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
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(Address of principal executive offices) (Zip code)
Terry Gallagher
- ------------------------------------
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
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Date of reporting period: 11/30/04
---------
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.
================================================================
BULL MOOSE GROWTH
FUND
================================================================
ANNUAL REPORT
NOVEMBER 30, 2004
FUND ADVISER:
THE ROOSEVELT INVESTMENT GROUP
317 MADISON AVENUE
SUITE 1004
NEW YORK, NY 10017
TOLL FREE: (877) 322-0576
THE BULL MOOSE GROWTH FUND
MANAGEMENT'S DISCUSSION AND ANALYSIS
- ------------------------------------
For the fiscal year ending November 30, 2004, the Bull Moose Growth Fund
returned 12.70%, outperformed the NASDAQ Composite Index and was narrowly beaten
by the S&P 500 Index. We are also pleased to report that the value of a $10,000
investment in the Fund since its inception grew to $14,527 (or + $1,637 for the
fiscal year), which outperformed both the NASDAQ Composite of $10,923 (+ $763
for the fiscal year) and the S&P 500 of $10,778 (+ $1,227 for the fiscal year).
Please see the chart and graph below.
Given that this was a tumultuous year for the equity markets, we are very
pleased that the Fund was able to continue to record a strong performance.
Recognizing the possible emergence of a slower-than-expected economic recovery
due to rising oil prices and commodity prices, the Fund's investment adviser,
The Roosevelt Investment Group, implemented an investment strategy that
incorporated the by-products of a slow recovery. These factors were continued
consumer spending, rising interest rates, productivity enhancement, capital
expenditure recovery, demand for domestic commodities, and improving demand for
energy, including coal. The latter two factors were the causes for rising oil
and commodity prices. 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. See the Fund's relative results below regarding the comparative success
of this strategy. Against a background of ever improving economic data, a
gradual improvement in the corporate sector bodes well for the equity markets in
fiscal 2005. This should create new investment opportunities. We believe that
your Fund is poised to take advantage of these opportunities as they occur in a
thematic environment. At the same time, we will try to take into consideration
any possible geopolitical situation that might impact the current investment
environment. These geopolitical factors include the xenophobic Middle East, the
economic and political impact of China, as well as the turmoil in the former
Soviet Union. Thus, we believe that the Fund's strategy is a prudent, but
opportunistic approach.
INVESTMENT RESULTS
- ------------------
- ------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
(FOR PERIODS ENDED NOVEMBER 30, 2004)
SINCE INCEPTION
ONE YEAR (DECEMBER 21, 2001)
-------------- ------------------------
Bull Moose Growth Fund* 12.70% 13.55%
NASDAQ Composite Index** 7.50% 3.04%
S&P 500 Index** 12.84% 2.58%
- ------------------------------------------------------------------------------
THE PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH DOES NOT GUARANTEE
FUTURE RESULTS. The investment return and principal value of an investment will
fluctuate so that an investor's shares, when redeemed, may be worth more or less
than their original cost. The returns shown do not reflect the deduction of
taxes that a shareholder would pay on fund distributions or the redemptions of
fund shares. Current performance of the Fund may be lower or higher than the
performance quoted. The Fund's investment objectives, risks, charges and
expenses must be considered carefully before investing. Performance data current
to the most recent month end may be obtained by calling 1-877-322-0576.
* Return figures reflect any change in price per share and assume the
reinvestment of all distributions.
** The Indices are unmanaged benchmarks that assume reinvestment of all
distributions and exclude the effect of taxes and fees. The NASDAQ
Composite Index and S&P 500 Index are widely recognized unmanaged indices
representative of broader markets and ranges of securities than is found in
the Fund's portfolio. Individuals cannot invest directly in the indices;
however, an individual can invest in ETFs or other investment vehicles that
attempt to track the performance of a benchmark index.
1
COMPARISON OF THE GROWTH OF A $10,000 INVESTMENT IN THE BULL MOOSE GROWTH FUND,
NASDAQ COMPOSITE INDEX AND S&P 500 INDEX
[GRAPHIC OMITTED]
NASDAQ
Bull Moose Composite S&P 500
Growth Fund Index Index
($14,527) ($10,923) ($10,778)
12/21/2001 10,000 10,000 10,000
5/31/2002 10,260 8,317 9,377
11/30/2002 9,840 7,628 8,300
5/31/2003 10,510 8,251 8,621
11/30/2003 12,890 10,160 9,551
5/31/2004 13,062 10,321 10,199
11/30/2004 14,527 10,922 10,777
The chart above assumes an initial investment of $10,000 made on December 21,
2001 (commencement of Fund operations) and held through November 30, 2004. THE
FUND'S RETURN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.
The returns shown do not reflect the 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.
The Fund is distributed by Unified Financial Securities, Inc. Member NASD
2
FUND HOLDINGS - (UNAUDITED)
- -------------
BULL MOOSE GROWTH FUND HOLDINGS AS OF NOVEMBER 30, 2004 1
[GRAPHIC OMITTED]
Common Stocks 92.63%
Money Market Securities 4.66%
Other Securities 2.70%
Other Assets in Excess of Liabilities 0.01%
1As a percentage of net assets.
The Bull Moose Growth Fund (the "Fund") invests primarily in common stocks of
U.S. companies of all capitalization ranges.
AVAILABILITY OF PORTFOLIO SCHEDULE - (UNAUDITED)
- ----------------------------------
The Fund files its complete schedule of portfolio holdings with the Securities
and Exchange Commission ("SEC") for the first and third quarters of each fiscal
year on Form N-Q. The Fund's Form N-Qs are available at the SEC's website at
www.sec.gov. The Fund's Form N-Qs may be reviewed and copied at the Public
Reference Room in Washington, DC. Information on the operation of the Public
Reference Room may be obtained by calling 1-800-SEC-0330.
SUMMARY OF FUND'S EXPENSES - (UNAUDITED)
- --------------------------
As a shareholder of the Fund, you incur ongoing costs, including management fees
and trustee expenses. This Example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the
period (June 1, 2004) and held for the entire period (through November 30,
2004).
Actual Expenses
- ---------------
The first line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.60), then multiply the result by the number
in the first line under the heading entitled "Expenses Paid During Period" to
estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
- --------------------------------------------
The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on the Fund's actual expense
ratios and an assumed rate of return of 5% per year before
3
expenses, which are not the Fund's actual returns. The hypothetical account
values and expenses may not be used to estimate the actual ending account
balance or expenses you paid for the period. You may use this information to
compare the ongoing costs of investing in the Fund and other funds. To do so,
compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
----------------------------------- ------------------- -------------------------- --------------------------
BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
BULL MOOSE GROWTH FUND VALUE VALUE PERIOD* ENDED
JUNE 1, 2004 NOVEMBER 30, 2004 NOVEMBER 30, 2004
----------------------------------- ------------------- -------------------------- --------------------------
Actual $1,000.00 $1,112.20 $5.68
(11.22% return after expenses)
----------------------------------- ------------------- -------------------------- --------------------------
Hypothetical $1,000.00 $1,019.62 $5.43
(5% return before expenses)
----------------------------------- ------------------- -------------------------- --------------------------
*Expenses are equal to the Fund's annualized expense ratio of 1.075%, multiplied
by the average account value over the period, multiplied by 183/366 (to reflect
the number of days in the period).
4
BULL MOOSE GROWTH FUND
SCHEDULE OF INVESTMENTS
NOVEMBER 30, 2004
COMMON STOCKS - 92.63% SHARES VALUE
-------------- ----------------
AGRICULTURAL CHEMICALS - 2.48%
Potash Corp. of Saskatchewan, Inc. 1,000 $ 76,580
----------------
AIR CONDITIONING & WARM AIR HEATING EQUIPMENT &
COMMERCIAL & INDUSTRIAL REFRIGERATION EQUIPMENT - 1.89%
American Standard Companies, Inc. (a) 1,500 58,410
----------------
AIR COURIER SERVICES - 1.08%
Fedex Corp. 350 33,261
----------------
BITUMINOUS COAL & LIGNITE SURFACE MINING - 2.55%
Peabody Energy Corp. 950 78,850
----------------
BROADWOVEN FABRIC MILLS, MAN MADE FIBER & SILK - 3.09%
Hallwood Group, Inc. (a) 1,000 95,540
----------------
CABLE & OTHER PAY TELEVISION SERVICES - 1.09%
Liberty Media International Corp. - Class A (a) 779 33,544
----------------
CALCULATING & ACCOUNTING MACHINES - 1.93%
NCR Corp. (a) 1,000 59,730
----------------
CHEMICAL & ALLIED PRODUCTS - 2.98%
Monsanto Co. 2,000 92,040
----------------
COMMERCIAL PRINTING - 2.13%
Donnelley, R.R. & Sons 1,900 65,930
----------------
COMPUTER PERIPHERAL EQUIPMENT - 1.94%
Symbol Technolgies, Inc. 3,950 59,882
----------------
CRUDE PETROLEUM & NATURAL GAS - 5.36%
EOG Resources, Inc. 800 60,056
Talisman Energy, Inc. 3,750 105,675
----------------
165,731
----------------
DRAWING & INSULATING OF NONFERROUS WIRE - 1.04%
Corning, Inc. (a) 2,550 32,079
----------------
ELECTRONIC COMPUTERS - 2.60%
Apple Computer, Inc. (a) 1,200 80,460
----------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT - 1.89%
General Electric Co. 1,650 58,344
----------------
ELECTRONIC & OTHER SERVICES COMBINED - 0.94%
Exelon Corp. 700 29,197
----------------
FOOD & KINDRED PRODUCTS - 3.72%
Altria Group, Inc. 2,000 114,980
----------------
GAS & OTHER SERVICES COMBINED - 3.05%
Sempra Energy 2,550 94,299
----------------
HEAVY CONSTRUCTION OTHER THAN BUILDING
CONSTRUCTION CONTRACTORS - 1.09%
Fluor Corp. 650 33,735
----------------
See accompanying notes which are an integral part of the financial statements.
5
BULL MOOSE GROWTH FUND
SCHEDULE OF INVESTMENTS - CONTINUED
NOVEMBER 30, 2004
COMMON STOCKS - 92.63% - CONTINUED SHARES VALUE
-------------- ----------------
HOSPITAL & MEDICAL SERVICE PLANS - 2.68%
UnitedHealth Group, Inc. 1,000 $ 82,850
----------------
INDUSTRIAL & COMMERCIAL FANS & BLOWERS &
AIR PURIFYING EQUIPMENT - 2.84%
Flanders Corp. (a) 8,800 87,824
----------------
INDUSTRIAL INORGANIC CHEMICALS - 1.29%
Minerals Technologies, Inc. 600 39,810
----------------
MINING & QUARRYING OF NONMETALLIC MINERALS - 1.35%
Compass Minerals International, Inc. 1,850 41,810
----------------
MISCELLANEOUS CHEMICAL PRODUCTS - 2.37%
Cabot Corp. 1,950 73,417
----------------
MISCELLANEOUS PRODUCTS OF PETROLEUM & COAL - 0.88%
Headwaters, Inc. (a) 850 27,226
----------------
MISCELLANEOUS TRANSPORTATION EQUIPMENT - 1.28%
Polaris Industries, Inc. 600 39,540
----------------
MOTOR HOMES - 0.92%
Thor Industries, Inc. 850 28,390
----------------
NATIONAL COMMERCIAL BANKS - 3.85%
MBNA Corp. 2,050 54,448
Wachovia Corp. 1,250 64,687
----------------
119,135
----------------
OIL & GAS FIELD SERVICES - 1.80%
Schlumberger Ltd. 850 55,785
----------------
PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS - 0.61%
Avon Products, Inc. 500 18,770
----------------
PETROLEUM REFINING - 1.69%
Suncor Energy, Inc. 1,500 52,155
----------------
PHARMACEUTICAL PREPARATIONS - 2.72%
Allergan, Inc. 400 29,400
Hollis-Eden Pharmaceuticals (a) 3,100 31,434
Schering Plough Corp. 1,300 23,205
----------------
84,039
----------------
PHOTOGRAPHIC EQUIPMENT & SUPPLIES - 1.76%
Eastman Kodak Co. 1,665 54,462
----------------
PRIMARY SMELTING & REFINING OF NONFERROUS METALS - 2.25%
Inco Ltd. (a) 1,850 69,708
----------------
RADIOTELEPHONE COMMUNICATIONS - 0.71%
Vodafone Group Plc. (b) 800 21,816
----------------
RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT - 1.73%
Qualcomm, Inc. 500 20,810
Scientific-Atlanta, Inc. 1,100 32,582
----------------
53,392
----------------
See accompanying notes which are an integral part of the financial statements.
6
BULL MOOSE GROWTH FUND
SCHEDULE OF INVESTMENTS - CONTINUED
NOVEMBER 30, 2004
COMMON STOCKS - 92.63% - CONTINUED SHARES VALUE
-------------- ----------------
RAILROADS - 2.20%
Kansas City Southern (a) 4,000 $ 68,040
----------------
RETAIL - EATING PLACES - 1.98%
Yum Brands, Inc. 1,350 61,290
----------------
RETAIL - HOBBY, TOY & GAME SHOPS - 1.25%
Toys "R" Us, Inc. (a) 2,000 38,680
----------------
RETAIL - RETAIL STORES - 2.00%
PETsMART, Inc. 1,800 61,686
----------------
SEMICONDUCTORS & RELATED DEVICES - 1.28%
Microchip Technology, Inc. 1,400 39,452
----------------
SERVICES - MANAGEMENT SERVICES - 1.75%
Servicemaster Co. 4,100 53,997
----------------
SERVICES - MISCELLANEOUS AMUSEMENT & RECREATION - 2.13%
Penn National Gaming, Inc. (a) 1,250 65,962
----------------
SOAP, DETERGENTS, CLEANING PREPARATIONS, PERFUMES, COSMETICS - 1.73%
Procter & Gamble Co. 1,000 53,480
----------------
STATE COMMERCIAL BANK - 1.68%
North Fork Bancorporation, Inc. 1,800 51,840
----------------
SURGICAL & MEDICAL INSTRUMENTS & APPARATUS - 1.91%
Boston Scientific Corp. (a) 1,700 59,177
----------------
TELEPHONE & TELEGRAPH APPARATUS - 1.89%
Comverse Technology, Inc. (a) 2,750 58,493
----------------
WOMENS', MISSES', CHILDREN'S & INFANTS' UNDERGARMENTS - 1.25%
Warnaco Group, Inc. (a) 1,950 38,747
----------------
TOTAL COMMON STOCKS (COST $2,332,665) 2,863,565
----------------
CANADIAN WARRANTS - 0.69%
Inco Ltd., Expires 08/21/2006 (a) 1,500 21,420
----------------
TOTAL WARRANTS (COST $20,865) 21,420
----------------
PRINCIPAL
AMOUNT
--------------
CONVERTIBLE CORPORATE BONDS - 0.77%
Corning, Inc., 0.00%, 11/08/2015 (a) $ 30,000 23,850
----------------
TOTAL CONVERTIBLE CORPORATE BONDS (Cost $20,394) 23,850
----------------
U.S. TREASURY & AGENCY OBLIGATIONS - 0.43%
U.S. Treasury Inflationary Index Note, 3.00%, 07/15/2012 5,275 5,865
U.S. Treasury STRIP Note, 0.00%, 11/15/2027 (a) 25,000 7,424
----------------
TOTAL U.S. TREASURY & AGENCY OBLIGATIONS (COST $13,146) 13,289
----------------
See accompanying notes which are an integral part of the financial statements.
7
BULL MOOSE GROWTH FUND
SCHEDULE OF INVESTMENTS - CONTINUED
NOVEMBER 30, 2004
SHARES VALUE
-------------- ----------------
CONVERTIBLE PREFERRED STOCKS - 0.81%
Schering Plough, 6.00%, 09/14/07 500 $ 25,000
----------------
TOTAL CONVERTIBLE PREFERRED STOCKS (COST $25,900) 25,000
----------------
MONEY MARKET SECURITIES - 4.66%
Huntington Money Market Fund, 0.88% (c) 143,855 143,855
----------------
TOTAL MONEY MARKET SECURITIES (COST $143,855) 143,855
----------------
TOTAL INVESTMENTS (COST $2,556,825) - 99.99% 3,090,979
----------------
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.01% 441
----------------
TOTAL NET ASSETS - 100.00% $ 3,091,420
================
(a) Non-income producing.
(b) American Depositary Receipts.
(c) Variable rate security; the coupon rate shown represents the rate at
November 30, 2004.
See accompanying notes which are an integral part of the financial statements.
8
BULL MOOSE GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 2004
ASSETS
Investments in securities, at value (cost $2,556,825) $ 3,090,979
Dividends receivable 3,564
Interest receivable 151
----------------
TOTAL ASSETS 3,094,694
----------------
LIABILITIES
Payable to adviser 2,769
Trustee fees accrued 505
----------------
TOTAL LIABILITIES 3,274
----------------
NET ASSETS $ 3,091,420
================
NET ASSETS CONSIST OF:
Paid in capital 2,364,011
Accumulated undistributed net realized gain from investment transactions 193,255
Net unrealized appreciation on investments 534,154
----------------
NET ASSETS $ 3,091,420
================
Shares outstanding (unlimited number of shares authorized) 218,086
----------------
Net Asset Value,
offering and redemption price per share $ 14.18
================
See accompanying notes which are an integral part of the financial statements.
9
BULL MOOSE GROWTH FUND
STATEMENT OF OPERATIONS
FISCAL YEAR ENDED NOVEMBER 30, 2004
INVESTMENT INCOME
Dividend income $ 24,841
Interest income 2,156
---------------
TOTAL INCOME 26,997
---------------
EXPENSES
Investment adviser fee 27,064
Trustee expenses 2,032
---------------
TOTAL EXPENSES 29,096
---------------
NET INVESTMENT (LOSS) (2,099)
---------------
REALIZED & UNREALIZED GAIN FROM INVESTMENTS
Net realized gain on investment securities 232,297
Change in unrealized appreciation (depreciation)
on investment securities 119,308
---------------
Net realized and unrealized gain on investment securities 351,605
---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 349,506
===============
See accompanying notes which are an integral part of the financial statements.
10
BULL MOOSE GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
YEAR ENDED YEAR ENDED
NOVEMBER 30, 2004 NOVEMBER 30, 2003
------------------------ ----------------------------
OPERATIONS
Net investment (loss) $ (2,099) $ (834)
Net realized gain on investment securities 232,297 65,659
Change in unrealized appreciation (depreciation) 119,308 399,947
------------------------ ----------------------------
Net increase in net assets resulting from operations 349,506 464,772
------------------------ ----------------------------
DISTRIBUTIONS
From net realized gain (69,055) -
------------------------ ----------------------------
Total distributions (69,055) -
------------------------ ----------------------------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold 1,187,033 1,200,087
Reinvestment of distributions 69,055 -
Amount paid for shares repurchased (789,813) (116,760)
------------------------ ----------------------------
Net increase in net assets resulting
from share transactions 466,275 1,083,327
------------------------ ----------------------------
TOTAL INCREASE IN NET ASSETS 746,726 1,548,099
------------------------ ----------------------------
NET ASSETS
Beginning of period 2,344,694 796,595
------------------------ ----------------------------
End of period $ 3,091,420 $ 2,344,694
======================== ============================
Accumulated undistributed net
investment income included
in net assets at end of period $ - $ -
------------------------ ----------------------------
CAPITAL SHARE TRANSACTIONS
Shares sold 91,325 111,323
Shares issued in reinvestment of distributions 5,209 -
Shares repurchased (60,401) (10,333)
------------------------ ----------------------------
Net increase from capital share transactions 36,133 100,990
======================== ============================
See accompanying notes which are an integral part of the financial statements.
11
BULL MOOSE GROWTH FUND
FINANCIAL HIGHLIGHTS
The tables below set forth financial data for a share outstanding throughout
each period presented.
FOR THE
YEAR ENDED YEAR ENDED PERIOD ENDED
NOVEMBER 30, 2004 NOVEMBER 30, 2003 NOVEMBER 30, 2002 (a)
----------------- ------------------ ------------------
SELECTED PER SHARE DATA
Net asset value, beginning of period $ 12.89 $ 9.84 $ 10.00
----------------- ------------------ ------------------
Income from investment operations
Net investment (loss) (0.01) (0.01) (0.04)
Net realized and unrealized gain (loss) 1.62 3.06 (0.12)
----------------- ------------------ ------------------
Total from investment operations 1.61 3.05 (0.16)
----------------- ------------------ ------------------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net realized gain (0.32) - -
----------------- ------------------ ------------------
Total distributions (0.32) - -
----------------- ------------------ ------------------
Net asset value, end of period $ 14.18 $ 12.89 $ 9.84
================= ================== ==================
TOTAL RETURN (b) 12.70% 31.00% -1.60% (c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000) $ 3,091 $ 2,345 $ 797
Ratio of expenses to average net assets 1.07% 1.15% 1.43% (d)
Ratio of net investment income to
average net assets (0.08)% (0.06)% (0.38)(d)
Portfolio turnover rate 82.28% 54.18% 52.75%
(a) For the period December 21, 2001 (Commencement of Operations) through
November 30, 2002.
(b) Total return in the above table represents the rate that the investor would
have earned or lost on an investment in the Fund, assuming reinvestment of
dividends.
(c) For periods of less than a full year, total return is not annualized.
(d) Annualized.
See accompanying notes which are an integral part of the financial statements.
12
BULL MOOSE GROWTH FUND
NOTES TO THE FINANCIAL STATEMENTS
NOVEMBER 30, 2004
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. If the required amount of net investment income is not
distributed, the Fund could incur a tax expense.
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.
13
BULL MOOSE GROWTH FUND
NOTES TO THE FINANCIAL STATEMENTS
NOVEMBER 30, 2004 - CONTINUED
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. Distributions to shareholders are recorded on the ex-dividend
date. 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. 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 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. Net investment loss of $2,099 was reclassified to accumulated
undistributed net realized short term gains on November 30, 2004.
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
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 fiscal year ended November 30, 2004, the Adviser earned a fee of $27,064
from the Fund. As of November 30, 2004, the Fund owed the Adviser $2,769 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. A Trustee and
the officers of the Trust are members of management and/or employees of Unified
and/or officers or shareholders of Unified Financial Services, Inc. ("UFS") (the
parent of Unified).
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 fiscal year ended November 30, 2004. A Trustee has an
ownership interest in UFS (the parent company of the Distributor), and certain
officers of the Trust are a director and/or officers of the Distributor and/or
shareholders of UFS. As a result, those persons may be deemed to be affiliates
of the Distributor.
14
BULL MOOSE GROWTH FUND
NOTES TO THE FINANCIAL STATEMENTS
NOVEMBER 30, 2004 - CONTINUED
NOTE 4. INVESTMENTS
For the fiscal year ended November 30, 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 2,515,647
SALES
U.S. Government Obligations $ -
Other 2,050,010
As of November 30, 2004, the net unrealized appreciation of investments for tax
purposes was as follows:
Gross appreciation $ 552,920
Gross depreciation (18,766)
-------------------
Net appreciation
on investments $ 534,154
===================
At November 30, 2004, the aggregate cost of securities for federal income tax
purposes was $2,556,825.
NOTE 5. ESTIMATES
The preparation of financial statements in conformity 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 disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of increases and decreases in
net assets from operations during the reporting period. Actual results could
differ from those estimates.
NOTE 6. DISTRIBUTIONS TO SHAREHOLDERS
On December 29, 2004, a distribution of $1.04 per share was declared. The
dividend was paid on December 29, 2004 to shareholders of record on December 28,
2004.
The tax character of distributions paid during the fiscal years ended November
30, 2004 and 2003 is as follows:
2004 2003
------------- ------------
Long-term Capital Gain $ 4,464 $ -
Short-term Capital Gain 64,591 -
------------- ------------
Total distributions paid $ 69,055 $ -
============= ============
15
BULL MOOSE GROWTH FUND
NOTES TO THE FINANCIAL STATEMENTS
NOVEMBER 30, 2004 - CONTINUED
NOTE 6. DISTRIBUTIONS TO SHAREHOLDERS - CONTINUED
As of November 30, 2004, the components of distributable earnings on a tax basis
were as follows:
Undistributed long-term capital gain/(accumulated losses) $ 193,255
Unrealized appreciation/(depreciation) 534,154
---------------
$ 727,409
===============
NOTE 7. CHANGE OF AUDITORS
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 Board and the Fund's Audit Committee 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, whose audit practice was acquired by Cohen, resigned as
independent auditors to the Fund. McCurdy's report dated December 11, 2003 on
the Fund's financial statements for the fiscal year ended November 30, 2003
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
period December 11, 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).
16
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
-------------------------------------------------------
To The Shareholders and
Board of Trustees
Bull Moose Growth Fund
We have audited the accompanying statement of assets and liabilities, including
the schedule of investments, of the Bull Moose Growth Fund as of November 30,
2004, and the related statements of operations and changes in net assets and the
financial highlights for the fiscal year then ended. 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 audit. The statement of changes in net assets
for the year ended November 30, 2003 and the financial highlights for the
periods indicated prior to November 30, 2004 were audited by McCurdy &
Associates CPA's, Inc., whose audit practice was acquired by Cohen McCurdy, Ltd.
McCurdy & Associates CPA's, Inc. expressed unqualified opinions on those
statements and highlights.
We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). 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
securities and cash held as of November 30, 2004 by correspondence with the
Fund's custodian. 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 audit provides 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 Bull
Moose Growth Fund as of November 30, 2004, and the results of operations,
changes in net assets and the financial highlights for the year then ended, in
conformity with accounting principles generally accepted in the United States of
America.
/s/ Cohen McCurdy
Cohen McCurdy, Ltd.
Westlake, Ohio
January 13, 2005
TRUSTEES AND OFFICERS (UNAUDITED)
- ---------------------------------
INDEPENDENT TRUSTEES
- ----------------------------------------------------- ----------------------------------------------------------------
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 June 2003; Trustee of Access
Variable Insurance Trust since April 2003.
- ----------------------------------------------------- ----------------------------------------------------------------
Stephen A. Little (1946) President and founder of The Rose, Inc., a registered
investment advisor, since April 1993; Trustee of AmeriPrime
Chairman, December 2004 to present Funds and Unified Series Trust since December 2002; Trustee of
Trustee, November 2002 to present CCMI Funds since June 2003.
- ----------------------------------------------------- ----------------------------------------------------------------
Daniel J. Condon (1950) President of International Crankshaft Inc., an automotive
equipment manufacturing company, since 2004, Vice President
Trustee, November 2002 to present and General Manager from 1990 to 2003; Trustee of The Unified
Funds from 1994 to 2002; Trustee of Firstar 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 June 2003.
- ----------------------------------------------------- ----------------------------------------------------------------
INTERESTED TRUSTEES AND PRINCIPAL OFFICERS
- ---------------------------------------------------- -----------------------------------------------------------------
NAME, ADDRESS*, (DATE OF BIRTH), POSITION WITH PRINCIPAL OCCUPATION DURING PAST 5 YEARS
FUND COMPLEX,** TERM OF POSITION WITH TRUST AND OTHER DIRECTORSHIPS
- ---------------------------------------------------- -----------------------------------------------------------------
Ronald C. Tritschler (1952)*** Chief Executive Officer, Director and Legal Counsel of The Webb
Companies, a national real estate company, since 2001,
Trustee, November 2002 to present Executive Vice President and Director from 1990 to 2000;
Director of First State Financial since 1998; Director, Vice
President and Legal Counsel of The Traxx Companies, an owner
and operator of convenience stores, since 1989; Trustee of
AmeriPrime Funds and Unified Series Trust since December 2002;
Trustee of CCMI Funds since June 2003.
- ---------------------------------------------------- -----------------------------------------------------------------
Anthony J. Ghoston (1959) Executive Vice President of Unified Fund Services, Inc., the
Trust's administrator, since June 2004, Senior Vice President
President, July 2004 to present from April 2003 to June 2004; Senior Vice President and Chief
Information Officer of Unified Financial Services, Inc., the
parent company of the Trust's administrator and distributor,
from 1997 to November 2004; President of AmeriPrime Funds, CCMI
Funds, and Unified Series Trust since July 2004.
- ---------------------------------------------------- -----------------------------------------------------------------
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, since 1989, Director from 1989
2002 to present to March 2002; Director of Unified Financial Securities, Inc.,
the Trust's distributor, since December 2004, Chief Financial
Officer and Executive Vice President since June 1990; Executive
Vice President, Treasurer, and Chief Financial Officer of
Unified Fund Services, Inc., the Trust's administrator, since
1990, Director since 2004; Treasurer and Chief Financial Officer
of AmeriPrime Funds since October 2002 and Unified Series Trust
since December 2002; Treasurer and Chief Financial Officer of
CCMI Funds since June 2003; Treasurer of The Unified Funds from
1994 to 2002 and Firstar Select Funds from 1997 to 2000.
- ---------------------------------------------------- -----------------------------------------------------------------
Freddie Jacobs, Jr., CPA (1970) Vice President of Unified Fund Services, Inc., the Trust's
administrator, since December 2003; Assistant Vice President of
Secretary, September 2004 to present U.S. Bancorp Fund Services LLC from 2000 to December 2003,
Trust Officer from 1998 to 2000; Secretary of AmeriPrime Funds,
CCMI Funds and Unified Series Trust since September 2004;
Principal Accounting Officer of Lindbergh Funds since February
2004.
- ---------------------------------------------------- -----------------------------------------------------------------
Lynn E. Wood (1946) Chief Compliance Officer of AmeriPrime Funds, Unified Series
Trust, and CCMI Funds since October 2004; Chief Compliance
Chief Compliance Officer, October 2004 to present Officer of Unified Financial Securities, Inc., the Trust's
distributor, since December 2004 and from 1997 to 2000,
Chairman from 1997 to December 2004, President from 1997 to
2000; Director of Compliance of Unified Fund Services, Inc.,
the Trust's administrator, from October 2003 to September 2004;
Chief Compliance Officer of Unified Financial Services, Inc.,
the parent company of the Trust's administrator and
distributor, from 2000 to 2004.
- ---------------------------------------------------- -----------------------------------------------------------------
* The address for each of the trustees and officers is 431 N. Pennsylvania
St., Indianapolis, IN 46204.
** Fund Complex refers to AmeriPrime Advisors Trust, AmeriPrime Funds and
Unified Series Trust. The Fund Complex consists of 27 series.
*** 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.
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 and information regarding how
the Fund voted those proxies during the twelve month period ended June 30, 2004
are 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
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
Freddie Jacobs, Jr., Secretary
Lynn Wood, Chief Compliance Officer
INVESTMENT ADVISOR
The Roosevelt Investment Group
317 Madison Avenue, Suite 1004
New York, NY 10017
DISTRIBUTOR
Unified Financial Securities, Inc.
431 N. Pennsylvania Street
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
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.
(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.
(a) AUDIT FEES
----------
FY 2003 $ 9,747
FY 2004 $ 9,792
(b) AUDIT-RELATED FEES
------------------
Registrant
----------
FY 2003 $ 0
FY 2004 $ 0
Nature of the fees:
(c) TAX FEES
--------
Registrant
----------
FY 2003 $ 650
FY 2004 $ 675
Nature of the fees: preparation of 1120-RIC
(d) ALL OTHER FEES
--------------
Registrant
----------
FY 2003 $ 0
FY 2004 $ 0
Nature of the fees:
(e) (1) AUDIT COMMITTEE'S PRE-APPROVAL POLICIES
---------------------------------------
The Audit Committee Charter requires the Audit Committee to be
responsible for the selection, retention or termination of
auditors and, in connection therewith, to (i) evaluate the
proposed fees and other compensation, if any, to be paid to the
auditors, (ii) evaluate the independence of the auditors, (iii)
pre-approve all audit services and, when appropriate, any
non-audit services provided by the independent auditors to the
Trust, (iv) pre-approve, when appropriate, any non-audit services
provided by the independent auditors to the Trust's investment
adviser, or any entity controlling, controlled by, or under
common control with the investment adviser and that provides
ongoing services to the Trust if the engagement relates directly
to the operations and financial reporting of the Trust, and (v)
receive the auditors' specific representations as to their
independence;
(2) PERCENTAGES OF SERVICES APPROVED BY THE AUDIT COMMITTEE
-------------------------------------------------------
Registrant
----------
Audit-Related Fees: 100%
Tax Fees: 100%
All Other Fees: 100%
None of the services described in paragraph (b) through (d) of
this Item were approved by the audit committee pursuant to
paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) During the audit of registrant's financial statements for the most recent
fiscal year, less than 50 percent of the hours expended on the principal
accountant's engagement were attributed to work performed by persons other
than the principal accountant's full-time, permanent employees.
(g) The aggregate non-audit fees billed by the registrant's accountant for
services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under
common control with the adviser that provides ongoing services to the
registrant:
Registrant
----------
FY 2003 $ 0
FY 2004 $ 0
(h) Not applicable. The auditor performed no services for the registrant's
investment adviser or any entity controlling, controlled by, or under
common control with the investment adviser that provides ongoing services
to the registrant.
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 December 22, 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 second 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) Code is filed herewith
(a)(2) Certifications by the registrant's principal executive officer and
principal financial officer, pursuant to Section 302 of the Sarbanes-
Oxley Act of 2002 and required by Rule 30a-2under the Investment
Company Act of 1940 are filed herewith.
(a)(3) Not Applicable
(b) Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) AmeriPrime Advisors Trust
By
* /s/ Anthony J. Ghoston
------------------------------------------------------------------------------
Anthony J. Ghoston, President
Date 1/28/05
---------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By
* /s/ Anthony J. Ghoston
------------------------------------------------------------------------------
Anthony J. Ghoston, President
Date 1/28/05
---------------------------------------------------------------------------
By
* /s/ Thomas G. Napurano
------------------------------------------------------------------------------
Thomas G. Napurano, Chief Financial Officer and Treasurer
Date 1/26/05
---------------------------------------------------------------------------