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)
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: 12/31
------------
Date of reporting period: 12/31/04
---------
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.
<page>
================================================================================
INSTITUTIONAL SHORT-TERM GOVERNMENT BOND FUND (THE CORE FUND)
================================================================================
ANNUAL REPORT
DECEMBER 31, 2004
FUND ADVISOR:
WERTZ YORK CAPITAL MANAGEMENT GROUP, LLC
3434 COLWELL AVE, SUITE 100
TAMPA, FL 33614
TOLL FREE: 877-411-1167
<page>
MANAGEMENT DISCUSSION AND ANALYSIS
INVESTMENT RESULTS - PERIOD ENDED DECEMBER 31, 2004
As indicated by the following chart, the Institutional Short-Term Government
Bond Fund (the Fund) underperformed the 1-Year Constant Maturity Treasury Index
(the Index) in fiscal year 2004 by 51 basis points. The primary reason for
underperforming the Index was our decision to shorten the duration of the
portfolio significantly during the fourth-quarter. This management decision
resulted in a quarter of much lower dividends; however we felt it was necessary
to maintain the Fund's stability during the Federal Reserve's interest rate
hikes.
We are pleased with the overall results of the Fund. In a year of increasing
interest rates, in particular short-term rates, the Fund's return was positive
and net asset value stability was maintained throughout most of the year (there
was a small degree of fluctuation during the second quarter).
Our outlook for 2005 is cautious. We expect that the overall performance of the
Fund will be impacted considerably by Federal Reserve policy. While it is
impossible to predict the actions of the Federal Reserve with certainty, it
appears that the Federal Reserve Board will continue to raise the Fed Fund's
rate at a measured pace. Moving into 2005, we have shortened the duration and
weighted-average maturity considerably from previous levels. The asset
allocation is heavily weighted toward Agency securities that mature in 18 months
or less. We have positioned the Fund in this manner in an effort to uphold NAV
stability while maintaining a competitive yield. We believe the Fund is
positioned well to react favorably to Federal Reserve interest rate increases.
- --------------------------------------------------------------------------------
NOMINAL RATES OF RETURN
- --------------------------------------------------------------------------------
TIME PERIOD 1-YR CMT** THE FUND*
1 Year (2004) 1.87% 1.38%
Inception-to-Date 5.22% 4.99%
- --------------------------------------------------------------------------------
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 1-877-411-1167.
* Return figures reflect any change in price per share and assume the
reinvestment of all distributions.
** The Index is an unmanaged benchmark that assumes reinvestment of all
distributions and excludes the effect of taxes and fees. The 1-Year Constant
Maturity Treasury Index is an unmanaged index of US Treasury bonds.
1
<page>
[GRAPH OMITTED]
GROWTH OF $250,000 INVESTMENT
(2004)
1-YEAR CONSTANT MATURITY INSTITUTIONAL SHORT-TERM
TREASURY INDEX ($254,674) GOVERNMENT BOND FUND ($253,432)
January $ 250,000 $250,000
February $ 250,514 $251,291
March $ 250,760 $251,672
April $ 251,056 $251,056
May $ 251,424 $250,699
June $ 251,862 $250,898
July $ 252,295 $251,569
August $ 252,712 $252,497
September $ 253,149 $252,651
October $ 253,609 $253,057
November $ 254,124 $253,232
December $ 254,674 $253,432
*This chart shows the value of a hypothetical initial investment of $250,000 in
the Fund and the 1-Year Constant Maturity Treasury Index on January 1, 2004 and
held through December 31, 2004. The 1-Year Constant Maturity Treasury Index is
an unmanaged index of US Treasury bonds. Performance figures reflect the change
in value of the bonds in the index and reinvestment of dividends. The index
returns do not reflect expenses, which have been deducted from the Fund's
return. The returns shown do not reflect deduction of taxes that a shareholder
would pay on Fund distributions or the redemption of Fund shares. THE FUND'S
RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE OF FUTURE RESULTS.
[GRAPH OMITTED]
GROWTH OF $250,000
(INCEPTION-TO-DATE)
1-YEAR CONSTANT MATURITY INSTITUTIONAL SHORT-TERM
TREASURY INDEX ($263,042) GOVERNMENT BOND FUND ($262,487)
1/9/02 $ 250,000 $ 250,000
Jan-02 $ 250,446 $ 250,000
Feb-02 $ 250,906 $ 250,000
Mar-02 $ 251,437 $ 249,570
Apr-02 $ 251,951 $ 250,756
May-02 $ 252,439 $ 251,695
Jun-02 $ 252,898 $ 252,175
Jul-02 $ 253,307 $ 252,890
Aug-02 $ 253,676 $ 253,730
Sep-02 $ 254,036 $ 254,344
Oct-02 $ 254,383 $ 255,005
Nov-02 $ 254,697 $ 255,156
Dec-02 $ 255,003 $ 256,291
Jan-03 $ 255,290 $ 256,619
Feb-03 $ 255,565 $ 257,272
Mar-03 $ 255,827 $ 257,761
Apr-03 $ 256,096 $ 258,285
May-03 $ 256,347 $ 258,716
Jun-03 $ 256,561 $ 259,107
Jul-03 $ 256,799 $ 257,423
Aug-03 $ 257,078 $ 257,294
Sep-03 $ 257,342 $ 259,281
Oct-03 $ 257,608 $ 258,669
Nov-03 $ 257,894 $ 258,549
Dec-03 $ 258,174 $ 258,914
Jan-04 $ 258,439 $ 259,582
Feb-04 $ 258,705 $ 260,253
Mar-04 $ 258,960 $ 260,650
Apr-04 $ 259,267 $ 260,008
May-04 $ 259,648 $ 259,636
Jun-04 $ 260,103 $ 259,843
Jul-04 $ 260,553 $ 260,540
Aug-04 $ 260,988 $ 261,508
Sep-04 $ 261,445 $ 261,668
Oct-04 $ 261,926 $ 262,093
Nov-04 $ 262,465 $ 262,277
Dec-04 $ 263,042 $ 262,487
*This chart shows the value of a hypothetical initial investment of $250,000 in
the Fund and the 1-Year Constant Maturity Treasury Index on January 9, 2002
(Fund inception) and held through December 31, 2004. The 1-Year Constant
Maturity Treasury Index is an unmanaged index of US Treasury bonds. Performance
figures reflect the change in value of the bonds in the index and reinvestment
of dividends. The index returns do not reflect expenses, which have been
deducted from the Fund's return. The returns shown do not reflect deduction of
taxes that a shareholder would pay on Fund distributions or the redemption of
Fund shares. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT PREDICTIVE
OF FUTURE RESULTS.
For a prospectus and more information, including charges and expenses call
1-877-411-1167. The prospectus should be read carefully before investing.
The Fund is distributed by Unified Financial Securities, Inc.
2
<page>
FUND HOLDINGS - (UNAUDITED)
- -------------
INSTITUTIONAL SHORT-TERM GOVERNMENT BOND FUND (THE CORE FUND) HOLDINGS
AS OF DECEMBER 31, 2004 1
Municipal Bonds - 11.59% 11.59%
Government Agencies - 68.31% 68.31%
Government Mortgaged Backed Securities - 14.71% 14.71%
U.S. Treasuries - 2.73% 2.73%
Money Market Securities - 5.05% 5.05%
Liabilities in excess of other assets - (2.39)% -2.39%
1 As a percentage of net assets.
Under normal circumstances, the Fund's portfolio will have a dollar-weighted
average maturity of no more than 3 years and at least 80% of the Fund's assets
(defined as net assets plus the amount of any borrowing for investment purposes)
will be invested in government bonds.
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 (July 1, 2004) and held for the entire period (through December 31,
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.
3
<page>
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 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.
<table>
<s> <c> <c> <c>
----------------------------------- ------------------- -------------------------- --------------------------
INSTITUTIONAL SHORT-TERM BEGINNING ACCOUNT ENDING ACCOUNT EXPENSES PAID DURING
GOVERNMENT BOND FUND (THE CORE VALUE VALUE PERIOD* ENDED
FUND) JULY 1, 2004 DECEMBER 31, 2004 DECEMBER 31, 2004
----------------------------------- ------------------- -------------------------- --------------------------
Actual $1,000.00 $1,010.20 $2.53
(1.02% return after expenses)
----------------------------------- ------------------- -------------------------- --------------------------
Hypothetical $1,000.00 $1,022.62 $2.55
(5% return before expenses)
----------------------------------- ------------------- -------------------------- --------------------------
</table>
*Expenses are equal to the Fund's annualized expense ratio of 0.50%, multiplied
by the average account value over the period, multiplied by 184/366 (to reflect
the number of days in the period).
4
<page>
INSTITUTIONAL SHORT-TERM GOVERNMENT BOND FUND (THE CORE FUND)
SCHEDULE OF INVESTMENTS
DECEMBER 31, 2004
<table>
<s> <c> <c>
PRINCIPAL
MUNICIPAL BONDS - 11.59% AMOUNT VALUE
-------------- ---------------
Andrew W Mellon Foundation, New York, 2.35%, 12/1/2032 (a) $ 1,075,000 $ 1,075,000
Citizens Property Insurance Corp. - Florida, 2.40%, 7/1/2019 (a) 7,000,000 7,000,000
Citizens Property Insurance Corp. - Florida, 2.35%, 7/1/2022 (a) 3,000,000 3,000,000
Inland Empire Pub Facilities Corp., California, 2.30%, 3/1/2024 (a) 3,000,000 3,000,000
San Diego County, California Pension Obligation, 2.35%, 8/15/2030 (a) 7,000,000 7,000,000
---------------
TOTAL MUNICIPAL BONDS (COST $21,075,000) 21,075,000
---------------
U.S. GOVERNMENT AGENCY SECURITIES - 83.02%
GOVERNMENT AGENCIES - 68.31%
FHLB, 1.65%, 1/27/2006 (a) 5,000,000 4,967,360
FHLB, 1.958%, 1/5/2005 (a) 1,200,000 1,200,000
FHLB, 1.50%, 5/13/2005 5,000,000 4,982,950
FHLB, 1.875%, 2/15/2005 5,000,000 4,996,605
FHLB, 1.93%, 11/4/2005 1,890,000 1,874,884
FHLB, 2.00%, 1/22/2008 3,000,000 2,999,907
FHLB, 2.10%, 7/28/2006 3,000,000 2,953,020
FHLB, 2.22%, 9/2/2005 3,000,000 2,988,912
FHLB, 2.25%, 10/27/2005 3,000,000 2,985,138
FHLB, 2.35%, 12/16/2005 2,000,000 1,988,580
FHLB, 2.375%, 12/19/2008 4,300,000 4,289,482
FHLB, 2.375%, 2/15/2006 3,000,000 2,978,019
FHLB, 2.41%, 1/26/2007 3,585,000 3,525,027
FHLB, 2.46%, 12/2/2005 2,000,000 1,991,498
FHLB, 2.48%, 11/18/2005 3,000,000 2,989,008
FHLB, 2.48%, 12/29/2005 3,000,000 2,985,510
FHLB, 2.50%, 12/23/2005 3,000,000 2,986,659
FHLB, 2.65%, 2/23/2006 3,000,000 2,987,253
FHLB, 2.77%, 2/5/2007 2,000,000 1,980,502
FHLB, 2.81%, 5/3/2006 4,000,000 3,985,380
FHLB, 2.82%, 12/16/2005 2,000,000 1,996,396
FHLB, 2.875%, 12/21/2005 3,000,000 2,995,599
FHLB, 3.00%, 1/18/2006 5,000,000 4,996,300
FHLB, 3.00%, 3/16/2006 4,000,000 3,996,480
FHLB, 3.06%, 4/13/2006 5,000,000 4,997,795
FHLB, 3.37%, 12/10/2007 1,250,000 1,247,187
FHLB, 4.00%, 2/20/2009 2,000,000 2,003,162
FHLB, 4.625%, 4/15/2005 2,800,000 2,816,974
FHLB, 5.97%, 9/29/2008 (a) 1,000,000 1,074,634
FHLB, 8.30%, 8/26/2005 (a) 500,000 511,950
FHLMC, 2.41%, 11/17/2006 (a) 4,000,000 3,999,576
FHLMC, 2.05%, 11/28/2005 238,000 236,107
FHLMC, 2.89%, 3/15/2006 2,000,000 1,995,694
FHLMC, 3.875%, 2/15/2005 5,000,000 5,007,855
FNMA, 2.25%, 11/18/2005 (a) 3,000,000 2,991,546
FNMA, 3.45%, 3/30/2007 (a) 5,000,000 5,000,335
FNMA, 1.75%, 5/23/2005 1,750,000 1,745,081
FNMA, 2.20%, 3/30/2006 3,000,000 2,991,633
FNMA, 2.32%, 9/12/2005 2,000,000 1,993,530
FNMA, 2.75%, 11/9/2007 2,000,000 1,995,702
FNMA, 3.00%, 12/14/2006 3,000,000 3,004,926
FNMA, 3.01%, 6/2/2006 3,000,000 2,987,736
FNMA, 3.50%, 12/22/2006 1,000,000 1,001,297
---------------
124,223,189
---------------
</table>
See accompanying notes which are an integral part of the financial statements.
5
<page>
INSTITUTIONAL SHORT-TERM GOVERNMENT BOND FUND (THE CORE FUND)
SCHEDULE OF INVESTMENTS - CONTINUED
DECEMBER 31, 2004
<table>
<s> <c> <c>
U.S. GOVERNMENT AGENCY SECURITIES - 83.02% - CONTINUED
PRINCIPAL
GOVERNMENT MORTGAGED BACKED SECURITIES - 14.71% AMOUNT VALUE
-------------- ---------------
FHLMC, Pool #780242, 3.318%, 2/1/2033 $ 2,327,389 $ 2,375,163
FHLMC, Pool #M80692, 6.50%, 7/1/2008 169,750 173,603
FHLMC, Pool #M80718, 5.00%, 1/1/2009 1,165,176 1,186,880
FHLMC, Pool #M80739, 6.00%, 3/1/2009 269,840 275,713
FHLMC, Pool #M80753, 6.50%, 5/1/2009 208,775 213,769
FHLMC, Pool #M80765, 5.00%, 8/1/2009 535,090 545,058
FHLMC, Pool #M80828, 4.00%, 7/1/2010 817,824 814,781
FHLMC, Pool #M90727, 6.00%, 5/1/2007 97,874 100,157
FHLMC, Pool #M90747, 5.50%, 8/1/2007 249,409 255,687
FHLMC, Pool #M90748, 5.00%, 8/1/2007 1,188,324 1,214,309
FHLMC, Pool #M90779, 5.50%, 11/1/2007 870,997 892,920
FHLMC, Pool #M90805, 4.50%, 4/1/2008 1,219,906 1,235,245
FHLMC, Pool #M90818, 4.00%, 6/1/2008 598,531 601,212
FHLMC, Pool #M90819, 4.50%, 6/1/2008 508,234 514,625
FHLMC, Pool #M90828, 3.50%, 7/1/2008 1,299,223 1,286,831
FHLMC, Pool #M90836, 5.00%, 6/1/2008 867,665 886,798
FHLMC, Series #2513, 5.00%, 10/15/2015 392,805 399,280
FHLMC, Series #2558, 5.00%, 5/15/2011 176,469 177,200
FHLMC, Series #2581, 4.00%, 2/15/2017 1,281,576 1,283,683
FHLMC, Series #2613, 4.50%, 10/15/2013 1,127,216 1,139,503
FHLMC, Series #2705, 4.50%, 2/15/2023 1,737,534 1,764,607
FHLMC, Series #2712, 4.50%, 2/15/2012 1,686,083 1,711,197
FNMA, Pool #190609, 7.00%, 2/1/2014 451,296 483,117
FNMA, Pool #252268, 5.50%, 1/1/2009 582,419 602,956
FNMA, Pool #254506, 5.00%, 10/1/2012 949,590 973,876
FNMA, Pool #254566, 4.50%, 11/1/2009 911,464 917,961
FNMA, Pool #254584, 5.00%, 12/1/2012 1,496,351 1,543,082
FNMA, Pool #254663, 5.00%, 2/1/2013 1,496,815 1,535,062
FNMA, Pool #768359, 4.451%, 12/1/2033 892,090 901,442
FNMA, Pool #C90580, 6.00%, 9/1/2022 719,450 748,580
---------------
26,754,297
---------------
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (COST $151,390,811) 150,977,486
---------------
U.S. TREASURIES - 2.73%
T-Bill, 0.00%, 4/28/2005 5,000,000 4,962,625
---------------
TOTAL U.S. TREASURIES (COST $4,965,880) 4,962,625
---------------
MONEY MARKET SECURITIES - 5.05%
Morgan Stanley Institutional Liquidity Funds - Government Portfolio 2.27% (a) 9,188,877 9,188,877
---------------
TOTAL MONEY MARKET SECURITIES (COST $9,188,877) 9,188,877
---------------
TOTAL INVESTMENTS (COST $186,620,568) - 102.39% 186,203,988
---------------
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.39)% (4,339,458)
---------------
TOTAL NET ASSETS - 100.00% $ 181,864,530
===============
</table>
(a) Variable rate security; the coupon rate shown represents the rate at
December 31, 2004.
See accompanying notes which are an integral part of the financial statements.
6
<page>
INSTITUTIONAL SHORT-TERM GOVERNMENT BOND FUND (THE CORE FUND)
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 2004
<table>
<s> <c>
ASSETS
Investments in securities, at value (cost $186,620,568) $ 186,203,988
Interest receivable 778,019
-------------------
TOTAL ASSETS 186,982,007
-------------------
LIABILITIES
Accrued advisory fees 76,332
Distribution payable 41,145
Payable for investments purchased 5,000,000
-------------------
TOTAL LIABILITIES 5,117,477
-------------------
NET ASSETS $ 181,864,530
===================
NET ASSETS CONSIST OF:
Paid in capital $ 184,102,009
Accumulated undistributed net investment income 232
Accumulated net realized gain (loss) on investments (1,821,131)
Net unrealized appreciation (depreciation) on investments (416,580)
-------------------
Net Assets $ 181,864,530
===================
Shares Outstanding (unlimited number of shares authorized) 18,495,169
===================
NET ASSETS VALUE
Offering price and redemption price per share $ 9.83
===================
</table>
See accompanying notes which are an integral part of the financial statements.
7
<page>
INSTITUTIONAL SHORT-TERM GOVERNMENT BOND FUND (THE CORE FUND)
STATEMENT OF OPERATIONS
DECEMBER 31, 2004
<table>
<s> <c>
INVESTMENT INCOME
Interest income $ 4,039,795
----------------
TOTAL INCOME 4,039,795
----------------
EXPENSES
Investment advisor fee 1,626,210
Trustee expenses 2,450
----------------
TOTAL EXPENSES 1,628,660
Reimbursed expenses (812,880)
----------------
Total operating expenses 815,780
----------------
NET INVESTMENT INCOME 3,224,015
----------------
REALIZED & UNREALIZED (LOSS)
Net realized (loss) on investment securities (693,735)
Change in unrealized appreciation (depreciation)
on investment securities (276,120)
----------------
Net realized and unrealized (loss) on investment securities (969,855)
----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 2,254,160
================
</table>
See accompanying notes which are an integral part of the financial statements.
8
<page>
INSTITUTIONAL SHORT-TERM GOVERNMENT BOND FUND (THE CORE FUND)
STATEMENTS OF CHANGES IN NET ASSETS
<table>
<s> <c> <c>
INCREASE (DECREASE) IN NET ASSETS YEAR ENDED YEAR ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003
-----------------------------------------------
OPERATIONS
Net investment income $ 3,224,015 $ 2,201,150
Net realized (loss) on investment securities (693,735) (1,004,466)
Change in unrealized appreciation (depreciation) (276,120) (343,780)
---------------------- ----------------------
Net increase in net assets resulting from operations 2,254,160 852,904
---------------------- ----------------------
DISTRIBUTIONS
From net investment income (3,223,783) (2,204,943)
From net realized gain - -
---------------------- ----------------------
Total distributions (3,223,783) (2,204,943)
---------------------- ----------------------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold 138,560,000 178,610,000
Reinvestment of distributions 2,850,210 1,925,989
Amount paid for shares repurchased (119,260,019) (78,347,937)
---------------------- ----------------------
Net increase (decrease) in net assets resulting
from share transactions 22,150,191 102,188,052
---------------------- ----------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 21,180,568 100,836,013
---------------------- ----------------------
NET ASSETS
Beginning of period 160,683,962 59,847,949
---------------------- ----------------------
End of period $ 181,864,530 $ 160,683,962
====================== ======================
CAPITAL SHARE TRANSACTIONS
Shares sold 14,061,428 17,947,674
Shares issued in reinvestment of distributions 289,068 193,759
Shares repurchased (12,097,987) (7,885,070)
---------------------- ----------------------
Net increase (decrease) from capital transactions 2,252,509 10,256,363
====================== ======================
</table>
See accompanying notes which are an integral part of the financial statements.
9
<page>
INSTITUTIONAL SHORT-TERM GOVERNMENT BOND FUND (THE CORE FUND)
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<table>
<s> <c> <c> <c>
YEAR ENDED YEAR ENDED PERIOD ENDED
DECEMBER 31, 2004 DECEMBER 31, 2003 DECEMBER 31, 2002 (a)
------------------ ----------------- ------------------
SELECTED PER SHARE DATA
Net asset value, beginning of period $ 9.89 $ 10.00 $ 10.00
------------------ ----------------- ------------------
Income from investment operations
Net investment income (loss) 0.20 0.20 0.25
Net realized and unrealized gain (loss) (0.06) (0.10) -
------------------ ----------------- ------------------
Total from investment operations 0.14 0.10 0.25
------------------ ----------------- ------------------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (0.20) (0.21) (0.25)
From net realized gain - - -
------------------ ----------------- ------------------
Total distributions (0.20) (0.21) (0.25)
------------------ ----------------- ------------------
Net asset value, end of period $ 9.83 $ 9.89 $ 10.00
================== ================= ==================
TOTAL RETURN (b) 1.38% 1.03% 2.52% (c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000) $ 181,865 $ 160,684 $ 59,848
Ratio of expenses to average net assets 0.50% 0.56% 0.60% (d)
Ratio of expenses to average net assets
before waiver & reimbursement 1.00% 1.00% 1.00% (d)
Ratio of net investment income to
average net assets 1.98% 2.02% 2.57% (d)
Ratio of net investment income to
average net assets before waiver & reimbursement 1.48% 1.58% 2.17% (d)
Portfolio turnover rate 262.65% 194.53% 241.11%
</table>
(a) For the period January 9, 2002 (commencement of operations) to December 31,
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) Not annualized.
(d) Annualized
See accompanying notes which are an integral part of the financial statements.
10
<page>
INSTITUTIONAL SHORT-TERM GOVERNMENT BOND FUND (THE CORE FUND)
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2004
NOTE 1. ORGANIZATION
Institutional Short-Term Government Bond Fund (The Core Fund) (the "Fund") was
organized as a diversified series of the AmeriPrime Advisors Trust (the "Trust")
on September 20, 2001 and commenced operations on January 9, 2002. On March 11,
2003, the Institutional Short-Term Government Bond Fund changed its name to the
Institutional Short-Term Government Bond Fund (The Core Fund). 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.
The Fund is one of a series of funds currently authorized by the Board. The
Fund's investment objective is a high level of income over the long-term
consistent with the preservation of capital. The Fund's adviser is Wertz York
Capital Management Group, L.L.C. (the "Adviser").
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements.
Security Valuation- 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 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.
Dividends and Distributions- The Fund intends to distribute substantially all of
its net investment income as dividends to its shareholders on a monthly basis
and are recorded on the ex-date. 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 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.
11
<page>
INSTITUTIONAL SHORT-TERM GOVERNMENT BOND FUND (THE CORE FUND)
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2004 - CONTINUED
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
The Fund's investment adviser is Wertz York Capital Management Group, L.L.C.
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. In addition, the Adviser has contractually
agreed to waive fees and/or reimburse expenses to the extent necessary to
maintain the Fund's total annual operating expenses (excluding brokerage costs;
borrowing costs, such as (a) interest and (b) dividends on securities sold
short; taxes; and extraordinary expenses) at 0.50% of its average daily net
assets through April 30, 2005. For the fiscal year ended December 31, 2004, the
Adviser earned a fee of $1,626,210 from the Fund before waiver of management
fees totaling $812,880. At December 31, 2004, the Fund owed the adviser $76,332
for its advisory services. Inadvertently, the Agreement was not formally renewed
by the Fund on or before December 15, 2004, the date of its expiration.
Subsequent to December 31, 2004, the Board ratified the continuance of the
agreement and accordingly, the Fund has reflected the entire management fee
expense for the year in the statement of operations.
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. 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. There were no payments made by the Fund to the
Distributor during the fiscal year ended December 31, 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.
NOTE 4. INVESTMENTS
For the fiscal year ended December 31, 2004, purchases and sales of investment
securities, other than short-term investments were as follows:
AMOUNT
------------------
PURCHASES
U.S. Government Obligations $ 231,154,460
Other 164,670,000
SALES
U.S. Government Obligations $ 226,763,716
Other 160,095,000
For fiscal year ended December 31, 2004, the net unrealized depreciation of
investments for tax purposes was as follows:
AMOUNT
---------------
Gross Appreciation $ 117,808
Gross (Depreciation) (564,974)
---------------
Net Depreciation
on Investments $(447,166)
===============
At December 31, 2004, the aggregate cost of securities for federal income tax
purposes was $186,651,154. The difference between book cost and tax cost is
attributable to the deferral of post-October losses.
12
<page>
INSTITUTIONAL SHORT-TERM GOVERNMENT BOND FUND (THE CORE FUND)
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2004 - CONTINUED
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. CAPITAL LOSS CARRYFORWARDS
At December 31, 2004, the Fund had available for federal income tax purposes an
unused capital loss carryforward of $1,851,716, which is available for offset
against future taxable net capital gains. The loss carryforwards expire as
follow:
YEAR OF EXPIRATION AMOUNT
- ------------------------- ---------------
2010 $ 122,929
2011 726,001
2012 1,002,786
To the extent this loss carryforward is used to offset future capital gains, it
is probable that the amount offset will not be distributed to shareholders.
NOTE 7. DISTRIBUTIONS TO SHAREHOLDERS
The Fund paid monthly distributions of net investment income totaling $0.1952
per share for the fiscal year ended December 31, 2004.
The tax character of distributions paid in the fiscal years ended December 31,
2004 and 2003 were as follows:
2004 2003
---------------- ----------------
Distributions paid from:
Ordinary Income $ 3,223,783 $ 2,204,943
Short-term Capital Gain - -
Long-Term Capital Gain - -
---------------- ----------------
$ 3,223,783 $ 2,204,943
================ ================
As of December 31, 2004, the components of distributable earnings / (accumulated
losses) on a tax basis were as follows:
Undistributed ordinary income/(accumulated losses) $ 232
Undistributed long-term capital gain/(accumulated losses) (1,790,545)
Unrealized appreciation/(depreciation) (447,166)
---------------
$(2,237,479)
===============
The difference between book basis and tax basis unrealized depreciation is
attributable to the tax deferral of post-October losses.
13
<page>
INSTITUTIONAL SHORT-TERM GOVERNMENT BOND FUND (THE CORE FUND)
NOTES TO THE FINANCIAL STATEMENTS
DECEMBER 31, 2004 - CONTINUED
NOTE 8. CHANGE IN ACCOUNTANTS
On March 3, 2004, McCurdy & Associates CPA's, Inc. ("McCurdy") notified the
Board 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 December 31, 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 January 22, 2004, on
the Fund's financial statements for the fiscal year ended December 31, 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 January 22, 2004 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).
14
<page>
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
- -------------------------------------------------------
To The Shareholders and
Board of Trustees
Institutional Short-Term Government Bond Fund
We have audited the accompanying statements of assets and liabilities of
Institutional Short-Term Government Bond Fund, including the schedules of
portfolio investments, as of December 31, 2004, the related statements of
operations, changes in net assets, and the financial highlights for the year
then ended. These financial statements and financial highlights are the
responsibility of the Institutional Short-Term Government Bond 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 December 31, 2003 and the financial highlights
for the periods indicated prior to December 31, 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.
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
investments owned as of December 31, 2004 by correspondence with the 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 the
Institutional Short-Term Government Bond Fund as of December 31, 2004, the
results of its operations, changes in its 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
February 10, 2005, except Note 3 which is dated March 13, 2005
<page>
SUBSEQUENT EVENT - UNAUDITED
On February 7, 2005, the Fund, then a series of the Trust, assigned all
of its assets and liabilities to The Core Fund, a series of WY Funds, in
exchange for a number of Core Fund Shares equivalent in number and value to
shares of the Fund outstanding immediately prior thereto, followed by a
distribution of those shares to Fund shareholders (the "Shareholders") in
liquidation of their shares of the Fund (this transaction is referred to as the
"Reorganization"). As a result of the Reorganization, the Fund has ceased
operations.
At a special meeting of the Shareholders, held on January 28, 2005, the
Shareholders approved the Reorganization by the following vote:
For Against Abstain Total
- ------------------- ------------- -------------- ----------------
16,804,731 - 1,709,187 18,513,918
<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 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 from February
2004 to January 2005.
- ---------------------------------------------------- -----------------------------------------------------------------
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.
- ---------------------------------------------------- -----------------------------------------------------------------
</table>
* 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 26 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) 411-1167 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) 411-1167
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 ADVISER
Wertz York Capital Management Group, LLC.
3434 Colwell Ave., Suite 100
Tampa, FL 33614
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
Huntington National Bank
41 South St.
Columbus, OH 43125
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
<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.
(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 $ 15,122
FY 2004 $ 15,025
(b) Audit-Related Fees
Registrant
FY 2003 $ 0
FY 2004 $ 0
Nature of the fees:
(c) Tax Fees
Registrant
FY 2003 $ 650
FY 2004 $ 1,175
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 March 21, 2005
--------------------------------------
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 March 21, 2005
--------------------------------------
By
/s/ Thomas G Napurano
--------------------------------------------------------------------
Thomas G. Napurano, Chief Financial Officer and Treasurer
Date March 21, 2005
-------------------------------------