UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM N-CSR

              CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
                              INVESTMENT COMPANIES

Investment Company Act file number  811-09096
                                  -----------------

         AmeriPrime Funds
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(Exact name of registrant as specified in charter)

431 N Pennsylvania St.
- --------------------------------
Indianapolis, IN                            46204
- ------------------------------------------------------------------
(Address of principal executive offices)             (Zip code)

Freddie Jacobs
- ------------------------------------
Unified Fund Services, Inc.
- ------------------------------------
431 N. Pennsylvania St.
- ------------------------------------
Indianapolis, IN 46204
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(Name and address of agent for service)

Registrant's telephone number, including area code: 317-917-7000
                                                   ----------------------

Date of fiscal year end:   3/31
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Date of reporting period:  3/31/04
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the  transmission to stockholders of
any report that is required to be transmitted to  stockholders  under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection and policymaking roles.

A registrant  is required to disclose the  information  specified by Form N-CSR,
and the  Commission  will make this  information  public.  A  registrant  is not
required to respond to the  collection  of  information  contained in Form N-CSR
unless the Form  displays a  currently  valid  Office of  Management  and Budget
("OMB")  control number.  Please direct comments  concerning the accuracy of the
information  collection  burden  estimate and any  suggestions  for reducing the
burden to Secretary,  Securities and Exchange Commission,  450 Fifth Street, NW,
Washington,  DC 20549-0609.  The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.

ITEM 1. REPORTS TO STOCKHOLDERS. Incorporated by reference, previously submitted
     under accession number 0001035449-04-000255

ITEM 2. CODE OF ETHICS.  Incorporated by reference,  previously  submitted under
     accession number 0001035449-04-000255

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Incorporated by reference,  previously
     submitted under accession number 0001035449-04-000255



ITEM 4.  PRINCIPAL  ACCOUNTANT  FEES AND  SERVICES.  Incorporated  by reference,
     previously submitted under accession number 0001035449-04-000255

ITEM 5.  AUDIT  COMMITTEE  OF  LISTED  COMPANIES.   Incorporated  by  reference,
     previously submitted under accession number 0001035449-04-000255

ITEM 6. SCHEDULE OF INVESTMENTS. Incorporated by reference, previously submitted
     under accession number 0001035449-04-000255

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END FUNDS.
     Incorporated by reference,  previously  submitted  under  accession  number
     0001035449-04-000255

ITEM 8.  PURCHASES OF EQUITY  SECURITIES BY CLOSED-END  FUNDS.  Incorporated  by
     reference, previously submitted under accession number 0001035449-04-000255

ITEM 9.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY  HOLDERS.  Incorporated  by
     reference, previously submitted under accession number 0001035449-04-000255

ITEM 10. CONTROLS AND PROCEDURES.

(a)  Based  on  an  evaluation  of  the  registrant's  disclosure  controls  and
     procedures as of April 7, 2004, the disclosure  controls and procedures are
     reasonably  designed to ensure that the information  required in filings on
     Forms N-CSR is recorded,  processed,  summarized,  and reported on a timely
     basis.

ITEM 11.  EXHIBITS.   Incorporated  by  reference,  previously  submitted  under
     accession number 0001035449-04-000255

(a)(1) Code is filed herewith.- Annual

(a)(2)  Certifications  by the  registrant's  principal  executive  officer  and
     principal financial officer, pursuant to Section 302 of the Sarbanes- Oxley
     Act of 2002 and required by Rule  30a-2under the Investment  Company Act of
     1940 are filed herewith.

(a)(3) Not Applicable

(b)  Certification  pursuant to 18 U.S.C.  Section 1350, as adopted  pursuant to
     Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.



                                   SIGNATURES

Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)      AmeriPrime Funds
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By
*        /s/ Anthony J Ghoston
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         Anthony J. Ghoston, President

Date     June 21, 2005
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Pursuant to the  requirements  of the  Securities  Exchange  Act of 1934 and the
Investment  Company  Act of  1940,  this  report  has been  signed  below by the
following  persons on behalf of the  registrant and in the capacities and on the
dates indicated.

By
*        /s/ Anthony J Ghoston
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         Anthony J. Ghoston, President

Date     June 21, 2005
    -------------------------------------------------

By
*        /s/ Thomas Napurano
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 Thomas Napurano, Treasurer and Chief Financial Officer

Date     June 22, 2005
     -------------------------