AMERIPRIME ADVISORS TRUST
                                AMERIPRIME FUNDS
                              UNIFIED SERIES TRUST

                   CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND
                            SENIOR FINANCIAL OFFICERS

I.       Covered Officers/Purpose of the Code

         This code of ethics (this "Code") applies to the Principal Executive
Officer and Principal Financial Officer and those serving similar functions (the
"Covered Officers" each of whom is set forth in Exhibit A) of AmeriPrime
Advisors Trust, AmeriPrime Funds and Unified Series Trust (each a "Company") for
the purpose of promoting:

o        honest and ethical  conduct,  including the ethical  handling of actual
         or apparent  conflicts of interest between personal and professional
         relationships;

o        full, fair, accurate, timely and understandable disclosure in reports
         and documents that a Company files with, or submits to, the Securities
         and Exchange Commission ("SEC") and in other public communications made
         by a Company;

o        compliance with applicable laws and governmental rules and regulations;

o        the prompt internal  reporting of violations of this Code to an
         appropriate  person or persons  identified in this Code; and

o        accountability for adherence to this Code.


         Each Covered Officer should adhere to a high standard of business
ethics and should be sensitive to situations that may give rise to actual as
well as apparent conflicts of interest.

II.      Covered Officers Should Handle Ethically Actual and Apparent Conflicts
         of Interest

         Overview. A "conflict of interest" occurs when a Covered Officer's
private interests interfere with the interests of, or the Covered Officer's
service to, a Company. For example, a conflict of interest would arise if a
Covered Officer, or a member of the Covered Officer's family, receives improper
personal benefits as a result of the Covered Officer's position with the
Company.

         Certain conflicts of interest arise out of the relationships between
Covered Officers and a Company and already are subject to conflict of interest
provisions in the Investment Company Act of 1940 ("Investment Company Act") and
the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example,
Covered Officers may not individually engage in certain transactions (such as
the purchase or sale of securities or other property) with a Company because of
their status as "affiliated persons" of the Company. This Code does not, and is
not intended to, repeat or replace any compliance programs and procedures of any
Company or the investment adviser designed to prevent, or identify and correct,
violations of the Investment Company Act and the Investment Advisers Act.

         Although typically not presenting an opportunity for improper personal
benefit, conflicts arise from, or as a result of, the contractual relationship
between a Company and an investment adviser or the administrator of which a
Covered Officer is also an officer or employee. As a result, this Code
recognizes that the Covered Officers will, in the normal course of their duties,
whether formally for a Company or the administrator, be involved in establishing
policies and implementing decisions that will have different effects on the
adviser or the administrator and the Company. The participation of the Covered
Officers in such activities is inherent in the contractual relationship between
a Company and the administrator and is consistent with the performance by the
Covered Officers of their duties as officers of the Company. Thus, if performed
in conformity with the provisions of the Investment Company Act, such activities
will be deemed to have been handled ethically. In addition, it is recognized by
each Company's Board of Trustees ("Board") that the Covered Officers may also be
officers or employees of one or more investment companies covered by other
codes.

         Other conflicts of interest are covered by this Code, even if such
conflicts of interest are not subject to provisions in the Investment Company
Act and the Investment Advisers Act. The following list provides examples of
conflicts of interest under this Code, but Covered Officers should keep in mind
that these examples are not exhaustive. The overarching principle is that the
personal interest of a Covered Officer should not be placed improperly before
the interest of any Company.

         Each Covered Officer must:

o        not use personal influence or personal relationships improperly to
         influence investment decisions or financial reporting by a Company
         whereby the Covered Officer would benefit personally to the detriment
         of the Company;

o        not cause a Company to take action, or fail to take action, for the
         individual personal benefit of the Covered Officer rather than the
         benefit of the Company;

o        not use material non-public knowledge of portfolio transactions made or
         contemplated for a Company to trade personally or cause others to trade
         personally in contemplation of the market effect of such transactions;

o        report at least annually any affiliations or other relationships
         related to conflicts of interest that the Company's Trustees and
         Officers Questionnaire covers.


         The Secretary of each Company shall be designated the Compliance
         Officer of the Company, solely for purposes of this Code of Ethics.
         There are some conflict of interest situations that should always be
         discussed with the Compliance Officer of a Company, if material.
         Examples of these include:

o        service as a director on the board of any public company;

o        the receipt of any non-nominal gifts;

o        the receipt of any entertainment from any company with which a Company
         has current or prospective business dealings unless such entertainment
         is business-related, reasonable in cost, appropriate as to time and
         place, and not so frequent as to raise any questions of impropriety;

o        any ownership interest in, or any consulting or employment relationship
         with, any Company's service providers, other than its principal
         underwriter, administrator or any affiliated person thereof; and

o        a direct or indirect financial interest in commissions, transaction
         charges, soft dollar credits or spreads paid by a Company for effecting
         portfolio transactions or for selling or redeeming shares other than an
         interest arising from the Covered Officer's employment, such as
         compensation or equity ownership.


III.     Disclosure and Compliance

o        Each Covered Officer should familiarize himself with the disclosure
         requirements generally applicable to each Company.

o        Each Covered Officer should not knowingly misrepresent, or cause others
         to misrepresent, facts about a Company to others, whether within or
         outside the Company, including to the Company's directors and auditors,
         and to governmental regulators and self-regulatory organizations.

o        Each Covered Officer should, to the extent appropriate within the
         Covered Officer's area of responsibility, consult with other officers
         and employees of each Company and of the advisers or the administrator
         with the goal of promoting full, fair, accurate, timely and
         understandable disclosure in the reports and documents the Company
         files with, or submits to, the SEC and in other public communications
         made by the Company.

o        It is the responsibility of each Covered Officer to promote compliance
         with the standards and restrictions imposed by applicable laws, rules
         and regulations.


IV.      Reporting and Accountability

         Each Covered Officer must:

o        upon adoption of this Code (or thereafter as applicable, upon becoming
         a Covered Officer), affirm in writing to the Board that the Covered
         Officer has received, read, and understands this Code;

o        annually thereafter affirm to the Board that the Covered Officer has
         complied with the requirements of this Code;

o        not retaliate against any other Covered Officer or any employee of a
         Company or their affiliated persons for reports of potential violations
         that are made in good faith; and

o        notify the Compliance Officer promptly if the Covered Officer knows of
         any violation of this Code. Failure to do so is itself a violation of
         this Code.

    The Compliance Officer is responsible for applying this Code to specific
    situations in which questions are presented under it and has the authority
    to interpret this Code in any particular situation. However, any approvals
    or waivers sought by a Covered Officer will be considered by the Audit
    Committee (the "Committee"), which will make recommendations to the Board.

         Each Company will follow these procedures in investigating and
enforcing this Code:

o        the  Compliance  Officer for the Company will take all  appropriate
         action to  investigate  any potential violations reported to the
         Compliance Officer;

o        the  Compliance  Officer  will review  with the outside  legal  counsel
         to the  Company the  findings  and conclusions of such investigation;

o        if, after such investigation and review, the Compliance Officer
         believes that no violation has occurred, the Compliance Officer is
         not required to take any further action;

o        any matter that the Compliance Officer believes is a violation will be
         reported to the Committee;

o        if the Committee concurs that a violation has occurred, it will
         inform and make a recommendation to the Board, which will consider
         appropriate action, which may include review of, and appropriate
         modifications to, applicable policies and procedures (including
         changes to this Code); notification of the violation to appropriate
         personnel of the investment adviser or the administrator or its
         board; or a recommendation to take disciplinary action against the
         Covered Officer, which may include, without limitation, dismissal;

o        the Board will be responsible for granting waivers, as appropriate; and

o        any changes to or waivers of this Code will, to the extent required,
         be disclosed as provided by SEC rules on Form N-CSR.


V.       Other Policies and Procedures

         This Code shall be the sole code of ethics adopted by each Company for
purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms
applicable to registered investment companies thereunder. Each Company's and its
investment advisers' and underwriters codes of ethics under Rule 17j-1 under the
Investment Company Act are separate requirements applying to the Covered
Officers and others, and are not part of this Code.

VI.      Amendments

         Any amendments to this Code, other than amendments to Exhibit A, must
be approved or ratified by a majority vote of the Board, including a majority of
independent trustees.

VII.     Confidentiality

          To the extent possible, all records, reports and other information
prepared, maintained or acquired pursuant to this Code will be treated as
confidential, it being understood that it may be necessary or advisable, that
certain matters be disclosed to third parties (e.g., to the board of directors
or officers of the adviser or the administrator).

VIII.    Internal Use

         This Code is intended solely for the internal use by each Company and
does not constitute an admission, by or on behalf of the Company, as to any
fact, circumstance, or legal conclusion.




Adopted July 21, 2003




















                                    Exhibit A


                     Persons Covered by this Code of Ethics

                                 Thomas Napurano
                                 Anthony Ghoston
                                 Freddie Jacobs, Jr., CPA
                                 Lynn E Wood





                                                              Exhibit B

                            AMERIPRIME ADVISORS TRUST
                                AMERIPRIME FUNDS
                              UNIFIED SERIES TRUST

                  Covered Officer Affirmation of Understanding


In accordance with Section IV of the Code of Ethics for Principal Executive and
Senior Financial Officers (the "Code"), the undersigned Covered Officer of the
Company (as defined in the Code) hereby affirms to the Board that the Covered
Officer has received, read, and understands the Code.



Date: ___________________           _________________________________________
                                            Covered Officer












                                                                    Exhibit C

                            AMERIPRIME ADVISORS TRUST
                                AMERIPRIME FUNDS
                              UNIFIED SERIES TRUST

                       Covered Officer Annual Affirmation


                   For the period June 1, 2004 to July 31, 2005


In accordance with Section IV of the Code of Ethics for Principal Executive and
Senior Financial Officers (the "Code"), the undersigned Covered Officer of the
Company (as defined in the Code) hereby affirms to the Board that the Covered
Officer, at all times during the period for which this affirmation is given, has
complied with each of the requirements of the Code.



Date: ___________________           _________________________________________
                                            Covered Officer