<TABLE>
<CAPTION>
GLOBALT GROWTH FUND
SCHEDULE OF INVESTMENTS
April 30, 1996
(Unaudited)
<C> <S> <C>
Shares Value
- -------- --------
COMMON STOCKS 95.32%
BUSINESS EQUIPMENT/SERVICES 7.82%
1,300 Air Express Intl $ 36,400
150 Computer Sciences* 11,100
700 General Motors Corp. Cl E 39,462
450 Interpublic Group 21,038
500 Omnicom Group 21,687
650 VeriFone Inc* 27,300
-----------
156,987
-----------
CAPITAL GOODS 11.63%
300 Caterpillar Inc. 19,200
400 Fluor Corp. 26,450
450 Foster Wheeler Corp. 20,812
500 General Electric Corp. 38,750
850 Kennametal Inc. 32,194
600 Molex Inc. 19,500
600 Owens Corning 24,150
950 Stewart & Stevenson Services Inc. 27,906
400 Thermo Electron Co. 24,650
-----------
233,612
-----------
CONSUMER DURABLES 1.63%
950 Echlin Inc. 32,656
-----------
The accompanying notes are an integral part of these financial statements.
<PAGE>
GLOBALT GROWTH FUND
SCHEDULE OF INVESTMENTS
April 30, 1996
(Unaudited)
Shares Value
- -------- -------
CONSUMER NON-DURABLES 8.67%
450 Avon Products Inc. $ 39,994
350 Colgate-Palmolive Co. 26,819
450 Duracell International Inc. 20,363
500 Eastman Kodak 38,250
500 Pepsico Inc. 31,750
200 Proctor & Gamble Co. 16,900
-----------
174,076
-----------
CONSUMER SERVICES 1.48%
650 Coleman Co.* 29,819
-----------
ENERGY 6.58%
250 Amoco Corp. 18,250
1,150 Apache Corp. 33,350
350 Halliburton Co. 20,081
250 Mobil Corp. 28,750
900 Weatherford Enterra Inc.* 31,725
-----------
132,156
-----------
The accompanying notes are an integral part of these financial statements.
<PAGE>
GLOBALT GROWTH FUND
SCHEDULE OF INVESTMENTS
April 30, 1996
(Unaudited)
Shares Value
- -------- --------
FINANCIAL SERVICES 12.27%
1,050 AFLAC Inc. $ 32,550
850 American Express 41,225
350 American International Group 31,981
400 BankAmerica Corp. 30,300
300 Citicorp 23,625
250 General Re Corp. 35,719
250 Marsh & McLennan Co. 23,500
550 Morgan Stanley Group 27,637
-----------
246,537
-----------
HEALTH CARE 11.57%
500 Abbott Laboratories 20,312
250 Bristol Meyers Squibb 20,562
600 Guidant Corp. 33,675
256 Johnson & Johnson 23,680
650 Lilly Eli & Co. 38,350
300 Medtronic Inc. 15,937
550 Merck & Co. 33,275
300 Pfizer Inc. 20,662
700 United States Surgical Corp. 25,900
-----------
232,353
-----------
The accompanying notes are an integral part of these financial statements.
<PAGE>
GLOBALT GROWTH FUND
SCHEDULE OF INVESTMENTS
April 30, 1996
(Unaudited)
Shares Value
- -------- ----------
RAW MATERIALS 7.32%
550 Air Products & Chemicals Inc. $ 31,419
400 Aluminum Company of America 24,950
400 Dupont DeNemours Co. 32,150
1,200 Engelhard Corp. 30,150
800 Morton International Inc. 28,300
-----------
146,969
-----------
RETAIL 1.91%
800 McDonalds Corp. 38,300
-----------
SHELTER 2.95%
850 International Paper Co. 33,894
350 Kimberly Clark Corp. 25,419
-----------
59,313
-----------
The accompanying notes are an integral part of these financial statements.
<PAGE>
GLOBALT GROWTH FUND
SCHEDULE OF INVESTMENTS
April 30, 1996
(Unaudited)
Shares Value
- -------- ----------
TECHNOLOGY 16.58%
700 3 Com Corp.* $ 32,288
500 AMP Inc. 22,375
650 Cisco Systems Inc.* 33,719
500 Hewlett Packard Co. 52,938
800 Informix Corp.* 21,100
300 Intel Corp. 20,325
300 International Business Machines 32,250
250 Microsoft Corp.* 28,344
825 Oracle Corp*. 27,844
600 Sun Microsystems* 32,550
200 Xerox Corp. 29,300
-----------
333,033
-----------
TRANSPORTATION 1.61%
400 Federal Express* 32,300
-----------
The acompanying notes are an integral part of these financial statements.
<PAGE>
GLOBALT GROWTH FUND
SCHEDULE OF INVESTMENTS
April 30, 1996
(Unaudited)
Shares Value
- -------- ---------
UTILITIES 3.30%
650 AT & T Corp. $ 39,813
1,000 Enron Oil & Gas 26,500
-----------
66,313
-----------
TOTAL COMMON STOCKS (cost $1,802,723)................ 1,914,424
TOTAL INVESTMENTS 95.32% 1,914,424
(Cost $1,802,723)
Other Assets less liabilities 4.68% 94,084
-------- -----------
TOTAL NET ASSETS 100.00% $2,008,508
======== ===========
<FN>
*Non-income producing security.
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
GLOBALT GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
April 30, 1996
(Unaudited)
<S> <C>
ASSETS:
Investment in common stock at market value
(identified cost--$1,802,723)(Note 1).......................... $ 1,914,424
Short-term investments........................................... 0
Cash............................................................. 104,080
Dividends and interest receivable................................ 1,488
-----------
TOTAL ASSETS.................................. 2,019,992
-----------
LIABILITIES:
Payable for securities purchased................................. 9,056
Accrued advisory fee............................................. 1,995
Accrued operating expenses....................................... 433
-----------
TOTAL LIABILITIES............................. 11,484
-----------
NET ASSETS (equivalent to $11.63 per share based on
172,735 shares of common stock outstanding)--(Note 4).......... $ 2,008,508
===========
NET ASSETS CONSIST OF:
Paid in capital (Note 4)....................................... $ 1,884,800
Undistributed net investment income/(loss)..................... (896)
Accumulated undistributed net realized gain/(loss) from
security transactions....................................... 12,903
Net unrealized appreciation/depreciation on investments........ 111,701
-----------
NET ASSETS APRIL 30, 1996 $ 2,008,508
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
GLOBALT GROWTH FUND
STATEMENT OF OPERATIONS
For the period from December 1, 1995
(Commencement of Operations) through April 30, 1996
(Unaudited)
<S> <C>
INVESTMENT INCOME:
Dividends...................................................... $ 5,447
Interest....................................................... 0
---------
TOTAL INVESTMENT INCOME..................................... 5,447
---------
OPERATING EXPENSES:
Investment advisory fee (Note 3)............................... 5,510
Trustees' fees................................................. 833
---------
TOTAL OPERATING EXPENSES.................................... 6,343
---------
NET INVESTMENT INCOME/(LOSS)................................ (896)
---------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS:
Net realized gain/(loss) on security transactions................ 12,903
Net change in unrealized appreciation/(depreciation)
on investments.............................................. 111,701
---------
NET GAIN/(LOSS) ON INVESTMENTS................................. 124,604
---------
NET INCREASE/(DECREASE) IN NET ASSETS, RESULTING
FROM OPERATIONS.............................................. $ 123,708
=========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
GLOBALT GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS
For the period ended April 30, 1996
(Unaudited)
<S> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)................................... $ (896)
Net realized gain/(loss) from securities transactions.......... 12,903
Net change in unrealized appreciation/(depreciation) of
investments during the period............................... 111,701
----------
NET INCREASE/(DECREASE) IN NET ASSETS FROM
OPERATIONS.................................................. 123,708
----------
DISTRIBUTION TO SHAREHOLDERS:
Net investment income......................................... 0
Realized gain................................................. 0
----------
0
----------
FUND SHARE TRANSACTIONS:
Shares sold................................................... 1,859,800
Shares issued in reinvestment of dividends.................... 0
Shares redeemed............................................... 0
----------
TOTAL CAPITAL STOCK 1,859,800
----------
NET INCREASE/(DECREASE) IN NET ASSETS 1,983,508
----------
NET ASSETS:
Beginning of period........................................... 25,000
----------
End of period.................................................. $ 2,008,508
===========
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
<TABLE>
<CAPTION>
GLOBALT GROWTH FUND
FINANCIAL HIGHLIGHTS
For a share outstanding throughout the period
from December 1, 1995 (Commencement of Operations)
through April 30, 1996
<S> <C>
Net asset value- beginning of period............................. $10.00
--------
Income from investment operations:
Net investment income/(loss)..................................... (.01)
Net gain/(loss) on investments both realized and unrealized...... 1.64
--------
Total from investment operations................................. 1.63
--------
Less distributions:
Dividends from net investment income............................. 0
Dividends from capital gains..................................... 0
--------
Net asset value- end of period................................... $11.63
========
Total Return**................................................... 39.25%
Ratios/Supplemental data:
Net assets, end of period (in 000's)............................. 2,009
Ratio of expenses to average net assets**........................ 1.32%
Ratio of net investment income to average net assets**........... (.19)%
Portfolio turnover rate.......................................... 26.88%
Average Commission rate paid..................................... .0934
<FN>
** Annualized
</FN>
</TABLE>
The accompanying notes are an integral part of these financial statements.
<PAGE>
GLOBALT GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
April 30, 1996
(Unaudited)
1. ORGANIZATION
The GLOBALT Growth Fund (the "Fund") was organized as a series of the
AmeriPrime Funds, an Ohio business trust (the "Trust"), on October 20, 1995 and
commenced operations on December 1, 1995. The Trust is registered under the
Investment Company Act of 1940, as amended, as a diversified, open-end
management investment company. The Trust Agreement permits the trustees to
issue an unlimited number of shares of beneficial interest of separate series
without par value.
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 Valuation - Securities which are traded on any exchange or on the
NASDAQ over-the-counter market are valued at the last quoted sale price.
Lacking a last sale price, a security is valued at its last bid price except
when, in the Adviser's opinion, the last bid price does not accurately reflect
the current value of the security. All other securities for which over-the-
counter market quotations are readily available are valued at their last bid
price. When market quotations are not readily available, when the Adviser
determines the last bid price does not accurately reflect the current value or
when restricted securities are being valued, such securities are valued as
determined in good faith by the Adviser, in conformity with guidelines adopted
by and subject to review of the Board of Trustees of the Trust.
Fixed income securities generally are valued by using market quotations,
but may be valued on the basis of prices furnished by a pricing service when
the Adviser believes such prices accurately reflect the fair market values 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 instiutional-size trading units
of debt securities without regard to sale or bid prices. When prices are not
readily available from a pricing service, or when restriced 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 of Trustees. 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.
<PAGE>
GLOBALT GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
April 30, 1996
(Unaudited)
Federal Income Taxes - The Fund intends to qualify each year as a "regulated
investment company" under the Internal Revenue Code of 1986, as amended. By so
qualifying, the Fund will not be subject to federal income taxes to the extent
that it distributes substantially all of its net investment income and any
realized capital gains.
Dividends and Distributions - The Fund intends to distribute substantially all
of its net investment income as dividends to its shareholders on an annual
basis. The Fund intends to distribute its net long term capital gains and its
net short term capital gains at least once a year.
Other - 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.
NOTE 3. INVESTMENT ADVISORY AGREEMENT
The Fund retains GLOBALT , Inc. (the "Adviser") to manage the Fund's
investments. The Adviser was orgainzed as a Georgia Corporation in 1990.
Angela Allen, President of the Adviser, and Samuel Allen, Chairman of the
Adviser, are the controlling shareholders of GLOBALT, Inc. The investment
decisions for the Fund are made by a committee of the Adviser, which is
primarily responsible for the day to day management of the Fund's portfolio.
Under the terms of the management agreement, (the "Agreement"), the Adviser
manages the Fund's investments subject to approval of the Board of Trustees and
pays all of the expenses of the Fund except brokerage, taxes, interest fees and
expenses of non-interested persons, trustees and extraordinary expenses. As
compensation for its management services and agreement to pay the Fund's
expenses, the Fund is obligated to pay the Adviser a fee computed and accrued
daily and paid monthly at an annual rate of 1.17% of the average daily net
assets of the Fund. The rate of the advisory fees paid by most investment
companies to their investment advisers is lower than the rate of the advisory
fees paid by the Fund. In this regard, it should be noted that most investment
companies pay their own operating expenses directly, while the Fund's expenses,
except those specified above, are paid by the Adviser. For the period from
December 1, 1995 through April 30, 1996, the Adviser has received a fee of
$5,510 from the Fund.
<PAGE>
GLOBALT GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
April 30, 1996
(Unaudited)
NOTE 4. CAPITAL SHARE TRANSACTIONS
As of April 30, 1996 there was an unlimited number of no par value shares
of capital stock authorized for the Fund.
Transactions in capital stock were as follows:
<TABLE>
For the period from December 1, 1995
(Commencement of Operations) through
April 30, 1996
<S> <C> <C>
Shares Amount
--------- ------------
Shares sold 170,235 $1,859,800
Shares issued in reinvestment
of dividends 0 0
Shares redeemed 0 0
-------- ----------
Net Increase 170,235 $1,859,800
========== ========
Total paid in capital $1,884,800
==========
</TABLE>
NOTE 5. INVESTMENTS
For the period from December 1, 1995 (commencement of operations) through
April 30, 1996, purchases and sales of investment securities, other than short-
term investments, aggregated $2,079,888 and $290,011, respectively. The gross
unrealized appreciation for all securities totaled $134,524 and the gross
unrealized depreciation for all securities totaled $22,823 for a net unrealized
appreciation of $111,701. The aggregate cost of securities for federal income
tax purposes at April 30, 1996 was $1,802,723.
