The Jumper Strategic Advantage Fund
Schedule of Investments - December 31, 1998 (Unaudited)
<TABLE>
Shares Value
<S> <C> <C>
Mutual Funds - 22.7%
Barr Rosenberg Market Neutral Fund 30,506 $ 294,382
Barr Rosenberg Select Sectors Fund 27,228 288,890
Euclid Market Neutral Fund Class I 23,565 257,799
James Market Neutral Fund 6,869 70,067
Puget Sound Market Neutral Fund 23,642 231,927
-----------------
Total Mutual Funds (Cost $1,133,794) 1,143,065
-----------------
Principal
Amount
Corporate Notes - 70.2%
Carnival Corp., 5.65%, 10/15/00 $ 200,000 201,140
Comdisco, Inc., 6.50%, 4/30/99 200,000 200,193
First Tennessee National Corp., 10.375%, 6/1/99 200,000 203,795
Fleet Mortgage Group, Inc., 6.50%, 6/15/00 200,000 202,368
Ford Motor Credit Co., 7%, 9/25/01 200,000 207,925
General Mills, Inc., 8.46%, 2/12/99 200,000 200,554
General Motors Acceptance Corp., 6.50%, 4/25/00 200,000 202,739
Heller Financial, Inc., 6.42%, 8/25/00 250,000 251,988
Hertz Corp., 6.50%, 4/1/00 200,000 202,182
International Lease Finance Corp., 7%, 5/15/00 200,000 203,882
MCI Communications Corp., 6.25%, 3/23/99 210,000 210,221
Merrill Lynch & Co., Inc., 6.05%, 3/6/01 200,000 202,022
Paine Webber Group, Inc., 6.585%, 7/23/01 200,000 201,431
Public Service Electric & Gas Co., 6%, 5/1/00 200,000 201,899
Time Warner Pass-Through Asset Trust Series 97-2, 4.90%, 7/29/99 200,000 199,346
Transamerica Financial Corp., 6.75%, 6/1/00 250,000 252,802
Union Oil Co. of California, 7.24%, 4/1/99 200,000 200,615
-----------------
Total Corporate Notes (Cost $3,552,388) 3,545,102
-----------------
U.S. Government Obligations - 5.9%
Federal Mortgage Corp. Discount Notes, 5.05%, 1/8/99 (Cost $299,705) 300,000 299,705
-----------------
Money Market Securities - 0.2%
Star Treasury, 3.98%, 6/30/99 (Cost $8,931) 8,931 8,931
-----------------
Total Investments - 99.0% (Cost $4,994,818) 4,996,803
-----------------
-----------------
Other assets less liabilities - 1.0% 51,406
-----------------
=================
Total Net Assets - 100.0% $ 5,048,209
=================
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The Jumper Strategic Advantage Fund
Statement of Assets & Liabilities - December 31, 1998 (Unaudited)
<TABLE>
<S> <C> <C>
Assets
Investment in securities, at value (cost $4,994,818) $ 4,996,803
Interest receivable 54,613
----------------------
Total assets 5,051,416
Liabilities
Accrued investment advisory fee payable 3,207
-----------
Total liabilities 3,207
----------------------
Net Assets $ 5,048,209
======================
Net Assets consist of:
Paid in capital $ 5,000,000
Accumulated undistributed net investment income 47,919
Accumulated undistributed net realized gain (loss) on investments (1,695)
Net unrealized appreciation (depreciation) on investments 1,985
----------------------
Net Assets, for 2,500,000 shares $ 5,048,209
======================
Net Asset Value
Net Assets
Offering price and redemption price per share ($5,048,209/2,500,000) $ 2.02
======================
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The Jumper Strategic Advantage Fund
Statement of Operations for the period
October 26, 1998 (Commencement of Operations) to December 31, 1998 (Unaudited)
<TABLE>
<S> <C> <C>
Investment Income
Dividend Income $ 14,689
Interest Income 40,034
------------------
Total Income 54,723
Expenses
Investment advisory fee $ 6,804
Trustees fees 309
------------
Total expenses before reimbursement 7,113
Reimbursed expenses (309)
------------
Total Operating Expenses 6,804
------------------
Net Investment Income (Loss) 47,919
------------------
Realized & Unrealized Gain
Net realized gain (loss) on investment securities (1,695)
Change in net unrealized appreciation (depreciation) on investment securities 1,985
------------
Net gain (loss) on investment securities 290
------------------
Net increase (decrease) in net assets resulting from operations $ 48,209
==================
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The Jumper Strategic Advantage Fund
Statement of Changes in Net Assets for the period
October 26, 1998 (Commencement of Operations) to December 31, 1998 (Unaudited)
<TABLE>
<S> <C>
Increase/(Decrease) in Net Assets
Operations
Net investment income (loss) $ 47,919
Net realized gain (loss) on investments (1,695)
Change in net unrealized appreciation (depreciation) 1,985
----------------
Net Increase (Decrease) in net assets resulting from operations 48,209
----------------
Share Transactions
Net proceeds from sale of shares 5,000,000
Shares redeemed ---
----------------
Net increase (decrease) in net assets resulting from share transactions 5,000,000
----------------
Total increase in net assets 5,048,209
Net Assets
Beginning of period ---
----------------
End of period [including undistributed net investment income of $47,919] $ 5,048,209
================
</TABLE>
The Jumper Strategic Advantage Fund
Financial Highlights for the period
October 26, 1998 (Commencement of Operations) to December 31, 1998 (Unaudited)
Selected Per Share Data
Net asset value, beginning of period $ 2.00
------------
Income from investment operations
Net investment income 0.02
Net realized and
unrealized gain (loss) 0.00
------------
Total from investment operations 0.02
------------
Net asset value, end of period $ 2.02
============
Total Return 1.00%
Ratios and Supplemental Data
Net assets, end of period (000) $ 5,048
Ratio of expenses to average net assets 0.75% (a)
Ratio of expenses to average net assets
before reimbursement 0.78% (a)
Ratio of net investment income to average net assets 5.28% (a)
Ratio of net investment income to average net assets
before reimbursement 5.25% (a)
Portfolio turnover rate 55.68% (a)
(a) Annualized
THE JUMPER STRATEGIC ADVANTAGE FUND
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 (Unaudited)
NOTE 1. ORGANIZATION
The Jumper Strategic Advantage Fund (the "Fund") was organized as a series of
the AmeriPrime Funds, an Ohio business trust (the "Trust"), on February 26, 1998
and commenced operations on October 26, 1998. The Fund is registered under the
Investment Company Act of 1940, as amended, as a diversified, open-end
management investment company, whose investment objective is to provide a
greater total return than may generally be earned in money market funds while
attempting to limit general market risk. The Trust Agreement permits the
trustees to issue an unlimited number of shares of beneficial interest of
separate series without par value.
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements.
Securities Valuation- Securities are valued primarily on market quotations,
where available. Securities for which current market quotations are not readily
available, including the current market value of underlying funds, are valued at
fair value as determined in good faith by procedures approved by the Fund's
board of trustees. Short-term investments maturing in sixty days or less are
valued at amortized cost, which approximates fair market value.
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. The Fund intends to pay dividends to avoid all income
and excise taxes; however, the Fund will pay a small excise tax for the taxable
period October 26, 1998 (commencement of operations) to December 31, 1998.
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. Discounts and premiums on securities purchased are amortized over the
life of the respective securities.
THE JUMPER STRATEGIC ADVANTAGE FUND
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 (Unaudited) - continued
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
The Fund retains The Jumper Group, Inc. (the "Advisor") to manage the Fund's
investments. Jay Colton Jumper, the Fund's portfolio manager, is primarily
responsible for the day to day management of the Fund's portfolio.
Under the terms of the management agreement, (the "Agreement"), the Advisor
manages the Fund's investments subject to approval of the Board of Trustees and
pays all expenses of the Fund except brokerage commissions, taxes, interest,
fees and expenses of non-interested person 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 Advisor a fee computed and accrued
daily and paid monthly at an annual rate of 0.75% of the average daily net
assets of the Fund. It should be noted that most investment companies pay their
own operating expenses directly, while the Fund's expenses, except those
specified above, are paid by the Advisor. For the period from October 26, 1998
(commencement of operations) through December 31, 1998, the Advisor has received
a fee of $6,804 from the Fund.
The Fund retains AmeriPrime Financial Services, Inc. (the "Administrator") to
manage the Funds business affairs and provide the Fund with administrative
services, including all regulatory reporting and necessary office equipment and
personnel. For the period from October 26, 1998 (commencement of operations)
through December 31, 1998, the Administrator received fees of $5,000 from the
Advisor for administrative services provided to the Fund.
The Fund retains AmeriPrime Financial Securities, Inc. (the Distributor) to act
as the principal distributor of the Fund's shares. There were no payments made
to the Distributor for the period from October 26, 1998 (commencement of
operations) to December 31, 1998. Certain members of management of the
Administrator and the Distributor are also members of management of the
AmeriPrime Trust.
NOTE 4. CAPITAL SHARE TRANSACTIONS
As of December 31, 1998, there was an unlimited number of no par value shares of
capital stock authorized for the Fund. Paid in capital at December 31, 1998 was
$5,000,000.
THE JUMPER STRATEGIC ADVANTAGE FUND
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 (Unaudited) - continued
NOTE 4. CAPITAL SHARE TRANSACTIONS - continued Transactions in capital stock
were as follows:
For the period from
October 26, 1998 (Commencement of
Operations) through December 31, 1998
Shares Amount
Shares sold 2,500,000 $5,000,000
Shares issued in reinvestment
of dividends --- ---
Shares redeemed --- ---
--------- ----------
Net increase 2,500,000 $5,000,000
========= ==========
NOTE 5. INVESTMENTS
For the period from October 26, 1998 (commencement of operations) through
December 31, 1998, purchases and sales of investment securities, other than
short-term investments, aggregated $3,710,361 and $234,306, respectively. As of
December 31, 1998, the gross unrealized appreciation for all securities totaled
$16,754 and the gross unrealized depreciation for all securities totaled $14,769
for a net unrealized depreciation of $1,985. The aggregate cost of securities
for federal income tax
purposes at October 31, 1998 was $4,994,818.
NOTE 6. ESTIMATES
Preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
THE JUMPER STRATEGIC ADVANTAGE FUND
NOTES TO FINANCIAL STATEMENTS
December 31, 1998 (Unaudited) - continued
NOTE 7. RELATED PARTY TRANSACTIONS
The Advisor is not a registered broker-dealer of securities and thus does not
receive commissions on trades made on behalf of the Fund. 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 December 31, 1998, Arthur
F. Damos beneficially owned 100% of the Fund.
NOTE 8. YEAR 2000 ISSUE
Like other mutual funds, financial and business organizations and individuals
around the world, the Fund could be adversely affected if the computer systems
used by the Advisor, Administrator or Servicers do not properly process and
calculate date-related information and data from and after January 1, 2000. This
is commonly known as the "Year 2000 Issue." The Advisor and Administrator have
taken steps that they believe are reasonably designed to address the Year 2000
Issue with respect to computer systems that are used and to obtain reasonable
assurances that comparable steps are being taken by each of the Fund's major
service providers. At this time, however, there can be no assurance that these
steps will be sufficient to avoid any adverse impact on the Fund.
