<PAGE>
AMERICAN
PERFORMANCE
FUNDS
LETTER FROM THE CHAIRMAN AND INVESTMENT ADVISER
DEAR SHAREHOLDERS:
We are pleased to report that the 12-month period ended August 31, 1996, was--
despite some periods of volatility--a good one for the financial markets and
for our shareholders. While the media were preoccupied with the day-to-day ups
and downs of technology stocks, the Dow Jones Industrial Average chugged
upward--and ultimately, gained some 1,000 points over the course of the 12
months. The fixed-income market, too, posted positive returns for the period--
an impressive showing given the uncertain and often volatile interest-rate
environment.
Moreover, despite the markets' anxiety over the direction of interest rates
and the pace of economic growth, investor enthusiasm remained high throughout
the period. Mutual funds saw record inflows, and many investors chose to
invest in the American Performance Funds. During the 12 months ended August
31, 1996, net assets under management rose from $659 million to $887 million,
an increase of 35%.
RISING RATES ROIL THE MARKETS
There is nothing the financial markets hate more than surprises--and as 1996
began, the markets were surprised when new estimates on growth suggested the
economy was not weakening as expected. Interest rates spiked on the news of
economic strength and bond prices dropped. For all the excitement, however,
interest rates never rose quite high enough to severely depress stock prices.
Throughout the spring and early summer, investors focused on the positive.
Unemployment was low; incomes were rising; and consumer confidence was strong.
While the markets grew more volatile as rates rose, stocks continued to trend
upward. In mid-July, when earnings reports suggested some weakness in the
technology industry, technology stocks tumbled and took the market down with
them--for about two and a half weeks. As we go to press, it's clear that this
minor correction in July did little to change attitudes or instill caution in
investors. In the second week of September, the Dow Jones Industrial Average
closed above 5,800.
CAUTION SIGNALED
Regardless of the market's enthusiasm, recent economic data have caused us to
take a more cautious approach to the financial markets. The economy appears to
have grown at a rate of 4.2% during the second quarter of the year--a number
far higher than the 2.5% the Federal Reserve believes to be non-inflationary.
Early estimates on economic activity in July and August suggest that the
economy is slowing down a bit. Federal Reserve officials, including Fed
Chairman Alan Greenspan, have made it clear that they are betting on slower
economic growth. The Fed chose not to increase interest rates at its August
meeting and seems disinclined to do so at the upcoming September meeting.
Nevertheless, the American consumer is still in a positive frame of mind and,
we believe, will continue to stimulate growth by spending. Consequently, while
we expect the economy to slow, we are still forecasting
<PAGE>
2% to 3% real GDP (Gross Domestic Product) growth for the second half of the
year. As a result, the inflation picture, which has been positive for the last
several years, may begin to deteriorate slightly in the months ahead.
We also find the exuberant attitude of stock market investors somewhat
worrisome. Such enthusiasm is not necessarily bad in itself, but it leaves
very little room for things to get better--and a great deal of room for
disappointment. Another consideration is the baby-boom generation's recent
inclination to start saving for retirement, which has added fuel to the
market's rise during the past two years. While demographic information
indicates that this inflow of cash will likely continue over the next decade,
these flows may have peaked temporarily. If this is the case, the stock market
is unlikely to continue hurtling upward at the breakneck pace of the recent
past. In addition, the market could be hurt if stocks fall out of favor with
these investors and they redirect their savings into other asset classes.
BETTER DAYS AHEAD FOR BONDS
The fixed-income markets remain key to our outlook for stocks, bonds and the
economy. Over the past year, the bond market has acted as a kind of brake on
the financial markets as a whole, with interest rates rising rapidly when
growth has shown signs of accelerating and rates falling quickly on
indications of weakness. The bond market's quick response appears to be
helping the economy break out of the boom-and-bust cycles of the past,
signaling an era of shallow ups and downs. Consequently, we expect to see the
economy growing at a moderate pace for the foreseeable future.
Further deterioration from today's bond price levels would pressure stocks
lower for the simple reason that the risk/reward characteristics of bonds
would become too attractive to ignore. However, we anticipate interest rates
to trade in a narrow range through the end of the year.
IN CLOSING . . .
We would like to thank you for your continued confidence in us. We look
forward to providing you with investment management and service to meet your
investment needs now and in the future. If you would like a prospectus, have
any questions or require any assistance, please don't hesitate to call us at
1-800-762-7085.
Sincerely,
/s/ Walter B. Grimm /s/ James L. Huntzinger
Walter B. Grimm James L. Huntzinger
Chairman BancOklahoma Trust Company
American Performance Funds
- -------------------------------------------------------------------------------
Shares of the Funds are not deposits or obligations of, or guaranteed or
endorsed by, BancOklahoma Trust Company, any of its affiliates or the
distributor. Shares are NOT FDIC INSURED nor are they insured by any other
government agency. An investment in the Funds involves investment risks,
including possible loss of principal.
-2-
<PAGE>
[This Page Intentionally Left Blank]
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-3-
<PAGE>
AMERICAN PERFORMANCE AGGRESSIVE GROWTH FUND
The 12 months ended August 31, 1996, were bumpy for aggressive growth
investors as small-capitalization stocks rode the rough tailwinds of
technology stocks. After rocketing to record highs during 1995, tech stocks
took a beating as the year drew to a close, only to regain momentum in the
spring and early summer of 1996, then take another drubbing in mid-July. While
there were some disappointing earnings reports, reasons for the dramatic
decline in July were not clear. Nonetheless, by the end of the period,
enthusiasm for tech stocks in particular and small-cap stocks in general had
waned noticeably.
Consequently, with our focus on small-cap stocks and slightly more than 21% of
the Fund's assets invested in small-cap technology issues, the Fund gave back
much of the ground gained earlier in the period. For the 12 months ended
August 31, 1996, the Fund posted a total return of 1.77% (without the sales
charge). For the same period, the NASDAQ Composite Index and the Russell 2000,
two industry benchmarks, gained 11.89% and 10.88%, respectively.
ENTHUSIASM BUILDING ANEW
As we go to press, there is little real negative news regarding small-cap
stocks, and it is apparent that many of our holdings suffered simply from
guilt by association in the July correction. Throughout the year, corporate
earnings were strong for the vast majority of the Fund's holdings. Moreover,
we believe in the long-term prospects for each of the companies whose stock we
hold.
As always, however, where the potential rewards are greater, so are the risks.
While the ride may be somewhat rocky in the months ahead, we believe it may be
well worth taking. As the economy cools, investors seeking above-average
growth will look to small-cap stocks. Consequently, we believe that declines
in the market should be viewed as potential buying opportunities.
As of August 31, 1996, the Fund's top five equity holdings were Cisco Systems
(7.17%), US Robotics (5.43%), Verifone (5.17%), Paychex (5.08%) and The Money
Store (4.14%).+
+The composition of the Fund's holdings is subject to change.
- -------------------------------------------------------------------------------
-4-
<PAGE>
Aggressive Growth Fund
[Graph Appears Here]
Value of a $10,000 Investment
<TABLE>
<CAPTION>
Aggressive Growth Fund Aggressive Growth Fund NASDAQ Composite Index Russell 2000 Stock Index
(No-Load) (Load)*
<S> <C> <C> <C> <C>
2/3/92 10,000 9,597 10,000 10,000
8/31/92 8,398 8,059 9,174 9,316
8/31/93 12,000 11,516 12,261 12,342
8/31/94 12,030 11,545 12,778 13,074
8/31/95 16,364 15,704 17,134 15,792
8/31/96 16,654 15,983 19,171 17,510
</TABLE>
Average Annual Total Return
<TABLE>
<CAPTION>
Since
Inception
1 Year (2/3/92)
<S> <C> <C>
No-Load 1.77% 11.78%
Load* -2.30% 10.78%
</TABLE>
*Reflects 4.00% Maximum Sales Charge.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
Until recently, the Fund had invested primarily in stocks of small companies. As
a result, the NASDAQ Composite Index had been an appropriate performance
benchmark, since it is widely used to represent the performance of small-company
stocks. However, the Fund's performance is now being compared to the Russell
2000 Stock Index to better reflect the Fund's new focus on domestically traded
stocks of small-to-mid-sized companies. The index is unmanaged and does not
reflect the deduction of fees associated with a mutual fund, such as investment
management and fund accounting fees. The Fund's performance reflects the
deduction of fees for these value-added services.
Small-capitalization funds typically carry additional risks, since smaller
companies generally have a higher risk of failure and, by definition, are not as
well established as "blue chip" companies. Historically, stocks of smaller
companies have experienced a greater degree of market volatility than stocks on
average.
- --------------------------------------------------------------------------------
-5-
<PAGE>
AMERICAN PERFORMANCE EQUITY FUND
The "Goldilocks" economy of the past year--one that was not too strong and not
too weak--proved to be an excellent environment for stocks. With just a
stumble or two along the way, the market continued to climb during the 12
months ended August 31, 1996. Moreover, the advance was broadly based. While
some sectors were more volatile than others, few failed to participate in the
rise.
Consequently, with stocks of some 100 companies, the Fund performed very
strongly during the period. Holdings in Bank of New York (.49%), Coca-Cola
(3.19%), Raychem (1.41%) and Gillette (1.41%) did particularly well, with each
gaining more than 20%.
As a result, we are pleased to report that the Fund kept pace with industry
averages. For the 12 months ended August 31, 1996, the Fund posted a total
return of 18.53% (without the sales charge) versus a gain of 18.80% in the S&P
500 Stock Index for the same period.
A SOLID FOUNDATION FOR GROWTH
While we are more cautious than a year ago, we are optimistic about the
prospects for the stock market in the months ahead. After years of downsizing,
the fundamentals of U.S. companies are very solid. Worldwide, economies are
growing. In addition, many of our major trading partners are only now pulling
out of recessions and rebounding. Looking beyond the immediate future, we
believe exports will increase, which, in turn, should increase corporate
profits. Consequently, while corporate profits are currently flattening, we
expect this year's numbers to make for good comparisons next year.
We also expect to see the bond market continue to act as a brake on the
economy in the coming year--as yields rise when growth threatens to accelerate
and fall if recession looms. As a result, with the economy perking along at a
temperature that's "just right," we believe the year ahead could well be a
good one for stock investors.
As of August 31, 1996, the Fund's top five holdings were Coca-Cola (3.19%),
Aetna (2.69%), General Electric (2.69%), Unicom (2.25%) and AT&T (2.04%).+
+The composition of the Fund's holdings is subject to change.
- -------------------------------------------------------------------------------
-6-
<PAGE>
Equity Fund
[Graph Appears Here]
Value of a $10,000 Investment
<TABLE>
<CAPTION>
Equity (No Load) Equity (Load)* S&P 500 Stock Index
<S> <C> <C> <C>
9/28/90 10,000 9,597 10,000
8/31/91 12,457 11,955 13,345
8/31/92 11,961 11,749 14,406
8/31/93 13,770 13,215 16,586
8/31/94 14,411 13,830 17,491
8/31/95 17,256 16,561 21,243
8/31/96 20,453 19,629 25,237
</TABLE>
Average Annual Total Return
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Year (9/28/90)
<S> <C> <C> <C>
No-Load 18.53% 10.43% 12.82%
Load* 13.82% 9.52% 12.04%
</TABLE>
*Reflects 4.00% Maximum Sales Charge.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
The performance of the American Performance Equity Fund is measured against the
S&P 500 Stock Index, an unmanaged index widely used to represent the performance
of the U.S. stock market as a whole. The index does not reflect the deduction of
expenses associated with a mutual fund, such as investment management and fund
accounting fees. The Fund's performance reflects the deduction of fees for these
value-added services.
- --------------------------------------------------------------------------------
-7-
<PAGE>
AMERICAN PERFORMANCE BALANCED FUND
With an allocation favoring stocks throughout much of the year ended August
31, 1996, the Fund performed well as the market climbed. While holdings across
all sectors contributed to the gain, some of our small-cap stocks were
standout performers. Nevertheless, when the small-cap sector slipped in June,
we decreased our positions and held the proceeds in cash. This move proved to
be very timely--while we still had some exposure in the sector, performance
did not suffer noticeably when over-the-counter stocks sank in July. In
addition, as stocks across the market tumbled in sympathy with small caps, we
had the flexibility to capitalize on attractive buying opportunities.
In the bond market, we aggressively pursued opportunities to increase yield
throughout the year. As a result, in the first half of 1996, holdings in
Treasury securities were decreased in favor of asset-backed securities and
corporate bonds--traditionally stronger performers in a rising interest-rate
environment. Consequently, we're pleased to report that our fixed-income
holdings also contributed to performance.
For the year ended August 31, 1996, the Fund posted a return of 10.87%
(without the sales charge), which fell roughly halfway between the return of
the Fund's two benchmarks, the S&P 500 Stock Index and the Salomon Brothers
Broad (Investment Grade) Bond Index, which gained 18.80% and 4.12%,
respectively.
WEAKNESS SPELLS OPPORTUNITY
While the long-term prospects for stocks and bonds appear bright, the markets
may, in the short term, be rather choppy until the direction of interest rates
is clearer. However, weakness in the markets, we believe, should be viewed as
opportunities. At current yield levels, bonds now offer an extremely
attractive inflation-adjusted rate of return. And if interest rates rise
further during this time of economic and political uncertainty, we will look
to increase our holdings of intermediate-term bonds.
The Fund is also well positioned to take advantage of opportunites that may
arise during any short-term stock market correction. While the stock market is
unlikely to climb at the pace of the past year, many signs point to continued
growth. With over 10% of our assets invested in cash equivalents, the Fund is
well positioned for new opportunities.
At the period's end, approximately 55% of the portfolio's assets were invested
in stocks and 45% in fixed-income securities, including cash. The Fund's top
five equity holdings were Aetna Services (1.69%), Coca- Cola (1.59%), General
Electric (1.50%), Unicom (1.41%) and Nynex (1.26%). The average maturity of
the Fund's fixed-income holdings was 5.4 years; their average credit quality
was AAA.+
+The composition of the Fund's holdings is subject to change.
- -------------------------------------------------------------------------------
-8-
<PAGE>
BALANCED FUND
Value of a $10,000 Investment
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Balanced (No Load) Balanced (Load)* S&P 500 Stock Index Salomon Brothers Broad
(Investment Grade) Bond Index
<S> <C> <C> <C> <C>
6/1/95 10,000 9,597 10,000 10,000
8/31/95 10,698 10,266 10,604 10,165
8/31/96 11,860 11,382 12,598 10,584
</TABLE>
Average Annual Total Return
<TABLE>
<CAPTION>
Since
Inception
1 Year (6/1/95)
<S> <C> <C>
No-Load 10.87% 14.56%
Load* 6.46% 10.87%
</TABLE>
*Reflects 4.00% Maximum Sales Charge.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
The performance of the American Performance Balanced Fund is measured against
the S&P 500 Stock Index, an unmanaged index considered to be representative of
the performance of the U.S. stock market as a whole, and the Salomon Brothers
Broad (Investment Grade) Bond Index, which is widely used to represent the
performance of investment-grade corporate and U.S. Government bonds. The indices
do not reflect the deduction of expenses associated with a mutual fund, such as
investment management and fund accounting fees. The Fund's performance reflects
the deduction of fees for these value-added services.
- --------------------------------------------------------------------------------
-9-
<PAGE>
AMERICAN PERFORMANCE FIXED-INCOME FUNDS
The 12 months ended August 31, 1996, were trying ones for bond investors. The
government's shutdown in the fall of 1995 and a difficult winter in the
Northeast led the markets to believe that the pace of economic growth was
weakening and, consequently, to anticipate that the Federal Reserve would
lower interest rates. While the Fed did act in January, it lowered short-term
rates by only .25%, much less than had been expected.
But this caution was warranted. When the payroll numbers were announced, it
appeared that the economy was strengthening rather than weakening. Overnight,
market sentiment shifted radically as fears of increasing inflationary
pressure rippled through the markets. Interest rates rose--and expectations
that the Federal Reserve would move to take them even higher began to build.
Given the current environment, however, dramatic action by the Federal Reserve
seems rather unlikely. While recent numbers indicated that the economy was
strengthening, they did not suggest it was accelerating rapidly. Nor did the
statistics reveal that inflationary pressures were beginning to spiral:
Employment is up, and consumer confidence is high, but very few workers are
seeing raises.
As a result, we believe the signs point to a period of moderate growth, and we
expect to see interest rates rise very slightly and trade in a narrow range as
we move into the election season. Nevertheless, given the rapid response of
investors to the arrival of each new statistic over the past year, we will
continue to approach the markets cautiously in the coming months.
AMERICAN PERFORMANCE BOND FUND
As interest rates rose in the spring and early summer, maturities were
shortened in an effort to help maximize the Fund's ability to respond to rapid
shifts of market sentiment. In addition, we aggressively sought out
opportunities to increase yield. Asset-backed securities, in particular, grew
more attractive as rates rose and investors lost interest in refinancing their
auto, credit card or mortgage loans--the underlying assets of asset-backed
securities.
As a result, while the Fund lagged its benchmark, it generated a positive
return in the relatively difficult environment of the period. For the 12
months ended August 31, 1996, the Fund posted a total return of 2.84% (without
the sales charge) versus 4.12% for the Salomon Brothers Broad (Investment
Grade) Index.
As of August 31, 1996, approximately 4.7% of the Fund's assets were invested
in asset-backed securities, 60.1% in corporate bonds, 31.6% in Government
agencies, 3.2% in Treasury securities and 0.4% in cash equivalents. The
average maturity of the portfolio was 8.5 years; the average credit quality of
the portfolio's holdings was AA.+
+The composition of the Fund's holdings is subject to change.
- -------------------------------------------------------------------------------
-10-
<PAGE>
BOND FUND
Value of a $10,000 Investment
<TABLE>
[GRAPH APPEARS HERE]
<CAPTION>
Bond (No Load) Bond (Load)* Salomon Brothers Broad
(Investment Grade) Bond Index
---- ----- ---------------
<S> <C> <C> <C>
9/28/90 10,000 9,597 10,000
8/31/91 11,312 10,856 11,365
8/31/92 12,750 12,236 12,134
8/31/93 14,248 13,675 14,354
8/31/94 13,975 13,412 14,146
8/31/95 15,122 14,513 15,754
8/31/96 15,552 14,925 16,403
</TABLE>
Average Annual Total Return
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Year (9/28/90)
<S> <C> <C> <C>
No-Load 2.84% 6.57% 7.73%
Load* -1.30% 5.71% 6.98%
</TABLE>
*Reflects 4.00% Sales Charge.
Past performance is not predictive of future results. The investments return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
The performance of the American Performance Bond Fund is measured against the
Salomon Brothers Broad (Investment Grade) Bond Index, an unmanaged index
considered to be representative of the performance of investment-grade
corporate and U.S. Government bonds in general. The index does not reflect the
deduction of expenses associated with a mutual fund, such as investment
management and fund accounting fees. The Fund's performance reflects the
deduction of fees for these value-added services.
- --------------------------------------------------------------------------------
-11-
<PAGE>
AMERICAN PERFORMANCE INTERMEDIATE BOND FUND
As bond prices fell in the wake of rising interest rates throughout the spring
and early summer, emphasis was placed on increasing yield, and we found
opportunities to do so in the mortgage-backed and corporate sectors. With the
increase in rates, refinancings declined, and mortgage-backed securities
staged a comeback. Corporate securities also performed well. Anticipating much
of this, we gradually decreased our holdings in Treasury securities in favor
of corporate bonds and mortgage-backed issues throughout the first half of
1996.
Nevertheless, throughout the year, the fixed-income market was extremely
skittish and generally unpredictable. While we caught many of its turns, like
most of our peers, we didn't catch every one. As a result, for the year ended
August 31, 1996, the Fund posted a total return of 3.41% compared to 4.43% for
its benchmark, the Lehman Brothers Intermediate Government/Corporate Bond
Index.
At the period's end, approximately 36.6% of the portfolio's assets were
invested in corporate bonds, 12.5% in asset-backed securities, 9.7% in
mortgage-backed securities, 4.1% in Treasury securities, 1.5% in taxable
municipal bonds, 30.8% in Government agencies and 4.7% in cash equivalents.
The average maturity of the portfolio was 4.28 years; the average credit
quality of its holdings was AA.+
+The composition of the Fund's holdings is subject to change.
INTERMEDIATE BOND FUND
Value of a $10,000 Investment
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Intermediate Intermediate Lehman
Bond Bond Brothers Inter. Govt.,
(No Load) (Load)* Corp., Bond Index
<S> <C> <C> <C>
9/28/90 10,000 9,699 10,000
8/31/91 11,142 10,807 11,194
8/31/92 12,525 12,148 12,663
8/31/93 13,657 13,247 13,825
8/31/94 13,502 13,096 13,776
8/31/95 14,422 13,988 15,079
8/31/96 14,914 14,466 15,747
</TABLE>
Average Annual Total Return
<TABLE>
<CAPTION>
Since
Inception
1 Year 5 Year (9/28/90)
<S> <C> <C> <C>
No-Load 3.41% 6.01% 6.97%
Load* 0.29% 5.37% 6.42%
</TABLE>
*Reflects 3.00% Maximum Sales Charge.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
The performance of the American Performance Intermediate Bond Fund is measured
against the Lehman Brothers Intermediate Government/Corporate Bond Index, an
unmanaged index considered to be representative of the performance of government
and corporate bonds with maturities of less than 10 years. The index does not
reflect the deduction of expenses associated with a mutual fund, such as
investment management and fund accounting fees. The Fund's performance reflects
the deduction of fees for these value-added services.
- -------------------------------------------------------------------------------
-12-
<PAGE>
AMERICAN PERFORMANCE SHORT-TERM INCOME FUND
Despite the uncertain environment, the Fund performed well during the 12
months ended August 31, 1996. Early in the period, approximately 85% of the
portfolio's assets were invested in U.S. Government securities. As interest
rates rose, however, mortgage-backed and asset-backed securities offered
investors very real opportunities to increase yield. Consequently, throughout
the spring, we decreased the Fund's exposure in government and agency
securities in favor of asset-backed and mortgage-backed securities.
As a result, for the year ended August 31, 1996, the Fund posted a total
return of 4.64% (without the sales charge), which fell just short of the
return of the benchmark Merrill Lynch U.S. Government/Corporate 1-5 Year
Index, which gained 4.95% over the same period.
At the period's end, approximately 26.9% of the portfolio's assets were
invested in U.S. Government and agency securities, 12.7% in mortgage-backed
securities, 11.7% in asset-backed securities, 10.0% in corporate bonds, 37.2%
in Treasuries and 1.5% in cash equivalents. The average maturity of the
portfolio was 2.27 years; the average credit quality of its holdings was AAA.+
+The composition of the Fund's holdings is subject to change.
Short-Term Income Fund
Value of a $10,000 Investment
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
SHORT TERM INCOME FUND SHORT TERM INCOME FUND Merril Lynch U.S. Govt. Corp. 1-5 yr Index
(NO LOAD) (LOAD)*
<S> <C> <C> <C>
10/19/94 10,000 9,804 10,000
08/31/95 10,481 10,276 10,879
08/31/96 10,967 10,752 11,418
</TABLE>
AVERAGE ANNUAL TOTAL RETURN
<TABLE>
<CAPTION>
Since
Inception
1 YEAR (10/19/94)
<S> <C> <C>
No-Load 4.64% 5.06%
Load* 2.58% 3.95%
</TABLE>
*Reflects 2.00% Maximum Sales Charge.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
The performance of the American Performance Short-Term Income Fund is measured
against the Merrill Lynch U.S. Government/Corporate 1-5 Year Index, an unmanaged
index considered to be representative of the performance of investment-grade
bonds with maturities of less than five years. The index does not reflect the
deduction of expenses associated with a mutual fund, such as investment
management and fund accounting fees. The Fund's performance reflects the
deduction of fees for these value-added services.
- -------------------------------------------------------------------------------
-13-
<PAGE>
AMERICAN PERFORMANCE INTERMEDIATE TAX-FREE BOND FUND
Lack of supply continued to hamper the municipal markets across the country
during the year ended August 31, 1996. Faced with taxpayers who were already
heavily burdened, municipal officials were reluctant to float new issues.
Refinancings also evaporated as interest rates rose--all of which made it
difficult for funds such as ours to adjust maturities quickly.
On a positive note, as talk of flat taxes died out after the primary
elections, the interest-rate spreads between taxable and tax-free securities
widened once again, causing municipal bonds to outperform taxable securities.
Nevertheless, overall, the year was a lackluster one for municipal bond
investors. For the 12 months ended August 31, 1996, the Fund generated a total
return of 3.68% (without the sales charge) compared to 6.87% for its
benchmark, the Lehman Brothers Municipal Bond Index.
MORE PROMISING TIMES AHEAD
Despite the rather dull markets of late, we believe the prospects for the muni
markets appear bright long term. Unless there is a radical shift in taxpayer
sentiment, supply is unlikely to ease anytime soon. At the same time, however,
demand may increase exponentially in the years ahead as baby boomers age and
begin to focus on the advantages of tax-free investments for their retirement
savings.
As of August 31, 1996, the average maturity of the Fund's holdings was 6.71
years; their average credit quality was AA. Approximately 98% of the Fund's
assets were invested in securities issued by municipalities in some 20 states
across the country. The remainder of the Fund's assets was held in cash or
cash equivalents.+
+The composition of the Fund's holdings is subject to change.
INTERMEDIATE TAX-FREE BOND FUND
Value of a $10,000 Investment
[GRAPH APPEARS HERE]
<TABLE>
Intermediate Intermediate
Tax-Free Tax-Free Lehman Brothers
(No Load) (Load)* Municipal Bond Index
<S> <C> <C> <C>
5/29/92 10,000 9,699 10,000
8/31/92 10,314 10,004 10,347
8/31/93 11,506 11,160 11,636
8/31/94 11,709 11,357 11,652
8/31/95 12,601 12,222 12,685
8/31/96 13,065 12,673 13,556
</TABLE>
Average Annual Total Return
<TABLE>
<CAPTION>
Since
Inception
1 Year (5/29/92)
<S> <C> <C>
No-Load 3.68% 6.47%
Load* 0.58% 5.71%
</TABLE>
*Reflects 3.00% Maximum Sales Charge.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
The performance of the American Performance Intermediate Tax-Free Bond Fund is
measured against the Lehman Brothers Municipal Bond Index, an unmanaged index
which is considered to be representative of the performance of the municipal
bond market at a whole. The index does not reflect the deduction of expenses
associated with a mutual fund, such as investment management and fund accounting
fees. The Fund's performance reflects the deduction of fees for these value-
added services.
- -------------------------------------------------------------------------------
-14-
<PAGE>
AMERICAN PERFORMANCE MONEY MARKET FUNDS*
THE U.S. TREASURY FUND
Security selection and the maturity structure of the portfolio were the keys
to the Fund's strong performance during the 12 months ended August 31, 1996.
As interest rates fell in the last half of 1995, assets were invested
primarily in overnight securities in an effort to help maximize yield and
maintain the Fund's flexibility. Consequently, as the economy picked up steam
in the spring and summer, the Fund was well positioned to capitalize on
opportunities that arose as rates moved higher.
In the months ahead, we expect to see the economy slow and interest rates
begin to decline. Consequently, no major changes are anticipated in the Fund's
allocation or maturity structure. We will continue to focus on maintaining the
Fund's flexibility, as well as seeking out opportunities to increase yield.
THE CASH MANAGEMENT FUND
With expectations of modest economic growth early in the year, interest rates
moved lower but surged in the second quarter as the economy soared past the
Fed's non-inflationary growth target of 2.5% and hit 4.2%. Anticipating this
turn of events, we moved to shorten maturities throughout the spring.
Moreover, as the Federal Reserve Board moved to a more neutral-restrictive
posture, we focused on securities of stable or improving credit in an effort
to increase yield. As a result, we're pleased to report that for the year
ended August 31, 1996, the Fund posted strong returns and was ranked in the
top 30% of funds of this kind by Lipper Analytical Services, placing 86th out
of 287 in the Money Market Instrument Funds category for the 12 months ended
August 31, 1996/1/.
As of that date, the Fund's assets were invested primarily in variable-rate
securities. In the months ahead, we do not anticipate making any major changes
in the Fund's allocation or maturity structure.
- --------
*Investments in money market funds are neither insured nor guaranteed by the
U.S. Government, and there can be no assurance that the Funds will be able to
maintain a stable NAV of $1.00 per share.
/1/The ranking is based on total returns. Past performance is no guarantee of
future results. The returns and rankings may reflect a waiver of a portion of
the Funds' advisory or administrative fees. In such instances, and without
waiver of fees, the returns and the rankings would have been lower.
Certain fees of the Funds are currently being waived, resulting in higher
returns than would occur if full fees were charged. The American Performance
Funds are distributed by BISYS Fund Services.
SHARES IN THE FUNDS INVOLVE INVESTMENT RISKS, INCLUDING THE POSSIBLE LOSS OF
PRINCIPAL, SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR
LESS THAN THEIR ORIGINAL COST. FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF,
OR GUARANTEED OR ENDORSED BY, BANCOKLAHOMA TRUST COMPANY, ITS AFFILIATES OR
THE DISTRIBUTOR, NOR ARE THEY INSURED BY THE FDIC OR ANY OTHER AGENCY.
For more information on any of the Funds, including fees, expenses and sales
charges, please call 1-800-762-7085 for a prospectus, which you should read
carefully before investing or sending money.
- -------------------------------------------------------------------------------
-15-
<PAGE>
TABLE OF CONTENTS
Independent Auditors' Report
Page 17
Statements of Assets and Liabilities
Page 18
Statements of Operations
Page 20
Statements of Changes in Net Assets
Page 22
Schedules of Portfolio Investments
Page 27
Notes to Financial Statements
Page 47
Financial Highlights
Page 53
- --------------------------------------------------------------------------------
-16-
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Shareholders and Board of Trustees
of the American Performance Funds:
We have audited the accompanying statements of assets and liabilities of the
American Performance Funds--Cash Management Fund, U.S. Treasury Fund, Bond
Fund, Intermediate Bond Fund, Equity Fund, Aggressive Growth Fund,
Intermediate Tax-Free Bond Fund, Short-Term Income Fund and Balanced Fund,
including the schedules of portfolio investments, as of August 31, 1996, and
the related statements of operations, statements of changes in net assets and
the financial highlights for each of the periods indicated herein. These
financial statements and the financial highlights are the responsibility of
the American Performance Funds' 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 verification of securities
owned as of August 31, 1996 by examination and other appropriate audit
procedures. 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 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 each
of the aforementioned funds comprising the American Performance Funds at
August 31, 1996, the results of their operations, the changes in their net
assets and the financial highlights for each of the periods indicated herein,
in conformity with generally accepted accounting principles.
/s/ KPMG PEAT MARWICK LLP
Columbus, Ohio
October 18, 1996
-17-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 1996
<TABLE>
<CAPTION>
CASH U.S. INTERMEDIATE
MANAGEMENT TREASURY BOND BOND
FUND FUND FUND FUND
------------ ------------ ----------- ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments at value,
(Amortized cost
$375,375,424;
$74,810,750; cost
$33,047,018;
$65,882,926
respectively)........ $375,375,424 $ 74,810,750 $32,508,994 $64,850,294
Repurchase agreements,
at cost................ -- 143,547,141 -- --
------------ ------------ ----------- -----------
Total Investments...... 375,375,424 218,357,891 32,508,994 64,850,294
Interest receivable.... 2,294,687 41,532 503,362 647,004
Prepaid and other ex-
penses................. -- 35 89 106
------------ ------------ ----------- -----------
Total Assets........ 377,670,111 218,399,458 33,012,445 65,497,404
------------ ------------ ----------- -----------
LIABILITIES:
Dividends payable...... 1,638,864 857,252 176,827 311,698
Capital gains payable.. 2,631 -- -- --
Payable to brokers for
investments purchased.. -- -- -- 1,991,810
Payable for capital
shares redeemed........ -- -- -- 31,639
Accrued expenses and
other payables:
Investment advisory
fees.................. 133,144 75,092 10,036 18,628
Administration fees... 16,627 9,711 1,445 2,775
12b-1 fees............ -- -- 7,169 13,306
Custodian, accounting
and transfer agent
fees.................. 30,486 17,097 3,231 6,908
Audit and legal fees.. 33,423 22,774 3,833 12,878
Other................. 17,442 11,119 3,215 19,956
------------ ------------ ----------- -----------
Total Liabilities... 1,872,617 993,045 205,756 2,409,598
------------ ------------ ----------- -----------
NET ASSETS:
Capital................ 375,797,212 217,406,283 34,168,406 64,949,581
Undistributed (distri-
butions in excess of)
net investment
income................ -- -- 7,424 6,635
Net unrealized appreci-
ation (depreciation)
on investments........ -- -- (538,024) (1,032,632)
Accumulated undistrib-
uted net realized gains
(losses) on investment
transactions.......... 282 130 (831,117) (835,778)
------------ ------------ ----------- -----------
Net Assets.......... $375,797,494 $217,406,413 $32,806,689 $63,087,806
============ ============ =========== ===========
Outstanding units of
beneficial interest
(shares)............... 375,797,212 217,406,387 3,648,782 6,305,377
============ ============ =========== ===========
Net asset value--re-
demption price per
share.................. $ 1.00 $ 1.00 $ 8.99 $ 10.01
============ ============ =========== ===========
Maximum Sales Charge... -- -- 4.00% 3.00%
============ ============ =========== ===========
Maximum Offering Price
(100%/(100%-Maximum
Sales Charge) of net
asset value adjusted
to nearest cent) per
share................ $ 1.00(a) $ 1.00(a) $ 9.36 $ 10.32
============ ============ =========== ===========
</TABLE>
(a)Offering price and redemption price are the same for the Cash Management
Fund and the U.S. Treasury Fund.
See notes to financial statements.
-18-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 1996
<TABLE>
<CAPTION>
INTERMEDIATE
AGGRESSIVE TAX-FREE SHORT-TERM
EQUITY GROWTH BOND INCOME BALANCED
FUND FUND FUND FUND FUND
----------- ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
(Cost $70,120,625;
$31,248,219;
$30,209,441;
$14,492,428, and
$21,421,361 respective-
ly)..................... $86,523,244 $43,327,902 $30,732,113 $14,321,364 $22,664,060
Interest and dividends
receivable............. 180,130 21,176 451,578 161,256 122,008
Receivable for capital
shares issued.......... -- 7,200 -- -- --
Unamortized organiza-
tion costs............. -- -- -- 1,279 8,912
Prepaid and other ex-
penses................. 280 237 472 1,430 --
----------- ----------- ----------- ----------- -----------
Total Assets........ 86,703,654 43,356,515 31,184,163 14,485,329 22,794,980
----------- ----------- ----------- ----------- -----------
LIABILITIES:
Dividends payable...... 267,323 -- 123,919 73,725 190,629
Payable to brokers for
investments purchased.. -- 33,000 -- -- 3,000
Accrued expenses and
other payables:
Investment advisory
fees................. 36,717 18,037 9,383 -- --
Administration fees... 3,837 1,897 1,361 633 1,011
12b-1 fees............ 18,359 9,019 -- -- --
Custodian, accounting
and transfer
agent fees........... 7,457 6,074 4,985 2,217 1,089
Audit and legal fees.. 10,008 4,951 3,773 3,743 3,622
Other................. 7,895 5,846 4,299 5,628 3,200
----------- ----------- ----------- ----------- -----------
Total Liabilities... 351,596 78,824 147,720 85,946 202,551
----------- ----------- ----------- ----------- -----------
NET ASSETS:
Capital................ 63,572,169 32,725,757 30,551,182 14,582,467 20,895,740
Undistributed (distri-
butions in excess of)
net
investment income..... (3,935) (311,765) 12,585 2,085 2,362
Net unrealized appreci-
ation (depreciation)
on investments........ 16,402,619 12,079,683 522,672 (171,064) 1,242,699
Accumulated undistrib-
uted net realized gains
(losses) on investment
transactions.......... 6,381,205 (1,215,984) (49,996) (14,105) 451,628
----------- ----------- ----------- ----------- -----------
Net Assets.......... $86,352,058 $43,277,691 $31,036,443 $14,399,383 $22,592,429
=========== =========== =========== =========== ===========
Outstanding units of
beneficial interest
(shares).............. 6,289,664 2,655,987 2,935,146 1,470,128 2,002,657
=========== =========== =========== =========== ===========
Net asset value--re-
demption price per
share................. $ 13.73 $ 16.29 $ 10.57 $ 9.79 $ 11.28
=========== =========== =========== =========== ===========
Maximum Sales Charge... 4.00% 4.00% 3.00% 2.00% 4.00%
=========== =========== =========== =========== ===========
Maximum Offering Price
(100%/(100%- Maximum
Sales Charge) of net as-
set value adjusted to
nearest cent) per
share................. $ 14.30 $ 16.97 $ 10.90 $ 9.99 $ 11.75
=========== =========== =========== =========== ===========
</TABLE>
See notes to financial statements.
-19-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED AUGUST 31, 1996
<TABLE>
<CAPTION>
CASH U.S. INTERMEDIATE
MANAGEMENT TREASURY BOND BOND
FUND FUND FUND FUND
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income........... $18,978,452 $10,976,579 $ 2,543,533 $ 4,348,400
Dividend income from
affiliates................ -- -- 60,059 71,757
----------- ----------- ----------- -----------
Total Income........... 18,978,452 10,976,579 2,603,592 4,420,157
----------- ----------- ----------- -----------
EXPENSES:
Investment advisory fees.. 1,328,786 801,240 203,382 358,021
Administration fees....... 664,393 400,620 73,981 130,250
12b-1 fees................ 830,500 500,780 92,476 162,813
Custodian and accounting
fees...................... 177,309 115,155 26,870 45,603
Legal and audit fees...... 52,349 36,774 9,006 13,556
Trustees' fees and
expenses.................. 10,680 7,356 1,480 2,506
Transfer agent fees....... 75,663 44,487 11,514 21,171
Registration and filing
fees...................... 7,453 10,130 2,793 3,963
Printing costs............ 23,438 55,768 4,903 8,133
Other..................... 8,417 8,262 1,560 3,206
----------- ----------- ----------- -----------
Total Expenses......... 3,178,988 1,980,572 427,965 749,222
----------- ----------- ----------- -----------
Expenses voluntarily
reduced................... (830,500) (500,780) (73,915) (130,084)
----------- ----------- ----------- -----------
Net Expenses........... 2,348,488 1,479,792 354,050 619,138
----------- ----------- ----------- -----------
Net Investment Income..... 16,629,964 9,496,787 2,249,542 3,801,019
----------- ----------- ----------- -----------
REALIZED/UNREALIZED GAINS
(LOSSES) ON INVESTMENTS:
Net realized gains (loss-
es) on investment transac-
tions..................... 4,936 2,588 (138,651) 2,959
Change in unrealized ap-
preciation (depreciation)
on investments........... -- -- (1,023,947) (1,503,165)
----------- ----------- ----------- -----------
Net realized/unrealized
gains (losses) on invest-
ments..................... 4,936 2,588 (1,162,598) (1,500,206)
----------- ----------- ----------- -----------
Change in net assets re-
sulting from operations... $16,634,900 $ 9,499,375 $ 1,086,944 $ 2,300,813
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
-20-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED AUGUST 31, 1996
<TABLE>
<CAPTION>
INTERMEDIATE SHORT-
AGGRESSIVE TAX-FREE TERM
EQUITY GROWTH BOND INCOME BALANCED
FUND FUND FUND FUND FUND
----------- ---------- ------------ --------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income........ $ -- $ 117,794 $1,515,748 $ 729,053 $ 464,148
Dividend income........ 1,817,716 43,677 -- -- 207,903
Dividend income from
affiliates............. 148,143 146,285 26,680 25,652 65,063
Other income........... 14,158 -- -- -- --
----------- --------- ---------- --------- ----------
Total Income........ 1,980,017 307,756 1,542,428 754,705 737,114
----------- --------- ---------- --------- ----------
EXPENSES:
Investment advisory
fees................... 562,323 279,682 159,189 65,313 149,330
Administration fees.... 162,936 81,038 57,869 23,727 40,306
12b-1 fees............. 203,670 101,297 72,358 29,688 50,449
Custodian and account-
ing fees............... 52,057 25,409 27,328 7,887 16,056
Legal and audit fees... 15,592 8,256 5,542 3,960 4,734
Organization costs..... -- -- -- 9,676 11,872
Trustees' fees and
expenses............... 3,120 1,656 1,114 366 724
Transfer agent fees.... 22,991 18,874 17,815 473 4,929
Registration and filing
fees................... 2,744 3,122 2,113 4,378 2,370
Printing costs......... 7,110 4,094 3,935 932 2,050
Other.................. 3,266 1,560 1,253 550 110
----------- --------- ---------- --------- ----------
Total Expenses...... 1,035,809 524,988 348,516 146,950 282,930
----------- --------- ---------- --------- ----------
Expenses voluntarily
reduced................ (154,982) (77,088) (130,274) (98,563) (205,833)
----------- --------- ---------- --------- ----------
Net Expenses........ 880,827 447,900 218,242 48,387 77,097
----------- --------- ---------- --------- ----------
Net Investment Income
(loss)................. 1,099,190 (140,144) 1,324,186 706,318 660,017
----------- --------- ---------- --------- ----------
REALIZED/UNREALIZED
GAINS (LOSSES) ON
INVESTMENTS:
Net realized gains on
investment transac-
tions.................. 7,922,697 902,632 126,926 17,326 675,617
Change in unrealized
appreciation (deprecia-
tion) on investments.. 4,300,120 (341,433) (356,637) (219,607) 535,215
----------- --------- ---------- --------- ----------
Net realized/unrealized
gains (losses) on
investments........... 12,222,817 561,199 (229,711) (202,281) 1,210,832
----------- --------- ---------- --------- ----------
Change in net assets
resulting from opera-
tions.................. $13,322,007 $ 421,055 $1,094,475 $ 504,037 $1,870,849
=========== ========= ========== ========= ==========
</TABLE>
See notes to financial statements.
-21-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
CASH MANAGEMENT FUND U.S. TREASURY FUND
---------------------------- ----------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
1996 1995 1996 1995
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income......... $ 16,629,964 $ 10,758,462 $ 9,496,787 $ 9,269,376
Net realized gains on
investment transactions....... 4,936 18,203 2,588 1,878
------------- ------------- ------------- -------------
Change in net assets
resulting from opera-
tions.......................... 16,634,900 10,776,665 9,499,375 9,271,254
------------- ------------- ------------- -------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income....................... (16,629,964) (10,758,462) (9,496,787) (9,269,376)
From net realized
gains........................ (4,771) (18,093) (2,588) (1,860)
In excess of net real-
ized gains................... -- -- (130) --
------------- ------------- ------------- -------------
Change in net assets
from shareholder
distributions.................. (16,634,735) (10,776,555) (9,499,505) (9,271,236)
------------- ------------- ------------- -------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued.......................... 943,474,078 480,782,449 439,883,580 553,548,126
Dividends reinvested.......... 47,735 50,703 26,913 60,736
Cost of shares
redeemed..................... (762,531,473) (481,516,467) (409,510,632) (532,055,574)
------------- ------------- ------------- -------------
Change in net assets
from share transac-
tions.......................... 180,990,340 (683,315) 30,399,861 21,653,288
------------- ------------- ------------- -------------
Change in net assets........... 180,990,505 (683,205) 30,399,731 21,653,306
NET ASSETS:
Beginning of period........... 194,806,989 195,490,194 187,006,682 165,353,376
------------- ------------- ------------- -------------
End of period................. $ 375,797,494 $ 194,806,989 $ 217,406,413 $ 187,006,682
============= ============= ============= =============
SHARE TRANSACTIONS:
Issued........................ 943,474,078 480,782,449 439,883,580 553,648,126
Reinvested.................... 47,735 50,703 26,913 60,736
Redeemed...................... (762,531,473) (481,516,467) (409,510,632) (532,055,574)
------------- ------------- ------------- -------------
Change in shares............... 180,990,340 (683,315) 30,399,861 21,653,288
============= ============= ============= =============
</TABLE>
See notes to financial statements.
-22-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
BOND FUND INTERMEDIATE BOND FUND
------------------------- --------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
1996 1995 1996 1995
----------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income............ $ 2,249,542 $ 2,092,728 $ 3,801,019 $ 4,619,424
Net realized gains
(losses) on investment
transactions.................... (138,651) (381,851) 2,959 (672,657)
Net change in
unrealized appreciation
(depreciation) on
investments..................... (1,023,947) 784,355 (1,503,165) 887,285
----------- ------------ ------------ ------------
Change in net assets
resulting from opera-
tions............................ 1,086,944 2,495,232 2,300,813 4,834,052
----------- ------------ ------------ ------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income.......................... (2,241,663) (2,092,728) (3,801,091) (4,619,424)
In excess of net real-
ized gains...................... -- (821,392) -- (231,121)
Return of capital................ (7,879) -- -- --
----------- ------------ ------------ ------------
Change in net assets
from shareholder distri-
butions.......................... (2,249,542) (2,914,120) (3,801,019) (4,850,545)
----------- ------------ ------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued.......................... 8,439,328 13,067,370 11,734,840 9,969,929
Dividends reinvested............. 1,656,562 2,644,377 1,824,959 2,613,677
Cost of shares
redeemed........................ (13,419,791) (16,256,403) (23,366,575) (22,316,730)
----------- ------------ ------------ ------------
Change in net assets
from share transactions.......... (3,323,901) (544,656) (9,806,776) (9,733,124)
----------- ------------ ------------ ------------
Change in net assets.............. (4,486,499) (963,544) (11,306,982) (9,749,617)
NET ASSETS:
Beginning of period.............. 37,293,188 38,256,732 74,394,788 84,144,405
----------- ------------ ------------ ------------
End of period.................... $32,806,689 $ 37,293,188 $ 63,087,806 $ 74,394,788
=========== ============ ============ ============
SHARE TRANSACTIONS:
Issued........................... 910,369 1,424,476 1,150,312 990,022
Reinvested....................... 177,989 293,503 178,100 259,350
Redeemed......................... (1,454,954) (1,790,949) (2,275,525) (2,218,605)
----------- ------------ ------------ ------------
Change in shares.................. (366,596) (72,970) (947,113) (969,233)
=========== ============ ============ ============
</TABLE>
See notes to financial statements.
-23-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQUITY FUND AGGRESSIVE GROWTH FUND
-------------------------- -------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
1996 1995 1996 1995
------------ ------------ ----------- ------------
<S> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income
(loss)........................ $ 1,099,190 $ 1,237,933 $ (140,144) $ (160,698)
Net realized gains on
investment transactions....... 7,922,697 2,417,383 902,632 232,614
Net change in
unrealized appreciation
(depreciation)
on investments................ 4,300,120 8,433,969 (341,433) 8,906,465
------------ ------------ ----------- ------------
Change in net assets
resulting from opera-
tions.......................... 13,322,007 12,089,285 421,055 8,978,381
------------ ------------ ----------- ------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income........................ (1,099,190) (1,228,736) -- --
In excess of net
investment income............. (13,132) -- -- --
From net realized
gains......................... (3,660,781) (2,417,383) (660,090) --
In excess of net real-
ized gains.................... -- (5,706,896) -- --
------------ ------------ ----------- ------------
Change in net assets
from shareholder distri-
butions........................ (4,773,103) (9,353,015) (660,090) --
------------ ------------ ----------- ------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued........................ 14,184,214 22,157,455 14,359,199 14,327,891
Dividends reinvested........... 4,255,911 8,862,971 656,962
Cost of shares
redeemed...................... (17,034,652) (41,976,682) (9,507,747) (10,072,860)
------------ ------------ ----------- ------------
Change in net assets
from share transactions........ (1,405,473) (10,956,256) 5,508,414 4,255,031
------------ ------------ ----------- ------------
Change in net assets............ 9,954,377 (8,219,986) 5,269,379 13,233,412
NET ASSETS:
Beginning of period............ 76,397,681 84,617,667 38,008,312 24,774,900
------------ ------------ ----------- ------------
End of period.................. $ 86,352,058 $ 76,397,681 $43,277,691 $ 38,008,312
============ ============ =========== ============
SHARE TRANSACTIONS:
Issued......................... 1,049,725 2,041,952 858,255 1,062,740
Reinvested..................... 330,316 883,043 43,278 --
Redeemed....................... (1,288,822) (3,868,445) (575,883) (798,411)
------------ ------------ ----------- ------------
Change in shares................ 91,219 (943,450) 325,650 264,329
============ ============ =========== ============
</TABLE>
See notes to financial statements.
-24-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
INTERMEDIATE
TAX-FREE SHORT-TERM
BOND FUND INCOME FUND
------------------------ ------------------------
OCTOBER 19,
YEAR ENDED YEAR ENDED YEAR ENDED 1994 TO
AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
1996 1995 1996 1995 (A)
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income............ $ 1,324,186 $ 1,387,784 $ 706,318 $ 615,202
Net realized gains
(losses) on investment
transactions.................... 126,926 (155,650) 17,326 (5,632)
Net change in unrealized
appreciation (depreciation)
on investments.................. (356,637) 662,119 (219,607) 48,543
----------- ----------- ----------- -----------
Change in net assets
resulting from operations........ 1,094,475 1,894,253 504,037 658,113
----------- ----------- ----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income.......................... (1,324,186) (1,387,784) (706,318) (615,202)
From net realized gains.......... -- -- (17,326) --
In excess of net realized
gains........................... -- -- (6,388) --
----------- ----------- ----------- -----------
Change in net assets from
shareholder distributions........ (1,324,186) (1,387,784) (730,032) (615,202)
----------- ----------- ----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued.......................... 10,599,186 5,458,181 6,885,605 18,829,185
Dividends reinvested............. 263,588 277,935 309,680 178,607
Cost of shares redeemed.......... (7,710,967) (8,225,269) (2,798,266) (8,822,344)
----------- ----------- ----------- -----------
Change in net assets from
share transactions............... 3,151,807 (2,489,153) 4,397,019 10,185,448
----------- ----------- ----------- -----------
Change in net assets.............. 2,922,096 (1,982,684) 4,171,024 10,228,359
NET ASSETS:
Beginning of period.............. 28,114,347 30,097,031 10,228,359 --
----------- ----------- ----------- -----------
End of period.................... $31,036,443 $28,114,347 $14,399,383 $10,228,359
=========== =========== =========== ===========
SHARE TRANSACTIONS:
Issued........................... 993,632 533,365 693,519 1,897,482
Reinvested....................... 24,687 27,117 31,150 17,998
Redeemed......................... (719,169) (812,547) (282,145) (887,876)
----------- ----------- ----------- -----------
Change in shares.................. 299,150 (252,065) 442,524 1,027,604
=========== =========== =========== ===========
</TABLE>
- ----------
(a)Period from commencement of operations.
See notes to financial statements.
-25-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
BALANCED FUND
------------------------
JUNE 1,
YEAR ENDED 1995 TO
AUGUST 31, AUGUST 31,
1996 1995 (A)
----------- -----------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income.............................. $ 660,017 $ 94,263
Net realized gains (losses) on investment transac-
tions............................................ 675,617 (7,047)
Net change in unrealized appreciation on invest-
ments............................................ 535,215 707,484
----------- -----------
Change in net assets resulting from operations...... 1,870,849 794,700
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income......................... (658,319) (93,764)
From net realized gains............................ (216,777) --
----------- -----------
Change in net assets from shareholder distributions. (875,096) (93,764)
----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares issued........................ 9,567,734 12,216,424
Dividends reinvested............................... 777,333 --
Cost of shares redeemed............................ (1,590,246) (75,505)
----------- -----------
Change in net assets from share transactions........ 8,754,821 12,140,919
----------- -----------
Change in net assets................................ 9,750,574 12,841,855
NET ASSETS:
Beginning of period................................ 12,841,855 --
----------- -----------
End of period...................................... $22,592,429 $12,841,855
=========== ===========
SHARE TRANSACTIONS:
Issued............................................. 863,012 1,216,749
Reinvested......................................... 69,985 --
Redeemed........................................... (139,704) (7,385)
----------- -----------
Change in shares.................................... 793,293 1,209,364
=========== ===========
</TABLE>
- ----------
(a)Period from commencement of operations.
See notes to financial statements.
-26-
<PAGE>
AMERICAN PERFORMANCE FUNDS
CASH MANAGEMENT FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
----------- ----------------------------------------------- ------------
<C> <S> <C>
BANKERS ACCEPTANCES (2.7%):
$10,100,000 Bank of Tokyo, Mitsubishi, 5.38%, 10/8/96...... $ 10,044,464
------------
Total Bankers Acceptances 10,044,464
------------
CERTIFICATES OF DEPOSIT (25.8%):
Yankee Certificates of Deposit (25.8%):
7,000,000 Banca CRT, 5.54%*, 3/10/97..................... 7,000,000
12,000,000 Banca CRT, 5.68%*, 7/18/97..................... 12,000,000
20,000,000 IBJ, 5.54%*, 8/5/97............................ 20,000,000
20,000,000 Norinchukin Bank, 5.51%, 12/6/96............... 20,000,000
8,000,000 Postipankki, Ltd., 5.56%*, 12/30/96............ 8,000,000
10,000,000 Postipankki, Ltd., 5.50%, 6/6/97............... 10,000,000
7,000,000 Sanwa, New York, 5.61%, 11/14/96............... 7,000,000
13,000,000 Sanwa, New York, 5.57%*, 2/6/97................ 13,000,000
------------
Total Certificates of Deposit 97,000,000
------------
COMMERCIAL PAPER (10.3%):
Business Credit (5.0%):
19,000,000 Finova Capital Corp., 5.44%, 11/18/96.......... 18,778,935
------------
Personal Credit (5.3%):
20,000,000 Aristar, Inc., 5.42%, 11/15/96................. 19,777,083
------------
Total Commercial Paper 38,556,018
------------
MEDIUM TERM NOTES (37.8%):
Automotive (9.8%):
6,000,000 American Honda Finance Corp., 5.63%*, 1/27/97.. 5,999,274
5,000,000 American Honda Finance Corp., 5.50%*, 2/7/97... 4,999,245
10,000,000 American Honda Finance Corp., 5.58%*, 2/7/97... 10,000,000
16,000,000 General Motors Acceptance Corp., 5.50%*,
2/23/97....................................... 16,000,000
------------
36,998,519
------------
Banking (11.2%):
16,000,000 Bank of Boston Corp., 5.65%*, 1/24/97.......... 16,000,000
7,000,000 Banponce Corp., 5.68%*, 12/18/96............... 7,000,000
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
----------- --------------------------------------------------- ------------
<C> <S> <C>
MEDIUM TERM NOTES, CONTINUED:
Banking, continued:
$10,000,000 Banponce Corp., 5.25%*, 3/19/97.................... $ 10,000,000
9,000,000 First Boston, Inc., 5.54%*, 2/11/97................ 9,000,000
------------
42,000,000
------------
Business Credit (4.8%):
18,000,000 Sanwa Business Credit Corp., 5.57%*, 3/4/97........ 17,994,290
------------
Financial Services (10.4%):
20,000,000 Bear Stearns Cos., Inc., 5.69%*, 1/17/97........... 20,000,000
19,000,000 Merrill Lynch & Co., Inc., 5.67%*, 1/14/97......... 18,998,560
------------
38,998,560
------------
Security Brokers & Dealers (1.6%):
6,000,000 Paine Webber Group, Inc., 6.01%*, 2/12/97.......... 6,008,507
------------
Total Medium Term Notes 141,999,876
------------
TIME DEPOSITS (3.9%):
Banking (3.9%):
7,775,066 Skandinaviska Enskilda Banken, 5.25%, 9/3/96....... 7,775,066
7,000,000 Sumitomo Bank, 5.31%, 9/3/96....................... 7,000,000
------------
Total Time Deposits 14,775,066
------------
VARIABLE RATE NOTES (19.4%):
Financial Services (5.0%):
9,000,000 Heller Financial, Inc., 5.58%*, 9/30/96............ 9,000,000
6,000,000 Heller Financial, Inc., 5.58%*, 12/30/96........... 6,000,000
4,000,000 Heller Financial, Inc., 5.71%*, 12/30/96........... 4,000,000
------------
19,000,000
------------
Life Insurance (5.3%):
20,000,000 Jackson National Life Insurance Co., 5.52%*,
9/2/97............................................ 20,000,000
------------
</TABLE>
Continued
-27-
<PAGE>
AMERICAN PERFORMANCE FUNDS
CASH MANAGEMENT FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
----------- --------------------------- ------------
<C> <S> <C>
VARIABLE RATE NOTES, CONTINUED:
Security Brokers & Dealers (9.1%):
$17,000,000 Goldman Sachs Group LP,
5.54%*, 4/4/97............ $ 17,000,000
8,000,000 Lehman Brothers, 5.65%*,
11/29/96.................. 8,000,000
9,000,000 Lehman Brothers, 5.64%*,
5/30/97................... 9,000,000
------------
34,000,000
------------
Total Variable Rate Notes 73,000,000
------------
Total (Cost--$375,375,424)(a) $375,375,424
============
</TABLE>
- ----------
Percentages indicated are based on net assets of $375,797,494.
(a) Cost for federal income tax and financial reporting purposes are the same.
* Variable rate investments. The rate reflected on the Schedule of Portfolio
Investments is the rate in effect at August 31, 1996.
See notes to financial statements
-28-
<PAGE>
AMERICAN PERFORMANCE FUNDS
U.S. TREASURY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1996
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
----------- ------------------------- ------------
<C> <S> <C>
U.S. TREASURY BILLS (34.4%):
$75,000,000 5.06%, 9/19/96........... $ 74,810,750
------------
Total U.S. Treasury Bills 74,810,750
------------
Total Investments, at value 74,810,750
------------
REPURCHASE AGREEMENTS (66.0%):
10,000,000 Bear Stearns, 5.20%,
9/3/96 (Collateralized
by $10,118,867 U.S.
Treasury Notes, 5.13%,
12/1/98, market value
$10,207,005).............. 10,000,000
10,000,000 Dean Witter, 5.18%,
9/3/96 (Collateralized
by $10,113,963 U.S.
Treasury Notes, 5.63%,
6/1/97, market value
$10,228,630).............. 10,000,000
10,000,000 Deutsche Bank, 5.18%,
9/3/96 (Collateralized
by $9,948,291 U.S.
Treasury Notes, 5.50%,
2/1/99, market value
$10,225,625).............. 10,000,000
8,547,141 Merrill Lynch, 5.15%,
9/3/96 (Collateralized
by $8,650,036 U.S.
Treasury Notes, 8.25%,
7/1/98, market value
$8,736,197)............. 8,547,141
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
----------- -------------------------- ------------
<C> <S> <C>
REPURCHASE AGREEMENTS, CONTINUED:
$10,000,000 Morgan Stanley, 5.20%,
9/3/96 (Collateralized by
$9,979,336 U.S. Treasury
Notes, 10.00%, 5/15/10,
market value $10,222,848).. $ 10,000,000
45,000,000 Nomura Securities, 5.21%,
9/3/96 (Collateralized by
$45,033,159 U.S. Treasury
Notes, 5.50%-9.50%,
4/1/00-5/1/18, market
value $45,984,979).......... 45,000,000
50,000,000 Sanwa Bank, 5.23%, 9/3/96
(Collateralized by
$50,893,034 U.S. Treasury
Notes, 8.50%, 2/1/20,
market value
$51,048,304)............. 50,000,000
------------
Total Repurchase Agreements 143,547,141
------------
Total (Cost--$218,357,891)(a) $218,357,891
============
</TABLE>
- ----------
Percentages indicated are based on net assets of $217,406,387.
(a) Cost for federal income tax and financial reporting purposes are the same.
See notes to financial statements.
-29-
<PAGE>
AMERICAN PERFORMANCE FUNDS
BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1996
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- -------------------------------------------------------- ----------
<C> <S> <C>
ASSET BACKED SECURITIES (4.7%):
$ 333,333 Chase Credit Card, 8.75%, 8/15/99....................... $ 334,633
1,200,000 General Electric Capital Mortgage, 7.30%, 3/25/12....... 1,203,384
----------
Total Asset Backed Securities 1,538,017
----------
COLLATERALIZED MORTGAGE OBLIGATIONS (10.4%):
2,000,000 Federal National Mortgage Assoc., 6.00%, 10/25/16....... 1,949,840
1,433,130 Merrill Lynch Trust, 9.10%, 9/20/14..................... 1,462,710
----------
Total Collateralized Mortgage Obligations 3,412,550
----------
CORPORATE BONDS (46.0%):
Automotive (4.7%):
1,050,000 Ford Motor Co., 7.75%, 3/15/05.......................... 1,056,563
500,000 General Motors Corp., 7.70%, 4/15/16.................... 483,750
----------
1,540,313
----------
Banking (4.4%):
1,500,000 BankAmerica Corp., 7.13%, 5/12/05....................... 1,455,000
----------
Brokerage Services (5.5%):
1,000,000 Merrill Lynch & Co., 8.00%, 2/1/02...................... 1,027,500
800,000 Smith Barney Holdings, 6.88%, 6/15/05................... 763,000
----------
1,790,500
----------
Computers (1.5%):
500,000 IBM Corp., 6.38%, 6/15/00............................... 490,000
----------
Financial Services (10.2%):
1,000,000 Associates Corp., 7.50%, 4/15/02........................ 1,010,000
1,000,000 CNA Financial Corp., 7.25%, 11/15/23.................... 890,000
500,000 General Electric Capital Corp., 7.50%, 6/15/09.......... 502,500
1,000,000 General Motors Acceptance Corp., 6.63%, 10/1/02......... 962,500
----------
3,365,000
----------
Leasing (6.1%):
1,000,000 Hertz Corp., 7.38%, 6/15/01............................. 1,006,250
1,000,000 International Lease Finance, 6.50%, 8/15/99............. 990,000
----------
1,996,250
----------
Office Equipment & Services (3.2%):
1,000,000 Xerox Corp., 8.13%, 4/15/02............................. 1,042,500
----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ----------------------------------------------------- -----------
<C> <S> <C>
CORPORATE BONDS, CONTINUED:
Retail Stores (3.0%):
$1,000,000 May Department Stores, 8.38%, 10/1/22, Callable
10/1/02 @ 104....................................... $ 991,250
-----------
Telecommunications (7.4%):
1,000,000 Alltel Corp., 3/15/16................................ 917,500
1,500,000 MCI Communications Corp., 7.13%, 1/20/00............. 1,500,000
-----------
Total Corporate Bonds 15,088,313
-----------
MEDIUM TERM NOTES (3.1%):
1,000,000 Beneficial Corp., 7.75%, 3/1/99...................... 1,025,000
-----------
Total Medium Term Notes 1,025,000
-----------
U.S. GOVERNMENT AGENCIES (31.3%):
Federal Home Loan Bank:
2,000,000 8.00%, 9/11/01....................................... 2,086,880
60,000 7.36%, 7/1/04........................................ 60,697
Federal Home Loan Mortgage Corp.:
459,914 6.00%, 7/1/99........................................ 452,872
1,345,973 6.50%, 2/1/00........................................ 1,331,746
Federal National Mortgage Assoc.:
34,767 6.50%, 9/1/02........................................ 34,055
465,178 6.50%, 12/1/02....................................... 455,498
192,180 6.50%, 1/1/03........................................ 188,085
762,846 6.50%, 2/1/03........................................ 746,216
500,000 8.95%, 2/12/18....................................... 574,880
Government National Mortgage Assoc.:
62,062 10.50%, 11/15/15, Pool #268347....................... 68,753
145,827 11.00%, 2/15/16, Pool #279067........................ 162,915
90,898 9.00%, 1/15/20, Pool #280664......................... 95,755
114,279 9.00%, 10/15/20, Pool #289412........................ 120,207
287,498 9.00%, 7/15/21, Pool #308511......................... 301,962
655,403 7.00%, 9/15/23, Pool #347688......................... 624,632
1,033,667 7.50%, 11/15/23, Pool #354701........................ 1,011,950
991,090 7.50%, 12/15/25, Pool #401510........................ 967,799
927,491 8.00%, 5/15/26, Pool #428480......................... 927,778
59,882 8.00%, 6/15/26, Pool #426149......................... 59,901
-----------
Total U.S. Government Agencies 10,272,581
-----------
U.S. TREASURY BONDS (3.2%):
1,000,000 7.63%, 2/15/25....................................... 1,046,690
-----------
Total U.S. Treasury Bonds 1,046,690
-----------
</TABLE>
Continued
-30-
<PAGE>
AMERICAN PERFORMANCE FUNDS
BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1996
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
INVESTMENT COMPANIES (0.4%):
118,543 American Performance Cash Management Fund.............. $ 118,543
7,300 American Performance U.S. Treasury Fund................ 7,300
-----------
Total Investment Companies 125,843
-----------
Total (Cost--$33,047,018)(a) $32,508,994
===========
</TABLE>
- ----------
Percentages indicated are based on net assets of $32,806,689.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation......................................... $ 206,078
Unrealized depreciation......................................... (744,102)
---------
Net unrealized depreciation..................................... $(538,024)
=========
</TABLE>
See notes to financial statements.
-31-
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1996
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ------------------------------------------------------ -----------
<C> <S> <C>
ASSET BACKED SECURITIES (12.8%):
$2,949,886 AFC Home Equity Loan Trust, 6.80%, 10/26/96........... $ 2,903,849
1,198,675 CoreStates Home Equity Trust, 5.10%, 3/15/09.......... 1,165,016
2,050,000 Ford Motor Credit Corp., 6.50%, 8/15/02............... 2,019,250
2,000,000 GE Capital Mortgage Services, 6.90%, 2/25/10.......... 1,991,800
-----------
Total Asset Backed Securities 8,079,915
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS (10.1%):
1,100,000 Federal Home Loan Mortgage Corp., 6.00%, 3/15/05...... 1,081,608
2,000,000 Federal Home Loan Mortgage Corp., 6.50%, 5/15/19...... 1,925,520
1,000,000 Federal Home Loan Mortgage Corp., 8.00%, 9/15/20...... 997,620
500,000 Federal National Mortgage Assoc., 6.00%, 10/25/16..... 487,460
1,000,000 Federal National Mortgage Assoc., 6.25%, 1/25/20...... 961,140
1,000,000 Nomura Asset Securities Corp., 7.12%, 1/25/26......... 946,280
-----------
Total Collateralized Mortgage Obligations 6,399,628
-----------
CORPORATE BONDS (36.0%):
Brokerage Services (6.1%):
500,000 Bear Stearns Co., 6.75%, 8/15/00...................... 491,875
1,000,000 Bear Stearns Co., 6.75%, 4/15/03...................... 962,500
1,500,000 Merrill Lynch & Co., Inc., 6.64%, 9/19/02............. 1,441,875
1,000,000 Smith Barney Holdings, 6.63%, 6/1/00.................. 985,000
-----------
3,881,250
-----------
Financial Consumer (3.1%):
1,000,000 CIT Group Holdings, 6.13%, 9/1/98..................... 991,250
1,000,000 GMAC, 6.30%, 6/11/98.................................. 993,750
-----------
1,985,000
-----------
Financial Services (11.5%):
1,500,000 Associates Corp., 6.88%, 1/15/97...................... 1,505,445
500,000 Associates Corp., 7.50%, 4/15/02...................... 505,000
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ------------------------------------------------------ -----------
<C> <S> <C>
CORPORATE BONDS, CONTINUED:
Financial Services, continued:
$2,100,000 CNA Financial Corp., 6.25%, 11/15/03.................. $ 1,950,375
2,000,000 Commercial Credit Co., 6.38%, 9/15/02................. 1,912,500
500,000 Dean Witter Discover, 6.75%, 8/15/00.................. 494,375
1,000,000 General Motors Acceptance Corp., 6.63%, 10/1/02....... 962,500
-----------
7,330,195
-----------
Food Products (3.4%):
1,000,000 Grand Metropolitan, 8.63%, 8/15/01.................... 1,061,250
1,000,000 McCormick & Co., 8.95%, 7/1/01........................ 1,071,250
-----------
2,132,500
-----------
Industrial Goods & Services (0.8%):
500,000 American Home Products Co., 6.50%, 10/15/02........... 484,375
-----------
Leasing (6.2%):
1,000,000 Hertz Corp., 7.38%, 6/15/01........................... 1,006,250
1,500,000 Hertz Corp., 6.00%, 1/15/03........................... 1,395,000
1,500,000 International Lease Finance, 6.50%, 8/15/99........... 1,485,000
-----------
3,886,250
-----------
Office Equipment & Services (1.7%):
1,000,000 Xerox Corp., 8.13%, 4/15/02........................... 1,042,500
-----------
Telecommunications (1.6%):
500,000 Alltel Corp., 7.00%, 3/15/16.......................... 458,750
500,000 Comsat Corp., 8.95%, 5/15/01.......................... 532,500
-----------
991,250
-----------
Utility--Electric (1.6%):
1,000,000 Alabama Power, 6.38%, 8/1/99.......................... 987,500
-----------
Total Corporate Bonds 22,720,820
-----------
MEDIUM TERM NOTES (1.6%):
1,000,000 Beneficial Corp., 7.35%, 2/28/97...................... 1,006,440
-----------
Total Medium Term Notes 1,006,440
-----------
</TABLE>
Continued
-32-
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1996
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ------------------------------------------------------ -----------
<C> <S> <C>
TAXABLE MUNICIPAL BONDS (1.5%):
Louisiana (1.5%):
$1,000,000 Orleans Parish, School Board,
Series A, 6.45%, 2/1/05.............................. $ 944,740
-----------
Total Taxable Municipal Bonds 944,740
-----------
U.S. GOVERNMENT AGENCIES (31.6%):
Federal Home Loan Mortgage Corp.:
4,675,788 6.00%, 7/1/99......................................... 4,604,202
544,372 8.00%, 7/1/99......................................... 552,707
2,135,759 6.50%, 2/1/00......................................... 2,113,184
473,573 7.00%, 10/1/07........................................ 467,388
Federal National Mortgage Assoc.:
856,667 5.00%, 2/1/09, Pool #266453........................... 776,217
502,258 7.31%,* 11/1/22, Pool #188965......................... 518,582
775,479 7.63%,* 11/1/22, Pool #189916......................... 799,713
1,131,135 8.13%,* 7/1/23, Pool #224951.......................... 1,173,552
Government National Mortgage Assoc.:
31,840 9.00%, 12/15/04 Pool #284008.......................... 33,222
141,281 9.00%, 1/15/05 Pool #247502........................... 147,417
81,568 9.00%, 3/15/06 Pool #299211........................... 85,110
572,320 7.50%, 6/15/07 Pool #329595........................... 575,359
984,825 6.00%, 1/15/09 Pool #371901........................... 933,062
216,139 8.00%, 10/20/24, Pool #1884........................... 215,249
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
U.S. GOVERNMENT AGENCIES, CONTINUED:
Government National Mortgage Assoc., continued:
$ 835,949 6.00%, 2/20/26, Pool #2166............................. $ 742,022
42,139 8.00%, 2/20/26, Pool #2171............................. 41,944
79,606 8.00%, 3/20/26, Pool #2187............................. 79,239
389,777 8.00%, 4/20/26, Pool #2205............................. 387,972
1,751,932 8.00%, 5/20/26, Pool #2219............................. 1,743,751
988,237 8.00%, 6/15/26, Pool #423563........................... 988,543
2,964,156 8.00%, 6/15/26, Pool #426149........................... 2,965,075
-----------
Total U.S. Government Agencies 19,943,510
-----------
U.S. TREASURY NOTES (4.2%):
500,000 8.63%, 8/15/97......................................... 512,050
1,100,000 8.88%, 11/15/97........................................ 1,134,496
500,000 7.25%, 2/15/98......................................... 506,935
500,000 9.25%, 8/15/98......................................... 526,070
-----------
Total U.S. Treasury Notes 2,679,551
-----------
INVESTMENT COMPANIES (4.9%):
3,075,690 American Performance Cash Management Fund.............. 3,075,690
-----------
Total Investment Companies 3,075,690
-----------
Total (Cost--$65,882,926)(a) $64,850,294
===========
</TABLE>
- ----------
Percentages indicated are based on net assets of $63,087,806.
* Variable rate investments. The rate reflected on the Schedule of Portfolio
Investments is the rate in effect at August 31, 1996.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation....................................... $ 175,220
Unrealized depreciation....................................... (1,207,852)
-----------
Net unrealized depreciation................................... $(1,032,632)
===========
</TABLE>
See notes to financial statements.
-33-
<PAGE>
AMERICAN PERFORMANCE FUNDS
EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1996
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (95.8%):
Aerospace/Defense (1.2%):
5,700 Boeing Co................................................. $ 515,850
4,400 United Technologies Corp.................................. 496,100
-----------
1,011,950
-----------
Airlines (1.3%):
15,600 Delta Air Lines........................................... 1,105,650
-----------
Automobiles (0.1%):
11,300 General Motors Corp....................................... 562,175
-----------
Automotive Parts (1.9%):
17,700 Lear Seating Corp. (b).................................... 679,237
20,700 Magna International, Inc., Class A........................ 998,775
-----------
1,678,012
-----------
Banking (6.1%):
15,200 Bank of New York Co., Inc................................. 423,700
15,400 Chase Manhattan Corp...................................... 1,145,375
8,600 Citicorp.................................................. 715,950
23,500 Corestates Financial Corp................................. 972,312
18,600 First Securities Corp..................................... 506,850
20,900 Great Western Financial Corp.............................. 517,275
6,300 Mellon Bank Corp.......................................... 348,863
7,000 NationsBank Corp.......................................... 595,875
-----------
5,226,200
-----------
Beverages (3.7%):
55,200 Coca-Cola Co.............................................. 2,760,000
16,400 PepsiCo, Inc.............................................. 471,500
-----------
3,231,500
-----------
Brokerage Firms (0.4%):
8,000 Salomon, Inc.............................................. 360,000
-----------
Chemicals (5.2%):
16,000 Dow Chemical Co........................................... 1,276,000
9,400 E.I. du Pont de Nemours Co................................ 771,975
22,300 Engelhard Corp............................................ 454,362
6,200 W.R. Grace & Co........................................... 406,875
38,500 Monsanto Co............................................... 1,236,812
4,500 Olin Corp................................................. 356,625
-----------
4,502,649
-----------
Computers & Peripherals (3.4%):
17,200 Cisco Systems, Inc. (b)................................... 907,300
13,900 IBM Corp.................................................. 1,589,812
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Computers & Peripherals, continued:
22,400 Komag, Inc. (b)........................................... $ 476,000
-----------
2,973,112
-----------
Cosmetics (2.0%):
10,800 Avon Products, Inc........................................ 517,050
19,100 Gillette Co............................................... 1,217,625
-----------
1,734,675
-----------
Electrical Equipment (2.7%):
28,000 General Electric Co....................................... 2,327,500
-----------
Electronic & Electrical (2.0%):
11,400 Avnet, Inc................................................ 532,950
17,800 Raychem Corp.............................................. 1,221,525
-----------
1,754,475
-----------
Entertainment (1.6%):
7,000 ITT (b)................................................... 372,750
18,100 Walt Disney Co............................................ 1,031,700
-----------
1,404,450
-----------
Financial Services (3.1%):
10,000 Dean Witter Discover & Co................................. 500,000
6,100 Federal Home Loan Mortgage Corp........................... 539,087
7,300 Household International, Inc.............................. 578,525
18,800 MBNA Corp................................................. 571,050
11,300 Travelers, Inc............................................ 490,137
-----------
2,678,799
-----------
Food Processing & Packaging (2.0%):
11,600 CPC International, Inc.................................... 798,950
13,600 Dole Food, Inc............................................ 562,700
15,800 IBP, Inc.................................................. 369,325
-----------
1,730,975
-----------
Forest Products (1.7%):
13,000 Consolidated Papers, Inc.................................. 669,500
10,600 Kimberly Clark Corp....................................... 830,775
-----------
1,500,275
-----------
Health Care (1.5%):
27,000 Johnson & Johnson, Inc.................................... 1,329,750
-----------
Insurance (4.8%):
35,200 Aetna Life & Casualty Co.................................. 2,327,600
</TABLE>
Continued
-34-
<PAGE>
AMERICAN PERFORMANCE FUNDS
EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1996
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Insurance, continued:
13,700 Allstate.................................................. $ 611,363
10,100 Cigna Corp................................................ 1,172,862
-----------
4,111,825
-----------
Machinery--Diversified (2.3%):
37,100 Harnischfeger Industries, Inc............................. 1,400,525
14,000 Thermo Electron Corp. (b)................................. 554,750
-----------
1,955,275
-----------
Manufacturing--Capital Goods (0.5%):
10,700 Parker-Hannifin Corp...................................... 417,300
-----------
Medical Services (1.1%):
11,300 Columbia/HCA Healthcare Corp. ............................ 637,038
10,900 HEALTHSOUTH Corp. (b)..................................... 352,888
-----------
989,926
-----------
Medical Supplies (0.6%):
9,600 Medtronic, Inc............................................ 499,200
-----------
Metals & Mining (1.1%):
10,600 Freeport McMoran, Inc..................................... 364,375
26,500 Freeport McMoran Resource Partners, L.P. ................. 566,437
-----------
930,812
-----------
Oil--Integrated Companies (6.8%):
7,800 Amoco Corp................................................ 538,200
2,900 Atlantic Richfield Co..................................... 338,575
4,400 British Petroleum Co. .................................... 518,100
9,000 Chevron Corp ............................................. 529,875
19,800 Exxon Corp. .............................................. 1,611,225
13,000 Mobil Corp. .............................................. 1,465,750
5,700 Royal Dutch Petroleum Co.................................. 851,437
-----------
5,853,162
-----------
Oil & Gas--Equipment & Services (1.2%):
12,900 Sonat Offshore Drilling, Inc.............................. 704,663
9,900 Tidewater, Inc............................................ 379,912
-----------
1,084,575
-----------
Oil & Gas Production (2.5%):
12,500 Consolidated Natural Gas.................................. 679,688
15,200 El Paso Natural Gas....................................... 632,700
15,400 MCN Corp.................................................. 411,950
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Oil & Gas Production, continued:
14,600 Ultramar Corp............................................. $ 401,500
-----------
2,125,838
-----------
Pharmaceuticals (6.8%):
9,400 American Home Products Corp............................... 556,950
12,300 Bristol-Myers Squibb Co. ................................. 1,079,325
11,900 Eli Lilly & Co. .......................................... 681,275
19,300 Merck & Co., Inc. ........................................ 1,266,563
21,400 Pfizer, Inc. ............................................. 1,519,400
14,200 Schering-Plough........................................... 793,425
-----------
5,896,938
-----------
Publishing (1.2%):
16,200 McGraw Hill, Inc.......................................... 664,200
9,300 Meredith Corp............................................. 399,900
-----------
1,064,100
-----------
Retail (3.9%):
12,300 Barnes & Noble, Inc. (b).................................. 404,363
24,200 Home Depot, Inc........................................... 1,285,625
23,400 Sears & Roebuck Co. ...................................... 1,029,600
29,000 Woolworth Corp. (b)....................................... 616,250
-----------
3,335,838
-----------
Semiconductors (1.5%):
16,300 Intel Corp................................................ 1,300,944
-----------
Shoes--Leather (0.4%):
3,400 Nike, Inc., Class B....................................... 367,200
-----------
Soaps & Cleaning Agents (2.0%):
4,300 Colgate-Palmolive, Inc. .................................. 349,375
15,400 Procter & Gamble Co. ..................................... 1,368,675
-----------
1,718,050
-----------
Software & Computer Services (2.5%):
10,200 Microsoft Corp. (b)....................................... 1,249,500
25,500 Oracle Corp. (b).......................................... 898,875
-----------
2,148,375
-----------
Steel (2.5%):
32,100 Timken Co. ............................................... 1,219,800
34,100 USX--U.S. Steel Group, Inc................................ 937,750
-----------
2,157,550
-----------
</TABLE>
Continued
-35-
<PAGE>
AMERICAN PERFORMANCE FUNDS
EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1996
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Telecommunications (0.6%):
21,600 Ericsson L.M. Telephone Co.,
Class B (b)............................ $ 498,150
-----------
Tobacco & Tobacco Products (2.5%):
17,600 Philip Morris Cos., Inc. ................. 1,579,600
21,000 RJR Nabisco Holdings Corp............... 556,513
-----------
2,136,113
-----------
Utilities--Electric (5.0%):
35,900 CalEnergy, Inc. (b)..................... 1,085,975
23,100 CMS Energy Corp. ....................... 690,113
18,000 General Public Utilities Corp........... 567,000
84,600 Unicom Corp. ........................... 1,945,800
-----------
4,288,888
-----------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Utilities--Telecommunications (5.5%):
33,700 AT&T Corp. ............................................ $ 1,769,250
10,400 Bellsouth Corp. ....................................... 377,000
17,000 Cincinnati Bell........................................ 811,750
19,200 GTE Corp. ............................................. 756,000
23,900 NYNEX Corp. ........................................... 1,030,688
-----------
4,744,688
-----------
Total Common Stocks 82,736,894
-----------
INVESTMENT COMPANIES (4.4%):
3,786,350 American Performance Cash Management Fund.............. 3,786,350
-----------
Total Investment Companies 3,786,350
-----------
Total (Cost--$70,120,625)(a) $86,523,244
===========
</TABLE>
- ----------
Percentages indicated are based on net assets of $86,352,058.
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$19,070. Cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................ $17,710,629
Unrealized depreciation........................................ (1,327,080)
-----------
Net unrealized appreciation.................................... $16,383,549
===========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
-36-
<PAGE>
AMERICAN PERFORMANCE FUNDS
AGGRESSIVE GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1996
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (92.6%):
Audio/Video Products (3.7%):
36,295 Harman International...................................... $ 1,592,443
-----------
Automotive Parts (4.2%):
35,400 Discount Auto Parts, Inc. (b)............................. 831,900
71,300 Keystone Automotive Industries,
Inc. (b)................................................. 980,375
-----------
1,812,275
-----------
Beverages (1.0%):
18,600 Canandaigua Wine, Inc. (b)................................ 427,800
-----------
Commercial Services (3.2%):
60,700 Personnel Group America, Inc. (b)......................... 1,396,100
-----------
Computers & Peripherals (20.6%):
58,900 Cisco Systems, Inc. (b)................................... 3,106,975
53,000 Silicon Graphics, Inc. (b)................................ 1,232,250
44,800 U.S. Robotics Corp. (b)................................... 2,352,000
46,900 Verifone, Inc. (b)........................................ 2,239,475
-----------
8,930,700
-----------
Entertainment (4.0%):
46,575 International Family Entertainment,
Class B (b).............................................. 838,350
78,700 Lodgenet Entertainment Corp. (b).......................... 875,538
-----------
1,713,888
-----------
Financial Services (9.3%):
34,700 The Advanta Corp., Class A................................ 1,695,963
74,700 Money Store, Inc.......................................... 1,792,800
44,084 Resource Bancshare Mortgage Group......................... 540,029
-----------
4,028,792
-----------
Health Care (4.8%):
86,300 Matria Healthcare, Inc. (b)............................... 636,462
41,200 Owen Healthcare, Inc. (b)................................. 494,400
45,800 Sterling Healthcare Group, Inc. (b)....................... 950,350
-----------
2,081,212
-----------
Housing--Manufactured (2.3%):
76,800 Southern Energy Homes, Inc. (b)........................... 998,400
-----------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Manufacturing (3.8%):
47,400 Bacou USA, Inc. (b)....................................... $ 817,650
19,900 Wolverine Tube, Inc. (b).................................. 815,900
-----------
1,633,550
-----------
Medical--Wholesale Drugs Distribution (3.1%):
18,100 Cardinal Health, Inc...................................... 1,328,088
-----------
Medical Services (5.4%):
31,100 Fisher Scientific International........................... 1,236,225
40,600 Occusystems, Inc. (b)..................................... 1,126,650
-----------
2,362,875
-----------
Medical Supplies (1.0%):
44,300 Isolyser Co., Inc. (b).................................... 420,850
-----------
Pharmaceuticals (1.8%):
19,100 Forest Labs, Inc. (b)..................................... 785,487
-----------
Restaurants (1.4%):
46,000 Casa Ole Restaurants, Inc. (b)............................ 603,750
-----------
Retail (6.1%):
33,000 The Mens Wearhouse, Inc. (b).............................. 717,750
19,600 The Finish Line, Class A (b).............................. 617,400
54,900 Petco Animal Supplies, Inc. (b)........................... 1,317,600
-----------
2,652,750
-----------
Retail--Department Stores (3.6%):
38,300 Proffitts, Inc. (b)....................................... 1,570,300
-----------
Services (Non-Financial) (7.5%):
32,600 Envoy Corp. (b)........................................... 1,079,875
41,150 Paychex, Inc.............................................. 2,201,525
-----------
3,281,400
-----------
Services (Video Tape Rental) (1.5%):
42,600 Movie Gallery, Inc. (b)................................... 649,650
-----------
Software & Computer Services (2.6%):
65,100 Network General Corp. (b)................................. 1,106,700
-----------
Telecommunication Equipment & Services (1.7%):
29,400 Cidco, Inc. (b)........................................... 683,550
1,100 Mastec, Inc. (b).......................................... 32,450
-----------
716,000
-----------
Total Common Stocks 40,093,010
-----------
</TABLE>
Continued
-37-
<PAGE>
AMERICAN PERFORMANCE FUNDS
AGGRESSIVE GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1996
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
INVESTMENT COMPANIES (7.5%):
1,939,824 American Performance Cash Management Fund.............. $ 1,939,824
1,295,068 American Performance U.S. Treasury Fund................ 1,295,068
-----------
Total Investment Companies 3,234,892
-----------
Total (Cost--$31,248,219)(a) $43,327,902
===========
</TABLE>
- ----------
Percentages indicated are based on net assets of $43,277,691.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................ $14,888,037
Unrealized depreciation........................................ (2,808,354)
-----------
Net unrealized appreciation.................................... $12,079,683
===========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
-38-
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1996
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- ----------
<C> <S> <C>
MUNICIPAL BONDS (96.5%):
Alaska (1.6%):
$500,000 Alaska State Housing Financial Corp., Series A, 6.10%,
12/1/06................................................ $ 505,105
----------
Arizona (5.0%):
500,000 Arizona State Transportation Board, Highway Revenue,
Sub-Series A, 6.10%, 7/1/01........................... 532,150
500,000 Arizona State Transportation Board, Maricopa County
Regulatory Area RD-A, Excise Tax Revenue, 5.20%,
7/1/00, Insured by: AMBAC............................. 511,115
500,000 Arizona State University Revenue, Series A, 5.80%,
7/1/07, Callable 7/1/02 @ 101 & 7/1/03 @ 100.......... 512,240
----------
1,555,505
----------
California (6.4%):
200,000 California State Franchise Tax Board Certificate,
Certificate of Participation Refunding Bond, 6.90%,
10/1/06............................................... 212,922
200,000 California State Public Works Board, Department of
Corrections, State Prison, Series A, 7.25%, 9/1/03.... 223,446
200,000 Contra Costa Water District, Series C, 6.90%, 10/1/03.. 220,822
500,000 Folsom School Facilities Project, Series B, 6.00%,
8/1/06, Insured by: FGIC.............................. 536,680
300,000 Los Angeles Public Facilities, 5.40%, 8/1/07........... 304,938
500,000 Southern California Public Power Authority, 5.75%,
7/1/09, Insured by: MBIA.............................. 501,940
----------
2,000,748
----------
Delaware (0.5%):
155,000 Delaware State Housing Authority, Senior Home Mortgage,
Series A, 6.90%, 12/1/99, AMT......................... 159,489
----------
District of Columbia (1.6%):
500,000 District of Columbia Refunding, Series B-1, 5.20%,
6/1/04, Insured by: AMBAC............................. 497,250
----------
Florida (0.7%):
220,000 Hillsborough County Hospital Authority Refunding, Tampa
General Hospital Project, 5.75%, 10/1/99.............. 228,089
----------
Illinois (11.1%):
350,000 Chicago O'Hare International Airport Revenue, 5.60%,
1/1/07, Callable 1/1/03 @ 102......................... 354,620
500,000 Chicago Park District Refunding, 5.45%, 1/1/04, Insured
by: FGIC.............................................. 512,100
500,000 Chicago School Finance Authority, Series A, 5.38%,
6/1/08, Callable 6/1/03 @ 102......................... 489,730
400,000 Cook County, Series B, 5.75%, 11/15/07, Callable
11/15/02 @ 102 and 11/15/04 @ 100..................... 425,452
155,000 Du Page Community Water Revenue, 6.30%, 5/1/99......... 159,796
500,000 Illinois Development Finance Authority, Pollution
Control Revenue, 5.70%, 1/15/09, Insured by: AMBAC.... 502,165
500,000 Illinois Health Facilities Revenue, 5.75%, 11/15/07,
Callable 11/15/05 @ 102............................... 487,745
500,000 Illinois State Sales Tax Revenue, Series C, 6.88%,
6/15/15, Callable 6/15/97 @ 102....................... 521,155
----------
3,452,763
----------
Louisiana (4.3%):
180,000 Bastrop Industrial Development Board, Pollution Control
Refunding, International Paper, 6.90%, 3/1/07......... 193,093
500,000 Louisiana Public Facilities Authority, Hospital
Revenue, Lady of the Lake, 6.05%, 12/1/08,
Callable 12/1/01 @ 102 and 12/1/03 @ 100.............. 513,870
400,000 Louisiana Public Facilities Authority, Student Loan
Series A2, 5.60%, 3/1/97, AMT......................... 403,324
</TABLE>
Continued
-39-
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1996
<TABLE>
<CAPTION>
SHARE OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
Louisiana, continued:
$220,000 Louisiana State Refunding, GO Revenue, Series A,
7.00%, 8/1/02, Insured by: AMBAC..................... $ 230,261
-----------
1,364,343
-----------
Michigan (2.2%):
500,000 Holly, Michigan Area School District GO, 5.30%,
5/1/09, Callable 5/1/05 @ 101........................ 492,890
165,000 Michigan State Housing Development Authority, Revenue,
Series A, 6.15%, 6/1/01.............................. 169,151
-----------
662,041
-----------
Minnesota (1.7%):
550,000 Southern Minnesota Power Agency, Power Supply Revenue,
5.00%, 1/1/10, Callable 1/1/04 @ 102................. 517,270
-----------
Nevada (5.7%):
250,000 Clark County, 6.00%, 7/1/06........................... 261,070
500,000 Las Vegas, Downtown Redevelopment Agency Tax Increment
Revenue, 5.40%, 6/1/07............................... 494,900
500,000 Reno Hospital, St. Mary's, 5.25%, 5/15/07............. 492,325
500,000 Washoe County Airport Authority, Airport Systems
Improvement Revenue Refunding, Series A, 5.60%,
7/1/03, Insured by: MBIA............................. 515,400
-----------
1,763,695
-----------
New Jersey (3.4%):
500,000 New Jersey State Transportation Fund Authority, Series
A, 5.20%, 12/15/00, Insured by: AMBAC................ 511,335
500,000 Ocean City, GO, Series A, 6.25%, 10/1/06.............. 532,495
-----------
532,495
-----------
New Mexico (0.4%):
120,000 New Mexico Mortgage Finance Authority Refunding,
Single Family Mortgage, Series A-1, 6.30%, 1/1/02.... 124,376
-----------
New York (1.8%):
500,000 Triborough Bridge & Tunnel Authority, 7.00%, 1/1/11,
Callable 1/1/01 @ 102 & 1/1/03 @ 100................. 555,065
-----------
Ohio (2.6%):
250,000 Cleveland, Series A, 6.30%, 7/1/05, Callable 7/1/02
@102, 7/1/03 @ 101 & 7/1/04 @ 100.................... 268,423
500,000 Ohio State Water Development Authority, Revenue
Refunding & Improvement, Pure Water, 5.75%, 12/1/06,
Insured by: MBIA..................................... 517,880
-----------
786,303
-----------
Oklahoma (12.9%):
540,000 Grand River Dam Revenue Authority, 5.90%, 11/1/08..... 527,461
500,000 Oklahoma City, GO, 5.60%, 5/1/10...................... 501,060
500,000 Oklahoma State Housing Finance Agency, 5.50%, 11/1/25,
Mandatory Put 11/1/05 @ 100.......................... 501,670
200,000 Oklahoma State Turnpike Authority, Series A, 6.10%,
1/1/05............................................... 212,770
500,000 Tulsa Industrial Authority Hospital Revenue, 5.70%,
2/15/04.............................................. 509,710
500,000 Tulsa International Airport Revenue, 5.40%, 6/1/03.... 514,185
200,000 Tulsa Public Facilities Authority, 5.80%, 7/1/01...... 207,096
540,000 Tulsa Public Facilities Authority Capital Improvement,
Series 1988-B, 5.70%, 3/1/05......................... 524,092
</TABLE>
Continued
-40-
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1996
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
Oklahoma, continued:
$500,000 Tulsa Public Facilities Authority Solid Waste, 5.65%,
11/1/06.............................................. $ 489,375
-----------
3,987,419
-----------
Pennsylvania (2.4%):
400,000 Pennsylvania State Health Services Revenue, 5.40%,
11/15/07, Callable 11/15/06 @ 102.................... 398,436
320,000 Philadelphia Water & Sewer Revenue, 6.88%, 10/1/06,
Callable 10/1/01 @ 100............................... 343,107
-----------
741,543
-----------
Rhode Island (4.0%):
400,000 Rhode Island Depositors Economic Protection Corp.,
Special Obligations, Series A, 6.38%, 8/1/01......... 428,380
330,000 Rhode Island Port Authority & Economic Development,
Airport Revenue, 5.00%, 7/1/06,
Callable 7/1/03 @ 102................................ 320,004
500,000 Rhode Island State, 6.25%, 5/15/05.................... 534,820
-----------
1,283,204
-----------
South Carolina (1.9%):
350,000 Georgetown County, Pollution Refunding, International
Paper Co. Project, Revenue, 6.25%, 6/15/05........... 367,143
200,000 South Carolina State Education Assistance Authority,
Student Loan Revenue, 5.90%, 9/1/98, AMT............. 205,036
-----------
572,179
-----------
South Dakota (2.2%):
700,000 South Dakota Housing Development Authority Revenue,
5.70%, 5/1/08, Callable 5/1/06 @ 102................. 697,816
-----------
Texas (13.3%):
130,000 Baytown Marina Improvements, Series 1992, 6.50%,
2/1/04, AMT.......................................... 137,635
245,000 Baytown Marina Improvements, Series 1992, 6.60%,
2/1/05, AMT.......................................... 260,058
250,000 Brownsville Utilities System Revenue, 6.25%, 9/1/07,
Callable 9/1/02, 03, 04, 05 & 06 @ 100............... 262,600
500,000 Coastal Bend Health Facilities Development Revenue,
Series A, 5.60%, 11/15/02, Insured by: AMBAC......... 516,880
500,000 Dallas Waterworks & Sewer System Revenue, Series A,
5.50%, 10/1/05....................................... 500,085
350,000 Fort Worth, 6.25%, 3/1/99............................. 353,220
400,000 Houston Water & Sewer System Revenue, 6.10%, 12/1/05,
Callable 12/1/04 @ 100............................... 423,320
220,000 Montgomery County Hospital District, Series B, 6.30%,
4/1/04, Callable 4/1/02 @ 102........................ 239,389
365,000 North Central Health Facility Development Hospital,
Baylor Health Care System, Project A, 6.00%, 5/15/01. 382,075
525,000 North Harris Montgomery Community College, 5.40%,
8/15/05, Callable 2/15/03 @ 100...................... 534,429
250,000 Texas State Student Loan, 6.50%, 8/1/07, AMT.......... 263,763
250,000 Texas State Student Loan, 5.75%, 8/1/08, Callable
8/1/04 @ 100......................................... 248,497
-----------
4,121,951
-----------
Washington (9.4%):
250,000 Kitsap County School District #400, GO 6.25%, 12/1/02. 266,857
500,000 Port Tacoma Revenue Refunding, Series A, 5.50%,
11/1/04, Insured by: AMBAC........................... 512,295
500,000 Tacoma Electric System Revenue, 5.70%, 1/1/03, Insured
by: FGIC............................................. 520,145
410,000 Washington State, GO, 6.40%, 9/1/03, Callable 9/1/01 @
101.................................................. 440,213
175,000 Washington State Health Care Facilities Authority,
Revenue Refunding, Franciscan Health, St. Clara,
6.20%, 7/1/03........................................ 186,186
</TABLE>
Continued
-41-
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1996
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
Washington, continued
$500,000 Washington State Public Power Supply System, Nuclear
Project #1 Revenue Refunding, Series A, 5.10%,
7/1/00............................................... $ 502,385
500,000 Washington State Public Power Supply System, Nuclear
Project #2, 6.00%, 7/1/07, Callable 7/1/00 @ 100..... 501,610
-----------
2,929,691
-----------
Wisconsin (1.4%):
200,000 Green Bay Series A, 5.70%, 4/1/05, Callable 4/1/03 @
100.................................................. 206,632
225,000 Wisconsin State Housing & Economic Development
Authority, Housing Revenue, Series D, 6.50%, 5/1/01,
AMT.................................................. 232,731
-----------
439,363
-----------
Total Municipal Bonds........................................... 29,965,243
-----------
INVESTMENT COMPANIES (2.5%):
766,870 SEI Institutional Tax Free Fund....................... 766,870
-----------
Total Investment Companies...................................... 766,870
-----------
Total (Cost--$30,209,441)(a).................................... $30,732,113
===========
</TABLE>
- --------
Percentages indicated are based on net assets of $31,036,443.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation......................................... $ 635,515
Unrealized depreciation......................................... (112,843)
---------
Net unrealized appreciation..................................... $ 522,672
=========
</TABLE>
AMBAC American Municipal Bond Assurance Corporation
AMT Alternative Minimum Tax
FGIC Financial Guaranty Insurance Company
GO General Obligation
MBIA Municipal Bond Insurance Association
See notes to financial statements.
-42-
<PAGE>
AMERICAN PERFORMANCE FUNDS
SHORT-TERM INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1996
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
ASSET BACKED SECURITIES (11.6%):
Financial Services:
$199,991 AFC Home Equity Loan Trust, 6.80%, 10/26/26............ $ 196,871
500,000 General Electric Capital Mortgage, 7.30%, 3/25/12...... 501,410
500,000 IMC Home Equity Loan, 7.27%, 4/25/11................... 500,400
470,785 Money Store Trust 96-B, Class A-1...................... 472,268
-----------
Total Asset Backed Securities 1,670,949
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS (12.6%):
175,000 Contimortgage Home Equity Loan Trust, 6.95%, 7/15/11... 173,797
495,606 Corestates Home Equity Trust, 5.10%, 3/15/09........... 481,689
1,000,000 Federal National Mortgage Assoc., 6.00%, 10/25/16...... 974,920
200,000 Nomura Asset Securities Corp., 7.12%, 1/25/26.......... 189,256
-----------
Total Collateralized Mortgage Obligations 1,819,662
-----------
CORPORATE BONDS (9.9%):
Brokerage Services (1.6%):
250,000 Smith Barney Holdings, 5.88%,
2/1/01................................................ 237,500
-----------
Financial Services (8.3%):
215,000 American General Finance, 7.70%, 11/15/97.............. 218,328
135,000 Associates Corp. of North America, 7.50%, 5/15/99...... 137,363
250,000 Commercial Credit, 6.70%, 8/1/99....................... 248,750
260,000 Ford Motor Credit Corp., 7.25%, 5/15/99................ 262,275
335,000 Merrill Lynch & Co., 6.38%, 3/30/99.................... 331,650
-----------
Total Corporate Bonds 1,198,366
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. GOVERNMENT AGENCIES (26.8%):
Federal Home Loan Bank:
$ 45,000 6.36%, 9/19/96........................................ $ 45,016
2,300,000 7.02%, 7/6/99......................................... 2,319,021
Federal Home Loan Mortgage Corp.:
459,914 6.00%, 7/1/99......................................... 452,872
450,512 6.50%, 2/1/00......................................... 445,750
Federal National Mortgage Assoc.:
300,000 6.05%, 1/12/98........................................ 298,623
Government National Mortgage Assoc.:
297,469 8.00%, 6/15/26........................................ 297,562
-----------
Total U.S. Government Agencies 3,858,844
-----------
U.S. TREASURY NOTES (37.0%):
2,250,000 6.50%, 11/30/96....................................... 2,255,715
500,000 5.63%, 6/30/97........................................ 499,095
1,900,000 5.50%, 11/15/98....................................... 1,864,432
700,000 6.88%, 7/31/99........................................ 705,873
-----------
Total U.S. Treasury Notes 5,325,115
-----------
INVESTMENT COMPANIES (1.5%):
210,928 American Performance Cash Management Fund............. 210,928
-----------
Total Investment Companies 210,928
-----------
Total (Cost--$14,492,428)(a) $14,321,364
===========
</TABLE>
- ----------
Percentages indicated are based on net assets of $14,399,383.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation......................................... $ 5,671
Unrealized depreciation......................................... (176,735)
---------
Net unrealized depreciation..................................... $(171,064)
=========
</TABLE>
See notes to financial statements.
-43-
<PAGE>
AMERICAN PERFORMANCE FUNDS
BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1996
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
ASSET BACKED SECURITIES (2.6%):
Banking & Financial Services (2.6%):
$300,000 General Electric Capital Mortgage, Series 1996-HE2,
Class A-3 7.30%, 3/25/12............................. $ 300,846
300,000 IMC Home Equity Loan, 7.27%, 4/25/11.................. 300,240
-----------
Total Asset Backed Securities 601,086
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS (2.1%):
297,364 CoreStates Home Equity Trust, 5.10%, 3/15/09.......... 289,014
200,000 Nomura Asset Securities Corp., 7.12%, 1/25/26......... 189,256
-----------
Total Collateralized Mortgage Obligations 478,270
-----------
COMMON STOCKS (54.8%):
Airlines (0.9%):
2,800 Delta Air Lines....................................... 198,450
-----------
Automotive Parts (1.2%):
2,075 Discount Auto Parts, Inc. (b)......................... 48,763
2,850 Keystone Automotive Industries,
Inc. (b)............................................. 39,188
3,700 Magna International, Inc., Class A.................... 178,524
-----------
266,475
-----------
Banking (2.7%):
6,000 CoreStates Financial Corp............................. 248,249
5,600 First Securities Corp................................. 152,600
2,500 NationsBank Corp...................................... 212,813
-----------
613,662
-----------
Beverages (1.7%):
1,125 Canandaigua Wine, Inc. (b)............................ 25,875
7,200 Coca-Cola Co.......................................... 360,000
-----------
385,875
-----------
Chemicals (2.9%):
3,400 Dow Chemical Co....................................... 271,149
2,000 E.I. du Pont de Nemours Co............................ 164,250
7,200 Monsanto Co........................................... 231,300
-----------
666,669
-----------
Commercial Services (0.3%):
3,500 Personnel Group of America, Inc. (b).................. 80,500
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Computers & Peripherals (3.3%):
3,450 Cisco Systems, Inc. (b)................................ $ 181,987
1,900 IBM Corp............................................... 217,312
3,050 Silicon Graphics, Inc. (b)............................. 70,913
2,600 US Robotics Corp. (b).................................. 136,500
2,725 Verifone, Inc. (b)..................................... 130,119
-----------
736,831
-----------
Computer Software & Services (0.5%):
1,925 Envoy Corp. (b)........................................ 63,766
3,800 Network General Corp. (b).............................. 64,600
-----------
128,366
-----------
Electrical Equipment (1.5%):
4,100 General Electric Co.................................... 340,812
-----------
Electronic & Electrical (1.3%):
2,100 Harman International................................... 92,138
3,000 Raychem Corp........................................... 205,875
-----------
298,013
-----------
Entertainment (1.3%):
2,768 International Family Entertainment, Class B (b)........ 49,824
4,600 Lodgenet Entertainment Corp. (b)....................... 51,175
3,300 Walt Disney Co......................................... 188,100
-----------
289,099
-----------
Financial Services (1.7%):
2,025 Advanta Corp., Class A................................. 98,972
4,350 The Money Store, Inc................................... 104,400
2,648 Resource Bancshare Mortgage Group...................... 32,441
3,500 Travelers, Inc......................................... 151,812
-----------
387,625
-----------
Food Processing & Packaging (0.6%):
2,100 CPC International, Inc................................. 144,638
-----------
Forest Products (0.8%):
2,200 Kimberly Clark Corp.................................... 172,425
-----------
Health Care (1.7%):
5,400 Johnson & Johnson, Inc................................. 265,949
5,000 Matria Healthcare, Inc. (b)............................ 36,875
2,500 Owen Healthcare, Inc. (b).............................. 30,000
2,675 Sterling Healthcare Group, Inc. (b).................... 55,507
-----------
388,331
-----------
</TABLE>
Continued
-44-
<PAGE>
AMERICAN PERFORMANCE FUNDS
BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1996
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Heavy Machinery--Industrial, Farm, Construction (1.1%):
6,400 Harnischfeger Industries, Inc.......................... $ 241,600
-----------
Insurance (3.1%):
5,800 Aetna Life & Casualty Co............................... 383,524
2,700 Allstate Corp.......................................... 120,488
1,700 Cigna Corp............................................. 197,413
-----------
701,425
-----------
Loan Companies (0.5%):
1,400 Federal Home Loan Mortgage Corp........................ 123,725
-----------
Manufacturing (1.0%):
2,775 Bacou USA, Inc. (b).................................... 47,869
3,600 Parker-Hannifin Corp. (b).............................. 140,400
1,150 Wolverine Tube, Inc. (b)............................... 47,150
-----------
235,419
-----------
Medical--Wholesale Drug Distribution (0.4%):
1,100 Cardinal Health, Inc................................... 80,713
-----------
Medical Services (0.3%):
2,400 Occusystems, Inc. (b).................................. 66,600
-----------
Medical Supplies (0.1%):
2,625 Isolyser Co., Inc. (b)................................. 24,938
-----------
Mobile Homes & Manufactured Housing (0.3%):
4,475 Southern Energy Homes, Inc. (b)........................ 58,175
-----------
Oil--Integrated Companies (3.2%):
2,400 Chevron Corp. ......................................... 141,300
2,100 Exxon Corp. ........................................... 170,888
2,000 Mobil Corp............................................. 225,499
1,300 Royal Dutch Petroleum Co. ............................. 194,187
-----------
731,874
-----------
Oil & Gas Exploration, Production & Services (0.7%):
2,800 Sonat Offshore Drilling, Inc........................... 152,950
-----------
Pharmaceuticals (3.7%):
2,300 Bristol-Myers Squibb Co. .............................. 201,825
1,125 Forest Labs, Inc. (b).................................. 46,266
3,600 Merck & Co., Inc. ..................................... 236,249
3,100 Pfizer, Inc. .......................................... 220,100
2,300 Schering-Plough Corp................................... 128,512
-----------
832,952
-----------
Publishing (0.8%):
4,400 McGraw Hill Cos., Inc.................................. 180,400
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Restaurants (0.1%):
2,000 Casa Ole' Restaurants, Inc. (b)........................ $ 26,250
-----------
Retail (0.7%):
3,500 Sears & Roebuck Co. ................................... 154,000
-----------
Retail--Department Stores (0.4%):
2,225 Proffitts, Inc. (b).................................... 91,225
-----------
Retail--Specialty Stores (1.9%):
4,900 Home Depot, Inc........................................ 260,312
2,850 The Mens Wearhouse, Inc. (b)........................... 61,988
3,187 Petco Animal Supplies, Inc. (b)........................ 76,488
1,100 The Finish Line, Class A (b)........................... 34,650
-----------
433,438
-----------
Scientific Instruments (1.1%):
1,850 Fisher Scientific International........................ 73,538
4,400 Thermo Electron Corp. (b).............................. 174,350
-----------
247,888
-----------
Semiconductors (1.1%):
3,000 Intel Corp............................................. 239,438
-----------
Services (Non-Financial) (0.6%):
2,400 Paychex, Inc........................................... 128,400
-----------
Services--Video Tape Rental (0.2%):
2,475 Movie Gallery, Inc. (b)................................ 37,744
-----------
Soaps & Cleaning Agents (1.0%):
2,600 Procter & Gamble Co. .................................. 231,075
-----------
Software & Computer Services (1.0%):
1,800 Microsoft Corp. (b).................................... 220,500
-----------
Steel (1.8%):
5,900 Timken Co.............................................. 224,200
6,400 USX-US Steel Group, Inc................................ 176,000
-----------
400,200
-----------
Telecommunications (0.2%):
1,750 Cidco, Inc. (b)........................................ 40,688
100 Mastec, Inc. (b)....................................... 2,950
-----------
43,638
-----------
Tobacco & Tobacco Products (1.4%):
2,200 Philip Morris Cos., Inc. .............................. 197,450
4,100 RJR Nabisco Holdings Corp.............................. 108,138
-----------
305,588
-----------
</TABLE>
Continued
-45-
<PAGE>
AMERICAN PERFORMANCE FUNDS
BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1996
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Utilities--Electric (2.8%):
6,400 CalEnergy, Inc. (b)................................... $ 193,600
4,300 CMS Energy Corp. ..................................... 128,463
13,900 Unicom Corp........................................... 319,700
------------
641,763
------------
Utilities--Telecommunications (2.9%):
4,300 AT&T Corp. ........................................... 225,750
3,100 Cincinnati Bell....................................... 148,025
6,600 NYNEX Corp. .......................................... 284,625
------------
658,400
------------
Total Common Stocks 12,388,119
------------
CORPORATE BONDS (8.2%):
Banking (2.1%):
$250,000 BankAmerica Corp., 7.13%, 5/12/05..................... 242,500
250,000 J.P. Morgan, 6.25%, 12/15/05.......................... 230,000
------------
472,500
------------
Brokerage Services (2.1%):
250,000 Bear Stearns, 6.25%, 8/15/00.......................... 245,938
250,000 Smith Barney Holdings, 6.88%, 6/15/05................. 238,438
------------
484,376
------------
Financial Services (2.9%):
250,000 Associates Corp., 6.00%, 12/1/02...................... 233,750
250,000 Ford Motor Credit Co., 6.38%, 9/15/99................. 245,938
200,000 General Motors Acceptance Corp., 6.63%, 10/15/05...... 186,750
------------
666,438
------------
Retail Stores (1.1%):
250,000 Wal-Mart Stores, Inc., 7.25%, 6/1/13.................. 238,750
------------
Total Corporate Bonds 1,862,064
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
---------- ----------------------------------------------------- -----------
<C> <S> <C>
TAXABLE MUNICIPAL BONDS (0.7%):
Louisiana (0.7%):
$ 170,000 Orleans Parish, Louisiana School Board, 6.45%,
2/1/05.............................................. $ 160,863
-----------
Total Taxable Municipal Bonds 160,863
-----------
U.S. GOVERNMENT AGENCIES (9.8%):
Federal Home Loan Mortgage Corp.:
459,914 6.00%, 7/1/99........................................ 452,872
211,351 6.50%, 2/1/00........................................ 209,117
Government National Mortgage Assoc.:
624,432 7.00%, 1/15/26, Pool #421420......................... 592,648
178,909 6.00%, 2/20/26, Pool #2166........................... 158,807
790,589 8.00%, 6/15/26, Pool #423563......................... 790,834
-----------
Total U.S. Government Agencies 2,204,278
-----------
U.S. TREASURY BONDS (2.4%):
625,000 6.25%, 8/15/23....................................... 551,006
-----------
Total U.S. Treasury Bonds 551,006
-----------
U.S. TREASURY NOTES (10.6%):
300,000 6.38%, 6/30/97....................................... 301,191
500,000 5.38%, 11/30/97...................................... 496,085
300,000 6.13%, 5/15/98....................................... 299,178
400,000 6.25%, 6/30/98....................................... 399,612
700,000 6.50%, 4/30/99....................................... 700,084
200,000 7.75%, 2/15/01....................................... 207,904
-----------
Total U.S. Treasury Notes 2,404,054
-----------
INVESTMENT COMPANIES (8.9%):
1,121,767 American Performance Cash Management Fund............ 1,121,767
892,553 American Performance U.S. Treasury Fund.............. 892,553
-----------
Total Investment Companies 2,014,320
-----------
Total (Cost--$21,421,361)(a) $22,664,060
===========
</TABLE>
- ----------
Percentages indicated are based on net assets of $22,592,429.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation......................................... $1,866,532
Unrealized depreciation......................................... (623,833)
----------
Net unrealized appreciation..................................... $1,242,699
==========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
-46-
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 1996
1.ORGANIZATION:
The American Performance Funds (the "Funds") were organized on October 1,
1987, and are registered under the Investment Company Act of 1940 (the "1940
Act"), as amended, as a diversified, open-end investment company established
as a Massachusetts business trust. The Funds had no operations other than
incurring organizational expenses and the sale of initial units of
beneficial interest ("shares") between the date of organization and the date
of commencement of operations.
The Funds are authorized to issue an unlimited number of shares with a par
value of $.00001 per share. The Funds presently offer shares of the Cash
Management Fund, the U.S. Treasury Fund, the Bond Fund, the Intermediate
Bond Fund, the Equity Fund, the Aggressive Growth Fund, the Intermediate
Tax-Free Bond Fund, the Short-Term Income Fund, and the Balanced Fund
(individually referred to as a "Fund"). BancOklahoma Trust Company ("BOTC"),
a subsidiary of BancOklahoma Corp., serves as investment adviser to the Cash
Management Fund, U.S. Treasury Fund, Bond Fund, Intermediate Bond Fund,
Equity Fund, Aggressive Growth Fund, Intermediate Tax-Free Bond Fund, Short-
Term Income Fund, and Balanced Fund. AMR Investment Services, Inc. ("AMR") a
subsidiary of AMR Corporation, the parent company of American Airlines,
Inc., serves as sub-investment adviser to the Cash Management Fund. Bank of
Oklahoma, N.A., a subsidiary of BancOklahoma Corp., acts as custodian to the
Funds.
The investment objective of the Cash Management Fund and U.S. Treasury Fund
(the "money market funds") is to seek current income with liquidity and
stability of principal. The Equity Fund has as its objective to seek growth
of capital. The Aggressive Growth Fund seeks long-term capital appreciation.
The Balanced Fund seeks current income and, secondarily, long-term capital
growth. The Bond Fund's objective is to maximize total return. The
Intermediate Bond Fund, Intermediate Tax-Free Bond Fund, and the Short-Term
Income Fund seek current income, consistent with the preservation of
capital.
2.SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies followed by
the Funds in the preparation of their financial statements. The policies are
in conformity with generally accepted accounting principles. The preparation
of financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of income and
expenses for the period. Actual results could differ from those estimates.
SECURITIES VALUATION:
Investments of the money market funds are valued at either amortized
cost, which approximates market value, or at original cost, which
combined with accrued interest approximates market value. Discount or
premium is amortized on a constant basis to the maturity of the security
under the amortized cost method. In addition, the money market funds may
not a) purchase any instrument with a remaining maturity greater than
thirteen months unless such investment is subject to a demand feature, or
b) maintain a dollar weighted average portfolio maturity which exceeds 90
days.
Investments in common stocks, corporate bonds, commercial paper,
municipal government bonds, and U.S. Government securities of the Bond
Fund, Intermediate Bond Fund, Equity Fund, Aggressive Growth Fund,
Intermediate Tax-Free Bond Fund, Short-Term Income Fund, and Balanced
Fund (collectively, "the variable net asset value funds"), are valued at
their market value determined on the basis of the latest available bid
prices in the principal market (closing sales prices if the principal
market is an exchange) in which such securities are normally traded.
Investments in investment companies are valued at their net asset values
as reported by such companies. The
Continued
-47-
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
AUGUST 31, 1996
differences between the cost and market values of investments held by the
variable net asset value funds are reflected as either unrealized
appreciation or depreciation.
SECURITY TRANSACTIONS AND RELATED INCOME:
Security transactions are accounted for on the date the security is
purchased or sold (trade date). Interest income is recognized on the
accrual basis and includes, where applicable, the pro rata amortization
of premium or accretion of discount. Dividend income is recorded on the
ex-dividend date. Gains or losses realized on sales of securities are
determined by comparing the identified cost of the security lot sold with
the net sales proceeds.
SECURITIES PURCHASED ON A WHEN-ISSUED BASIS AND DELAYED DELIVERY BASIS:
Each Fund may purchase securities on a "when-issued" basis. When-issued
securities are securities purchased for delivery beyond the normal
settlement date at a stated price and/or yield, thereby involving the
risk that the price and/or yield obtained may be more or less than those
available in the market when delivery takes place. The Fund records the
transaction and reflects the value of the security in determining net
asset value at the time the Fund makes the commitment to purchase a
security on a when-issued basis. Normally, the settlement date occurs
within one month of the purchase. No payment is made by the Fund and no
interest accrues to the Fund during the period between purchase and
settlement. The Fund establishes a segregated account in which it
maintains cash and marketable securities equal in value to commitments
for when-issued securities. Securities purchased on a when-issued basis
or delayed delivery basis do not earn income until the settlement date.
REPURCHASE AGREEMENTS:
Each Fund may acquire securities from financial institutions such as
member banks of the Federal Deposit Insurance Corporation or from
registered broker/dealers which the respective investment adviser deems
creditworthy under guidelines approved by the Board of Trustees, subject
to the seller's agreement to repurchase such securities at a mutually
agreed-upon date and price. The repurchase price generally equals the
price paid by the Fund plus interest negotiated on the basis of current
short-term rates, which may be more or less than the rate on the
underlying portfolio securities. The seller, under a repurchase
agreement, is required to maintain the value of collateral held pursuant
to the agreement at not less than the repurchase price (including accrued
interest). Securities subject to repurchase agreements are held by the
Fund's custodian, another qualified sub-custodian or in the Federal
Reserve/Treasury book-entry system. Repurchase agreements are considered
to be loans by a Fund under the 1940 Act.
DIVIDENDS TO SHAREHOLDERS:
Dividends from net investment income are declared daily and paid monthly
for the money market funds. Dividends from net investment income are
declared daily and paid monthly for the Bond Fund, Intermediate Bond
Fund, Intermediate Tax-Free Bond Fund and Short-Term Income Fund.
Dividends from net investment income are declared and paid quarterly for
the Equity Fund, Aggressive Growth Fund, and Balanced Fund. Net realized
capital gains, if any, are declared and distributed at least annually.
The Funds follow Statement of Position 93-2, Determination, Disclosure,
and Financial Statement Presentation of Income, Capital Gain, and Return
of Capital Distributions by Investment Companies. Accordingly, timing
differences relating to shareholder distributions are reflected in the
components of net assets and permanent book and tax basis differences
relating to shareholder distributions have been reclassified to
additional paid-in capital.
Continued
-48-
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
AUGUST 31, 1996
Dividends from net investment income and from net realized capital gains
are determined in accordance with income tax regulations which may differ
from generally accepted accounting principles. These differences are
primarily due to differing treatments for mortgage-backed securities,
expiring capital loss carryforwards and deferrals of certain losses.
FEDERAL INCOME TAXES:
It is the policy of each Fund to qualify, or continue to qualify, as a
regulated investment company by complying with the provisions available
to certain investment companies, as defined in applicable sections of the
Internal Revenue Code, and to make distributions of net investment income
and net realized capital gains sufficient to relieve it from all, or
substantially all, federal income taxes.
ORGANIZATION COSTS:
All expenses incurred in connection with the Funds' organization and
registration under the 1940 Act and the Securities Act of 1933 were paid
by each of the Funds. Such expenses are being amortized over a period of
two years commencing with the initial public offering.
OTHER:
Expenses that are directly related to one of the Funds are charged
directly to that Fund. Other operating expenses of the Funds are prorated
to each Fund on the basis of relative net assets.
3.PURCHASES AND SALES OF SECURITIES:
Purchases and sales of securities (excluding short-term securities) for the
year ended August 31, 1996 are as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
----------- -----------
<S> <C> <C>
Bond Fund............................................ $21,641,726 $23,913,474
Intermediate Bond Fund............................... $81,551,328 $91,586,735
Equity Fund.......................................... $53,046,127 $56,274,431
Aggressive Growth Fund............................... $18,202,788 $11,895,323
Intermediate Tax-Free Bond Fund...................... $ 8,859,236 $ 5,454,582
Short-Term Income Fund............................... $12,585,037 $ 9,085,085
Balanced Fund........................................ $20,560,408 $13,341,543
</TABLE>
4.RELATED PARTY TRANSACTIONS:
Investment advisory services are provided to the Funds by BOTC. AMR serves
as sub-investment adviser to the Cash Management Fund. Under the terms of
the investment advisory agreements, BOTC and AMR are entitled to receive
fees based on a percentage of the average net assets of each of the Funds.
Bank of Oklahoma, N.A., serves the Funds as custodian.
BISYS Fund Services Limited Partnership d/b/a BISYS Fund Services ("BISYS"),
an Ohio Limited Partnership, and BISYS Fund Services Ohio, Inc. ("BISYS
Ohio") are subsidiaries of the BISYS Group, Inc. BISYS, whom certain
officers of the Funds are affiliated, serves the Funds as administrator.
Such officers and trustees are paid no fees directly
Continued
-49-
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
AUGUST 31, 1996
by the Funds for serving as officers of the Funds. Fees for administration
services are established under terms of the administration contract as a
percentage of the average net assets of each of the Funds. BISYS Ohio,
serves the Funds as transfer agent and mutual fund accountant.
The Funds have adopted a Distribution and Shareholder Services Plan in
accordance with Rule 12b-1 under the 1940 Act, pursuant to which the Funds
are authorized to pay or reimburse BISYS, as distributor, a periodic amount,
calculated at an annual rate not to exceed .25% of the average daily net
asset value of the Funds, and may be used by BISYS to pay banks, including
adviser, broker dealers and other institutions. As distributor, BISYS is
entitled to receive commissions on sales of shares of the variable net asset
value funds. For the year ended August 31, 1996, BISYS received $166,639
from commissions earned on sales of shares of the Funds' variable net asset
value funds, all of which was allowed to affiliated broker/dealers of the
Funds.
From time to time, fees may be voluntarily reduced or reimbursed in order to
assist each of the Funds in maintaining competitive expense ratios.
Information regarding these transactions for the year ended August 31, 1996
is as follows:
<TABLE>
<CAPTION>
CASH U.S.
MANAGEMENT TREASURY
FUND FUND
---------- --------
<S> <C> <C>
INVESTMENT ADVISORY FEES:
Annual fee (percentage of average net assets)........... .40% .40%
ADMINISTRATION FEES:
Annual fee (percentage of average net assets)........... .20% .20%
12B-1 FEES:
Annual fee before voluntary fee reductions
(percentage of average net assets).................... .25% .25%
Voluntary fee reductions................................ $830,500 $500,780
CUSTODIAN FEES:
Annual fee before voluntary fee reductions
(percentage of net assets)............................ .03% .03%
TRANSFER AGENT AND MUTUAL FUND ACCOUNTANT FEES........... $153,313 $ 99,549
</TABLE>
<TABLE>
<CAPTION>
INTERMEDIATE
BOND BOND EQUITY
FUND FUND FUND
------- ------------ --------
<S> <C> <C> <C>
INVESTMENT ADVISORY FEES:
Annual fee before voluntary fee reductions
(percentage of average net assets)........ .55% .55% .74%
Voluntary fee reductions.................... $73,915 $130,084 $154,982
ADMINISTRATION FEES:
Annual fee (percentage of average net .20% .20% .20%
assets)...................................
12B-1 FEES:
Annual fee (percentage of average net .25% .25% .25%
assets)...................................
CUSTODIAN FEES:
Annual fee before voluntary fee reductions
(percentage of net assets)................ .03% .03% .03%
TRANSFER AGENT AND MUTUAL FUND ACCOUNTANT
FEES........................................ $27,287 $ 47,236 $ 50,607
</TABLE>
Continued
-50-
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
AUGUST 31, 1996
<TABLE>
<CAPTION>
SHORT-
AGGRESSIVE INTERMEDIATE TERM
GROWTH TAX-FREE INCOME BALANCED
FUND BOND FUND FUND FUND
---------- ------------ ------- --------
<S> <C> <C> <C> <C>
INVESTMENT ADVISORY FEES:
Annual fee before voluntary fee
reductions
(percentage of average net
assets)......................... .69% .55% .55% .74%
Voluntary fee reductions......... $77,088 $57,916 $65,313 $149,330
ADMINISTRATION FEES:
Annual fee before voluntary fee
reductions
(percentage of average net
assets)......................... .20% .20% .20% .20%
12B-1 FEES:
Annual fee before voluntary fee
reductions or credits
(percentage of average net
assets)......................... .25% .25% .25% .25%
Voluntary fee reductions......... $72,358 $29,688 $ 50,449
CUSTODIAN FEES:
Annual fee before voluntary fee
reductions or credits
(percentage of net assets)...... .03% .03% .03% .03%
Voluntary fee reductions......... -- -- $ 3,562 $ 6,054
TRANSFER AGENT AND MUTUAL FUND
ACCOUNTANT FEES.................. $32,127 $36,462 $ 4,798 $ 14,931
</TABLE>
5.ELIGIBLE DISTRIBUTIONS (UNAUDITED):
The American Performance Funds designate the following eligible
distributions for the dividends received deduction for corporations:
<TABLE>
<CAPTION>
AGGRESSIVE
EQUITY BALANCED GROWTH
FUND FUND FUND
---------- -------- ----------
<S> <C> <C> <C>
Dividend Income................................ $1,965,859 $272,966 $189,962
Dividend Income Per Share...................... $ .1787 $ .1363 $ --
</TABLE>
6.EXEMPT-INTEREST INCOME DESIGNATION (UNAUDITED):
The American Performance Funds designate the following exempt-interest
dividends from the Intermediate Tax-Free Bond Fund's taxable year ended
August 31, 1996:
<TABLE>
<CAPTION>
INTERMEDIATE
TAX-FREE
BOND FUND
------------
<S> <C>
Exempt-interest.................................................. $1,515,748
Exempt-interest dividends per share.............................. $ .4815
</TABLE>
Continued
-51-
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
AUGUST 31, 1996
The percentage break-down of the exempt-interest by state for the
Intermediate Tax-Free Bond Fund's taxable year ended August 31, 1996 was as
follows:
<TABLE>
<S> <C>
Alaska................................................................. 2.0%
Arizona................................................................ 5.3%
California............................................................. 5.7%
Delaware............................................................... 0.7%
District of Columbia................................................... 1.7%
Florida................................................................ 0.8%
Illinois............................................................... 10.0%
Louisiana.............................................................. 5.3%
Michigan............................................................... 1.9%
Minnesota.............................................................. 0.8%
Nevada................................................................. 6.3%
New Jersey............................................................. 3.7%
New Mexico............................................................. 0.5%
New York............................................................... 2.1%
Ohio................................................................... 2.9%
Oklahoma............................................................... 12.8%
Pennsylvania........................................................... 1.7%
Rhode Island........................................................... 4.4%
South Carolina......................................................... 2.2%
South Dakota........................................................... 0.9%
Texas.................................................................. 16.9%
Washington............................................................. 10.1%
Wisconsin.............................................................. 1.3%
-----
Total................................................................ 100.0%
</TABLE>
7.FEDERAL INCOME TAXES (UNAUDITED):
For federal income tax purposes, the following Funds have capital loss
carryforwards as of August 31, 1996, which are available to offset future
capital gains, if any:
<TABLE>
<CAPTION>
AMOUNT EXPIRES
-------- -------
<S> <C> <C>
Bond Fund.................................................... $184,630 2003
151,972 2004
Intermediate Bond Fund....................................... 159,446 2003
666,485 2004
Intermediate Tax-Free Bond Fund.............................. 200 2001
2,887 2002
13,731 2003
30,079 2004
</TABLE>
-52-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CASH MANAGEMENT FUND
------------------------------------------------
YEAR ENDED AUGUST 31,
------------------------------------------------
1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD...................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- --------
INVESTMENT ACTIVITIES
Net investment income....... 0.050 0.052 0.030 0.028 0.042
-------- -------- -------- -------- --------
DISTRIBUTIONS
Net investment income....... (0.050) (0.052) (0.030) (0.028) (0.042)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERI-
OD.......................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ========
Total Return................. 5.14% 5.30% 3.08% 2.87% 4.38%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000)...................... $375,797 $194,807 $195,490 $167,269 $152,652
Ratio of expenses to average
net assets................. 0.71% 0.74% 0.78% 0.78% 0.79%
Ratio of net investment
income to average net
assets..................... 5.01% 5.18% 3.05% 2.80% 4.14%
Ratio of expenses to average
net assets*................ 0.96% 0.99% 0.98% 0.98% 1.03%
Ratio of net investment
income to average net
assets*.................... 4.76% 4.94% 2.85% 2.60% 3.91%
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
-53-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
U.S. TREASURY FUND
------------------------------------------------
YEAR ENDED AUGUST 31,
------------------------------------------------
1996 1995 1994 1993 1992
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD...................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- --------
INVESTMENT ACTIVITIES
Net investment income....... 0.047 0.048 0.028 0.025 0.038
-------- -------- -------- -------- --------
DISTRIBUTIONS
Net investment income....... (0.047) (0.048) (0.028) (0.025) (0.038)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERI-
OD.......................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ========
Total Return................. 4.85% 4.95% 2.87% 2.57% 3.91%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000)...................... $217,406 $187,007 $165,353 $169,428 $136,637
Ratio of expenses to average
net assets................. 0.74% 0.75% 0.81% 0.81% 0.81%
Ratio of net investment
income to average net
assets..................... 4.74% 4.88% 2.81% 2.51% 3.65%
Ratio of expenses to average
net assets*................ 0.99% 1.00% 1.01% 1.01% 1.04%
Ratio of net investment
income to average net
assets*.................... 4.49% 4.63% 2.61% 2.31% 3.41%
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
-54-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
BOND FUND
--------------------------------------------
YEAR ENDED AUGUST 31,
--------------------------------------------
1996 1995 1994 1993 1992
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PE-
RIOD............................ $ 9.29 $ 9.36 $ 11.05 $ 10.99 $ 10.57
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income........... 0.57 0.56 0.58 0.70 0.76
Net realized and unrealized
gains (losses) on investments.. (0.30) 0.15 (0.77) 0.50 0.54
------- ------- ------- ------- -------
Total from Investment Activi-
ties......................... 0.27 0.71 (0.19) 1.20 1.30
------- ------- ------- ------- -------
DISTRIBUTIONS
Net investment income........... (0.57) (0.56) (0.58) (0.70) (0.76)
Net realized gains.............. -- -- (0.43) (0.44) (0.12)
In excess of net realized gains. -- (0.22) (0.49) -- --
------- ------- ------- ------- -------
Total Distributions........... (0.57) (0.78) (1.50) (1.14) (0.88)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD... $ 8.99 $ 9.29 $ 9.36 $ 11.05 $ 10.99
======= ======= ======= ======= =======
Total Return (excludes sales
charge)......................... 2.84% 8.21% (1.92)% 11.76% 12.71%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000).......................... $32,807 $37,293 $38,257 $23,554 $42,396
Ratio of expenses to average net
assets......................... 0.96% 1.03% 1.05% 1.12% 1.06%
Ratio of net investment income
to average net assets.......... 6.08% 6.18% 5.72% 6.49% 6.96%
Ratio of expenses to average net
assets*........................ 1.16% 1.23% 1.25% 1.33% 1.30%
Ratio of net investment income
to average net assets*......... 5.88% 5.98% 5.52% 6.28% 6.72%
Portfolio turnover.............. 61.02% 185.48% 122.14% 26.27% 60.84%
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
-55-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERMEDIATE BOND FUND
--------------------------------------------
YEAR ENDED AUGUST 31,
--------------------------------------------
1996 1995 1994 1993 1992
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PE-
RIOD............................ $ 10.26 $ 10.23 $ 11.06 $ 10.89 $ 10.45
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income........... 0.60 0.61 0.61 0.64 0.71
Net realized and unrealized
gains (losses) on investments.. (0.25) 0.06 (0.73) 0.30 0.54
------- ------- ------- ------- -------
Total from Investment Activi-
ties......................... 0.35 0.67 (0.12) 0.94 1.25
------- ------- ------- ------- -------
DISTRIBUTIONS:
Net investment income........... (0.60) (0.61) (0.61) (0.64) (0.71)
Net realized gains.............. -- -- (0.06) (0.13) (0.10)
In excess of net realized gains. -- (0.03) (0.04) -- --
------- ------- ------- ------- -------
Total Distributions........... (0.60) (0.64) (0.71) (0.77) (0.81)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD... $ 10.01 $ 10.26 $ 10.23 $ 11.06 $ 10.89
======= ======= ======= ======= =======
Total Return (excludes sales
charge)......................... 3.41% 6.81% (1.14)% 9.04% 12.41%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000).......................... $63,088 $74,395 $84,144 $57,085 $47,523
Ratio of expenses to average net
assets......................... 0.95% 0.98% 0.98% 1.02% 1.07%
Ratio of net investment income
to average net assets.......... 5.84% 6.00% 5.72% 5.95% 6.62%
Ratio of expenses to average net
assets*........................ 1.15% 1.18% 1.18% 1.24% 1.31%
Ratio of net investment income
to average net assets*......... 5.64% 5.80% 5.52% 5.74% 6.39%
Portfolio turnover.............. 129.97% 154.43% 76.30% 47.79% 60.53%
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
-56-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY FUND
-------------------------------------------
YEAR ENDED AUGUST 31,
-------------------------------------------
1996 1995 1994 1993 1992
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PE-
RIOD............................ $ 12.33 $ 11.85 $ 12.78 $ 11.31 $ 12.13
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income........... 0.18 0.20 0.14 0.14 0.17
Net realized and unrealized
gains (losses)
on investments................. 2.04 1.77 0.40 1.56 (0.63)
------- ------- ------- ------- -------
Total from Investment Activi-
ties......................... 2.22 1.97 0.54 1.70 (0.46)
------- ------- ------- ------- -------
DISTRIBUTIONS
Net investment income........... (0.18) (0.19) (0.14) (0.14) (0.17)
Net realized gains.............. (0.64) (0.39) (1.33) (0.09) (0.19)
In excess of net realized gains. -- (0.91) -- -- --
------- ------- ------- ------- -------
Total Distributions........... (0.82) (1.49) (1.47) (0.23) (0.36)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD... $ 13.73 $ 12.33 $ 11.85 $ 12.78 $ 11.31
======= ======= ======= ======= =======
Total Return (excludes sales
charge)......................... 18.53% 19.74% 4.66% 15.12% (3.98)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000).......................... $86,352 $76,398 $84,618 $58,015 $90,890
Ratio of expenses to average net
assets......................... 1.08% 1.14% 1.12% 1.16% 1.16%
Ratio of net investment income
to average net assets.......... 1.35% 1.73% 1.32% 1.09% 1.46%
Ratio of expenses to average net
assets*........................ 1.27% 1.33% 1.31% 1.36% 1.39%
Ratio of net investment income
to
average net assets*............ 1.16% 1.54% 1.13% 0.88% 1.23%
Portfolio turnover.............. 67.46% 100.44% 159.30% 66.54% 51.26%
Average Commission Rate (a)..... $0.0504 -- -- -- --
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Represents the total dollar amount of commissions paid on portfolio
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged.
See notes to financial statements.
-57-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
AGGRESSIVE GROWTH FUND
---------------------------------------------------
FEBRUARY 3,
YEAR ENDED AUGUST 31, 1992 TO
------------------------------------- AUGUST 31,
1996 1995 1994 1993 1992 (A)
------- ------- ------- ------- -----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGIN-
NING OF PERIOD......... $ 16.31 $ 11.99 $ 11.96 $ 8.37 $ 10.00
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income
(loss)................ (0.04) (0.06) (0.04) (0.03) 0.03
Net realized and
unrealized gains
(losses) on invest-
ments................. 0.30 4.38 0.07 3.62 (1.63)
------- ------- ------- ------- -------
Total from Investment
Activities.......... 0.26 4.32 0.03 3.59 (1.60)
------- ------- ------- ------- -------
DISTRIBUTIONS
Net investment income.. -- -- -- -- (0.03)
Net realized gains..... (0.28) -- -- -- --
------- ------- ------- ------- -------
Total Distributions.. (0.28) -- -- -- (0.03)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD................. $ 16.29 $ 16.31 $ 11.99 $ 11.96 $ 8.37
======= ======= ======= ======= =======
Total Return (excludes
sales charge).......... 1.77% 36.03% 0.25% 42.89% (16.02)%(c)
RATIOS/SUPPLEMENTAL DA-
TA:
Net Assets at end of
period (000).......... $43,278 $38,008 $24,775 $11,012 $11,716
Ratio of expenses to
average net assets.... 1.11% 1.27% 1.35% 0.62% 0.28%(b)
Ratio of net investment
income (loss) to
average net assets.... (0.35)% (0.62)% (0.69)% (0.24)% 0.58%(b)
Ratio of expenses to
average net assets*... 1.30% 1.45% 1.55% 1.64% 1.47%(b)
Ratio of net investment
income (loss) to
average net assets*... (0.54)% (0.81)% (0.89)% (1.26)% (0.61)%(b)
Portfolio turnover..... 32.89% 27.16% 18.76% 59.47% 14.53%
Average Commission Rate
(d)................... $0.0665 -- -- -- --
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Annualized.
(c) Unannualized.
(d) Represents the total dollar amount of commissions paid on portfolio
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged.
See notes to financial statements.
-58-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERMEDIATE TAX-FREE BOND FUND
----------------------------------------------
YEAR ENDED AUGUST 31,
----------------------------------
MAY 29,
1992 TO
AUGUST 31,
1996 1995 1994 1993 1992 (A)
------- ------- ------- ------- ----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD....................... $ 10.67 $ 10.42 $ 10.77 $ 10.18 $ 10.00
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income........ 0.49 0.51 0.54 0.55 0.13
Net realized and unrealized
gains (losses) on invest-
ments....................... (0.10) 0.25 (0.35) 0.59 0.18
------- ------- ------- ------- -------
Total from Investment Ac-
tivities.................. 0.39 0.76 0.19 1.14 0.31
------- ------- ------- ------- -------
DISTRIBUTIONS
Net investment income........ (0.49) (0.51) (0.54) (0.55) (0.13)
------- ------- ------- ------- -------
Total Distributions........ (0.49) (0.51) (0.54) (0.55) (0.13)
------- ------- ------- ------- -------
Net Asset Value, End of Peri-
od........................... $ 10.57 $ 10.67 $ 10.42 $ 10.77 $ 10.18
======= ======= ======= ======= =======
Total Return (excludes sales
charge)...................... 3.68% 7.62% 1.76% 11.56% 3.14%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000)....................... $31,036 $28,114 $30,097 $17,415 $ 7,560
Ratio of expenses to average
net assets.................. 0.75% 0.51% 0.25% 0.25% 0.35%(b)
Ratio of net investment in-
come to average net assets.. 4.58% 4.99% 5.06% 5.34% 5.28%(b)
Ratio of expenses to average
net assets*................. 1.20% 1.24% 1.44% 1.63% 2.03%(b)
Ratio of net investment in-
come to average net assets*. 4.13% 4.25% 3.87% 3.96% 3.60%(b)
Portfolio turnover........... 19.53% 8.35% 14.33% 13.19% 19.33%
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Annualized.
(c) Unannualized.
See notes to financial statements.
-59-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SHORT-TERM INCOME FUND BALANCED FUND
------------------------ ---------------------
OCTOBER 19, JUNE 1,
YEAR ENDED 1994 YEAR ENDED 1995 TO
AUGUST 31, TO AUGUST 31, AUGUST 31, AUGUST 31,
1996 1995 (A) 1996 1995 (A)
---------- ------------- ---------- ----------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD...................... $ 9.95 $ 10.00 $ 10.62 $ 10.00
------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income....... 0.59 0.52 0.35 0.08
Net realized and unrealized
gains (losses) on invest-
ments...................... (0.14) (0.05) 0.79 0.62
------- ------- ------- -------
Total from Investment Ac-
tivities................. 0.45 0.47 1.14 0.70
------- ------- ------- -------
DISTRIBUTIONS
Net investment income....... (0.59) (0.52) (0.35) (0.08)
Net realized gains.......... (0.01) -- (0.13) --
In excess of net realized
gains...................... (0.01) -- -- --
------- ------- ------- -------
Total Distributions....... (0.61) (0.52) (0.48) (0.08)
------- ------- ------- -------
NET ASSET VALUE, END OF PERI-
OD.......................... $ 9.79 $ 9.95 $ 11.28 $ 10.62
======= ======= ======= =======
Total Return (excludes sales
charge)..................... 4.64% 4.81%(c) 10.87% 6.98%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000)...................... $14,399 $10,228 $22,592 $12,842
Ratio of expenses to average
net assets................. 0.41% 0.57%(b) 0.38% 0.90%(b)
Ratio of net investment in-
come to average net assets. 5.95% 5.96%(b) 3.27% 3.17%(b)
Ratio of expenses to average
net assets*................ 1.24% 1.47%(b) 1.40% 1.92%(b)
Ratio of net investment in-
come to average net as-
sets*...................... 5.12% 5.06%(b) 2.25% 2.15%(b)
Portfolio turnover.......... 80.98% 212.35%(b) 71.89% 18.68%
Average Commission Rate (d). -- -- $0.0792 --
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Annualized.
(c) Unannualized.
(d) Represents the total dollar amount of commissions paid on portfolio
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged.
See notes to financial statements.
-60-
<PAGE>
===============================================================================
AMERICAN PERFORMANCE
FUNDS
INVESTMENT ADVISER
BancOklahoma Trust Company
Bank Oklahoma Tower
Tulsa, Oklahoma 74103
MANAGER, ADMINISTRATOR,
AND DISTRIBUTOR
BISYS Fund Services [LOGO of Americn Performance Funds]
3435 Stelzer Road
Columbus, Ohio 43219-3035
LEGAL COUNSEL
Ropes & Gray
One Franklin Square
1301 K Street N.W.
Washington, DC 20005
AUDITORS
KPMG Peat Marwick LLP
Two Nationwide Plaza
Columbus, Ohio 43215 ANNUAL REPORT
AUGUST 31, 1996
---------------
10/96
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