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 North Pennsylvania Street, Indianapolis, Indiana 46204
(Address of principal executive offices) (Zip code)
Unified Fund Services 431 North Pennsylvania Street, Indianapolis, Indiana 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:2/28/2003
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. 3507.
<page>
Item 1. Reports to Stockholders.
Monteagle Fixed Income Fund
Schedule of Investments
February 28, 2003 (Unaudited)
<table>
<s> <c> <c>
Principal
Amount Value
----------------
Corporate Bonds - 56.99%
Abbott Labs Corp., 6.400%, 12/1/2006 1,500,000 $1,684,393
Airtouch Communication, Inc., 7.000%, 10/1/2003 500,000 513,703
American Express Co., 3.750%, 11/20/2007 300,000 306,963
American General Finance, 5.875%, 7/14/2006 1,000,000 1,088,993
Ameritech Capital Funding Corp., 6.150%, 1/15/2008 1,000,000 1,118,950
Bear Stearns Co., Inc., 4.000%, 1/31/2008 525,000 535,789
Bell South Capital, 6.040%, 11/15/2026 500,000 557,576
CBS Corp., 7.150%, 5/20/2005 1,000,000 1,099,934
Commercial Credit Co., 10.000%, 12/1/2008 1,000,000 1,300,882
Dayton Hudson Corp., 5.875%, 11/1/2008 1,000,000 1,135,833
General Motors Acceptance Corp., 7.100%, 3/15/2006 500,000 531,352
International Business Machines, 4.875%, 10/2/2006 1,000,000 1,075,176
Leggett & Platt, Inc., 7.650%, 2/15/2005 1,000,000 1,088,254
McDonnell Douglas Co., 6.875%, 11/1/2006 1,000,000 1,115,137
Merrill Lynch, 8.000%, 6/1/2007 500,000 583,903
Morgan Stanley Dean Witter, 5.800%, 4/1/2007 1,000,000 1,097,188
Nabisco, Inc., 7.050%, 7/15/2007 1,000,000 1,144,764
Pitney Bowes Credit Corp., 8.625%, 2/15/2008 700,000 865,714
Torchmark Corp., 6.250%, 12/15/2006 1,000,000 1,088,173
United Technologies, 4.875%, 11/1/2006 300,000 318,703
----------------
TOTAL CORPORATE BONDS (Cost $16,886,485) 18,251,380
----------------
Municipal Obligations - 24.86%
Atlanta & Fulton County, Georgia, 6.625%, 12/1/2011 300,000 334,908
Buffalo, New York, 8.500%, 8/15/2005 500,000 576,630
Denver, Colorado City, 6.760%, 12/15/2007 1,000,000 1,154,590
Lagrange, Georgia, 6.100%, 2/1/2010 750,000 827,948
Manchester, New Hampshire, 7.350%, 1/1/2004 350,000 366,867
Morris, Tennessee, 6.000%, 3/1/2007 410,000 415,744
New Jersey Sports & Expos, 7.375%, 3/1/2007 500,000 580,845
New York State Environmental Facilities Corp., 6.660%, 3/15/2007 950,000 1,075,581
New York Street Mortgage Agency, 6.700%, 10/1/2004 400,000 400,496
Orleans Parish Louisiana School Board, 6.600%, 2/1/2008 1,000,000 1,137,130
Texas Tech University, 5.320%, 8/15/2007 1,000,000 1,089,760
----------------
TOTAL MUNICIPAL OBLIGATIONS (Cost $7,258,108) 7,960,499
----------------
U.S. Treasury and Agency Obligations - 15.84%
Federal Home Loan Bank, 5.375%, 5/15/2009 500,000 555,117
Federal National Mortgage Association, 4.750%, 3/15/2004 1,000,000 1,035,923
Federal National Mortgage Association, 6.375%, 6/15/2009 1,500,000 1,752,930
US Treasury Notes, 5.625%, 5/15/2008 1,275,000 1,451,409
US Treasury Notes, 7.250%, 5/15/2004 100,000 107,160
US Treasury Notes, 5.500%, 5/15/2009 150,000 170,994
----------------
TOTAL U.S. TREASURY & AGENCY OBLIGATIONS (Cost $4,588,788) 5,073,533
----------------
</table>
<page>
Monteagle Fixed Income Fund
Schedule of Investments - continued
February 28, 2003 (Unaudited)
<table>
<s> <c> <c>
Principal
Amount Value
----------------
Money Market Securities - 1.31%
Huntington Money Market Investors Shares - Class A, 0.250% (a) (Cost $419,918) 419,918 419,918
----------------
TOTAL INVESTMENTS - 99.00% (Cost $29,153,299) 31,705,330
----------------
Other assets less liabilities - 1.00% 319,093
TOTAL NET ASSETS - 100.00% $ 32,024,423
================
</table>
(a) Variable rate security; the coupon rate shown represents the rate at
February 28, 2003.
<page>
Monteagle Opportunity Growth Fund
Schedule of Investments
February 28, 2003 (Unaudited)
<table>
<s> <c> <c>
Common Stocks - 64.00% Shares Value
Arrangement Of Transportation Of Freight & Cargo - 0.64%
Expeditors International Of Washington, Inc. 3,700 $126,503
---------------
Computer Storage Devices - 0.49%
EMC Corp. (a) 13,200 97,548
---------------
Crude Petroleum & Natural Gas - 3.65%
Burlington Resources, Inc. 9,000 417,150
XTO Energy, Inc. 12,100 305,041
---------------
722,191
---------------
Electric Services - 4.19%
Encana Corp. 15,400 505,582
Entergy Corp. 7,100 323,405
---------------
828,987
---------------
Electromedical & Electrotherapeutic Apparatus - 1.00%
Varian Medical Systems, Inc. (a) 3,900 197,145
---------------
Finance Services - 3.88%
Life Partners Holdings, Inc. 260,500 768,475
---------------
Gold & Silver Ores - 12.13%
Barrick Gold Corp. 15,200 245,024
Glamis Gold Ltd. (a) 73,800 817,704
Goldcorp, Inc. 37,100 424,424
Newmont Mining Corp. 33,400 912,822
---------------
2,399,974
---------------
Mortgage Bankers & Loan Correspondents - 5.21%
Countrywide Financial Corp 19,300 1,030,427
---------------
Newspapers: Publishing or Publishing & Printing - 1.88%
Washington Post Co. - Class B 520 371,021
---------------
Pharmaceutical Preparations - 5.86%
Barr Laboratories, Inc. (a) 3,000 233,730
Mylan Labratories, Inc. 28,700 819,385
TEVA Pharmaceutical Industries, Ltd.. 2,800 105,784
---------------
1,158,899
---------------
Retail - Catalog & Mail - Order Houses - 1.12%
Amazon.com, Inc. (a) 10,100 222,301
---------------
Savings Institution, Federally Chartered - 1.98%
Golden West Financial Corp. 5,400 390,960
---------------
</table>
<page>
Monteagle Opportunity Growth Fund
Schedule of Investments - continued
February 28, 2003 (Unaudited)
<table>
<s> <c> <c>
Common Stocks - 64.00% - continued
Shares Value
Services - Business Services - 6.54%
eBAY, Inc. (a) 16,500 1,293,930
---------------
Services - Computer Integrated Systems Design - 6.76%
Yahoo, Inc. (a) 64,200 1,338,570
---------------
Services - Computer Programming, Data Processing, Etc. - 0.60%
Gtech Holdings Corp (a) 4,100 119,310
---------------
Services - Educational Services - 2.11%
Apollo Group, Inc. - Class A (a) 9,000 417,060
---------------
Services - Prepackaged Software - 4.91%
Symantec Corp. (a) 24,000 971,280
---------------
Title Insurance - 1.05%
The First American Financial Corp. 9,000 207,900
---------------
TOTAL COMMON STOCKS (Cost $13,204,646) 12,662,481
---------------
Money Market Securities - 34.46%
Huntington Money Market Investors Shares - Class A, 0.25%, (Cost $3,566,345) (b) 3,566,345 3,566,345
Huntington U.S. Treasury Money Market Fund, 0.28%, (Cost $3,251,608) (b) 3,251,608 3,251,608
---------------
6,817,953
---------------
TOTAL INVESTMENTS (Cost $20,022,600) - 98.46% $ 19,480,434
---------------
Other assets less liabilities - 1.54% 306,006
---------------
TOTAL NET ASSETS - 100.00% $ 19,786,439
===============
</table>
(a) Non-income producing.
(b) Variable rate security; the coupon rate shown represents the rate at
February 28, 2003.
<page>
Monteagle Value Fund
Schedule of Investments
February 28, 2003 (Unaudited)
<table>
<s> <c> <c>
Common Stocks - 98.46% Shares Value
Aircraft & Parts - 3.33%
Textron, Inc. 12,500 $451,625
------------
Computer Communication Equipment - 3.08%
Adaptec, Inc. (a) 68,700 418,383
------------
Department Stores - 3.05%
Saks, Inc. (a) 53,900 414,491
------------
Drilling Oil & Gas Wells - 3.25%
Rowan Co., Inc. (a) 22,450 440,693
------------
Electric Lighting & Wiring Equipment - 7.62%
Cooper Industries, Inc. 12,700 480,695
Hubbell, Inc. - Class B 18,000 553,680
------------
1,034,375
------------
Electric Services - 6.26%
Duke Energy, Inc. 31,550 426,241
Teco Energy, Inc. 38,200 423,256
------------
849,497
------------
Electronic Components & Accessories - 2.75%
Vishay Intertechnology, Inc. (a) 37,000 373,700
------------
Gold & Silver Ores - 3.40%
Barrick Gold Corp. 28,650 461,838
------------
Guided Missiles & Space Vehicles & Parts - 3.09%
Goodrich Corp. 27,300 419,601
------------
Meat Packing Plants - 3.40%
Conagra Foods, Inc. 20,000 461,400
------------
Motor Vehicles & Passenger Car Bodies - 3.71%
General Motors Corp. 14,900 503,173
------------
Paper Mills - 3.38%
Meadwestvaco Corp. 19,795 459,046
------------
Petroleum Refining - 2.99%
ConocoPhillips Co. 8,000 405,600
------------
Pharmaceutical Preparations - 3.38%
Schering-Plough, Inc. 25,450 458,609
------------
</table>
<page>
Monteagle Value Fund
Schedule of Investments - continued
February 28, 2003 (Unaudited)
<table>
<s> <c> <c>
Common Stocks - 98.46% - continued Shares Value
Photographic Equipment & Supplies - 3.92%
Eastman Kodak, Inc. 18,000 532,800
------------
Plastic Mail, Synth Resin/Rubber, Cellulos (No Glass) - 3.44%
DuPont (EI) de NeMours & Co. 12,750 467,542
------------
Railroad Equipment - 3.25%
Trinity Industries, Inc. 27,200 440,912
------------
Real Estate Investment Trusts - 3.59%
New Plan Excel Realty Trust, Inc. 25,050 487,473
------------
Retail - Grocery Stores - 3.27%
Albertson's, Inc. 23,550 443,446
------------
Retail - Variety Stores - 3.37%
Dollar General Corp. 44,050 457,680
------------
Semiconductors & Related Devices - 1.69%
Atmel Corp. (a) 130,000 228,800
------------
Services - Auto Rental & Leasing (No Drivers) - 3.53%
Ryder System, Inc. 21,150 479,894
------------
Services - Computer Integrated Systems Design - 3.87%
Unisys Corp. (a) 56,800 525,968
------------
State Commercial Banks - 2.33%
AmSouth Bancorporation 15,350 316,210
------------
Steel Works, Blast Furnaces & Rolling & Finishing Mills - 2.03%
Worthington Industries, Inc. 20,000 275,600
------------
Telephone & Telegraph Apparatus - 4.27%
ADC Telecommunications, Inc. (a) 150,000 336,000
Tellabs, Inc. (a) 40,000 243,200
------------
579,200
------------
Water Transportation - 3.84%
Tidewater, Inc. 17,000 520,540
------------
Wholesale - Groceries & Related Products - 3.37%
Supervalu, Inc. 32,850 457,272
------------
TOTAL COMMON STOCKS (Cost $17,209,022) 13,365,368
------------
</table>
<page>
Monteagle Value Fund
Schedule of Investments - continued
February 28, 2003 (Unaudited)
<table>
<s> <c> <c>
Shares Value
Money Market Securities - 0.51%
Huntington Money Market Investors Shares - Class A, 0.25%, (Cost $69,117) (b) 69,117 69,117
------------
TOTAL INVESTMENTS (Cost $17,278,139) - 98.97% $13,434,485
------------
Other assets less liabilities - 1.03% 140,049
------------
TOTAL NET ASSETS - 100.00% $13,574,534
============
</table>
(a) Non-income producing.
(b) Variable rate security; the coupon rate shown represents the rate at
February 28, 2003.
<page>
Monteagle Large Cap Fund
Schedule of Investments
February 28, 2003 (Unaudited)
<table>
<s> <c> <c>
Common Stocks - 96.80% Shares Value
Cable & Other Pay Television Services - 4.88%
Viacom, Inc. - Class B (a) 5,000 $185,650
--------------
Computers & Office Equipment - 3.69%
International Business Machines Corp. 1,800 140,310
--------------
Construction Machinery & Equipment - 5.32%
Caterpillar, Inc. 4,300 202,100
--------------
Drilling Oil & Gas Wells - 3.80%
Global Santa Fe Corp. 6,500 144,625
--------------
Electronic & Other Electrical Equipment (No Computer Equipment) - 4.11%
General Electric Co. 6,500 156,325
--------------
Electronic Connectors - 4.10%
Tyco International Ltd.. 10,540 155,992
--------------
Insurance Agents, Brokers & Services - 6.64%
Gallagher Arthur J. & Co. 4,500 110,115
Marsh & McLennan Companies, Inc. 3,500 142,450
--------------
252,565
--------------
Malt Beverages - 3.67%
Anheuser-Busch Co. 3,000 139,500
--------------
National Commercial Banks - 3.94%
Citigroup, Inc. 4,500 150,030
--------------
Operative Builders - 5.23%
Centex Corp. 3,600 199,008
--------------
Pharmaceutical Preparations - 12.66%
Elan Corp. Plc. (a) (c) 14,000 47,180
Johnson & Johnson 4,300 225,535
Pfizer, Inc. 7,000 208,740
--------------
481,455
--------------
Retail - Catalog & Mail - Order Houses - 4.77%
CDW Computer Centers, Inc. (a) 4,150 181,189
--------------
Retail - Lumber & Other Building Materials Dealers - 4.32%
The Home Depot, Inc. 7,000 164,150
--------------
Retail - Variety Stores - 4.90%
Target Corp. 6,500 186,225
--------------
</table>
<page>
Monteagle Large Cap Fund
Schedule of Investments - continued
February 28, 2003 (Unaudited)
<table>
<s> <c> <c>
Common Stocks - 96.80% - continued Shares Value
Savings Institutions, Not Federally Chartered - 3.91%
Washington Mutual, Inc. 4,300 148,479
--------------
Semiconductors & Related Devices - 3.53%
International Rectifier Corp. (a) 6,000 134,100
--------------
Services - Computer Integrated Systems Design - 0.97%
Convergys Corp. (a) 3,000 36,900
--------------
Services - Personal Services - 4.21%
Cendant Corp. (a) 13,000 160,030
--------------
Services - Prepackaged Software - 0.16%
Oracle Corp. (a) 500 5,980
--------------
Ship & Boat Building & Repairing - 3.43%
General Dynamics Corp. 2,200 130,372
--------------
Wholesale - Drugs Proprietaries & Druggists' Sundries - 4.82%
Cardinal Health, Inc. 3,200 183,328
--------------
Women's, Misses', and Juniors Outerwear - 3.73%
Jones Apparel Group, Inc. (a) 5,000 141,800
--------------
TOTAL COMMON STOCKS (Cost $5,226,577) 3,680,113
--------------
Money Market Securities - 3.21%
Huntington Money Market Investors Shares - Class A, 0.25%, (Cost $121,849) (b) 121,849 121,849
--------------
TOTAL INVESTMENTS (Cost $5,348,426) - 100.01% $3,801,962
--------------
Liabilities in excess of other assets - (0.01)% (330)
--------------
TOTAL NET ASSETS - 100.00% $3,801,632
==============
</table>
(a) Non-income producing.
(b) Variable rate security; the coupon rate shown represents the rate at
February 28, 2003.
(c) American Depository Receipt.
<page>
MONTEAGLE FUNDS
STATEMENT OF ASSETS AND LIABILITIES - February 28, 2003 (unaudited)
<table>
<s> <c> <c> <c> <c>
MONTEAGLE MONTEAGLE MONTEAGLE MONTEAGLE
FIXED INCOME OPPORTUNITY VALUE LARGE CAP
FUND GROWTH FUND FUND FUND
Assets
Investments in securities, at value $ 31,705,331 $ 19,480,434 $ 13,434,485 $ 3,801,962
(cost $29,153,299, $20,022,600
$17,278,139 and $5,348,426
respectively)
Interest receivable 459,960 1,296 137 49
Dividends receivable - 11,739 47,501 3,932
Receivable for investments sold - 318,999 157,322 -
------------------- -------------------- ----------------- -----------------
Total assets 32,165,291 19,812,468 13,639,445 3,805,943
------------------- -------------------- ----------------- -----------------
Liabilities
Accrued advisory fees 21,635 20,782 15,388 2,064
Accrued trustee fees 2,247 2,247 2,247 2,247
Other payables and accrued expenses 116,986 3,000 47,276 -
------------------- -------------------------------------- -------------------
Total liabilities 140,868 26,029 64,911 4,311
------------------- -------------------- ----------------- -----------------
Net Assets:
Applicable to 2,853,548, 6,274,390
1,592,132 and 901,003 shares
outstanding, respectively $ 32,024,423 $ 19,786,439 $ 13,574,534 $ 3,801,632
=================== ==================== ================= =================
Net Assets consist of:
Paid in capital 29,346,741 42,631,539 19,229,588 11,661,348
Accumulated net investment income (loss) 12,301 (89,633) (118,655) (2,411)
Accumulated net realized gain (loss) on investments 113,349 (22,213,300) (1,692,745) (6,310,841)
Net unrealized appreciation (depreciation) on investments 2,552,032 (542,167) (3,843,654) (1,546,464)
------------------- -------------------- ----------------- -----------------
$ 32,024,423 $ 19,786,439 $ 13,574,534 $ 3,801,632
=================== ==================== ================= =================
Net asset value, offering and
redemption price per share $ 11.22 $ 3.15 $ 8.53 $ 4.22
=================== ==================== ================= =================
</table>
<page>
MONTEAGLE FUNDS
STATEMENT OF OPERATIONS
Six months ended February 28, 2003 (unaudited)
<table>
<s> <c> <c> <c> <c>
MONTEAGLE MONTEAGLE MONTEAGLE MONTEAGLE
FIXED INCOME OPPORTUNITY VALUE LARGE CAP
FUND GROWTH FUND FUND FUND
Investment Income:
Dividend income $ - $ 32,760 $ 281,496 $ 32,961
Interest income 899,049 40,642 728 120
-------------------- -------------------- ------------------- -----------------
Total Income 899,049 73,402 282,224 33,081
-------------------- -------------------- ------------------- -----------------
Expenses:
Investment manager fee 207,368 162,556 116,881 34,925
Trustee fees 479 479 479 479
-------------------- -------------------- ------------------- -----------------
-------------------- -------------------- ------------------- -----------------
Total Expenses 207,847 163,035 117,360 35,404
-------------------- -------------------- ------------------- -----------------
-------------------- -------------------- ------------------- -----------------
Net Investment Income (Loss) 691,202 (89,633) 164,864 (2,323)
-------------------- -------------------- ------------------- -----------------
Realized & Unrealized
Gain (Loss) on Investments:
Net realized gain (loss) on investment securities 113,273 (3,895,538) (183,401) (1,560,206)
Change in net unrealized appreciation (depreciation)
on investment securities 468,381 749,054 (2,047,707) 978,181
-------------------- -------------------- ------------------- -----------------
-------------------- -------------------- ------------------- -----------------
Net realized and unrealized gain (loss) on investment 581,654 (3,146,484) (2,231,108) (582,025)
securities -------------------- -------------------- ------------------- -----------------
-------------------- -------------------- ------------------- -----------------
Increase (Decrease) in Net
Assets from Operations $ 1,272,856 $ (3,236,117) $ (2,066,244) $ (584,348)
==================== ==================== =================== =================
</table>
<page>
MONTEAGLE FUNDS
STATEMENT OF CHANGES IN NET ASSETS
<table>
<s> <c> <c>
MONTEAGLE MONTEAGLE
FIXED INCOME OPPORTUNITY GROWTH
FUND FUND
--------------------------------------- --------------------------------------
</table>
<table>
<s> <c> <c> <c> <c>
Six months ended Year Six months ended Year
Feb. 28, 2003 Ended Feb. 28, 2003 Ended
Increase (Decrease) in Net Assets (Unaudited) Aug. 31, 2002 (Unaudited) Aug. 31, 2002
Operations: --------------------------------------- -------------------- -----------------
Net investment income (loss) $ 691,202 $ 1,665,038 $ (89,633) $ (210,382)
Net realized gain (loss) on investment securities 113,273 727,520 (3,895,538) (1,359,663)
Change in net unrealized appreciation (depreciation) 468,381 422,929 749,054 (1,493,118)
--------------------- ----------------- -------------------- -----------------
Net increase (decrease) in net assets resulting from
operations 1,272,856 2,815,487 (3,236,117) (3,063,163
--------------------- ----------------- ------------------- -----------------
Distributions:
From net investment income (685,255) (1,657,250) - -
From net realized gain (439,848) - - -
--------------------- ----------------- -------------------- -----------------
Total distributions (1,125,103) (1,657,250) - -
--------------------- ----------------- -------------------- -----------------
Capital Share Transactions:
Proceeds from shares sold 515,759 986,613 256,898 10,204,457
Reinvestment of distributions - - - -
Amount paid for shares repurchased (6,265,461) (1,024,664) (3,798,649) (12,957,079)
--------------------- ----------------- -------------------- -----------------
Net increase (decrease) in net assets resulting
from share transactions (5,749,702) (38,051) (3,541,751) (2,752,622)
--------------------- ----------------- -------------------- -----------------
Total Increase (Decrease) in Net Assets (5,601,949) 1,120,186 (6,777,868) (5,815,785)
--------------------- ----------------- -------------------- -----------------
Net Assets:
Beginning of period 37,626,372 36,506,186 26,564,307 32,380,092
--------------------- ----------------- -------------------- -----------------
End of period $ 32,024,423 $ 37,626,372 $ 19,786,439 $ 26,564,307
===================== ================= ==================== =================
Accumulated undistributed net
investment income included
in net assets at end of period $ 12,301 $ 6,354 $ (89,633) $ -
--------------------- ----------------- -------------------- -----------------
Capital Share Transactions:
Shares sold 46,220 90,207 76,545 2,555,983
Shares issued in reinvestment of distributions - - - -
Shares repurchased (561,303) (94,586) (1,176,942) (3,277,725)
--------------------- ----------------- -------------------- -----------------
Net increase (decrease) from capital transactions (515,083) (4,379) (1,100,397) (721,742)
===================== ================= ==================== =================
</table>
<page>
MONTEAGLE FUNDS
STATEMENT OF CHANGES IN NET ASSETS - continued
<table>
<s> <c> <c>
MONTEAGLE MONTEAGLE
VALUE LARGE CAP
FUND FUND
--------------------------------------- --------------------------------------
</table>
<table>
<s> <c> <c> <c> <c>
Six months ended Year Six months ended Year
Feb. 28, 2003 Ended Feb. 28, 2003 Ended
Increase (Decrease) in Net Assets (Unaudited) Aug. 31, 2002 (Unaudited) Aug. 31, 2002
--------------------------------------- -------------------- -----------------
Operations:
Net investment income (loss) $164,864 $327,860 $(2,323) $(22,674)
Net realized gain (loss) on investment securities (180,041) (902,154) (1,560,206) (3,444,183)
Change in net unrealized appreciation
(depreciation) (2,047,707) (3,347,943) 978,181 410,174
--------------------- ----------------- -------------------- -----------------
Net increase (decrease) in net assets resulting (2,062,884) (3,922,237) (584,348) (3,056,683)
from operations
--------------------- ----------------- ------------------- -----------------
Distributions:
From net investment income (283,519) (304,649) - -
From net realized gain - (2,834,170) - -
--------------------- ----------------- -------------------- -----------------
Total distributions (283,519) (3,138,819) - -
--------------------- ----------------- -------------------- -----------------
Capital Share Transactions:
Proceeds from shares sold 209,919 1,923,267 1,578,000 126,949
Reinvestment of distributions - - - -
Amount paid for shares repurchased (3,299,318) (2,177,075) (3,852,599) (377,876)
--------------------- ----------------- -------------------- -----------------
Net increase (decrease) in net assets
resulting
from share transactions (3,089,399) (253,808) (2,274,599) (250,927)
--------------------- ----------------- -------------------- -----------------
Total Increase (Decrease) in Net Assets (5,435,802) (7,314,864) (2,858,947) (3,307,610)
--------------------- ----------------- -------------------- -----------------
Net Assets:
Beginning of period 19,010,336 26,325,200 6,660,579 9,968,189
--------------------- ----------------- -------------------- -----------------
End of period $13,574,534 $19,010,336 $3,801,632 $6,660,579
===================== ================= ==================== =================
Accumulated undistributed net
investment income included
in net assets at end of period $(118,655) - $(2,411) $(89)
--------------------- ----------------- -------------------- -----------------
Capital Share Transactions:
Shares sold 22,618 156,287 377,512 20,108
Shares issued in reinvestment of
distributions - - - -
Shares repurchased (377,189) (182,421) (916,867) (68,543)
--------------------- ----------------- -------------------- -----------------
Net increase (decrease) from capital transactions (354,571) (26,134) (539,355) (48,435)
===================== ================= ==================== =================
</table>
<page>
MONTEAGLE FUNDS
FINANCIAL HIGHLIGHTS
The tables below set forth financial data for a share of beneficial interest
outstanding throughout each period presented.
<table>
<s> <c>
MONTEAGLE
FIXED INCOME
FUND
----------------------------------------------------------------------------
</table>
<table>
<s> <c> <c> <c> <c>
Six months ended Year Ended Year Ended For the Period Ended (c)
Feb. 28, 2003 Aug. 31, 2002 Aug. 31, 2001 Aug. 31, 2000
(Unaudited)
-------------------- ----------------- ----------------- ----------------
Selected Per Share Data
Net asset value, beginning of period $11.17 $10.82 $10.06 $10.00
-------------------- ----------------- ----------------- ----------------
Income from investment operations
Net investment income (loss) 0.21 0.49 0.55 0.28
Net realized and unrealized gain (loss) 0.18 0.35 0.76 0.16
-------------------- ----------------- ----------------- ----------------
Total from investment operations
0.39 0.84 1.31 0.44
-------------------- ----------------- ----------------- ----------------
Less Distributions to shareholders:
From net investment income (0.21) (0.49) (0.55) 0.38
From net realized gain (0.13) - - -
-------------------- ----------------- ----------------- ----------------
Total distributions
(0.34) (0.49) (0.55) 0.38
-------------------- ----------------- ----------------- ----------------
Net asset value, end of period $11.22 $11.17 $10.82 10.06
==================== ================= ================= ================
Total Return 3.52% (b) 8.00% 13.37% 4.54% (b)
Ratios and Supplemental Data
Net assets, end of period (000) $32,024 $37,626 $36,506 $29,346
Ratio of expenses to average net assets 1.13% (a) 0.97% 1.14% 1.15%(a)
Ratio of net investment income to
average net assets 3.76% (a) 4.56% 5.28% 3.97%(a)
Portfolio turnover rate 8.09% 48.58% 75.84% 58.87%
</table>
(a) Annualized.
(b) For periods of less than a full year, total return is not annualized.
(c) December 20, 1999 (Commencement of Operations) through August 31, 2000.
<page>
MONTEAGLE FUNDS
FINANCIAL HIGHLIGHTS
The tables below set forth financial data for a share of beneficial interest
outstanding throughout each period presented.
<table>
<s> <c>
MONTEAGLE
OPPORTUNITY GROWTH
FUND
--------------------------------------------------------------------------------------
</table>
<table>
<s> <c> <c> <c> <c>
Six months ended Year Ended Year Ended For the Period Ended
Feb. 28, 2003 Aug. 31, 2002 Aug. 31, 2001 Aug. 31, 2000 (c)
(Unaudited)
--------------------- ------------------ ------------------ ------------------
Selected Per Share Data
Net asset value, beginning of period $3.60 $4.00 $11.21 $10.00
--------------------- ------------------ ------------------ ------------------
Income from investment operations
Net investment income (loss) (0.01) (0.03) 0.03 (0.04)
Net realized and unrealized gain (loss) (0.44) (0.37) (4.46) 1.25
--------------------- ------------------ ------------------ ------------------
Total from investment operations (0.45) (0.40) (4.43) 1.21
--------------------- ------------------ ------------------ ------------------
Less Distributions to shareholders:
From net investment income 0.00 0.00 0.00 0.00
From net realized gain 0.00 0.00 (2.78) 0.00
--------------------- ------------------ ------------------ ------------------
Total distributions 0.00 0.00 (2.78) 0.00
--------------------- ------------------ ------------------ ------------------
Net asset value, end of period $3.15 $3.60 $4.00 $11.21
===================== ================== ================== ==================
Total Return (12.50)%(b) (10.00)% (48.87)% 12.10%(b)
Ratios and Supplemental Data
Net assets, end of period (000) $19,786 $26,564 $32,380 $75,102
Ratio of expenses to average net assets 1.37% (a) 1.37% 1.32% 1.27% (a)
Ratio of expenses to average net assets
before waiver & reimbursement 1.37% (a) 1.34% 1.32% 1.27% (a)
Ratio of net investment income to
average net assets (0.75)% (a) (0.69)% 0.55% (0.53)% (a)
Ratio of net investment income to
average net assets before waiver &
reimbursement (0.75)% (a) (0.67)% 0.55% (0.53)% (a)
Portfolio turnover rate 245.15% 455.29% 545.28% 605.41%
</table>
(a) Annualized.
(b) For periods of less than a full year, total return is not annualized.
(c) December 20, 1999 (Commencement of Operations) through August 31, 2000.
<page>
MONTEAGLE FUNDS
FINANCIAL HIGHLIGHTS
The tables below set forth financial data for a share of beneficial interest
outstanding throughout each period presented.
<table>
<s> <c>
MONTEAGLE
VALUE
FUND
--------------------------------------------------------------------------------------
</table>
<table>
<s> <c> <c> <c> <c>
Six months ended Year Ended Year Ended For the Period Ended
Feb. 28, 2003 Aug. 31, 2002 Aug. 31, 2001 Aug. 31, 2000 (c)
(Unaudited)
--------------------- ------------------ ----------------- ------------------
Selected Per Share Data
Net asset value, beginning of period $9.77 $13.34 $11.66 $10.00
--------------------- ------------------ ----------------- ------------------
Income from investment operations
Net investment income (loss) 0.09 0.17 0.14 0.06
Net realized and unrealized gain (loss) (1.18) (2.17) 1.88 1.60
--------------------- ------------------ ----------------- ------------------
Total from investment operations
(1.09) (2.00) 2.02 1.66
--------------------- ------------------ ----------------- ------------------
Less Distributions to shareholders:
From net investment income (0.15) (0.15) (0.12) 0.00
From net realized gain 0.00 (1.42) (0.22) 0.00
--------------------- ------------------ ----------------- ------------------
Total distributions (0.15) (1.57) (0.34) 0.00
--------------------- ------------------ ----------------- ------------------
Net asset value, end of period $8.53 $9.77 $13.34 $11.66
===================== ================== ================= ==================
Total Return (11.35)%(b) (16.95)% 17.56% 16.60%(b)
Ratios and Supplemental Data
Net assets, end of period (000) $13,575 $19,010 $26,325 $19,734
Ratio of expenses to average net assets 1.35%(a) 1.35% 1.35% 1.36% (a)
Ratio of net investment income to
average net assets 1.90%(a) 1.37% 1.15% 0.77% (a)
Portfolio turnover rate 14.29% 58.62% 152.86% 375.67%
</table>
(a) Annualized.
(b) For periods of less than a full year, total return is not annualized. (c)
December 20, 1999 (Commencement of Operations) through August 31, 2000.
<page>
MONTEAGLE FUNDS
FINANCIAL HIGHLIGHTS
The tables below set forth financial data for a share of beneficial interest
outstanding throughout each period presented.
<table>
<s> <c>
MONTEAGLE
LARGE CAP
FUND
--------------------------------------------------------------------------------
</table>
<table>
<s> <c> <c> <c> <c>
Six months ended Year Ended Year Ended For the Period Ended
Feb. 28, 2003 Aug. 31, 2002 Aug. 31, 2001 Aug. 31, 2000 (c)
(Unaudited)
--------------------- ------------------------------------- -------------------
Selected Per Share Data
Net asset value, beginning of period $4.62 $6.70 $9.92 $10.00
--------------------- ------------------------------------- -------------------
Income from investment operations
Net investment income (loss) 0.00 (0.02) (0.03) 0.01
Net realized and unrealized gain
(loss) (0.40) (2.06) (3.19) (0.09)
--------------------- ------------------------------------- -------------------
Total from investment operations
(0.40) (2.08) (3.22) (0.08)
--------------------- ------------------------------------- -------------------
Less Distributions to shareholders:
From net investment income 0.00 0.00 0.00 0.00
From net realized gain 0.00 0.00 0.00 0.00
--------------------- ------------------------------------- -------------------
Total distributions 0.00 0.00 0.00 0.00
--------------------- ------------------------------------- -------------------
Net asset value, end of period $4.22 $4.62 $6.70 $9.92
===================== ===================================== ===================
Total Return (8.66)%(b) (31.04)% (32.44)% (0.80)%(b)
Ratios and Supplemental Data
Net assets, end of period (000) $3,802 $6,661 $9,968 $12,820
Ratio of expenses to average net assets 1.24%(a) 1.03% 1.26% 1.27% (a)
Ratio of net investment income to
average net assets (0.08)%(a) (0.26)% (0.44)% 0.10% (a)
Portfolio turnover rate 8.60% 86.74% 70.04% 68.00%
</table>
(a) Annualized.
(b) For periods of less than a full year, total return is not annualized. (c)
January 18, 2000 (Commencement of Operations) through August 31, 2000.
<page>
Monteagle Funds
Notes to Financial Statements
February 28, 2003 (unaudited)
NOTE 1. ORGANIZATION
The Monteagle Fixed Income Fund (the "Fixed Income Fund"), Monteagle Opportunity
Growth Fund (the "Opportunity Growth Fund"), Monteagle Value Fund (the "Value
Fund"), and Monteagle Large Cap Fund (the "Large Cap Fund) (each a "Fund" or
collectively, the "Funds") were organized as series of AmeriPrime Advisors Trust
(the "Trust") on August 3, 1999. The Fixed Income Fund, Opportunity Growth Fund,
and Value Fund, commenced operations on December 20, 1999, and the Large Cap
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"). The Trust
Agreement permits the Board of Trustees to issue an unlimited number of shares
of beneficial interest of separate series without par value. 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 objective of the
Opportunity Growth Fund, the Value Fund, and the Large Cap Fund is to provide
long-term growth of capital. The Opportunity Growth Fund is a non-diversified
series of the Trust. The Fixed Income Fund, the Large Cap Fund, and the Value
Fund are diversified series of the Trust.
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- 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 applicable 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
applicable 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 applicable adviser, in conformity
with guidelines adopted by and subject to review of the Board of Trustees.
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 applicable
adviser decides that a price provided by the pricing services 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 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 of Trustees has determined will
represent fair value.
Federal Income Taxes- Each Fund intends to qualify each year as a
"regulated investment company" under the Internal Revenue Code of 1986, as
amended. By so qualifying, each 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- Each Fund intends to distribute substantially
all of its net investment income as dividends to its shareholders on at least an
annual basis. Each Fund intends to distribute its net long term capital gains
and its net short term capital gains at least once a year.
<page>
Monteagle Funds
Notes to Financial Statements
February 28, 2003 (unaudited) - continued
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES - continued
Other- Each 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. Generally accepted accounting principles require
that permanent financial reporting tax differences relating to shareholder
distributions be reclassified to paid-in capital for the Large Cap Fund.
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Nashville Capital Corporation, ("Investment Manager"), 209 10th Avenue
South, Suite 332, Nashville TN 37203, 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 Capitol Corporation a fee based on average daily net assets at the
following rates:
<table>
<s> <c> <c> <c> <c>
Assets Opportunity Growth Value Fixed Income Large Cap
Up to and
Including $25 million 1.35% 1.35% 1.15% 1.25%
From $25 up to and
including $50 million 1.30% 1.25% 1.10% 1.13%
From $50 up to and
including $100 million 1.18% 1.10% 0.97% 1.00%
Over $100 million 1.10% 1.00% 0.90% 0.95%
</table>
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, 2003, the Investment Manager
received fees of $207,368, $162,556, $116,881and $34,925 from the Fixed Income,
Opportunity Growth, Value and Large Cap Funds, respectively.
Large Cap Fund and Fixed Income Fund. The Investment Manager has retained
Howe and Rusling, Inc. to serve as the adviser to the Large Cap Fund and the
Fixed Income Fund. The firm was established in 1930. The Howe and Rusling
Investment Committee is primarily responsible for the day-to-day management of
the Large Cap and Fixed Income Funds. Nashville Capital Corporation has agreed
to pay Howe and Rusling, Inc. an annual advisory fee for the Large Cap Fund of
0.40% of net assets up to $25 million, 0.30% of net assets from $25 million up
to $50 million, and 0.25% of net assets of $50 million and greater. Nashville
Capital Corporation has agreed to pay Howe and Rusling an annual advisory fee
for the Fixed Income Fund of 0.30% of net assets up to $25 million, 0.25% of net
assets from $25 million up to $50 million, and 0.20% of net assets of $50
million and greater.
<page>
Monteagle Funds
Notes to Financial Statements
February 28, 2003 (unaudited) - continued
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - continued
Opportunity Growth Fund. The Investment Manager has retained T.H.
Fitzgerald, Jr. (d/b/a T.H. Fitzgerald & Co.) to serve as the adviser to the
Opportunity Growth Fund. The firm has been owner-managed since its founding in
1959. Mr. Fitzgerald is primarily responsible for the day-to-day management of
the Fund. Nashville Capital Corporation has agreed to pay T.H. Fitzgerald & Co.
an annual advisory fee equal to 0.70% of net assets up to $25 million, 0.60% of
net assets from $25 million up to $50 million, and 0.45% of net assets from $50
million up to $100 million, and 0.40% of net assets of $100 million and greater.
Value Fund. The Investment Manager has retained Robinson Investment Group,
Inc. to serve as the adviser to the Value Fund. Russell L. Robinson founded the
firm in 1996. Mr. Robinson is primarily responsible for the day-to-day
management of the Fund. Nashville Capital Corporation has agreed to pay Robinson
Investment Group, Inc. an annual advisory fee of 0.60% of net assets up to $25
million, 0.45% of net assets from $25 million up to $50 million, 0.35% of net
assets from $50 million up to $100 million, and 0.30% of net assets of $100
million and greater.
The Fund retains Unified Fund Services, Inc. ("Unified"), a wholly owned
subsidiary of Unified Financial Services, Inc., to manage the Fund's business
affairs and to provide the Fund 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 Agreement. A Trustee and
the officers of the Trust are members of management and/or employees of Unified.
The Fund retains Unified Financial Securities, Inc., a wholly owned
subsidiary of Unified Financial Services, Inc. to act as the principle
distributor of its shares. There were no payments made to Unified Financial
Securities, Inc. during the six months ended February 28, 2003. Timothy L.
Ashburn (a Trustee and officer of the Trust) and Thomas G. Napurano (an officer
of the Trust) are a director and officer, respectively, of the Distributor and
of Unified Financial Services, Inc. (the parent company of the Distributor), and
may be deemed to be affiliates of the Distributor.
NOTE 4. INVESTMENTS
Fixed Income Fund. For the six months ended February 28, 2003, purchases
and sales of investment securities, other than short-term investments,
aggregated $2,805,255, and $7,959,729, respectively. The gross unrealized
appreciation for all securities totaled $2,552,032 and the gross unrealized
depreciation for all securities totaled $0 for a net unrealized appreciation of
$2,552,032. The aggregate cost of securities for federal income tax purposes at
February 28, 2003 was $29,168,883.
Opportunity Growth Fund. For the six months ended February 28, 2003,
purchases and sales of investment securities, other than short-term investments,
aggregated $37,448,370 and $25,473,761, respectively. The gross unrealized
appreciation for all securities totaled $504,017 and the gross unrealized
depreciation for all securities totaled $1,046,184 for a net unrealized
depreciation of $542,167. The aggregate cost of securities for federal income
tax purposes at February 28, 2003 was $20,022,600.
<page>
Monteagle Funds
Notes to Financial Statements
February 28, 2003 (unaudited) - continued
NOTE 4. INVESTMENTS - continued
Value Fund. For the six months ended February 28, 2003, purchases and sales
of investment securities, other than short-term investments, aggregated
$2,421,914 and $5,684,582, respectively. The gross unrealized appreciation for
all securities totaled $644,827 and the gross unrealized depreciation for all
securities totaled $4,488,481 for a net unrealized depreciation of $3,843,654.
The aggregate cost of securities for federal income tax purposes at February 28,
2003 was $17,278,139.
Large Cap Fund. For the six months ended February 28, 2003, purchases and
sales of investment securities, other than short-term investments, aggregated
$481,300 and $2,730,906 respectively. The gross unrealized appreciation for all
securities totaled $43,430 and the gross unrealized depreciation for all
securities totaled $1,589,894 for a net unrealized depreciation of $1,546,464.
The aggregate cost of securities for federal income tax purposes at February 28,
2003 was $5,348,426.
NOTE 5. 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 6. RELATED PARTY TRANSACTIONS
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,
2003, Farmers and Merchants Corporation, for the benefit of its customers,
beneficially owned 100% of each Fund.
NOTE 7. ELECTION OF TRUSTEES
At a special meeting of the shareholders held on November 22, 2002, a vote
was held to elect members to serve on the Board of Trustees. The vote tally for
each Trustee is as follows:
<table>
<s> <c> <c> <c> <c>
For Against Withheld Total
Timothy L. Ashburn 20,758,655.572 12,686.845 15,821,784.991 36,593,127.408
Ronald C. Tritschler 20,758,655.572 12,686.845 15,821,784.991 36,593,127.408
Gary E. Hippenstiel 20,758,655.572 12,686.845 15,821,784.991 36,593,127.408
Stephen A. Little 20,758,655.572 12,686.845 15,821,784.991 36,593,127.408
Daniel Condon 20,758,655.572 12,686.845 15,821,784.991 36,593,127.408
</table>
<page>
Item 2. Code of Ethics. Not applicable to Semi-Annual Reports.
Item 3. Audit Committee Financial Expert. Not applicable to Semi-Annual Reports.
Items 4-8. Reserved
Item 9. Controls and Procedures. Not applicable to Semi-Annual Reports for
the period ended February 28, 2003.
Item 10. Exhibits. Certifications required by Item 10(b) of Form N-CSR are
filed herewith.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2 under
the Act (17 CFR 270.30a-2).]
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 (Signature and Title)
* Timothy Ashburn
Timothy Ashburn, President
Date 04/15/2003
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 (Signature and Title)
* Timothy Ashburn
Timothy Ashburn, President
Date 04/15/2003
By (Signature and Title)
* Thomas Napurano
Thomas Napurano, Chief Financial Officer
Date 04/15/2003