-----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, Tt07NavtMSnReuGJMrnnGR2hvYFzXERWM5WzrpO9az7oIpXCDls9amb+u1S/KheB 4a2snrkQgOOle1SocvTCmg== 0001035449-05-000292.txt : 20050506 0001035449-05-000292.hdr.sgml : 20050506 20050506153944 ACCESSION NUMBER: 0001035449-05-000292 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050228 FILED AS OF DATE: 20050506 DATE AS OF CHANGE: 20050506 EFFECTIVENESS DATE: 20050506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERIPRIME ADVISORS TRUST CENTRAL INDEX KEY: 0001092949 IRS NUMBER: 000000000 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09541 FILM NUMBER: 05807851 BUSINESS ADDRESS: STREET 1: 431 NORTH PENNSYLVANIA STREET 2: STREET CITY: INDIANAPOLIS STATE: IN ZIP: 46204 BUSINESS PHONE: 317-917-7000 MAIL ADDRESS: STREET 1: 431 NORTH PENNSYLVANIA STREET 2: STREET CITY: INDIANAPOLIS STATE: IN ZIP: 46204 N-CSRS 1 ncsr022805.txt MONTEAGLE FUNDS SEMI UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-09541 --------------------------- AmeriPrime Advisors Trust - ------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 431 N. Pennsylvania St. Indianapolis, IN 46204 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Lynn Wood - ---------- Unified Fund Services, Inc. - --------------------------- 431 N. Pennsylvania St. - ----------------------- Indianapolis, IN 46204 - ---------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 317-917-7000 ---------------------- Date of fiscal year end: 8/31 ----------- Date of reporting period: 02/28/05 ------------ Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. ================================================================================ Monteagle Funds ================================================================================ SEMI-ANNUAL REPORT FEBRUARY 28, 2005 (UNAUDITED) INVESTMENT MANAGER: NASHVILLE CAPITAL CORPORATION 209 10TH AVENUE SOUTH SUITE 332 NASHVILLE, TN 37203 TOLL FREE: (877) 272-9746 FUND HOLDINGS - (UNAUDITED) - ------------- MONTEAGLE FIXED INCOME FUND HOLDINGS AS OF FEBRUARY 28, 2005 1 [CHART OMITTED] Corporate Bonds 70.92% Taxable Municipal Obligations 18.17% U.S. Government Agency Obligations 8.37% Money Market Securities 1.67% Other assets less liabilities 0.87% 1 As a percent of net assets. Under normal circumstances, the Monteagle Fixed Income Fund will invest at least 80% of its assets in fixed income securities, including U.S. government securities, securities issued by agencies of the U.S. government, taxable municipal bonds and corporate debt securities. MONTEAGLE VALUE FUND HOLDINGS AS OF FEBRUARY 28, 2005 1 [CHART OMITTED] Large-Cap Equity Securities 2 59.54% Mid-Cap Equity Securities 3 38.44% Small-Cap Equity Securities 4 1.37% Money Market Securities 0.55% Other assets less liabilities 0.10% 1 As a percent of net assets. 2 U.S. Companies with market capitalizations above $5 billion. 3 U.S. Companies with market capitalizations above $1 billion and below $5 billion. 4 U.S. Companies with market capitalizations below $1 billion. The Monteagle Value Fund invests primarily in common stocks of medium and large capitalization U.S. companies. Medium capitalization companies include those with market capitalizations between $1 billion and $5 billion, and large capitalization companies include those with market capitalizations above $5 billion. 1 FUND HOLDINGS - (UNAUDITED) - CONTINUED - ------------- MONTEAGLE LARGE CAP GROWTH FUND HOLDINGS AS OF FEBRUARY 28, 2005 1 [CHART OMITTED] Large-Cap Equity Securities 2 93.44% Mid and Small-Cap Equity Securities 3 2.70% Money Market Securities 7.25% Liabilities in excess or other assets (3.39)% 1 As a percent of net assets. 2 U.S. Companies with market capitalizations above $5 billion. 3 U.S. Companies with market capitalizations below $5 billion. The Monteagle Large Cap Growth Fund will, under normal circumstances, invest at least 80% of its assets in common stocks of large capitalization U.S. companies. Large capitalization companies include those with market capitalizations above $5 billion. AVAILABILITY OF PORTFOLIO SCHEDULE - ---------------------------------- The Funds file complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-Q. The Funds' Form N-Qs are available at the SEC's website at www.sec.gov. The Fund's Form N-Qs may be reviewed and copied at the Public - ----------- Reference Room in Washington DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. SUMMARY OF FUNDS' EXPENSES - (UNAUDITED) - -------------------------- As a shareholder of any of the Funds, you incur ongoing costs, including management fees and trustee expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period (September 1, 2004) and held for the entire period (through February 28, 2005). Actual Expenses - --------------- The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. 2 SUMMARY OF FUNDS' EXPENSES - (UNAUDITED) - CONTINUED - -------------------------- Hypothetical Example for Comparison Purposes - -------------------------------------------- The second line of the table below provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. - --------------------------------------------------------------------------------------------------------- BEGINNING ENDING EXPENSES PAID MONTEAGLE FUNDS ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD* SEPTEMBER 1, 2004 FEBRUARY 28, 2005 FEBRUARY 28, 2005 - --------------------------------------------------------------------------------------------------------- FIXED INCOME FUND Actual $ 1,000.00 $ 998.40 $ 5.75 Hypothetical** $ 1,000.00 $ 1,019.04 $ 5.81 - --------------------------------------------------------------------------------------------------------- VALUE FUND Actual $ 1,000.00 $ 1,190.51 $ 7.44 Hypothetical** $ 1,000.00 $ 1,018.00 $ 6.85 - --------------------------------------------------------------------------------------------------------- LARGE CAP GROWTH FUND Actual $ 1,000.00 $ 1,079.19 $ 7.06 Hypothetical** $ 1,000.00 $ 1,018.00 $ 6.85 - ---------------------------------------------------------------------------------------------------------
*Expenses are equal to the Funds' annualized expense ratios, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). The annualized expense ratios for Monteagle Fixed Income Fund, Monteagle Value Fund and Monteagle Large Cap Growth Fund were 1.16%, 1.37%, and 1.37% respectively. **Assumes a 5% return before expenses. 3 MONTEAGLE FIXED INCOME FUND SCHEDULE OF INVESTMENTS FEBRUARY 28, 2005 (UNAUDITED) PRINCIPAL AMOUNT VALUE -------------- -------------------- CORPORATE BONDS - 70.92% Abbott Laboratories Corp., 5.400%, 9/15/2008 $ 500,000 $ 522,167 Alcoa, Inc., 5.375%, 1/15/2013 500,000 520,839 American Express Co., 4.750%, 6/17/2009 500,000 508,532 Ameritech Capital Funding Corp., 6.150%, 1/15/2008 1,000,000 1,051,451 BankAmerica Corp., 5.875%, 2/15/2009 250,000 264,218 Bank of America, 4.875%, 1/15/2013 500,000 504,694 Bank of New York, 3.900%, 9/1/2007 500,000 498,632 Bottling Group LLC, 4.625%, 11/15/2012 500,000 501,632 Bristol Myers Squibb, 5.750%, 10/1/2011 500,000 530,202 CBS Corp., 7.150%, 5/20/2005 1,000,000 1,008,002 CIT Group, Inc., 4.750%, 12/15/2010 500,000 500,981 Coca-Cola Enterprises, 5.750%, 03/15/2011 500,000 531,658 Commercial Credit Co., 10.000%, 12/1/2008 1,000,000 1,190,328 Dayton Hudson Corp., 5.875%, 11/1/2008 750,000 792,291 General Electric Company, 5.000%, 02/01/2013 500,000 508,307 Goldman Sachs Group, Inc., 5.250%, 10/15/2013 500,000 509,464 Household Finance Corp., 6.500%, 11/15/2008 500,000 536,776 International Business Machines, 5.375%, 2/1/2009 1,000,000 1,043,406 John Deere Capital Trust, 5.100%, 01/15/2013 500,000 512,883 JP Morgan Chase & Co., 4.500%, 01/15/2012 250,000 247,135 Lehman Brothers, 4.375%, 11/30/2010 500,000 494,321 McDonnell Douglas Co., 6.875%, 11/1/2006 500,000 522,653 Mellon Funding Corp., 6.375%, 02/15/2010 150,000 160,543 Merrill Lynch, 8.000%, 6/1/2007 500,000 541,561 Metlife, Inc., 5.500%, 6/15/2014 500,000 515,271 Nabisco, Inc., 7.050%, 7/15/2007 1,000,000 1,060,496 Pitney Bowes Credit Corp., 8.625%, 2/15/2008 700,000 791,924 Suntrust Bank, 6.375%, 04/01/2011 500,000 547,563 Wells Fargo & Co., 5.250%, 12/01/2007 500,000 514,730 -------------------- TOTAL CORPORATE BONDS (COST $17,217,313) 17,432,660 -------------------- TAXABLE MUNICIPAL OBLIGATIONS - 18.17% Atlanta & Fulton County, Georgia Recreation Authority Downtown Arena Project, 6.625%, 12/1/2011 300,000 325,962 Buffalo, New York Pension System, 8.500%, 8/15/2005 500,000 511,770 Denver, Colorado City & County School District, 6.760%, 12/15/2007 1,000,000 1,068,400 LaGrange, Georgia Development Authority Communications System Project, 6.100%, 2/1/2010 750,000 794,482 New Jersey Sports & Expos, 7.375%, 3/1/2007 500,000 532,730 New Rochelle, New York Public Improvement, 4.850%, 3/15/2011 200,000 203,448 Texas Tech University, 5.320%, 8/15/2007 1,000,000 1,028,610 -------------------- TOTAL MUNICIPAL OBLIGATIONS (COST $4,270,780) 4,465,402 -------------------- U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.37% Federal Home Loan Mortgage Corp., 5.625%, 03/15/2011 500,000 532,475 Federal Home Loan Mortgage Corp., 3.000%, 03/28/2008 500,000 482,098 Federal Home Loan Bank, 4.020%, 05/15/2008 500,000 499,075 Federal National Mortgage Association, 3.125%, 3/16/2009 565,000 542,815 -------------------- TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $2,096,518) 2,056,463 --------------------
See accompanying notes which are an integral part of the financial statements. 4 MONTEAGLE FIXED INCOME FUND SCHEDULE OF INVESTMENTS - CONTINUED FEBRUARY 28, 2005 (UNAUDITED) MONEY MARKET SECURITIES - 1.67% SHARES VALUE -------------- -------------------- Federated U.S. Treasury Obligations Fund, 2.33% (a) 411,653 $ 411,653 -------------------- TOTAL MONEY MARKET SECURITIES (COST $411,653) 411,653 -------------------- TOTAL INVESTMENTS (COST $23,996,264) - 99.13% $ 24,366,178 -------------------- OTHER ASSETS LESS LIABILITIES - 0.87% 213,498 -------------------- TOTAL NET ASSETS - 100.00% $ 24,579,676 ====================
(a) Variable rate security; the coupon rate shown represents the rate at February 28, 2005. See accompanying notes which are an integral part of the financial statements. 5 MONTEAGLE VALUE FUND SCHEDULE OF INVESTMENTS FEBRUARY 28, 2005 (UNAUDITED) COMMON STOCKS - 99.35% SHARES VALUE -------------- ---------------- AIRCRAFT & PARTS - 3.43% Textron, Inc. 8,550 $ 661,343 ---------------- COMPUTER COMMUNICATION EQUIPMENT - 1.38% Adaptec, Inc. (a) 48,700 264,928 ---------------- CRUDE PETROLEUM & NATURAL GAS - 4.03% Kerr-McGee Corp. 10,000 776,600 ---------------- DRILLING OIL & GAS WELLS - 8.13% Rowan Co., Inc. 26,450 837,936 Transocean, Inc. (a) 15,000 727,200 ---------------- 1,565,136 ---------------- ELECTRIC LIGHTING & WIRING EQUIPMENT - 8.22% Cooper Industries, Inc. - Class A 11,800 818,566 Hubbell, Inc. - Class B 14,200 763,960 ---------------- 1,582,526 ---------------- ELECTRIC SERVICES - 4.70% Duke Energy Corp. 33,550 905,514 ---------------- ELECTRONIC COMPONENTS & ACCESSORIES - 2.33% Vishay Intertechnology, Inc. (a) 34,400 448,920 ---------------- GOLD & SILVER ORES - 3.23% Barrick Gold Corp. 25,000 622,500 ---------------- GUIDED MISSILES & SPACE VEHICLES & PARTS - 4.10% Goodrich Corp. 21,300 788,739 ---------------- OIL & GAS FIELD EXPLORATION SERVICES - 4.57% Halliburton Co. 20,000 879,400 ---------------- OIL & GAS FIELD MACHINERY & EQUIPMENT - 1.72% Baker Hughes, Inc. 7,000 330,960 ---------------- PAPER MILLS - 3.22% Meadwestvaco Corp. 19,795 620,771 ---------------- PAPERBOARD CONTAINERS & BOXES - 3.77% Sonoco Products Co. 25,000 727,000 ---------------- PETROLEUM REFINING - 1.97% Marathon Oil Corp. 8,000 378,720 ---------------- PHARMACEUTICAL PREPARATIONS - 5.35% Bristol-Myers Squibb Company 20,000 500,600 Schering-Plough Corp. 28,000 530,600 ---------------- 1,031,200 ----------------
See accompanying notes which are an integral part of the financial statements. 6 MONTEAGLE VALUE FUND SCHEDULE OF INVESTMENTS - CONTINUED FEBRUARY 28, 2005 (UNAUDITED) COMMON STOCKS - 99.35% - CONTINUED SHARES VALUE -------------- ---------------- PHOTOGRAPHIC EQUIPMENT & SUPPLIES - 3.99% Eastman Kodak, Inc. 22,600 $ 768,174 ---------------- PLASTIC MAIL, SYNTHETIC RESIN/RUBBER, CELLULOS - 3.53% DuPont (EI) de NeMours & Co. 12,750 679,575 ---------------- RAILROAD EQUIPMENT - 2.99% Trinity Industries, Inc. 20,000 576,000 ---------------- REAL ESTATE INVESTMENT TRUSTS - 3.06% New Plan Excel Realty Trust, Inc. 22,550 589,908 ---------------- RETAIL - DEPARTMENT STORES - 10.08% The May Department Stores Company 22,000 759,220 Saks, Inc. 45,000 683,550 Sears Roebuck & Co. 10,000 499,300 ---------------- 1,942,070 ---------------- RETAIL - GROCERY STORES - 2.74% Albertson's, Inc. 23,550 527,285 ---------------- SAWMILLS & PLANTING MILLS - 2.73% Louisiana-Pacific Corp. 20,000 525,400 ---------------- SERVICES - COMPUTER INTEGRATED SYSTEMS DESIGN - 1.59% Unisys Corp. (a) 40,000 307,200 ---------------- TELEPHONE & TELEGRAPH APPARATUS - 1.49% ADC Telecommunications, Inc. (a) 125,000 287,500 ---------------- TELEPHONE COMMUNICATIONS - 2.50% SBC Communications, Inc. 20,000 481,000 ---------------- WATER TRANSPORTATION - 4.50% Tidewater, Inc. 21,000 866,670 ---------------- TOTAL COMMON STOCKS (COST $14,805,385) 19,135,039 ---------------- MONEY MARKET SECURITIES - 0.55% Federated U.S. Treasury Obligations Fund, 2.33% (b) 106,772 106,772 ---------------- TOTAL MONEY MARKET SECURITIES (COST $106,772) 106,772 ---------------- TOTAL INVESTMENTS (COST $14,912,157) - 99.90% $ 19,241,811 ---------------- OTHER ASSETS IN LESS LIABILITIES - 0.10% 18,374 ---------------- TOTAL NET ASSETS - 100.00% $ 19,260,185 ================
(a) Non-income producing. (b) Variable rate security; the coupon rate shown represents the rate at February 28, 2005. See accompanying notes which are an integral part of the financial statements. 7 MONTEAGLE LARGE CAP GROWTH FUND SCHEDULE OF INVESTMENTS FEBRUARY 28, 2005 (UNAUDITED) COMMON STOCKS - 96.14% SHARES VALUE ------------- -------------- AIR COURIER SERVICES - 3.59% FedEx Corp. 10,500 $ 1,026,690 -------------- BIOLOGICAL PRODUCTS - 3.44% Amgen, Inc. (a) 16,000 985,760 -------------- ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS - 3.37% Medtronic, Inc. 18,500 964,220 -------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT - 3.41% General Electric Co. 27,700 975,040 -------------- ELECTRONIC COMPUTERS - 3.18% Dell, Inc. (a) 22,700 910,043 -------------- FINANCE SERVICES - 3.03% American Express Co. 16,000 866,400 -------------- HOSPITAL & MEDICAL SERVICE PLANS - 3.63% United Health Group, Inc. 11,400 1,039,224 -------------- HOUSEHOLD AUDIO & VIDEO EQUIPMENT - 2.82% Harman International Industries, Inc. 7,200 807,624 -------------- LEATHER & LEATHER PRODUCTS - 3.57% Coach, Inc. (a) 18,400 1,021,752 -------------- MISCELLANEOUS CHEMICAL PRODUCTS - 1.82% Smith International, Inc. 8,100 520,506 -------------- MOTORCYCLES, BICYCLES & PARTS - 1.49% Harley-Davidson, Inc. 6,900 426,972 -------------- NATIONAL COMMERCIAL BANKS - 3.07% Wachovia Corp. 16,600 879,966 -------------- OPERATIVE BUILDERS - 1.85% Toll Brothers, Inc. (a) 6,000 528,300 -------------- OPTHALMIC GOODS - 3.44% Alcon, Inc. 11,400 983,820 -------------- PERSONAL CREDIT INSTITUTIONS - 3.13% Capital One Financial Corp. 11,700 897,156 -------------- PETROLEUM REFINING - 3.56% Conocophillips Co. 9,200 1,020,188 -------------- PHARMACEUTICAL PREPARATIONS - 2.44% Genentech, Inc. (a) 14,800 698,560 --------------
See accompanying notes which are an integral part of the financial statements. 8 MONTEAGLE LARGE CAP GROWTH FUND SCHEDULE OF INVESTMENTS - CONTINUED FEBRUARY 28, 2005 (UNAUDITED) COMMON STOCKS - 96.14% - CONTINUED SHARES VALUE ------------- -------------- RADIO & TV BROADCASTING & COMMUNICATION EQUIPMENT - 3.33% L-3 Communications Holdings, Inc. 13,200 $ 951,720 -------------- RETAIL - EATING & DRINKING PLACES - 3.06% Starbucks Corp. (a) 16,900 875,589 -------------- RETAIL - LUMBER & OTHER BUILDING MATERIALS DEALERS - 3.61% Lowe's Companies, Inc. 17,600 1,034,528 -------------- RETAIL - VARIETY STORES - 6.05% Costco Wholesale Corp. 18,700 871,233 Target Corp. 16,900 858,858 -------------- 1,730,091 -------------- SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYSTEMS - 1.67% Garmin Ltd. 9,300 476,625 -------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 2.24% Chicago Mercantile Exchange Holdings, Inc. 3,100 640,522 -------------- SEMICONDUCTORS & RELATED DEVICES - 3.45% Marvell Technology Group Ltd. (a) 27,000 987,930 -------------- SERVICES - BUSINESS SERVICES - 2.60% eBAY, Inc. (a) 17,400 745,416 -------------- SERVICES - COMPUTER PROGRAMMING SERVICES - 4.02% Infosys Technologies Ltd. (b) 15,100 1,151,375 -------------- SERVICES - CONSUMER CREDIT REPORTING, COLLECTION AGENCIES - 3.52% Moody's Corp. 12,000 1,006,920 -------------- SERVICES - PREPACKAGED SOFTWARE - 5.24% Autodesk, Inc. 26,000 772,720 Symantec Corp. (a) 33,000 726,330 -------------- 1,499,050 -------------- SURETY INSURANCE - 2.94% AMBAC Financial Group, Inc. 10,800 840,024 -------------- SURGICAL & MEDICAL INSTRUMENTS & APPARATUS - 3.57% Stryker Corp. 20,600 1,022,996 -------------- TOTAL COMMON STOCKS (COST $25,666,781) 27,515,007 --------------
See accompanying notes which are an integral part of the financial statements. 9 MONTEAGLE LARGE CAP GROWTH FUND SCHEDULE OF INVESTMENTS - CONTINUED FEBRUARY 28, 2005 (UNAUDITED) MONEY MARKET SECURITIES - 7.25% SHARES VALUE ------------- -------------- Federated U.S. Treasury Obligations Fund, 2.33% (c) 1,400,000 $ 1,400,000 Huntington Money Market Fund - Investment Shares, 1.43% (c) 675,247 675,247 -------------- TOTAL MONEY MARKET SECURITIES (COST $2,075,247) 2,075,247 -------------- TOTAL INVESTMENTS (COST $27,742,028) - 103.39% $ 29,590,254 -------------- LIABILITIES IN EXCESS OF OTHER ASSETS - (3.39)% (969,072) -------------- TOTAL NET ASSETS - 100.00% $ 28,621,182 ==============
(a) Non-income producing. (b) American Depositary Receipt. (c) Variable rate security; the coupon rate shown represents the rate at February 28, 2005. See accompanying notes which are an integral part of the financial statements. 10 MONTEAGLE FUNDS STATEMENTS OF ASSETS AND LIABILITIES FEBRUARY 28, 2005 (UNAUDITED) MONTEAGLE MONTEAGLE MONTEAGLE FIXED INCOME VALUE LARGE CAP FUND FUND GROWTH FUND ------------------ ----------------- ------------------ ASSETS Investments in securities: At cost $ 23,996,264 $ 14,912,157 $ 27,742,028 ================== ================= ================== At value $ 24,366,178 $ 19,241,811 $ 29,590,254 Interest receivable 315,956 145 2,099 Dividends receivable - 37,738 21,918 Receivable for fund shares purchased - - 60,800 ------------------ ----------------- ------------------ TOTAL ASSETS 24,682,134 19,279,694 29,675,071 ------------------ ----------------- ------------------ LIABILITIES Payable for investments purchased - - 1,023,454 Accrued advisory fees 21,859 19,509 30,435 Distributions payable 80,599 - - ------------------ ----------------- ------------------ TOTAL LIABILITIES 102,458 19,509 1,053,889 ------------------ ----------------- ------------------ NET ASSETS $ 24,579,676 $ 19,260,185 $ 28,621,182 ================== ================= ================== NET ASSETS CONSIST OF: Paid in capital $ 24,066,970 $ 16,484,260 $ 34,339,709 Accumulated undistributed net investment income (loss) 13,547 12,902 (29,054) Accumulated net realized gain (loss) on investments 129,245 (1,566,631) (7,537,699) Net unrealized appreciation on investments 369,914 4,329,654 1,848,226 ------------------ ----------------- ------------------ NET ASSETS $ 24,579,676 $ 19,260,185 $ 28,621,182 ================== ================= ================== SHARES OUTSTANDING (unlimited number of shares authorized) 2,370,845 1,334,524 4,880,119 ------------------ ----------------- ------------------ NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 10.37 $ 14.43 $ 5.86 ================== ================= ==================
See accompanying notes which are an integral part of the financial statements. 11 MONTEAGLE FUNDS STATEMENTS OF OPERATIONS SIX MONTHS ENDED FEBRUARY 28, 2005 (UNAUDITED) MONTEAGLE MONTEAGLE MONTEAGLE FIXED INCOME VALUE LARGE CAP FUND FUND GROWTH FUND ------------------ ----------------- ------------------- INVESTMENT INCOME: Dividend income $ - $ 193,430 $ 107,987 Interest income 627,685 3,173 6,183 ------------------ ----------------- ------------------- TOTAL INVESTMENT INCOME 627,685 196,603 114,170 ------------------ ----------------- ------------------- EXPENSES: Investment advisor fee (a) 146,193 120,644 141,205 Trustee fees and expenses 1,998 1,996 2,019 ------------------ ----------------- ------------------- TOTAL EXPENSES 148,191 122,640 143,224 ------------------ ----------------- ------------------- NET INVESTMENT INCOME (LOSS) 479,494 73,963 (29,054) ------------------ ----------------- ------------------- REALIZED & UNREALIZED GAIN (LOSS): Net realized gain (loss) on investment securities 343,747 343,638 (357,480) Change in unrealized appreciation (depreciation) on investment securities (870,882) 2,700,180 1,190,357 ------------------ ----------------- ------------------- Net realized and unrealized gain (loss) on investment securities (527,135) 3,043,818 832,877 ------------------ ----------------- ------------------- NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS $ (47,641) $ 3,117,781 $ 803,823 ================== ================= ===================
(a) See Note 3 in the Notes to the Financial Statements. See accompanying notes which are an integral part of the financial statements. 12 MONTEAGLE FUNDS STATEMENTS OF CHANGES IN NET ASSETS MONTEAGLE FIXED INCOME FUND ------------------------------------------ SIX MONTHS ENDED FEBRUARY 28, 2005 YEAR ENDED INCREASE (DECREASE) IN NET ASSETS (UNAUDITED) AUGUST 31, 2004 --------------------- ------------------- OPERATIONS: Net investment income $ 479,494 $ 1,041,935 Net realized gain on investment securities 343,747 277,054 Change in unrealized appreciation (depreciation) (870,882) (306,131) --------------------- ------------------- Net increase in net assets resulting from operations (47,641) 1,012,858 --------------------- ------------------- DISTRIBUTIONS: From net investment income (477,270) (1,041,946) From net realized gain (448,777) (437,744) --------------------- ------------------- Total distributions (926,047) (1,479,690) --------------------- ------------------- CAPITAL SHARE TRANSACTIONS: Proceeds from shares sold 352,410 1,510,149 Amount paid for shares repurchased (1,221,728) (4,182,760) --------------------- ------------------- Net (decrease) in net assets resulting from share transactions (869,318) (2,672,611) --------------------- ------------------- TOTAL (DECREASE) IN NET ASSETS (1,843,006) (3,139,443) --------------------- ------------------- NET ASSETS: Beginning of period 26,422,682 29,562,125 --------------------- ------------------- End of period $ 24,579,676 $ 26,422,682 ===================== =================== Accumulated undistributed net investment income included in net assets at end of period $ 13,547 $ 11,324 ===================== =================== CAPITAL SHARE TRANSACTIONS: Shares sold 32,952 137,031 Shares repurchased (114,733) (382,385) --------------------- ------------------- Net (decrease) from capital share transactions (81,781) (245,354) ===================== ===================
See accompanying notes which are an integral part of the financial statements. 13 MONTEAGLE FUNDS STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED MONTEAGLE MONTEAGLE VALUE LARGE CAP FUND GROWTH FUND ---------------------------------- ---------------------------------- SIX MONTHS ENDED SIX MONTHS ENDED FEBRUARY 28, 2005 YEAR ENDED FEBRUARY 28, 2005 YEAR ENDED INCREASE (DECREASE) IN NET ASSETS (UNAUDITED) AUGUST 31, 2004 (UNAUDITED) AUGUST 31, 2004 ----------------- ---------------- ----------------- ---------------- OPERATIONS: Net investment income (loss) $ 73,963 $ 138,920 $ (29,054) $ (74,695) Net realized loss on investment securities 343,638 (34,172) (357,480) (529,922) Change in unrealized appreciation (depreciation) 2,700,180 1,826,718 1,190,357 1,054,822 ----------------- ---------------- ----------------- ---------------- Net increase in net assets resulting from operations 3,117,781 1,931,466 803,823 450,205 ----------------- ---------------- ----------------- ---------------- DISTRIBUTIONS: From net investment income (61,060) (138,920) - (6,174) Return of capital - (130,341) - - ----------------- ---------------- ----------------- ---------------- Total distributions (61,060) (269,261) - (6,174) ----------------- ---------------- ----------------- ---------------- CAPITAL SHARE TRANSACTIONS: Proceeds from shares sold 1,266,939 1,316,541 15,507,603 8,648,846 Amount paid for shares repurchased (1,391,069) (1,302,933) (557,680) (286,252) ----------------- ---------------- ----------------- ---------------- Net increase (decrease) in net assets resulting from share transactions (124,130) 13,608 14,949,923 8,362,594 ----------------- ---------------- ----------------- ---------------- TOTAL INCREASE IN NET ASSETS 2,932,591 1,675,813 15,753,746 8,806,625 ----------------- ---------------- ----------------- ---------------- NET ASSETS: Beginning of period 16,327,594 14,651,781 12,867,436 4,060,811 ----------------- ---------------- ----------------- ---------------- End of period $ 19,260,185 $ 16,327,594 $ 28,621,182 $ 12,867,436 ================= ================ ================= ================ Accumulated undistributed net investment income (loss) included in net assets at end of period $ 12,902 $ - $ (29,054) $ - ================= ================ ================= ================ CAPITAL SHARE TRANSACTIONS: Shares sold 95,539 110,518 2,603,884 1,609,281 Shares repurchased (104,246) (108,798) (94,873) (52,336) ----------------- ---------------- ----------------- ---------------- Net increase (decrease) from capital share transactions (8,707) 1,720 2,509,011 1,556,945 ================= ================ ================= ================
See accompanying notes which are an integral part of the financial statements. 14 MONTEAGLE FUNDS FINANCIAL HIGHLIGHTS The tables below set forth financial data for a share outstanding throughout each period presented. MONTEAGLE FIXED INCOME FUND ---------------------------------------------------------------------------------------- SIX MONTHS EDNDED FEBRUARY YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 28, 2005 AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, (UNAUDITED) 2004 2003 2002 2001 2000 (a) -------------- ------------- ------------- ------------- ------------- ------------- SELECTED PER SHARE DATA Net asset value, beginning of period $ 10.77 $ 10.96 $ 11.17 $ 10.82 $ 10.06 $ 10.00 -------------- ------------- ------------- ------------- ------------- ------------- Income from investment operations Net investment income 0.20 0.41 0.42 0.49 0.55 0.28 Net realized and unrealized gain (loss) (0.21) (0.03) (0.08) 0.35 0.76 0.16 -------------- ------------- ------------- ------------- ------------- ------------- Total from investment operations (0.01) 0.38 0.34 0.84 1.31 0.44 -------------- ------------- ------------- ------------- ------------- ------------- LESS DISTRIBUTIONS TO SHAREHOLDERS: From net investment income (0.20) (0.41) (0.42) (0.49) (0.55) (0.38) From net realized gain (0.19) (0.16) (0.13) - - - -------------- ------------- ------------- ------------- ------------- ------------- Total distributions (0.39) (0.57) (0.55) (0.49) (0.55) (0.38) -------------- ------------- ------------- ------------- ------------- ------------- Net asset value, end of period $ 10.37 $ 10.77 $ 10.96 $ 11.17 $ 10.82 $ 10.06 ============== ============= ============= ============= ============= ============= TOTAL RETURN (b) -0.16% (c) 3.49% 3.06% 8.00% 13.37% 4.54% (c) RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000) $ 24,580 $ 26,423 $ 29,562 $ 37,626 $ 36,506 $ 29,346 Ratio of expenses to average net assets 1.16% (d) 1.15% 1.14% 0.97% 1.14% 1.15% (d) Ratio of net investment income to average net assets 3.77% (d) 3.71% 3.76% 4.56% 5.28% 3.97% (d) Portfolio turnover rate 34.69% 27.02% 20.52% 48.58% 75.84% 58.87%
(a) December 20, 1999 (Commencement of Operations) through August 31, 2000. (b) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. (c) Not annualized. (d) Annualized. See accompanying notes which are an integral part of the financial statements. 15 MONTEAGLE FUNDS FINANCIAL HIGHLIGHTS - CONTINUED The tables below set forth financial data for a share outstanding throughout each period presented. MONTEAGLE VALUE FUND ------------------------------------------------------------------------------------ SIX MONTHS ENDED FEBRUARY YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 28, 2005 AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, (UNAUDITED) 2004 2003 2002 2001 2000 (a) -------------- ------------ ------------ ------------ ------------ ------------- SELECTED PER SHARE DATA Net asset value, beginning of period $ 12.16 $ 10.92 $ 9.77 $ 13.34 $ 11.66 $ 10.00 -------------- ------------ ------------ ------------ ------------ ------------- Income from investment operations Net investment income 0.05 0.10 0.16 0.17 0.14 0.06 Net realized and unrealized gain (loss) 2.26 1.33 1.14 (2.17) 1.88 1.60 -------------- ------------ ------------ ------------ ------------ ------------- Total from investment operations 2.31 1.43 1.30 (2.00) 2.02 1.66 -------------- ------------ ------------ ------------ ------------ ------------- LESS DISTRIBUTIONS TO SHAREHOLDERS: From net investment income (0.04) (0.10) (0.15) (0.15) (0.12) - From net realized gain - - - (1.42) (0.22) - From return of capital - (0.09) - - - - -------------- ------------ ------------ ------------ ------------ ------------- Total distributions (0.04) (0.19) (0.15) (1.57) (0.34) - -------------- ------------ ------------ ------------ ------------ ------------- Net asset value, end of period $ 14.43 $ 12.16 $ 10.92 $ 9.77 $ 13.34 $ 11.66 ============== ============ ============ ============ ============ ============= TOTAL RETURN (b) 19.05% (c) 13.10% 13.49% -16.95% 17.56% 16.60% (c) RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000) $ 19,260 $ 16,328 $ 14,652 $ 19,010 $ 26,325 $ 19,734 Ratio of expenses to average net assets 1.37% (d) 1.36% 1.36% 1.35% 1.35% 1.36% (d) Ratio of net investment income to average net assets 0.83% (d) 0.85% 1.72% 1.37% 1.15% 0.77% (d) Portfolio turnover rate 7.72% 34.50% 28.39% 58.62% 152.86% 375.67%
(a) December 20, 1999 (Commencement of Operations) through August 31, 2000. (b) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. (c) Not annualized. (d) Annualized. See accompanying notes which are an integral part of the financial statements. 16 MONTEAGLE FUNDS FINANCIAL HIGHLIGHTS - CONTINUED The tables below set forth financial data for a share outstanding throughout each period presented. MONTEAGLE LARGE CAP GROWTH FUND ---------------------------------------------------------------------------------- SIX MONTHS ENDED FEBRUARY YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 28, 2005 AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, (UNAUDITED) 2004 2003 2002 2001 2000 (a) ------------- ------------ ------------ ------------ ------------ ------------ SELECTED PER SHARE DATA Net asset value, beginning of period $ 5.43 $ 4.99 $ 4.62 $ 6.70 $ 9.92 $ 10.00 ------------- ------------ ------------ ------------ ------------ ------------ Income from investment operations Net investment income (loss) (0.01) (0.04) 0.01 (0.02) (0.03) 0.01 Net realized and unrealized gain (loss) 0.44 0.49 0.36 (2.06) (3.19) (0.09) ------------- ------------ ------------ ------------ ------------ ------------ Total from investment operations 0.43 0.45 0.37 (2.08) (3.22) (0.08) ------------- ------------ ------------ ------------ ------------ ------------ LESS DISTRIBUTIONS TO SHAREHOLDERS: From net investment income - (0.01) - - - - ------------- ------------ ------------ ------------ ------------ ------------ Total distributions - (0.01) - - - - ------------- ------------ ------------ ------------ ------------ ------------ Net asset value, end of period $ 5.86 $ 5.43 $ 4.99 $ 4.62 $ 6.70 $ 9.92 ============= ============ ============ ============ ============ ============ TOTAL RETURN (b) 7.92% (c) 8.89% 8.01% -31.04% -32.44% -0.80% (c) RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000) $ 28,621 $ 12,867 $ 4,061 $ 6,661 $ 9,968 $ 12,820 Ratio of expenses to average net assets 1.37% (d) 1.37% 1.27% 1.03% 1.26% 1.27% (d) Ratio of net investment income (loss) to average net assets (0.28)%(d) (0.75)% 0.12% (0.26)% (0.44)% 0.10% (d) Portfolio turnover rate 27.81% 66.52% (e) 26.93% 86.74% 70.04% 68.00%
(a) January 18, 2000 (Commencement of Operations) through August 31, 2000. (b) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends. (c) Not annualized. (d) Annualized. (e) Portfolio turnover percentage increased 39.59% compared to prior year due to change in adviser effective September 1, 2003. See accompanying notes which are an integral part of the financial statements. 17 MONTEAGLE FUNDS NOTES TO THE FINANCIAL STATEMENTS FEBRUARY 28, 2005 (UNAUDITED) NOTE 1. ORGANIZATION The Monteagle Fixed Income Fund (the "Fixed Income Fund"), Monteagle Value Fund (the "Value Fund"), and Monteagle Large Cap Growth Fund (the "Large Cap Growth Fund") (each a "Fund" or collectively, the "Funds") were organized as diversified series of AmeriPrime Advisors Trust (the "Trust") on August 3, 1999. The Fixed Income Fund and Value Fund commenced operations on December 20, 1999, and the Large Cap Growth Fund commenced operations on January 18, 2000. The Trust is an open-end investment company established under the laws of Ohio by an Agreement and Declaration of Trust dated August 3, 1999 (the "Trust Agreement"). On September 1, 2003, the Large Cap Fund changed its name to the Large Cap Growth Fund. The Trust Agreement permits the Board of Trustees to issue an unlimited number of shares of beneficial interest of separate series. Each Fund is one of a series of funds currently offered by the Trust. The investment objective of the Fixed Income Fund is total return and the investment objectives of the Value Fund and the Large Cap Growth Fund are to provide long-term growth of capital. The investment manager to the Funds is Nashville Capital Corporation ("Investment Manager"). The Investment Manager retains an Adviser for each fund. NOTE 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies followed by each Fund in the preparation of its financial statements. Securities Valuations - Equity securities generally are valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the applicable Adviser believes such prices accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current market value or when restricted or illiquid 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, (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 applicable 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. 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, subject to review of the Board. 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 - There is no provision for federal income tax. Each Fund intends to continue to qualify each year as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended, by distributing all of its taxable income. If the required amount of net investment income is not distributed, the Fund could incur a tax expense. 18 MONTEAGLE FUNDS NOTES TO THE FINANCIAL STATEMENTS FEBRUARY 28, 2005 - CONTINUED (UNAUDITED) NOTE 2. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED Security Transactions and Related Income - The Funds follow industry practice and record 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. Distributions to Shareholders - The Fixed Income Fund intends to distribute all of its net investment income as dividends to its shareholders on a monthly basis. The Value Fund and Large Cap Growth Fund intend to distribute all of their net investment income as dividends to shareholders on an annual basis. The Funds intend to distribute net realized long term capital gains and net realized short term capital gains at least once a year. Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES Nashville Capital Corporation serves as Investment Manager to the Funds. In this capacity, Nashville Capital Corporation advises and assists the officers of the Trust in conducting the business of the Funds and is responsible for providing general investment advice and guidance to the Funds. However, Nashville Capital Corporation has delegated responsibility for the selection and ongoing monitoring of the securities in each Fund's investment portfolio to the Funds' respective Advisers set forth below. Each Fund is authorized to pay Nashville Capital Corporation a fee based on average daily net assets at the following annual rates: FIXED LARGE CAP INCOME VALUE GROWTH ASSETS FUND FUND FUND - --------------------------- -------------- -------------- -------------- Up to and including $25 million 1.15% 1.35% 1.35% From $25 up to and including $50 million 1.10% 1.25% 1.25% From $50 up to and including $100 million 0.97% 1.10% 1.10% Over $100 million 0.90% 1.00% 1.00% Under the terms of each Fund's management agreement (the "Agreement"), the Investment Manager manages each Fund's investments subject to approval of the Board and pays all of the expenses of each Fund except brokerage fees and commissions, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), fees and expenses of non-interested person trustees, 12b-1 expenses and extraordinary expenses. It should be noted that most investment companies pay their own operating expenses directly, while the Funds' expenses, except those specified above, are paid by the Investment Manager. For the six months ended February 28, 2005, the Investment Manager earned fees of $146,193, $120,644 and $141,205 from the Fixed Income Fund, Value Fund and Large Cap Growth Fund, respectively. Amounts payable to the Investment Manager at February 28, 2005 were $21,859, $19,509 and $30,435 for the Fixed Income Fund, Value Fund and Large Cap Growth Fund, respectively. 19 MONTEAGLE FUNDS NOTES TO THE FINANCIAL STATEMENTS FEBRUARY 28, 2005 - CONTINUED (UNAUDITED) NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED FIXED INCOME FUND. The Investment Manager has retained Howe & Rusling, Inc. ("H & R") to serve as the Adviser to the Fixed Income Fund. Nashville Capital Corporation has agreed to pay H & R an annual advisory fee for the Fixed Income Fund of 0.30% of average daily net assets up to $25 million, 0.25% of average daily net assets from $25 million up to $50 million, and 0.20% of average daily net assets of $50 million and greater. VALUE FUND. The Investment Manager has retained Robinson Investment Group, Inc. ("Robinson") to serve as the Adviser to the Value Fund. Nashville Capital Corporation has agreed to pay Robinson an annual advisory fee of 0.60% of average daily net assets up to $25 million, 0.45% of average daily net assets from $25 million up to $50 million, 0.35% of average daily net assets from $50 million up to $100 million, and 0.30% of average daily net assets of $100 million and greater. LARGE CAP GROWTH FUND. The Investment Manager has retained Northstar Capital Management, Inc. ("Northstar") to serve as Adviser of the Large Cap Growth Fund. Nashville Capital Corporation has agreed to pay Northstar an annual advisory fee of 0.50% of average daily net assets. The Funds retain Unified Fund Services, Inc. ("Unified"), a wholly owned subsidiary of Unified Financial Services, Inc., to manage the Funds' business affairs and to provide the Funds with administrative, transfer agency, and fund accounting services, including all regulatory reporting and necessary office equipment and personnel. The Investment Manager paid all administrative, transfer agency, and fund accounting fees on behalf of the Funds per the Agreement. A Trustee and the officers of the Trust are members of management and/or employees of Unified and/or officers or shareholders of Unified Financial Services, Inc. ("UFS") (the parent of Unified). The Funds retain Unified Financial Securities, Inc., a wholly owned subsidiary of UFS to act as the principal distributor of their shares. There were no payments made to Unified Financial Securities, Inc. by the Funds during the six months ended February 28, 2005. A Trustee has an ownership interest in UFS (the parent company of the Distributor), and certain officers of the Trust are a director and/or officers of the Distributor and/or shareholders of UFS. As a result, those persons may be deemed to be affiliates of the Distributor. NOTE 4. INVESTMENTS For the six months ended February 28, 2005, purchases and sales of investment securities, other than short-term investments and short-term U.S. government obligations were as follows: FIXED LARGE CAP INCOME VALUE GROWTH FUND FUND FUND ---------------- --------------- --------------- PURCHASES U.S. Government Obligations $ 2,317,830 $ - $ - Other 6,294,611 2,520,509 19,704,538 SALES U.S. Government Obligations $ 2,829,703 $ - $ - Other 6,618,280 1,350,176 5,645,058
20 MONTEAGLE FUNDS NOTES TO THE FINANCIAL STATEMENTS FEBRUARY 28, 2005 - CONTINUED (UNAUDITED) NOTE 4. INVESTMENTS - CONTINUED As of February 28, 2005, the net unrealized appreciation of investments for tax purposes was as follows: FIXED LARGE CAP INCOME VALUE GROWTH FUND FUND FUND --------------- --------------- -------------- Gross appreciation $ 564,690 $ 4,972,482 $ 2,117,390 Gross depreciation (194,776) (642,828) (269,164) --------------- --------------- -------------- Net appreciation on investments $ 369,914 $ 4,329,654 $ 1,848,226 =============== =============== ============== At February 28, 2005, the aggregate cost of securities for federal income tax purposes was $23,996,264, $14,912,157, and $27,742,028 for the Fixed Income Fund, Value Fund, and Large Cap Growth Fund, respectively. NOTE 5. 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. NOTE 6. BENEFICIAL OWNERSHIP 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 February 28, 2005, Farmers and Merchants Corporation, for the benefit of its customers, beneficially owned 100% of each Fund. NOTE 7. CAPITAL LOSS CARRYFORWARDS VALUE FUND. At August 31, 2004, the Fund had available for federal tax purposes an unused capital loss carryforward of $1,654,808, of which $1,155,855 expires in 2011 and $498,953 expires in 2012. In addition, in 2003, the Fund elected to defer post-October losses of $164,758. LARGE CAP FUND. At August 31, 2004, the Fund had available for federal tax purposes an unused capital loss carryforward of $6,932,274, of which $470,032 expires in 2008, $826,803 expires in 2009, $425,424 expires in 2010, $3,044,365 expires in 2011, and $2,165,650 expires in 2012. In addition, in 2003, the Fund elected to defer post-October losses of $246,784. Capital loss carryforwards are available to offset future realized gains. To the extent that these carryforwards are used to offset future realized capital gains, it is probable that the amount which is offset will not be distributed. 21 MONTEAGLE FUNDS NOTES TO THE FINANCIAL STATEMENTS FEBRUARY 28, 2005 - CONTINUED (UNAUDITED) NOTE 8. DISTRIBUTIONS TO SHAREHOLDERS FIXED INCOME FUND. The tax character of distributions paid during the fiscal years ended August 31, 2004 and 2003 was as follows. Distributions paid from: 2004 2003 ---------------- ----------------- Ordinary income $ 1,041,946 $ 1,278,249 Short-term Capital Gain 104,366 - Long-term Capital Gain 333,378 439,848 ---------------- ----------------- $ 1,479,690 $ 1,718,097 ================ ================= For the six months ended February 28, 2005, the Fund paid monthly distributions of net investment income totaling $0.1956 per share. Capital gain distributions in the amount of $0.1874 per share were paid December 28, 2004, to shareholders of record on December 27, 2004. In aggregate, the Fund paid ordinary income dividends of $477,270 and capital gains distributions of $448,776 in the six months ended February 28, 2005. VALUE FUND. The tax character of distributions paid during the fiscal years ended August 31, 2004 and 2003 was as follows: Distributions paid from: 2004 2003 ---------------- ---------------- Ordinary income $ 138,920 $ 283,519 Return of Capital 130,341 - Short-term Capital Gain - - Long-term Capital Gain - - ---------------- ---------------- $ 269,261 $ 283,519 ================ ================ The Value Fund paid an income dividend of $0.0449 per share on December 28, 2004, to shareholders of record on December 27, 2004. In aggregate, the Fund paid ordinary income dividends of $61,060 in the six months ended February 28, 2005. LARGE CAP GROWTH FUND. The tax character of distributions paid during the fiscal years ended August 31, 2004 and 2003 was as follows: Distributions paid from: 2004 2003 ---------------- ---------------- Ordinary income $ 6,174 $ - Short-term Capital Gain - - Long-term Capital Gain - - ---------------- ---------------- $ 6,174 $ - ================ ================ The Large Cap Growth Fund paid no distributions during the six months ended February 28, 2005. 22 MONTEAGLE FUNDS NOTES TO THE FINANCIAL STATEMENTS FEBRUARY 28, 2005 - CONTINUED (UNAUDITED) NOTE 8. DISTRIBUTIONS TO SHAREHOLDERS - CONTINUED As of August 31, 2004, the components of distributable earnings on a tax basis were as follows: Fixed Fund Value Large Cap ---------------- ---------------- ---------------- Undistributable ordinary income $ 11,324 $ - $ - Undistributable long-term capital gain (accumulated losses) 234,274 (1,654,807) (6,932,273) Unrealized appreciation/(depreciation) 1,240,796 1,374,012 409,922 ---------------- ---------------- ---------------- $ 1,486,394 $ (280,795) $ (6,522,351) ================ ================ ================
The differences between book basis and tax basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales and post-October losses. 23 PROXY VOTING A description of the policies and procedures that each Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted those proxies during the twelve month period ended June 30, 2004, are available without charge upon request by (1) by calling the Funds at (877) 272-9746; (2) on the Funds' website at www.nashcap.com; and (3) on the --------------- SEC's website at www.sec.gov. ------------ TRUSTEES Stephen A. Little, Chairman Gary E. Hippenstiel Daniel J. Condon Ronald C. Tritschler OFFICERS Anthony J. Ghoston, President Thomas G. Napurano, Chief Financial Officer and Treasurer Freddie Jacobs, Jr., Secretary Lynn E. Wood, Chief Compliance Officer INVESTMENT MANAGER Nashville Capital Corporation 209 10th Ave. South, Suite 332 Nashville, TN 37203 FUNDS' ADVISERS Howe & Rusling, Inc. Robinson Investment Group, Inc. Northstar Capital Management, Inc. DISTRIBUTOR Unified Financial Securities, Inc. 431 N. Pennsylvania St. Indianapolis, IN 46204 INDEPENDENT ACCOUNTANTS Cohen McCurdy, Ltd. 826 Westpoint Parkway, Suite 1250 Westlake, OH 44145 LEGAL COUNSEL Thompson Hine, LLP 312 Walnut St., Suite 1400 Cincinnati, OH 45202 CUSTODIAN U.S. Bank, N.A. 425 Walnut St. Cincinnati, OH 45202 ADMINISTRATOR, TRANSFER AGENT AND FUND ACCOUNTANT Unified Fund Services, Inc. 431 N. Pennsylvania Street Indianapolis, IN 46204 This report is intended only for the information of shareholders or those who have received the Fund's prospectus which contains information about the Fund's management fee and expenses. Please read the prospectus carefully before investing. Distributed by Unified Financial Securities, Inc. Member NASD/SIPC 24 ITEM 2. CODE OF ETHICS. Not Applicable. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not Applicable. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not Applicable. ITEM 5. AUDIT COMMITTEE OF LISTED COMPANIES. Not applicable. ITEM 6. SCHEDULE OF INVESTMENTS. Not Applicable - schedule filed with Item 1. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END FUNDS. Not applicable. ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END FUNDS. Not applicable. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees. ITEM 10. CONTROLS AND PROCEDURES. (a) Based on an evaluation of the registrant's disclosure controls and procedures as of March 24, 2005, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis. (b) There were no significant changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 11. EXHIBITS. (a)(1) Not Applicable. (a)(2) Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 and required by Rule 30a-2under the Investment Company Act of 1940 are filed herewith. (a)(3) Not Applicable (b) Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) AmeriPrime Advisors Trust ---------------------------------- By * /s/ Anthony Ghoston - ----------------------------------- Anthony Ghoston, President Date 4/29/05 ------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By * /s/ Anthony Ghoston - ------------------------------------- Anthony Ghoston, President Date 4/29/05 --------------------------------- By * /s/ Thomas Napurano - --------------------------------------------------------------- Thomas Napurano, Chief Financial Officer and Treasurer Date 4/28/05 --------------------------------- EX-32 2 ex906.txt EX99906 EX-99.906CERT CERTIFICATION Anthony J. Ghoston, President, and Thomas G. Napurano, Chief Financial Officer and Treasurer of AmeriPrime Advisors Trust (the "Registrant"), each certify to the best of his or her knowledge that: 1. The Registrant's periodic report on Form N-CSR for the period ended February 28, 2005 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and 2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant. President Chief Financial Officer and Treasurer AmeriPrime Advisors Trust AmeriPrime Advisors Trust /s/ Anthony J. Ghoston /s/ Thomas G. Napurano - ----------------------------- ------------------------------------- Anthony J. Ghoston Thomas G. Napurano Date: 4/28/05 Date: 4/28/05 ------------------------ ------------------------------ A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to AmeriPrime Advisors Trust and will be retained by AmeriPrime Advisors Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request. This certification is being furnished to the Commission solely pursuant to 18 U.S.C. ss. 1350 and is not being filed as part of the Form N-CSR filed with the Commission. EX-99 3 ex99.txt EX99 CERTIFICATIONS Exhibit 99.CERT CERTIFICATIONS I, Anthony J. Ghoston, certify that: 1. I have reviewed this report on Form N-CSR of AmeriPrime Advisors Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 4/29/05 ------------------------------- /s/ Anthony J. Ghoston ------------------------------ Anthony J. Ghoston, President I, Thomas G. Napurano, certify that: 1. I have reviewed this report on Form N-CSR of AmeriPrime Advisors Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: 4/28/05 ------------------------------- /s/ Thomas G. Napurano ------------------------------------ Thomas G. Napurano, Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----