-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, QpbhOhZ1H0UQMTwJOVtYdVaPZIq4scqSfA+wx3ZhnXQggil6eHazp7XljXDt/WMg Jq2MLkEs23+zdbGI1HsA3Q== 0001035449-01-500190.txt : 20010830 0001035449-01-500190.hdr.sgml : 20010830 ACCESSION NUMBER: 0001035449-01-500190 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010630 FILED AS OF DATE: 20010829 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERIPRIME FUNDS CENTRAL INDEX KEY: 0001000579 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 752616671 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-09096 FILM NUMBER: 1727139 BUSINESS ADDRESS: STREET 1: 1793 KINGSWOOD DR STREET 2: STE 200 CITY: SOUTHLAKE STATE: TX ZIP: 76092 BUSINESS PHONE: 8174311297 MAIL ADDRESS: STREET 1: 1793 KINGSWOOD DRIVE STREET 2: SUITE 200 CITY: SOUTHLAKE STATE: TX ZIP: 76092 NSAR-B 1 answer.fil AMERIPRIME FUNDS PAGE 1 000 B000000 06/30/2001 000 C000000 0001000579 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 AMERIPRIME FUNDS 001 B000000 811-9096 001 C000000 8172516700 002 A000000 1793 KINGSWOOD DRIVE SUITE 200 002 B000000 SOUTHLAKE 002 C000000 TX 002 D010000 76092 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 Y 007 B000000 20 007 C010100 1 007 C010200 2 007 C010300 3 007 C010400 4 007 C010500 5 007 C020500 IMS CAPITAL VALUE FUND 007 C030500 N 007 C010600 6 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 007 C011100 11 007 C011200 12 007 C021200 JUMPER STRATEGIC ADVANTAGE FUND 007 C031200 N 007 C011300 13 007 C011400 14 007 C011500 15 007 C011600 16 007 C021600 GJMB GROWTH FUND 007 C031600 N 007 C011700 17 007 C011800 18 007 C011900 19 007 C012000 20 007 C012100 21 007 C012200 22 007 C012300 23 PAGE 2 007 C012400 24 007 C022400 AUXIER FOCUS FUND 007 C032400 N 007 C012500 25 007 C012600 26 007 C012700 27 007 C012800 28 007 C012900 29 007 C013000 30 007 C013100 31 007 C013200 32 007 C013300 33 007 C013400 34 007 C013500 35 007 C013600 36 007 C013700 37 007 C013800 38 007 C013900 39 007 C014000 40 007 C014100 41 007 C014200 42 007 C014300 43 007 C014400 44 007 C014500 45 007 C014600 46 007 C014700 47 007 C014800 48 007 C014900 49 007 C015000 50 007 C015100 51 007 C015200 52 007 C015300 53 007 C015400 54 007 C015500 55 007 C015600 56 007 C015700 57 007 C015800 58 007 C015900 59 007 C016000 60 010 A00AA01 UNIFIED FUND SERVICES, INC. 010 B00AA01 84-00142 010 C01AA01 SOUTHLAKE 010 C02AA01 TX 010 C03AA01 76092 011 A00AA01 UNIFIED FINANCIAL SECURITIES, INC. 011 B00AA01 8-23508 011 C01AA01 INDIANAPOLIS 011 C02AA01 IN 011 C03AA01 46204 013 A00AA01 MCCURDY & ASSOCIATES CPA'S, INC. 013 B01AA01 WESTLAKE PAGE 3 013 B02AA01 OH 013 B03AA01 44145 015 A00AA01 FIRSTAR BANK, N.A. 015 B00AA01 C 015 C01AA01 CINCINNATI 015 C02AA01 OH 015 C03AA01 45202 015 E01AA01 X 018 00AA00 Y 019 A00AA00 N 019 B00AA00 0 020 A000001 PAINE WEBBER 020 C000001 49 020 A000002 CHARLES SCHWAB 020 C000002 13 020 A000003 FIDELITY INVESTMENTS 020 C000003 8 020 A000004 ALEX BROWN & SONS 020 C000004 4 020 A000005 SANFORD BERNSTEIN 020 C000005 2 020 A000006 DAVIDSON, D.A. & CO. 020 C000006 2 020 A000007 FOX, PITT, KELTON 020 C000007 1 020 A000008 CIS SECURITIES 020 C000008 1 020 A000009 DONALSON LUFKIN 020 C000009 0 020 A000010 MITCHELL SECURITIES 020 C000010 0 021 000000 80 022 A000001 FIRSTAR BANK 022 C000001 82965 022 D000001 18395 022 A000002 PRUDENTIAL SECURITIES 022 C000002 2392 022 D000002 608 022 A000003 AINTREE CAPITAL 022 C000003 1474 022 D000003 0 022 A000004 BB&T CAPITAL 022 C000004 1387 022 D000004 0 022 A000005 SOLOMON SMITH BARNEY 022 C000005 561 022 D000005 0 022 A000006 MORGAN STANLEY DEAN 022 C000006 0 022 D000006 497 022 A000007 DONALDSON LUFKIN PAGE 4 022 C000007 234 022 D000007 0 022 A000008 FIDELITY INVESTMENTS 022 C000008 108 022 D000008 70 022 A000009 TRADITION ASIEL SECURITIES 022 C000009 158 022 D000009 0 022 A000010 FOX, PITT, KELTON 022 C000010 113 022 D000010 0 023 C000000 89509 023 D000000 19635 026 A000000 N 026 B000000 Y 026 C000000 N 026 D000000 Y 026 E000000 N 026 F000000 N 026 G010000 N 026 G020000 N 026 H000000 N 027 000000 Y 029 00AA00 N 030 A00AA00 0 030 B00AA00 0.00 030 C00AA00 0.00 031 A00AA00 0 031 B00AA00 0 032 00AA00 0 033 00AA00 0 034 00AA00 N 035 00AA00 0 036 B00AA00 0 049 00AA00 N 050 00AA00 N 051 00AA00 N 052 00AA00 N 053 A00AA00 Y 053 B00AA00 Y 053 C00AA00 N 077 A000000 Y 077 B000000 Y 077 C000000 N 077 D000000 N 077 E000000 N 077 F000000 N 077 G000000 N 077 H000000 N 077 I000000 N 077 J000000 N PAGE 5 077 K000000 N 077 L000000 N 077 M000000 N 077 N000000 N 077 O000000 N 077 P000000 N 078 000000 N 080 A00AA00 FIDELITY AND DEPOSIT COMPANY OF MARYLAND 080 C00AA00 500 081 A00AA00 Y 081 B00AA00 46 082 A00AA00 N 082 B00AA00 0 083 A00AA00 N 083 B00AA00 0 084 A00AA00 N 084 B00AA00 0 085 A00AA00 Y 085 B00AA00 N 086 A010000 0 086 A020000 0 086 B010000 0 086 B020000 0 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 008 A000501 IMS CAPITAL MANAGEMENT 008 B000501 A 008 C000501 801-33939 008 D010501 PORTLAND 008 D020501 OR 008 D030501 97015 012 A000501 UNIFIED FUND SERVICES 012 B000501 84-00142 012 C010501 INDIANAPOLIS 012 C020501 IN 012 C030501 46204 014 A000501 UNIFIED FINANCIAL SECURITIES, INC. 014 B000501 8-23508 024 000500 N 025 D000501 0 025 D000502 0 025 D000503 0 025 D000504 0 025 D000505 0 025 D000506 0 PAGE 6 025 D000507 0 025 D000508 0 028 A010500 389 028 A020500 0 028 A030500 0 028 A040500 230 028 B010500 52 028 B020500 0 028 B030500 0 028 B040500 145 028 C010500 339 028 C020500 0 028 C030500 0 028 C040500 507 028 D010500 211 028 D020500 0 028 D030500 0 028 D040500 458 028 E010500 416 028 E020500 0 028 E030500 0 028 E040500 503 028 F010500 89 028 F020500 0 028 F030500 0 028 F040500 130 028 G010500 1496 028 G020500 0 028 G030500 0 028 G040500 1973 028 H000500 0 037 000500 N 038 000500 0 039 000500 N 040 000500 N 041 000500 N 042 A000500 0 042 B000500 0 042 C000500 0 042 D000500 0 042 E000500 0 042 F000500 0 042 G000500 0 042 H000500 0 043 000500 0 044 000500 0 045 000500 Y 046 000500 N 047 000500 Y 048 000500 1.590 048 A010500 0 PAGE 7 048 A020500 0.000 048 B010500 0 048 B020500 0.000 048 C010500 0 048 C020500 0.000 048 D010500 0 048 D020500 0.000 048 E010500 0 048 E020500 0.000 048 F010500 0 048 F020500 0.000 048 G010500 0 048 G020500 0.000 048 H010500 0 048 H020500 0.000 048 I010500 0 048 I020500 0.000 048 J010500 0 048 J020500 0.000 048 K010500 0 048 K020500 0.000 054 A000500 Y 054 B000500 Y 054 C000500 N 054 D000500 N 054 E000500 N 054 F000500 N 054 G000500 Y 054 H000500 Y 054 I000500 N 054 J000500 Y 054 K000500 N 054 L000500 N 054 M000500 Y 054 N000500 N 054 O000500 Y 055 A000500 N 055 B000500 N 056 000500 Y 057 000500 N 058 A000500 N 059 000500 Y 060 A000500 Y 060 B000500 Y 061 000500 5 062 A000500 N 062 B000500 0.0 062 C000500 0.0 062 D000500 0.0 062 E000500 0.0 062 F000500 0.0 PAGE 8 062 G000500 0.0 062 H000500 0.0 062 I000500 0.0 062 J000500 0.0 062 K000500 0.0 062 L000500 0.0 062 M000500 0.0 062 N000500 0.0 062 O000500 0.0 062 P000500 0.0 062 Q000500 0.0 062 R000500 0.0 063 A000500 0 063 B000500 0.0 066 A000500 Y 066 B000500 N 066 C000500 N 066 D000500 Y 066 E000500 N 066 F000500 N 066 G000500 N 067 000500 N 068 A000500 N 068 B000500 N 069 000500 N 070 A010500 Y 070 A020500 N 070 B010500 Y 070 B020500 N 070 C010500 N 070 C020500 N 070 D010500 Y 070 D020500 N 070 E010500 N 070 E020500 N 070 F010500 N 070 F020500 N 070 G010500 N 070 G020500 N 070 H010500 N 070 H020500 N 070 I010500 N 070 I020500 N 070 J010500 N 070 J020500 N 070 K010500 Y 070 K020500 Y 070 L010500 Y 070 L020500 N 070 M010500 N 070 M020500 N PAGE 9 070 N010500 N 070 N020500 N 070 O010500 N 070 O020500 N 070 P010500 N 070 P020500 N 070 Q010500 N 070 Q020500 N 070 R010500 N 070 R020500 N 071 A000500 7946 071 B000500 9551 071 C000500 10205 071 D000500 78 072 A000500 12 072 B000500 72 072 C000500 64 072 D000500 0 072 E000500 0 072 F000500 144 072 G000500 23 072 H000500 0 072 I000500 22 072 J000500 4 072 K000500 0 072 L000500 3 072 M000500 2 072 N000500 4 072 O000500 0 072 P000500 0 072 Q000500 18 072 R000500 8 072 S000500 5 072 T000500 0 072 U000500 5 072 V000500 0 072 W000500 23 072 X000500 261 072 Y000500 79 072 Z000500 -46 072AA000500 1472 072BB000500 0 072CC010500 0 072CC020500 1072 072DD010500 0 072DD020500 0 072EE000500 406 073 A010500 0.0000 073 A020500 0.0000 073 B000500 0.4900 073 C000500 0.0000 PAGE 10 074 A000500 236 074 B000500 0 074 C000500 1077 074 D000500 120 074 E000500 0 074 F000500 10051 074 G000500 0 074 H000500 0 074 I000500 0 074 J000500 0 074 K000500 7 074 L000500 13 074 M000500 5 074 N000500 11509 074 O000500 0 074 P000500 0 074 Q000500 0 074 R010500 0 074 R020500 0 074 R030500 0 074 R040500 21 074 S000500 0 074 T000500 11488 074 U010500 828 074 U020500 0 074 V010500 13.87 074 V020500 0.00 074 W000500 0.0000 074 X000500 271 074 Y000500 0 075 A000500 0 075 B000500 11416 076 000500 0.00 008 A001201 THE JUMPER GROUP 008 B001201 A 008 C001201 801-45453 008 D011201 CHATTANOOGA 008 D021201 TN 008 D031201 37402 012 A001201 UNIFIED FUND SERVICES, INC. 012 B001201 84-00124 012 C011201 INDIANAPOLIS 012 C021201 IN 012 C031201 46204 014 A001201 UNIFIED FINANCIAL SECURITIES 014 B001201 8-23508 024 001200 N 028 A011200 1149 028 A021200 34 028 A031200 0 028 A041200 250 PAGE 11 028 B011200 9 028 B021200 26 028 B031200 0 028 B041200 108 028 C011200 195 028 C021200 38 028 C031200 0 028 C041200 365 028 D011200 1683 028 D021200 70 028 D031200 0 028 D041200 1639 028 E011200 0 028 E021200 31 028 E031200 0 028 E041200 350 028 F011200 15 028 F021200 34 028 F031200 0 028 F041200 0 028 G011200 3051 028 G021200 233 028 G031200 0 028 G041200 2712 028 H001200 0 037 001200 N 038 001200 0 039 001200 N 040 001200 Y 041 001200 Y 042 A001200 0 042 B001200 0 042 C001200 0 042 D001200 0 042 E001200 0 042 F001200 0 042 G001200 0 042 H001200 100 043 001200 5 044 001200 0 045 001200 Y 046 001200 N 047 001200 Y 048 001200 0.750 048 A011200 0 048 A021200 0.000 048 B011200 0 048 B021200 0.000 048 C011200 0 048 C021200 0.000 048 D011200 0 PAGE 12 048 D021200 0.000 048 E011200 0 048 E021200 0.000 048 F011200 0 048 F021200 0.000 048 G011200 0 048 G021200 0.000 048 H011200 0 048 H021200 0.000 048 I011200 0 048 I021200 0.000 048 J011200 0 048 J021200 0.000 048 K011200 0 048 K021200 0.000 054 A001200 Y 054 B001200 Y 054 C001200 Y 054 D001200 Y 054 E001200 Y 054 F001200 Y 054 G001200 Y 054 H001200 Y 054 I001200 N 054 J001200 Y 054 K001200 Y 054 L001200 Y 054 M001200 Y 054 N001200 Y 054 O001200 N 055 A001200 N 055 B001200 N 056 001200 Y 057 001200 N 058 A001200 N 059 001200 Y 060 A001200 Y 060 B001200 Y 061 001200 5 062 A001200 Y 062 B001200 0.0 062 C001200 0.0 062 D001200 0.0 062 E001200 0.0 062 F001200 0.0 062 G001200 0.0 062 H001200 0.0 062 I001200 0.0 062 J001200 0.0 062 K001200 0.0 062 L001200 77.5 PAGE 13 062 M001200 6.2 062 N001200 15.9 062 O001200 0.0 062 P001200 0.0 062 Q001200 0.0 062 R001200 0.4 063 A001200 289 063 B001200 0.0 064 A001200 N 064 B001200 Y 065 001200 N 066 A001200 N 067 001200 N 068 A001200 N 068 B001200 N 069 001200 N 070 A011200 Y 070 A021200 N 070 B011200 N 070 B021200 N 070 C011200 N 070 C021200 N 070 D011200 N 070 D021200 N 070 E011200 N 070 E021200 N 070 F011200 N 070 F021200 N 070 G011200 N 070 G021200 N 070 H011200 N 070 H021200 N 070 I011200 Y 070 I021200 N 070 J011200 Y 070 J021200 N 070 K011200 Y 070 K021200 Y 070 L011200 N 070 L021200 N 070 M011200 N 070 M021200 N 070 N011200 Y 070 N021200 N 070 O011200 Y 070 O021200 N 070 P011200 N 070 P021200 N 070 Q011200 N 070 Q021200 N 070 R011200 N PAGE 14 070 R021200 N 071 A001200 3606 071 B001200 1380 071 C001200 5732 071 D001200 24 072 A001200 12 072 B001200 497 072 C001200 1 072 D001200 0 072 E001200 0 072 F001200 53 072 G001200 0 072 H001200 0 072 I001200 0 072 J001200 0 072 K001200 0 072 L001200 0 072 M001200 2 072 N001200 0 072 O001200 0 072 P001200 0 072 Q001200 0 072 R001200 0 072 S001200 0 072 T001200 5 072 U001200 0 072 V001200 0 072 W001200 0 072 X001200 60 072 Y001200 2 072 Z001200 440 072AA001200 0 072BB001200 0 072CC011200 0 072CC021200 216 072DD011200 315 072DD021200 118 072EE001200 0 073 A011200 0.1200 073 A021200 0.1100 073 B001200 0.0000 073 C001200 0.0000 074 A001200 12 074 B001200 0 074 C001200 851 074 D001200 5985 074 E001200 26 074 F001200 0 074 G001200 0 074 H001200 0 074 I001200 0 PAGE 15 074 J001200 0 074 K001200 0 074 L001200 141 074 M001200 0 074 N001200 7015 074 O001200 0 074 P001200 4 074 Q001200 0 074 R011200 0 074 R021200 0 074 R031200 0 074 R041200 6 074 S001200 0 074 T001200 7005 074 U011200 2516 074 U021200 1200 074 V011200 1.89 074 V021200 1.88 074 W001200 0.0000 074 X001200 27 074 Y001200 0 075 A001200 0 075 B001200 7005 076 001200 0.00 024 001500 N 025 D001501 0 025 D001502 0 025 D001503 0 025 D001504 0 025 D001505 0 025 D001506 0 025 D001507 0 025 D001508 0 028 A011500 0 028 A021500 0 028 A031500 0 028 A041500 0 028 B011500 355 028 B021500 0 028 B031500 0 028 B041500 0 028 C011500 12107 028 C021500 0 028 C031500 0 028 C041500 0 028 D011500 78 028 D021500 0 028 D031500 0 028 D041500 0 028 E011500 107 028 E021500 0 PAGE 16 028 E031500 0 028 E041500 0 028 F011500 78 028 F021500 0 028 F031500 0 028 F041500 0 028 G011500 12725 028 G021500 0 028 G031500 0 028 G041500 0 028 H001500 0 038 001500 0 045 001500 Y 046 001500 N 047 001500 Y 048 001500 1.100 048 A011500 0 048 A021500 0.000 048 B011500 0 048 B021500 0.000 048 C011500 0 048 C021500 0.000 048 D011500 0 048 D021500 0.000 048 E011500 0 048 E021500 0.000 048 F011500 0 048 F021500 0.000 048 G011500 0 048 G021500 0.000 048 H011500 0 048 H021500 0.000 048 I011500 0 048 I021500 0.000 048 J011500 0 048 J021500 0.000 048 K011500 0 048 K021500 0.000 054 A001500 Y 054 B001500 Y 054 C001500 Y 054 D001500 Y 054 E001500 Y 054 F001500 Y 054 G001500 Y 054 H001500 Y 054 I001500 N 054 J001500 Y 054 K001500 Y 054 L001500 Y 054 M001500 Y PAGE 17 054 N001500 Y 054 O001500 Y 058 A001500 N 059 001500 Y 060 A001500 Y 060 B001500 Y 061 001500 10000 062 A001500 N 062 B001500 0.0 062 C001500 0.0 062 D001500 0.0 062 E001500 0.0 062 F001500 0.0 062 G001500 0.0 062 H001500 0.0 062 I001500 0.0 062 J001500 0.0 062 K001500 0.0 062 L001500 0.0 062 M001500 0.0 062 N001500 0.0 062 O001500 0.0 062 P001500 0.0 062 Q001500 0.0 062 R001500 0.0 066 A001500 Y 066 B001500 N 066 C001500 Y 066 D001500 N 066 E001500 N 066 F001500 N 066 G001500 N 067 001500 N 068 A001500 N 068 B001500 N 069 001500 N 070 A011500 Y 070 A021500 N 070 B011500 Y 070 B021500 N 070 C011500 N 070 C021500 N 070 D011500 Y 070 D021500 N 070 E011500 Y 070 E021500 N 070 F011500 Y 070 F021500 N 070 G011500 Y 070 G021500 N 070 H011500 Y PAGE 18 070 H021500 N 070 I011500 N 070 I021500 N 070 J011500 N 070 J021500 N 070 K011500 N 070 K021500 N 070 L011500 Y 070 L021500 N 070 M011500 N 070 M021500 N 070 N011500 Y 070 N021500 N 070 O011500 Y 070 O021500 N 070 P011500 N 070 P021500 N 070 Q011500 N 070 Q021500 N 070 R011500 Y 070 R021500 N 071 A001500 0 071 B001500 0 071 C001500 0 071 D001500 0 072 A001500 0 072 B001500 0 072 C001500 0 072 D001500 0 072 E001500 0 072 F001500 0 072 G001500 0 072 H001500 0 072 I001500 0 072 J001500 0 072 K001500 0 072 L001500 0 072 M001500 0 072 N001500 0 072 O001500 0 072 P001500 0 072 Q001500 0 072 R001500 0 072 S001500 0 072 T001500 0 072 U001500 0 072 V001500 0 072 W001500 0 072 X001500 0 072 Y001500 0 072 Z001500 0 PAGE 19 072AA001500 0 072BB001500 0 072CC011500 0 072CC021500 0 072DD011500 0 072DD021500 0 072EE001500 0 073 A011500 0.0000 073 A021500 0.0000 073 B001500 0.0000 073 C001500 0.0000 074 A001500 0 074 B001500 0 074 C001500 0 074 D001500 0 074 E001500 0 074 F001500 0 074 G001500 0 074 H001500 0 074 I001500 0 074 J001500 0 074 K001500 0 074 L001500 0 074 M001500 0 074 N001500 0 074 O001500 0 074 P001500 0 074 Q001500 0 074 R011500 0 074 R021500 0 074 R031500 0 074 R041500 0 074 S001500 0 074 T001500 0 074 U011500 0 074 U021500 0 074 V011500 0.00 074 V021500 0.00 074 W001500 0.0000 074 X001500 0 074 Y001500 0 075 A001500 0 075 B001500 0 076 001500 0.00 008 A001601 GAMBLE, JONES, MORPHY & BENT 008 B001601 A 008 C001601 801-00000 008 D011601 PASADENA 008 D021601 CA 008 D031601 91101 012 A001601 UNIFIED FUND SERVICES, INC. PAGE 20 012 B001601 84-00142 012 C011601 INDIANAPOLIS 012 C021601 IN 012 C031601 46204 024 001600 N 028 A011600 579 028 A021600 0 028 A031600 0 028 A041600 151 028 B011600 128 028 B021600 0 028 B031600 0 028 B041600 18 028 C011600 416 028 C021600 0 028 C031600 0 028 C041600 197 028 D011600 216 028 D021600 0 028 D031600 0 028 D041600 81 028 E011600 201 028 E021600 0 028 E031600 0 028 E041600 131 028 F011600 42 028 F021600 0 028 F031600 0 028 F041600 386 028 G011600 1582 028 G021600 0 028 G031600 0 028 G041600 965 028 H001600 0 037 001600 N 038 001600 0 039 001600 N 040 001600 N 042 A001600 0 042 B001600 0 042 C001600 0 042 D001600 0 042 E001600 0 042 F001600 0 042 G001600 0 042 H001600 0 043 001600 0 044 001600 0 045 001600 Y 046 001600 N 047 001600 Y PAGE 21 048 001600 1.200 048 A011600 0 048 A021600 0.000 048 B011600 0 048 B021600 0.000 048 C011600 0 048 C021600 0.000 048 D011600 0 048 D021600 0.000 048 E011600 0 048 E021600 0.000 048 F011600 0 048 F021600 0.000 048 G011600 0 048 G021600 0.000 048 H011600 0 048 H021600 0.000 048 I011600 0 048 I021600 0.000 048 J011600 0 048 J021600 0.000 048 K011600 0 048 K021600 0.000 054 A001600 Y 054 B001600 Y 054 C001600 Y 054 D001600 Y 054 E001600 Y 054 F001600 Y 054 G001600 Y 054 H001600 Y 054 I001600 N 054 J001600 Y 054 K001600 Y 054 L001600 Y 054 M001600 Y 054 N001600 Y 054 O001600 N 055 A001600 Y 055 B001600 N 058 A001600 N 059 001600 Y 060 A001600 N 060 B001600 N 061 001600 200 062 A001600 N 062 B001600 0.0 062 C001600 0.0 062 D001600 0.0 062 E001600 0.0 062 F001600 0.0 PAGE 22 062 G001600 0.0 062 H001600 0.0 062 I001600 0.0 062 J001600 0.0 062 K001600 0.0 062 L001600 0.0 062 M001600 0.0 062 N001600 0.0 062 O001600 0.0 062 P001600 0.0 062 Q001600 0.0 062 R001600 0.0 066 A001600 Y 066 B001600 N 066 C001600 Y 066 D001600 N 066 E001600 N 066 F001600 N 066 G001600 N 067 001600 N 068 A001600 N 068 B001600 N 069 001600 N 070 A011600 N 070 A021600 N 070 B011600 N 070 B021600 N 070 C011600 N 070 C021600 N 070 D011600 N 070 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B001600 0.3400 073 C001600 0.0000 074 A001600 0 074 B001600 0 PAGE 24 074 C001600 2891 074 D001600 0 074 E001600 0 074 F001600 9979 074 G001600 0 074 H001600 0 074 I001600 0 074 J001600 0 074 K001600 1 074 L001600 14 074 M001600 0 074 N001600 12885 074 O001600 0 074 P001600 13 074 Q001600 0 074 R011600 0 074 R021600 0 074 R031600 0 074 R041600 175 074 S001600 0 074 T001600 12697 074 U011600 1268 074 U021600 0 074 V011600 10.01 074 V021600 0.00 074 W001600 0.0000 074 X001600 31 074 Y001600 0 075 A001600 0 075 B001600 13303 076 001600 0.00 008 A002401 AUXIER ASSET MANAGEMENT, LLC. 008 B002401 A 008 C002401 801-55757 008 D012401 TUALATIN 008 D022401 OR 008 D032401 97062 012 A002401 UNIFIED FUND SERVICES, INC. 012 B002401 84-00142 012 C012401 INDIANAPLOIS 012 C022401 IN 012 C032401 46206 012 C042401 6110 024 002400 N 025 D002401 0 025 D002402 0 025 D002403 0 025 D002404 0 025 D002405 0 025 D002406 0 025 D002407 0 PAGE 25 025 D002408 0 028 A012400 146 028 A022400 0 028 A032400 0 028 A042400 0 028 B012400 2119 028 B022400 0 028 B032400 0 028 B042400 0 028 C012400 825 028 C022400 0 028 C032400 0 028 C042400 0 028 D012400 402 028 D022400 0 028 D032400 0 028 D042400 14 028 E012400 559 028 E022400 0 028 E032400 0 028 E042400 0 028 F012400 380 028 F022400 0 028 F032400 0 028 F042400 0 028 G012400 4431 028 G022400 0 028 G032400 0 028 G042400 14 028 H002400 0 037 002400 N 038 002400 0 039 002400 N 040 002400 N 045 002400 Y 046 002400 N 047 002400 Y 048 002400 1.350 048 A012400 0 048 A022400 0.000 048 B012400 0 048 B022400 0.000 048 C012400 0 048 C022400 0.000 048 D012400 0 048 D022400 0.000 048 E012400 0 048 E022400 0.000 048 F012400 0 048 F022400 0.000 048 G012400 0 PAGE 26 048 G022400 0.000 048 H012400 0 048 H022400 0.000 048 I012400 0 048 I022400 0.000 048 J012400 0 048 J022400 0.000 048 K012400 0 048 K022400 0.000 054 A002400 Y 054 B002400 Y 054 C002400 Y 054 D002400 Y 054 E002400 Y 054 F002400 Y 054 G002400 Y 054 H002400 Y 054 I002400 N 054 J002400 Y 054 K002400 Y 054 L002400 Y 054 M002400 Y 054 N002400 Y 054 O002400 N 055 A002400 N 055 B002400 N 056 002400 Y 057 002400 N 058 A002400 N 059 002400 Y 060 A002400 N 060 B002400 N 061 002400 2 062 A002400 N 062 B002400 0.0 062 C002400 0.0 062 D002400 0.0 062 E002400 0.0 062 F002400 0.0 062 G002400 0.0 062 H002400 0.0 062 I002400 0.0 062 J002400 0.0 062 K002400 0.0 062 L002400 0.0 062 M002400 0.0 062 N002400 0.0 062 O002400 0.0 062 P002400 0.0 062 Q002400 0.0 062 R002400 0.0 PAGE 27 066 A002400 Y 066 B002400 N 066 C002400 Y 066 D002400 N 066 E002400 N 066 F002400 N 066 G002400 N 067 002400 N 068 A002400 N 068 B002400 N 069 002400 N 070 A012400 Y 070 A022400 N 070 B012400 N 070 B022400 N 070 C012400 N 070 C022400 N 070 D012400 N 070 D022400 N 070 E012400 N 070 E022400 N 070 F012400 N 070 F022400 N 070 G012400 N 070 G022400 N 070 H012400 N 070 H022400 N 070 I012400 N 070 I022400 N 070 J012400 Y 070 J022400 N 070 K012400 Y 070 K022400 Y 070 L012400 Y 070 L022400 Y 070 M012400 N 070 M022400 N 070 N012400 Y 070 N022400 N 070 O012400 Y 070 O022400 N 070 P012400 N 070 P022400 N 070 Q012400 N 070 Q022400 N 070 R012400 N 070 R022400 N 071 A002400 4038 071 B002400 759 071 C002400 1830 071 D002400 41 PAGE 28 072 A002400 12 072 B002400 72 072 C002400 24 072 D002400 0 072 E002400 0 072 F002400 45 072 G002400 0 072 H002400 0 072 I002400 0 072 J002400 0 072 K002400 0 072 L002400 0 072 M002400 2 072 N002400 0 072 O002400 0 072 P002400 0 072 Q002400 0 072 R002400 0 072 S002400 0 072 T002400 0 072 U002400 0 072 V002400 0 072 W002400 0 072 X002400 47 072 Y002400 2 072 Z002400 51 072AA002400 0 072BB002400 6 072CC012400 497 072CC022400 0 072DD012400 26 072DD022400 0 072EE002400 6 073 A012400 0.1300 073 A022400 0.0000 073 B002400 0.0300 073 C002400 0.0000 074 A002400 2 074 B002400 0 074 C002400 2849 074 D002400 221 074 E002400 43 074 F002400 4188 074 G002400 0 074 H002400 0 074 I002400 0 074 J002400 0 074 K002400 0 074 L002400 0 074 M002400 13 074 N002400 7316 PAGE 29 074 O002400 223 074 P002400 9 074 Q002400 0 074 R012400 0 074 R022400 0 074 R032400 0 074 R042400 0 074 S002400 0 074 T002400 7084 074 U012400 620 074 U022400 0 074 V012400 11.43 074 V022400 0.00 074 W002400 0.0000 074 X002400 90 074 Y002400 0 075 A002400 0 075 B002400 3295 076 002400 0.00 074 A003400 2 074 B003400 0 074 C003400 2849 074 D003400 221 074 E003400 43 074 F003400 4188 074 G003400 0 074 H003400 0 074 I003400 0 074 J003400 0 074 K003400 0 074 L003400 13 074 M003400 0 074 N003400 7316 SIGNATURE KENNETH D. TRUMPFHELLER TITLE PRESIDENT EX-99.77B 3 internalcontrol.txt AMERIPRIME FUNDS Board of Trustees Auxier Focus Fund (a series of the AmeriPrime Funds) In planning and performing our audit of the financial statements of the Auxier Focus Fund for the year ended June 30, 2001, we considered its internal control structure, including procedures for safeguarding securities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, not to provide assurance on the internal control structure. The management of the Auxier Focus Fund is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. Two of the objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition and transactions are executed in accordance with management's authorization and recorded properly to permit preparation of financial statements in conformity with generally accepted accounting principles. Because of inherent limitations in any internal control structure, errors or irregularities may occur and may not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that it may become inadequate because of changes in conditions or that the effectiveness of the design and operation may deteriorate. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of the specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected, within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving the internal control structure, including procedures for safeguarding securities, that we consider to be material weaknesses as defined above as of June 30, 2001. This report is intended solely for the information and use of management and the Securities and Exchange Commission. McCurdy & Associates CPA's, Inc. Westlake, Ohio July 24, 2001 Board of Trustees GJMB Growth Fund (a series of the AmeriPrime Funds) In planning and performing our audit of the financial statements of the GJMB Growth Fund for the year ended June 30, 2001, we considered its internal control structure, including procedures for safeguarding securities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, not to provide assurance on the internal control structure. The management of the GJMB Growth Fund is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. Two of the objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition and transactions are executed in accordance with management's authorization and recorded properly to permit preparation of financial statements in conformity with generally accepted accounting principles. Because of inherent limitations in any internal control structure, errors or irregularities may occur and may not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that it may become inadequate because of changes in conditions or that the effectiveness of the design and operation may deteriorate. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of the specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected, within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving the internal control structure, including procedures for safeguarding securities, that we consider to be material weaknesses as defined above as of June 30, 2001. This report is intended solely for the information and use of management and the Securities and Exchange Commission. McCurdy & Associates CPA's, Inc. Westlake, Ohio July 24, 2001 June 30, 2001 Dear Fellow Shareholders, The IMS Capital Value Fund employs a fundamental value approach, diversifying its holdings across all major sectors of the market. The Fund seeks to identify undervalued companies in opportunistic industries that are showing concrete signs of positive business momentum. The Fund will be having its 5th birthday on August 5th, 2001. This represents an important milestone and provides an opportunity for us to reflect on what the Fund has accomplished in its first five years. The Fund has earned a four star rating from Morningstar, Inc. for the three-year period ended June 30, 2001*. We have lowered the Fund's expense ratio twice. The Fund has been added to the platforms at Charles Schwab, Fidelity, TD Waterhouse, and American Express. The Fund has been the subject of four television interviews by Paul Kangas of the Nightly Business Report, and has received favorable press coverage from publications including SmartMoney magazine, BusinessWeek magazine, USA Today, and the Wall Street Journal**. In addition, the Fund has grown from zero to nearly twelve million dollars in assets. We are proud of the Fund's consistent performance, its adherence to the principles of value investing, and the way it has held up during this tough market cycle. We treat the money in the Fund as if it were our own; in fact, all of us at IMS Capital Management invest our 401K retirement plan assets in the IMS Capital Value Fund. We continually strive towards our goal of making the IMS Capital Value Fund one of the most successful and respected funds in the industry. We sincerely appreciate the confidence and trust you have placed with us. We are working hard to reward your decision with solid investment returns. Sincerely, Carl W. Marker Portfolio Manager IMS Capital Value Fund *To assign Star Ratings, a fund's risk score is subtracted from the fund's return score. Then all funds in a category are ranked by the resulting number. The top 10% of funds receive five stars, the next 22.5% receive four stars, the middle 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive a single star. The IMS Capital Value Fund was rated among 189 domestic mid-cap value funds. The IMS Capital Value Fund has received a three-year rating of four stars, a five-year rating of three stars and an overall rating of three stars. Morningstar ratings are calculated monthly and are current through June 30, 2001. **SmartMoney August 1997, BusinessWeek April 9, 2001, USA Today April 3, 1997, and the Wall Street Journal May 7, 2001. The prospectus should be read carefully before investing. To request a prospectus for more complete information, including charges and expenses, call toll free 1-800-934-5550. Past performance does not guarantee future results. Shares when redeemed may be worth more or less than their original cost. Distributed by Unified Financial Securities, Inc., Member NASD, SIPC. 431 North Pennsylvania Street, Indianapolis, IN 46204 Fund Performance for periods ended June 30, 2001 In terms of performance this year, the Fund is up +14.63% through the first six months ending June 30, 2001. Most of the major market averages have lost money over the same period: Dow Jones Industrial Average -6.10%, S & P 500 Index -7.13% and NASDAQ -13.62%**. Our benchmark, the Russell Mid-Cap Value Index posted a return of 3.25%. Returns for the 1-year, 3-year and since inception periods are listed below. Average Fund/Index Annual Return Average Annual Since Inception Six Three Year Return (August 5, 1996) Months One Year IMS Capital Value Fund 14.63% 3.72% 9.37% 11.84% Russell Mid-Cap Value 3.25% 23.92% 6.43% 14.90% Index IMS Fund Return Russell Index Values Index Returns Index$ Fund$ 8/5/96 399.514 $10,000 $10,000 9/30/96 5.00% 419.660 5.04% $10,504 $10,500 12/31/96 6.10% 455.830 8.62% $11,410 $11,141 3/31/97 5.21% 463.590 1.70% $11,604 $11,721 6/30/97 6.23% 521.980 12.60% $13,065 $12,451 9/30/97 6.18% 588.560 12.76% $14,732 $13,221 12/31/97 -10.08% 612.500 4.07% $15,331 $11,888 3/31/98 14.42% 673.710 9.99% $16,863 $13,602 6/30/98 -2.69% 656.390 -2.57% $16,430 $13,236 9/30/98 -15.31% 566.740 -13.66% $14,186 $11,210 12/31/98 20.10% 643.630 13.57% $16,110 $13,463 3/31/99 3.84% 623.590 -3.11% $15,609 $13,980 6/30/99 12.26% 693.318 11.18% $17,354 $15,694 9/30/99 -13.19% 619.570 -10.64% $15,508 $13,624 12/31/99 16.39% 642.920 3.77% $16,093 $15,857 3/31/00 9.69% 649.400 1.01% $16,255 $17,393 6/30/00 -4.00% 638.490 -1.68% $15,982 $16,698 9/30/00 -1.22% 700.110 9.65% $17,524 $16,494 12/31/00 -8.40% 766.320 9.46% $19,181 $15,108 3/31/01 7.93% 739.170 -3.54% $18,502 $16,307 6/30/01 6.20% 791.230 7.04% $19,805 $17,318 Past performance does not guarantee future results. 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, 2001. 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. Investors cannot invest directly in the index. Please read the prospectus carefully before investing as it contains important information, including information about the risk factors associated with the Fund. Investment return and principal value fluctuate in response to the activities of individual companies and general market and economic conditions. As a result, an investor's shares when redeemed may be worth more or less than their original cost. **The DJIA, the S&P 500, and the NASDAQ indices are unmanaged and it is therefore not possible to invest directly in them. Top Ten Equity Holdings - June 30, 2001 - --------------------------------------------------------------------------- Waste Management, Inc. 5.4% - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Niagara Mohawk Inc. 3.7% - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Wm. Wrigley Jr. Co. 3.7% - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- T. Rowe Price & Associates, Inc. 3.4% - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Atmel Corp. 3.4% - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Cendant Corp. 3.4% - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- OfficeMax Inc. 3.4% - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Sovereign Bancorp, Inc. 3.2% - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- American Power Conversion 3.2% - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- Gentiva Health Services, Inc. 3.1% - --------------------------------------------------------------------------- - --------------------------------------------------------------------------- The prospectus should be read carefully before investing. To request a prospectus for more complete information, including charges and expenses, call toll free 1-800-934-5550. Past performance does not guarantee future results. Shares when redeemed may be worth more or less than their original cost. Distributed by Unified Financial Securities, Inc., Member NASD, SIPC. 431 North Pennsylvania Street, Indianapolis, IN 46204 IMS Capital Value Fund Schedule of Investments - June 30, 2001 Common Stocks - 87.5% Shares Value Accident & Health Insurance - 2.4% Conseco, Inc. (a) 20,000 $ 277,000 --------- Air Courier Services - 2.1% FedEx Corp. (a) 6,000 241,200 --------- Biological Products - 1.9% Biogen Inc. (a) 4,000 217,440 --------- Dolls & Stuffed Toys - 1.1% Marvel Enterprises, Inc. (a) 40,500 122,715 --------- Electrical Services - 2.4% FirstEnergy Corp. 8,500 273,360 --------- --------- Electric & Other Services Combined - 3.7% Niagara Mohawk Holdings, Inc. 24,000 424,560 --------- Electrical Industrial Apparatus - 3.2% American Power Conversion, Inc. (a23,000 362,250 --------- Fats & Oils - 2.8% Archer Daniels Midland Co. 25,000 326,250 --------- Hospital & Medical Service Plans - 2.7% Oxford Health Plans (a) 5,700 163,020 PacifiCare Health Systems, Inc. - C9,000B (a) 146,700 --------- 309,720 --------- Life Insurance - 2.3% Lincoln National Corp. 5,000 258,750 --------- Meat Packing Plants - 1.9% ConAgra Foods Inc. 11,000 217,910 --------- National Commercial Banks - 2.4% First Tennesee National Corp. 8,000 277,680 --------- Petroleum Refining - 1.9% Pennzoil-Quaker State, Inc. 20,000 224,000 --------- Pharmaceutical Preparations - 2.7% Chiron Corp. (a) 6,000 306,000 --------- Radio & TV Broadcasting & Communications Equipment - 2.3% Gilat Satellite Networks Ltd. (a) 10,000 120,000 Motorola, Inc. 9,000 149,040 --------- 269,040 --------- Refuse Systems - 5.4% Waste Management, Inc. 20,000 616,400 --------- Retail Catalog & Mail Order Houses - 2.4% Schein Henry Inc. (a) 7,000 280,420 --------- Retail - Miscellaneous Shopping Goods Stores - 3.4% OfficeMax, Inc. (a) 105,000 387,450 --------- Savings Institutions, Federally Chartered - 3.2% Sovereign Bancorp Inc. 28,000 364,000 --------- Security & Commodity Brokers, Dealers, Exchanges & Services - 3.4% T. Rowe Price Associates, Inc. 10,500 392,595 --------- Security Brokers, Dealers & Flotation Companies - 2.8% Knight Trading Group, Inc. 10,000 106,900 Raymond James Financial Inc. 7,000 214,200 --------- --------- 321,100 --------- IMS Capital Value Fund Schedule of Investments - June 30, 2001 - continued Common Stocks - continued Shares Value Semiconductors & Related Devices - 7.3% Atmel Corp. (a) 29,000 $ 391,210 LSI Logic Corp. (a) 15,000 282,000 Unisys Corp. (a) 11,000 161,810 --------- 835,020 --------- Services - Help Supply Services - 3.1% Gentiva Health Services, Inc. (a) 20,000 360,000 --------- Services - Personal Services - 6.2% Block (H&R), Inc. 5,000 322,750 Cendant Corp. (a) 20,000 390,000 --------- 712,750 --------- Services - Prepackaged Software - 3.6% Novell, Inc. (a) 35,000 199,150 Symantec Corp. (a) 5,000 218,450 --------- 417,600 --------- Sugar & Confectionery Products - 3.7% Wm. Wrigley Jr. Company 9,000 421,650 --------- Surgical & Medical Instruments & Apparatus - 2.2% Boston Scientfic Corp. (a) 15,000 255,000 --------- Telephone & Telegraph Apparatus - 1.0% Tellabs Inc. (a) 6,000 116,280 --------- Telephone Communications (No Radio Telephone) - 4.0% AT&T Corp. 10,000 220,000 CenturyTel, Inc. 8,000 242,400 --------- 462,400 --------- TOTAL COMMON STOCKS (Cost $8,579,322) $ 10,050,540 --------- Principal Amount Value Bonds - 1.0% Marvel Enterprises, Inc. 12% 6/15/$250,000 $ 120,000 --------- (Cost $113,255) Money Market Securities - 9.4% Firstar U.S. Treasury Money Market Fund, 3.43% (b) (Cost $1,077,075) $1,077,075 $ 1,077,075 --------- TOTAL INVESTMENTS - 97.9% (Cost $9,769,652) 11,247,615 --------- --------- Cash and other assets less liabilities - 2.1% 240,614 --------- --------- TOTAL NET ASSETS - 100.0% $ 11,488,229 ========= (a) Non-income producing (b) Variable rate security; the coupon rate shown represents the rate at June 30, 2001. IMS Capital Value Fund June 30, 2001 Statement of Assets & Liabilities Assets Investment in securities (cost $9,769,652) $ 11,247,615 Cash 235,932 Dividends receivable 6,200 Interest receivable 4,228 Receivable for fund shares sold 2,622 Fees waived by advisor 7,233 Prepaid registration & filing fees 500 Deferred organization costs 4,598 ------------- Total assets 11,508,928 ------------- Liabilities Accrued investment advisory fee payable, net of waiver 11,932 Accrued expenses 8,517 Payable for fund shares repurchased 250 ------------- Total liabilities 20,699 ------------- Net Assets $ 11,488,229 ============= Net Assets consist of: Paid in capital $ 8,710,245 Accumulated undistributed net realized gain on investments 1,300,021 Net unrealized appreciation on investments 1,477,963 ------------- Net Assets, for 828,366 shares $ 11,488,229 ============= Net Asset Value Offering price and redemption price per share ($11,488,229/828,366) $13.87 ============= IMS Capital Value Fund Statement of Operations for the year ended June 30, 2001 Investment Income Dividend income $ 71,973 Interest income 64,488 ------------ ------------ Total Income 136,461 ------------ Expenses Investment advisory fee 144,169 Transfer agent fees [Note 3] 22,094 Administration fees [Note 3] 23,018 Pricing & bookkeeping fees [Note 3] 18,000 Audit fees 7,621 Legal fees 5,051 Amortization of organizational expenses [Note 6] 5,383 Custodian fees 4,152 Registration fees 3,890 Trustees' fees 2,081 Shareholder reports 2,775 Insurance 1,105 Miscellaneous expense 21,427 ------------ Total expenses before reimbursement 260,766 Reimbursed Fees (79,241) ------------ Total operating expenses 181,525 ------------ Net Investment Loss (45,064) ------------ Realized & Unrealized Gain (Loss) Net realized gain on investment securities 1,471,980 Change in net unrealized (depreciation) on investment securities (1,026,632) ------------ Net realized and unrealized gain (loss) on investment securities 445,348 ------------ Net increase in net assets resulting from operations $ 400,284 ============
IMS Capital Value Fund Statement of Changes in Net Assets Year Year Ended Ended June 30, June 30, 2001 2000 ------------ ----------- Increase (Decrease) in Net Assets Operations Net investment loss $ (45,064) $ (40,468) Net realized gain on investment securities 1,471,980 333,492 Change in net unrealized appreciation (depreciation) (1,026,632) 431,787 ------------ ----------- Net increase in net assets resulting from operations 400,284 724,811 ------------ ----------- Distributions to shareholders From net realized gain (405,947) (1,175,174) ------------ ----------- ------------ ----------- Total distributions (405,947) (1,175,174) ------------ ----------- Capital Share Transactions Net proceeds from sale of shares 2,031,252 918,215 Reinvestment of distributions 394,976 1,165,509 Amount paid for repurchase of shares (2,516,910) (1,656,678) ------------ ----------- Net increase (decrease) in net assets resulting from capital share transactions (90,682) 427,046 ------------ ----------- Total decrease in net assets (96,345) (23,317) Net Assets Beginning of period 11,584,574 11,607,891 ------------ ----------- End of period $ 11,488,229 $ 11,584,574 ============ =========== Capital Share Transactions: Shares sold 148,372 67,647 Shares issued in reinvestment of distributions 32,642 89,723 Shares repurchased (185,318) (121,795) ------------ ----------- Net increase (decrease) from capital transactions (4,304) 35,575 ============ ===========
IMS Capital Value Fund Financial Highlights Period Year ended Year ended Period ended ended June 30, June 30, June 30, Years ended October 31, October 31, ------------------------- ------------------------- 2001 2000 1999 (c) 1998 1997 1996 (d) --------- ----------- -------------- ----------- ----------- ----------- Selected Per Share Data Net asset value, beginning of period $ 13.91 $ 14.56 $ 11.28 $ 12.06 $ 10.76 $ 10.00 --------- ----------- -------------- ----------- ----------- ----------- Income from investment operations: Net investment (loss) (0.05) (0.05) 0.00 (0.06) (0.08) (0.01) Net realized and unrealized gain 0.50 0.88 3.28 0.12 1.38 0.77 --------- ----------- -------------- ----------- ----------- ----------- Total from investment operations 0.45 0.83 3.28 0.06 1.30 0.76 --------- ----------- -------------- ----------- ----------- ----------- Less distributions From net investment income 0.00 0.00 0.00 (0.03) 0.00 0.00 From net realized gain (0.49) (1.48) 0.00 (0.81) 0.00 0.00 --------- ----------- -------------- ----------- ----------- ----------- Total distributions (0.49) (1.48) 0.00 (0.84) 0.00 0.00 --------- ----------- -------------- ----------- ----------- ----------- Net asset value, end of period $ 13.87 $ 13.91 $ 14.56 $ 11.28 $ 12.06 $ 10.76 ========= =========== ============== =========== =========== =========== Total Return 3.72% 6.39% 29.08% (b) 2.27% 12.08% 7.60% (b) Ratios and Supplemental Data Net assets, end of period (000) $11,488 $11,585 $11,608 $11,524 $9,932 $4,741 Ratio of expenses to average net assets 1.59% 1.59% 1.59% (a) 1.73% 1.97% 1.84% (a) Ratio of expenses to average net assets before reimbursement 2.28% 2.08% 2.50% (a) 2.34% 2.54% 3.92% (a) Ratio of net investment (loss) to average net assets (0.39)% (0.36)% (0.04)(a) (0.53)% (0.64)% (0.25) (a) Ratio of net investment (loss) to average net assets before reimbursement (1.09)% (0.84)% (0.95)(a) (1.14)% (1.20)% (2.32) (a) Portfolio turnover rate 77.87% 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, 1998 through June 30, 1999 (d) August 5, 1996 (commencement of operations) to October 31, 1996
IMS Capital Value Fund Notes to Financial Statements June 30, 2001 NOTE 1. ORGANIZATION IMS Capital Value Fund (the "Fund") was organized as a series of AmeriPrime Funds (the "Trust") on July 25, 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 of capital. 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 that 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 opinion of the Fund's advisor (the "Advisor"), 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. If the Advisor decides that a price provided by the pricing service does not accurately reflect the fair market value of the securities, 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, in conformity with guidelines adopted by and 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 IMS Capital Value Fund Notes to Financial Statements June 30, 2001 - continued NOTE 2. SIGNIFICANT ACCOUNTING POLICIES - continued 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 reclassified to accumulated undistributed net realized gains. NOTE 3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES The Fund retains IMS Capital Management, Inc. (the "Advisor") to manage the Fund's investments. Carl W. Marker, Chairman and President of the Advisor, is primarily responsible for the day-to-day management of the Fund's portfolio. Under the terms of the management agreement (the "Agreement"), the Advisor manages the Fund's investments subject to approval of the Board. 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 fiscal year ended June 30, 2001 the Advisor received fees of $144,169 from the Fund. The Advisor has contractually agreed to waive all or a portion of its management fees and/or reimburse the Fund for expenses it incurs to maintain total operating expenses at the rate of 1.59% of average daily net assets through October 31, 2006. For the year ended June 30, 2001 the Advisor reimbursed expenses of $79,241. Effective October 12, 2000, AmeriPrime Financial Services, Inc. and Unified Fund Services, Inc., both wholly owned subsidiaries of Unified Financial Services, Inc., merged with one another. Prior to the merger, AmeriPrime Financial Services, Inc. served as Administrator to the Fund. The result of this merger is now Unified Fund Services, Inc. ("Unified"), still a wholly owned subsidiary of Unified Financial Services, Inc. A Trustee and the officers of the Trust are members of management and/or employees of Unified. The Fund retains Unified to manage the Fund's business affairs and provide the Fund with administrative services, including all regulatory reporting and necessary office equipment and personnel. Unified receives a monthly fee from the Fund equal to an annual rate of 0.20% of the Fund's assets with no monthly minimum. The Fund also retains Unified to act as the Fund's transfer agent and fund accountant. For its services as transfer agent, Unified receives a monthly fee from the Fund of $1.20 per shareholder (subject to a minimum monthly fee of $750). For its services as fund accountant, Unified receives an annual fee from the Fund 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). A Trustee and officers of the Trust are members of management and /or employees of Unified. Prior to December 31, 2000, the Fund had retained AmeriPrime Financial Securities, Inc. to act as the principal distributor of its shares. Effective December 31, 2000, AmeriPrime Financial Securities, Inc. sold substantially all of its assets to Unified Financial Securities, Inc. Both companies are wholly owned subsidiaries of Unified Financial Services, Inc. Effective December 31, 2000, the Fund retained Unified Financial Securities, Inc. to act as the principal distributor of its shares. There were no payments made to either distributor during the year ended June 30, 2001. A Trustee and officer of the Trust may be deemed to be an affiliate of AmeriPrime Financial Securities Inc. and Unified Financial Securities, Inc. IMS Capital Value Fund Notes to Financial Statements June 30, 2001- continued NOTE 4. INVESTMENTS For the year ended June 30, 2001, purchases and sales of investment securities, other than short-term investments, aggregated $7,946,109 and $9,550,704, respectively. As of June 30, 2001, the gross unrealized appreciation for all securities totaled $1,946,326 and the gross unrealized depreciation for all securities totaled $468,363 for a net unrealized appreciation of $1,477,963. The aggregate cost of securities for federal income tax purposes at June 30, 2001 was $9,769,652. NOTE 5. 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 6. DEFERRED ORGANIZATION COSTS The Fund has incurred expenses of $23,547 in connection with its organization. These costs have been deferred and are being amortized on a straight-line basis through June 20, 2002. 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, 2001, 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 auditing standards generally accepted in the United States of America. 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, 2001 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, 2001, 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 accounting principles generally accepted in the United States of America. McCurdy & Associates CPA's, Inc. Westlake, Ohio 44145 July 24, 2001 Board of Trustees Jumper Strategic Advantage Fund (a series of the AmeriPrime Funds) In planning and performing our audit of the financial statements of the Jumper Strategic Advantage Fund for the year ended June 30, 2000, we considered its internal control structure, including procedures for safeguarding securities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, not to provide assurance on the internal control structure. The management of the Jumper Strategic Advantage Fund is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. Two of the objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition and transactions are executed in accordance with management's authorization and recorded properly to permit preparation of financial statements in conformity with generally accepted accounting principles. Because of inherent limitations in any internal control structure, errors or irregularities may occur and may not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that it may become inadequate because of changes in conditions or that the effectiveness of the design and operation may deteriorate. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of the specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the financial statements being audited may occur and not be detected, within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving the internal control structure, including procedures for safeguarding securities, that we consider to be material weaknesses as defined above as of June 30, 2000. This report is intended solely for the information and use of management and the Securities and Exchange Commission. McCurdy & Associates CPA's, Inc. Westlake, Ohio July 19, 2000 -----END PRIVACY-ENHANCED MESSAGE-----