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 North Pennsylvania St.
- ------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Lynn Wood
- ---------------------------
Unified Fund Services, Inc.
- ---------------------------
431 N. Pennsylvania St.
- ---------------------------
Indianapolis, IN 46204
- ---------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: 317-917-7000
---------------------------
Date of fiscal year end: 7/31
----------
Date of reporting period: 01/31/05
---------
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.
=======================================================
POLYNOUS GROWTH FUND
=======================================================
INVESTMENT OBJECTIVE:
LONG-TERM CAPITAL APPRECIATION
SEMI-ANNUAL REPORT
JANUARY 31, 2005
This page intentionally left blank.
SUMMARY OF SEMI-ANNUAL PERIOD AUGUST 1, 2004 THROUGH JANUARY 31, 2005
- ---------------------------------------------------------------------
Dear Shareholder,
The Polynous Growth Fund's latest semi-annual period resulted in attractive
absolute performance for its shareholders as the Fund performed roughly in-line
to somewhat better (before adjusting for any applicable load) than most major
market indexes during a relatively positive period for the overall stock market.
Please refer to the management discussion in the following section for a
commentary on the Fund's performance as this shareholder letter will contain
more general commentary on overall economic and stock market conditions.
The overall economic environment during the latest six-month period for the Fund
continued to be positive with steady economic growth and low inflation. Real
economic growth has been averaging around four percent at an annual rate each
quarter during the period and very tight controls on operating costs by
companies have ended up resulting in year-over-year earnings growth that was
approximately 20 percent in the fourth quarter of 2004. Part of the reason for
such significant earning gains are the low inflation statistics which alleviate
a lot of possible upward pressure on operating costs with the remainder of the
earnings gains attributable to continuing increases in operating efficiencies
and productivity gains. The U.S. economy continues to show the dynamic behavior
possible of a free-enterprise and entrepreneur-oriented environment where the
freedom to innovate and the availability of advanced business management systems
results in a virtuous circle of increasing profits and new investment
opportunities.
One might think that in such an economically productive environment that the
overall stock market might have also been on a relatively stable upward path
during the period but there was actually quite a lot of volatility in the market
within the overall advance. The market declined about five percent in the first
few weeks of the latest six-month period due to concerns about technology
company earnings. There was then an advance of about eight percent until roughly
early October as it began to be more apparent that overall economic growth was
quite stable. Uncertainties about the presidential election then resulted in the
market declining roughly five percent until shortly before the election. With
election uncertainties then over and after a relatively positive third quarter
earnings reporting season in October and early November, the market rallied by
approximately ten percent through the end of December. With but one month to go
in the Fund's latest reporting period, however, the market's rally suffered a
sudden collapse in the first week of January due to concerns about holiday
retail sales and the decline continued through most of January before a slight
rally near the end of the month.
The reason for a somewhat more detailed account of market ups and downs than
usual during the period is to express that this is still a very challenging
market environment even in the midst of a productive overall advance for the
stock market. Although overall economic growth is relatively stable, continual
concerns about earnings growth, increasing inflation, increasing interest rates,
international economic growth, rising energy prices, and the declining dollar
result in a continually churning and volatile market environment. Our approach
in such an environment is the same as usual, however, which is to thoroughly
research good quality growth companies and then wait for the opportunities to
buy such companies at attractive valuations during the periods of market
volatility. Although I cannot predict that we will continue to have attractive
performance similar to what was experienced in the last six months, it does
appear likely that the volatility that creates such opportunities will continue
given the factors mentioned above. Some of the factors mentioned above will also
be further discussed in the following as to my point of view about their
significance.
-3-
Possible inflation increases seem to now be weighing on investors' minds more
and more - especially with there being significant increases in energy and raw
materials prices. Overall inflation rates are still very low, however, relative
to historical norms and are stable in a range of two to three percent. What is
even more interesting is that the prices of energy and many raw materials are up
25 to 50 percent over the last year but finished product prices are still
reflecting low rates of inflation. I am less concerned about inflation given the
continual productivity gains, the growth of inexpensively priced imported goods,
and surplus manufacturing capacity in many industries. As the electronic content
of many products continues to increase, the annual price decreases of electronic
circuits of roughly 20 to 30 percent also acts as an additional control on price
increases. In summary, I have less concern about inflation increasing and will
be happy to take advantage of market opportunities created by such concerns.
Increasing interest rates and the number of additional times that the Federal
Reserve will raise short-term rates as an inflationary control also seems to be
a significant factor affecting the overall stock market. From the simple fact
that excess monetary liquidity is positive for driving the stock market higher
to the more complex relationship of increasing interest rates resulting in
increased borrowing costs and a depressant on real world investing activity,
there has been a lot of stock market volatility during periods of fear about
higher interest rates. Long-term bond rates of other major countries are still
significantly lower, however, with German and French long-term rates about one
percent lower and Japanese long-term rates about three percent lower. The
overall inflation rate being low also alleviates any concerns I might have about
significant increases in interest rates and so I do tend to have less concern
apparently than other investors currently about the stability of interest rates.
I do have more concerns, however, about international economic growth trends
given the sluggishness in Europe and some uncertainties in China. Europe's
economic growth has also been further depressed by the declining value of the
dollar which makes European exports even less attractive in the United States
and in China as well given that China values its currency in line with the
dollar. Fortunately for the U.S., however, exports are less important to our
economy than they are to Europe and the declining dollar will actually reverse
some of the effects on European demand for our exports due to their own region's
sluggish economic growth. China continues to be a wild card in a lot of economic
activity at this point due to their unreliable economic statistics and some
anecdotal stories that various parts of the Chinese economy are slowing
significantly. China is now actually exporting steel in significant quantities
which some have viewed as an indicator of how much their economy has developed
but which I believe may also be an indicator of how their economy has slowed and
decreased the demand for domestically consumed steel. In summary about
international economic growth, however, the U.S. has so far continued to grow
even with the sluggishness of Europe and the onslaught of Chinese exports and so
while I will continue to closely monitor international economic trends, I am
still not that concerned about any near-term effects on the U.S. economy from
such trends.
On one other topic - rising energy prices - they deserve comment for two
reasons: 1) in my last letter I did mention that I did not think such increases
were sustainable, and 2) the rise in prices seems to have much more of an effect
on the stock market than on the real economy. As for the sustainability of
rising energy prices, I now admit that I may have underestimated some of the
factors leading to recent price increases. My somewhat less positive view on
China's economic prospects has also influenced such opinions but China's growing
infrastructure will continue to demand higher energy usage even if overall
economic growth slows significantly. Energy production growth also seems to be a
bit more sluggish than typically seen after a period of rising prices and so oil
prices per barrel in the $35 to $45 range may now be the equilibrium pricing
level versus recent history of oil fluctuating between $20 and $30 per barrel.
Such
-4-
prices still apparently have relatively insignificant effects on U.S. economic
growth, however, as the annualized increase in growth the first quarter of 2005
still appears that it will be roughly four percent and that is even with the
current spike in oil prices to $55 per barrel. As mentioned above, the rising
prices do seem to have much more of an effect on the stock market on days when
the price of energy increases further but I believe a lot of those reactions are
similar to the knee-jerk reactions to many other factors of possible concern.
Even with all of these factors of concern, however, corporate earnings growth
and overall economic growth are still very attractive and so I will continue to
be open minded during such periods of volatility about investing in good quality
growth stocks if they end up being valued at attractive prices.
In closing this letter about the Fund's latest semi-annual period, there is one
other period of performance for the Fund that I also believe is worth
mentioning. It has now been roughly five years since the stock market peak in
early-2000 and the first three years of that period also resulted in yearly
declines each year for the overall stock market. Given some of the comments
elsewhere in this letter about the effects of other investors' concerns on
overall market volatility, the constantly changing sentiments from such concerns
also have made for a very challenging stock market environment for all of the
last five years. And so, with such a challenging environment as a backdrop, I am
especially pleased to mention that the Fund's performance for the five years
ending January 31, 2005 (before deduction of applicable sales charges) was a bit
more than three percent a year more than the Russell 2000 small-capitalization
stock index and almost eight percent a year more than the S&P 500 major market
index. The challenges of the last five years may also be seen in the fact that
the S&P 500 index actually had a slight loss over that period of time. Although
past performance is of course no predictor of future results, I am proud of the
Fund having achieved such performance during a challenging period of time and I
look forward to continue using the Fund's disciplined investment process to deal
with the challenges that may be encountered over the next five years.
Yours truly,
Kevin L. Wenck,
President
The views expressed are those of the author. Views expressed are subject to
change based on market and other conditions. This report contains
forward-looking statements, and actual results may differ materially from those
projected in such statements.
For prospectus and more information, including charges and expenses, call
toll-free 1-800-528-8069. The prospectus should be read carefully before
investing. Past performance does not guarantee future results. Shares when
redeemed may be worth more or less than their original cost.
Distributed by Polynous Securities, LLC.
One Pine Street, Suite 2208
San Francisco, CA 94111
Member NASD,SIPC
-5-
MANAGEMENT DISCUSSION & ANALYSIS
- --------------------------------
As noted in the accompanying table, the Fund, after accounting for an assumed
sales charge of 4.5 percent, increased 8.40 percent during the latest
semi-annual period. For investors who invested prior to the beginning of the
semi-annual period, however, the Fund's overall performance of 13.48 percent is
roughly in-line with the performance of the Russell 2000 small-cap index which,
appreciated, 13.88 percent, but quite a bit above the S&P 500 index, which
appreciated 8.12 percent.
The Fund's gains during the period were broadly based and resulted from many of
the Fund's securities producing attractive returns. The broadly based aspect of
the Fund's performance is also from the Fund being somewhat more diversified
than it has been at various times in the past. Such increased diversification is
partly attributable to sustained overall economic growth where there is
currently attractive earnings growth in many sectors and also partly
attributable to increased stock market volatility. The increased stock market
volatility has already been mentioned in the shareholder letter portion of this
report but, in simple terms, as sentiment changes about sectors are now often
both rapid and irrational, I would prefer to be more fully diversified to lower
the potential volatility of the Fund.
INVESTMENT RESULTS
- ------------------
- ------------------------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS
(FOR PERIODS ENDED JANUARY 31, 2005)
- -------------------------------------------------------------------------------------------------
SINCE INCEPTION
ONE MONTH SIX MONTHS ONE YEAR FIVE YEAR (AUGUST 12, 1996)
- -------------------------------------------------------------------------------------------------
Polynous Growth Fund* -3.34% 13.48% 2.33% 6.14% 2.05%
Polynous Growth Fund* -7.70% 8.40% -2.30% 5.16% 1.49%
(after deuction of sales load)
S&P 500 Index** -2.44% 8.12% 6.18% -1.79% 8.66%
Russell 2000 Index** -4.17% 13.88% 8.67% 2.85% 9.33%
The rates of return will vary and the principal value of an investment will
fluctuate. Shares, if redeemed, may be worth more or less than their original
cost. Performance data quoted does not reflect the deduction of taxes that an
investor may pay on Fund distributions or the redemption of Fund shares. Past
performance is not indicative of future investment results. Due to market
volatility, current performance may be higher or lower than the performance
shown above. The Fund's advisor waived fees and/or reimbursed expenses, which
improved the Fund's performance.
* 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 S&P 500 and Russell
2000 are widely recognized unmanaged indices of equity prices and are
representative of a broader market and range of securities than are found in the
Fund's portfolio.
-6-
COMPARISON OF THE GROWTH OF A $10,000 INVESTMENT IN THE POLYNOUS GROWTH FUND,
THE S&P 500 INDEX AND THE RUSSELL 2000 INDEX
[GRAPHIC OMITTED]
Polynous Growth Fund S&P 500 Index Russell 2000 Index
($11,340) ($20,212) ($21,295)
-------------------- ------------- ------------------
8/12/1996 $ 9,546.54 $ 10,000.00 $ 10,000.00
7/31/1997 11,435.83 14,609.87 12,871.26
7/31/1998 11,257.75 17,426.23 13,169.17
7/31/1999 10,308.28 20,947.64 14,145.12
7/31/2000 8,789.26 22,826.70 16,092.65
7/31/2001 9,677.74 19,557.19 15,817.37
7/31/2002 5,693.91 14,934.06 12,976.59
7/31/2003 9,801.94 16,522.63 15,974.92
7/31/2004 9,993.01 18,694.56 18,700.44
1/31/2005 11,340.06 20,212.11 21,295.51
The chart above assumes an initial investment of $10,000 made on August 12, 1996
(commencement of Fund operations) and held through January 31, 2005. THE FUND'S
RETURN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. The
returns shown do not reflect deduction of taxes that a shareholder would pay on
Fund distributions or the redemption of Fund shares. Investment returns and
principal values will fluctuate so that your shares, when redeemed, may be worth
more or less than their original purchase price.
-7-
FUND HOLDINGS - (UNAUDITED)
- -------------
POLYNOUS GROWTH FUND PORTFOLIO ANALYSIS AS OF JANUARY 31, 2005 1
[CHART OMITTED]
SMALL-CAP COMPANIES 2 - 52.25%
MID-CAP COMPANIES 3 - 37.44%
OTHER COMPANIES 4 - 6.62%
SHORT-TERM INVESTMENTS - 2.73%
CASH & OTHER ASSETS LESS LIABILITIES - 0.96%
1As a percent of net assets
2Market capitalizations from $50 million - $1 billion
3Market capitalizations from $1 billion - $10 billion
4U.S. companies with market capitalizations below $50 million or above $10
billion.
The Fund primarily invests in the equity securities of U.S. companies with total
market capitalization at the time of purchase of between $50 million and $5
billion and which are typically described as small-capitalization and
mid-capitalization companies.
AVAILABILITY OF PORTFOLIO SCHEDULE
- ----------------------------------
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.
ABOUT YOUR FUND'S EXPENSES - (UNAUDITED)
- --------------------------
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments, contingent deferred
sales charges; and redemption fees; and (2) ongoing costs, including management
fees; distribution and/or service (12b-1) fees; and other Fund 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 and held for the entire period from August 1, 2004 to January 31, 2005.
-8-
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
ratio and an assumed rate of return of 5% per year before expenses, which is not
the Fund's actual return. 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.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads), redemption fees, or exchange fees. Therefore, the second line
of the table is useful in comparing ongoing costs only, and will not help you
determine the relative total costs of owning different funds. In addition, if
these transactional costs were included, your costs would have been higher.
BEGINNING ACCOUNT ENDING EXPENSES PAID DURING PERIOD*
VALUE ACCOUNT VALUE AUGUST 1, 2004 - JANUARY 31,
POLYNOUS GROWTH FUND AUGUST 1, 2004 JANUARY 31, 2005 2005
- ---------------------------------- -------------------- ----------------------- -------------------------------
Actual $1,000.00 $1,134.80 $10.22
(13.48% return)
Hypothetical $1,000.00 $1,015.63 $9.65
(5% return before expenses)
- ---------------
* Expenses are equal to the Fund's annualized expense ratio of 1.90%, multiplied by the average account value over
the period, multiplied by 184/365 (to reflect the one-half year period).
-9-
POLYNOUS GROWTH FUND
SCHEDULE OF INVESTMENTS
JANUARY 31, 2005
(UNAUDITED)
COMMON STOCKS - 96.31% SHARES VALUE
------------- ------------------
ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO - 2.24%
Forward Air Corp. (a) 4,300 $ 183,244
------------------
CRUDE PETROLEUM & NATURAL GAS - 7.70%
Cimarex Energy Co. (a) 5,800 210,250
Newfield Exploration Co. (a) 3,700 226,440
Spinnaker Exploration Co. (a) 4,500 147,555
CW&T Offshore, Inc. (a) 2,500 45,500
------------------
629,745
------------------
DRAWING & INSULATING OF NONFERROUS WIRE - 0.93%
Optical Cable Corp. (a) 15,100 76,089
------------------
DRILLING OIL & GAS WELLS - 2.76%
Patterson UTI Energy, Inc. 11,600 225,620
------------------
ELECTRONIC COMPONENTS - 4.17%
Innovex, Inc. (a) 37,900 185,710
AMX Corp. (a) 9,600 155,616
------------------
341,326
------------------
FINANCE SERVICES - 0.40%
Life Partners Holdings, Inc. 5,603 33,058
------------------
FIRE, MARINE & CASUALTY INSURANCE - 2.52%
Direct General Corp. 11,000 206,250
------------------
INSURANCE AGENTS, BROKERS & SERVICES - 2.23%
National Medical Health Card Systems, Inc. (a) 8,700 182,526
------------------
IN VITRO & IN VITRO DIAGNOSTIC SUBSTANCES - 0.04%
Gene Logic, Inc. (a) 966 2,946
------------------
MISCELLANEOUS FABRICATED METAL PRODUCTS - 2.59%
Watts Water Technologies, Inc. 6,600 211,530
------------------
See accompanying notes which are an integral part of the financial statements.
-10-
POLYNOUS GROWTH FUND
SCHEDULE OF INVESTMENTS - CONTINUED
JANUARY 31, 2005
(UNAUDITED)
COMMON STOCKS - 96.31% - CONTINUED SHARES VALUE
------------- ------------------
MOBILE HOMES - 1.86%
Champion Enterprises, Inc. (a) 14,100 $ 152,139
------------------
NATIONAL COMMERCIAL BANKS - 1.06%
Pacific Continental Corp. 5,500 86,983
------------------
PHARMACEUTICAL PREPARATIONS - 6.08%
Endo Pharmaceuticals Holdings, Inc. (a) 7,700 161,777
King Pharmaceuticals (a) 15,400 161,854
Medicis Pharmaceuticals Corp. 4,800 173,280
------------------
496,911
------------------
PLASTIC MATERIALS, SYNTHETIC RESINS & NONVULCAN - 2.34%
Schulman A, Inc. 10,800 $ 191,052
------------------
REAL ESTATE AGENTS & MANAGERS - 2.00%
Housevalues, Inc. (a) 11,500 163,300
------------------
REFUSE SYSTEMS - 2.35%
Waste Connections, Inc. (a) 6,100 191,906
------------------
RETAIL - APPAREL & ACCESSORY STORES - 4.58%
Jos. A. Bank Clothiers, Inc. (a) 6,300 180,810
Pacific Sunwear of California, Inc. (a) 7,900 193,471
------------------
374,281
------------------
RETAIL - CATALOG & MAIL - ORDER HOUSES - 2.25%
Insight Enterprises, Inc. (a) 9,500 183,825
------------------
RETAIL - HOBBY, TOY, & GAME SHOPS - 2.59%
Michaels Stores, Inc. 6,900 212,175
------------------
RETAIL - JEWELRY STORES - 0.38%
Friedmans, Inc. (a) 26,900 31,473
------------------
See accompanying notes which are an integral part of the financial statements.
-11-
POLYNOUS GROWTH FUND
SCHEDULE OF INVESTMENTS - CONTINUED
JANUARY 31, 2005
(UNAUDITED)
COMMON STOCKS - 96.31% - CONTINUED SHARES VALUE
----------------- ------------------
SAVINGS INSTITUTION, FEDERALLY CHARTERED - 5.28%
Bankunited Financial Corp. (a) 6,700 $ 195,506
Sovereign Bancorp, Inc. 10,400 236,496
------------------
432,002
------------------
SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED - 4.83%
Independence Community Bank Corp. 5,000 196,500
Sterling Financial Corp. (a) 5,300 198,750
------------------
395,250
------------------
SEMICONDUCTORS & RELATED DEVICES - 6.34%
Applied Micro Circuits Corp. 52,300 173,113
Conexant Systems, Inc. (a) 90,000 147,600
Microchip Technology, Inc. 7,600 197,980
------------------
518,693
------------------
SERVICES - BUSINESS SERVICES - 1.97%
Webex Communications, Inc. (a) 8,000 160,800
------------------
SERVICES - MEDICAL LABORATORIES - 2.38%
Bio Reference Laboratories, Inc. (a) 13,700 194,677
------------------
SERVICES - COMPUTER INETEGRATED SYSTEMS DESIGN - 4.22%
CACI International, Inc. (a) 3,800 198,170
Macrovision Corp. (a) 6,300 146,979
------------------
345,149
------------------
SERVICES - CONSUMER CREDIT REPORTING, COLLECTION - 2.45%
NCO Group, Inc. (a) 8,800 200,464
------------------
SERVICES - PREPACKAGED SOFTWARE - 7.98%
Art Technology Group, Inc. (a) 146,800 190,840
Concord Communications, Inc. (a) 8,820 91,022
Magma Design Automation, Inc. (a) 14,300 193,050
Vignette Corp. (a) 135,400 177,374
------------------
652,286
------------------
See accompanying notes which are an integral part of the financial statements.
-12-
POLYNOUS GROWTH FUND
SCHEDULE OF INVESTMENTS - CONTINUED
JANUARY 31, 2005
(UNAUDITED)
COMMON STOCKS - 96.31% - CONTINUED SHARES VALUE
------------- ------------------
SPORTING & ATHLETIC GOODS - 2.30%
K2, Inc. (a) 13,400 $ 188,404
------------------
STATE COMMERCIAL BANKS - 2.42%
Colonial Bancgroup, Inc. 9,800 197,764
------------------
TELEPHONE & TELEGRAPH APPARATUS - 2.43%
Polycom, Inc. (a) 11,500 198,720
------------------
WHOLESALE - MISCELLANEOUS DURABLE GOODS - 2.64%
Metal Management, Inc. 8,000 215,520
------------------
TOTAL COMMON STOCKS (COST $8,661,627) 7,876,108
------------------
MONEY MARKET SECURITIES - 2.73%
Huntington Money Market Fund - Investment Shares, Class A, 1.27%, (b) 223,205 223,205
------------------
TOTAL MONEY MARKET SECURITIES (COST $223,205) 223,205
------------------
TOTAL INVESTMENTS (COST $8,884,832) - 99.04% $ 8,099,313
------------------
CASH AND OTHER ASSETS LESS LIABILITIES - 0.96% 78,203
------------------
TOTAL NET ASSETS - 100.00% $ 8,177,516
==================
- ---------------
(a) Non-income producing.
(b) Variable rate security; the coupon rate shown represents the rate at January 31, 2005.
See accompanying notes which are an integral part of the financial statements.
-13-
POLYNOUS GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
JANUARY 31, 2005
(UNAUDITED)
ASSETS
Investments in securities, at value (cost $8,884,832) $ 8,099,313
Cash 5,235
Interest receivable 546
Dividends receivable 1,807
Receivable for investments sold 285,048
Prepaid expenses 1,739
------------------
TOTAL ASSETS 8,393,688
------------------
LIABILITIES
Payable to advisor 1,229
Accrued 12b-1 fees 1,749
Payable for investments purchased 204,481
Payable to affiliates 6,692
Accrued expenses 1,340
Payable for fund shares redeemed 681
------------------
TOTAL LIABILITIES 216,172
------------------
NET ASSETS $ 8,177,516
==================
Net Assets consist of:
Paid in capital $ 12,742,287
Undistributed net investment (loss) (46,242)
Accumulated net realized (loss) on investments (3,733,010)
Net unrealized (depreciation) on investments (785,519)
------------------
NET ASSETS $ 8,177,516
==================
SHARES OUTSTANDING (Unlimited number of shares authorized) 688,883
==================
Net asset value per share $ 11.87
==================
Maximum offering price per share ($11.87 / 0.955) $ 12.43
==================
Redemption price per share ($11.87 x 0.99) (a) $ 11.75
==================
- --------------
(a) See note 8 in the notes to the financial statements.
See accompanying notes which are an integral part of the financial statements.
-14-
POLYNOUS GROWTH FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 2005
(UNAUDITED)
INVESTMENT INCOME
Dividend income $ 20,531
Interest income 7,389
---------------
TOTAL INCOME 27,920
---------------
EXPENSES
Investment advisor fee 38,966
12b-1 fee 9,742
Administration expenses 15,123
Transfer agent expenses 11,186
Fund accounting expenses 9,075
Auditing expenses 4,537
Custodian expenses 4,387
Legal expenses 4,220
Trustee and officer expenses 3,006
Registration expenses 2,017
Pricing expenses 1,650
Miscellaneous expenses 756
Insurance expenses 429
---------------
TOTAL EXPENSES 105,094
Reimbursed expenses (30,932)
---------------
Total operating expenses 74,162
---------------
NET INVESTMENT (LOSS) (46,242)
---------------
REALIZED & UNREALIZED GAIN
Net realized gain on investment securities 640,545
Change in unrealized appreciation (depreciation)
on investment securities 387,628
---------------
Net realized and unrealized gain on investment securities 1,028,173
---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 981,931
===============
See accompanying notes which are an integral part of the financial statements.
-15-
POLYNOUS GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED
JANUARY 31, 2005 YEAR ENDED
INCREASE IN NET ASSETS (UNAUDITED) JULY 31, 2004
------------------ ------------------
OPERATIONS
Net investment (loss) $ (46,242) $ (100,167)
Net realized gain on investment securities 640,545 1,757,449
Change in unrealized appreciation (depreciation) 387,628 (1,542,545)
------------------ ------------------
Net increase in net assets resulting from operations 981,931 114,737
------------------ ------------------
CAPITAL SHARE TRANSACTIONS
Proceeds from shares sold 32,080 1,036,531
Amount paid for shares repurchased (289,537) (1,934,812)
------------------ ------------------
Net (decrease) in net assets resulting
from share transactions (257,457) (898,281)
------------------ ------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS 724,474 (783,543)
------------------ ------------------
NET ASSETS
Beginning of period 7,453,042 8,236,585
------------------ ------------------
End of period $ 8,177,516 $ 7,453,042
================== ==================
Accumulated undistributed net investment (loss) included
in net assets $ (46,242) $ -
------------------ ------------------
CAPITAL SHARE TRANSACTIONS
Shares sold 2,950 95,742
Shares repurchased (26,497) (185,886)
------------------ ------------------
Net (decrease) from capital share transactions (23,547) (90,144)
================== ==================
See accompanying notes which are an integral part of the financial statements.
-16-
POLYNOUS GROWTH FUND
FINANCIAL HIGHLIGHTS
FOR A SHARE OUTSTANDING DURING THE PERIOD
SIX MONTHS ENDED
JANUARY 31, 2005 YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
(UNAUDITED) JULY 31, 2004 JULY 31, 2003 JULY 30, 2002 JULY 30, 2001 JULY 30, 2000
--------------- ------------ ------------ ------------- ------------- -------------
SELECTED PER SHARE DATA
Net asset value, beginning of period $ 10.46 $ 10.26 $ 5.96 $ 10.13 $ 9.20 $ 10.79
--------------- ------------ ------------ ----------- ------------ -----------
Income from investment operations
Net investment income (loss) (0.07) (0.14) 0.00 (0.15) (0.01) (0.12)
Net realized and unrealized gain (loss) 1.48 0.34 4.30 (4.02) 0.94 (1.47)
--------------- ------------ ------------ ----------- ------------ -----------
Total from investment operations 1.41 0.20 4.30 (4.17) 0.93 (1.59)
--------------- ------------ ------------ ----------- ------------ -----------
Net asset value, end of period $ 11.87 $ 10.46 $ 10.26 $ 5.96 $ 10.13 $ 9.20
=============== ============ ============ =========== ============ ===========
TOTAL RETURN (a)(b) 13.48% (c) 1.95% 72.15% -41.16% 10.09% -14.74%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000) $ 8,178 $ 7,453 $ 8,237 $ 4,148 $ 7,631 $ 7,593
Ratio of expenses to average net assets 1.90% (d) 1.90% 1.90% 1.90% 1.90% 1.90%
Ratio of expenses to average net assets
before waiver & reimbursement 2.69% (d) 2.89% 3.44% 3.17% 4.42% 4.09%
Ratio of net investment income (loss) to
average net assets (1.19)(d) (1.32)% (0.05)% (1.57)% (0.12)% (0.95)%
Ratio of net investment income (loss) to
average net assets before waiver
& reimbursemen (1.98)(d) (2.31)% (1.60)% (2.83)% (2.64)% (3.14)%
Portfolio turnover rate 161.65% 418.73% 194.90% 405.11% 494.19% 261.88%
- ----------------
(a) Total return calculation does not reflect load.
(b) Total return in the above table represents the rate that the investor would have
earned 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.
-17-
THE POLYNOUS GROWTH FUND
NOTES TO THE FINANCIAL STATEMENTS
JANUARY 31, 2005
(UNAUDITED)
NOTE 1. ORGANIZATION
The Polynous Growth Fund ("the Fund") was organized as a diversified series of
AmeriPrime Advisors Trust (the "Trust") on February 8, 2001. The Trust is an
open-end investment company established under the laws of Ohio by an Agreement &
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. On March
30, 2001, the Fund acquired all of the assets and assumed all of the liabilities
of the Polynous Growth Fund, a series of the Polynous Trust, in a tax-free
reorganization. The investment objective of the Fund is long-term capital
appreciation. The investment advisor to the Fund is Polynous Capital Management,
Inc. (the "Advisor").
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 Advisor 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
Advisor 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 Advisor, in conformity with guidelines
adopted by and subject to review of the Board.
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 Advisor
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 Advisor 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 Advisor, 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.
-18-
THE POLYNOUS GROWTH FUND
NOTES TO THE FINANCIAL STATEMENTS
JANUARY 31, 2005
(UNAUDITED)
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
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, 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.
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Polynous Capital Management, Inc. is the Fund's Advisor. Under the terms of the
management agreement (the "Agreement"), the Advisor manages the Fund's
investments subject to approval of the Board. As compensation for its management
services, the Fund is obligated to pay the Advisor a fee computed and accrued
daily and paid monthly at an annual rate of 1.00% on net assets of $100 million
and below; 0.75% on the next $150 million; 0.60% on the next $250 million; 0.50%
on the next $500 million; and 0.40% on all net assets amounts above $1 billion.
The Advisor earned fees of $39,966, before reimbursement, from the Fund for the
six months ended January 31, 2005, of which $1,229 was a payable to the Advisor,
at the end of the period. The Advisor has contractually agreed to waive some or
all of its management fees and/or reimburse Fund expenses to keep total annual
operating expenses at or below 1.90% through November 30, 2005. For the six
months ended January 31, 2005, the Advisor was obligated to waive fees and/or
reimburse Fund expenses of $30,932. Any operating expenses of the Fund
reimbursed by the Advisor or management fee waived are subject to recoupment in
the first three fiscal years following the year in which reimbursement occurred,
if the total expenses of the Fund for such years (after recoupment) do not
exceed 1.90% of the average daily net assets of the Fund. The amounts available
to be potentially recouped by the Advisor are listed in the table below:
PERIOD ENDED JULY 31, AMOUNT TO BE RECOUPED
-------------------- ---------------------
2003 $84,944
2004 $71,112
-19-
THE POLYNOUS GROWTH FUND
NOTES TO THE FINANCIAL STATEMENTS
JANUARY 31, 2005 - CONTINUED
(UNAUDITED)
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
The Fund retains Unified Fund Services, Inc. ("Unified") to manage the Fund's
business affairs and provide the Fund with administrative services, including
all regulatory reporting and necessary office equipment and personnel. Unified
receives a monthly fee from the Fund equal to an annual rate of 0.10% of the
Fund's average daily net assets up to $50 million, 0.07% of the Fund's average
daily net assets from $50 million to $100 million, and 0.05% of the Fund's
average daily net assets over $100 million (subject to a minimum fee of $2,500
per month). For the six months ended January 31, 2005, Unified earned fees of
$15,123 from the Fund for administrative services provided to the Fund.
The Fund also retains Unified to act as the Fund's transfer agent and fund
accountant. For its services as transfer agent, Unified earned a monthly fee
from the Fund of $1.25 per shareholder (subject to a minimum monthly fee of $900
and reimbursement of out-of-pocket expenses). For the six months ended January
31, 2005, Unified earned fees of $9,075 from the Fund for transfer agent
services provided and $2,111 in reimbursement for out-of-pocket expenses. For
its services as fund accountant, Unified receives an annual fee from the Fund
equal to 0.05% of the Fund's assets up to $50 million, 0.04% of the Fund's
assets from $50 million to $100 million, and 0.03% of the Fund's assets over
$100 million (subject to a minimum of $1,667 per month). For the six months
ended January 31, 2005, Unified earned fees of $9,075 from the Fund for fund
accounting services provided. A Trustee and the officers of the Trust are
employees of Unified, and/or shareholders of Unified Financial Services, Inc.,
the parent of Unified.
Polynous Securities, LLC (the "Distributor"), an affiliate of the Advisor,
serves as principal underwriter for the Fund. Under the terms of the
Underwriting Agreement between the Trust and the Distributor, the Distributor
earned $512 from underwriting and broker commissions on the sale of shares of
the Fund during the six months ended January 31, 2005. Kevin L. Wenck may be
deemed to be an affiliate of the Distributor. The Fund has adopted a
distribution plan in accordance to Rule 12b-1 under the Investment Company Act
of 1940 under which the Fund will pay a distribution fee at a rate of .25% per
annum of the average daily net assets to reimburse the Distributor for expenses
in distributing shares and promoting sales of the Fund. For the six months ended
January 31, 2005, the Fund paid the Distributor $9,742 for distribution costs
incurred.
NOTE 4. INVESTMENTS
For the six months ended January 31, 2005, 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 11,550,323
SALES
U.S. Government Obligations $ -
Other 11,311,265
-20-
THE POLYNOUS GROWTH FUND
NOTES TO THE FINANCIAL STATEMENTS
JANUARY 31, 2005 - CONTINUED
(UNAUDITED)
NOTE 4. INVESTMENTS - CONTINUED
At January 31, 2005, the net unrealized depreciation of investments for tax
purposes was as follows:
Gross Unrealized Appreciation $ 198,667
Gross Unrealized (Depreciation) (984,186)
---------------
Net Unrealized Depreciation
on Investments $ (785,519)
===============
At January 31, 2005, the aggregate cost of securities for federal income tax
purposes was $8,884,832.
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. BENEFICIAL OWNERSHIP
The beneficial ownership, either directly or indirectly, of more than 25% of the
voting securities of a fund creates a presumption of control of the fund, under
Section 2(a)(9) of the Investment Company Act of 1940. As of January 31, 2005,
Delaware Charter Guarantee & Trust, for the benefit of others, owned in
aggregate 30.89% of the Fund, and thus may be deemed to control the Fund.
NOTE 7. FEDERAL INCOME TAXES
At July 31, 2004, the Fund had available for federal tax purposes an unused
capital loss carryforward of $4,765,603, which is available for offset against
future taxable net capital gains. This loss carryforward expires as follows:
EXPIRES JULY 31, AMOUNT
--------------------- ----------------
2008 $ 2,501,583
2009 1,539,782
2011 724,238
To the extent this carryforward is used to offset future capital gains, it is
probable that the amount offset will not be distributed to shareholders.
-21-
THE POLYNOUS GROWTH FUND
NOTES TO THE FINANCIAL STATEMENTS
JANUARY 31, 2005 - CONTINUED
(UNAUDITED)
NOTE 8. CONTINGENT DEFERRED SALES CHARGE
There is no initial sales charge on purchase of shares of $500,000 or more;
however, the dealer or other qualifying financial institutions receive a 1.00%
fee from the Distributor and a contingent deferred sales charge ("CDSC") of
1.00% is imposed on redemptions of such shares within 12 months of purchase,
based on the lower of the shares' cost or current net asset value. In addition,
shares purchased by certain investors investing $500,000 or more that have made
arrangements with the Distributor are not subject to any initial sales charge or
CDSC. In determining whether a CDSC is payable, the Fund will first redeem
shares not subject to any charge. No CDSC charge is imposed on the redemption of
shares acquired through reinvestment of income dividends or capital gains
distributions. The Distributor receives the entire amount of the CDSC to defray
its expense in providing certain distribution-related services to the Fund,
including payment of sales commissions to selling dealers or qualifying
financial institutions, as described above.
NOTE 9. DISTRIBUTIONS TO SHAREHOLDERS
There were no capital gain or income distributions for the fiscal years ended
2003 and 2004, or the six months ended January 31, 2005.
As of July 31, 2004, the components of distributable earnings/ (accumulated
losses) on a tax basis were as follows:
Undistributed ordinary income/(accumulated losses) $ -
Undistributed long-term capital gain/(accumulated losses) (4,367,001)
Unrealized appreciation/(depreciation) (1,179,701)
---------------
$ (5,546,702)
===============
The difference between book basis and tax basis unrealized appreciation
(depreciation) is attributable to the tax deferral of wash sales.
-22-
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 (800) 924-3863 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 12-month period ended June 30, 2004 are
available without charge upon request by (1) calling the Fund at (800) 924-3863
and (2) from Fund documents filed with the Securities and Exchange Commission
("SEC") on the SEC's website at www.sec.gov .
TRUSTEES INDEPENDENT ACCOUNTANTS
Gary E. Hippenstiel Cohen McCurdy Ltd.
Stephen A. Little 826 Westpoint Pkwy, Suite 1250
Daniel J. Condon Westlake, OH 44145
Ronald C. Tritschler
OFFICERS LEGAL COUNSEL
Anthony J. Ghoston, President Thompson Hine LLP
Thomas G. Napurano, Chief Financial 312 Walnut St., 14th Floor
Officer and Treasurer Cincinnati, OH 45202
Freddie Jacobs, Jr., Secretary
Lynn E. Wood, Chief Compliance Officer
INVESTMENT ADVISOR CUSTODIAN
Polynous Capital Management, Inc. U.S. Bank, N.A.
One Pine Street, Suite 2208 425 Walnut St.
San Francisco, CA 94111 Cincinnati, OH 45202
DISTRIBUTOR ADMINISTRATOR, TRANSFER AGENT
Polynous Securities, LLC AND FUND ACCOUNTANT
One Pine Street, Suite 2208 Unified Fund Services, Inc.
San Francisco, CA 94111 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 Polynous Securities, LLC
Member NASD/SIPC
-23-
FOR MORE INFORMATION
Several additional sources of information are available to you. The Statement of
Additional Information (SAI), incorporated into this prospectus by reference,
contains detailed information on Fund policies and operations. Annual and
semi-annual reports contain management's discussion of market conditions and
investment strategies that significantly affected the Fund's performance results
as of the Funds' latest semi-annual or annual fiscal year-end. Call the Fund at
(800) 528-8069 to request free copies of the SAI and the Fund'a annual and
semi-annual reports, to request other information about the Fund and to make
shareholder inquiries. You may review and copy information about the Fund
(including the SAI and other reports) at the Securities and Exchange Commission
(SEC) Public Reference Room in Washington, D.C. Call the SEC at 1-202-942-8090
for room hours and operation. You may also obtain reports and other information
about the Fund on the EDGAR Database on the SEC's Internet site at
http.//www.sec.gov, and copies of this information may be obtained, after paying
a duplicating fee, by electronic request at the following e-mail address:
publicinfo@sec.gov, or by writing the SEC's Public Reference Section of the SEC,
Washington, D.C. 20549-0102.
Investment Company Act #811-09541
POLYNOUS GROWTH FUND
C/O UNIFIED FUND SERVICES, INC.
PO BOX 6110
INDIANAPOLIS, IN 46206-6110
ITEM 2. CODE OF ETHICS. NOT APPLICABLE
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. NOT APPLICABLE
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. NOT APPLICABLE
ITEM 5. AUDIT COMMITTEE OF LISTED COMPANIES. NOT APPLICABLE
ITEM 6. SCHEDULE OF INVESTMENTS. NOT APPLICABLE - SCHEDULE FILED WITH ITEM 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END FUNDS.
NOT APPLICABLE.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END FUNDS. NOT APPLICABLE.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
THE REGISTRANT HAS NOT ADOPTED PROCEDURES BY WHICH SHAREHOLDERS MAY RECOMMEND
NOMINEES TO THE REGISTRANT'S BOARD OF TRUSTEES [DIRECTORS].
ITEM 10. CONTROLS AND PROCEDURES.
(a) Based on an evaluation of the registrant's disclosure controls and
procedures as of March 24, 2005, the disclosure controls and procedures are
reasonably designed to ensure that the information required in filings on
Forms N-CSR is recorded, processed, summarized, and reported on a timely
basis.
(b) There were no significant changes in the registrant's internal control over
financial reporting that occurred during the registrant's last fiscal
half-year that have materially affected, or are reasonably likely to
materially affect, the registrant's internal control over financial
reporting.
ITEM 11. EXHIBITS.
(a)(1) NOT APPLICABLE
(a)(2) Certifications by the registrant's principal executive officer and
principal financial officer, pursuant to Section 302 of the Sarbanes- Oxley Act
of 2002 and required by Rule 30a-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.
-2-
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 Ghoston
*-------------------------------------------------------------
Anthony Ghoston, President
Date 4/7/05
-----------------------------------------------------------
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 Ghoston
*---------------------------------------------------------------
Anthony Ghoston, President
Date 4/7/05
------------------------------------------------------------
By /s/ Thomas Napurano
*---------------------------------------------------------------
Thomas Napurano, Chief Financial Officer and Treasurer
Date 3/28/05
--------------------------------------------------------------