AMERIPRIME FUNDS
N-30D/A, 2000-05-11
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<PAGE>

                            AUXIER FOCUS FUND UPDATE

                                 BY JEFF AUXIER

Dear Fellow Shareholders:

A number of  fundamental  factors have led us to take an  increasingly  cautious
stance toward US stocks in general. These include the following:

>>   An  explosion  in margin  account  borrowing.  Recent  margin  debt  levels
     exceeded $230 billion,  almost double year-ago totals. At the same time the
     US  savings  rate has  fallen  to an all time low of 1.5%.  Such  borrowing
     against   inflated   asset  values  is  dangerous  and  can  lead  to  mass
     liquidations in the event of a market downturn.  Be fearful when others are
     greedy.

>>   An  overheated  economy.  The second half 1999 GDP grew in excess of 5.75%.
     This is well  above  the 3% Fed  target.  The  inflation  picture  has been
     deteriorating as labor markets continue to tighten. The recently re-elected
     Fed Chairman can be very  aggressive in raising  rates.  Four rate hikes in
     seven months have done little to slow the economy.

>>   The bond  market  finished  1999 with the worst  decline  in 50 years.  The
     30-year  bond was off over  12.5%.  There  have  been two years in the past
     thirty  (1981,  1987) where bond prices  lagged stock prices by such a wide
     margin. In both cases the stock prices caught up---on the downside.

>>   Normally  stocks with the highest  dividend  yields are the most defensive;
     however,  in 1999 if you bought the highest  yielding stocks on the S&P 500
     (2% or  better)  at the  beginning  of the year,  you ended the year with a
     decline in excess of 12%. (Source:

     Barron's)

For these reasons we are  exercising  greater  scrutiny and care. Now is not the
time for complacency.

Strategy 2000

We are constantly working to identify superior businesses that can make money in
any economic environment.  I recently spent three days at a Salomon Smith Barney
telecommunications conference where leading CEOs from the fiberoptic,  wireless,
cable and media  industries  presented.  The most important theme had to do with
communications capacity referred to as "bandwidth".  By some estimates, the cost
of  communicating  is dropping by half every nine  months.  Bandwidth is rapidly
replacing  computer  power  as  the  driving  force  of  technological  advance.
Microchips  historically  have been  dropping in price by 50% every 18-24 months
for over 20 years. Look at the value created on the personal computer today as a
result.  Going  forward,  bandwidth  is predicted to double at a rate four times
faster than the semiconductor industry. That might explain why last year the top
performers in the market were in the telecom  (wireless)  area. The fundamentals
are extremely powerful.

Other noteworthy developments in the wireless area:

>>   The US domestic  wireless  sector  should more than double its  penetration
     from 32% today to more than 67% by 2007.

>>   The most highly valued companies in Europe and Japan are wireless  related.
     The US currently trails both regions.

>>   Wireless data has begun to represent  more than 10% of revenues  within one
     year of  inception.  The  volume  of data is  doubling  every  six to seven
     months.

>>   Global  wireless  subscribers  should  move from 300  million  today to one
     billion by 2002. (Source: Nokia)

>>   The number of mobile  Internet  users will  exceed the number of fixed line
     users by 2003.

We have identified and are closely monitoring the best managed companies in this
sector and will  invest for the long term as  attractive  opportunities  present
themselves.

Thank you for your trust.

Sincerely,

/s/

J. Jeffrey Auxier

<PAGE>

<TABLE>
<CAPTION>

Auixer Focus Fund

Schedule of Investments - December 31, 1999 (Unaudited)

<S>                                                             <C>                        <C>
Common Stocks - 33.8%                                              Shares                         Value

Air Courier Services - 0.4%
FDX Corp. (a)                                                            100                         $ 4,094
                                                                                            -----------------
                                                                                            -----------------

Beverages - 0.3%
PepsiCo, Inc.                                                            100                           3,525
                                                                                            -----------------
                                                                                            -----------------

Cable & Other Pay Television Services - 1.9%
Charter Communications - Class A                                         900                          19,688
                                                                                            -----------------
                                                                                            -----------------

Capital Goods - Aerospace and Defense - 0.5%
Precision Castparts Corp.                                                200                           5,250
                                                                                            -----------------
                                                                                            -----------------

Commercial Printing Services- 0.2%
Successories, Inc.                                                     1,000                           2,250
                                                                                            -----------------
                                                                                            -----------------

Computers & Office Equipment - 3.1%
International Business Machines, Inc.                                    300                          32,362
                                                                                            -----------------
                                                                                            -----------------

Crude Petroleum & Natural Gas - 4.2%
Enron Corp.                                                            1,000                          44,375
                                                                                            -----------------
                                                                                            -----------------

Electronic Computers - 0.4%
Ceridian Corp.                                                           200                           4,312
                                                                                            -----------------
                                                                                            -----------------

Federal & Federally-Sponsored Credit Agencies - 3.1%
Federal Home Loan Mortgage Corp.                                         700                          32,944
                                                                                            -----------------
                                                                                            -----------------

Financial Services - 0.8%
Associates First Capital Corp. - Class A                                 300                           8,231
                                                                                            -----------------
                                                                                            -----------------

Fire, Marine, Casualty Insurance - 1.2%
Berkshire Hathaway, Inc. - Class B (a)                                     7                          12,810
                                                                                            -----------------
                                                                                            -----------------

Mutual Funds - 0.4%
Sector SPDR Trust                                                        200                           4,753
                                                                                            -----------------
                                                                                            -----------------

National Commercial Banks - 2.5%
U.S. Bancorp                                                             400                           9,525
Bank One Corp.                                                           200                           6,400
Fleet Boston Financial Corp.                                             300                          10,444
Firstar Corp.                                                            200                           4,225
                                                                                            -----------------
                                                                                            -----------------
                                                                                                      30,594

                                                                                            -----------------
                                                                                            -----------------
Pharmaceutical Preparations 1.8%
American Home Products, Inc.                                             400                          15,700
Pfizer, Inc.                                                             100                           3,250
                                                                                            -----------------
                                                                                            -----------------
                                                                                                      18,950

                                                                                            -----------------
                                                                                            -----------------
Auixer Focus Fund

Schedule of Investments - December 31, 1999 (Unaudited) - continued

Common Stocks - continued                                          Shares                         Value

Radio Telephone Communications - 3.5%
Loral Space & Communications, Ltd.                                     1,300                        $ 31,606
Vodafone Airtouch Public Limited Co. (c)                                 100                           4,950
                                                                                            -----------------
                                                                                            -----------------
                                                                                                      36,556

                                                                                            -----------------
                                                                                            -----------------
Retail-Grocery Stores - 2.6%
Albertson's, Inc.                                                        350                          11,288
Kroger Corp.                                                             500                           9,437
Safeway, Inc. (a)                                                        200                           7,150
                                                                                            -----------------
                                                                                            -----------------
                                                                                                      27,875

                                                                                            -----------------
                                                                                            -----------------
Services-Miscellaneous Amusement & Recreation - 0.6%
Walt Disney Co.                                                          200                           5,850
                                                                                            -----------------
                                                                                            -----------------

State Commercial Bank - 0.7%
Washington Mutual, Inc.                                                  300                           7,762
                                                                                            -----------------
                                                                                            -----------------

Telephone & Telegraph Apparatus - 0.6%
Brazilian Telecommunication Corp. - Telebras (c)                          50                           6,438
                                                                                            -----------------
                                                                                            -----------------

Telephone Communications (No Radio Telephone) - 4.6%
MCI WorldCom, Inc. (a)                                                   525                          27,858
AT&T Corp.                                                               400                          20,325
                                                                                            -----------------
                                                                                            -----------------
                                                                                                      48,183

                                                                                            -----------------
                                                                                            -----------------

TOTAL COMMON STOCKS (Cost $348,032)                                                                  356,802
                                                                                            -----------------

                                                                       Principal
                                                                           Value

Money Market Securities - 67.1%
Firstar Treasury Fund, 4.06% (b) (Cost $709,674)                   $ 709,674                         709,674
                                                                                            -----------------

TOTAL INVESTMENTS - 100.9%  (Cost $1,057,706)                                                      1,066,476
                                                                                            -----------------
Liabilities in excess of other assets - (0.9%)                                                        (9,578)
                                                                                            -----------------
TOTAL NET ASSETS - 100.0%                                                                        $ 1,056,898
                                                                                            =================


(a) Non-income producing
(b)  Variable  rate  security;  the  coupon  rate shown  represents  the rate at
December 31, 1999.

(c) American Depository Receipt

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

Auixer Focus Fund                                                                    December 31, 1999
Statement of Assets & Liabilities (Unaudited)

<S>                                                              <C>                <C>
Assets
Investment in securities (cost $1,057,706)                                                 $ 1,066,476
Cash                                                                                             2,028
Dividends receivable                                                                               320
Interest receivable                                                                              2,110
                                                                                     ------------------
   Total assets                                                                              1,070,934
                                                                                     ------------------
Liabilities

Accrued investment advisory fee payable                                   $ 1,138
Payable for securities purchased                                           12,898
                                                                 -----------------

   Total liabilities                                                                            14,036
                                                                                     ------------------

Net Assets                                                                                 $ 1,056,898
                                                                                     ==================

Net Assets consist of:
Paid in capital                                                                            $ 1,061,575
Accumulated net investment loss                                                                   (105)
Accumulated net realized loss on investments                                                   (13,343)
Net unrealized appreciation on investments                                                       8,771
                                                                                     ------------------

Net Assets, for 103,016 shares                                                             $ 1,056,898
                                                                                     ==================

Net Asset Value

Offering price and redemption price per share ($1,056,898/ 103,016)                            $ 10.26
                                                                                     ==================
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

Auixer Focus Fund

Statement of Operations for the Period July 9, 1999 (Commencement of Operations)
   to December 31, 1999 (Unaudited)

<S>                                                                   <C>                 <C>
Investment Income

Dividend income                                                                                    $ 444
Interest income                                                                                    5,137
                                                                                          ---------------
Total Income                                                                                       5,581


Expenses

Investment advisory fee                                                         $ 2,249
Trustees' fees                                                                      261
                                                                      ------------------
Total expenses before reimbursement                                               2,510
Reimbursed expenses                                                                (261)
                                                                      ------------------
Total operating expenses                                                                           2,249
                                                                                          ---------------
Net Investment Income                                                                              3,332
                                                                                          ---------------

Realized & Unrealized Gain (Loss)
Net realized loss on investment securities                                      (13,343)
Change in net unrealized appreciation
   on investment securities                                                       8,771
                                                                      ------------------
Net loss on investment securities                                                                 (4,572)
                                                                                          ---------------
Net decrease in net assets resulting from operations                                            $ (1,240)
                                                                                          ===============
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

Auixer Focus Fund

Statement of Changes in Net Assets for the period July 9, 1999  (Commencement of
   Operations) to December 31, 1999 (Unaudited)

<S>                                                                            <C>
Increase (Decrease) in Net Assets
Operations

   Net investment income                                                                $ 3,332
   Net realized loss on investment securities                                           (13,343)
   Change in net unrealized appreciation                                                  8,771
                                                                               -----------------
   Net decrease in net assets resulting from operations                                  (1,240)
                                                                               -----------------
Distributions to shareholders

   From net investment income                                                            (3,437)
   From net realized gain                                                                     -
                                                                               -----------------
   Total distributions                                                                   (3,437)
                                                                               -----------------
Share Transactions

   Net proceeds from sale of shares                                                   1,058,153
   Shares issued in reinvestment of distributions                                         3,437
   Shares redeemed                                                                          (15)
                                                                               -----------------
Net increase in net assets resulting
   from share transactions                                                            1,061,575
                                                                               -----------------
   Total increase in net assets                                                       1,056,898
                                                                               -----------------

Net Assets

   Beginning of period                                                                        -
                                                                               -----------------
   End of period [including accumulated net
      investment loss of $105]                                                      $ 1,056,898
                                                                               =================
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

Auixer Focus Fund

Financial Highlights for the period July 9, 1999 (Commencement of Operations) to
   December 31, 1999 (Unaudited)

<S>                                                <C>
Selected Per Share Data

Net asset value, beginning of period                     $ 10.00
                                                   --------------
Income from investment operations
   Net investment income                                    0.10
   Net realized and unrealized gain                         0.19
                                                   --------------
Total from investment operations                            0.29
                                                   --------------

Less distributions:
   Distributions from net investment income                (0.03)
   Distributions from net realized gains                       -
                                                   --------------
Total distributions                                        (0.03)
                                                   --------------
Net asset value, end of period                           $ 10.26
                                                   ==============

Total Return (a)                                           2.94%

Ratios and Supplemental Data

Net assets, end of period (000)                            1,057
Ratio of expenses to average net assets                    1.35% (b)
Ratio of expenses to average net assets
   before reimbursement                                    1.51% (b)
Ratio of net investment income to
   average net assets                                      2.00% (b)
Ratio of net investment income to
   average net assets before reimbursement                 1.84% (b)
Portfolio turnover rate                                  962.90% (b)

(a)  For periods of less than a full year, total returns are not annualized.
(b)  Annualized

</TABLE>

<PAGE>

                                AUXIER FOCUS FUND

                          NOTES TO FINANCIAL STATEMENTS

                                DECEMBER 31, 1999

                                   (UNAUDITED)

NOTE 1.  ORGANIZATION

     The  Auxier  Focus  Fund  (the  "Fund")  was  organized  as  series  of the
AmeriPrime  Funds,  an Ohio  business  trust (the "Trust") on March 22, 1999 and
commenced  operations  on  July  9,  1999.  The  Fund is  registered  under  the
Investment  Company  Act of 1940,  as  amended,  as a  non-diversified  open-end
management  investment  company.  The Fund's investment  objective is to provide
long term capital appreciation. The Declaration of Trust permits the Trustees to
issue an unlimited  number of shares of beneficial  interest of separate  series
without par value.  The Fund is one of the series of funds currently  authorized
by the Trustees.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

     The following is a summary of significant  accounting  policies followed by
the Fund in the preparation of its financial statements.

SECURITIES  VALUATION-  Securities  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,  and 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  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.

                                AUXIER FOCUS FUND

                          NOTES TO FINANCIAL STATEMENTS

                    DECEMBER 31, 1999 - (UNAUDITED) CONTINUED

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

FEDERAL  INCOME  TAXES- The Fund  intends to qualify  each year as a  "regulated
investment  company" under the Internal Revenue Code of 1986, as amended.  By so
qualifying,  the Fund will not be subject to federal  income taxes to the extent
that it  distributes  substantially  all of its net  investment  income  and any
realized capital gains.

DIVIDENDS AND  DISTRIBUTIONS-  The Fund intends to 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- The Fund follows industry  practice and records security  transactions on
the trade date. The specific identification method is used for determining gains
or losses for financial  statements and income tax purposes.  Dividend income is
recorded on the  ex-dividend  date and interest income is recorded on an accrual
basis.  Discounts  and premiums on securities  purchased are amortized  over the
life of the respective securities.

NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

     Auxier Asset Management, LLC, 8050 S. W. Warm Springs, Suite 130, Tualatin,
OR 97062,  serves as investment  advisor to the Fund. As of January 1, 2000, the
advisor  manages  approximately  $170 million in assets.  J.  Jeffrey  Auxier is
President and Chief Investment Officer of the advisor and is responsible for the
day-to-day management of the Fund's portfolio.

     Under the terms of the management agreement, (the "Agreement"), the Adviser
manages the Fund's investments  subject to approval of the Board of Trustees and
pays  all of the  expenses  of the Fund  except  brokerage  commissions,  taxes,
interest, fees and expenses of non-interested person trustees, and extraordinary
expenses. As compensation for its management services,  the Fund is obligated to
pay the Advisor a fee computed  and accrued  daily and paid monthly at an annual
rate of 1.35% of the  average  daily net assets of the Fund.  It should be noted
that most investment companies pay their own operating expenses directly,  while
the Fund's expenses,  except those specified above, are paid by the Adviser. For
the period from July 9, 1999  (commencement of operations)  through December 31,
1999,  the  Advisor  received a fee of $2,249  from the Fund.  The  Advisor  has
voluntarily agreed to limit the total expenses of the Fund (excluding  borrowing
cost, taxes, brokerage commissions and extraordinary expenses) to an annual rate
of 1.35% of the  average  net assets of the Fund.  For the  period  July 9, 1999
(commencement of operations)  through December 31, 1999, the Advisor  reimbursed
expenses of $261. There is no assurance that such reimbursement will continue in
the future.

                                AUXIER FOCUS FUND

                          NOTES TO FINANCIAL STATEMENTS

                    DECEMBER 31, 1999 - (UNAUDITED) CONTINUED

NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

     The Fund retains AmeriPrime Financial Services,  Inc. (the "Administrator")
to manage the Fund's business  affairs and provide the Fund with  administrative
services,  including all regulatory reporting and necessary office equipment and
personnel. For the period from July 9, 1999 (commencement of operations) through
December 31, 1999,  the  Administrator  received fees of $5,625 from the Advisor
for administrative services provided to the Fund.

The Fund retains AmeriPrime  Financial  Securities,  Inc. ("the Distributor") to
act as the principal  distributor of the Fund's  shares.  There were no payments
made to the Distributor from July 9, 1999  (commencement of operations)  through
December 31, 1999.

NOTE 4.  SHARE TRANSACTIONS

     As of December 31, 1999, there was an unlimited number of authorized shares
for the Fund. Paid in capital at December 31, 1999 was $1,061,575.

     Transactions in shares of Class R were as follows:

<PAGE>

<TABLE>
<CAPTION>

                  FOR THE PERIOD JULY 9, 1999 (COMMENCEMENT OF
                        OPERATIONS) TO DECEMBER 31, 1999

                               SHARES                 DOLLARS

<S>                            <C>                    <C>
Shares sold                    102,680                $1,058,153
Shares issued in
Reinvestment of
Dividend                           338                     3,437

Shares  redeemed                    (1)                      (15)
                               ========               ===========
                               103,016                $1,061,575
                               ========               ===========
</TABLE>

<PAGE>

                                AUXIER FOCUS FUND

                          NOTES TO FINANCIAL STATEMENTS

                    DECEMBER 31, 1999 - (UNAUDTED) CONTINUED

NOTE 5.  INVESTMENTS

     For the  period  from July 9, 1999  (commencement  of  operations)  through
December 31, 1999,  purchases  and sales of  investment  securities,  other than
short-term investments,  aggregated $883,456 and $522,082,  respectively.  As of
December 31, 1999, the gross unrealized  appreciation for all securities totaled
$20,255 and the gross unrealized depreciation for all securities totaled $11,484
for a net unrealized  appreciation  of $8,771.  The aggregate cost of securities
for federal income tax purposes at December 31, 1999 was $1,057,706.

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 the Fund.  The  beneficial
ownership,  either  directly  or  indirectly,  of more  than  25% of the  voting
securities of a Fund creates a presumption of control of the Fund, under Section
2(a)(9) of the  Investment  Company Act of 1940.  As of December  31,  1999,  J.
Jeffery  Auxier,  the  President  and Chief  Investment  Officer of the Advisor,
beneficially owned in aggregate more than 65% of the Fund.

<PAGE>

<TABLE>
<CAPTION>

Cornerstone MVP Fund

Schedule of Investments - December 31, 1999
(Unaudited)

<S>                                                                <C>                            <C>
Common Stocks - 91.6%                                              Shares                         Value

AEROSPACE & DEFENSE - 2.3%
Aerospace & Defense - 2.3%
Boeing Co.                                                              8,000                       $ 331,500
                                                                                                     ---------
BASIC INDUSTRIES - 5.2%
Iron & Steel - 1.9%
Worthington Industries, Inc.                                           17,000                         281,563
                                                                                                     ---------
Manufacturers - Diversified - 3.3%
Minnesota Mining & Manufacturing Co.                                    5,000                         489,375
                                                                                                     ---------
   TOTAL BASIC INDUSTRIES                                                                             770,938
                                                                                                     ---------
CONSTRUCTION & REAL ESTATE - 2.6%
REITs - 2.6%
Crescent Real Estate Equities Co.                                      20,875                         383,578
                                                                                                     ---------
ENERGY - 6.4%
Energy Services - 3.5%
Halliburton Co.                                                         6,300                         253,575
Weatherford International Corp. (a)                                     6,550                         261,591
                                                                                                     ---------
                                                                                                      515,166

                                                                                                     ---------
Oil & Gas - 2.9%
Exxon Mobil Corp.                                                       5,300                         426,981
                                                                                                     ---------
   TOTAL  ENERGY                                                                                      942,147
                                                                                                     ---------
FINANCE - 10.2%
Banks - 4.5%
Bank One Corp.                                                          3,700                         118,400
Citigroup, Inc.                                                         5,095                         283,728
First Security Corp.                                                   10,000                         255,313
                                                                                                     ---------
                                                                                                      657,441

                                                                                                     ---------
Insurance - 3.9%
Aetna, Inc.                                                             4,500                         251,156
PMI Group, Inc.                                                         6,500                         317,281
                                                                                                     ---------
                                                                                                      568,437

                                                                                                     ---------
Investment Company - 1.8%
Franklin Resources, Inc.                                                8,500                         272,531
                                                                                                     ---------
   TOTAL  FINANCE                                                                                   1,498,409
                                                                                                    ----------
Cornerstone MVP Fund

Schedule of Investments - December 31, 1999 - continued
(Unaudited)

Common Stocks - continued                                          Shares                         Value

HEALTH - 12.6%
Diversified - 1.8%
Johnson & Johnson, Inc.                                                 2,800                         261,100
                                                                                                     ---------
Drugs & Pharmaceuticals - 5.6%
Bio-Technology General Corp. (a)                                       29,000                         442,250
Teva Pharmaceutical Industries, Ltd.                                    5,400                         387,113
                                                                                                     ---------
                                                                                                      829,363

                                                                                                     ---------
General Medical & Surgical Hospitals - 2.4%
Tenet Healthcare Corp. (a)                                             15,000                         352,500
                                                                                                     ---------
Specialized Health Services - 2.8%
Express Scripts, Inc. - Cl A (a)                                        6,475                         414,400
                                                                                                     ---------
   TOTAL HEALTH                                                                                     1,857,363
                                                                                                    ----------
INDUSTRIAL MACHINERY & EQUIPMENT - 1.0%
Industrial Machinery & Equipment - 1.0%
Caterpillar, Inc.                                                       3,000                         141,188
                                                                                                     ---------
MEDIA & LEISURE - 8.2%
Lodging & Gaming - 1.9%
Mandalay Resort Group (a)                                              14,000                         281,750
                                                                                                     ---------
Publishing -  4.3%
Gannett Co., Inc.                                                       3,800                         309,937
Knight Ridder, Inc.                                                     5,300                         315,681
                                                                                                     ---------
                                                                                                      625,618

                                                                                                     ---------
Restaurants - 2.0%
Starbucks Corp. (a)                                                    12,400                         300,700
                                                                                                     ---------
   TOTAL  MEDIA  &  LEISURE                                                                         1,208,068
                                                                                                    ----------
NON-DURABLES - 2.9%
Household Products - 2.9%
Kimberly-Clark Corp.                                                    6,600                         431,888
                                                                                                     ---------
RETAIL & WHOLESALE - 4.5%
Catalog & Mail-order Houses - 2.7%
CDW Computer Centers (a)                                                5,000                         393,125
                                                                                                     ---------
Department Stores - 1.8%
Dayton Hudson Corp.                                                     3,700                         271,719
                                                                                                     ---------
   TOTAL RETAIL & WHOLESALE                                                                           664,844
                                                                                                     ---------

Cornerstone MVP Fund

Schedule of Investments - December 31, 1999 - continued
(Unaudited)

Common Stocks - continued                                          Shares                         Value

SERVICES - 1.7%
Services - 1.7%
Modis Professional Services, Inc. (a)                                  18,000                         256,500
                                                                                                     ---------
TECHNOLOGY - 26.7%
Communications Services - 3.1%
PanAmSat Corp. (a)                                                      7,750                         460,156
                                                                                                     ---------
Computer Services & Software - 22.1%
Entrust Technologies, Inc. (a)                                          7,000                         419,562
Gerber Scientific, Inc.                                                19,400                         425,587
Network Associates, Inc. (a)                                           15,900                         424,332
Oracle Corp. (a)                                                        3,750                         420,234
Remedy Corp. (a)                                                        8,000                         379,000
Sykes Enterprises, Inc. (a)                                             8,200                         359,775
Synopsys, Inc. (a)                                                      7,600                         507,300
Visio Corp.  (a)                                                        6,700                         318,250
                                                                                                    ----------
                                                                                                    3,254,040

                                                                                                    ----------
Computers & Office Equipment - 1.5%
Gateway, Inc. (a)                                                       3,100                         223,394
                                                                                                    ----------
   TOTAL  TECHNOLOGY                                                                                3,937,590
                                                                                                    ----------
UTILITIES - 7.4%
Natural Gas - 2.0%
Consolidated Natural Gas Co.                                            4,500                       $ 292,219
                                                                                                     ---------
Telephone Services - 5.4%
Cable & Wireless (c)                                                    7,500                         397,031
Qwest Communications Int'l, Inc. (a)                                    9,500                         408,500
                                                                                                     ---------
                                                                                                      805,531

                                                                                                    ----------
   TOTAL  UTILITIES                                                                                 1,097,750
                                                                                                    ----------
TOTAL COMMON STOCKS (Cost $11,698,981)                                                             13,521,763
                                                                                                    ----------
                                                                       Principal

                                                                  Amount                              Value

Money Market Securities - 8.4%
Firstar Treasury Fund, 4.06% (b) (Cost $1,234,397)                $ 1,234,397                       1,234,397
                                                                                                    ----------
TOTAL INVESTMENTS - 100.0% (Cost $12,933,378)                                                      14,756,160
                                                                                                    ----------
Other assets less liabilities - 0.0%                                                                   (2,492)
                                                                                                    ----------
TOTAL NET ASSETS - 100.0%                                                                        $ 14,753,668
                                                                                                   ===========
(a) Non-income producing
(b) Variable  rate  security;  the  coupon  rate shown  represents  the rate at
    December 31, 1999
(c) American Depository Shares

</TABLE>

<PAGE>
<TABLE>
<CAPTION>

Cornerstone MVP Fund                                                                 December 31, 1999
Statement of Assets & Liabilities
(Unaudited)

Assets

<S>                                                             <C>                 <C>
Investment in securities (cost $12,933,378)                                               $ 14,756,160
Dividends receivable                                                                             5,978
Interest receivable                                                                              4,474
                                                                                     ------------------
   Total assets                                                                             14,766,612

Liabilities

Accrued investment advisory fee payable                                  $ 12,944
                                                                 -----------------

   Total liabilities                                                                            12,944
                                                                                     ------------------

Net Assets                                                                                $ 14,753,668
                                                                                     ==================

Net Assets consist of:
Paid in capital                                                                           $ 12,828,063
Accumulated undistributed net investment income                                                    446
Accumulated net realized gain on investments                                                   102,377
Net unrealized appreciation on investments                                                   1,822,782
                                                                                     ------------------

Net Assets, for 1,275,846 shares                                                          $ 14,753,668
                                                                                     ==================
Net Asset Value

Net Assets

Offering price and redemption price per share ($14,753,668/1,275,846)                          $ 11.56
                                                                                     ==================
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

Cornerstone MVP Fund

Statement of Operations for the six months ended December 31, 1999
(Unaudited)
<S>                                                                   <C>                <C>

Investment Income

Dividend income                                                                                 $ 67,234
Interest income                                                                                   32,869
                                                                                          ---------------
Total Income                                                                                     100,103


Expenses

Investment advisory fee                                                        $ 73,879
Trustees' fees                                                                       24
                                                                      ------------------
Total expenses before reimbursement                                              73,903
Reimbursed expenses                                                                 (24)
                                                                      ------------------
Total operating expenses                                                                          73,879
                                                                                          ---------------
Net Investment Income                                                                             26,224
                                                                                          ---------------

Realized & Unrealized Gain

Net realized gain on investment securities                                      399,340
Change in net unrealized appreciation
   on investment securities                                                     655,808
                                                                      ------------------
Net gain on investment securities                                                              1,055,148
                                                                                          ---------------
Net increase in net assets resulting from operations                                         $ 1,081,372
                                                                                          ===============
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

Cornerstone MVP Fund
Statement of Changes in Net Assets

                                                                                    For the six

                                                                                   months ended             For the year
                                                                                 December 31, 1999             ended
Increase (Decrease) in Net Assets                                                   (Unaudited)            June 30, 1999
                                                                               ----------------------     -----------------
<S>                                                                           <C>                        <C>
Operations

   Net investment income (loss)                                                             $ 26,224              $ (1,850)
   Net realized gain (loss) on investment securities                                         399,340              (296,963)
   Change in net unrealized appreciation (depreciation)                                      655,808             1,166,974
                                                                               ----------------------     -----------------
   Net increase in net assets resulting from operations                                    1,081,372               868,161
                                                                               ----------------------     -----------------
Distributions to shareholders

   Return of capital                                                                           -                      -
   From net realized gain                                                                      -                      -
   From net investment income                                                                (25,778)                 -
                                                                               ----------------------     -----------------
   Total distributions                                                                       (25,778)                 -

Share Transactions

   Net proceeds from sale of shares                                                          283,573            12,725,078
   Shares issued in reinvestment of distributions                                             25,778                  -
   Shares redeemed                                                                          (204,516)                 -
                                                                               ----------------------     -----------------
Net increase (decrease) in net assets resulting
   from share transactions                                                                    79,057            12,725,078
                                                                               ----------------------     -----------------
   Total increase in net assets                                                            1,160,429            13,593,239

Net Assets

   Beginning of period                                                                    13,593,239                  -
                                                                               ----------------------     -----------------
   End of period [including accumulated undistributed net
      investment income(loss) of $446 and ($1,850), respectively]                       $ 14,753,668          $ 13,593,239
                                                                               ======================     =================
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

Cornerstone MVP Fund
Financial Highlights

                                                    Six months
                                                       ended               Period
                                                   December 31,            ended
                                                       1999               June 30,
                                                    (Unaudited)           1999 (a)
                                                   --------------      ---------------
Selected Per Share Data

<S>                                               <C>                 <C>

Net asset value, beginning of period                     $ 10.73              $ 10.00
                                                   --------------      ---------------
Income from investment operations
   Net investment income (loss)                             0.02                 0.00
   Net realized and unrealized gain (loss)                  0.83                 0.73
                                                   --------------      ---------------
Total from investment operations                            0.85                 0.73
                                                   --------------      ---------------
Less Distributions

   From net investment income                              (0.02)                -
   From net realized gain                                    -                   -
                                                   --------------      ---------------
Total Distributions                                        (0.02)                -
                                                   --------------      ---------------
Net asset value, end of period                           $ 11.56              $ 10.73
                                                   ==============      ===============

Total Return (b)                                           7.93%                7.30%

Ratios and Supplemental Data

Net assets, end of period (000)                          $14,754              $13,593
Ratio of expenses to average net assets                    1.10%  (c)           1.10%  (c)
Ratio of expenses to average net assets
   before reimbursement                                    1.10%  (c)           1.13%  (c)
Ratio of net investment income (loss) to
   average net assets                                      0.39%  (c)           (0.05)%(c)
Ratio of net investment income (loss) to
   average net assets before reimbursement                 0.39%  (c)           (0.07)%(c)
Portfolio turnover rate                                  130.33%  (c)         162.54%  (c)

(a)  For the period December 31, 1998 (Commencement of operations) to June 30, 1999.
(b)  For periods of less than a full year, total returns are not annualized.
(c) Annualized
</TABLE>

<PAGE>

                              CORNERSTONE MVP FUND

                          NOTES TO FINANCIAL STATEMENTS

                                DECEMBER 31, 1999

                                   (UNAUDITED)

NOTE 1.  ORGANIZATION

     Cornerstone  MVP  Fund  (the  "Fund")  was  organized  as a  series  of the
AmeriPrime Funds, an Ohio business trust (the "Trust"),  on October 22, 1998 and
commenced  operations  on December 31, 1998.  The Fund is  registered  under the
Investment Company Act of 1940, as amended, as a diversified open-end management
investment  company.  The Fund's  investment  objective  is to provide long term
capital appreciation.  The Declaration of Trust permits the Trustees to issue an
unlimited number of shares of beneficial interest of separate series without par
value.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

     The following is a summary of significant  accounting  policies followed by
the Fund in the preparation of its financial statements.

     SECURITIES  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  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.

                              CORNERSTONE MVP FUND

                          NOTES TO FINANCIAL STATEMENTS

                    DECEMBER 31, 1999 - (UNAUDITED) CONTINUED

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

FEDERAL  INCOME  TAXES- The Fund  intends to qualify  each year as a  "regulated
investment  company" under the Internal Revenue Code of 1986, as amended.  By so
qualifying,  the Fund will not be subject to federal  income taxes to the extent
that it  distributes  substantially  all of its net  investment  income  and any
realized capital gains.

DIVIDENDS AND DISTRIBUTIONS- The Fund intends to distribute substantially all of
its net investment  income as dividends to its  shareholders on an annual basis.
The Fund  intends to  distribute  its net  long-term  capital  gains and its net
short-term capital gains at least once a year.

OTHER- The Fund follows industry  practice and records security  transactions on
the trade date. The specific identification method is used for determining gains
or losses for financial  statements and income tax purposes.  Dividend income is
recorded on the  ex-dividend  date and interest income is recorded on an accrual
basis.  Discounts  and premiums on securities  purchased are amortized  over the
life of the respective securities.

NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

     The Fund retains Cornerstone Investment Management,  LLC (the "Advisor") to
manage  the  Fund's  investments.  The  Advisor  was  organized  as  a  Colorado
corporation in 1997.  Christopher S. Ryan, President and Managing Partner of the
Advisor,  is primarily  responsible for the day-to-day  management of the Fund's
portfolio.

     Under the terms of the management agreement, (the "Agreement"), the Advisor
manages the Fund's investments  subject to approval of the Board of Trustees and
pays  all of the  expenses  of the Fund  except  brokerage  commissions,  taxes,
interest, fees and expenses of non-interested person trustees, and extraordinary
expenses.  As compensation for its management  services and agreement to pay the
Fund's expenses,  the Fund is obligated to pay the Advisor a fee of 1.10% of the
average  daily net assets of the Fund.  It should be noted that most  investment
companies pay their own operating expenses directly,  while the Fund's expenses,
except those specified above, are paid by the Advisor.  For the six months ended
December 31,  1999,  the Advisor  received a fee of $73,879  from the Fund.  The
Advisor  has  voluntarily  agreed to  reimburse  other  expenses  to the  extent
necessary to maintain total operating expenses at the rate of 1.10%. For the six
months ended December 31, 1999, the Advisor reimbursed expenses of $24. There is
no assurance that such reimbursement will continue in the future.

                              CORNERSTONE MVP FUND

                          NOTES TO FINANCIAL STATEMENTS

                    DECEMBER 31, 1999 - (UNAUDITED) CONTINUED

NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

     The Fund retains AmeriPrime Financial Services,  Inc. (the "Administrator")
to manage the Fund's business  affairs and provide the Fund with  administrative
services,  including all regulatory reporting and necessary office equipment and
personnel.  For the six  months  ended  December  31,  1999,  the  Administrator
received fees of $15,000 from the Advisor for  administrative  services provided
to the Fund.

     The Fund retains AmeriPrime Financial Securities,  Inc. ("the Distributor")
to act as the principal distributor of the Fund's shares. There were no payments
made to the  Distributor  for the six months ended  December  31, 1999.  Certain
members of management of the  Administrator and the Distributor are also members
of management of the AmeriPrime Trust.

NOTE 4.  SHARE TRANSACTIONS

     As of December 31, 1999, there was an unlimited number of authorized shares
for the Fund. Paid in capital at December 31, 1999 was $12,828,063.

     Transactions in shares were as follows:

<TABLE>
<CAPTION>

                                                                         FOR THE PERIOD DECEMBER 31, 1998
                                  FOR THE SIX MONTHS ENDED               (COMMENCEMENT OF OPERATIONS) TO
                                     DECEMBER 31, 1999                            JUNE 30, 1999
                                SHARES              DOLLARS             SHARES                DOLLARS

<S>                            <C>                <C>                <C>                   <C>
Shares Sold                     26,977              $283,573            1,266,500             $12,725,078

Shares issued                    2,253               $25,778                 -                       -
in reinvestment

Shares redeemed                (19,884)            ($204,516)                -                       -
                               --------           ----------          ---------             -----------



                                 9,346              $104,835          1,266,500             $12,725,078
                                 =====              ========          =========             ===========

</TABLE>

<PAGE>

                              CORNERSTONE MVP FUND

                          NOTES TO FINANCIAL STATEMENTS

                    DECEMBER 31, 1999 - (UNAUDITED) CONTINUED

NOTE 5.  INVESTMENTS

     For the six  months  ended  December  31,  1999,  purchases  and  sales  of
investment securities, other than short-term investments,  aggregated $7,799,622
and  $8,128,889,  respectively.  As of December 31, 1999,  the gross  unrealized
appreciation  for all securities  totaled  $2,433,005  and the gross  unrealized
depreciation   for  all  securities   totaled  $610,223  for  a  net  unrealized
appreciation of $1,822,782.  The aggregate cost of securities for federal income
tax purposes at December 31, 1999 was $12,933,378.

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 the Fund.  The  beneficial
ownership,  either  directly  or  indirectly,  of more  than  25% of the  voting
securities of a Fund creates a presumption of control of the Fund, under Section
2(a)(9) of the Investment  Company Act of 1940. As of December 31, 1999, Charles
Schwab & Co. owned of record in aggregate more than 97% of the Fund.

<PAGE>

<TABLE>
<CAPTION>

GJMB Growth Fund

Schedule of Investments - December 31, 1999
(Unaudited)

<S>                                                            <C>                        <C>
Common Stocks - 94.4%                                             Shares                        Value

Capital Equipment & Services - 8.1%
Honeywell International, Inc.                                         3,600                       $ 207,675
General Electric Co.                                                  2,650                         410,087
Illinois Tool Works, Inc.                                             2,900                         195,931
                                                                                           -----------------
                                                                                                    813,693

                                                                                           -----------------
Consumer Cyclicals - 3.0%
Ford Motor Corp.                                                      5,600                         298,550
                                                                                           -----------------

Consumer Non-Cyclicals - 6.6%
Coca-Cola Co.                                                         4,825                         281,056
Procter & Gamble, Inc.                                                3,500                         383,469
                                                                                           -----------------
                                                                                                    664,525

                                                                                           -----------------
Energy - 5.3%
Chevron Corp.                                                         1,500                         129,938
Royal Dutch Petroleum ADR                                             2,200                         133,237
Schlumberger Ltd.                                                     4,200                         235,725
Transocean Sedco Forex, Inc.                                            813                          27,392
                                                                                           -----------------
                                                                                                    526,292

                                                                                           -----------------
Financial Services - 9.4%
American International Group                                          2,400                         259,500
Bank of America Corp.                                                 4,950                         248,428
Fannie Mae                                                            3,600                         224,775
Fleet Boston Financial Corp.                                          6,175                         214,967
                                                                                           -----------------
                                                                                                    947,670

                                                                                           -----------------
Health Care & Pharmaceuticals - 19.3%
Abbott Laboratories, Inc.                                             8,525                         309,564
American Home Products, Inc.                                          3,800                         149,150
Bristol-Myers Squibb, Inc.                                            4,675                         300,077
Johnson & Johnson, Inc.                                               3,175                         296,069
Merck & Co., Inc.                                                     4,350                         292,266
Pfizer, Inc.                                                          8,900                         289,250
Warner Lambert, Inc.                                                  3,600                         294,975
                                                                                           -----------------
                                                                                                  1,931,351

                                                                                           -----------------
Prepackaged Software - 11.3%
Microsoft, Inc. (a)                                                   4,500                         525,375
Oracle Corp. (a)                                                      5,405                         605,698
                                                                                           -----------------
                                                                                                  1,131,073

                                                                                           -----------------
Technology - 19.8%
Cisco Systems, Inc. (a)                                               4,000                         428,500
EMC Corp. (a)                                                         4,250                         464,312
Intel Corp.                                                           3,825                         314,845
Lucent Technologies, Inc.                                             4,600                         345,000
Sun Microsystems, Inc. (a)                                            5,596                         433,340
                                                                                           -----------------
                                                                                                  1,985,997

                                                                                           -----------------
GJMB Growth Fund

Schedule of Investments - December 31, 1999 - continued
(Unaudited)

Common Stocks - continued                                         Shares                        Value

Telecommunications - 11.6%
AT&T Corp.                                                            5,050                       $ 256,603
Bell Atlantic Corp.                                                   4,700                         289,344
MCI Worldcom, Inc. (a)                                                5,625                         298,477
Vodafone Airtouch Public ADR                                          6,300                         311,850
                                                                                           -----------------
                                                                                                  1,156,274

                                                                                           -----------------

TOTAL COMMON STOCKS (Cost $7,840,722)                                                             9,455,425
                                                                                           -----------------

                                                                       Principal

                                                                  Amount                        Value
Money Market Securities - 3.8%
Firstar Treasury Fund, 4.06% (b) (Cost $379,261)                  $ 379,261                         379,261
                                                                                           -----------------

TOTAL INVESTMENTS - 98.2% (Cost $8,219,983)                                                       9,834,686
                                                                                           -----------------
Other assets less liabilities - 1.8%                                                                177,511
                                                                                           -----------------
TOTAL NET ASSETS - 100.0%                                                                      $ 10,012,197
                                                                                           =================


(a) Non-income producing
(b)  Variable  rate  security;  the  coupon  rate shown  represents  the rate at
December 31, 1999.

</TABLE>

<PAGE>
<TABLE>
<CAPTION>

GJMB GROWTH FUND                                                                     DECEMBER 31, 1999
Statement of Assets & Liabilities
(UNAUDITED)

<S>                                                             <C>                 <C>

ASSETS

Investment in securities (cost $8,219,983)                                                 $ 9,834,686
Cash                                                                                                20
Receivable for fund shares sold                                                                272,943
Dividends receivable                                                                             7,099
Interest receivable                                                                              2,330
                                                                                     ------------------
   TOTAL ASSETS                                                                             10,117,078

LIABILITIES

Accrued investment advisory fee payable                                   $ 9,802
Dividends payable                                                          45,874
Payable for securities purchased                                           49,205
                                                                 -----------------

   TOTAL LIABILITIES                                                                           104,881
                                                                                     ------------------

NET ASSETS                                                                                $ 10,012,197
                                                                                     ==================

Net Assets consist of:
Paid in capital                                                                            $ 8,385,461
Accumulated undistributed net investment income                                                  3,007
Accumulated undistributed net realized gain on investments                                       9,026
Net unrealized appreciation on investments                                                   1,614,703
                                                                                     ------------------

NET ASSETS, for 800,908 shares                                                            $ 10,012,197
                                                                                     ==================

NET ASSET VALUE

Net Assets

Offering price and redemption price per share ($10,012,197/800,908)                            $ 12.50
                                                                                     ==================
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

GJMB GROWTH FUND
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED DECEMBER 31, 1999
(UNAUDITED)
<S>                                                                  <C>                 <C>

INVESTMENT INCOME

Dividend income                                                                                 $ 37,373
Interest income                                                                                   17,140
                                                                                          ---------------
TOTAL INCOME                                                                                      54,513


EXPENSES

Investment advisory fee                                                        $ 46,789
Trustees' fees                                                                      287
                                                                      ------------------
Total expenses before reimbursement                                              47,076
Reimbursed expenses                                                                (287)
                                                                      ------------------
Total operating expenses                                                                          46,789
                                                                                          ---------------
NET INVESTMENT INCOME                                                                              7,724
                                                                                          ---------------

REALIZED & UNREALIZED GAIN (LOSS)

Net realized gain on investment securities                                        9,026
Change in net unrealized appreciation (depreciation)
   on investment securities                                                   1,143,644
                                                                      ------------------
Net gain on investment securities                                                              1,152,670
                                                                                          ---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS                                         $ 1,160,394
                                                                                          ===============
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

GJMB GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS

                                                                                  FOR THE SIX
                                                                                  MONTHS ENDED                 FOR THE
                                                                                DECEMBER 31, 1999            PERIOD ENDED
                                                                                   (UNAUDITED)             JUNE 30, 1999 (A)
                                                                                -----------------         ------------------
Increase (Decrease) in Net Assets

<S>                                                                            <C>                       <C>

OPERATIONS

   Net investment income                                                                 $ 7,724                    $ 6,675
   Net realized gain on investment securities                                              9,026                     34,482
   Change in net unrealized appreciation (depreciation)                                1,143,644                    471,059
                                                                                -----------------         ------------------
Net increase in net assets resulting from operations                                   1,160,394                    512,216
                                                                                -----------------         ------------------
DISTRIBUTIONS TO SHAREHOLDERS

   From net investment income                                                            (11,391)                         0
   From net realized gains                                                               (34,483)                         0
                                                                                -----------------         ------------------
   Total distributions                                                                   (45,874)                         0
                                                                                -----------------         ------------------
SHARE TRANSACTIONS

   Net proceeds from sale of shares                                                    2,414,528                  5,990,403
   Shares redeemed                                                                       (19,187)                      (283)
                                                                                -----------------         ------------------

NET INCREASE IN NET ASSETS RESULTING
  FROM SHARE TRANSACTIONS                                                              2,395,341                  5,990,120
                                                                                -----------------         ------------------
  TOTAL INCREASE IN NET ASSETS                                                         3,509,861                  6,502,336

Net Assets

   Beginning of period                                                                 6,502,336                          0
                                                                                -----------------         ------------------
   End of period [including accumulated undistributed net
      investment income of $2,437and $6,675 respectively]                           $ 10,012,197                $ 6,502,336
                                                                                =================         ==================


(a)   December 31, 1998 (commencement of operations) to June 30, 1999.
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

GJMB Growth Fund
Financial Highlights

                                                      For the six

                                                      months ended             Period Ended
                                                   December 31, 1999             June 30,
                                                      (Unaudited)                1999 (a)
                                                   -------------------       ------------------
<S>                                                <C>                       <C>
Selected Per Share Data

Net asset value, beginning of period                          $ 11.02                  $ 10.00
                                                   -------------------       ------------------
Income from investment operations
   Net investment income                                         0.02                     0.02
   Net realized and unrealized gain                              1.52                     1.00
                                                   -------------------       ------------------
Total from investment operations                                 1.54                     1.02
                                                   -------------------       ------------------

Less distributions:
   Distributions from net investment income                     (0.02)                       -
   Distributions from net realized gains                        (0.04)                       -
                                                   -------------------       ------------------
                                                   -------------------       ------------------
Total distributions                                             (0.06)                       -
                                                   -------------------       ------------------
Net asset value, end of period                                $ 12.50                  $ 11.02
                                                   ===================       ==================

Total Return (c)                                               13.96%                   10.20%

Ratios and Supplemental Data

Net assets, end of period (000)                               $10,012                   $6,502
Ratio of expenses to average net assets                         1.20%  (b)               1.20%  (b)
Ratio of expenses to average net assets
   before reimbursement                                         1.22%  (b)               1.25%  (b)
Ratio of net investment income to
   average net assets                                           0.20%  (b)               0.34%  (b)
Ratio of net investment income to
   average net assets before reimbursement                      0.19%  (b)               0.28%  (b)
Portfolio turnover rate                                        11.42%  (b)              24.26%  (b)

(a)  December 31, 1998 (commencement of operations) to June 30, 1999.
(b)  Annualized
(c)  For periods of less than a full year, total returns are not annualized.

</TABLE>

<PAGE>

                                GJMB GROWTH FUND

                          NOTES TO FINANCIAL STATEMENTS

                                DECEMBER 31, 1999

                                   (UNAUDITED)

NOTE 1.  ORGANIZATION

     GJMB Growth Fund (the "Fund") was  organized as a series of the  AmeriPrime
Funds,  an Ohio business trust (the "Trust"),  on October 22, 1998 and commenced
operations  on December 31, 1998.  The Fund is registered  under the  Investment
Company  Act of 1940,  as  amended,  as a  non-diversified  open-end  management
investment  company.  The Fund's  investment  objective  is to provide long term
capital appreciation.  The Declaration of Trust permits the Trustees to issue an
unlimited number of shares of beneficial interest of separate series without par
value.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

     The following is a summary of significant  accounting  policies followed by
the Fund in the preparation of its financial statements.

     SECURITIES  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  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.

                                GJMB GROWTH FUND

                          NOTES TO FINANCIAL STATEMENTS

                   DECEMBER 31, 1999 - (UNAUDITED) - CONTINUED

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

FEDERAL  INCOME  TAXES- The Fund  intends to qualify  each year as a  "regulated
investment  company" under the Internal Revenue Code of 1986, as amended.  By so
qualifying,  the Fund will not be subject to federal  income taxes to the extent
that it  distributes  substantially  all of its net  investment  income  and any
realized capital gains.

DIVIDENDS AND DISTRIBUTIONS- The Fund intends to distribute substantially all of
its net investment  income as dividends to its  shareholders on an annual basis.
The Fund  intends to  distribute  its net  long-term  capital  gains and its net
short-term capital gains at least once a year.

OTHER- The Fund follows industry  practice and records security  transactions on
the trade date. The specific identification method is used for determining gains
or losses for financial  statements and income tax purposes.  Dividend income is
recorded on the  ex-dividend  date and interest income is recorded on an accrual
basis.  Discounts  and premiums on securities  purchased are amortized  over the
life of the respective securities.

NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

     The Fund retains Gamble, Jones, Morphy & Bent (the "Advisor") to manage the
Fund's investments.  The Advisor became a registered  investment adviser in 1956
and was  reorganized  as a  California  corporation  in 1990.  Thomas S.  Jones,
President of the Advisor,  and Thomas W. Bent,  Executive  Vice President of the
Advisor, are the controlling  shareholders of Gamble,  Jones, Morphy & Bent. The
investment  decisions  for the Fund are made by the  executive  committee of the
Advisor,  which is primarily  responsible  for the day-to-day  management of the
Fund's portfolio.

     Under the terms of the management agreement, (the "Agreement"), the Advisor
manages the Fund's investments  subject to approval of the Board of Trustees and
pays  all of the  expenses  of the Fund  except  brokerage  commissions,  taxes,
interest, fees and expenses of non-interested person trustees, and extraordinary
expenses.  As compensation for its management  services and agreement to pay the
Fund's expenses,  the Fund is obligated to pay the Advisor a fee of 1.20% of the
average  daily net assets of the Fund.  It should be noted that most  investment
companies pay their own operating expenses directly,  while the Fund's expenses,
except those specified above, are paid by the Advisor.  For the period from June
30, 1999 through  December  31, 1999 the Advisor  received a fee of $46,789 from
the Fund. The Advisor has voluntarily  agreed to reimburse other expenses to the
extent necessary to maintain total operating  expenses at the rate of 1.20%. For
the period June 30, 1999  through  December  31,  1999,  the Advisor  reimbursed
expenses of $287. There is no assurance that such reimbursement will continue in
the future.

                                GJMB GROWTH FUND

                          NOTES TO FINANCIAL STATEMENTS

                   DECEMBER 31, 1999 - (UNAUDITED) - CONTINUED

NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED



     The Fund retains AmeriPrime Financial Services,  Inc. (the "Administrator")
to manage the Fund's business  affairs and provide the Fund with  administrative
services,  including all regulatory reporting and necessary office equipment and
personnel.  For the  period  from  June  30,  1999 to  December  31,  1999,  the
Administrator  received  fees of $15,000  from the  Advisor  for  administrative
services provided to the Fund.

     The Fund retains AmeriPrime Financial Securities,  Inc. ("the Distributor")
to act as the principal distributor of the Fund's shares. There were no payments
made to the Distributor from June 30, 1999 to December 31, 1999. Certain members
of  management  of the  Administrator  and the  Distributor  are also members of
management of the AmeriPrime Trust.

NOTE 4.  SHARE TRANSACTIONS

     As of December 31, 1999, there was an unlimited number of authorized shares
for the Fund. Paid in capital at December 31, 1999 was $8,385,461.

     Transactions in shares were as follows:

<TABLE>
<CAPTION>

                              FOR THE SIX MONTH PERIOD ENDED             FOR THE PERIOD DECEMBER 31, 1998
                                     DECEMBER 31, 1999              (COMMENCEMENT OF OPERATIONS) TO JUNE 30, 1999
                              ---------------------------------      --------------------------------------------
                                SHARES                DOLLARS              SHARES                DOLLARS
<S>                           <C>                  <C>                   <C>                  <C>

Shares sold                    209,061              $2,368,854            589,954              $5,990,403
Shares issued in
reinvestment of
dividends                        3,651                  45,674               -                      -
Shares redeemed
                                (1,731)                (19,187)               (27)                   (283)
                               -------               ---------            -------               ---------
                               210,981              $2,395,341            589,927              $5,990,120
                               =======               =========            =======               =========


</TABLE>

<PAGE>

                                GJMB GROWTH FUND

                          NOTES TO FINANCIAL STATEMENTS

                   DECEMBER 31, 1999 - (UNAUDITED) -CONTINUED

NOTE 5.  INVESTMENTS

For the period from June 30, 1999 through December 31, 1999, purchases and sales
of  investment  securities,   other  than  short-term  investments,   aggregated
$2,855,757  and  $354,896,  respectively.  As of December  31,  1999,  the gross
unrealized  appreciation  for all  securities  totaled  $1,939,042 and the gross
unrealized depreciation for all securities totaled $324,339 for a net unrealized
appreciation of $1,614,703.  The aggregate cost of securities for federal income
tax purposes at December 31, 1999 was $8,219,983.

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 the Fund.  The  beneficial
ownership,  either  directly  or  indirectly,  of more  than  25% of the  voting
securities of a Fund creates a presumption of control of the Fund, under Section
2(a)(9) of the Investment  Company Act of 1940. As of December 31, 1999, Charles
Schwab & Co. owned of record in aggregate 97% of the Fund.

<PAGE>

February 22, 2000

Dear Shareholder,

The IMS Capital Value Fund returned 17.8% to shareholders  in 1999,  beating 90%
of the  funds  in its  category  according  to  Lipper.  The fund is part of the
multi-cap  value category and ranked 47th out of 482 similar  funds.  1999 was a
year in which  several of the Fund's  previously  undervalued  stocks surged and
exceeded our price targets, prompting us to take our gains and move on to better
opportunities.  Because of these moves the fund paid a capital gain distribution
of $1.48 a share to  shareholders on record as of December 28, 1999. 61 cents of
the  distribution  was  classified  as a  short-term  gain  while 87  cents  was
classified  as a  long-term  gain.  Since  most of you  elect to  reinvest  your
distributions,   your  account   value  did  not  change  as  a  result  of  the
distribution.  While the share price may be lower,  you now own more shares.  We
did not  anticipate  making a  taxable  distribution  in 1999,  however,  market
conditions   and  the  price   movement  of  certain  stocks  in  our  portfolio
necessitated  the sales.  We continue to manage the portfolio for tax efficiency
and  after-tax  total  return.  Our  objective  remains to minimize or eliminate
taxable gains in the year 2000, just as we did in 1998.

The Russell Mid-Cap Value Index,  returned -0.1% in 1999. Though the value style
of  investing is out of favor at the moment,  we continue to post solid  returns
with an approach we believe  involves less risk. The Fund's  average  annualized
return since  inception is 14.5% and while our 17.8% return for 1999 may pale by
comparison to the high risk returns  generated by the tech-heavy  NASDAQ and the
 .com  stocks,  we are proud to report our results  and look  forward to a strong
2000. We continue to look for quality,  undervalued  companies  that are showing
signs they have turned the corner.

Thank you for investing along side us as fellow  shareholders of the IMS Capital
Value Fund. We  appreciate  your trust and  confidence  as we continue  BUILDING
WEALTH  WISELY.  Our objective  remains to become one of the most  respected and
successful value funds in the industry.

Sincerely,

/s/

Carl W. Marker
Portfolio Manager
IMS Capital Value Fund
www.imscapital.com
(503) 654-3138

<PAGE>

                 RETURNS FOR THE PERIOD ENDED DECEMBER 31, 1999

                           IMS Capital Russell Mid-Cap

                     Value Fund           Value Index

         8/5/1996      $10,000              $10,000
       10/31/1996      $10,760              $10,785
        4/30/1997      $11,360              $11,901
       10/31/1997      $12,060              $14,290
        4/30/1998      $13,612              $16,776
       10/31/1998      $12,157              $15,111
        6/30/1999      $15,682              $17,362
       12/31/1999      $15,856              $16,102

 This graph shows the value of a hypothetical $10,000 investment in the Fund and
 the Russell  Mid-Cap  Value Index.  The index is an  unmanaged  group of stocks
 whose total return includes the  reinvestment of any dividends and capital gain
 distributions,  but does not  reflect  expenses  which have  lowered the Fund's
 return. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT A GUARANTEE OF
 FUTURE RESULTS.

<TABLE>

<S>                                  <C>                   <C>

- ------------------------------------- --------------------- --------------------------
                                            ONE YEAR          TOTAL AVERAGE ANNUAL
                                             TOTAL           RETURN SINCE INCEPTION
AVERAGE ANNUAL RETURNS                       RETURN              AUGUST 5, 1996
- ------------------------------------- --------------------- --------------------------

IMS Capital Value Fund                       17.78%                  14.48%
- ------------------------------------- --------------------- --------------------------

Russell Mid-Cap Value Index                  -0.10%                  14.97%
- ------------------------------------- --------------------- --------------------------

Value Line Index                             10.56%                  16.61%
- ------------------------------------- --------------------- --------------------------

</TABLE>

<PAGE>


The Value Line,  Russell  Mid-Cap Value and S&P 500 indexes shown are all widely
used benchmarks, each representing an unmanaged group of stocks. Returns for the
indexes do not reflect  expenses which have lowered the Fund's  return.  Returns
for the Value Line Index do not reflect the reinvestment of dividends or capital
gains.  Returns for the Russell Mid-Cap Value and S&P 500 indexes do not reflect
the reinvestment of both dividends and capital gain distributions.

Large  discrepancies exist between the make up of the S&P 500 Index and the Fund
which make comparisons inappropriate, in the opinion of the Fund's advisor, with
the most significant  discrepancy being the large-cap growth  orientation of the
S&P 500 Index vs. the Fund's mid-cap value characteristics.  Therefore,  the S&P
500 Index  will no longer be used in future  comparisons.  The  Russell  Mid-Cap
Value  and Value  Line  indexes  make for more  appropriate  benchmarks  as they
represent the performance  stocks more similar in characteristics to that of the
Fund.

                      TOP TEN HOLDINGS - DECEMBER 31, 1999

            Oracle Corp.                                     5.8%
            American Power Conversion, Inc.                  5.6%
            Symantec Corp.                                   5.5%
            Intel Corp.                                      4.9%
            Citigroup, Inc.                                  4.3%
            Electronic Data Systems Corp.                    4.3%
            USX-U.S. Steel Group                             4.0%
            Motorola, Inc.                                   3.8%
            AT&T Corp.                                       3.6%
            Chiron Corp.                                     3.6%



<PAGE>
<TABLE>
<CAPTION>

IMS CAPITAL VALUE FUND
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999
(UNAUDITED)

COMMON STOCKS - 99.1%                                             SHARES                        VALUE
<S>                                                              <C>                      <C>

BASIC INDUSTRIES - 7.7%
IRON & STEEL - 4.0%
USX-U.S. Steel Group                                                 14,000                       $ 462,000
                                                                                           -----------------
PACKAGING & CONTAINERS - 1.6%
Crown Cork & Seal Co., Inc.                                           8,500                         190,188
                                                                                           -----------------
SAW MILLS, PLANNING MILLS, GENERAL - 2.1%
Louisiana Pacific Corp.                                              17,000                         242,250
                                                                                           -----------------
   TOTAL  BASIC  INDUSTRIES                                                                         894,438
                                                                                           -----------------
ENERGY - 4.7%
OIL & GAS - 4.7%
Pennzoil-Quaker State, Inc.                                          28,000                         285,250
Unocal Corp.                                                          8,000                         268,500
                                                                                           -----------------
                                                                                                    553,750

                                                                                           -----------------
FINANCE - 10.4%
BANKS - 4.3%
Citigroup, Inc.                                                       9,000                         500,062
                                                                                           -----------------
INSURANCE - 2.8%
Conseco, Inc.                                                        18,000                         321,750
                                                                                           -----------------
SECURITIES INDUSTRY - 3.3%
T. Rowe Price Associates                                             10,500                         387,844
                                                                                           -----------------
   TOTAL  FINANCE                                                                                 1,209,656
                                                                                           -----------------

HEALTH - 9.0%
DIVERSIFIED - 1.9%
American Home Products, Inc.                                          5,500                         216,906
                                                                                           -----------------
DRUGS & PHARMACEUTICALS - 3.6%
Chiron, Inc. (a)                                                     10,000                         423,750
                                                                                           -----------------
GENERAL MEDICAL & SURGICAL HOSPITALS - 2.0%
Tenet Healthcare Corp. (a)                                           10,000                         235,000
                                                                                           -----------------
MANAGED CARE - 1.5%
Pacificare Health Systems, Inc. - Class A (a)                         3,300                         174,900
                                                                                           -----------------
   TOTAL  HEALTH                                                                                  1,050,556
                                                                                           -----------------
IMS CAPITAL VALUE FUND
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999 - CONTINUED
(UNAUDITED)

COMMON STOCKS - CONTINUED                                         SHARES                        VALUE

INDUSTRIAL MACHINERY & EQUIPMENT - 7.1%
ELECTRICAL EQUIPMENT - 5.6%
American Power Conversion, Inc. (a)                                  25,000                       $ 659,375
                                                                                           -----------------
POLLUTION CONTROL - 1.5%
Waste Management, Inc.                                               10,000                         171,875
                                                                                           -----------------
   TOTAL  INDUSTRIAL  MACHINERY  &  EQUIPMENT                                                       831,250
                                                                                           -----------------

MEDIA & LEISURE - 6.0%
ENTERTAINMENT - 2.5%
Disney (Walt) Co.                                                    10,000                         292,500
                                                                                           -----------------
LEISURE DURABLES & TOYS - 3.5%
Marvel Enterprises, Inc. (a)                                         37,000                         203,500
Mattel, Inc.                                                         16,000                         210,000
                                                                                           -----------------
                                                                                                    413,500

                                                                                           -----------------
   TOTAL MEDIA & LEISURE                                                                            706,000
                                                                                           -----------------
NON-DURABLES - 8.4%
BEVERAGES - 2.9%
PepsiCo, Inc.                                                         9,500                         334,875
                                                                                           -----------------
FOODS - 1.3%
Nabisco Group Holdings Corp.                                         14,000                         148,750
                                                                                           -----------------
HOUSEHOLD PRODUCTS - 4.2%
Kimberly-Clark Corp.                                                  5,000                         326,250
Sunbeam Corp. (a)                                                    40,000                         167,500
                                                                                           -----------------
                                                                                                    493,750

                                                                                           -----------------
   TOTAL  NON-DURABLES                                                                              977,375
                                                                                           -----------------
RETAIL & WHOLESALE - 4.0%
MISCELLANEOUS SHOPPING GOODS STORES - 1.5%
Office Depot, Inc. (a)                                               16,000                         175,000
                                                                                           -----------------
SPECIALTY - 2.5%
Toys R Us, Inc. (a)                                                  20,000                         286,250
                                                                                           -----------------
   TOTAL RETAIL & WHOLESALE                                                                         461,250
                                                                                           -----------------
SERVICES - 3.4%
SERVICES - 3.4%
Block (H&R), Inc.                                                     9,000                         393,750
                                                                                           -----------------
IMS CAPITAL VALUE FUND
SCHEDULE OF INVESTMENTS - DECEMBER 31, 1999 - CONTINUED
(UNAUDITED)

COMMON STOCKS - CONTINUED

TECHNOLOGY - 29.8%
COMMUNICATIONS EQUIPMENT - 6.5%
Loral Space & Communications Ltd. (a)                                13,000                       $ 316,063
Motorola, Inc.                                                        3,000                         441,750
                                                                                           -----------------
                                                                                                    757,813

                                                                                           -----------------
COMPUTER SERVICES & SOFTWARE - 15.6%
Electronic Data Systems Corp.                                         7,500                         502,031
Oracle Corp. (a)                                                      6,000                         672,375
Symantec Corp. (a)                                                   11,000                         644,875
                                                                                           -----------------
                                                                                                  1,819,281

                                                                                           -----------------
COMPUTERS & OFFICE EQUIPMENT - 2.8%
Compaq Computer Corp.                                                12,000                         324,750
                                                                                           -----------------
ELECTRONICS - 4.9%
Intel Corp.                                                           7,000                         576,187
                                                                                           -----------------
   TOTAL  TECHNOLOGY                                                                              3,478,031
                                                                                           -----------------
TRANSPORTATION - 2.1%
TRUCKING & FREIGHT - 2.1%
FDX Corp. (a)                                                         6,000                         245,625
                                                                                           -----------------
UTILITIES - 6.5%
ELECTRIC UTILITY - 2.9%
Niagara Mohawk Holdings, Inc. (a)                                    24,000                         334,500
                                                                                           -----------------
TELEPHONE SERVICES - 3.6%
AT&T Corp.                                                            8,250                         418,687
                                                                                           -----------------
   TOTAL  UTILITIES                                                                                 753,187
                                                                                           -----------------

TOTAL COMMON STOCKS (COST $9,309,923)                                                            11,554,868
                                                                                           -----------------

                                                                       PRINCIPAL

                                                                    VALUE                         VALUE

Corporate Bonds - 0.9%
Paging Network, 10.00%, 10/15/2008 (Cost $119,097)                  350,000                         103,250
                                                                                           -----------------
Money Market Securities - .1%
Firstar Treasury Fund, 4.06% (b) (Cost $11,036)                      11,036                          11,036
                                                                                           -----------------
TOTAL INVESTMENTS - 100.1% (COST $9,440,056)                                                     11,669,154
                                                                                           -----------------
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1%)                                                      (11,576)
                                                                                           -----------------
TOTAL NET ASSETS - 100.0%                                                                      $ 11,657,578
                                                                                           =================
(a) Non-income producing
(b) Variable  rate  security;  the  coupon  rate  shown  represents  the rate at
    December 31, 1999.

</TABLE>

<PAGE>
<TABLE>
<CAPTION>

IMS CAPITAL VALUE FUND                                                               DECEMBER 31, 1999
Statement of Assets & Liabilities
(UNAUDITED)

<S>                                                             <C>                  <C>

ASSETS

Investment in securities (cost $9,440,056)                                                $ 11,669,154
Receivable for fund shares sold                                                                  1,500
Dividends receivable                                                                            11,858
Interest receivable                                                                              5,879
Deferred organization costs                                                                     12,333
                                                                                      -----------------
   TOTAL ASSETS                                                                             11,700,724

LIABILITIES

Accrued investment advisory fee payable, net of waiver                   $ 11,439
Payable for fund shares redeemed                                           18,882
Other payables and accrued expenses                                         3,159
Dividends payable to shareholders                                           9,666
                                                                 -----------------

   TOTAL LIABILITIES                                                                            43,146
                                                                                      -----------------

NET ASSETS                                                                                $ 11,657,578
                                                                                      =================

Net Assets consist of:
Paid in capital                                                                            $ 9,528,235
Undistributed net investment income                                                            (20,860)
Accumulated undistributed net realized gain on investments                                     (78,895)
Net unrealized appreciation on investments                                                   2,229,098
                                                                                      -----------------

NET ASSETS, for 882,766 shares                                                            $ 11,657,578
                                                                                      =================

NET ASSET VALUE

Offering price and redemption price per share ($11,657,578/882,766)                            $ 13.21
                                                                                      =================

</TABLE>

<PAGE>
<TABLE>
<CAPTION>

IMS CAPITAL VALUE FUND
STATEMENT OF OPERATIONS FOR THE
SIX MONTHS ENDED DECEMBER 31, 1999
(UNAUDITED)
<S>                                                                     <C>                 <C>

INVESTMENT INCOME

Dividend income                                                                                     $ 57,115
Interest income                                                                                       13,423
                                                                                             ----------------
TOTAL INCOME                                                                                          70,538


EXPENSES

Investment advisory fee                                                        $ 70,042
Administration fees                                                              12,249
Transfer agent fees                                                               9,830
Legal fees                                                                        8,399
Pricing & bookkeeping fees                                                        8,343
Audit fees                                                                        5,034
Custodian fees                                                                    3,437
Amortization of organizational expenses                                           2,377
Shareholder reports                                                               2,242
Trustees' fees                                                                      287
Registration fees                                                                    65
                                                                         ---------------
Total expenses before reimbursement                                             122,305
Waived fees and reimbursed expenses                                             (33,942)
                                                                         ---------------
Total operating expenses                                                                              88,363
                                                                                             ----------------
NET INVESTMENT LOSS                                                                                  (17,825)
                                                                                             ----------------

REALIZED & UNREALIZED GAIN (LOSS)

Net realized gain on investment securities                                      (27,490)
Change in net unrealized appreciation (depreciation)
   on investment securities                                                     156,291
                                                                         ---------------
Net gain on investment securities                                                                    128,801
                                                                                             ----------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS                                               $ 110,976
                                                                                             ================

</TABLE>

<PAGE>
<TABLE>
<CAPTION>

IMS CAPITAL VALUE FUND
STATEMENT OF CHANGES IN NET ASSETS

                                                                                      SIX MONTHS
                                                                                        ENDED                  YEAR
                                                                                     DECEMBER 31,             ENDED
                                                                                         1999                JUNE 30,
                                                                                     (UNAUDITED)               1999
                                                                                  -----------------     -----------------
<S>                                                                              <C>                   <C>
Increase (Decrease) in Net Assets

OPERATIONS

   Net investment loss                                                                   $ (17,825)             $ (3,035)
   Net realized loss on investment securities                                              (27,490)            1,172,251
   Net realized gain on options transactions                                                   -                   2,923
   Change in net unrealized appreciation (depreciation)                                    156,291             1,803,897
                                                                                  -----------------     -----------------
   Net increase in net assets resulting from operations                                    110,976             2,976,036
                                                                                  -----------------     -----------------
DISTRIBUTIONS TO SHAREHOLDERS

   Return of capital                                                                          -                     -
   From net realized gain                                                               (1,175,174)                 -
                                                                                  -----------------     -----------------
Total distributions                                                                     (1,175,174)                 -
                                                                                  -----------------     -----------------
SHARE TRANSACTIONS

   Net proceeds from sale of shares                                                        463,730               607,468
   Shares issued in reinvestment of distributions                                        1,165,508                  -
   Shares redeemed                                                                        (515,353)           (3,499,602)
                                                                                  -----------------     -----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
   FROM SHARE TRANSACTIONS                                                               1,113,885            (2,892,134)
                                                                                  -----------------     -----------------
   TOTAL INCREASE IN NET ASSETS                                                             49,687                83,902

Net Assets

   Beginning of period                                                                  11,607,891            11,523,989
                                                                                  -----------------     -----------------
   End of period [including accumulated undistributed net
      investment loss of ($20,860), and $0, respectively]                             $ 11,657,578          $ 11,607,891
                                                                                  =================     =================
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

IMS CAPITAL VALUE FUND
FINANCIAL HIGHLIGHTS


                                                 SIX MONTHS
                                                   ENDED                YEAR                                           PERIOD
                                                DECEMBER 31,           ENDED           YEARS ENDED OCTOBER 31,          ENDED
                                                   1999               JUNE 30,       ----------------------------    OCTOBER 31,
                                                (UNAUDITED)             1999             1998            1997         1996 (C)
                                             -----------------      --------------   -------------  -------------  -------------
<S>                                         <C>                    <C>              <C>            <C>            <C>
SELECTED PER SHARE DATA

Net asset value, beginning of period                  $ 14.56            $ 11.28          $ 12.06        $ 10.76        $ 10.00
                                             -----------------      --------------   -------------  -------------  -------------
Income from investment operations:

  Net investment income (loss)                          (0.02)                -             (0.06)         (0.08)         (0.01)
  Net realized and unrealized gain                       0.15               3.28             0.12           1.38           0.77
                                             -----------------      --------------   -------------  -------------  -------------
Total from investment operations                         0.13               3.28             0.06           1.30           0.76
                                             -----------------      --------------   -------------  -------------  -------------

Less Distributions

  From net investment income                              -                   -             (0.03)           -               -
  From net realized gain                                (1.48)                -             (0.81)           -               -
                                             -----------------      --------------   -------------  -------------  -------------
Total Distributions                                     (1.48)                -             (0.84)           -               -
                                             -----------------      --------------   -------------  -------------  -------------

Net asset value, end of period                        $ 13.21            $ 14.56          $ 11.28        $ 12.06        $ 10.76
                                             =================      ==============   =============  =============  =============

TOTAL RETURN (b)                                         1.04%             29.08%            2.27%         12.08%          7.60%

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000)                        $11,658            $11,608          $11,524         $9,932         $4,741
Ratio of expenses to average net assets                  1.59% (a)          1.59%            1.73%          1.97%          1.84% (a)
Ratio of expenses to average net assets
   before reimbursement                                  2.20% (a)          2.50%            2.34%          2.54%          3.92% (a)
Ratio of net investment income (loss) to
   average net assets                                  (0.32)% (a)        (0.04)%          (0.53)%        (0.64)%        (0.25)% (a)
Ratio of net investment income (loss) to
   average net assets before reimbursement             (0.93)% (a)        (0.95)%          (1.14)%        (1.20)%        (2.32)% (a)
Portfolio turnover rate                                 61.79% (a)         68.16%           81.74%         34.76%          3.56% (a)


(a)  Annualized

(b)  For periods of less than a full year, total returns are not annualized.
(c)  August 5, 1996 (commencement of operations) to October 31, 1996

</TABLE>

<PAGE>

                             IMS CAPITAL VALUE FUND

                          NOTES TO FINANCIAL STATEMENTS

                                DECEMBER 31, 1999

                                   (UNAUDITED)

NOTE 1.  ORGANIZATION

     IMS  Capital  Value  Fund  (the  "Fund")  is  organized  as a series of the
AmeriPrime  Funds,  an Ohio business trust (the "Trust"),  on July 30, 1996, and
commenced  operations  on  August  5,  1996.  The Fund is  registered  under the
Investment  Company  Act  of  1940,  as  amended,  as  a  diversified,  open-end
management  investment  company.  The Fund's investment  objective is to provide
long-term  growth.  The  Declaration  of Trust  permits the trustees to issue an
unlimited number of shares of beneficial interest of separate series without par
value.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

     The following is a summary of significant  accounting  policies followed by
the Fund in the preparation of its financial statements.

SECURITIES  VALUATION -  Securities  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, and 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.

     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 values of such
securities.  A pricing service  utilizes  electronic data processing  techniques
based on yield spreads  relating to securities with similar  characteristics  to
determine prices for normal 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  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.

                             IMS CAPITAL VALUE FUND

                          NOTES TO FINANCIAL STATEMENTS

                    DECEMBER 31, 1999 - (UNAUDITED) CONTINUED

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED

FEDERAL  INCOME  TAXES - The Fund  intends to qualify  each year as a "regulated
investment  company" under the Internal Revenue Code of 1986, as amended.  By so
qualifying,  the Fund will not be subject to federal  income taxes to the extent
that it  distributes  substantially  all of its net  investment  income  and any
realized capital gains.

DIVIDENDS AND  DISTRIBUTIONS - The Fund intends to distribute  substantially all
of its net  investment  income as  dividends  to its  shareholders  on an annual
basis.  The Fund intends to distribute  its net long-term  capital gains and its
net short-term capital gains at least once a year.

OTHER - The Fund follows industry practice and records security  transactions on
the trade date. The specific identification method is used for determining gains
or losses for financial  statements and income tax purposes.  Dividend income is
recorded on the  ex-dividend  date and interest income is recorded on an accrual
basis.  Discounts  and premiums on securities  purchased are amortized  over the
life of the respective securities.

NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

     The Fund retains IMS Capital Management, Inc. (the "Advisor") to manage the
Fund's  investments.  Carl W. Marker,  Chairman and President of the Advisor, is
primarily responsible for the day to day management of the Fund's portfolio.

     Under the terms of the management agreement, (the "Agreement"), the Advisor
manages the Fund's investments subject to approval of the Board of Trustees.  As
compensation  for its  management  services,  the Fund is  obligated  to pay the
Advisor a fee computed  and accrued  daily and paid monthly at an annual rate of
1.59% of the average  daily net assets of the Fund.  Through  December 31, 1999,
the  Advisor has  voluntarily  agreed to waive the  management  fee to a rate of
1.26%.  For the six-month  period ended  December 31, 1999 the Advisor  received
fees of $70,042 from the Fund. The Advisor has  voluntarily  agreed to reimburse
other expenses for the Fund through December 31, 1999 to the extent necessary to
maintain total operating expenses at the rate of 1.59%. For the six-month period
ended  December  31, 1999 the Advisor  waived  fees and  reimbursed  expenses of
$33,942.  There is no  assurance  that such  arrangement  will  continue  in the
future.

     The Fund retains AmeriPrime Financial Services,  Inc. (the "Administrator")
to manage the Fund's business  affairs and provide the Fund with  administrative
services,  including all regulatory reporting and necessary office equipment and
personnel.  For the six-month  period ended December 31, 1999 the  Administrator
received fees of $12,249 from the Advisor for  administrative  services provided
to the Fund.

                             IMS CAPITAL VALUE FUND

                          NOTES TO FINANCIAL STATEMENTS

                    DECEMBER 31, 1999 - (UNAUDITED) CONTINUED

NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

     The Fund retains AmeriPrime Financial Securities,  Inc. (the "Distributor")
to act as the principal distributor of the Fund's shares. There were no payments
made to the  Distributor  for the  six-month  period  ended  December  31, 1999.
Certain members of management of the  Administrator and the Distributor are also
members of management of the AmeriPrime Trust.

NOTE 4.  SHARE TRANSACTIONS

     As of December 31, 1999, there was an unlimited number of authorized shares
for the Fund. Paid in capital at December 31, 1999 was $9,528,235.

     Transactions in shares were as follows:

<TABLE>
<CAPTION>

                             SIX MONTHS ENDED                YEAR ENDED
                             DECEMBER 31, 1999             JUNE 30, 1999

                           SHARES        DOLLARS       SHARES        DOLLARS
<S>                       <C>          <C>            <C>          <C>

Shares sold                33,666        $463,730       45,949        $607,468

Shares issued in

    reinvestment           89,723       1,165,508          -               -


Shares redeemed           (37,717)       (515,353)    (270,632)     (3,499,602)
                           ------         -------      -------       ---------

                           85,672      $1,113,885     (224,683)    $(2,892,134)
                           ======       =========      =======       =========
</TABLE>

NOTE 5. INVESTMENTS

     For the six-month  period ended  December 31, 1999,  purchases and sales of
investment securities, other than short-term investments,  aggregated $3,453,053
and  $3,332,691,   respectively.  The  gross  unrealized  appreciation  for  all
securities  totaled  $3,006,366 and the gross  unrealized  depreciation  for all
securities totaled $777,268 for a net unrealized appreciation of $2,229,098. The
aggregate  cost of  securities  for federal  income tax purposes at December 31,
1999 was $9,440,056.

                             IMS CAPITAL VALUE FUND

                          NOTES TO FINANCIAL STATEMENTS

                    DECEMBER 31, 1999 - (UNAUDITED) CONTINUED

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.

<PAGE>

DEAR FELLOW SHAREHOLDER,

The Jumper  Strategic  Advantage  Fund has  performed  extremely  well in a very
difficult market due to the increase in short-term  interest rates. The fund had
a return of 3.44% versus the Lehman Bros. 1 Year  Treasury  Index of 1.96%.  The
fund made some significant changes in the third quarter that we discussed in our
last annual report. We have discontinued using the market neutral strategy for a
portion of the fund.  This portion of the fund  increased the  volatility of the
fund while  decreasing  the income.  We have changed the fund making its goal to
seek a greater  total return than may  generally be earned in money market funds
for  clients  who are  willing to accept  some NAV  fluctuation  to pursue  this
objective.  The  Advisor  will  manage the  portfolio  primarily  consisting  of
short-term  investment  grade  securities  (bonds  rated  BBB+ - AAA).  The Fund
possesses  extremely low volatility while providing daily liquidity.  The Jumper
Strategic  Advantage Fund is an alternative for short-term  capital and a unique
product.  The Advisor has the  flexibility  to extend the average  maturity in a
declining rate environment and shorten average maturities in a market with rates
rising.

We feel that our changes  have proven to be  effective as the NAV has risen from
1.96 (6/30/99) to 1.98  (12/31/99).  Currently,  we believe there is significant
value in the bond market versus historical returns and we are well positioned to
take advantage of this situation.

SHORT TERM INTEREST RATES

The fund significantly  outperformed the index over the past 6 months,  having a
3.44% return over the last six month while the 1-year  Treasury yield  increased
from 5.05% to 5.96%,  or an  increase  of 91 basis  points.  The Fund's  average
maturity  remained at one year during the past six months.  The Federal  Reserve
raised rates 75 basis points  during 1999 and has already  raised rates 25 basis
points in 2000. The market has another 25-50 basis points built into the current
interest rates.  This will allow us to lock rates in the current  environment as
we expect short-term rates to decline over the next year.

PERFORMANCE

As previously  mentioned,  the fund performed extremely well in a very difficult
market.  For the 6 month period ending  December 31, 1999,  the Fund had a total
return of 3.44% while the total return for the Lehman 1-year  Treasury Index for
the same period was 1.96%. The fund also  dramatically  decreased the volatility
of the NAV by removing the market neutral component and making the fund an ultra
short duration,  high quality bond fund. We feel these changes better  represent
the type of investment  the investor  preferred for this fund. The fund is not a
money market fund, but is a nice alternative for those investors who are willing
to accept some NAV fluctuation to achieve a better return.

Date                            Jumper Strategic Advan         Lehmanu1dYear*
       10/26/98                 10000                          10000
       10/31/98                 10050                          10000
       11/30/98                 10050                          10002
       12/31/98                 10100                          10035
        1/31/99                 10100                          10074
        2/28/99                 10095                          10085
        3/31/99                 10113                          10146
        4/30/99                 10040                          10183
        5/31/99                 10068                          10212
        6/30/99                 10096                          10261
        7/31/99                 10199                          10305
        8/31/99                 10251                          10336
        9/30/99                 10354                          10390
       10/31/99                 10343                          10419
       11/30/99                 10396                          10440
       12/31/99                 10444                          10461


*THE LEHMAN 1-YEAR TREASURY  BELLWETHER IS AN UNMANAGED INDEX  REPRESENTATIVE OF
THE AVERAGE CURRENT 1-YEAR  TREASURY BILL.  SOURCE OF THE LEHMAN 1-YEAR TREASURY
BELLWETHER  DATA IS LEHMAN  BROTHERS  FIXED  INCOME  RESEARCH  GLOBAL  FAMILY OF
INDICES.

This graph shows compares the value of a $10,000  investment in the Fund and the
Lehman 1-year Treasury Bellwether  Government Index on October 26, 1998 and held
through  December 31, 1999. The Lehman 1-year return does not reflect  expenses,
which have been deducted from the Fund's  return.  The Fund's return  represents
past performance and is not a guarantee of future results.

FORWARD OUTLOOK

Looking  forward,  we will continue to seek to provide our  shareholders  with a
total return above  traditional  money market funds.  We would like to thank you
for your continued support. We are delighted by your confidence and look forward
to serving your investment needs.

Please feel free to contact us with you questions or comments.

Sincerely,

/s/

Jay Jumper
President

<PAGE>

<TABLE>
<CAPTION>

Jumper Strategic Advantage Fund
Schedule of Investments - December 31, 1999
(Unaudited)

<S>                                                                 <C>                             <C>
                                                                       Principal

Corporate Notes - 96.3%                                               Amount                         Value

Alabama Power Co., 6.00%, 03/01/00                                       $ 40,000                       $ 39,988
AMR Corp., 7.225%, 02/01/01                                                75,000                         76,893
Associates Corp. North America, 6.75%, 07/15/01                            50,000                         49,916
Bankers Trust New York Corp., 9.00%, 08/01/01                              50,000                         51,378
Carnival Corp., 5.65%, 10/15/00                                            50,000                         49,708
Comdisco Inc., 5.75%, 02/15/01                                             50,000                         49,078
Cox Communications, Inc. 6.864%, 08/15/01                                  75,000                         74,856
Delta Air Lines, Inc., 9.75%, 1/2/00                                       62,000                         62,000
Donaldson Lufkin & Jenrette Inc. MTN, 6.25%, 08/01/01                      50,000                         49,438
Finova Capital Corp., 6.375%, 10/15/00                                     50,000                         49,817
General Motors Corp., 9.125%, 07/15/01                                     50,000                         51,535
Heller Financial, Inc. MTN, 6.42%, 8/25/00                                 70,000                         69,902
Hertz Corp., 6.462%, 07/15/00                                              75,000                         75,040
Ikon Capital Inc. MTN, 6.33%, 12/08/00                                    100,000                         98,497
International Lease Finance Corp., 7%, 5/15/00                             50,000                         50,100
Lehman Brothers Holdings, 6.90%, 03/30/01                                  50,000                         49,864
Midatlantic Corp., 9.20%, 08/01/01                                         50,000                         51,490
Paine Webber Group, Inc. MTN, 6.585%, 7/23/01                              50,000                         49,413
Philip Morris Cos. Inc., 9.00%, 01/01/01                                   50,000                         50,636
Quintiles Transnational Corp., 4.25%, 05/31/00                             25,000                         24,281
Raytheon Co., 7.257%, 03/15/01                                             75,000                         73,990
Reebok International Ltd., 6.75%, 5/15/00                                  50,000                         49,999
Supervalu Inc. MTN, 6.50%, 10/06/00                                        60,000                         59,587
Tyco International Group, 7.236%, 06/15/01                                 75,000                         73,734
Whirlpool, 9.50%, 06/15/00                                                 50,000                         50,623
Williams Cos., Inc. MTN, 6.697%, 06/13/00                                  75,000                         75,052
                                                                                                -----------------

TOTAL CORPORATE NOTES (Cost $1,514,796)                                                                1,506,815
                                                                                                -----------------

Money Market Securities - 1.5%
Firstar Treasury Fund, 4.06% (a) (Cost $22,677)                            22,677                         22,677
                                                                                                -----------------

TOTAL INVESTMENTS - 97.8% (Cost $1,537,473)                                                            1,529,492
                                                                                                -----------------
Other assets less liabilities - 2.2%                                                                      35,144
                                                                                                -----------------
TOTAL NET ASSETS - 100.0%                                                                            $ 1,564,636
                                                                                                =================
(a)  Variable  rate  security;  the  coupon  rate shown  represents  the rate at
December 31, 1999.

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

Jumper Strategic Advantage Fund                                                      December 31, 1999
Statement of Assets & Liabilities
(Unaudited)

<S>                                                             <C>                  <C>
Assets

Investment in securities (cost $1,537,473)                                                 $ 1,529,492
Interest receivable                                                                             40,703
                                                                                     ------------------
   Total assets                                                                              1,570,195

Liabilities

Due to custodian                                                          $ 4,599
Accrued investment advisory fee payable                                       841
Dividends payable                                                              94
Accrued 12b-1 fees                                                             25
                                                                 -----------------

   Total liabilities                                                                             5,559
                                                                                     ------------------

Net Assets                                                                                 $ 1,564,636
                                                                                     ==================

Net Assets consist of:
Paid in capital                                                                            $ 1,662,546
Accumulated net investment loss                                                                 (1,760)
Accumulated net realized gain (loss) on investments                                            (88,169)
Net unrealized depreciation on investments                                                      (7,981)
                                                                                     ------------------

Net Assets                                                                                 $ 1,564,636
                                                                                     ==================

Net Asset Value

Class A:
Net Asset Value, Offering price

  and redemption price per share ($1,222,411/618,424)                                           $ 1.98
                                                                                     ==================

Class B:
Net Asset Value, Offering price

  and redemption price per share ($342,225/172,912)                                             $ 1.98
                                                                                     ==================

</TABLE>

<PAGE>

<TABLE>
<CAPTION>

Jumper Strategic Advantage Fund
Statement of Operations for the six months ended
    December 31, 1999 (Unaudited)

<S>                                                                   <C>                <C>
Investment Income

Interest income                                                                                   34,305
                                                                                          ---------------


Expenses

Investment advisory fee                                                         $ 5,208
Trustees' fees                                                                      287
Accrued 12b-1 fee                                                                    25
                                                                      ------------------
Total expenses before reimbursement                                               5,520
Reimbursed expenses                                                                (287)
                                                                      ------------------
Total operating expenses                                                                           5,233
                                                                                          ---------------

Net Investment Income                                                                             29,072
                                                                                          ---------------

Realized & Unrealized Gain (Loss)
Net realized gain (loss) on investment securities                               (43,623)
Change in net unrealized appreciation (depreciation)
   on investment securities                                                      54,481
                                                                      ------------------
Net gain (loss) on investment securities                                                          10,858
                                                                                          ---------------
Net increase in net assets resulting from operations                                            $ 39,930
                                                                                          ===============
</TABLE>

<PAGE>

<TABLE>
<CAPTION>

Jumper Strategic Advantage Fund
Statement of Changes in Net Assets

                                                                                 For the six

                                                                                 months ended             For the period
                                                                              December 31, 1999                ended
                                                                                 (Unaudited)             June 30, 1999 (a)
                                                                            -----------------------     --------------------
<S>                                                                         <C>                         <C>
Increase (Decrease) in Net Assets
Operations

   Net investment income                                                                  $ 29,072                $ 127,679
   Net realized gain (loss) on investment securities                                       (43,623)                 (44,546)
   Change in net unrealized appreciation (depreciation)                                     54,481                  (62,462)
                                                                            -----------------------     --------------------
   Net increase in net assets resulting from operations                                     39,930                   20,671
                                                                            -----------------------     --------------------
Distributions to shareholders

   From net investment income Class A                                                      (30,276)                (127,679)
   From net investment income Class B                                                         (556)                   -
                                                                            -----------------------     --------------------
   Total distributions                                                                     (30,832)                (127,679)
                                                                            -----------------------     --------------------
Share Transactions Net proceeds from sale of shares:

   Class A                                                                               1,040,000                5,408,500
   Class B                                                                                 342,000
   Shares issued in reinvestment of distributions:
   Class A                                                                                  30,017                  127,679
   Class B                                                                                     365
   Shares redeemed:
   Class A                                                                              (2,285,985)              (3,000,030)
   Class B                                                                                   -                        -
                                                                            -----------------------     --------------------
Net increase in net assets resulting
   from share transactions                                                                (873,603)               2,536,149
                                                                            -----------------------     --------------------
   Total increase in net assets                                                           (864,505)               2,429,141
                                                                            -----------------------     --------------------

Net Assets

   Beginning of period                                                                   2,429,141                    -
                                                                            -----------------------     --------------------
   End of period                                                                       $ 1,564,636              $ 2,429,141
                                                                            =======================     ====================


(a) For the period  October 26, 1998  (commencement  of  operations) to June 30,
1999.

</TABLE>

<TABLE>
<CAPTION>

Jumper Strategic Advantage Fund
Financial Highlights Institutional Class

                                                      For the six

                                                      months ended               For the
                                                    December 31,1999           period ended
                                                      (Unaudited)              June 30, 1999 (a)
<S>                                                <C>                      <C>
Selected Per Share Data

Net asset value, beginning of period                     $ 1.96                        $ 2.00
                                                   -------------------      ------------------
Income from investment operations
   Net investment income                                         0.05                    0.05
   Net realized and unrealized gain (loss)                       0.02                   (0.04)
                                                   -------------------      ------------------
Total from investment operations                                 0.07                    0.01
                                                   -------------------      ------------------
Less distributions

   from net investment income                                   (0.05)                  (0.05)
                                                   -------------------      ------------------

Net asset value, end of period                                 $ 1.98                  $ 1.96
                                                   ===================      ==================

Total Return (b)                                                3.43%                   0.51%

Ratios and Supplemental Data

Net assets, end of period (000)                                $1,222                  $2,429
Ratio of expenses to average net assets                         0.75%  (c)              0.75%  (c)
Ratio of expenses to average net assets
   before reimbursement                                         0.78%  (c)              0.85%  (c)
Ratio of net investment income to
   average net assets                                           4.11%  (c)              3.89%  (c)
Ratio of net investment income to
   average net assets before reimbursement                      4.08%  (c)              3.79%  (c)
Portfolio turnover rate                                       175.32%  (c)            255.18%  (c)

(a)  For the period October 26,1998 (Commencement of operations) to June 30, 1999.
(b)  For periods of less than a full year, total returns are not annualized.
(c) Annualized

</TABLE>

<PAGE>
<TABLE>
<CAPTION>

Jumper Strategic Advantage Fund
Financial Highlights Investor Class

                                                        For the
                                                      period ended
                                                    December 31,1999
                                                     (Unaudited) (a)
<S>                                                <C>
Selected Per Share Data

Net asset value, beginning of period                     $ 1.98
                                                   -------------------
Income from investment operations
   Net investment income                                         0.02
   Net realized and unrealized gain (loss)                       0.00
                                                   -------------------
Total from investment operations                                 0.02
                                                   -------------------
Less distributions

   from net investment income                                   (0.02)
                                                   -------------------

Net asset value, end of period                                 $ 1.98
                                                   ===================

Total Return (b)                                                0.91%

Ratios and Supplemental Data

Net assets, end of period (000)                                  $342
Ratio of expenses to average net assets                         1.00%  (c)
Ratio of expenses to average net assets
   before reimbursement                                         1.54%  (c)
Ratio of net investment income to
   average net assets                                           3.08%  (c)
Ratio of net investment income to
   average net assets before reimbursement                      2.54%  (c)
Portfolio turnover rate                                       175.32%  (c)

(a)  For the period November 2,1999 (commencement of operations) to December 31, 1999.
(b)  For periods of less than a full year, total returns are not annualized.
(c) Annualized

</TABLE>

<PAGE>

                         JUMPER STRATEGIC ADVANTAGE FUND

                          NOTES TO FINANCIAL STATEMENTS

                                DECEMBER 31, 1999

                                   (UNAUDITED)

NOTE 1.  ORGANIZATION

     Jumper  Strategic  Advantage Fund (the "Fund") was organized as a series of
the AmeriPrime Funds, an Ohio business trust (the "Trust"), on February 26, 1998
and commenced  operations on October 26, 1998. The Fund is registered  under the
Investment  Company  Act  of  1940,  as  amended,  as  a  diversified,  open-end
management  investment  company,  whose  investment  objective  is to  provide a
greater  total  return than may  generally be earned in money market funds while
attempting  to limit  general  market  risk.  The Trust  Agreement  permits  the
trustees  to issue an  unlimited  number  of shares of  beneficial  interest  of
separate  series  without par value.  The Fund  currently  offers two classes of
shares: Institutional Class and Investor Class.

NOTE 2. SIGNIFICANT ACCOUNTING POLICIES

     The following is a summary of significant  accounting  policies followed by
the Fund in the preparation of its financial statements.

SECURITIES  VALUATION - Securities  are valued  primarily on market  quotations,
where available.  Securities for which current market quotations are not readily
available, including the current market value of underlying funds, are valued at
fair value as  determined  in good faith by  procedures  approved  by the Fund's
board of  trustees.  Short-term  investments  maturing in sixty days or less are
valued at amortized cost, which approximates fair market value.

FEDERAL  INCOME  TAXES - The Fund  intends to qualify  each year as a "regulated
investment  company" under the Internal Revenue Code of 1986, as amended.  By so
qualifying,  the Fund will not be subject to federal  income taxes to the extent
that it  distributes  substantially  all of its net  investment  income  and any
realized  capital  gains.  The Fund intends to pay dividends to avoid all income
and excise  taxes;  however,  the Fund paid a small  excise tax for the  taxable
period October 26, 1998 (commencement of operations) to December 31, 1998.

DIVIDENDS AND  DISTRIBUTIONS - The Fund intends to distribute  substantially all
of its net investment  income as dividends to its  shareholders on a daily basis
and to pay such  dividends  monthly.  The Fund  intends  to  distribute  its net
long-term  capital  gains and its net short term  capital  gains at least once a
year.

OTHER - The Fund follows industry practice and records security  transactions on
the trade date. The specific identification method is used for determining gains
or losses for financial  statements and income tax purposes.  Dividend income is
recorded on the  ex-dividend  date and interest income is recorded on an accrual
basis.  Discounts  and premiums on securities  purchased are amortized  over the
life of the respective securities.

                         JUMPER STRATEGIC ADVANTAGE FUND

                          NOTES TO FINANCIAL STATEMENTS

                    DECEMBER 31, 1999 - (UNAUDITED) CONTINUED

NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

     The Fund  retains The Jumper  Group,  Inc.  (the  "Advisor")  to manage the
Fund's  investments.  Jay  Colton  Jumper,  the  Fund's  portfolio  manager,  is
primarily responsible for the day to day management of the Fund's portfolio.

     Under the terms of the management agreement, (the "Agreement"), the Advisor
manages the Fund's investments  subject to approval of the Board of Trustees and
pays all expenses of the Fund except brokerage  commissions,  distribution  fees
(12b-1)  for  the  Investor  class,  taxes,  interest,   fees  and  expenses  of
non-interested person trustees, and extraordinary  expenses. As compensation for
its management  services and agreement to pay the Fund's  expenses,  the Fund is
obligated to pay the Advisor a fee  computed and accrued  daily and paid monthly
at an  annual  rate of 0.75% of the  average  daily net  assets of the Fund.  It
should be noted that most investment  companies pay their own operating expenses
directly,  while the Fund's expenses,  except those specified above, are paid by
the Advisor.  For the period from June 30, 1999 through  December 31, 1999,  the
Advisor has received a fee of $5,208 from the Fund. The Advisor has  voluntarily
agreed to reimburse  other  expenses to the extent  necessary to maintain  total
operating  expenses at the rate of 0.75% for the  Institutional  Class and 1.00%
for the Investor Class.  For the period June 30, 1999 through December 31, 1999,
the  Advisor  reimbursed  expenses  of $287.  There is no  assurance  that  such
reimbursement will continue in the future.

     The Fund retains AmeriPrime Financial Services,  Inc. (the "Administrator")
to manage the Funds  business  affairs and provide the Fund with  administrative
services,  including all regulatory reporting and necessary office equipment and
personnel.  For the period from June 30, 1999 through  December  31,  1999,  the
Administrator  received  fees of $15,000  from the  Advisor  for  administrative
services provided to the Fund.

     The Fund retains AmeriPrime Financial Securities, Inc. (the Distributor) to
act as the principal  distributor of the Fund's  shares.  There were no payments
made to the  Distributor for the period from June 30, 1999 to December 31, 1999.
Certain members of management of the  Administrator and the Distributor are also
members of management of the AmeriPrime Trust.

NOTE 4.  SHARE TRANSACTIONS

     As of December 31, 1999, there was an unlimited number of authorized shares
for the Fund. Paid in capital at December 31, 1999 was $1,662,546.

<PAGE>

                         JUMPER STRATEGIC ADVANTAGE FUND

                          NOTES TO FINANCIAL STATEMENTS

                    DECEMBER 31, 1999 - (UNAUDITED) CONTINUED

NOTE 4.  SHARE TRANSACTIONS - CONTINUED

<TABLE>
<CAPTION>

     Transactions in shares were as follows:

                                    SIX MONTHS ENDED                    FOR THE PERIOD OCTOBER 26, 1999
                                    DECEMBER 31, 1999              (COMMENCEMENT OF OPERATIONS) TO JUNE 30,
                                                                                     1999

                               SHARES               DOLLARS               SHARES               DOLLARS

<S>                         <C>               <C>                  <C>                     <C>
INSTITUTIONAL:

Shares sold                     526,381           $1,040,000             2,702,357            $5,408,500
Shares issued in
reinvestment of
dividend                         15,160              $30,017                64,846              $127,679
Shares Redemption
                             (1,159,691)         $(2,285,985)           (1,530,628)          $(3,000,030)
                             -----------         ------------           -----------          -------------

                               (618,150)         $(1,215,968)             1,236,575            $2,536,149
                             ===========        =============             =========          =============

</TABLE>

<TABLE>
<CAPTION>

                              FOR THE PERIOD NOVEMBER 2, 1999
                               (COMMENCEMENT OF OPERATIONS)
                                   TO DECEMBER 31, 1999

                               SHARES                DOLLARS

<S>                          <C>                  <C>
INVESTOR:

Shares sold                    172,727             $342,000
Shares issued in                   185                 $365
Shares Redemption                   (0)                 $(0)
                              ---------            ---------
                                172,912            $342,365
                              =========            =========

</TABLE>

                         JUMPER STRATEGIC ADVANTAGE FUND

                          NOTES TO FINANCIAL STATEMENTS

                    DECEMBER 31, 1999 - (UNAUDITED) CONTINUED

NOTE 5. INVESTMENTS

For the period from June 30, 1999 through December 31, 1999, purchases and sales
of investment securities, other than short-term investments, aggregated $709,215
and  $872,222,  respectively.  As of  December31,  1999,  the  gross  unrealized
appreciation   for  all  securities   totaled  $169  and  the  gross  unrealized
depreciation for all securities totaled $8,150 for a net unrealized depreciation
of $7,981.  The aggregate  cost of securities for federal income tax purposes at
June 30, 1999 was $1,537,473.

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 the Fund.  The  beneficial
ownership,  either  directly  or  indirectly,  of more  than  25% of the  voting
securities of a Fund creates a presumption of control of the Fund, under Section
2(a)(9) of the  Investment  Company Act of 1940.  As of December 31,  1999,  the
Tennessee Aquarium beneficially owned more than 61% of the Fund.



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