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<PAGE>
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<PAGE>
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SIGNATURE KENNETH D. TRUMPFHELLER
TITLE FUND ADMINISTRATOR
Board of Trustees
The Ameriprime Funds
In planning and performing our audit of the financial statements of The
Ameriprime Funds for the year ended October 31, 1996, we considered its internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of The Ameriprime Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and transactions
are executed in accordance with management's authorization and recorded properly
to permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1996.
<PAGE>
Board of Trustees
The Ameriprime Funds Page 2
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ McCurdy & Associates CPA's, Inc.
McCurdy & Associates CPA's, Inc.
Westlake, Ohio
November 20, 1996
On July 26, 1996, approval on behalf of a majority of the shares of the
Fund was obtained for the selection of Advanced Investment Technology, Inc.
("AIT") as the new investment advisor to the Fund. On July 26, 1996,
31,429.6396 shares of the 48,825.290 shares outstanding of the Fund approved
the above-described change. The selection of AIT as investment advisor took
effect on October 29, 1996.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NET-ASSETS> 1,122,646
<DIVIDEND-INCOME> 23,302
<INTEREST-INCOME> 242
<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 11,996
<REALIZED-GAINS-CURRENT> 8,455
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<NET-CHANGE-FROM-OPS> 147,192
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NET-INVESTMENT-INCOME> (2,866)
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<NET-CHANGE-IN-ASSETS> 602,159
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<OTHER-ITEMS-LIABILITIES> 3,655
<TOTAL-LIABILITIES> 3,655
<SENIOR-EQUITY> 0
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<ACCUMULATED-NII-CURRENT> 2,033
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 3,443,076
<DIVIDEND-INCOME> 23,719
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<OTHER-INCOME> 0
<EXPENSES-NET> 21,686
<NET-INVESTMENT-INCOME> 2,033
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<NUMBER-OF-SHARES-SOLD> 3,056,294
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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