<PAGE>
AMERICAN PERFORMANCE FUNDS
LETTER FROM THE CHAIRMAN
Dear Shareholders:
We are pleased to report that the year ended August 31, 1997 was one of strong
growth for the financial markets and for the American Performance Funds. During
the period, the Dow Jones Industrial Average roared 2000 points higher and broke
through 8000. While bonds surged, steady growth and benign inflation also
pleased fixed income investors.
With unemployment hitting record lows, much of the activity in the financial
markets was fueled by individual investors who continued to invest in mutual
funds steadily throughout the year. As a result, many fund groups experienced
unprecedented growth--and we are very pleased to report that our fund family was
one of them. It was in June of this year that net assets under management in
the American Performance Funds rose to over $1 billion.
New Equity Fund to be Launched
We are also pleased to report that in our continuing effort to meet the needs of
our investors, the American Performance Growth Equity Fund will be available
this fall. Investing primarily in large mid-cap and large-cap companies with
solid records of earnings growth and the potential for more, the fund is
intended to meet the needs of growth investors with a moderate tolerance for
risk. For more information and a prospectus on this Fund, or any other American
Performance Fund, please call us at 1-800-762-7085.
Taking the Long-term Perspective
Clearly, it has been a very dramatic and rewarding year for stock investors.
According to some experts, the bull may not have breathed his last breath.
Others point out that the market has been moving steadily higher for over seven
years, making this the longest sustained expansion in U.S. history. If nothing
else, the bull could drop dead from simple exhaustion. The truth is, no one
knows exactly what lies ahead.
Nevertheless, there are several very practical things you can do to help protect
your assets. First and foremost, now is the time to review your time horizons.
Historically, the markets have rewarded long-term investors--those with time
horizons some ten to twelve years away--with the patience and fortitude to ride
out volatile markets.
Second, consider your tolerance for risk and your expectations. While the past
two years have been very profitable, there is little doubt that eventually the
equity markets will revert to their long-term average return of approximately
10%. It may not occur today or even tomorrow, but it will happen. As a result,
the market is likely to be extremely volatile in the interim--which may or may
not be to your liking.
Finally it is important to realize that risk is reduced when your assets are
spread across a variety of markets. Therefore, we believe that everyone should
hold a mix of securities in their portfolios.
Introducing Foundations
Of course, allocating your assets properly across the spectrum of available
opportunities can be a difficult process. That is why Bank of Oklahoma, N.A.
and BOSC, Inc. have introduced FOUNDATIONS--an asset allocation wrap account
designed to provide you with the benefits of diversification. Through this one
account, you can invest in a range of stock, bond and money market mutual funds.
To find out more about it, just speak to your BOSC financial
<PAGE>
consultants. They can introduce you to FOUNDATIONS and help you complete an
investor profile. Or, you can call BOSC, Inc. at 1-800-364-1818.
In Closing . . .
We would like to thank you for your continued confidence in us. We look forward
to providing you with superior investment management and service to help meet
your investment needs now and in the future. If you would like a prospectus,
have any questions or require any assistance, please call us at 1-800-762-7085.
Sincerely,
/s/ Walter B. Grimm
Walter B. Grimm
Chairman
American Performance Funds
- --------------------------------------------------------------------------------
Shares of the funds are not deposits or obligations of, or guaranteed or
endorsed by, Bank of Oklahoma, N.A., 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 risk, including possible loss of
principal.
For more complete information on any of the American Performance Funds,
including fees, expenses and sales charges, please call 1-800-762-7085 for a
free prospectus. Please read the prospectus carefully before investing or
sending money.
-2-
<PAGE>
LETTER FROM THE INVESTMENT ADVISOR
Dear Shareholders:
Surprise! Surprise! Surprise! This U.S. economy continues to shock the bulls
and the bears (including Alan Greenspan, Chairman of the Federal Reserve) in
the financial markets. Just look at the recent inflation data. Inflation
pressures are actually declining in the seventh year of a U.S. economic
expansion. Traditionally, inflation has increased hand-in-hand with economic
growth--this recent turn of events is absolutely without precedent in U.S.
economic history.
Despite growth at a rate well above the Federal Reserve target of 2.5%, the
Consumer Price Index (CPI)/1/ has risen just 2.2% during the past 12 months.
Moreover, wholesale prices, as measured by the Producer Price Index (PPI)/2/,
have declined during the past six-months ended June 1997, something which has
never happened in the 50 years of history in the index. Gold prices have also
plunged. So what does declining inflation mean? In short, you may have another
chance to refinance your 7% mortgage in the not too distant future.
THE POWER OF THE UNEXPECTED
Low interest rates and declining inflation add up to a very positive climate
for stocks and bonds. In fact, for stock investors, it cannot get any better
than this, and that is a big concern. After two years of soaring valuations
and record breaking corporate profits, expectations are extraordinarily high--
and so is the possibility of disappointment. Given the intensity of global
competition, corporations' pricing powers have diminished. In addition, the
strength of the U.S. dollar has increased the cost of U.S. goods abroad which
may significantly impact the balance sheets of multinationals in the months
ahead.
Moreover, while the Fed has endorsed the concept of inflation-less growth and
opted to hold off any action, the stock market is watching interest rates very
closely. Valuations of equities do not appear to pose undue risk as interest
rates continue their long-term downward trend. Should they move in the other
direction, however, the situation could change dramatically.
Given all of this, however, it is very hard not to like the prospects for the
U.S. equity market in the months ahead. As long as corporate earnings are
solid, interest rates are low and inflation is controlled, the bull market
should remain intact. This does not mean that the market will not find itself
overextended occasionally. Therefore, temporary sell-offs, which help refresh
the market, are important for its long-term health.
WHAT'S GOOD FOR STOCKS . . .
Under the circumstances, the first eight months of 1997 were good ones that
should have been much better for the fixed-income markets. The economy appears
to be in balance. The Federal Reserve is pleased and will likely keep monetary
policy on hold for the remainder of the year. And in the stable interest rate
environment of the period, corporate bonds, mortgage-backed securities, asset-
backs and collateralized mortgage obligations outperformed U.S. Treasuries.
Nonetheless, given the positives, the markets could have done better. Of
course, there are some risks on the horizon; concern over wage inflation and
stronger overseas growth are chief among them. As always, any dramatic
acceleration in economic growth might trigger Fed action.
/1/The Consumer Price Index (CPI) is a measure of the average change in prices
over time in a fixed market basket of goods and services. The CPI is used as
an indication of inflation and deflation of other economic series, and as an
escalator for economic points.
/2/The Producer Price Index (PPI) measures changes in the average prices of
goods received by producers of commodities and all stages of processing, in
primary or wholesale markets. It measures the change in prices paid by
businesses rather than by consumers.
- -------------------------------------------------------------------------------
-3-
<PAGE>
ENJOY THE RIDE
All in all, however, our outlook for the financial markets in the coming
months is optimistic. A major increase in bond yields is unlikely.
Consequently, bond investors should maintain average benchmark durations while
overweighing investment grade corporate bonds, asset-backed and mortgage-
backed securities.
With regard to the stock market, we expect to remain positive until we see a
change in the conditions which brought us this strong bull market. Key, of
course to the market's direction, will be the direction of inflation,
interest-rates and corporate profits. Equity valuations may be somewhat
overextended from time-to-time, but that should not be considered unusual
given the giant sweet spot that the economy and financial markets are
enjoying. Our advice continues to be sit back and enjoy the ride.
Sincerely,
/s/ James L. Huntzinger
James L. Huntzinger
Bank of Oklahoma, N.A.
- -------------------------------------------------------------------------------
-4-
<PAGE>
[This Page Intentionally Left Blank]
- --------------------------------------------------------------------------------
-5-
<PAGE>
AMERICAN PERFORMANCE AGGRESSIVE GROWTH FUND
The year ended August 31, 1997 was a very frustrating one for small
capitalization growth investors. Market averages soared, but most of the gains
were experienced by the biggest and best known names. Moreover, as valuations
moved higher, more investors sought the liquidity and safety of the big names.
Quality small-cap stocks were overlooked in the headlong rush to the "Nifty
Fifty".
Investing primarily in small-cap growth stocks, the Fund's performance
suffered as many of our holdings simply wilted from neglect. In late spring,
the tide began to turn somewhat and small-cap growth stocks began to rebound.
Nonetheless, the lackluster performance of the group in the first half of the
period hurt the Fund's performance. For the year ended August 31, 1997, the
Fund produced a total return of 15.90% (without the sales charge)+, versus a
return of 28.95% for the Russell 2000, which is heavily weighted in value-
oriented small-cap stocks.
A QUIET REBOUND
Regardless of market sentiment, the fundamentals of the small-cap growth
sector are very strong. Long-term growth prospects are very bright, and, after
two years of neglect, valuations are very low in comparison with larger
capitalization stocks. Given the heady levels of the stock market, investors
may likely continue taking comfort in owning the big names in the months
ahead.
Consequently, while we are optimistic about the prospects for small-cap growth
stocks, we do not expect investors to stampede in their direction. More likely
is the possibility that the quiet rebound which began in April will continue,
and small-cap growth stocks should hold their own in the coming months.
As of August 31, 1997, the top five holdings in the Fund's portfolio were
Semtech Corp. (3.8% of the Fund's net assets), Cisco Systems, Inc. (3.4%),
Petco (3.3%), QLogic Corp. (3.2%) and Paychex, Inc. (3.0%).++
+ With the maximum sales charge of 4.00%, the Fund's total return was 11.26%.
++ The composition of the Fund's portfolio is subject to change.
- -------------------------------------------------------------------------------
-6-
<PAGE>
[GRAPH APPEARS HERE]
Aggressive Growth Fund
Value of a $10,000 Investment
<TABLE>
<CAPTION>
Aggressive Growth Fund Aggressive Growth Fund Russell 2000 Stock Index
(No Load) (Load)
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C>
02/03/92 10,000 9,597 10,000
- --------------------------------------------------------------------------------------------
08/31/92 8,398 8,059 9,052
- --------------------------------------------------------------------------------------------
08/31/93 12,000 11,516 11,992
- --------------------------------------------------------------------------------------------
08/31/94 12,030 11,545 12,704
- --------------------------------------------------------------------------------------------
08/31/95 16,364 15,704 15,345
- --------------------------------------------------------------------------------------------
08/31/96 16,654 15,983 17,510
- --------------------------------------------------------------------------------------------
08/31/97 19,302 18,524 22,581
- --------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
Average Annual Total Return
- ---------------------------------------------------------
Since Inception
08/31/97 1 Year 5 Year (2/3/92)
<S> <C> <C> <C>
No Load 15.90% 18.11% 12.51%
-----------------------------------------
Load* 11.26% 17.15% 11.68%
-----------------------------------------
</TABLE>
*Reflects 4.00% Maximum Sales Charge.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
The Aggressive Growth Fund's performance is compared to the Russell 2000 Stock
Index, which represents domestically traded stocks of small-to-mid-sized
companies. The index is unmanaged and does not reflect the deduction of fees
associated with a mutual fund, such as investment management and fund accounting
fees. The Fund's performance reflects the deduction of fees for these
value-added services.
Small capitalization funds typically carry additional risks, since smaller
companies generally have a higher risk of failure and by definition, are not as
well established as "blue chip" companies. Historically, stocks of smaller
companies have experienced a greater degree of market volatility then stocks on
average.
-7-
<PAGE>
AMERICAN PERFORMANCE EQUITY FUND
While the stock market roared to record highs during the year ended August 31,
1997, the advance was a relatively narrow one. Investors clearly preferred
large capitalization stocks--for their liquidity and comfort--almost to the
exclusion of all others.
Heavily weighted in the large-cap sector, the Fund performed very well indeed.
While holdings in all industries made contributions to performance, two of the
portfolio's strongest performers were Microsoft (2.2% of the Fund's net
assets) and Intel Corp. (3.0%). Both doubled over the course of the year.
Consequently, for the year ended August 31, 1997, the Fund produced a total
return of 40.23% (without the sales charge)+, finishing just a hair behind the
S&P 500 Index which returned 40.62% for the same period.
ARE THE BULLS EXHAUSTED?
Clearly, the easy money has been made and many stocks are now fairly to
somewhat overvalued. Nevertheless, the underlying trends--modest growth,
little inflation and low interest rates--are still intact. In addition, while
corporate profits are unlikely to grow at the same rapid pace of the past two
years, they are still growing. As a result, there is little reason to believe
that a bear market lurks right around the corner.
There is, however, reason for caution. As valuations have risen, so have
investor expectations and risk. The chances of disappointment are also higher.
As a result, while we remain bullish on the market's prospects for the months
ahead, we also expect the environment to be more volatile.
As of August 31, 1997, the top five holdings in the Fund's portfolio were
Intel Corp. (3.0% of the Fund's net assets), Hartford Financial Svc. (2.8%),
General Electric Co. (2.6%), Coca-Cola (2.4%) and Royal Dutch Petroleum-NY
Shares (2.2%).++
+ With the maximum sales charge of 4.00%, the Fund's total return was
34.64%.
++ The composition of the Fund's portfolio is subject to change.
- -------------------------------------------------------------------------------
-8-
<PAGE>
Equity Fund
[CHART APPEARS HERE]
Value of a $10,000 Investment
<TABLE>
<CAPTION>
Equity Equity* S&P 500
------ ------ -------
<S> <C> <C> <C>
9/28/90 10,000 9,597 10,000
8/31/91 12,457 11,955 13,345
8/31/92 11,961 11,749 14,406
8/31/93 13,770 13,215 16,586
8/31/94 14,411 13,830 17,491
8/31/95 17,256 16,561 21,243
8/31/96 20,453 19,629 25,216
8/31/97 28,681 27,526 35,459
</TABLE>
Average Annual Total Return
---------------------------------------------------------------
Since Inception
8/31/97 1 Year 5 Year (9/28/90)
---------------------------------------------------------------
No-Load 40.23% 19.12% 16.42%
Load* 34.64% 18.15% 15.73%
* Reflects 4.00% Maximum Sales Charge.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
The performance of the American Performance Equity Fund is measured against the
S&P 500 Stock Index, an unmanaged index widely used to represent the performance
of the U.S. stock market as a whole. The index does not reflect the deduction of
expenses associated with a mutual fund, such as investment management and fund
accounting fees. The Fund's performance reflects the deduction of fees for these
value-added services.
- --------------------------------------------------------------------------------
-9-
<PAGE>
AMERICAN PERFORMANCE BALANCED FUND
Asset allocation was the key to the Fund's solid performance during the year
ended August 31, 1997. As the period began, the Fund's exposure in the stock
market was decreased by some 5% and then, several months later, reinvested.
Consequently, the Fund captured a lion's share of the rally in early spring--
without suffering in the winter consolidation. Moreover, with some 11% of its
assets invested in small-cap stocks, the Fund benefited handsomely as the
sector rebounded in early spring.
The fixed-income portion of the portfolio also did well. Given the stable
interest rate environment, the Fund was overweighted in asset-backed and
mortgage-backed securities during the period. In addition to producing strong
yields, these securities--unlike most other fixed-income investments--
appreciated in price over the course of the year. As a result, for the year
ended August 31, 1997, the Fund produced a total return of 26.33% (without the
sales charge)+. In comparison, the S&P 500 rose 40.62%, while Salomon Brothers
Broad (Investment Grade) Bond Index gained 10.00%.
WEIGHTED FOR GROWTH
At the end of the period, the portfolio remained heavily weighted towards
stocks. There are still many undiscovered values in the small-cap sector.
Large-cap stocks should also continue to perform well--while earnings are
slowing, they are still attractive. At the same time, however, we expect to
see companies that disappoint investors, or simply fall short of expectations
to be treated very harshly. As we have seen recently, their industries or
sectors may suffer as well for a day or two by association. As a result, the
market may be somewhat choppy in the months ahead.
On August 31, 1997, approximately 61% of the Fund's net assets were invested
in stocks, 18% in bonds, 16% in government agencies and treasuries and 5% in
cash or cash equivalents. The average maturity of the Fund's fixed income
holdings was 5.6 years; the average credit quality was AAA. The top five
equity holdings in the portfolio were Hartford Financial Services Group (2.3%
of the Fund's net assets), Intel Corp. (1.9%), Coca-Cola Co. (1.7%), General
Electric Co. (1.7%) and Microsoft Corp. (1.5%).++
+ With the maximum sales charge of 4.00%, the Fund's total return was
21.28%.
++ The composition of the Fund's portfolio is subject to change.
- -------------------------------------------------------------------------------
-10-
<PAGE>
Balanced Fund
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------
Value of a $10,000 Investment
- --------------------------------------------------------------------------------------------
Date Balanced Balanced S&P 500 Salomon Brothers Broad
Fund (No-Load) Fund (Load)* Stock Index (Investment Grade) Bond Index
- --------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
6/1/95 10,000 9,597 10,000 10,000
- --------------------------------------------------------------------------------------------
8/31/95 10,698 10,266 10,361 10,165
- --------------------------------------------------------------------------------------------
8/31/96 11,860 11,382 12,299 10,584
- --------------------------------------------------------------------------------------------
8/31/97 14,983 14,379 17,295 11,642
- --------------------------------------------------------------------------------------------
</TABLE>
- ---------------------------------------------
Average Annual Total Return
- ---------------------------------------------
Since Inception
8/31/97 1 Year (6/1/95)
- ---------------------------------------------
No-Load 26.33% 19.64%
- ---------------------------------------------
Load* 21.28% 17.48%
- ---------------------------------------------
* Reflects 4.00% Maximum Sales Charge
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
The performance of the American Performance Balanced Fund is measured against
the S&P 500 Stock Index, an unmanaged index considered to be representative of
the performance of the U.S. stock market as a whole, and the Salomon Brothers
Broad (Investment Grade) Bond Index, which is widely used to represent the
performance of investment-grade corporate and U.S. Government bonds. The
indices do not reflect the deduction of expenses associated with a mutual fund,
such as investment management and fund accounting fees. The Fund's performance
reflects the deduction of fees for these value-added services.
-11-
<PAGE>
AMERICAN PERFORMANCE BOND FUNDS
Moderate economic growth and benign inflation made the year ended August 31,
1997 a good one for fixed-income investors. Early in the period, reports of
stronger-than-expected growth led investors to anticipate Federal Reserve
action to dampen inflationary pressures that have historically accompanied
strong growth. After one very small move in early spring, however, the Federal
Reserve decided to sit tight. Inflation was not increasing significantly.
Instead, evidence of deflation appeared.
In fact, over the first seven months of 1997, the Producer Price Index, a
leading indicator of inflation, declined. Many believed that global
competition and enhanced productivity were working to keep prices in check.
Whatever the reason, despite high growth numbers, inflation was clearly not a
problem. As a result, investor anxiety dissipated and interest rates traded
within a relatively narrow range during the second half of the period. Given
this, we focused our efforts on yield enhancement rather than price
appreciation during the period.
OVERLOOKED AND UNDERVALUED
Until there is a significant change in the underlying fundamentals of our
economy or with regard to inflation, we expect rates to trade in a narrow
range and the markets to be relatively stable. Nonetheless, we are very
optimistic about the prospects for the months ahead. At current rates, bonds
are now very attractive--a fact that has been overlooked as all eyes have
focused on the recent ups and downs of the stock market.
Moreover, as the economy slows in coming months, stocks may grow more volatile
which could make the bond market even more attractive.
- -------------------------------------------------------------------------------
-12-
<PAGE>
AMERICAN PERFORMANCE BOND FUND
With rates trading within a narrow range, opportunities for price appreciation
were few and far between during the period. Consequently, to enhance yield,
holdings in treasury securities (traditionally, lackluster performers in calm
markets) were decreased in favor of mortgage-backed and asset-backed
securities. Generally, in stable rate environments, prepayment risks have
evaporated and these two vehicles have performed well.
As a result, for the year ended August 31, 1997, the Fund posted a total
return of 10.03% (without the sales charge)+, beating its benchmark, Salomon
Brothers Broad (Investment Grade) Bond Index, which posted a return of 10.00%.
At the end of the period, approximately 37% of the Fund's net assets were
invested in corporate bonds, 34% in asset-backed and mortgage-backed
securities, 23% in treasury and agency-related securities, 4% in municipal
bonds with the remainder held in cash and cash equivalents. The average
maturity of the portfolio's holdings was 8.68 years; the average credit
quality was AA1.++
+ With the maximum sales charge of 4.00%, the Fund's total return was 5.68%.
++ The composition of the Fund's portfolio is subject to change.
[LINE GRAPH APPEARS HERE]
Bond Fund
- -------------------------------------------------------------------------------
Value of a $10,000 Investment
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Salomon Brothers Broad
Bond Fund Bond Fund (Investment Grade) Bond
DATE (No-Load) (Load)* Index
---- --------- --------- -----------------------
<S> <C> <C> <C>
9/28/90 10,000 9,597 10,000
8/31/91 11,312 10,856 11,365
8/31/92 12,750 12,236 12,134
8/31/93 14,248 13,675 14,354
8/31/94 13,975 13,412 14,146
8/31/95 15,122 14,513 15,754
8/31/96 15,552 14,925 16,403
8/31/97 17,111 16,422 18,043
<CAPTION>
--------------------------------------------------
Average Annual Total Return
--------------------------------------------------
Since Inception
8/31/97 1 Year 5 Year (9/28/90)
--------------------------------------------------
<S> <C> <C> <C>
No-Load 10.03% 6.06% 8.06%
Load* 5.68% 5.19% 7.42%
- -------------------------------------------------------------------------------
</TABLE>
* Reflects 4.00% Maximum Sales Charge.
Past performance is not predictive of future results. The investments return
and NAV will fluctuate, so that an investor's shares, when redeemed, may be
worth more or less than the original cost.
The performance of the American Performance Bond Fund is measured against the
Salomon Brothers Broad (Investment Grade) Bond Index, an unmanaged index
considered to be representative of the performance of investment-grade corporate
and U.S. Government bonds in general. The index does not reflect the deduction
of expenses associated with a mutual fund, such as investment management and
fund accounting fees. The Fund's performance reflects the deduction of fees for
these value-added services.
- -------------------------------------------------------------------------------
-13-
<PAGE>
AMERICAN PERFORMANCE INTERMEDIATE BOND FUND
In the relatively calm fixed-income markets of the period, treasury securities
wilted and mortgage-backed and asset-backed securities flourished as
prepayment risk dissipated. Consequently, with very little invested in
treasury securities and a sizable commitment to the mortgage-backed and asset-
backed sectors throughout much of the year, the Fund was positioned to
profit--and it did.
For the year ended August 31, 1997, the Fund produced a total return of 8.38%
(without the sales charge)+, keeping pace with its benchmark, Lehman Brothers
Intermediate Government/Corporate Bond Index, which returned 8.44%.
As of the same date, approximately 30% of the Fund's net assets were invested
in corporate bonds, 28% in treasuries and government agencies, 24% in
mortgage-related securities, 14% in asset-backed securities, 3% in municipal
bonds, with the remainder held in cash and cash equivalents. The average
maturity of the Fund's portfolio was 4.83 years; the average credit quality of
the portfolio's holdings was AA1.++
+ With the maximum sales charge of 3.00%, the Fund's total return was 5.12%.
++ The composition of the Fund's portfolio is subject to change.
[LINE CHART APPEARS HERE]
Intermediate Bond Fund
Value of a $10,000 Investment
<TABLE>
<CAPTION>
Intermediate Bond Intermediate Bond Lehman Brothers Inter.
Date Fund (No-Load) Fund (Load)* Govt./Corp. Bond Index
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
9/28/90 10,000 9,699 10,000
8/31/91 11,142 10,807 11,194
8/31/92 12,525 12,148 12,663
8/31/93 13,657 13,247 13,825
8/31/94 13,502 13,096 13,776
8/31/95 14,422 13,988 15,079
8/31/96 14,914 14,466 15,747
8/31/97 16,163 15,678 17,076
</TABLE>
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Average Annual Total Return
- -------------------------------------------------------------------------------
Since Inception
8/31/97 1 Year 5 Year (9/28/90)
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
No-Load 8.38% 5.23% 7.17%
------------------------------------------
Load* 5.12% 4.59% 6.70%
- -------------------------------------------------------------------------------
</TABLE>
* Reflects 3.00% Maximum Sales Charge.
Past Performance is not predictive of future results. The investment return and
NAB will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
The performance of the American Performance Intermediate Bond Fund is measured
against the Lehman Brothers Intermediate Government/Corporate Bond Index, an
unmanaged index considered to be representative of the performance of government
and corporate bonds with maturities of less than 10 years. The index does not
reflect the deduction of expenses associated with a mutual fund, such as
investment management and fund accounting fee. The Fund's performance reflects
the deduction of fees for these-added services.
-14-
<PAGE>
AMERICAN PERFORMANCE SHORT-TERM INCOME FUND
Clearly, given the climate in the fixed-income markets, the more solid yield
vehicles a portfolio held, the better it would do--and few investors were
unaware of this during the period. As a result, value was often scarce and
sought by many--particularly in the shorter-term markets.
Nonetheless, focusing on the asset-backed and mortgage-backed sectors,
exposures were increased whenever the opportunity arose to do so.
Consequently, while our portfolio did hold treasuries, it still performed
well. For the year ended August 31, 1997, the Fund produced a total return of
7.85% (without the sales charge)+. In comparison, the Merrill Lynch U.S.
Government/Corporate 1--5 Year Index rose 7.62%.
As of the same date, approximately 46% of the Fund's net assets were invested
in asset-backs and mortgage-backs, 34% in government agencies, 9% in treasury
securities, 9% in corporate bonds and 2% in cash or cash equivalents. The
average maturity of the Fund's portfolio was 2.54 years; the average credit
quality of the portfolio's holdings was AAA.++
+ With the maximum sales charge of 2.00%, the Fund's total return was 5.68%.
++ The composition of the Fund's portfolio is subject to change.
Short-Term Income Fund
- -------------------------------------------------------------------------------
Value of a $10,000 Investment
- -------------------------------------------------------------------------------
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Merrill-Lynch U.S.
Short-Term Income Short-Term Income Govt./Corp. 1-5 yr.
DATE Fund (No-Load) Fund (Load)* Index
---- ----------------- ----------------- -------------------
<S> <C> <C> <C>
10/19/94 10,000 9,804 10,000
8/31/95 10,481 10,276 10,879
8/31/96 10,967 10,752 11,418
8/31/97 11,828 11,596 12,288
- -------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------
Average Annual Total Return
- ---------------------------------
Since Inception
8/31/97 1 Year (10/19/94
- ---------------------------------
<S> <C> <C>
No-Load 7.85% 6.02%
-------------------
Load* 5.68% 5.29%
-------------------
- ---------------------------------
</TABLE>
* Reflects 2.00% Maximum Sales Charge.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
The performance of the American Performance Short-Term Income Fund is measured
against the Merrill Lynch U.S. Government/Corporate 1-5 Year Index, an unmanaged
index considered to be representative of the performance of investment-grade
bonds with maturities of less than five years. The index does not reflect the
deduction of expenses associated with a mutual fund, such as investment
management and fund accounting fees. The Fund's performance reflects the
deduction of fees for these value-added services.
- -------------------------------------------------------------------------------
-15-
<PAGE>
AMERICAN PERFORMANCE INTERMEDIATE TAX-FREE BOND FUND/1/
The year ended August 31, 1997 was a very quiet one in the tax-free bond
markets. Interest rates traded up and down in a very narrow range throughout
most of the year, and the difference was seldom enough to make the chase
worthwhile. Lack of supply, too, made it difficult to respond to changes in
the environment.
Still waters did run deep, however, and over the course of the year, the tax-
free bonds did relatively well in comparison to the treasury market. Moreover,
with its emphasis on yield, the Fund was reasonably well-positioned.
Consequently, for the year ended August 31, 1997, the Fund produced a total
return of 6.79% (without sales charge)+, versus 9.24% for the Fund's
benchmark, the Lehman Brothers Municipal Bond Index.
WHEN THE THRILL IS GONE . . .
Few investments could compete with stocks on returns or sheer excitement
during the past year. Yet, as stock valuations rose, volatility increased and
interest rates leveled off. Fixed-income investments--particularly tax-free
investments--also grew more attractive.
Looking ahead, we expect this trend to continue. Much of the stock market's
dramatic rise over the past year was fueled by baby boomers' sudden
realization that retirement is just around the corner. The double digit
returns on stocks will not last forever. Moreover, as this group rolls closer
to retirement, their tolerance for risk is likely to decrease and appreciation
of tax-free returns is likely to increase. Consequently, long-term, we are
very optimistic about the prospects for the tax-free fixed income markets.
At the end of the period, approximately 98% of the Fund's net assets were
invested in a laddered portfolio of securities issued by municipalities in
some 20 states across the country, while the remainder of the Fund's net
assets, approximately 2%,was held in cash and cash equivalents. The average
credit quality of these securities was AA; the average maturity was 6.15
years.++
/1/Some of the Fund's income may be subject to certain state and local taxes
and, depending on your tax status, the federal alternative minimum tax.
+ With the maximum sales charge of 3.00%, the Fund's total return was 3.55%.
++ The composition of the Fund's portfolio is subject to change.
- -------------------------------------------------------------------------------
-16-
<PAGE>
[LINE GRAPH APPEARS HERE]
- --------------------------------------------------------------------------------
Value of a $10,000 Investment
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Intermediate Tax-Free Intermediate Tax-Free Lehman Brothers
Date Bond Fund (No-Load) Bond Fund (Load)* Municipal Bond Index
- ---- ------------------- ----------------- --------------------
<S> <C> <C> <C>
5/29/92 10,000 9,699 10,000
8/31/92 10,314 10,004 10,347
8/31/93 11,506 11,160 11,636
8/31/94 11,709 11,357 11,652
8/31/95 12,601 12,222 12,685
8/31/96 13,065 12,673 13,480
8/31/97 13,952 13,532 14,726
</TABLE>
- --------------------------------------------------------------------------------
Average Annual Total Return
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Since Inception
8/31/97 1 Year 5 Year (5/29/92)
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
No-Load 6.79% 6.23% 6.53%
Load* 3.55% 5.59% 5.92%
- --------------------------------------------------------------------------------
</TABLE>
* Reflects 3.00% Maximum Sales Charge.
Past Performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
The performance of the American Performance Intermediate Tax-Free Bond Fund is
measured against the Lehman Brothers Municipal Bond Index, an unmanaged index
which is considered to be representative of the performance of the municipal
bond market 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.
- --------------------------------------------------------------------------------
-17-
<PAGE>
AMERICAN PERFORMANCE MONEY MARKET FUNDS*
THE U.S. TREASURY FUND
The year ended August 31, 1997 was a relatively quiet one in the money
markets. As economic growth continued unabated, investors looked to the
Federal Reserve to hike rates. After making one minor adjustment in the
spring, the Fed opted to sit quietly on the sidelines and wait for solid
evidence of increasing inflation to appear. Rather than rising, however,
inflationary pressures declined throughout the second half of the year--and so
did investors' anxiety.
We expect the markets to remain relatively stable and rates to trade in a
narrow range in the months ahead. Given this environment, we will continue to
focus our efforts on seeking out opportunities to enhance yield. Currently,
the Fund is invested primarily in overnight securities--investments which
offer solid yields and maximum flexibility.
THE CASH MANAGEMENT FUND
Surging economic growth and lower-than-expected inflation was a concern for
the Federal Reserve during the year ended August 31, 1997. Throughout the
period, productivity gains kept inflationary pressures in check. After one
"pre-emptive action" at its meeting in March which raised short-term rates to
5.5%, the Fed declined to act. Subsequently, evidence of deflation appeared,
and the Federal Reserve elected to put off any further action.
Throughout the period, efforts were focused on maintaining the Fund's
flexibility and enhancing yields. As a result, assets were invested primarily
in variable rate securities--which were strong performers in the stable rate
environment of the past year. Because we do not expect any significant changes
in interest rates in the near-term, we believe these securities should
continue to do well and the portfolio is well-positioned for the months ahead.
* 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 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 BY OR ENDORSED BY BANK OF OKLAHOMA, N.A., 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. Please read
the prospectus carefully before investing or sending money.
- -------------------------------------------------------------------------------
-18-
<PAGE>
TABLE OF CONTENTS
Independent Auditors' Report
Page 20
Statements of Assets and Liabilities
Page 21
Statements of Operations
Page 23
Statements of Changes in Net Assets
Page 25
Schedules of Portfolio Investments
Page 30
Notes to Financial Statements
Page 57
Financial Highlights
Page 63
- --------------------------------------------------------------------------------
-19-
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Shareholders and Board of Trustees of the American Performance Funds:
We have audited the accompanying statements of assets and liabilities of the
American Performance Funds--Cash Management Fund, U.S. Treasury Fund, Bond
Fund, Intermediate Bond Fund, Equity Fund, Aggressive Growth Fund,
Intermediate Tax-Free Bond Fund, Short-Term Income Fund and Balanced Fund,
including the schedules of portfolio investments, as of August 31, 1997, and
the related statements of operations, statements of changes in net assets and
the financial highlights for each of the periods indicated herein. These
financial statements and the financial highlights are the responsibility of
the American Performance Funds' management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included verification of securities
owned as of August 31, 1997 by examination and other appropriate audit
procedures. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the aforementioned funds comprising the American Performance Funds at
August 31, 1997, the results of their operations, the changes in their net
assets and the financial highlights for each of the periods indicated herein,
in conformity with generally accepted accounting principles.
KPMG Peat Marwick, LLP
Columbus, Ohio
October 17, 1997
-20-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 1997
<TABLE>
<CAPTION>
CASH U.S. INTERMEDIATE
MANAGEMENT TREASURY BOND BOND
FUND FUND FUND FUND
------------ ------------ ----------- ------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
(Amortized cost
$330,614,708;
$74,220,320;
$34,710,586; and
$76,660,959;
respectively)......... $330,614,708 $ 74,220,320 $35,161,971 $77,035,657
Repurchase agreements,
at value (Amortized
cost $0; $225,454,069;
$0; and $0;
respectively)......... -- 225,454,069 -- --
------------ ------------ ----------- -----------
Total Investments...... 330,614,708 299,674,389 35,161,971 77,035,657
Interest and dividends
receivable............ 2,228,238 103,798 506,115 730,616
Prepaid expenses....... 4,081 2,674 374 709
------------ ------------ ----------- -----------
Total Assets......... 332,847,027 299,780,861 35,668,460 77,766,982
------------ ------------ ----------- -----------
LIABILITIES:
Dividends payable...... 1,542,108 1,199,411 185,521 385,248
Accrued expenses and
other payables:
Investment advisory
fees................. 121,844 98,806 10,368 22,808
Administration fees... 9,165 8,247 970 2,118
12b-1 fees............ -- -- 7,510 16,408
Custodian, accounting
and transfer agent
fees................. 23,872 18,769 3,412 7,525
Legal and audit fees.. 34,392 19,746 3,934 8,342
Other liabilities..... 20,236 11,452 2,594 5,981
------------ ------------ ----------- -----------
Total Liabilities.... 1,751,617 1,356,431 214,309 448,430
------------ ------------ ----------- -----------
COMPOSITION OF NET
ASSETS:
Capital................ 331,100,389 298,381,287 35,446,230 77,707,080
Undistributed
(distributions in
excess of)
net investment income. (4,977) -- 17,925 (19,520)
Net unrealized
appreciation
(depreciation)
on investments........ -- -- 451,385 374,698
Accumulated
undistributed net
realized gains
(losses) on investment
transactions.......... (2) 43,143 (461,389) (743,706)
------------ ------------ ----------- -----------
Net Assets........... $331,095,410 $298,424,430 $35,454,151 $77,318,552
============ ============ =========== ===========
Shares of beneficial
interest issued and
outstanding........... 331,100,389 298,381,286 3,815,832 7,555,440
============ ============ =========== ===========
Net asset value and
redemption price per
share:
($0.00001 par value
per share, unlimited
number of shares
authorized).......... $ 1.00 $ 1.00 $ 9.29 $ 10.23
============ ============ =========== ===========
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) $ 9.68 $ 10.55
============ ============ =========== ===========
</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.
-21-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 1997
<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 $128,057,189;
$42,600,224;
$26,078,600;
$15,577,443, and
$26,376,397,
respectively)......... $170,734,597 $59,432,099 $26,994,181 $15,620,337 $30,333,101
Interest and dividends
receivable............ 289,196 21,689 350,680 127,689 148,088
Receivable for capital
shares issued......... -- -- 702 -- --
Receivable from brokers
for investments sold.. 271,031 320,964 -- -- 47,716
Prepaid expenses....... 1,229 -- -- -- 225
------------ ----------- ----------- ----------- -----------
Total Assets......... 171,296,053 59,774,752 27,345,563 15,748,026 30,529,130
------------ ----------- ----------- ----------- -----------
LIABILITIES:
Dividends payable...... 263,922 -- 102,377 82,263 223,021
Payable to brokers for
investments purchased. -- 738,188 493,110 -- 48,705
Payable for capital
shares redeemed....... -- -- 181,308 -- --
Accrued expenses and
other payables:
Investment advisory
fees................. 72,686 22,935 7,866 -- --
Administration fees... 4,726 1,606 729 429 834
12b-1 fees............ 37,216 12,174 -- -- --
Custodian, accounting
and transfer agent
fees................. 13,442 6,477 5,856 583 776
Legal and audit fees.. 9,644 4,319 3,296 3,107 2,955
Other liabilities..... 7,890 7,024 7,212 3,434 4,183
------------ ----------- ----------- ----------- -----------
Total Liabilities.... 409,526 792,723 801,754 89,816 280,474
------------ ----------- ----------- ----------- -----------
COMPOSITION OF NET
ASSETS:
Capital................ 110,007,181 36,413,912 25,472,900 15,652,900 24,008,296
Undistributed
(distributions in
excess of) net
investment income..... 2,135 (24,108) 15,281 (7,371) 684
Net unrealized
appreciation
(depreciation) on
investments........... 42,677,408 16,831,875 915,581 42,894 3,956,704
Accumulated
undistributed net
realized gains
(losses) on investment
transactions.......... 18,199,803 5,760,350 140,047 (30,213) 2,282,972
------------ ----------- ----------- ----------- -----------
Net Assets........... $170,886,527 $58,982,029 $26,543,809 $15,658,210 $30,248,656
============ =========== =========== =========== ===========
Shares of beneficial
interest issued and
outstanding........... 9,861,376 3,123,579 2,462,508 1,578,925 2,260,903
============ =========== =========== =========== ===========
Net asset value and
redemption price per
share:
($0.00001 par value
per share, unlimited
number of shares
authorized).......... $ 17.33 $ 18.88 $ 10.78 $ 9.92 $ 13.38
============ =========== =========== =========== ===========
Maximum Sales Charge... 4.00% 4.00% 3.00% 2.00% 4.00%
============ =========== =========== =========== ===========
Maximum Offering Price
(100%/(100%-Maximum
Sales Charge) of net
asset value adjusted
to nearest cent) per
share................. $ 18.05 $ 19.67 $ 11.11 $ 10.12 $ 13.94
============ =========== =========== =========== ===========
</TABLE>
See notes to financial statements.
-22-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED AUGUST 31, 1997
<TABLE>
<CAPTION>
CASH U.S. INTERMEDIATE
MANAGEMENT TREASURY BOND BOND
FUND FUND FUND FUND
----------- ----------- ---------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income............ $20,869,655 $13,225,793 $2,352,446 $4,334,536
Dividend income from
affiliates................ -- -- 24,571 36,266
----------- ----------- ---------- ----------
Total Income............. 20,869,655 13,225,793 2,377,017 4,370,802
----------- ----------- ---------- ----------
EXPENSES:
Investment advisory fees... 1,476,099 984,884 180,705 352,311
Administration fees........ 738,049 492,442 65,711 128,113
12b-1 fees................. 922,562 615,553 82,138 160,141
Custodian and accounting
fees...................... 194,217 137,602 25,043 46,683
Transfer agent fees........ 80,667 52,164 8,980 18,505
Other expenses............. 171,799 111,457 12,039 18,432
----------- ----------- ---------- ----------
Total Expenses........... 3,583,393 2,394,102 374,616 724,185
Expenses voluntarily
reduced................... (922,562) (615,553) (65,711) (128,113)
----------- ----------- ---------- ----------
Net Expenses............. 2,660,831 1,778,549 308,905 596,072
----------- ----------- ---------- ----------
Net Investment Income...... 18,208,824 11,447,244 2,068,112 3,774,730
----------- ----------- ---------- ----------
REALIZED/UNREALIZED GAINS
(LOSSES) ON INVESTMENTS:
Net realized gains (losses)
on investment
transactions.............. (3,389,450) 43,118 125,155 86,579
Change in unrealized
appreciation/ depreciation
on investments............ -- -- 989,409 1,499,963
----------- ----------- ---------- ----------
Net realized/unrealized
gains (losses) on
investments............... (3,389,450) 43,118 1,114,564 1,586,542
----------- ----------- ---------- ----------
Change in net assets
resulting from operations.. $14,819,374 $11,490,362 $3,182,676 $5,361,272
=========== =========== ========== ==========
</TABLE>
See notes to financial statements.
-23-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED AUGUST 31, 1997
<TABLE>
<CAPTION>
INTERMEDIATE
AGGRESSIVE TAX-FREE SHORT-TERM
EQUITY GROWTH BOND INCOME BALANCED
FUND FUND FUND FUND FUND
----------- ---------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income........ $ -- $ 36,021 $1,432,474 $ 930,586 $ 629,945
Dividend income........ 2,168,581 54,474 22,269 -- 250,735
Dividend income from
affiliates............ 173,743 145,940 -- 21,588 102,243
----------- ---------- ---------- ---------- ----------
Total Income......... 2,342,324 236,435 1,454,743 952,174 982,923
----------- ---------- ---------- ---------- ----------
EXPENSES:
Investment advisory
fees.................. 833,640 311,656 149,771 80,882 196,422
Administration fees.... 241,635 90,335 54,462 29,412 53,087
12b-1 fees............. 302,044 112,919 68,078 36,765 66,359
Custodian and
accounting fees....... 76,433 28,780 24,880 11,890 22,934
Transfer agent fees.... 28,836 16,918 12,892 2,941 6,258
Other expenses......... 28,619 13,375 12,704 9,340 20,918
----------- ---------- ---------- ---------- ----------
Total Expenses....... 1,511,207 573,983 322,787 171,230 365,978
Expenses voluntarily
reduced............... (229,554) (85,818) (122,540) (122,059) (270,744)
----------- ---------- ---------- ---------- ----------
Net Expenses......... 1,281,653 488,165 200,247 49,171 95,234
----------- ---------- ---------- ---------- ----------
Net Investment Income
(loss)................ 1,060,671 (251,730) 1,254,496 903,003 887,689
----------- ---------- ---------- ---------- ----------
REALIZED/UNREALIZED
GAINS (LOSSES) ON
INVESTMENTS:
Net realized gains
(losses) on investment
transactions.......... 20,769,620 6,976,334 192,740 (11,257) 2,584,874
Change in unrealized
appreciation/
depreciation on
investments........... 16,959,674 1,248,696 392,909 213,958 2,714,005
----------- ---------- ---------- ---------- ----------
Net realized/unrealized
gains (losses) on
investments........... 37,729,294 8,225,030 585,649 202,701 5,298,879
----------- ---------- ---------- ---------- ----------
Change in net assets
resulting from
operations............. $38,789,965 $7,973,300 $1,840,145 $1,105,704 $6,186,568
=========== ========== ========== ========== ==========
</TABLE>
See notes to financial statements.
-24-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
CASH MANAGEMENT FUND U.S. TREASURY FUND
---------------------------- ----------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
1997 1996 1997 1996
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income. $ 18,208,824 $ 16,629,964 $ 11,447,244 $ 9,496,787
Net realized gains
(losses) on
investment
transactions......... (3,389,450) 4,936 43,118 2,588
------------- ------------- ------------- -------------
Change in net assets
resulting from
operations............ 14,819,374 16,634,900 11,490,362 9,499,375
------------- ------------- ------------- -------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income............... (18,208,824) (16,629,964) (11,447,244) (9,496,787)
From net realized
gains................ (10,335) (4,771) -- (2,588)
In excess of net
realized gains....... -- -- -- (130)
------------- ------------- ------------- -------------
Change in net assets
from shareholder
distributions......... (18,219,159) (16,634,735) (11,447,244) (9,499,505)
------------- ------------- ------------- -------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued............... 918,306,763 943,474,078 722,431,270 439,883,580
Dividends reinvested.. 35,242 47,735 28,693 26,913
Cost of shares
redeemed............. (963,038,828) (762,531,473) (641,485,064) (409,510,632)
------------- ------------- ------------- -------------
Change in net assets
from share
transactions.......... (44,696,823) 180,990,340 80,974,899 30,399,861
------------- ------------- ------------- -------------
Capital Contribution... 3,394,524 -- -- --
------------- ------------- ------------- -------------
Change in net assets... (44,702,084) 180,990,505 81,018,017 30,399,731
NET ASSETS:
Beginning of period... 375,797,494 194,806,989 217,406,413 187,006,682
------------- ------------- ------------- -------------
End of period......... $ 331,095,410 $ 375,797,494 $ 298,424,430 $ 217,406,413
============= ============= ============= =============
SHARE TRANSACTIONS:
Issued................ 918,306,763 943,474,078 722,431,270 439,883,580
Reinvested............ 35,242 47,735 28,693 26,913
Redeemed.............. (963,038,828) (762,531,473) (641,485,064) (409,510,632)
------------- ------------- ------------- -------------
Change in shares....... (44,696,823) 180,990,340 80,974,899 30,399,861
============= ============= ============= =============
</TABLE>
See notes to financial statements.
-25-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
BOND FUND INTERMEDIATE BOND FUND
-------------------------- --------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
1997 1996 1997 1996
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income.... $ 2,068,112 $ 2,249,542 $ 3,774,730 $ 3,801,019
Net realized gains
(losses) on investment
transactions............ 125,155 (138,651) 86,579 2,959
Net change in unrealized
appreciation/depreciation
on investments.......... 989,409 (1,023,947) 1,499,963 (1,503,165)
------------ ------------ ------------ ------------
Change in net assets
resulting from
operations............... 3,182,676 1,086,944 5,361,272 2,300,813
------------ ------------ ------------ ------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income.................. (2,068,112) (2,241,663) (3,774,730) (3,801,019)
Return of capital........ -- (7,879) -- --
------------ ------------ ------------ ------------
Change in net assets from
shareholder
distributions............ (2,068,112) (2,249,542) (3,774,730) (3,801,019)
------------ ------------ ------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued.................. 10,459,668 8,439,328 27,373,484 11,734,840
Dividends reinvested..... 1,376,877 1,656,562 1,590,744 1,824,959
Cost of shares redeemed.. (10,303,647) (13,419,791) (16,320,024) (23,366,575)
------------ ------------ ------------ ------------
Change in net assets from
share transactions....... 1,532,898 (3,323,901) 12,644,204 (9,806,776)
------------ ------------ ------------ ------------
Change in net assets...... 2,647,462 (4,486,499) 14,230,746 (11,306,982)
NET ASSETS:
Beginning of period...... 32,806,689 37,293,188 63,087,806 74,394,788
------------ ------------ ------------ ------------
End of period............ $ 35,454,151 $ 32,806,689 $ 77,318,552 $ 63,087,806
============ ============ ============ ============
SHARE TRANSACTIONS:
Issued................... 1,139,743 910,369 2,699,433 1,150,312
Reinvested............... 150,226 177,989 156,695 178,100
Redeemed................. (1,122,919) (1,454,954) (1,606,065) (2,275,525)
------------ ------------ ------------ ------------
Change in shares.......... 167,050 (366,596) 1,250,063 (947,113)
============ ============ ============ ============
</TABLE>
See notes to financial statements.
-26-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQUITY FUND AGGRESSIVE GROWTH FUND
-------------------------- -------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
1997 1996 1997 1996
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVI-
TIES:
OPERATIONS:
Net investment income
(loss)............... $ 1,060,671 $ 1,099,190 $ (251,730) $ (140,144)
Net realized gains
(losses) on invest-
ment transactions.... 20,769,620 7,922,697 6,976,334 902,632
Net change in
unrealized apprecia-
tion/ depreciation on
investments.......... 16,959,674 4,300,120 1,248,696 (341,433)
------------ ------------ ------------ -----------
Change in net assets
resulting from opera-
tions................. 38,789,965 13,322,007 7,973,300 421,055
------------ ------------ ------------ -----------
DISTRIBUTIONS TO SHARE-
HOLDERS:
From net investment
income............... (1,056,737) (1,099,190) -- --
In excess of net in-
vestment income...... (41,770) (13,132) -- --
From net realized
gains................ (8,951,022) (3,660,781) -- (660,090)
------------ ------------ ------------ -----------
Change in net assets
from shareholder dis-
tributions............ (10,049,529) (4,773,103) -- (660,090)
------------ ------------ ------------ -----------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued............... 64,396,719 14,184,214 20,084,258 14,359,199
Dividends reinvested.. 9,491,947 4,255,911 -- 656,962
Cost of shares re-
deemed............... (18,094,633) (17,034,652) (12,353,220) (9,507,747)
------------ ------------ ------------ -----------
Change in net assets
from share transac-
tions................. 55,794,033 1,405,473 7,731,038 5,508,414
------------ ------------ ------------ -----------
Change in net assets... 84,534,469 9,954,377 15,704,338 5,269,379
NET ASSETS:
Beginning of period... 86,352,058 76,397,681 43,277,691 38,008,312
------------ ------------ ------------ -----------
End of period......... $170,886,527 $ 86,352,058 $ 58,982,029 $43,277,691
============ ============ ============ ===========
SHARE TRANSACTIONS:
Issued................ 4,071,242 1,049,725 1,209,715 858,255
Reinvested............ 671,632 330,316 -- 43,278
Redeemed.............. (1,171,162) (1,288,822) (742,123) (575,883)
------------ ------------ ------------ -----------
Change in shares....... 3,571,712 91,219 467,592 325,650
============ ============ ============ ===========
</TABLE>
See notes to financial statements.
-27-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
INTERMEDIATE
TAX-FREE SHORT-TERM
BOND FUND INCOME FUND
------------------------ ------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
1997 1996 1997 1996
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income..... $ 1,254,496 $ 1,324,186 $ 903,003 $ 706,318
Net realized gains
(losses) on investment
transactions............. 192,740 126,926 (11,257) 17,326
Net change in unrealized
appreciation/depreciation
on investments........... 392,909 (356,637) 213,958 (219,607)
----------- ----------- ----------- -----------
Change in net assets
resulting from operations. 1,840,145 1,094,475 1,105,704 504,037
----------- ----------- ----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income................... (1,254,496) (1,324,186) (905,088) (706,318)
In excess of net
investment income........ -- -- (12,226) --
From net realized gains... -- -- -- (17,326)
In excess of net realized
gains.................... -- -- (1,214) (6,388)
----------- ----------- ----------- -----------
Change in net assets from
shareholder distributions. (1,254,496) (1,324,186) (918,528) (730,032)
----------- ----------- ----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued................... 3,343,263 10,599,186 4,027,197 6,885,605
Dividends reinvested...... 240,397 263,588 498,838 309,680
Cost of shares redeemed... (8,661,943) (7,710,967) (3,454,384) (2,798,266)
----------- ----------- ----------- -----------
Change in net assets from
share transactions........ (5,078,283) 3,151,807 1,071,651 4,397,019
----------- ----------- ----------- -----------
Change in net assets....... (4,492,634) 2,922,096 1,258,827 4,171,024
NET ASSETS:
Beginning of period....... 31,036,443 28,114,347 14,399,383 10,228,359
----------- ----------- ----------- -----------
End of period............. $26,543,809 $31,036,443 $15,658,210 $14,399,383
=========== =========== =========== ===========
SHARE TRANSACTIONS:
Issued.................... 311,848 993,632 408,000 693,519
Reinvested................ 22,503 24,687 50,561 31,150
Redeemed.................. (806,989) (719,169) (349,764) (282,145)
----------- ----------- ----------- -----------
Change in shares........... (472,638) 299,150 108,797 442,524
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
-28-
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
BALANCED FUND
------------------------
YEAR ENDED YEAR ENDED
AUGUST 31, AUGUST 31,
1997 1996
----------- -----------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income.............................. $ 887,689 $ 660,017
Net realized gains (losses) on investment transac-
tions............................................. 2,584,874 675,617
Net change in unrealized appreciation/depreciation
on investments.................................... 2,714,005 535,215
----------- -----------
Change in net assets resulting from operations...... 6,186,568 1,870,849
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income......................... (890,051) (658,319)
In excess of net investment income................. (3,789) --
From net realized gains............................ (752,189) (216,777)
----------- -----------
Change in net assets from shareholder distributions. (1,646,029) (875,096)
----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares issued........................ 6,085,133 9,567,734
Dividends reinvested............................... 1,610,401 777,333
Cost of shares redeemed............................ (4,579,846) (1,590,246)
----------- -----------
Change in net assets from share transactions........ 3,115,688 8,754,821
----------- -----------
Change in net assets................................ 7,656,227 9,750,574
NET ASSETS:
Beginning of period................................ 22,592,429 12,841,855
----------- -----------
End of period...................................... $30,248,656 $22,592,429
=========== ===========
SHARE TRANSACTIONS:
Issued............................................. 502,409 863,012
Reinvested......................................... 134,601 69,985
Redeemed........................................... (378,764) (139,704)
----------- -----------
Change in shares.................................... 258,246 793,293
=========== ===========
</TABLE>
See notes to financial statements.
-29-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Cash Management Fund
Schedule of Portfolio Investments
August 31, 1997
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
- --------------- -------------------------------------- ----------------
<S> <C> <C>
Bankers' Acceptances (14.1%):
$ 10,000,000 Bank of Tokyo-Mitsubishi, New York,
5.65%, 10/1/97.................... $ 9,953,500
10,000,000 General Electric Capital Corp.,
5.67%*, 10/17/97.................. 10,000,000
10,000,000 Industrial Bank of Japan, New York,
5.62%, 10/16/97................... 9,930,500
7,000,000 Sanwa Bank, New York, 5.68%, 10/7/97. 6,960,800
10,000,000 Sumitomo Louisiana, 5.62%, 10/10/97.. 9,939,658
---------------
Total Bankers' Acceptances (amortized cost
$46,784,458) 46,784,458
---------------
Certificates of Deposit (32.9%):
Domestic (12.1%):
10,000,000 Banco Popular, 5.75%*, 10/8/97....... 10,000,000
10,000,000 CoreStates Bank, 5.69%*, 10/10/97.... 10,000,000
10,000,000 Mellon Bank, 5.75%*, 9/16/97......... 10,000,000
10,000,000 U.S. National Bank of Oregon,
5.66%*, 9/22/97................... 9,995,656
---------------
39,995,656
---------------
Yankee (20.8%):
10,000,000 Banca CRT, 5.75%*, 10/22/97.......... 10,000,000
10,000,000 Christiania Bank, 5.65%*, 9/30/97.... 10,000,000
19,000,000 Dai-Ichi Kangyo Bank Ltd., London,
5.72%*, 11/12/97.................. 19,000,000
10,000,000 Norinchukin Bank, 5.73%, 11/12/97.... 10,000,000
10,000,000 Postipankki, Ltd., 5.77%*, 9/8/97.... 10,000,000
10,000,000 Sanitary Paolo Bank, 5.66%*, 11/28/97 10,000,000
---------------
69,000,000
---------------
Total Certificates of Deposit (amortized cost
$108,995,656) 108,995,656
---------------
Medium Term Notes (23.0%):
Banking (6.1%):
10,000,000 First USA, 6.08%*, 9/17/97........... 10,036,079
10,000,000 Fleet Financial, 5.85%*, 11/13/97.... 10,005,824
---------------
20,041,903
---------------
Brokerage Services (3.0%):
$ 10,000,000 Merrill Lynch & Co., Inc., 5.74%*,
9/3/97............................ $ 9,999,015
---------------
Business Credit (3.0%):
10,000,000 Sanwa Business Credit Corp., 5.71%*,
11/24/97.......................... 10,000,000
---------------
Financial Services (10.9%):
10,000,000 American Honda Finance Corp.,
5.79%*, 10/6/97................... 9,998,857
16,000,000 General Motors Acceptance Corp.,
5.72%*, 11/24/97.................. 16,000,000
5,000,000 IBM Credit Corp., 6.10%*, 10/30/97... 5,021,143
5,000,000 IBM Credit Corp., 5.59%*, 11/18/97... 4,996,607
---------------
36,016,607
---------------
Total Medium Term Notes (amortized cost
$76,057,525) 76,057,525
---------------
Time Deposits (2.3%):
Banking (2.3%):
7,773,913 Bank Brussells Lambert, 5.66%, 9/2/97 7,773,913
---------------
Total Time Deposits (amortized cost $7,773,913) 7,773,913
---------------
Variable Rate Notes (27.5%):
Banking (6.0%):
10,000,000 Bankers' Trust New York, 5.68%*,
11/3/97........................... 10,000,000
10,000,000 JP Morgan & Co., Inc., 5.72%*,
9/26/97........................... 10,003,155
---------------
20,003,155
---------------
Brokerage Services (7.9%):
10,000,000 Bear Stearns, 5.70%*, 11/13/97....... 10,000,000
10,000,000 Goldman Sachs Group LP, 5.72%*,
10/8/97........................... 10,000,000
6,000,000 Lehman Brothers Holdings, Inc.,
5.89%*, 9/5/97.................... 6,000,000
---------------
26,000,000
---------------
</TABLE>
Continued
-30-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Cash Management Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
- --------------- -------------------------------------- ----------------
<S> <C> <C>
Variable Rate Notes , continued:
Life Insurance (10.6%):
$ 15,000,000 General American, 5.83%*, 10/1/97.... $ 15,000,000
20,000,000 Jackson National Life Insurance Co.,
5.83%*, 9/2/97.................... 20,000,001
---------------
35,000,001
---------------
Machinery & Equipment (3.0%):
$ 10,000,000 Caterpillar Financial Services
Corp., 5.70%*, 10/14/97........... $ 10,000,000
---------------
Total Variable Rate Notes (amortized cost
$91,003,156) 91,003,156
---------------
Total Investments (Amortized Cost--$330,614,708)(a) 330,614,708
Other Assets in Excess of Liabilities (0.2%) 480,702
---------------
Total Net Assets $ 331,095,410
===============
</TABLE>
- -------------
(a) Cost for federal income tax and financial reporting purposes are
substantially the same.
* Variable rate investments. The rate presented on the Schedule of Portfolio
Investments is the rate in effect at August 31, 1997. The date presented
reflects the next rate change date.
See notes to financial statements.
-31-
<PAGE>
AMERICAN PERFORMANCE FUNDS
U.S. Treasury Fund
Schedule of Portfolio Investments
August 31, 1997
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
- --------------- -------------------------------------- ----------------
<S> <C> <C>
U.S. Treasury Bills (24.9%):
$ 75,000,000 11/13/97............................. $ 74,220,320
---------------
Total U.S. Treasury Bills (amortized cost
$74,220,320) 74,220,320
---------------
Repurchase Agreements (75.5%):
14,000,000 Bear Stearns, 5.53%, 9/2/97
(Purchased on 8/29/97, proceeds
at maturity $14,008,602,
collateralized by $14,095,000
U.S. Treasury Notes, 5.63%,
2/28/01, market value
$14,288,902)...................... 14,000,000
14,000,000 C.S. First Boston, 5.50%, 9/2/97
(Purchased on 8/29/97, proceeds at
maturity $14,008,556,
collateralized by $13,382,000 U.S.
Treasury Notes, 7.50%, 11/15/01,
market value $14,290,012)......... 14,000,000
14,000,000 Deutsche Bank, 5.52%, 9/2/97
(Purchased on 8/29/97, proceeds at
maturity $14,008,587,
collateralized by $15,065,000 U.S.
Treasury Bill, 8/20/98, market
value $14,287,345)................ 14,000,000
11,454,069 Merrill Lynch & Co., Inc., 5.50%,
9/2/97 (Purchased on 8/29/97,
proceeds at maturity $11,461,069,
collateralized by $11,555,000 U.S.
Treasury Notes, 5.50%, 11/15/98,
market value $11,694,728)......... 11,454,069
14,000,000 Morgan Stanley, 5.50%, 9/2/97
(Purchased on 8/29/97, proceeds
at maturity $14,008,556,
collateralized by $12,550,000
U.S. Treasury Notes, 7.63%,
11/15/22, market value
$14,315,952)...................... 14,000,000
65,000,000 Nomura Securities, 5.51%, 9/2/97
(Purchased on 8/29/97, proceeds
at maturity $65,039,794,
collateralized by $46,410,000
U.S. Treasury Notes, 12.00%,
8/15/13, market value
$66,360,625)...................... 65,000,000
14,000,000 Sanwa, 5.53%, 9/2/97 (Purchased on
8/29/97, proceeds at maturity
$14,008,602, collateralized by
$14,239,000 U.S. Treasury Notes,
5.88%, 8/15/98, market value
$14,284,174)...................... 14,000,000
65,000,000 Suntrust, 5.55%, 9/2/97 (Purchased
on 8/29/97, proceeds at maturity
$65,040,083, collateralized by
$48,418,000 U.S. Treasury Notes,
9.88%, 11/15/15, market value
$66,469,165)...................... 65,000,000
14,000,000 UBS Securities, 5.54%, 9/2/97
(Purchased on 8/29/97, proceeds at
maturity $14,008,618, collateralized
by $13,949,000 U.S. Treasury Notes,
6.00%, 9/30/98, market value
$14,322,629)...................... 14,000,000
---------------
Total Repurchase Agreements (amortized cost
$225,454,069) 225,454,069
---------------
Total Investments (Amortized Cost--$299,674,389)(a) 299,674,389
Liabilities in Excess of Other Assets (-0.4%) (1,249,959)
---------------
Total Net Assets $ 298,424,430
===============
</TABLE>
- -------------
(a) Cost for federal income tax and financial reporting purposes are
substantially the same.
See notes to financial statements.
-32-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- -------------- ---------------------------------------- --------------
<S> <C> <C>
Asset Backed Securities (5.9%):
$ 1,000,000 Crown Home Equity Loan Trust, Series
1996-1, Class A3, 6.81%, 6/25/11.... $ 993,870
25,126 Equicon Home Equity Loan Trust, Series
1995-2, Class A1, 6.45%, 7/18/10.... 25,121
500,000 First Plus Home Loan Trust, Series
1996-4, Class CTFS, 7.60%, 4/10/22.. 491,955
67,420 Keystone Auto Grantor Trust, 6.15%,
4/15/03............................. 67,462
500,000 UCFC Home Equity Loan, Series 1996-D1,
Class A4, 6.78%, 2/15/16............ 498,730
--------------
Total Asset Backed Securities (cost $2,085,026) 2,077,138
--------------
Collateralized Mortgage Obligations (28.5%):
100,000 Chase Mortgage Finance Corp., Series
1994-L, Class 2A9, 7.50%, 11/25/25.. 100,941
75,000 Chemical Mortgage Securities, Inc.,
Series 1996-1, Class A6, 8.00%,
1/25/26............................. 77,618
200,000 Citicorp Mortgage Securities, Inc.,
Series 1997-1, Class A2, 7.25%,
2/25/27............................. 199,848
34,304 Countrywide Funding Corp., Series
1994-12, Class A5, 7.00%, 10/25/14.. 34,260
214,419 Federal Home Loan Mortgage Corp.,
Series 1503, Class K, 6.25%,
12/15/22............................ 214,198
1,024,671 Federal Home Loan Mortgage Corp.,
Series 1514, Class I, 6.50%, 2/15/23 1,027,878
94,715 Federal Home Loan Mortgage Corp.,
Series 1663, Class A, 7.00%, 7/15/23 94,750
400,000 General Electric Capital Mortgage
Service Inc., Series 1997-3, Class
A9, 7.50%, 4/25/27.................. 403,265
1,200,000 General Electric Capital Mortgage
Services, Inc., Series 1996-HE2,
Class A-3, 7.30%, 3/25/12........... 1,214,736
99,672 General Electric Capital Mortgage
Services, Inc., Series 1993-17,
Class A13, 6.50%, 12/25/23.......... 97,467
100,000 General Electric Capital Mortgage
Services, Inc., Series 1997-4,
Class A10, 7.50%, 5/25/27........... 100,802
250,000 Headlands Mortgage Securities, Series
1997-1, Class AI10, 7.75%, 3/25/27.. 255,317
1,064,122 Merrill Lynch Trust, Series 45, Class
F, 9.10%, 9/20/14................... 1,106,900
1,952,179 Norwest Asset Securities Corp., Series
1997-6, Class A12, 7.50%, 5/25/27... 1,949,095
94,000 Oxford Acceptance Corp. III, Series F,
Class 6, 8.45%, 6/20/18............. 97,435
1,500,000 Prudential Home Mortgage Securities,
Series 1994-21, Class A8, 7.80%,
6/25/24............................. 1,495,950
500,000 Residential Funding Mortgage
Securities, Series 1993-S28, Class
A6, 7.00%, 8/25/23.................. 492,405
131,682 Residential Funding Mortgage
Securities, Series 1996-S9, Class
A6, 7.25%, 4/25/26.................. 131,592
1,000,000 Residential Funding Mortgage
Securities, Series 1997-S2, Class
A2, 7.50%, 1/25/27.................. 1,009,600
--------------
Total Collateralized Mortgage Obligations (cost
$9,883,454) 10,104,057
--------------
Corporate Bonds (35.9%):
Automotive (1.4%):
500,000 General Motors Corp., 7.70%, 4/15/16 .. 518,125
---------------
Banking (4.3%):
1,500,000 BankAmerica Corp., 7.12%, 5/12/05 ..... 1,515,000
---------------
</TABLE>
Continued
-33-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- -------------- ---------------------------------------- --------------
<S> <C> <C>
Corporate Bonds, continued:
Brokerage Services (5.2%):
$ 1,000,000 Merrill Lynch & Co., Inc., 8.00%,
2/1/02 ........................... $ 1,051,250
800,000 Smith Barney Holdings, Inc., 6.88%,
6/15/05 .......................... 794,000
--------------
1,845,250
--------------
Financial Services (13.0%):
1,000,000 Associates Corp. of North America,
7.50%, 4/15/02 ................... 1,037,500
1,000,000 CNA Financial Corp., 7.25%, 11/15/23 955,000
1,050,000 Ford Motor Credit Corp., 7.75%,
3/15/05 .......................... 1,097,250
500,000 General Electric Capital Corp., 7.50%,
6/15/09 .......................... 529,375
1,000,000 General Motors Acceptance Corp.,
6.63%, 10/1/02 ................... 1,000,000
--------------
4,619,125
--------------
Leasing (2.9%):
1,000,000 Hertz Corp., 7.38%, 6/15/01 ........... 1,021,250
--------------
Office Equipment & Services (3.0%):
1,000,000 Xerox Corp., 8.13%, 4/15/02 ........... 1,058,750
--------------
Retail (3.0%):
1,000,000 May Department Stores, 8.38%, 10/1/22,
Callable 10/1/02 @ 104.............. 1,056,250
--------------
Telecommunications (3.1%):
1,000,000 Alltel Corp., 7.00%, 3/15/16 ........ 983,750
100,000 MCI Communications Corp., 7.13%,
1/20/00 .......................... 101,625
--------------
1,085,375
--------------
Total Corporate Bonds (cost $12,528,575) 12,719,125
--------------
Medium Term Notes (1.1%):
400,000 Beneficial Corp., 7.75%, 3/1/99........ 409,500
--------------
Total Medium Term Notes (cost $400,000) 409,500
--------------
Taxable Municipal Bonds (3.8%):
Colorado (3.4%):
1,195,000 Boulder County, Series B, 7.63%,
9/1/21, Callable 9/1/07 @ 100,
Insured by: AMBAC................... 1,193,506
--------------
Taxable Municipal Bonds, continued:
Illinois (0.4%):
$ 150,000 Springfield Illinois, 7.50%, 2/1/12,
Callable 2/1/05 @ 100, Insured
by: AMBAC........................... $ 153,000
--------------
Total Taxable Municipal Bonds (cost $1,323,041) 1,346,506
--------------
U.S. Government Agencies (19.8%):
Federal Home Loan Bank:
60,000 7.36%, 7/1/04 ........................ 62,693
Federal Home Loan Mortgage Corp.:
2,877,021 6.50%, 12/1/11, Gold Pool #E20275 .... 2,840,281
Federal National Mortgage Assoc.:
72,184 7.50%, 1/25/21 ....................... 72,843
Government National Mortgage Assoc.:
36,891 10.50%, 11/15/15, Pool #268347 ........ 40,834
97,633 11.00%, 2/15/16, Pool #279067 ......... 109,349
89,743 9.00%, 1/15/20, Pool #280664 .......... 96,754
65,703 9.00%, 10/15/20, Pool #289412 ......... 70,774
256,219 9.00%, 7/15/21, Pool #308511 .......... 275,115
588,644 7.00%, 9/15/23, Pool #347688 .......... 582,811
958,400 7.50%, 11/15/23, Pool #354701 ......... 966,882
899,103 7.50%, 12/15/25, Pool #401510 ......... 907,159
916,058 8.00%, 5/15/26, Pool #428480 .......... 941,781
55,585 8.00%, 6/15/26, Pool #426149 .......... 57,148
--------------
Total U.S. Government Agencies (cost $6,998,944) 7,024,424
--------------
U.S. Treasury Bonds (3.7%):
1,000,000 7.63%, 2/15/25......................... 1,117,500
200,000 6.63%, 2/15/27......................... 199,738
--------------
Total U.S. Treasury Bonds (cost $1,327,563) 1,317,238
--------------
</TABLE>
Continued
-34-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- -------------- ---------------------------------------- --------------
<S> <C> <C>
Investment Companies (0.5%):
163,983 American Performance Cash Management
Fund................................ $ 163,983
--------------
Total Investment Companies (cost $163,983) 163,983
--------------
Total Investments (Cost--$34,710,586)(a) 35,161,971
Other Assets in Excess of Liabilities (0.8%) 292,180
--------------
Total Net Assets $ 35,454,151
==============
</TABLE>
- -------------
(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 ....................... $ 592,194
Unrealized depreciation ....................... (140,809)
-----------
Net unrealized appreciation ................... $ 451,385
===========
</TABLE>
AMBAC -- AMBAC Indemnity Corporation
See notes to financial statements.
-35-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- -------------- ---------------------------------------- --------------
<S> <C> <C>
Asset Backed Securities (14.4%):
$ 185,109 Advanta Mortgage Loan Trust, Series
1993-3, Class A3, 4.75%, 2/25/10..... $ 180,178
2,936,124 AFC Home Equity Loan Trust, Series
1995-3, Class 1A2, 6.80%, 10/26/26... 2,950,774
948,907 CoreStates Home Equity Trust, Series
1993-2, Class A, 5.10%, 3/15/09...... 922,888
1,500,000 Crown Home Equity Loan Trust, Series
1996-1, Class A3, 6.81%, 6/25/11..... 1,490,805
560,773 Equicon Home Equity Loan Trust, Series
1992-7, Class A, 5.90%, 9/18/05...... 558,098
1,000,000 First Plus Home Loan Trust, Series
1996-4, Class A2, 6.14%, 10/10/08.... 1,000,090
2,050,000 Ford Credit Auto Loan Master Trust,
Series 1995-1, Class A, 6.50%,
8/15/02.............................. 2,058,713
1,000,000 IMC Home Equity Loan Trust, Series
1996-3, Class A3, 7.27%, 4/25/11..... 1,012,280
1,000,000 Nomura Asset Securities Corp., Series
1995-2, Class 2M, 7.12%, 1/25/26..... 985,100
--------------
Total Asset Backed Securities (cost $11,105,611)..... 11,158,926
--------------
Collateralized Mortgage Obligations (24.2%):
39,371 American Housing Trust, Series VIII,
Class E, 8.50%, 7/25/10.............. 39,260
71,000 Collateralized Mortgage Securities
Corp., Series 1990-4, Class C,
8.75%, 5/15/18....................... 73,892
120,120 Collateralized Mortgage Securities
Corp., Series 1988-6, Class D,
9.05%, 4/20/19....................... 126,134
2,100,000 Federal Home Loan Mortgage Corp.,
Series 1538E, 6.00%, 3/15/05......... 2,088,534
100,000 Federal Home Loan Mortgage Corp.,
Series 1513, Class P, 6.50%, 5/15/08. 98,500
233,578 Federal Home Loan Mortgage Corp.,
Series 1927, Class N, 7.50%, 9/15/18. 236,571
2,000,000 Federal Home Loan Mortgage Corp.,
Series 1482, Class F, 6.50%, 5/15/19. 1,982,240
100,219 Federal Home Loan Mortgage Corp.,
Series 1038, Class F, 9.00%, 7/15/20. 102,403
1,000,000 Federal Home Loan Mortgage Corp.,
Series 1268, Class G, 8.00%, 9/15/20. 1,026,800
33,000 Federal Home Loan Mortgage Corp.,
Series 1128, Class IB, 7.00%,
8/15/21.............................. 32,607
398,207 Federal Home Loan Mortgage Corp.,
Series 1503, Class K, 6.25%,
12/15/22............................. 397,797
189,430 Federal Home Loan Mortgage Corp.,
Series 1663, Class A, 7.00%, 7/15/23. 189,500
98,000 Federal Home Loan Mortgage Corp.,
Series 1665, Class M, 6.50%, 1/15/24. 95,728
45,007 Federal National Mortgage Assoc.,
Series 1992-73, Class E, 7.50%,
5/25/19.............................. 44,887
145,793 Federal National Mortgage Assoc.,
Series X-G2A, Class O, 8.00%,
5/25/19.............................. 148,594
66,824 Federal National Mortgage Assoc.,
Series 1992-123, Class C, 7.50%,
11/25/19............................. 66,986
1,000,000 Federal National Mortgage Assoc.,
Series 1993-102, Class G, 6.25%,
1/25/20.............................. 988,270
</TABLE>
Continued
-36-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- -------------- ---------------------------------------- ---------------
<S> <C> <C>
Collateralized Mortgage Obligations, continued:
$ 400,000 General Electric Capital Mortgage
Service Inc., Series 1997-3, Class
A9, 7.50%, 4/25/27................... $ 403,265
2,000,000 General Electric Capital Mortgage
Services, Series 1995-HE1, Class
A2, 6.90%, 2/25/10................... 2,012,880
938,616 General Electric Capital Mortgage
Services, Series 1993-12, Class
A-2, 6.50%, 10/25/23................. 918,304
64,616 General Electric Capital Mortgage
Services, Inc., Series 1993-16,
Class A4, 6.25%, 12/25/23............ 64,041
600,000 General Electric Capital Mortgage
Services, Inc., Series 1997-4,
Class A10, 7.50%, 5/25/27............ 604,809
300,000 Headlands Mortgage Securities, Series
1997-1, Class AI10, 7.75%, 3/25/27... 306,380
411,000 Independent National Mortgage Corp.,
Series 1995-A, Class A4, 8.75%,
3/25/25.............................. 425,775
600,000 Independent National Mortgage Corp.,
Series 1995-D, Class A6, 9.00%,
3/25/25.............................. 614,388
112,000 Independent National Mortgage Corp.,
Series 1995-N, Class A4, 7.50%,
10/25/25............................. 111,512
333,039 Independent National Mortgage Corp.,
Series 1996-E, Class A2, 6.93%,
5/25/26.............................. 331,607
488,045 Norwest Asset Securities Corp., Series
1997-6, Class A12, 7.50%, 5/25/27.... 487,274
115,000 Prudential Home Mortgage Securities,
Series 1993-19, Class A11, 7.49%,
6/25/23.............................. 115,529
574,939 Prudential Home Mortgage Securities,
Series 1993-38, Class A3, 6.15%,
9/25/23.............................. 561,077
1,477,748 Prudential Home Mortgage Securities,
Series 1994-15, Class A5, 6.80%,
5/25/24.............................. 1,455,922
500,000 Prudential Home Mortgage Securities,
Series 1994-21, Class A8, 7.80%,
6/25/24.............................. 498,650
265,000 Residential Funding Mortgage
Securities, Series 1992-S36, Class
A4, 6.75%, 11/25/07.................. 260,948
850,000 Residential Funding Mortgage
Securities, Series 1993-S28, Class
A6, 7.00%, 8/25/23................... 837,089
700,000 Residential Funding Mortgage
Securities, Series 1997-S2, Class
A2, 7.50%, 1/25/27................... 706,720
251,804 Salomon Brothers Mortgage Securities,
Series 1987-1, Class A, 8.50%,
1/25/17.............................. 258,995
--------------
Total Collateralized Mortgage Obligations
(cost $18,641,930)................................ 18,713,868
--------------
Corporate Bonds (30.4%):
Banking (2.7%):
1,000,000 BankAmerica Corp., 7.75%, 7/15/02 ...... 1,043,750
1,000,000 First Chicago NBD Bancorp, 7.25%,
8/15/04 ............................. 1,020,000
--------------
2,063,750
--------------
Brokerage Services (7.4%):
500,000 Bear Stearns Co., Inc., 6.75%, 8/15/00.. 503,750
2,000,000 Bear Stearns Co., Inc., 6.75%, 4/15/03.. 1,982,500
1,500,000 Merrill Lynch & Co., Inc., 6.64%,
9/19/02 ............................. 1,500,000
750,000 Smith Barney Holdings, 6.88%, 6/15/05 .. 744,375
1,000,000 Smith Barney Holdings, Inc., 6.63%,
6/1/00 .............................. 1,002,500
--------------
5,733,125
--------------
</TABLE>
Continued
-37-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- -------------- ---------------------------------------- --------------
<S> <C> <C>
Corporate Bonds, continued:
Financial Services (9.4%):
$ 500,000 Associates Corp. N.A., 5.25%, 9/1/98 ... $ 496,670
2,100,000 CNA Financial Corp., 6.25%, 11/15/03 ... 2,026,500
2,000,000 Commercial Credit Co., 6.38%, 9/15/02 .. 1,982,500
800,000 General Motors Acceptance Corp.,
6.30%, 6/11/98 ...................... 803,048
1,000,000 General Motors Acceptance Corp.,
6.63%, 10/1/02 ...................... 1,000,000
1,000,000 General Motors Acceptance Corp.,
6.63%, 10/15/05 ..................... 977,500
--------------
7,286,218
--------------
Food Products (4.4%):
2,200,000 Grand Metropolitan Investment, 8.62%,
8/15/01 ............................. 2,354,000
1,000,000 McCormick & Co., 8.95%, 7/1/01 ......... 1,078,750
--------------
3,432,750
--------------
Leasing (3.8%):
1,500,000 Hertz Corp., 6.00%, 1/15/03 ............ 1,445,625
1,500,000 International Lease Finance Corp.,
6.50%, 8/15/99 ...................... 1,505,625
--------------
2,951,250
--------------
Pharmaceuticals (0.7%):
500,000 American Home Products Corp., 6.50%,
10/15/02 ............................ 498,125
--------------
Telecommunications (0.7%):
500,000 COMSAT Corp., 8.95%, 5/15/01 ........... 537,500
--------------
Utilities - Electric (1.3%):
1,000,000 Alabama Power Co., 6.38%, 8/1/99 ....... 1,002,500
--------------
Total Corporate Bonds (cost $23,539,764)............. 23,505,218
--------------
Taxable Municipal Bonds (2.6%):
Louisiana (2.6%):
1,000,000 Orleans Parish School Board, Series A,
6.45%, 2/1/05, Insured by: FGIC...... 990,000
1,000,000 Orleans Parish School Board, Series A,
6.50%, 2/1/06, Insured by: FGIC...... 973,750
--------------
Total Taxable Municipal Bonds (cost $2,000,000)...... 1,963,750
--------------
U.S. Government Agencies (23.8%):
Federal Home Loan Mortgage Corp.:
382,731 8.00%, 7/1/99, Gold Pool #M80108 ....... 393,374
356,088 7.00%, 10/1/07, Gold Pool #E40422 ..... 357,648
3,836,028 6.50%, 12/1/11, Gold Pool #E20275 ..... 3,787,041
Federal National Mortgage Assoc.:
787,335 5.00%, 2/1/09, Pool #266453 ............ 738,174
483,607 7.75%*, 11/1/22, Pool #188965 .......... 505,065
579,799 7.85%*, 11/1/22, Pool #189916 .......... 599,726
888,118 8.38%*, 7/1/23, Pool #224951 ........... 929,194
Government National Mortgage Assoc.:
8,894 9.00%, 11/15/01, Pool #194441 .......... 9,301
37,530 9.00%, 8/15/03, Pool #229571 ........... 39,252
25,667 9.00%, 12/15/04, Pool #284008 .......... 26,966
85,434 9.00%, 1/15/05, Pool #247502 ........... 89,759
58,744 9.00%, 3/15/06, Pool #299211 ........... 61,717
158,189 9.00%, 12/15/06, Pool #316045 .......... 165,597
449,246 7.50%, 6/15/07, Pool #329595 ........... 459,772
850,714 6.00%, 1/15/09, Pool #371901 ........... 830,994
16,644 10.00%, 2/15/19, Pool #269976 .......... 18,095
193,244 8.00%, 11/15/21, Pool #308330 .......... 198,431
111,352 8.00%, 2/15/22, Pool #319029 ........... 114,258
232,750 8.00%, 5/15/23, Pool #343406 ........... 239,118
190,802 8.00%, 10/20/24, Pool #1884 ............ 195,206
806,799 6.00%, 2/20/26, Pool #2166 ............. 755,535
36,913 8.00%, 2/20/26, Pool #2171 ............. 37,777
965,017 7.00%, 3/15/26, Pool #419128 ........... 953,968
71,519 8.00%, 3/20/26, Pool #2187 ............. 73,196
346,891 8.00%, 4/20/26, Pool #2205 ............. 355,022
1,595,043 8.00%, 5/20/26, Pool #2219 ............. 1,632,558
1,934,360 8.00%, 6/15/26, Pool #423563 ........... 1,988,599
2,751,478 8.00%, 6/15/26, Pool #426149 ........... 2,828,850
</TABLE>
Continued
-38-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- -------------- ---------------------------------------- --------------
<S> <C> <C>
U.S. Government Agencies, continued:
$ 24,805 7.00%, 3/20/27, Pool #2394 ............. $ 24,411
--------------
Total U.S. Government Agencies (cost $18,171,636).... 18,408,604
--------------
U.S. Treasury Bonds (0.2%):
150,000 6.63%, 2/15/27.......................... 149,804
--------------
Total U.S. Treasury Bonds (cost $143,156)............ 149,804
--------------
U.S. Treasury Notes (3.5%):
1,000,000 8.00%, 8/15/99.......................... 1,036,650
1,000,000 8.88%, 5/15/00.......................... 1,069,570
600,000 7.50%, 11/15/01......................... 627,780
--------------
Total U.S. Treasury Notes (cost $2,657,375).......... 2,734,000
--------------
Investment Companies (0.5%):
401,487 American Performance Cash Management
Fund................................. 401,487
--------------
Total Investment Companies (cost $401,487) 401,487
--------------
Total Investments (Cost--$76,660,959)(a) 77,035,657
Other Assets in Excess of Liabilities (0.4%) 282,895
--------------
Total Net Assets $ 77,318,552
==============
</TABLE>
- -------------
(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 ...................... $ 872,866
Unrealized depreciation ...................... (498,168)
-----------
Net unrealized appreciation .................. $ 374,698
===========
</TABLE>
* Variable rate investments. The rate reflected on the Schedule of Portfolio
Investments is the rate in effect at August 31, 1997.
FGIC -- Financial Guaranty Insurance Corporation
See notes to financial statements.
-39-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments
August 31, 1997
<TABLE>
<CAPTION>
Security Market
Shares Description Value
- ------------ ---------------------------------------- ---------------
<S> <C> <C>
Common Stocks (97.6%):
Aerospace/Defense (2.1%):
26,100 Alliant Techsystems Inc.(b)............ $ 1,685,081
33,600 Boeing Co.............................. 1,829,100
---------------
3,514,181
---------------
Airlines (1.1%):
21,400 Delta Air Lines, Inc................... 1,851,100
---------------
Automotive Parts (0.6%):
18,800 SPX Corp............................... 1,092,750
---------------
Banking (7.6%):
22,900 BankAmerica Corp....................... 1,507,106
17,600 Bankers' Trust New York Corp........... 1,826,000
30,400 Chase Manhattan Corp................... 3,380,099
20,500 CoreStates Financial Corp.............. 1,260,750
48,800 NationsBank Corp....................... 2,897,499
27,400 PNC Financial Corp..................... 1,185,050
9,900 U.S. Bancorp........................... 866,869
---------------
12,923,373
---------------
Beverages (2.8%):
70,600 Coca-Cola Co........................... 4,046,262
22,600 PepsiCo, Inc........................... 813,600
---------------
4,859,862
---------------
Brokerage Firms (0.6%):
17,700 Salomon, Inc........................... 1,059,788
---------------
Building Materials (0.8%):
29,900 USG Corp.(b)........................... 1,281,963
---------------
Chemicals (2.6%):
40,600 E.I. du Pont de Nemours & Co........... 2,529,888
24,600 Monsanto Co............................ 1,080,863
14,600 Praxair, Inc........................... 780,188
---------------
4,390,939
---------------
Computer Software & Services (3.3%):
27,900 Microsoft Corp.(b)..................... 3,688,030
49,950 Oracle Corp.(b)........................ 1,904,344
---------------
5,592,374
---------------
Computers (2.3%):
24,000 Compaq Computer Corp.(b)............... 1,572,000
38,600 Quantum Corp.(b)....................... 1,353,413
20,700 Western Digital Corp.(b)............... 996,188
---------------
3,921,601
---------------
Computers & Peripherals (2.8%):
28,200 Cisco Systems Inc.(b).................. 2,125,575
25,800 International Business Machines Corp... 2,602,575
---------------
4,728,150
---------------
Cosmetics (1.7%):
17,700 Avon Products, Inc..................... 1,133,906
21,300 Gillette Co............................ 1,763,906
---------------
2,897,812
---------------
Diversified Manufacturing Operations (1.1%):
61,900 ITT Industries Inc..................... 1,949,850
---------------
Diversified Operations (2.6%):
71,000 General Electric Co.................... 4,437,499
---------------
Electric Components (0.5%):
28,400 Wyman Gordon Co.(b).................... 775,675
---------------
Entertainment (1.8%):
27,300 The Walt Disney Co..................... 2,096,981
19,300 Time Warner Inc........................ 993,950
---------------
3,090,931
---------------
Financial Services (3.6%):
29,600 Federal Home Loan Mortgage Corp........ 963,850
19,400 Green Tree Financial Corp.............. 852,388
15,600 Household International, Inc........... 1,730,625
37,100 MBNA Corp.............................. 1,426,031
19,200 Travelers Group, Inc................... 1,219,200
---------------
6,192,094
---------------
Food Processing & Packaging (2.0%):
14,200 CPC International, Inc................. 1,265,575
14,400 Interstate Bakeries Corp............... 844,200
22,700 Smithfield Foods Inc.(b)............... 1,251,338
---------------
3,361,113
---------------
Forest Products (2.6%):
55,188 Fort James Corp........................ 2,317,875
46,500 Kimberly-Clark Corp.................... 2,205,844
---------------
4,523,719
---------------
Health Care (1.7%):
29,000 Integrated Health Services, Inc........ 957,000
</TABLE>
Continued
-40-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Security Market
Shares Description Value
- ------------ ---------------------------------------- ----------------
<S> <C>
Common Stocks, continued:
Health Care, continued:
36,000 Johnson & Johnson...................... $ 2,040,750
---------------
2,997,750
---------------
Hotels & Motels (0.6%):
17,200 HFS, Inc.(b)........................... 957,825
---------------
Insurance (4.9%):
12,100 Allstate Corp.......................... 884,056
4,300 Cigna Corp............................. 788,513
23,400 Everest Reinsurance Holdings, Inc...... 846,788
60,000 Hartford Financial Services Group...... 4,784,999
15,800 Marsh & McLennan Companies, Inc........ 1,078,350
---------------
8,382,706
---------------
Machinery--Diversified (2.7%):
26,200 Caterpillar, Inc....................... 1,521,238
21,300 Harnischfeger Industries, Inc.......... 854,663
29,200 Tyco International Ltd................. 2,290,375
---------------
4,666,276
---------------
Manufacturing (0.5%):
35,600 Watts Industries Inc................... 867,750
---------------
Metals & Mining (0.9%):
52,400 Freeport McMoran Copper & Gold, Inc.,
Class B............................. 1,467,200
---------------
Oil--Integrated Companies (8.7%):
11,800 Chevron Corp........................... 913,763
48,600 Exxon Corp............................. 2,973,712
22,800 Mobil Corp............................. 1,658,700
33,300 Pennzoil Co............................ 2,570,344
75,200 Royal Dutch Petroleum-New York Shares.. 3,816,399
28,600 Sun Co. Inc............................ 1,111,825
15,700 Texaco, Inc............................ 1,809,425
---------------
14,854,168
---------------
Paper Products (0.5%):
39,000 Wausau Paper Mills Co.................. 853,125
---------------
Pharmaceuticals (8.3%):
31,000 Agouron Pharmaceuticals Inc.(b)........ 1,364,000
17,400 American Home Products Corp............ 1,252,800
21,300 Biogen, Inc.(b)........................ 838,688
37,800 Bristol-Myers Squibb Co................ 2,872,800
11,900 Eli Lilly & Co......................... 1,245,038
31,800 Merck & Co., Inc....................... 2,919,637
67,100 Pfizer, Inc............................ 3,715,662
---------------
14,208,625
---------------
Publishing (0.7%):
24,500 Times Mirror Co........................ 1,241,844
---------------
Retail (4.0%):
32,000 CVS Corp............................... 1,804,000
23,000 Federated Department Stores, Inc.(b)... 966,000
36,500 Home Depot, Inc........................ 1,722,344
21,200 Sears, Roebuck & Co.................... 1,203,100
53,600 Woolworth Corp.(b)..................... 1,199,300
---------------
6,894,744
---------------
Semiconductors (2.9%):
54,600 Intel Corp............................. 5,030,024
---------------
Services (Non-Financial) (0.7%):
39,300 Service Corp. International............ 1,257,600
---------------
Soaps & Cleaning Agents (2.0%):
15,600 Colgate Palmolive, Inc................. 978,900
18,600 Procter & Gamble Co.................... 2,474,963
---------------
3,453,863
---------------
Steel (1.4%):
30,700 Carpenter Technology Corp.............. 1,375,744
29,000 USX - U.S. Steel Group, Inc............ 1,018,625
---------------
2,394,369
---------------
Telecommunications (5.3%):
26,400 Airtouch Communications, Inc.(b)....... 892,650
42,367 Bell Atlantic Corp..................... 3,066,311
25,500 GTE Corp............................... 1,136,344
32,900 SBC Communications, Inc................ 1,788,938
21,900 Telefonaktiebolaget L.M. Ericsson, ADR. 912,956
43,300 Worldcom, Inc.(b)...................... 1,296,294
---------------
9,093,493
---------------
Tobacco & Tobacco Products (3.3%):
77,200 Dimon, Inc............................. 1,852,800
53,700 Philip Morris Cos., Inc................ 2,342,663
</TABLE>
Continued
-41-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Security Market
Shares Description Value
- ------------ ---------------------------------------- ---------------
<S> <C>
Common Stocks, continued:
Tobacco & Tobacco Products, continued:
42,000 RJR Nabisco Holdings Corp.............. $ 1,462,125
---------------
5,657,588
---------------
Utilities--Electric (4.2%):
64,800 AES Corp.(b)........................... 2,397,600
25,100 Calenergy Co., Inc.(b)................. 831,438
28,300 CMS Energy Corp........................ 1,017,031
32,200 Entergy Corp........................... 798,963
59,600 Texas Utilities Co..................... 2,078,550
---------------
7,123,582
---------------
Utilities--Natural Gas (1.8%):
32,200 Columbia Gas System.................... $ 2,125,200
15,200 Consolidated Natural Gas Co............ 897,750
---------------
3,022,950
---------------
Total Common Stocks (Cost--$124,192,848) 166,870,256
---------------
Investment Companies (2.3%):
3,864,341 American Performance Cash Management
Fund................................ 3,864,341
---------------
Total Investment Companies (Cost--$3,864,341) 3,864,341
---------------
Total Investments (Cost--$128,057,189)(a) 170,734,597
Other Assets in Excess of Liabilities (0.1%) 151,930
---------------
Total Net Assets $ 170,886,527
===============
</TABLE>
- -------------
(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
$26,250. Cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
Unrealized appreciation ...................... $ 44,265,668
Unrealized depreciation ...................... (1,614,510)
--------------
Net unrealized appreciation .................. $ 42,651,158
==============
(b) Represents non-income producing security.
ADR -- American Depositary Receipt
See notes to financial statements.
-42-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Aggressive Growth Fund
Schedule of Portfolio Investments
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ----------------------------------------- ------
<S> <C> <C>
Common Stocks (92.6%):
Audio/Video Products (1.7%):
22,805 Harman International Industries, Inc..... $ 1,020,524
--------------
Automotive Parts (2.1%):
66,400 Keystone Automotive Industries, Inc.(b).. 1,253,300
--------------
Broadcasting (0.4%):
5,400 Bet Holdings, Inc.(b).................... 212,625
--------------
Commercial Services (2.4%):
43,100 Personnel Group of America, Inc.(b)...... 1,443,850
--------------
Computer Software & Services (4.6%):
22,800 BDM International, Inc.(b)............... 575,700
46,900 Imnet Systems, Inc.(b)................... 1,547,700
34,700 Network General Corp.(b)................. 576,888
--------------
2,700,288
--------------
Computers & Peripherals (6.7%):
27,100 Cisco Systems, Inc.(b)................... 2,042,662
48,500 QLogic Corp.(b).......................... 1,903,624
--------------
3,946,286
--------------
Consumer Goods (1.4%):
22,200 Blyth Industries, Inc.(b)................ 820,013
--------------
Electronics (1.5%):
23,600 CHS Electronics Inc.(b).................. 911,550
--------------
Entertainment (1.6%):
98,400 Lodgenet Entertainment Corp.(b).......... 922,500
--------------
Financial Services (4.6%):
59,064 Resource Bancshares Mortgage Group, Inc.. 996,705
59,425 The Money Store, Inc..................... 1,693,613
--------------
2,690,318
--------------
Furniture (0.7%):
29,345 O'Sullivan Industries Holdings, Inc.(b).. 386,987
--------------
Health Care (5.0%):
23,600 Access Health, Inc.(b)................... 737,500
56,656 FPA Medical Management, Inc.(b).......... 1,643,024
33,858 Orthodontic Centers Of America, Inc.(b).. 579,818
--------------
2,960,342
--------------
Insurance (2.5%):
22,700 Amerin Corp.(b).......................... 524,938
19,600 FPIC Insurance Group Inc.(b)............. 455,700
18,800 HCC Insurance Holdings, Inc.............. 497,025
--------------
1,477,663
--------------
Manufacturing (1.2%):
41,400 Bacou U.S.A., Inc.(b).................... 677,925
--------------
Medical - Wholesale Drugs Distribution (2.3%):
20,648 Cardinal Health, Inc..................... 1,367,930
--------------
Medical Services (7.2%):
16,200 Fisher Scientfic International........... 797,850
32,800 Hologic, Inc.(b)......................... 795,400
51,100 OccuSystems, Inc.(b)..................... 1,609,650
79,000 Prime Medical Services, Inc.(b).......... 1,071,438
--------------
4,274,338
--------------
Medical Supplies (1.0%):
18,400 Sola International Inc.(b)............... 570,400
--------------
Oil & Gas - Equipment & Services (6.6%):
45,000 American Oilfield Divers, Inc.(b)........ 849,375
28,100 Offshore Logistics, Inc.(b).............. 512,825
27,400 Pride International Inc.(b).............. 876,800
60,200 Tuboscope Vetco International Corp.(b)... 1,678,075
--------------
3,917,075
--------------
Oil & Gas Exploration & Production (2.5%):
24,800 Newfield Exploration Co.(b).............. 637,050
16,300 Nuevo Energy Co.(b)...................... 828,244
--------------
1,465,294
--------------
Pharmaceuticals (1.1%):
33,200 ChiRex Inc.(b)........................... 651,550
--------------
Real Estate (1.9%):
22,300 Alexandria Real Estate Equities.......... 583,981
13,800 Bay Apartment Communities Inc............ 513,188
--------------
1,097,169
--------------
Restaurants (2.1%):
27,374 Casa Ole' Restaurants, Inc.(b)........... 225,836
23,200 Landry's Seafood Restaurants(b).......... 556,800
</TABLE>
Continued
-43-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Aggressive Growth Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ------------ ------------------------------------------ ----------
<S> <C> <C>
Common Stocks, continued:
Restaurants, continued:
61,000 Rock Bottom Restaurants, Inc.(b)......... $ 480,375
--------------
1,263,011
--------------
Retail (10.3%):
65,600 Petco Animal Supplies, Inc.(b)........... 1,943,399
22,700 Proffitt's, Inc.(b)...................... 1,218,706
45,900 Stage Stores, Inc.(b).................... 1,420,031
41,700 The Men's Wearhouse, Inc.(b)............. 1,514,231
--------------
6,096,367
--------------
Semiconductors (6.7%):
11,200 Dupont Photomasks Inc.(b)................ 733,600
14,500 Etec Systems Inc.(b)..................... 971,500
37,700 Semtech Corp.(b)......................... 2,229,012
--------------
3,934,112
--------------
Services (Non-Financial) (5.8%):
48,370 Children's Comprehensive Services,
Inc.(b)............................... 882,753
29,200 Envoy Corp.(b)........................... 788,400
51,270 Paychex, Inc............................. 1,755,997
--------------
3,427,150
--------------
Telecommunication Equipment (2.7%):
89,300 LCC International, Inc.(b)............... 1,607,400
--------------
Telecommunications (2.9%):
31,200 Dycom Industries Inc.(b)................. 629,850
22,900 Mastec, Inc.(b).......................... 1,069,144
--------------
1,698,994
--------------
Tobacco & Tobacco Products (2.1%):
33,800 Consolidated Cigar Holdings, Inc.(b)..... 1,119,625
5,161 General Cigar Holdings Inc.(b)........... 111,607
--------------
1,231,232
--------------
Transportation Leasing & Trucking (1.0%):
27,400 Motivepower Industries Inc.(b)........... 592,525
--------------
Total Common Stocks (cost $37,786,693) 54,618,718
--------------
U.S. Government Agencies (1.7%):
Federal Home Loan Mortgage Corp.:
1,000,000 9/16/97 .................................. 997,600
--------------
Total U.S. Government Agencies (cost $997,750) 997,600
--------------
Investment Companies (6.5%):
2,588,029 American Performance Cash Management Fund.. 2,588,029
1,227,752 American Performance U.S. Treasury Fund.... 1,227,752
--------------
Total Investment Companies (cost $3,815,781) 3,815,781
--------------
Total Investments (Cost--$42,600,224)(a) 59,432,099
Liabilities in Excess of Other Assets (-0.8%) (450,070)
--------------
Total Net Assets $ 58,982,029
==============
</TABLE>
- -------------
(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 .................... $ 18,188,698
Unrealized depreciation .................... (1,356,823)
-------------
Net unrealized appreciation ................ $ 16,831,875
=============
</TABLE>
(b) Represents non-income producing security.
See notes to financial statements.
-44-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- --------- ----------------------------------------------------------------------------------------------- -----------
<S> <C> <C>
Alternative Minimum Tax Paper (4.7%):
Delaware (0.6%):
$145,000 Delaware State Housing Authority, Senior Home Mortgage, Series A, 6.90%, 12/1/99 ............. $ 149,438
-----------
Illinois (1.3%):
350,000 Chicago, O'Hare International Airport Revenue Refunding, Series A, 5.60%, 1/1/07,
Callable 1/1/03 @ 102*, Insured by: MBIA..................................................... 361,876
-----------
South Carolina (0.8%):
200,000 South Carolina State Education Assistance Authority, Student Loan Revenue, 5.90%, 9/1/98....... 203,174
-----------
Texas (2.0%):
250,000 Texas State Student Loan, GO, 6.50%, 8/1/07, Callable 8/1/02 @ 100*............................ 265,835
250,000 Texas State Student Loan, GO, 5.75%, 8/1/08, Callable 8/1/04 @ 100*............................ 257,165
-----------
523,000
-----------
Total Alternative Minimum Tax Paper (cost $1,194,720).................................................. 1,237,488
-----------
Municipal Bonds (93.5%):
Alaska (2.0%):
500,000 Alaska State Housing Financial Corp., Series A, 6.10%, 12/1/06 ............................... 517,305
-----------
Arizona (4.0%):
500,000 Arizona State Transportation Board, Highway Revenue, Sub-Series A, 6.10%, 7/1/01 ............. 531,685
500,000 Arizona State University Revenue Refunding, Series A, 5.80%, 7/1/07, Callable 7/1/02 @
101* ........................................................................................ 526,850
-----------
1,058,535
-----------
California (6.0%):
200,000 California State Franchise Tax Board Certificate, Certificates of Participation Refunding
Bond, 6.90%, 10/1/06, Callable 10/1/99 @ 102* ............................................... 215,102
500,000 Folsom, School Facilities Project, GO, Series B, 6.00%, 8/1/06, Callable 8/1/04 @ 102*,
Insured by: FGIC............................................................................. 550,255
300,000 Los Angeles, Public Facilities Corp. Revenue, 5.40%, 8/1/07, Callable 8/1/97 @ 103*, ETM....... 313,872
500,000 Southern California Public Power Authority, Transmission Project Revenue, 5.75%, 7/1/09,
Callable 7/1/98 @ 100*, Insured by: MBIA..................................................... 503,660
-----------
1,582,889
-----------
District of Columbia (1.9%):
500,000 District of Columbia Refunding, GO, Series B-1, 5.20%, 6/1/04, Insured by: AMBAC .............. 511,965
-----------
Florida (1.9%):
500,000 Jacksonville Electrical Authority Revenue, Water and Sewer System, Series A, 5.38%,
10/1/14, Callable 10/01/02 @ 101*, Insured by: FGIC.......................................... 500,615
-----------
Illinois (9.4%):
500,000 Chicago Park District Refunding, GO, 5.45%, 1/1/04, Callable 1/1/03 @ 102, Insured by:
FGIC ........................................................................................ 521,150
500,000 Chicago School Finance Authority Refunding, GO, Series A, 5.38%, 6/1/08, Callable 6/1/03
@ 102*, Insured by: FGIC..................................................................... 511,580
400,000 Cook County, Series B, GO, 5.75%, 11/15/07, Pre-refunded 11/15/02 @ 102, Insured by: FGIC...... 430,472
</TABLE>
Continued
-45-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- --------- ------------------------------------------------------------------------------------------- -----------
<S> <C> <C>
Municipal Bonds, continued:
Illinois, continued:
$500,000 Illinois Development Finance Authority, Pollution Control Revenue Refunding, Commonwealth
Edison Co., 5.70%, 1/15/09, Insured by: AMBAC .......................................... $ 525,890
500,000 Illinois Health Facilities Revenue, OSF Healthcare System, 5.75%, 11/15/07, Callable
11/15/03 @ 102* ........................................................................ 510,440
-----------
2,499,532
-----------
Louisiana (3.9%):
500,000 Louisiana Public Facilities Authority, Hospital Revenue Refunding, Our Lady of the Lake
Regional, 6.05%, 12/1/08, Callable 12/1/01 @ 102*, Insured by: MBIA..................... 527,310
500,000 Lousiana Public Facilities Authority, Lousiana Water Co. Project, 5.45%, 2/1/13, Callable
8/1/01 @ 100*, Insured by: AMBAC........................................................ 502,490
-----------
1,029,800
-----------
Michigan (3.9%):
550,000 Detroit Sewer Disposal Revenue, Series A, 5.25%, 7/1/15, Callable 7/1/05 @ 101*, Insured
by: MBIA................................................................................ 539,352
500,000 Holly, Area School District, GO, 5.30%, 5/1/09, Callable 5/1/05 @ 101*, Insured by: FGIC.. 507,905
-----------
1,047,257
-----------
Minnesota (2.1%):
550,000 Southern Minnesota Municipal Power Agency, Power Supply System Revenue, Series B, 5.00%,
1/1/10, Callable 1/1/04 @ 102*, Insured by: AMBAC...................................... 542,993
-----------
Nevada (6.8%):
250,000 Clark County, Series A, Limited GO, 6.00%, 7/1/06, Callable 7/1/03 @ 101* ................ 267,258
500,000 Las Vegas, Downtown Redevelopment Agency, Tax Increment Revenue Refunding, 5.40%, 6/1/07,
Callable 6/1/05 @ 101*, Insured by: FSA................................................. 513,695
500,000 Reno, Hospital Revenue, St. Mary's Regional Medical Center, 5.25%, 5/15/07, Callable
5/15/03 @ 102*, Insured by: MBIA........................................................ 510,765
500,000 Washoe County Airport Authority, Airport Systems Improvement Revenue Refunding, Series A,
5.60%, 7/1/03, Callable 7/1/02 @ 101*, Insured by: MBIA................................. 523,230
-----------
1,814,948
-----------
New Jersey (2.0%):
500,000 Ocean County, GO, Series A, 6.25%, 10/1/06, Callable 10/1/01 @ 102* ...................... 537,740
-----------
New Mexico (0.4%):
110,000 New Mexico Mortgage Finance Authority, Refunding Single Family Mortgage, Series A-1,
6.30%, 1/1/02 ......................................................................... 114,810
-----------
New York (2.1%):
500,000 Triborough Bridge & Tunnel Authority, GO, Revenue, Series T, 7.00%, 1/1/11, Pre-refunded
1/1/01 @ 102 ........................................................................... 551,200
-----------
Ohio (4.9%):
250,000 Cleveland, GO, Series A, 6.30%, 7/1/05, Callable 7/1/02 @ 102*, Insured by: MBIA.......... 274,303
500,000 Ohio Municipal Electric Generation Agency, 5.38%, 2/15/13, Callable 2/15/03 @ 102*,
Insured by: AMBAC....................................................................... 501,665
500,000 Ohio State Water Development Authority, Revenue Refunding & Improvement, Pure Water,
5.75%, 12/1/06, Callable 12/1/02 @ 102*, Insured by: MBIA............................... 530,660
-----------
1,306,628
-----------
</TABLE>
Continued
-46-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- --------- ------------------------------------------------------------------------------------------ ----------
<S> <C> <C>
Municipal Bonds, continued:
Oklahoma (15.5%):
$520,000 Grand River Dam Authority, Revenue, 5.90%, 11/1/08, ETM, Callable 11/21/97 @ 102* ........ $ 540,758
500,000 Oklahoma City, GO, 5.60%, 5/1/10, Callable 5/1/03 @ 100* ................................. 513,775
500,000 Oklahoma State Housing Finance Agency, Multifamily Housing Revenue, Series A4, 5.50%,
11/1/25, Callable 5/1/05 @ 100*, Mandatory Put 11/1/05, FNMA Collateral................. 515,730
200,000 Oklahoma State Turnpike Authority, Turnpike Revenue, First Series A, 6.10%, 1/1/05,
Callable 7/1/02 @ 102* ................................................................. 215,534
500,000 Tulsa Industrial Authority, Hospital Revenue, St. John's Medical Center Project, 5.70%,
2/15/04 ............................................................................... 523,040
500,000 Tulsa International Airport, Revenue Refunding, 5.40%, 6/1/03, Insured by: FGIC .......... 521,530
200,000 Tulsa Public Facilities Authority, 5.80%, 7/1/01 ........................................ 208,486
540,000 Tulsa Public Facilities Authority, Capital Improvement, Series 1988-B, 5.70%, 3/1/05,
Callable 8/1/03 @ 102* ................................................................. 558,975
500,000 Tulsa Public Facilities Authority, Revenue Refunding, Solid Waste, Ogden Martin Systems,
5.65%, 11/1/06, Insured by: AMBAC ...................................................... 520,280
----------
4,118,108
----------
Pennsylvania (3.2%):
500,000 Bristol Township School District, GO, Series A, 5.25%, 2/15/09, Callable 2/15/04 @ 100*,
Insured by: MBIA State Aid Withholding.................................................. 505,720
320,000 Philadelphia Water & Sewer, Revenue Refunding, 15th Series, 6.88%, 10/1/06, Callable
10/1/99 @ 102*, Insured by: MBIA........................................................ 341,869
----------
847,589
----------
Rhode Island (3.6%):
400,000 Rhode Island Depositors Economic Protection Corp., Special Obligations, Series A, 6.38%,
8/1/01, Insured by: MBIA ............................................................... 428,456
500,000 Rhode Island State, GO, Series B, 6.25%, 5/15/05, Pre-refunded 5/15/00 @ 102 ............. 534,105
----------
962,561
----------
South Carolina (1.4%):
350,000 Georgetown County, Pollution Control Facilities, Revenue Refunding, International Paper
Co. Project, 6.25%, 6/15/05, Callable 6/15/02 @ 102* ................................... 373,940
----------
South Dakota (2.7%):
700,000 South Dakota Housing Development Authority, Homeownership Mortgage, Series A, 5.70%,
5/1/08, Callable 5/1/06 @ 102* ......................................................... 717,380
----------
Texas (7.3%):
250,000 Brownsville, Utilities System Revenue, 6.25%, 9/1/07, Callable 9/1/02 @ 100*, Insured by:
MBIA.................................................................................... 267,220
500,000 Coastal Bend, Health Facilities Development Revenue, Series A, 5.60%, 11/15/02, Insured
by: AMBAC .............................................................................. 524,310
400,000 Houston Water & Sewer System, Revenue Refunding, Series B, 6.10%, 12/1/05, Callable
12/1/02 @ 102* ......................................................................... 429,908
220,000 Montgomery County Hospital District, Series B, 6.30%, 4/1/04, Pre-refunded 4/1/02 @ 102,
Insured by: FSA......................................................................... 240,214
500,000 Tarrant County Texas Water Revenue, 4.75%, 3/1/12, Callable 3/1/03 @ 100*, Insured by:
AMBAC................................................................................... 470,475
----------
1,932,127
----------
Washington (8.5%):
250,000 Kitsap County, School District #400, GO, 6.25%, 12/1/02 ................................. 269,648
</TABLE>
Continued
-47-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- --------- ------------------------------------------------------------------------------------------- ----------
<C> <S> <C>
Municipal Bonds, continued:
Washington, continued:
$500,000 Port Tacoma, Revenue Refunding, Series A, 5.50%, 11/1/04, Callable 11/1/02 @ 100*,
Insured by: AMBAC........................................................................ $ 518,840
500,000 Tacoma Electric System, Revenue Refunding, 5.70%, 1/1/03, Insured by: FGIC ................ 526,950
500,000 Washington State Public Power Supply System, Nuclear Project #2, 6.00%, 7/1/07 ............ 505,735
410,000 Washington State, GO Limited, Revenue Refunding, Series R-92-A, 6.40%, 9/1/03, Callable
9/1/01 @ 101* ........................................................................... 441,381
-----------
2,262,554
-----------
Total Municipal Bonds (cost $23,957,663) 24,830,476
-----------
Investment Companies (3.5%):
926,217 SEI Institutional Tax Free Fund............................................................ 926,217
-----------
Total Investment Companies (cost $926,217) 926,217
-----------
Total Investments (Cost--$26,078,600)(a) 26,994,181
Liabilities in Excess of Other Assets (-1.7%) (450,372)
-----------
Total Net Assets $26,543,809
===========
</TABLE>
- ----------
(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 ................................. $920,773
Unrealized depreciation ................................. (5,192)
--------
Net unrealized appreciation ............................. $915,581
========
</TABLE>
* Represents next call date. Additional subsequent call dates and amounts also
apply to this security.
AMBAC -- AMBAC Indemnity Corporation
ETM -- Escrowed to Maturity
FGIC -- Financial Guaranty Insurance Corporation
FNMA -- Federal National Mortgage Association
FSA -- Financial Security Assurance
GO -- General Obligation Bond
MBIA -- Municipal Bond Insurance Association
See notes to financial statements.
-48-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- -------------- ---------------------------------------- --------------
<S> <C> <C>
Asset Backed Securities (11.0%):
$ 199,059 AFC Home Equity Loan Trust, Series
1995-3, Class 1A2, 6.80%, 10/26/26... $ 200,053
175,000 Contimortgage Home Equity Loan Trust,
Series 1996-3, Class A2, 6.95%,
7/15/11.............................. 176,141
364,313 CoreStates Home Equity Trust, Series
1993-2, Class A, 5.10%, 3/15/09...... 354,323
101,344 IBM Credit Receivables Lease Asset
Master Trust, Series 1993-1, Class
A, 4.55%, 11/15/00................... 100,208
90,902 Nafco Auto Trust, Series 2,
Class A, 7.00%, 12/31/01............. 91,433
200,000 Nomura Asset Securities Corp., Series
1995-2, Class 2M, 7.12%, 1/25/26..... 197,020
179,175 Security Pacific Acceptance Corp.,
Series 1991-3, Class A1, 7.25%,
12/15/11............................. 179,898
67,512 The Money Store Home Equity Trust,
Series 1992-B, Class A, 6.90%,
7/15/07.............................. 67,996
160,117 The Money Store Home Equity Trust,
Series 1996-B, Class A1, 6.72%,
2/15/10.............................. 160,396
160,000 UCFC Home Equity Loan, Series 1996-A1,
Class A3, 6.18%, 4/15/09............. 159,842
35,569 UCFC Home Equity Loan, Series 1993-D1,
Class A1, 5.45%, 7/10/13............. 34,916
--------------
Total Asset Backed Securities (cost $1,713,840)...... 1,722,226
--------------
Collateralized Mortgage Obligations (34.9%):
300,000 Crown Home Equity Loan Trust, Series
1996-1, Class A3, 6.81%, 6/25/11..... 298,161
62,117 Federal Home Loan Mortgage Corp.,
Series 1667, Class C, 6.00%, 1/15/09. 59,346
186,863 Federal Home Loan Mortgage Corp.,
Series 1927, Class N, 7.50%, 9/15/18. 189,256
87,151 Federal Home Loan Mortgage Corp.,
Series 1430, Class N, 6.50%,
12/15/21............................. 86,989
245,921 Federal Home Loan Mortgage Corp.,
Series 1514, Class I, 6.50%, 2/15/23. 246,691
189,430 Federal Home Loan Mortgage Corp.,
Series 1663, Class A, 7.00%, 7/15/23. 189,500
126,096 Federal Home Loan Mortgage Corp.,
Series 1944, Class M, 7.50%, 8/15/25. 126,195
71,000 Federal National Mortgage Assoc.,
Series G92-38, Class E, 7.50%,
11/25/20............................. 71,559
285,819 Federal National Mortgage Assoc.,
Series 1994-23, Class A, 6.00%,
12/25/22............................. 273,754
246,402 Federal National Mortgage Assoc.,
Series 1994-23, Class G, 6.00%,
5/25/23.............................. 235,996
112,326 Federal National Mortgage Assoc.,
Series 1993-155, Class LA, 6.50%,
5/25/23.............................. 112,246
250,000 Federal National Mortgage Assoc.,
Series 1993-252, Class M, 6.50%,
5/25/23.............................. 249,740
500,000 General Electric Capital Mortgage
Services, Inc., Series 1996-HE2,
Class A3, 7.30%, 3/25/12............. 506,140
90,252 General Electric Capital Mortgage
Services, Inc., Series 1993-12,
Class A2, 6.50%, 10/25/23............ 88,298
100,000 General Electric Capital Mortgage
Services, Inc., Series 1994-29,
Class A4, 8.13%, 11/25/24............ 101,169
</TABLE>
Continued
-49-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- -------------- ---------------------------------------- --------------
<S> <C> <C>
Collateralized Mortgage Obligations, continued:
$ 100,000 General Electric Capital Mortgage
Services, Inc., Series 1997-4,
Class A10, 7.50%, 5/25/27............ $ 100,802
500,000 IMC Home Equity Loan Trust, Series
1996-3, Class A3, 7.27%, 4/25/11..... 506,140
109,000 Independent National Mortgage Corp.,
Series 1995-D, Class A6, 9.00%,
3/25/25.............................. 111,614
158,349 Independent National Mortgage Corp.,
Series 1995-V, Class A1, 7.25%,
2/25/26.............................. 159,367
780,872 Norwest Asset Securities Corp., Series
1997-6, Class A12, 7.50%, 5/25/27.... 779,638
229,171 Prudential Home Mortgage Securities,
Series 1993-38, Class A3, 6.15%,
9/25/23.............................. 223,646
57,625 Prudential Home Mortgage Securities,
Series 1993-44, Class A10, 6.00%,
11/25/23............................. 57,049
52,561 Prudential Home Mortgage Securities,
Series 1994-15, Class A2, 6.00%,
5/25/24.............................. 52,041
369,437 Prudential Home Mortgage Securities,
Series 1994-15, Class A5, 6.80%,
5/25/24.............................. 363,980
250,000 Residential Funding Mortgage
Securities, Series 1993-S28, Class
A6, 7.00%, 8/25/23................... 246,203
28,731 Residential Funding Mortgage
Securities, Series 1995-S3, Class
A1, 7.65%, 4/25/25................... 28,663
--------------
Total Collateralized Mortgage Obligations (cost
$5,385,307) 5,464,183
--------------
Corporate Bonds (9.3%):
Brokerage Services (3.7%):
335,000 Merrill Lynch & Co., Inc., 6.38%,
3/30/99.............................. 335,838
250,000 Smith Barney Holdings, Inc., 5.88%,
2/1/01............................... 245,313
--------------
581,151
--------------
Financial Services (5.6%):
215,000 American General Finance, 7.70%,
11/15/97............................. 215,823
135,000 Associates Corp. of North America,
7.50%, 5/15/99....................... 137,700
250,000 Commercial Credit Co., 6.70%, 8/1/99.... 251,875
260,000 Ford Motor Credit Corp., 7.25%, 5/15/99. 264,550
--------------
869,948
--------------
Total Corporate Bonds (cost $1,480,677).............. 1,451,099
--------------
U.S. Government Agencies (34.5%):
Federal Home Loan Bank:
2,300,000 7.02%, 7/6/99, Series HA99 ............. 2,338,502
Federal Home Loan Mortgage Corp.:
386,553 6.00%, 7/1/99, Gold Pool #G50188 ....... 385,536
362,226 6.50%, 2/1/00, Gold Pool #N92990 ....... 364,149
1,342,610 6.50%, 12/1/11, Gold Pool #E20275 ..... 1,325,465
Federal National Mortgage Assoc.:
300,000 6.05%, 1/12/98 ........................ 300,390
250,000 6.45%, 2/14/02, Callable 2/14/00 @ 100.. 248,910
Government National Mortgage Association:
23,802 6.50%, 7/15/23, Pool #350795 ........... 22,995
34,647 7.50%, 3/15/24, Pool #376439 ........... 34,951
21,563 7.00%, 4/20/24, Pool #1655 ............. 21,250
34,119 6.50%, 12/15/25, Pool #414856 .......... 32,945
289,668 8.00%, 6/15/26, Pool #423563 ........... 297,790
32,676 7.00%, 11/20/26, Pool #2320 ............ 32,158
--------------
Total U.S. Government Agencies (cost $5,423,692)..... 5,405,041
--------------
U.S. Treasury Notes (8.6%):
900,000 5.50%, 11/15/98......................... 896,499
245,000 6.88%, 7/31/99.......................... 248,932
200,000 6.50%, 5/31/01.......................... 202,018
--------------
Total U.S. Treasury Notes (cost $1,343,588).......... 1,347,449
--------------
</TABLE>
Continued
-50-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- -------------- ---------------------------------------- --------------
<S> <C> <C>
Investment Companies (1.5%):
230,339 American Performance Cash Management
Fund................................. $ 230,339
--------------
Total Investment Companies (cost $230,339) 230,339
--------------
Total Investments (Cost--$15,577,443)(a) 15,620,337
Other Assets in Excess of Liabilities (0.2%) 37,873
--------------
Total Net Assets $ 15,658,210
==============
</TABLE>
- -------------
(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
$9,977. Cost for federal income tax purposes and differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation ........................ $ 105,329
Unrealized depreciation ........................ (72,412)
----------
Net unrealized appreciation ................... $ 32,917
==========
</TABLE>
See notes to financial statements.
-51-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- -------------- ---------------------------------------- --------------
<S> <C> <C>
Asset Backed Securities (3.4%):
$ 218,588 CoreStates Home Equity Trust, Series
1993-2, Class A, 5.10%, 3/15/09...... $ 212,594
300,000 Crown Home Equity Loan Trust, Series
1996-1, Class A3, 6.81%, 6/25/11..... 298,161
300,000 IMC Home Equity Loan Trust, Series
1996-3, Class A3, 7.27%, 4/25/11..... 303,684
200,000 Nomura Asset Securities Corp., Series
1995-2, Class 2M, 7.12%, 1/25/26..... 197,020
--------------
Total Asset Backed Securities (cost $1,007,157)...... 1,011,459
--------------
Collateralized Mortgage Obligations (5.7%):
300,000 General Electric Capital Mortgage
Services, Inc., Series 1996-HE2,
Class A-3, 7.30%, 3/25/12............ 303,684
108,302 General Electric Capital Mortgage
Services, Inc., Series 1993-12,
Class A2, 6.50%, 10/25/23............ 105,958
200,000 General Electric Capital Mortgage
Services, Inc., Series 1997-4,
Class A10, 7.50%, 5/25/27............ 201,603
175,483 Prudential Home Mortgage Securities,
Series 1994-15, Class A5, 6.80%,
5/25/24.............................. 172,891
250,000 Prudential Home Mortgage Securities,
Series 1994-21, Class A8, 7.80%,
6/25/24.............................. 249,325
200,000 Residential Funding Mortgage
Securities, Series 1993-S28, Class
A6, 7.00%, 8/25/23................... 196,962
500,000 Residential Funding Mortgage
Securities, Series 1997-S2, Class
A2, 7.50%, 1/25/27................... 504,799
--------------
Total Collateralized Mortgage Obligations (cost
$1,716,314) 1,735,222
--------------
Common Stocks (61.7%):
Aerospace/Defense (1.9%):
4,400 Alliant Techsystems Inc.(b)............. 284,075
5,200 Boeing Co............................... $ 283,075
--------------
567,150
--------------
Airlines (0.9%):
3,100 Delta Air Lines, Inc.................... 268,150
--------------
Audio/Visual Products (0.2%):
1,250 Harman International Industries, Inc.... 55,938
--------------
Automotive Parts (0.2%):
3,350 Keystone Automotive Industries, Inc.(b). 63,231
--------------
Banking (3.6%):
3,000 Bankers' Trust New York Corp............ 311,250
3,700 Chase Manhattan Corp.................... 411,393
5,900 NationsBank Corp........................ 350,313
--------------
1,072,956
--------------
Beverages (1.7%):
9,200 Coca-Cola Co............................ 527,274
--------------
Broadcasting (0.1%):
400 Bet Holdings, Inc.(b)................... 15,750
--------------
Building Materials (0.8%):
5,900 USG Corp.(b)............................ 252,963
--------------
Chemicals (1.1%):
5,400 E.I. du Pont de Nemours & Co............ 336,488
--------------
Commercial Services (0.3%):
2,425 Personnel Group of America, Inc.(b)..... 81,238
--------------
Computer Software & Services (2.9%):
1,250 BDM International, Inc.(b).............. 31,563
2,500 Imnet Systems, Inc.(b).................. 82,500
3,500 Microsoft Corp.(b)...................... 462,655
2,100 Network General Corp.(b)................ 34,913
6,750 Oracle Corp.(b)......................... 257,344
--------------
868,975
--------------
Computers & Peripherals (2.9%):
5,325 Cisco Systems, Inc.(b).................. 401,372
3,800 International Business Machines Corp.... 383,325
</TABLE>
Continued
-52-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- -------------- ---------------------------------------- ---------------
<S> <C>
Common Stocks, continued:
Computers & Peripherals, continued:
2,500 QLogic Corp.(b)........................ 98,125
--------------
$ 882,822
--------------
Consumer Goods (0.1%):
1,125 Blyth Industries, Inc.(b).............. 41,555
--------------
Cosmetics (0.5%):
1,900 Gillette Co............................ 157,344
--------------
Diversified Operations (1.7%):
8,400 General Electric Co.................... 524,999
--------------
Electronics (0.2%):
1,400 CHS Electronics Inc.(b)................ 54,075
--------------
Entertainment (1.3%):
5,075 Lodgenet Entertainment Corp.(b)........ 47,578
4,300 Walt Disney Co......................... 330,294
--------------
377,872
--------------
Financial Services (1.9%):
6,000 Federal Home Loan Mortgage Corp........ 195,375
2,998 Resource Bancshare Mortgage Group, Inc. 50,591
3,400 The Money Store, Inc................... 96,900
3,700 Travelers Group, Inc................... 234,950
--------------
577,816
--------------
Forest Products (1.8%):
6,700 Fort James Corp........................ 281,400
5,400 Kimberly-Clark Corp.................... 256,163
--------------
537,563
--------------
Furniture (0.1%):
1,525 O'Sullivan Industries Holdings, Inc.(b) 20,111
--------------
Health Care (1.5%):
1,300 Access Health, Inc.(b)................. 40,625
2,893 FPA Medical Management, Inc.(b)........ 83,897
5,300 Johnson & Johnson...................... 300,444
1,800 Orthodontic Centers Of America, Inc.(b) 30,825
--------------
455,791
--------------
Household Goods (0.7%):
3,200 Armstrong World Industries, Inc........ $ 219,000
--------------
Insurance (2.6%):
1,500 Amerin Corp.(b)........................ 34,688
1,300 FPIC Insurance Group Inc.(b)........... 30,225
8,800 Hartford Financial Services Group...... 701,799
1,100 HCC Insurance Holdings Inc............. 29,081
--------------
795,793
--------------
Machinery - Diversified (1.1%):
4,200 Tyco International Ltd................. 329,438
--------------
Manufacturing (0.1%):
2,225 Bacou U.S.A., Inc.(b).................. 36,434
--------------
Medical - Wholesale Drugs Distribution (0.3%):
1,225 Cardinal Health, Inc................... 81,156
--------------
Medical Services (0.8%):
1,050 Fisher Scientfic International......... 51,713
1,700 Hologic, Inc.(b)....................... 41,225
2,650 OccuSystems Inc.(b).................... 83,475
4,125 Prime Medical Services, Inc.(b)........ 55,945
--------------
232,358
--------------
Medical Supplies (0.1%):
1,100 Sola International Inc.(b)............. 34,100
--------------
Oil & Gas - Equipment & Services (0.6%):
2,200 American Oilfield Divers, Inc.(b)...... 41,525
1,500 Offshore Logistics, Inc.(b)............ 27,375
1,300 Pride International Inc.(b)............ 41,600
3,000 Tuboscope Vetco International Corp.(b). 83,625
--------------
194,125
--------------
Oil & Gas Exploration (0.3%):
1,400 Newfield Exploration Co.(b)............ 35,963
925 Nuevo Energy Co.(b).................... 47,002
--------------
82,965
--------------
Oil - Integrated Companies (5.1%):
2,400 Chevron Corp........................... 185,850
5,000 Exxon Corp............................. 305,938
4,700 Pennzoil Co............................ 362,781
</TABLE>
Continued
-53-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- -------------- ---------------------------------------- ---------------
<S> <C>
Common Stocks, continued:
Oil - Integrated Companies, continued:
8,300 Royal Dutch Petroleum-New York Shares.. $ 421,224
2,400 Texaco, Inc............................ 276,600
--------------
1,552,393
--------------
Pharmaceuticals (4.2%):
4,400 Agouron Pharmaceuticals Inc.(b)........ 193,600
4,300 Bristol-Myers Squibb Co................ 326,800
2,000 ChiRex Inc.(b)......................... 39,250
4,200 Merck & Co., Inc....................... 385,613
6,100 Pfizer, Inc............................ 337,788
--------------
1,283,051
--------------
Printing & Publishing (0.8%):
4,900 Times Mirror Co........................ 248,369
--------------
Real Estate (0.2%):
1,400 Alexandria Real Estate Equities........ 36,663
550 Bay Apartment Communities Inc.......... 20,453
--------------
57,116
--------------
Restaurants (0.2%):
1,500 Casa Ole' Restaurants, Inc.(b)......... 12,375
1,325 Landry's Seafood Restaurants(b)........ 31,800
3,100 Rock Bottom Restaurants, Inc.(b)....... 24,413
--------------
68,588
--------------
Retail (4.3%):
5,700 CVS Corp............................... 321,338
5,600 Home Depot, Inc........................ 264,250
3,537 Petco Animal Supplies, Inc.(b)......... 104,784
1,125 Proffitt's, Inc.(b).................... 60,398
3,800 Sears, Roebuck & Co.................... 215,650
2,400 Stage Stores, Inc.(b).................. 74,250
2,200 The Men's Wearhouse, Inc.(b)........... 79,888
8,400 Woolworth Corp.(b)..................... 187,950
--------------
1,308,508
--------------
Semiconductors (2.5%):
625 Dupont Photomasks Inc.(b).............. 40,938
800 Etec Systems Inc.(b)................... 53,600
6,200 Intel Corp............................. 571,174
1,725 Semtech Corp.(b)....................... 101,991
--------------
767,703
--------------
Services (Non-Financial) (1.3%):
2,450 Childrens Comprehensive Services,
Inc.(b)............................. 44,713
1,450 Envoy Corp.(b)......................... 39,150
2,737 Paychex, Inc........................... 93,742
6,900 Service Corp. International............ 220,800
--------------
398,405
--------------
Soaps & Cleaning Agents (1.3%):
3,000 Procter & Gamble Co.................... 399,188
--------------
Steel (0.8%):
5,100 Carpenter Technology Corp.............. 228,544
--------------
Telecommunication Equipment & Services (0.3%):
4,675 LCC International, Inc.(b)............. 84,150
--------------
Telecommunications (2.3%):
4,838 Bell Atlantic Corp..................... 350,150
2,000 Dycom Industries Inc.(b)............... 40,375
1,500 Mastec, Inc.(b)........................ 70,031
8,200 Worldcom, Inc.(b)...................... 245,488
--------------
706,044
--------------
Tobacco & Tobacco Products (2.6%):
2,000 Consolidated Cigar Holdings, Inc.(b)...
66,250
10,100 Dimon, Inc............................. 242,400
100 General Cigar Holdings Inc.(b)......... 2,163
5,800 Philip Morris Cos., Inc................ 253,025
6,000 RJR Nabisco Holdings Corp.............. 208,875
--------------
772,713
--------------
Transportation Leasing & Trucking (0.1%):
1,650 Motivepower Industries Inc.(b)......... 35,681
--------------
Utilities--Electric (2.3%):
10,000 AES Corp.(b)........................... 370,000
9,000 Texas Utilities Co..................... 313,875
--------------
683,875
--------------
Utilities--Gas (1.1%):
5,000 Columbia Gas System.................... 330,000
--------------
Total Common Stocks (cost $14,747,558) 18,669,758
--------------
</TABLE>
Continued
-54-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- -------------- ---------------------------------------- ---------------
<S> <C>
Corporate Bonds (8.9%):
Banking (1.6%):
$ 250,000 BankAmerica Corp., 7.12%, 5/12/05...... $ 252,500
250,000 J.P. Morgan, 6.25%, 12/15/05........... 240,000
--------------
492,500
--------------
Beverages (0.8%):
250,000 Anheuser Busch Co., 6.90%, 10/1/02..... 250,938
--------------
Brokerage Services (2.3%):
250,000 Bear Stearns, 6.75%, 8/15/00........... 251,875
200,000 Smith Barney Holdings, Inc., 6.63%,
7/1/02.............................. 199,000
250,000 Smith Barney Holdings, Inc., 6.88%,
6/15/05............................. 248,125
--------------
699,000
--------------
Financial Services (2.3%):
250,000 Associates Corp., 6.00%, 12/1/02....... 243,438
250,000 Ford Motor Credit Co., 6.38%, 9/15/99.. 250,625
200,000 General Motors Acceptance Corp.,
6.63%, 10/15/05..................... 195,500
--------------
689,563
--------------
Retail Stores (1.9%):
300,000 J.C. Penney Co., 7.25%, 4/1/02......... 307,500
250,000 Wal-Mart Stores, Inc., 7.25%, 6/1/13... 256,563
--------------
564,063
--------------
Total Corporate Bonds (cost $2,705,673) 2,696,064
--------------
Taxable Municipal Bonds (0.6%):
Louisiana (0.6%):
170,000 Orleans Parish, School Board, Series
A, 6.45%, 2/1/05, Insured by: FGIC.. 168,300
--------------
Total Taxable Municipal Bonds (cost $170,000) 168,300
--------------
U.S. Government Agencies (8.9%):
Federal Home Loan Mortgage Corp.:
$ 386,553 6.00%, 7/1/99, Gold Pool #G50188 ...... $ 385,536
169,933 6.50%, 2/1/00, Gold Pool #N92990 ...... 170,836
287,702 6.50%, 12/1/11, Gold Pool #E20275 ..... 284,028
Federal National Mortgage Association:
300,000 7.50%, 4/16/07, Callable 4/16/02 @ 100. 307,641
Government National Mortgage Assoc.:
604,096 7.00%, 1/15/26, Pool #421420 .......... 597,305
172,670 6.00%, 2/20/26, Pool #2166 ............ 161,699
769,856 8.00%, 6/15/26, Pool #423563 .......... 791,441
--------------
Total U.S. Government Agencies (cost $2,653,310) 2,698,486
--------------
U.S. Treasury Bonds (1.6%):
525,000 6.25%, 8/15/23......................... 496,366
--------------
Total U.S. Treasury Bonds (cost $506,414) 496,366
--------------
U.S. Treasury Notes (4.7%):
300,000 6.13%, 5/15/98......................... 300,933
400,000 6.25%, 6/30/98......................... 401,803
500,000 6.50%, 4/30/99......................... 504,464
200,000 7.75%, 2/15/01......................... 209,806
--------------
Total U.S. Treasury Notes (cost $1,429,531) 1,417,006
--------------
</TABLE>
Continued
-55-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
August 31, 1997
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- -------------- ---------------------------------------- --------------
<S> <C> <C>
Investment Companies (4.8%):
1,440,440 American Performance Cash Management
Fund 1,440,440
--------------
Total Investment Companies (cost $1,440,440) 1,440,440
--------------
Total Investments (Cost--$26,376,397)(a) 30,333,101
Liabilities in Excess of Other Assets (-0.3%) (84,445)
--------------
Total Net Assets $ 30,248,656
==============
</TABLE>
- -------------
(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
$2,321. Cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation ....................... $ 4,180,777
Unrealized depreciation ....................... (226,394)
-------------
Net unrealized appreciation ................... $ 3,954,383
=============
</TABLE>
(b) Represents non-income producing security.
FGIC -- Financial Guaranty Insurance Corporation
See notes to financial statements.
-56-
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 1997
1.ORGANIZATION:
The American Performance Funds (the "Funds") were organized on October 1,
1987, and are registered under the Investment Company Act of 1940, as
amended (the "1940 Act"), as a diversified, open-end investment company
established as a Massachusetts business trust. 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"). Bank of Oklahoma N.A. ("BOK")
(successor to BankOklahoma Trust Company), a subsidiary of BancOklahoma
Corp., serves as investment adviser to the Funds. 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. BOK also serves as custodian to the Funds.
The investment objective of the Cash Management Fund and U.S. Treasury Fund
(the "money market funds") is to seek current income with liquidity and
stability of principal. The Equity Fund has as its objective to seek growth
of capital. The Aggressive Growth Fund seeks long-term capital appreciation.
The Balanced Fund seeks current income and, secondarily, long-term capital
growth. The Bond Fund's objective is to maximize total return. The
Intermediate Bond Fund, Intermediate Tax-Free Bond Fund and the Short-Term
Income Fund seek current income, consistent with the preservation of
capital.
2.SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies followed by
the Funds in the preparation of their financial statements. The policies are
in conformity with generally accepted accounting principles. The preparation
of financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of income and
expenses for the period. Actual results could differ from those estimates.
SECURITIES VALUATION:
Investments of the money market funds are valued at amortized cost, which
approximates market value. Discount or premium is amortized on a constant
basis to the maturity of the security under the amortized cost method. In
addition, the money market funds may not a) purchase any instrument with
a remaining maturity greater than thirteen months unless such investment
is subject to a demand feature, or b) maintain a dollar weighted average
portfolio maturity which exceeds 90 days.
Investments in common stocks, corporate bonds, commercial paper,
municipal government bonds, and U.S. Government securities of the Bond
Fund, Intermediate Bond Fund, Equity Fund, Aggressive Growth Fund,
Intermediate Tax-Free Bond Fund, Short-Term Income Fund, and Balanced
Fund (collectively, "the variable net asset value funds"), are valued at
their market value determined on the basis of the latest available bid
prices in the principal market (closing sales prices if the principal
market is an exchange) in which such securities are normally traded. The
variable net asset value funds may also use an independent pricing
service approved by the Board of Trustees to value certain securities.
Such prices reflect market values which may be established through the
use of electronic and matrix techniques. 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.
Continued
-57-
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
AUGUST 31, 1997
SECURITY TRANSACTIONS AND RELATED INCOME:
Security transactions are accounted for on the date the security is
purchased or sold (trade date). Interest income is recognized on the
accrual basis and includes, where applicable, the pro rata amortization
of premium or accretion of discount. Dividend income is recorded on the
ex-dividend date. Gains or losses realized on sales of securities are
determined by comparing the identified cost of the security lot sold with
the net sales proceeds.
SECURITIES PURCHASED ON A WHEN-ISSUED BASIS AND DELAYED DELIVERY BASIS:
Each Fund may purchase securities on a "when-issued" basis. When-issued
securities are securities purchased for delivery beyond the normal
settlement date at a stated price and/or yield, thereby involving the
risk that the price and/or yield obtained may be more or less than those
available in the market when delivery takes place. The Fund records the
transaction and reflects the value of the security in determining net
asset value at the time the Fund makes the commitment to purchase a
security on a when-issued basis. Normally, the settlement date occurs
within one month of the purchase. No payment is made by the Fund and no
interest accrues to the Fund during the period between purchase and
settlement. The Fund establishes a segregated account in which it
maintains cash and marketable securities equal in value to commitments
for when-issued securities. Securities purchased on a when-issued basis
or delayed delivery basis do not earn income until the settlement date.
The Fund held no when-issued securities as of August 31, 1997.
EXPENSES:
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.
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.
DIVIDENDS TO SHAREHOLDERS:
Dividends from net investment income are declared daily and paid monthly
for the money market funds. Dividends from net investment income are
declared daily and paid monthly for the Bond Fund, Intermediate Bond
Fund, Intermediate Tax-Free Bond Fund and Short-Term Income Fund.
Dividends from net investment income are declared and paid quarterly for
the Equity Fund, Aggressive Growth Fund and Balanced Fund. Net realized
capital gains, if any, are declared and distributed at least annually.
The amounts of dividends from net investment income and of distributions
from net realized gains are determined in accordance with federal income
tax regulations which may differ from generally accepted accounting
principles. These "book/tax" differences are either considered temporary
or permanent in nature. To the extent these
Continued
-58-
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
AUGUST 31, 1997
differences are permanent in nature, such amounts are reclassified within
the composition of net assets based on their federal tax-basis treatment;
temporary differences do not require reclassification. Dividends and
distributions to shareholders which exceed net investment income and net
realized gains for financial reporting purposes but not for tax purposes
are reported as dividends in excess of net investment income or
distributions in excess of net realized gains. To the extent they exceed
net investment income and net realized gains for tax purposes, they are
reported as distributions of capital.
As of August 31, 1997, the following reclassifications have been made to
increase (decrease) such accounts with offsetting adjustments made to
paid-in-capital:
<TABLE>
<CAPTION>
ACCUMULATED UNDISTRIBUTED ACCUMULATED NET REALIZED
NET INVESTMENT INCOME GAIN/(LOSS) ON INVESTMENTS
------------------------- --------------------------
<S> <C> <C>
Cash Management Fund.... (4,977) 4,977
U.S. Treasury Fund...... -- (105)
Bond Fund............... 10,501 244,573
Intermediate Bond Fund.. (26,155) 5,493
Equity Fund............. 43,906 --
Aggressive Growth Fund.. 539,387 --
Intermediate Tax-Free
Bond Fund.............. 2,696 (2,697)
Short-Term Income Fund.. 4,855 (3,637)
Balanced Fund........... 4,473 (1,341)
</TABLE>
FEDERAL INCOME TAXES:
It is the policy of each Fund to qualify, or continue to qualify, as a
regulated investment company by complying with the provisions available
to certain investment companies, as defined in applicable sections of the
Internal Revenue Code, and to make distributions of net investment income
and net realized capital gains sufficient to relieve it from all, or
substantially all, federal income taxes.
For federal income tax purposes, the following Funds have capital loss
carryforwards as of August 31, 1997, which are available to offset future
capital gains, if any:
<TABLE>
<CAPTION>
AMOUNT EXPIRES
-------- -------
<S> <C> <C>
Bond Fund.................................................. $184,630 2002
137,491 2003
139,268 2005
--------
$461,389
========
Intermediate Bond Fund..................................... $ 77,221 2003
666,485 2004
--------
$743,706
========
Short-Term Income Fund..................................... $ 4,553 2005
</TABLE>
Capital losses incurred after October 31 for the Funds are deemed to
arise on the first business day of the following fiscal year for tax
purposes. The Short-Term Income Fund has incurred and will elect to defer
such capital losses of $15,683 after October 31, 1996.
Continued
-59-
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
AUGUST 31, 1997
3.PURCHASES AND SALES OF SECURITIES:
Purchases and sales of securities (excluding short-term securities) for the
year ended August 31, 1997 are as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
------------ ------------
<S> <C> <C>
Bond Fund.......................................... $ 28,336,392 $ 26,931,092
Intermediate Bond Fund............................. 38,913,000 25,578,758
Equity Fund........................................ 145,716,441 108,600,308
Aggressive Growth Fund............................. 34,676,233 31,879,134
Intermediate Tax-Free Bond Fund.................... 3,000,769 7,446,750
Short-Term Income Fund............................. 7,410,071 5,182,347
Balanced Fund...................................... 19,684,311 15,984,781
</TABLE>
4.RELATED PARTY TRANSACTIONS:
Investment advisory services are provided to the Funds by BOK. AMR serves as
sub-investment adviser to the Cash Management Fund. Under the terms of the
investment advisory agreements, BOK and AMR are entitled to receive fees
based on a percentage of the average net assets of each of the Funds. BOK
also serves the Funds as custodian.
During the year ended August 31, 1997, BOK Financial Corp., an affiliate of
BOK, and AMR purchased securities from the Cash Management Fund for their
carrying value of approximately $20 million. At the time of the
transactions, the difference between the market value and carrying value of
the securities was approximately $3.4 million which is reflected in the
accompanying financial statements as a realized loss on the sale and an
offsetting capital contribution to the Cash Management Fund.
BISYS Fund Services Limited Partnership d/b/a BISYS Fund Services ("BISYS"),
an Ohio Limited Partnership, and BISYS Fund Services Ohio, Inc. ("BISYS
Ohio") are subsidiaries of the BISYS Group, Inc. BISYS, whom certain
officers of the Funds are affiliated, serves the Funds as administrator.
Such officers and trustees are paid no fees directly by the Funds for
serving as officers of the Funds. Fees for administration services are
established under terms of the administration contract as a percentage of
the average net assets of each of the Funds. BISYS Ohio serves the Funds as
transfer agent and mutual fund accountant.
The Funds have adopted a Distribution and Shareholder Services Plan in
accordance with Rule 12b-1 under the 1940 Act, pursuant to which the Funds
are authorized to pay or reimburse BISYS, as distributor, a periodic amount,
calculated at an annual rate not to exceed .25% of the average daily net
asset value of the Funds, and may be used by BISYS to pay banks, including
the adviser, broker dealers and other institutions. As distributor, BISYS is
entitled to receive commissions on sales of shares of the variable net asset
value funds. For the year ended August 31, 1997, BISYS received $213,553
from commissions earned on sales of shares of the Funds' variable net asset
value funds, $145,626 of which was reallowed to affiliated broker/dealers of
the Funds.
From time to time, fees may be voluntarily reduced or reimbursed in order to
assist each of the Funds in maintaining more competitive expense ratios.
Continued
-60-
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
AUGUST 31, 1997
Information regarding these transactions for the year ended August 31, 1997
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)........... 0.40% 0.40%
ADMINISTRATION FEES:
Annual fee (percentage of average net assets)........... 0.20% 0.20%
12B-1 FEES:
Annual fee before voluntary fee reductions
(percentage of average net assets).................... 0.25% 0.25%
Voluntary fee reductions................................ $922,562 $615,553
CUSTODIAN FEES:
Annual fee (percentage of net assets)................... 0.03% 0.03%
TRANSFER AGENT AND MUTUAL FUND ACCOUNTANT FEES........... $164,177 $115,900
</TABLE>
<TABLE>
<CAPTION>
INTERMEDIATE
BOND BOND EQUITY
FUND FUND FUND
------- ------------ --------
<S> <C> <C> <C>
INVESTMENT ADVISORY FEES:
Annual fee before voluntary fee reductions
(percentage of average net assets)........ 0.55% 0.55% 0.69%
Voluntary fee reductions.................... $65,711 $128,113 $229,553
ADMINISTRATION FEES:
Annual fee (percentage of average net 0.20% 0.20% 0.20%
assets)...................................
12B-1 FEES:
Annual fee (percentage of average net 0.25% 0.25% 0.25%
assets)...................................
CUSTODIAN FEES:
Annual fee (percentage of net assets)....... 0.03% 0.03% 0.03%
TRANSFER AGENT AND MUTUAL FUND ACCOUNTANT
FEES........................................ $24,166 $ 45,971 $ 69,023
</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)......................... 0.69% 0.55% 0.55% 0.74%
Voluntary fee reductions......... $85,818 $54,462 $80,882 $196,422
ADMINISTRATION FEES:
Annual fee (percentage of average
net assets)..................... 0.20% 0.20% 0.20% 0.20%
12B-1 FEES:
Annual fee before voluntary fee
reductions or credits
(percentage of average net
assets)......................... 0.25% 0.25% 0.25% 0.25%
Voluntary fee reductions......... -- $68,078 $36,765 $ 66,359
CUSTODIAN FEES:
Annual fee before voluntary fee
reductions
(percentage of net assets)...... 0.03% 0.03% 0.03% 0.03%
Voluntary fee reductions......... -- -- $ 4,412 $ 7,963
TRANSFER AGENT AND MUTUAL FUND
ACCOUNTANT FEES.................. $32,147 $29,602 $10,419 $ 21,229
</TABLE>
Continued
-61-
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
AUGUST 31, 1997
5.CONVERSION OF COMMON TRUST FUNDS
On May 30, 1997, the Intermediate Bond Fund, Equity Fund and Aggressive
Growth Fund of the American Performance Funds issued shares to acquire the
assets and liabilities of the Common Fund "A" Fixed, Common Fund "A" Equity
and Common Fund "A" Special Equity, respectively, of BOK. The following is a
summary of the shares issued, net assets acquired, net asset value per share
and unrealized appreciation/(depreciation) as of the date acquired:
<TABLE>
<CAPTION>
UNREALIZED
NET ASSET APPRECIATION/
SHARES NET ASSETS VALUE (DEPRECIATION)
--------- ----------- --------- --------------
<S> <C> <C> <C> <C>
Intermediate Bond Fund........ 1,750,334 $17,713,379 $10.12 $ (92,633)
Equity Fund................... 1,812,267 29,413,086 16.23 9,315,115
Aggressive Growth Fund........ 741,005 12,256,219 16.54 3,503,496
</TABLE>
6.FEDERAL INCOME TAX INFORMATION (UNAUDITED)
During the year ended August 31, 1997, the Funds declared long-term capital
distributions in the following amounts.
<TABLE>
<S> <C>
Equity Fund........................................................ $6,172,009
Balanced Fund...................................................... 568,095
</TABLE>
For the taxable year ended August 31, 1997, (July 31, 1997 for the
Aggressive Growth Fund) the following percentages of income dividends paid
by the Funds qualify for the dividends received deduction available to
corporations:
<TABLE>
<CAPTION>
QUALIFIED
DIVIDEND INCOME
---------------
<S> <C>
Equity Fund................................................... 41.67%
Aggressive Growth Fund........................................ 0.00%
Balanced Fund................................................. 15.96%
</TABLE>
During the year ended August 31, 1997, the American Performance Intermediate
Tax-Free Bond Fund declared tax-exempt income distributions of $1,239,947.
7.RESULTS OF SPECIAL SHAREHOLDERS MEETING (UNAUDITED)
On June 16, 1997, a special meeting of the shareholders of The American
Performance Funds was held to approve that the new Sub-Advisory Agreement
between BOK and AMR with respect to the Cash Management Fund be, and the
same hereby is, ratified and approved.
<TABLE>
<CAPTION>
AFFIRMATIVE VOTES NEGATIVE VOTES ABSTAIN VOTES
----------------- -------------- -------------
<S> <C> <C>
232,409,924 4,623,434 18,420,183
</TABLE>
-62-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CASH MANAGEMENT FUND
---------------------------------------------------
YEAR ENDED AUGUST 31,
---------------------------------------------------
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING
OF PERIOD................ $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- --------
INVESTMENT ACTIVITIES
Net investment income.... 0.049 0.050 0.052 0.030 0.028
Net realized gains (loss-
es) on investments...... (0.010) -- -- -- --
-------- -------- -------- -------- --------
Total from Investment
Activities............. 0.039 0.050 0.052 0.030 0.028
-------- -------- -------- -------- --------
DISTRIBUTIONS
Net investment income.... (0.049) (0.050) (0.052) (0.030) (0.028)
-------- -------- -------- -------- --------
Total Distributions..... (0.049) (0.050) (0.052) (0.030) (0.028)
-------- -------- -------- -------- --------
Capital Transactions..... 0.010 -- -- -- --
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF
PERIOD................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ========
Total Return.............. 5.05%(a) 5.14% 5.30% 3.08% 2.87%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of
period (000)............ $331,095 $375,797 $194,807 $195,490 $167,269
Ratio of expenses to
average net assets...... 0.72% 0.71% 0.74% 0.78% 0.78%
Ratio of net investment
income to average net
assets.................. 4.93% 5.01% 5.18% 3.05% 2.80%
Ratio of expenses to
average net assets*..... 0.97% 0.96% 0.99% 0.98% 0.98%
Ratio of net investment
income to average net
assets*................. 4.68% 4.76% 4.94% 2.85% 2.60%
</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) The total return includes the effect of a capital contribution of $0.010
per share. The return without the capital contribution would have been
4.05%
See notes to financial statements.
-63-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
U.S. TREASURY FUND
------------------------------------------------
YEAR ENDED AUGUST 31,
------------------------------------------------
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD...................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- --------
INVESTMENT ACTIVITIES
Net investment income....... 0.046 0.047 0.048 0.028 0.025
-------- -------- -------- -------- --------
DISTRIBUTIONS
Net investment income....... (0.046) (0.047) (0.048) (0.028) (0.025)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERI-
OD.......................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ========
Total Return................. 4.74% 4.85% 4.95% 2.87% 2.57%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000)...................... $298,424 $217,406 $187,007 $165,353 $169,428
Ratio of expenses to average
net assets................. 0.72% 0.74% 0.75% 0.81% 0.81%
Ratio of net investment
income to average net
assets..................... 4.65% 4.74% 4.88% 2.81% 2.51%
Ratio of expenses to average
net assets*................ 0.97% 0.99% 1.00% 1.01% 1.01%
Ratio of net investment
income to average net
assets*.................... 4.40% 4.49% 4.63% 2.61% 2.31%
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
-64-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
BOND FUND
--------------------------------------------
YEAR ENDED AUGUST 31,
--------------------------------------------
1997 1996 1995 1994 1993
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PE-
RIOD............................ $ 8.99 $ 9.29 $ 9.36 $ 11.05 $ 10.99
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income........... 0.58 0.57 0.56 0.58 0.70
Net realized and unrealized
gains (losses) on investments.. 0.30 (0.30) 0.15 (0.77) 0.50
------- ------- ------- ------- -------
Total from Investment Activi-
ties......................... 0.88 0.27 0.71 (0.19) 1.20
------- ------- ------- ------- -------
DISTRIBUTIONS
Net investment income........... (0.58) (0.57) (0.56) (0.58) (0.70)
Net realized gains.............. -- -- -- (0.43) (0.44)
In excess of net realized gains. -- -- (0.22) (0.49) --
------- ------- ------- ------- -------
Total Distributions........... (0.58) (0.57) (0.78) (1.50) (1.14)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD... $ 9.29 $ 8.99 $ 9.29 $ 9.36 $ 11.05
======= ======= ======= ======= =======
Total Return (excludes sales
charge)......................... 10.03% 2.84% 8.21% (1.92)% 11.76%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000).......................... $35,454 $32,807 $37,293 $38,257 $23,554
Ratio of expenses to average net
assets......................... 0.94% 0.96% 1.03% 1.05% 1.12%
Ratio of net investment income
to average net assets.......... 6.29% 6.08% 6.18% 5.72% 6.49%
Ratio of expenses to average net
assets*........................ 1.14% 1.16% 1.23% 1.25% 1.33%
Ratio of net investment income
to average net assets*......... 6.09% 5.88% 5.98% 5.52% 6.28%
Portfolio turnover.............. 83.65% 61.02% 185.48% 122.14% 26.27%
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
-65-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERMEDIATE BOND FUND
--------------------------------------------
YEAR ENDED AUGUST 31,
--------------------------------------------
1997 1996 1995 1994 1993
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PE-
RIOD............................ $ 10.01 $ 10.26 $ 10.23 $ 11.06 $ 10.89
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income........... 0.60 0.60 0.61 0.61 0.64
Net realized and unrealized
gains (losses) on investments.. 0.22 (0.25) 0.06 (0.73) 0.30
------- ------- ------- ------- -------
Total from Investment Activi-
ties......................... 0.82 0.35 0.67 (0.12) 0.94
------- ------- ------- ------- -------
DISTRIBUTIONS:
Net investment income........... (0.60) (0.60) (0.61) (0.61) (0.64)
Net realized gains.............. -- -- -- (0.06) (0.13)
In excess of net realized gains. -- -- (0.03) (0.04) --
------- ------- ------- ------- -------
Total Distributions........... (0.60) (0.60) (0.64) (0.71) (0.77)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD... $ 10.23 $ 10.01 $ 10.26 $ 10.23 $ 11.06
======= ======= ======= ======= =======
Total Return (excludes sales
charge)......................... 8.38% 3.41% 6.81% (1.14)% 9.04%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000).......................... $77,319 $63,088 $74,395 $84,144 $57,085
Ratio of expenses to average net
assets......................... 0.93% 0.95% 0.98% 0.98% 1.02%
Ratio of net investment income
to average net assets.......... 5.89% 5.84% 6.00% 5.72% 5.95%
Ratio of expenses to average net
assets*........................ 1.13% 1.15% 1.18% 1.18% 1.24%
Ratio of net investment income
to average net assets*......... 5.69% 5.64% 5.80% 5.52% 5.74%
Portfolio turnover.............. 40.77% 129.97% 154.43% 76.30% 47.79%
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
-66-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY FUND
--------------------------------------------
YEAR ENDED AUGUST 31,
--------------------------------------------
1997 1996 1995 1994 1993
-------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PE-
RIOD............................ $ 13.73 $ 12.33 $ 11.85 $ 12.78 $ 11.31
-------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income........... 0.13 0.18 0.20 0.14 0.14
Net realized and unrealized
gains (losses) on investments.. 5.03 2.04 1.77 0.40 1.56
-------- ------- ------- ------- -------
Total from Investment Activi-
ties......................... 5.16 2.22 1.97 0.54 1.70
-------- ------- ------- ------- -------
DISTRIBUTIONS
Net investment income........... (0.13) (0.18) (0.19) (0.14) (0.14)
In excess of net investment in-
come........................... (0.01) -- -- -- --
Net realized gains.............. (1.42) (0.64) (0.39) (1.33) (0.09)
In excess of net realized gains. -- -- (0.91) -- --
-------- ------- ------- ------- -------
Total Distributions........... (1.56) (0.82) (1.49) (1.47) (0.23)
-------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD... $ 17.33 $ 13.73 $ 12.33 $ 11.85 $ 12.78
======== ======= ======= ======= =======
Total Return (excludes sales
charge)......................... 40.23% 18.53% 19.74% 4.66% 15.12%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000).......................... $170,887 $86,352 $76,398 $84,618 $58,015
Ratio of expenses to average net
assets......................... 1.06% 1.08% 1.14% 1.12% 1.16%
Ratio of net investment income
to average net assets.......... 0.88% 1.35% 1.73% 1.32% 1.09%
Ratio of expenses to average net
assets*........................ 1.25% 1.27% 1.33% 1.31% 1.36%
Ratio of net investment income
to average net assets*......... 0.69% 1.16% 1.54% 1.13% 0.88%
Portfolio turnover.............. 93.82% 67.46% 100.44% 159.30% 66.54%
Average commission rate (a)..... $ 0.0502 $0.0504 -- -- --
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Represents the total dollar amount of commissions paid on portfolio equity
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged. Disclosure is not required for
periods ending prior to September 1, 1995.
See notes to financial statements.
-67-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
AGGRESSIVE GROWTH FUND
-----------------------------------------------
YEAR ENDED AUGUST 31,
-----------------------------------------------
1997 1996 1995 1994 1993
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD...................... $ 16.29 $ 16.31 $ 11.99 $ 11.96 $ 8.37
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income
(loss)..................... (0.06) (0.04) (0.06) (0.04) (0.03)
Net realized and unrealized
gains (losses) on invest-
ments...................... 2.65 0.30 4.38 0.07 3.62
------- ------- ------- ------- -------
Total from Investment Ac-
tivities................. 2.59 0.26 4.32 0.03 3.59
------- ------- ------- ------- -------
DISTRIBUTIONS
Net realized gains.......... -- (0.28) -- -- --
------- ------- ------- ------- -------
Total Distributions....... -- (0.28) -- -- --
------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERI-
OD.......................... $ 18.88 $ 16.29 $ 16.31 $ 11.99 $ 11.96
======= ======= ======= ======= =======
Total Return (excludes sales
charge)..................... 15.90% 1.77% 36.03% 0.25% 42.89%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000)...................... $58,982 $43,278 $38,008 $24,775 $11,012
Ratio of expenses to average
net assets................. 1.08% 1.11% 1.27% 1.35% 0.62%
Ratio of net investment in-
come (loss) to average net
assets..................... (0.56)% (0.35)% (0.62)% (0.69)% (0.24)%
Ratio of expenses to average
net assets*................ 1.27% 1.30% 1.45% 1.55% 1.64%
Ratio of net investment in-
come (loss) to average net
assets*.................... (0.75)% (0.54)% (0.81)% (0.89)% (1.26)%
Portfolio turnover.......... 76.47% 32.89% 27.16% 18.76% 59.47%
Average commission rate (a). $0.0601 $0.0665 -- -- --
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Represents the total dollar amount of commissions paid on portfolio equity
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged. Disclosure is not required for
periods ending prior to September 1, 1995.
See notes to financial statements.
-68-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERMEDIATE TAX-FREE BOND FUND
-------------------------------------------
YEAR ENDED AUGUST 31,
-------------------------------------------
1997 1996 1995 1994 1993
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PE-
RIOD............................. $ 10.57 $ 10.67 $ 10.42 $ 10.77 $ 10.18
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income............ 0.49 0.49 0.51 0.54 0.55
Net realized and unrealized gains
(losses) on investments......... 0.21 (0.10) 0.25 (0.35) 0.59
------- ------- ------- ------- -------
Total from Investment Activi-
ties.......................... 0.70 0.39 0.76 0.19 1.14
------- ------- ------- ------- -------
DISTRIBUTIONS
Net investment income............ (0.49) (0.49) (0.51) (0.54) (0.55)
------- ------- ------- ------- -------
Total Distributions............ (0.49) (0.49) (0.51) (0.54) (0.55)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD.... $ 10.78 $ 10.57 $ 10.67 $ 10.42 $ 10.77
======= ======= ======= ======= =======
Total Return (excludes sales
charge).......................... 6.79% 3.68% 7.62% 1.76% 11.56%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000)........................... $26,544 $31,036 $28,114 $30,097 $17,415
Ratio of expenses to average net
assets.......................... 0.74% 0.75% 0.51% 0.25% 0.25%
Ratio of net investment income to
average net assets.............. 4.61% 4.58% 4.99% 5.06% 5.34%
Ratio of expenses to average net
assets*......................... 1.19% 1.20% 1.24% 1.44% 1.63%
Ratio of net investment income to
average net assets*............. 4.16% 4.13% 4.25% 3.87% 3.96%
Portfolio turnover............... 11.38% 19.53% 8.35% 14.33% 13.19%
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
-69-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SHORT-TERM INCOME FUND
-------------------------------------
OCTOBER 19,
YEAR ENDED AUGUST 31, 1994
---------------------- TO AUGUST 31,
1997 1996 1995 (A)
---------- ---------- ------------- ---
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERI-
OD................................. $ 9.79 $ 9.95 $ 10.00
---------- ---------- -------
INVESTMENT ACTIVITIES
Net investment income.............. 0.61 0.59 0.52
Net realized and unrealized gains
(losses) on investments........... 0.14 (0.14) (0.05)
---------- ---------- -------
Total from Investment Activities. 0.75 0.45 0.47
---------- ---------- -------
DISTRIBUTIONS
Net investment income.............. (0.61) (0.59) (0.52)
In excess of net investment income. (0.01) -- --
Net realized gains................. -- (0.01) --
In excess of net realized gains.... -- (0.01) --
---------- ---------- -------
Total Distributions.............. (0.62) (0.61) (0.52)
---------- ---------- -------
NET ASSET VALUE, END OF PERIOD...... $ 9.92 $ 9.79 $ 9.95
========== ========== =======
Total Return (excludes sales
charge)............................ 7.85% 4.64% 4.81%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period (000).. $ 15,658 $ 14,399 $10,228
Ratio of expenses to average net
assets............................ 0.33% 0.41% 0.57%(b)
Ratio of net investment income to
average net assets................ 6.14% 5.95% 5.96%(b)
Ratio of expenses to average net
assets*........................... 1.16% 1.24% 1.47%(b)
Ratio of net investment income to
average net assets*............... 5.31% 5.12% 5.06%(b)
Portfolio turnover................. 37.55% 80.98% 212.35%
</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) Not annualized.
See notes to financial statements.
-70-
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
BALANCED FUND
----------------------------------
JUNE 1,
YEAR ENDED AUGUST 31, 1995 TO
---------------------- AUGUST 31,
1997 1996 1995 (A)
---------- ---------- ----------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD...... $ 11.28 $ 10.62 $ 10.00
---------- ---------- -------
INVESTMENT ACTIVITIES
Net investment income.................... 0.41 0.35 0.08
Net realized and unrealized gains (loss-
es) on investments...................... 2.46 0.79 0.62
---------- ---------- -------
Total from Investment Activities....... 2.87 1.14 0.70
---------- ---------- -------
DISTRIBUTIONS
Net investment income.................... (0.41) (0.35) (0.08)
Net realized gains....................... (0.36) (0.13) --
---------- ---------- -------
Total Distributions.................... (0.77) (0.48) (0.08)
---------- ---------- -------
NET ASSET VALUE, END OF PERIOD............ $ 13.38 $ 11.28 $ 10.62
========== ========== =======
Total Return (excludes sales charge)...... 26.33% 10.87% 6.98%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period (000)........ $30,249 $ 22,592 $12,842
Ratio of expenses to average net assets.. 0.36% 0.38% 0.90%(b)
Ratio of net investment income to average
net assets.............................. 3.34% 3.27% 3.17%(b)
Ratio of expenses to average net assets*. 1.38% 1.40% 1.92%(b)
Ratio of net investment income to average
net assets*............................. 2.32% 2.25% 2.15%(b)
Portfolio turnover....................... 66.12% 71.89% 18.68%
Average commission rate (d).............. $ 0.0531 $0.0792 --
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Annualized.
(c) Not annualized.
(d) Represents the total dollar amount of commissions paid on portfolio equity
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged. Disclosure is not required for
periods ending prior to September 1, 1995.
See notes to financial statements.
-71-
<PAGE>
AMERICAN PERFORMANCE FUNDS
[AMERICAN PERFORMANCE
LOGO APPEARS HERE]
AMERICAN PERFORMANCE FUNDS
The Right Fit For Your Investment Goals
Investment Adviser
Bank of Oklahoma, N.A.
Bank Oklahoma Tower
Tulsa, Oklahoma 74103
Administrator
and Distributor
BISYS Fund Services
3435 Stelzer Road
Columbus, Ohio 43219-3055
ANNUAL REPORT
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
10/97 August 31, 1997
