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Previous: LA INVESTMENT ASSOCIATES INC, 10QSB, 2000-05-22 |
Next: CROSSROADS SYSTEMS INC, S-8, 2000-05-22 |
<TABLE>
<CAPTION>
StoneRidge Equity Fund
Schedule of Investments - February 29, 2000
(Unaudited)
<S> <C> <C>
Common Stocks - 96.5% Shares Value
Advertising - 1.2%
Interpublic Group of Companies, Inc. 1,350 54,253
-----------------
Aerospace & Defense - 1.5%
Honeywell International, Inc. 400 19,250
Northrop Grumman Corp. 1,100 49,981
-----------------
69,231
-----------------
Airlines - 0.3%
Delta Airlines, Inc. 350 15,969
-----------------
Autos & Auto Parts - 2.2%
Ford Motor Co. 550 22,894
General Motors Corp. 300 22,819
Lear Corp. (a) 2,775 58,622
-----------------
104,335
-----------------
Banks - 3.8%
Bank of America Corp. 1,450 66,791
Chase Manhattan Corp. 500 39,812
FleetBoston Financial Corp. 1,050 28,613
Mellon Financial Corp. 800 24,100
Providian Financial Corp. 325 21,023
-----------------
180,339
-----------------
Beverages - 2.5%
Anheuser-Busch Companies, Inc. 550 35,269
Canandaigua Brands, Inc. - Cl A (a) 550 26,950
PepsiCo, Inc. 1,700 54,825
-----------------
117,044
-----------------
Cable TV & Satellite Systems - 2.4%
Charter Communications, Inc. - Cl A (a) 2,950 51,809
MediaOne Group, Inc. (a) 800 62,800
-----------------
114,609
-----------------
Chemicals - 1.6%
Monsanto Co. 1,250 48,516
Praxair, Inc. 750 25,312
-----------------
73,828
-----------------
Computer Hardware - 6.2%
EMC Corp. (a) 1,500 178,500
Extreme Networks, Inc. (a) 1,025 114,031
-----------------
292,531
-----------------
StoneRidge Equity Fund
Schedule of Investments - February 29, 2000 (Unaudited) - continued
Common Stocks - continued Shares Value
Computer Services & Software - 8.2%
America Online, Inc. (a) 1,850 109,381
At Home Corp. - Cl A (a) 1,100 37,744
F5 Networks, Inc. (a) 175 15,750
Microsoft Corp. (a) 1,950 174,281
PSI Net, Inc. (a) 1,050 48,694
-----------------
385,850
-----------------
Computers - 6.6%
Apple Computer, Inc. (a) 2,025 232,116
Compaq Computer Corp. 3,250 80,844
-----------------
312,960
-----------------
Consumer Electronics Stores - 2.1%
Circuit City Stores, Inc. 2,475 99,464
-----------------
Consumer Financial Services - 1.6%
American Express Co. 300 40,256
Fannie Mae 650 34,450
-----------------
74,706
-----------------
Department Stores - 0.6%
Saks, Inc. (a) 2,450 28,175
-----------------
Discount Stores - 1.9%
Target Corp. 1,525 89,975
-----------------
Drugs & Pharmaceuticals - 6.1%
American Home Products Corp. 800 34,800
Bristol-Myers Squibb Co. 150 8,667
ICN Pharmaceuticals, Inc. 400 7,950
Lilly (Eli) & Co. 800 47,550
Mylan Laboratories, Inc. 1,950 44,850
Warner-Lambert Co. 1,600 136,900
Watson Pharmaceuticals, Inc. (a) 150 6,000
-----------------
286,717
-----------------
Electric Utilities - 0.6%
Dominion Resources, Inc. 500 18,344
Duke Energy Corp. 250 12,125
-----------------
30,469
-----------------
Celestica, Inc. (a) 1,025 47,342
-----------------
Energy Services - 0.5%
R & B Falcon Corp. (a) 1,450 22,294
-----------------
Entertainment - 2.0%
Fox Entertainment Group, Inc. - Cl A (a) 3,675 96,698
-----------------
StoneRidge Equity Fund
Schedule of Investments - February 29, 2000 (Unaudited) - continued
Common Stocks - continued Shares Value
Family Clothing Stores - 0.9%
Abercrombie & Fitch Co. - Cl A (a) 2,775 40,931
-----------------
Food Processing - 2.3%
General Mills, Inc. 700 23,056
Nabisco Holdings Corp. - Cl A 2,875 84,094
-----------------
107,150
-----------------
Grocery Stores - 1.1%
Kroger Co. (a) 2,450 36,444
Safeway, Inc. (a) 400 15,425
-----------------
51,869
-----------------
Healthcare Facilities - 0.6%
Tenet Healthcare Corp. 1,700 29,750
-----------------
Independent Power Producers - 3.3%
AES Corp. (a) 1,450 121,528
Midamerican Energy Holdings Co. (a) 1,000 34,625
-----------------
156,153
-----------------
Insurance - 6.4%
Aetna, Inc. 500 20,563
Allstate Corp. 2,125 41,437
American International Group, Inc. 550 48,641
Citigroup, Inc. 2,100 108,150
Conseco, Inc. 3,100 45,338
John Hancock Financial Services, Inc. (a) 700 11,112
Nationwide Financial Services, Inc. - Cl A 1,050 24,216
-----------------
299,457
-----------------
Investment Services - 1.3%
Lehman Brothers Holdings, Inc. 500 36,250
Paine Webber Group, Inc. 600 22,950
-----------------
59,200
-----------------
Lodging - 0.2%
Cendant Corp. (a) 550 9,797
-----------------
Lumber & Wood Products - 0.4%
Georgia Pacific Group 600 20,813
-----------------
Manufacturer - Diversified - 5.1%
General Electric Co. 1,425 188,456
Tyco International Ltd. 1,400 53,112
-----------------
241,568
-----------------
Medical Equipment & Supplies - 0.1%
McKesson HBOC, Inc. 150 2,906
-----------------
StoneRidge Equity Fund
Schedule of Investments - February 29, 2000 (Unaudited) - continued
Common Stocks - continued Shares Value
Miscellaneous Communications Services - 0.9%
Critical Path, Inc. (a) 225 19,378
Global Crossing Ltd. (a) 475 22,147
-----------------
41,525
-----------------
Oil & Gas - 5.2%
Apache Corp. 1,075 39,237
BP Amoco PLC (c) 475 22,325
Exxon Mobil Corp. 1,451 109,278
Kerr McGee Corp. 450 20,137
Sunoco, Inc. 550 13,578
USX-Marathon Group 1,850 40,006
-----------------
244,561
-----------------
Restaurants - 0.4%
Tricon Global Restaurants, Inc. (a) 700 18,638
-----------------
Semiconductors - 5.6%
Applied Materials, Inc. (a) 275 50,308
Texas Instruments, Inc. 1,300 216,125
-----------------
266,433
-----------------
Telecommunication Equipment - 0.6%
Copper Mountain Networks, Inc. (a) 325 28,255
-----------------
Telecommunication Services - 7.5%
MCI WorldCom, Inc. (a) 4,550 203,044
GTE Corp. 1,400 82,600
Nextlink Communications, Inc. - Cl A (a) 625 68,867
-----------------
354,511
-----------------
Television Broadcasting - 0.8%
USA Networks, Inc. (a) 1,700 38,144
-----------------
Tobacco - 0.6%
Philip Morris Companies, Inc. 1,350 27,169
-----------------
Trucking - 0.3%
CNF Transportation, Inc. 400 12,825
-----------------
TOTAL COMMON STOCKS (Cost $4,345,439) 4,548,444
-----------------
StoneRidge Equity Fund
Schedule of Investments - February 29, 2000 (Unaudited) - continued
Principal
Amount Value
Money Market Securities - 4.5%
Firstar Treasury Fund, 4.90% (b) (Cost $212,613) $ 212,613 212,613
-----------------
TOTAL INVESTMENTS - 101.0% (Cost $4,558,052) 4,761,057
-----------------
Liabilities in excess of other assets - (1.0)% (45,387)
-----------------
Total Net Assets - 100.0% 4,715,670
=================
(a) Non-Income Producing
(b) Variable rate security; the coupon rate shown represents the rate at February 29, 2000.
(c) Sponsored American Depository Shares
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STONERIDGE EQUITY FUND
STATEMENT OF OPERATIONS FOR THE PERIOD OCTOBER 1, 1999
(COMMENCEMENT OF OPERATIONS) TO FEBRUARY 29, 2000
(UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME
Dividend income $ 16,548
Interest income 8,279
---------------
TOTAL INCOME 24,827
EXPENSES
Investment advisory fee $ 11,692
Transfer agent fees 8,421
Administration fees 8,333
Legal fees 6,556
Pricing & bookkeeping fees 5,400
Custodian fees 3,092
Registration fees 2,579
Audit fees 612
Trustees' fees 356
Miscellaneous fees 51
---------------
Total expenses before reimbursement 47,092
Reimbursed expenses (29,554)
---------------
Total operating expenses 17,538
---------------
NET INVESTMENT INCOME 7,289
---------------
REALIZED & UNREALIZED GAIN (LOSS)
Net realized gain on investment securities 268,188
Change in net unrealized appreciation (depreciation)
on investment securities 203,005
---------------
Net gain on investment securities 471,193
---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 478,482
===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STONERIDGE EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD OCTOBER 1, 1999 (COMMENCEMENT
OF OPERATIONS) TO FEBRUARY 29, 2000
(UNAUDITED)
<S> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income $ 7,289
Net realized gain on investment securities 268,188
Change in net unrealized appreciation (depreciation) 203,005
-----------------
Net increase in net assets resulting from operations 478,482
-----------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (5,270)
From net realized gain -
-----------------
Total distributions (5,270)
-----------------
SHARE TRANSACTIONS
Net proceeds from sale of shares 5,830,693
Shares issued in reinvestment 5,270
Shares redeemed (1,593,505)
-----------------
Net increase in net assets resulting
from share transactions 4,242,458
-----------------
TOTAL INCREASE IN NET ASSETS 4,715,670
-----------------
Net Assets
Beginning of period -
-----------------
End of period [including accumulated undistributed net
investment income of $2,019] $ 4,715,670
=================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STONERIDGE EQUITY FUND
FINANCIAL HIGHLIGHTS FOR THE PERIOD OCTOBER 1, 1999
(COMMENCEMENT OF OPERATIONS) TO FEBRUARY 29, 2000
(UNAUDITED)
<S> <C>
SELECTED PER SHARE DATA
Net asset value, beginning of period $ 10.00
--------------
Income from investment operations
Net investment income 0.02
Net realized and unrealized gain 0.93
--------------
Total from investment operations 0.95
--------------
Less Distributions
From net investment income (0.01)
From net realized gain -
--------------
Total distributions (0.01)
--------------
Net asset value, end of period $ 10.94
==============
TOTAL RETURN (a) 9.51%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000) $ 4,716
Ratio of expenses to average net assets 0.90% (b)
Ratio of expenses to average net assets
before reimbursement 2.41% (b)
Ratio of net investment income to
average net assets 0.37% (b)
Ratio of net investment income to
average net assets before reimbursement (1.14)(b)
Portfolio turnover rate 120.15% (b)
(a) For periods of less than a full year, total returns are not annualized.
(b) Annualized
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STONERIDGE SMALL CAP EQUITY FUND
SCHEDULE OF INVESTMENTS - FEBRUARY 29, 2000
(UNAUDITED)
<S> <C> <C>
COMMON STOCKS - 96.3% SHARES VALUE
ADVERTISING - 2.7%
@Plan, Inc. (a) 15,158 151,580
Snyder Communications, Inc. 10,950 265,537
-----------------
417,117
-----------------
APPAREL STORES - 2.0%
Abercrombie & Fitch Co. - Cl A (a) 10,350 152,663
Charlotte Russe Holding, Inc. (a) 13,525 158,919
-----------------
311,582
-----------------
AUTOS & AUTO PARTS - 0.8%
Borg-Warner Automotive, Inc. 3,875 124,000
-----------------
BROADCASTING - 1.0%
Beasley Broadcast Group, Inc. - Cl A (a) 12,650 151,800
-----------------
CATALOG & MAIL ORDER HOUSES - 2.3%
Lands' End, Inc. (a) 7,925 263,011
Spiegel, Inc. - Cl A 12,975 93,258
-----------------
356,269
-----------------
COMPUTER & SOFTWARE STORES - 1.6%
Electronics Boutique Holdings Corp. (a) 17,100 250,087
-----------------
COMPUTER HARDWARE - 2.0%
Fargo Electronics, Inc. (a) 8,600 110,725
Maxtor Corp. (a) 23,950 191,600
-----------------
302,325
-----------------
COMPUTER SERVICES & SOFTWARE - 13.6%
Allaire Corp. (a) 3,400 439,875
AppNet, Inc. (a) 4,875 218,766
Bluestone Software, Inc. (a) 5,950 463,356
Digimarc Corp. (a) 3,275 188,312
Egreetings Network, Inc. (a) 10,925 61,795
F5 Networks, Inc. (a) 6,525 587,250
MatrixOne, Inc. (a) 200 5,000
N2H2, Inc. (a) 5,900 114,313
-----------------
2,078,667
-----------------
CONSUMER SERVICES - 0.1%
Mac-Gray Corp. (a) 3,100 10,656
-----------------
CREDIT & OTHER FINANCE - 2.7%
Allied Capital Corp. 8,025 139,434
NextCard, Inc. (a) 6,575 148,759
Winfield Capital Corp. (a) 3,850 117,425
-----------------
405,618
-----------------
DEPARTMENT STORES - 0.1%
Bon-Ton Stores, Inc. (a) 3,575 13,183
-----------------
STONERIDGE SMALL CAP EQUITY FUND
SCHEDULE OF INVESTMENTS - FEBRUARY 29, 2000 (UNAUDITED) - CONTINUED
COMMON STOCKS - CONTINUED SHARES VALUE
DRUGS & PHARMACEUTICALS - 8.2%
ChiRex, Inc. (a) 6,400 159,200
Guilford Pharmaceuticals, Inc. (a) 10,525 348,641
NeoPharm, Inc. (a) 19,100 541,962
PacificHealth Laboratories, Inc. (a) 2,242 8,127
Perrigo Co. (a) 13,850 101,712
Pharmaceutical Resources, Inc. (a) 14,025 60,483
Xenova Group PLC (a) 7,850 31,891
-----------------
1,252,016
-----------------
ELECTRONIC EQUIPMENT STORES - 7.6%
REX Stores Corp. (a) 37,475 644,102
Tweeter Home Entertainment Group, Inc. (a) 16,900 517,563
-----------------
1,161,665
-----------------
ENERGY SERVICES - 2.6%
Horizon Offshore, Inc. (a) 5,300 31,800
IRI International Corp. (a) 14,900 72,637
Lone Star Technologies, Inc. (a) 3,300 123,750
Nabors Industries, Inc. (a) 2,800 100,450
Newpark Resources, Inc. (a) 4,800 37,200
Tidewater, Inc. 1,000 28,313
-----------------
394,150
-----------------
ENTERTAINMENT - 1.0%
VDI Multimedia (a) 11,675 155,423
-----------------
FOODS - 4.7%
Chiquita Brands International, Inc. 8,500 37,719
Earthgrains Co. 13,150 197,250
Fresh Del Monte Produce, Inc. (a) 27,325 206,645
IBP Inc. 19,000 237,500
Scheid Vineyards, Inc. - Cl A (a) 7,800 31,688
-----------------
710,802
-----------------
GAMBLING RESORTS & CASINOS - 3.2%
Sun International Hotels Ltd. (a) 23,275 496,048
-----------------
INDUSTRIAL MACHINERY & EQUIPMENT - 0.5%
Pentair, Inc. 2,300 79,062
-----------------
MEDICAL EQUIPMENT & SUPPLIES - 0.8%
Computer Motion, Inc. (a) 6,900 72,450
Urologix, Inc. (a) 2,250 19,969
ZEVEX International, Inc. (a) 3,047 28,185
-----------------
120,604
-----------------
METAL FABRICATION - 1.2%
Tower Automotive, Inc. (a) 16,019 190,226
-----------------
METAL PROCESSORS & DISTRIBUTORS - 0.5%
Metals USA, Inc. 10,325 80,019
-----------------
METAL PRODUCTS - 0.5%
Shaw Group, Inc. (a) 3,200 78,400
-----------------
STONERIDGE SMALL CAP EQUITY FUND
SCHEDULE OF INVESTMENTS - FEBRUARY 29, 2000 (UNAUDITED) - CONTINUED
COMMON STOCKS - CONTINUED SHARES VALUE
OIL & GAS - 1.4%
Callon Petroleum Co. (a) 4,700 65,800
Newfield Exploration Co. (a) 4,675 144,925
-----------------
210,725
-----------------
RESTAURANTS - 0.9%
BUCA, Inc. (a) 3,075 43,434
Landry's Seafood Restaurants, Inc. 13,500 95,344
-----------------
138,778
-----------------
SEMICONDUCTORS - 5.7%
Maker Communications, Inc. (a) 4,375 282,734
MIPS Technologies, Inc. - Cl A (a) 9,075 530,888
Rudolph Technologies, Inc. (a) 1,175 53,022
-----------------
866,644
-----------------
SPECIALIZED HEALTHCARE SERVICES - 4.5%
Caremark Rx, Inc. (a) 152,051 684,229
-----------------
SPECIALTY TRADE CONTRACTORS - 0.7%
Encompass Services Corp. (a) 14,569 104,713
-----------------
TELECOMMUNICATIONS EQUIPMENT - 4.9%
Carrier Access Corp. (a) 10,550 598,713
DSP Group, Inc. (a) 1,700 149,281
-----------------
747,994
-----------------
TELECOMMUNICATIONS SERVICES - 10.9%
Adelphia Business Solutions, Inc. - Cl A (a) 4,900 251,737
Allied Riser Communications, Inc. (a) 17,050 443,300
EarthLink, Inc. (a) 6,860 170,643
Intermedia Communications, Inc. (a) 3,050 193,103
Mpower Communications Corp. (a) 3,050 210,450
US LEC Corp. - Cl A (a) 5,950 258,825
Voyager.Net, Inc. (a) 12,400 133,300
-----------------
1,661,358
-----------------
TEXTILE & APPAREL MANUFACTURERS - 1.8%
Burlington Industries, Inc. (a) 43,850 123,328
Gildan Activewear, Inc. - Cl A (a) 1,250 39,531
Skechers U.S.A., Inc. (a) 18,050 111,684
-----------------
274,543
-----------------
TRUCKING - 1.6%
Arkansas Best Corp. (a) 16,650 157,134
CNF Transportation, Inc. 2,600 83,363
-----------------
240,497
-----------------
WIRELESS COMMUNICATIONS SERVICES - 4.2%
AirGate PCS, Inc. (a) 1,975 193,550
Clearnet Communications, Inc. - Cl A (a) 6,550 275,509
Globalstar Telecommunications Ltd. (a) 6,000 171,000
-----------------
640,059
-----------------
TOTAL COMMON STOCKS (COST $13,704,498) 14,709,259
-----------------
STONERIDGE SMALL CAP EQUITY FUND
SCHEDULE OF INVESTMENTS - FEBRUARY 29, 2000 (UNAUDITED) - CONTINUED
PRINCIPAL
AMOUNT VALUE
MONEY MARKET SECURITIES - 5.2%
Firstar Treasury Fund, 4.90% (b) (Cost $790,828) 790,828
-----------------
TOTAL INVESTMENTS - 101.5% (COST $14,495,326) 15,500,087
-----------------
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.5%) (223,965)
-----------------
TOTAL NET ASSETS - 100.0% $ 15,276,122
=================
(a) Non-Income Producing
(b) Variable rate security; the coupon rate shown represents the rate at
February 29, 2000.
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
STONERIDGE SMALL CAP EQUITY FUND FEBRUARY 29, 2000
STATEMENT OF ASSETS & LIABILITIES
(UNAUDITED)
ASSETS
Investment in securities (cost $14,495,326) $ 15,500,087
Cash 722,957
Dividends receivable 240
Interest receivable 2,924
Receivable for securities sold 99,389
------------------
TOTAL ASSETS 16,325,597
LIABILITIES
Accrued investment advisory fee payable $ 20,471
Other payables and accrued expenses 6,788
Payable for securities purchased 1,022,216
-----------------
TOTAL LIABILITIES 1,049,475
------------------
NET ASSETS $ 15,276,122
==================
Net Assets consist of:
Paid in capital $ 11,542,046
Accumulated undistributed net investment loss (21,428)
Accumulated undistributed net realized gain on investments 2,750,743
Net unrealized appreciation on investments 1,004,761
------------------
NET ASSETS, for 1,007,829 shares $ 15,276,122
==================
NET ASSET VALUE
Net Assets
Offering price and redemption price per share ($15,276,122/1,007,829) $ 15.16
==================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STONERIDGE SMALL CAP EQUITY FUND
STATEMENT OF OPERATIONS FOR THE PERIOD OCTOBER 1, 1999
(COMMENCEMENT OF OPERATIONS) TO FEBRUARY 29, 2000
(UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME
Interest income $ 38,488
Dividend income 2,876
---------------
TOTAL INCOME 41,364
EXPENSES
Investment advisory fee $ 42,112
Transfer agent fees 8,368
Administration fees 8,333
Legal fees 6,556
Pricing & bookkeeping fees 6,300
Custodian fees 3,995
Registration fees 2,829
Audit fees 612
Trustees' fees 356
Miscellaneous fees 51
------------------
Total expenses before reimbursement 79,512
Waived and reimbursed expenses (26,871)
------------------
Total operating expenses 52,641
---------------
NET INVESTMENT INCOME (11,277)
---------------
REALIZED & UNREALIZED GAIN (LOSS)
Net realized gain on investment securities 2,873,169
Change in net unrealized appreciation
on investment securities 1,004,761
------------------
Net gain on investment securities 3,877,930
---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 3,866,653
===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STONERIDGE SMALL CAP EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD OCTOBER 1, 1999 (COMMENCEMENT
OF OPERATIONS) TO FEBRUARY 29, 2000
(UNAUDITED)
<S> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment loss $ (11,277)
Net realized gain on investment securities 2,873,169
Change in net unrealized appreciation (depreciation) 1,004,761
-----------------
Net increase in net assets resulting from operations 3,866,653
-----------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (10,151)
From net realized gain (122,426)
-----------------
Total distributions (132,577)
-----------------
SHARE TRANSACTIONS
Net proceeds from sale of shares 11,644,162
Shares issued in reinvestment 131,551
Shares redeemed (233,667)
-----------------
Net increase in net assets resulting
from share transactions 11,542,046
-----------------
TOTAL INCREASE IN NET ASSETS 15,276,122
-----------------
Net Assets
Beginning of period -
-----------------
End of period [including accumulated undistributed net
investment loss of $21,428] $ 15,276,122
=================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STONERIDGE SMALL CAP EQUITY FUND
FINANCIAL HIGHLIGHTS FOR THE PERIOD OCTOBER 1, 1999
(COMMENCEMENT OF OPERATIONS) TO FEBRUARY 29, 2000
(UNAUDITED)
<S> <C>
SELECTED PER SHARE DATA
Net asset value, beginning of period $ 10.00
--------------
Income from investment operations
Net investment income (loss) (0.01)
Net realized and unrealized gain 5.31
--------------
Total from investment operations 5.30
--------------
Less Distributions
From net investment income (0.01)
From net realized gain (0.13)
--------------
Total Distributions (0.14)
--------------
Net asset value, end of period $ 15.16
==============
TOTAL RETURN (a) 53.24%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000) $ 15,276
Ratio of expenses to average net assets 1.25% (b)
Ratio of expenses to average net assets
before reimbursement 1.89% (b)
Ratio of net investment income to
average net assets (0.27)(b)
Ratio of net investment income to
average net assets before reimbursement (0.91)(b)
Portfolio turnover rate 210.32% (b)
(a) For periods of less than a full year, total returns are not annualized.
(b) Annualized
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STONERIDGE BOND FUND
SCHEDULE OF INVESTMENTS - FEBRUARY 29, 2000
(UNAUDITED)
<S> <C> <C>
PRINCIPAL
AMOUNT VALUE
ASSET BACKED OBLIGATIONS - 4.4%
Capital One Master, 1998-4 CL A, 5.43%, 1/15/2007 225,000 211,179
EQCC Home Equity Loan Trust, 1999-1 CL A-2F,
5.765%, 6/20/2015 225,000 220,211
Heller Equipment Asset Rec., 1999-2 CL A-3,
6.65%, 3/14/2004 225,000 223,194
MBNA Master Credit Card II, 1999-I CL A,
6.40%, 1/18/2005 228,000 224,563
-----------------
TOTAL ASSET BACKED OBLIGATIONS ($890,563) 879,147
-----------------
CORPORATE BONDS - 36.2%
Allstate Corp. 7.20%, 12/1/2009 170,000 162,806
Anheuser-Busch Companies, Inc. 6.75%, 8/1/2003 340,000 335,479
Bank of America Corp. 6.625%, 6/15/2004 200,000 193,296
Diageo Capital PLC 7.25%, 11/1/2009 300,000 292,215
Donaldson, Lufkin & Jenrette, Inc. 6.50%, 6/1/2008 250,000 226,339
FleetBoston Financial Corp. 7.375%, 12/1/2009 300,000 292,239
Ford Motor Credit Corp. 7.25%, 1/15/2003 225,000 223,349
Ford Motor Credit Corp. 7.375%, 10/28/2009 400,000 388,400
GATX Capital Corp. 7.75%, 12/1/2006 250,000 240,055
General Electric Capital Corp. 7.00%, 2/3/2003 425,000 421,711
General Motors Acceptance Corp. 7.75%, 1/19/2010 375,000 372,533
Goldman Sachs Group, Inc. 7.50%, 1/28/2005 625,000 621,121
Hartford Life, Inc. 7.10%, 6/15/2007 140,000 134,835
Honeywell, Inc. 7.50%, 3/1/2010 290,000 288,088
IBM Credit Corp. 6.64%, 10/29/2001 300,000 297,405
Lehman Brothers Holdings 7.875%, 11/1/2009 450,000 440,483
Morgan Stanley Dean Witter & Co. 5.625%, 1/20/2004 200,000 187,430
Pennsylvania Electric Co., Ser A, 5.75%, 4/1/2004 400,000 375,781
Procter & Gamble Co. 6.60%, 12/15/2004 450,000 437,695
Sprint Capital Corp. 6.375%, 5/1/2009 250,000 227,435
Target Corp. 7.50%, 2/15/2005 300,000 300,521
Textron, Inc. 6.375%, 7/15/2004 450,000 429,053
WorldCom, Inc. 6.40%, 8/15/2005 350,000 332,648
-----------------
TOTAL CORPORATE BONDS ($7,335,517) 7,220,917
-----------------
U.S. GOVERNMENT OBLIGATIONS - 42.8%
Federal Farm Credit Bank 5.78%, 4/3/2000 650,000 649,719
FNMA 4.75%, 11/14/2003 675,000 625,535
FNMA 7.125%, 2/15/2005 300,000 299,786
FNMA 6.375%, 6/15/2009 875,000 823,541
FNMA Pool #505221, 7.00%, 8/1/2029 300,000 287,590
FNMA Pool #528981, 7.50%, 1/1/2030 299,970 294,322
GNMA Pool #512867, 6.50%, 6/15/2029 348,782 325,291
GNMA Pool #468376, 7.00%, 9/15/2029 348,855 334,462
STONERIDGE BOND FUND
SCHEDULE OF INVESTMENTS - FEBRUARY 29, 2000 (UNAUDITED) - CONTINUED
PRINCIPAL
U.S. GOVERNMENT OBLIGATIONS - CONTINUED AMOUNT VALUE
GNMA Pool #466174, 7.50%, 10/15/2029 348,694 342,501
U.S. Treasury Note 6.625%, 7/31/2001 1,675,000 1,678,665
U.S. Treasury Note 5.75%, 8/15/2003 450,000 438,047
U.S. Treasury Note 7.50%, 2/15/2005 1,240,000 1,283,400
U.S. Treasury Note 7.00%, 7/15/2006 700,000 711,157
U.S. Treasury Note 5.625%, 5/15/2008 475,000 445,164
-----------------
TOTAL U.S. GOVERNMENT OBLIGATIONS ($8,621,599) 8,539,180
-----------------
COMMERCIAL PAPER - 13.0%
American Express Credit, 5.79%, 3/3/2000 300,000 299,907
American Express Credit, 5.78%, 4/3/2000 350,000 348,139
American General Finance Corp., 5.78%, 4/3/2000 350,000 348,133
Ford Motor Credit, 5.76%, 3/3/2000 300,000 299,908
General Electric Capital Corp., 6.06%, 3/3/2000 300,000 299,906
General Electric Capital Corp., 5.47%, 4/3/2000 350,000 348,133
General Motors Acceptance Corp., 5.74%, 3/3/2000 300,000 299,908
General Motors Acceptance Corp., 5.64%, 4/3/2000 350,000 348,142
-----------------
TOTAL COMMERCIAL PAPER (COST $2,592,175) 2,592,176
-----------------
PRINCIPAL
AMOUNT VALUE
MONEY MARKET SECURITIES - 3.9%
Firstar Treasury Fund, 4.90% (b) (Cost $777,059) $ 777,059 777,059
-----------------
TOTAL INVESTMENTS - 100.3% (COST $20,216,914) 20,008,479
-----------------
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)% (68,337)
-----------------
TOTAL NET ASSETS - 100.0% $ 19,940,142
=================
(a) Non-Income Producing
(b) Variable rate security; the coupon rate shown represents the rate at
February 29, 2000.
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
STONERIDGE BOND FUND FEBRUARY 29, 2000
STATEMENT OF ASSETS & LIABILITIES
(UNAUDITED)
ASSETS
Investment in securities (cost $20,216,914) $ 20,008,479
Interest receivable 171,219
Receivable for fund shares sold 60,852
Receivable for securities sold 341,110
------------------
TOTAL ASSETS 20,581,660
LIABILITIES
Accrued investment advisory fee payable $ 9,258
Other payables and accrued expenses 9,799
Payable for securities purchased 622,461
-----------------
TOTAL LIABILITIES 641,518
------------------
NET ASSETS $ 19,940,142
==================
Net Assets consist of:
Paid in capital $ 20,156,619
Accumulated undistributed net investment income 62,009
Accumulated undistributed net realized gain on investments (70,051)
Net unrealized depreciation on investments (208,435)
------------------
NET ASSETS, for 2,013,980 shares $ 19,940,142
==================
NET ASSET VALUE
Net Assets
Offering price and redemption price per share ($19,940,142/2,013,980) $ 9.90
==================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STONERIDGE BOND FUND
STATEMENT OF OPERATIONS FOR THE PERIOD OCTOBER 14, 1999
(COMMENCEMENT OF OPERATIONS) TO FEBRUARY 29, 2000
(UNAUDITED)
<S> <C> <C>
INVESTMENT INCOME
Interest income $ 507,953
---------------
TOTAL INCOME 507,953
EXPENSES
Investment advisory fee $ 32,386
Pricing & bookkeeping fees 9,144
Administration fees 8,334
Transfer agent fees 7,673
Legal fees 4,730
Custodian fees 3,853
Registration fees 545
Trustees' fees 333
------------------
Total expenses before reimbursement 66,998
Waived and reimbursed expenses (14,370)
------------------
Total operating expenses 52,628
---------------
NET INVESTMENT INCOME 455,325
---------------
REALIZED & UNREALIZED GAIN (LOSS)
Net realized loss on investment securities (68,169)
Change in net unrealized depreciation
on investment securities (208,435)
------------------
Net loss on investment securities (276,604)
---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 178,721
===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STONERIDGE BOND FUND
STATEMENT OF CHANGES IN NET ASSETS FOR THE PERIOD OCTOBER 14, 1999 (COMMENCEMENT
OF OPERATIONS) TO FEBRUARY 29, 2000
(UNAUDITED)
<S> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income $ 455,325
Net realized loss on investment securities (68,169)
Change in net unrealized depreciation (208,435)
-----------------
Net increase in net assets resulting from operations 178,721
-----------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (393,316)
From net realized gain (1,882)
-----------------
Total distributions (395,198)
-----------------
SHARE TRANSACTIONS
Net proceeds from sale of shares 24,323,685
Shares issued in reinvestment 395,807
Shares redeemed (4,562,873)
-----------------
Net increase in net assets resulting
from share transactions 20,156,619
-----------------
TOTAL INCREASE IN NET ASSETS 19,940,142
-----------------
Net Assets
Beginning of period -
-----------------
End of period [including accumulated undistributed net
investment income of $62,009] $ 19,940,142
=================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STONERIDGE BOND FUND
FINANCIAL HIGHLIGHTS FOR THE PERIOD OCTOBER 14, 1999
(COMMENCEMENT OF OPERATIONS) TO FEBRUARY 29, 2000
(UNAUDITED)
<S> <C>
SELECTED PER SHARE DATA
Net asset value, beginning of period $ 10.00
--------------
Income from investment operations
Net investment income 0.22
Net realized and unrealized gain (0.12)
--------------
Total from investment operations 0.10
--------------
Less distributions
From net investment income (0.20)
From net realized gain -
--------------
Total distributions (0.20)
--------------
Net asset value, end of period $ 9.90
==============
TOTAL RETURN (b) 0.97%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000) $ 19,940
Ratio of expenses to average net assets 0.65% (a)
Ratio of expenses to average net assets
before reimbursement 0.83% (a)
Ratio of net investment income to
average net assets 5.62% (a)
Ratio of net investment income to
average net assets before reimbursement 5.45% (a)
Portfolio turnover rate 215.90% (a)
(a) For periods of less than a full year, total returns are not annualized.
(b) Annualized
</TABLE>
<PAGE>
STONERIDGE FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 2000
(UNAUDITED)
NOTE 1. ORGANIZATION
The StoneRidge Equity Fund (the "Equity Fund"), StoneRidge Small Cap Equity Fund
(the "Small Cap Equity Fund"), and StoneRidge Bond Fund (the "Bond Fund"), were
organized as diversified series of the AmeriPrime Advisors Trust, an Ohio
business trust (the "Trust") on August 3, 1999 and commenced operations on
October 1, 1999 for the Equity Fund and Small Cap Equity Fund and October 14,
1999 for the Bond Fund. Each Fund is registered under the Investment Company Act
of 1940, as amended, as an open-end management investment company. The Equity
Fund's investment objective is to provide long-term capital appreciation. The
Small Cap Equity Fund's investment objective is to provide long-term capital
growth. The Bond Fund's investment objective is to provide income consistent
with preservation of capital. The Trust Agreement permits the Trustees to issue
an unlimited number of shares of beneficial interest of separate series without
par value. Each Fund is one of a series of funds currently authorized by the
Trustees.
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 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 Fund advisor'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
Fund's advisor 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 Fund's advisor, 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 Fund's
advisor believes such prices accurately reflect the fair market value of such
securities. A pricing service utilizes electronic data processing techniques
based on yield spreads relating to securities with similar characteristics to
determine prices for normal institutional-size trading units of debt securities
without regard to sale or bid prices. 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 Fund's
STONERIDGE FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 2000 - (UNAUDITED) CONTINUED
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
advisor, 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.
FEDERAL INCOME TAXES- Each Fund intends to qualify each year as a "regulated
investment company" under the Internal Revenue Code of 1986, as amended. By so
qualifying, each 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- Each Fund intends to comply with federal tax rules
regarding distribution of substantially all of its net investment income and
capital gains. These rules may cause multiple distributions during the course of
the year.
OTHER- Each 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.
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
The investment advisor to the Funds is StoneRidge Investment Partners, L.L.C., 7
Great Valley Parkway, Suite 290, Malvern, PA 19355, (the "Advisor). Joseph E.
Stocke, CFA, Philip H. Brown II, Lester Rich, CFA and Daniel H. Cook are the
controlling members of the Advisor.
Under the terms of the management agreement, (the "Agreement"), the Advisor
manages each Fund's investments subject to approval of the Board of Trustees. As
compensation for its management services, each Fund is obligated to pay the
Advisor a fee (based on average daily net assets) computed and accrued daily and
paid monthly at the following annual rates: StoneRidge Equity Fund, 0.60%;
StoneRidge Small Cap Equity Fund, 1.00%; StoneRidge Bond Fund, 0.40%. For the
period October 1, 1999 (commencement of operations) through February 29, 2000,
the Advisor received a fee of $11,692 from the Equity Fund and $42,112 from the
Small Cap Equity Fund. For the period October 14, 1999 (commencement of
operations) through February 29, 2000, the Advisor received a fee of $32,386
from the Bond Fund.
STONERIDGE FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 2000 - (UNAUDITED) CONTINUED
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
The Advisor has contractually agreed to waive fees and/or reimburse expenses
through December 31, 2000 to maintain each Fund's total operating expenses as
follows: Equity Fund, 0.90%; Small Cap Equity Fund, 1.25%; Bond Fund, 0.65%. For
the period October 1, 1999 (commencement of operations) through February 29,
2000, the Advisor reimbursed expenses of $29,554 for the Equity Fund and $26,871
for the Small Cap Equity Fund. For the period October 14, 1999 (commencement of
operations) through February 29, 2000, the Advisor reimbursed expenses of
$14,370 for the Bond Fund. There is no assurance that such reimbursement will
continue in the future.
Each Fund retains AmeriPrime Financial Services, Inc. (the "Administrator") to
manage each Fund's business affairs and to provide each Fund with administrative
services, including all regulatory reporting and necessary office equipment and
personnel. For the period October 1, 1999 (commencement of operations) through
February 29, 2000, the Administrator received fees of $8,333 for administrative
services provided to the Equity Fund and $8,333 for administrative services
provided to the Small Cap Equity Fund. For the period October 14, 1999
(commencement of operations) through February 29, 2000, the Administrator
received fees of $8,334 for administrative services provided to the Bond Fund.
Each Fund retains AmeriPrime Financial Securities, Inc. ("the Distributor") to
act as the principal distributor of each Fund's shares. There were no payments
made to the Distributor from October 1, 1999 (commencement of operations)
through February 29, 2000 for the Equity Fund and Small Cap Equity Fund. There
were no payments made to the Distributor from October 14, 1999 (commencement of
operations) through February 29, 2000 for the Bond Fund. Certain members of
management of the Administrator and the Distributor are also members of
management of the AmeriPrime Advisors Trust.
STONERIDGE FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 2000 - (UNAUDITED) CONTINUED
NOTE 4. SHARE TRANSACTIONS
EQUITY FUND. As of February 29, 2000, there were an unlimited number of
authorized shares for the Fund. Paid in capital at February 29, 2000 was
$4,242,458.
Transactions in shares were as follows:
<TABLE>
<S> <C> <C> <C>
FOR THE PERIOD OCTOBER 1, 1999 (COMMENCEMENT
OF OPERATIONS) THROUGH FEBRUARY 29, 2000
SHARES DOLLARS
Shares sold 572,815 $5,830,693
Shares issued in reinvestment 454 5,270
Shares redeemed (142,037) (1,593,505)
--------- -----------
431,232 $4,242,458
========= ===========
</TABLE>
SMALL CAP EQUITY FUND. As of February 29, 2000, there were an unlimited number
of authorized shares for the Fund. Paid in capital at February 29, 2000 was
$11,542,046.
Transactions in shares were as follows:
<TABLE>
<S> <C> <C> <C>
FOR THE PERIOD OCTOBER 1, 1999 (COMMENCEMENT
OF OPERATIONS) THROUGH FEBRUARY 29, 2000
SHARES DOLLARS
Shares sold 1,014,309 $11,644,162
Shares issued in reinvestment 9,951 131,551
Shares redeemed (16,430) (233,667)
--------- -----------
1,007,830 $11,542,046
========= ===========
</TABLE>
STONERIDGE FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 2000 - (UNAUDITED) CONTINUED
NOTE 4. SHARE TRANSACTIONS - CONTINUED
BOND FUND. As of February 29, 2000, there were an unlimited number of authorized
shares for the Fund. Paid in capital at February 29, 2000 was $20,156,619.
Transactions in shares were as follows:
<TABLE>
<S> <C> <C> <C>
FOR THE PERIOD OCTOBER 14, 1999 (COMMENCEMENT
OF OPERATIONS) THROUGH FEBRUARY 29, 2000
SHARES DOLLARS
Shares sold 2,432,637 $24,323,684
Shares issued in reinvestment 39,771 395,808
Shares redeemed (458,428) (4,562,873)
------------ ------------
2,013,980 $20,156,619
============ ============
</TABLE>
NOTE 5. INVESTMENTS
EQUITY FUND. For the period October 1, 1999 (commencement of operations) through
February 29, 2000, purchases and sales of investment securities, other than
short-term investments, aggregated $6,539,826 and $2,462,575, respectively. As
of February 29, 2000, the gross unrealized appreciation for all securities
totaled $499,274 and the gross unrealized depreciation for all securities
totaled $296,269 for a net unrealized appreciation of $203,005. The aggregate
cost of securities for federal income tax purposes at February 29, 2000 was
$4,558,052.
SMALL CAP EQUITY FUND. For the period October 1, 1999 (commencement of
operations) through February 29, 2000, purchases and sales of investment
securities, other than short-term investments, aggregated $19,223,767 and
$8,392,447, respectively. As of February 29, 2000, the gross unrealized
appreciation for all securities totaled $2,169,314 and the gross unrealized
depreciation for all securities totaled $1,164,553 for a net unrealized
appreciation of $1,004,761. The aggregate cost of securities for federal income
tax purposes at February 29, 2000 was $14,495,326.
STONERIDGE FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 2000 - (UNAUDITED) CONTINUED
NOTE 5. INVESTMENTS - CONTINUED
BOND FUND. For the period October 14, 1999 (commencement of operations) through
February 29, 2000, purchases and sales of investment securities, other than
short-term investments, aggregated $30,167,047 and $13,898,043, respectively. As
of February 29, 2000, the gross unrealized appreciation for all securities
totaled $3,876 and the gross unrealized depreciation for all securities totaled
$212,311 for a net unrealized depreciation of $208,435. The aggregate cost of
securities for federal income tax purposes at February 29, 2000 was $20,216,914.
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.
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 each 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 February 29, 2000, First
Union National Bank beneficially owned in aggregate more than 78% of the Equity
Fund. As of February 29, 2000, Saxon & Co. beneficially owned in aggregate more
than 49% of the Small Cap Equity Fund. As of February 29, 2000, First Union
National Bank beneficially owned in aggregate more than 99% of the Bond Fund.
<TABLE>
<CAPTION>
Monteagle Fixed Income Fund
Schedule of Investments - February 29, 2000 (Unaudited)
<S> <C> <C>
Principal
Amount Value
CORPORATE BONDS - 29.3%
Associated Corp. of North America 6.75%, 07/15/2001 $ 600,000 $ 596,552
Bank One Corp. 8.10%, 03/01/2002 200,000 202,664
Burlington Resources, Inc. 9.625%,06/15/2000 250,000 251,821
Capital Cities ABC, Inc. 8.875%, 12/15/2000 525,000 531,421
Chase Manhattan Corp. 7.875%, 07/15/2006 1,050,000 1,053,029
Cit Group Holdings, Inc. 6.625%, 06/15/2005 850,000 812,820
Consolidated Rail Inc. 9.75%, 06/01/2000 250,000 251,757
Deluxe Corp. 8.55%, 02/15/2001 225,000 228,378
Equifax, Inc. 6.50% 06/15/2003 500,000 480,888
International Business Machine, Inc. 6.375%, 06/15/2000 100,000 99,970
Kimberly-Clark Corp. 8.625%, 05/01/01 145,000 148,004
MCI Communications Corp. 7.50%, 08/20/2004 550,000 550,624
Merrill Lynch & Co., Inc. 7.375%, 08/01/2002 50,000 49,961
Merrill Lynch & Co., Inc. 8.00%, 06/01/2007 500,000 498,227
Monsanto Co. 6.00%, 07/01/2000 100,000 99,832
Morgan Stanley Group, Inc. 9.375%, 06/15/2001 100,000 102,651
National Westminster Bank PLC 9.45%, 05/01/2001 250,000 256,801
Norfolk Southern Corp. 7.75%, 08/15/2002 200,000 200,363
Sherwin Williams Co. 6.50%, 02/01/2002 485,000 478,046
VF Corp. 9.50%, 05/01/2001 900,000 923,934
Virginia Electric & Power Co. 5.875%, 04/01/2000 350,000 349,803
Vodafone Airtouch PLC 7.00%, 10/01/2003 500,000 490,345
Xerox Corp. 8.125%, 04/15/2002 100,000 101,114
-----------------
-----------------
TOTAL CORPORATE BONDS (Cost $9,431,624) 8,759,005
-----------------
-----------------
MUNICIPAL OBLIGATIONS -29.3%
Municipal Obligations (General) - 12.8%
Buffalo NY Pension Systems Services 8.50%, 08/15/2005 500,000 524,090
Los Angeles County CA Pension Obligation Series D 6.92%, 06/30/2007 1,100,000 1,062,545
Mississippi Street MS Farm Reform Act Series N & Economy
Development Highway Act Series F 6.20%, 09/01/2010 345,000 309,782
Morris TN 6.00%, 03/01/2007 410,000 377,372
NJ Sports & Expos 7.375%, 03/01/2007 500,000 498,920
NJ Street Community Development 8.20%, 08/01/2007 150,000 155,217
San Francisco CA City & County
Seismic Loan Program Series A 7.20%, 06/15/2007 100,000 98,048
Tulare County CA Pension Obligation 7.31%, 08/15/2010 800,000 787,944
-----------------
3,813,918
-----------------
Monteagle Fixed Income Fund
Schedule of Investments - October 31, 1999 (Unaudited) - continued
Principal
Amount Value
MUNICIPAL OBLIGATIONS - continued
Municipal Obligations (Revenue) - 16.5%
Atlanta & Fulton County GA Recreation Authority Downtown
Arena Project 6.625%, 12/01/2011 300,000 $ 270,471
Detroit MI Downtown Development Authority 6.30%, 07/01/2010 500,000 451,640
Harris County Houston TX Sports Authority 6.15%, 11/15/2008 300,000 273,678
Jackson TN Water & Sewer Crossover 6.45%, 07/01/2005 1,000,000 952,260
LaGrange GA Development Authority 6.10%, 02/01/2010 750,000 676,403
Mountain Park Master Conservancy District OK Water
6.25%, 01/01/2010 100,000 90,238
New York City , NY Transportation Finance Authority
6.25%, 05/01/2009 700,000 640,892
New York Street Environmental Facilities Corp. 6.66%, 03/15/2007 950,000 902,424
New York Street Mortgage Agency 6.70%, 10/01/2004 500,000 487,675
United Nations Development Corp. NY
Senior Lien Exchangeable A 8.80%, 07/01/2026 180,000 195,853
-----------------
4,941,534
-----------------
TOTAL MUNICIPAL OBLIGATIONS (Cost $9,205,931) 8,755,452
-----------------
U.S. TREASURY AND AGENCY OBLIGATIONS - 38.7%
Federal Home Loan Bank 7.44%, 08/10/2001 600,000 606,103
Federal Home Loan Bank 7.21%, 09/06/2005 500,000 490,529
Federal Home Loan Bank 7.015%, 09/07/2005 900,000 877,621
Federal Home Loan Bank 7.46%, 08/24/2006 500,000 492,709
Federal Home Loan Bank 6.12%, 08/26/2008 1,450,000 1,328,632
Fannie Mae 6.28%, 03/06/2006 550,000 524,614
Fannie Mae 6.56%, 11/26/2007 675,000 637,886
Fannie Mae 6.58%, 12/17/2007 1,200,000 1,132,695
Fannie Mae 6.04%, 02/25/2009 1,300,000 1,170,974
Fannie Mac 6.60%, 03/11/2009 850,000 797,039
Tennessee Valley Authority 6.125%, 07/15/2003 200,000 193,940
US Treasury Notes 5.625%, 05/15/2008 1,275,000 1,194,915
US Treasury Notes 6.375%, 03/31/2001 500,000 500,157
US Treasury Notes 7.25%, 08/15/2004 400,000 409,125
US Treasury Notes 7.25%, 05/15/2004 100,000 102,187
US Treasury Notes 5.875%, 02/15/2004 250,000 243,672
US Treasury Notes 5.50%, 05/15/2009 150,000 138,984
US Treasury Notes 6.00%, 07/31/2002 200,000 197,625
US Treasury Notes 6.125%, 12/31/2001 500,000 496,407
-----------------
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $12,147,587) 11,535,814
-----------------
Schedule of Investments - October 31, 1999 (Unaudited) - continued
Principal
Amount Value
Money Market Securities - 1.4%
Firstar Treasury Fund, 4.90% (a) (Cost $413,519) 413,519 $ 413,519
-----------------
TOTAL INVESTMENTS - 98.7% (Cost $31,198,661) 29,463,790
-----------------
Other Assets less liabilities - 1.3% 396,533
-----------------
TOTAL NET ASSETS - 100.0% $ 29,860,323
=================
=================
(a) Floating rate security; the coupon rate shown represents the rate at February 29, 2000.
</TABLE>
<TABLE>
<CAPTION>
Monteagle Fixed Income Fund February 29, 2000
Statement of Assets & Liabilities (Unaudited)
<S> <C> <C>
Assets
Investment in securities (cost $31,198,661) $ 29,463,790
Receivable for fund shares sold 28,928
Interest receivable 518,535
------------------
Total assets 30,011,253
Liabilities
Accrued investment advisory fee payable $ 29,624
Dividends payable 121,306
-----------------
Total liabilities 150,930
------------------
Net Assets $ 29,860,323
==================
Net Assets consist of:
Paid in capital $ 31,595,069
Accumulated undistributed net investment income 125
Net unrealized depreciation on investments (1,734,871)
------------------
Net Assets, for 3,017,002 shares $ 29,860,323
==================
Net Assets
Offering price and redemption price per share ($29,860,323 / 3,017,002) $ 9.90
==================
</TABLE>
<TABLE>
<CAPTION>
Monteagle Fixed Income Fund
Statement of Operations for the Period December 17, 1999
(Commencement of Operations) to February 29, 2000 (Unaudited)
<S> <C> <C>
Investment Income
Interest income $ 369,745
------------------
Total Income 369,745
Expenses
Investment advisory fee $ 69,624
------------------
Total operating expenses 69,624
------------------
Net Investment Income 300,121
------------------
Realized & Unrealized Gain (Loss)
Change in net unrealized depreciation
on investment securities (1,734,871)
------------------
Net loss on investment securities (1,734,871)
------------------
Net decrease in net assets resulting from operations $ (1,434,750)
==================
</TABLE>
<TABLE>
<CAPTION>
Monteagle Fixed Income Fund
Statement of Changes in Net Assets for the period December 17, 1999
(Commencement of Operations) to February 29, 2000 (Unaudited)
<S> <C>
Increase (Decrease) in Net Assets
Operations
Net investment income $ 300,121
Net realized gain (loss) on investment securities -
Change in net unrealized depreciation (1,734,871)
-----------------
-----------------
Net decrease in net assets resulting from operations (1,434,750)
-----------------
Distributions to shareholders
From net investment income (299,996)
From net realized gain -
-----------------
Total distributions (299,996)
-----------------
Share Transactions
Transfer in kind 31,140,824
Net proceeds from sale of shares 723,743
Shares issued in reinvestment of distributions 48,407
Shares redeemed (317,905)
-----------------
Net increase in net assets resulting
from share transactions 31,595,069
-----------------
Total increase in net assets 29,860,323
-----------------
Net Assets
Beginning of period -
-----------------
End of period [including accumulated undistributed net
investment income of $125] $ 29,860,323
=================
</TABLE>
<TABLE>
<CAPTION>
Monteagle Fixed Income Fund
Financial Highlights for the period December 17, 1999
(Commencement of Operations) to February 29, 2000 (Unaudited)
<S> <C>
Selected Per Share Data
Net asset value, beginning of period $ 10.00
--------------
Income from investment operations
Net investment income (loss) 0.10
Net realized and unrealized gain (loss) (0.10)
--------------
Total from investment operations -
--------------
Less Distributions
From net investment income (0.10)
--------------
Total distributions (0.10)
--------------
Net asset value, end of period $ 9.90
==============
Total Return (a) 0.04%
Ratios and Supplemental Data
Net assets, end of period (000) $ 29,860
Ratio of expenses to average net assets 1.14% (b)
Ratio of net investment income to
average net assets 5.08% (b)
Portfolio turnover rate 4.66% (b)
(a) For periods of less than a full year, total returns are not annualized.
(b) Annualized
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Monteagle Large Cap Fund
Schedule of Investments - February 29, 2000 (Unaudited)
<S> <C> <C>
Common Stocks - 91.7% Shares Value
Cement, Hydraulic - 3.7%
Southdown, Inc. 1,670 $ 82,874
-----------------
Cleaning Preparations, Perfumes, Cosmetics - 3.6%
Procter & Gamble, Inc. 910 80,080
-----------------
Computer Communication Equipment - 5.5%
Cisco Systems, Inc. (a) 930 122,934
-----------------
Computers & Office Equipment - 4.4%
Hewlett Packard Co. 720 96,840
-----------------
National Commercial Banks - 1.6%
Wells Fargo & Co. 1,100 36,369
-----------------
Perfumes, Cosmetics & Other Toilet Preparations - 3.7%
Colgate-Palmolive Co. 1,550 80,891
-----------------
Petroleum Refining - 4.1%
Shell Transportation & Trading Co. P.L.C. (c) 2,190 91,022
-----------------
Pharmaceutical Preparations - 12.8%
Bristol-Myers Squibb, Inc. 1,400 80,894
Elan Corp. P.L.C. (a) (c) 2,820 115,972
Johnson & Johnson 1,230 88,252
-----------------
285,118
-----------------
Retail-lumber & Other Building Materials Dealers - 4.8%
Home Depot, Inc. 1,860 107,299
-----------------
Services-Computer Integrated Systems Design - 4.2%
General Electric, Inc. 700 92,575
-----------------
Services-Computer Processing & Data Preparations - 7.5%
Electronic Data Systems Corp. 1,200 77,700
First Data Corp. 2,000 90,000
-----------------
167,700
-----------------
Services-Management Consulting Services - 3.3%
Marchfirst, Inc. (a) 1,640 74,415
-----------------
Services-Prepackaged Software - 13.1%
Citrix Systems, Inc. (a) 1,180 124,416
Compuware Corp. (a) 3,140 69,473
Microsoft Corp. (a) 1,100 98,312
-----------------
292,201
-----------------
Specialty Industry Machinery - 3.8%
Applied Materials, Inc. (a) 460 84,151
-----------------
Monteagle Large Cap Fund
Schedule of Investments - February 29, 2000 (Unaudited) - continued
Common Stocks - continued Shares Value
Surety Insurance - 2.4%
MGIC Investment Corp. 1,430 $ 53,446
-----------------
Telephone & Telegraph Apparatus - 4.0%
ADC Telecommunications, Inc. (a) 1,980 88,852
-----------------
Telephone Communications (No Radio Telephone) - 6.7%
Alltel Corp. 1,270 73,660
Bell Atlantic Corp. 1,520 74,385
-----------------
148,045
-----------------
Water Transportation - 2.5%
Carnival Corp. 1,920 55,320
-----------------
TOTAL COMMON STOCKS (Cost $2,115,197) 2,040,132
-----------------
Principal
Amount
Money Market Securities - 6.9%
Firstar Treasury Fund, 4.9% (b) (Cost $153,345) $ 153,345 153,345
-----------------
TOTAL INVESTMENTS - 98.6% (Cost $2,268,541) 2,193,477
-----------------
Other assets less liabilities - 1.4% 30,437
-----------------
Total Net Assets - 100.0% $ 2,223,914
=================
(a) Non-Income Producing
(b) Variable rate security; the coupon rate shown represents the rate at February 29, 2000.
(c) American Depository Receipt
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Monteagle Large Cap Fund February 29, 2000
Statement of Assets & Liabilities (Unaudited)
Assets
Investment in securities (cost $2,268,541) $ 2,193,477
Interest receivable 649
Dividends receivable 1,410
Receivable for fund shares sold 30,700
------------------
Total assets 2,226,236
Liabilities
Accrued investment advisory fee payable $ 2,322
-----------------
Total liabilities 2,322
------------------
Net Assets $ 2,223,914
==================
Net Assets consist of:
Paid in capital $ 2,308,269
Accumulated undistributed net investment income 826
Accumulated net realized loss on investments (10,117)
Net unrealized depreciation on investments (75,064)
------------------
Net Assets, for 235,880 shares $ 2,223,914
==================
Net Assets
Offering price and redemption price per share ($ 2,223,914 / 235,880) $ 9.43
==================
</TABLE>
<TABLE>
<CAPTION>
Monteagle Large Cap Fund
Statement of Operations for the Period January 14, 2000
(Commencement of Operations) to February 29, 2000 (Unaudited)
<S> <C> <C>
Investment Income
Dividend income $ 2,631
Interest income 1,207
---------------
Total Income 3,838
Expenses
Investment advisory fee $ 3,012
------------------
Total operating expenses 3,012
---------------
Net Investment Income 826
---------------
Realized & Unrealized Gain (Loss)
Net realized loss on investment securities (10,117)
Change in net unrealized depreciation
on investment securities (75,064)
------------------
Net loss on investment securities (85,181)
---------------
Net decrease in net assets resulting from operations $ (84,355)
===============
</TABLE>
<TABLE>
<CAPTION>
Monteagle Large Cap Fund
Statement of Changes in Net Assets for the period January 14, 2000
(Commencement of Operations) to February 29, 2000 (Unaudited)
<S> <C>
Increase (Decrease) in Net Assets
Operations
Net investment income $ 826
Net realized loss on investment securities (10,117)
Change in net unrealized depreciation (75,064)
-----------------
Net decrease in net assets resulting from operations (84,355)
-----------------
Distributions to shareholders
From net investment income -
From net realized gain -
-----------------
Total distributions -
-----------------
Share Transactions
Net proceeds from sale of shares 2,308,269
Shares issued in reinvestment of distributions -
Shares redeemed -
-----------------
Net increase in net assets resulting
from share transactions 2,308,269
-----------------
Total increase in net assets 2,223,914
-----------------
Net Assets
Beginning of period -
-----------------
End of period [including accumulated undistributed net
investment income of $826] $ 2,223,914
=================
</TABLE>
<TABLE>
<CAPTION>
Monteagle Large Cap Fund
Financial Highlights for the period January 14, 2000
(Commencement of Operations) to February 29, 2000 (Unaudited)
<S> <C>
Selected Per Share Data
Net asset value, beginning of period $ 10.00
--------------
Income from investment operations
Net investment income (loss) -
Net realized and unrealized gain (loss) (0.57)
--------------
Total from investment operations (0.57)
--------------
Less Distributions
From net investment income -
From realized gain -
--------------
--------------
Total distributions -
--------------
Net asset value, end of period $ 9.43
==============
Total Return (a) (5.70)%
Ratios and Supplemental Data
Net assets, end of period (000) $ 2,224
Ratio of expenses to average net assets 1.25% (b)
Ratio of net investment income to
average net assets 0.34% (b)
Portfolio turnover rate 80.83% (b)
(a) For periods of less than a full year, total returns are not annualized.
(b) Annualized
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Monteagle Opportunity Growth Fund
Schedule of Investments - February 29, 2000 (Unaudited)
<S> <C> <C>
Common Stocks - 98.7% Shares Value
Biological Products (No Diagnostic Substances) - 6.8%
Genzyme Transgenics Corp. (a) 66,000 $ 2,937,000
Immunex Corp. (a) 26,200 5,172,862
------------------
8,109,862
------------------
Computer Communications Equipment - 5.5%
Emulex Corp. (a) 14,900 2,384,000
Juniper Networks, Inc. (a) 15,100 4,142,119
------------------
6,526,119
------------------
In Vitro & In Vivo Diagnostic Substances - 7.8%
Avant Immunotherapeutics, Inc. (a) 55,200 610,650
Genome Therapeutics Corp. (a) 65,300 3,232,350
Human Genome Sciences, Inc. (a) 11,800 2,575,350
Hyseq, Inc. (a) 28,000 2,835,000
------------------
9,253,350
------------------
Laboratory Analytical Instruments - 2.1%
PE Corp. - PE Biosystem 23,800 2,499,000
------------------
Pharmaceutical Preparations - 2.6%
Genentech, Inc. (a) 11,100 2,140,912
Ribozyme Pharmaseuticals, Inc. (a) 22,100 950,300
------------------
3,091,212
------------------
Radio TV Broadcasting & Communication Equipment - 8.8%
Harmonic, Inc. (a) 29,000 3,971,187
MRV Communications, Inc. (a) 41,500 6,507,719
------------------
10,478,906
------------------
Semiconductors & Related Devices - 22.0%
Applied Micro Circuits Corp. (a) 7,900 2,172,994
Broadcom Corp. - Class A (a) 11,400 2,250,075
Conexant Systems, Inc. (a) 15,200 1,493,400
IBIS Technology Corp. (a) 21,100 1,624,700
JDS Uniphase Corp. (a) 19,700 5,195,875
PMC Sierra, Inc. (a) 21,800 4,208,762
Qlogic Corp. (a) 18,200 2,839,200
SDL, Inc. (a) 10,700 4,387,000
Triquint Semiconductor, Inc. (a) 16,200 1,923,750
------------------
26,095,756
------------------
Services-Commercial Physical & Biological Research - 16.3%
Affymetrix, Inc. (a) 10,300 2,983,138
Incyte Pharmaceuticals, Inc. (a) 10,300 2,838,294
Millennium Pharmaceuticals, Inc. (a) 13,500 3,511,688
Network Appliance (a) 24,900 4,699,875
Pharmacopeia, Inc. (a) 53,100 3,614,119
Verisign, Inc. (a) 6,500 1,644,500
------------------
19,291,614
------------------
Monteagle Opportunity Growth Fund
Schedule of Investments - February 29, 2000 (Unaudited) - continued
Common Stocks - continued
Services-Prepackaged Software - 13.5%
Broadvision, Inc. (a) 11,600 $ 2,929,725
Brocade Communications Systems, Inc. (a) 14,300 4,134,487
Check Point Software Technologies LTD (a)(c) 20,600 4,201,113
Siebel Systems, Inc. (a) 19,900 2,805,900
Veritas Software Corp. (a) 9,900 1,958,962
------------------
16,030,187
------------------
Specialty Industry Machinery - 2.6%
Applied Materials, Inc. (a) 16,500 3,018,469
------------------
Telephone & Telegraph Apparatus - 10.7%
Ciena Corp. (a) 33,400 5,337,738
Nortel Networks Corp. 16,500 1,843,875
Sycamore Networks (a) 37,200 5,505,600
------------------
12,687,213
------------------
TOTAL COMMON STOCKS (Cost $72,218,466) 117,081,688
------------------
Principal
Amount
Money Market Securities -1.3 %
Firstar Treasury Fund, 4.9% (b) (Cost $1,493,155) $ 1,493,155 1,493,155
------------------
TOTAL INVESTMENTS - 100.0% (Cost $73,711,621) 118,574,843
------------------
Other assets less liabilities - 0.0% 19,367
------------------
Total Net Assets - 100.0% $ 118,594,210
==================
(a) Non-Income Producing
(b) Variable rate security; the coupon rate shown represents the rate at February 29, 2000.
(c) American Depository Receipt
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Monteagle Opportunity Growth Fund February 29, 2000
Statement of Assets & Liabilities (Unaudited)
Assets
Investment in securities (cost $73,711,621) $ 118,574,843
Cash 2,726
Receivable for fund shares sold 113,959
Dividends receivable 6,060
Interest receivable 1,012
------------------
Total assets 118,698,600
Liabilities
Accrued investment advisory fee payable $ 104,390
-----------------
Total liabilities 104,390
------------------
Net Assets $ 118,594,210
==================
Net Assets consist of:
Paid in capital $ 46,290,224
Accumulated net investment loss (94,753)
Accumulated net realized gain on investments 27,535,517
Net unrealized appreciation on investments 44,863,222
------------------
Net Assets, for 6,934,618 shares $ 118,594,210
==================
Net Assets
Offering price and redemption price per share ($118,594,210/6,934,618) $ 17.10
==================
</TABLE>
<TABLE>
<CAPTION>
Monteagle Opportunity Growth Fund
Statement of Operations for the Period December 17, 1999
(Commencement of Operations) to February 29, 2000 (Unaudited)
<S> <C> <C>
Investment Income
Dividend income $ 1,012
Interest income 126,987
-----------------
Total Income 127,999
Expenses
Investment advisory fee $ 222,752
------------------
Total operating expenses 222,752
-----------------
Net Investment Loss (94,753)
-----------------
Realized & Unrealized Gain (Loss)
Net realized gain on investment securities 27,535,517
Change in net unrealized appreciation
on investment securities 44,863,222
------------------
Net gain on investment securities 72,398,739
-----------------
Net increase in net assets resulting from operations $ 72,303,986
=================
</TABLE>
<TABLE>
<CAPTION>
Monteagle Opportunity Growth Fund
Statement of Changes in Net Assets for the period December 17, 1999
(Commencement of Operations) to February 29, 2000 (Unaudited)
<S> <C>
Increase (Decrease) in Net Assets
Operations
Net investment loss $ (94,753)
Net realized gain on investment securities 27,535,517
Change in net unrealized appreciation 44,863,222
-------------------
Net increase in net assets resulting from operations 72,303,986
-------------------
Distributions to shareholders
From net investment income -
From net realized gain -
-------------------
Total distributions -
-------------------
Share Transactions
Transfer in kind 46,689,282
Net proceeds from sale of shares 2,029,228
Shares issued in reinvestment of distributions -
Shares redeemed (2,428,286)
-------------------
Net increase in net assets resulting
from share transactions 46,290,224
-------------------
Total increase in net assets 118,594,210
-------------------
Net Assets
Beginning of period -
-------------------
End of period [including accumulated net
investment loss of $(94,753)] $ 118,594,210
===================
</TABLE>
<TABLE>
<CAPTION>
Monteagle Opportunity Growth Fund
Financial Highlights for the period December 17, 1999
(Commencement of Operations) to February 29, 2000 (Unaudited)
<S> <C>
Selected Per Share Data
Net asset value, beginning of period $ 10.00
--------------
Income from investment operations
Net investment income (loss) (0.01)
Net realized and unrealized gain (loss) 7.11
--------------
Total from investment operations 7.10
--------------
Less Distributions
From net investment income -
From net realized gain -
--------------
Total Distributions -
--------------
Net asset value, end of period $ 17.10
==============
Total Return (a) 71.00%
Ratios and Supplemental Data
Net assets, end of period (000) $ 118,594
Ratio of expenses to average net assets 1.26% (b)
Ratio of net investment income to
average net assets (0.54)% (b)
Portfolio turnover rate 978.14% (b)
(a) For periods of less than a full year, total returns are not annualized.
(b) Annualized
</TABLE>
<TABLE>
<CAPTION>
Monteagle Value Fund
Schedule of Investments - February 29, 2000 (Unaudited)
<S> <C> <C>
Common Stocks - 87.4% Shares Value
Air Courier Services - 3.2%
FedEx Corp. (a) 14,875 $ 519,695
-----------------
Air Transportation Scheduled - 2.8%
Delta Airlines, Inc. 10,000 456,250
-----------------
Aircraft - 2.7%
Northrop Grumman Corp. 9,675 439,608
-----------------
Computers & Office Equipment - 2.8%
Unisys Corp. (a) 15,000 449,062
-----------------
Electronic Computers - 3.7%
Apple Computer, Inc. (a) 2,700 309,488
Compaq Computer Corp. (a) 11,650 291,250
-----------------
600,738
-----------------
Insurance - 4.3%
Aegon N.V. 7,500 522,188
MGIC Investment Corp. 5,000 186,875
-----------------
709,063
-----------------
National Commercial Banks - 7.9%
Bank of America Corp. 10,225 470,989
Citigroup, Inc. 10,000 515,000
First Union Corp. 10,200 300,900
-----------------
1,286,889
-----------------
Oil & Gas Filed Machinery & Equipment - 5.2%
Smith International, Inc. (a) 5,000 313,437
Varco International, Inc. (a) 48,000 531,000
-----------------
844,437
-----------------
Oil, Gas, Field Services - 1.9%
Schlumberger LTD 4,300 317,662
-----------------
Pharmaceutical Preparations - 9.9%
Bristol-Myers Squibb, Inc. 7,500 433,360
Johnson & Johnson, Inc. 2,500 179,375
Lilly Eli & Co. 8,050 478,472
Watson Pharmaceuticals, Inc. (a) 13,200 528,000
-----------------
1,619,207
-----------------
Photographic Equipment & Supplies - 2.7%
Eastman Kodak, Inc. 7,650 438,441
-----------------
Railroads, Line-Haul Operating - 2.5%
CSX Corp. 18,500 410,469
-----------------
Retail-Eating Places - 2.8%
CBRL Group, Inc. 50,000 462,500
-----------------
Monteagle Value Fund
Schedule of Investments - February 29, 2000 (Unaudited) - continued
Common Stocks - continued Shares Value
Retail-Grocery Stores - 2.5%
Kroger Corp. (a) 28,000 $ 416,500
-----------------
Security Brokers, Dealers & Flotation Companies - 6.2%
Lehman Brothers Holdings, Inc. 7,000 507,500
Merrill Lynch & Co., Inc. 5,000 512,500
-----------------
1,020,000
-----------------
Semiconductors & Related Devices - 6.5%
General Semiconductor, Inc. (a) 30,000 500,625
Intel Corp. 5,000 565,000
-----------------
1,065,625
-----------------
Services-Computer Integrated Systems Design - 1.9%
General Electric, Inc. 2,300 304,175
-----------------
Services-Miscellaneous Amusement & Recreation - 2.8%
Walt Disney Co. 13,800 462,300
-----------------
Steel Production - 2.1%
Worthington Industries, Inc. 26,000 344,500
-----------------
Telephone Communications (No Radio Telephone) - 10.5%
Alltel Corp. 6,000 348,000
AT&T Corp. 14,486 715,246
GTE Corp. 6,000 354,000
MCI WorldCom, Inc. (a) 6,500 290,063
-----------------
1,707,309
-----------------
Water Supply - 2.5%
American Water Works, Inc. 20,500 410,000
-----------------
TOTAL COMMON STOCKS (Cost $15,756,004) 14,284,430
-----------------
Principal
Amount
Money Market Securities - 7.1%
Firstar Treasury Fund, 4.9% (b) (Cost $1,168,767) $ 1,168,767 1,168,767
-----------------
TOTAL INVESTMENTS - 94.5% (Cost $16,924,771) 15,453,197
-----------------
Other assets less liabilities - 5.5% 898,837
-----------------
Total Net Assets - 100.0% $ 16,352,034
=================
(a) Non-Income Producing
(b) Variable rate security; the coupon rate shown represents the rate at February 29, 2000.
</TABLE>
<TABLE>
<CAPTION>
Monteagle Value Fund February 29, 2000
Statement of Assets & Liabilities (Unaudited)
<S> <C> <C>
Assets
Investment in securities (cost $16,924,771) $ 15,453,197
Cash 2,438
Dividends receivable 31,702
Interest receivable 4,228
Receivable for fund shares sold 3,000
Receivable for securities sold 2,657,163
------------------
Total assets 18,151,728
Liabilities
Accrued investment advisory fee payable 19,460
Payable for securities purchased $ 1,780,234
-----------------
Total liabilities 1,799,694
------------------
Net Assets $ 16,352,034
==================
Net Assets consist of:
Paid in capital $ 19,830,768
Accumulated undistributed net investment income 14,873
Accumulated net realized loss on investments (2,022,033)
Net unrealized depreciation on investments (1,471,574)
------------------
Net Assets, for 1,769,534 shares $ 16,352,034
==================
Net Assets
Offering price and redemption price per share ($ 16,352,034 / 1,769,534) $ 9.24
==================
</TABLE>
<TABLE>
<CAPTION>
Monteagle Value Fund
Statement of Operations for the Period December 17, 1999
(Commencement of Operations) to February 29, 2000 (Unaudited)
<S> <C> <C>
Investment Income
Dividend income $ 54,011
Interest income 10,167
----------------
Total Income 64,178
Expenses
Investment advisory fee $ 49,305
------------------
Total operating expenses 49,305
----------------
Net Investment Income 14,873
----------------
Realized & Unrealized Gain (Loss)
Net realized loss on investment securities (2,022,033)
Change in net unrealized depreciation
on investment securities (1,471,574)
------------------
Net loss on investment securities (3,493,607)
----------------
Net decrease in net assets resulting from operations $ (3,478,734)
================
</TABLE>
<TABLE>
<CAPTION>
Monteagle Value Fund
Statement of Changes in Net Assets for the period December 17, 1999
(Commencement of Operations) to February 29, 2000 (Unaudited)
<S> <C>
Increase (Decrease) in Net Assets
Operations
Net investment income $ 14,873
Net realized loss on investment securities (2,022,033)
Change in net unrealized depreciation (1,471,574)
-----------------
Net increase in net assets resulting from operations (3,478,734)
-----------------
Distributions to shareholders
From net investment income -
From net realized gain -
-----------------
Total distributions -
-----------------
Share Transactions -
Transfer in kind 20,679,001
Net proceeds from sale of shares 28,321
Shares issued in reinvestment of distributions -
Shares redeemed (876,554)
-----------------
Net increase in net assets resulting
from share transactions 19,830,768
-----------------
Total increase in net assets 16,352,034
-----------------
Net Assets
Beginning of period -
-----------------
End of period [including accumulated undistributed net
investment income of $14,873] 16,352,034
=================
</TABLE>
<TABLE>
<CAPTION>
Monteagle Value Fund
Financial Highlights for the period December 17, 1999
(Commencement of Operations) to February 29, 2000 (Unaudited)
<S> <C>
Selected Per Share Data
Net asset value, beginning of period $ 10.00
--------------
Income from investment operations
Net investment income 0.01
Net realized and unrealized gain (0.77)
--------------
Less Distributions
From net investment income -
From net realized gain -
--------------
Total Distributions -
--------------
Total from investment operations (0.76)
--------------
Net asset value, end of period $ 9.24
==============
Total Return (a) (7.60)%
Ratios and Supplemental Data
Net assets, end of period (000) $ 16,352
Ratio of expenses to average net assets 1.35% (b)
Ratio of net investment income to
average net assets 0.41% (b)
Portfolio turnover rate 597.42% (b)
(a) For periods of less than a full year, total returns are not annualized.
(b) Annualized
</TABLE>
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 2000 (UNAUDITED)
NOTE 1. ORGANIZATION
The Monteagle Fixed Income Fund, Monteagle Opportunity Growth Fund,
Monteagle Value Fund, and Monteagle Large Cap Fund (each a "Fund" or
collectively, the "Funds") were organized as series of AmeriPrime Advisors Trust
(the "Trust") on August 3, 1999. The Monteagle Fixed Income Fund, Monteagle
Opportunity Growth Fund, and Monteagle Value Fund, commenced operations on
December 17, 1999, and the Monteagle Large Cap Fund commenced operations on
January 14, 2000. The investment objective of the Monteagle Fixed Income Fund is
total return and the investment objective of the other Funds is to provide
long-term capital appreciation. The Monteagle Opportunity Growth Fund is
non-diversified. The Monteagle Value Fund and the Monteagle Large Cap Fund are
diversified. 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"). The Trust Agreement permits the Trustees to issue an
unlimited number of shares of beneficial interest of separate series without par
value. Each Fund is one of a series of funds currently offered by the Trustees.
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- 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 Advisor'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 Advisor 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 Advisor, 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
Advisor believes such prices accurately reflect the fair market value of such
securities. A pricing service utilizes electronic data processing techniques
based on yield spreads relating to securities with similar characteristics to
determine prices for normal institutional-size trading units of debt securities
without regard to sale or bid prices. When prices are not readily available from
a pricing service, or when restricted or illiquid securities are being valued,
securities are valued at fair value as determined in good faith by the Advisor,
subject to review of the
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 2000 (UNAUDITED) - CONTINUED
NOTE 2. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
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- Each Fund intends to qualify each year as a "regulated
investment company" under the Internal Revenue Code of 1986, as amended. By so
qualifying, each 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- Each Fund intends to distribute substantially all
of its net investment income as dividends to its shareholders on at least an
annual basis. Each Fund intends to distribute its net long-term capital gains
and its net short-term capital gains at least once a year.
OTHER- Each 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.
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Nashville Capital Corporation, 209 10th Avenue South, Suite 332, Nashville TN
37203, 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 Fund and is responsible for providing general investment
advice and guidance to the Funds, although the investment manager has delegated
responsibility for the selection and ongoing monitoring of the securities in
each Fund's investment portfolio to the Fund's respective adviser set forth
below. Nashville Capital Corporation was formed in 1986 and, as of September 30,
1999, managed assets of approximately $98 million for financial institutions.
Each Fund is authorized to pay the investment manager a fee based on
average daily net assets at the following rates:
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 2000 (UNAUDITED) - CONTINUED
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
<TABLE>
<S> <C> <C> <C> <C>
Fund Size Opportunity Value Fixed Income Large Cap
Growth
$1-25 million 1.35% 1.35% 1.15% 1.25%
$25-50 million 1.30% 1.25% 1.10% 1.13%
$50-100 million 1.18% 1.10% 0.97% 1.00%
$100 million 1.10% 1.00% 0.90% 0.95%
</TABLE>
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 of Trustees and pays all of the expenses of each Fund except brokerage
commissions, taxes, borrowing costs, fees and expenses of non-interested person
trustees, 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 period
December 17, 1999 (commencement of operations of the Fixed Income, Opportunity
Growth Fund, and Value Funds) through February 29, 2000, the investment manager
received a fee of $69,624, $222,752, and $49,305 from the Fixed Income,
Opportunity Growth, and Value Funds, respectively. For the period January 14,
2000 (commencement of operations of the Large Cap Fund) through February 29,
2000, the investment manager received a fee of $3,012 from the Large Cap Fund.
Large Cap Fund and Fixed Income Fund. The investment manager has retained Howe
and Rusling, Inc. to serve as the adviser to the Large Cap Fund and the Fixed
Income Fund. The firm was established in 1930. The Howe and Rusling Investment
Committee is primarily responsible for the day-to-day management of the Funds.
Nashville Capital Corporation has agreed to pay Howe and Rusling an annual
advisory fee for the Large Cap Fund of 0.40% of net assets up to $25 million,
0.30% of net assets from $25 million up to $50 million, and 0.25% of net assets
of $50 million and greater. Nashville Capital Corporation has agreed to pay Howe
and Rusling an annual advisory fee for the Fixed Income Fund of 0.30% of net
assets up to $25 million, 0.25% of net assets from $25 million up to $50
million, and 0.20% of net assets of $50 million and greater. For the period
December 17, 1999 (commencement of operations of the Fixed Income Fund) through
February 29, 2000, the adviser received a fee of $17,803 from Nashville Capital
Corporation for the Fixed Income Fund. For the period January 14, 2000
(commencement of operations of the Large Cap Fund) through February 29, 2000,
the adviser received a fee of $964 from Nashville Capital Corporation for the
Large Cap Fund.
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 2000 (UNAUDITED) - CONTINUED
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
Opportunity Growth Fund. The investment manager has retained T.H.
Fitzgerald, Jr. (d/b/a T.H. Fitzgerald & Co.) to serve as the adviser to the
Opportunity Growth Fund. The firm has been owner-managed since its founding in
1959. Mr. Fitzgerald is primarily responsible for the day to day management of
the Fund. Nashville Capital has agreed to pay T.H. Fitzgerald & Co. an annual
advisory fee equal to 0.70% of net assets up to $25 million, 0.60% of net assets
from $25 million up to $50 million, 0.45% of net assets from $50 million up to
$100 million, and 0.40% of net assets of $100 million and greater. For the
period December 17, 1999 (commencement of operations of the Opportunity Growth
Fund) through February 29, 2000, the adviser received a fee of $99,716 from
Nashville Capital Corporation for the Opportunity Growth Fund.
Value Fund. The investment manager has retained Robinson Investment Group, Inc.
to serve as the adviser to the Value Fund. The firm was founded in 1996 by
Russell L. Robinson. Mr. Russell is primarily responsible for the day-to-day
management of the Value Fund. Nashville Capital has agreed to pay Russell
Investment Group an annual advisory fee of 0.60% of net assets up to $25
million, 0.45% of net assets from $25 million up to $50 million, 0.35% of net
assets from $50 million up to $100 million, and 0.30% of net assets of $100
million and greater. For the period December 17, 1999 (commencement of
operations of the Value Fund) through February 29, 2000, the adviser received a
fee of $21,913 from Nashville Capital Corporation for the Value Fund.
Each Fund retains AmeriPrime Financial Services, Inc. (the "Administrator")
to manage each Fund's business affairs and to provide each Fund with
administrative services, including all regulatory reporting and necessary office
equipment and personnel. The Administrator receives a monthly fee from Nashville
Capital Corporation equal to an annual average rate of 0.10% of each Fund's
average daily net assets up to $50 million dollars, 0.075% of each Fund's
average daily net assets from $50 million to $100 million dollars and 0.050% of
each fund's average daily net assets over $100 million dollars. For the period
December 17, 1999 (commencement of operations of Opportunity Growth, Value, and
Fixed Income Funds) through February 29, 2000, the Administrator received fees
of $17,117, $3,548, $5,870 from Nashville Capital Corporation for administrative
services provided to the Opportunity Growth, Value, and Fixed Income Funds,
respectively. For the period January 14, 2000, the Administrator received fees
of $297 from Nashville Capital Corporation for administrative services provided
to the Large Cap Fund.
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 2000 (UNAUDITED) - CONTINUED
NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
Each Fund retains AmeriPrime Financial Securities, Inc. (the "Distributor") to
act as the principal distributor of each Fund's shares. There were no payments
made to the Distributor for the period December 17, 1999 (commencement of
operations) through February 29, for the Fixed Income, Opportunity Growth, and
Value Funds, respectively.
There were no payments were made to the Distributor for the period January 14,
2000 (commencement of operations) through February 29, 2000 for the Large Cap
Fund. Certain members of management of the Administrator and the Distributor are
also members of management of the AmeriPrime Trust.
NOTE 4. SHARE TRANSACTIONS
FIXED INCOME FUND. As of February 29, 2000, there was an unlimited number of
authorized shares for the Fund. Paid in capital at February 29, 2000 was
$31,595,069.
<TABLE>
<CAPTION>
Transactions in shares were as follows:
FOR THE PERIOD DECEMBER 17, 1999 (COMMENCEMENT OF OPERATIONS)
TO FEBRUARY 29, 2000
SHARES DOLLARS
<S> <C> <C>
Transfer in kind 2,971,217 $31,140,824
Shares sold 72,947 723,743
Shares issued from
reinvested of Dividend 4,860 48,407
Shares redeemed (32,022) (317,905)
-------------- ----------------
31,595,069 $46,290,224
============== ================
</TABLE>
OPPORTUNITY GROWTH FUND. As of February 29, 2000, there was an unlimited number
of authorized shares for the Fund. Paid in capital at February 29, 2000 was
$46,290,224.
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 2000 (UNAUDITED) - CONTINUED
NOTE 4. SHARE TRANSACTIONS - CONTINUED
<TABLE>
<CAPTION>
Transactions in shares were as follows:
FOR THE PERIOD DECEMBER 17, 1999 (COMMENCEMENT OF OPERATIONS)
TO FEBRUARY 29, 2000
SHARES DOLLARS
<S> <C> <C>
Transfer in kind 6,973,494 $46,689,282
Shares sold 166,934 2,029,228
Shares redeemed (205,810) (2,428,286)
------------------ -----------------
6,934,618 $46,290,224
================== =================
</TABLE>
VALUE FUND. As of February 29, 2000, there was an unlimited number of authorized
shares for the Fund. Paid in capital at February 29, 2000 was $19,830,768.
Transactions in shares were as follows:
<TABLE>
<CAPTION>
FOR THE PERIOD DECEMBER 17, 1999 (COMMENCEMENT OF OPERATIONS)
TO FEBRUARY 29, 2000
SHARES DOLLARS
<S> <C> <C>
Transfer in kind 1,853,559 $20,679,001
Shares sold 2,872 28,321
Shares redeemed (86,897) (876,554)
------------------ -----------------
1,769,534 $19,830,768
================== =================
</TABLE>
LARGE CAP FUND. As of February 29, 2000, there was an unlimited number of
authorized shares for the Fund. Paid in capital at February 29, 2000 was
$2,308,269.
<TABLE>
<CAPTION>
Transactions in shares were as follows:
FOR THE PERIOD JANUARY 14, 1999 (COMMENCEMENT OF OPERATIONS)
TO FEBRUARY 29, 2000
<S> <C> <C>
SHARES DOLLARS
Shares sold 235,880 $2,308,269
Shares redeemed (0) (0)
-------------- ----------------
235,880 $2,308,269
============== ================
</TABLE>
MONTEAGLE FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 2000 (UNAUDITED) - CONTINUED
NOTE 5. INVESTMENTS
FIXED INCOME FUND. For the period December 17, 1999 (commencement of operations)
to February 29, 2000 purchases and sales of investment securities, other than
short-term investments, aggregated $3,500,590 and $200,000, respectively. The
gross unrealized appreciation for all securities totaled $19,863 and the gross
unrealized depreciation for all securities totaled $1,754,734 for a net
unrealized depreciation of $1,734,871. The aggregate cost of securities for
federal income tax purposes at February 29, 2000 was $31,198,661.
OPPORTUNITY GROWTH FUND. For the period December 17, 1999 (commencement of
operations) to February 29, 2000 purchases and sales of investment securities,
other than short-term investments, aggregated $117,730,883 and $118,355,683,
respectively. The gross unrealized appreciation for all securities totaled
$45,311,196 and the gross unrealized depreciation for all securities totaled
$447,974 for a net unrealized appreciation of $44,863,222. The aggregate cost of
securities for federal income tax purposes at February 29, 2000 was $73,711,621.
VALUE FUND. For the period December 17, 1999 (commencement of operations) to
February 29, 2000 purchases and sales of investment securities, other than
short-term investments, aggregated $14,558,407 and $16,341,573, respectively.
The gross unrealized appreciation for all securities totaled $213,019 and the
gross unrealized depreciation for all securities totaled $1,684,593 for a net
unrealized depreciation of $1,471,574. The aggregate cost of securities for
federal income tax purposes at February 29, 2000 was $16,924,771.
LARGE CAP FUND. For the period January 14, 2000 (commencement of operations) to
February 29, 2000 purchases and sales of investment securities, other than
short-term investments, aggregated $2,246,649 and $121,335, respectively. The
gross unrealized appreciation for all securities totaled $141,815 and the gross
unrealized depreciation for all securities totaled $216,879 for a net unrealized
depreciation of $75,064. The aggregate cost of securities for federal income tax
purposes at February 29, 2000 was $2,268,541.
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.
NOTE 7. RELATED PARTY TRANSACTIONS
Nashville Capital Corporation and the advisers are not a registered
broker-dealer of securities and thus does not receive commissions on trades made
on behalf of the Funds. 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 29, 2000, Farmers and Merchants Corporation beneficially
owned 100% of each Fund.
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