UNITED STATED
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
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AmeriPrime Advisors Trust
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
431 N. Pennsylvania St. Indianapolis, IN 46204
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Lynn Wood
Unified Fund Services, Inc.
431 N. Pennsylvania St.
Indianapolis, IN 46204
- ------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 317-917-7000
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Date of fiscal year end: 11/30
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Date of reporting period: 05/31/04
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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
==========================
Semi-Annual Report
May 31, 2004
(Unaudited)
Fund Adviser:
The Roosevelt Investment Group
317 Madison Avenue
Suite 1004
New York, NY 10017
Toll Free: (877) 322-0576
<page>
<table>
Bull Moose Growth Fund
Schedule of Investments
May 31, 2004 (Unaudited)
Common Stocks - 74.49% Shares Value
-------------- ---------------
Agricultural Chemicals - 0.94%
IMC Global, Inc. 2,000 $ 24,900
---------------
Biological Products - 1.07%
Novavax, Inc. (a) 6,000 28,200
---------------
Bituminous Coal & Lignite Surface Mining - 1.22%
Peabody Energy Corp. 650 32,331
---------------
Cable & Other Pay Television Services - 0.89%
Liberty Media Corp. - Class A (a) 2,144 23,541
---------------
Chemical & Allied Products - 2.61%
Monsanto Co. 2,000 69,000
---------------
Commercial Printing - 1.60%
Donnelley, R.R. & Sons 1,400 42,364
---------------
Converted Paper & Paperboard Products - 2.56%
3M Co. 800 67,648
---------------
Crude Petroleum & Natural Gas - 2.80%
Talisman Energy, Inc. 3,750 73,837
---------------
Drawing & Insulating of Nonferrous Wire - 2.42%
Corning, Inc. (a) 5,150 63,809
---------------
Drilling Oil & Gas Wells - 1.57%
Nabors Industries Ltd. (a) 1,000 41,400
---------------
Food & Kindred Products - 1.82%
Altria Group, Inc. 1,000 47,970
---------------
Gold & Silver Ores - 1.58%
Novagold Resources, Inc. (a) 10,000 41,600
---------------
Heating & Cooling Equipment - 2.13%
American Standard Companies, Inc. (a) 1,500 56,280
---------------
Hospital & Medical Service Plans - 2.47%
UnitedHealth Group, Inc. 1,000 65,250
---------------
Industrial Inorganic Chemicals - 3.27%
Minerals Technology, Inc. 1,500 86,250
---------------
Miscellaneous Chemical Products - 1.50%
Cabot Corp. 1,100 39,534
---------------
Miscellaneous Transportation Equipment - 0.99%
Polaris Industries, Inc. 600 26,040
---------------
National Commercial Banks - 4.21%
MBNA Corp. 2,050 52,070
Wachovia Corp. 1,250 59,013
---------------
111,083
---------------
See accompanying notes which are an integral part of the financial statements.
1
<page>
Bull Moose Growth Fund
Schedule of Investments - continued
May 31, 2004 (Unaudited)
Common Stocks - 74.49% - continued Shares Value
-------------- ---------------
Office Furniture - 1.82%
Herman Miller, Inc. 2,000 $ 48,160
---------------
Perfumes, Cosmetics & Other Toilet Preparations - 3.36%
Avon Products, Inc. 1,000 88,660
---------------
Petroleum Refining - 1.34%
Suncor Energy, Inc. 1,500 35,475
---------------
Pharmaceutical Preparations - 4.68%
Allergan, Inc. 400 35,560
Hollis-Eden Pharmaceuticals (a) 3,100 31,899
IVAX Corp. 2,300 56,005
---------------
123,464
---------------
Photographic Equipment & Supplies - 1.47%
IMAX Corp. (a) 7,000 38,920
---------------
Primary Smelting & Refining of Nonferrous Metals - 3.29%
Inco Ltd. (a) 1,850 59,737
Phelps Dodge Corp. 400 27,160
---------------
86,897
---------------
Radiotelephone Communications - 0.72%
Vodafone Group Plc. (c) 800 19,008
---------------
Radio & TV Broadcasting & Communications Equipment - 1.43%
Scientific-Atlanta, Inc. 1,100 37,862
---------------
Railroads - 1.97%
Kansas City Southern (a) 4,000 52,000
---------------
Retail - Hobby, Toy & Game Shops - 1.19%
Toys "R" Us, Inc. (a) 2,000 31,440
---------------
Retail - Retail Stores - 2.12%
PETsMART, Inc. 1,800 55,962
---------------
Semiconductors & Related Devices - 1.68%
Microchip Technology, Inc. 1,400 44,394
---------------
Services - Computer Programming, Data Processing, Etc. - 1.66%
Red Hat, Inc. (a) 1,600 43,728
---------------
Services - Engineering, Accounting, Research, Management - 1.42%
PayChex, Inc. 1,000 37,510
---------------
Services - Miscellaneous Heath & Allied Services - 0.89%
Lincare Holdings, Inc. 700 23,527
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Services - Prepackaged Software - 1.05%
Microsoft Corp. 1,050 27,668
---------------
Services - Skilled Nursing Care Facilities - 1.78%
Manor Care, Inc. 1,500 46,995
---------------
See accompanying notes which are an integral part of the financial statements.
2
<page>
Bull Moose Growth Fund
Schedule of Investments - continued
May 31, 2004 (Unaudited)
Common Stocks - 74.49% - continued Shares Value
-------------- ---------------
State Commercial Bank - 0.88%
North Fork Bancorporation, Inc. 600 $ 23,100
---------------
Surgical & Medical Instruments & Apparatus - 2.85%
Boston Scientific Corp. (a) 1,700 75,310
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Telephone & Telegraph Apparatus - 1.00%
Comverse Technology, Inc. (a) 1,500 26,505
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Transportation Services - 0.77%
InterActiveCorp (a) 650 20,319
---------------
Womens', Misses', Children's & Infants' Undergarments - 1.47%
The Warnaco Group, Inc. (a) 1,950 38,863
---------------
TOTAL COMMON STOCKS (Cost $1,665,797) 1,966,804
---------------
Warrants - 0.73%
Inco Ltd., Expires 08/21/2006 (a) 1,500 19,290
---------------
TOTAL WARRANTS (Cost $20,865) 19,290
---------------
Principal
Amount
--------------
Convertible Corporate Bonds - 0.89%
Corning, Inc., 0.00%, 11/08/2015 $ 30,000 23,512
---------------
TOTAL CONVERTIBLE CORPORATE BONDS (Cost $19,957) 23,512
---------------
U.S. Treasury & Agency Obligations - 0.46%
U.S. Treasury Inflationary Index Note, 3.00%, 07/15/2012 5,210 5,667
U.S. Treasury STRIP Note, 0.00%, 11/15/2027 25,000 6,584
---------------
TOTAL U.S. TREASURY & AGENCY OBLIGATIONS (Cost $12,799) 12,251
---------------
Shares
--------------
Money Market Securities - 4.81%
Huntington Money Market Fund, 0.20% (b) 127,000 127,000
---------------
TOTAL MONEY MARKET SECURITIES (Cost $127,000) 127,000
---------------
TOTAL INVESTMENTS (Cost $1,846,418) - 81.38% $ 2,148,857
---------------
Other Assets in Excess of Liabilities - 18.62% 491,625
---------------
TOTAL NET ASSETS - 100.00% $ 2,640,482
===============
(a) Non-income producing.
(b) Variable rate security; the coupon rate shown represents the rate at May 31,
2004.
(c) American Depositary Receipts.
See accompanying notes which are an integral part of the financial statements.
3
<page>
Bull Moose Growth Fund
Statement of Assets and Liabilities
May 31, 2004 (Unaudited)
Assets
Investments in securities, at value (cost $1,846,418) $ 2,148,857
Cash 494,967
Receivable for fund shares sold 25,017
Dividends receivable 1,780
Interest receivable 80
-----------------
Total assets 2,670,701
-----------------
Liabilities
Payable for securities purchased 27,547
Payable to adviser 2,152
Trustee fees accrued 520
-----------------
Total liabilities 30,219
-----------------
Net Assets $ 2,640,482
=================
Net Assets consist of:
Paid in capital 2,216,929
Accumulated net investment (loss) (34,747)
Accumulated undistributed net realized gain from investment transactions 155,861
Net unrealized appreciation on investments 302,439
-----------------
Net Assets $ 2,640,482
=================
Shares outstanding (unlimited number of shares authorized) 207,145
-----------------
Net Asset Value
offering price and redemption price per share $ 12.75
=================
See accompanying notes which are an integral part of the financial statements.
4
<page>
Bull Moose Growth Fund
Statement of Operations
Six months ended May 31, 2004 (Unaudited)
Investment Income
Dividend income $ 10,892
Interest income 1,009
---------------
Total Income 11,901
---------------
Expenses
Investment adviser fee 13,538
Trustee expenses 999
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Total Expenses 14,537
---------------
Net Investment (Loss) (2,636)
---------------
Realized & Unrealized Gain (Loss)
Net realized gain on investment securities 160,692
Change in net unrealized appreciation (depreciation)
on investment securities (112,407)
---------------
Net realized and unrealized gain (loss) on investment securities 48,285
---------------
Net increase in net assets resulting from operations $ 45,649
===============
See accompanying notes which are an integral part of the financial statements.
5
<page>
Bull Moose Growth Fund
Statements of Changes In Net Assets
Six months ended
May 31, 2004 Year ended
(Unaudited) November 30, 2003
------------------------ ----------------------------
Operations
Net investment (loss) $ (2,636) $ (834)
Net realized gain on investment securities 160,692 65,659
Change in net unrealized appreciation (depreciation) (112,407) 399,947
------------------------ ----------------------------
Net increase in net assets resulting from operations 45,649 464,772
------------------------ ----------------------------
Distributions
From net investment income (32,112) -
From net realized gain (36,943) -
------------------------ ----------------------------
Total distributions (69,055) -
------------------------ ----------------------------
Capital Share Transactions
Proceeds from shares sold 919,123 1,200,087
Reinvestment of distributions 69,055 -
Amount paid for shares repurchased (668,984) (116,760)
------------------------ ----------------------------
Net increase in net assets resulting
from share transactions 319,194 1,083,327
------------------------ ----------------------------
Total Increase in Net Assets 295,788 1,548,099
------------------------ ----------------------------
Net Assets
Beginning of period 2,344,694 796,595
------------------------ ----------------------------
End of period $ 2,640,482 $ 2,344,694
======================== ============================
Accumulated net investment (loss) $ (34,747) $ -
------------------------ ----------------------------
Capital Share Transactions
Shares sold 71,107 111,323
Shares issued in reinvestment of distributions 5,209 -
Shares repurchased (51,124) (10,333)
------------------------ ----------------------------
Net increase from capital transactions 25,192 100,990
======================== ============================
See accompanying notes which are an integral part of the financial statements.
6
<page>
Bull Moose Growth Fund
Financial Highlights
Six months ended For the
May 31, 2004 Year ended Period ended
(Unaudited) November 30, 2003 November 30, 2002 (a)
----------------- ------------------- -------------------
Selected Per Share Data (For a share outstanding throughout the period)
Net asset value, beginning of period $ 12.89 $ 9.84 $ 10.00
----------------- ------------------- -------------------
Income from investment operations
Net investment gain (loss) 0.02 (0.01) (0.04)
Net realized and unrealized gain (loss) 0.16 3.06 (0.12)
----------------- ------------------- -------------------
Total from investment operations 0.18 3.05 (0.16)
----------------- ------------------- -------------------
Less Distributions to shareholders:
From net investment income (0.15) - -
From net realized gain (0.17) - -
----------------- ------------------- -------------------
Total distributions (0.32) - -
----------------- ------------------- -------------------
Net asset value, end of period $ 12.75 $ 12.89 $ 9.84
================= =================== ===================
Total Return 1.34% (b) 31.00% -1.60%(b)
Ratios and Supplemental Data
Net assets, end of period (000) $ 2,640 $ 2,345 $ 797
Ratio of expenses to average net assets 1.07% (c) 1.15% 1.43%(c)
Ratio of net investment income to
average net assets (0.19)% (c) (0.06)% (0.38)%(c)
Portfolio turnover rate 19.74% 54.18% 52.75%
(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.
</table>
See accompanying notes which are an integral part of the financial statements.
7
<page>
Bull Moose Growth Fund
Notes to the Financial Statements
May 31, 2004
(Unaudited)
NOTE 1. ORGANIZATION
The Bull Moose Growth Fund (the "Fund") was organized as a diversified series of
AmeriPrime Advisors Trust (the "Trust") on June 28, 2001. 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 Fund's investment
objective is long term capital appreciation. The investment adviser to the Fund
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.
Securities Valuations - Equity securities generally are valued by using market
quotations, but may be valued on the basis of prices furnished by a pricing
service when the 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 of
Trustees of the Trust. 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 subchapter 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.
8
Bull Moose Growth Fund
Notes to the Financial Statements
May 31, 2004 - continued
(Unaudited)
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES - continued
Dividends and Distributions- The Fund intends to distribute substantially all of
its net investment income, if any, 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, if any, at least
once a year.
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
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 expense on
securities sold short), fees and expenses of the non-interested person trustees,
12b-1 expenses, and extraordinary expenses. As compensation for its management
services, the Fund is obligated to pay the Adviser a fee computed and accrued
daily and paid monthly at an annual rate of 1.00% of the average daily net
assets of the Fund. For the six months ended May 31, 2004, the Adviser earned a
fee of $13,538 from the Fund. At May 31, 2004, the Fund owed the Adviser $2,152
for its services.
The Trust 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 Funds per the Agreement. Certain
Trustees and the officers of the Trust are employees of Unified and/or
shareholders of Unified Financial Services, Inc. (the parent of Unified).
Unified Financial Securities, Inc. (the "Distributor") acts as the principal
distributor of the Fund's shares. The Fund has adopted a plan, pursuant to Rule
12b-1 under the Investment Company Act of 1940 that permits the Fund to pay
certain distribution and promotion expenses related to marketing shares of the
Fund; however the plan has not been activated. As a result there were no 12b-1
payments made for the period ended May 31, 2004. Certain Trustees have an
ownership interest in Unified Financial Services, Inc. (the parent company of
the Distributor), and an officer of the Trust is an officer of the Distributor.
As a result, those persons may be deemed to be affiliates of the Distributor.
NOTE 4. INVESTMENTS
For the six months ended May 31, 2004, purchases and sales of investment
securities, other than short-term investments and short-term U.S. government
obligations were as follows:
Purchases
U.S. Government Obligations $ -
Other 1,108,232
Sales
U.S. Government Obligations $ -
Other 1,263,760
9
<page>
Bull Moose Growth Fund
Notes to the Financial Statements
May 31, 2004 - continued
(Unaudited)
NOTE 4. INVESTMENTS - continued
As of May 31, 2004, the net unrealized appreciation of investments for tax
purposes was as follows:
Gross appreciation $ 323,484
Gross depreciation (21,045)
-------------------
Net appreciation
on investments $ 302,439
===================
At May 31, 2004, the aggregate cost of securities for federal income tax
purposes was $1,846,418.
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
==============
For the six months ended May 31, 2004, capital gain distributions in the amount
of $0.17 per share were paid on December 30, 2003 to shareholders of record on
December 29, 2003. Ordinary income distributions in the amount of $0.15 per
share were paid on February 13, 2004 to shareholders of record on February 12,
2004. The Fund paid short-term capital gains of $32,479, long-term capital gains
of $4,464 and ordinary income dividends of $32,112.
NOTE 7. CHANGE IN ACCOUNTANTS
On March 3, 2004, McCurdy & Associates CPA's, Inc. ("McCurdy") notified the Fund
of its intention to resign as the Fund's independent auditors upon selection of
replacement auditors.
On March 14, 2004, the Fund's Audit Committee and Board selected Cohen McCurdy,
Ltd. ("Cohen") to replace McCurdy as the Fund's auditors for the fiscal year
ending November 30, 2004 to be effective upon the resignation of McCurdy.
On March 14, 2004, upon receipt of notice that Cohen was selected as the Fund's
auditor, McCurdy resigned as independent auditors to the Fund. McCurdy's reports
on the Fund's financial statements for the fiscal years
10
<page>
Bull Moose Growth Fund
Notes to the Financial Statements
May 31, 2004 - continued
(Unaudited)
NOTE 7. CHANGE IN ACCOUNTANTS - continued
ended November 30, 2003 and 2002 contained no adverse opinion or a disclaimer of
opinion nor were they qualified or modified as to uncertainty, audit scope or
accounting principles. During the two-year period ended October 31, 2003 through
the date of engagement of Cohen, there were no disagreements with McCurdy on any
matter of accounting principles or practices, financial statement disclosure, or
auditing scope or procedure which, if not resolved to the satisfaction of
McCurdy, would have caused McCurdy to make reference to the subject matter of
the disagreements in connection with its reports on the Fund's financial
statements for such periods.
Neither the Fund nor anyone on its behalf consulted with Cohen on items which
(i) concerned the application of accounting principles to a specified
transaction, either completed or proposed or the type of audit opinion that
might be rendered on the Fund's financial statements as a result of such
consultations or (ii) concerned the subject of a disagreement (as defined in
paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or a reportable event (as
described in paragraph (a)(1)(v) of said Item 304).
11
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,
upon request by calling the Fund at (877) 322-0576 and in documents filed with
the SEC on the SEC's website at www.sec.gov.
TRUSTEES
Timothy L. Ashburn, Chairman
Gary E. Hippenstiel
Stephen A. Little
Daniel J. Condon
Ronald C. Tritschler
OFFICERS
Anthony J. Ghoston, President
Thomas G. Napurano, Chief Financial Officer and Treasurer
Carol J. Highsmith, Secretary
FUND'S ADVISER
The Roosevelt Investment Group
317 Madison Avenue
Suite 1004
New York, NY 10017
DISTRIBUTOR
Unified Financial Securities, Inc.
431 N. Pennsylvania St.
Indianapolis, IN 46204
INDEPENDENT ACCOUNTANTS
Cohen McCurdy Ltd.
826 Westpoint Parkway, Suite 1250
Westlake, OH 44145
LEGAL COUNSEL
Thompson Hine LLP
312 Walnut St., Suite 1400
Cincinnati, OH 45202
CUSTODIAN
U.S. Bank, N.A.
425 Walnut St.
Cincinnati, OH 45202
ADMINISTRATOR, TRANSFER AGENT
AND FUND ACCOUNTANT
Unified Fund Services, Inc.
431 N. Pennsylvania Street
Indianapolis, IN 46204
This report is intended only for the information of shareholders or those who
have received the Fund's prospectus which contains information about the Fund's
management fee and expenses. Please read the prospectus carefully before
investing.
Distributed by Unified Financial Securities, Inc.
Member NASD/SIPC
12
<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.
Item 5. Audit Committee of Listed Companies. Not applicable.
Item 6. Schedule of Investments. Not Applicable - schedule filed with Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.
Not applicable.
Item 8. Purchases of Equity Securities by Closed-End Funds. Not applicable.
Item 9. Submission of Matters to a Vote of Security Holders.
The registrant has not adopted procedures by which shareholders may
recommend nominees to the registrant's board of trustees.
Item 10. Controls and Procedures.
(a) Based on an evaluation of the registrant's disclosure controls and
procedures as of June 24, 2004, the disclosure controls and procedures are
reasonably designed to ensure that the information required in filings on Forms
N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no significant changes in the registrant's internal control over
financial reporting that occurred during the registrant's last fiscal half-year
that have materially affected, or are reasonably likely to materially affect,
the registrant's internal control over financial reporting.
Item 11. Exhibits.
(a)(1) Not Applicable.
(a)(2) Certifications by the registrant's principal executive officer and
principal financial officer, pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002 and required by Rule 30a-2 under the Investment
Company Act of 1940 are filed herewith.
(a)(3) Not Applicable
(b) Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.
<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/ Anthony J. Ghoston
-------------------------------------------------------------------------------
Anthony J. Ghoston, President
Date 8/3/04
----------------------------------------------------------------------------
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/ Anthony J. Ghoston
-------------------------------------------------------------------------------
Anthony J. Ghoston, President
Date 8/3/04
----------------------------------------------------------------------------
By
* /s/ Thomas G. Napurano
-------------------------------------------------------------------------------
Thomas Napurano, Chief Financial Officer and Treasurer
Date 8/3/04
----------------------------------------------------------------------------