<page>
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)
Timothy Ashburn
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: 11/30
-----------------
Date of reporting period: 11/30/03
----------
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. ss. 3507.
Item 1. Reports to Stockholders.
<page>
===========================================
Bull Moose
Growth Fund
===========================================
Annual Report
November 30, 2003
Fund Advisor:
Roosevelt Investment Group
444 Madison Avenue
New York, New York 10022
Toll Free (877) 322-0576
<page>
THE BULL MOOSE GROWTH FUND
Management's Discussion & Analysis
For the fiscal year ending November 30, 2003, the Bull Moose Growth Fund had a
total return of 31.0% and outperformed the S&P 500 Index, but failed to match
the NASDAQ Composite Index. We are also pleased to report that the value of a
$10,000 investment in the Fund on December 21, 2001 (commencement of
operations), grew to $12,890, which outperformed both NASDAQ Composite of
$10,160 and the S&P 500 of $9,551. Please see the chart and graph below.
This was an excellent year for the equity markets and we are very pleased that
the Fund was able to continue to record a strong performance.
Recognizing the possible emergence of an economic recovery due to Washington's
fiscal and monetary policies, the Fund's investment adviser, The Roosevelt
Investment Group, implemented an investment strategy that incorporated the
by-products of a recovery. These factors were continued consumer spending, low
interest rates, productivity enhancement, capital expenditure recovery, demand
for domestic commodities, and improving demand for energy (including coal). As a
result, the Fund continued its diversification strategy with an emphasis on
those sectors that would be beneficiaries of the above-stated factors such as
consumer discretionary, industrials, and metals & mining. Against a background
of strong economic data, gradual improvement in the corporate sector bodes well
for the equity markets in fiscal 2004. This should create new investment
opportunities. We believe your Fund is poised to take advantage of these
opportunities as they occur in a thematic environment. At the same time, we will
take into consideration any possible geopolitical situation that might impact
the current investment environment. Thus, we believe the Fund's strategy is a
prudent, but opportunistic approach.
Investment Returns
Average Annual Total Returns*
(for periods ended November 30, 2003)
Since Inception
One Year (December 21, 2001)
----------- -----------------------
Bull Moose Growth Fund 31.00% 13.94%
NASDAQ Composite Index** 33.21% 0.83%
S&P 500 Index** 15.07% -2.33%
The rates of return will vary and the principal value of an investment will
fluctuate. Shares, if redeemed, may be worth more or less than their original
cost. Performance data quoted does not reflect the deduction of taxes that an
investor may pay on Fund distributions or the redemption of Fund shares. Past
performance is not indicative of future investment results. Due to market
volatility, current performance may be higher or lower than the performance
shown above.
* Return figures reflect any change in price per share and assume the
reinvestment of all distributions. ** Each Index is an unmanaged benchmark that
assumes reinvestment of all distributions and excludes the effect of taxes and
fees. The S&P 500 Index and the NASDAQ Composite Index are widely recognized
unmanaged indices of equity prices and are representative of a broader market
and range of securities than are found in the Fund's portfolio.
<page>
Comparison of the Growth of a $10,000 Investment in the Bull Moose Growth Fund,
NASDAQ Compsite Index & S&P 500 Index
Bull Moose NASDAQ S&P 500
12/21/01 10,000.00 10,000.00 10,000.00
5/31/02 10,260.00 8,317.60 9,377.65
11/30/02 9,840.00 7,628.06 8,300.58
5/31/03 10,510.00 8,251.69 8,621.27
11/30/03 12,890.00 10,160.98 9,551.58
2
The chart above assumes an initial investment of $10,000 made on December
21, 2001 (commencement of Fund operations) and held through November 30, 2003.
THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE
RESULTS. The returns shown do not reflect deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares. Investment
returns and principal values will fluctuate so that your shares, when redeemed,
may be worth more or less than their original purchase price.
<page>
Bull Moose Growth Fund
Schedule of Investments
November 30, 2003
<table>
<s> <c> <c>
Common Stocks - 88.38% Shares Value
----------- -----------
Abrasive, Asbestos & Misc Nonmetallic Mineral Products - 0.45%
Cabot Microelectronics Corp. (a) 200 $ 10,618
-----------
Air Cond & Warm Air Heating Equip & Comm & Indl Refrig Equip - 1.91%
American Standard Companies, Inc. (a) 450 44,865
-----------
Bituminous Coal & Lignite Surface Mining - 1.87%
Peabody Energy Corp. 1,300 43,810
-----------
Cable & Other Pay Television Services - 1.01%
Liberty Media Corp. - Class A (a) 2,144 23,691
-----------
Chemical & Allied Products - 1.85%
Monsanto Co. 1,600 43,392
-----------
Commercial Printing - 1.68%
Donnelley, R.R. & Sons 1,400 39,284
-----------
Computer Storage Devices - 1.22%
Seagate Technology 1,450 28,638
-----------
Converted Paper & Paperboard Products (No Containers/Boxes) - 1.69%
3M Co. 500 39,520
-----------
Crude Petroleum & Natural Gas - 2.72%
Talisman Energy, Inc. 1,250 63,675
-----------
Fats & Oils - 0.36%
Bunge Ltd. 300 8,544
-----------
Food & Kindred Products - 2.22%
Altria Group, Inc. 1,000 52,000
-----------
General Building Contractors - Residential Buildings - 1.72%
Lennar Corp. 412 40,335
-----------
Gold and Silver Ores - 3.49%
Newmont Mining Corp. 1,700 81,838
-----------
Gold Mining - 2.03%
Novagold Resources, Inc. (a) 10,000 47,700
-----------
Hospital & Medical Service Plans - 2.30%
UnitedHealth Group, Inc. 1,000 53,900
-----------
Industrial Inorganic Chemicals - 2.28%
Minerals Technology, Inc. 1,000 53,450
-----------
Industrial Trucks, Tractors, Trailors & Stackers - 2.00%
NACCO Industries, Inc. 600 46,800
-----------
</table>
See accompanying notes which are an integral part of the financial statements.
<page>
Bull Moose Growth Fund
Schedule of Investments - continued
November 30, 2003
<table>
<s> <c> <c>
Common Stocks - 88.38% - continued Shares Value
----------- -----------
Measuring & Controlling Devices - 2.96%
Cubic Corp. 2,350 $ 69,513
-----------
Meat Packing Plants - 0.42%
ConAgra Foods, Inc. 400 9,800
-----------
Mining Machinery & Equipment (No Oil & Gas Field Machinery & Equip) - 1.79%
Joy Global, Inc. (a) 2,000 42,000
-----------
Miscellaneous Electrical Machinery, Equipment & Supplies - 1.53%
Rayovac Corp. (a) 2,000 35,980
-----------
Miscellaneous Transportation Equipment - 1.10%
Polaris Industries, Inc. 300 25,851
-----------
Mortgage Bankers & Loan Correspondents - 2.16%
Doral Financial Corp. 1,000 50,570
-----------
National Commercial Banks - 2.14%
MBNA Corp. 2,050 50,266
-----------
Office Furniture - 2.22%
Herman Miller, Inc. 2,000 52,100
-----------
Operative Builders - 2.10%
Centex Corp. 450 49,230
-----------
Perfumes, Cosmetics & Other Toilet Preparations - 2.34%
Avon Products, Inc. 800 54,800
-----------
Petroleum Refining - 1.43%
Suncor Energy, Inc. 1,500 33,540
-----------
Pharmaceutical Preparations - 3.38%
Allergan, Inc. 400 29,892
IVAX Corp. (a) 2,300 49,335
-----------
79,227
-----------
Photographic Equipment & Supplies - 2.36%
IMAX Corp. (a) 7,000 55,440
-----------
Primary Production of Aluminum - 2.45%
Alcoa, Inc. 1,750 57,417
-----------
Primary Smelting & Refining of Nonferrous Metals - 2.49%
Inco Ltd. (a) 1,700 58,327
-----------
Radiotelephone Communications - 1.20%
Vodafone Group Plc. (c) 1,200 28,020
-----------
</table>
See accompanying notes which are an integral part of the financial statements.
<page>
Bull Moose Growth Fund
Schedule of Investments - continued
November 30, 2003
<table>
<s> <c> <c>
Common Stocks - 88.38% - continued Shares Value
----------- -----------
Railroads, Line-Haul Operating - 3.59%
Canadian National Railway Co. 700 $ 41,545
Kansas City Southern (a) 3,200 42,560
-----------
84,105
-----------
Retail - Miscellaneous Shopping Goods Stores - 2.26%
Barnes & Noble, Inc. (a) 1,600 53,088
-----------
Retail - Radio TV & Consumer Electronics Stores - 0.93%
Best Buy Co., Inc. 350 21,700
-----------
Retail - Retail Stores - 1.86%
PETsMART, Inc. 1,800 43,488
-----------
Rolling Drawing & Extruding of Nonferrous Metals - 0.62%
Olin Corp. 800 14,568
-----------
Semiconductors & Related Devices - 2.05%
Microchip Technology, Inc. 1,400 48,160
-----------
Services - Computer Programming Services - 1.77%
Infosys Technologies Ltd. (c) 500 41,525
-----------
Services - Engineering, Accounting, Research, Management - 1.64%
PayChex, Inc. 1,000 38,470
-----------
Services - Prepackaged Software - 1.15%
Microsoft Corp. 1,050 26,985
-----------
Services - Skilled Nursing Care Facilities - 2.11%
Manor Care, Inc. 1,400 49,448
-----------
State Commercial Bank - 1.02%
North Fork Bancorporation, Inc. 600 23,958
-----------
Surgical & Medical Instruments & Apparatus - 2.03%
Boston Scientific Corp. (a) 1,300 46,657
Advanced Medical Optics, Inc. (a) 44 867
-----------
47,524
-----------
Telephone & Telegraph Apparatus - 1.96%
Corning, Inc. (a) 4,000 45,840
-----------
Tobacco Products - 1.61%
UST, Inc. 1,050 37,790
-----------
Transportation Services - 0.91%
InterActiveCorp (a) 650 21,352
-----------
TOTAL COMMON STOCKS (Cost $1,660,673) 2,072,142
-----------
</table>
See accompanying notes which are an integral part of the financial statements.
<page>
Bull Moose Growth Fund
Schedule of Investments - continued
November 30, 2003
<table>
<s> <c> <c>
Principal
Amount Value
----------- -----------
Warrants - 0.90%
Inco Ltd., Expires 08/21/2006 (Cost $20,865) (a) $ 1,500 $ 21,000
-----------
Convertible Corporate Bonds - 0.98%
Corning, Inc., 0.00%, 11/08/2015 (Cost $19,518) 30,000 23,025
-----------
U.S. Treasury & Agency Obligations - 0.52%
U.S. Treasury Inflationary Index Note, 3.00%, 07/15/2012 5,150 5,582
U.S. Treasury STRIP Note, 0.00%, 11/15/2027 (a) 25,000 6,611
-----------
TOTAL U.S. TREASURY & AGENCY OBLIGATIONS (Cost $12,458) 12,193
-----------
Money Market Securities - 11.21%
Huntington Money Market Fund, 0.20%, (Cost $262,905) (b) 262,905 262,905
-----------
TOTAL INVESTMENTS (Cost $1,976,419) - 101.99% $2,391,265
-----------
Liabilities in excess of other assets - (1.99%) (46,571)
-----------
TOTAL NET ASSETS - 100.00% $2,344,694
===========
</table>
(a) Non-income producing.
(b) Variable rate security; the coupon rate shown represents the rate at
November 30, 2003.
(c) American Depositary Receipts.
See accompanying notes which are an integral part of the financial statements.
<page>
Bull Moose Growth Fund
Statement of Assets and Liabilities
November 30, 2003
<table>
<s> <c>
Assets
Investments in securities, at value (cost $1,976,419) $ 2,391,265
Interest receivable 92
Dividends receivable 1,463
Receivable for investments sold 65,529
------------------
Total assets 2,458,349
------------------
Liabilities
Accrued advisory fees 1,735
Accrued expenses 3,644
Payable for investments purchased 108,276
------------------
Total liabilities 113,655
------------------
Net Assets $ 2,344,694
==================
Net Assets consist of:
Paid in capital 1,897,736
Accumulated undistributed net realized gain on investments 32,112
Net unrealized appreciation (depreciation) on investments 414,846
------------------
Net Assets, for 181,953 shares $ 2,344,694
==================
(unlimited number of shares issued with no par value)
Net Asset Value
Offering price and redemption price per share ($2,344,694 / 181,953) $ 12.89
==================
</table>
See accompanying notes which are an integral part of the financial statements.
<page>
Bull Moose Growth Fund
Statement of Operations
Year ended November 30, 2003
<table>
<s> <c>
Investment Income
Dividend income $ 10,972
Interest income 3,628
-------------
Total Income 14,600
-------------
Expenses
Investment advisor fee 13,390
Trustee expenses 2,044
-------------
Total Expenses 15,434
-------------
Net Investment Income (Loss) (834)
-------------
Realized & Unrealized Gain (Loss)
Net realized gain (loss) on investment securities 65,659
Change in net unrealized appreciation (depreciation)
on investment securities 399,947
-------------
Net realized and unrealized gain (loss) on investment securities 465,606
-------------
Net increase (decrease) in net assets resulting from operations $ 464,772
=============
</table>
See accompanying notes which are an integral part of the financial statements.
<page>
Bull Moose Growth Fund
Statements of Changes In Net Assets
<table>
<s> <c> <c>
Year ended Period ended
Increase (Decrease) in Net Assets Nov. 30, 2003 Nov. 30, 2002 (a)
----------------- ----------------
Operations
Net investment income (loss) $ (834) $ (2,250)
Net realized gain (loss) on investment securities 65,659 (32,713)
Change in net unrealized appreciation (depreciation) 399,947 14,899
----------------- ----------------
Net increase (decrease) in net assets resulting from operations 464,772 (20,064)
----------------- ----------------
Capital Share Transactions
Proceeds from shares sold 1,200,087 820,939
Amount paid for shares repurchased (116,760) (4,280)
----------------- ----------------
Net increase (decrease) in net assets resulting
from share transactions 1,083,327 816,659
----------------- ----------------
Total Increase (Decrease) in Net Assets 1,548,099 796,595
----------------- ----------------
Net Assets
Beginning of period 796,595 -
----------------- ----------------
End of period [including accumulated net
investment income (loss) of $0 and $0, respectively] $ 2,344,694 $ 796,595
================= ================
Capital Share Transactions
Shares sold 111,323 81,422
Shares repurchased (10,333) (459)
----------------- ----------------
Net increase (decrease) from capital transactions 100,990 80,963
================= ================
</table>
(a) For the period December 21, 2001 (commencement of operations) through
November 30, 2002.
See accompanying notes which are an integral part of the financial statements.
<page>
Bull Moose Growth Fund
Financial Highlights
<table>
<s> <c> <c>
Year ended Period ended
Nov. 30, 2003 Nov. 30, 2002 (a)
------------------ ----------------
Selected Per Share Data
Net asset value, beginning of period $ 9.84 $ 10.00
------------------ ----------------
Income from investment operations
Net investment income (loss) (0.01) (0.04)
Net realized and unrealized gain (loss) 3.06 (0.12)
------------------ ----------------
Total from investment operations 3.05 (0.16)
------------------ ----------------
Net asset value, end of period $ 12.89 $ 9.84
================== ================
Total Return 31.00% -1.60% (b)
Ratios and Supplemental Data
Net assets, end of period (000) $ 2,345 $ 797
Ratio of expenses to average net assets 1.15% 1.43% (c)
Ratio of net investment income to
average net assets -0.06% -0.38% (c)
Portfolio turnover rate 54.18% 52.75%
</table>
(a) For the period December 21, 2001 (commencement of operations) through
November 30, 2002.
(b) For periods of less than a full year, total return is not annualized.
(c) Annualized.
See accompanying notes which are an integral part of the financial statements.
<page>
Bull Moose Growth Fund
Notes to Financial Statements
November 30, 2003
NOTE 1. ORGANIZATION
Bull Moose Growth Fund (the "Fund") was organized as a diversified series
of the AmeriPrime Advisors Trust (the "Trust") on June 28, 2001 and commenced
operations on December 21, 2001. The Trust is a registered 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 of the Trust (the "Board") 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 Board. The Fund's
investment objective is to provide long-term capital appreciation. The Fund's
adviser is The Roosevelt Investment Group (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.
Security Valuation - 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 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.
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. 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.
The Fund intends to continue to qualify each year as a "regulated
investment company" under Sub-Chapter M of the Internal Revenue Code of
1986, as amended, by distributing substantially all of its net investment
income and net realized capital gains.
Security Transactions and Related Income- The Fund follows industry
practice and records security transactions on the trade date. The specific
identification method is used for determining gains or losses for financial
statements and income tax purposes. Dividend income is recorded on the
ex-dividend date and interest income is recorded on an accrual basis.
Discounts and premiums on securities purchased are amortized over the life
of the respective securities.
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 realized long term capital gains and its net realized short term
capital gains at least once a year. The treatment for financial reporting
purposes of distributions made to shareholders during the year from net
investment income or net realized capital gains may differ from their
ultimate treatment for federal income tax purposes. These differences are
caused primarily by differences in the timing of the recognition of certain
components of income, expense or realized capital gain for federal income
tax purposes. Where such
<page>
Bull Moose Growth Fund
Notes to Financial Statements
November 30, 2003 - continued
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES - continued
differences are permanent in nature, they are reclassified in the
components of the net assets based on their ultimate characterization for
federal income tax purposes. Any such reclassifications will have no effect
on net assets, results of operations or net asset values per share of the
Fund. For the year ended November 30, 2003, $834 of net investment loss was
reclassified to reduce short-term realized gains.
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
The Fund's investment adviser is The Roosevelt Investment Group, Inc.
Under the terms of the management agreement, (the "Agreement"), the
Adviser manages the Fund's investments subject to approval of the Board of
Trustees and pays all of the expenses of the Fund except brokerage fees and
commissions, taxes, borrowing costs (such as (a) interest and (b) dividend
expenses on securities sold short), fees and expenses of non-interested
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 at the annual rate 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
fiscal year ended November 30, 2003 the Adviser earned a fee of $13,390
from the Fund. At November 30, 2003, the Fund owed the advisor $1,735 for
its advisory services.
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 provide the Fund with administrative services, fund
accounting and transfer agency 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. Certain Trustees and the officers of the Trust are
members of management and employees of Unified, and/or shareholders of
Unified Financial Services, Inc.
Unified Financial Securities, Inc. (the "Distributor") acts as the
principal distributor of the Fund's shares. There were no payments made by
the Fund to the Distributor during the fiscal year ended November 30, 2003.
A Trustee and certain officers of the Trust are a director and/or officers
of the Distributor and of Unified Financial Services, Inc. (the parent
company of the Distributor and Unified), and may be deemed to be affiliates
of the Distributor.
NOTE 4. INVESTMENTS
For the fiscal year ended November 30, 2003, purchases and sales of
investment securities, other than short-term investments were as follows:
Amount
----------------
Purchases
U.S. Government Obligations $ 5,593
Other 1,658,176
Sales
U.S. Government Obligations $ 24,982
Other 616,904
<page>
Bull Moose Growth Fund
Notes to Financial Statements
November 30, 2003 - continued
NOTE 4. INVESTMENTS - continued
As of November 30, 2003, the net unrealized appreciation of
investments for tax purposes was as follows:
Amount
---------------
Gross Appreciation $ 418,974
Gross (Depreciation) (4,128)
---------------
Net Appreciation on Investments $ 414,846
===============
At November 30, 2003, the aggregate cost of securities for federal
income tax purposes was $1,796,419.
NOTE 5. ESTIMATES
Preparation of financial statements in accordance with accounting
principles generally accepted in the United States of America 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. DISTRIBUTIONS TO SHAREHOLDERS
There were no distributions to shareholders during the fiscal years
ended November 30, 2003 and 2002.
As of November 30, 2003, the components of distributable
earnings/(accumulated losses) on a tax basis were as follows:
Undistributed ordinary income/(accumulated losses) $ -
Undistributed long-term capital gain/(accumulated losses) 32,112
Unrealized appreciation/(depreciation) 414,846
----------
$ 446,958
==========
<page>
INDEPENDENT AUDITOR'S REPORT
To The Shareholders and
Board of Trustees
Bull Moose Growth Fund
(a series of AmeriPrime Advisor Trust)
We have audited the accompanying statement of assets and liabilities
of the Bull Moose Growth Fund, including the schedule of portfolio
investments as of November 30, 2003, the related statement of operations
for the year then ended, and the statements of changes in net assets and
the financial highlights for the year then ended and for the period from
December 21, 2001 (commencement of operations) to November 30, 2002. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audit in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of investments and cash held as of
November 30, 2003 by correspondence with the custodian and brokers. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of the Bull Moose Growth Fund as of November 30, 2003, the results
of its operations for the year then ended, and the changes in its net
assets and the financial highlights for the year then ended and for the
period from December 21, 2001 (commencement of operations) to November 30,
2002, in conformity with accounting principles generally accepted in the
United States of America.
/s/ McCurdy & Associates CPA's, Inc.
McCurdy & Associates CPA's, Inc.
Westlake, Ohio
December 11, 2003
<page>
Trustees and Officers (Unaudited)
Independent Trustees
<table>
<s> <c>
- ----------------------------------------------------- ----------------------------------------------------------------
Name, Address*, (Date of Birth), Position with Fund Principal Occupation During Past 5 Years and Other
Complex,** Term of Position with Trust Directorships
- ----------------------------------------------------- ----------------------------------------------------------------
- ----------------------------------------------------- ----------------------------------------------------------------
Gary E. Hippenstiel (1947) Director, Vice President and Chief Investment Officer of
Legacy Trust Company, N.A. since 1992. Trustee of AmeriPrime
Trustee, July 2002 to present Funds since 1995 and Unified Series Trust since December
2002. Trustee of CCMI Funds since July 2003.
- ----------------------------------------------------- ----------------------------------------------------------------
- ----------------------------------------------------- ----------------------------------------------------------------
Stephen A. Little (1946) President and founder, The Rose, Inc., a registered investment
advisor, since April 1993. Trustee of AmeriPrime Funds and
Trustee, November 2002 to present Unified Series Trust since December 2002. Trustee of CCMI
Funds since July 2003.
- ----------------------------------------------------- ----------------------------------------------------------------
- ----------------------------------------------------- ----------------------------------------------------------------
Daniel J. Condon (1950) Vice President and General Manager, International Crankshaft
Inc., an automotive equipment manufacturing company, 1990 to
Trustee, November 2002 to present present; Trustee, The Unified Funds, from 1994 to 2002;
Trustee, Star Select Funds, a REIT mutual fund, from 1997 to
2000. Trustee of AmeriPrime Funds and Unified Series Trust
since December 2002. Trustee of CCMI Funds since July 2003.
- ----------------------------------------------------- ----------------------------------------------------------------
Interested Trustees and Principal Officers
- ------------------------------------------------ ---------------------------------------------------------------------
Name, (Date of Birth), Position with Fund Principal Occupation During Past 5 Years
Complex,** Term of Position with Trust and Other Directorships
- ------------------------------------------------ ---------------------------------------------------------------------
- ------------------------------------------------ ---------------------------------------------------------------------
Timothy L. Ashburn (1950)*** Chairman of Unified Financial Services, Inc. since 1989, Chief
Executive Officer from 1989 to 1992 and 1994 to April 2002, and
Chairman, President, and President from November 1997 to April 2000. Trustee of AmeriPrime
Asst. Secretary, November 2002 to present Funds and Unified Series Trust since October 2002. Trustee of CCMI
Funds since July 2003.
- ------------------------------------------------ ---------------------------------------------------------------------
- ------------------------------------------------ ---------------------------------------------------------------------
Ronald C. Tritschler (1952)**** Chief
Executive Officer, Director and
legal counsel of The Webb
Companies, a national real
estate company, from 2001 to
present;
Trustee, November 2002 to present Executive Vice President and Director of The Webb Companies from
1990 to 2000; Director, The Lexington Bank, from 1998 to present;
Director, Vice President and legal counsel for The Traxx Companies,
an owner and operator of convenience stores, from 1989 to present.
Trustee of AmeriPrime Funds and Unified Series Trust since December
2002. Trustee of CCMI Funds since August 2003.
- -----------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------
Thomas G. Napurano (1941) Chief Financial Officer and Executive Vice President of Unified
Financial Services, Inc., the parent company of the Trust's
Chief Financial Officer and Treasurer, October administrator and Distributor; Director, Unified Financial
2002 to present Services, Inc., from 1989 to March 2002. CFO of AmeriPrime Funds
since October 2002 and Unified
Series Trust since December
2002. CFO of CCMI Funds since
August 2003.
- ------------------------------------------------ ---------------------------------------------------------------------
- ------------------------------------------------ ---------------------------------------------------------------------
Carol Highsmith (1964) Employed by Unified Fund Services, Inc. (November 1994 to present).
Secretary of AmeriPrime Funds since October 2002 and Unified Series
Secretary, October 2002 to present Trust since December 2002.
- ------------------------------------------------ ---------------------------------------------------------------------
</table>
* The address for each of the trustees and officers is 431 N.
Pennslyvania, Indianapolis, IN 46204.
** Fund Complex refers to AmeriPrime Advisors Trust, AmeriPrime Funds
and Unified Series Trust. The Fund Complex consists of 29 series.
*** Mr. Ashburn is an "interested person" of the Trust because he is
an officer of the Trust. In addition, he may be deemed to be an "interested
person" of the Trust because he is Chairman and a director of Unified
Financial Securities, Inc., the Distributor of certain series in the Fund
Complex.
**** Mr. Tritschler may be deemed to be an "interested person" of the
Trust because he has an ownership interest in Unified Financial Services,
Inc., the parent of the Distributor of certain series in the Fund Complex.
<page>
The Fund's Statement of Additional Information ("SAI") includes
additional information about the trustees and is available, without charge,
upon request. You may call toll-free (877) 322-0576 to request a copy of
the SAI or to make shareholder inquiries.
PROXY VOTING
A description of the policies and procedures that the Fund uses to
determine how to vote proxies relating to portfolio securities is available
without charge: (1) upon request by calling the Fund at (877) 322-0576.
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
<page>
Item 2. Code of Ethics.
(a) As of the end of the period covered by this report, the registrant
has adopted a code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless
of whether these individuals are employed by the registrant or a third
party.
(b) For purposes of this item, "code of ethics" means written
standards that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of
actual or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) Amendments:
During the period covered by the report, there have not been any
amendments to the provisions of the code of ethics.
See Item 10(a) for a copy of all described amendments.
(d) Waivers:
During the period covered by the report, the registrant has not
granted any express or implicit waivers from the provisions of the code of
ethics.
Item 3. Audit Committee Financial Expert.
(a) The registrant's Board of Trustees has determined that the
registrant does not have an audit committee financial expert. The committee
members and the full Board considered the possibility of adding a member
that would qualify as an expert. The audit committee determined that,
although none of its members meet the technical definition of an audit
committee financial expert, the committee has sufficient financial
expertise to adequately perform its duties under the Audit Committee
Charter without the addition of a qualified expert.
Item 4. Principal Accountant Fees and Services. Not applicable
Item 5. Audit Committee of Listed Companies. Not applicable.
Item 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 September 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) Code is filed herewith
(b) 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-2(a) under the Investment
Company Act of 1940 are filed herewith.
(c) 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.
<page>
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/ Timothy Ashburn
Timothy Ashburn, President
Date 2/6/04
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/ Timothy Ashburn
Timothy Ashburn, President
Date 2/6/04
By /s/ Thomas G. Napurano
Thomas Napurano, Treasurer and Chief Financial Officer
Date 2/7/04
<page>