<PAGE>
AMERICAN PERFORMANCE FUNDS
Letter From the Chairman and Investment Adviser
DEAR SHAREHOLDERS:
We're pleased to report that the six months ended February 28, 1997, were months
of solid growth both for the financial markets and for the American Performance
Funds. Shaking off cautionary remarks from Chairman Greenspan, the stock market
continued to chug upward--gaining an astonishing 900 points over the period, and
moving the Dow past 7000. At the same time, the environment in the fixed-income
markets improved noticeably as data continued to show minimal inflationary
pressures and, as the election season ended, expectations of true deficit
reduction rose. As a result, the bond markets posted gains for the period.
During the period, too, investors continued to hold record amounts in mutual
funds. We're pleased to report that with the strong performance of our fund
family, many chose to hold their investment with us. Total net assets under
management rose from $887 million to $907 million over the six-month period
ended February 28, 1997.
Turning to the markets ...
Generally benign inflation and modest economic growth--recent numbers support
the view that 1997 may be much the same as 1996. Barring a major event or
catastrophe, the U.S. economy appears to be poised to grow at a pace of 2.5% -
3.0% in the months ahead.
Underpinning this view is a very confident consumer--the past several years have
been very good ones. Real income is growing. Household wealth has increased
markedly over the past two years, and savings rates have risen. In addition,
job hiring indicators are at high levels. And, as consumers account for some
68% of all economic activity, their happiness or unhappiness is key to the
economy's future.
A happy but thrifty consumer
Consequently, the immediate future looks bright. Nonetheless, while consumers
may have more money in their pockets in the coming year, we don't expect to see
any major increase in spending, or even enough of a blip to accelerate growth.
Looking forward to retirement, baby boomers are now beginning to save very
seriously--and these savings come at the expense of additional spending. Also,
the economy is now in its sixth year of expansion, which suggests that much of
consumer pent-up demand has been satisfied. Finally, despite increases in
income, consumers continue to carry relatively high levels of debt. Moreover,
bank lending and credit card standards are tightening.
With spending contained, we expect to see slow but steady economic growth in the
months ahead. Inflation--as always a major concern of the Federal Reserve--
should remain in the range of 3.0%. As a result, there is little reason to
believe that the Federal Reserve will make any major move to shift interest
rates unless the environment changes significantly. Interest rates should trade
in a relatively narrow range in the coming months and may even decline slightly
later this year--which would appear to bode well for the bond markets in the
months ahead.
Stocks--onward and upward?
The environment also appears likely to continue to be positive for stocks. After
a long period of stocks being dependent on interest rate movements, the focus of
attention appears to have moved to the shape of the economy over the next
several quarters--and as we've noted, the outlook is favorable. Nevertheless,
there is some reason for caution. While valuations are not unduly high, after
the impressive run-up of the past two years, stocks are not cheap.
<PAGE>
Moreover, after years of accelerating earnings, investors' expectations for many
stocks are extraordinarily, and perhaps unrealistically, high. While corporate
profits may well continue to grow in the year ahead, they will do so modestly--
which leaves the market very vulnerable to disappointment.
Nonetheless, the general outlook for the stock market is optimistic. Of course,
after the gains of the past several years, it would not be all that surprising
to see the market pause or consolidate at some point during the year,
particularly if interest rates rise due to a quickening economy. But any such
drop may prove to be a short-term correction. Moderate growth, modest inflation
and a consumer population pouring its retirement savings into equity mutual
funds appear likely to buoy the stock market in the months ahead.
In closing ...
We would like to thank you for your continued confidence in us. We look forward
to providing you with investment management and service to help meet your
investment needs now and in the future. If you would like a prospectus, or have
any questions or require assistance, please don't hesitate to call us at 1-800-
762-7085.
Sincerely,
/s/ Walter B. Grimm /s/ James L. Huntzinger
Walter B. Grimm James L. Huntzinger
Chairman Bank of Oklahoma, N.A.
American Performance Fund
- --------------------------------------------------------------------------------
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>
[This Page Intentionally Left Blank]
- --------------------------------------------------------------------------------
-3-
<PAGE>
AMERICAN PERFORMANCE AGGRESSIVE GROWTH FUND
The market continued to rumble upward during the six months ended February 28,
1997, and as it did, liquidity became more of a concern to investors. As a
result, during the period, the most impressive gains were experienced by a
relatively small group of large capitalization, well-known stocks. With the
notable exception of a few better known technology stocks, financial stocks
and REITS (real estate investment trusts), the vast majority of small-cap
stocks were simply overlooked by investors--and many simply wilted from
neglect.
Nonetheless, the fundamentals of the small-cap sector were still strong. As a
result, as buying opportunities arose throughout the period, we added to our
positions in health care and energy--two sectors with very bright long-term
prospects. Overall, however, the period was a disappointing one for small-cap
investors in general, and for the Fund. For the six months ended February 28,
1997, the Fund posted a total return of ^-2.64% (without sales charge).+
OVERLOOKED AND UNDERVALUED
Given the current market environment, we expect that investors will continue
to seek reassurance and favor larger cap stocks over the next few months. The
small-cap sector may continue to lag--which will create some very solid buying
opportunities.
In particular, we expect to find real value in the technology sector. While
many of the larger and better known companies bounced back smartly after the
correction last July, most smaller companies did not. Yet, many have not
missed a beat--their fundamentals are even stronger today and their prospects
even brighter. As a result, in the months ahead, we expect to take advantage
of the lapse in market attention to increase our holdings in such stocks.
As of February 28, 1997, the top five holdings in the Fund's portfolio were
Moneystore (4.54% of net assets), Cisco Systems (4.06%), Cardinal Health
(3.90%), Personnel Group of America (3.68%) and Petco (3.50%).++
+With the maximum sales charge of 4.00%, the Fund's return for the six-month
period was -6.54%.
++The composition of the Fund's holdings is subject to change.
- -------------------------------------------------------------------------------
-4-
<PAGE>
[GRAPH APPEARS HERE]
Aggressive Growth Fund
- -----------------------------------------------------------------------
Value of a $10,000 Investment
- -----------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
Aggressive Aggressive
Growth Fund Growth Fund Russell 2000
(No-Load) (Load)* Stock Index
- -----------------------------------------------------------------------
<S> <C> <C> <C>
2/3/92 10,000 9,597 10,000
- -----------------------------------------------------------------------
8/31/92 8,398 8,059 9,052
- -----------------------------------------------------------------------
8/31/93 12,000 11,516 11,992
- -----------------------------------------------------------------------
8/31/94 12,030 11,545 12,704
- -----------------------------------------------------------------------
8/31/95 16,364 15,704 15,345
- -----------------------------------------------------------------------
8/31/96 16,654 15,983 17,005
- -----------------------------------------------------------------------
2/28/97 16,215 15,561 18,501
- -----------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------
Average Annual Total Return
- -----------------------------------------------------------------------
Since Inception
2/28/97 6 mth** 1 Year 5 Year (2/3/92)
- -----------------------------------------------------------------------
<S> <C> <C> <C> <C>
No-Load -2.64% -2.28% 10.82% 9.99%
Load* -6.54% -6.21% 9.93% 9.10%
---------------------------------------------------
<CAPTION>
Since Inception
3/31/97 1 Year 5 Year (2/3/92)
- -----------------------------------------------------------------------
<S> <C> <C> <C>
No-Load -12.31% 10.77% 8.18%
Load* -15.83% 9.88% 7.32%
-------------------------------------
</TABLE>
* Reflects 4.00% Maximum Sales Charge.
** Aggregate total return.
Past performance is not predicitive 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 than stocks on
average.
- --------------------------------------------------------------------------------
-5-
<PAGE>
AMERICAN PERFORMANCE EQUITY FUND
Benign inflation, moderate growth and relatively stable interest rates--it was
a combination that pushed the stock market higher during the six months ended
February 28, 1997. Moreover, larger capitalization stocks led the way as
investor sentiment slightly favored bigger and better known names. As a
result, the period was a very strong one for the Fund.
While stocks across the board advanced, technology and financial stocks were
particularly strong performers. Consequently, our holdings in Intel (2.46% of
net assets), Microsoft (1.87%), Travelers (0.73%) and MBNA (0.81%) made
substantial contributions to the period's returns. Eli Lilly (0.94%), the
large pharmaceutical company, also advanced impressively over the period.
As a result, we are pleased to report that the Fund posted a total return of
23.61% (without the sales charge) for the six months--exceeding its benchmark,
the S&P 500, which posted a total return of 22.55% for the same period.+
HIGH, BUT NOT TOO HIGH YET
Clearly, after the unprecedented gains of the past two years, the months ahead
will be interesting ones for stock investors. But, while we may see the market
pause in its march upward, there's little on the horizon to indicate that a
protracted bear market or a dramatic drop is lurking around the corner. In
fact, in general, stock prices have risen accompanying fundamentals--and on a
valuation basis, stocks may now be at the high end of what is appropriate, but
we believe they are not yet overvalued.
Moreover, interest rates are low, and corporate profits, while not rising at
the breathtaking pace of the past year, are still growing. The fundamentals of
the fund's holdings are strong. As a result, while we are now more cautious
than we were some months ago, we are still optimistic about the prospects for
stocks in the months ahead.
As of February 28, 1997, the top five holdings in the fund's portfolio were
Coca-Cola (3.04% of net assets), General Electric (2.60%), Intel (2.46%),
Kimberly Clark (1.95%) and Aetna (1.90%).++
+With the maximum sales charge of 4.00%, the Fund's return for the six-month
period was 18.69%.
++The composition of the Fund's holdings is subject to change.
- -------------------------------------------------------------------------------
-6-
<PAGE>
[GRAPH APPEARS HERE]
Equity Fund
- -----------------------------------------------------------------------
Value of a $10,000 Investment
- -----------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
Equity Equity S&P 500
(No-Load) (Load)* Stock Index
- -----------------------------------------------------------------------
<S> <C> <C> <C>
9/28/90 10,000 9,597 10,000
- -----------------------------------------------------------------------
8/31/91 12,457 11,955 13,345
- -----------------------------------------------------------------------
8/31/92 11,961 11,479 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
- -----------------------------------------------------------------------
2/28/97 25,283 24,264 30,904
- -----------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------
Average Annual Total Return
- -----------------------------------------------------------------------
Since Inception
2/28/97 6 mth** 1 Year 5 Year (9/28/90)
- -----------------------------------------------------------------------
<S> <C> <C> <C> <C>
No-Load 23.61% 27.41% 14.23% 15.52%
Load* 18.69% 22.30% 13.29% 14.79%
---------------------------------------------------
<CAPTION>
Since Inception
3/31/97 1 Year 5 Year (2/3/92)
- -----------------------------------------------------------------------
<S> <C> <C> <C>
No-Load 19.42% 13.74% 14.37%
Load* 14.61% 12.81% 13.65%
-------------------------------------
</TABLE>
* Reflects 4.00% Maximum Sales Charge.
** Aggregate total return.
Past performance is not predicitive 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, and 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 fee for these value-added services.
- --------------------------------------------------------------------------------
-7-
<PAGE>
AMERICAN PERFORMANCE BALANCED FUND
The Fund's solid performance over the six months ended February 28, 1997, was
due primarily to security selection and asset allocation. Weighted toward
stocks and focused on larger capitalization issues, the Fund benefited as blue
chips led the market higher throughout the fall. Moreover, having reduced
exposures in the smaller cap stocks earlier in 1996, results were not
dramatically impacted by the underperformance of this sector.
The fixed-income portion also made a substantial contribution to performance,
due to security selection. Focusing on yield enhancement rather than price
appreciation, the Fund's exposure in Treasury securities was reduced in favor
of mortgage-backed and asset-backed securities. Both were strong performers
throughout the period. As a result, for the six months ended February 28,
1997, the Fund produced a total return of 13.08% (without the sales charge).+
NO CHANGES UNTIL THE ENVIRONMENT CHANGES
At the end of the period, 54% of the portfolio was invested in stocks, 38% in
bonds and 8% in cash and cash equivalents. Barring any significant change in
the environment, we would expect to maintain this positioning until the
economy shows some significant signs of slowing. Moreover, until this type of
evidence materializes and the direction of interest rates is clearer, we
expect to continue to focus on yield enhancement rather than price
appreciation in the selection of fixed-income securities.
As of February 28, 1997, the average credit quality of the portfolio's fixed-
income holdings was AAA; the average maturity was 5.3 years. As of the same
date, the Fund's top five equity holdings were Coca-Cola (1.75% of net
assets), General Electric (1.68%), Intel (1.36%), NYNEX (1.36%) and Bankers
Trust of New York (1.27%).++
+With the maximum sales charge of 4.00%, the Fund's return for the six-month
period was 8.56%.
++The composition of the Fund's holdings is subject to change.
- -------------------------------------------------------------------------------
-8-
<PAGE>
[GRAPH APPEARS HERE]
Balanced Fund
- --------------------------------------------------------------------------------
Value of a $10,000 Investment
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
Balanced Balanced Salomon Brothers
Fund Fund S&P 500 (Investment Grade)
(No-Load) (Load)* Stock Index Bond Index
- --------------------------------------------------------------------------------
<S> <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
- --------------------------------------------------------------------------------
2/28/97 13,412 12,871 15,073 11,148
- --------------------------------------------------------------------------------
<CAPTION>
- --------------------------------------------------------
Average Annual Total Return
- --------------------------------------------------------
Since Inception
2/28/97 6 mth** 1 Year (6/1/95)
- --------------------------------------------------------
<S> <C> <C> <C>
No-Load 13.08% 15.76% 18.25%
Load* 8.56% 11.09% 15.51%
---------------------------------------
<CAPTION>
Since Inception
3/31/97 1 Year (6/1/95)
- --------------------------------------------------------
<S> <C> <C>
No-Load 10.95% 14.66%
Load* 6.53% 12.23%
-------------------------
</TABLE>
* Reflects 4.00% Maximum Sales Charge.
** Aggregate total return.
Past performance is not predicitive 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, and 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 fee for these value-added services.
- --------------------------------------------------------------------------------
-9-
<PAGE>
AMERICAN PERFORMANCE FIXED INCOME FUNDS
Up, down, up, down--much as we had anticipated, the six months ended February
28, 1997, were choppy ones in the fixed-income markets. Interest rates rose
and fell in a relatively tight range. Moreover, changes in direction occurred
rapidly as sentiment shifted in response to every bulletin, statistic and
event. Rather than attempting to second-guess the markets during the period,
we focused our efforts on seeking out opportunities to enhance yield for each
of our fixed-income portfolios.
CHOPPY MARKETS . . .
Historically in choppy environments, mortgage-backed and asset-backed
securities have offered such yield-enhancing opportunities--and they did not
disappoint this time. During the period, both sectors produced solid yields.
Treasury securities, on the other hand, underperformed as investor enthusiasm
wilted on rumors of rate hikes. During the period, however, exposures in this
sector were reduced dramatically, which lessened the impact on the Funds'
performance.
Corporate bonds, too, did not offer investors the value that asset-backed and
mortgage-backed securities did during the period but outperformed Treasury
securities. Consequently, while we did reduce exposures in the sector during
the period, a core position in corporates was maintained in each of the
funds--and our holdings here did produce solid positive returns.
Nevertheless, due to our reluctance to chase rates up and down, the Funds
slightly lagged industry benchmarks. Given the clouds of uncertainty that
hovered over the market, however, we feel caution was well-warranted.
. . . CALL FOR CAUTION.
Over the next several months, the environment may continue to be choppy.
Predicting the market's movements in such an atmosphere is extremely
difficult--if not impossible. Consequently, rather than seeking price
appreciation, we expect to continue to focus our efforts on yield enhancement
in the months ahead.
- -------------------------------------------------------------------------------
-10-
<PAGE>
AMERICAN PERFORMANCE BOND FUND
Over the course of the period, the Fund's position in mortgage-backed
securities was increased by 10%. Consequently, in the difficult environment of
the six months ended February 28, 1997, the Fund produced a total return of
4.97% (without the sales charge).+
As of February 28, 1997, approximately 41.1% of the Fund's assets were
invested in corporate bonds, 22.9% in Government agencies, 20.4% in mortgage-
backed securities, 4.8% in asset-backed securities, 3.7% in taxable municipal
bonds, 3.5% in Treasury securities, 1.6% in medium term notes and 1.2% in cash
equivalents. The average maturity of the Fund's portfolio was 9.38 years; the
average credit quality of the portfolio's holdings was AA2.++
+With the maximum sales charge of 4.00%, the Fund's return for the six-month
period was 0.82%.
++The composition of the Fund's holdings is subject to change.
[GRAPH APPEARS HERE]
Bond Fund
- -----------------------------------------------------------------------
Value of a $10,000 Investment
- -----------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
Bond Bond Salomon Brothers
Fund Fund (Investment Grade)
(No-Load) (Load)* Bond Index
- -----------------------------------------------------------------------
<S> <C> <C> <C>
9/28/90 10,000 9,597 10,000
- -----------------------------------------------------------------------
8/31/91 11,312 10,856 13,365
- -----------------------------------------------------------------------
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
- -----------------------------------------------------------------------
2/28/97 16,324 15,666 17,277
- -----------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------
Average Annual Total Return
- -----------------------------------------------------------------------
Since Inception
2/28/97 6 mth** 1 Year 5 Year (9/28/90)
- -----------------------------------------------------------------------
<S> <C> <C> <C> <C>
No-Load 4.97% 4.02% 6.37% 7.92%
Load* 0.82% -0.14% 5.49% 7.23%
---------------------------------------------------
<CAPTION>
Since Inception
3/31/97 1 Year 5 Year (2/3/92)
- -----------------------------------------------------------------------
<S> <C> <C> <C>
No-Load 3.78% 6.24% 7.61%
Load* -0.33% 5.38% 6.94%
-------------------------------------
</TABLE>
* Reflects 4.00% Maximum Sales Charge.
** Aggregate total return.
Past performance is not predicitive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
The performance of the American Performance Bond Fund is measured against the
Salomon Brothers Broad (Investment Grade) Bond Index, an unmanaged index
considered to be representative of the performance of investment-grade corporate
and U.S. Government bonds in general. The index does not reflect the deduction
of expense 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 service.
- -------------------------------------------------------------------------------
-11-
<PAGE>
AMERICAN PERFORMANCE INTERMEDIATE BOND FUND
During the period, the portfolio's holdings in mortgage-backed securities were
increased by 12%, and decreased by 4% in asset-backed securities. The Fund's
position in Treasury securities was eliminated entirely, as intermediate
Treasuries were among the most sluggish performers of the period. As a result,
the Fund produced a positive return of 4.28% (without the sales charge) for
the six months ended February 28, 1997.+
As of the same date, approximately 16.1% of the Fund's assets were invested in
asset-backed securities, 21.9% in mortgage-backed securities, 29.2% in
corporate bonds, 1.7% in taxable municipal bonds, 28.5% in U.S. Government
agencies and 2.4% in 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 return for the six-month
period was 1.15%.
++The composition of the Fund's holdings is subject to change.
[GRAPH APPEARS HERE]
Intermediate Bond Fund
- -----------------------------------------------------------------------
Value of a $10,000 Investment
- -----------------------------------------------------------------------
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
Intermediate Intermediate Lehman Brothers
Bond Fund Bond Fund Inter. Govt./Corp.
(No-Load) (Load)* 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
- -----------------------------------------------------------------------
2/28/97 15,552 15,085 16,452
- -----------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------
Average Annual Total Return
- -----------------------------------------------------------------------
Since Inception
2/28/97 6 mth** 1 Year 5 Year (9/28/90)
- -----------------------------------------------------------------------
<S> <C> <C> <C> <C>
No-Load 4.28% 4.56% 5.66% 7.11%
Load* 1.15% 1.40% 5.01% 6.61%
---------------------------------------------------
<CAPTION>
Since Inception
3/31/97 1 Year 5 Year (9/28/90)
- -----------------------------------------------------------------------
<S> <C> <C> <C>
No-Load 4.66% 5.63% 6.92%
Load* 1.57% 5.00% 6.42%
-------------------------------------
</TABLE>
* Reflects 3.00% Maximum Sales Charge.
** Aggregate total return.
Past performance is not predicitive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
The performance of the American Performance Intermediate Bond Fund is measured
against the Lehman Brothers Intermediate Government/Corporate Bond Index, an
unmanaged index considered to be representative of the performance of government
and corporate bonds with maturities of less then 10 years. The index does not
reflect the deduction of expenses associated with a mutual fund, such as
investment management and fund accounting fees. The Fund's performance reflects
the deduction of fees for these value-added services.
- -------------------------------------------------------------------------------
-12-
<PAGE>
AMERICAN PERFORMANCE SHORT-TERM INCOME FUND
Over the course of the period, the portfolio's exposure in Treasury securities
was lowered by 27%. Holdings in asset-backed securities were increased by 8%
and holdings in mortgage-backed securities increased by 6%. As a result,
despite a rather unsettled environment, the Fund produced a total return of
3.78% (without the sales charge) for the six months ended February 28, 1997.+
As of the same date, approximately 19.3% of the Fund's assets were invested in
asset-backed securities, 10.2% in corporate bonds, 18.8% in mortgage-backed
securities, 38.1% in Government agencies, 10.4% in Treasury securities and
3.0% in cash equivalents. The average maturity of the Fund's portfolio was 2.8
years; the average credit quality of the portfolio's holdings was AAA.++
+With the maximum sales charge of 2.00%, the Fund's return for the six-month
period was 1.69%.
++The composition of the Fund's holdings is subject to change.
[GRAPH APPEARS HERE]
Short-Term Income Fund
- -------------------------------------------------------------
Value of a $10,000 Investment
- -------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------
Short-Term Short-Term Merrill Lynch
Income Fund Income Fund U.S. Govt./Corp.
(No-Load) (Load)* 1-5 yr. 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
- -------------------------------------------------------------
2/28/97 11,382 11,159 11,860
- -------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------
Average Annual Total Return
- -------------------------------------------------------------
Since Inception
2/28/97 6 mth** 1 Year (10/19/94)
- -------------------------------------------------------------
<S> <C> <C> <C>
No-Load 3.78% 2.86% 5.62%
Load* 1.69% 0.78% 4.74%
---------------------------------------
<CAPTION>
Since Inception
3/31/97 1 Year (10/19/94)
- -------------------------------------------------------------
<S> <C> <C>
No-Load 4.83% 5.29%
Load* 2.76% 4.45%
-------------------------
</TABLE>
* Reflects 2.00% Maximum Sales Charge.
** Aggregate total return.
Past performance is not predicitive 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 manual fund, such as investment
management and fund accounting fees. The Fund's performance reflects the
deduction of fees for these value-added services.
- -------------------------------------------------------------------------------
-13-
<PAGE>
AMERICAN PERFORMANCE INTERMEDIATE TAX-FREE BOND FUND/1/
Like all sectors of the fixed-income market, the municipal markets were
somewhat anxious as interest rates seesawed up and down throughout the six
months ended February 28, 1997. Unlike other sectors of the market, however,
continued light supply of new securities made it difficult for investors to
chase rates.
As a result, the tax-free markets were somewhat quieter than the taxable
markets, and the period was a relatively lackluster one, as prices did not
move significantly in either direction. Moreover, lack of supply made it hard
to find opportunities to enhance yield without compromising quality. Whenever
solid opportunities arose, however, we moved quickly to capitalize on them. As
a result, for the six months ended February 28, 1997, the Fund generated a
total return of 3.73%.+
At the end of the period, approximately 97% of the Fund's assets were invested
in a laddered portfolio of securities issued by municipalities in some 20
states across the country. The average credit quality of these securities was
AA; the average maturity was 6.4 years. The remainder of the Fund's assets,
approximately 3%, was held in cash.++
/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 return for the six-month
period was 0.59%.
++The composition of the Fund's holdings is subject to change.
[GRAPH APPEARS HERE]
Intermediate Tax-Free Bond Fund
- -------------------------------------------------------------
Value of a $10,000 Investment
- -------------------------------------------------------------
<TABLE>
<CAPTION>
- -------------------------------------------------------------
Intermediate Intermediate
Tax-Free Tax-Free Lehman Brothers
Bond Fund Bond Fund Municipal
(No-Load) (Load)* 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
- -------------------------------------------------------------
2/28/97 13,553 13,145 14,172
- -------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------
Average Annual Total Return
- -------------------------------------------------------------
Since Inception
2/28/97 6 mth** 1 Year (5/29/92)
- -------------------------------------------------------------
<S> <C> <C> <C>
No-Load 3.73% 3.81% 6.60%
Load* 0.59% 0.74% 5.92%
---------------------------------------
<CAPTION>
Since Inception
3/31/97 1 Year (5/29/92)
- -------------------------------------------------------------
<S> <C> <C>
No-Load 4.20% 6.27%
Load* 1.06% 5.61%
-------------------------
</TABLE>
* Reflects 3.00% Maximum Sales Charge.
** Aggregate total return.
Past performance is not predicitive 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 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.
- -------------------------------------------------------------------------------
-14-
<PAGE>
AMERICAN PERFORMANCE MONEY MARKET FUNDS*
THE U.S. TREASURY FUND
After a summer spent anxiously anticipating rate hikes in response to the
economy's surprising strength, investors accepted the fact that the Federal
Reserve was unlikely to make any significant move until after the election.
Consequently, while rates did move higher throughout the fall, they did so
quietly and relatively modestly.
Post election, of course, uncertainty again swept through the marketplace,
fueled by expectations that the Federal Reserve would finally act. With the
economy on an even keel and inflation at benign levels, however, there is
little reason to believe that the Federal Reserve will make a major shift in
interest rates. Until there is a significant change in the environment, rates
should continue to trade in a relatively narrow range. Nevertheless, we will
continue to approach the markets cautiously--investing primarily in overnight
securities in an effort to maintain the Fund's flexibility and seeking out
opportunities to increase yield.
THE CASH MANAGEMENT FUND
The economy experienced GDP growth in the third and fourth quarter of 2.1% and
3.9%, respectively. This expansionary growth, coupled with lower than expected
inflation throughout the year, caused the Federal Reserve to struggle with the
concept of a very healthy economy untroubled by accelerating inflation. Given
this rather unusual situation, the Federal Reserve opted to sit on the fence
until evidence of rising inflationary pressures materialized.
Consequently, throughout the period, the weighted average maturity of the
portfolio was maintained at or near a neutral posture in an effort to maximize
flexibility. Consequently, the portfolio is well-positioned to capitalize on
any possible action the Federal Reserve might take in the spring or early
summer.
- --------
* 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 OF 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 FEDERAL DEPOSIT INSURANCE CORPORATION
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.
- -------------------------------------------------------------------------------
-15-
<PAGE>
TABLE OF CONTENTS
Statements of Assets and Liabilities
Page 17
Statements of Operations
Page 20
Statements of Changes in Net Assets
Page 23
Schedules of Portfolio Investments
Page 28
Notes to Financial Statements
Page 50
Financial Highlights
Page 55
- --------------------------------------------------------------------------------
-16-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Assets and Liabilities
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Cash U.S.
Management Treasury Bond
Fund Fund Fund
------------- ------------- -----------
<S> <C> <C> <C>
ASSETS:
Investments, at value (Cost $372,950,869; $75,493,314; and
$31,269,512, respectively) ................................ $372,950,869 $ 75,493,314 $31,283,754
Repurchase agreements, at cost .............................. -- 163,335,952 --
------------ ------------ -----------
Total Investments ..................................... 372,950,869 238,829,266 31,283,754
Interest and dividends receivable ........................... 1,594,560 24,184 434,645
Prepaid expenses and other assets ........................... 30,141 19,417 1,207
------------ ------------ -----------
Total Assets .......................................... 374,575,570 238,872,867 31,719,606
------------ ------------ -----------
LIABILITIES:
Dividends payable ........................................... 1,322,212 832,302 159,811
Payable to brokers for investments purchased ................ 9,998,035 -- --
Accrued expenses and other payables:
Investment advisory fees .................................. 108,439 73,389 8,558
Administration fees ....................................... 54,220 36,694 4,890
12b-1 fees ................................................ -- -- 6,113
Accounting and custodian fees ............................. 14,661 10,400 1,918
Other ..................................................... 79,295 43,401 12,430
------------ ------------ -----------
Total Liabilities ..................................... 11,576,862 996,186 193,720
------------ ------------ -----------
NET ASSETS:
Capital ..................................................... 362,998,362 237,876,551 32,294,185
Undistributed net investment income ......................... -- -- 7,424
Net unrealized appreciation from investments ................ -- -- 14,242
Accumulated undistributed net realized gains (losses) from
investment transactions ................................... 346 130 (789,965)
============ ============ ===========
Net Assets ............................................ $362,998,708 $237,876,681 $31,525,886
============ ============ ===========
Outstanding units of beneficial interest (shares) ........... 362,998,362 237,876,655 3,446,375
============ ============ ===========
Net asset value--redemption price per share ................. $ 1.00 $ 1.00 $ 9.15
============ ============ ===========
Maximum Sales Charge ........................................ -- -- 4.00%
============ ============ ===========
Maximum Offering Price (100%/ (100%-Maximum Sales Charge) of
net asset value adjusted to nearest cent) per share ....... $ 1.00(a) $ 1.00(a) $ 9.53
============ ============ ===========
</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.
-17-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Assets and Liabilities
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Intermediate Aggressive
Bond Equity Growth
Fund Fund Fund
----------- ------------ ----------
<S> <C> <C> <C>
ASSETS:
Investments, at value (Cost $58,533,955; $80,674,419; and
$32,747,510, respectively) .................................... $58,316,249 $110,943,339 $39,372,200
Interest and dividends receivable ............................... 527,962 209,810 17,189
Receivable from brokers for investments sold .................... -- -- 1,768,258
Prepaid expenses and other assets ............................... 2,149 1,785 158
----------- ------------ -----------
Total Assets .............................................. 58,846,360 111,154,934 41,157,805
----------- ------------ -----------
LIABILITIES:
Cash overdraft .................................................. 39,010 -- --
Dividends payable ............................................... 282,503 128,720 --
Payable to brokers for investments purchased .................... -- -- 1,139,780
Accrued expenses and other payables:
Investment advisory fees ...................................... 15,933 42,443 15,883
Administration fees ........................................... 9,104 16,977 6,353
12b-1 fees .................................................... 11,380 21,221 7,941
Accounting and custodian fees ................................. 2,747 5,123 2,014
Other ......................................................... 27,504 26,085 19,776
----------- ------------ -----------
Total Liabilities ......................................... 388,181 240,569 1,191,747
----------- ------------ -----------
NET ASSETS:
Capital ......................................................... 59,423,019 76,989,274 30,394,141
Undistributed net investment income (loss) ...................... 6,635 (2,429) (437,691)
Net unrealized appreciation (depreciation) from investments ..... (217,706) 30,268,920 6,624,690
Accumulated undistributed net realized gains (losses) from
investment transactions ....................................... (753,769) 3,658,600 3,384,918
=========== ============ ===========
Net Assets ................................................ $58,458,179 $110,914,365 $39,966,058
=========== ============ ===========
Outstanding units of beneficial interest (shares) ............... 5,763,578 7,230,219 2,519,316
=========== ============ ===========
Net asset value--redemption price per share ..................... $ 10.14 $ 15.34 $ 15.86
=========== ============ ===========
Maximum Sales Charge ............................................ 3.00% 4.00% 4.00%
=========== ============ ===========
Maximum Offering Price (100%/ (100%-Maximum Sales Charge) of net
asset value adjusted to nearest cent) per share ............... $ 10.45 $ 15.98 $ 16.52
=========== ============ ===========
</TABLE>
See notes to financial statements.
-18-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Assets and Liabilities
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Intermediate
Tax-Free Short-Term
Bond Income Balanced
Fund Fund Fund
---------- ---------- -----------
<S> <C> <C> <C>
ASSETS:
Investments, at value (Cost $24,862,835; $14,249,475; and
$22,134,316, respectively) .............................. $25,681,588 $14,194,862 $25,013,285
Interest and dividends receivable ......................... 335,624 119,937 112,380
Receivable from brokers for investments sold .............. -- -- 120,938
Receivable for portfolio shares issued .................... 699 -- --
Unamortized organization costs ............................ -- -- 2,939
Prepaid expenses and other assets ......................... -- 1,024 985
----------- ----------- -----------
Total Assets ........................................ 26,017,911 14,315,823 25,250,527
----------- ----------- -----------
LIABILITIES:
Dividends payable ......................................... 91,457 70,492 129,499
Payable to brokers for investments purchased .............. -- -- 50,647
Accrued expenses and other payables:
Investment advisory fees ................................ 7,034 -- --
Administration fees ..................................... 4,020 2,177 3,883
Accounting and custodian fees ........................... 2,255 -- 111
Other ................................................... 15,463 10,285 6,444
----------- ----------- -----------
Total Liabilities ................................... 120,229 82,954 190,584
----------- ----------- -----------
NET ASSETS:
Capital ................................................... 24,963,764 14,331,774 21,563,650
Undistributed (distributions in excess of) net investment 12,585 (12,226) 4,526
income .................................................
Net unrealized appreciation (depreciation) from 818,753 (54,613) 2,878,969
investments .............................................
Accumulated undistributed net realized gains (losses) from
investment transactions ................................. 102,580 (32,066) 612,798
=========== =========== ===========
Net Assets .......................................... $25,897,682 $14,232,869 $25,059,943
=========== =========== ============
Outstanding units of beneficial interest (shares) ......... 2,415,127 1,445,192 2,058,646
=========== =========== ===========
Net asset value--redemption price per share ................ $ 10.72 $ 9.85 $ 12.17
=========== =========== ===========
Maximum Sales Charge ...................................... 3.00% 2.00% 4.00%
=========== =========== ===========
Maximum Offering Price (100%/ (100%-Maximum Sales Charge)
of net asset value adjusted to nearest cent) per share $ 11.05 $ 10.05 $ 12.68
=========== =========== ===========
</TABLE>
See notes to financial statements.
-19-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Operations
For the six months ended February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Cash U.S.
Management Treasury Bond
Fund Fund Fund
----------- ---------- ---------
<S> <C> <C> <C>
Investment Income:
Interest income ............................................. $10,512,215 $5,902,029 $1,153,760
Dividend income ............................................. -- -- 14,254
----------- ---------- ----------
Total Income .......................................... 10,512,215 5,902,029 1,168,014
----------- ---------- ----------
Expenses:
Investment advisory fees .................................... 749,340 445,279 89,334
Administration fees ......................................... 374,670 222,639 32,489
12b-1 fees .................................................. 468,173 278,360 40,611
Custodian and accounting fees ............................... 98,480 63,090 12,462
Legal and audit fees ........................................ 32,218 20,453 3,801
Trustees' fees and expenses ................................. 5,611 2,896 362
Transfer agent fees ......................................... 42,173 24,436 5,240
Registration and filing fees ................................ 35,114 5,611 362
Printing costs .............................................. 12,852 26,607 2,173
Other ....................................................... 7,559 3,967 513
----------- ---------- ----------
Total Expenses ........................................ 1,826,190 1,093,338 187,347
Expenses voluntarily reduced ................................ (468,173) (278,360) (32,480)
----------- ---------- ----------
Net Expenses .......................................... 1,358,017 814,978 154,867
----------- ---------- ----------
Net Investment Income ....................................... 9,154,198 5,087,051 1,013,147
----------- ---------- ----------
Realized/Unrealized Gains (Losses) on Investments:
Net realized gains (losses) on investment transactions ...... (3,384,126) -- 41,152
Change in unrealized appreciation/depreciation on
investments ............................................... -- -- 552,266
----------- ---------- ----------
Net realized/unrealized gains (losses) on investment
transactions .............................................. (3,384,126) -- 593,418
----------- ---------- ----------
Change in net assets resulting from operations .............. $ 5,770,072 $5,087,051 $1,606,565
=========== ========== ==========
</TABLE>
See notes to financial statements.
-20-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Operations
For the six months ended February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Intermediate Aggressive
Bond Equity Growth
Fund Fund Fund
------------ ----------- -----------
<S> <C> <C> <C>
Investment Income:
Interest income ......................................... $2,046,662 $ -- $ 19,309
Dividend income ......................................... 20,774 1,031,199 95,328
---------- ----------- -----------
Total Income ...................................... 2,067,436 1,031,199 114,637
---------- ----------- -----------
Expenses:
Investment advisory fees ................................ 167,027 340,369 150,953
Administration fees ..................................... 60,749 98,610 43,761
12b-1 Fees .............................................. 75,937 123,263 54,702
Custodian and accounting fees ........................... 21,664 31,574 14,033
Legal and audit fees .................................... 4,163 7,421 3,801
Trustees' fees and expenses ............................. 724 1,086 543
Transfer agent fees ..................................... 10,781 13,119 10,892
Registration and filing fees ............................ 362 543 1,086
Printing costs .......................................... 4,163 3,620 1,811
Other ................................................... 995 1,539 530
---------- ----------- -----------
Total Expenses .................................... 346,565 621,144 282,112
Expenses voluntarily reduced ............................ (60,716) (93,844) (41,549)
---------- ----------- -----------
Net Expenses ...................................... 285,849 527,300 240,563
---------- ----------- -----------
Net Investment Income (Loss) ............................ 1,781,587 503,899 (125,926)
---------- ----------- -----------
Realized/Unrealized Gains (Losses) on Investments:
Net realized gains on investment transactions ........... 82,009 6,228,417 4,600,902
Change in unrealized appreciation/depreciation on
investments ........................................... 814,926 13,866,301 (5,454,993)
---------- ----------- -----------
Net realized/unrealized gains (losses) on investments ... 896,935 20,094,718 (854,091)
---------- ----------- -----------
Change in net assets resulting from operations .......... $2,678,522 $20,598,617 $ (980,017)
========== =========== ===========
</TABLE>
See notes to financial statements.
-21-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Operations
For the six months ended February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Intermediate
Tax-Free Short-Term
Bond Income Balanced
Fund Fund Fund
------------ ----------- -----------
<S> <C> <C> <C>
Investment Income:
Interest income .................................................. $ 740,420 $451,535 $ 298,162
Dividend income .................................................. 11,254 13,416 172,950
---------- -------- ----------
Total Income ............................................... 751,674 464,951 471,112
---------- -------- ----------
Expenses:
Investment advisory fees ......................................... 77,749 40,027 90,803
Administration fees .............................................. 28,287 14,557 24,521
12b-1 Fees ....................................................... 35,307 18,194 30,677
Custodian and accounting fees .................................... 13,373 5,454 9,893
Legal and audit fees ............................................. 2,896 1,629 1,991
Organization costs ............................................... -- 2,496 5,973
Trustees' fees and expenses ...................................... 362 181 362
Transfer agent fees .............................................. 8,983 1,456 2,995
Registration and filing fees ..................................... 544 905 1,268
Printing costs ................................................... 2,173 724 1,086
Other ............................................................ 543 181 362
---------- -------- ----------
Total Expenses ............................................. 170,217 85,804 169,931
Expenses voluntarily reduced ..................................... (63,553) (60,405) (125,161)
---------- -------- ----------
Net Expenses ............................................... 106,664 25,399 44,770
---------- -------- ----------
Net Investment Income ............................................ 645,010 439,552 426,342
---------- -------- ----------
Realized/Unrealized Gains (Losses) on Investments:
Net realized gains (losses) on investment transactions ........... 152,576 (16,747) 913,359
Change in unrealized appreciation/depreciation on investments..... 296,081 116,451 1,636,270
---------- -------- ----------
Net realized/unrealized gains on investments ..................... 448,657 99,704 2,549,629
---------- -------- ----------
Change in net assets resulting from operations ................... $1,093,667 $539,256 $2,975,971
========== ======== ==========
</TABLE>
See notes to financial statements.
-22-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Cash Management Fund U.S. Treasury Fund
----------------------------- ------------------------------
Six months Year Six months Year
ended ended ended ended
February 28, August 31, February 28, August 31,
1997 1996 1997 1996
------------- ------------- ------------- -------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income ....................... $ 9,154,198 $ 16,629,964 $ 5,087,051 $ 9,496,787
Net realized gains (losses) on investment
transactions ............................... (3,384,126) 4,936 -- 2,588
------------- ------------- ------------- -------------
Change in net assets resulting from
operations ................................... 5,770,072 16,634,900 5,087,051 9,499,375
------------- ------------- ------------- -------------
Distributions to Shareholders:
From net investment income .................. (9,154,198) (16,629,964) (5,087,051) (9,496,787)
From net realized gains ..................... (10,334) (4,771) -- (2,588)
In excess of net realized gains ............. -- -- -- (130)
------------- ------------- ------------- -------------
Change in net assets from shareholder
distributions ................................ (9,164,532) (16,634,735) (5,087,051) (9,499,505)
------------- ------------- ------------- -------------
Capital Transactions:
Proceeds from shares issued ................. 410,674,162 943,474,078 339,200,767 439,883,580
Dividends reinvested ........................ 18,670 47,735 10,523 26,913
Cost of shares redeemed ..................... (423,491,682) (762,531,473) (318,741,022) (409,510,632)
------------- ------------- ------------- -------------
Change in net assets from share transactions .. (12,798,850) 180,990,340 20,470,268 30,399,861
------------- ------------- ------------- -------------
Capital contribution ........................ 3,394,524 -- -- --
------------- ------------- ------------- -------------
Change in net assets .......................... (12,798,786) 180,990,505 20,470,268 30,399,731
Net Assets:
Beginning of period ......................... 375,797,494 194,806,989 217,406,413 187,006,682
------------- ------------- ------------- -------------
End of period ............................... $ 362,998,708 $ 375,797,494 $ 237,876,681 $ 217,406,413
============= ============= ============= =============
Share Transactions:
Issued ...................................... 410,674,162 943,474,078 339,200,767 439,883,580
Reinvested .................................. 18,670 47,735 10,523 26,913
Redeemed .................................... (423,491,682) (762,531,473) (318,741,022) (409,510,632)
------------- ------------- ------------- -------------
Change in shares .............................. (12,798,850) 180,990,340 20,470,268 30,399,861
============= ============= ============= =============
</TABLE>
See notes to financial statements.
-23-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Bond Fund Intermediate Bond Fund
--------------------------- ---------------------------
Six months Year Six months Year
ended ended ended ended
February 28, August 31, February 28, August 31,
1997 1996 1997 1996
------------ ------------ ------------ ------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income .............................. $ 1,013,147 $ 2,249,542 $ 1,781,587 $ 3,801,019
Net realized gains (losses) on investment
transactions ..................................... 41,152 (138,651) 82,009 2,959
Net change in unrealized appreciation/depreciation
on investments ................................... 552,266 (1,023,947) 814,926 (1,503,165)
----------- ------------ ----------- ------------
Change in net assets resulting from operations ....... 1,606,565 1,086,944 2,678,522 2,300,813
----------- ------------ ----------- ------------
Distributions to Shareholders:
From net investment income ......................... (1,013,147) (2,241,663) (1,781,587) (3,801,019)
Return of capital .................................. -- (7,879) -- --
----------- ------------ ----------- ------------
Change in net assets from shareholder distributions .. (1,013,147) (2,249,542) (1,781,587) (3,801,019)
----------- ------------ ----------- ------------
Capital Transactions:
Proceeds from shares issued ........................ 2,188,935 8,439,328 3,126,659 11,734,840
Dividends reinvested ............................... 709,848 1,656,562 827,736 1,824,959
Cost of shares redeemed ............................ (4,773,004) (13,419,791) (9,480,957) (23,366,575)
----------- ------------ ----------- ------------
Change in net assets from share transactions ......... (1,874,221) (3,323,901) (5,526,562) (9,806,776)
----------- ------------ ----------- ------------
Change in net assets ................................. (1,280,803) (4,486,499) (4,629,627) (11,306,982)
Net Assets:
Beginning of period ................................ 32,806,689 37,293,188 63,087,806 74,394,788
----------- ------------ ----------- ------------
End of period ...................................... $31,525,886 $ 32,806,689 $58,458,179 $ 63,087,806
=========== ============ =========== ============
Share Transactions:
Issued ............................................. 238,378 910,369 307,559 1,150,312
Reinvested ......................................... 77,364 177,989 81,501 178,100
Redeemed ........................................... (518,149) (1,454,954) (930,859) (2,275,525)
----------- ------------ ----------- ------------
Change in shares ..................................... (202,407) (366,596) (541,799) (947,113)
=========== ============ =========== ============
</TABLE>
See notes to financial statements.
-24-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Equity Fund Aggressive Growth Fund
--------------------------- --------------------------
Six months Year Six months Year
ended ended ended ended
February 28, August 31, February 28, August 31,
1997 1996 1997 1996
------------ ------------ ------------ ------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income (loss) ..................... $ 503,899 $ 1,099,190 $ (125,926) $ (140,144)
Net realized gains on investment transactions .... 6,228,417 7,922,697 4,600,902 902,632
Net change in unrealized
appreciation/depreciation on investments ....... 13,866,301 4,300,120 (5,454,993) (341,433)
------------ ------------ ----------- -----------
Change in net assets resulting from operations .... 20,598,617 13,322,007 (980,017) 421,055
------------ ------------ ----------- -----------
Distributions to Shareholders:
From net investment income ....................... (502,393) (1,099,190) -- --
In excess of net investment income ............... -- (13,132) -- --
From net realized gains .......................... (8,951,022) (3,660,781) -- (660,090)
------------ ------------ ----------- -----------
Change in net assets from shareholder (9,453,415) (4,773,103) -- (660,090)
distributions ...................................
------------ ------------ ----------- -----------
Capital Transactions:
Proceeds from shares issued ...................... 13,776,683 14,184,214 4,954,861 14,359,199
Dividends reinvested ............................. 9,222,559 4,255,911 -- 656,962
Cost of shares redeemed .......................... (9,582,137) (17,034,652) (7,286,477) (9,507,747)
------------ ------------ ----------- -----------
Change in net assets from share transactions ...... 13,417,105 (1,405,473) (2,331,616) 5,508,414
------------ ------------ ----------- -----------
Change in net assets .............................. 24,562,307 9,954,377 (3,311,633) 5,269,379
Net Assets:
Beginning of period .............................. 86,352,058 76,397,681 43,277,691 38,008,312
------------ ------------ ----------- -----------
End of period .................................... $110,914,365 $ 86,352,058 $39,966,058 $43,277,691
============ ============ =========== ===========
Share Transactions:
Issued ........................................... 929,315 1,049,725 293,201 858,255
Reinvested ....................................... 654,767 330,316 -- 43,278
Redeemed ......................................... (643,527) (1,288,822) (429,872) (575,883)
------------ ------------ ----------- -----------
Change in shares .................................. 940,555 91,219 (136,671) 325,650
============ ============ =========== ===========
</TABLE>
See notes to financial statements.
-25-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Intermediate Tax-Free
Bond Fund Short-Term Income Fund
-------------------------- --------------------------
Six months Year Six months Year
ended ended ended ended
February 28, August 31, February 28, August 31,
1997 1996 1997 1996
------------ ------------ ------------ ------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income ............................... $ 645,010 $ 1,324,186 $ 439,552 $ 706,318
Net realized gains (losses) on investment 152,576 126,926 (16,747) 17,326
transactions ......................................
Net change in unrealized appreciation/depreciation
on investments .................................... 296,081 (356,637) 116,451 (219,607)
----------- ----------- ----------- -----------
Change in net assets resulting from operations ....... 1,093,667 1,094,475 539,256 504,037
----------- ----------- ----------- -----------
Distributions to Shareholders:
From net investment income .......................... (645,010) (1,324,186) (453,863) (706,318)
From net realized gains ............................. -- -- (1,214) (17,326)
In excess of net realized gains ..................... -- -- -- (6,388)
----------- ----------- ----------- -----------
Change in net assets from shareholder distributions .. (645,010) (1,324,186) (455,077) (730,032)
----------- ----------- ----------- -----------
Capital Transactions:
Proceeds from shares issued ......................... 1,417,908 10,599,186 1,863,939 6,885,605
Dividends reinvested ................................ 136,293 263,588 242,545 309,680
Cost of shares redeemed ............................. (7,141,619) (7,710,967) (2,357,177) (2,798,266)
----------- ----------- ----------- -----------
Change in net assets from share transactions ......... (5,587,418) 3,151,807 (250,693) 4,397,019
----------- ----------- ----------- -----------
Change in net assets ................................. (5,138,761) 2,922,096 (166,514) 4,171,024
Net Assets:
Beginning of period ................................. 31,036,443 28,114,347 14,399,383 10,228,359
----------- ----------- ----------- -----------
End of period ....................................... $25,897,682 $31,036,443 $14,232,869 $14,399,383
=========== =========== =========== ===========
Share Transactions:
Issued .............................................. 132,632 993,632 188,858 693,519
Reinvested .......................................... 12,772 24,687 24,567 31,150
Redeemed ............................................ (665,423) (719,169) (238,361) (282,145)
----------- ------------ ------------ -----------
Change in shares ..................................... (520,019) 299,150 (24,936) 442,524
=========== ============ ============ ===========
</TABLE>
See notes to financial statements.
-26-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Balanced Fund
-----------------------------
Six months Year
ended ended
February 28, August 31,
1997 1996
------------ ------------
(Unaudited)
<S> <C> <C>
From Investment Activities:
Operations:
Net investment income ......................................................... $ 426,342 $ 660,017
Net realized gains on investment transactions ................................. 913,359 675,617
Net change in unrealized appreciation/depreciation on investments ............. 1,636,270 535,215
----------- -----------
Change in net assets resulting from operations .................................. 2,975,971 1,870,849
----------- -----------
Distributions to Shareholders:
From net investment income .................................................... (424,178) (658,319)
From net realized gains ....................................................... 752,189) (216,777)
----------- -----------
Change in net assets from shareholder distributions ............................. (1,176,367) (875,096)
----------- -----------
Capital Transactions:
Proceeds from shares issued ................................................... 2,845,644 9,567,734
Dividends reinvested .......................................................... 1,235,963 777,333
Cost of shares redeemed ....................................................... (3,413,697) (1,590,246)
----------- -----------
Change in net assets from share transactions .................................... 667,910 8,754,821
----------- -----------
Change in net assets ............................................................ 2,467,514 9,750,574
Net Assets:
Beginning of period ........................................................... 22,592,429 12,841,855
----------- -----------
End of period ................................................................. $25,059,943 $22,592,429
=========== ===========
Share Transactions:
Issued ........................................................................ 239,213 863,012
Reinvested .................................................................... 104,781 69,985
Redeemed ...................................................................... (288,005) (139,704)
----------- -----------
Change in shares ................................................................ 55,989 793,293
=========== ===========
</TABLE>
See notes to financial statements.
-27-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Cash Management Fund
Schedule of Portfolio Investments
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
- ------------ ------------------------------- -------------
<S> <C> <C>
Bankers' Acceptances (8.9%):
$ 9,000,000 Bank of New York, 5.31%,
4/8/97........................ $ 8,949,935
8,000,000 Bank of Tokyo-Mitsubishi, Los
Angeles, 5.47%, 4/2/97........ 7,961,600
5,600,000 Sanwa Bank, New York, 5.49%,
3/24/97....................... 5,580,573
10,000,000 Sanwa Bank, New York, 5.47%,
5/6/97........................ 9,901,000
-------------
Total Bankers' Acceptances 32,393,108
-------------
Certificates of Deposits (21.5%):
Yankee Certificates of Deposit (21.5%):
7,000,000 Banca CRT, 5.55%*, 3/10/97..... 7,000,000
12,000,000 Banca CRT, 5.56%*, 4/18/97..... 12,000,000
19,000,000 Dai-ichi Kangyo Bank, 5.48%*,
5/12/97....................... 19,000,000
20,000,000 Industrial Bank of Japan,
5.57%*, 5/7/97................ 20,000,000
10,000,000 Norinchukin Bank, 5.56%,
5/21/97....................... 10,000,000
10,000,000 Postipankki, Ltd., 5.46%*,
3/6/97........................ 10,000,000
-------------
Total Certificates of Deposits 78,000,000
-------------
Commercial Paper (10.6%):
Business Credit (2.5%):
9,000,000 Heller Financial, Inc., 5.50%,
5/21/97....................... 8,890,245
-------------
Finance Lessors (2.7%):
10,000,000 GE Capital, 5.39%, 7/3/97...... 9,818,133
-------------
Financial Services (2.7%):
10,000,000 Ford Motor Credit, 5.40%, 9,817,789
7/3/97........................
-------------
Personal Credit (2.7%):
10,000,000 American Express Credit Corp.,
5.35%, 6/30/97................ 9,823,542
-------------
Total Commercial Paper 38,349,709
-------------
Medium Term Notes (23.1%):
Banking (5.5%):
10,000,000 Banponce Corp., 5.67%*, 3/19/97 10,000,000
10,000,000 Fleet Financial, 5.60%*,
2/13/98....................... 10,012,319
-------------
20,012,319
-------------
Brokerage Services (2.7%):
$ 10,000,000 Merrill Lynch & Co., Inc.,
5.47%*, 3/3/97................ $ 9,998,035
-------------
Business Credit (5.0%):
8,000,000 Heller Financial, Inc.,
5.63%*, 3/24/97............... 8,000,000
10,000,000 Sanwa Business Credit Corp.,
5.46%*, 5/27/97............... 10,000,000
-------------
18,000,000
-------------
Financial Services (4.4%):
16,000,000 General Motors Acceptance
Corp., 5.47%*, 5/23/97........ 16,000,000
-------------
Retail Stores (5.5%):
20,000,000 Sears Roebuck Acceptance
Corp., 5.55%*, 3/26/97........ 20,000,000
-------------
Total Medium Term Notes 84,010,354
-------------
Time Deposits (14.6%):
Banking (14.6%):
10,000,000 Bank Brussells Lambert, 5.50%,
3/3/97........................ 10,000,000
10,000,000 Banque Paribas, 5.38%, 3/3/97.. 10,000,000
10,000,000 Skandinaviska Enskilda Banken,
5.38%, 3/3/97................. 10,000,000
10,000,000 Sumitomo Bank, 5.44%, 3/3/97... 10,000,000
3,197,698 Svenska Handelsbanken, 5.38%,
3/3/97........................ 3,197,698
10,000,000 Swedbank, 5.44%, 3/3/97........ 10,000,000
-------------
Total Time Deposits 53,197,698
-------------
Variable Rate Notes (24.0%):
Banking (2.8%):
10,000,000 Bankers' Trust New York,
5.52%*, 5/2/97................ 10,000,000
-------------
Brokerage Services (11.6%):
10,000,000 Bear Stearns, 5.46%*, 5/13/97.. 10,000,000
17,000,000 Goldman Sachs Group LP,
5.53%*, 4/4/97................ 17,000,000
9,000,000 Lehman Brothers Holdings,
Inc., 5.59%*, 5/30/97......... 9,000,000
</TABLE>
Continued
-28-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Cash Management Fund
Schedule of Portfolio Investments, Continued
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
- ------------ ------------------------------- ------------
<S> <C> <C>
Variable Rate Notes, continued:
Brokerage Services, continued:
$ 6,000,000 Lehman Brothers Holdings,
Inc., 5.59%*, 12/5/97......... $ 6,000,000
------------
42,000,000
------------
Life Insurance (9.6%):
15,000,000 General American, 5.65%*,
3/21/97....................... 15,000,000
Variable Rate Notes, continued:
Life Insurance, continued:
$ 20,000,000 Jackson National Life
Insurance Co., 5.52%*, $ 20,000,000
5/29/97.....................
------------
35,000,000
------------
Total Variable Rate Notes 87,000,000
------------
Total (Cost--$372,950,869)(a) $372,950,869
============
</TABLE>
- --------------
Percentages indicated are based on net assets of $362,998,708.
(a) Cost for federal income tax and financial reporting purposes are the same.
* Variable rate investments. The rate reflected on the Schedule of Portfolio
Investments is the rate in effect at February 28, 1997. The date presented
reflects the next rate change date.
See notes to financial statements.
-29-
<PAGE>
AMERICAN PERFORMANCE FUNDS
U.S. Treasury Fund
Schedule of Portfolio Investments
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
- ------------ ------------------------------- ------------
<S> <C> <C>
U.S. Treasury Bills (31.7%):
$ 76,000,000 5.42%*, 4/17/97................ $ 75,493,314
------------
Total U.S. Treasury Bills 75,493,314
------------
Total Investments, at value 75,493,314
------------
Repurchase Agreements (68.7%):
11,000,000 Bear Stearns, 5.35%, 3/3/97
(Collateralized by
$7,730,000 U.S. Treasury
Notes, 11.25%, 2/15/15,
market value $11,239,730)..... 11,000,000
11,000,000 C.S. First Boston, 5.30%,
3/3/97
(Collateralized by
$11,056,000 U.S. Treasury
Notes, 6.25%, 6/30/98,
market value $11,225,629)..... 11,000,000
11,000,000 Dean Witter, 5.30%, 3/3/97
(Collateralized by
$11,196,000 U.S. Treasury
Notes, 6.13%, 8/31/98,
market value $11,222,241)..... 11,000,000
10,335,952 Merrill Lynch & Co., Inc.,
5.25%, 3/3/97
(Collateralized by
$10,285,000 U.S. Treasury
Notes, 8.13%, 2/15/98,
market value $10,536,780)..... $ 10,335,952
11,000,000 Morgan Stanley, 5.30%, 3/3/97
(Collateralized by
$7,950,000 U.S. Treasury
Notes, 12.00%, 8/15/13,
market value $11,241,275)..... 11,000,000
53,000,000 Nomura Securities, 5.34%,
3/3/97 (Collateralized by
$47,060,000 U.S. Treasury
Notes, 8.00%-8.50%,
2/15/20-11/15/21, market
value $54,102,800)............ 53,000,000
56,000,000 Sanwa, 5.35%, 3/3/97
(Collateralized by
$44,868,000 U.S. Treasury
Notes, 13.38%, 8/15/01,
market value $57,183,848)..... 56,000,000
------------
Total Repurchase Agreements 163,335,952
------------
Total (Cost--$238,829,266)(a) $238,829,266
============
</TABLE>
- ------------
Percentages indicated are based on net assets of $237,876,681.
(a) Cost for federal income tax and financial reporting purposes are the same.
* Effective yield at date of purchase.
See notes to financial statements.
-30-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ------------ ----------------------------------- ------------
<S> <C> <C>
Asset Backed Securities (4.8%):
$ 1,000,000 Crown Home Equity Loan Trust,
Series 1996-1, Class A3,
6.81%, 6/25/11................. $ 979,180
78,563 Equicon Home Equity Loan Trust,
Series 1995-2, Class A1,
6.45%, 7/18/10................. 78,597
500,000 First Plus Home Loan Trust,
Series 1996-4, Class CTFS,
7.60%, 4/10/22................. 473,850
------------
Total Asset Backed Securities 1,531,627
------------
Collateralized Mortgage Obligations (20.4%):
2,000,000 Federal National Mortgage Assoc.,
Series 1993-121, Class PE,
6.00%, 10/25/16................ 1,978,600
1,200,000 General Electric Capital Mortgage
Services, Inc., Series
1996-HE2, Class A-3, 7.30%, 1,211,532
3/25/12........................
1,237,845 Merrill Lynch Trust, Series 45,
Class F, 9.10%, 9/20/14........ 1,287,396
1,500,000 Prudential Home Mortgage
Securities, Series 1994-21,
Class A8, 7.80%, 6/25/24....... 1,446,435
500,000 Residential Funding Mortgage
Securities, Series 1993-S28,
Class A6, 7.00%, 8/25/23....... 480,845
------------
Total Collateralized Mortgage Obligations 6,404,808
------------
Corporate Bonds (41.1%):
Automotive (1.6%):
500,000 General Motors Corp., 7.70%,
4/15/16 ....................... 506,875
------------
Banking (4.8%):
1,500,000 BankAmerica Corp., 7.12%,
5/12/05.................................... 1,500,000
------------
Brokerage Services (5.8%):
1,000,000 Merrill Lynch & Co., Inc., 8.00%,
2/1/02......................... 1,050,000
800,000 Smith Barney Holdings, Inc.,
6.88%, 6/15/05 .............. 783,000
------------
1,833,000
------------
Financial Services (14.5%):
$ 1,000,000 Associates Corp. of North
America, 7.50%, 4/15/02 ..... $ 1,032,500
1,000,000 CNA Financial Corp., 7.25%,
11/15/23 .................... 932,500
1,050,000 Ford Motor Credit Corp., 7.75%,
3/15/05 ..................... 1,086,750
500,000 General Electric Capital Corp.,
7.50%, 6/15/09 .............. 520,625
1,000,000 General Motors Acceptance Corp.,
6.63%, 10/1/02 .............. 990,000
------------
4,562,375
------------
Leasing (3.2%):
1,000,000 Hertz Corp., 7.38%, 6/15/01 ...... 1,017,500
------------
Office Equipment & Services (3.3%):
1,000,000 Xerox Corp., 8.13%, 4/15/02 ...... 1,055,000
------------
Retail (3.2%):
1,000,000 May Department Stores, 8.38%,
10/1/22, Callable 10/1/02 @ 104 1,023,750
------------
Telecommunications (4.7%):
1,000,000 Alltel Corp., 7.00%, 3/15/16 ... 962,500
500,000 MCI Communications Corp., 7.12%,
1/20/00 ..................... 508,125
------------
1,470,625
------------
Total Corporate Bonds 12,969,125
------------
Medium Term Notes (1.6%):
500,000 Beneficial Corp., 7.75%, 3/1/99... 512,500
------------
Total Medium Term Notes 512,500
------------
Taxable Municipal Bonds (3.7%):
Colorado (3.7%):
1,195,000 Boulder County, Series B, 7.63%,
9/1/21, Callable 9/1/07 @ 100,
AMBAC.......................... 1,172,594
------------
Total Taxable Municipal Bonds 1,172,594
------------
U.S. Government Agencies (22.9%):
Federal Home Loan Bank:
60,000 7.36%, 7/1/04 ................... 62,426
</TABLE>
Continued
-31-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ------------ ----------------------------------- ------------
<S> <C> <C>
U.S. Government Agencies, continued:
Federal Home Loan Mortgage Corp.:
$ 2,980,832 6.50%, 12/1/11, Gold Pool
#E20275X ...................... $ 2,920,530
Government National Mortgage Assoc.:
51,764 10.50%, 11/15/15, Pool #268347 ... 57,425
99,941 11.00%, 2/15/16, Pool #279067 .... 111,341
90,334 9.00%, 1/15/20, Pool #280664 ..... 96,601
113,660 9.00%, 10/15/20, Pool #289412 .... 121,332
279,541 9.00%, 7/15/21, Pool #308511 ..... 297,621
627,501 7.00%, 9/15/23, Pool #347688 ..... 613,345
1,004,941 7.50%, 11/15/23, Pool #354701 .... 1,003,303
947,217 7.50%, 12/15/25, Pool #401510 .... 945,502
921,873 8.00%, 5/15/26, Pool #428480 ..... 940,006
58,998 8.00%, 6/15/26, Pool #426149 ..... 60,157
------------
Total U.S. Government Agencies 7,229,589
------------
U.S. Treasury Bonds (3.5%):
$ 1,000,000 7.63%, 2/15/25.................... $ 1,087,270
------------
Total U.S. Treasury Bonds 1,087,270
------------
Investment Company (1.2%):
376,241 American Performance Cash
Management Fund................ 376,241
------------
Total Investment Company 376,241
------------
Total (Cost--$31,269,512)(a) $31,283,754
============
</TABLE>
- ----------
Percentages indicated are based on net assets of $31,525,886.
(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 ........................................... $ 367,777
Unrealized depreciation ........................................... (353,535)
==========
Net unrealized appreciation ....................................... $ 14,242
==========
</TABLE>
AMBAC -- Insured by AMBAC Indemnity Corp.
See notes to financial statements
-32-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ----------- ---------------------------------- -----------
<S> <C> <C>
Asset Backed Securities (16.1%):
$ 227,686 Advanta Mortgage Loan Trust,
Series 1993-3, Class A3,
4.75%, 2/25/10................... $ 218,027
2,949,866 AFC Home Equity Loan Trust,
Series 1995-3, Class 1A2,
6.80%, 10/26/26.................. 2,946,710
1,039,004 CoreStates Home Equity Trust,
Series 1993-2, Class A, 5.10%,
3/15/09.......................... 1,014,868
1,500,000 Crown Home Equity Loan Trust,
Series 1996-1, Class A3,
6.81%, 6/25/11................... 1,468,770
773,074 Equicon Home Equity Loan Trust,
Series 1992-7, Class A, 5.90%,
9/18/05.......................... 766,333
2,050,000 Ford Credit Auto Loan Master
Trust, Series 1995-1, Class A,
6.50%, 8/15/02................... 2,048,770
1,000,000 Nomura Asset Securities Corp.,
Series 1995-2, Class 2M,
7.12%, 1/25/26................. 979,890
-----------
Total Asset Backed Securities 9,443,368
-----------
Collateralized Mortgage Obligations (21.9%):
1,100,000 Federal Home Loan Mortgage Corp.,
Series 1538, Class E, 6.00%,
3/15/05.......................... 1,089,616
2,000,000 Federal Home Loan Mortgage Corp.,
Series 1482, Class F, 6.50%,
5/15/19.......................... 1,949,060
1,000,000 Federal Home Loan Mortgage Corp.,
Series 1268, Class G, 8.00%,
9/15/20.......................... 1,022,380
500,000 Federal National Mortgage Assoc.,
Series 1993-121, Class PE,
6.00%, 10/25/16.................. 494,650
1,000,000 Federal National Mortgage Assoc.,
Series 1993-102, Class G,
6.25%, 1/25/20................... 983,300
1,000,000 First Plus Home Loan Trust,
Series 1996-4, Class A2,
6.14%, 10/10/08.................. 993,350
$ 2,000,000 General Electric Capital Mortgage
Services, Series 1995-HE1,
Class A2, 6.90%, 2/25/10......... 2,006,300
994,743 General Electric Capital Mortgage
Services, Series 1993-12,
Class A2, 6.50%, 10/25/23........ 963,209
241,000 Independent National Mortgage
Corp., Series 1995-D, Class
A6, 9.00%, 3/25/25............... 248,459
613,196 Prudential Home Mortgage
Securities, Series 1993-38,
Class A3, 6.15%, 9/25/23......... 594,739
1,512,436 Prudential Home Mortgage
Securities, Series 1994-15,
Class A5, 6.80%, 5/25/24......... 1,477,710
500,000 Prudential Home Mortgage
Securities, Series 1994-21,
Class A8, 7.80%, 6/25/24......... 482,145
500,000 Residential Funding Mortgage
Securities, Series 1993-S28,
Class A6, 7.00%, 8/25/23......... 480,845
-----------
Total Collateralized Mortgage Obligations 12,775,763
-----------
Corporate Bonds (29.2%):
Brokerage Services (6.8%):
500,000 Bear Stearns Co., Inc., 6.75%,
8/15/00.......................... 500,625
1,000,000 Bear Stearns Co., Inc., 6.75%,
4/15/03.......................... 982,500
1,500,000 Merrill Lynch & Co., Inc., 6.64%,
9/19/02.......................... 1,486,875
1,000,000 Smith Barney Holdings, Inc.,
6.63%, 6/1/00.................... 998,750
-----------
3,968,750
-----------
Financial Services (10.2%):
2,100,000 CNA Financial Corp., 6.25%,
11/15/03......................... 2,018,625
2,000,000 Commercial Credit Co., 6.38%,
9/15/02.......................... 1,965,000
1,000,000 General Motors Acceptance Corp.,
6.30%, 6/11/98................... 1,003,000
</TABLE>
Continued
-33-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ----------- ---------------------------------- -----------
<S> <C> <C>
Corporate Bonds, continued:
Financial Services, continued:
$ 1,000,000 General Motors Acceptance Corp.,
6.63%, 10/1/02................... $ 990,000
-----------
5,976,625
-----------
Food Products (3.7%):
1,000,000 Grand Metropolitan Investment,
8.62%, 8/15/01................... 1,070,000
1,000,000 McCormick & Co., 8.95%, 7/1/01.... 1,080,000
-----------
2,150,000
-----------
Leasing (5.0%):
1,500,000 Hertz Corp., 6.00%, 1/15/03....... 1,426,875
1,500,000 International Lease Finance
Corp., 6.50%, 8/15/99............ 1,500,000
-----------
2,926,875
-----------
Pharmaceuticals (0.9%):
500,000 American Home Products Corp.,
6.50%, 10/15/02.................. 494,375
-----------
Telecommunications (0.9%):
500,000 COMSAT Corp., 8.95%, 5/15/01...... 538,750
-----------
Utilities - Electric (1.7%):
1,000,000 Alabama Power Co., 6.38%, 8/1/99.. 998,750
-----------
Total Corporate Bonds 17,054,125
-----------
Taxable Municipal Bonds (1.7%):
Louisiana (1.7%):
1,000,000 Orleans Parish, School Board,
Series A, 6.45%, 2/1/05, FGIC.... 981,250
-----------
Total Taxable Municipal Bonds 981,250
-----------
U.S. Government Agencies (28.5%):
Federal Home Loan Mortgage Corp.:
$ 474,268 8.00%, 7/1/99, Gold Pool #M80108 . $ 486,566
412,020 7.00%, 10/1/07, Gold Pool #E40422
................................. 411,320
3,974,443 6.50%, 12/1/11, Gold Pool
#E20275X ....................... 3,894,039
Federal National Mortgage Assoc.:
819,120 5.00%, 2/1/09, Pool #266453 ...... 758,423
498,608 7.36%*, 11/1/22, Pool #188965 .... 515,745
675,032 7.70%*, 11/1/22, Pool #189916 .... 696,971
1,016,529 8.13%*, 7/1/23, Pool #224951 ..... 1,055,920
Government National Mortgage Assoc.:
29,050 9.00%, 12/15/04, Pool #284008 .... 30,557
135,423 9.00%, 1/15/05, Pool #247502 ..... 142,448
64,022 9.00%, 3/15/06, Pool #299211 ..... 67,343
490,058 7.50%, 6/15/07, Pool #329595 ..... 498,325
922,757 6.00%, 1/15/09, Pool #371901 ..... 891,770
207,124 8.00%, 10/20/24, Pool #1884 ...... 210,098
826,120 6.00%, 2/20/26, Pool #2166 ....... 759,022
40,076 8.00%, 2/20/26, Pool #2171 ....... 40,660
76,546 8.00%, 3/20/26, Pool #2187 ....... 77,663
376,877 8.00%, 4/20/26, Pool #2205 ....... 382,379
1,706,119 8.00%, 5/20/26, Pool #2219 ....... 1,731,080
983,315 8.00%, 6/15/26, Pool #423563 ..... 1,002,657
2,920,395 8.00%, 6/15/26, Pool #426149 ..... 2,977,781
-----------
Total U.S. Government Agencies 16,630,767
-----------
Investment Company (2.4%):
1,420,976 American Performance Cash
Management Fund.................. 1,420,976
-----------
Total Investment Company 1,420,976
-----------
Total (Cost--$58,533,955)(a) $58,316,249
===========
</TABLE>
- ------------
Percentages indicated are based on net assets of $58,458,179.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation ............................ $ 354,496
Unrealized depreciation ............................ (572,202)
---------
Net unrealized depreciation ........................ $(217,706)
=========
</TABLE>
* Variable rate investments. The rate reflected on the Schedule of Portfolio
Investments is the rate in effect at February 28, 1997.
FGIC -- Insured by Financial Guaranty Insurance Corp.
See notes to financial statements.
-34-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
- ----------- ----------------------------------- --------------
<S> <C> <C>
Common Stocks (95.1%):
Aerospace/Defense (0.9%):
9,900 Boeing Co......................... $ 1,007,325
--------------
Air Conditioning (0.4%):
9,600 American Standard Cos., Inc.(b)... 432,000
--------------
Airlines (1.4%):
19,300 Delta Air Lines, Inc.............. 1,553,650
--------------
Automobiles (1.0%):
17,200 Honda Motor Co. Ltd., ADR......... 1,075,000
--------------
Automotive Parts (1.1%):
10,400 Magna International, Inc., Class A 546,000
12,500 TRW, Inc.......................... 654,687
--------------
1,200,687
--------------
Banking (8.2%):
11,100 BankAmerica Corp.................. 1,262,625
18,200 Bankers' Trust New York Corp...... 1,651,650
11,900 Chase Manhattan Corp.............. 1,191,487
8,200 Citicorp.......................... 957,350
23,500 CoreStates Financial Corp......... 1,236,688
15,300 First Security Corp............... 533,588
20,900 Great Western Financial Corp...... 916,987
9,800 NationsBank Corp.................. 586,775
12,800 UnionBanCal Corp.................. 771,200
--------------
9,108,350
--------------
Beverages (3.5%):
55,200 Coca-Cola Co...................... 3,367,200
16,400 PepsiCo, Inc...................... 539,150
--------------
3,906,350
--------------
Brokerage Services (0.6%):
12,000 Salomon, Inc...................... 667,500
--------------
Chemicals (4.5%):
19,900 Dow Chemical Co................... 1,611,900
9,400 E.I. du Pont de Nemours & Co...... 1,008,150
22,300 Engelhard Corp.................... 493,388
19,200 Monsanto Co....................... 698,400
12,700 Olin Corp......................... 508,000
7,100 Rohm & Haas Co.................... 653,200
--------------
4,973,038
--------------
Computers & Peripherals (2.9%):
18,600 Cisco Systems Inc.(b)............. 1,034,625
Common Stocks, continued:
Computers & Peripherals, continued:
10,900 International Business Machines
Corp........................... $ 1,566,875
15,400 Storage Technology Corp.(b)....... 642,950
--------------
3,244,450
--------------
Cosmetics (1.8%):
10,700 Avon Products, Inc................ 623,275
16,700 Gillette Co....................... 1,321,387
--------------
1,944,662
--------------
Electrical Equipment (2.6%):
28,000 General Electric Co............... 2,880,500
--------------
Electronic & Electrical (1.5%):
19,700 Raychem Corp...................... 1,676,962
--------------
Entertainment (1.2%):
18,100 The Walt Disney Co................ 1,343,925
--------------
Financial Services (3.4%):
22,000 Federal Home Loan Mortgage Corp... 654,500
7,100 Household International, Inc...... 687,813
28,200 MBNA Corp......................... 902,400
9,000 MGIC Investment Corp.............. 707,625
15,100 Travelers Group, Inc.............. 809,737
--------------
3,762,075
--------------
Food Processing & Packaging (1.3%):
11,000 CPC International, Inc............ 925,375
10,000 Interstate Bakeries Corp.......... 467,500
--------------
1,392,875
--------------
Forest Products (1.9%):
20,400 Kimberly-Clark Corp............... 2,162,400
--------------
Health Care (1.4%):
27,000 Johnson & Johnson................. 1,555,875
--------------
Hotels & Motels (0.8%):
13,800 HFS, Inc.(b)...................... 945,300
--------------
Household Goods (0.7%):
11,700 Armstrong World Industries, Inc... 805,837
--------------
Insurance (2.7%):
25,400 Aetna, Inc........................ 2,105,025
13,700 Allstate Corp..................... 868,238
--------------
2,973,263
--------------
</TABLE>
Continued
-35-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments, Continued
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
- ----------- ----------------------------------- --------------
<S> <C> <C>
Common Stocks, continued:
Machinery--Diversified (1.7%):
14,400 Harnischfeger Industries, Inc..... $ 631,800
14,000 Thermo Electron Corp.(b).......... 477,750
13,800 Tyco International Ltd............ 814,200
--------------
1,923,750
--------------
Medical Services (0.7%):
17,400 Columbia/HCA Healthcare Corp...... 730,800
--------------
Medical--Wholesale Drug Distribution (1.1%):
18,600 McKesson Corp..................... 1,232,250
--------------
Metals & Mining (1.5%):
37,700 Freeport McMoran Copper & Gold,
Inc., Class B.................. 1,281,800
24,100 Freeport McMoRan Resource
Partners, L.P.(b).............. 412,713
--------------
1,694,513
--------------
Oil & Gas Production (0.6%):
12,500 Consolidated Natural Gas Co....... 637,500
--------------
Oil & Gas--Equipment & Services (1.0%):
11,600 Tidewater, Inc.................... 498,800
10,700 Transocean Offshore, Inc.......... 597,862
--------------
1,096,662
--------------
Oil--Integrated Companies (7.0%):
7,200 Amoco Corp........................ 608,400
3,700 British Petroleum Co. PLC, ADR.... 489,788
9,000 Chevron Corp...................... 580,500
18,600 Exxon Corp........................ 1,857,675
13,000 Mobil Corp........................ 1,595,750
8,500 Royal Dutch Petroleum Co., New
York Shares.................... 1,470,500
12,100 Texaco, Inc....................... 1,196,387
--------------
7,799,000
--------------
Pharmaceuticals (7.1%):
9,400 American Home Products Corp....... 601,600
16,400 Biogen, Inc.(b)................... 807,700
10,800 Bristol-Myers Squibb Co........... 1,409,400
11,900 Eli Lilly & Co.................... 1,039,763
19,300 Merck & Co., Inc.................. 1,775,600
17,500 Pfizer, Inc....................... 1,603,437
8,600 Schering-Plough Corp.............. 658,975
--------------
7,896,475
--------------
Common Stocks, continued:
Publishing (0.8%):
16,200 McGraw-Hill Cos., Inc............. $ 840,375
--------------
Retail (3.9%):
17,900 Federated Department Stores,
Inc.(b)........................ 622,025
19,100 Home Depot, Inc................... 1,040,950
23,400 Sears, Roebuck & Co............... 1,269,450
12,800 TJX Cos., Inc..................... 534,400
43,000 Woolworth Corp.(b)................ 897,625
--------------
4,364,450
--------------
Semiconductors (2.5%):
19,200 Intel Corp........................ 2,724,000
--------------
Services (Non-Financial) (0.8%):
32,300 Service Corp. International....... 936,700
--------------
Soaps & Cleaning Agents (1.7%):
15,400 Procter & Gamble Co............... 1,849,925
--------------
Software & Computer Services (3.1%):
8,900 Computer Associates
International, Inc............. 387,150
21,300 Microsoft Corp.(b)................ 2,076,750
25,400 Oracle Corp.(b)................... 996,950
--------------
3,460,850
--------------
Steel (3.3%):
31,800 Carpenter Technology Corp......... 1,160,700
31,300 Timken Co......................... 1,639,338
26,400 USX - U.S. Steel Group, Inc....... 828,300
--------------
3,628,338
--------------
Telecommunications (1.5%):
10,900 Lucent Technologies, Inc.......... 587,237
17,100 L.M. Ericsson, ADR................ 539,452
19,000 United States Cellular Corp.(b)... 498,750
--------------
1,625,439
--------------
Tobacco & Tobacco Products (3.9%):
14,000 Philip Morris Cos., Inc........... 1,891,750
34,800 RJR Nabisco Holdings Corp......... 1,274,550
37,100 Universal Corp. VA................ 1,168,650
--------------
4,334,950
--------------
Utilities--Electric (4.2%):
19,900 Calenergy Co., Inc.(b)............ 664,163
</TABLE>
Continued
-36-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments, Continued
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
- --------- ----------------------------- ------------
<S> <C> <C>
Common Stocks, continued:
Utilities--Electric, continued:
23,100 CMS Energy Corp. ........... $ 756,525
16,100 GPU, Inc. .................. 563,500
26,700 Texas Utilities Co. ........ 1,078,012
70,300 Unicom Corp. ............... 1,564,175
------------
4,626,375
------------
Utilities--Telecommunications (4.9%):
33,700 AT&T Corp. ................. 1,343,788
22,700 Cincinnati Bell, Inc. ...... 1,407,400
22,300 Frontier Corp. ............. 493,387
19,200 GTE Corp. .................. 897,600
26,000 NYNEX Corp. ................ 1,339,000
------------
5,481,175
------------
Total Common Stocks 105,495,551
------------
Investment Company (4.9%):
5,447,788 American Performance Cash
Management Fund........... $ 5,447,788
------------
Total Investment Company 5,447,788
------------
Total (Cost--$80,674,419)(a) $110,943,339
============
</TABLE>
- ---------------
Percentages indicated are based on net assets of $110,914,365.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securitites as follows:
<TABLE>
<S> <C>
Unrealized appreciation .................... $31,246,895
Unrealized depreciation .................... (977,975)
-----------
Net unrealized appreciation ................ $30,268,920
===========
</TABLE>
(b) Represents non-income producing security.
ADR -- American Depository Receipt
PLC --Public Liability Co.
See notes to financial statements.
-37-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Aggressive Growth Fund
Schedule of Portfolio Investments
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ---------- ------------------------------------ --------
<S> <C> <C>
Common Stocks (89.6%):
Audio/Video Products (2.1%):
18,095 Harman International Industries,
Inc.(b)......................... $ 825,584
-----------
Automotive Parts (2.7%):
66,400 Keystone Automotive Industries,
Inc.(b)......................... 1,095,600
-----------
Commercial Services (3.7%):
57,400 Personnel Group of America, Inc.(b) 1,470,875
-----------
Computers & Peripherals (9.1%):
29,200 Cisco Systems, Inc.(b)............. 1,624,250
36,600 QLogic Corp.(b).................... 741,150
8,200 U.S. Robotics Corp.(b)............. 457,663
23,900 VeriFone, Inc.(b).................. 830,525
-----------
3,653,588
-----------
Entertainment (4.7%):
44,075 International Family
Entertainment, Inc., Class B(b). 842,934
74,200 Lodgenet Entertainment Corp.(b).... 1,038,800
-----------
1,881,734
-----------
Financial Services (7.7%):
14,100 Advanta Corp., Class A............. 583,387
44,084 Resource Bancshares Mortgage
Group, Inc...................... 661,260
70,200 The Money Store, Inc............... 1,816,425
-----------
3,061,072
-----------
Health Care (7.0%):
22,700 Emcare Holdings, Inc.(b)........... 624,250
41,155 FPA Medical Management, Inc.(b).... 1,059,741
77,300 Matria Healthcare, Inc.(b)......... 444,475
58,300 Prime Medical Services, Inc.(b).... 648,588
-----------
2,777,054
-----------
Housing - Manufactured (2.0%):
70,500 Southern Energy Homes, Inc.(b)..... 793,125
-----------
Manufacturing (3.5%):
46,400 Bacou U.S.A., Inc.(b).............. 696,000
19,000 Wolverine Tube, Inc.(b)............ 698,250
-----------
1,394,250
-----------
Medical - Wholesale Drugs Distribution (3.9%):
25,350 Cardinal Health, Inc............... 1,559,025
-----------
Medical Services (7.2%):
29,400 Fisher Scientfic International..... 1,330,350
24,800 Hologic, Inc.(b)................... 644,800
37,600 OccuSystems, Inc.(b)............... 883,600
-----------
2,858,750
-----------
Oil & Gas - Equipment & Services (3.9%):
34,300 American Oilfield Divers, Inc.(b).. 394,450
15,800 Offshore Logistics, Inc.(b)........ 288,350
20,700 Pride Petroleum Services, Inc.(b).. 346,725
40,700 Tuboscope Vetco International
Corp.(b)........................ 529,100
-----------
1,558,625
-----------
Oil & Gas Exploration & Production (0.9%):
19,000 Newfield Exploration Co.(b)........ 377,625
-----------
Restaurants (2.3%):
46,000 Casa Ole' Restaurants, Inc.(b)..... 422,625
45,500 Rock Bottom Restaurants, Inc.(b)... 500,500
-----------
923,125
-----------
Retail (12.3%):
24,000 Gadzooks, Inc.(b).................. 588,000
50,600 Petco Animal Supplies, Inc.(b)..... 1,397,825
35,100 Stage Stores, Inc.(b).............. 745,875
36,500 The Finish Line, Inc., Class A(b).. 784,750
31,300 The Men's Warehouse, Inc.(b)....... 739,463
32,200 The Wet Seal, Inc., Class A(b)..... 639,975
-----------
4,895,888
-----------
Retail - Department Stores (1.4%):
17,300 Proffitt's, Inc.(b)................ 560,087
-----------
Semiconductors (1.4%):
28,400 Semtech Corp.(b)................... 564,450
-----------
Services (Non-Financial) (5.8%):
36,400 Children's Comprehensive Services,
Inc.(b)......................... 473,200
22,300 Envoy Corp.(b)..................... 535,200
30,450 Paychex, Inc....................... 1,324,575
-----------
2,332,975
-----------
</TABLE>
Continued
-38-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Aggressive Growth Fund
Schedule of Portfolio Investments, Continued
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ---------- ------------------------------------ --------
<S> <C> <C>
Common Stocks, continued:
Soaps & Cleaning Agents (1.5%):
26,600 USA Detergents, Inc.(b)............ $ 596,838
-----------
Software & Computer Services (4.9%):
35,500 Imnet Systems, Inc.(b)............. 865,313
49,600 Network General Corp.(b)........... 1,097,400
-----------
1,962,713
-----------
Telecommunication Equipment & Services (1.6%):
67,300 LCC International, Inc.(b)......... 656,174
-----------
Total Common Stocks 35,799,157
-----------
U.S. Government Agencies (1.2%):
Federal Mortgage Corp.:
$ 500,000 0.00%, 3/4/97 .................... $ 499,714
-----------
Total U.S. Government Agencies 499,714
-----------
Investment Companies (7.7%):
1,505,827 American Performance Cash
Management Fund................. 1,505,827
1,567,502 American Performance U.S. Treasury
Fund............................ 1,567,502
-----------
Total Investment Companies 3,073,329
-----------
Total (Cost--$32,747,510)(a) $39,372,200
===========
</TABLE>
- ------------
Percentages indicated are based on net assets of $39,966,058.
(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 ........................................... $ 9,366,637
Unrealized depreciation ........................................... (2,741,947)
===========
Net unrealized appreciation $ 6,624,690
===========
</TABLE>
(b) Represents non-income producing security.
See notes to financial statements.
-39-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ----------- ---------------------------------------------------------------------------------------------------------- -----------
<S> <C>
Alternative Minimum Tax Paper (4.8%):
Delaware (0.6%):
$150,000 Delaware State Housing Authority, Senior Home Mortgage, Series A, 6.90%, 12/1/99 ........................ $ 154,810
-----------
Illinois (1.4%):
350,000 Chicago, O'Hare International Airport Revenue Refunding, Series A, 5.60%, 1/1/07,
Callable 1/1/03 @ 102*, Insured by: MBIA.............................................................. 362,082
-----------
South Carolina (0.8%):
200,000 South Carolina State Education Assistance Authority, Student Loan Revenue, 5.90%, 9/1/98 ............... 205,302
-----------
Texas (2.0%):
250,000 Texas State Student Loan, GO, 6.50%, 8/1/07, Callable 8/1/02 @ 100*...................................... 265,057
250,000 Texas State Student Loan, GO, 5.75%, 8/1/08, Callable 8/1/04 @ 100*...................................... 254,975
-----------
520,032
-----------
Total Alternative Minimum Tax Paper 1,242,226
-----------
Municipal Bonds (91.7%):
Alaska (2.0%):
500,000 Alaska State Housing Financial Corp., Series A, 6.10%, 12/1/06 ......................................... 516,875
-----------
Arizona (6.1%):
500,000 Arizona State Transportation Board, Highway Revenue, Sub-Series A, 6.10%, 7/1/01 ....................... 534,245
500,000 Arizona State Transportation Board, Maricopa County Regional Area RD-A, Excise Tax Revenue, 5.20%,
7/1/00, Insured by: AMBAC ............................................................................ 514,625
500,000 Arizona State University Revenue Refunding, Series A, 5.80%, 7/1/07, Callable 7/1/02 @ 101* ............. 521,805
-----------
1,570,675
------------
California (6.1%):
200,000 California State Franchise Tax Board Certificate, Certificates of Participation Refunding Bond, 6.90%,
10/1/06, Callable 10/1/99 @ 102* ..................................................................... 215,018
500,000 Folsom, School Facilities Project, GO, Series B, 6.00%, 8/1/06, Callable 8/1/04 @ 102*, Insured by: FGIC. 544,770
300,000 Los Angeles, Public Facilities Corp. Revenue, 5.40%, 8/1/07, Callable 8/1/97 @ 103*, ETM................. 314,568
500,000 Southern California Public Power Authority, Transmission Project Revenue, 5.75%, 7/1/09, Callable 7/1/98
@ 100*, Insured by: MBIA ............................................................................. 503,865
------------
1,578,221
------------
District of Columbia (2.0%):
500,000 District of Columbia Refunding, GO, Series B-1, 5.20%, 6/1/04, Insured by: AMBAC ........................ 509,030
------------
Illinois (9.6%):
500,000 Chicago Park District Refunding, GO, 5.45%, 1/1/04, Callable 1/1/03 @ 102, Insured by: FGIC ............. 519,320
500,000 Chicago School Finance Authority Refunding, GO, Series A, 5.38%, 6/1/08, Callable 6/1/03 @ 102*, Insured
by: FGIC.............................................................................................. 502,500
400,000 Cook County, Series B, GO, 5.75%, 11/15/07, Pre-refunded 11/15/02 @ 102, Insured by: FGIC ............... 430,280
500,000 Illinois Development Finance Authority, Pollution Control Revenue Refunding, Commonwealth Edison Co.,
5.70%, 1/15/09, Insured by: AMBAC .................................................................... 517,345
</TABLE>
Continued
-40-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ----------- ---------------------------------------------------------------------------------------------------------- -----------
<S> <C>
Municipal Bonds, continued:
Illinois, continued:
$500,000 Illinois Health Facilities Revenue, OSF Healthcare System, 5.75%, 11/15/07, Callable 11/15/03 @ 102* .... $ 503,695
-----------
2,473,140
-----------
Louisiana (2.0%):
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..................................................... 523,330
-----------
Michigan (1.9%):
500,000 Holly, Area School District, GO, 5.30%, 5/1/09, Callable 5/1/05 @101*, Insured by: FGIC ................. 501,520
-----------
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 ........................................................... 533,736
------------
Nevada (7.0%):
250,000 Clark County, Series A, Limited GO, 6.00%, 7/1/06, Callable 7/1/03 @ 101* ............................... 266,093
500,000 Las Vegas, Downtown Redevelopment Agency, Tax Increment Revenue Refunding, 5.40%, 6/1/07, Callable
6/1/05 @ 101*, Insured by: FSA ....................................................................... 510,220
500,000 Reno, Hospital Revenue, St. Mary's Regional Medical Center, 5.25%, 5/15/07, Callable 5/15/03 @ 102*,
Insured by: MBIA...................................................................................... 505,945
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.............................................................. 523,000
-----------
1,805,258
-----------
New Jersey (4.1%):
500,000 New Jersey State Transportation Fund Authority, Series A, 5.20%, 12/15/00, ETM, Insured by: AMBAC ....... 516,180
500,000 Ocean County, GO, Series A, 6.25%, 10/1/06, Callable 10/1/01 @ 102* ..................................... 537,360
-----------
1,053,540
-----------
New Mexico (0.5%):
115,000 New Mexico Mortgage Finance Authority, Refunding Single Family Mortgage, Series A-1, 6.30%, 1/1/02 ...... 120,144
-----------
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 ... 555,980
-----------
Ohio (3.1%):
250,000 Cleveland, GO, Series A, 6.30%, 7/1/05, Callable 7/1/02 @ 102*, Insured by: MBIA......................... 271,223
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............................................................. 527,445
-----------
798,668
-----------
Oklahoma (15.7%):
520,000 Grand River Dam Authority, Revenue, 5.90%, 11/1/08, ETM, Callable 11/2/97 @ 102* ........................ 533,775
500,000 Oklahoma City, GO, 5.60%, 5/1/10, Callable 5/1/03 @ 100* ................................................ 508,980
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 .................................................................. 508,845
</TABLE>
Continued
-41-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ----------- ---------------------------------------------------------------------------------------------------------- -----------
<S> <C>
Municipal Bonds, continued:
Oklahoma, continued:
$200,000 Oklahoma State Turnpike Authority, Turnpike Revenue, First Series A, 6.10%, 1/1/05, Callable 7/1/02
@102* ................................................................................................ $ 215,016
500,000 Tulsa Industrial Authority, Hospital Revenue, St. John's Medical Center Project, 5.70%, 2/15/04 ........ 517,685
500,000 Tulsa International Airport, Revenue Refunding, 5.40%, 6/1/03, Insured by: FGIC ......................... 521,500
200,000 Tulsa Public Facilities Authority, 5.80%, 7/1/01 ....................................................... 209,014
540,000 Tulsa Public Facilities Authority, Capital Improvement, Series 1988-B, 5.70%, 3/1/05, Callable 8/1/03
@ 102* ............................................................................................... 549,012
500,000 Tulsa Public Facilities Authority, Revenue Refunding, Solid Waste, Ogden Martin Systems, 5.65%, 11/1/06,
Insured by: AMBAC .................................................................................... 513,835
-----------
4,077,662
-----------
Pennsylvania (3.3%):
500,000 Bristol Township School District, GO, Series A, 5.25%, 2/15/09, Callable 2/15/04 @ 100*, Insured by:
MBIA ................................................................................................. 500,565
320,000 Philadelphia Water & Sewer, Revenue Refunding, 15th Series, 6.88%, 10/1/06, Callable 10/1/99 @ 102*,
Insured by: MBIA...................................................................................... 344,163
-----------
844,728
-----------
Rhode Island (3.7%):
400,000 Rhode Island Depositors Economic Protection Corp., Special Obligations, Series A, 6.38%, 8/1/01, Insured
by: MBIA ............................................................................................. 430,768
500,000 Rhode Island State, GO, Series B, 6.25%, 5/15/05, Pre-refunded 5/15/00 @ 102 ............................ 536,875
-----------
967,643
-----------
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* .............................................................. 371,830
-----------
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* ........................................................................................ 706,391
-----------
Texas (5.6%):
250,000 Brownsville, Utilities System Revenue, 6.25%, 9/1/07, Callable 9/1/02, @ 100*, Insured by: MBIA.......... 264,145
500,000 Coastal Bend, Health Facilities Development Revenue, Series A, 5.60%, 11/15/02, Insured by: AMBAC ....... 523,810
400,000 Houston Water & Sewer System, Revenue Refunding, Series B, 6.10%, 12/1/05, Callable 12/1/02 @ 102* ...... 428,180
220,000 Montgomery County Hospital District, Series B, 6.30%, 4/1/04, Pre-refunded 4/1/02 @ 102, Insured by: FSA. 240,810
-----------
1,456,945
-----------
Washington (10.7%):
250,000 Kitsap County, School District #400, GO, 6.25%, 12/1/02 ................................................ 270,902
500,000 Port Tacoma, Revenue Refunding, Series A, 5.50%, 11/1/04, Callable 11/1/02 @ 100*, Insured by: AMBAC..... 518,680
500,000 Tacoma Electric System, Revenue Refunding, 5.70%, 1/1/03, Insured by: FGIC .............................. 526,395
500,000 Washington State Public Power Supply System, Nuclear Project #1, Revenue Refunding, Series A, 5.10%, 508,715
7/1/00 ...............................................................................................
500,000 Washington State Public Power Supply System, Nuclear Project #2, 6.00%, 7/1/07, Callable 7/1/97 @ 102* .. 505,170
</TABLE>
Continued
-42-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ----------- ---------------------------------------------------------------------------------------------------------- -----------
<S> <C>
Municipal Bonds, continued:
Washington, continued:
$410,000 Washington State, GO Limited, Revenue Refunding, Series R-92-A, 6.40%, 9/1/03, Callable 9/1/01 @ 101* ... $ 442,907
-----------
2,772,769
-----------
Total Municipal Bonds 23,738,085
-----------
Investment Company (2.7%):
701,277 SEI Institutional Tax Free Fund.......................................................................... 701,277
-----------
Total Investment Company 701,277
-----------
Total (Cost--$24,862,835)(a) $25,681,588
===========
- ------------
Percentages indicated are based on net assets of $25,897,682.
<CAPTION>
<C> <S> <C>
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
Unrealized appreciation ........................................... $819,582
Unrealized depreciation ........................................... (829)
--------
Net unrealized appreciation ....................................... $818,753
========
</TABLE>
* Represents next call date. Additional subsequent call dates and amounts also
apply to this security.
AMBAC -- AMBAC Indemnity Corp.
ETM -- Escrowed to Maturity
FGIC -- Financial Guaranty Insurance Co.
FSA -- Financial Security Assurance
GO -- General Obligation
MBIA -- Municipal Bond Insurance Assoc.
See notes to financial statements.
-43-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ------------ ---------------------------------- -----------
<S> <C> <C>
Asset Backed Securities (19.2%):
$ 199,991 AFC Home Equity Loan Trust,
Series 1995-3, Class 1A2,
6.80%, 10/26/26.................. $ 199,777
175,000 Contimortgage Home Equity Loan
Trust, Series 1996-3, Class
A2, 6.95%, 7/15/11............... 176,131
429,588 CoreStates Home Equity Trust,
Series 1993-2, Class A, 5.10%,
3/15/09.......................... 419,609
300,000 Crown Home Equity Loan Trust,
Series 1996-1, Class A3,
6.81%, 6/25/11................... 293,754
198,686 IBM Credit Receivables Lease
Asset Master Trust, Series
1993-1, Class A, 4.55%, 196,520
11/15/00.........................
500,000 IMC Home Equity Loan Trust,
Series 1996-3, Class A3,
7.27%, 4/25/11................... 504,875
122,784 Nafco Auto Trust, Series 2, Class
A, 7.00%, 12/31/01............... 123,268
200,000 Nomura Asset Securities Corp.,
Series 1995-2, Class 2M,
7.12%, 1/25/26.......... ....... 195,978
79,878 The Money Store Home Equity
Trust, Series 1992-B, Class A,
6.90%, 7/15/07................... 79,343
340,085 The Money Store Home Equity
Trust, Series 1996-B, Class
A1, 6.72%, 2/15/10............... 341,108
160,000 UCFC Home Equity Loan, Series
1996-A1, Class A3, 6.18%,
4/15/09.......................... 159,936
43,067 UCFC Home Equity Loan, Series
1993-D1, Class A1, 5.45%,
7/10/13.......................... 41,858
-----------
Total Asset Backed Securities 2,732,157
-----------
Collateralized Mortgage Obligations (18.8%):
1,000,000 Federal National Mortgage Assoc.,
Series 1993-121, Class PE,
6.00%, 10/25/16.................. 989,300
500,000 General Electric Capital Mortgage
Services, Inc., Series
1996-HE2, Class A-3, 7.30%, 504,805
3/25/12..........................
95,648 General Electric Capital Mortgage
Services, Inc., Series
1993-12, Class A2, 6.50%, 92,616
10/25/23.........................
100,000 General Electric Capital Mortgage
Services, Inc., Series
1994-29, Class A4, 8.13%, 101,172
11/25/24.........................
74,000 Independent National Mortgage
Corp., Series 1995-D, Class
A6, 9.00%, 3/25/25............... 76,290
244,421 Prudential Home Mortgage
Securities, Series 1993-38,
Class A3, 6.15%, 9/25/23......... 237,064
63,601 Prudential Home Mortgage
Securities, Series 1994-15,
Class A2, 6.00%, 5/25/24......... 62,767
378,109 Prudential Home Mortgage
Securities, Series 1994-15,
Class A5, 6.80%, 5/25/24......... 369,428
250,000 Residential Funding Mortgage
Securities, Series 1993-S28,
Class A6, 7.00%, 8/25/23......... 240,423
-----------
Total Collateralized Mortgage Obligations 2,673,865
-----------
Corporate Bonds (10.2%):
Brokerage Services (4.1%):
335,000 Merrill Lynch & Co., Inc., 6.38%,
3/30/99.......................... 335,000
250,000 Smith Barney Holdings, Inc.,
5.88%, 2/1/01.................... 242,188
-----------
577,188
-----------
Financial Services (6.1%):
215,000 American General Finance, 7.70%,
11/15/97......................... 217,827
135,000 Associates Corp. of North
America, 7.50%, 5/15/99.......... 138,037
250,000 Commercial Credit Co., 6.70%,
8/1/99........................... 251,250
</TABLE>
Continued
-44-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ----------- ---------------------------------- -----------
<S> <C> <C>
Corporate Bonds, continued:
Financial Services, continued:
$ 260,000 Ford Motor Credit Corp., 7.25%,
5/15/99.......................... $ 264,550
-----------
871,664
-----------
Total Corporate Bonds 1,448,852
-----------
U.S. Government Agencies (38.1%):
Federal Home Loan Bank:
2,300,000 7.02%, 7/6/99 ................... 2,339,215
Federal Home Loan Mortgage Corp.:
426,921 6.00%, 7/1/99 ................... 424,547
408,247 6.50%, 2/1/00 ................... 407,818
1,391,055 6.50%, 12/1/11, Gold Pool
#E20275X ....................... 1,362,914
Federal National Mortgage Assoc.:
300,000 6.05%, 1/12/98 .................. 300,465
250,000 6.45%, 2/14/02 .................. 247,282
37,217 7.50%, 3/15/24 .................. 37,159
295,988 8.00%, 6/15/26, Pool #423563 ..... 301,810
-----------
Total U.S. Government Agencies 5,421,210
-----------
U.S. Treasury Notes (10.4%):
1,250,000 5.50%, 11/15/98................... 1,239,500
245,000 6.88%, 7/31/99.................... 248,741
-----------
Total U.S. Treasury Notes 1,488,241
-----------
Investment Company (3.0%):
430,537 American Performance Cash
Management Fund.................. 430,537
-----------
Total Investment Company 430,537
-----------
Total (Cost--$14,249,475)(a) $14,194,862
===========
</TABLE>
- ------------
Percentages indicated are based on net assets of $14,232,869.
(a) Represents cost for federal income tax puposes and differs from value by
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation ............................ $ 41,159
Unrealized depreciation ............................ (95,772)
--------
Net unrealized depreciation ........................ $(54,613)
========
</TABLE>
See notes to financial statements.
-45-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ----------- ---------------------------------- -----------
<S> <C> <C>
Asset Backed Securities (4.2%):
$ 257,753 CoreStates Home Equity Trust,
Series 1993-2, Class A, 5.10%,
3/15/09......................... $ 251,765
300,000 Crown Home Equity Loan Trust,
Series 1996-1, Class A3,
6.81%, 6/25/11.................. 293,754
300,000 IMC Home Equity Loan Trust,
Series 1996-3, Class A3,
7.27%, 4/25/11.................. 302,925
200,000 Nomura Asset Securities Corp.,
Series 1995-2, Class 2M,
7.12%, 1/25/26.................. 195,978
-----------
Total Asset Backed Securities 1,044,422
-----------
Collateralized Mortgage Obligations (4.0%):
300,000 General Electric Capital Mortgage
Services, Inc., Series
1996-HE2, Class A-3, 7.30%, 302,883
3/25/12.........................
114,778 General Electric Capital Mortgage
Services, Inc., Series
1993-12, Class A2, 6.50%, 111,140
10/25/23........................
179,602 Prudential Home Mortgage
Securities, Series 1994-15,
Class A5, 6.80%, 5/25/24........ 175,478
250,000 Prudential Home Mortgage
Securities, Series 1994-21,
Class A8, 7.80%, 6/25/24........ 241,072
200,000 Residential Funding Mortgage
Securities, Series 1993-S28,
Class A6, 7.00%, 8/25/23........ 192,338
-----------
Total Collateralized Mortgage Obligations 1,022,911
-----------
Common Stocks (53.9%):
Aerospace/Defense (0.6%):
1,400 Boeing Co. ....................... 142,450
-----------
Airlines (1.0%):
3,100 Delta Air Lines, Inc. ............ 249,550
-----------
Audio/Visual Products (0.2%):
1,250 Harman International Industries,
Inc.(b)......................... 57,031
-----------
Automobiles (0.7%):
2,600 Honda Motor Co. Ltd., ADR......... 162,500
-----------
Automotive Parts (0.3%):
4,550 Keystone Automotive Industries,
Inc. ........................... 75,075
-----------
Banking (3.8%):
1,600 BankAmerica Corp. ................ 182,000
3,500 Bankers' Trust New York Corp. .... 317,625
2,100 Chase Manhattan Corp. ............ 210,262
4,500 CoreStates Financial Corp. ....... 236,813
-----------
946,700
-----------
Beverages (1.8%):
7,200 Coca-Cola Co. .................... 439,200
-----------
Chemicals (1.5%):
2,100 Dow Chemical Co. ................. 170,100
1,900 E.I. du Pont de Nemours & Co. .... 203,775
-----------
373,875
-----------
Commercial Services (0.4%):
3,950 Personnel Group of America,
Inc.(b)......................... 101,219
-----------
Computers & Peripherals (2.5%):
5,150 Cisco Systems, Inc.(b)............ 286,469
1,500 International Business Machines
Corp. .......................... 215,625
2,500 QLogic Corp. ..................... 50,625
525 U.S. Robotics Corp.(b)............ 29,302
1,625 VeriFone, Inc.(b)................. 56,469
-----------
638,490
-----------
Electrical Equipment (1.7%):
4,100 General Electric Co. ............. 421,787
-----------
Electronic & Electrical (0.8%):
2,300 Raychem Corp. .................... 195,787
-----------
Entertainment (1.4%):
3,068 International Family
Entertainment, Inc., Class B(b). 58,675
5,075 Lodgenet Entertainment Corp.(b)... 71,050
2,900 Walt Disney Co. .................. 215,325
-----------
345,050
-----------
</TABLE>
Continued
-46-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ----------- ---------------------------------- -----------
<S> <C> <C>
Common Stocks, continued:
Financial Services (2.2%):
975 Advanta Corp., Class A............ $ 40,341
6,000 Federal Home Loan Mortgage Corp. . 178,500
2,998 Resource Bancshare Mortgage
Group, Inc. .................... 44,970
4,900 The Money Store, Inc. ............ 126,787
3,200 Travelers Group, Inc. ............ 171,600
-----------
562,198
-----------
Forest Products (1.1%):
2,700 Kimberly-Clark Corp. ............. 286,200
-----------
Health Care (2.0%):
1,500 Emcare Holdings, Inc.(b).......... 41,250
2,893 FPA Medical Management, Inc. ..... 74,495
5,300 Johnson & Johnson................. 305,413
5,375 Matria Healthcare, Inc.(b)........ 30,906
4,125 Prime Medical Services, Inc.(b)... 45,891
-----------
497,955
-----------
Household Goods (0.7%):
2,400 Armstrong World Industries, Inc. . 165,300
-----------
Housing - Manufactured (0.2%):
4,775 Southern Energy Homes, Inc. ...... 53,719
-----------
Insurance (1.7%):
3,500 Aetna, Inc. ...................... 290,063
2,100 Allstate Corp. ................... 133,087
-----------
423,150
-----------
Manufacturing (0.4%):
3,225 Bacou U.S.A., Inc.(b)............. 48,375
1,325 Wolverine Tube, Inc.(b)........... 48,694
-----------
97,069
-----------
Medical - Wholesale Drugs Distribution (1.4%):
1,750 Cardinal Health, Inc. ............ 107,625
3,700 McKesson Corp. ................... 245,125
-----------
352,750
-----------
Medical Services (0.8%):
2,050 Fisher Scientfic International.... 92,763
1,700 Hologic, Inc.(b).................. 44,200
2,650 OccuSystems Inc. ................. 62,275
-----------
199,238
-----------
Metals & Mining (0.6%):
4,700 Freeport McMoRan Copper & Gold,
Inc., Class B................... 159,800
-----------
Oil & Gas - Equipment & Services (0.4%):
2,200 American Oilfield Divers, Inc.(b). 25,300
1,100 Offshore Logistics, Inc.(b)....... 20,075
1,300 Pride Petroleum Services, Inc.(b). 21,775
2,600 Tuboscope Vetco International
Corp.(b)........................ 33,800
-----------
100,950
-----------
Oil - Integrated Companies (3.8%):
2,400 Chevron Corp. .................... 154,800
2,100 Exxon Corp. ...................... 209,738
1,600 Mobil Corp. ...................... 196,400
1,300 Royal Dutch Petroleum Co., New
York Shares..................... 224,900
1,600 Texaco, Inc. ..................... 158,200
-----------
944,038
-----------
Pharmaceuticals (3.0%):
1,800 Bristol-Myers Squibb Co. ......... 234,900
3,200 Merck & Co., Inc. ................ 294,400
2,500 Pfizer, Inc. ..................... 229,063
-----------
758,363
-----------
Publishing, Except Newspaper (0.9%):
4,400 McGraw-Hill Cos., Inc. ........... 228,250
-----------
Restaurants (0.3%):
3,200 Casa Ole' Restaurants, Inc.(b).... 29,400
3,100 Rock Bottom Restaurants, Inc.(b).. 34,100
-----------
63,500
-----------
Retail (3.5%):
1,700 Gadzooks, Inc. ................... 41,650
3,700 Home Depot, Inc. ................. 201,650
3,537 Petco Animal Supplies, Inc.(b).... 97,710
3,500 Sears, Roebuck & Co. ............. 189,875
2,400 Stage Stores, Inc.(b)............. 51,000
2,500 The Finish Line, Inc., Class A.... 53,750
2,200 The Men's Warehouse, Inc.(b)...... 51,975
2,225 The Wet Seal, Inc., Class A(b).... 44,222
</TABLE>
Continued
-47-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ----------- ---------------------------------- -----------
<S> <C> <C>
Common Stocks, continued:
Retail, continued:
7,400 Woolworth Corp.(b)................ $ 154,475
-----------
886,307
-----------
Retail - Department Stores (0.1%):
1,125 Proffitt's, Inc.(b)............... 36,422
-----------
Semiconductors (1.5%):
2,400 Intel Corp........................ 340,500
1,725 Semtech Corp.(b).................. 34,284
-----------
374,784
-----------
Services (Non-Financial) (1.5%):
2,450 Childrens Comprehensive Services,
Inc.(b)......................... 31,850
1,450 Envoy Corp.(b).................... 34,800
2,200 Paychex, Inc...................... 95,700
7,300 Service Corp. International....... 211,700
-----------
374,050
-----------
Soaps & Cleaning Agents (1.2%):
2,200 Procter & Gamble Co............... 264,275
1,800 USA Detergents, Inc.(b)........... 40,387
-----------
304,662
-----------
Software & Computer Services (1.7%):
2,500 Imnet Systems, Inc................ 60,937
3,000 Microsoft Corp.(b)................ 292,500
3,350 Network General Corp.(b).......... 74,119
-----------
427,556
-----------
Steel (1.9%):
5,400 Carpenter Technology Corp......... 197,100
5,100 Timken Co......................... 267,112
-----------
464,212
-----------
Telecommunication Equipment & Services (0.2%):
4,675 LCC International, Inc.(b)........ 45,581
-----------
Tobacco & Tobacco Products (2.0%):
900 Philip Morris Cos., Inc........... 121,613
5,300 RJR Nabisco Holdings Corp......... 194,112
6,200 Universal Corp. VA................ 195,300
-----------
511,025
-----------
Utilities - Electric (1.2%):
4,300 CMS Energy Corp................... 140,825
7,400 Unicom Corp....................... 164,650
-----------
305,475
-----------
Utilities - Telecommunications (2.9%):
4,300 AT&T Corp......................... 171,462
3,600 Cincinnati Bell, Inc.............. 223,200
6,600 NYNEX Corp........................ 339,900
-----------
734,562
-----------
Total Common Stocks 13,505,830
-----------
Corporate Bonds (7.6%):
Banking (1.9%):
$ 250,000 BankAmerica Corp., 7.12%, 5/12/05. 250,000
250,000 J.P. Morgan, 6.25%, 12/15/05...... 237,813
-----------
487,813
-----------
Brokerage Services (2.0%):
250,000 Bear Stearns, 6.75%, 8/15/00...... 250,313
250,000 Smith Barney Holdings, Inc.,
6.88%, 6/15/05.................. 244,687
-----------
495,000
-----------
Financial Services (2.7%):
250,000 Associate Corp., 6.00%, 12/1/02... 240,938
250,000 Ford Motor Credit Co., 6.38%,
9/15/99......................... 249,375
200,000 General Motors Acceptance Corp.,
6.63%, 10/15/05................. 193,500
-----------
683,813
-----------
Retail Stores (1.0%):
250,000 Wal-Mart Stores, Inc., 7.25%,
6/1/13.......................... 245,937
-----------
Total Corporate Bonds 1,912,563
-----------
Taxable Municipal Bonds (0.7%):
Louisiana (0.7%):
170,000 Orleans Parish, School Board,
Series A, 6.45%, 2/1/05, FGIC... 166,813
-----------
Total Taxable Municipal Bonds 166,813
-----------
</TABLE>
Continued
-48-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
- ----------- ---------------------------------- -----------
<S> <C> <C>
U.S. Government Agencies (13.9%):
Federal Home Loan Mortgage Corp.:
$ 1,000,000 0.00%, 3/13/97 .................. $ 998,119
426,921 6.00%, 7/1/99 ................... 424,547
191,523 6.50%, 2/1/00 ................... 191,322
298,083 6.50%, 12/1/11, Gold Pool
#E20275X ....................... 292,053
Government National Mortgage Assoc.:
620,757 7.00%, 1/15/26, Pool #421420 ..... 605,213
176,805 6.00%, 2/20/26, Pool #2166 ....... 162,445
786,652 8.00%, 6/15/26, Pool #423563 ..... 802,126
-----------
Total U.S. Government Agencies 3,475,825
-----------
U.S. Treasury Bonds (1.9%):
525,000 6.25%, 8/15/23.................... 482,212
-----------
Total U.S. Treasury Bonds 482,212
-----------
U.S. Treasury Notes (5.7%):
$ 300,000 6.13%, 5/15/98.................... 301,044
400,000 6.25%, 6/30/98.................... 401,968
500,000 6.50%, 4/30/99.................... 504,030
200,000 7.75%, 2/15/01.................... 209,706
-----------
Total U.S. Treasury Notes 1,416,748
-----------
Investment Companies (7.9%):
1,200,843 American Performance Cash
Management Fund................ 1,200,843
785,118 American Performance U.S.
Treasury Fund.................. 785,118
-----------
Total Investment Companies 1,985,961
-----------
Total (Cost--$22,134,316)(a) $25,013,285
===========
</TABLE>
- ------------
Percentages indicated are based on net assets of $25,059,943.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
Unrealized appreciation ......................... $3,230,332
Unrealized depreciation ......................... (351,363)
----------
Net unrealized appreciation ..................... $2,878,969
==========
(b) Represents non-income producing security.
ADR -- American Depository Receipt
FGIC -- Insured by Financial Guaranty Insurance Corp.
See notes to financial statements.
-49-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements
February 28, 1997
(Unaudited)
1. Organization:
The American Performance Funds (the "Funds") were organized on October 1,
1987, and are registered under the Investment Company Act of 1940 (the "1940
Act"), as amended, as a diversified, open-end investment company established
as a Massachusetts business trust. The Funds are authorized to issue an
unlimited number of shares with a par value of $.00001 per share. The Funds
presently offer shares of the Cash Management Fund, the U.S. Treasury Fund,
the Bond Fund, the Intermediate Bond Fund, the Equity Fund, the Aggressive
Growth Fund, the Intermediate Tax-Free Bond Fund, the Short-Term Income Fund
and the Balanced Fund (individually referred to as a "Fund"). Bank of
Oklahoma, N.A. (BOK) (successor to BancOklahoma 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 either amortized
cost, which approximates market value, or at original cost, which
combined with accrued interest approximates market value. Discount or
premium is amortized on a constant basis to the maturity of the
security under the amortized cost method. In addition, the money
market funds may not a) purchase any instrument with a remaining
maturity greater than thirteen months unless such investment is
subject to a demand feature, or b) maintain a dollar weighted average
portfolio maturity which exceeds 90 days.
Investments in common stocks, corporate bonds, commercial paper,
municipal government bonds and U.S. Government securities of the
Bond Fund, Intermediate Bond Fund, Equity Fund, Aggressive Growth
Fund, Intermediate Tax-Free Bond Fund, Short-Term Income Fund and
Balanced Fund (collectively, "the variable net asset value funds"),
are valued at their market value determined on the basis of the
latest available bid prices in the principal market (closing sales
prices if the principal market is an exchange) in which such
securities are normally traded. Investments in investment companies
are valued at their net asset values as reported by such companies.
The 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
-50-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
February 28, 1997
(Unaudited)
Security Transactions and Related Income:
Security transactions are accounted for on the date the security is
purchased or sold (trade date). Interest income is recognized on the
accrual basis and includes, where applicable, the pro rata
amortization of premium or accretion of discount. Dividend income is
recorded on the ex-dividend date. Gains or losses realized on sales of
securities are determined by comparing the identified cost of the
security lot sold with the net sales proceeds.
Securities Purchased on a When-issued Basis and Delayed Delivery
Basis:
Each Fund may purchase securities on a "when-issued" basis.
When-issued securities are securities purchased for delivery beyond
the normal settlement date at a stated price and/or yield, thereby
involving the risk that the price and/or yield obtained may be more or
less than those available in the market when delivery takes place. The
Fund records the transaction and reflects the value of the security in
determining net asset value at the time the Fund makes the commitment
to purchase a security on a when-issued basis. Normally, the
settlement date occurs within one month of the purchase. No payment is
made by the Fund and no interest accrues to the Fund during the period
between purchase and settlement. The Fund establishes a segregated
account in which it maintains cash and marketable securities equal in
value to commitments for when-issued securities. Securities purchased
on a when-issued basis or delayed delivery basis do not earn income
until the settlement date.
Repurchase Agreements:
Each Fund may acquire securities from financial institutions such as
member banks of the Federal Deposit Insurance Corporation or from
registered broker/dealers which the respective investment adviser
deems creditworthy under guidelines approved by the Board of Trustees,
subject to the seller's agreement to repurchase such securities at a
mutually agreed-upon date and price. The repurchase price generally
equals the price paid by the Fund plus interest negotiated on the
basis of current short-term rates, which may be more or less than the
rate on the underlying portfolio securities. The seller, under a
repurchase agreement, is required to maintain the value of collateral
held pursuant to the agreement at not less than the repurchase price
(including accrued interest). Securities subject to repurchase
agreements are held by the Fund's custodian, another qualified
sub-custodian or in the Federal Reserve/Treasury book-entry system.
Repurchase agreements are considered to be loans by a Fund under the
1940 Act.
Dividends to Shareholders:
Dividends from net investment income are declared daily and paid
monthly for the money market funds. Dividends from net investment
income are declared daily and paid monthly for the Bond Fund,
Intermediate Bond Fund, Intermediate Tax-Free Bond Fund and Short-Term
Income Fund. Dividends from net investment income are declared and
paid quarterly for the Equity Fund, Aggressive Growth Fund and
Balanced Fund. Net realized capital gains, if any, are declared and
distributed at least annually.
The 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 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.
Continued
-51-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
February 28, 1997
(Unaudited)
Federal Income Taxes:
It is the policy of each Fund to qualify, or continue to qualify, as a
regulated investment company by complying with the provisions
available to certain investment companies, as defined in applicable
sections of the Internal Revenue Code, and to make distributions of
net investment income and net realized capital gains sufficient to
relieve it from all, or substantially all, federal income taxes.
Organization Costs:
All expenses incurred in connection with the Funds' organization and
registration under the 1940 Act and the Securities Act of 1933 were
paid by each of the Funds. Such expenses are being amortized over a
period of two years commencing with the initial public offering.
Other:
Expenses that are directly related to one of the Funds are charged
directly to that Fund. Other operating expenses of the Funds are
prorated to each Fund on the basis of relative net assets.
3. Purchase and Sales of Securities:
Purchases and sales of securities (excluding short-term securities) for the
six months ended February 28, 1997 are as follows:
<TABLE>
<CAPTION>
Purchases Sales
----------- -----------
<S> <C> <C>
Bond Fund............................. $10,727,998 $12,797,252
Intermediate Bond Fund................ $14,169,276 $19,946,931
Equity Fund........................... $39,737,387 $37,046,264
Aggressive Growth Fund................ $13,022,291 $16,462,058
Intermediate Tax-Free Bond Fund....... $ 493,385 $ 5,901,705
Short-Term Income Fund................ $ 3,806,668 $ 3,207,044
Balanced Fund......................... $ 6,978,090 $ 7,392,895
</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 six months ended February 28, 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 date 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, with whom certain
officers of the Funds are affiliated, serves the Funds as administrator.
Such officers and trustee are paid no fees directly by the Funds for serving
as officers of the Funds. Fees for administration services are established
under terms of the administration contract as a percentage of the average
net assets of the Funds. BISYS Ohio, serves as the Funds as transfer agent
and mutual fund accountant.
Continued
-52-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
February 28, 1997
(Unaudited)
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 six months ended February 28, 1997, BISYS received
$6,517 from commissions earned on sales of shares of the variable net asset
value funds, of which $2,949 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 competitive expense ratios.
Information regarding these transactions for the six months ended February
28, 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)..................... .40% .40%
Administration Fees:
Annual fee (percentage of average net assets)..................... .20% .20%
12b-1 Fees:
Annual fee before voluntary fee reductions (percentage of average
net assets)................................................... .25% .25%
Voluntary fee reductions.......................................... $468,173 $278,360
Custodian Fees:
Annual fee (percentage of average net assets)..................... .03% .03%
Transfer Agent and Mutual Fund Accountant Fees....................... $ 84,453 $ 54,130
</TABLE>
<TABLE>
<CAPTION>
Intermediate
Bond Bond Equity
Fund Fund Fund
---------- --------------- -----------
<S> <C> <C> <C>
Investment Advisory Fees:
Annual fee before voluntary fee reductions
(percentage of average net assets)............. .55% .55% .69%
Voluntary fee reductions........................... $32,480 $60,716 $93,844
Administration Fees:
Annual fee (percentage of average net assets)...... .20% .20% .20%
12b-1 Fees:
Annual fee (percentage of average net assets)...... .25% .25% .25%
Custodian Fees:
Annual fee (percentage of average net assets)...... .03% .03% .03%
Transfer Agent and Mutual Fund Accountant Fees........ $12,828 $23,332 $29,902
</TABLE>
Continued
-53-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
February 28, 1997
(Unaudited)
<TABLE>
<CAPTION>
Aggressive Intermediate Short Term
Growth Tax-Free Income Balanced
Fund Bond Fund Fund Fund
------------ --------------- ------------- -----------
<S> <C> <C> <C> <C>
Investment Advisory Fees:
Annual fee before voluntary fee reductions
(percentage of average net assets)................ .69% .55% .55% .74%
Voluntary fee reductions.............................. $41,549 $28,246 $40,028 $90,803
Administration Fees:
Annual fee (percentage of average net assets)......... .20% .20% .20% .20%
12b-1 Fees:
Annual fee before voluntary fee reductions
(percentage of average net assets)................ .25% .25% .25% .25%
Voluntary fee reductions.............................. -- $35,307 $18,194 $30,677
Custodian Fees:
Annual fee before voluntary fee reductions
(percentage of average net assets)................ .03% .03% .03% .03%
Voluntary fee reductions.............................. -- -- $. 2,183 $ 3,681
Transfer Agent and Mutual Fund Accountant Fees........... $18,361 $18,113 $. 4,725 $ 9,207
</TABLE>
-54-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Cash Management Fund
--------------------------------------------------------------------
Six Months
Ended Year Ended August 31,
February 28, --------------------------------------------------
1997 1996 1995 1994 1993
------------ -------- -------- -------- --------
(Unaudited)
<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 ...................... 0.024 0.050 0.052 0.030 0.028
Net realized and unrealized losses on
investments .............................. (0.009) -- -- -- --
-------- -------- -------- -------- --------
Total from Investment Activities ....... 0.015 0.050 0.052 0.030 0.028
-------- -------- -------- -------- --------
Distributions
Net investment income ...................... (0.024) (0.050) (0.052) (0.030) (0.028)
-------- -------- -------- -------- --------
Total Distributions .................... (0.024) (0.050) (0.052) (0.030) (0.028)
-------- -------- -------- -------- --------
Capital transactions ....................... 0.009(c) -- -- -- --
-------- -------- -------- -------- --------
Net Asset Value, End of Period ................ $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ========
Total Return .................................. 2.45%(b) 5.14% 5.30% 3.08% 2.87%
Ratios/Supplementary Data:
Net Assets at end of period (000) .......... $362,999 $375,797 $194,807 $195,490 $167,269
Ratio of expenses to average net assets .... 0.73%(a) 0.71% 0.74% 0.78% 0.78%
Ratio of net investment income to average
net assets ............................... 4.89%(a) 5.01% 5.18% 3.05% 2.80%
Ratio of expenses to average net assets* ... 0.98%(a) 0.96% 0.99% 0.98% 0.98%
Ratio of net investment income to average
net assets* .............................. 4.64%(a) 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) Annualized.
(b) Not annualized.
(c) The total return includes the effect of a capital contribution of $0.009
per share. The return without the capital contribution would have been
1.55%.
See notes to financial statements.
-55-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
U.S. Treasury Fund
------------------------------------------------------------------------
Six Months
Ended Year Ended August 31,
February 28, -----------------------------------------------------
1997 1996 1995 1994 1993
------------ -------- -------- -------- --------
(Unaudited)
<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 ..................... 0.023 0.047 0.048 0.028 0.025
-------- -------- -------- -------- --------
Total from Investment Activities ...... 0.023 0.047 0.048 0.028 0.025
-------- -------- -------- -------- --------
Distributions
Net investment income ..................... (0.023) (0.047) (0.048) (0.028) (0.025)
-------- -------- -------- -------- --------
Total Distributions ................... (0.023) (0.047) (0.048) (0.028) (0.025)
-------- -------- -------- -------- --------
Net Asset Value, End of Period ............... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ========
Total Return ................................. 2.29%(b) 4.85% 4.95% 2.87% 2.57%
Ratios/Supplementary Data:
Net Assets at end of period (000) ......... $237,877 $217,406 $187,007 $165,353 $169,428
Ratio of expenses to average net assets ... 0.73%(a) 0.74% 0.75% 0.81% 0.81%
Ratio of net investment income to average
net assets .............................. 4.57%(a) 4.74% 4.88% 2.81% 2.51%
Ratio of expenses to average net assets* .. 0.98%(a) 0.99% 1.00% 1.01% 1.01%
Ratio of net investment income to average
net assets* ............................. 4.32%(a) 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.
(a) Annualized.
(b) Not annualized.
See notes to financial statements.
-56-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Bond Fund
--------------------------------------------------------------------------
Six Months
Ended Year Ended August 31,
February 28, -------------------------------------------------------
1997 1996 1995 1994 1993
-------------- --------- --------- ---------- ---------
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period ................. $ 8.99 $ 9.29 $ 9.36 $ 11.05 $ 10.99
---------- ---------- --------- ---------- ----------
Investment Activities
Net investment income ............................. 0.28 0.57 0.56 0.58 0.70
Net realized and unrealized gains (losses) on
investments ..................................... 0.16 (0.30) 0.15 (0.77) 0.50
---------- ---------- --------- ---------- ----------
Total from Investment Activities .............. 0.44 0.27 0.71 (0.19) 1.20
---------- ---------- --------- ---------- ----------
Distributions
Net investment income ............................. (0.28) (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 ........................... (0.28) (0.57) (0.78) (1.50) (1.14)
---------- ---------- --------- ---------- ----------
Net Asset Value, End of Period ....................... $ 9.15 $ 8.99 $ 9.29 $ 9.36 $ 11.05
========== ========== ========= ========== ==========
Total Return (excludes sales charge) ................. 4.97%(b) 2.84% 8.21% (1.92)% 11.76%
Ratios/Supplementary Data:
Net Assets at end of period (000) ................. $ 31,526 $ 32,807 $ 37,293 $ 38,257 $ 23,554
Ratio of expenses to average net assets ........... 0.95%(a) 0.96% 1.03% 1.05% 1.12%
Ratio of net investment income to average net
assets........................................... 6.24%(a) 6.08% 6.18% 5.72% 6.49%
Ratio of expenses to average net assets* .......... 1.15%(a) 1.16% 1.23% 1.25% 1.33%
Ratio of net investment income to average net
assets*.......................................... 6.04%(a) 5.88% 5.98% 5.52% 6.28%
Portfolio turnover ................................ 33.64% 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.
(a) Annualized.
(b) Not annualized.
See notes to financial statements.
-57-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Intermediate Bond Fund
--------------------------------------------------------------------
Six Months
Ended Year Ended August 31,
February 28, -------------------------------------------------
1997 1996 1995 1994 1993
------------ ------- ------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period ................. $ 10.01 $ 10.26 $ 10.23 $ 11.06 $ 10.89
------- ------- ------- ------- -------
Investment Activities
Net investment income ............................. 0.30 0.60 0.61 0.61 0.64
Net realized and unrealized gains (losses) on
investments ..................................... 0.13 (0.25) 0.06 (0.73) 0.30
------- ------- ------- ------- -------
Total from Investment Activities .............. 0.43 0.35 0.67 (0.12) 0.94
------- ------- ------- ------- -------
Distributions
Net investment income ............................. (0.30) (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 ........................... (0.30) (0.60) (0.64) (0.71) (0.77)
------- ------- ------- ------- -------
Net Asset Value, End of Period ....................... $ 10.14 $ 10.01 $ 10.26 $ 10.23 $ 11.06
======= ======= ======= ======= ========
Total Return (excludes sales charge) ................. 4.28%(b) 3.41% 6.81% (1.14)% 9.04%
Ratios/Supplementary Data:
Net Assets at end of period (000) ................. $58,458 $63,088 $74,395 $84,144 $57,085
Ratio of expenses to average net assets ........... 0.94%(a) 0.95% 0.98% 0.98% 1.02%
Ratio of net investment income to average net
assets .......................................... 5.87%(a) 5.84% 6.00% 5.72% 5.95%
Ratio of expenses to average net assets* .......... 1.14%(a) 1.15% 1.18% 1.18% 1.24%
Ratio of net investment income to average net
assets* ......................................... 5.67%(a) 5.64% 5.80% 5.52% 5.74%
Portfolio turnover................................. 23.72% 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.
(a) Annualized.
(b) Not annualized.
See notes to financial statements.
-58-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Equity Fund
------------------------------------------------------------------------
Six Months
Ended Year Ended August 31,
February 28, -----------------------------------------------------
1997 1996 1995 1994 1993
------------- ---------- --------- ---------- ---------
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period ................ $ 13.73 $ 12.33 $ 11.85 $ 12.78 $ 11.31
---------- --------- -------- --------- ---------
Investment Activities
Net investment income ............................ 0.08 0.18 0.20 0.14 0.14
Net realized and unrealized gains on investments .
3.03 2.04 1.77 0.40 1.56
---------- --------- -------- --------- ---------
Total from Investment Activities ............. 3.11 2.22 1.97 0.54 1.70
---------- --------- -------- --------- ---------
Distributions
Net investment income ............................ (0.08) (0.18) (0.19) (0.14) (0.14)
Net realized gains ............................... (1.42) (0.64) (0.39) (1.33) (0.09)
In excess of net realized gains .................. -- -- (0.91) -- --
---------- --------- -------- --------- ---------
Total Distributions .......................... (1.50) (0.82) (1.49) (1.47) (0.23)
---------- --------- -------- --------- ---------
Net Asset Value, End of Period ...................... $ 15.34 $ 13.73 $ 12.33 $ 11.85 $ 12.78
========== ========= ======== ========= =========
Total Return (excludes sales charge) ................ 23.61%(b) 18.53% 19.74% 4.66% 15.12%
Ratios/Supplementary Data:
Net Assets at end of period (000) ................ $ 110,914 $ 86,352 $ 76,398 $ 84,618 $ 58,015
Ratio of expenses to average net assets .......... 1.07%(a) 1.08% 1.14% 1.12% 1.16%
Ratio of net investment income to average net
assets ......................................... 1.02%(a) 1.35% 1.73% 1.32% 1.09%
Ratio of expenses to average net assets* ......... 1.26%(a) 1.27% 1.33% 1.31% 1.36%
Ratio of net investment income to average net
assets* ........................................ 0.83%(a) 1.16% 1.54% 1.13% 0.88%
Portfolio turnover................................ 33.59% 67.46% 100.44% 159.30% 66.54%
Average commission rate paid (c).................. $ 0.0503 $ 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) Annualized.
(b) Not annualized.
(c) Represents the total dollar amount of commissions paid on portfolio
transactions divided by total number of portfolio shares purchased and sold
for which commissions were charged. Disclosure is not required for periods
ending prior to September 1, 1995.
See notes to financial statements.
-59-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Aggressive Growth Fund
------------------------------------------------------------------------
Six Months
Ended Year Ended August 31,
February 28, -----------------------------------------------------
1997 1996 1995 1994 1993
-------------- --------- --------- ---------- ---------
(Unaudited)
<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 loss ............................... (0.06) (0.04) (0.06) (0.04) (0.03)
Net realized and unrealized gains (losses) on
investments ..................................... (0.37) 0.30 4.38 0.07 3.62
--------- --------- -------- --------- ---------
Total from Investment Activities .............. (0.43) 0.26 4.32 0.03 3.59
--------- --------- -------- --------- ---------
Distributions
Net realized gains ................................ -- (0.28) -- -- --
--------- --------- -------- --------- ---------
Total Distributions ........................... -- (0.28) -- -- --
--------- --------- -------- --------- ---------
Net Asset Value, End of Period ....................... $ 15.86 $ 16.29 $ 16.31 $ 11.99 $ 11.96
========= ========= ======== ========= =========
Total Return (excludes sales charge) ................. (2.64)%(b) 1.77% 36.03% 0.25% 42.89%
Ratios/Supplementary Data:
Net Assets at end of period (000) ................. $ 39,966 $ 43,278 $ 38,008 $ 24,775 $ 11,012
Ratio of expenses to average net assets ........... 1.10%(a) 1.11% 1.27% 1.35% 0.62%
Ratio of net investment loss to average net assets. (0.58)%(a) (0.35)% (0.62)% (0.69)% (0.24)%
Ratio of expenses to average net assets* .......... 1.29%(a) 1.30% 1.45% 1.55% 1.64%
Ratio of net investment loss to average net
assets* ......................................... (0.77)%(a) (0.54)% (0.81)% (0.89)% (1.26)%
Portfolio turnover................................. 32.38% 32.89% 27.16% 18.76% 59.47%
Average commission rate paid (c)................... $ 0.0583 $ 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) Annualized.
(b) Not annualized.
(c) Represents the total dollar amount of commissions paid on portfolio
transactions divided by total number of portfolio shares purchased and sold
for which commissions were charged. Disclosure is not required for periods
ending prior to September 1, 1995.
See notes to financial statements.
-60-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Intermediate Tax-Free Bond Fund
------------------------------------------------------------------------
Six Months
Ended Year Ended August 31,
February 28, -----------------------------------------------------
1997 1996 1995 1994 1993
------------ --------- -------- --------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period ................. $ 10.57 $ 10.67 $ 10.42 $ 10.77 $ 10.18
------- ------- ------- ------- -------
Investment Activities
Net investment income .............................. 0.24 0.49 0.51 0.54 0.55
Net realized and unrealized gains (losses) on
investments ...................................... 0.15 (0.10) 0.25 (0.35) 0.59
------- ------- ------- ------- -------
Total from Investment Activities ............... 0.39 0.39 0.76 0.19 1.14
------- ------- ------- ------- -------
Distributions
Net investment income .............................. (0.24) (0.49) (0.51) (0.54) (0.55)
------- ------- ------- ------- -------
Total Distributions ............................ (0.24) (0.49) (0.51) (0.54) (0.55)
------- ------- ------- ------- -------
Net Asset Value, End of Period ....................... $ 10.72 $ 10.57 $ 10.67 $ 10.42 $ 10.77
======= ======= ======= ======= =======
Total Return (excludes sales charge) ................. 3.73%(b) 3.68% 7.62% 1.76% 11.56%
Ratios/Supplementary Data:
Net Assets at end of period (000) .................. $25,898 $31,036 $28,114 $30,097 $17,415
Ratio of expenses to average net assets ............ 0.76%(a) 0.75% 0.51% 0.25% 0.25%
Ratio of net investment income to average net
assets ........................................... 4.57%(a) 4.58% 4.99% 5.06% 5.34%
Ratio of expenses to average net assets* ........... 1.21%(a) 1.20% 1.24% 1.44% 1.63%
Ratio of net investment income to average net
assets* .......................................... 4.12%(a) 4.13% 4.25% 3.87% 3.96%
Portfolio turnover.................................. 1.80% 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.
(a) Annualized.
(b) Not annualized.
See notes to financial statements.
-61-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Short-Term Income Fund
-----------------------------------------------
Six months Year October 19,
ended ended 1994 to
February 28, August 31, August 31,
1997 1996 1995 (a)
-------------- ------------ -------------
(Unaudited)
<S> <C> <C> <C>
Net Asset Value, Beginning of Period ........................................... $ 9.79 $ 9.95 $ 10.00
--------- ---------- ----------
Investment Activities
Net investment income ....................................................... 0.30 0.59 0.52
Net realized and unrealized gains (losses) on investments ................... 0.07 (0.14) (0.05)
--------- ---------- ----------
Total from Investment Activities ........................................ 0.37 0.45 0.47
--------- ---------- ----------
Distributions
Net investment income ....................................................... (0.31) (0.59) (0.52)
Net realized gains .......................................................... -- (0.01) --
In excess of net realized gains ............................................. -- (0.01) --
--------- ---------- ----------
Total Distributions ..................................................... (0.31) (0.61) (0.52)
--------- ---------- ----------
Net Asset Value, End of Period ................................................. $ 9.85 $ 9.79 $ 9.95
========= ========== ==========
Total Return (excludes sales charge) ........................................... 3.78%(c) 4.64% 4.81%(c)
Ratios/Supplementary Data:
Net Assets at end of period (000) ........................................... $ 14,233 $ 14,399 $ 10,228
Ratio of expenses to average net assets ..................................... 0.35%(b) 0.41% 0.57%(b)
Ratio of net investment income to average net assets ........................ 6.04%(b) 5.95% 5.96%(b)
Ratio of expenses to average net assets* .................................... 1.18%(b) 1.24% 1.47%(b)
Ratio of net investment income to average net assets* ....................... 5.21%(b) 5.12% 5.06%(b)
Portfolio turnover........................................................... 24.10% 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.
-62-
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Balanced Fund
--------------------------------------------
Six months Year June 1,
ended ended 1995 to
February 28, August 31, August 31,
1997 1996 1995 (a)
-------------- ------------ -----------
(Unaudited)
<S> <C> <C> <C>
Net Asset Value, Beginning of Period .............................................. $ 11.28 $ 10.62 $ 10.00
-------- --------- ---------
Investment Activities
Net investment income .......................................................... 0.21 0.35 0.08
Net realized and unrealized gains on investments ............................... 1.24 0.79 0.62
-------- --------- ---------
Total from Investment Activities ........................................... 1.45 1.14 0.70
-------- --------- ---------
Distributions
Net investment income .......................................................... (0.20) (0.35) (0.08)
Net realized gains ............................................................. (0.36) (0.13) --
-------- --------- ---------
Total Distributions ........................................................ (0.56) (0.48) (0.08)
-------- --------- ---------
Net Asset Value, End of Period .................................................... $ 12.17 $ 11.28 $ 10.62
======== ========= =========
Total Return (excludes sales charge) .............................................. 13.08%(c) 10.87% 6.98%(c)
Ratios/Supplementary Data:
Net Assets at end of period (000) .............................................. $ 25,060 $ 22,592 $ 12,842
Ratio of expenses to average net assets ........................................ 0.36%(b) 0.38% 0.90%(b)
Ratio of net investment income to average net assets ........................... 3.47%(b) 3.27% 3.17%(b)
Ratio of expenses to average net assets* ....................................... 1.38%(b) 1.40% 1.92%(b)
Ratio of net investment income to average net assets* .......................... 2.45%(b) 2.25% 2.15%(b)
Portfolio turnover.............................................................. 31.59% 71.89% 18.68%
Average commission rate paid (d)................................................ $ 0.0510 $ 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
transactions divided by total number of portfolio shares purchased and sold
for which commissions were charged. Disclosure is not required for periods
ending prior to September 1, 1995.
See notes to financial statements.
-63-
<PAGE>
AMERICAN PERFORMANCE FUNDS
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AMERICAN PERFORMANCE FUNDS
The Right Fit For Your Investment Goals
Investment Adviser
Bank of Oklahoma, N.A.
Bank Oklahoma Tower
Tulsa, Oklahoma 74103
Manager, Administrator,
and Distributor
BISYS Fund Services
3435 Stelzer Road
Columbus, Ohio 43219-3055
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
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MIDYEAR REPORT
February 28, 1997
