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
AmerPrime Advisors Trust
(Exact name of registrant as specified in charter)
431 North Pennsylvania Street, Indianapolis, Indiana 46204
(Address of principal executive offices) (Zip code)
Timothy Ashburn, Unified Fund Services, Inc.,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: 12/31
Date of reporting period: 06/30/03
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.
June 30, 2003
Dear Shareholders:
We are pleased to present you the semi-annual financial statements for the
Institutional Short-Term Government Bond Fund (the Core Fund). Please review the
management discussion and analysis for a commentary on the Fund's performance.
The Core Fund has accomplished a great deal during the first two quarters
of 2003. Standard & Poor's has rated the Fund AAAf/S1+ reflecting fund
management's commitment to the safety and stability of your investment. The
'AAAf' credit quality rating reflects the highest protection against losses from
credit defaults, and the 'S1+' volatility rating recognizes that the Fund
possesses an extremely low sensitivity to changing market conditions and has an
aggregate level of risk that is less than or equal to that of a portfolio
comprised of the highest quality fixed-income instruments with a duration of
less than one year. The Core Fund continues to grow in size and now has
approximately $115 million in assets. We would like to thank the existing
shareholders for their confidence in the Core Fund and we welcome new
shareholders. As always, your questions and comments are welcomed.
Sincerely,
Mitchell P. York, CFA & M. Brent Wertz, MBA
Fund Managers
<page>
Management Discussion and Analysis
Investment Results - Period Ending June 30, 2003
As indicated by the following chart, the Institutional Short-Term
Government Bond Fund (the Core Fund) outperformed the 1-Year Constant Maturity
Treasury Index (the Index) for the first six months of 2003. Year-to-date, the
Core Fund maintained an effective duration range between .20 and .90 years,
while the duration of the Index was 1.0 year. The use of a barbell portfolio
strategy has been the primary reason the Core Fund has outperformed the Index.
This strategy combines bonds with longer and shorter durations to construct a
desired overall portfolio duration. The steep yield curve assisted in making
this a very effective investment strategy for 2003.
<table>
<s> <c> <c>
1-Year Constant Maturity Treasury Index Institutional Short-Term Government Bond Fund
2-Jan $ 250,282 $ 250,320
2-Feb $ 250,551 $ 250,956
2-Mar $ 250,809 $ 251,434
2-Apr $ 251,072 $ 251,945
2-May $ 251,318 $ 252,366
2-Jun $ 251,528 $ 252,747
</table>
*This chart shows the value of a hypothetical initial investment of
$250,000 in the Fund and the 1-Year Constant Maturity Treasury Index on January
1, 2003 and held through June 30, 2003. The 1-Year Constant Maturity Treasury
Index is an unmanaged index of US Treasury bonds. Performance figures reflect
the change in value of the bonds in the index and reinvestment of dividends. The
index returns do not reflect expenses, which have been deducted from the Fund's
return. The returns shown do not reflect deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares. THE FUND'S
RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
For a prospectus and more information, including charges and expenses call
1-877-411-1167. The prospectus should be read carefully before investing. The
Fund is distributed by Unified Financial Securities, Inc.
Once again, we are pleased with the overall results of the Core Fund.
Historically low interest rates have continued in 2003. In this difficult
interest rate environment, the Core Fund has provided the shareholder with
stability of principal and an impressive total return. The year-to-date, total
return is 1.09% (annualized 2.18%) and the NAV ended the six-month period at
$9.99; down only one-cent from the beginning of the year. The total return on
the shareholders' primary investment alternative to the Fund, the Florida State
Board of Administration's Local Government Surplus Funds Trust Fund Investment
Pool, was approximately 0.72% (annualized 1.44%) during the same time period.
It is our opinion that rates are currently near the lower end of this
interest rate cycle. However, we do not expect the Federal Reserve to increase
rates for at least the next two quarters. Regardless of the short-term direction
of interest rates, we will continue to place stability of principal as the top
priority and strive to maintain a competitive return.
<page>
<table>
<s> <c> <c>
1-Year Constant Maturity Treasury Index Institutional Short-Term Government Bond Fund
Jul-02 $ 250,405 $ 250,709
Aug-02 $ 250,769 $ 251,542
Sep-02 $ 251,126 $ 252,151
Oct-02 $ 251,468 $ 252,806
Nov-02 $ 251,779 $ 252,956
Dec-02 $ 252,081 $ 254,081
Jan-03 $ 252,365 $ 254,406
Feb-03 $ 252,636 $ 255,053
Mar-03 $ 252,896 $ 255,538
Apr-03 $ 253,162 $ 256,057
May-03 $ 253,410 $ 256,485
Jun-03 $ 253,621 $ 256,873
</table>
*This chart shows the value of a hypothetical initial investment of
$250,000 in the Fund and the 1-Year Constant Maturity Treasury Index on July 1,
2002 and held through June 30, 2003. The 1-Year Constant Maturity Treasury Index
is an unmanaged index of US Treasury bonds. Performance figures reflect the
change in value of the bonds in the index and reinvestment of dividends. The
index returns do not reflect expenses, which have been deducted from the Fund's
return. The returns shown do not reflect deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares. THE FUND'S
RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
For a prospectus and more information, including charges and expenses call
1-877-411-1167. The prospectus should be read carefully before investing. The
Fund is distributed by Unified Financial Securities, Inc.
<table>
<s> <c> <c>
1-Year Constant Maturity Treasury Index Institutional Short-Term Government Bond Fund
Jan-02 $ 250,446 $ 250,000
Feb-02 $ 250,906 $ 250,000
Mar-02 $ 251,437 $ 249,570
Apr-02 $ 251,951 $ 250,756
May-02 $ 252,439 $ 251,695
Jun-02 $ 252,898 $ 252,175
Jul-02 $ 253,307 $ 252,890
Aug-02 $ 253,676 $ 253,730
Sep-02 $ 254,036 $ 254,344
Oct-02 $ 254,383 $ 255,005
Nov-02 $ 254,697 $ 255,156
Dec-02 $ 255,003 $ 256,291
Jan-03 $ 255,290 $ 256,619
Feb-03 $ 255,565 $ 257,272
Mar-03 $ 255,827 $ 257,761
Apr-03 $ 256,096 $ 258,285
May-03 $ 256,347 $ 258,716
Jun-03 $ 256,561 $ 259,107
</table>
*This chart shows the value of a hypothetical initial investment of
$250,000 in the Fund and the 1-Year Constant Maturity Treasury Index on January
9, 2002 (commencement of operations) and held through June 30, 2003. The 1-Year
Constant Maturity Treasury Index is an unmanaged index of US Treasury bonds.
Performance figures reflect the change in value of the bonds in the index and
reinvestment of dividends. The index returns do not reflect expenses, which have
been deducted from the Fund's return. The returns shown do not reflect deduction
of taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE
OF FUTURE RESULTS.
For a prospectus and more information, including charges and expenses call
1-877-411-1167. The prospectus should be read carefully before investing. The
Fund is distributed by Unified Financial Securities, Inc.
<page>
<table>
<s> <c> <c>
Time Period 1-YR CMT Core Fund
Year -to-Date 0.61% 1.09%
Previous 12 Months 1.44% 2.72%
otal, Inception-to-Date 2.59% 3.58%
Average, Inception-to-Date 1.78% 2.42%
</table>
<page>
Institutional Short-Term Government Bond Fund (The Core Fund)
Schedule of Investments
June 30, 2003 (Unaudited)
<table>
<s> <c> <c>
Principal
Amount Value
Municipal Bonds - 0.51%
Osceola County Florida Industrial Development Authority Canoe Creek Charter - B 185,000 $ 202,087
Osceola County Florida Industrial Development Authority P.M. Wells Charter - B 350,000 380,313
TOTAL MUNICIPAL BONDS (Cost $545,717) 582,400
----------------
U.S. Government Agency Obligations - 83.53%
Federal Home Loan Mortgage Corp - 5.84%
Pool #M80765, 5.000%, 8/1/09 686,427 709,006
Pool #M90747, 5.500%, 8/1/07 1,008,171 1,038,345
Pool #M90727, 6.000%, 5/1/07 400,868 412,204
Pool #M80753, 6.500%, 5/1/09 856,621 881,454
Pool #M80739, 6.000%, 3/1/09 977,869 1,007,440
Pool #M80692, 6.500%, 7/1/08 705,540 725,993
Series #2494, 6.000%, 4/15/26 1,000,000 1,019,657
Series #2558, 5.000%, 5/15/11 900,732 926,066
----------------
6,720,165
----------------
Federal Home Loan Bank - 59.25%
4.000%, 10/8/08 1,000,000 1,007,525
4.000%, 5/6/08 2,000,000 2,005,412
3.250%, 10/30/07 2,000,000 2,014,658
2.400%, 1/9/09 (b) 2,400,000 2,397,000
2.530%, 1/24/07 (c) 3,000,000 2,998,500
1.528%, 12/22/06 (a) 20,000,000 20,000,000
3.050%, 4/16/07 2,000,000 2,029,804
2.050%, 11/25/05 238,000 238,993
2.320%, 12/26/06 5,000,000 5,007,480
2.250%, 6/19/06 2,000,000 2,004,904
2.300%, 6/16/06 2,000,000 2,001,000
2.375%, 12/19/08 4,300,000 4,315,493
3.000%, 5/25/07 3,000,000 3,006,210
4.000%, 2/20/09 2,000,000 2,007,386
5.700%, 9/29/08 (a) 1,000,000 1,058,377
2.840%, 12/26/06 3,000,000 3,025,485
2.500%, 3/24/08 8,000,000 8,032,968
1.760%, 9/18/06 (a) 5,000,000 4,999,840
----------------
68,151,035
----------------
Federal National Mortgage Association - 18.02%
3.350%, 1/24/07 3,000,000 3,003,645
2.000%, 12/26/06 3,000,000 2,992,539
2.750%, 4/10/06 4,000,000 4,022,668
4.000%, 9/27/07 1,000,000 1,006,049
2.750%, 6/30/08 5,000,000 5,015,495
</table>
See accompanying notes which are an integral part of the financial statements.
<page>
Institutional Short-Term Government Bond Fund (The Core Fund)
Schedule of Investments - continued
June 30, 2003 (Unaudited)
<table>
<s> <c> <c>
Principal
Amount Value
U.S. Government Agency Obligations - 83.53% - continued
3.750%, 1/22/08 2,000,000 $ 2,002,858
Pool #190609, 7.000%, 2/1/14 843,114 898,470
Pool #252268, 5.500%, 1/1/09 1,274,342 1,335,968
Series#2002-57, 5.500%, 11/25/13 447,202 452,520
----------------
20,730,212
----------------
GNMA - 0.42%
Series#2002-19, 5.500%, 3/20/25 487,361 487,060
----------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $95,859,234) $ 96,088,472
----------------
Money Market Securities - 20.38%
One Group Institutional Prime Money Market, 1.11%, (Cost $23,438,337) (a) 23,438,337 $ 23,438,337
----------------
TOTAL INVESTMENTS - 104.42% (Cost $119,843,288) $120,109,209
----------------
Liabilities in excess of other assets - (4.42)% (5,088,897)
----------------
TOTAL NET ASSETS - 100.00% $115,020,312
================
</table>
(a) Variable rate security; the coupon rate shown represents the rate at
June 30, 2003.
(b) Security traded on a when-issued basis. Actual settlement is to occur
July 9, 2003.
(c) Security traded on a when-issued basis. Actual settlement is to occur
July 24, 2003.
See accompanying notes which are an integral part of the financial statements.
<page>
Institutional Short-Term Government Bond Fund (The Core Fund)
Statement of Assets and Liabilities
June 30, 2003 (Unaudited)
<table>
<s> <c>
Assets
Investments in securities, at value (cost $119,843,288) $ 120,109,209
Interest receivable 382,538
Receivable for fund shares sold 149,121
-----------------
Total assets 120,640,868
Liabilities
Accrued advisory fees 53,495
Dividends payable 169,582
Other payables and accrued expenses 1,979
Payable for investments purchased 5,395,500
-----------------
Total liabilities 5,620,556
-----------------
Net Assets $ 115,020,312
=================
Net Assets consist of:
Paid in capital 115,002,259
Accumulated net investment income (loss) (1,776)
Accumulated net realized gain (loss) on investments (246,092)
Net unrealized appreciation (depreciation) on investments 265,921
-----------------
Net Assets, for 11,517,525 shares $ 115,020,312
=================
Net Asset Value,
Offering price and redemption price per share ($115,020,312 / 11,517,525) $ 9.99
=================
</table>
See accompanying notes which are an integral part of the financial statements.
<page>
Institutional Short-Term Government Bond Fund (The Core Fund)
Statement of Operations
Six months ended June 30, 2003 (Unaudited)
<table>
<s> <c>
Investment Income
Interest income $ 1,149,163
--------------
Total Income 1,149,163
--------------
Expenses
Investment adviser fee 395,868
Trustee fees and expenses 1,979
--------------
Total Expenses 397,847
Reimbursed expenses (160,327)
--------------
Total operating expenses 237,520
--------------
Net Investment Income (Loss) 911,643
--------------
Realized & Unrealized Gain (Loss)
Net realized gain (loss) on investment securities (121,222)
Change in net unrealized appreciation (depreciation)
on investment securities 62,601
--------------
Net realized and unrealized gain (loss) on investment securities (58,621)
--------------
Net increase (decrease) in net assets resulting from operations $ 853,022
==============
</table>
See accompanying notes which are an integral part of the financial statements.
<page>
Institutional Short-Term Government Bond Fund (The Core Fund)
Statement of Changes In Net Assets
<table>
<s> <c> <c>
Six months ended
June 30, 2003 Period ended
Increase (Decrease) in Net Assets (Unaudited) Dec. 31, 2002 (a)
--------------------- --------------------
Operations
Net investment income (loss) $ 911,643 $ 1,328,008
Net realized gain (loss) on investment securities (121,222) (122,929)
Change in net unrealized appreciation (depreciation) 62,601 203,320
--------------------- --------------------
Net increase (decrease) in net assets resulting from operations 853,022 1,408,399
--------------------- --------------------
Distributions
From net investment income (913,584) (1,329,784)
From net realized gain - -
--------------------- --------------------
Total distributions (913,584) (1,329,784)
--------------------- --------------------
Capital Share Transactions
Proceeds from shares sold 80,960,000 98,238,029
Reinvestment of distributions 765,638 1,098,140
Amount paid for shares repurchased (26,492,713) (39,566,835)
--------------------- --------------------
Net increase (decrease) in net assets resulting
from share transactions 55,232,925 59,769,334
--------------------- --------------------
Total Increase (Decrease) in Net Assets 55,172,363 59,847,949
--------------------- --------------------
Net Assets
Beginning of period 59,847,949 -
--------------------- --------------------
End of period [including accumulated net
investment income (loss) of ($1,776) and $0, respectively] $ 115,020,312 $ 59,847,949
===================== ====================
Capital Share Transactions
Shares sold 8,107,427 9,837,397
Shares issued in reinvestment of distributions 76,640 110,014
Shares repurchased (2,652,840) (3,961,113)
--------------------- --------------------
Net increase (decrease) from capital transactions 5,531,227 5,986,298
===================== ====================
</table>
(a) For the period January 9, 2002 (commencement of operations) through
December 31, 2002.
See accompanying notes which are an integral part of the financial statements.
<page>
Institutional Short-Term Government Bond Fund (The Core Fund)
Financial Highlights
<table>
<s> <c> <c>
Six months ended
June 30, 2003 Period ended
(Unaudited) Dec. 31, 2002 (c)
------------------- -----------------
Selected Per Share Data
Net asset value, beginning of period $ 10.00 $ 10.00
------------------- -----------------
Income from investment operations
Net investment income (loss) 0.11 0.25
Net realized and unrealized gain (loss) 0.00 0.00
------------------- -----------------
------------------- -----------------
Total from investment operations 0.11 0.00
------------------- -----------------
Less Distributions to shareholders:
From net investment income (0.12) (0.25)
From net realized gain 0.00 0.00
------------------- -----------------
------------------- -----------------
Total distributions (0.12) 0.00
------------------- -----------------
Net asset value, end of period $ 9.99 $ 10.00
=================== =================
Total Return 1.10% (b) 2.52% (b)
Ratios and Supplemental Data
Net assets, end of period (000) $ 115,020 $ 59,848
Ratio of expenses to average net assets 0.60% (a) 0.60% (a)
Ratio of expenses to average net assets
before waiver & reimbursement 1.00% (a) 1.00% (a)
Ratio of net investment income to
average net assets 2.29% (a) 2.57% (a)
Ratio of net investment income to
average net assets before waiver & reimbursement 1.89% (a) 2.17% (a)
Portfolio turnover rate 131.94% 241.11%
</table>
(a) Annualized.
(b) For periods of less than a full year, total return is not annualized.
(c) For the period January 9, 2002 (commencement of operations) to
December 31, 2002.
See accompanying notes which are an integral part of the financial statements.
<page>
Institutional Short-Term Government Bond Fund (The Core Fund)
Notes to Financial Statements
June 30, 2003 (Unaudited)
NOTE 1. ORGANIZATION
The Institutional Short-Term Government Bond Fund (the "Fund") was
organized as a diversified series of the AmeriPrime Advisers Trust (the "Trust")
on September 20, 2001 and commenced operations January 9, 2002. 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 Trustees to issue an unlimited number of shares of
beneficial interest of separate series without par value. The Fund is one of a
series of funds currently authorized by the Trustees. The investment objective
of the Fund is a high level of income over the long-term consistent with the
preservation of capital. The investment adviser to the Fund is Wertz York
Capital Management Group, L.L.C. (the "Adviser").
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by
the Fund in the preparation of its financial statements.
Securities 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 Adviser's opinion, the last bid price does not accurately reflect the
current value of the security. All other securities for which over-the-counter
market quotations are readily available are valued at their last bid price. When
market quotations are not readily available, when the Adviser determines the
last bid price does not accurately reflect the current value or when restricted
securities are being valued, such securities are valued as determined in good
faith by the Adviser, in conformity with guidelines adopted by and subject to
review of the Board of Trustees.
Fixed income securities generally are valued by using market quotations,
but may be valued on the basis of prices furnished by a pricing service when the
Adviser believes such prices accurately reflect the fair market value of such
securities. A pricing service utilizes electronic data processing techniques
based on yield spreads relating to securities with similar characteristics to
determine prices for normal institutional-size trading units of debt securities
without regard to sale or bid prices. If the Adviser decides that a price
provided by the pricing service does not accurately reflect the fair market
value of the securities, when prices are not readily available from a pricing
service or when restricted or illiquid securities are being valued, securities
are valued at fair value as determined in good faith by the Adviser, in
conformity with guidelines adopted by and subject to review of the Board of
Trustees. Short-term investments in fixed income securities with maturities of
less than 60 days when acquired, or which subsequently are within 60 days of
maturity, are valued by using the amortized cost method of valuation, which the
Board of Trustees has determined will represent fair value.
Federal Income Taxes- The Fund intends to qualify each year as a "regulated
investment company" under the Internal Revenue Code of 1986, as amended. By so
qualifying, the Fund will not be subject to federal income taxes to the extent
that it distributes substantially all of its net investment income and any
realized capital gains.
Dividends and Distributions- The Fund intends to distribute substantially
all of its net investment income as dividends to its shareholders on at least an
annual basis. The Fund intends to distribute its net long-term capital gains and
its net short-term capital gains at least once a year.
Other- The Fund follows industry practice and records security transactions
on the trade date. The specific identification method is used for determining
gains or losses for financial statements and income tax purposes. Generally
accepted accounting principles require that permanent financial reporting tax
differences relating to shareholder distributions be reclassified to paid in
capital.
<page>
Institutional Short-Term Government Bond Fund (The Core Fund)
Notes to Financial Statements
June 30, 2003 (Unaudited) - continued
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
The Fund retains Wertz York Capital Management Group, L.L.C., 3434 Colwell
Ave., Suite 100, Tampa, Florida 33614, to manage the Fund's investments.
Mitchell P. York and M. Brent Wertz are primarily responsible for the day-to-day
management of the Fund.
Under the terms of the management agreement, (the "Agreement"), the Adviser
manages the Fund's investments subject to approval of the Board and pays all of
the expenses of the Fund except brokerage fees and commissions, taxes, borrowing
costs (such as interest and dividend expense on securities sold short), Rule
12b-1 expenses, fees and expenses of non-interested person trustees and
extraordinary expenses. As compensation for its management services and
agreement to pay the Fund's expenses, the Fund is obligated to pay the Adviser a
fee of 1.00% of the average value of the daily net assets of the Fund. It should
be noted that most investment companies pay their own operating expenses
directly, while the Fund's expenses, except those specified above, are paid by
the Adviser. For the six months ended June 30, 2003, the Adviser earned a fee of
$395,868 from the Fund. The Adviser has contractually agreed to waive fees
and/or reimburse expenses but only to the extent necessary to maintain the
Fund's total operating expenses (excluding brokerage costs; borrowing costs,
such as (a) interest and (b) dividends on securities sold short; taxes; and
extraordinary expenses) at 0.60% of its average daily net assets through April
30, 2004. For the six months ended June 30, 2003, the Adviser reimbursed fees
and expenses of $160,327.
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 under the terms of the Agreement.
A Trustee and the officers of the Trust are members of management and/or
employees of Unified.
Unified Financial Securities, Inc. (the "Distributor"), a wholly owned
subsidiary of Unified Financial Services, Inc. acts as the principal distributor
of the Fund's shares pursuant to an agreement whereby the adviser pays all
distribution fees. There were no payments made to the Distributor during the six
months ended June 30, 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
For the six months ended June 30, 2003, purchases and sales of investment
securities, other than short-term investments, aggregated $132,284,061 and
$85,109,516, respectively. As of June 30, 2003, the gross unrealized
appreciation for all securities totaled $336,340 and the gross depreciation for
all securities totaled $70,419 for a net unrealized appreciation of $265,921.
The aggregate cost of securities for federal income tax purpose at June 30, 2003
was $119,843,288.
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.
<page>
Institutional Short-Term Government Bond Fund (The Core Fund)
Notes to Financial Statements
June 30, 2003 (Unaudited) - continued
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 June 30,
2003, Reunion East Community held accounts for the benefit of others amounting
to 26.70% of the Fund.
<page>
Item 2. Code of ethics. Not applicable.
Item 3. Audit Committee Financial Expert. Not applicable.
Item 4. Principal Accountant Fees and Services. Not applicable.
Items 5-6. Reserved.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.
Not applicable.
Item 8. Reserved.
Item 9. Controls and Procedures.
(a) Based on an evaluation of the registrant's disclosure controls and
procedures as of June 30, 2003, 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 10. Exhibits.
(a)(1) Not applicable.[see Item 2.]
(a)(2) Certifications required by Item 10(a)(2) of Form N-CSR are filed
herewith.
(b) Certification required by Item 10(b) of Form N-CSR is filed herewith.
[File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a)(1) Annual reports only: 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. (registrant may file the Code of Ethics, or state in the annual report
that 1) the Code is available on website (give address) or 2) state that the
Code is available on request without charge, and explain how to request a copy.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the Act (17 CFR 270.30a-2).
(b) Provide the 906 Certification as required by Rule 30a-2(b).
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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
/s/ Timothy Ashburn
Timothy Ashburn, President
Date 8/27/03
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.
/s/ Timothy Ashburn
Timothy Ashburn, President
Date 8/27/03
/s/ Thomas Napurano
Thomas Napurano, Chief Financial Officer
Date 8/27/03