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)
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: 8/31
-----------
Date of reporting period: 02/28/05
------------
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.
================================================================================
Monteagle Funds
================================================================================
SEMI-ANNUAL REPORT
FEBRUARY 28, 2005
(UNAUDITED)
INVESTMENT MANAGER:
NASHVILLE CAPITAL CORPORATION
209 10TH AVENUE SOUTH
SUITE 332
NASHVILLE, TN 37203
TOLL FREE: (877) 272-9746
FUND HOLDINGS - (UNAUDITED)
- -------------
MONTEAGLE FIXED INCOME FUND HOLDINGS AS OF FEBRUARY 28, 2005 1
[CHART OMITTED]
Corporate Bonds 70.92%
Taxable Municipal Obligations 18.17%
U.S. Government Agency Obligations 8.37%
Money Market Securities 1.67%
Other assets less liabilities 0.87%
1 As a percent of net assets.
Under normal circumstances, the Monteagle Fixed Income Fund will invest at least
80% of its assets in fixed income securities, including U.S. government
securities, securities issued by agencies of the U.S. government, taxable
municipal bonds and corporate debt securities.
MONTEAGLE VALUE FUND HOLDINGS AS OF FEBRUARY 28, 2005 1
[CHART OMITTED]
Large-Cap Equity Securities 2 59.54%
Mid-Cap Equity Securities 3 38.44%
Small-Cap Equity Securities 4 1.37%
Money Market Securities 0.55%
Other assets less liabilities 0.10%
1 As a percent of net assets.
2 U.S. Companies with market capitalizations above $5 billion.
3 U.S. Companies with market capitalizations above $1 billion and below $5
billion.
4 U.S. Companies with market capitalizations below $1 billion.
The Monteagle Value Fund invests primarily in common stocks of medium and large
capitalization U.S. companies. Medium capitalization companies include those
with market capitalizations between $1 billion and $5 billion, and large
capitalization companies include those with market capitalizations above $5
billion.
1
FUND HOLDINGS - (UNAUDITED) - CONTINUED
- -------------
MONTEAGLE LARGE CAP GROWTH FUND HOLDINGS AS OF FEBRUARY 28, 2005 1
[CHART OMITTED]
Large-Cap Equity Securities 2 93.44%
Mid and Small-Cap Equity Securities 3 2.70%
Money Market Securities 7.25%
Liabilities in excess or other assets (3.39)%
1 As a percent of net assets.
2 U.S. Companies with market capitalizations above $5 billion.
3 U.S. Companies with market capitalizations below $5 billion.
The Monteagle Large Cap Growth Fund will, under normal circumstances, invest at
least 80% of its assets in common stocks of large capitalization U.S. companies.
Large capitalization companies include those with market capitalizations above
$5 billion.
AVAILABILITY OF PORTFOLIO SCHEDULE
- ----------------------------------
The Funds file 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 Funds' 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 FUNDS' EXPENSES - (UNAUDITED)
- --------------------------
As a shareholder of any of the Funds, 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 Funds 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 (September 1, 2004) and held for the entire period (through February 28,
2005).
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.
2
SUMMARY OF FUNDS' EXPENSES - (UNAUDITED) - CONTINUED
- --------------------------
Hypothetical Example for Comparison Purposes
- --------------------------------------------
The second line of the table below provides information about hypothetical
account values and hypothetical expenses based on a 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 a Fund and other funds. To do so, compare this 5% hypothetical example with
the 5% hypothetical examples that appear in the shareholder reports of the other
funds.
- ---------------------------------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES PAID
MONTEAGLE FUNDS ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*
SEPTEMBER 1, 2004 FEBRUARY 28, 2005 FEBRUARY 28, 2005
- ---------------------------------------------------------------------------------------------------------
FIXED INCOME FUND
Actual $ 1,000.00 $ 998.40 $ 5.75
Hypothetical** $ 1,000.00 $ 1,019.04 $ 5.81
- ---------------------------------------------------------------------------------------------------------
VALUE FUND
Actual $ 1,000.00 $ 1,190.51 $ 7.44
Hypothetical** $ 1,000.00 $ 1,018.00 $ 6.85
- ---------------------------------------------------------------------------------------------------------
LARGE CAP GROWTH FUND
Actual $ 1,000.00 $ 1,079.19 $ 7.06
Hypothetical** $ 1,000.00 $ 1,018.00 $ 6.85
- ---------------------------------------------------------------------------------------------------------
*Expenses are equal to the Funds' annualized expense ratios, multiplied by the
average account value over the period, multiplied by 181/365 (to reflect the
one-half year period). The annualized expense ratios for Monteagle Fixed Income
Fund, Monteagle Value Fund and Monteagle Large Cap Growth Fund were 1.16%,
1.37%, and 1.37% respectively.
**Assumes a 5% return before expenses.
3
MONTEAGLE FIXED INCOME FUND
SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2005 (UNAUDITED)
PRINCIPAL
AMOUNT VALUE
-------------- --------------------
CORPORATE BONDS - 70.92%
Abbott Laboratories Corp., 5.400%, 9/15/2008 $ 500,000 $ 522,167
Alcoa, Inc., 5.375%, 1/15/2013 500,000 520,839
American Express Co., 4.750%, 6/17/2009 500,000 508,532
Ameritech Capital Funding Corp., 6.150%, 1/15/2008 1,000,000 1,051,451
BankAmerica Corp., 5.875%, 2/15/2009 250,000 264,218
Bank of America, 4.875%, 1/15/2013 500,000 504,694
Bank of New York, 3.900%, 9/1/2007 500,000 498,632
Bottling Group LLC, 4.625%, 11/15/2012 500,000 501,632
Bristol Myers Squibb, 5.750%, 10/1/2011 500,000 530,202
CBS Corp., 7.150%, 5/20/2005 1,000,000 1,008,002
CIT Group, Inc., 4.750%, 12/15/2010 500,000 500,981
Coca-Cola Enterprises, 5.750%, 03/15/2011 500,000 531,658
Commercial Credit Co., 10.000%, 12/1/2008 1,000,000 1,190,328
Dayton Hudson Corp., 5.875%, 11/1/2008 750,000 792,291
General Electric Company, 5.000%, 02/01/2013 500,000 508,307
Goldman Sachs Group, Inc., 5.250%, 10/15/2013 500,000 509,464
Household Finance Corp., 6.500%, 11/15/2008 500,000 536,776
International Business Machines, 5.375%, 2/1/2009 1,000,000 1,043,406
John Deere Capital Trust, 5.100%, 01/15/2013 500,000 512,883
JP Morgan Chase & Co., 4.500%, 01/15/2012 250,000 247,135
Lehman Brothers, 4.375%, 11/30/2010 500,000 494,321
McDonnell Douglas Co., 6.875%, 11/1/2006 500,000 522,653
Mellon Funding Corp., 6.375%, 02/15/2010 150,000 160,543
Merrill Lynch, 8.000%, 6/1/2007 500,000 541,561
Metlife, Inc., 5.500%, 6/15/2014 500,000 515,271
Nabisco, Inc., 7.050%, 7/15/2007 1,000,000 1,060,496
Pitney Bowes Credit Corp., 8.625%, 2/15/2008 700,000 791,924
Suntrust Bank, 6.375%, 04/01/2011 500,000 547,563
Wells Fargo & Co., 5.250%, 12/01/2007 500,000 514,730
--------------------
TOTAL CORPORATE BONDS (COST $17,217,313) 17,432,660
--------------------
TAXABLE MUNICIPAL OBLIGATIONS - 18.17%
Atlanta & Fulton County, Georgia Recreation Authority Downtown
Arena Project, 6.625%, 12/1/2011 300,000 325,962
Buffalo, New York Pension System, 8.500%, 8/15/2005 500,000 511,770
Denver, Colorado City & County School District, 6.760%, 12/15/2007 1,000,000 1,068,400
LaGrange, Georgia Development Authority Communications System
Project, 6.100%, 2/1/2010 750,000 794,482
New Jersey Sports & Expos, 7.375%, 3/1/2007 500,000 532,730
New Rochelle, New York Public Improvement, 4.850%, 3/15/2011 200,000 203,448
Texas Tech University, 5.320%, 8/15/2007 1,000,000 1,028,610
--------------------
TOTAL MUNICIPAL OBLIGATIONS (COST $4,270,780) 4,465,402
--------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 8.37%
Federal Home Loan Mortgage Corp., 5.625%, 03/15/2011 500,000 532,475
Federal Home Loan Mortgage Corp., 3.000%, 03/28/2008 500,000 482,098
Federal Home Loan Bank, 4.020%, 05/15/2008 500,000 499,075
Federal National Mortgage Association, 3.125%, 3/16/2009 565,000 542,815
--------------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (COST $2,096,518) 2,056,463
--------------------
See accompanying notes which are an integral part of the financial statements.
4
MONTEAGLE FIXED INCOME FUND
SCHEDULE OF INVESTMENTS - CONTINUED
FEBRUARY 28, 2005 (UNAUDITED)
MONEY MARKET SECURITIES - 1.67% SHARES VALUE
-------------- --------------------
Federated U.S. Treasury Obligations Fund, 2.33% (a) 411,653 $ 411,653
--------------------
TOTAL MONEY MARKET SECURITIES (COST $411,653) 411,653
--------------------
TOTAL INVESTMENTS (COST $23,996,264) - 99.13% $ 24,366,178
--------------------
OTHER ASSETS LESS LIABILITIES - 0.87% 213,498
--------------------
TOTAL NET ASSETS - 100.00% $ 24,579,676
====================
(a) Variable rate security; the coupon rate shown represents the rate at
February 28, 2005.
See accompanying notes which are an integral part of the financial statements.
5
MONTEAGLE VALUE FUND
SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2005 (UNAUDITED)
COMMON STOCKS - 99.35% SHARES VALUE
-------------- ----------------
AIRCRAFT & PARTS - 3.43%
Textron, Inc. 8,550 $ 661,343
----------------
COMPUTER COMMUNICATION EQUIPMENT - 1.38%
Adaptec, Inc. (a) 48,700 264,928
----------------
CRUDE PETROLEUM & NATURAL GAS - 4.03%
Kerr-McGee Corp. 10,000 776,600
----------------
DRILLING OIL & GAS WELLS - 8.13%
Rowan Co., Inc. 26,450 837,936
Transocean, Inc. (a) 15,000 727,200
----------------
1,565,136
----------------
ELECTRIC LIGHTING & WIRING EQUIPMENT - 8.22%
Cooper Industries, Inc. - Class A 11,800 818,566
Hubbell, Inc. - Class B 14,200 763,960
----------------
1,582,526
----------------
ELECTRIC SERVICES - 4.70%
Duke Energy Corp. 33,550 905,514
----------------
ELECTRONIC COMPONENTS & ACCESSORIES - 2.33%
Vishay Intertechnology, Inc. (a) 34,400 448,920
----------------
GOLD & SILVER ORES - 3.23%
Barrick Gold Corp. 25,000 622,500
----------------
GUIDED MISSILES & SPACE VEHICLES & PARTS - 4.10%
Goodrich Corp. 21,300 788,739
----------------
OIL & GAS FIELD EXPLORATION SERVICES - 4.57%
Halliburton Co. 20,000 879,400
----------------
OIL & GAS FIELD MACHINERY & EQUIPMENT - 1.72%
Baker Hughes, Inc. 7,000 330,960
----------------
PAPER MILLS - 3.22%
Meadwestvaco Corp. 19,795 620,771
----------------
PAPERBOARD CONTAINERS & BOXES - 3.77%
Sonoco Products Co. 25,000 727,000
----------------
PETROLEUM REFINING - 1.97%
Marathon Oil Corp. 8,000 378,720
----------------
PHARMACEUTICAL PREPARATIONS - 5.35%
Bristol-Myers Squibb Company 20,000 500,600
Schering-Plough Corp. 28,000 530,600
----------------
1,031,200
----------------
See accompanying notes which are an integral part of the financial statements.
6
MONTEAGLE VALUE FUND
SCHEDULE OF INVESTMENTS - CONTINUED
FEBRUARY 28, 2005 (UNAUDITED)
COMMON STOCKS - 99.35% - CONTINUED SHARES VALUE
-------------- ----------------
PHOTOGRAPHIC EQUIPMENT & SUPPLIES - 3.99%
Eastman Kodak, Inc. 22,600 $ 768,174
----------------
PLASTIC MAIL, SYNTHETIC RESIN/RUBBER, CELLULOS - 3.53%
DuPont (EI) de NeMours & Co. 12,750 679,575
----------------
RAILROAD EQUIPMENT - 2.99%
Trinity Industries, Inc. 20,000 576,000
----------------
REAL ESTATE INVESTMENT TRUSTS - 3.06%
New Plan Excel Realty Trust, Inc. 22,550 589,908
----------------
RETAIL - DEPARTMENT STORES - 10.08%
The May Department Stores Company 22,000 759,220
Saks, Inc. 45,000 683,550
Sears Roebuck & Co. 10,000 499,300
----------------
1,942,070
----------------
RETAIL - GROCERY STORES - 2.74%
Albertson's, Inc. 23,550 527,285
----------------
SAWMILLS & PLANTING MILLS - 2.73%
Louisiana-Pacific Corp. 20,000 525,400
----------------
SERVICES - COMPUTER INTEGRATED SYSTEMS DESIGN - 1.59%
Unisys Corp. (a) 40,000 307,200
----------------
TELEPHONE & TELEGRAPH APPARATUS - 1.49%
ADC Telecommunications, Inc. (a) 125,000 287,500
----------------
TELEPHONE COMMUNICATIONS - 2.50%
SBC Communications, Inc. 20,000 481,000
----------------
WATER TRANSPORTATION - 4.50%
Tidewater, Inc. 21,000 866,670
----------------
TOTAL COMMON STOCKS (COST $14,805,385) 19,135,039
----------------
MONEY MARKET SECURITIES - 0.55%
Federated U.S. Treasury Obligations Fund, 2.33% (b) 106,772 106,772
----------------
TOTAL MONEY MARKET SECURITIES (COST $106,772) 106,772
----------------
TOTAL INVESTMENTS (COST $14,912,157) - 99.90% $ 19,241,811
----------------
OTHER ASSETS IN LESS LIABILITIES - 0.10% 18,374
----------------
TOTAL NET ASSETS - 100.00% $ 19,260,185
================
(a) Non-income producing.
(b) Variable rate security; the coupon rate shown represents the rate at
February 28, 2005.
See accompanying notes which are an integral part of the financial statements.
7
MONTEAGLE LARGE CAP GROWTH FUND
SCHEDULE OF INVESTMENTS
FEBRUARY 28, 2005 (UNAUDITED)
COMMON STOCKS - 96.14% SHARES VALUE
------------- --------------
AIR COURIER SERVICES - 3.59%
FedEx Corp. 10,500 $ 1,026,690
--------------
BIOLOGICAL PRODUCTS - 3.44%
Amgen, Inc. (a) 16,000 985,760
--------------
ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS - 3.37%
Medtronic, Inc. 18,500 964,220
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT - 3.41%
General Electric Co. 27,700 975,040
--------------
ELECTRONIC COMPUTERS - 3.18%
Dell, Inc. (a) 22,700 910,043
--------------
FINANCE SERVICES - 3.03%
American Express Co. 16,000 866,400
--------------
HOSPITAL & MEDICAL SERVICE PLANS - 3.63%
United Health Group, Inc. 11,400 1,039,224
--------------
HOUSEHOLD AUDIO & VIDEO EQUIPMENT - 2.82%
Harman International Industries, Inc. 7,200 807,624
--------------
LEATHER & LEATHER PRODUCTS - 3.57%
Coach, Inc. (a) 18,400 1,021,752
--------------
MISCELLANEOUS CHEMICAL PRODUCTS - 1.82%
Smith International, Inc. 8,100 520,506
--------------
MOTORCYCLES, BICYCLES & PARTS - 1.49%
Harley-Davidson, Inc. 6,900 426,972
--------------
NATIONAL COMMERCIAL BANKS - 3.07%
Wachovia Corp. 16,600 879,966
--------------
OPERATIVE BUILDERS - 1.85%
Toll Brothers, Inc. (a) 6,000 528,300
--------------
OPTHALMIC GOODS - 3.44%
Alcon, Inc. 11,400 983,820
--------------
PERSONAL CREDIT INSTITUTIONS - 3.13%
Capital One Financial Corp. 11,700 897,156
--------------
PETROLEUM REFINING - 3.56%
Conocophillips Co. 9,200 1,020,188
--------------
PHARMACEUTICAL PREPARATIONS - 2.44%
Genentech, Inc. (a) 14,800 698,560
--------------
See accompanying notes which are an integral part of the financial statements.
8
MONTEAGLE LARGE CAP GROWTH FUND
SCHEDULE OF INVESTMENTS - CONTINUED
FEBRUARY 28, 2005 (UNAUDITED)
COMMON STOCKS - 96.14% - CONTINUED SHARES VALUE
------------- --------------
RADIO & TV BROADCASTING & COMMUNICATION EQUIPMENT - 3.33%
L-3 Communications Holdings, Inc. 13,200 $ 951,720
--------------
RETAIL - EATING & DRINKING PLACES - 3.06%
Starbucks Corp. (a) 16,900 875,589
--------------
RETAIL - LUMBER & OTHER BUILDING MATERIALS DEALERS - 3.61%
Lowe's Companies, Inc. 17,600 1,034,528
--------------
RETAIL - VARIETY STORES - 6.05%
Costco Wholesale Corp. 18,700 871,233
Target Corp. 16,900 858,858
--------------
1,730,091
--------------
SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYSTEMS - 1.67%
Garmin Ltd. 9,300 476,625
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 2.24%
Chicago Mercantile Exchange Holdings, Inc. 3,100 640,522
--------------
SEMICONDUCTORS & RELATED DEVICES - 3.45%
Marvell Technology Group Ltd. (a) 27,000 987,930
--------------
SERVICES - BUSINESS SERVICES - 2.60%
eBAY, Inc. (a) 17,400 745,416
--------------
SERVICES - COMPUTER PROGRAMMING SERVICES - 4.02%
Infosys Technologies Ltd. (b) 15,100 1,151,375
--------------
SERVICES - CONSUMER CREDIT REPORTING, COLLECTION AGENCIES - 3.52%
Moody's Corp. 12,000 1,006,920
--------------
SERVICES - PREPACKAGED SOFTWARE - 5.24%
Autodesk, Inc. 26,000 772,720
Symantec Corp. (a) 33,000 726,330
--------------
1,499,050
--------------
SURETY INSURANCE - 2.94%
AMBAC Financial Group, Inc. 10,800 840,024
--------------
SURGICAL & MEDICAL INSTRUMENTS & APPARATUS - 3.57%
Stryker Corp. 20,600 1,022,996
--------------
TOTAL COMMON STOCKS (COST $25,666,781) 27,515,007
--------------
See accompanying notes which are an integral part of the financial statements.
9
MONTEAGLE LARGE CAP GROWTH FUND
SCHEDULE OF INVESTMENTS - CONTINUED
FEBRUARY 28, 2005 (UNAUDITED)
MONEY MARKET SECURITIES - 7.25% SHARES VALUE
------------- --------------
Federated U.S. Treasury Obligations Fund, 2.33% (c) 1,400,000 $ 1,400,000
Huntington Money Market Fund - Investment Shares, 1.43% (c) 675,247 675,247
--------------
TOTAL MONEY MARKET SECURITIES (COST $2,075,247) 2,075,247
--------------
TOTAL INVESTMENTS (COST $27,742,028) - 103.39% $ 29,590,254
--------------
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.39)% (969,072)
--------------
TOTAL NET ASSETS - 100.00% $ 28,621,182
==============
(a) Non-income producing.
(b) American Depositary Receipt.
(c) Variable rate security; the coupon rate shown represents the rate at
February 28, 2005.
See accompanying notes which are an integral part of the financial statements.
10
MONTEAGLE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
FEBRUARY 28, 2005 (UNAUDITED)
MONTEAGLE MONTEAGLE MONTEAGLE
FIXED INCOME VALUE LARGE CAP
FUND FUND GROWTH FUND
------------------ ----------------- ------------------
ASSETS
Investments in securities:
At cost $ 23,996,264 $ 14,912,157 $ 27,742,028
================== ================= ==================
At value $ 24,366,178 $ 19,241,811 $ 29,590,254
Interest receivable 315,956 145 2,099
Dividends receivable - 37,738 21,918
Receivable for fund shares purchased - - 60,800
------------------ ----------------- ------------------
TOTAL ASSETS 24,682,134 19,279,694 29,675,071
------------------ ----------------- ------------------
LIABILITIES
Payable for investments purchased - - 1,023,454
Accrued advisory fees 21,859 19,509 30,435
Distributions payable 80,599 - -
------------------ ----------------- ------------------
TOTAL LIABILITIES 102,458 19,509 1,053,889
------------------ ----------------- ------------------
NET ASSETS $ 24,579,676 $ 19,260,185 $ 28,621,182
================== ================= ==================
NET ASSETS CONSIST OF:
Paid in capital $ 24,066,970 $ 16,484,260 $ 34,339,709
Accumulated undistributed net investment income (loss) 13,547 12,902 (29,054)
Accumulated net realized gain (loss) on investments 129,245 (1,566,631) (7,537,699)
Net unrealized appreciation on investments 369,914 4,329,654 1,848,226
------------------ ----------------- ------------------
NET ASSETS $ 24,579,676 $ 19,260,185 $ 28,621,182
================== ================= ==================
SHARES OUTSTANDING
(unlimited number of shares authorized) 2,370,845 1,334,524 4,880,119
------------------ ----------------- ------------------
NET ASSET VALUE, OFFERING AND
REDEMPTION PRICE PER SHARE $ 10.37 $ 14.43 $ 5.86
================== ================= ==================
See accompanying notes which are an integral part of the financial statements.
11
MONTEAGLE FUNDS
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED FEBRUARY 28, 2005 (UNAUDITED)
MONTEAGLE MONTEAGLE MONTEAGLE
FIXED INCOME VALUE LARGE CAP
FUND FUND GROWTH FUND
------------------ ----------------- -------------------
INVESTMENT INCOME:
Dividend income $ - $ 193,430 $ 107,987
Interest income 627,685 3,173 6,183
------------------ ----------------- -------------------
TOTAL INVESTMENT INCOME 627,685 196,603 114,170
------------------ ----------------- -------------------
EXPENSES:
Investment advisor fee (a) 146,193 120,644 141,205
Trustee fees and expenses 1,998 1,996 2,019
------------------ ----------------- -------------------
TOTAL EXPENSES 148,191 122,640 143,224
------------------ ----------------- -------------------
NET INVESTMENT INCOME (LOSS) 479,494 73,963 (29,054)
------------------ ----------------- -------------------
REALIZED & UNREALIZED GAIN (LOSS):
Net realized gain (loss) on investment securities 343,747 343,638 (357,480)
Change in unrealized appreciation (depreciation)
on investment securities (870,882) 2,700,180 1,190,357
------------------ ----------------- -------------------
Net realized and unrealized gain (loss) on investment securities (527,135) 3,043,818 832,877
------------------ ----------------- -------------------
NET INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS $ (47,641) $ 3,117,781 $ 803,823
================== ================= ===================
(a) See Note 3 in the Notes to the Financial Statements.
See accompanying notes which are an integral part of the financial statements.
12
MONTEAGLE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
MONTEAGLE
FIXED INCOME
FUND
------------------------------------------
SIX MONTHS ENDED
FEBRUARY 28, 2005 YEAR ENDED
INCREASE (DECREASE) IN NET ASSETS (UNAUDITED) AUGUST 31, 2004
--------------------- -------------------
OPERATIONS:
Net investment income $ 479,494 $ 1,041,935
Net realized gain on investment securities 343,747 277,054
Change in unrealized appreciation (depreciation) (870,882) (306,131)
--------------------- -------------------
Net increase in net assets resulting from operations (47,641) 1,012,858
--------------------- -------------------
DISTRIBUTIONS:
From net investment income (477,270) (1,041,946)
From net realized gain (448,777) (437,744)
--------------------- -------------------
Total distributions (926,047) (1,479,690)
--------------------- -------------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 352,410 1,510,149
Amount paid for shares repurchased (1,221,728) (4,182,760)
--------------------- -------------------
Net (decrease) in net assets resulting
from share transactions (869,318) (2,672,611)
--------------------- -------------------
TOTAL (DECREASE) IN NET ASSETS (1,843,006) (3,139,443)
--------------------- -------------------
NET ASSETS:
Beginning of period 26,422,682 29,562,125
--------------------- -------------------
End of period $ 24,579,676 $ 26,422,682
===================== ===================
Accumulated undistributed net
investment income included
in net assets at end of period $ 13,547 $ 11,324
===================== ===================
CAPITAL SHARE TRANSACTIONS:
Shares sold 32,952 137,031
Shares repurchased (114,733) (382,385)
--------------------- -------------------
Net (decrease) from capital share transactions (81,781) (245,354)
===================== ===================
See accompanying notes which are an integral part of the financial statements.
13
MONTEAGLE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
MONTEAGLE MONTEAGLE
VALUE LARGE CAP
FUND GROWTH FUND
---------------------------------- ----------------------------------
SIX MONTHS ENDED SIX MONTHS ENDED
FEBRUARY 28, 2005 YEAR ENDED FEBRUARY 28, 2005 YEAR ENDED
INCREASE (DECREASE) IN NET ASSETS (UNAUDITED) AUGUST 31, 2004 (UNAUDITED) AUGUST 31, 2004
----------------- ---------------- ----------------- ----------------
OPERATIONS:
Net investment income (loss) $ 73,963 $ 138,920 $ (29,054) $ (74,695)
Net realized loss on investment securities 343,638 (34,172) (357,480) (529,922)
Change in unrealized appreciation (depreciation) 2,700,180 1,826,718 1,190,357 1,054,822
----------------- ---------------- ----------------- ----------------
Net increase in net assets resulting from operations 3,117,781 1,931,466 803,823 450,205
----------------- ---------------- ----------------- ----------------
DISTRIBUTIONS:
From net investment income (61,060) (138,920) - (6,174)
Return of capital - (130,341) - -
----------------- ---------------- ----------------- ----------------
Total distributions (61,060) (269,261) - (6,174)
----------------- ---------------- ----------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 1,266,939 1,316,541 15,507,603 8,648,846
Amount paid for shares repurchased (1,391,069) (1,302,933) (557,680) (286,252)
----------------- ---------------- ----------------- ----------------
Net increase (decrease) in net assets resulting
from share transactions (124,130) 13,608 14,949,923 8,362,594
----------------- ---------------- ----------------- ----------------
TOTAL INCREASE IN NET ASSETS 2,932,591 1,675,813 15,753,746 8,806,625
----------------- ---------------- ----------------- ----------------
NET ASSETS:
Beginning of period 16,327,594 14,651,781 12,867,436 4,060,811
----------------- ---------------- ----------------- ----------------
End of period $ 19,260,185 $ 16,327,594 $ 28,621,182 $ 12,867,436
================= ================ ================= ================
Accumulated undistributed net
investment income (loss) included
in net assets at end of period $ 12,902 $ - $ (29,054) $ -
================= ================ ================= ================
CAPITAL SHARE TRANSACTIONS:
Shares sold 95,539 110,518 2,603,884 1,609,281
Shares repurchased (104,246) (108,798) (94,873) (52,336)
----------------- ---------------- ----------------- ----------------
Net increase (decrease) from capital share transactions (8,707) 1,720 2,509,011 1,556,945
================= ================ ================= ================
See accompanying notes which are an integral part of the financial statements.
14
MONTEAGLE FUNDS
FINANCIAL HIGHLIGHTS
The tables below set forth financial data for a share outstanding throughout
each period presented.
MONTEAGLE
FIXED INCOME
FUND
----------------------------------------------------------------------------------------
SIX MONTHS
EDNDED FEBRUARY YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
28, 2005 AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
(UNAUDITED) 2004 2003 2002 2001 2000 (a)
-------------- ------------- ------------- ------------- ------------- -------------
SELECTED PER SHARE DATA
Net asset value, beginning
of period $ 10.77 $ 10.96 $ 11.17 $ 10.82 $ 10.06 $ 10.00
-------------- ------------- ------------- ------------- ------------- -------------
Income from investment operations
Net investment income 0.20 0.41 0.42 0.49 0.55 0.28
Net realized and unrealized
gain (loss) (0.21) (0.03) (0.08) 0.35 0.76 0.16
-------------- ------------- ------------- ------------- ------------- -------------
Total from investment operations (0.01) 0.38 0.34 0.84 1.31 0.44
-------------- ------------- ------------- ------------- ------------- -------------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (0.20) (0.41) (0.42) (0.49) (0.55) (0.38)
From net realized gain (0.19) (0.16) (0.13) - - -
-------------- ------------- ------------- ------------- ------------- -------------
Total distributions (0.39) (0.57) (0.55) (0.49) (0.55) (0.38)
-------------- ------------- ------------- ------------- ------------- -------------
Net asset value, end of period $ 10.37 $ 10.77 $ 10.96 $ 11.17 $ 10.82 $ 10.06
============== ============= ============= ============= ============= =============
TOTAL RETURN (b) -0.16% (c) 3.49% 3.06% 8.00% 13.37% 4.54% (c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000) $ 24,580 $ 26,423 $ 29,562 $ 37,626 $ 36,506 $ 29,346
Ratio of expenses to average net
assets 1.16% (d) 1.15% 1.14% 0.97% 1.14% 1.15% (d)
Ratio of net investment income to
average net assets 3.77% (d) 3.71% 3.76% 4.56% 5.28% 3.97% (d)
Portfolio turnover rate 34.69% 27.02% 20.52% 48.58% 75.84% 58.87%
(a) December 20, 1999 (Commencement of Operations) through August 31, 2000.
(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.
15
MONTEAGLE FUNDS
FINANCIAL HIGHLIGHTS - CONTINUED
The tables below set forth financial data for a share outstanding throughout
each period presented.
MONTEAGLE
VALUE
FUND
------------------------------------------------------------------------------------
SIX MONTHS
ENDED FEBRUARY YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
28, 2005 AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
(UNAUDITED) 2004 2003 2002 2001 2000 (a)
-------------- ------------ ------------ ------------ ------------ -------------
SELECTED PER SHARE DATA
Net asset value, beginning
of period $ 12.16 $ 10.92 $ 9.77 $ 13.34 $ 11.66 $ 10.00
-------------- ------------ ------------ ------------ ------------ -------------
Income from investment operations
Net investment income 0.05 0.10 0.16 0.17 0.14 0.06
Net realized and unrealized
gain (loss) 2.26 1.33 1.14 (2.17) 1.88 1.60
-------------- ------------ ------------ ------------ ------------ -------------
Total from investment operations 2.31 1.43 1.30 (2.00) 2.02 1.66
-------------- ------------ ------------ ------------ ------------ -------------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income (0.04) (0.10) (0.15) (0.15) (0.12) -
From net realized gain - - - (1.42) (0.22) -
From return of capital - (0.09) - - - -
-------------- ------------ ------------ ------------ ------------ -------------
Total distributions (0.04) (0.19) (0.15) (1.57) (0.34) -
-------------- ------------ ------------ ------------ ------------ -------------
Net asset value, end of period $ 14.43 $ 12.16 $ 10.92 $ 9.77 $ 13.34 $ 11.66
============== ============ ============ ============ ============ =============
TOTAL RETURN (b) 19.05% (c) 13.10% 13.49% -16.95% 17.56% 16.60% (c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000) $ 19,260 $ 16,328 $ 14,652 $ 19,010 $ 26,325 $ 19,734
Ratio of expenses to average net
assets 1.37% (d) 1.36% 1.36% 1.35% 1.35% 1.36% (d)
Ratio of net investment income to
average net assets 0.83% (d) 0.85% 1.72% 1.37% 1.15% 0.77% (d)
Portfolio turnover rate 7.72% 34.50% 28.39% 58.62% 152.86% 375.67%
(a) December 20, 1999 (Commencement of Operations) through August 31, 2000.
(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.
16
MONTEAGLE FUNDS
FINANCIAL HIGHLIGHTS - CONTINUED
The tables below set forth financial data for a share outstanding throughout
each period presented.
MONTEAGLE
LARGE CAP
GROWTH FUND
----------------------------------------------------------------------------------
SIX MONTHS
ENDED FEBRUARY YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
28, 2005 AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
(UNAUDITED) 2004 2003 2002 2001 2000 (a)
------------- ------------ ------------ ------------ ------------ ------------
SELECTED PER SHARE DATA
Net asset value, beginning
of period $ 5.43 $ 4.99 $ 4.62 $ 6.70 $ 9.92 $ 10.00
------------- ------------ ------------ ------------ ------------ ------------
Income from investment operations
Net investment income (loss) (0.01) (0.04) 0.01 (0.02) (0.03) 0.01
Net realized and unrealized
gain (loss) 0.44 0.49 0.36 (2.06) (3.19) (0.09)
------------- ------------ ------------ ------------ ------------ ------------
Total from investment operations 0.43 0.45 0.37 (2.08) (3.22) (0.08)
------------- ------------ ------------ ------------ ------------ ------------
LESS DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income - (0.01) - - - -
------------- ------------ ------------ ------------ ------------ ------------
Total distributions - (0.01) - - - -
------------- ------------ ------------ ------------ ------------ ------------
Net asset value, end of period $ 5.86 $ 5.43 $ 4.99 $ 4.62 $ 6.70 $ 9.92
============= ============ ============ ============ ============ ============
TOTAL RETURN (b) 7.92% (c) 8.89% 8.01% -31.04% -32.44% -0.80% (c)
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000) $ 28,621 $ 12,867 $ 4,061 $ 6,661 $ 9,968 $ 12,820
Ratio of expenses to average net
assets 1.37% (d) 1.37% 1.27% 1.03% 1.26% 1.27% (d)
Ratio of net investment income (loss) to
average net assets (0.28)%(d) (0.75)% 0.12% (0.26)% (0.44)% 0.10% (d)
Portfolio turnover rate 27.81% 66.52% (e) 26.93% 86.74% 70.04% 68.00%
(a) January 18, 2000 (Commencement of Operations) through August 31, 2000.
(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.
(e) Portfolio turnover percentage increased 39.59% compared to prior year due
to change in adviser effective September 1, 2003.
See accompanying notes which are an integral part of the financial statements.
17
MONTEAGLE FUNDS
NOTES TO THE FINANCIAL STATEMENTS
FEBRUARY 28, 2005
(UNAUDITED)
NOTE 1. ORGANIZATION
The Monteagle Fixed Income Fund (the "Fixed Income Fund"), Monteagle Value Fund
(the "Value Fund"), and Monteagle Large Cap Growth Fund (the "Large Cap Growth
Fund") (each a "Fund" or collectively, the "Funds") were organized as
diversified series of AmeriPrime Advisors Trust (the "Trust") on August 3, 1999.
The Fixed Income Fund and Value Fund commenced operations on December 20, 1999,
and the Large Cap Growth Fund commenced operations on January 18, 2000. The
Trust is an open-end investment company established under the laws of Ohio by an
Agreement and Declaration of Trust dated August 3, 1999 (the "Trust Agreement").
On September 1, 2003, the Large Cap Fund changed its name to the Large Cap
Growth Fund. The Trust Agreement permits the Board of Trustees to issue an
unlimited number of shares of beneficial interest of separate series. Each Fund
is one of a series of funds currently offered by the Trust. The investment
objective of the Fixed Income Fund is total return and the investment objectives
of the Value Fund and the Large Cap Growth Fund are to provide long-term growth
of capital. The investment manager to the Funds is Nashville Capital Corporation
("Investment Manager"). The Investment Manager retains an Adviser for each fund.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by each
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 applicable Adviser believes such prices accurately reflect the
fair market value of such securities. Securities that are traded on any stock
exchange are generally valued by the pricing service at the last quoted sale
price. Lacking a last sale price, an exchange traded security is generally
valued by the pricing service at its last bid price. Securities traded in the
NASDAQ over-the-counter market are generally valued by the pricing service at
the NASDAQ Official Closing Price. When market quotations are not readily
available, when the Adviser determines that the market quotation or the price
provided by the pricing service does not accurately reflect the current market
value or when restricted or illiquid securities are being valued, such
securities are valued as determined in good faith by the Adviser, in conformity
with guidelines adopted by and subject to review of the Board of Trustees of the
Trust, (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
applicable 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,
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. Each 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 all of its taxable income. If the required amount of net investment
income is not distributed, the Fund could incur a tax expense.
18
MONTEAGLE FUNDS
NOTES TO THE FINANCIAL STATEMENTS
FEBRUARY 28, 2005 - CONTINUED
(UNAUDITED)
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
Security Transactions and Related Income - The Funds follow industry practice
and record 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.
Distributions to Shareholders - The Fixed Income Fund intends to distribute all
of its net investment income as dividends to its shareholders on a monthly
basis. The Value Fund and Large Cap Growth Fund intend to distribute all of
their net investment income as dividends to shareholders on an annual basis. The
Funds intend to distribute net realized long term capital gains and net realized
short term capital gains at least once a year. Distributions to shareholders,
which are determined in accordance with income tax regulations, are recorded on
the ex-dividend date.
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Nashville Capital Corporation serves as Investment Manager to the Funds. In this
capacity, Nashville Capital Corporation advises and assists the officers of the
Trust in conducting the business of the Funds and is responsible for providing
general investment advice and guidance to the Funds. However, Nashville Capital
Corporation has delegated responsibility for the selection and ongoing
monitoring of the securities in each Fund's investment portfolio to the Funds'
respective Advisers set forth below. Each Fund is authorized to pay Nashville
Capital Corporation a fee based on average daily net assets at the following
annual rates:
FIXED LARGE CAP
INCOME VALUE GROWTH
ASSETS FUND FUND FUND
- --------------------------- -------------- -------------- --------------
Up to and
including $25 million 1.15% 1.35% 1.35%
From $25 up to and
including $50 million 1.10% 1.25% 1.25%
From $50 up to and
including $100 million 0.97% 1.10% 1.10%
Over $100 million 0.90% 1.00% 1.00%
Under the terms of each Fund's management agreement (the "Agreement"), the
Investment Manager manages each Fund's investments subject to approval of the
Board and pays all of the expenses of each 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 person
trustees, 12b-1 expenses and extraordinary expenses. It should be noted that
most investment companies pay their own operating expenses directly, while the
Funds' expenses, except those specified above, are paid by the Investment
Manager. For the six months ended February 28, 2005, the Investment Manager
earned fees of $146,193, $120,644 and $141,205 from the Fixed Income Fund, Value
Fund and Large Cap Growth Fund, respectively. Amounts payable to the Investment
Manager at February 28, 2005 were $21,859, $19,509 and $30,435 for the Fixed
Income Fund, Value Fund and Large Cap Growth Fund, respectively.
19
MONTEAGLE FUNDS
NOTES TO THE FINANCIAL STATEMENTS
FEBRUARY 28, 2005 - CONTINUED
(UNAUDITED)
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
FIXED INCOME FUND. The Investment Manager has retained Howe & Rusling, Inc. ("H
& R") to serve as the Adviser to the Fixed Income Fund. Nashville Capital
Corporation has agreed to pay H & R an annual advisory fee for the Fixed Income
Fund of 0.30% of average daily net assets up to $25 million, 0.25% of average
daily net assets from $25 million up to $50 million, and 0.20% of average daily
net assets of $50 million and greater.
VALUE FUND. The Investment Manager has retained Robinson Investment Group, Inc.
("Robinson") to serve as the Adviser to the Value Fund. Nashville Capital
Corporation has agreed to pay Robinson an annual advisory fee of 0.60% of
average daily net assets up to $25 million, 0.45% of average daily net assets
from $25 million up to $50 million, 0.35% of average daily net assets from $50
million up to $100 million, and 0.30% of average daily net assets of $100
million and greater.
LARGE CAP GROWTH FUND. The Investment Manager has retained Northstar Capital
Management, Inc. ("Northstar") to serve as Adviser of the Large Cap Growth Fund.
Nashville Capital Corporation has agreed to pay Northstar an annual advisory fee
of 0.50% of average daily net assets.
The Funds retain Unified Fund Services, Inc. ("Unified"), a wholly owned
subsidiary of Unified Financial Services, Inc., to manage the Funds' business
affairs and to provide the Funds with administrative, transfer agency, and fund
accounting services, including all regulatory reporting and necessary office
equipment and personnel. The Investment Manager paid all administrative,
transfer agency, and fund accounting fees on behalf of the Funds per the
Agreement. A Trustee and the officers of the Trust are members of management
and/or employees of Unified and/or officers or shareholders of Unified Financial
Services, Inc. ("UFS") (the parent of Unified).
The Funds retain Unified Financial Securities, Inc., a wholly owned subsidiary
of UFS to act as the principal distributor of their shares. There were no
payments made to Unified Financial Securities, Inc. by the Funds during the six
months ended February 28, 2005. 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 six months ended February 28, 2005, purchases and sales of investment
securities, other than short-term investments and short-term U.S. government
obligations were as follows:
FIXED LARGE CAP
INCOME VALUE GROWTH
FUND FUND FUND
---------------- --------------- ---------------
PURCHASES
U.S. Government Obligations $ 2,317,830 $ - $ -
Other 6,294,611 2,520,509 19,704,538
SALES
U.S. Government Obligations $ 2,829,703 $ - $ -
Other 6,618,280 1,350,176 5,645,058
20
MONTEAGLE FUNDS
NOTES TO THE FINANCIAL STATEMENTS
FEBRUARY 28, 2005 - CONTINUED
(UNAUDITED)
NOTE 4. INVESTMENTS - CONTINUED
As of February 28, 2005, the net unrealized appreciation of investments for tax
purposes was as follows:
FIXED LARGE CAP
INCOME VALUE GROWTH
FUND FUND FUND
--------------- --------------- --------------
Gross appreciation $ 564,690 $ 4,972,482 $ 2,117,390
Gross depreciation (194,776) (642,828) (269,164)
--------------- --------------- --------------
Net appreciation
on investments $ 369,914 $ 4,329,654 $ 1,848,226
=============== =============== ==============
At February 28, 2005, the aggregate cost of securities for federal income tax
purposes was $23,996,264, $14,912,157, and $27,742,028 for the Fixed Income
Fund, Value Fund, and Large Cap Growth Fund, respectively.
NOTE 5. ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles 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 February 28, 2005,
Farmers and Merchants Corporation, for the benefit of its customers,
beneficially owned 100% of each Fund.
NOTE 7. CAPITAL LOSS CARRYFORWARDS
VALUE FUND. At August 31, 2004, the Fund had available for federal tax purposes
an unused capital loss carryforward of $1,654,808, of which $1,155,855 expires
in 2011 and $498,953 expires in 2012.
In addition, in 2003, the Fund elected to defer post-October losses of $164,758.
LARGE CAP FUND. At August 31, 2004, the Fund had available for federal tax
purposes an unused capital loss carryforward of $6,932,274, of which $470,032
expires in 2008, $826,803 expires in 2009, $425,424 expires in 2010, $3,044,365
expires in 2011, and $2,165,650 expires in 2012.
In addition, in 2003, the Fund elected to defer post-October losses of $246,784.
Capital loss carryforwards are available to offset future realized gains. To the
extent that these carryforwards are used to offset future realized capital
gains, it is probable that the amount which is offset will not be distributed.
21
MONTEAGLE FUNDS
NOTES TO THE FINANCIAL STATEMENTS
FEBRUARY 28, 2005 - CONTINUED
(UNAUDITED)
NOTE 8. DISTRIBUTIONS TO SHAREHOLDERS
FIXED INCOME FUND. The tax character of distributions paid during the fiscal
years ended August 31, 2004 and 2003 was as follows.
Distributions paid from: 2004 2003
---------------- -----------------
Ordinary income $ 1,041,946 $ 1,278,249
Short-term Capital Gain 104,366 -
Long-term Capital Gain 333,378 439,848
---------------- -----------------
$ 1,479,690 $ 1,718,097
================ =================
For the six months ended February 28, 2005, the Fund paid monthly distributions
of net investment income totaling $0.1956 per share. Capital gain distributions
in the amount of $0.1874 per share were paid December 28, 2004, to shareholders
of record on December 27, 2004. In aggregate, the Fund paid ordinary income
dividends of $477,270 and capital gains distributions of $448,776 in the six
months ended February 28, 2005.
VALUE FUND. The tax character of distributions paid during the fiscal years
ended August 31, 2004 and 2003 was as follows:
Distributions paid from: 2004 2003
---------------- ----------------
Ordinary income $ 138,920 $ 283,519
Return of Capital 130,341 -
Short-term Capital Gain - -
Long-term Capital Gain - -
---------------- ----------------
$ 269,261 $ 283,519
================ ================
The Value Fund paid an income dividend of $0.0449 per share on December 28,
2004, to shareholders of record on December 27, 2004. In aggregate, the Fund
paid ordinary income dividends of $61,060 in the six months ended February 28,
2005.
LARGE CAP GROWTH FUND. The tax character of distributions paid during the fiscal
years ended August 31, 2004 and 2003 was as follows:
Distributions paid from: 2004 2003
---------------- ----------------
Ordinary income $ 6,174 $ -
Short-term Capital Gain - -
Long-term Capital Gain - -
---------------- ----------------
$ 6,174 $ -
================ ================
The Large Cap Growth Fund paid no distributions during the six months ended
February 28, 2005.
22
MONTEAGLE FUNDS
NOTES TO THE FINANCIAL STATEMENTS
FEBRUARY 28, 2005 - CONTINUED
(UNAUDITED)
NOTE 8. DISTRIBUTIONS TO SHAREHOLDERS - CONTINUED
As of August 31, 2004, the components of distributable earnings on a tax basis
were as follows:
Fixed Fund Value Large Cap
---------------- ---------------- ----------------
Undistributable ordinary income $ 11,324 $ - $ -
Undistributable long-term capital gain
(accumulated losses) 234,274 (1,654,807) (6,932,273)
Unrealized appreciation/(depreciation) 1,240,796 1,374,012 409,922
---------------- ---------------- ----------------
$ 1,486,394 $ (280,795) $ (6,522,351)
================ ================ ================
The differences between book basis and tax basis unrealized appreciation is
attributable primarily to the tax deferral of losses on wash sales and
post-October losses.
23
PROXY VOTING
A description of the policies and procedures that each Fund uses to determine
how to vote proxies relating to portfolio securities and information regarding
how the Funds voted those proxies during the twelve month period ended June 30,
2004, are available without charge upon request by (1) by calling the Funds at
(877) 272-9746; (2) on the Funds' website at www.nashcap.com; and (3) on the
---------------
SEC's website at www.sec.gov.
------------
TRUSTEES
Stephen A. Little, Chairman
Gary E. Hippenstiel
Daniel J. Condon
Ronald C. Tritschler
OFFICERS
Anthony J. Ghoston, President
Thomas G. Napurano, Chief Financial Officer and Treasurer
Freddie Jacobs, Jr., Secretary
Lynn E. Wood, Chief Compliance Officer
INVESTMENT MANAGER
Nashville Capital Corporation
209 10th Ave. South, Suite 332
Nashville, TN 37203
FUNDS' ADVISERS
Howe & Rusling, Inc.
Robinson Investment Group, Inc.
Northstar Capital Management, Inc.
DISTRIBUTOR
Unified Financial Securities, Inc.
431 N. Pennsylvania St.
Indianapolis, IN 46204
INDEPENDENT ACCOUNTANTS
Cohen McCurdy, Ltd.
826 Westpoint Parkway, Suite 1250
Westlake, OH 44145
LEGAL COUNSEL
Thompson Hine, LLP
312 Walnut St., Suite 1400
Cincinnati, OH 45202
CUSTODIAN
U.S. Bank, N.A.
425 Walnut St.
Cincinnati, OH 45202
ADMINISTRATOR, TRANSFER AGENT
AND FUND ACCOUNTANT
Unified Fund Services, Inc.
431 N. Pennsylvania Street
Indianapolis, IN 46204
This report is intended only for the information of shareholders or those who
have received the Fund's prospectus which contains information about the Fund's
management fee and expenses. Please read the prospectus carefully before
investing.
Distributed by Unified Financial Securities, Inc.
Member NASD/SIPC
24
ITEM 2. CODE OF ETHICS. Not Applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not Applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not Applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED COMPANIES. Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS. Not Applicable - schedule filed with Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END FUNDS.
Not applicable.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END FUNDS. Not applicable.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
The registrant has not adopted procedures by which shareholders may recommend
nominees to the registrant's board of trustees.
ITEM 10. CONTROLS AND PROCEDURES.
(a) Based on an evaluation of the registrant's disclosure controls and
procedures as of 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.
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 4/29/05
-------------------------------
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 4/29/05
---------------------------------
By
* /s/ Thomas Napurano
- ---------------------------------------------------------------
Thomas Napurano, Chief Financial Officer and Treasurer
Date 4/28/05
---------------------------------