AMERIPRIME FUNDS
N-30D/A, 2000-10-24
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                                GJMB GROWTH FUND







                                  ANNUAL REPORT
                                  JUNE 30, 2000








                                  FUND ADVISOR:

                          GAMBLE, JONES, MORPHY & BENT
                     301 EAST COLORADO BOULEVARD, SUITE 802
                           PASADENA, CALIFORNIA 91101







FOR A PROSPECTUS  AND MORE  INFORMATION,  INCLUDING  CHARGES AND  EXPENSES  CALL
1-888-912-4562.  THE PROSPECTUS SHOULD BE READ CAREFULLY BEFORE INVESTING.  PAST
PERFORMANCE DOES NOT GUARANTEE  FUTURE RESULTS.  SHARES,  WHEN REDEEMED,  MAY BE
WORTH MORE OR LESS THAN  THEIR  ORIGINAL  COST.  THE  FUND'S  INCEPTION  DATE IS
DECEMBER 31, 1998. DISTRIBUTED BY AMERIPRIME FINANCIAL SECURITIES, INC.


<PAGE>






                                GJMB GROWTH FUND

                         Fund Report dated June 30, 2000

Dear Fellow Shareholders:

We are  pleased to present you with our Fund's  investment  results for the past
eighteen  months.  The Fund's average annual total return from December 31, 1998
(inception of the Fund) through June 30, 2000 was 17.50%,  net of all fees. This
return was well ahead of the 13.27% return of the market capitalization weighted
Standard  & Poor's  500  Index.  We are  especially  proud of our  results  on a
trailing  12-month basis,  due in large part to our superior stock selections in
the final quarter of 1999. The Fund's investment results are compared below with
the Standard & Poor's 500 Index.

     RETURNS FOR THE PERIODS ENDED JUNE 30, 2000

                                                          Average Annual Total
Fund/Index             Year-To-Date       1 Year         Return Since Inception
----------             ------------       -------        ----------------------
GJMB Growth Fund          1.44%           +15.61%              +17.50%
S&P 500 Index            -0.43%            +7.25%              +13.27%

          Comparison of the change in value of a $10,000 investment in the
                  GJMB Growth Fund and the unmanaged S&P 500 Index

                                [OBJECT OMITTED]

                        GJMB Growth Fund             S&P 500 Index
12/31/98                    $10,000                     $10,000
01/31/99                    $10,110                     $10,418
02/28/99                    $ 9,990                     $10,094
03/31/99                    $10,330                     $10,498
04/30/99                    $10,670                     $10,905
05/31/99                    $10,270                     $10,648
06/30/99                    $11,020                     $11,238
07/31/99                    $10,720                     $10,887
08/31/99                    $10,900                     $10,834
09/30/99                    $10,800                     $10,537
10/31/99                    $11,610                     $11,203
11/30/99                    $11,980                     $11,431
12/31/99                    $12,559                     $12,104
01/31/00                    $12,257                     $11,496
02/29/00                    $12,036                     $11,279
03/31/00                    $12,820                     $12,381
04/30/00                    $12,830                     $12,009
05/31/00                    $12,368                     $11,762
06/30/00                    $12,740                     $12,052



This chart shows the value of a  hypothetical  initial  investment of $10,000 in
the Fund and the S&P 500 Index on December 31, 1998  (inception of the Fund) and
held through June 30, 2000. The S&P 500 Index is a widely  recognized  unmanaged
index of common stock prices.  The Index returns do not reflect expenses,  which
have been deducted from the Fund's return. These performance figures include the
change in value of the stocks in the indices plus the  reinvestment of dividends
and are not annualized. THE FUND'S RETURN REPRESENTS PAST PERFORMANCE AND IS NOT
PREDICTIVE OF FUTURE RESULTS.

PORTFOLIO OVERVIEW (as of June 30, 2000)
<TABLE>
<S>                               <C>                    <C>                                  <C>
SECTOR WEIGHTINGS                                         TEN LARGEST EQUITY HOLDINGS
-----------------                                         ---------------------------
Capital Equipment & Services           5.7%               Pfizer                                   5.2%
Consumer Cyclicals                     4.3%               Oracle Corporation                       4.3%
Consumer Non-Cyclicals                 6.6%               Intel Corporation                        3.9%
Energy/Oil Services                    2.0%               Microsoft Corp                           3.9%
Financial Services                     7.7%               EMC Corp                                 3.9%
Health Care/Pharmaceuticals           18.6%               General Electric                         3.5%
Technology                            29.5%               Sun Microsystems                         3.4%
Telecommunications                     9.7%               Lucent Technologies                      3.4%
Cash Equivalents                      15.9%               Cisco Systems                            3.3%
                                    --------              Coca-Cola                                3.3%
Total                                100.0%                                                     --------
                                                           Total                                  38.1%
</TABLE>

OUR MARKET OUTLOOK

         The economy  continues  to provide a strong  fundamental  backdrop  for
investors.  Declining  interest rates due to the Federal  Reserve's goal to keep
inflation in check,  combined with the government's  operating  surplus,  should
provide a scenario for  continued  long-term  growth for our  domestic  economy.
Notwithstanding the encouraging  investing  landscape,  we anticipate  continued
rough  treatment  of those  equities  that fail to measure  up to Wall  Street's
expectations.

         With the above  components  in place  for the  foreseeable  future,  we
intensify our focus on corporate earnings.  The market has reacted  dramatically
to both good and bad earnings results in the last several months.  We believe in
being  long-term  investors  and  therefore  tend to look beyond one or even two
quarters  of  earnings  results  as long as the  long-term  fundamentals  remain
intact.  Sometimes  the  best  opportunities  are  found  as  a  result  of  the
near-sighted  nature of much of the investing arena. We try to take advantage of
price  weakness in the quality  stocks that we are  enthusiastic  about and hope
that they will be next year's successes for our fund.

         Although common stocks continue to be expensive on a historical  basis,
we feel long-term investors will be rewarded by our fund,  which is designed to
own  companies  that have a proven track record over the long term. We feel that
the companies listed in our "Ten Largest Equity Holdings" are  representative of
our total fund holdings.

         We look forward to another  successful  year and are delighted that you
have chosen to invest in the Fund with us.

    Best regards,


Thomas S. Jones                           Christopher E. Morphy
Principal-Gamble, Jones, Morphy & Bent    Principal-Gamble, Jones, Morphy & Bent

<PAGE>
<TABLE>
<CAPTION>
GJMB GROWTH FUND
SCHEDULE OF INVESTMENTS - JUNE 30, 2000
<S>                                                             <C>                        <C>
COMMON STOCKS - 84.1%                                              SHARES                         VALUE

CAPITAL EQUIPMENT & SERVICES - 5.7%
Honeywell International, Inc.                                           3,600                       $ 121,275
General Electric Co.                                                    8,650                         458,450
Illinois Tool Works, Inc.                                               2,900                         165,300
                                                                                             -----------------
                                                                                                      745,025
                                                                                             -----------------
CONSUMER CYCLICALS - 4.3%
Ford Motor Co.                                                          5,600                         240,800
Home Depot, Inc.                                                        6,200                         309,612
Visteon Corp. (a)                                                         733                           8,890
                                                                                             -----------------
                                                                                                      559,302
                                                                                             -----------------
CONSUMER NON-CYCLICALS - 6.6%
Coca-Cola Co.                                                           7,500                         430,781
Procter & Gamble Co.                                                    7,400                         423,650
                                                                                             -----------------
                                                                                                      854,431
                                                                                             -----------------
ENERGY - 2.0%
Chevron Corp.                                                           1,500                         127,219
Royal Dutch Petroleum Co. (d)                                           2,200                         135,437
                                                                                             -----------------
                                                                                                      262,656
                                                                                             -----------------
FINANCIAL SERVICES - 7.7%
American International Group, Inc.                                      2,400                         282,000
Bank of America Corp.                                                   5,300                         227,900
Fannie Mae                                                              4,600                         240,062
FleetBoston Financial Corp.                                             7,175                         243,950
                                                                                             -----------------
                                                                                                      993,912
                                                                                             -----------------
HEALTH CARE & PHARMACEUTICALS - 18.6%
Abbott Laboratories                                                     8,525                         379,895
American Home Products Corp.                                            4,400                         258,500
Bristol-Myers Squibb Co.                                                5,800                         337,850
Johnson & Johnson                                                       4,175                         425,328
Merck & Co., Inc.                                                       4,350                         333,319
Pfizer, Inc.                                                           14,050                         674,400
                                                                                             -----------------
                                                                                                    2,409,292
                                                                                             -----------------
PREPACKAGED SOFTWARE - 8.2%
Microsoft Corp. (a)                                                     6,300                         504,000
Oracle Corp. (a)                                                        6,610                         555,653
                                                                                             -----------------
                                                                                                    1,059,653
                                                                                             -----------------

GJMB GROWTH FUND
SCHEDULE OF INVESTMENTS - JUNE 30, 2000 - CONTINUED

COMMON STOCKS - CONTINUED                                          SHARES                         VALUE

TECHNOLOGY - 21.3%
Cisco Systems, Inc. (a)                                                 6,800                       $ 432,225
EMC Corp. (a)                                                           6,500                         500,094
Intel Corp.                                                             3,825                         511,355
Lucent Technologies, Inc.                                               7,500                         444,375
Motorola, Inc.                                                         14,800                         430,125
Sun Microsystems, Inc. (a)                                              4,896                         445,230
                                                                                             -----------------
                                                                                                    2,763,404
                                                                                             -----------------
TELECOMMUNICATIONS - 9.7%
AT&T Corp.                                                              9,100                         287,788
Bell Atlantic Corp.                                                     5,550                         282,009
Vodafone Airtouch PLC (c)                                               7,300                         302,494
Worldcom, Inc. (a)                                                      8,400                         385,350
                                                                                             -----------------
                                                                                                    1,257,641
                                                                                             -----------------

TOTAL COMMON STOCKS (COST $9,530,890)                                                              10,905,316
                                                                                             -----------------


                                                                 PRINCIPAL
                                                                   AMOUNT                         VALUE

Money Market Securities - 15.6%
Firstar Treasury Fund, 5.54% (b) (Cost $2,025,893)                  2,025,893                       2,025,893
                                                                                             -----------------

TOTAL INVESTMENTS - 99.7% (COST $11,556,783)                                                       12,931,209
                                                                                             -----------------
OTHER ASSETS LESS LIABILITIES - 0.3%                                                                   36,016
                                                                                             -----------------
TOTAL NET ASSETS - 100.0%                                                                        $ 12,967,225
                                                                                             =================



(a) Non-income producing
(b) Variable rate  security;  the coupon rate shown  represents the rate at June 30, 2000.
(c) American Depository Receipt
(d) New York registry shares
</TABLE>
<PAGE>
<TABLE>
<S>                                                           <C>                 <C>
GJMB GROWTH FUND                                                                         JUNE 30, 2000
Statement of Assets & Liabilities

ASSETS
Investment in securities (cost $11,556,783)                                               $ 12,931,209
Receivable for fund shares sold                                                                 31,962
Dividends receivable                                                                             8,133
Interest receivable                                                                              8,119
                                                                                     ------------------
   TOTAL ASSETS                                                                             12,979,423

LIABILITIES
Accrued investment advisory fee payable                                  $ 12,195
Payable to custodian bank                                                       3
                                                                 -----------------

   TOTAL LIABILITIES                                                                            12,198
                                                                                     ------------------

NET ASSETS                                                                                $ 12,967,225
                                                                                     ==================

Net Assets consist of:
Paid in capital                                                                           $ 11,144,350
Accumulated undistributed net investment income                                                 33,577
Accumulated undistributed net realized gain on investments                                     414,872
Net unrealized appreciation on investments                                                   1,374,426
                                                                                     ------------------

NET ASSETS, for 1,022,389 shares                                                          $ 12,967,225
                                                                                     ==================

NET ASSET VALUE

Net Assets
Offering price and redemption price per share ($12,967,225 / 1,022,389)                        $ 12.68
                                                                                     ==================

</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GJMB GROWTH FUND
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2000
<S>                                                                  <C>               <C>
INVESTMENT INCOME
Dividend income                                                                                 $ 90,239
Interest income                                                                                   62,184
                                                                                          ---------------
TOTAL INCOME                                                                                     152,423


EXPENSES
Investment advisory fee                                                       $ 114,130
Trustees' fees                                                                    2,055
                                                                      ------------------
Total expenses before reimbursement                                             116,185
Reimbursed expenses                                                              (2,055)
                                                                      ------------------
Total operating expenses                                                                         114,130
                                                                                          ---------------
NET INVESTMENT INCOME                                                                             38,293
                                                                                          ---------------

REALIZED & UNREALIZED GAIN (LOSS)
Net realized gain on investment securities                                      414,873
Change in net unrealized appreciation (depreciation)
   on investment securities                                                     903,367
                                                                      ------------------
Net gain on investment securities                                                              1,318,240
                                                                                          ---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS                                         $ 1,356,533
                                                                                          ===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GJMB GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS
<S>                                                                    <C>                       <C>
                                                                             YEAR ENDED                PERIOD ENDED
                                                                            JUNE 30, 2000            JUNE 30, 1999 (A)
                                                                        ----------------------     ----------------------
Increase (Decrease) in Net Assets

OPERATIONS
   Net investment income                                                             $ 38,293                    $ 6,675
   Net realized gain on investment securities                                         414,873                     34,482
   Change in net unrealized appreciation (depreciation)                               903,367                    471,059
                                                                        ----------------------     ----------------------
   Net increase in net assets resulting from operations                             1,356,533                    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                                                 5,493,847                  5,990,403
   Shares issued in reinvestment of distributions                                      45,673                          0
   Shares redeemed                                                                   (385,290)                      (283)
                                                                        ----------------------     ----------------------
   Net increase in net assets resulting
      from share transactions                                                       5,154,230                  5,990,120
                                                                        ----------------------     ----------------------
TOTAL INCREASE IN NET ASSETS                                                        6,464,889                  6,502,336
                                                                        ----------------------     ----------------------

NET ASSETS
   Beginning of period                                                              6,502,336                          0
                                                                        ----------------------     ----------------------
   End of period [including accumulated undistributed net
      investment income of $33,577 and $6,675, respectively]                     $ 12,967,225                $ 6,502,336
                                                                        ======================     ======================


(a)   December 31, 1998 (commencement of operations) to June 30, 1999.

</TABLE>
<PAGE>
<TABLE>
<CAPTION>
GJMB GROWTH FUND
FINANCIAL HIGHLIGHTS
<S>                                               <C>                       <C>
                                                       YEAR ENDED               PERIOD ENDED
                                                      JUNE 30, 2000           JUNE 30, 1999 (A)
                                                   --------------------      --------------------
SELECTED PER SHARE DATA
Net asset value, beginning of period                           $ 11.02                   $ 10.00
                                                   --------------------      --------------------
Income from investment operations
   Net investment income                                          0.05                      0.02
   Net realized and unrealized gain                               1.67                      1.00
                                                   --------------------      --------------------
Total from investment operations                                  1.72                      1.02
                                                   --------------------      --------------------
Less distributions:
   From net investment income                                    (0.02)                     0.00
   From net realized gains                                       (0.04)                     0.00
                                                   --------------------      --------------------
Total distributions                                              (0.06)                     0.00
                                                   --------------------      --------------------

Net asset value, end of period                                 $ 12.68                   $ 11.02
                                                   ====================      ====================

TOTAL RETURN                                                    15.61%                    10.20%  (c)

RATIOS AND SUPPLEMENTAL DATA

Net assets, end of period (000)                                $12,967                    $6,502
Ratio of expenses to average net assets                          1.20%                     1.20%  (b)
Ratio of expenses to average net assets
   before reimbursement                                          1.22%                     1.25%  (b)
Ratio of net investment income to
   average net assets                                            0.40%                     0.34%  (b)
Ratio of net investment income to
   average net assets before reimbursement                       0.38%                     0.28%  (b)
Portfolio turnover rate                                         16.99%                    24.26%  (b)

(a)  December 31, 1998 (commencement of operations) to June 30, 1999.
(b)  Annualized
(c)  For a period of less than a full year, the total return is not annualized.
</TABLE>
<PAGE>
                                GJMB GROWTH FUND
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2000

NOTE 1.  ORGANIZATION

     GJMB Growth Fund (the "Fund") was  organized as a series of the  AmeriPrime
Funds (the "Trust") on October 22, 1998 and commenced operations on December 31,
1998.  The  Trust is  established  under  the laws of Ohio by an  Agreement  and
Declaration of Trust dated August 8, 1995 (the "Trust  Agreement").  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 Trust  Agreement
permits the Board of Trustees  (the  "Board")  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.

     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.

     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.

                                GJMB GROWTH FUND
                          NOTES TO FINANCIAL STATEMENTS
                            JUNE 30, 2000 - CONTINUED

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 advisor 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 year ended June
30, 2000 the Advisor  received a fee of $114,130 from the Fund.  The Advisor has
contractually  agreed to  reimburse  other  expenses to the extent  necessary to
maintain total operating expenses at the rate of 1.20% through October 31, 2004.
For the year ended June 30,  2000,  the Advisor  reimbursed  expenses of $2,055.
There is no assurance that such reimbursement will continue in the future.

     The Fund retains AmeriPrime Financial Services, Inc. (the "Administrator"),
a wholly owned  subsidiary of Unified  Financial  Services,  Inc., to manage the
Fund's  business  affairs  and provide  the Fund with  administrative  services,
including all regulatory reporting and necessary office equipment and personnel.
The  Administrator  receives a monthly fee from the  Advisor  equal to an annual
rate of 0.10% of the  Fund's  assets  under $50  million,  0.075% of the  Fund's
assets from $50 million to $100  million,  and 0.050% of the Fund's  assets over
$100 million (subject to a minimum fee of $2,500 per month).  For the year ended
June 30, 2000, the  Administrator  received fees of $30,000 from the Advisor for
administrative services provided to the Fund.

     The Fund retains Unified Fund Services,  Inc.  ("Unified"),  a wholly owned
subsidiary of Unified  Financial  Services,  Inc., to act as the Fund's transfer
agent and fund accountant.  For its services as transfer agent, Unified receives
a monthly  fee from the Advisor of $1.20 per  shareholder  (subject to a minimum
monthly fee of $750). For the year ended June 30, 2000, Unified received fees of
$13,002 from the Advisor for transfer agent  services  provided to the Fund. For
its services as fund accountant, Unified receives an annual fee from the Advisor
equal to 0.0275% of the Fund's assets up to $100 million,  0.0250% of the Fund's
assets from $100 million to $300 million,  and 0.0200% of the Fund's assets over
$300 million  (subject to various monthly minimum fees, the maximum being $2,000
per month for assets of $20  million to $100  million).  For the year ended June
30, 2000,  Unified received fees of $15,000 from the Advisor for fund accounting
services provided to the Fund.

     The Fund retains AmeriPrime Financial Securities, Inc. ("the Distributor"),
a wholly owned  subsidiary of Unified  Financial  Services,  Inc., to act as the
principal  distributor of the Fund's shares.  There were no payments made to the
Distributor  for the year ended June 30, 2000.  Certain members of management of
the  Administrator  and the  Distributor  are also members of  management of the
AmeriPrime Trust.

                                GJMB GROWTH FUND
                          NOTES TO FINANCIAL STATEMENTS
                            JUNE 30, 2000 - CONTINUED

NOTE 4.  SHARE TRANSACTIONS

     As of June 30, 2000,  there were an unlimited  number of authorized shares
for the Fund. Paid in capital at June 30, 2000 was $11,144,350.

Transactions in shares were as follows:
<TABLE>
<S>                          <C>                 <C>                   <C>                  <C>
                                   FOR THE YEAR ENDED                  FOR THE PERIOD DECEMBER 31, 1998
                                      JUNE 30, 2000                      (COMMENCEMENT OF OPERATIONS)
                                                                               TO JUNE 30, 1999

                              SHARES               DOLLARS               SHARES               DOLLARS

Shares sold                  460,218              $5,493,847            589,954              $5,990,403
Shares issued in
reinvestment of
dividends                      3,651                  45,673                  0                       0
Shares redeemed              (31,407)               (385,290)               (27)                   (283)
                            ---------             -----------          ---------             -----------
                             432,462              $5,154,230            589,927              $5,990,120
                            =========             ===========          =========             ===========

</TABLE>

<PAGE>

NOTE 5.  INVESTMENTS

For the year ended June 30, 2000, purchases and sales of investment  securities,
other  than  short-term  investments,   aggregated  $5,186,176  and  $1,400,994,
respectively.  As of June 30, 2000, the gross  unrealized  appreciation  for all
securities  totaled  $2,295,215 and the gross  unrealized  depreciation  for all
securities totaled $920,789 for a net unrealized appreciation of $1,374,426. The
aggregate  cost of securities  for federal  income tax purposes at June 30, 2000
was $11,556,783.

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 June 30,  2000,  Charles
Schwab & Co. owned of record, in aggregate, more than 94% of the Fund.
<PAGE>


                         INDEPENDENT AUDITOR'S REPORT

To The Shareholders and
Board of Trustees

GJMB Growth Fund (a series of the AmeriPrime Funds)

We have audited the accompanying statement of assets and liabilities of the GJMB
Growth Fund,  including  the schedule of portfolio  investments,  as of June 30,
2000,  and the related  statement  of  operations  for the year then ended,  the
statement  of changes in net assets and the  financial  highlights  for the year
then ended, and the period from December 31, 1998 to June 30, 1999 in the period
then  ended.  These  financial  statements  and  financial  highlights  are  the
responsibility  of the Fund's  management.  Our  responsibility is to express an
opinion on these  financial  statements  and financial  highlights  based on our
audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable  assurance  about  whether the  financial  statements  and  financial
highlights are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements. Our procedures included confirmation of investments and cash held as
of June 30, 2000 by  correspondence  with the custodian.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements and financial  highlights referred to
above present fairly, in all material  respects,  the financial  position of the
GJMB Growth Fund as of June 30, 2000, the results of its operations for the year
then ended,  the changes in its net assets and the financial  highlights for the
year then ended,  and the period from  December 31, 1998 to June 30, 1999 in the
period then ended, in conformity with generally accepted accounting principles.

McCurdy & Associates CPA's, Inc.
Westlake, Ohio 44145
July 19, 2000
<PAGE>

June 30, 2000


 Dear Fellow Shareholders,

         Since  inception,  August 5, 1996,  the Fund has returned an average of
+14.02% annually to shareholders.  Over the same time period, our benchmark, the
Russell Mid-Cap Value Index, has returned  +12.74%.  Year-to-date,  the Fund has
returned +5.30% versus our benchmark's return of -0.69%. Our returns continue to
excel relative to our peers and benchmarks.
<TABLE>
<CAPTION>
                   RETURNS FOR THE PERIODS ENDED JUNE 30, 2000
<S>                                           <C>              <C>               <C>      <C>
                                                                                          Average Annual
                                                                                           Return Since
Fund/Index                                      YTD            1-Year             3-Year    Inception
IMS Capital Value Fund                        +5.30%           +6.39%            +10.28%     +14.02%
Russell Mid-Cap Value Index                    -.69%           -7.91%             +6.95%     +12.74%
Lipper Multi-Cap Value Category                -.52%           -4.30%             +7.91%     +13.01%
</TABLE>

         According  to  Lipper,  our  returns  rank in the top  quartile  of our
category over the last one and three-year periods. Our one-year return ranked in
the 15th  percentile and our three-year  return ranked in the 25th percentile of
our category (Lipper Multi-Cap Value, 482 funds).

         The  objective of the IMS Capital Value Fund is long-term  growth.  The
Fund  invests  in  the  stocks  of  quality,   undervalued  companies  that  are
demonstrating  positive  business  momentum.  Our  research is  concentrated  on
companies that fall into one or more of our seven STRATEGIC  FOCUS AREAS;  these
are industries or sectors of the market that are particularly  opportunistic due
to demographic or other long-term trends.  While the Fund is concentrated in the
stocks of just 35 companies, it's also well diversified,  with representation in
every major sector of the economy.  We choose to limit the number of holdings to
avoid diluting the impact of our best research.

         Thank you for joining us as shareholders in the IMS Capital Value Fund.
We appreciate  your confidence and trust. We continue to strive towards our goal
of  becoming  one of the  most  successful  and  respected  value  funds  in the
industry.

Sincerely,



Carl W. Marker
Portfolio Manager

                               (Graphic Omitted)

                IMS Capital Value Fund             Russell Midcap Value Index

8/5/96                  $10,000                        $10,000
9/30/96                  10,500                         10,504
12/31/96                 11,141                         11,410
3/31/97                  11,721                         11,604
6/30/97                  12,451                         13,065
9/30/97                  13,221                         14,732
12/31/97                 11,888                         15,331
3/31/98                  13,602                         16,863
6/30/98                  13,236                         16,430
9/30/98                  11,210                         14,186
12/31/98                 13,463                         16,110
3/31/99                  13,980                         15,609
6/30/99                  15,694                         17,354
9/30/99                  13,624                         15,508
12/31/99                 15,857                         16,093
3/31/00                  17,393                         16,255
6/30/00                  16,698                         15,982

This graph shows the value of a  hypothetical  initial  investment of $10,000 in
the Fund and the Russell Mid-Cap Value Index on August 5, 1996 (inception of the
Fund) and held through June 30, 2000. 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.

                     TOP TEN HOLDINGS - JUNE 30, 2000

                American Power Conversion           5.28%
                IBM                                 4.73%
                Citigroup                           4.68%
                Intel                               4.62%
                Johnson & Johnson                   4.40%
                Oracle Corp.                        4.35%
                Chiron                              4.10%
                T. Rowe Price                       3.85%
                Disney                              3.35%
                Symantec                            3.26%

<PAGE>
<TABLE>
<CAPTION>
IMS CAPITAL VALUE FUND
SCHEDULE OF INVESTMENTS - JUNE 30, 2000
<S>                                                 <C>                   <C>

COMMON STOCKS - 97.8%                                 SHARES                    VALUE

BANKS - 4.7%
Citigroup, Inc.                                          9,000                  $ 542,250
                                                                            --------------
CHEMICALS - 1.9%
DuPont (E.I.) de Nemours & Co.                           5,000                    218,750
                                                                            --------------
COMMUNICATIONS EQUIPMENT - 3.1%
Loral Space & Communications Ltd. (a)                   15,000                    104,063
Motorola, Inc.                                           9,000                    261,562
                                                                            --------------
                                                                                  365,625
                                                                            --------------
COMPUTER SERVICES & SOFTWARE - 17.5%
DST Systems, Inc. (a)                                    4,000                    304,500
International Business Machines Corp.                    5,000                    547,812
Novell, Inc. (a)                                        32,000                    296,000
Oracle Corp. (a)                                         6,000                    504,375
Symantec Corp. (a)                                       7,000                    377,563
                                                                            --------------
                                                                                2,030,250
                                                                            --------------
DRUGS & PHARMACEUTICALS - 4.1%
Chiron, Inc. (a)                                        10,000                    475,000
                                                                            --------------

ELECTRIC UTILITY - 2.9%
Niagara Mohawk Holdings, Inc. (a)                       24,000                    334,500
                                                                            --------------
ELECTRICAL EQUIPMENT - 5.3%
American Power Conversion, Inc. (a)                     15,000                    612,187
                                                                            --------------
ELECTRONICS - 4.6%
Intel Corp.                                              4,000                    534,750
                                                                            --------------
ENTERTAINMENT - 3.3%
Disney (Walt) Co.                                       10,000                    388,125
                                                                            --------------
FOODS - 3.1%
Wm. Wrigley Jr. Company                                  4,500                    360,844
                                                                            --------------
GENERAL MEDICAL & SURGICAL HOSPITALS - 2.3%
Tenet Healthcare Corp. (a)                              10,000                    270,000
                                                                            --------------
HEALTH - DIVERSIFIED - 4.4%
Johnson & Johnson                                        5,000                    509,375
                                                                            --------------
HOME HEALTH CARE - 2.3%
Gentiva Health Services, Inc. (a)                       33,000                    268,125
                                                                            --------------
HOUSEHOLD PRODUCTS - 3.7%
Kimberly-Clark Corp.                                     5,000                    286,875
Sunbeam Corp. (a)                                       40,000                    137,500
                                                                            --------------
                                                                                  424,375
                                                                            --------------
INSURANCE - 1.7%
Conseco, Inc.                                           20,000                    195,000
                                                                            --------------
LEISURE DURABLES & TOYS - 4.0%
Marvel Enterprises, Inc. (a)                            40,000                    247,500
Mattel, Inc.                                            16,000                    211,000
                                                                            --------------
                                                                                  458,500
                                                                            --------------

IMS CAPITAL VALUE FUND
SCHEDULE OF INVESTMENTS - JUNE 30, 2000 - CONTINUED

COMMON STOCKS - CONTINUED                             SHARES                    VALUE

Miscellaneous Shopping Goods Stores - 1.2%
Office Depot, Inc. (a)                                  23,000                  $ 143,750
                                                                            --------------
NETWORKING - 2.0%
3Com Corp. (a)                                           4,000                    230,500
                                                                            --------------
OIL & GAS - 5.2%
Pennzoil-Quaker State, Inc.                             28,000                    337,750
Texaco, Inc.                                             5,000                    266,250
                                                                            --------------
                                                                                  604,000
                                                                            --------------
POLLUTION CONTROL - 3.0%
Waste Management, Inc.                                  18,000                    342,000
                                                                            --------------

SAW MILLS, PLANNING MILLS, GENERAL - 1.6%
Louisiana Pacific Corp.                                 17,000                    184,875
                                                                            --------------

SECURITIES INDUSTRY - 3.9%
T. Rowe Price Associates, Inc.                          10,500                    446,250
                                                                            --------------

SERVICES - 5.3%
Block (H&R), Inc.                                        9,000                    291,375
Cendant Corp. (a)                                       23,000                    322,000
                                                                            --------------
                                                                                  613,375
                                                                            --------------
SPECIALTY - 2.5%
Toys R Us, Inc. (a)                                     20,000                    291,250
                                                                            --------------

TELEPHONE SERVICES - 2.2%
AT&T Corp.                                               8,000                    253,000
                                                                            --------------
TRUCKING & FREIGHT - 2.0%
FedEx Corp. (a)                                          6,000                    228,000
                                                                            --------------

TOTAL COMMON STOCKS (COST $8,820,061)                                          11,324,656
                                                                            --------------

                                                     PRINCIPAL
                                                      AMOUNT                    VALUE
Money Market Securities - 3.0%
Firstar Treasury Fund, 5.54% (b) (Cost $352,351)       352,351                  $ 352,351
                                                                            --------------

TOTAL INVESTMENTS - 100.8% (COST $9,172,412)                                   11,677,007
                                                                            --------------
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8%)                                    (92,433)
                                                                            --------------
TOTAL NET ASSETS - 100.0%                                                    $ 11,584,574
                                                                            ==============

(a) Non-income producing
(b) Variable rate  security;  the coupon rate shown  represents the rate at June 30, 2000.
</TABLE>

<PAGE>
<TABLE>
<S>                                                           <C>                   <C>
IMS CAPITAL VALUE FUND                                                                   JUNE 30, 2000
Statement of Assets & Liabilities

ASSETS

Investment in securities (cost $9,172,412)                                                $ 11,677,007
Dividends receivable                                                                             7,990
Interest receivable                                                                              5,480
Prepaid Insurance                                                                                  145
Deferred organization costs                                                                      9,982
                                                                                     ------------------
   TOTAL ASSETS                                                                             11,700,604

LIABILITIES

Accrued investment advisory fee payable, net of waiver                    $ 3,855
Payable for fund shares redeemed                                          102,301
Other payables and accrued expenses                                         9,874
                                                                 -----------------

   TOTAL LIABILITIES                                                                           116,030
                                                                                     ------------------

NET ASSETS                                                                                $ 11,584,574
                                                                                     ==================

Net Assets consist of:
Paid in capital                                                                            $ 8,800,927
Accumulated undistributed net realized gain on investments                                     279,052
Net unrealized appreciation on investments                                                   2,504,595
                                                                                     ------------------

NET ASSETS, for 832,670 shares                                                            $ 11,584,574
                                                                                     ==================

NET ASSET VALUE

Offering price and redemption price per share ($11,584,574 / 832,670)                          $ 13.91
                                                                                     ==================
</TABLE>
<PAGE>
<TABLE>
<S>                                                                   <C>                <C>
IMS CAPITAL VALUE FUND
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2000

INVESTMENT INCOME
Dividend income                                                                                    $ 116,193
Interest income                                                                                       23,439
                                                                                          -------------------
TOTAL INCOME                                                                                         139,632


EXPENSES
Investment advisory fee                                                       $ 142,721
Administration fees                                                              23,275
Transfer agent fees                                                              18,363
Pricing & bookkeeping fees                                                       16,862
Legal fees                                                                        9,939
Custodian fees                                                                    5,705
Audit fees                                                                        5,000
Amortization of organizational expenses                                           4,729
Shareholder reports                                                               5,815
Trustees' fees                                                                    2,054
Registration fees                                                                   417
Insurance                                                                           286
                                                                      ------------------
Total expenses before reimbursement                                             235,166
Reimbursed expenses                                                             (55,066)
                                                                      ------------------
Total operating expenses                                                                             180,100
                                                                                          -------------------
NET INVESTMENT LOSS                                                                                  (40,468)
                                                                                          -------------------

REALIZED & UNREALIZED GAIN (LOSS)
Net realized gain on investment securities                                      333,492
Change in net unrealized appreciation (depreciation)
   on investment securities                                                     431,787
                                                                      ------------------
Net gain on investment securities                                                                    765,279
                                                                                          -------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS                                               $ 724,811
                                                                                          ===================
</TABLE>
<PAGE>
<TABLE>
<S>                                                                              <C>                   <C>
STATEMENT OF CHANGES IN NET ASSETS

                                                                                        YEAR                 PERIOD
                                                                                       ENDED                 ENDED
                                                                                      JUNE 30,              JUNE 30,
                                                                                        2000                1999 (A)
                                                                                  -----------------     ------------------
Increase (Decrease) in Net Assets
OPERATIONS
   Net investment loss                                                                   $ (40,468)              $ (3,035)
   Net realized gain on investment securities                                              333,492              1,172,251
   Net realized gain on options transactions                                                     0                  2,923
   Change in net unrealized appreciation (depreciation)                                    431,787              1,803,897
                                                                                  -----------------     ------------------
   Net increase in net assets resulting from operations                                    724,811              2,976,036
                                                                                  -----------------     ------------------
DISTRIBUTIONS TO SHAREHOLDERS
   From net realized gain                                                               (1,175,174)                     0
                                                                                  -----------------     ------------------
   Total distributions                                                                  (1,175,174)                     0
                                                                                  -----------------     ------------------
SHARE TRANSACTIONS
   Net proceeds from sale of shares                                                        918,215                607,468
   Shares issued in reinvestment of distributions                                        1,165,509                      0
   Shares redeemed                                                                      (1,656,678)            (3,499,602)
                                                                                  -----------------     ------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
   FROM SHARE TRANSACTIONS                                                                 427,046             (2,892,134)
                                                                                  -----------------     ------------------
   TOTAL INCREASE (DECREASE) IN NET ASSETS                                                 (23,317)                83,902

Net Assets
   Beginning of period                                                                  11,607,891             11,523,989
                                                                                  -----------------     ------------------
   End of period [including accumulated undistributed net
      investment income of $0 and $0, respectively]                                   $ 11,584,574           $ 11,607,891
                                                                                  =================     ==================
(a)  For the period November 1, 1998 through June 30, 1999
</TABLE>
<PAGE>
<TABLE>
<S>     <C>    <C>    <C>    <C>    <C>    <C>

IMS CAPITAL VALUE FUND
FINANCIAL HIGHLIGHTS



                                                                                                                  PERIOD
                                             YEAR ENDED      PERIOD ENDED        YEARS ENDED OCTOBER 31,           ENDED
                                              JUNE 30,         JUNE 30,      ------------------------------     OCTOBER 31,
                                               2000            1999 (C)           1998             1997           1996 (D)
                                           -------------    -------------    -----------        -----------     -----------
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)                 (0.05)             0.00            (0.06)            (0.08)          (0.01)
  Net realized and unrealized gain              0.88              3.28             0.12              1.38            0.77
                                           -------------    -------------    -----------        -----------     -----------
Total from investment operations                0.83              3.28             0.06              1.30            0.76
                                           -------------    -------------    -----------       -------------    -----------
Less Distributions
  From net investment income                    0.00              0.00            (0.03)             0.00           0.00
  From net realized gain                       (1.48)             0.00            (0.81)             0.00           0.00
                                           -------------    ------------     -----------       -------------    -----------
Total Distributions                            (1.48)             0.00            (0.84)             0.00           0.00
                                           -------------    ------------     -----------       -------------    -----------
Net asset value, end of period               $ 13.91           $ 14.56          $ 11.28           $ 12.06        $ 10.76
                                           ============     ============     ===========       =============    ===========

TOTAL RETURN                                   6.39%             29.08%  (b)      2.27%             12.08%          7.60% (b)

RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000)               $11,585           11,608          $11,524             $9,932        $4,741
Ratio of expenses to average net assets         1.59%            1.59%   (a)      1.73%              1.97%         1.84%  (a)
Ratio of expenses to average net assets
   before reimbursement                         2.08%            2.50%   (a)      2.34%              2.54%         3.92%  (a)
Ratio of net investment income (loss) to
   average net assets                         (0.36)%          (0.04)%   (a)    (0.53)%            (0.64)%       (0.25)%  (a)
Ratio of net investment income (loss) to
   average net assets before reimbursement    (0.84)%          (0.95)%   (a)    (1.14)%             1.20)%       (2.32)%  (a)
Portfolio turnover rate                        75.69%           68.16%   (a)     81.74%             34.76%         3.56%  (a)

(a) Annualized
(b) For a period of less than a full year, the total return is not annualized.
(c) For the period  November  1, 1999  through  June 30, 1999
(d) August 5, 1996 (commencement of operations) to October 31, 1996
</TABLE>
<PAGE>
                             IMS CAPITAL VALUE FUND
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2000

NOTE 1.  ORGANIZATION

     IMS  Capital  Value  Fund (the  "Fund")  was  organized  as a series of the
AmeriPrime  Funds (the "Trust") on July 30, 1996,  and  commenced  operations on
August 5, 1996. The Trust is established  under the laws of Ohio by an Agreement
and Declaration of Trust dated August 8, 1995 (the "Trust Agreement").  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 Trust Agreement permits the Board
of Trustees (the  "Board") 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.

     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.  Generally  accepted
accounting principles require that permanent financial reporting tax differences
relating to shareholder distributions be reclassed to paid-in capital.

                             IMS CAPITAL VALUE FUND
                          NOTES TO FINANCIAL STATEMENTS
                            JUNE 30, 2000 - CONTINUED

NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES

     The Fund retains IMS Capital  Management,  Inc.  (the  "Advisor") to manage
theFund'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
1.26% of the average  daily net assets of the Fund.  For the year ended June 30,
2000 the  Advisor  received  fees of  $142,721  from the Fund.  The  Advisor has
contractually  agreed to  reimburse  Fund  expenses to the extent  necessary  to
maintain  total  operating  expenses at the rate of 1.59% of net assets  through
October  31,  2004.  For the year ended  June 30,  2000 the  Advisor  reimbursed
expenses of $55,066.  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 months of July and August 1999, the Administrator received a
monthly  fee from the  Advisor  equal to an annual  rate of 0.10% of the  Fund's
assets under $50 million,  0.075% of the Fund's  assets from $50 million to $100
million, and 0.050% of the Fund's assets over $100 million (subject to a minimum
fee of $2,500 per month).  Currently  the  Administrator  receives a monthly fee
from the Advisor  equal to an annual rate of 0.20% of the Fund's  assets with no
monthly  minimum.  For the year ended June 30, 2000 the  Administrator  received
fees of $23,275  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 year ended June 30, 2000.  Certain  members of
management  of the  Administrator  and  the  Distributor  are  also  members  of
management of the Trust.

NOTE 4.  SHARE TRANSACTIONS

     As of June 30, 2000,  there were an unlimited  number of authorized  shares
for the Fund. Paid in capital at June 30, 2000 was $8,800,927.

     Transactions in shares were as follows:

                                YEAR ENDED                     YEAR ENDED
                               JUNE 30, 2000                 JUNE 30, 1999

                           SHARES       DOLLARS          SHARES         DOLLARS

Shares sold                67,647       $918,215         45,949         $607,468

Shares issued in
  reinvestment of          89,723      1,165,509              0                0
  distributions

Shares redeemed         (121,795)    (1,656,678)      (270,632)      (3,499,602)
                        ---------    ------------     ---------     ------------

                           35,575       $427,046      (224,683)     $(2,892,134)
                        =========    ============     =========     ============

                             IMS CAPITAL VALUE FUND
                          NOTES TO FINANCIAL STATEMENTS
                            JUNE 30, 2000 - CONTINUED

NOTE 5. INVESTMENTS

     For the year  ended  June  30,  2000,  purchases  and  sales of  investment
securities,  other  than  short-term  investments,   aggregated  $8,216,569  and
$9,066,048,  respectively.  The gross unrealized appreciation for all securities
totaled  $2,831,707  and the gross  unrealized  depreciation  for all securities
totaled $327,112 for a net unrealized appreciation of $2,504,595.  The aggregate
cost of  securities  for  federal  income  tax  purposes  at June  30,  2000 was
$9,172,412.

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. SUBSEQUENT EVENT

     As of July 1, 2000,  Unified Fund Services,  Inc., 431 N. Pennsylvania St.,
Indianapolis,  IN  46204  ("Unified"),  a wholly  owned  subsidiary  of  Unified
Financial  Services,  Inc.,  acts as the  Fund's  transfer  agent  and,  in such
capacity,   maintains  the  records  of  each  shareholder's  account,   answers
shareholders'  inquiries  concerning  their  accounts,  processes  purchases and
redemptions of the Fund's shares,  acts as dividend and distribution  disbursing
agent and performs  other  shareholder  service  functions.  For its services as
transfer  agent,  Unified  receives a monthly  fee from the Advisor of $1.20 per
shareholder  (subject to a minimum  monthly fee of $750).  In addition,  Unified
provides the Fund with fund accounting services,  which includes certain monthly
reports, record keeping and other management-related  services. For its services
as fund  accountant,  Unified  receives an annual fee from the Advisor  equal to
0.0275%  of the  Fund's  assets up to $100  million,  and  0.0250% of the Fund's
assets from $100 million to $300 million,  and 0.0200% of the Fund's assets over
$300 million  (subject to various monthly minimum fees, the maximum being $2,000
per month for  assets of $20  million to $100  million).  Prior to July 1, 2000,
American Data Services,  Inc. ("ADS"),  Hauppauge  Corporate  Center,  150 Motor
Parkway,  Hauppauge, New York 11788, acted as the Fund's transfer agent and fund
accountant.

     AmeriPrime  Financial  Services,  Inc. is also a wholly owned subsidiary of
Unified Financial  Services,  Inc., and as such, this relationship would require
that Unified Financial Services, Inc. be considered an affiliate of the Fund.
<PAGE>
                        INDEPENDENT AUDITOR'S REPORT

To The Shareholders and
Board of Trustees
IMS Capital Value Fund (a series of the AmeriPrime Funds)

We have audited the accompanying  statement of assets and liabilities of the IMS
Capital Value Fund, including the schedule of portfolio investments,  as of June
30, 2000, and the related  statement of operations for the year then ended,  the
statement of changes in net assets, and the financial highlights for each of the
periods indicated.  These financial  statements and financial highlights are the
responsibility  of the Fund's  management.  Our  responsibility is to express an
opinion on these  financial  statements  and financial  highlights  based on our
audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable  assurance  about  whether the  financial  statements  and  financial
highlights are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements. Our procedures included confirmation of investments and cash held as
of June 30, 2000 by  correspondence  with the custodian.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements and financial  highlights referred to
above present fairly, in all material  respects,  the financial  position of the
IMS Capital Value Fund as of June 30, 2000,  the results of its  operations  for
the year then ended, the changes in its net assets, and the financial highlights
for  each of the  periods  indicated,  in  conformity  with  generally  accepted
accounting principles.

McCurdy & Associates CPA's, Inc.
Westlake, Ohio  44145
July 19, 2000


<PAGE>
                             AUXIER FOCUS FUND UPDATE

                                 BY JEFF AUXIER

Dear Fellow Shareholders:

INVESTMENT RESULTS - FISCAL YEAR ENDED JUNE 2000

The Auxier Focus Fund (the "Fund"),  ticker symbol AUX1Z,  ended its June fiscal
year with a .23%  return for the year.  It should be noted that the Fund did not
start  investing in accordance  with its investment  objective  until October 1,
1999. Therefore,  the true time frame is not twelve months, but closer to six or
seven months.

Total Return

Periods Ending 6/30/00                       AUX1Z           S&P 500
--------------------------------------------------------------------------------
Year to date                                 (2.63)%         (0.43)%
Total return since inception                   .23%           4.91%


Date          Auxier Focus Fund    S&P 500 Level
       7/9/99            10000        1403.28
      7/30/99            10020        1329.89
      8/31/99            10040        1323.31
      9/30/99         10070.00        1287.07
     10/31/99         10450.00        1368.49
     11/30/99         10260.00        1396.30
     12/31/99         10293.80        1478.49
      1/31/00         10414.20        1404.22
      2/29/00         10133.28        1377.66
      3/31/00         10574.73        1512.35
      4/30/00         10233.61        1466.87
      5/30/00         10012.88        1436.76
      6/30/00         10022.91        1472.18


|X|  Past performance is not indicative of future performance
|X|  The Auxier Focus Fund's historical results are net of all expenses,  versus
     the gross market benchmark (the S&P 500 Index). Investors are reminded that
     when  trying to achieve  benchmark  returns,  investment  management  fees,
     transaction costs and execution costs will be incurred.

|X|  The S&P 500 Index is an unmanaged index of 500 selected common stocks, most
     of which are listed on the New York Stock  Exchange.  The Index is adjusted
     for dividends and weighted toward stocks with large market capitalizations.

|X|  Commencement of operations: July 9, 1999
|X|  Commencement of investment in accordance with investment objective:
     October 1, 1999.

APPROACH

My goal is to first identify fundamentally strong,  well-managed companies,  and
then  determine a price that  provides for a  compelling  risk/reward  ratio.  I
always  start with an  assessment  of the  downside  risk.  In order to keep the
compounding  process  going it is imperative  to first avoid  permanent  capital
loss. I put a huge emphasis on great  management  and their  capital  allocation
policies. I prize consistency in operating results. Current purchases tend to be
"out of favor" with the market and may not prove  themselves for several months.
When they do return to favor we generally are in a position to enjoy significant
upside as earnings go up together with an upward market  revaluation.  I am very
passionate  about  research  and that is the number one priority as far as how I
spend my day. I am currently the single largest shareholder of the Fund and I am
constantly  motivated to put forth the research  effort that will lead to strong
performance.

COMMENTARY AND OUTLOOK

Over the past 12 months the  Federal  Reserve  Board  raised  interest  rates by
1.75%.  This has put  pressure  on  equity  valuations  and  helped to wring out
excesses in the speculative areas of the market. Recently, evidence is appearing
that  points to a slower,  more  moderate  economic  pace.  Housing  starts  and
unemployment  numbers are slowing,  while  productivity  figures  look good.  If
interest rates have peaked, where is one to invest?

Salomon Smith Barney went back through 30 years of data to identify  significant
peaks in interest rates using the 10-year  treasury yield. The table below shows
the returns following the peak in rates.

S&P 500 TOTAL RETURN FOLLOWING A REVERSAL IN YIELDS

Date             Total Return - 6 months            Total Return - 12 Months
----             -----------------------            ------------------------

05-02-80          +23.9%                             +32.1%
11-06-81          +0.02%                             +22.7%
08-03-84          +12.6%                             +23.3%
01-15-88          +10.0%                             +16.8%
02-10-95          +16.8%                             +39.8%

Average Returns:             12.7%                              26.9%

The best  performing  sector  after  interest  rates  peaked  was the  financial
sector-- up an average of 33.4%  versus  17.56% for any 12-month  period.  Given
this historical  track record,  together with the fact that the financial sector
currently trades for roughly half the valuation of the S&P 500 and less then 1/5
of the NASDAQ 100, it makes sense to be currently overweighted in this sector.

An additional  study was conducted  that spanned the past 45 years.  An analysis
was made on the effects of both  falling  interest  rates and  slowing  earnings
growth on the performance of the equity market.  Falling interest rates resulted
in above average  equity  returns while rising  interest rates resulted in below
average returns. Surprisingly, liquidity in the form of lower interest rates was
shown to be more  important  than  earnings  growth  in  driving  equity  market
performance.

The Fund's  portfolio is currently  heavily  weighted in high quality  financial
companies to take advantage of what I see as a compelling investment opportunity
ahead.

We hope these  investments  as well as other first tier  companies  purchased at
attractive prices will contribute to future rewards for our shareholders.  Thank
you for your continuing support.

J. Jeffrey Auxier
Portfolio Manager


<PAGE>
<TABLE>
<CAPTION>
Auxier Focus Fund
Schedule of Investments - June 30, 2000
<S>                                                                <C>                      <C>
Common Stocks - 50.1%                                              Shares                         Value

Auto Manufacturer - 0.3%
General Motors Corp.                                                      75                         $ 4,355
                                                                                            -----------------
Banks - 3.3%
Fleet Boston Financial Corp.                                             400                          13,600
Firstar Corp.                                                            200                           4,200
Bank One Corp.                                                           200                           5,375
U.S. Bancorp                                                             600                          11,550
Washington Mutual, Inc.                                                  300                           8,794
                                                                                            -----------------
                                                                                                      43,519
                                                                                            -----------------
Biological Products - 2.6%
Amgen, Inc. (a)                                                          500                          35,125
                                                                                            -----------------
Broadcasting & Publishing - 1.7%
Charter Communications, Inc. - Class A (a)                             1,200                          19,725
TV Guide, Inc. - Class A (a)                                             100                           3,425
                                                                                            -----------------
                                                                                                      23,150
                                                                                            -----------------
Building Materials - 0.7%
Home Depot, Inc.                                                         100                           4,994
Lowe's Companies, Inc.                                                   100                           4,106
                                                                                            -----------------
                                                                                                       9,100
                                                                                            -----------------
Communications Equipment - 1.2%
Cox Communications, Inc. - Class A (a)                                   100                           4,631
Lucent Technologies, Inc.                                                200                          11,850
                                                                                            -----------------
                                                                                                      16,481
                                                                                            -----------------
Computer Equipment & Services - 0.4%
Ceridian, Corp. (a)                                                      200                           4,825
                                                                                            -----------------
Computer Systems - 2.5%
International Business Machines, Inc.                                    300                          32,869
                                                                                            -----------------
Computers-Networking - 0.7%
Auspex Systems, Inc. (a)                                               2,000                           9,875
                                                                                            -----------------
Data Telecommunications - 0.3%
SBC Communications, Inc.                                                 100                           4,325
                                                                                            -----------------
Delivery Services - 0.3%
Fed Ex Corp. (a)                                                         100                           3,800
                                                                                            -----------------
Electronics - 2.0%
Motorola, Inc.                                                           900                          26,156
                                                                                            -----------------
Entertainment - 0.5%
Carnival Corp.                                                           300                           5,813

                                                                                            -----------------
</TABLE>
<TABLE>

<CAPTION>
Auxier Focus Fund
Schedule of Investments - June 30, 2000 - continued
<S>                                                                <C>                      <C>
Common Stocks - continued                                          Shares                         Value

Financial Services - 6.9%
Associates First Capital Corp. - Class A                                 500                        $ 11,125
Berkshire Hathaway, Inc. - Class B (a)                                     7                          12,320
Fannie Mae                                                               100                           5,219
Federal Home Loan Mortgage Corp.                                       1,100                          44,550
H&R Block, Inc.                                                          600                          19,425
                                                                                            -----------------
                                                                                                      92,639
                                                                                            -----------------
Food & Beverage - 1.5%
Albertson's Inc.                                                         150                           4,988
Kroger Corp. (a)                                                         500                          10,969
Safeway, Inc. (a)                                                        100                           4,500
                                                                                            -----------------
                                                                                                      20,457
                                                                                            -----------------
Foreign Telecommunications - 2.9%
Telefonica, S.A. (c)                                                      29                           1,851
Telstra Corp. Ltd. (c)                                                   100                           2,069
Telefonos De Mexico S.A. (c)                                             600                          34,275
                                                                                            -----------------
                                                                                                      38,195
                                                                                            -----------------
Healthcare Services - 2.6%
American Home Products, Inc.                                             200                          11,750
Bristol-Myers Squibb, Inc.                                               400                          23,300
                                                                                            -----------------
                                                                                                      35,050
                                                                                            -----------------
Insurance - 0.2%
Allstate Corp.                                                           100                           2,294
                                                                                            -----------------
Internet - 0.6%
America Online, Inc. (a)                                                 150                           7,903
                                                                                            -----------------
Office Products - 0.4%
Xerox Corp.                                                              300                           6,000
                                                                                            -----------------
Oil & Natural Gas - 3.9%
Enron Corp.                                                              800                          51,600
                                                                                            -----------------
Paper & Forest Products - 0.8%
Willamette Industries, Inc.                                              400                          10,900
                                                                                            -----------------
Personal Care - 0.5%
Gillette Co.                                                             200                           6,988
                                                                                            -----------------
Pharmaceutical - 0.4%
Pfizer, Inc.                                                             100                           4,800
                                                                                            -----------------
Restaurants - 0.7%
McDonald's Corp.                                                         300                           9,806
                                                                                            -----------------
Retail - 0.1%
Successories, Inc. (a)                                                 1,000                           1,781
                                                                                            -----------------
</TABLE>
<TABLE>
<CAPTION>
Auxier Focus Fund
Schedule of Investments - June 30, 2000 - continued

<S>                                                                <C>                     <C>
Common Stocks - continued                                          Shares                         Value

Software Products - 2.1%
Microsoft Corp. (a)                                                      350                        $ 28,000
                                                                                            -----------------
Steel - 0.7%
Precision Castparts Corp.                                                200                           9,050
                                                                                            -----------------
Telecommunications - 8.9%
Centurytel, Inc.                                                         100                           2,906
Sprint Corp.                                                             100                           5,181
Global Crossing Ltd. (a)                                                 200                           5,262
General Motors Corp. - Class H (a)                                        26                           2,281
Loral Space & Communications, Ltd. (a)                                 1,900                          13,062
Nextlink Communications, Inc. (a)                                        200                           7,587
AT&T Corp.                                                             1,300                          41,113
Williams Communications Group, Inc. (a)                                  100                           3,313
WorldCom, Inc. (a)                                                       825                          37,847
                                                                                            -----------------
                                                                                                     118,552
                                                                                            -----------------
Transportation - 0.4%
United Parcel Services, Inc.                                             100                           5,900

TOTAL COMMON STOCKS (Cost $725,056)                                                                  669,308
                                                                                            -----------------
Unit Investment Trust - 0.4%
Amex Financial Select SPDR                                               200                           4,750
                                                                                            -----------------
TOTAL UNIT INVESTMENT TRUST (Cost $4,775)

Preferred Stocks - 0.4%
Telecomunicacoes Brasileiras S.A. - Telebras (c)                          50                           4,856
Tele Norte Leste Participacoes S.A. (c)                                    5                             118
                                                                                            -----------------
TOTAL PREFERRED STOCK (Cost $4,109)                                                                    4,974
                                                                                            -----------------

                                                                 Principal
                                                                   Value

Money Market Securities - 51.5%
Firstar Treasury Fund, 5.44% (b) (Cost $688,477)                   $ 688,477                         688,477
                                                                                            -----------------

TOTAL INVESTMENTS - 102.4%  (Cost $1,422,417)                                                      1,367,509
                                                                                            -----------------
Liabilities in excess of other assets - (2.4%)                                                       (31,467)
                                                                                            -----------------
TOTAL NET ASSETS - 100.0%                                                                        $ 1,336,042
                                                                                            =================



(a) Non-income producing
(b) Variable rate security; the coupon rate shown represents the rate at
    June 30, 2000.
(c) American Depository Receipt
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
<S>                                                        <C>                       <C>
Auxier Focus Fund                                                                        June 30, 2000
Statement of Assets & Liabilities


Assets
Investment in securities (cost $1,422,417)                                                 $ 1,367,509
Cash                                                                                             2,098
Receivable for fund shares sold                                                                    258
Dividends receivable                                                                               637
Interest receivable                                                                              2,861
                                                                                     ------------------
   Total assets                                                                              1,373,363

Liabilities
Accrued investment advisory fee                                   $ 2,386
Payable for securities purchased                                   34,935
                                                           -----------------

   Total liabilities                                                                            37,321
                                                                                     ------------------

Net Assets                                                                                 $ 1,336,042
                                                                                     ==================

Net Assets consist of:
Paid in capital                                                                            $ 1,374,313
Accumulated undistributed net investment income                                                 10,662
Accumulated undistributed net realized gain on investments                                       5,975
Net unrealized depreciation on investments                                                     (54,908)
                                                                                     ------------------

Net Assets, for 133,686 shares                                                             $ 1,336,042
                                                                                     ==================

Net Asset Value

Offering price and redemption price per share ($1,336,042/ 133,686)                             $ 9.99

                                                                                     ==================
</TABLE>
<TABLE>

<CAPTION>
Auxier Focus Fund
Statement of Operations for the period July 9, 1999
   (Commencement of Operations) to June 30, 2000
<S>                                                                   <C>                 <C>
Investment Income
Dividend income                                                                                    $ 3,522
Interest income                                                                                     20,923
                                                                                          -----------------
Total Income                                                                                        24,445


Expenses
Investment advisory fee                                                        $ 10,346
Trustees' fees                                                                    2,055
                                                                      ------------------
Total expenses before reimbursement                                              12,401
Reimbursed expenses                                                              (2,055)
                                                                      ------------------
Total operating expenses                                                                            10,346
                                                                                          -----------------
Net Investment Income                                                                               14,099
                                                                                          -----------------

Realized & Unrealized Gain (Loss)
Net realized gain on investment securities                                        5,975
Change in net unrealized depreciation
   on investment securities                                                     (54,908)
                                                                      ------------------
Net loss on investment securities                                                                  (48,933)
                                                                                          -----------------
Net decrease in net assets resulting from operations                                             $ (34,834)
                                                                                          =================
</TABLE>
<TABLE>
<CAPTION>
Auxier Focus Fund
Statement of Changes in Net Assets for the period July 9, 1999
  (Commencement of Operations) to June 30, 2000

<S>                                                                             <C>
Increase (Decrease) in Net Assets
Operations
   Net investment income                                                               $ 14,099
   Net realized gain on investment securities                                             5,975
   Change in net unrealized depreciation                                                (54,908)
                                                                               -----------------
   Net decrease in net assets resulting from operations                                 (34,834)
                                                                               -----------------
Distributions to shareholders
   From net investment income                                                            (3,437)
                                                                               -----------------
   Total distributions                                                                   (3,437)
                                                                               -----------------
Share Transactions
   Net proceeds from sale of shares                                                   1,370,891
   Shares issued in reinvestment of distributions                                         3,437
   Shares redeemed                                                                          (15)
                                                                               -----------------
Net increase in net assets resulting
   from share transactions                                                            1,374,313
                                                                               -----------------
   Total increase in net assets                                                       1,336,042
                                                                               -----------------

Net Assets
   Beginning of period                                                                        0
                                                                               -----------------
   End of period [including accumulated undistributed net
      investment income of $10,662]                                                 $ 1,336,042

                                                                               =================
</TABLE>

<PAGE>
<TABLE>
<CAPTION>
Auxier Focus Fund
Financial Highlights for the period July 9, 1999
   (Commencement of Operations) to June 30, 2000
<S>                                                <C>
Selected Per Share Data
Net asset value, beginning of period                     $ 10.00
                                                   --------------
Income from investment operations
   Net investment income                                    0.18
   Net realized and unrealized loss                        (0.16)
                                                   --------------
                                                   --------------
Total from investment operations                            0.02
                                                   --------------

Less distributions:
   Distributions from net investment income                (0.03)
   Distributions from net realized gains                    0.00
                                                   --------------
                                                   --------------
Total distributions                                        (0.03)
                                                   --------------
Net asset value, end of period                            $ 9.99
                                                   ==============

Total Return                                               0.23% (a)

Ratios and Supplemental Data
Net assets, end of period (000)                          $ 1,336
Ratio of expenses to average net assets                    1.35% (b)
Ratio of expenses to average net assets
   before reimbursement                                    1.62% (b)
Ratio of net investment income to
   average net assets                                      1.84% (b)
Ratio of net investment income to
   average net assets before reimbursement                 1.57% (b)
Portfolio turnover rate                                  192.04% (b)

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

</TABLE>


<PAGE>
                                AUXIER FOCUS FUND
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2000

NOTE 1.  ORGANIZATION

     The  Auxier  Focus  Fund  (the  "Fund")  was  organized  as a 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.

 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.

                                AUXIER FOCUS FUND
                          NOTES TO FINANCIAL STATEMENTS
                            JUNE 30, 2000 - CONTINUED

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 June 30, 2000,  the
advisor  manages  approximately  $175 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,
borrowing  costs,  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 June 30, 2000, the Advisor  received a fee of $10,346 from the Fund. The
Advisor  has  voluntarily  agreed  to  limit  the  total  expenses  of the  Fund
(excluding  borrowing  costs,  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 June 30, 2000, the
Advisor  reimbursed  expenses  of  $2,055.  There  is  no  assurance  that  such
reimbursement will continue in the future.

    The Fund retains AmeriPrime Financial Services,  Inc. (the "Administrator"),
a wholly owned  subsidiary of Unified  Financial  Services,  Inc., to manage the
Fund's business  affairs and to provide the Fund with  administrative  services,
including all regulatory reporting and necessary office equipment and personnel.
The Administrator receives a monthly fee equal to an annual rate of 0.10% of the
Fund's assets under $50 million, 0.075% of the Fund's assets from $50 million to
$100 million,  and 0.050% of the Fund's  assets over $100 million  (subject to a
minimum fee of $2,500 per month).  For the period July 9, 1999  (commencement of
operations)  through June 30, 2000, the  Administrator  received fees of $20,625
from the Advisor for administrative services provided to the Fund.

     The Fund retains Unified Fund Services,  Inc.  ("Unified"),  a wholly owned
subsidiary of Unified  Financial  Services,  Inc., to act as the Fund's transfer
agent and fund accountant.  For its services as transfer agent, Unified receives
a monthly  fee from the Advisor of $1.20 per  shareholder  (subject to a minimum
monthly fee of $750).  For the period July 9, 1999  (commencement of operations)
through  June 30, 2000,  Unified  received  fees of $11,041 for  transfer  agent
services  provided to the Fund.  For its  services as fund  accountant,  Unified
receives an annual fee from the Advisor equal to 0.0275% of the Fund's assets up
to $100 million,  0.0250% of the fund's assets from $100 million to $300 million
and 0.0200% of the Fund's assets over $300 million  (subject to various  monthly
minimum  fees,  the maximum  being $2,000 per month for assets of $20 million to
$100 million).  For the period July 9, 1999 (commencement of operations) through
June 30, 2000,  Unified  received  fees of $8,300 for fund  accounting  services
provided to the Fund.

     The Fund retains AmeriPrime Financial Securities, Inc. (the "Distributor"),
a wholly owned  subsidiary of Unified  Financial  Services,  Inc., to act as the
principal  distributor  of the  Fund's  shares.  No  payments  were  made to the
Distributor  for the period July 9, 1999  (commencement  of operations)  through
June 30,  2000.  Certain  members of  management  of the  Administrator  and the
Distributor are also members of management of the AmeriPrime Trust.

                                AUXIER FOCUS FUND
                          NOTES TO FINANCIAL STATEMENTS
                            JUNE 30, 2000 - CONTINUED

NOTE 4.  SHARE TRANSACTIONS

     As of June 30, 2000,  there was an unlimited  number of  authorized  shares
without par value for the Fund. Paid in capital at June 30, 2000 was $1,374,313.

     Transactions in shares were as follows:

                               FOR THE PERIOD JULY 9, 1999 (COMMENCEMENT OF
                                       OPERATIONS) TO JUNE 30, 2000
                                       SHARES           DOLLARS

Shares sold                          133,350                $1,370,891
Shares issued in
Reinvestment of
Dividend                                 337                      3,437
Shares  redeemed                          (1)                       (15)
                                    ---------               ------------
                                     133,686                  1,374,313
                                    ========                ============


<PAGE>



NOTE 5.  INVESTMENTS

     For the period from July 9, 1999 (commencement of operations)  through June
30, 2000,  purchases and sales of investment  securities,  other than short-term
investments,  aggregated $1,368,648 and $640,683,  respectively.  As of June 30,
2000, the gross unrealized  appreciation for all securities  totaled $47,275 and
the gross unrealized  depreciation for all securities totaled $102,183 for a net
unrealized depreciation of $54,908. The aggregate cost of securities for federal
income tax purposes at June 30, 2000 was $1,422,417.

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 June 30, 2000, J. Jeffery
Auxier, the President and Chief Investment Officer of the Advisor,  beneficially
owned in aggregate more than 50 % of the Fund.


<PAGE>

                          INDEPENDENT AUDITOR'S REPORT

To The Shareholders and
Board of Trustees

Auxier Focus Fund (a series of the AmeriPrime Funds)

We have  audited the  accompanying  statement of assets and  liabilities  of the
Auxier Focus Fund, including the schedule of portfolio  investments,  as of June
30, 2000, and the related  statement of operations,  the statement of changes in
net assets,  and the  financial  highlights  for the period from July 9, 1999 to
June 30, 2000 in the period then ended. These financial statements and financial
highlights are the responsibility of the Fund's  management.  Our responsibility
is to express an opinion on these financial  statements and financial highlights
based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable  assurance  about  whether the  financial  statements  and  financial
highlights are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements. Our procedures included confirmation of investments and cash held as
of June 30, 2000 by correspondence  with the custodian and broker. An audit also
includes assessing the accounting principles used and significant estimates made
by  management,   as  well  as  evaluating  the  overall   financial   statement
presentation.  We believe  that our audits  provide a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements and financial  highlights referred to
above present fairly, in all material  respects,  the financial  position of the
Auxier  Focus  Fund as of June 30,  2000,  the  results of its  operations,  the
changes in its net assets and the financial  highlights for the period from July
9, 1999 to June 30, 2000, in the period then ended, in conformity with generally
accepted accounting principles.

McCurdy & Associates CPA's, Inc.
Westlake, Ohio  44145
July 19, 2000



<PAGE>

DEAR FELLOW SHAREHOLDER,

In an environment of rising short-term interest rates, we have been pleased with
the performance of the Jumper Strategic Advantage Fund. We have outperformed the
Lehman  Brothers 1-Year Treasury  Bellwether  Government  Index over the past 12
months.  The fund  continues to maintain a large  exposure to the corporate bond
market.  This  sector of the bond  market has under  performed  over the past 12
months.  However,  we are confident that as the corporate market returns to more
historical  levels,  we will continue to  outperform.  As of June 30, 2000,  the
Jumper  Strategic  Advantage  Fund's  30 day  SEC  yield  was  7.24%,  providing
excellent yield for short-term  investors.  Of course, past performance is not a
guarantee of future results.

SHORT TERM INTEREST RATES

Over the past  year,  short-term  rates have  steadily  increased.  The  Federal
Reserve has increased the Fed Funds rate five times. Of these five, four were 25
basis point  increases  and the  remaining  was an increase of 50 basis  points.
Short-term  rates have  increased in excess of 100 basis points where  long-term
rates have actually decreased by 7 basis points.  Therefore, an inversion in the
yield curve has occurred.  Currently investors are picking up more return on the
short end of the yield curve in  contrast  to the long end.  An  inverted  yield
curve indicates that inflation  concerns in the long-term are not likely.  Thus,
it appears the Fed has been  successful in its attempts to slow the economy.  In
light of this,  we look for the  economy  to  experience  a soft  landing in the
second half of the year and for  short-term  rates to prove to be  unchanged  or
lower.

Also of importance to bond market investors, the fiscal year 2000 budget surplus
is expected to rise to $211 billion which has encouraged  Congress to retire all
publicly held Federal debt with maturities of 2012 or later. This has encouraged
Congress  to set a target  to buy back  all  publicly  held  federal  debt  with
maturities of 2012 or later. Regardless to the likelihood of meeting the target,
this informs  investors that the scarcity of long-duration  assets will continue
to increase  resulting in upward  pressure on prices as the most likely outcome.
This should result in reduced pressures on short-term interest rates,  therefore
proving beneficial to spread products or corporate bonds.

PERFORMANCE

As previously  stated,  the Fund has  outperformed  the Lehman  Brothers  1-Year
Treasury  Bellwether  Government  Index over the past 12 months.  For the period
ending June 30, 2000, the institutional class shares of the Fund had a return of
5.17%,  whereas  the  index had a total  return  of 5.11% for the same  12-month
period. We feel positive about the performance the Fund has achieved in light of
the current  environment of rising  interest  rates. We believe that as interest
rate trends reverse,  the Jumper  Strategic  Advantage  Fund's  performance will
continue to improve.

     Date          Jumper InsitutionalLehman Brother
                   Class - $10,571    1 Yeart-$10,833
     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            10050        10160
      3/31/99            10068        10220
      4/30/99             9994        10257
      5/31/99            10023        10285
      6/30/99            10051        10333
      7/31/99            10154        10376
      8/31/99            10205        10406
      9/30/99            10308        10459
     10/31/99            10297        10487
     11/30/99            10349        10507
     12/31/99            10396        10528
      1/31/00            10395        10554
      2/29/00            10453        10603
      3/31/00            10460        10650
      4/30/00            10507        10707
      5/30/00            10514        10758
      6/30/00            10571        10833


     Date          Jumper Investor    Lehman Brothers
                   Class - $10,249    1 Year - $10,346
      11/2/99            10000        10000
     11/30/99            10047        10020
     12/31/99            10091        10041
      1/31/00            10088        10067
      2/29/00            10143        10116
      3/31/00            10147        10163
      4/30/00            10139        10220
      5/30/00            10143        10271
      6/30/00            10249        10346

This graph compares the value of a $10,000 investment in the Fund and the Lehman
Brothers 1-Year Treasury  Bellwether  Government  Index on October 26, 1998 held
through June 30, 2000. The Lehman Brothers 1-Year Treasury Bellwether Government
Index  is an  unmanaged  index  representative  of the  average  current  1-year
Treasury  Bill;  the source of the index is the  Lehman  Brothers  Fixed  Income
Research Global Family of Indices.  The index 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.

This graph compares the value of a $10,000 investment in the Fund and the Lehman
Brothers 1-Year Treasury  Bellwether  Government  Index on November 2, 1999 held
through June 30, 2000. The Lehman Brothers 1-Year Treasury Bellwether Government
Index  is an  unmanaged  index  representative  of the  average  current  1-year
Treasury  Bill;  the source of the index is the  Lehman  Brothers  Fixed  Income
Research Global Family of Indices.  The index 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.
<TABLE>
<CAPTION>


                                                             INSTITUTIONAL A-SHARE CLASS
<S>                  <C>                              <C>                              <C>

                        Year To Date                   One Year Total Return            Average Annual Return
                                                                                            Since Inception

                      1/1/00 - 6/30/00                   7/1/99 - 6/30/00                10/26/98 - 6/30/00
                      ----------------                   ----------------                ------------------
A-SHARES                   1.68%                              5.17%                                3.35%
Lehman 1 Year              3.09%                              5.11%                                4.64%

</TABLE>

                                          INVESTOR B-SHARE CLASS

                        Year To Date                      Total Return Since
                                                              Inception
                      12/31/99 - 6/30/00                   11/02/99 - 6/30/00
                      ------------------                   ------------------
B-SHARES                      1.56%                                2.49%
Lehman 1 Year                 3.09%                                3.51%

FORWARD OUTLOOK

Looking  forward,  we will continue to seek to provide our  shareholders  with a
total return above  traditional  money  market  funds.  We believe this shall be
achieved  through our exposure to the  corporate  bond market.  We would like to
thank you for your continued  support.  We are delighted by your  confidence and
look forward to serving you investment needs.

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

Sincerely,


Jay Jumper
President

<TABLE>
<CAPTION>

Jumper Strategic Advantage Fund
Schedule of Investments - June 30, 2000
<S>                                                                <C>                         <C>

                                                                     Principal
Convertible Preferred Stock - 0.3%                                    Amount                         Value
TXU Corp. 9.25%                                                               500                       $ 19,438
                                                                                                -----------------

   TOTAL CONVERTIBLE PREFERED STOCK ( Cost $22,356)                                                       19,438
                                                                                                -----------------

Corporate Notes - 76.6%
Beneficial Corp. 6.28%, 1/15/02                                           125,000                        123,380
Carnival Corp. 5.65%, 10/15/00                                             50,000                         49,751
Comdisco, Inc. 7.23% 8/16/01                                               75,000                         73,710
Comdisco, Inc. 7.25%, 9/1/02                                              200,000                        193,792
Comdisco, Inc. SR NT 5.75%, 2/15/01                                        50,000                         49,158
Cox Communications, Inc. 7.00%, 8/15/01                                    75,000                         74,626
Donaldson Lufkin J. 6.25%, 8/1/01                                          50,000                         49,415
EOP Operating LP 6.376%, 2/15/02                                           75,000                         73,430
Finova Capital Corp. 6.375%, 10/15/00                                      50,000                         47,759
Finova Capital Corp. 6.625%, 9/15/01                                      250,000                        226,867
General Motors Acceptance Corp. 6.00%, 2/1/02 (a)                          75,000                         73,532
General Motors Corp. 9.125%, 7/15/01                                       50,000                         50,969
Heller Financial, Inc. 6.42%, 8/25/00                                      70,000                         69,934
Hertz Corp. 6.625%, 7/15/00                                                75,000                         74,987
Hertz Corp. 7.375%, 6/15/01                                               400,000                        400,360
ICI Wilmington, Inc. 6.75%, 9/15/02                                       325,000                        317,341
IKON Capital, Inc. 6.33%, 12/8/00                                         100,000                         99,366
International Lease Financial Corp. 6.375%, 2/15/02                       125,000                        123,157
Leman Brothers, Inc. 7.00%, 10/1/02                                       250,000                        246,498
Leman Brothers Holdings, Inc. 6.90%, 3/30/01                               50,000                         49,865
Lockheed Martin 6.85% 5/15/01                                             100,000                         99,563
MBNA Corp. 6.12%, 8/13/01                                                 125,000                        122,548
Midlantic Corp. 9.20%, 8/1/01                                              50,000                         50,864
Paine Webber Group 6.585%, 7/23/01                                         50,000                         49,452
Paine Webber Group 9.25%, 12/15/01                                         75,000                         76,510
Philip Morris Co. 9.00%, 1/1/01                                            50,000                         50,215
Popular, Inc. 6.20%, 4/30/01                                              150,000                        148,218
Raytheon Co. 5.95%, 3/15/01                                                75,000                         74,218
Ryder System, Inc. 6.67%, 8/30/01                                          75,000                         73,246
Sherwin-Williams Co. 6.50%, 2/1/02                                        100,000                         99,389
Softkey International, Inc. 5.50%, 11/1/00                                100,000                        100,250
Supervalu, Inc. 6.50%, 10/6/00                                             60,000                         59,854
Tyco International Group 6.125%, 6/15/01                                   75,000                         74,074
USG Corp. 9.25%, 9/15/01                                                  625,000                        636,093
Westinghouse Electric Corp. 8.875%, 6/1/01                                 75,000                         76,042
Williams Cos, Inc. 6.50%, 11/15/02                                        124,000                        121,813
Xerox Cap Europe PLC 5.75%, 5/15/02                                       250,000                        241,377
Xerox Corp. 8.125%, 4/15/02                                                75,000                         75,558
                                                                                                -----------------

   TOTAL CORPORATE NOTES (Cost $4,740,133)                                                             4,697,181
                                                                                                -----------------

Jumper Strategic Advantage Fund
Schedule of Investments - June 30, 2000 - continued


TOTAL INVESTMENTS - 76.9% (Cost $4,762,489)                                                          $ 4,716,619
                                                                                                -----------------

Other assets less liabilities - 23.1%                                                                  1,416,006
                                                                                                -----------------

TOTAL NET ASSETS - 100.0%                                                                            $ 6,132,625
                                                                                                =================
                                                                                                =================

(a) Variable rate security; the coupon rate shown represents the rate at June 30, 2000.

</TABLE>
<PAGE>
<TABLE>
<CAPTION>

Jumper Strategic Advantage Fund                                                          June 30, 2000
Statement of Assets & Liabilities
<S>                                                              <C>                <C>

Assets
Investment in securities (cost $4,762,489)                                                 $ 4,716,619
Interest receivable                                                                             92,826
Receivable from Advisor                                                                          3,667
Receivable for fund shares sold                                                              1,705,692
                                                                                     ------------------
   Total assets                                                                              6,518,804

Liabilities
Payable to custodian bank                                               $ 379,120
Accrued investment advisory fee                                             6,055
Accrued 12b-1 fees                                                          1,004
                                                                 -----------------

   Total liabilities                                                                           386,179
                                                                                     ------------------

Net Assets                                                                                 $ 6,132,625
                                                                                     ==================

Net Assets consist of:
Paid in capital                                                                            $ 6,270,277
Accumulated net realized loss on investments                                                   (91,782)
Net unrealized depreciation on investments                                                     (45,870)
                                                                                     ------------------

Net Assets                                                                                 $ 6,132,625
                                                                                     ==================

Net Asset Value

Institutional Class:
Net Asset Value, Offering price
  and redemption price per share ($4,398,593/2,251,262)                                         $ 1.95
                                                                                     ==================

Investor Class:
Net Asset Value, Offering price
  and redemption price per share ($1,734,032/889,586)                                           $ 1.95
                                                                                     ==================
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

Jumper Strategic Advantage Fund
Statement of Operations
For the year ended June 30, 2000

<S>                                                                 <C>                   <C>

Investment Income
Interest income                                                                                $ 199,843
                                                                                          ---------------
                                                                                                 199,843

Expenses
Investment advisory fee                                                        $ 23,043
Trustees' fees                                                                    2,055
12b-1 fee - Investor class                                                        1,676
                                                                      ------------------
Total expenses before reimbursement                                              26,774
Reimbursed expenses                                                              (2,055)
                                                                      ------------------
Total operating expenses                                                                          24,719
                                                                                          ---------------
                                                                                          ---------------
Net Investment Income                                                                            175,124
                                                                                          ---------------

Realized & Unrealized Gain (Loss)
Net realized loss on investment securities                                      (47,236)
Change in net unrealized appreciation
   on investment securities                                                      16,592
                                                                      ------------------
Net loss on investment securities                                                                (30,644)
                                                                                          ---------------
Net increase in net assets resulting from operations                                           $ 144,480
                                                                                          ===============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>

Jumper Strategic Advantage Fund
Statement of Changes in Net Assets
<S>                                                                            <C>                    <C>

                                                                                  For the year           For the period
                                                                                     ended                   ended
                                                                                 June 30, 2000         June 30, 1999 (a)
                                                                               -------------------     -------------------
Increase (Decrease) in Net Assets Operations
   Net investment income                                                                $ 175,124               $ 127,679
   Net realized loss on investment securities                                             (47,236)                (44,546)
   Change in net unrealized appreciation (depreciation)                                    16,592                 (62,462)
                                                                               -------------------     -------------------

   Net increase in net assets resulting from operations                                   144,480                  20,671
                                                                               -------------------     -------------------
Distributions to shareholders
   Institutional
       From net investment income                                                        (135,783)               (127,679)
       Return of capital                                                                   (6,251)                      0
   Investor
       From net investment income                                                         (39,341)                      0
       Return of capital                                                                   (1,321)                      0
                                                                               -------------------     -------------------

   Total distributions                                                                   (182,696)               (127,679)
                                                                               -------------------     -------------------
Share Transactions
   Net proceeds from sale of shares:
       Institutional                                                                    8,552,211               5,408,500
       Investor                                                                         5,154,398                       0
   Shares issued in reinvestment of distributions:
       Institutional                                                                      124,782                 127,679
       Investor                                                                            39,887                       0
   Shares redeemed:
       Institutional                                                                   (6,690,034)             (3,000,030)
       Investor                                                                        (3,439,544)                      0
                                                                               -------------------     -------------------
Net increase in net assets resulting
   from share transactions                                                              3,741,700               2,536,149
                                                                               -------------------     -------------------

   Total increase in net assets                                                         3,703,484               2,429,141
                                                                               -------------------     -------------------

Net Assets
   Beginning of period                                                                  2,429,141                       0
                                                                               -------------------     -------------------
   End of period [including accumulated net
      investment loss of $0 and $0, respectively]                                     $ 6,132,625             $ 2,429,141
                                                                               ===================     ===================


(a)  For the period October 26, 1998 (Commencement of Operations) to June 30, 1999.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Jumper Strategic Advantage Fund
Financial Highlights Institutional Class
<S>                                                <C>                    <C>

                                                        For the                For the
                                                       year ended           period ended
                                                     June 30, 2000        June 30, 1999 (a)
                                                   -------------------    ------------------
Selected Per Share Data
Net asset value, beginning of period                     $ 1.96                     1$92.00
                                                   -------------------    ------------------
Income from investment operations
   Net investment income                                         0.11                  0.05
   Net realized and unrealized loss                             (0.01)                (0.04)
                                                   -------------------    ------------------
                                                   -------------------    ------------------
Total from investment operations                                 0.10                  0.01
                                                   -------------------    ------------------
Less distributions
   from net investment income                                   (0.10)                (0.05)
   from return of capital                                       (0.01)                 0.00
                                                   -------------------    ------------------
Total distribution                                              (0.11)                 0.00
Net asset value, end of period                                 $ 1.95                $ 1.96
                                                   ===================    ==================

Total Return                                                    5.17%                 0.51% (b)

Ratios and Supplemental Data
Net assets, end of period (000)                                $4,399                $2,429
Ratio of expenses to average net assets                         0.75%                 0.75% (c)
Ratio of expenses to average net assets
   before reimbursement                                         0.82%                 0.85% (c)
Ratio of net investment income to
   average net assets                                           5.65%                 3.89% (c)
Ratio of net investment income to
   average net assets before reimbursement                      5.58%                 3.79% (c)
Portfolio turnover rate                                       187.73%               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 return is not annualized.
(c)  Annualized
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Jumper Strategic Advantage Fund
Financial Highlights Investor Class
<S>                                               <C>

                                                        For the
                                                      period ended
                                                   June 30, 2000 (a)
                                                   -------------------
Selected Per Share Data
Net asset value, beginning of period                           $ 1.98
                                                   -------------------
Income from investment operations
   Net investment income                                         0.08
   Net realized and unrealized loss                             (0.03)
                                                   -------------------
                                                   -------------------
Total from investment operations                                 0.05
                                                   -------------------
Less distributions
   from net investment income                                   (0.08)
                                                   -------------------

Net asset value, end of period                                 $ 1.95
                                                   ===================

Total Return                                                    2.49% (b)

Ratios and Supplemental Data
Net assets, end of period (000)                                $1,734
Ratio of expenses to average net assets                         1.00% (c)
Ratio of expenses to average net assets
   before reimbursement                                         1.04% (c)
Ratio of net investment income to
   average net assets                                           5.87% (c)
Ratio of net investment income to
   average net assets before reimbursement                      5.82% (c)
Portfolio turnover rate                                       187.73% (c)

(a)  For the period November 2, 1999 (commencement of operations) to June 30, 2000.
(b)  For periods of less than a full year, total return is not annualized.
(c)  Annualized
</TABLE>
<PAGE>
                         JUMPER STRATEGIC ADVANTAGE FUND
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2000

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 current
income with a low amount of share price fluctuation. 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" shares and "Investor Class" shares.  The classes
differ as follows:  1) Investor Class shares pay 12b-1 expenses of 0.25%, and 2)
each class may bear differing amounts of certain class specific expenses.

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  in  fixed-income  securities  with
maturities of less than 60 days when acquired,  or which subsequently are within
60 days of maturity, are valued by using the amortized cost method of valuation,
which the Board has determined will represent fair value.

FEDERAL  INCOME  TAXES - 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. At June 30, 2000, the Fund has a capital loss  carryforward of
$91,782; $44,546 expiring in 2006, and $47,236 expiring in 2007.

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.  Generally  accepted  accounting  principles
require  that  permanent  financial   reporting  tax  differences   relating  to
shareholder distributions be reclassed to paid in capital.



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.

                         JUMPER STRATEGIC ADVANTAGE FUND
                          NOTES TO FINANCIAL STATEMENTS
                            JUNE 30, 2000 - CONTINUED

NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED

     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 year ended June 30, 2000, the Advisor has received a fee of
$23,043 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 year ended June 30, 2000, the Advisor reimbursed  expenses of $2,055.  There
is no assurance that such reimbursement will continue in the future.

     The Fund retains AmeriPrime Financial Services, Inc. (the "Administrator"),
a wholly owned  subsidiary of Unified  Financial  Services,  Inc., to manage the
Fund's business  affairs and to provide the Fund with  administrative  services,
including all regulatory reporting and necessary office equipment and personnel.
The Administrator receives a monthly fee equal to an annual rate of 0.10% of the
Fund's assets under $50 million, 0.075% of the Fund's assets from $50 million to
$100 million,  and 0.050% of the Fund's  assets over $100 million  (subject to a
minimum  fee of  $1,250  per  month).  For the year  ended  June 30,  2000,  the
Administrator  received  fees of $30,000  from the  Advisor  for  administrative
services provided to the Fund.

     The Fund retains Unified Fund Services,  Inc.  ("Unified"),  a wholly owned
subsidiary of Unified  Financial  Services,  Inc., to act as the Fund's transfer
agent and fund accountant.  For its services as transfer agent, Unified receives
a monthly  fee from the Advisor of $1.20 per  shareholder  (subject to a minimum
monthly fee of $750).  For year ended June 30, 2000,  Unified  received  fees of
$17,664 for transfer  agent  services  provided to the Fund. For its services as
fund  accountant,  Unified  receives  an annual  fee from the  Advisor  equal to
0.0275% of the Fund's  assets up to $100  million,  0.0250% of the fund's assets
from $100  million to $300  million and  0.0200% of the Fund's  assets over $300
million  (subject to various  monthly minimum fees, the maximum being $2,000 per
month for assets of $20  million to $100  million).  For the year ended June 30,
2000, Unified received fees of $11,192 for fund accounting  services provided to
the Fund.

       The Investor class has adopted a Distribution Plan pursuant to Rule 12b-1
under the 1940 Act (the  "Plan").  The Plan for the Investor  class  permits the
Fund to pay directly, or reimburse the Advisor or Distributor,  for distribution
expenses in an amount not to exceed 0.25% of the average daily net assets of the
Fund. For the period November 2, 2000 (commencement of operations)  through June
30, 2000, the Investor shares paid $1,676 in 12b-1 fees incurred by the Fund.

   The Fund retains AmeriPrime Financial Securities, Inc. (the "Distributor"), a
wholly owned  subsidiary  of Unified  Financial  Services,  Inc.,  to act as the
principal  distributor  of the  Fund's  shares.  No  payments  were  made to the
Distributor  for the year ended June 30, 2000.  Certain members of management of
the  Administrator  and the  Distributor  are also members of  management of the
AmeriPrime Trust.

                         JUMPER STRATEGIC ADVANTAGE FUND
                          NOTES TO FINANCIAL STATEMENTS
                            JUNE 30, 2000 - CONTINUED

NOTE 4.  SHARE TRANSACTIONS

     As of June 30, 2000, there was an unlimited number of authorized shares for
the Fund. Paid in capital at June 30, 2000 was $6,270,277.

<TABLE>
<CAPTION>

 Transactions in shares were as follows:

                                   FOR THE YEAR ENDED                   FOR THE PERIOD OCTOBER 26, 1999
                                      JUNE 30, 2000                (COMMENCEMENT OF OPERATIONS) TO JUNE 30,
                                                                                     1999
<S>                          <C>                 <C>                   <C>                 <C>

                               SHARES               DOLLARS               SHARES               DOLLARS

INSTITUTIONAL:

Shares sold                    4,365,368           8,552,211            2,702,357            $5,408,500
Shares issued in
reinvestment of
dividend                          63,429            $124,782                64,846             $127,679
Shares Redemption             (3,414,110)        $(6,690,034)           (1,530,628)          (3,000,030)
                             -----------          ------------         ------------          -----------
                               1,014,687          $1,986,959             1,236,575           $2,536,149
                             ===========          ============         ============          ===========
</TABLE>


                              FOR THE PERIOD NOVEMBER 2, 1999
                               (COMMENCEMENT OF OPERATIONS)
                                     TO JUNE 30, 2000

                               SHARES                DOLLARS

INVESTOR:

Shares sold                   2,634,172           $5,154,398
Shares issued in                 20,488              $39,887
Shares Redemption            (1,765,074)         $(3,439,544)
                             -----------        -------------
                                889,586           $1,754,741
                             ===========        =============

NOTE 5. INVESTMENTS

     For the year  ended  June  30,  2000,  purchases  and  sales of  investment
securities,  other  than  short-term  investments,   aggregated  $5,243,561  and
$3,866,792, respectively. As of June 30, 2000, the gross unrealized appreciation
for all securities totaled $3,994 and the gross unrealized  depreciation for all
securities  totaled $49,864 for a net unrealized  depreciation  of $45,870.  The
aggregate  cost of securities  for federal  income tax purposes at June 30, 2000
was $4,762,489.

                         JUMPER STRATEGIC ADVANTAGE FUND
                          NOTES TO FINANCIAL STATEMENTS
                            JUNE 30, 2000 - 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.

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 June 30, 2000,  Deutsche
Banc Alex Brown LLC  beneficially  owned more than 98% of the Investor shares of
the  Fund  and  Robert  Bullard   beneficially   owned  more  than  42%  of  the
Institutional shares of the Fund.

<PAGE>
                          INDEPENDENT AUDITOR'S REPORT

To The Shareholders and
Board of Trustees

Jumper Strategic Advantage Fund (a series of the AmeriPrime Funds)

We have  audited the  accompanying  statement of assets and  liabilities  of the
Jumper   Strategic   Advantage   Fund,   including  the  schedule  of  portfolio
investments,  as of June 30, 2000,  and the related  statement of operations for
the year then ended,  the  statement of changes in net assets and the  financial
highlights for the year then ended, and the period from October 26, 1998 to June
30, 1999 in the period then ended.  These  financial  statements  and  financial
highlights are the responsibility of the Fund's  management.  Our responsibility
is to express an opinion on these financial  statements and financial highlights
based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable  assurance  about  whether the  financial  statements  and  financial
highlights are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements. Our procedures included confirmation of investments and cash held as
of June 30, 2000 by  correspondence  with the custodian.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements and financial  highlights referred to
above present fairly, in all material  respects,  the financial  position of the
Jumper  Strategic  Advantage  Fund as of  June  30,  2000,  the  results  of its
operations  for the year then  ended,  the  changes  in its net  assets  and the
financial  highlights  for the year then ended,  and the period from October 26,
1998 to June 30, 1999 in the period then ended,  in  conformity  with  generally
accepted accounting principles.

McCurdy & Associates CPA's, Inc.
Westlake, Ohio  44145
July 19, 2000




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