrime Financial Services, Inc. served as administrator to the Fund. The result of this merger is now Unified Fund Services, Inc. ("Unified"), still a wholly owned subsidiary of Unified Financial Services, Inc. A Trustee and the officers of the Trust are members of management and/or employees of Unified. The Fund retains Unified to manage the Fund's business affairs and provide the Fund's with administrative, transfer agency, and fund accounting services, including all regulatory reporting and necessary office equipment and personnel. The Adviser paid all administrative, transfer agency, and fund accounting fees on behalf of the Fund per the management agreement. Prior to December 31, 2000, the Fund retained AmeriPrime Financial Securities, Inc. to act as the principal distributor of its shares. Effective December 31, 2000, AmeriPrime Financial Securities, Inc. sold substantially all of its assets to Unified Financial Securities. Both companies are wholly owned subsidiaries. Westcott Technology Fund Notes to Financial Statements March 31, 2001 - continued (Unaudited) NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - continued of Unified Financial Services, Inc. Effective December 31, 2000, the Fund retained Unified Financial Securities, Inc. to act as the principal distributor of its shares. There were no payments made to either distributor for the six-month period ended March 31, 2001. A Trustee and officer of the Trust may be deemed to be an affiliate of AmeriPrime Financial Securities, Inc. and Unified Financial Securities, Inc. NOTE 4. SHARE TRANSACTIONS As of March 31, 2001, there were an unlimited number of authorized shares for the Fund. Paid in capital at March 31, 2001 was $2,599,435. Transactions in shares were as follows: For the six months ended For the period December 9, 1999 March 31, 2001 (Commencement of Operations) to September 30, 2000 Shares Dollars Shares Dollars Class A: Shares sold 0 $ 0 57,096 $578,163 Shares issued from reinvested dividends 0 0 0 0 Shares redeemed (933) (2,496) (28,144) (288,213) ------------------ -------------------- ------------------ ---------------- (933) ($2,496) 28,952 $289,950 ================== ==================== ================== ================ Class I: Shares sold 15,748 $40,000 285,801 $2,999,392 Shares issued from reinvested dividends 0 0 0 0 Shares redeemed (91,671) (331,510) (44,197) (373,253) ------------------ -------------------- ------------------ -------------------- (75,923) ($291,510) 241,604 $2,626,139 ================== ==================== ================== ===================
NOTE 5. INVESTMENTS For the six months ended March 31, 2001, purchases and sales of investment securities, other than short-term investments, aggregated $147,380 and $389,248, respectively. As of March 30, 2001, the gross unrealized appreciation for all securities totaled $10,846 and the gross unrealized depreciation for all securities totaled $275,712 for a net unrealized depreciation of $264,866. The aggregate cost of securities for federal income tax purposes at March 30, 2001 was $738,301. Westcott Technology Fund Notes to Financial Statements March 31, 2001 - continued (Unaudited) NOTE 6. ESTIMATES Preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. NOTE 7. RELATED PARTY TRANSACTIONS The Adviser is not a registered broker-dealer of securities, but is affiliated with Westcott Securities, LLC. Westcott Securities, LLC can receive commissions on trades made on behalf of the Fund. For the six months ended March 31, 2001, Westcott Securities LLC, received no brokerage fees and commissions from the Fund. The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. As of March 31, 2001, Margaret Guerriero beneficially owned in aggregate more than 46% of Class A Shares of the Fund and, Eckhard Pfeiffer beneficially owned in aggregate more than 44% of Class I Shares of the Fund. -----END PRIVACY-ENHANCED MESSAGE-----