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 811-00018
Ameritor Security Trust
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(Exact name of registrant as specified in charter)
4400 MacArthur Blvd, Suite 301, Washington, DC 20007
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(Address of principal executive offices) (Zip code)
Ameritor Financial Corporation
4400 MacArthur Blvd, Suite 301, Washington, DC 20007
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(Name and address of agent for service)
Registrant's telephone number, including area code: 202-625-6000
Date of fiscal year end: 6/30/2004
Date of reporting period: 6/30/2004
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. ANNUAL REPORT
AMERITOR
SECURITY
TRUST
ANNUAL REPORT
JUNE 30, 2004
An Ameritor NO-LOAD Mutual Fund
[LOGO] Ameritor
Financial
Corporation
Investment Adviser
BLANK
(INSIDE FRONT COVER)
August 26, 2004
Dear Shareholder:
The current stock market correction has been more severe than anyone on Wall
Street originally anticipated which is reflected in the performance of the
Ameritor Security Trust. According to the Standard & Poors analyst, the stock
market is generally focusing on the unstable situation in Iraq and the Middle
East, including the threat of terrorism in the U.S. The likely close U.S.
presidential election is also adding to the uncertainty in the market.
In contrast to the current political uncertainties, the underlying economy and
U.S. companies are doing very well. The "good news" is that the political and
non-economic factors that are currently impacting the stock market and
overshadowing these positive economic developments will eventually play
themselves out.
Our investment strategy is designed to capture and capitalize on these trends.
However, this year the stock market has been like a roller coaster. Once these
issues are resolved, however, and the market starts going up again, we will be
investing your portfolio in first-rate stocks that should go up faster than the
market as a whole because of their strong fundamentals. We will make every
effort to increase the value of the portfolio and Fund shares.
Sincerely,
/s/ Jerome Kinney
Jerome Kinney,
President
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ON INTERNAL CONTROL
Board of Trustees
Ameritor Funds
Washington, D.C.
In planning and performing our audits of the financial statements of the
Ameritor Investment Fund and the Ameritor Security Trust (the "Funds"), for the
year ended June 30, 2004, we considered their internal control, including
control activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Funds is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with accounting principles generally accepted
in the United States of America. Those controls include the safeguarding of
assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of the internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that would be
material in relation to the financial statements being audited may occur and not
be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses, as defined above, as of
June 30, 2004.
This report is intended solely for the information and use of management and the
Board of Trustees and Shareholders of Ameritor Funds and the Securities and
Exchange Commission, and is not intended to be and should not be used by anyone
other than these specified parties.
TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
August 3, 2004
AMERITOR SECURITY TRUST FUND
SCHEDULE OF INVESTMENTS
June 30, 2004
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Value
Shares (Note 1)
------ --------
COMMON STOCK 2.07%
Northern Dynasty Minerals Ltd. 7,000 $ 27,860
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Total Common Stock (Cost $29,960) 27,860
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Par
---
INVESTMENT COMPANY 97.93%
Evergreen Money Market Treasury Institutional -
Money Market Fund Institutional Shares (Cost $1,315,455) $1,315,455 1,315,455
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Total Portfolio of Investments (Cost $1,345,415) $1,343,315
==========
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The accompanying notes are an integral part of the financial statements. 2
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AMERITOR SECURITY TRUST FUND
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2004
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ASSETS
Investments at value (Cost $1,345,415) (Note 1) $ 1,343,315
Interest receivable 1,132
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Total Assets 1,344,447
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LIABILITIES
Accrued expenses 26,834
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NET ASSETS $ 1,317,613
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Net assets consist of:
Paid-in capital $ 4,039,432
Unrealized depreciation of investments (2,100)
Accumulated net realized losses from security transactions (2,719,719)
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$ 1,317,613
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Net asset value, offering price and redemption price per share
($1,317,613 divided by 2,942,456 shares of no par value trust shares) $0.45
=====
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The accompanying notes are an integral part of the financial statements. 3
AMERITOR SECURITY TRUST FUND
STATEMENT OF OPERATIONS
Year ended June 30, 2004
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Investment Income
Dividends $ 5,556
Interest 4,679
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Total income $ 10,235
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Expenses
Professional fees 43,520
Fund administrative fees (Note 2) 56,500
Shareholder servicing and recordkeeping fee (Note 2) 33,976
Investment advisory fee (Note 2) 12,696
Accounting service fees 13,700
Custodian fees 3,717
Miscellaneous 1,886
Trustees' fees and expenses (Note 2) 6,003
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Total expenses 171,998
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Net investment loss (161,763)
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Realized and Unrealized Gain/(Loss) on Investments (Note 1)
Net realized gain from investment transactions 328,071
Change in unrealized depreciation of investments (159,254)
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Net gain on investments 168,817
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Net increase in net assets resulting from operations $ 7,054
=========
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The accompanying notes are an integral part of the financial statements. 4
AMERITOR SECURITY TRUST FUND
STATEMENTS OF CHANGES IN NET ASSETS
Years ended June 30, 2004 and 2003
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2004 2003
---- ----
Increase (decrease) in net assets from operations:
Net investment loss $ (161,763) $ (182,709)
Net realized gain (loss) from investment transactions 328,071 (169,495)
Change in unrealized appreciation(depreciation) of investments (159,254) 201,265
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Net increase (decrease) in net assets resulting from operations 7,054 (150,939)
Decrease in net assets from trust share transactions (Note 3) (29,457) (26,414)
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Decrease in net assets (22,403) (177,353)
Net Assets
Beginning of year 1,340,016 1,517,369
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End of year $ 1,317,613 $ 1,340,016
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The accompanying notes are an integral part of the financial statements. 5
AMERITOR SECURITY TRUST FUND
FINANCIAL HIGHLIGHTS
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For a share outstanding throughout each year
Years Ended June 30,
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2004 2003 2002 2001 2000
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Per Share Operating Performance
Net asset value, beginning of year $ 0.45 $ 0.49 $ 0.70 $ 1.71 $ 1.35
------- ------- ------- ------- -------
Net investment loss (0.05) (0.06) (0.07) (0.07) (0.19)
Capital gain distributions -- -- -- (0.08) --
Net realized and unrealized gain
(loss) on investments .05 0.02 (0.14) (0.86) 0.55
------- ------- ------- ------- -------
Total from investment operations (.00) (0.04) (0.21) (1.01) 0.36
------- ------- ------- ------- -------
Net asset value, end of year $ 0.45 $ 0.45 $ 0.49 $ 0.70 $ 1.71
======= ======= ======= ======= =======
Ratio/Supplemental Data
Total return (0.00)% (8.16)% (30.00)% (56.10)% 26.67%
Ratio of expenses to average net assets 12.56% 14.78% 11.79% 6.08% 6.93%
Ratio of net investment
loss to average net assets (11.81)% (14.14)% (11.14)% (5.63)% (6.61)%
Portfolio turnover 182% 214% 293% 22% 91%
Net assets, end of year (000's) $ 1,318 $ 1,340 $ 1,517 $ 2,426 $ 6,185
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6
AMERITOR SECURITY TRUST FUND
NOTES TO FINANCIAL STATEMENTS
June 30, 2004
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(1) ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Ameritor Security Fund, (the "Fund"), is registered under the Investment
Company Act of 1940, as amended, as a non-diversified, open-end investment
company. The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of its financial
statements.
A. Security Valuation - The Fund's investments in securities are
carried at value. Securities listed on an exchange or quoted on a
national market system are valued at the last sales price as of 4:00
p.m. New York time on the day of valuation. Other securities traded
in over-the- counter market and listed securities for which no sale
was reported on that date are valued at the most recent bid price.
Securities for which market quotations are not readily available, if
any, are valued by using an independent pricing service or by
following procedures approved by the Board of Trustees. Short-term
investments are valued at cost which approximates value.
B. Income Taxes - The Fund is subject to income taxes in years when it
does not qualify as a regulated investment company under Subchapter
M of the Internal Revenue Code. The Fund accounts for income taxes
by using the liability method, whereby deferred tax assets and
liabilities arise from the tax effect of temporary differences
between the financial statement and tax basis of assets and
liabilities, measured using presently enacted tax rates. If it is
more likely than not that some portion or all of a deferred tax
asset will not be realized, a valuation allowance is recognized. At
June 30, 2004, for Federal income tax purposes, the Fund had a
capital loss carryforward of $2,719,719 of which $1,875,893 expires
in 2010 and $843,826 expires in 2011 to offset future realized
gains.
C. Distributions to Shareholders - No distributions were paid in fiscal
years 2003 or 2004. As of June 30, 2004, the components of
distributable earnings (accumulated loss) on a tax basis of the Fund
were as follows:
Capital loss carryforward $(2,719,719)
Unrealized appreciation (2,100)
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$(2,721,819)
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D. Investment Transactions - Investment transactions are recorded on
the trade date. Realized gains and losses are determined by using
the specific identification cost method. Interest income is recorded
daily on the accrual basis. Dividend income is recorded on the
ex-dividend date.
E. Use of 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 amount of assets, liabilities, expenses
and revenues reported in the financial statements. Actual results
could differ from those estimates.
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7
AMERITOR SECURITY TRUST FUND
NOTES TO FINANCIAL STATEMENTS - (Continued)
June 30, 2004
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F. Reclassification of Capital Accounts - Accounting principles
generally accepted in the United States of America require that
certain components of net assets relating to permanent differences
be reclassified between financial and tax reporting. These
reclassifications have no effect on net assets or net asset value
per share. For the year ended June 30, 2004 the Fund decreased paid
in capital by $161,763 and increased accumulated net investment
income by $161,763.
(2) INVESTMENT ADVISORY FEE AND OTHER RELATED PARTY TRANSACTIONS
The investment advisory agreement with Ameritor Financial Corporation
("AFC"), an affiliate, provides for a fee based on 1% of the first
$35,000,000 of the average daily net assets of the Fund, 7/8 of 1% on the
next $35,000,000 and 3/4 of 1% on all sums in excess thereof. In addition
to the investment advisory fee, AFC received fees from the Fund for the
performance of delegated services, (dividend disbursing agent and transfer
agent) as defined in the Trust Indenture, as amended. The fee for such
services was computed on the basis of the number of shareholder accounts
calculated as of the last business day of each month at an annual rate of
$20.00 per account.
The administrative agreement with AFC provides administrative services to
and is generally responsible for the overall management and day-to-day
operations of the Fund. As compensation for these services, AFC receives a
fee at the annual rate of 0.20% of the Fund's average daily net assets.
The contract also provides that the aggregate fees for the aforementioned
administration, accounting and recordkeeping services shall not be less
than $5,000 per month.
Certain officers and trustees of the Fund are "affiliated persons" of the
Investment Adviser, as defined by the Investment Company Act of 1940.
(3) TRUST SHARES
The Trust Indenture does not specify a limit to the number of shares which
may be issued. Transactions in trust shares were as follows:
For The Year Ended June 30,
-----------------------------------------------
2004 2003
---------------------- ----------------------
Shares Amount Shares Amount
------ ------ ------ ------
Shares redeemed (64,244) $(29,457) (62,702) $(26,414)
--------- -------- --------- --------
Net decrease (64,244) $(29,457) (62,702) $(26,414)
========= ======== ========= ========
Shares outstanding
Beginning of year 3,006,700 3,069,402
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End of year 2,942,456 3,006,700
========= =========
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8
AMERITOR SECURITY TRUST FUND
NOTES TO FINANCIAL STATEMENTS - (Continued)
June 30, 2004
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(4) PURCHASE AND SALE OF SECURITIES
During the year ended June 30, 2004, purchases and proceeds from sales of
investment securities were $1,686,021 and $2,976,237, respectively. Cost
of securities for income tax purposes was $1,345,415 at June 30, 2004. Net
unrealized depreciation of investments aggregated $2,100, which relates to
gross unrealized depreciation of $2,100.
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9
AMERITOR SECURITY TRUST FUND
NOTES TO FINANCIAL STATEMENTS - (Continued)
June 30, 2004
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(5) TRUSTEES AND OFFICERS (UNAUDITED)
The following table sets forth certain information concerning the Trustees
and officers of the Fund.
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(1) (2) (3) (4) (5) (6)
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Name Position(s) Term of Principal Number of Other
Address and Held with Office and Occupation(s) Portfolios in Directorships
Age Fund Length of During Past Fund Complex Held by
Time 5 Years Overseen by Trustee
Served Trustee
Non-Interested Trustee
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Richard P. Ellison Non- 5 Years President and 2 Potomac
1410 Coventry Lane Interested Served Chief Executive Group
Alexandria, VA 22304 Trustee Term is Officer of Homes;
Age 73 For Life Intervest Boat
Financial Corp. America
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James I. Schwartz Non- 2 Year Retired President 2 None
14801 Pennfield Interested Served Capital City
Circle #307 Trustee Term is Savings & Loan
Silver Spring, MD For Life And
20906 Schwartz & Co.
Age 77
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Interested Trustee And Officers
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Carole S. Kinney Trustee, 5 Years Chairman of the 2 None
8020 Thornley Court Secretary, served Board of
Bethesda, MD 20817 and Term is Ameritor
Age 58 Chairman For life Financial
of the Corporation
Fund Since 1998
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Jerome Kinney President 5 Years Founder and None
8020 Thornley Court served President,
Bethesda, MD 20817 Term=1 Jerome F. Kinney
Age 74 year Company
(builder);
President and
CEO,
Ameritor
Financial
Corporation
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10
Performance Graph
The following graph provides a comparison of the change in the value of a
$10,000 investment in the Fund and same investment in the S&P 500 Index for each
fiscal year from June 30, 1995 to June 30, 2004.
Total Return vs S&P 500 Index
[The following table was depicted as a line chart in the printed material.]
Ameritor S&P
Security 500
Trust Index * & **
--------- ---------
06/30/94 $10,000 $10,000
06/30/95 $10,735 $12,606
06/30/96 $10,294 $15,873
06/30/97 $11,323 $21,384
06/30/98 $13,529 $27,827
06/30/99 $19,852 $34,163
06/30/00 $25,147 $36,636
06/30/01 $11,040 $30,840
06/30/02 $ 7,728 $24,931
06/30/03 $ 7,097 $24,891
06/30/04 $ 7,097 $29,643
* Past performance is not predictive of future performance.
** S&P 500 Index is adjusted to reflect the reinvestment of dividends.
Ameritor Financial Corporation
Ameritor Security Trust
PRIVACY POLICY
At Ameritor, we recognize the importance of protecting the personal and
financial information of Fund shareholders. We consider each shareholder's
personal information to be private and confidential. The following describes the
practices followed by Ameritor to protect Fund shareholders' privacy.
Ameritor may obtain nonpublic personal information about you from the following
sources:
o Information we receive from you on applications, forms, and other
information you provide to us in writing, by telephone,
electronically or by any other means; and
o Information about your transactions with us or others.
Ameritor will collect and use Fund shareholder personal information only to
service shareholder accounts. This information may be used by Ameritor in
connection with providing services or financial precuts requested by Fund
shareholders. We will not disclose any nonpublic personal information about you
to anyone, except as permitted by law.
Ameritor restricts access to your personal and account information to those
employees who need to know that information to provide products or services to
you. We maintain physical, electronic, and procedural safeguards to guard your
nonpublic personal information.
Even if you are no longer a Fund shareholder, Ameritor's Privacy Policy will
continue to apply to you.
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AMERITOR SECURITY TRUST
4400 MACARTHUR BLVD, #301
WASHINGTON, D.C. 20007-2521
1-800-424-8570
202-625-6000 WASHINGTON, D.C. AREA
TRANSFER AGENT
AMERITOR FINANCIAL CORPORATION
4400 MACARTHUR BLVD, #301
WASHINGTON, D.C. 20007-2521
CUSTODIAN
WACHOVIA
123 SOUTH BROAD ST.
PHILADELPHIA, PA 19109
INDEPENDENT ACCOUNTANTS
TAIT, WELLER & BAKER
SUITE 800
8 PENN CENTER PLAZA
PHILADELPHIA, PA 19103-2108
FOR MORE INFORMATION ABOUT
AMERITOR SECURITY TRUST,
ACCOUNT INFORMATION OR DAILY
NET ASSET VALUES, CALL:
SHAREHOLDER SERVICES
1-800-424-8570 EXT. 121
202-625-6000 WASHINGTON, D.C. AREA
ITEM 2. CODE OF ETHICS.
(a) The registrant has, as of the end of the period covered by this
report, adopted a code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions, regardless of whether these
individuals are employed by the registrant or a third party.
(b) During the period covered by this report, there were no amendments to
any provision of the code of ethics.
(c) During the period covered by this report, there were no waivers or
implicit waivers of a provision of the code of ethics.
(d) The registrant's code of ethics is filed herewith.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant's Board of Trustees has determined that Richard Ellison, a member
of the registrant's Board of Trustees and Audit Committee, qualifies as an audit
committee financial expert. Mr. Ellison is "independent" as that term is defined
in paragraph (a)(2) of this item's instructions.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Audit Fees. The aggregate fees billed for each of the last two
fiscal years for professional services rendered by the registrant's
principal accountant for the audit of the registrant's annual
financial statements or services that are normally provided by the
accountant in connection with statutory and regulatory filings or
engagements for those fiscal years were $9,000 and $9,000 for
fiscal years ended June 30, 2004 and 2003, respectively.
(b) Audit Related Fees. The aggregate fees billed in each of the last
two fiscal years for assurance and related services by the
registrant's principal accountant that are reasonably related to the
performance of the audit of the registrant's financial statements
and not reported under paragraph (a) of this item were $0 and
$0 for the fiscal years ended June 30, 2004 and 2003,
respectively.
(c) Tax Fees. The aggregate fees billed in each of the last two fiscal
years for professional services rendered by the principal accountant
for tax compliance were $1,500 and $1,500 for the fiscal years ended
June 30, 2004 and 2003, respectively.
(d) All Other Fees. The aggregate fees billed in each of the last two
fiscal years for products and services provided by the registrant's
principal accountant, other than the services reported in paragraphs
(a) through (c) of this Item were $0 and $0 for the fiscal years
ended June 30, 2004 and 2003, respectively.
(e)(1) The audit committee does not have pre-approved policies and
procedures. Instead, the audit committee or sub-audit committee
approves on a case-by-case basis each audit or non-audit service
before the accountant is engaged by the registrant.
(e)(2) There were no services described in each of paragraphs (b)
through (d) of this item that were approved by the audit committee
pursuant to paragraph (c)(7)(i)(C) Rule 2-01 of Regulation S-X.
(f) Not applicable. The percentage of hours expended on the principal
accountant's engagement to audit the registrant's financial
statements for the most recent fiscal year that were attributed to
work performed by persons other than the principal accountant's
full-time, permanent employees was zero percent (0%).
(g) All non-audit fees billed by the registrant's accountant for
services rendered to the Fund for the fiscal years ended June 30,
2004 and June 30, 2004 are disclosed in (b)-(d) above. There were no
audit or non-audit services performed by the registrant's account
for the registrant's adviser.
(h) Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS
Included in Annual Report to Shareholders filed under Item 1 of this form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There has been no material changes to the procedures by which shareholders may
recommend nominees to the registrant's board of trustees.
ITEM 10. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded
that the registrant's disclosure controls and procedures (as defined
in Rule 30a-3(c) under the Investment Company Act of 1940, as
amended (the "1940 Act") are effective, as of a date within 90 days
of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these
controls and procedures required by Rule 30a-3(b) under the 1940 Act
and Rule 15d-15(b) under the Securities Exchange Act of 1934, as
amended.
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act)
that occurred during the registrant's last fiscal half-year (the
registrant's second fiscal half-year in the case of an annual
report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting.
ITEM 11. EXHIBITS.
(a)(1) Code of Ethics required to be disclosed under item 2 is attached
hereto.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act
of 2002 are attached hereto.
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 is attached hereto.
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) Ameritor Security Trust
By (Signature and Title) /s/ Jerome Kinney, President & Treasurer
--------------------------------------------------------
Jerome Kinney, President & Treasurer
Date 8/28/2004
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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 (Signature and Title) /s/ Jerome Kinney, President
--------------------------------------------------------
Jerome Kinney, President
Date 8/28/2004
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By (Signature and Title) /s/ Jerome Kinney, Treasurer
--------------------------------------------------------
Jerome Kinney, Treasurer
Date 8/28/2004
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