<PAGE>
AMERICAN PERFORMANCE FUNDS
LETTER FROM THE CHAIRMAN AND INVESTMENT ADVISER
DEAR SHAREHOLDERS:
We are pleased to report that the six months ended February 29, 1996, were
ones of steady growth for the financial markets and for the American
Performance Funds. During the period, the stock market roared upward--soaring
first through the 5000 level on the Dow, and then, through 5500 to 5600--
gaining more than 1000 points in just six months. While volatility has
increased in recent weeks and the price of several technology stocks that led
the market higher over the past year dropped dramatically, enthusiasm did not
wane. In the first two months of 1996, record levels of cash flowed into stock
mutual funds.
Bonds, too, performed well during the period. Cheered by evidence that the
economy was slowing, that inflation was decreasing and that a resolution on
the federal budget appeared imminent, the fixed-income markets erupted.
Interest rates declined. The fall was reinforced by the Federal Reserve Board,
which, anticipating a possible decline in inflation, cut short-term rates in
December and again in January. As the period drew to a close in February,
however, many of the factors that had fueled the rally vanished, causing
interest rates to rise and the stock market to give back some of the ground it
had gained. Nevertheless, overall, the trend during the period was upward--a
welcome relief after 1994.
The environment was also very positive for the American Performance Funds--
during the period, net assets under management rose from $659 million to $840
million, an increase of 27%.
A SPURT OF ACTIVITY BURSTS THE BUBBLE
Shortly after the end of the period, the financial markets were stunned by the
report of strong employment gains in February. In reaction to this news, the
price of 30-year Treasury bonds plummeted by three points, pushing its yield
up to 6.7%. The Dow Jones Industrial Average was also off over 170 points on
March 8, the day of the announcement. With signs that employment was picking
up, investors feared that the economy might be poised for a rebound after the
depressed winter months. Ironically, the fear was that strong growth could
spur inflation. Such fears are likely to grow in the weeks ahead as industrial
production, personal income and retail sales are also expected to show
increases.
However, we believe these rosy reports overstate the true state of our
economy, which we feel is not speeding up, but slowing down in fits and
starts. In fact, we interpret the fundamentals as indicating that economic
growth is likely to fall somewhere in the range of 2.0% to 2.5% for the year.
The pace of capital spending is decelerating, export demands are likely to be
hampered by faltering growth among our major trading partners and federal
spending is constricting. In addition, consumers continue to be strapped by
relatively high debt burdens--and the recent, dramatic rise in interest rates
will further restrict spending.
<PAGE>
A POSITIVE ENVIRONMENT FOR INVESTORS
Nevertheless, we do not expect the economy to come to a standstill. While
growth will be slower, it should be steady and at a pace that will keep
inflation under control. As a result, we expect to see interest rates trend
downward in the second half of the year. Given the recent sell-off in the bond
market, this decline should create a host of solid buying opportunities for
fixed-income investors.
A steady-growth, low-inflation environment should be good for stocks as well.
Of course, if interest rates rise rather than fall, it could mean trouble for
equities. Bonds are a competing financial instrument to stocks, and investors
are constantly making an asset allocation decision (real or implied) between
the two.
CAUTION VERSUS COMPLACENCY
We do not, however, find this as worrisome as the level of complacency in the
marketplace. In 1994, the stock market was relatively stable in a flat trend;
1995 was stable in an uptrend. In other words, investors seem to be taking the
market for granted. As a result, as growth slows, investors may easily
overreact to lower corporate earnings reports. While we remain bullish on
stocks, we urge investors to be cautious since reaction to a decline in
corporate earnings, or any number of events in the market, in Washington, or
on the campaign trail may jolt the market in the months ahead.
IN CLOSING . . .
We would like to thank you for your continued confidence in us, and 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. Please read the prospectus, which contains more detailed
information on fees and expenses, carefully before you invest or send money.
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>
AMERICAN PERFORMANCE AGGRESSIVE GROWTH FUND
After leading the market higher throughout much of the past two years,
technology stocks stumbled during the six months ended February 29, 1996. Due
to its heavy allocation to this sector, the Fund had a total return of 1.40%
(without the sales charge) for the six months ended February 29, 1996. Its
benchmark, the NASDAQ Composite Index, returned 8.10%.+
As investors moved away from technology throughout the period, they gravitated
to the health-care and financial sectors. As a result, our holdings in these
areas were strong performers. Also, during the period, cash flows into small-
capitalization mutual funds increased dramatically. In January alone,
investors pumped $5.7 billion into small-capitalization funds, three times the
amount they invested in the same month the year before.
SLOW GROWTH IS GOOD FOR SMALL CAPS
We expect 1996 to be a good year for small-cap stocks. The economy is settling
into a slow-growth mode--and in such an environment, large, mature companies
are generally dependent upon price increases to boost earnings, causing
investors to turn to the growth potential of small companies with bright
prospects and the ability to expand through unit growth.
Moreover, while small-cap fund managers have invested much of the money
flowing into their funds over the past year, they have also built up sizable
cash positions. In the months ahead, we expect to see this money moving off
the sidelines and into the market. As a result, while the ride may be somewhat
bumpy due to political uncertainties in Washington, we believe that the
economic environment will continue to be very favorable for small-cap stocks.
As of February 29, 1996, the Fund's top five holdings were U.S. Robotics
(8.23%), Cisco Systems (6.43%), Verifone (4.73%), Advanta (3.74%) and Paychex,
Inc. (3.70%).++
+With the maximum sales charge of 4.00%, the Fund's return for the six-month
period was -2.66%.
++The composition of the Fund's holdings is subject to change.
[GRAPH APPEARS HERE]
AMERICAN PERFORMANCE
VALUE OF $10,000 IN THE FUND & THE INDEX
& THE FUND TOTAL RETURN
<TABLE>
<CAPTION>
FUND/INDEX NAME 02/03/92 08/31/92 08/31/93 08/31/94 08/31/95 02/29/96
- ------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AGGRESSIVE GROWTH 10,000 8,398 12,000 12,033 16,364 16,593
AGGRESSIVE GROWTH* 9,597 8,058 11,516 11,545 15,704 16,924
NASDAQ 10,000 9,063 11,725 12,344 16,447 17,779
</TABLE>
AVERAGE ANNUAL TOTAL RETURN
<TABLE>
<CAPTION>
SINCE
INCEPTION
6 MONTH** 1 YEAR 2/3/92
- ---------------------------------------------------------------------
<S> <C> <C> <C>
AGGRESSIVE GROWTH 1.40% 30.02% 13.23%
AGGRESSIVE GROWTH -2.66% 24.82% 12.09%
</TABLE>
* Reflects 4.00% Sales Charge
** Aggregate Total Return
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 Aggressive Growth Fund is measured
against the NASDAQ Composite Index, an unmanaged index widely used to
represent the performance of small-company stocks. 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.
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.
- -------------------------------------------------------------------------------
-3-
<PAGE>
AMERICAN PERFORMANCE EQUITY FUND
Throughout the six months ended February 29, 1996, the stock market seemed to
move in lockstep with the bond market--and for the first five months of the
period, the fixed-income markets were on a roll. As the economy's growth
eased, as inflationary pressures deflated and as Congress attempted to resolve
the budget crisis, interest rates fell--causing the bond market to surge and
stocks to skyrocket.
As the period drew to a close, however, interest rates rose on new inflation
fears. Enthusiasm for bonds evaporated and volatility rattled the stock
market. For the six months ended February 29, 1996, the Fund performed in line
with its benchmark. the S&P 500 Stock Index. The Fund posted a total return of
15.00% (without the sales charge), compared to 15.29% for the index.+
WHERE DO WE GO FROM HERE?
Investors' attention appears to be shifting to the state of the economy and
the shape of things to come in the next several quarters. One of the key
factors going forward appears to be whether corporate profits continue their
positive performance or are noticeably affected by slower economic growth.
Currently, the market does not appear to be terribly overvalued. Yet, a drop
in profits could undermine the confidence of investors, who, after two years
of record-breaking profits, have come to accept spectacular earnings reports
as the norm.
POLITICS AS USUAL
In addition, while it is difficult to predict what might happen in the
political arena as we move into the home stretch of the election season, we
expect that progress--or the lack of it--toward a balanced budget agreement
will be a main topic of discussion. It is also reasonable to expect that
various tax-reform and deficit-reduction proposals will receive a great deal
of attention. Any one of these topics has the potential to create an air of
uncertainty in the marketplace. With that said, however, the slow-growth, low-
inflation environment should be a positive one for the financial markets, and
we are optimistic about the prospects for stocks in the months ahead.
As of February 29, 1996, the Fund's top five holdings were IBM (2.98%), Coca-
Cola (2.74%), Philip Morris (2.70%), General Electric (2.70%) and AT&T
(2.63%).++
+With the maximum sales charge of 4.00%, the Fund's return for the six-month
period was 10.43%.
++The composition of the Fund's holdings is subject to change.
[GRAPH APPEARS HERE]
AMERICAN PERFORMANCE
VALUE OF $10,000 IN THE FUND & THE INDEX
& THE FUND TOTAL RETURN
<TABLE>
<CAPTION>
FUND/INDEX NAME 09/28/90 08/31/91 08/31/92 08/31/93 08/31/94 08/31/95 02/29/96
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
EQUITY 10,000 12,457 11,961 13,770 14,411 17,766 19,844
EQUITY* 9,597 11,955 11,479 13,215 13,830 16,661 19,045
S & P 500 10,000 12,691 13,693 15,770 15,987 19,401 22,367
</TABLE>
AVERAGE ANNUAL TOTAL RETURN
<TABLE>
<CAPTION>
SINCE
INCEPTION
6 MONTH** 1 YEAR 5 YEAR 9/28/90
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
EQUITY FUND 15.00% 35.09% 11.75% 13.46%
EQUITY FUND* 10.43% 29.70% 10.83% 12.60%
</TABLE>
* Reflects 4.00% Sales Charge
** Aggregate Total Return
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.
- -------------------------------------------------------------------------------
-4-
<PAGE>
AMERICAN PERFORMANCE BALANCED FUND
With investments in both stocks and bonds, the Fund's first eight months in
operation were solid ones. Stocks, of course, were the strongest performers as
the market rocketed upward. With roughly 58% of its assets invested in
equities, the Fund benefited, and many of our small-capitalization holdings
were among the strongest contributors to performance.
While several of the stocks in the Fund were high-profile names that declined
in the technology sell-off during the fourth quarter of 1995, most bounced
back in the opening months of 1996. Our fixed-income holdings also made a
solid contribution to performance during the period. As a result, for the six
months ended February 29, 1996, the Fund generated a total return of 8.31%
(without the sales charge), roughly halfway between the return of 15.29% for
the S&P 500 Stock Index and 4.24% for the Salomon Brothers Broad (Investment
Grade) Bond Index, the Fund's two benchmarks.+
POSITIONED TO PROFIT FROM SLOWER GROWTH
Unlike many other balanced funds, the Fund had a significant portion of its
portfolio invested in small-cap stocks in an effort to provide shareholders
with the opportunity for price appreciation in a slow-growth market.
Traditionally, in such an environment, investors turn to small companies
seeking growth. As of February 29, 1996, approximately 50% of the Fund was
invested in equities, and one-quarter of that was allocated to small-
capitalization stocks.
The remainder of the Fund's assets was invested in fixed-income securities
(37%) and cash (5%). If the economy slows in the months ahead, as we expect,
we will take advantage of opportunities to decrease the Fund's cash position
and increase its exposure in small-capitalization stocks.
As of February 29, 1996, the Fund's top five equity holdings were IBM (1.73%),
U.S Robotics (1.54%), Coca-Cola (1.33%), NationsBank (1.28%) and AT&T (1.25%).
The average maturity of the portfolio's fixed-income holdings was 5.81
years.++
+With the maximum sales charge of 4.00%, the Fund's return for the six-month
period was 4.00%.
++The composition of the Fund's holdings is subject to change.
[GRAPH APPEARS HERE]
AMERICAN PERFORMANCE
VALUE OF $10,000 IN THE FUND & THE INDEX
& THE FUND TOTAL RETURN
<TABLE>
<CAPTION>
FUND/INDEX NAME 06/01/95 08/31/95 02/29/96
- -----------------------------------------------------------
<S> <C> <C> <C>
BALANCED 10,000 10,698 11,586
BALANCED* 9,597 10,268 11,119
S & P INDEX 10,000 10,597 12,217
Salomon Broad Index 10,000 10,176 10,607
</TABLE>
AGGREGATE TOTAL RETURN
<TABLE>
<CAPTION>
SINCE
INCEPTION
6 MONTH 6/1/95
- -----------------------------------------------------
<S> <C> <C>
BALANCED FUND 8.31% 15.86%
BALANCED FUND* 4.00% 11.19%
</TABLE>
* Reflects 4.00% 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.
- -------------------------------------------------------------------------------
-5-
<PAGE>
AMERICAN PERFORMANCE BOND FUNDS
Overall, the six months ended February 29, 1996, generated positive returns for
fixed-income investors. At the start of the period, it appeared that real
efforts were being made to reduce the deficit and that an agreement on a
balanced budget was on the horizon. The economy was settling in nicely at a
lower, slower rate of growth. The inflation outlook was excellent. In addition,
the Federal Reserve indicated its willingness to ease interest rates--and did
so twice. Given this positive environment, investors rushed into the
marketplace during the first five months of the period.
In mid-February, however, much of this enthusiasm disappeared. Budget talks had
reached an impasse. At the same time, several key indicators suggested that the
economy was not as weak as everyone had assumed. As a result, in late February
interest rates rose and the fixed-income markets gave back some of the ground
gained previously.
Investors, we believe, may have overreacted. An examination of the fundamentals
tells us that the economy is not as strong as recent reports would imply. In
the second half of 1996, as weakness becomes more pronounced, we expect
interest rates to trend downward once again. Given this outlook, we believe the
recent sell-off in the bond market will eventually lead to buying
opportunities.
AMERICAN PERFORMANCE BOND FUND
With an emphasis on corporate securities and a relatively smaller proportion of
mortgage-backed securities, the Fund was well-positioned for the environment
during the period. As interest rates eased, the mortgage-backed sector
weakened. Although corporate bonds tracked the strong performance of the stock
market, the Fund's mortgage-backed holdings caused it to slightly underperform
its benchmark for the period. For the six months ended February 29, 1996, the
Fund posted a total return of 3.78% (without the sales charge), versus 4.23%
for the Salomon Brothers Broad (Investment Grade) Bond Index.+
As of February 29, 1996, the average maturity of the Fund's holdings was 9.61
years. Approximately 47% of its assets was invested in government securities,
41% in corporate securities, and 12% was held in cash and cash equivalents.++
+With the maximum sales charge of 4.00%, the Fund's return for the six-month
period was -0.41%.
++The composition of the Fund's holdings is subject to change.
[GRAPH APPEARS HERE]
AMERICAN PERFORMANCE
VALUE OF $10,000 IN THE FUND & THE INDEX
& THE FUND TOTAL RETURN
<TABLE>
<CAPTION>
FUND/INDEX NAME 09/28/90 08/31/91 08/31/92 08/31/93 08/31/94 08/31/95 02/29/96
- ------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
BOND 10,000 11,312 12,750 14,248 13,975 15,122 15,693
BOND* 9,597 10,856 12,236 13,675 13,412 14,513 15,061
Salomon Broad Index 10,000 11,455 13,027 14,457 14,247 15,883 16,555
</TABLE>
AVERAGE ANNUAL TOTAL RETURN
<TABLE>
<CAPTION>
SINCE
INCEPTION
6 MONTH** 1 YEAR 5 YEAR 9/28/90
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
BOND FUND 3.78% 10.84% 7.84% 8.66%
BOND FUND* -0.41% 6.45% 6.97% 7.84%
</TABLE>
* Reflects 4.00% Sales Charge
** Aggregate Total Return
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 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 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.
- --------------------------------------------------------------------------------
-6-
<PAGE>
AMERICAN PERFORMANCE INTERMEDIATE BOND FUND
As interest rates began to fall during the period, we reduced the percentage of
mortgage-backed securities in the Fund's portfolio from 36% to 25%, since these
securities lose more value in a falling-rate environment than do other bonds.
(The reason: Homeowners tend to refinance their mortgages--the underlying
assets of mortgage-backed bonds--at lower interest rates, which lowers the
bonds' total returns.) We reinvested these assets in corporate bonds, which
performed well. The Fund posted a total return of 3.14% (without the sales
charge) for the six months ended February 29, 1996, compared to 3.92% for its
benchmark, the Lehman Brothers Intermediate Government/Corporate Bond Index.+
As of February 29, 1996, the average maturity of the Fund's holdings was 5.0
years. Approximately 58% of the Fund's assets was invested in government
securities, 36% in corporate securities, and 6% was held in cash and cash
equivalents.++
+With the maximum sales charge of 3.00%, the Fund's return for the six-month
period was 0.02%.
++The composition of the Fund's holdings is subject to change.
[GRAPH APPEARS HERE]
AMERICAN PERFORMANCE
VALUE OF $10,000 IN THE FUND & THE INDEX
& THE FUND TOTAL RETURN
<TABLE>
<CAPTION>
FUND/INDEX NAME 09/20/90 08/31/91 08/31/92 08/31/93 08/31/94 08/31/05 02/29/96
- ------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INTERMEDIATE BOND 10,000 11,142 12,525 13,857 13,502 14,422 14,874
INTERMEDIATE BOND* 9,699 10,807 12,148 13,247 13,096 13,988 14,227
Lehman Brothers Inter. Govt. Corp. 10,000 11,279 12,757 13,935 13,899 15,203 15,799
</TABLE>
AVERAGE ANNUAL TOTAL RETURN
<TABLE>
<CAPTION>
SINCE
INCEPTION
6 MONTH** 1 YEAR 5 YEAR 9/28/90
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INTERMEDIATE BOND FUND 3.14% 8.54% 6.95% 7.59%
INTERMEDIATE BOND FUND* 0.02% 5.30% 6.30% 6.99%
</TABLE>
* Reflects 3.00% Sales Charge
** Aggregate Total Return
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 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.
- --------------------------------------------------------------------------------
-7-
<PAGE>
AMERICAN PERFORMANCE SHORT-TERM INCOME FUND
The Fund's performance during the six months ended February 29, 1996, was
strong. Throughout the period, assets were invested primarily in U.S.
Government securities since we believed that short-term corporate bonds and
mortgage-backed securities offered investors very little added value to
compensate for their increased risk. (Relative to government securities,
corporate bonds have more credit risk, and mortgage-backed bonds have greater
interest-rate risk.) Nevertheless, with its relatively short average maturity
of 2.48 years by period's end, the Fund had the flexibility to capitalize on
opportunities that arose as interest rates declined. The Fund's strategy paid
off. For the period, the Short-Term Income Fund posted a total return of 5.57%
(without the sales charge), outperforming its benchmark, the Merrill Lynch U.S.
Government/ Corporate 1-5 Year Index, which returned 3.76%.+
As of February 29, 1996, approximately 85% of the Fund's assets was invested in
U.S. Government securities, 12% in corporate securities, and 3% was held in
cash and cash equivalents. In the months ahead, we do not anticipate making any
major changes in the portfolio's maturity structure or asset allocation.++
+With the maximum sales charge of 2.00%, the Fund's return for the six-month
period was 3.50%.
++The composition of the Fund's holdings is subject to change.
[GRAPH APPEARS HERE]
AMERICAN PERFORMANCE
VALUE OF $10,000 IN THE FUND & THE INDEX
& THE FUND TOTAL RETURN
<TABLE>
<CAPTION>
FUND/INDEX NAME 10/19/94 08/31/95 02/29/96
- --------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT TERM INCOME FUND 10,000 10,481 11,065
SHORT TERM INCOME FUND* 9,804 10,276 10,848
Merrill Lynch U.S. Govt. Corp. 1-5 yr Index 10,000 10,879 11,288
</TABLE>
AVERAGE ANNUAL TOTAL RETURN
<TABLE>
<CAPTION>
SINCE
INCEPTION
6 MONTH** 1 YEAR 10/19/94
- ---------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM INCOME FUND 5.57% 9.18% 7.69%
SHORT-TERM INCOME FUND* 3.50% 7.02% 6.14%
</TABLE>
* Reflects 2.00% Sales Charge
** Aggregate Total Return
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.
- --------------------------------------------------------------------------------
-8-
<PAGE>
AMERICAN PERFORMANCE INTERMEDIATE TAX-FREE BOND FUND+
Tax reform discussions dominated the news during the six months ended February
29, 1996. Endless variations on the theme of flat taxes were bandied about on
the campaign trail and at the Republican primary debates. Other less incendiary
proposals for reform of the current system surfaced weekly, but no concrete
proposals materialized in the House or Senate. As the period drew to a close,
tax reform once again moved to the back burner as Steve Forbes' presidential
hopes vaporized.
Throughout the period, the municipal markets were naturally unsettled by the
attention on reform that would eliminate the tax advantage of municipal bonds.
Gradually, however, it became clear that resolution of this issue would not
occur easily or quickly. As a result, the markets performed well. In fact, as
interest rates rose at the end of the period, municipals outperformed taxable
securities.
For the six months ended February 29, 1996, the Fund posted a total return of
3.61% (without the sales charge), compared to 4.86% for its benchmark, the
Lehman Brothers Municipal Bond Index.+
GONE BUT NOT FORGOTTEN
As in previous years, we can expect tax reform and flat tax proposals to
surface again as we move through the election cycle. Nevertheless, with so many
special interests at stake, we believe any sweeping or revolutionary change in
the tax code is years away. As a result, we believe the months ahead will be
good ones for the municipal markets.
The average maturity of the Fund's holdings was 6.83 years as of February 29,
1996, and the average credit quality of the Fund's holdings was AA.
Approximately 90% of the Fund's assets was invested in securities issued by
municipalities in some 20 states across the country. The remainder was held in
cash or cash equivalents.++
+Some of the Fund's income may be subject to certain state & local taxes and,
depending on your tax status, the federal alternative minimum tax.
+With the maximum sales charge of 3.00%, the Fund's return for the six-month
period was 0.50%.
++The composition of the Fund's holdings is subject to change.
[GRAPH APPEARS HERE]
AMERICAN PERFORMANCE
VALUE OF $10,000 IN THE FUND & THE INDEX
& THE FUND TOTAL RETURN
<TABLE>
<CAPTION>
FUND/INDEX NAME 08/29/92 08/31/92 08/31/93 08/31/94 08/31/95 02/29/96
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INTERMEDIATE TAX-FREE 10,000 10,314 11,506 11,709 12,601 13,055
INTERMEDIATE TAX-FREE* 9,699 10,004 11,160 11,357 12,222 12,663
Lehman Brothers Municipal Bond Index 10,000 10,370 11,635 11,652 12,685 13,301
</TABLE>
AVERAGE ANNUAL TOTAL RETURN
<TABLE>
<CAPTION>
SINCE
INCEPTION
6 MONTH** 1 YEAR 5/29/92
- ---------------------------------------------------------------------
<S> <C> <C> <C>
INTERMEDIATE TAX-FREE FUND 3.61% 9.14% 7.35%
INTERMEDIATE TAX-FREE FUND 0.50% 5.87% 6.48%
</TABLE>
* Reflects 3.00% Sales Charge
** Aggregate Total Return
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
considered to be representative of the performance of the municipal bond 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.
- --------------------------------------------------------------------------------
-9-
<PAGE>
AMERICAN PERFORMANCE MONEY MARKET FUNDS/1/
THE U.S. TREASURY FUND
The six months ended February 29, 1996, were challenging ones for money-market
investors. Much as we had anticipated, the Federal Reserve cut short-term
interest rates during the period, but it didn't move as quickly or
dramatically as investors had anticipated. Many in the marketplace expected
further cuts, and few borrowers were willing to lock in rates for long
periods. Consequently, throughout the period, the very shortest maturities
yielded better returns than longer maturities.
Given the circumstances, we approached the markets cautiously. During the
period, assets were invested primarily in overnight issues both to maximize
yield and maintain the Fund's flexibility. Typically, long-term securities
have paid investors higher rates of return in order to compensate for the
additional risk. In the months ahead, we expect the market to return to this
more traditional pattern--but until it does, we expect to continue investing
primarily in overnight securities.
THE CASH MANAGEMENT FUND
Much as we had anticipated, the economy showed signs of weakening and
inflation remained under control during the six months ended February 29,
1996. In response, the Federal Reserve lowered short-term interest rates twice
during the period. Invested in longer-term obligations and with a longer
average maturity than many other funds of its kind, the Fund was well-
positioned to maintain its yields as rates declined and, as a result,
performed solidly during the period.
As of February 29, 1996, the average maturity of the portfolio's holdings was
64 days. Assets were invested primarily in high-quality, six-month commercial
paper and banker's acceptances. In the months ahead, we do not anticipate
making any major change in the Fund's allocation or maturity structure.
/1/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.
- --------
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 complete 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.
-10-
<PAGE>
TABLE OF CONTENTS
Statements of Assets and Liabilities
Page 12
Statements of Operations
Page 14
Statements of Changes in Net Assets
Page 16
Schedules of Portfolio Investments
Page 21
Notes to Financial Statements
Page 41
Financial Highlights
Page 45
-11-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
CASH U.S. INTERMEDIATE
MANAGEMENT TREASURY BOND BOND
FUND FUND FUND FUND
------------ ------------ ----------- ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value.. $356,084,826 $ 60,593,127 $38,431,632 $63,187,466
Repurchase agreements.. -- 140,263,797 -- --
------------ ------------ ----------- -----------
Total Investments
(Amortized cost
$356,084,826;
$200,856,924; Cost
$37,728,720;
$62,850,230
respectively)........ 356,084,826 200,856,924 38,431,632 63,187,466
Interest receivable.... 1,917,759 20,905 549,261 795,759
Receivable from brokers
for investments sold.. -- -- 503,350 --
Prepaid and other
expenses.............. 2,669 4,681 695 1,742
------------ ------------ ----------- -----------
Total Assets........ 358,005,254 200,882,510 39,484,938 63,984,967
------------ ------------ ----------- -----------
LIABILITIES:
Dividends payable...... 1,368,531 707,353 182,978 292,277
Payable to brokers
for investments
purchased............. -- -- 989,062 --
Accrued expenses and
other payables:
Investment advisory
fees................. 108,136 62,769 10,781 17,905
Administration fees... 18,971 10,843 2,104 3,507
12b-1 fees............ -- -- 7,701 12,790
Custodian, accounting
and transfer agent
fees................. 18,191 11,168 12,074 15,009
Other................. 35,701 30,500 17,083 15,970
------------ ------------ ----------- -----------
Total Liabilities... 1,549,530 822,633 1,221,783 357,458
------------ ------------ ----------- -----------
NET ASSETS:
Capital................ 356,455,231 200,059,851 38,167,912 63,742,034
Distributions in excess
of net investment
income................ -- -- (4,194) (11,311)
Net unrealized appreci-
ation on investments.. -- -- 702,912 337,236
Accumulated undistrib-
uted net realized gains
(losses) on investment
transactions.......... . 493 26 (603,475) (440,450)
------------ ------------ ----------- -----------
Net Assets.......... $356,455,724 $200,059,877 $38,263,155 $63,627,509
============ ============ =========== ===========
Outstanding units of
beneficial interest
(shares).............. 356,455,231 200,059,851 4,086,326 6,187,081
============ ============ =========== ===========
Net asset value--re-
demption price per
share................. $ 1.00 $ 1.00 $ 9.36 $ 10.28
============ ============ =========== ===========
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) $ 9.75 $ 10.60
============ ============ =========== ===========
</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.
-12-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
FEBRUARY 29, 1996
(UNAUDITED)
<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 $63,009,137;
$27,828,819;
$25,217,438;
$12,658,370, and
$20,353,818
respectively)......... $81,392,700 $39,755,480 $26,390,614 $12,701,196 $21,924,649
Interest and dividends
receivable............ 174,994 16,567 354,144 176,341 144,266
Receivable for capital
shares issued......... -- -- 911 -- --
Unamortized organiza-
tion costs............ -- -- -- 6,223 14,960
Prepaid and other
expenses.............. 254 366 -- 341 --
----------- ----------- ----------- ----------- -----------
Total Assets........ 81,567,948 39,772,413 26,745,669 12,884,101 22,083,875
----------- ----------- ----------- ----------- -----------
LIABILITIES:
Dividends payable...... 135,104 -- 94,452 58,303 112,782
Payable to brokers for
investments purchased. -- -- 359,817 -- --
Accrued expenses and
other payables:
Investment advisory
fees................. 32,159 15,124 7,374 -- --
Administration fees... 4,474 2,156 1,434 705 1,217
12b-1 fees............ 16,079 7,562 -- -- --
Custodian, accounting
and transfer agent
fees................. 14,445 14,116 1,989 7,348 740
Audit and legal fees.. 9,652 3,816 4,021 3,641 4,021
Other................. 4,637 2,547 1,752 2,920 1,485
----------- ----------- ----------- ----------- -----------
Total Liabilities... 216,550 45,321 470,839 72,917 120,245
----------- ----------- ----------- ----------- -----------
NET ASSETS:
Capital................ 60,522,865 29,160,525 25,172,714 12,763,771 20,416,957
Undistributed (distri-
butions in excess of)
net investment income. (1,934) (370,135) -- -- 1,826
Net unrealized appreci-
ation on investments.. 18,383,566 11,926,661 1,173,177 42,826 1,570,831
Accumulated undistrib-
uted net realized gains
(losses) on investment
transactions.......... 2,446,901 (989,959) (71,061) 4,587 (25,984)
----------- ----------- ----------- ----------- -----------
Net Assets.......... $81,351,398 $39,727,092 $26,274,830 $12,811,184 $21,963,630
=========== =========== =========== =========== ===========
Outstanding units of
beneficial interest
(shares).............. 6,065,820 2,447,600 2,430,042 1,283,943 1,961,632
=========== =========== =========== =========== ===========
Net asset value--re-
demption price per
share................. $ 13.41 $ 16.23 $ 10.81 $ 9.98 $ 11.20
=========== =========== =========== =========== ===========
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. $ 13.97 $ 16.91 $ 11.14 $ 10.18 $ 11.67
=========== =========== =========== =========== ===========
</TABLE>
See notes to financial statements.
-13-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
CASH U.S. INTERMEDIATE
MANAGEMENT TREASURY BOND BOND
FUND FUND FUND FUND
---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income.............. $8,293,573 $5,561,136 $1,327,201 $2,322,799
---------- ---------- ---------- ----------
Total Income.............. 8,293,573 5,561,136 1,327,201 2,322,799
---------- ---------- ---------- ----------
EXPENSES:
Investment advisory fees..... 561,899 390,958 104,766 186,861
Administration fees.......... 280,950 195,479 38,091 68,007
12b-1 fees................... 351,194 244,354 47,614 85,008
Custodian and accounting
fees........................ 76,529 56,329 23,836 33,878
Legal and audit fees......... 26,732 25,846 4,534 9,508
Trustees' fees and expenses.. 3,888 3,588 728 1,274
Transfer agent fees.......... 32,205 21,473 5,553 10,749
Registration and filing fees. 5,358 6,246 1,456 2,586
Printing costs............... 10,854 27,624 2,664 4,630
Other........................ 4,666 4,398 824 1,486
Expenses voluntarily reduced. (351,194) (244,354) (38,108) (67,849)
---------- ---------- ---------- ----------
Total Expenses............ 1,003,081 731,941 191,958 336,138
---------- ---------- ---------- ----------
Net Investment Income........ 7,290,492 4,829,195 1,135,243 1,986,661
---------- ---------- ---------- ----------
REALIZED/UNREALIZED GAINS
(LOSSES) ON INVESTMENTS:
Net realized gains on invest-
ment transactions........... 1,346 2,588 85,252 380,341
Change in unrealized appreci-
ation (depreciation) on
investments................ -- -- 216,989 (133,297)
---------- ---------- ---------- ----------
Net realized/unrealized gains
on investments.............. 1,346 2,588 302,241 247,044
---------- ---------- ---------- ----------
Change in net assets resulting
from operations.............. $7,291,838 $4,831,783 $1,437,484 $2,233,705
========== ========== ========== ==========
</TABLE>
See notes to financial statements.
-14-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 29, 1996
(UNAUDITED)
<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........ $ 75,241 $ 127,271 $ 726,401 $350,523 $ 228,574
Dividend income........ 872,758 21,224 -- -- 94,215
----------- ---------- ---------- -------- ----------
Total Income........ 947,999 148,495 726,401 350,523 322,789
----------- ---------- ---------- -------- ----------
EXPENSES:
Investment advisory
fees................. 264,595 127,424 75,526 30,236 64,616
Administration fees.... 76,666 36,924 27,473 10,981 17,414
12b-1 fees............. 95,832 46,155 34,330 13,744 21,830
Custodian and account-
ing fees............. 34,956 21,964 13,179 4,594 4,144
Legal and audit fees... 9,584 4,312 3,518 2,320 3,078
Organization costs..... -- -- -- 4,732 5,824
Trustees' fees and
expenses............. 1,456 728 546 182 268
Transfer agent fees.... 10,436 9,162 9,320 904 2,115
Registration and filing
fees................. 1,498 1,626 1,068 2,174 1,082
Printing costs......... 4,524 2,590 2,108 652 1,082
Other.................. 1,658 824 613 472 86
Expenses voluntarily
reduced................ (72,930) (35,113) (61,778) (43,980) (86,446)
----------- ---------- ---------- -------- ----------
Total Expenses...... 428,275 216,596 105,903 27,011 35,093
----------- ---------- ---------- -------- ----------
Net Investment Income
(loss)................. 519,724 (68,101) 620,498 323,512 287,696
----------- ---------- ---------- -------- ----------
REALIZED/UNREALIZED
GAINS (LOSSES) ON
INVESTMENTS:
Net realized gains
on investment
transactions......... 3,988,393 1,128,658 93,276 33,933 197,840
Change in unrealized
appreciation (deprecia-
tion) on investments. 6,281,067 (494,455) 293,868 (5,717) 863,347
----------- ---------- ---------- -------- ----------
Net realized/unrealized
gains on investments. 10,269,460 634,203 387,144 28,216 1,061,187
----------- ---------- ---------- -------- ----------
Change in net assets
resulting from
operations............. $10,789,184 $ 566,102 $1,007,642 $351,728 $1,348,883
=========== ========== ========== ======== ==========
</TABLE>
See notes to financial statements.
-15-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
CASH MANAGEMENT FUND U.S. TREASURY FUND
---------------------------- ----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
FEBRUARY 29, AUGUST 31, FEBRUARY 29, AUGUST 31,
1996 1995 1996 1995
------------- ------------- ------------- -------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income. $ 7,290,492 $ 10,758,462 $ 4,829,195 $ 9,269,376
Net realized gains
on investment
transactions........ 1,346 18,203 2,588 1,878
------------- ------------- ------------- -------------
Change in net assets
resulting from
operations........... 7,291,838 10,776,665 4,831,783 9,271,254
------------- ------------- ------------- -------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income.............. (7,290,492) (10,758,462) (4,829,195) (9,269,376)
From net realized
gains............... (970) (18,093) (2,718) (1,860)
------------- ------------- ------------- -------------
Change in net assets
from shareholder
distributions....... (7,291,462) (10,776,555) (4,831,913) (9,271,236)
------------- ------------- ------------- -------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued.............. 436,539,068 480,782,449 187,966,762 553,648,126
Dividends reinvested.. 32,738 50,703 12,790 60,736
Cost of shares
redeemed............ (274,923,447) (481,516,467) (174,926,227) (532,055,574)
------------- ------------- ------------- -------------
Change in net
assets from share
transactions........ 161,648,359 (683,315) 13,053,325 21,653,288
------------- ------------- ------------- -------------
Change in net assets... 161,648,735 (683,205) 13,053,195 21,653,306
NET ASSETS:
Beginning of period... 194,806,989 195,490,194 187,006,682 165,353,376
------------- ------------- ------------- -------------
End of period......... $ 356,455,724 $ 194,806,989 $ 200,059,877 $ 187,006,682
============= ============= ============= =============
SHARE TRANSACTIONS:
Issued................ 436,539,068 480,782,449 187,966,762 553,648,126
Reinvested............ 32,738 50,703 12,790 60,736
Redeemed.............. (274,923,447) (481,516,467) (174,926,227) (532,055,574)
------------- ------------- ------------- -------------
Change in shares....... 161,648,359 (683,315) 13,053,325 21,653,288
============= ============= ============= =============
</TABLE>
See notes to financial statements.
-16-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
BOND FUND INTERMEDIATE BOND FUND
-------------------------- --------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
FEBRUARY 29, AUGUST 31, FEBRUARY 29, AUGUST 31,
1996 1995 1996 1995
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income. $ 1,135,243 $ 2,092,728 $ 1,986,661 $ 4,619,424
Net realized gains
(losses) on invest-
ment transactions... 85,252 (381,851) 380,341 (672,657)
Net change in
unrealized appre-
ciation (deprecia-
tion) on invest-
ments.............. 216,989 784,355 (133,297) 887,285
----------- ------------ ------------ ------------
Change in net assets
resulting from
operations......... 1,437,484 2,495,232 2,233,705 4,834,052
----------- ------------ ------------ ------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income............. (1,135,243) (2,092,728) (1,986,661) (4,619,424)
From net realized
gains.............. -- -- -- --
In excess of net real-
ized gains......... -- (821,392) -- (231,121)
----------- ------------ ------------ ------------
Change in net assets
from shareholder
distributions...... (1,135,243) (2,914,120) (1,986,661) (4,850,545)
----------- ------------ ------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued............. 4,129,228 13,067,370 4,237,333 9,969,929
Dividends reinvested.. 854,094 2,644,377 1,028,216 2,613,677
Cost of shares re-
deemed............. (4,315,596) (16,256,403) (16,279,872) (22,316,730)
----------- ------------ ------------ ------------
Change in net assets
from share
transactions......... 667,726 (544,656) (11,014,323) (9,733,124)
----------- ------------ ------------ ------------
Change in net assets.... 969,967 (963,544) (10,767,279) (9,749,617)
NET ASSETS:
Beginning of period... 37,293,188 38,256,732 74,394,788 84,144,405
----------- ------------ ------------ ------------
End of period......... $38,263,155 $ 37,293,188 $ 63,627,509 $ 74,394,788
=========== ============ ============ ============
SHARE TRANSACTIONS:
Issued................ 438,352 1,424,476 408,011 990,022
Reinvested............ 90,209 293,503 99,255 259,350
Redeemed.............. (457,613) (1,790,949) (1,582,675) (2,218,605)
----------- ------------ ------------ ------------
Change in shares....... 70,948 (72,970) (1,075,409) (969,233)
=========== ============ ============ ============
</TABLE>
See notes to financial statements.
-17-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQUITY FUND AGGRESSIVE GROWTH FUND
-------------------------- --------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
FEBRUARY 29, AUGUST 31, FEBRUARY 29, AUGUST 31,
1996 1995 1996 1995
------------ ------------ ------------ ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income
(loss)............. $ 519,724 $ 1,237,933 $ (68,101) $ (160,698)
Net realized gains on
investment trans-
actions............ 3,988,393 2,417,383 1,128,658 232,614
Net change in
unrealized apprecia-
tion (depreciation)
on investments..... 6,281,067 8,433,969 (494,455) 8,906,465
------------ ------------ ----------- ------------
Change in net assets
resulting from opera-
tions............... 10,789,184 12,089,285 566,102 8,978,381
------------ ------------ ----------- ------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income............. (530,855) (1,228,736) -- --
From net realized
gains.............. (3,660,781) (2,417,383) (660,091) --
In excess of net real-
ized gains......... -- (5,706,896) -- --
------------ ------------ ----------- ------------
Change in net assets
from shareholder
distributions....... (4,191,636) (9,353,015) (660,091) --
------------ ------------ ----------- ------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued............. 4,936,768 22,157,455 5,812,443 14,327,891
Dividends reinvested.. 3,999,923 8,862,971 656,962 --
Cost of shares
redeemed........... (10,580,522) (41,976,682) (4,656,636) (10,072,860)
------------ ------------ ----------- ------------
Change in net assets
from share
transactions....... (1,643,831) (10,956,256) 1,812,769 4,255,031
------------ ------------ ----------- ------------
Change in net assets.... (4,953,717) (8,219,986) 1,718,780 13,233,412
NET ASSETS:
Beginning of period... 76,397,681 84,617,667 38,008,312 24,774,900
------------ ------------ ----------- ------------
End of period......... $ 81,351,398 $ 76,397,681 $39,727,092 $ 38,008,312
============ ============ =========== ============
SHARE TRANSACTIONS:
Issued................ 376,019 2,041,952 361,539 1,062,740
Reinvested............ 311,780 883,043 43,278 --
Redeemed.............. (820,424) (3,868,445) (287,554) (798,411)
------------ ------------ ----------- ------------
Change in shares....... (132,625) (943,450) 117,263 264,329
============ ============ =========== ============
</TABLE>
See notes to financial statements.
-18-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
INTERMEDIATE
TAX-FREE SHORT-TERM
BOND FUND INCOME FUND
------------------------- -------------------------
SIX MONTHS SIX MONTHS OCTOBER 19,
ENDED YEAR ENDED ENDED 1994 TO
FEBRUARY 29, AUGUST 31, FEBRUARY 29, AUGUST 31,
1996 1995 1996 1995 (A)
------------ ----------- ------------ -----------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income.... $ 620,498 $ 1,387,784 $ 323,512 $ 615,202
Net realized gains
(losses) on investment
transactions.......... 93,276 (155,650) 33,933 (5,632)
Net change in unrealized
appreciation (deprecia-
tion) on investments.. 293,868 662,119 (5,717) 48,543
----------- ----------- ----------- -----------
Change in net assets
resulting from opera-
tions.................. 1,007,642 1,894,253 351,728 658,113
----------- ----------- ----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income................. (620,498) (1,387,784) (323,512) (615,202)
From net realized gains.. -- -- (23,714) --
----------- ----------- ----------- -----------
Change in net assets from
shareholder distribu-
tions................... (620,498) (1,387,784) (347,226) (615,202)
----------- ----------- ----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from issued..... 2,239,959 5,458,181 3,470,523 18,829,185
Dividends reinvested..... 112,926 277,935 158,670 178,607
Cost of shares redeemed.. (4,579,546) (8,225,269) (1,050,870) (8,822,344)
----------- ----------- ----------- -----------
Change in net assets
from share transac-
tions.................. (2,226,661) (2,489,153) 2,578,323 10,185,448
----------- ----------- ----------- -----------
Change in net assets....... (1,839,517) (1,982,684) 2,582,825 10,228,359
NET ASSETS:
Beginning of period...... 28,114,347 30,097,031 10,228,359 --
----------- ----------- ----------- -----------
End of period............ $26,274,830 $28,114,347 $12,811,184 $10,228,359
=========== =========== =========== ===========
SHARE TRANSACTIONS:
Issued................... 207,758 533,365 345,597 1,897,482
Reinvested............... 10,495 27,117 15,835 17,998
Redeemed................. (424,207) (812,547) (105,093) (887,876)
----------- ----------- ----------- -----------
Change in shares.......... (205,954) (252,065) 256,339 (1,027,604)
=========== =========== =========== ===========
</TABLE>
- ----------
(a)Period from commencement of operations.
See notes to financial statements.
-19-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
BALANCED FUND
-------------------------
SIX MONTHS JUNE 1,
ENDED 1995 TO
FEBRUARY 29, AUGUST 31,
1996 1995 (A)
------------ -----------
(UNAUDITED)
<S> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income.............................. $ 287,696 $ 94,263
Net realized gains (losses) on investment
transactions.................................... 197,840 (7,047)
Net change in unrealized appreciation on
investments..................................... 863,347 707,484
----------- -----------
Change in net assets resulting from operations...... 1,348,883 794,700
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income......................... (286,369) (93,764)
From net realized gains............................ (216,777) --
----------- -----------
Change in net assets from shareholder distributions. (503,146) (93,764)
----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares issued........................ 7,965,474 12,216,424
Dividends reinvested............................... 484,128 --
Cost of shares redeemed............................ (173,564) (75,505)
----------- -----------
Change in net assets from share transactions....... 8,276,038 12,140,919
----------- -----------
Change in net assets................................. 9,121,775 12,841,855
NET ASSETS:
Beginning of period................................ 12,841,855 --
----------- -----------
End of period...................................... $21,963,630 $12,841,855
=========== ===========
SHARE TRANSACTIONS:
Issued............................................. 723,904 1,216,749
Reinvested......................................... 44,349 --
Redeemed........................................... (15,985) (7,385)
----------- -----------
Change in shares.................................... 752,268 1,209,364
=========== ===========
</TABLE>
- ----------
(a)Period from commencement of operations.
See notes to financial statements.
-20-
<PAGE>
AMERICAN PERFORMANCE FUNDS
CASH MANAGEMENT FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
---------- ---------------------------- ------------
<C> <S> <C>
BANK DEPOSIT NOTES (2.8%):
10,000,000 Old Kent Bank & Trust Co.,
5.63%*, 4/4/96............. $ 10,000,000
------------
Total Bank Deposit Note 10,000,000
------------
BANKERS ACCEPTANCES (20.5%):
Japanese Bankers Acceptance (20.5%):
5,000,000 Bank of Tokyo, New York,
5.90%, 3/8/96.............. 4,994,429
4,000,000 Bank of Tokyo, New York,
5.87%, 3/18/96............. 3,989,234
3,000,000 Bank of Tokyo, New York,
5.83%, 4/16/96............. 2,978,188
6,000,000 Bank of Tokyo, New York,
5.77%, 4/19/96............. 5,953,858
5,800,000 Dai-Ichi Kangyo Bank, New
York, 5.84%, 4/1/96........ 5,771,382
1,000,000 Dai-Ichi Kangyo Bank, New
York, 5.30%, 4/22/96....... 992,417
10,000,000 Dai-Ichi Kangyo Bank, New
York, 5.86%, 5/20/96....... 9,873,333
8,000,000 Industrial Bank of Japan,
Los Angeles, 6.00%,
4/12/96.................... 7,945,587
6,750,000 Industrial Bank of Japan,
New York, 5.86%, 4/26/96... 6,689,940
2,000,000 Industrial Bank of Japan,
New York, 5.88%, 4/30/96... 1,980,900
4,000,000 Mitsubishi Bank, New York,
5.80%, 5/22/96............. 3,948,613
5,000,000 Sanwa Bank, Ltd., New York,
6.15%, 3/8/96.............. 4,994,157
5,000,000 Sanwa Bank, Ltd., New York,
6.15%, 4/2/96.............. 4,973,422
6,000,000 Sanwa Bank, Ltd., New York,
5.84%, 4/4/96.............. 5,967,530
2,000,000 Sanwa Bank, Ltd., New York,
5.88%, 5/20/96............. 1,974,622
------------
Total Japanese Bankers Acceptance 73,027,612
------------
CERTIFICATES OF DEPOSIT (14.9%):
Yankee Certificates of Deposit (14.9%):
9,000,000 Banca CRT, 5.75%*, 9/13/96.. 9,000,000
7,000,000 Banca CRT, 5.25%*, 3/10/97.. 7,000,000
10,000,000 Merita Bank/Konsallis-Osake
Pankki, 5.50%*, 5/1/96..... 10,000,000
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
---------- ---------------------------- ------------
<C> <S> <C>
CERTIFICATES OF DEPOSIT, CONTINUED:
Yankee Certificates of Deposit, continued:
8,000,000 Mitsubishi Bank, 5.73%,
6/27/96.................... $ 8,000,000
11,000,000 Postipankki, Ltd., 5.50%*,
4/26/96.................... 11,000,000
8,000,000 Postipankki, Ltd., 5.73%*,
12/30/96................... 8,000,000
------------
Total Certificates of Deposit 53,000,000
------------
COMMERCIAL PAPER (10.2%):
Automotive (4.1%):
15,000,000 Chrysler Financial Corp.,
5.25%, 5/31/96............. 14,803,592
------------
Banking (2.8%):
10,000,000 Ab Spintab, 5.79%, 4/17/96.. 9,926,236
------------
Financial Services (3.3%):
12,000,000 PaineWebber Group, Inc.,
5.60%, 8/23/96............. 11,682,083
------------
Total Commercial Paper 36,411,911
------------
MEDIUM TERM NOTES (36.5%):
Automotive (6.1%):
6,000,000 American Honda Finance
Corp., 5.50%*, 1/27/97..... 5,998,372
16,000,000 General Motors Acceptance
Corp., 5.27%*, 2/23/96..... 16,000,000
------------
21,998,372
------------
Banking (14.9%):
16,000,000 Bank of Boston Corp.,
5.52%*, 1/24/97............ 16,000,000
7,000,000 Banponce Corp., 5.91%*,
12/18/96................... 7,000,000
10,000,000 Banponce Corp., 5.25%*,
3/19/97.................... 10,000,000
9,000,000 First Boston, Inc., 5.59%*,
2/11/97.................... 9,000,000
11,000,000 Shawmut Bank Connecticut,
5.32%*, 5/10/96............ 11,000,000
------------
53,000,000
------------
Financial Services (13.7%):
10,000,000 American Honda Finance
Corp., 5.34%, 2/7/96....... 10,000,000
20,000,000 Bear Stearns Cos., Inc.,
5.68%, 1/17/97............. 20,000,000
19,000,000 Merrill Lynch & Co., Inc.,
5.90%, 1/14/97............. 18,996,598
------------
48,996,598
------------
</TABLE>
Continued
-21-
<PAGE>
AMERICAN PERFORMANCE FUNDS
CASH MANAGEMENT FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
---------- ---------------------------- ------------
<C> <S> <C>
MEDIUM TERM NOTES, CONTINUED:
Security Brokers & Dealers (1.8%):
6,500,000 Dean Witter Discover & Co.,
5.89%, 3/4/96.............. $ 6,500,017
------------
Total Medium Term Notes 130,494,987
------------
TIME DEPOSITS (4.3%):
Banking (4.3%):
15,150,316 Bank Brussells Lambert,
5.63%, 3/1/96.............. 15,150,316
------------
Total Time Deposits 15,150,316
------------
VARIABLE RATE NOTES (9.0%):
Financial Services (3.7%):
9,000,000 Heller Financial, Inc.,
5.63%*, 9/30/96............ 9,000,000
4,000,000 Heller Financial, Inc.,
5.81%*, 12/30/96........... 4,000,000
------------
13,000,000
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
---------- ----------------------------------------------------- ------------
<C> <S> <C>
VARIABLE RATE NOTES, CONTINUED:
Security Brokers & Dealers (5.3%):
11,000,000 Lehman Brothers, 6.06%*, 5/31/96..................... $ 11,000,000
8,000,000 Lehman Brothers, 5.96%*, 11/29/96.................... 8,000,000
------------
19,000,000
------------
Total Variable Rate Notes 32,000,000
------------
VARIABLE RATE MASTER DEMAND NOTES (1.7%):
6,000,000 Heller Financial, Inc., 5.81%*, 12/30/96............. 6,000,000
------------
Total Variable Rate Master Demand Notes 6,000,000
------------
Total (Cost--$356,084,826)(a) $356,084,826
============
</TABLE>
- ----------
Percentages indicated are based on net assets of $356,455,724.
(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 February 29, 1996.
See notes to financial statements.
-22-
<PAGE>
AMERICAN PERFORMANCE FUNDS
U.S. TREASURY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
---------- ------------------------- ------------
<C> <S> <C>
U.S. TREASURY BILLS (30.3%):
61,000,000 4/18/96.................. $ 60,593,127
------------
Total U.S. Treasury Bills 60,593,127
------------
Total Investments, at value 60,593,127
------------
REPURCHASE AGREEMENTS (70.1%):
9,000,000 Bear Stearns, 5.32%,
3/1/96, (Collateralized
by 6,375,000 U.S.
Treasury Notes, 10.63%,
8/15/15, market value
$9,200,075)............... 9,000,000
9,000,000 Dean Witter, 5.33%,
3/1/96, (Collateralized
by 9,351,000 U.S.
Treasury Notes, 5.75%,
8/15/03, market value
$9,200,732)............... 9,000,000
9,000,000 Deutsche Bank, 5.35%,
3/1/96, (Collateralized
by 8,820,000 U.S.
Treasury Notes, 6.88%,
4/30/97, market value
$9,177,298)............... 9,000,000
9,263,797 Merrill Lynch, 5.35%,
3/1/96, (Collateralized
by 9,395,000 U.S.
Treasury Notes, 5.25%,
12/31/97, market value
$9,455,977)............... 9,263,797
</TABLE>
- ----------
Percentages indicated are based on net assets of $200,059,877.
(a) Cost for federal income tax and financial reporting purposes are the same.
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
---------- ------------------------- ------------
<C> <S> <C>
REPURCHASE AGREEMENTS, CONTINUED:
9,000,000 Morgan Stanley, 5.38%,
3/1/96, (Collateralized
by 7,075,000 U.S.
Treasury Notes, 9.00%,
11/15/18, market value
$9,186,154)............... $ 9,000,000
48,000,000 Normura Securities,
5.35%, 3/1/96,
(Collateralized by
48,225,000 U.S. Treasury
Notes, 5.13%-7.25%,
2/15/98-4/30/98, market
value $48,985,800)........ 48,000,000
47,000,000 Sanwa Bank, 5.40%,
3/1/96, (Collateralized
by 31,805,000 U.S.
Treasury Notes, 11.25%,
2/15/15, market value
$48,118,442).............. 47,000,000
------------
Total Repurchase Agreements 140,263,797
------------
Total (Cost--$200,856,924)(a) $200,856,924
============
</TABLE>
See notes to financial statements.
-23-
<PAGE>
AMERICAN PERFORMANCE FUNDS
BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 28, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- -------------------------------------------------------- ----------
<C> <S> <C>
ASSET BACKED SECURITIES (2.2%):
833,333 Chase Credit Card, 8.75%, 8/15/99....................... $ 843,000
----------
Total Asset Backed Securities 843,000
----------
COLLATERALIZED MORTGAGE OBLIGATION (4.2%):
1,500,000 Merrill Lynch Trust, 9.10%, 9/20/14..................... 1,596,135
----------
Total Collateralized Mortgage Obligations 1,596,135
----------
CORPORATE BONDS (41.3%):
Automotive (2.9%):
1,050,000 Ford Motor Co., 7.75%, 3/15/05.......................... 1,116,938
----------
Banking (6.7%):
1,500,000 BankAmerica Corp., 7.13%, 5/12/05....................... 1,537,500
1,000,000 First Chicago NBD Bancorp., 7.25%, 8/15/04.............. 1,038,750
----------
2,576,250
----------
Brokerage Services (5.4%):
1,000,000 Bear Stearns, 6.70%, 8/1/03............................. 1,000,000
1,000,000 Merrill Lynch & Co., 8.00%, 2/1/02...................... 1,070,000
----------
2,070,000
----------
Computers (1.3%):
500,000 IBM Corp., 6.38%, 6/15/00............................... 506,250
----------
Financial Services (11.3%):
1,000,000 Associates Corp., 7.50%, 4/15/02........................ 1,058,750
1,000,000 CNA Financial Corp., 7.25%, 11/15/23.................... 945,000
500,000 General Electric Capital Corp., 7.50%, 6/15/09.......... 535,000
1,000,000 General Motors Acceptance Corp., 6.63%, 10/1/02......... 1,002,500
800,000 Smith Barney Holdings, 6.88%, 6/15/05................... 798,000
----------
4,339,250
----------
Industrial Goods & Services (1.3%):
500,000 American Home Products Co., 6.50%, 10/15/02............. 505,625
----------
Leasing (2.7%):
1,000,000 International Lease Finance, 6.50%, 8/15/99............. 1,012,500
----------
Office Equipment & Services (2.9%):
1,000,000 Xerox Corp., 8.13%, 4/15/02............................. 1,086,250
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
CORPORATE BONDS, CONTINUED:
Retail Stores (2.7%):
1,000,000 May Department Stores, 8.38%, 10/1/22.................. $ 1,046,250
-----------
Telecommunications (4.1%):
1,500,000 MCI Communications Corp., 7.13%, 1/20/00............... 1,556,250
-----------
Total Corporate Bonds 15,815,563
-----------
MEDIUM TERM NOTES (2.7%):
1,000,000 Beneficial Corp., 7.75%, 3/1/99........................ 1,050,000
-----------
Total Medium Term Notes 1,050,000
-----------
U.S. GOVERNMENT AGENCIES (30.1%):
Federal Home Loan Bank:
440,000 6.78%, 5/27/99......................................... 454,344
800,000 7.02%, 7/6/99.......................................... 831,184
2,000,000 8.00%, 9/11/01......................................... 2,197,060
60,000 7.36%, 7/1/04.......................................... 63,911
Federal Home Loan Mortgage Corp.:
1,450,000 6.55%, 4/19/99......................................... 1,488,933
1,000,000 7.90%, 9/19/01......................................... 1,093,170
Federal National Mortgage Assoc.:
2,000,000 6.00%, 10/25/16, CMO................................... 1,978,240
500,000 8.95%, 2/12/18......................................... 618,325
Government National Mortgage Assoc.:
67,308 10.50%, 11/15/15, Pool #268347......................... 74,965
176,354 11.00%, 2/15/16, Pool #279067.......................... 198,894
197,368 9.00%, 1/15/20, Pool #280664........................... 207,976
164,947 9.00%, 10/15/20, Pool #289412.......................... 173,812
314,766 9.00%, 7/15/21, Pool #308511........................... 331,685
695,651 7.00%, 9/15/23, Pool #347688........................... 688,409
1,087,796 7.50%, 11/15/23, Pool #354701.......................... 1,099,196
-----------
Total U.S. Government Agencies 11,500,104
-----------
U.S. TREASURY BONDS (12.9%):
2,800,000 6.25%, 8/15/23......................................... 2,667,756
2,000,000 7.63%, 2/15/25......................................... 2,267,520
-----------
Total U.S. Treasury Bonds 4,935,276
-----------
U.S. TREASURY NOTES (3.9%):
1,000,000 5.00%, 2/15/99......................................... 984,900
500,000 6.88%, 7/31/99......................................... 519,380
-----------
Total U.S. Treasury Notes 1,504,280
-----------
</TABLE>
Continued
-24-
<PAGE>
AMERICAN PERFORMANCE FUNDS
BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
INVESTMENT COMPANIES (3.1%):
1,187,274 American Performance Cash Management Fund.............. $ 1,187,274
-----------
Total Investment Companies 1,187,274
-----------
Total (Cost--$37,728,720)(a) $38,431,632
===========
</TABLE>
- ----------
Percentages indicated are based on net assets of $38,263,155.
(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.......................................... $ 888,780
Unrealized depreciation.......................................... (185,868)
---------
Net unrealized appreciation...................................... $ 702,912
=========
</TABLE>
CMO -- Collateralized Mortgage Obligation
See notes to financial statements.
-25-
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
ASSET BACKED SECURITIES (3.3%):
2,050,000 Ford Motor Credit Corp., 6.50%, 8/15/02................ $ 2,081,427
-----------
Total Asset Backed Securities 2,081,427
-----------
CORPORATE BONDS (34.5%):
Brokerage Services (9.4%):
500,000 Bear Stearns Co., 6.75%, 8/15/000...................... 509,375
1,000,000 Bear Stearns Co., 6.75%, 4/15/03....................... 1,002,500
1,500,000 Merrill Lynch & Co., Inc., 6.64%, 9/19/02.............. 1,503,750
1,000,000 J.P. Morgan & Co., Inc., 6.25%, 12/15/05............... 970,000
1,000,000 Smith Barney Holdings, 6.63%, 6/1/00................... 1,016,250
1,000,000 Smith Barney Holdings, 6.88%, 6/15/05.................. 997,500
-----------
5,999,375
-----------
Financial Services (11.9%):
1,500,000 Associates Corp., 6.88%, 1/15/97....................... 1,518,600
500,000 Associates Corp., 7.50%, 4/15/02....................... 529,375
2,000,000 Commercial Credit Co., 6.38%, 9/15/02.................. 1,995,000
2,100,000 CNA Financial Corp., 6.25%, 11/15/03................... 2,039,625
500,000 Dean Witter Discover, 6.75%, 8/15/20................... 510,625
1,000,000 General Motors Acceptance Corp., 6.63%, 10/1/02........ 1,002,500
-----------
7,595,725
-----------
Food Products (3.5%):
1,000,000 Grand Metropolitan, 8.63%, 8/15/01..................... 1,110,000
1,000,000 McCormick & Co., 8.95%, 7/1/01......................... 1,120,000
-----------
2,230,000
-----------
Industrial Goods & Services (0.8%):
500,000 American Home Products Co., 6.50%, 10/15/02............ 505,625
-----------
Leasing (4.7%):
1,500,000 Hertz Corp., 6.00%, 1/15/03............................ 1,453,125
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
CORPORATE BONDS, CONTINUED:
Leasing, continued:
1,500,000 International Lease Finance, 6.50%, 8/15/99............ $ 1,518,750
-----------
2,971,875
-----------
Office Equipment & Services (1.7%):
1,000,000 Xerox Corp., 8.13%, 4/15/02............................ 1,086,250
-----------
Telecommunications (0.9%):
500,000 Comsat Corp., 8.95%, 5/15/01........................... 555,625
-----------
Utility--Electric (1.6%):
1,000,000 Alabama Power, 6.38%, 8/1/99........................... 1,012,500
-----------
Total Corporate Bonds 21,956,975
-----------
MEDIUM TERM NOTES (1.6%):
1,000,000 Beneficial Corp., 7.35%, 2/28/97....................... 1,018,730
-----------
Total Medium Term Notes 1,018,730
-----------
TAXABLE MUNICIPAL BONDS (1.5%):
Louisiana (1.5%):
1,000,000 Orleans Parish, School Board, 6.45%, 2/1/05............ 982,500
-----------
Total Taxable Municipal Bonds 982,500
-----------
U.S. GOVERNMENT AGENCIES (38.8%):
Federal Home Loan Bank:
2,700,000 7.01%, 4/20/00......................................... 2,823,012
500,000 7.77%, 10/16/01........................................ 543,780
Federal Home Loan Mortgage Corp.:
479,335 7.00%, 5/15/97 CMO..................................... 477,466
606,705 8.00%, 7/1/99 Pool #M80108............................. 627,745
2,210,000 7.75%, 11/7/01......................................... 2,403,044
1,000,000 6.20%, 4/15/03......................................... 1,003,790
1,100,000 6.00%, 3/15/05 CMO..................................... 1,089,924
488,119 7.00%, 10/1/07 Pool #E40422............................ 492,019
1,000,000 8.00%, 9/15/20 CMO..................................... 1,035,610
Federal National Mortgage Assoc.:
2,400,000 6.44%, 6/21/05......................................... 2,401,656
890,219 5.00%, 2/1/09 Pool #266453............................. 837,901
500,000 6.00%, 10/25/16 CMO.................................... 494,560
4,504,358 7.75%, 5/25/19 CMO..................................... 4,581,337
1,000,000 6.25%, 1/25/20 CMO..................................... 983,280
600,405 7.88%,* 11/1/22 Pool #188965........................... 619,540
</TABLE>
Continued
-26-
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
U.S. GOVERNMENT AGENCIES, CONTINUED:
Federal National Mortgage Assoc., continued:
780,800 7.94%,* 11/1/22 Pool #189916........................... $ 804,224
1,369,017 8.14%,* 7/1/23 Pool #224951............................ 1,417,782
Government National Mortgage Assoc.:
35,344 9.00%, 12/15/04 Pool #284008........................... 37,509
146,841 9.00%, 1/15/05 Pool #247502............................ 155,836
105,975 9.00%, 3/15/06 Pool #299211............................ 112,466
688,953 7.50%, 6/15/07 Pool #329595............................ 709,401
1,035,677 6.00%, 1/15/09 Pool #371901............................ 1,013,317
-----------
Total U.S. Government Agencies 24,665,199
-----------
U.S. TREASURY BONDS (0.8%):
500,000 6.88%, 8/15/25......................................... 521,420
-----------
Total U.S. Treasury Bonds 521,420
-----------
U.S. TREASURY NOTES (18.0%):
500,000 8.63%, 8/15/97......................................... 522,325
1,100,000 8.88%, 11/15/97........................................ 1,160,588
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
U.S. TREASURY NOTES, CONTINUED:
500,000 5.00%, 1/31/98......................................... $ 496,110
500,000 7.25%, 2/15/98......................................... 516,455
1,000,000 5.25%, 7/31/98......................................... 995,240
500,000 9.25%, 8/15/98......................................... 542,255
1,800,000 5.50%, 11/15/98........................................ 1,797,570
2,000,000 5.75%, 10/30/00........................................ 1,999,340
3,500,000 5.25%, 1/31/01......................................... 3,430,909
-----------
Total U.S. Treasury Notes 11,460,792
-----------
INVESTMENT COMPANIES (0.8%):
500,424 American Performance Cash Management Fund.............. 500,423
-----------
Total Investment Companies 500,423
-----------
Total (Cost--$62,850,230)(a) $63,187,466
===========
</TABLE>
- ----------
Percentages indicated are based on net assets of $63,627,509.
* Variable rate investments. The rate reflected on the Schedule of Portfolio
Investments is the rate effect at February 29, 1996.
(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.......................................... $ 765,052
Unrealized depreciation.......................................... (427,816)
---------
Net Unrealized appreciation...................................... $ 337,236
=========
</TABLE>
CMO--Collateralized Mortgage Obligation
See notes to financial statements.
-27-
<PAGE>
AMERICAN PERFORMANCE FUNDS
EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (96.0%):
Aerospace/Defense (0.6%):
4,400 United Technologies Corp.................................. $ 473,000
-----------
Airlines (1.7%):
17,900 Delta Air Lines........................................... 1,396,200
-----------
Automotive Parts (1.3%):
20,400 Lear Seating Corp......................................... 650,250
11,200 Magna International, Inc., Class A........................ 443,800
-----------
1,094,050
-----------
Automobiles (0.9%):
21,400 Echlin, Inc............................................... 724,925
-----------
Banking (6.4%):
8,800 Bank of New York Co., Inc................................. 456,500
9,000 Chemical Banking Corp..................................... 644,625
6,000 Citicorp.................................................. 468,000
31,000 Corestates Financial Corp................................. 1,333,000
24,150 First Securities Corp..................................... 649,031
20,900 Great Western Financial Corp.............................. 478,088
18,750 MBNA Corp................................................. 529,688
8,900 NationsBank Corp.......................................... 656,375
-----------
5,215,307
-----------
Beverages (3.4%):
27,600 Coca-Cola Co.............................................. 2,228,700
8,200 PepsiCo, Inc.............................................. 518,650
-----------
2,747,350
-----------
Chemicals (4.6%):
6,500 Arco Chemical Co.......................................... 333,125
8,800 Cabot Corp................................................ 532,400
10,300 Dow Chemical Co........................................... 826,575
15,800 E.I. Du Pont De Nemours Co................................ 1,208,700
6,500 Monsanto Co............................................... 875,062
-----------
3,775,862
-----------
Computers & Peripherals (3.5%):
5,600 Digital Equipment Corp. (b)............................... 403,200
19,800 I.B.M. Corp............................................... 2,427,975
-----------
2,831,175
-----------
Consumer Goods (1.3%):
8,500 Department 56 (b)......................................... 171,062
12,700 Dial Corp................................................. 381,000
9,400 Premark International, Inc................................ 492,325
-----------
1,044,387
-----------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ----------------------------------------------------------- ----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Cosmetics (1.8%):
5,400 Avon Products, Inc......................................... $ 434,025
19,600 Gillette Co................................................ 1,060,850
----------
1,494,875
----------
Diversified (1.4%):
12,200 Philips N.V. (b)........................................... 504,775
10,700 Tenneco, Inc............................................... 597,862
----------
1,102,637
----------
Electrical Equipment (2.7%):
29,100 General Electric Co........................................ 2,197,050
----------
Electronic & Electrical (1.7%):
9,700 Avnet, Inc................................................. 483,787
14,400 Raychem Corp............................................... 934,200
----------
1,417,987
----------
Entertainment (1.5%):
18,100 Walt Disney Co............................................. 1,185,550
----------
Financial Services (1.9%):
7,300 Household International, Inc............................... 490,925
6,800 Transamerica Corp.......................................... 512,550
7,500 Travelers, Inc............................................. 501,562
----------
1,505,037
----------
Food Processing & Packaging (1.3%):
5,500 CPC International, Inc..................................... 380,875
26,200 IBP, Inc................................................... 655,000
----------
1,035,875
----------
Forest Products (3.2%):
16,000 Consolidated Papers, Inc................................... 818,000
10,500 Kimberly Clark Corp........................................ 801,937
28,100 Rayonier, Inc.............................................. 962,425
----------
2,582,362
----------
Health Care (2.2%):
13,500 Johnson & Johnson, Inc..................................... 1,262,250
8,000 United Healthcare Corp..................................... 522,000
----------
1,784,250
----------
Insurance (2.9%):
11,200 Aetna Life & Casualty Co................................... 847,000
24,000 Allstate................................................... 1,029,000
</TABLE>
Continued
-28-
<PAGE>
AMERICAN PERFORMANCE FUNDS
EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Insurance, continued:
5,000 American International Group, Inc......................... $ 483,125
-----------
2,359,125
-----------
Loan Companies (0.5%):
5,400 Federal Home Loan Mortgage Corp. ......................... 445,500
-----------
Machine Tools (0.9%):
14,100 Cyprus Amax Minerals Co. ................................. 364,837
6,400 Novellus Systems, Inc. (b)................................ 335,200
-----------
700,037
-----------
Machinery (0.4%):
9,400 Applied Materials (b)..................................... 336,050
-----------
Manufacturing-Capital Goods (0.9%):
10,700 Parker-Hannifin Corp. .................................... 375,837
10,300 Varity Corp. (b).......................................... 388,825
-----------
764,662
-----------
Medical Services (1.0%):
14,200 Columbia/HCA Healthcare Corp. ............................ 777,450
-----------
Medical Supplies (0.7%):
9,600 Medtronic, Inc............................................ 550,800
-----------
Metals--Fabrication (0.4%):
5,500 Phelps Dodge Corp......................................... 336,187
-----------
Newspapers (0.7%):
25,500 Freeport McMoran Resource Partners, L.P................... 564,187
-----------
Natural Resources (0.5%):
9,400 Freeport McMoran, Inc..................................... 400,675
-----------
Oil & Gas Production (0.6%):
15,200 El Paso Natural Gas....................................... 513,000
-----------
Oil--Integrated Companies (7.9%):
7,800 Amoco Corp................................................ 542,100
4,200 Atlantic Richfield Co..................................... 459,900
9,100 British Petroleum Co. .................................... 913,413
9,000 Chevron Corp ............................................. 500,625
21,600 Exxon Corp. .............................................. 1,717,200
13,900 Mobil Corp. .............................................. 1,523,788
5,700 Royal Dutch Petroleum Co.................................. 785,175
-----------
6,442,201
-----------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Pharmaceuticals (6.6%):
10,100 Bristol-Myers Squibb Co. ................................. $ 859,762
8,600 Eli Lilly & Co. .......................................... 520,300
15,600 Merck & Co., Inc. ........................................ 1,033,500
23,800 Pfizer, Inc. ............................................. 1,567,825
24,600 Schering-Plough........................................... 1,380,675
-----------
5,362,062
-----------
Pollution Control Services & Equipment (0.5%):
14,400 Browning-Ferris Industries, Inc........................... 426,600
-----------
Publishing (1.6%):
7,200 McGraw Hill, Inc. ........................................ 629,100
15,100 Meredith Corp. ........................................... 662,512
-----------
1,291,612
-----------
Retail (3.0%):
12,300 Barnes & Noble, Inc. (b).................................. 355,162
24,200 Home Depot, Inc. ......................................... 1,046,650
23,400 Sears & Roebuck Co. ...................................... 1,061,775
-----------
2,463,587
-----------
Semiconductors (1.3%):
17,300 Intel Corp. .............................................. 1,017,456
-----------
Services (Non-Financial) (0.5%):
13,400 Manpower, Inc. ........................................... 420,425
-----------
Soaps & Cleaning Agents (1.4%):
14,100 Procter & Gamble Co. ..................................... 1,156,200
-----------
Software & Computer Services (3.0%):
12,000 Microsoft Corp. (b)....................................... 1,184,250
17,000 Oracle Corp. (b).......................................... 884,000
10,200 Synopsys, Inc. (b)........................................ 334,050
-----------
2,402,300
-----------
Steel (2.4%):
21,200 Carpenter Technology Corp. ............................... 768,500
25,900 Timken Co. ............................................... 1,165,500
-----------
1,934,000
-----------
Telecommunications (1.3%):
3,200 AT&T Capital Corp. ....................................... 132,400
21,600 Ericsson L.M. Telephone Co. Sekro ADR .................... 472,500
</TABLE>
Continued
-29-
<PAGE>
AMERICAN PERFORMANCE FUNDS
EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ -------------------------- ---------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
TELECOMMUNICATIONS, CONTINUED:
18,200 MCN Corp. ................ $ 457,276
---------
1,062,176
---------
Tobacco & Tobacco Products (2.7%):
22,200 Philip Morris Cos., Inc. ... 2,197,801
---------
Transportation (0.5%):
9,700 GATX Corp. ................. 435,288
---------
Utilities--Electric (4.2%):
28,100 CMS Energy Corp. ......... 853,538
18,000 General Public Utilities
Corp..................... 600,751
60,300 Unicom Corp. ............. 1,929,601
---------
3,383,890
---------
</TABLE>
- ----------
Percentages indicated are based on net assets of $81,351,398.
(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
approximately $115,000. Cost for federal income tax purposes differs from
value by net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation........................................ $19,108,537
Unrealized depreciation........................................ (839,974)
-----------
Net unrealized appreciation.................................... $18,268,563
===========
</TABLE>
(b) Represents non-income producing securities.
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Utilities--Telecommunications (8.2%):
33,700 AT&T Corp. ............................................ $ 2,144,162
10,400 Bellsouth Corp. ....................................... 414,700
22,200 Cincinnati Bell. ...................................... 727,050
19,200 GTE Corp. ............................................. 823,200
11,000 Nynex Corp. ........................................... 566,500
10,000 SBC Communications, Inc. .............................. 548,750
14,100 Sprint Corp. .......................................... 606,300
19,200 Telephone & Data Systems, Inc. ........................ 885,600
-----------
6,716,262
-----------
Total Common Stocks 78,067,412
-----------
INVESTMENT COMPANIES (4.1%):
3,325,288 American Performance Cash Management Fund.............. 3,325,288
-----------
Total Investment Companies 3,325,288
-----------
Total (Cost--$63,009,137)(a) $81,392,700
===========
</TABLE>
See notes to financial statements.
-30-
<PAGE>
AMERICAN PERFORMANCE FUNDS
AGGRESSIVE GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (86.9%):
Automotive Parts (1.7%):
27,400 Discount Auto Parts, Inc. (b).......................... $ 691,850
-----------
Beverages (1.6%):
17,000 Canandaigua Wine, Inc. (b)............................. 646,000
-----------
Commercial Services (2.4%):
53,100 Personnel Group America, Inc. (b)...................... 949,163
-----------
Computers & Peripherals (18.8%):
53,800 Cisco Systems, Inc. (b)................................ 2,555,500
39,700 Optical Data Systems, Inc. (b)......................... 1,091,750
34,100 Proxima Corp. (b)...................................... 767,250
47,100 Silicon Graphics, Inc. (b)............................. 1,177,500
42,000 Verifone, Inc. (b)..................................... 1,879,500
-----------
7,471,500
-----------
Electronic & Electrical (2.8%):
31,395 Harman International................................... 1,114,523
-----------
Entertainment (1.6%):
40,875 International Family Entertainment, Class B (b)........ 623,344
-----------
Financial Services (7.4%):
31,100 Advanta Corp., Class A................................. 1,485,025
65,000 Money Store, Inc....................................... 1,446,250
-----------
2,931,275
-----------
Health Care (4.5%):
27,400 Fisher Scientific International........................ 1,020,650
35,100 Owen Healthcare, Inc. (b).............................. 780,975
-----------
1,801,625
-----------
Medical Services (6.8%):
33,600 HEALTHSOURCE, Inc. (b)................................. 1,272,600
36,400 Occusystems, Inc. (b).................................. 714,350
75,000 Tokos Medical Corp. of Delaware (b).................... 712,500
-----------
2,699,450
-----------
Medical Supplies (1.9%):
44,300 Isolyser Co., Inc. (b)................................. 753,100
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Pharmaceuticals (2.2%):
17,000 Forest Labs, Inc. (b).................................. $ 884,000
-----------
Restaurants (0.8%):
48,700 Davco Restaurants, Inc. (b)............................ 325,681
-----------
Retail--Department Stores (2.2%):
33,600 Proffitts, Inc. (b).................................... 882,000
-----------
Retail (5.2%):
49,550 Office Depot, Inc. (b)................................. 1,034,356
31,200 Petco Animal Supplies, Inc. (b)........................ 1,029,600
-----------
2,063,956
-----------
Retail--Jewelry Stores (1.2%):
29,400 Friedman's, Inc. (b)................................... 492,450
-----------
Retail--Radio & T.V. Consumer Electronics Stores (1.1%):
34,600 Rex Stores Corp. (b)................................... 445,475
-----------
Services (Non-Financial) (6.5%):
32,600 Envoy Corp. (b)........................................ 643,850
26,700 Paychex, Inc........................................... 1,471,838
22,150 Sensormatic Electronics Corp........................... 462,381
-----------
2,578,069
-----------
Services (Video Tape Rental) (2.3%):
37,100 Movie Gallery, Inc. (b)................................ 918,225
-----------
Software & Computer Systems (2.9%):
28,700 Network General Corp. (b).............................. 1,155,175
-----------
Telecommunications (2.3%):
25,100 Cidco, Inc. (b)........................................ 891,050
-----------
Telephone & Telegraph Apparatus (8.3%):
26,400 U.S. Robotics Corp. (b)................................ 3,273,600
-----------
Wholesale--Drugs (2.4%):
15,400 Cardinal Health, Inc................................... 927,850
-----------
Total Common Stocks 34,519,361
-----------
U.S. GOVERNMENT AGENCIES (4.3%):
Federal Home Loan Bank:
1,705,000 Discount Note, 3/4/96.................................. 1,704,039
-----------
Total U.S. Government Agencies 1,704,039
-----------
</TABLE>
Continued
-31-
<PAGE>
AMERICAN PERFORMANCE FUNDS
AGGRESSIVE GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
INVESTMENT COMPANIES (8.9%):
1,984,019 American Performance Cash Management Fund.............. $ 1,984,019
1,548,062 American Performance U.S. Treasury Fund................ 1,548,061
-----------
Total Investment Companies 3,532,080
-----------
Total (Cost--$27,828,819) (a) $39,755,480
===========
</TABLE>
- ----------
Percentage indicated are based on net assets of $39,727,092.
(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....................................... $13,677,339
Unrealized depreciation....................................... (1,750,678)
-----------
Net unrealized appreciation................................... $11,926,661
===========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
-32-
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- -------------------------------------------------------- ---------
<C> <S> <C>
MUNICIPAL BONDS (97.0%):
Alaska (2.0%):
500,000 Alaska State Housing Financial Corp., Series A, 6.10%,
12/1/06................................................. $ 514,245
---------
Arizona (6.1%):
500,000 Arizona State Transportation Board, Maricopa County
Regulatory Area RD--A, Excise Tax Revenue, 5.20%,
7/1/00, Insured by: AMBAC.............................. 520,020
500,000 Arizona State Transportation Board, Highway Revenue,
Sub-Series A, 6.10%, 7/1/01............................ 545,480
500,000 Arizona State University Revenue, Series A, 5.80%,
7/1/07................................................. 525,535
---------
1,591,035
---------
California (5.8%):
200,000 California State Franchise Tax Board Certificate,
Certificate of Participation Refunding Bond, 6.90%,
10/1/06................................................ 213,908
200,000 California State Public Works Board, Department of
Corrections, State Prison, Series A, 7.25%, 9/1/03..... 229,010
200,000 Contra Costa Water District, Series C, 6.90%, 10/1/03... 225,980
500,000 Folsom School Facilities Project, Series B, 6.00%,
8/1/06, Insured by: FGIC............................... 538,945
300,000 Los Angeles Public Facilities, 5.40%, 8/1/07............ 314,865
---------
1,522,708
---------
Delaware (0.6%):
160,000 Delaware State Housing Authority, Senior Home Mortgage,
Series A, 6.90%, 12/1/99............................... 164,931
---------
District of Columbia (2.0%):
500,000 District of Columbia Refunding, Series B-1, 5.20%,
6/1/04, Insured by: AMBAC.............................. 514,835
---------
Florida (0.9%):
220,000 Hillsborough County Hospital Authority, Refunding Bond,
Tampa General Hospital Project, 5.75%, 10/1/99......... 232,819
---------
Illinois (8.2%):
500,000 Chicago Park District Refunding, 5.45%, 1/1/04, Insured
by: FGIC............................................... 525,655
500,000 Chicago Public Building Commission, 5.25%, 12/1/03...... 522,290
400,000 Cook County, Series B, 5.75%, 11/15/07, Callable
11/15/02 @ 102 and 11/15/04 @ 100...................... 420,364
155,000 Du Page Community Water Revenue Bond, 6.30%, 5/1/99..... 161,809
500,000 Illinois State Sales Tax Revenue, Series C, 6.88%,
6/15/15, Callable 6/15/97 @ 102........................ 530,975
---------
2,161,093
---------
Louisiana (5.2%):
180,000 Bastrop Industrial Development Board, Pollution Control
Refunding Bonds, International Paper, 6.90%, 3/1/07.... 196,693
500,000 Louisiana Public Facilities Authority, Hospital Revenue
Bond, Lady of the Lake, 6.05%, 12/1/08, Callable
12/1/01 @ 102 and 12/1/03 @ 100........................ 527,120
400,000 Louisiana Public Facilities Authority, Student Loan
Series A2, 5.60%, 3/1/97............................... 407,944
220,000 Louisiana State Refunding Bonds, Series A, 7.00%,
8/1/02, Insured by: AMBAC.............................. 232,586
---------
1,364,343
---------
Michigan (0.6%):
165,000 Michigan State Housing Development Authority, Revenue
Bond, Series A, 6.15%, 6/1/01.......................... 170,726
---------
</TABLE>
Continued
-33-
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
SHARE OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
Nevada (6.9%):
250,000 Clark County, 6.00%, 7/1/06........................... $ 268,035
500,000 Las Vegas, Downtown Redevelopment Agency Tax Increment
Revenue Bond, 5.40%, 6/1/07.......................... 511,825
500,000 Reno Hospital, St. Mary's, 5.25%, 5/15/07............. 505,785
500,000 Washoe County Airport Authority, Airport Systems
Improvement Revenue Refunding, Series A, 5.60%,
7/1/03, Insured by: MBIA............................. 528,895
-----------
1,814,540
-----------
New Jersey (4.0%):
500,000 New Jersey State Transportation, Series A, 5.20%,
12/15/00, Insured by: AMBAC.......................... 522,140
500,000 Ocean City, Series A, 6.25%, 10/1/06.................. 544,620
-----------
1,066,760
-----------
New Mexico (0.5%):
125,000 New Mexico Mortgage Finance Authority Refunding Bonds,
Single Family Mortgage, Series A-1, 6.30%, 1/1/02.... 129,925
-----------
New York (2.2%):
500,000 Triborough Bridge & Tunnel Authority, 7.00%, 1/1/11,
Continuously Callable 1/1/01 @ 102 and 1/1/03 @ 100.. 568,635
-----------
Ohio (3.1%):
250,000 Cleveland, Series A, 6.30%, 7/1/05 Callable 7/1/02
@102, 7/1/03 @ 101 and 7/1/04 @ 100.................. 275,850
500,000 Ohio State Water Development Authority, Revenue
Refunding & Improvement, Pure Water, 5.75%, 12/1/06,
Insured by: MBIA..................................... 534,325
-----------
810,175
-----------
Oklahoma (11.8%):
540,000 Grand River Dam Revenue Authority, 5.90%, 11/1/08..... 556,988
500,000 Oklahoma State Housing Finance Agency, 5.50%, 11/1/25. 502,855
200,000 Oklahoma State Turnpike Authority, Series A, 6.10%,
1/1/05............................................... 218,506
500,000 Tulsa International Airport, 5.40%, 6/1/03............ 527,555
540,000 Tulsa Public Facilities Authority Capital Improvement,
Series 1988-B, 5.70%, 3/1/05......................... 568,339
200,000 Tulsa Public Facilities Authority, 5.80%, 7/1/01...... 211,718
500,000 Tulsa Public Facilities Authority Solid Waste, 5.65%,
11/1/06.............................................. 530,925
-----------
3,116,886
-----------
Pennsylvania (1.3%):
320,000 Philadelphia Water & Sewer Revenue, 6.88%, 10/1/06.... 351,040
-----------
Rhode Island (5.0%):
400,000 Rhode Island Depositors Economic Protection Corp.,
Special Obligations, Series A, 6.38%, 8/1/01......... 439,140
330,000 Rhode Island Port Authority & Economic Development,
Airport Revenue, 5.00%, 7/1/06,
Callable @ 7/1/03 @ 102.............................. 330,710
500,000 Rhode Island State, 6.25%, 5/15/05.................... 535,295
-----------
1,305,145
-----------
South Carolina (2.2%):
350,000 Georgetown County, Pollution Refunding, International
Paper Co. Project, Revenue Bond, 6.25%, 6/15/05...... 375,134
200,000 South Carolina State Education Assistance Authority,
Student Loan Revenue Bond, 5.90%, 9/1/98............. 208,102
-----------
583,236
-----------
</TABLE>
Continued
-34-
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
Texas (18.0%):
130,000 Baytown Marina Improvements, 6.50%, 2/1/04............ 141,199
245,000 Baytown Marina Improvements, Series 1992, 6.60%,
2/1/05............................................... 266,962
250,000 Brownsville Utilities System Revenue Bond, 6.25%,
9/1/07............................................... 268,750
500,000 Coastal Bend Health Facilities Development, Series A,
5.60%, 11/15/02, Insured by: AMBAC................... 529,735
500,000 Dallas Waterworks & Sewer System Revenue, Series A,
5.50%, 10/1/05....................................... 504,010
350,000 Fort Worth, 6.25%, 3/1/99............................. 357,962
400,000 Houston Water & Sewer System Revenue, 6.10%, 12/1/05,
Callable 12/1/04 @ 100............................... 435,956
500,000 Lubbock Health Facilities Development, Corporate
Hospital Revenue, Methodist Hospital, Series B,
5.25%, 12/1/03....................................... 525,625
220,000 Montgomery County Hospital District, Series B, 6.30%,
4/1/04, Callable 4/1/02 @ 102........................ 245,857
365,000 North Central Health Facility Development Hospital,
Baylor Health Care System, Project A, 6.00%, 5/15/01. 390,327
525,000 North Harris Montgomery Community College, 5.40%,
8/15/05, Callable 2/15/03 @ 100...................... 547,859
250,000 Texas State College Student Loan, 5.75%, 8/1/08....... 254,325
250,000 Texas State College Student Loan, 6.50%, 8/1/07....... 269,660
-----------
4,738,227
-----------
Washington (9.7%):
250,000 Kitsap County School District #400, 6.25%, 12/1/02.... 274,308
500,000 Port Tacoma Refunding, Series A, 5.50%, 11/1/04,
Insured by: AMBAC.................................... 524,690
500,000 Tacoma Electric System, 5.70%, 1/1/03, Insured by:
FGIC................................................. 534,950
175,000 Washington State Health Care Facilities Authority,
Revenue Refund Bond, Franciscan Health, St. Clara,
6.20%, 7/1/03........................................ 191,576
500,000 Washington State Public Power Supply System, Nuclear
Project #1 Revenue Refunding, Series A, 5.10%,
7/1/00............................................... 512,465
500,000 Washington State Public Power Supply System, Nuclear
Project #2, 6.00%, 7/1/07, Callable 7/1/93 @ 102 and
7/1/00 @ 100......................................... 505,120
-----------
2,543,109
-----------
Wisconsin (0.9%):
225,000 Wisconsin Housing & Economic Development Authority,
Housing Revenue Bond, Series D, 6.50%, 5/1/01........ 234,270
-----------
Total Municipal Bonds.......................................... 25,498,683
-----------
INVESTMENT COMPANIES (3.4%):
891,931 SEI Institutional Tax Free Fund....................... 891,931
-----------
Total Investment Companies..................................... 891,931
-----------
Total (Cost--$25,217,438)(a)................................... $26,390,614
===========
</TABLE>
Continued
-35-
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1994
(UNAUDITED)
- --------
Percentages indicated are based on net assets of $26,274,830.
(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........................................ $1,175,032
Unrealized depreciation........................................ (1,855)
----------
Net unrealized appreciation.................................... $1,173,177
==========
</TABLE>
AMBAC AMBAC Indemnity Corporation
FGIC Financial Guaranty Insurance Company
MBIA Municipal Bond Insurance Association
See notes to financial statements.
-36-
<PAGE>
AMERICAN PERFORMANCE FUNDS
SHORT-TERM INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
CORPORATE BONDS (11.5%):
Financial Services:
215,000 American General Finance, 7.70%, 11/15/97.............. $ 220,682
135,000 Associates Corp., 7.50%, 5/15/99....................... 140,738
250,000 Commercial Credit, 6.70%, 8/1/99....................... 253,750
260,000 Ford Motor Credit Corp., 7.25%, 5/15/99................ 269,425
335,000 Merrill Lynch & Co., 6.38%, 3/30/99.................... 338,350
250,000 Smith Barney Holdings, 5.88%, 2/1/01................... 245,625
-----------
Total Corporate Bonds 1,468,570
-----------
U.S. GOVERNMENT AGENCIES (36.5%):
Federal Home Loan Bank:
2,300,000 7.02%, 7/6/99.......................................... 2,389,654
Federal National Mortgage Assoc.:
300,000 6.05%, 1/2/98.......................................... 303,015
1,000,000 7.30%, 3/25/98......................................... 1,000,000
1,000,000 6.00%, 10/25/16 CMO.................................... 989,120
-----------
Total U.S. Government Agencies 4,681,789
-----------
</TABLE>
- ----------
Percentages indicated are based on net assets of $12,811,184.
CMO--Collateralized Mortgage Obligation
(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........................................... $ 75,129
Unrealized depreciation........................................... (32,303)
--------
Net unrealized appreciation....................................... $ 42,826
========
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
U.S. TREASURY NOTES (48.5%):
2,250,000 6.50%, 11/30/96........................................ $ 2,270,408
450,000 5.75%, 9/30/97......................................... 452,394
1,400,000 5.50%, 11/15/98........................................ 1,398,110
850,000 5.13%, 11/30/98........................................ 841,041
1,200,000 6.88%, 7/31/99......................................... 1,246,512
-----------
Total U.S. Treasury Notes 6,208,465
-----------
INVESTMENT COMPANIES (2.7%):
342,372 American Performance Cash Management Fund.............. 342,372
-----------
Total Investment Companies 342,372
-----------
Total (Cost--$12,658,370) (a) $12,701,196
===========
</TABLE>
See notes to financial statements.
-37-
<PAGE>
AMERICAN PERFORMANCE FUNDS
BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (58.2%):
Airlines (1.2%):
3,500 Delta Air Lines........................................ $ 273,000
-----------
Automotive Parts (0.8%):
2,875 Discount Auto Parts, Inc. (b).......................... 72,594
3,200 Echlin, Inc............................................ 108,400
-----------
180,994
-----------
Banking (2.2%):
7,650 First Securities Corp.................................. 205,594
3,800 NationsBank Corp....................................... 280,250
-----------
485,844
-----------
Beverages (1.6%):
1,775 Canandaigua Wine, Inc. (b)............................. 67,450
3,600 Coca Cola Co........................................... 290,700
-----------
358,150
-----------
Chemicals (2.6%):
2,800 Cabot Corp............................................. 169,400
2,500 E.I. Du Pont De Nemours Co............................. 191,250
1,600 Monsanto Co............................................ 215,400
-----------
576,050
-----------
Commercial Services (0.4%):
4,600 Personnel Group America, Inc. (b)...................... 82,225
-----------
Computers & Peripherals (5.3%):
5,500 Cisco Systems, Inc. (b)................................ 261,250
3,100 I.B.M. Corp............................................ 380,137
4,200 Optical Data Systems, Inc. (b)......................... 115,500
3,575 Proxima Corp. (b)...................................... 80,438
4,925 Silicon Graphics, Inc. (b)............................. 123,125
4,450 Verifone, Inc. (b)..................................... 199,137
-----------
1,159,587
-----------
Diversified (0.5%):
2,700 Phillips N.V. (b)...................................... 111,712
-----------
Electrical Equipment (1.0%):
3,000 General Electric Co.................................... 226,500
-----------
Electronic & Electrical (1.5%):
3,225 Harman International................................... 114,488
3,400 Raychem Corp........................................... 220,574
-----------
335,062
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Entertainment (1.3%):
3,300 Walt Disney Co......................................... $ 216,150
4,168 International Family Entertainment, Class B (b)........ 63,562
-----------
279,712
-----------
Financial Services (2.1%):
3,175 Advanta Corp., Class A................................. 151,606
6,700 Money Store, Inc....................................... 149,075
2,200 Transamerica Corp...................................... 165,825
-----------
466,506
-----------
Food Processing & Packaging (1.0%):
1,500 CPC International, Inc................................. 103,875
4,400 IBP, Inc............................................... 110,000
-----------
213,875
-----------
Forest Products (2.3%):
2,600 Consolidated Papers, Inc............................... 132,925
1,900 Kimberly Clark Corp.................................... 145,112
6,300 Rayonier, Inc.......................................... 215,775
-----------
493,812
-----------
Health Care (1.9%):
2,850 Fisher Scientific International........................ 106,162
2,400 Johnson & Johnson, Inc................................. 224,400
3,650 Owen Healthcare, Inc. (b).............................. 81,213
-----------
411,775
-----------
Insurance (1.8%):
2,700 Aetna Life & Casualty Co............................... 204,187
4,400 Allstate............................................... 188,650
-----------
392,837
-----------
Manufacturing-Capital Goods (0.6%):
3,600 Parker-Hannifin Corp................................... 126,450
-----------
Medical Services (1.3%):
3,425 HEALTHSOURCE, Inc. (b)................................. 129,722
3,600 Occusystems, Inc. (b).................................. 70,650
7,875 Tokos Medical Corp. of Delaware (b).................... 74,813
-----------
275,185
-----------
Medical Supplies (0.4%):
4,925 Isolyser Co., Inc. (b)................................. 83,725
-----------
</TABLE>
Continued
-38-
<PAGE>
AMERICAN PERFORMANCE FUNDS
BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Newspapers & Publishing (1.5%):
2,000 McGraw Hill, Inc....................................... $ 174,750
500 Washington Post, Class B............................... 144,000
-----------
318,750
-----------
Oil--Integrated Companies (4.0%):
1,200 Atlantic Richfield Co. ................................ 131,400
1,100 British Petroleum Co. ................................. 110,413
2,400 Chevron Corp. ......................................... 133,500
2,100 Exxon Corp. ........................................... 166,950
1,500 Mobil Corp............................................. 164,438
1,200 Royal Dutch Petroleum Co. ............................. 165,300
-----------
872,001
-----------
Pharmaceuticals (3.7%):
2,100 Bristol-Myers Squibb Co. .............................. 178,763
1,800 Forest Labs, Inc. (b).................................. 93,600
3,200 Merck & Co., Inc. ..................................... 212,000
3,100 Pfizer, Inc. .......................................... 204,213
2,300 Schering-Plough........................................ 129,088
-----------
817,664
-----------
Restaurants (0.2%):
5,025 Davco Restaurants, Inc. (b)............................ 33,605
-----------
Retail (2.1%):
4,900 Home Depot, Inc. ...................................... 211,925
3,200 Sears & Roebuck Co. ................................... 145,200
3,225 Petco Animal Supplies, Inc. (b)........................ 106,425
-----------
463,550
-----------
Retail--Department Stores (0.4%):
3,500 Proffitts, Inc. (b).................................... 91,875
-----------
Retail--Jewelry Stores (0.2%):
3,025 Friedman's, Inc. (b)................................... 50,669
-----------
Retail--Radio & T.V. Consumer Electronics Stores (0.2%):
3,625 Rex Stores Corp. (b)................................... 46,672
-----------
Retail--Specialty Stores (0.5%):
5,150 Office Depot, Inc. (b)................................. 107,506
-----------
Semiconductors (0.8%):
2,800 Intel Corp............................................. 164,675
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- -------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Services (Non-Financial) (1.2%):
3,375 Envoy Corp. (b)....................... $ 66,656
2,750 Paychex, Inc.......................... 151,594
2,300 Sensormatic Electronics Corp.......... 48,013
-----------
266,263
-----------
Services-Video Tape Rental (0.4%):
3,825 Movie Gallery, Inc. (b)............... 94,669
-----------
Soaps & Cleaning Agents (1.1%):
3,000 Procter & Gamble Co. ................. 246,000
-----------
Software & Computer Services (1.6%):
2,300 Microsoft Corp. (b)................... 226,981
3,025 Network General Corp. (b)............. 121,756
-----------
348,737
-----------
Steel (1.6%):
4,100 Carpenter Technology Corp............. 148,625
4,400 Timken Co............................. 198,000
-----------
346,625
-----------
Telecommunications (0.4%):
2,600 Cidco, Inc. (b)....................... 92,300
-----------
Telephone & Telegraph Apparatus (1.5%):
2,725 U.S. Robotics Corp. (b)................. 337,900
-----------
Tobacco & Tobacco Products (1.1%):
2,500 Philip Morris Cos., Inc. ............. 247,500
-----------
Utilities--Electric (1.6%):
4,300 CMS Energy Corp. ..................... 130,613
7,200 Unicom Corp........................... 230,400
-----------
361,013
-----------
Utilities--Telecommunications (3.9%):
4,300 AT&T Corp. ........................... 273,588
5,400 Cincinnati Bell....................... 176,850
2,500 GTE Corp. ............................ 107,188
3,800 Nynex Corp. .......................... 195,700
2,500 Southern New England
Telecommunications................... 102,186
-----------
855,512
-----------
</TABLE>
Continued
-39-
<PAGE>
AMERICAN PERFORMANCE FUNDS
BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------ -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Wholesaler--Drugs (0.4%):
1,600 Cardinal Health, Inc. .. $ 96,400
-----------
Total Common Stocks 12,792,887
-----------
CORPORATE BONDS (8.9%):
Banking (2.3%):
250,000 BankAmerica Corp.,
7.13%, 5/12/05......... 256,250
250,000 J.P. Morgan, 6.25%,
12/15/05............... 242,500
-----------
498,750
-----------
Financial Services (5.4%):
250,000 Associates Corp., 6.00%,
12/1/02................ 244,687
250,000 Bear Stearns, 6.75%,
8/15/00................ 254,687
250,000 Ford Motor Credit Co.,
6.38%, 9/15/99......... 252,500
200,000 General Motors
Acceptance Corp.,
6.63%, 10/15/05........ 198,250
250,000 Smith Barney Holdings,
6.88%, 6/15/05......... 249,375
-----------
1,199,499
-----------
Retail Stores (1.2%):
250,000 Wal-Mart Stores, Inc.,
7.25%, 6/1/13.......... 254,062
-----------
Total Corporate Bonds 1,952,311
-----------
TAXABLE MUNICIPAL BONDS (0.8%):
Louisiana (0.8%):
170,000 Orleans Parish,
Louisiana School Board,
6.45%, 2/1/05.......... 167,025
-----------
Total Taxable Municipal Bonds 167,025
-----------
</TABLE>
- ----------
Percentages indicated are based on net assets of $21,963,630.
(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......................................... $1,993,767
Unrealized depreciation......................................... (422,936)
----------
Net unrealized appreciation..................................... $1,570,831
==========
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
U.S. GOVERNMENT AGENCIES (2.6%):
Federal Home Loan Mortgage Corp.:
575,000 6.20%, 4/15/03......................................... $ 577,179
-----------
Total U.S. Government Agencies 577,179
-----------
U.S. TREASURY NOTES (23.9%):
300,000 6.38%, 6/30/97......................................... 303,867
355,000 5.75%, 9/30/97......................................... 356,889
500,000 5.38%, 11/30/97........................................ 499,500
800,000 5.25%, 12/31/97........................................ 797,584
300,000 6.13%, 5/15/98......................................... 304,122
235,000 5.50%, 11/15/98........................................ 234,683
1,200,000 6.50%, 4/30/99......................................... 1,231,128
700,000 7.75%, 2/15/01......................................... 759,787
180,000 5.88%, 11/15/05........................................ 176,287
625,000 6.25%, 8/15/23......................................... 595,481
-----------
Total U.S. Treasury Notes 5,259,328
-----------
INVESTMENT COMPANIES (5.3%):
1,097,387 American Performance Cash Management Fund.............. 1,097,387
78,532 American Performance U.S. Treasury Fund................ 78,532
-----------
Total Investment Companies 1,175,919
-----------
Total (Cost--$20,353,818)(a) $21,924,649
===========
</TABLE>
See notes to financial statements.
-40-
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 29, 1996
(UNAUDITED)
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. Between the date of organization and the
date of commencement of operations, the Funds had no operations other than
incurring organizational expenses and the sale of initial units of
beneficial interest ("shares").
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.
2.SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies followed by
the Funds in 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 Cash Management Fund and the U.S. Treasury Fund
(collectively, "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. Under the
amortized cost method, discount or premium is amortized on a constant
basis to the maturity of the security. 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 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
Continued
-41-
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
FEBRUARY 29, 1996
(UNAUDITED)
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. At the time the Fund
makes the commitment to purchase a security on a when-issued basis, the
Fund records the transaction and reflects the value of the security in
determining net asset value. Normally, the settlement date occurs within
one month of the purchase. During the period between purchase and
settlement no payment is made by the Fund and no interest accrues to the
Fund. 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.
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 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.
Continued
-42-
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
FEBRUARY 29, 1996
(UNAUDITED)
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
six months ended February 29, 1996 are as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
----------- -----------
<S> <C> <C>
Bond Fund............................................. $11,450,486 $10,325,886
Intermediate Bond Fund................................ $30,545,528 $41,409,005
Equity Fund........................................... $19,721,143 $25,704,066
Aggressive Growth Fund................................ $ 6,653,069 $ 5,992,421
Intermediate Tax-Free Bond Fund....................... $ 2,018,443 $ 3,723,457
Short Term Income Fund................................ $ 7,057,302 $ 4,670,006
Balanced Fund......................................... $12,011,528 $ 4,232,011
</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 the Funds. Bank of
Oklahoma, N.A., serves the Funds as custodian.
BISYS Fund Services Limited Partnership, also known as 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 trustee are paid no fees directly 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 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 Investment Company Act of 1940,
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 six months
ended February 29, 1996, BISYS received $4,697 from commissions earned on
sales of shares of the Fund's variable net asset value funds, of which
$2,567 was allowed to affiliated broker/dealers of the funds.
From time to time, fees may be voluntarily reduced or reimbursed in order to
assist the Funds in maintaining competitive expense ratios.
Continued
-43-
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
FEBRUARY 29, 1996
(UNAUDITED)
Information regarding these transactions for the six months ended February
29, 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................................. $351,194 $244,354
CUSTODIAN FEES........................................... $42,142 $29,322
TRANSFER AGENT AND MUTUAL FUND ACCOUNTANT FEES........... $66,592 $48,480
</TABLE>
<TABLE>
<CAPTION>
BOND INTERMEDIATE EQUITY
FUND BOND FUND FUND
------- ------------ -------
<S> <C> <C> <C>
INVESTMENT ADVISORY FEES:
Annual fee before voluntary fee reductions
(percentage of average net assets)........... 55% .55% .69%
Voluntary fee reductions....................... $38,108 $67,849 $72,930
ADMINISTRATION FEES:
Annual fee (percentage of average net assets).. .20% .20% .20%
12B-1 FEES:
Annual fee (percentage of average net assets).. .25% .25% .25%
CUSTODIAN FEES.................................. $5,713 $10,201 $11,500
TRANSFER AGENT AND MUTUAL FUND ACCOUNTANT FEES.. $23,676 $34,426 $33,892
</TABLE>
<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........... $35,113 $27,448 $30,236 $64,616
ADMINISTRATION FEES:
Annual fee (percentage of average
net assets)...................... .20% .20% .20% .20%
12B-1 FEES:
Annual fee before voluntary fee
reductions
(percentage of average net
assets).......................... .25% .25% .25% .25%
Voluntary fee reductions........... $34,330 $13,744 $21,830
CUSTODIAN FEES...................... $5,539 $4,121 -- --
TRANSFER AGENT AND MUTUAL FUND
ACCOUNTANT FEES.................... $25,587 $18,378 $5,498 $6,259
</TABLE>
-44-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CASH MANAGEMENT FUND
-----------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, --------------------------------------
1996 1995 1994 1993 1992
------------ -------- -------- -------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGIN-
NING OF PERIOD......... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- --------
INVESTMENT ACTIVITIES
Net investment income.. 0.026 0.052 0.030 0.028 0.042
-------- -------- -------- -------- --------
DISTRIBUTIONS
Net investment income.. (0.026) (0.052) (0.030) (0.028) (0.042)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF
PERIOD................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ========
Total Return............ 2.61%(b) 5.30% 3.08% 2.87% 4.38%
RATIOS/SUPPLEMENTAL
DATA:
Net Assets at end of
period (000).......... $356,456 $194,807 $195,490 $167,269 $152,652
Ratio of expenses to
average net assets.... 0.71%(a) 0.74% 0.78% 0.78% 0.79%
Ratio of net investment
income to average net
assets................ 5.19%(a) 5.18% 3.05% 2.80% 4.14%
Ratio of expenses to
average net assets*... 0.96%(a) 0.99% 0.98% 0.98% 1.03%
Ratio of net investment
income to average net
assets*............... 4.94%(a) 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.
(a) Annualized.
(b) Unannualized.
See notes to financial statements.
-45-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
U.S. TREASURY FUND
-----------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, --------------------------------------
1996 1995 1994 1993 1992
------------ -------- -------- -------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGIN-
NING OF PERIOD......... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- --------
INVESTMENT ACTIVITIES
Net investment income.. 0.025 0.048 0.028 0.025 0.038
-------- -------- -------- -------- --------
DISTRIBUTIONS
Net investment income.. (0.025) (0.048) (0.028) (0.025) (0.038)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF
PERIOD................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ========
Total Return............ 2.48%(b) 4.95% 2.87% 2.57% 3.91%
RATIOS/SUPPLEMENTAL
DATA:
Net Assets at end of
period (000).......... $200,060 $187,007 $165,353 $169,428 $136,637
Ratio of expenses to
average net assets.... 0.75%(a) 0.75% 0.81% 0.81% 0.81%
Ratio of net investment
income to average net
assets................ 4.94%(a) 4.88% 2.81% 2.51% 3.65%
Ratio of expenses to
average net assets*... 1.00%(a) 1.00% 1.01% 1.01% 1.04%
Ratio of net investment
income to average net
assets*............... 4.69%(a) 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.
(a) Annualized.
(b) Unannualized.
See notes to financial statements.
-46-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
BOND FUND
--------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, -----------------------------------
1996 1995 1994 1993 1992
------------ ------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING
OF PERIOD.................. $ 9.29 $ 9.36 $ 11.05 $ 10.99 $ 10.57
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income...... 0.28 0.56 0.58 0.70 0.76
Net realized and unrealized
gains (losses) on invest-
ments..................... 0.07 0.15 (1.26) 0.50 0.54
------- ------- ------- ------- -------
Total from Investment
Activities.............. 0.35 0.71 (0.68) 1.20 1.30
------- ------- ------- ------- -------
DISTRIBUTIONS
Net investment income...... (0.28) (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...... (0.28) (0.78) (1.50) (1.14) (0.88)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD..................... $ 9.36 $ 9.29 $ 9.36 $ 11.05 $ 10.99
======= ======= ======= ======= =======
Total Return (Excludes Sales
Charge).................... 3.78%(b) 8.21% (1.92)% 11.76% 12.71%
ANNUALIZED
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000)..................... $38,263 $37,293 $38,257 $23,554 $42,396
Ratio of expenses to
average net assets........ 1.01%(a) 1.03% 1.05% 1.12% 1.06%
Ratio of net investment
income to average net
assets.................... 5.96%(a) 6.18% 5.72% 6.49% 6.96%
Ratio of expenses to aver-
age net assets*........... 1.21%(a) 1.23% 1.25% 1.33% 1.30%
Ratio of net investment
income to average net
assets*................... 5.76%(a) 5.98% 5.52% 6.28% 6.72%
Portfolio turnover......... 27.98% 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.
(a) Annualized
(b) Unannualized.
See notes to financial statements.
-47-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERMEDIATE BOND FUND
--------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED AUGUST 31,
FEBRUARY 29, -----------------------------------
1996 1995 1994 1993 1992
------------ ------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING
OF PERIOD.................. $ 10.26 $ 10.23 $ 11.06 $ 10.89 $ 10.45
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income...... 0.30 0.61 0.61 0.64 0.71
Net realized and unrealized
gains (losses) on invest-
ments..................... 0.02 0.06 (0.77) 0.30 0.54
------- ------- ------- ------- -------
Total from Investment
Activities.............. 0.32 0.67 (0.16) 0.94 1.25
------- ------- ------- ------- -------
DISTRIBUTIONS:
Net investment income...... (0.30) (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...... (0.30) (0.64) (0.71) (0.77) (0.81)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD..................... $ 10.28 $ 10.26 $ 10.23 $ 11.06 $ 10.89
======= ======= ======= ======= =======
Total Return (Excludes Sales
Charge).................... 3.14%(b) 6.81% (1.14)% 9.04% 12.41%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000)..................... $63,628 $74,395 $84,144 $57,085 $47,523
Ratio of expenses to aver-
age net assets............ 0.99%(a) 0.98% 0.98% 1.02% 1.07%
Ratio of net investment
income to average net
assets.................... 5.85%(a) 6.00% 5.72% 5.95% 6.62%
Ratio of expenses to aver-
age net assets*........... 1.19%(a) 1.18% 1.18% 1.24% 1.31%
Ratio of net investment
income to average net
assets*................... 5.65%(a) 5.80% 5.52% 5.74% 6.39%
Portfolio turnover......... 45.39% 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.
(a) Annualized.
(b) Unannualized.
See notes to financial statements.
-48-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY FUND
-------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED AUGUST 31,
FEBRUARY 28, ----------------------------------
1996 1995 1994 1993 1992
------------ ------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING
OF PERIOD.................. $ 12.33 $ 11.85 $ 12.78 $ 11.31 $ 12.13
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income...... 0.09 0.20 0.14 0.14 0.17
Net realized and unrealized
gains (losses) on invest-
ments..................... 1.72 0.86 0.40 1.56 (0.63)
------- ------- ------- ------- -------
Total from Investment
Activities.............. 1.81 1.06 0.54 1.70 (0.46)
------- ------- ------- ------- -------
DISTRIBUTIONS
Net investment income...... (0.09) (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...... (0.73) (1.49) (1.47) (0.23) (0.36)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD..................... $ 13.41 $ 12.33 $ 11.85 $ 12.78 $ 11.31
======= ======= ======= ======= =======
Total Return (Excludes Sales
Charge).................... 15.00%(b) 19.74% 4.66% 15.12% (3.98)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000)..................... $81,351 $76,398 $84,618 $58,015 $90,890
Ratio of expenses to aver-
age net assets............ 1.12%(a) 1.14% 1.12% 1.16% 1.16%
Ratio of net investment
income to average net
assets.................... 1.36%(a) 1.73% 1.32% 1.09% 1.46%
Ratio of expenses to aver-
age net assets*........... 1.31%(a) 1.33% 1.31% 1.36% 1.39%
Ratio of net investment
income to average net
assets*................... 1.17%(a) 1.54% 1.13% 0.88% 1.23%
Portfolio turnover......... 26.28% 100.44% 159.30% 66.54% 51.26%
</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) Annualized.
(b) Unannualized.
See notes to financial statements.
-49-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
AGGRESSIVE GROWTH FUND
---------------------------------------------------------
SIX MONTHS FEBRUARY 3,
ENDED YEAR ENDED AUGUST 31, 1992 TO
FEBRUARY 29, --------------------------- AUGUST 31,
1996 1995 1994 1993 1992 (A)
------------ ------- ------- ------- -----------
(UNAUDITED)
<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)................ (0.02) (0.06) (0.04) (0.03) 0.03
Net realized and
unrealized gains
(losses) on invest-
ments................. 0.22 4.38 0.07 3.62 (1.63)
------- ------- ------- ------- -------
Total from Investment
Activities.......... 0.20 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................. $ 16.23 $ 16.31 $ 11.99 $ 11.96 $ 8.37
======= ======= ======= ======= =======
Total Return (Excludes
Sales Charge).......... 1.40%(c) 36.03% 0.25% 42.89% (16.02)%
RATIOS/SUPPLEMENTAL
DATA:
Net Assets at end of
period (000).......... $39,727 $38,008 $24,775 $11,012 $11,716
Ratio of expenses to
average net assets.... 1.17%(b) 1.27% 1.35% 0.62% 0.28%(b)
Ratio of net investment
income (loss) to
average net assets.... (0.37)%(b) (0.62)% (0.69)% (0.24)% 0.58%(b)
Ratio of expenses to
average net assets*... 1.36%(b) 1.45% 1.55% 1.64% 1.47%(b)
Ratio of net investment
income (loss) to
average net assets*... (0.56)%(b) (0.81)% (0.89)% (1.26)% (0.61)%(b)
Portfolio turnover..... 18.08% 27.16% 18.76% 59.47% 14.53%
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Annualized.
(c) Unannualized.
See notes to financial statements.
-50-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERMEDIATE TAX-FREE BOND FUND
----------------------------------------------------
YEAR ENDED AUGUST 31,
-------------------------
SIX MONTHS MAY 29,
ENDED 1992 TO
FEBRUARY 29, AUGUST 31,
1996 1995 1994 1993 1992 (A)
------------ ------- ------- ------- ----------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGIN-
NING OF PERIOD.......... $ 10.67 $ 10.42 $ 10.77 $ 10.18 $ 10.00
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income... 0.24 0.51 0.54 0.55 0.13
Net realized and
unrealized gains (loss-
es) on investments..... 0.14 0.25 (0.35) 0.59 0.18
------- ------- ------- ------- -------
Total from Investment
Activities........... 0.38 0.76 0.19 1.14 0.31
------- ------- ------- ------- -------
DISTRIBUTIONS
Net investment income... (0.24) (0.51) (0.54) (0.55) (0.13)
------- ------- ------- ------- -------
Total Distributions... (0.24) (0.51) (0.54) (0.55) (0.13)
------- ------- ------- ------- -------
Net Asset Value, End of
Period.................. $ 10.81 $ 10.67 $ 10.42 $ 10.77 $ 10.18
======= ======= ======= ======= =======
Total Return (Excludes
Sales Charge)........... 3.61%(c) 7.62% 1.76% 11.56% 3.14%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of pe-
riod (000)............. $26,275 $28,114 $30,097 $17,415 $ 7,560
Ratio of expenses to av-
erage net assets....... 0.77%(b) 0.51% 0.25% 0.25% 0.35%(b)
Ratio of net investment
income to average net
assets................. 4.52%(b) 4.99% 5.06% 5.34% 5.28%(b)
Ratio of expenses to av-
erage net assets*...... 0.97%(b) 1.24% 1.44% 1.63% 2.03%(b)
Ratio of net investment
income to average net
assets*................ 4.32%(b) 4.25% 3.87% 3.96% 3.60%(b)
Portfolio turnover...... 7.57% 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.
-51-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SHORT-TERM INCOME FUND BALANCED FUND
-------------------------- -----------------------
SIX MONTHS OCTOBER 19, SIX MONTHS JUNE 1,
ENDED 1994 ENDED 1995 TO
FEBRUARY 29, TO AUGUST 31, FEBRUARY 29, AUGUST 31,
1996 1995 (A) 1996 1995 (A)
------------ ------------- ------------ ----------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING
OF PERIOD.................. $ 9.95 $ 10.00 $ 10.62 $ 10.00
------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income...... 0.29 0.25 0.17 0.08
Net realized and unrealized
gains (losses) on invest-
ments..................... 0.05 (0.05) 0.70 0.62
------- ------- ------- -------
Total from Investment Ac-
tivities................ 0.34 0.47 0.87 0.70
------- ------- ------- -------
DISTRIBUTIONS
Net investment income...... (0.29) (0.52) (0.17) (0.08)
Net realized gains......... (0.02) -- (0.12) --
------- ------- ------- -------
Total Distributions...... (0.31) (0.52) (0.29) (0.08)
------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD..................... $ 9.98 $ 9.95 $ 11.20 $ 10.62
======= ======= ======= =======
Total Return (Excludes Sales
Charge) (c)................ 5.57% 4.81% 8.31% 6.98%
ANNUALIZED
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000)..................... $12,811 $10,228 $21,964 $12,842
Ratio of expenses to aver-
age net assets (b)........ 0.24% 0.57% 0.34% 0.90%
Ratio of net investment in-
come to average net assets
(b)....................... 2.93% 5.96% 2.80% 3.17%
Ratio of expenses to aver-
age net assets* (b)....... 1.14% 1.47% 1.36% 1.92%
Ratio of net investment in-
come to average net
assets* (b)............... 2.03% 5.06% 1.78% 2.15%
Portfolio turnover......... 43.74% 212.35% 26.05% 18.68%
</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.
See notes to financial statements.
-52-
<PAGE>
(This page has been left blank intentionally.)
<PAGE>
(This page has been left blank intentionally.)
<PAGE>
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
AMERICAN PERFORMANCE FUNDS
INVESTMENT ADVISER
BancOklahoma Trust Company
Bank Oklahoma Tower
Tulsa, Oklahoma 74103
MANAGER, ADMINISTRATOR, AND DISTRIBUTOR
BISYS Fund Services
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
[LOGO OF
AMERICAN PERFORMANCE
FUNDS]
MIDYEAR REPORT
FEBRUARY 29, 1996
-----------------
- --------------------------------------------------------------------------------
