<PAGE>
[FLAG LOGO APPEARS HERE]
AMERICAN PERFORMANCE FUNDS
The Right Fit For Your Investment Goals
MIDYEAR REPORT
February 28, 1998
[FLAG LOGO APPEARS HERE]
<PAGE>
LETTER FROM THE CHAIRMAN
- --------------------------------------------------------------------------------
DEAR SHAREHOLDERS:
Given the recent volatility of the financial markets at home and abroad, we are
pleased to report that the American Performance Funds held their own during the
six months ended February 28, 1998. While there were some dramatic dips along
the way, investors continued to view these events as buying opportunities.
While the ride was rocky at times, stocks moved higher over the course of the
period. The bond markets, rose, too, as the economy continued to grow and
inflation remained relatively benign.
Given this environment, investors' enthusiasm for the financial markets was
high. Money continued to flow into mutual funds, albeit at levels less
breathtaking than those we saw last year. Over the six-month period, net assets
under management increased by 24.4%, growing from $1.0 billion at the start of
the period to $1.3 billion on February 28, 1998.
NEW FUND AND FOUNDATION INTRODUCED
We are also pleased to report that the American Performance Growth Equity Fund
was successfully launched on November 1, 1997. Designed for growth investors
with a moderate tolerance for risk, the Fund invests primarily in large-
capitalization and larger mid-capitalization companies with solid records of
earnings growth and the potential to continue producing more of the same. While
it is far too early to make any definitive judgment regarding performance, we
are pleased to report the Fund's initial results have been encouraging. If you
would like to see a prospectus on this Fund, or any other in the American
Performance Fund Family, please call us at 1-800-762-7085.
The new FOUNDATIONS asset allocation account also was launched successfully in
the fall. This account which is available through BOSC helps you
to diversify and allocate your assets properly across a spectrum of funds from
the American Performance family, as well as many others. To find out more about
it, just speak to a financial consultant at BOSC. He or she can introduce you
to FOUNDATIONS and help you complete an investor profile.
CHANGES IN THE AGGRESSIVE GROWTH FUND/1/
In recent weeks, we have started revamping and refining the strategy of the
American Performance Aggressive Growth Fund. Investing in smaller
capitalization stocks, of course, can be riskier than investing in many other
securities. Nonetheless, we believe it is possible to reduce these risks
somewhat by expanding the number of names in the portfolio. Moreover, in the
past several months, we also have refined the quantitative criteria we use for
security selection. We expect to implement both these changes in the coming
months. For more complete information about the funds, including charges and
expenses, contact us at 1-800-762-7085 for a prospectus.
IN CLOSING. . .
We would like to thank you for your continued confidence in us. We look forward
to providing you with investment management and service to meet your investment
needs now and in the future. If you would like a prospectus, have any questions
or require assistance, you can reach us at 1-800-762-7085.
Sincerely,
/s/ Walter B. Grimm
Walter B. Grimm
Chairman
American Performance Funds
- --------------------------------------------------------------------------------
/1/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.
- --------------------------------------------------------------------------------
- 1 -
<PAGE>
LETTER FROM THE INVESTMENT ADVISOR
- --------------------------------------------------------------------------------
DEAR SHAREHOLDERS:
Stiff winds blew through the Asian markets in the fall of 1997. As a result,
the financial markets were considerably more volatile throughout the six months
ended February 28, 1998, than they had been in quite some time. In October, the
Dow Jones Industrial Average dropped 554 points--the largest one-day decline in
its history. However, stocks rebounded quickly, and as the period ended, the
market again was hitting record highs regularly. The bond market also
blossomed, as interest rates continued to trend downward. Clearly, with the
economy growing at a steady pace and inflation under control, investors were in
a mood to accentuate the positive and ignore almost everything else.
A REASONABLE ATTITUDE
Despite the financial turmoil abroad, investors' enthusiasm for the financial
markets throughout the period was not necessarily misplaced. Yes, corporate
earnings may slow in the coming months, and stock market valuations were high,
and some grew even higher. But on the bright side, inflation was, and remains,
flat on its back, and it is very likely to stay within a 1% to 1.5% range for
the rest of the year. Interest rates are low and may be going lower in the year
ahead. Consumer confidence, while at a slightly lower level than in recent
months, is still extremely high. While earnings are coming down, estimates of
overall 1998 earnings are still solid and are expected to remain so for some
time to come.
WHAT ABOUT ASIA?
It is clear that the problems we believe Asia may not be solved overnight.
Moreover, the U.S. economy will face some strong headwinds later in the year,
as these problems become more readily apparent. Nonetheless, while the U.S.
economy is involved in the affected Asian economies, it is somewhat removed
from them and may not be strongly affected.
Economists currently estimate that the "Asian Contagion" will reduce real 1998
GDP (Gross Domestic Product) growth by 0.5%-1.0%. At the same time, however,
Asia's excess capacity and
shrinking demand will mean lower prices in Asia and the United States, which
will work to keep inflation and interest rates low. As a result, while this
situation bears close watching and can change, we expect our economy to
experience ripples from the turmoil in Asia, rather than any tidal wave or
tsunami.
CAUTIOUSLY OPTIMISTIC
As always, there are a few wild cards in the mix. Clearly, lower federal, state
and local government spending, high consumer debt and a strong U.S. dollar
could dampen growth in the coming months. A low interest-rate environment,
however, should help offset much of the impact of these influences. Moreover,
with the Federal Reserve in a holding pattern regarding monetary policy,
interest rates should remain low and may move even lower. Of course, no one can
predict with absolute accuracy what will happen, so, in each case, we must
simply wait and see.
While we are watching our economy and others very closely, we are optimistic
about the prospects for the financial markets in the months ahead. With
interest rates low and perhaps going lower and inflationary pressures almost
non-existent, the environment for the fixed-income markets should be very
positive.
Concerning the stock market, we will maintain our positive outlook until there
is a change in the overall economic environment. Certainly, stock valuations
are high, but, the economy's underlying fundamentals are still favorable.
Therefore, while a dip or two along the way would not surprise us, we expect
stocks to do well in the months ahead. While the bulls may not run at the
breakneck pace of the past year, they are not yet ready to die of exhaustion.
Sincerely,
/s/ James L. Huntzinger
James L. Huntzinger
Bank of Oklahoma, N.A.
- 2 -
<PAGE>
AMERICAN PERFORMANCE MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
During the six months ended February 28, 1998, with the economy growing at a
rate of 3.5% annually, unemployment hit a 27-year low, and consumer confidence
reached a 29-year high. However, inflationary pressures did not ignite.
Instead, the markets and the Federal Reserve were pleased to see a decline both
in wholesale prices and in the rate of consumer prices. Furthermore,
uncertainty in Asia put downward pressure on short-term rates.
As the New Year opened, sentiment regarding the impact of the "Asian Contagion"
shifted again to the U.S. economy. Investors now believe that the U.S. economy
might not be affected as dramatically or slow as significantly as first
thought. In response, interest rates edged upward.
U.S. TREASURY FUND
Throughout the six months ended February 28, 1998, the Fund's assets were
invested primarily in overnight repurchase agreements of the highest credit
quality. Providing solid yields, these securities also offered maximum
flexibility--an essential component for success during the period. Of course,
it is impossible to predict with any accuracy how events in Asia will play out,
but it is clear that the money markets may be somewhat nervous in the months
ahead. Because flexibility will be critical to success, we anticipate making no
major changes to the portfolio's allocation.
CASH MANAGEMENT FUND
By investing primarily in securities with a final maturity of one year and
coupons that reset quarterly, the Fund was able to perform strongly over the
six months ended February 28, 1998. As rates fell during the period, these
securities outperformed those with three-month final maturities. Looking ahead,
we believe the Federal Reserve will continue its steady monetary policy over
the near-term, and the Fund is well positioned for the type of environment
expected to result. Consequently, we anticipate making no major changes to the
allocation of the portfolio.
- --------------------------------------------------------------------------------
Fees of the funds are currently being waived, resulting in higher returns than
would occur if full fees were charged. Although the U.S. Treasury Fund and the
Cash Management Fund seek to maintain a stable net asset value of $1.00, there
is no assurance that they will be able to do so. The Funds shares are not
insured or guaranteed by the U.S. Government.
The American Performance Funds are distributed by BISYS Fund Services.
Shares in the funds involve investment risks, including possible loss of
principal, so that an investor's shares, when redeemed, may be worth more or
less than their original cost. Fund shares are not deposits or obligations of,
or guaranteed by or endorsed by Bank of Oklahoma, N.A., its affiliates or the
distributor, nor are they insured by the 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.
- --------------------------------------------------------------------------------
- 3 -
<PAGE>
AMERICAN PERFORMANCE BOND FUNDS
- --------------------------------------------------------------------------------
Evidence that inflation was dormant and the belief that our economy would slow
in response to events in Asia calmed investors' fears during the six-month
period ended February 28, 1998. In addition, many believed that the Federal
Reserve might move to ease interest rates if the economy showed dramatic
evidence of slowing. This sentiment helped push interest rates lower, and the
bond market rallied as 1997 ended.
But as the New Year dawned, market sentiment shifted again- and rates began to
inch upward. Our economy was in very good shape, employment and wages continued
to grow, and stocks, despite the setback in October, still remained attractive.
Moreover, Federal Reserve Chairman Alan Greenspan indicated that he was
uncertain as to which way the Fed would move. Nonetheless, rates ended the
period lower than they began it, and the period remained favorable, in general,
for fixed-income investors.
Some fallout from the situation in Asia will inevitably reach our shores, and
our economy may slow in response. It may not slow as significantly or as
suddenly as many expect, but just enough, we believe, to increase downward
pressures on rates. Therefore, we are optimistic about the prospects for the
fixed-income market in the months ahead.
- 4 -
<PAGE>
AMERICAN PERFORMANCE INTERMEDIATE TAX-FREE BOND FUND
- --------------------------------------------------------------------------------
Excitement was hard to find in the municipal markets during the six months
ended February 28, 1998. Interest rates moved lower, but because the supply of
securities was relatively tight, response in the tax-free market was not as
quick or as dramatic as it was in the taxable market. Nonetheless, the
municipal market rose, albeit very quietly, over the period.
Our efforts throughout the period focused on capturing some of this market. To
this end, we extended the Fund's maturity whenever it was possible to do so
without compromising quality or taking on unnecessary risk. For the six months
ended February 28, 1998, the Fund produced a total return of 4.19% (without the
sales charge).+
QUIETLY CONFIDENT. . .
Barring a dramatic shift in the environment, we expect the next six months to
be much like the previous six months. Interest rates have been moving downward,
and the markets should continue to rise. At the same time, it is unlikely we
will see a tidal wave of new issuance due to taxpayer resistance. But issuance
should increase to some degree as municipalities take advantage of lower
interest rates to refinance existing debt or finance projects that no longer
can be delayed. As a result, we expect the year ahead to be a good one for the
municipal market and for the Fund.
At the end of the period, approximately 97.2% of the Fund's assets were
invested in a laddered portfolio of securities issued by municipalities in some
20 states across the country. The remainder of the Fund's assets were held in
cash.++ The average credit quality of the Fund's securities was AA+ and the
average maturity was 7.5 years.
Average Annual Total Return
2/28/98 LOAD* NO-LOAD
------------------------------------------------
1 Year 4.05% 7.25%
------------------------------------------------
5 Year 5.02% 5.66%
------------------------------------------------
Since Inception 6.15% 6.71%
(5/29/92)
Value of a $10,000 Investment
Intermediate Intermediate
Tax-Free Tax-Free Lehman Brothers
Bond Fund Bond Fund Municipal Bond
Date (No-Load) (Load) * Index
- ---- ------------ ------------ ---------------
5/29/92 10,000 9,699 10,000
8/31/92 10,314 10,004 10,347
8/31/93 11,506 11,160 11,636
8/31/94 11,709 11,357 11,652
8/31/95 12,601 12,222 12,685
8/31/96 13,065 12,673 13,480
8/31/97 13,952 13,532 14,726
2/28/98 14,536 14,099 15,987
* Reflects 3.00% maximum sales charge.
- --------------------------------------------------------------------------------
+ With a maximum sales charge of 3.00%, the Fund's return for the six-month
period was 1.06%.
++ The composition of the Fund's portfolio is subject to change.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
Fees of the fund are currently being waived, resulting in higher returns than
would occur if fees were charged.
The performance of the American Performance Intermediate Tax-Free Bond Fund is
measured against the Lehman Brothers Municipal Bond Index, an unmanaged index
that is considered to be representative of the performance of the municipal
bond market as a whole. The index does not reflect the deduction of expenses
associated with a mutual fund, such as investment management and fund
accounting fees. The Fund's performance reflects the deduction of fees for
these value-added services.
- --------------------------------------------------------------------------------
- 5 -
<PAGE>
AMERICAN PERFORMANCE SHORT-TERM INCOME FUND
- --------------------------------------------------------------------------------
Within the short-term mortgage-backed and asset-backed markets during the six-
month period ended February 28, 1998, securities with the shortest maturities
were held back somewhat by rising prepayment risk. Seasoned securities within
these sectors, though, were hardly affected. These securities have not been
refinanced as rates have fallen over the years, and they are unlikely to be,
unless rates fall to record lows.
With a good portion of its assets invested in these seasoned securities, the
Fund performed well. For the six months ended February 28, 1998, the Fund
produced a total return of 4.30% (without the sales charge).+
Approximately 6.7% of the Fund's assets were invested in asset-backed
securities, 52.2% in mortgage-backed securities, 28% in Treasury and agency
securities, 11.2% in corporate bonds, and 1.7% in cash or cash equivalents. The
average maturity of the Fund's portfolio was 2.76 years, and the average credit
quality of the portfolio's holdings was AAA.++
Average Annual Total Return
2/28/98 LOAD* NO-LOAD
--------------------------------------------
1 Year 6.23% 8.38%
--------------------------------------------
Since Inception 5.81% 6.43%
(10/19/94)
Value of a $10,000 Investment
Short-Term Short-Term Merrill Lynch
Income Fund Income Fund U.S. Govt./Corp.
Date (No-Load) (Load)* 1-5 Yr. Index
- ---- ----------- ----------- ---------------
10/19/94 10,000 9,804 10,000
8/31/95 10,481 10,276 10,879
8/31/96 10,967 10,752 11,418
8/31/97 11,828 11,596 12,288
2/28/98 12,336 12,094 13,039
* Reflects 2.00% maximum sales charge.
- --------------------------------------------------------------------------------
+ With a maximum sales charge of 2.00%, the Fund's return for the six-month
period was 2.21%.
++ The composition of the Fund's portfolio is subject to change.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
Fees of the funds are currently being waived, resulting in higher returns than
would occur if fees were charged.
The performance of the American Performance Short-Term Income Fund is measured
against the Merrill Lynch U.S. Government/Corporate 1-5 Year Index, an
unmanaged index considered to be representative of the performance of
investment-grade bonds with maturities of less than five years. The index does
not reflect the deduction of expenses associated with a mutual fund, such as
investment management and fund accounting fees. The Fund's performance reflects
the deduction of fees for these value-added services.
- --------------------------------------------------------------------------------
- 6 -
<PAGE>
AMERICAN PERFORMANCE INTERMEDIATE BOND FUND
- --------------------------------------------------------------------------------
Intermediate-term mortgage-backed and asset-backed securities did not suffer as
significantly from increased prepayment risks as their longer term counterparts
during the six months ended February 28, 1998. This, combined with solid
security selection and careful management of our sector exposures, produced
solid results for the Fund. Maturities were slightly extended, in an effort to
capture more of the market's rally. We are pleased to report that this effort
was successful. For the six-month period, the Fund produced a total return of
4.38% (without the sales charge).+
At the end of the period, approximately 11.2% of the Fund's assets were
invested in asset-backed securities, 31.4% in mortgage-related securities,
31.2% in corporate bonds, 25.3% in Treasury securities, and the remainder in
cash and cash equivalents. The average maturity of the Fund's portfolio was 5.0
years and the average credit quality of the portfolio's holdings was AA1.++
Average Annual Total Return
2/28/98 LOAD* NO-LOAD
--------------------------------------------
1 Year 5.26% 8.48%
--------------------------------------------
5 Year 4.54% 5.18%
--------------------------------------------
Since Inception 6.86% 7.30%
(9/28/90)
Value of a $10,000 Investment
Intermediate Intermediate Lehman Brothers
Bond Fund Bond Fund Inter. Govt./Corp.
Date (No-Load) (Load) * Bond Index
- ---- ------------ ------------ -----------------
9/28/90 10,000 9,699 10,000
8/31/91 11,142 10,807 11,194
8/31/92 12,525 12,148 12,663
8/31/93 13,657 13,247 13,825
8/31/94 13,502 13,096 13,776
8/31/95 14,422 13,988 15,079
8/31/96 14,914 14,466 15,747
8/31/97 16,163 15,678 17,076
2/28/98 16,871 16,364 18,538
* Reflects 3.00% maximum sales charge.
- --------------------------------------------------------------------------------
+ With a maximum sales charge of 3.00%, the Fund's return for the six-month
period was 1.25%.
++ The composition of the Fund's portfolio is subject to change.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
Fees of the funds are currently being waived, resulting in higher returns than
would occur if full fees were charged.
The performance of the American Performance Intermediate Bond Fund is measured
against the Lehman Brothers Intermediate Government/Corporate Bond Index, an
unmanaged index considered to be representative of the performance of
government and corporate bonds with maturities of less than 10 years. The index
does not reflect the deduction of expenses associated with a mutual fund, such
as investment management and fund accounting fees. The Fund's performance
reflects the deduction of fees for these value-added services.
- --------------------------------------------------------------------------------
- 7 -
<PAGE>
AMERICAN PERFORMANCE BOND FUND
- --------------------------------------------------------------------------------
Quick response to the changing environment and good security selection were the
keys to the Fund's strong performance during the six months ended February 28,
1998. As prepayment risk rose on long-term mortgage-backed and asset-backed
securities, we lowered exposure to these sectors. We also reinvested in non-
callable securities, such as Treasury and taxable municipal securities, which
performed well in the environment.
The Fund produced a total return of 5.96% (without the sales charge)+ for the
six-month period.
As of February 28, 1998, approximately 3.5% of the Fund's assets was invested
in asset-backed securities, 8.1% in municipal bonds, 35.8% in mortgage-backed
securities, 28.7% in corporate bonds, 22.7% in Treasury and agency-related
securities, and the remainder in cash and cash equivalents. The average
maturity of the portfolio's holdings was 8.78 years, and the average credit
quality was AA1.++
Average Annual Total Return
2/28/98 LOAD* NO-LOAD
---------------------------------------------
1 Year 6.64% 11.07%
---------------------------------------------
5 Year 5.21% 6.08%
---------------------------------------------
Since Inception 7.74% 8.34%
(9/28/90)
Value of a $10,000 Investment
Salomon Brothers Broad
Bond Fund Bond Fund (Investment Grade)
Date (No-Load) (Load)* Bond Index
- ---- --------- --------- ----------------------
9/28/90 10,000 9,597 10,000
8/31/91 11,312 10,856 11,365
8/31/92 12,750 12,236 12,922
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 16,404
8/31/97 17,111 16,422 18,044
2/28/98 18,130 17,400 19,154
* Reflects 4.00% maximum sales charge.
- --------------------------------------------------------------------------------
+ With a maximum sales charge of 4.00%, the Fund's return for the six-month
period was 1.72%.
++ The composition of the Fund's portfolio is subject to change.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
Fees of the fund are currently being waived, resulting in higher returns than
would occur if full fees were charged.
The performance of the American Performance Bond Fund is measured against the
Salomon Brothers Broad (Investment Grade) Bond Index, an unmanaged index
considered to be representative of the performance of investment-grade
corporate and U.S. Government bonds in general. The index does not reflect the
deduction of expenses associated with a mutual fund, such as investment
management and fund accounting fees. The Fund's performance reflects the
deduction of fees for these value-added services.
- --------------------------------------------------------------------------------
- 8 -
<PAGE>
AMERICAN PERFORMANCE BALANCED FUND
- --------------------------------------------------------------------------------
Despite financial problems abroad, the six-month period from September 1, 1997
through February 28, 1998, was a good one overall for the U.S. financial
markets. Investors sought safety, and larger capitalization stocks moved to
higher ground. Because the Fund was weighted heavily in these issues, its
performance benefited. The fixed-income markets also moved higher on the belief
that events in Asia would eventually influence U.S. corporations and slow
economic growth.
There is no denying, however, that investors were nervous throughout the
period. As a result, less-liquid securities, such as small-cap stocks, did not
do well. Anticipating this, we reduced exposure to small-company stocks in the
fall of 1997. So, while the Fund was affected by the poor performance of these
stocks early in the period, it did not suffer significantly. For the six months
ended February 28, 1998, the Fund produced a total return of 8.87% (without the
sales charge+), a number well in line with other funds of this type.
FINE-TUNING FOR THE FUTURE
Asia's problems clearly are not over, and they may not be for some time. As a
result, investors may continue to favor the comfort of large-capitalization
stocks in the year ahead. We believe it's likely that market sentiment will
turn in their direction again, and that the long-term prospects for these
stocks are bright.
As of February 28, 1998, approximately 55% of the portfolio's assets were
invested in stocks, 40% in bonds and 5% in cash or cash equivalents. The top
five holdings in the equity portion of the Fund's portfolio were Microsoft
(1.8%), General Electric (1.8%). Coca-Cola (1.8%), Chase Manhattan Bank (1.7%)
and Hartford Financial Services (1.3%). The average credit quality of the
fixed-income holdings in the portfolio was AA, and the average maturity was 94
years.++
Average Annual Total Return
2/28/98 LOAD* NO-LOAD
------------------------------------------
1 Year 15.55% 21.62%
------------------------------------------
Since Inception 17.25% 19.47%
(6/1/95)
Value of a $10,000 Investment
Salomon Brothers Broad
Balanced Fund Balanced Fund S&P 500 (Investment Grade)
Date (No-Load) (Load)* Index Bond Index
- ---- ------------- ------------- ------- ----------------------
6/1/95 10,000 9,497 10,000 10,000
8/31/95 10,698 10,159 10,361 10,165
8/31/96 11,860 11,263 12,229 10,584
8/31/97 14,983 14,229 17,295 11,642
2/28/98 16,312 15,491 20,342 12,855
* reflects 5.00% maximum sales charge.
- --------------------------------------------------------------------------------
+ With a maximum sales charge of 5.00%, the Fund's return for the six-month
period was 3.43%.
++ The composition of the Fund's portfolio is subject to change.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
Fees of the fund are currently being waived, resulting in higher returns than
would occur if full fees were charged.
The performance of the American Performance Balanced Fund is measured against
the S&P 500 Index, an unmanaged which consists of 500 stocks chosen for market
size, liquidity and industry group representation and is one of the most widely
used benchmarks of U.S. equity performance, and the Salomon Brothers Broad
(Investment Grade) Bond Index, which is widely used to represent the
performance of investment-grade corporate and U.S. Government bonds. The
indices do not reflect the deduction of expenses associated with a mutual fund,
such as investment management and fund accounting fees. The Fund's performance
reflects the deduction of fees for these value-added services.
- --------------------------------------------------------------------------------
- 9 -
<PAGE>
AMERICAN PERFORMANCE EQUITY FUND
- --------------------------------------------------------------------------------
Problems in Southeast Asia spilled over into markets around the world during
the six months ended February 28, 1998. While multinational companies were not
immediately affected, investors grew noticeably nervous, demonstrating how
integrated world economies have become. As a result, global equity markets,
including the U.S. market, grew more volatile.
Given these circumstances, investors fled to the safety of larger
capitalization stocks. While the Fund held many of these stocks, it also
invested in many others. In this climate, widely diversified portfolios did not
fare as well as those focused solely on the largest, best-known companies.
Consequently, for the six months ended February 28, 1998, the Fund produced a
total return of 14.34% (without sales charge),+ slightly lagging its benchmark
the S&P 500 Index.
CAUTION WARRANTED
It is difficult to predict how long investors will continue to seek the comfort
of larger capitalization issues. Inevitably, many of these companies will feel
the impact of events in Asia, and as a result, U.S. real GDP growth and
corporate pricing power may be slightly reduced in the months ahead. Corporate
earnings may be under pressure as the situation plays out.
Nevertheless, we believe that the general trend of the market is upward, but
the investment stakes have been raised, and vigilance is warranted. Strong
security selection and diversification will be critical to success in the year
ahead.
As of February 28, 1998, the top five holdings in the Fund's portfolio were
Microsoft (2.9%), Merck (2.4%), General Electric (2.8%), Coca Cola (2.5%) and
Intel (2.5%).++
Average Annual Total Return
2/28/98 LOAD* NO-LOAD
---------------------------------------------
1 Year 23.21% 29.71%
---------------------------------------------
5 Year 19.16% 20.40%
---------------------------------------------
Since Inception 16.53% 17.34%
(9/28/90)
Value of a $10,000 Investment
Equity Fund Equity Fund S&P 500
Date (No-Load) (Load)* Index
- ---- ----------- ----------- -------
9/28/90 10,000 9,497 10,000
8/31/91 12,457 11,830 13,345
8/31/92 11,961 11,359 14,406
8/31/93 13,770 13,077 16,586
8/31/94 14,411 13,686 17,491
8/31/95 17,256 16,388 21,243
8/31/96 20,453 19,424 25,216
8/31/97 28,681 27,230 35,459
2/28/98 32,794 31,144 41,707
* Reflects 5.00% maximum sales charge.
- --------------------------------------------------------------------------------
+ With a maximum sales charge of 5.00%, the Fund's return for the six-month
period was 8.62%.
++ The composition of the Fund's portfolio is subject to change.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
Fees of the fund are currently being waived, resulting in higher returns than
would occur if full fees were charged.
The performance of the American Performance Equity Fund is measured against the
S&P 500 Index, an unmanaged index which consists of 500 stocks chosen for
market size, liquidity and industry group representation and is one of the most
widely used benchmarks of U.S. equity performance. 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.
- --------------------------------------------------------------------------------
- 10 -
<PAGE>
AMERICAN PERFORMANCE GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
Introduced on November 3, 1997, the American Performance Growth Equity Fund is
designed for investors interested in pursuing growth with a moderate tolerance
for risk. The Fund invests primarily in large-cap and larger mid-cap growth
companies with strong track records of earnings growth and solid long-term
potential.
Throughout the period, larger growth companies continued to benefit from good
economic fundamentals, and investors continued to favor the stocks of these
companies. We are pleased to report that the Fund produced a total return of
16.13% (without sales charge) + for the period from November 1, 1997 to
February 28, 1998. Of course, mutual fund investing is a long-term proposition,
but we, nevertheless, find these results encouraging.
UP? DOWN? OR SIDEWAYS?
Clearly, large-cap and larger mid-cap stocks benefited as investors sought
safety and liquidity during the period. At the same time, Asian clouds hung over
our markets, and, at some point, many companies with international exposure will
be affected. The fundamentals of our economy, however, are still positive and
corporate profits are growing. As long as these trends continue, the general
trend of the equity markets should continue upward. Of course, within the
general trend, corrections can be--and should be--expected. But until the
dynamics of the environment change, we would view such a decline as a buying
opportunity.
As of February 28, 1998, the top five holdings in the Fund's portfolio were
Microsoft (4.6%), Merck (4.6%), General Electric (4.3%), Coca Cola (4.2%) and
Intel (3.6%). ++
Average Annual Total Return
<TABLE>
<CAPTION>
2/28/98 LOAD* NO-LOAD
--------------------------------
<S> <C> <C>
Since Inception 10.32% 16.13%
(11/3/97)
</TABLE>
<TABLE>
<CAPTION>
Growth Equity Growth Equity
Date Fund (No-Load) Fund (Load)* S&P 500 Index
- -------- -------------- -------------- -------------
<S> <C> <C> <C>
11/3/97 10,000 9,497 10,000
2/28/98 11,613 11,029 11,535
</TABLE>
* Reflects 5.00% maximum sales charge.
- --------------------------------------------------------------------------------
+ With a maximum sales charge of 5.00%, the Fund's return for the six-month
period was 10.32%.
++ The composition of the Fund's portfolio is subject to change.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
Fees of the funds are currently being waived, resulting in higher returns than
would occur if full fees were charged.
The performance of the American Performance Equity Fund is measured against the
S&P 500 Index, an unmanaged index which consists of 500 stocks chosen for
market size, liquidity and industry group representation and is one of the most
widely used benchmarks of U.S. equity performance. The Index does not reflect
the deduction of expenses associated with a mutual fund, such as investment
management and fund accounting fees. The Fund's performance reflects the
deduction of fees for these value-added services.
- --------------------------------------------------------------------------------
- 11 -
<PAGE>
AMERICAN PERFORMANCE AGGRESSIVE GROWTH FUND
- --------------------------------------------------------------------------------
Rattled by events in Asia, investors sought the safety and liquidity of the
biggest companies during the six months ended February 28, 1998. Offering
little in terms of comparative "comfort" value, small-cap stocks continued to
suffer. Even more disappointing was the fact that the little interest there was
in this sector was focused on value stocks rather than growth stocks.
Ironically, most small companies had minute, if any, exposure to the fallout
from Asia. Moreover, while their stock values wilted, the earnings and revenues
of many of these companies soared. But investors simply looked the other way,
making this a very disappointing period for small-cap growth investors.
For the six months ended February 28, 1998, the Fund posted a total return of -
3.06% (without sales charge) + versus 9.64% for its benchmark, the Russell
2000. (Please keep in mind that this index tracks the performance of small- cap
stocks in general, not growth-oriented small-cap stocks specifically.)
REFINING OUR STRATEGY
Given that events in Asia have yet to play out fully, we do not expect a major
change in market sentiment any time soon. Nevertheless, we are optimistic about
the long-term prospects for this sector. Balance sheets are now very strong,
and valuations are very low compared to those of larger capitalization stocks.
To better position the Fund and to help reduce risk, we have refined our
quantitative technique for stock selection and have started implementing these
changes. We also expect to expand the number of stocks in the portfolio in the
months ahead. This effort is designed to increase diversification and help
reduce risk.
As of February 28, 1998, the top five holdings in the Fund's portfolio were
Smartalk Teleservices (4.6%), QLogic Corp. (3.8%), Semtech (3.5%), TwinLab
Corp. (3.1%) and LCC International (2.9%). ++
Average Annual Total Return
<TABLE>
<CAPTION>
2/28/98 LOAD* NO-LOAD
--------------------------------
<S> <C> <C>
1 Year 9.66% 15.40%
--------------------------------
5 Year 11.46% 12.61%
--------------------------------
Since Inception 9.92% 10.86%
(2/3/92)
</TABLE>
<TABLE>
<CAPTION>
Aggresive Aggresive
Growth Equity Growth Equity Russell 2000
Date Fund (No-Load) Fund (Load)* Stock Index
- -------- -------------- -------------- -------------
<S> <C> <C> <C>
2/3/92 10,000 9,497 10,000
8/31/92 8,398 7,975 9,052
8/31/93 12,000 11,396 11,992
8/31/94 12,030 11,424 12,704
8/31/95 16,364 15,540 15,345
8/31/96 16,654 15,816 17,005
8/31/97 19,302 18,330 22,581
2/28/98 18,711 17,769 24,758
</TABLE>
* Reflects 5.00% maximum sales charge.
- --------------------------------------------------------------------------------
+ With a maximum sales charge of 5.00%, the Fund's return for the six-month
period was -7.91.
++ The composition of the Fund's portfolio is subject to change.
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that an investor's shares, when redeemed, may be worth
more or less than the original cost.
Fees of the funds are currently being waived, resulting in higher returns than
would occur if full fees were charged.
The American Performance 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.
- --------------------------------------------------------------------------------
- 12 -
<PAGE>
TABLE OF CONTENTS
Statements of Assets and Liabilities
Page 14
Statements of Operations
Page 17
Statements of Changes in Net Assets
Page 20
Schedules of Portfolio Investments
Page 25
Notes to Financial Statements
Page 56
Financial Highlights
Page 61
- 13 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
U.S. CASH
TREASURY MANAGEMENT
FUND FUND
------------ ------------
<S> <C> <C>
ASSETS:
Investments at value (Amortized cost $124,027,597;
and $407,597,344; respectively).................. $124,027,597 $407,597,344
Repurchase agreements, at value (Amortized cost
$247,281,086; and $0; respectively).............. 247,281,086 --
------------ ------------
Total Investments................................. 371,308,683 407,597,344
Interest and dividends receivable................. 77,014 3,016,165
Receivable for capital shares issued.............. 9,800 --
Prepaid expenses and other assets................. 29,121 13,105
------------ ------------
Total Assets.................................... 371,424,618 410,626,614
------------ ------------
LIABILITIES:
Dividends payable................................. 1,350,447 1,546,775
Accrued expenses and other payables:
Investment advisory fees......................... 112,202 121,973
Administration fees.............................. 8,046 8,888
Custodian fees................................... 8,415 9,148
Legal and audit fees............................. 15,913 21,319
Fund accounting and transfer agent fees.......... 14,611 15,080
Other liabilities................................ 14,132 33,642
------------ ------------
Total Liabilities............................... 1,523,766 1,756,825
------------ ------------
COMPOSITION OF NET ASSETS:
Capital........................................... 369,904,967 408,860,829
Undistributed (distributions in excess of) net
investment income................................ -- (4,977)
Accumulated undistributed net realized gains
(losses) on investment transactions.............. (4,115) 13,937
------------ ------------
Net Assets...................................... $369,900,852 $408,869,789
============ ============
Shares of beneficial interest issued and
outstanding...................................... 369,904,967 408,860,828
============ ============
Net asset value and redemption price per share:
($0.00001 par value per share, unlimited number
of shares authorized)........................... $ 1.00 $ 1.00
============ ============
</TABLE>
See notes to financial statements.
- 14 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
INTERMEDIATE
TAX-FREE SHORT-TERM INTERMEDIATE
BOND INCOME BOND BOND
FUND FUND FUND FUND
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
ASSETS:
Investments at value
(Amortized cost
$27,761,689; $19,760,454;
81,811,103; and 47,294,341;
respectively).............. $29,063,399 $19,972,076 $83,175,875 $48,724,116
Interest and dividends
receivable................. 376,833 137,735 766,314 636,695
Receivable for capital
shares issued.............. 2,300 4,900 14,700 19,600
Prepaid expenses............ 183 253 2,183 1,394
----------- ----------- ----------- -----------
Total Assets.............. 29,442,715 20,114,964 83,959,072 49,381,805
----------- ----------- ----------- -----------
LIABILITIES:
Dividends payable........... 99,663 103,853 387,866 230,108
Payable for investment
securities purchased....... -- -- 2,082,956 2,048,212
Accrued expenses and other
payables:
Investment advisory fees... 7,900 -- 21,319 11,947
Administration fees........ 643 438 1,783 1,029
Distribution fees.......... -- -- 15,515 9,049
Custodian fees............. 677 466 1,862 1,086
Legal and audit fees....... 2,047 2,096 5,953 3,155
Fund accounting and
transfer agent fees....... 2,177 -- 3,162 1,663
Other liabilities.......... 5,720 3,282 43,559 41,239
----------- ----------- ----------- -----------
Total Liabilities......... 118,827 110,135 2,563,975 2,347,488
----------- ----------- ----------- -----------
COMPOSITION OF NET ASSETS:
Capital..................... 27,937,342 19,819,903 80,711,812 45,944,838
Undistributed (distributions
in excess of) net
investment income.......... 15,282 (7,371) (19,520) 17,925
Net unrealized
appreciation/depreciation
on investments............. 1,301,710 211,622 1,364,772 1,429,775
Accumulated undistributed
net realized gains (losses)
from investment
transactions............... 69,554 (19,325) (661,967) (358,221)
----------- ----------- ----------- -----------
Net Assets................ $29,323,888 $20,004,829 $81,395,097 $47,034,317
=========== =========== =========== ===========
Shares of beneficial
interest issued and
outstanding................ 2,688,087 1,995,261 7,845,354 4,924,144
=========== =========== =========== ===========
Net asset value and
redemption price per share:
($0.00001 par value per
share, unlimited number of
shares authorized)........ $ 10.91 $ 10.03 $ 10.37 $ 9.55
=========== =========== =========== ===========
Maximum Sales Charge........ 3.00% 2.00% 3.00% 4.00%
=========== =========== =========== ===========
Maximum Offering Price
(100%/(100%-Maximum Sales
Charge) of net asset value
adjusted to nearest cent)
per share.................. $ 11.25 $ 10.23 $ 10.69 $ 9.95
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
- 15 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
GROWTH AGGRESSIVE
BALANCED EQUITY EQUITY GROWTH
FUND FUND FUND FUND
----------- ------------ ----------- -----------
<S> <C> <C> <C> <C>
ASSETS:
Investments at value
(Amortized cost
$36,252,961; $142,401,433;
$40,279,978; and
$33,464,686;
respectively)............. $41,243,399 $199,325,433 $65,309,849 $38,943,577
Interest and dividends
receivable................ 213,173 310,913 58,419 10,929
Receivable for capital
shares issued............. -- 17,600 5,800 --
Unamortized organization
costs..................... -- -- 1,360 --
Prepaid expenses........... 837 4,851 -- 1,184
----------- ------------ ----------- -----------
Total Assets............. 41,457,409 199,658,797 65,375,428 38,955,690
----------- ------------ ----------- -----------
LIABILITIES:
Payable for investment
securities purchased...... 2,038,125 -- -- --
Accrued expenses and other
payables:
Investment advisory fees.. 4,113 73,324 6,624 15,710
Administration fees....... 858 4,352 1,420 897
Distribution fees......... -- 37,307 12,075 8,243
Custodian fees............ 889 4,477 1,449 989
Legal and audit fees...... 3,541 7,922 2,919 3,598
Fund accounting and
transfer agent fees...... 2,596 7,978 3,967 2,336
Other liabilities......... 38,936 3,037 1,702 2,721
----------- ------------ ----------- -----------
Total Liabilities........ 2,089,058 138,397 30,156 34,494
----------- ------------ ----------- -----------
COMPOSITION OF NET ASSETS:
Capital.................... 33,555,568 139,130,602 40,432,402 26,394,366
Undistributed net
investment income (loss).. 189,166 175,265 8,672 (134,335)
Net unrealized
appreciation/depreciation
on investments............ 4,990,438 56,924,000 25,029,871 5,478,891
Accumulated undistributed
net realized gains
(losses) on investment
transactions.............. 633,179 3,290,533 (125,673) 7,182,274
----------- ------------ ----------- -----------
Net Assets............... $39,368,351 $199,520,400 $65,345,272 $38,921,196
=========== ============ =========== ===========
Shares of beneficial
interest issued and
outstanding............... 3,012,420 11,653,298 5,635,761 2,513,426
=========== ============ =========== ===========
Net asset value and
redemption price per
share:
($0.00001 par value per
share, unlimited number
of shares authorized).... $ 13.07 $ 17.12 $ 11.59 $ 15.49
=========== ============ =========== ===========
Maximum Sales Charge....... 5.00% 5.00% 5.00% 5.00%
=========== ============ =========== ===========
Maximum Offering Price
(100%/(100%-Maximum Sales
Charge) of net asset value
adjusted to nearest cent)
per share................. $ 13.76 $ 18.02 $ 12.20 $ 16.31
=========== ============ =========== ===========
</TABLE>
See notes to financial statements.
- 16 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
U.S. CASH
TREASURY MANAGEMENT
FUND FUND
---------- -----------
<S> <C> <C>
INVESTMENT INCOME:
Interest Income...................................... $9,986,911 $10,777,062
---------- -----------
EXPENSES:
Investment advisory fees............................. 716,730 746,154
Administration fees.................................. 358,365 373,077
12b-1 fees........................................... 447,957 466,346
Fund accounting fees................................. 40,635 42,451
Transfer agent fees.................................. 37,341 40,335
Custodian fees....................................... 53,755 55,962
Other expenses....................................... 74,244 55,568
---------- -----------
Total Expenses..................................... 1,729,027 1,779,893
Expenses voluntarily reduced......................... (447,957) (466,346)
---------- -----------
Net Expenses....................................... 1,281,070 1,313,547
---------- -----------
Net Investment Income................................ 8,705,841 9,463,515
---------- -----------
REALIZED GAINS ON INVESTMENTS:
Net realized gains (losses) on investment
transactions........................................ 9,035 13,939
---------- -----------
Change in net assets resulting from operations........ $8,714,876 $ 9,477,454
========== ===========
</TABLE>
See notes to financial statements.
- 17 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
INTERMEDIATE
TAX-FREE SHORT-TERM INTERMEDIATE
BOND INCOME BOND BOND
FUND FUND FUND FUND
------------ ---------- ------------ ----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income................ $ 706,045 $562,574 $2,681,828 $1,426,833
Dividend income from
affiliates.................... 11,697 9,096 16,055 23,594
---------- -------- ---------- ----------
Total Income................. 717,742 571,670 2,697,883 1,450,427
---------- -------- ---------- ----------
EXPENSES:
Investment advisory fees....... 75,497 46,617 215,382 111,074
Administration fees............ 27,453 17,208 78,734 41,022
12b-1 fees..................... 34,317 21,510 98,417 51,278
Fund accounting fees........... 7,927 7,465 19,512 10,649
Transfer agent fees............ 6,733 1,575 10,609 4,982
Custodian fees................. 4,118 2,581 11,810 6,153
Other expenses................. 5,145 3,659 11,712 7,128
---------- -------- ---------- ----------
Total Expenses............... 161,190 100,615 446,176 232,286
Expenses voluntarily reduced... (61,770) (70,948) (78,734) (41,022)
---------- -------- ---------- ----------
Net Expenses................. 99,420 29,667 367,442 191,264
---------- -------- ---------- ----------
Net Investment Income.......... 618,322 542,003 2,330,441 1,259,163
---------- -------- ---------- ----------
REALIZED/UNREALIZED GAINS ON
INVESTMENTS:
Net realized gains on
investment transactions....... 111,209 10,888 81,739 103,168
Change in unrealized
appreciation/depreciation on
investments................... 386,129 168,728 990,074 978,390
---------- -------- ---------- ----------
Net realized/unrealized gains
on investments................ 497,338 179,616 1,071,813 1,081,558
---------- -------- ---------- ----------
Change in net assets resulting
from operations................ $1,115,660 $721,619 $3,402,254 $2,340,721
========== ======== ========== ==========
</TABLE>
See notes to financial statements.
- 18 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
GROWTH AGGRESSIVE
BALANCED EQUITY EQUITY GROWTH
FUND FUND FUND FUND
---------- ----------- ---------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income............. $ 424,563 $ -- $ 12,605 $ 28,644
Dividend income............. 125,232 1,342,814 200,361 53,494
Dividend income from
affiliates................. 55,525 118,312 39,625 82,395
---------- ----------- ---------- ------------
Total Income.............. 605,320 1,461,126 252,591 164,533
---------- ----------- ---------- ------------
EXPENSES:
Investment advisory fees.... 119,239 623,769 115,635 175,064
Administration fees......... 33,510 183,211 34,355 52,447
12b-1 fees.................. 41,888 229,014 42,943 65,559
Fund accounting fees........ 11,814 28,173 6,353 9,317
Transfer agent fees......... 3,834 20,784 3,915 10,409
Custodian fees.............. 5,027 27,482 5,153 7,867
Other expenses.............. 4,492 25,341 13,091 3,922
---------- ----------- ---------- ------------
Total Expenses............ 219,804 1,137,774 221,445 324,585
Expenses voluntarily
reduced.................... (158,887) (174,051) (32,637) (49,825)
---------- ----------- ---------- ------------
Net Expenses.............. 60,917 963,723 188,808 274,760
---------- ----------- ---------- ------------
Net Investment Income
(Loss)..................... 544,403 497,403 63,783 (110,227)
---------- ----------- ---------- ------------
REALIZED/UNREALIZED GAINS
(LOSSES) ON INVESTMENTS:
Net realized gains (losses)
on investment transactions. 1,420,842 10,165,007 (125,673) 9,019,984
Change in unrealized
appreciation/depreciation
on investments............. 1,033,734 14,246,592 8,569,816 (11,352,984)
---------- ----------- ---------- ------------
Net realized/unrealized
gains (losses) on
investments................ 2,454,576 24,411,599 8,444,143 (2,333,000)
---------- ----------- ---------- ------------
Change in net assets
resulting from operations... $2,998,979 $24,909,002 $8,507,926 $ (2,443,227)
========== =========== ========== ============
</TABLE>
See notes to financial statements.
- 19 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
(UNAUDITED)
<TABLE>
<CAPTION>
U.S. TREASURY FUND CASH MANAGEMENT FUND
---------------------------- ----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
FEBRUARY 28, AUGUST 31, FEBRUARY 28, AUGUST 31,
1998 1997 1998 1997
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income. $ 8,705,841 $ 11,447,244 $ 9,463,515 $ 18,208,824
Net realized gains
(losses) on
investment
transactions......... 9,035 43,118 13,939 (3,389,450)
------------- ------------- ------------- -------------
Change in net assets
resulting from
operations............ 8,714,876 11,490,362 9,477,454 14,819,374
------------- ------------- ------------- -------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income............... (8,705,841) (11,447,244) (9,463,515) (18,208,824)
From net realized
gains................ (56,293) -- -- (10,335)
------------- ------------- ------------- -------------
Change in net assets
from shareholder
distributions......... (8,762,134) (11,447,244) (9,463,515) (18,219,159)
------------- ------------- ------------- -------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued............... 487,387,670 722,431,270 493,707,557 918,306,763
Dividends reinvested.. 18,120 28,693 13,542 35,242
Cost of shares
redeemed............. (415,882,110) (641,485,064) (415,960,659) (963,038,828)
------------- ------------- ------------- -------------
Change in net assets
from share
transactions.......... 71,523,680 80,974,899 77,760,440 (44,696,823)
------------- ------------- ------------- -------------
Capital Contribution... -- -- -- 3,394,524
------------- ------------- ------------- -------------
Change in net assets... 71,476,422 81,018,017 77,774,379 (44,702,084)
NET ASSETS:
Beginning of period... 298,424,430 217,406,413 331,095,410 375,797,494
------------- ------------- ------------- -------------
End of period......... $ 369,900,852 $ 298,424,430 $ 408,869,789 $ 331,095,410
============= ============= ============= =============
SHARE TRANSACTIONS:
Issued................ 487,387,670 722,431,270 493,707,557 918,306,763
Reinvested............ 18,120 28,693 13,542 35,242
Redeemed.............. (415,882,110) (641,485,064) (415,960,659) (963,038,828)
------------- ------------- ------------- -------------
Change in shares....... 71,523,680 80,974,899 77,760,440 (44,696,823)
============= ============= ============= =============
</TABLE>
See notes to financial statements.
- 20 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
(UNAUDITED)
<TABLE>
<CAPTION>
INTERMEDIATE
TAX-FREE SHORT-TERM
BOND FUND INCOME FUND
------------------------- -------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
FEBRUARY 28, AUGUST 31, FEBRUARY 28, AUGUST 31,
1998 1997 1998 1997
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income.... $ 618,322 $ 1,254,496 $ 542,003 $ 903,003
Net realized gains
(losses) on investment
transactions............ 111,209 192,740 10,888 (11,257)
Net change in unrealized
appreciation/depreciation
on investments.......... 386,129 392,909 168,728 213,958
----------- ----------- ----------- -----------
Change in net assets
resulting from
operations............... 1,115,660 1,840,145 721,619 1,105,704
----------- ----------- ----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income.................. (618,321) (1,254,496) (542,003) (905,088)
In excess of net
investment income....... -- -- -- (12,226)
From net realized gains.. (181,702) -- -- --
In excess of net realized
gains................... -- -- -- (1,214)
----------- ----------- ----------- -----------
Change in net assets from
shareholder
distributions............ (800,023) (1,254,496) (542,003) (918,528)
----------- ----------- ----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued.................. 3,762,007 3,343,263 7,050,992 4,027,197
Dividends reinvested..... 271,009 240,397 292,427 498,838
Cost of shares redeemed.. (1,568,574) (8,661,943) (3,176,416) (3,454,384)
----------- ----------- ----------- -----------
Change in net assets from
share transactions....... 2,464,442 (5,078,283) 4,167,003 1,071,651
----------- ----------- ----------- -----------
Change in Net Assets...... 2,780,079 (4,492,634) 4,346,619 1,258,827
NET ASSETS:
Beginning of period...... 26,543,809 31,036,443 15,658,210 14,399,383
----------- ----------- ----------- -----------
End of period............ $29,323,888 $26,543,809 $20,004,829 $15,658,210
=========== =========== =========== ===========
SHARE TRANSACTIONS:
Issued................... 344,835 311,848 705,209 408,000
Reinvested............... 24,916 22,503 29,252 50,561
Redeemed................. (144,171) (806,989) (318,125) (349,764)
----------- ----------- ----------- -----------
Change in shares.......... 225,580 (472,638) 416,336 108,797
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
- 21 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
(UNAUDITED)
<TABLE>
<CAPTION>
INTERMEDIATE BOND FUND BOND FUND
-------------------------- --------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
FEBRUARY 28, AUGUST 31, FEBRUARY 28, AUGUST 31,
1998 1997 1998 1997
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income.... $ 2,330,441 $ 3,774,730 $ 1,259,163 $ 2,068,112
Net realized gains on
investment transactions. 81,739 86,579 103,168 125,155
Net change in unrealized
appreciation/depreciation
on investments.......... 990,074 1,499,963 978,390 989,409
----------- ------------ ----------- ------------
Change in net assets
resulting from
operations............... 3,402,254 5,361,272 2,340,721 3,182,676
----------- ------------ ----------- ------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income.................. (2,330,441) (3,774,730) (1,259,163) (2,068,112)
----------- ------------ ----------- ------------
Change in net assets from
shareholder
distributions............ (2,330,441) (3,774,730) (1,259,163) (2,068,112)
----------- ------------ ----------- ------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued.................. 8,023,101 27,373,484 12,005,665 10,459,668
Dividends reinvested..... 791,315 1,590,744 705,598 1,376,877
Cost of shares redeemed.. (5,809,684) (16,320,024) (2,212,655) (10,303,647)
----------- ------------ ----------- ------------
Change in net assets from
share transactions....... 3,004,732 12,644,204 10,498,608 1,532,898
----------- ------------ ----------- ------------
Change in Net Assets...... 4,076,545 14,230,746 11,580,166 2,647,462
NET ASSETS:
Beginning of period...... 77,318,552 63,087,806 35,454,151 32,806,689
----------- ------------ ----------- ------------
End of period............ $81,395,097 $ 77,318,552 $47,034,317 $ 35,454,151
=========== ============ =========== ============
SHARE TRANSACTIONS:
Issued................... 774,465 2,699,433 1,266,774 1,139,743
Reinvested............... 76,566 156,695 74,613 150,226
Redeemed................. (561,117) (1,606,065) (233,075) (1,122,919)
----------- ------------ ----------- ------------
Change in shares.......... 289,914 1,250,063 1,108,312 167,050
=========== ============ =========== ============
</TABLE>
See notes to financial statements.
- 22 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
(UNAUDITED)
<TABLE>
<CAPTION>
BALANCED FUND EQUITY FUND
------------------------- --------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
FEBRUARY 28, AUGUST 31, FEBRUARY 28, AUGUST 31,
1998 1997 1998 1997
------------ ----------- ------------ ------------
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income.... $ 544,403 $ 887,689 $ 497,403 $ 1,060,671
Net realized gains on
investment transactions. 1,420,842 2,584,874 10,165,007 20,769,620
Net change in unrealized
appreciation/depreciation
on investments.......... 1,033,734 2,714,005 14,246,592 16,959,674
----------- ----------- ------------ ------------
Change in net assets
resulting from
operations............... 2,998,979 6,186,568 24,909,002 38,789,965
----------- ----------- ------------ ------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income.................. (355,921) (890,051) (324,273) (1,056,737)
In excess of net
investment income....... -- (3,789) -- (41,770)
From realized gains...... (3,070,635) (752,189) (25,074,277) (8,951,022)
----------- ----------- ------------ ------------
Change in net assets from
shareholder
distributions............ (3,426,556) (1,646,029) (25,398,550) (10,049,529)
----------- ----------- ------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued.................. 7,007,219 6,085,133 19,730,937 64,396,719
Dividends reinvested..... 3,646,820 1,610,401 25,347,550 9,491,947
Cost of shares redeemed.. (1,106,767) (4,579,846) (15,955,066) (18,094,633)
----------- ----------- ------------ ------------
Change in net assets from
share transactions....... 9,547,272 3,115,688 29,123,421 55,794,033
----------- ----------- ------------ ------------
Change in Net Asssets..... 9,119,695 7,656,227 28,633,873 84,534,469
NET ASSETS:
Beginning of period...... 30,248,656 22,592,429 170,886,527 86,352,058
----------- ----------- ------------ ------------
End of period............ $39,368,351 $30,248,656 $199,520,400 $170,886,527
=========== =========== ============ ============
SHARE TRANSACTIONS:
Issued................... 543,618 502,409 1,150,915 4,071,242
Reinvested............... 289,089 134,601 1,595,282 671,632
Redeemed................. (81,189) (378,764) (954,276) (1,171,162)
----------- ----------- ------------ ------------
Change in shares.......... 751,518 258,246 1,791,921 3,571,712
=========== =========== ============ ============
</TABLE>
See notes to financial statements.
- 23 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
(UNAUDITED)
<TABLE>
<CAPTION>
GROWTH EQUITY FUND AGGRESSIVE GROWTH FUND
------------------ --------------------------
NOVEMBER 1, 1997 SIX MONTHS
THROUGH ENDED YEAR ENDED
FEBRUARY 28, FEBRUARY 28, AUGUST 31,
1998 (A) 1998 1997
------------------ ------------ ------------
<S> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss).. $ 63,783 $ (110,227) $ (251,730)
Net realized gains (losses) on
investment transactions...... (125,673) 9,019,984 6,976,334
Net change in unrealized
appreciation/depreciation on
investments.................. 8,569,816 (11,352,984) 1,248,696
----------- ------------ ------------
Change in net assets resulting
from operations............... 8,507,926 (2,443,227) 7,973,300
----------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income.... (55,111) -- --
From net realized gains....... -- (7,598,060) --
----------- ------------ ------------
Change in net assets from
shareholder distributions..... (55,111) (7,598,060) --
----------- ------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued... 58,967,697 10,364,805 20,084,258
Dividends reinvested.......... 3,578 7,566,992 --
Cost of shares redeemed....... (2,078,818) (27,951,343) (12,353,220)
----------- ------------ ------------
Change in net assets from share
transactions.................. 56,892,457 (10,019,546) 7,731,038
----------- ------------ ------------
Change in net assets........... 65,345,272 (20,060,833) 15,704,338
NET ASSETS:
Beginning of period........... -- 58,982,029 43,277,691
----------- ------------ ------------
End of period................. $65,345,272 $ 38,921,196 $ 58,982,029
=========== ============ ============
SHARE TRANSACTIONS:
Issued........................ 5,833,155 661,712 1,209,715
Reinvested.................... 343 530,273 --
Redeemed...................... (197,737) (1,802,138) (742,123)
----------- ------------ ------------
Change in shares............... 5,635,761 (610,153) 467,592
=========== ============ ============
</TABLE>
- --------
(a) Period from commencement of operations.
See notes to financial statements.
- 24 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
U.S. TREASURY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
--------- -------------------------------------------------- ------------
<C> <S> <C>
U.S. TREASURY BILLS (33.5%):
$125,000,000 4/23/98........................................... $124,027,597
------------
Total U.S. Treasury Bills 124,027,597
------------
REPURCHASE AGREEMENTS (66.9%):
15,000,000 Bear Stearns, 5.60%, 3/2/98 (Purchased on 2/27/98,
proceeds at maturity $15,007,000, collateralized
by $13,910,000 U.S. Treasury Notes, 7.25%,
5/15/04, market value $15,329,915)............... 15,000,000
15,000,000 C.S. First Boston, 5.58%, 3/2/98 (Purchased on
2/27/98,
proceeds at maturity $15,006,975, collateralized
by $13,144,000 U.S.Treasury Bonds, 8.75%,
11/15/08, market value $15,304,307).............. 15,000,000
15,000,000 Deutsche Bank, 5.60%, 3/2/98, (Purchased on
2/27/98,
proceeds at maturity $15,007,000, collateralized
by $14,642,000 U.S. Treasury Notes, 6.75%,
4/30/00, market value $15,305,491)............... 15,000,000
15,000,000 Merrill Lynch, 5.55%, 3/2/98 (Purchased on
2/27/98,
proceeds at maturity $15,006,938, collateralized
by $14,855,000 U.S. Treasury Notes, 6.38%,
8/15/02, market value $15,315,795)............... 15,000,000
15,000,000 Morgan Stanley, 5.60%, 3/2/98 (Purchased on
2/27/98,
proceeds at maturity $15,007,000, collateralized
by $14,745,000 U.S. Treasury Notes, 6.25%,
4/30/01, market value $15,308,286)............... 15,000,000
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
--------- ------------------------------------------------- ------------
<C> <S> <C>
REPURCHASE AGREEMENTS, CONTINUED:
$ 77,281,086 Nomura Securities, 5.61%, 3/2/98 (Purchased on
2/27/98, proceeds at maturity $77,317,215,
collateralized by $76,760,000 U.S. Treasury
Notes, 5.50%-6.50%,
4/30/98-8/15/05, market value $78,865,615)...... $ 77,281,086
15,000,000 SunTrust, 5.61%, 3/2/98 (Purchased on 2/27/98,
proceeds at maturity $15,007,013, collateralized
by $12,253,000 U.S. Treasury Notes, 8.13%,
8/15/19, market value $15,251,611).............. 15,000,000
80,000,000 UBS Securities, 5.62%, 3/2/98 (Purchased on
2/27/98, proceeds at maturity $80,037,467,
collateralized by $75,122,000 U.S. Treasury
Bonds, 6.63%, 2/15/27, market value
$81,390,640).................................... 80,000,000
------------
Total Repurchase Agreements 247,281,086
------------
Total Investments (Amortized Cost $371,308,683)(a)--100.4% 371,308,683
Liabilities in excess of other assets (0.4)% (1,407,831)
------------
Total Net Assets--100.0% $369,900,852
============
</TABLE>
- --------
(a) Cost and value for federal income tax and financial reporting purposes are
the same.
See notes to financial statements.
- 25 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
CASH MANAGEMENT FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
--------- ---------------------------------------------------- ------------
<C> <S> <C>
CERTIFICATES OF DEPOSIT (24.5%):
Domestic (9.8%):
$10,000,000 CoreStates Bank, N.A.,
5.63%*, 4/9/98..................................... $ 10,000,000
10,000,000 Mellon Bank, N.A.,
5.85%*, 3/16/98.................................... 10,000,000
10,000,000 Mercantile Safe Deposit & Trust, 5.64%*, 4/15/98.... 10,005,535
10,000,000 U.S. National Bank of Oregon, 5.78%*, 3/23/98....... 9,998,331
------------
40,003,866
------------
Yankee (14.7%):
10,000,000 Banca CRT, 5.63%*, 4/22/98.......................... 10,000,000
10,000,000 Banco Popular, 5.78%*, 4/9/98....................... 10,000,000
10,000,000 Christiania Bank,
5.85%*, 3/31/98.................................... 10,000,000
10,000,000 Istitut Banc San Paolo,
5.61%*, 5/22/98.................................... 10,000,000
10,000,000 Postipankki, Ltd., 5.90%*, 3/5/98................... 10,000,000
10,000,000 Societe Generale, 5.53%*, 4/16/98................... 9,995,712
------------
59,995,712
------------
Total Certificates of Deposit 99,999,578
------------
COMMERCIAL PAPER (4.9%):
Banking (2.5%):
10,000,000 Bankers Trust New York,
5.58%*, 4/30/98.................................... 10,000,000
------------
Brokerage Services (2.4%):
10,000,000 C.S. First Boston, 5.80%, 3/12/98................... 9,982,522
------------
Total Commercial Paper 19,982,522
------------
MEDIUM TERM NOTES (65.0%):
Banking (25.6%):
9,500,000 Barnett Bank, Inc.,
6.03%*, 3/30/98.................................... 9,519,292
10,000,000 Chase Manhattan Corp.,
5.59%*, 4/15/98.................................... 10,003,258
10,000,000 Comerica Bank, Detroit,
5.80%*, 3/11/98.................................... 9,996,620
10,000,000 First Chicago Corp.,
5.78%*, 5/11/98.................................... 10,013,285
10,000,000 First USA Bank, 6.21%*, 3/18/98..................... 10,018,572
10,000,000 Fleet Credit Card LLC,
6.29%*, 3/16/98.................................... 10,041,780
10,000,000 J.P. Morgan & Co., Inc.,
5.85%*, 3/26/98.................................... 10,001,239
10,000,000 Key Bank, N.A., 5.50%*, 5/20/98..................... 9,994,767
10,000,000 PNC Bank, N.A., 5.52%*, 4/20/98..................... 9,994,890
$ 5,000,000 St. George Bank Ltd.,
5.78%*, 5/12/98.................................... $ 5,002,756
10,000,000 Wells Fargo & Co.,
5.76%*, 3/18/98.................................... 9,996,073
------------
104,582,532
------------
Brokerage Services (12.2%):
10,000,000 Bear Stearns Co., Inc.,
5.57%*, 5/22/98.................................... 10,000,000
10,000,000 Goldman Sachs Group LP, 5.76%*, 4/7/98.............. 10,000,000
6,000,000 Lehman Brothers Holdings, 5.64%*, 4/20/98........... 6,000,000
4,000,000 Lehman Brothers Holdings, 5.90%*, 5/13/98........... 4,001,912
5,000,000 Merrill Lynch & Co., Inc.,
3.95%*, 3/3/98..................................... 4,999,995
5,000,000 Merrill Lynch & Co., Inc.,
5.89%*, 3/17/98.................................... 5,003,551
5,000,000 Morgan Stanley Dean Witter Discover, 6.13%*,
3/18/98............................................ 5,015,084
5,000,000 Morgan Stanley Dean Witter Discover, 6.14%*,
3/25/98............................................ 5,006,632
------------
50,027,174
------------
Financial Services (17.4%):
5,000,000 AB Spintab, 5.68%*, 4/27/98......................... 5,002,221
10,000,000 American Honda Finance Corp. (144A), 5.82%*,
4/6/98............................................. 9,999,810
10,000,000 Caterpillar Financial Services Corp., 5.64%*,
4/13/98............................................ 10,000,000
6,100,000 Ford Motor Credit Co.,
5.88%*, 5/22/98.................................... 6,119,498
10,000,000 General Electric Capital Corp., 5.52%*, 4/13/98..... 10,000,000
10,000,000 General Motors Acceptance Corp., 5.68%*, 5/4/98..... 10,000,000
5,000,000 IBM Credit Corp., 6.01%*, 4/30/98................... 5,009,616
5,000,000 IBM Credit Corp., 5.47%*, 5/18/98................... 4,998,249
10,000,000 John Deere Capital Corp.,
5.68%*, 4/9/98..................................... 10,002,859
------------
71,132,253
------------
Insurance (9.8%):
10,000,000 Combined Insurance Co.,
6.00%*, 3/10/98.................................... 10,000,000
10,000,000 First Allmerica Financial Life Insurance Co.,
5.70%*, 5/5/98..................................... 10,000,000
</TABLE>
Continued
- 26 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
CASH MANAGEMENT FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
--------- --------------------------------------------------- ------------
<C> <S> <C>
MEDIUM TERM NOTES, CONTINUED:
$10,000,000 General American Life Insurance, 5.96%*, 4/1/98.... $ 10,000,000
10,000,000 Jackson National Life Insurance Co., 5.70%*,
6/1/98............................................ 10,000,000
------------
40,000,000
------------
Total Medium Term Notes 265,741,959
------------
TIME DEPOSITS (5.3%):
Banking (5.3%):
1,873,288 Bank Brussells Lambert,
5.66%, 3/2/98..................................... 1,873,288
$10,000,000 Den Danske Bank, 5.63%, 3/2/98..................... 10,000,000
10,000,000 Skandinaviska Enskilda Banken, 5.63%, 3/2/98....... 10,000,000
------------
Total Time Deposits 21,873,288
------------
Total Investments (Amortized Cost $407,597,344)(a)--99.7% 407,597,347
Other assets in excess of liabilities 0.3% 1,272,442
------------
Total Net Assets--100.0% $408,869,789
============
</TABLE>
- --------
Percentages indicated are based on net assets of $408,869,789.
(a) Cost and value for federal income tax and financial reporting purposes are
the same.
* Variable rate investments. The rate presented on the Schedule of Portfolio
Investments is the rate in effect at February 28, 1998. The date presented
reflects the next rate change date.
See notes to financial statements.
- 27 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
ALTERNATIVE MINIMUM TAX PAPER (3.4%):
Delaware (0.5%):
$135,000 Delaware State Housing Authority, Senior Home
Mortgage, Series A, 6.90%, 12/1/99.................. $ 138,640
-----------
Illinois (1.2%):
350,000 Chicago, O'Hare International Airport Revenue
Refunding, Series A,5.60%, 1/1/07, Callable 1/1/03 @
102*, Insured by: MBIA.............................. 370,962
-----------
Texas (1.7%):
250,000 Texas State Student Loan, GO, 6.50%, 8/1/07, Callable
8/1/02 @ 100*....................................... 267,789
250,000 Texas State Student Loan, GO, 5.75%, 8/1/08, Callable
8/1/04 @ 100*....................................... 262,148
-----------
529,937
-----------
Total Alternative Minimum Tax Paper (Cost $984,654) 1,039,539
-----------
MUNICIPAL BONDS (94.1%):
Alaska (1.8%):
500,000 Alaska State Housing Financial Corp., Series A,
6.10%, 12/1/06...................................... 523,770
-----------
Arizona (3.6%):
500,000 Arizona State Transportation Board, Highway Revenue,
Sub-Series A, 6.10%, 7/1/01......................... 533,340
500,000 Arizona State University Revenue Refunding, Series A,
5.80%, 7/1/07, Callable 7/1/02 @ 101*............... 533,150
-----------
1,066,490
-----------
California (4.7%):
500,000 Folsom, School Facilities Project, GO, Series B,
6.00%, 8/1/06, Callable 8/1/04 @ 102*, Insured by:
FGIC................................................ 552,800
300,000 Los Angeles, Public Facilities Corp. Revenue, 5.40%,
8/1/07, Callable 8/1/97 @ 103*, ETM................. 312,312
500,000 Southern California Public Power Authority,
Transmission Project Revenue, 5.75%, 7/1/09,
Callable 7/1/98 @ 100*, Insured by: MBIA............ 503,190
-----------
1,368,302
-----------
Colorado (3.5%):
500,000 Lower Colorado River Authority Revenue Bond, 5.00%,
1/1/09, Callable 1/1/06 @ 102*...................... 514,465
500,000 University of Colorado Hospital Authority Revenue
Bond, Series A, 5.00%, 11/15/12,
Callable 11/15/07 @ 102*, Insured by: AMBAC......... 503,050
-----------
1,017,515
-----------
Dist. of Columbia (1.8%):
500,000 District of Columbia Refunding, GO, Series B-1,
5.20%, 6/1/04, Insured by: AMBAC.................... 522,205
-----------
Florida (1.7%):
500,000 Jacksonville Electrical Authority Revenue, Water and
Sewer System, Series A, 5.38%, 10/1/14,
Callable 10/01/02 @ 101*, Insured by: FGIC.......... 511,475
-----------
Georgia (1.7%):
500,000 Fulco Georgia Hospital Authority Revenue, 4.88%,
11/15/14, Callable 11/15/08 @ 102*, Insured by:
MBIA................................................ 493,495
-----------
Illinois (8.7%):
500,000 Chicago Park District Refunding, GO, 5.45%, 1/1/04,
Callable 1/1/03 @102, Insured by: FGIC.............. 529,935
500,000 Chicago School Finance Authority Refunding, GO,
Series A, 5.38%, 6/1/08, Callable 6/1/03 @ 102*,
Insured by: FGIC.................................... 525,040
400,000 Cook County, Series B, GO, 5.75%, 11/15/07, Pre-
refunded 11/15/02 @ 102, Insured by: FGIC........... 434,984
</TABLE>
Continued
- 28 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
$500,000 Illinois Development Finance Authority, Pollution
Control Revenue Refunding, Commonwealth Edison Co.,
5.70%, 1/15/09, Insured by: AMBAC................... $ 543,524
500,000 Illinois Health Facilities Revenue, OSF Healthcare
System, 5.75%, 11/15/07, Callable 11/15/03 @ 102*... 534,200
-----------
2,567,683
-----------
Indiana (5.4%):
500,000 Blackford County School Building Revenue Bond, First
Mortgage, 5.10%, 1/15/16,
Callable 7/15/06 @ 101*, Insured by: AMBAC.......... 496,035
600,000 Indiana State Office Building Revenue Bond, Series B,
5.25%, 7/1/15, Callable 7/1/03 @ 102*,
Insured by: AMBAC................................... 602,130
500,000 South Bend Water Works Revenue Bond, 4.75%, 1/1/12,
Callable 1/1/06 @ 101*, Insured by: FSA............. 492,000
-----------
1,590,165
-----------
Louisiana (3.6%):
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................................................ 532,805
500,000 Lousiana Public Facilities Authority, Lousiana Water
Co. Project, 5.45%, 2/1/13, Callable 8/1/01 @ 100*,
Insured by: AMBAC................................... 518,480
-----------
1,051,285
-----------
Michigan (3.7%):
550,000 Detroit Sewer Disposal Revenue, Series A, 5.25%,
7/1/15, Callable 7/1/05 @ 101*, Insured by: MBIA.... 559,719
500,000 Holly, Area School District, GO, 5.30%, 5/1/09,
Callable 5/1/05 @ 101*, Insured by: FGIC............ 524,140
-----------
1,083,859
-----------
Minnesota (1.9%):
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........... 559,603
-----------
Nevada (6.3%):
250,000 Clark County, Series A, Limited GO, 6.00%, 7/1/06,
Callable 7/1/03 @ 101*.............................. 271,703
500,000 Las Vegas, Downtown Redevelopment Agency, Tax
Increment Revenue Refunding, 5.40%, 6/1/07,
Callable 6/1/05 @ 101*, Insured by: FSA............. 528,645
500,000 Reno, Hospital Revenue, St. Mary's Regional Medical
Center, 5.25%, 5/15/07, Callable 5/15/03 @ 102*,
Insured by: MBIA.................................... 523,480
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.................................... 530,040
-----------
1,853,868
-----------
New Jersey (1.9%):
500,000 Ocean County, GO, Series A, 6.25%, 10/1/06, Callable
10/1/01 @ 102*...................................... 543,680
-----------
New Mexico (0.4%):
100,000 New Mexico Mortgage Finance Authority, Refunding
Single Family Mortgage, Series A-1, 6.30%, 1/1/02... 104,673
-----------
New York (1.4%):
400,000 Suffolk County Water Authority Revenue Bond, Series
A, 5.00%, 6/1/14, Callable 6/1/07 @ 102*,
Insured by: AMBAC................................... 399,528
-----------
</TABLE>
Continued
- 29 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
Ohio (3.6%):
$500,000 Ohio Municipal Electric Generation Agency, 5.38%,
2/15/13, Callable 2/15/03 @ 102*, Insured by: AMBAC. $ 513,865
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........... 538,370
-----------
1,052,235
-----------
Oklahoma (13.5%):
485,000 Grand River Dam Authority, Revenue, 5.90%, 11/1/08,
ETM, Callable 11/21/97 @ 102*....................... 517,825
500,000 Oklahoma City, GO, 5.60%, 5/1/10, Callable 5/1/03 @
100*................................................ 522,490
500,000 Oklahoma State Housing Finance Agency, Multifamily
Housing Revenue, Series A4, 5.50%, 11/1/25,
Callable 5/1/05 @ 100*, Mandatory Put 11/1/05, FNMA
Collateral.......................................... 522,545
500,000 Tulsa Industrial Authority, Hospital Revenue, St.
John's Medical Center Project, 5.70%, 2/15/04....... 532,695
500,000 Tulsa International Airport, Revenue Refunding,
5.40%, 6/1/03, Insured by: FGIC..................... 529,475
200,000 Tulsa Public Facilities Authority, 5.80%, 7/1/01..... 210,066
540,000 Tulsa Public Facilities Authority, Capital
Improvement, Series 1988-B, 5.70%, 3/1/05,
Callable 8/1/03 @ 102*.............................. 574,408
500,000 Tulsa Public Facilities Authority, Revenue Refunding,
Solid Waste, Ogden Martin Systems, 5.65%, 11/1/06,
Insured by: AMBAC................................... 537,180
-----------
3,946,684
-----------
Pennsylvania (2.9%):
500,000 Bristol Township School District, GO, Series A,
5.25%, 2/15/09, Callable 2/15/04 @ 100*, Insured by:
MBIA State Aid Withholding.......................... 516,780
320,000 Philadelphia Water & Sewer, Revenue Refunding, 15th
Series, 6.88%, 10/1/06, Callable 10/1/99 @ 102*,
Insured by: MBIA.................................... 340,554
-----------
857,334
-----------
Rhode Island (1.5%):
400,000 Rhode Island Depositors Economic Protection Corp.,
Special Obligations, Series A, 6.38%, 8/1/01,
Insured by: MBIA.................................... 429,672
-----------
South Carolina (1.3%):
350,000 Georgetown County, Pollution Control Facilities,
Revenue Refunding, International Paper Co. Project,
6.25%, 6/15/05, Callable 6/15/02 @ 102*............. 378,742
-----------
South Dakota (2.5%):
700,000 South Dakota Housing Development Authority,
Homeownership Mortgage, Series A, 5.70%, 5/1/08,
Callable 5/1/06 @ 102*.............................. 733,992
-----------
Texas (6.7%):
250,000 Brownsville, Utilities System Revenue, 6.25%, 9/1/07,
Callable 9/1/02 @ 100*, Insured by: MBIA............ 270,010
500,000 Coastal Bend, Health Facilities Development Revenue,
Series A, 5.60%, 11/15/02, Insured by: AMBAC........ 530,295
400,000 Houston Water & Sewer System, Revenue Refunding,
Series B, 6.10%, 12/1/05, Callable 12/1/02 @ 102*... 433,952
220,000 Montgomery County Hospital District, Series B, 6.30%,
4/1/04, Pre-refunded 4/1/02 @ 102, Insured by: FSA.. 241,613
500,000 Tarrant County Texas Water Revenue, 4.75%, 3/1/12,
Callable 3/1/03 @ 100*, Insured by: AMBAC........... 493,955
-----------
1,969,825
-----------
</TABLE>
Continued
- 30 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
Washington (10.0%):
$400,000 Grays Harbor County Public Utility Revenue Bond,
5.13%, 1/1/14, Callable 1/1/07 @ 100*,
Insured by: AMBAC................................... $ 404,112
500,000 Port Tacoma, Revenue Refunding, Series A, 5.50%,
11/1/04, Callable 11/1/02 @ 100*, Insured by: AMBAC. 525,580
500,000 Seattle Municipality Sewer Revenue Bond, Series X,
5.50%, 1/1/16, Callable 1/1/03 @ 102*,
Insured by: FGIC.................................... 511,395
500,000 Tacoma Electric System, Revenue Refunding, 5.70%,
1/1/03, Insured by: FGIC............................ 533,889
500,000 Washington State Health Care Facilities Revenue Bond,
5.13%, 12/1/12, Callable 12/1/07 @ 101*,
Insured by: MBIA.................................... 504,580
410,000 Washington State, GO Limited, Revenue Refunding,
Series R-92-A, 6.40%, 9/1/03, Callable 9/1/01 @
101*................................................ 442,423
-----------
2,921,979
-----------
Total Municipal Bonds (Cost $26,301,234) 27,548,059
-----------
INVESTMENT COMPANIES (1.6%):
344,731 American Advantage Tax Free Fund..................... 344,731
131,070 SEI Institutional Tax Free Fund...................... 131,070
-----------
Total Investment Companies (Cost $475,801) 475,801
-----------
Total Investments (Cost $27,761,689)(a)--99.1% 29,063,399
Other assets in excess of liabilities 0.9% 260,489
-----------
Total Net Assets--100.0% $29,323,888
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............... $1,312,027
Unrealized depreciation............... (10,317)
----------
Net unrealized appreciation........... $1,301,710
==========
</TABLE>
* Represents next call date. Additional subsequent call dates and amounts also
apply to this security.
AMBAC -- AMBAC Indemnity Corporation
ETM -- Escrowed to Maturity
FGIC -- Financial Guaranty Insurance Corporation
FNMA -- Federal National Mortgage Association
FSA -- Financial Security Assurance
GO -- General Obligation Bond
MBIA -- Municipal Bond Insurance Association
See notes to financial statements.
- 31 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
SHORT-TERM INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
ASSET BACKED SECURITIES (6.7%):
$144,301 AFC Home Equity Loan Trust,
Series 1995-3, Class 1A2,
6.80%, 10/26/26........................................ $ 146,436
32,771 Contimortgage Home Equity Loan Trust, Series 1996-3,
Class A2, 6.95%, 7/15/11............................... 33,304
307,318 CoreStates Home Equity Trust, Series 1993-2, Class A,
5.10%, 3/15/09......................................... 301,123
300,000 Crown Home Equity Loan Trust, Series 1996-1, Class A3,
6.81%, 6/25/11......................................... 305,502
50,509 IBM Credit Receivables Lease Asset Master Trust,
Series 1993-1,
Class A, 4.55%, 11/15/00............................... 50,292
62,189 Nafco Auto Trust, Series 2, Class A, 7.00%, 12/31/01.... 62,379
200,000 Nomura Asset Securities Corp., Series 1995-2, Class
2M, 7.12%, 1/25/26..................................... 201,916
62,872 Security Pacific Acceptance Corp., Series 1991-3,
Class A1,
7.25%, 12/15/11........................................ 63,561
58,324 The Money Store Home Equity Trust, Series 1992-B,
Class A,
6.90%, 7/15/07......................................... 58,850
79,277 UCFC Home Equity Loan,
Series 1996-A1, Class A3,
6.18%, 4/15/09......................................... 79,748
27,920 UCFC Home Equity Loan,
Series 1993-D1, Class A1,
5.45%, 7/10/13......................................... 27,602
-----------
Total Asset Backed Securities 1,330,713
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS (52.2%):
213,324 Chase Mortgage Finance Corp.,
Series 1992-K, Class A5,
7.50%, 10/25/24........................................ 216,077
47,000 CMC Securities Corp.,
Series 1994-H1, Class 30A2,
8.25%, 10/25/24........................................ 47,893
111,000 Collateralized Mortgage Securities Corp., Series 1991-
6,
Class PI, 7.00%, 9/20/21............................... 111,510
228,000 Countrywide Home Loan,
Series 1997-1, Class A4,
7.40%, 3/25/27......................................... 229,498
$ 62,117 Federal Home Loan Mortgage Corp., Series 1667, Class C,
6.00%, 1/15/09......................................... 60,752
18,748 Federal Home Loan Mortgage Corp., Series 1702-A, Class
PA,
5.00%, 2/15/12......................................... 18,698
11,816 Federal Home Loan Mortgage Corp., Series 1392, Class AB,
6.25%, 9/15/18......................................... 11,782
132,546 Federal Home Loan Mortgage Corp., Series 1927, Class N,
7.50%, 9/15/18......................................... 133,284
36,151 Federal Home Loan Mortgage Corp., Series 1191, Class D,
7.00%, 4/15/19......................................... 36,140
8,035 Federal Home Loan Mortgage Corp., Series 1059, Class G,
7.00%, 11/15/19........................................ 8,058
52,000 Federal Home Loan Mortgage Corp., Series 1177, Class HC,
7.50%, 12/15/19........................................ 52,504
167,000 Federal Home Loan Mortgage Corp., Series 1332, Class H,
7.50%, 4/15/20......................................... 171,002
87,582 Federal Home Loan Mortgage Corp., Series 1137, Class I,
7.00%, 10/15/20........................................ 88,093
30,000 Federal Home Loan Mortgage Corp., Series 1109, Class H,
6.95%, 12/15/20........................................ 30,230
111,000 Federal Home Loan Mortgage Corp., Series 1191, Class D,
7.00%, 2/15/21......................................... 112,174
341,532 Federal Home Loan Mortgage Corp., Series 1646, Class MA,
6.50%, 3/15/21......................................... 340,388
90,000 Federal Home Loan Mortgage Corp., Series 139, Class G,
7.00%, 4/15/21......................................... 90,982
11,949 Federal Home Loan Mortgage Corp., Series 189, Class C,
8.00%, 10/15/21........................................ 12,127
109,000 Federal Home Loan Mortgage Corp., Series 1312, Class I,
8.00%, 7/15/22......................................... 112,522
</TABLE>
Continued
- 32 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
SHORT-TERM INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- -------------------------------------------------------- -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 46,131 Federal Home Loan Mortgage Corp., Series 1574, Class L,
6.50%, 9/15/22......................................... $ 45,343
245,000 Federal Home Loan Mortgage Corp., Series 1648, Class JA,
6.00%, 1/15/23......................................... 241,135
196,635 Federal Home Loan Mortgage Corp., Series 1514, Class I,
6.50%, 2/15/23......................................... 196,526
23,000 Federal Home Loan Mortgage Corp., Series 1749, Class C,
8.00%, 6/15/23......................................... 23,828
148,635 Federal Home Loan Mortgage Corp., Series 1663, Class A,
7.00%, 7/15/23......................................... 149,363
85,000 Federal Home Loan Mortgage Corp., Series 1963, Class B,
8.00%, 7/15/26......................................... 83,808
22,000 Federal National Mortgage Assoc., Series 1992-41, Class G,
8.00%, 3/25/05......................................... 22,860
131,000 Federal National Mortgage Assoc., Series 1992-71, Class D,
8.25%, 3/25/17......................................... 134,419
42,551 Federal National Mortgage Assoc., Series 1992-174, Class E,
7.10%, 8/25/18......................................... 42,616
10,000 Federal National Mortgage Assoc., Series 1992-148, Class B,
7.00%, 4/25/19......................................... 10,088
103,566 Federal National Mortgage Assoc., Series 1992-65, Class E,
7.50%, 9/25/19......................................... 103,978
60,000 Federal National Mortgage Assoc., Series 1992-188, Class PJ,
7.50%, 10/25/19........................................ 63,012
165,000 Federal National Mortgage Assoc., Series 1992-161, Class D,
7.00%, 3/25/20......................................... 166,565
15,000 Federal National Mortgage Assoc., Series 1991-108, Class JB,
7.67%, 9/25/20......................................... 15,120
71,000 Federal National Mortgage Assoc., Series G92-38, Class E,
7.50%, 11/25/20........................................ 71,612
50,000 Federal National Mortgage Assoc., Series 1992-103, Class JA,
7.50%, 11/25/20........................................ 50,776
12,000 Federal National Mortgage Assoc., Series F92-44, Class D,
8.00%, 12/25/20........................................ 12,336
82,000 Federal National Mortgage Assoc., Series 1993-91, Class A,
6.00%, 1/25/21......................................... 81,657
40,000 Federal National Mortgage Assoc., Series 1991-142, Class PK,
8.00%, 4/25/21......................................... 40,848
50,000 Federal National Mortgage Assoc., Series 1991-108, Class J,
7.00%, 9/25/21......................................... 50,606
25,957 Federal National Mortgage Assoc., Series 1991-140, Class D,
6.00%, 10/25/21........................................ 25,611
310,459 Federal National Mortgage Assoc., Series 1994-23, Class A,
6.00%, 12/25/22........................................ 306,663
168,990 Federal National Mortgage Assoc., Series 1993-27, Class A,
5.50%, 2/25/23......................................... 164,510
34,261 Federal National Mortgage Assoc., Series 1993-2251, Class A,
6.50%, 3/25/23......................................... 34,210
339,049 Federal National Mortgage Assoc., Series 1994-23, Class G,
6.00%, 5/25/23......................................... 334,900
75,237 Federal National Mortgage Assoc., Series 1993-155, Class LA,
6.50%, 5/25/23......................................... 74,819
250,000 Federal National Mortgage Assoc., Series 1993-252, Class M,
6.50%, 5/25/23......................................... 252,708
20,362 Federal National Mortgage Assoc., Series 1994-42, Class L,
6.50%, 4/25/24......................................... 20,392
500,000 General Electric Capital Mortgage Services, Inc.,
Series 1996-HE2, Class A3, 7.30%, 3/25/12.............. 507,685
85,904 General Electric Capital Mortgage Services, Inc.,
Series 1993-12, Class A-2, 6.50%, 10/25/23............. 85,305
</TABLE>
Continued
- 33 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
SHORT-TERM INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- -------------------------------------------------------- -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 57,000 General Electric Capital Mortgage Services, Inc., Series
1994-18,
Class A3, 7.00%, 8/25/24............................... $ 56,950
30,000 General Electric Capital Mortgage Services, Inc., Series
1994-23,
Class A3, 7.75%, 8/25/24............................... 30,505
100,000 General Electric Capital Mortgage Services, Inc., Series
1994-28,
Class A5, 8.00%, 8/25/24............................... 101,484
100,000 General Electric Capital Mortgage Services, Inc., Series
1994-29,
Class A4, 8.13%, 11/25/24.............................. 100,500
30,000 General Electric Capital Mortgage Services, Inc., Series
1997-3,
Class A12, 7.50%, 4/25/27.............................. 30,682
100,000 General Electric Capital Mortgage Services, Inc., Series
1997-4,
Class A10, 7.50%, 5/25/27.............................. 102,510
151,000 Housing Securities, Inc.,
Series 1994-3, Class A4,
7.25%, 11/25/17........................................ 151,962
500,000 IMC Home Equity Loan Trust,
Series 1996-3, Class A3,
7.27%, 4/25/11......................................... 511,045
69,000 Independent National Mortgage Corp., Series 1995-A,
Class A4,
8.75%, 3/25/25......................................... 70,830
208,000 Independent National Mortgage Corp., Series 1995-D,
Class A6,
9.00%, 3/25/25......................................... 211,428
40,000 Independent National Mortgage Corp., Series 1995-N,
Class A4,
7.50%, 10/25/25........................................ 40,131
534,000 Independent National Mortgage Corp., Series 1996-S,
Class A7,
7.00%, 5/25/26......................................... 537,797
150,000 Independent National Mortgage Corp., Series 1994-L,
Class A6,
8.00%, 8/25/24......................................... 155,113
10,000 Independent National Mortgage Corp., Series 1994-O,
Class A5,
8.50%, 9/25/24......................................... 10,611
131,000 Independent National Mortgage Corp., Series 1994-T,
Class A5,
8.38%, 11/25/24........................................ 135,941
120,770 Independent National Mortgage Corp., Series 1995-V,
Class A1,
7.25%, 2/25/26......................................... 121,368
100,000 Norwest Asset Securities Corp., Series 1996-3, Class
A8, 7.25%, 9/25/26..................................... 101,480
686,635 Norwest Asset Securities Corp., Series 1997-6, Class
A12, 7.50%, 5/25/27.................................... 702,352
20,101 Prudential Home Mortgage Securities, Series 1989-9,
Class A1,
10.00%, 12/25/19....................................... 20,860
41,000 Prudential Home Mortgage Securities, Series 1992-40,
Class A13,
7.00%, 11/25/22........................................ 41,077
160,000 Prudential Home Mortgage Securities, Series 1993-8,
Class A4,
7.40%, 3/25/23......................................... 161,769
446,000 Prudential Home Mortgage Securities, Series 1993-14,
Class A7,
6.25%, 5/25/23......................................... 443,569
213,365 Prudential Home Mortgage Securities, Series 1993-38,
Class A3,
6.15%, 9/25/23......................................... 209,972
49,250 Prudential Home Mortgage Securities, Series 1993-44,
Class A10,
6.00%, 11/25/23........................................ 48,828
43,734 Prudential Home Mortgage Securities, Series 1994-15,
Class A2,
6.00%, 5/25/24......................................... 43,420
358,490 Prudential Home Mortgage Securities, Series 1994-15,
Class A5,
6.80%, 5/25/24......................................... 355,386
169,817 Prudential Home Mortgage Securities, Series 1995-1,
Class A6,
8.63%, 3/25/25......................................... 171,339
50,000 Residential Funding Mortgage Securities, Series 1992-S43,
Class A10, 8.00%, 12/25/22............................. 51,565
250,000 Residential Funding Mortgage Securities, Series 1993-S28,
Class A6, 7.00%, 8/25/23............................... 247,220
38,000 Residential Funding Mortgage Securities, Series 1996-S15,
Class A11, 7.75%, 6/25/26.............................. 38,803
67,314 Residential Funding Mortgage Securities, Series 1994-S17,
Class A3, 8.00%, 8/25/24............................... 68,160
</TABLE>
Continued
- 34 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
SHORT-TERM INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 67,000 Vendee Mortgage Trust,
Series 1992-1, Class 2E,
7.75%, 3/15/16....................................... $ 69,130
13,000 Vendee Mortgage Trust,
Series 1992-1, Class 2F,
7.75%, 7/15/17....................................... 13,438
-----------
Total Collateralized Mortgage Obligations 10,454,238
-----------
CORPORATE BONDS (11.2%):
Brokerage Services (5.4%):
335,000 Merrill Lynch & Co., Inc.,
6.38%, 3/30/99....................................... 336,541
500,000 Morgan Stanley Group,
5.75%, 2/15/01....................................... 496,875
250,000 Smith Barney Holdings, Inc.,
5.88%, 2/1/01........................................ 247,500
-----------
1,080,916
-----------
Financial Services (5.8%):
135,000 Associates Corp. of North America, 7.50%, 5/15/99..... 137,287
250,000 Commercial Credit Co.,
6.70%, 8/1/99........................................ 252,210
260,000 Ford Motor Credit Corp.,
7.25%, 5/15/99....................................... 263,874
500,000 Ford Motor Credit Corp.,
5.75%, 1/25/01....................................... 496,875
-----------
1,150,246
-----------
Total Corporate Bonds 2,231,162
-----------
U.S. GOVERNMENT AGENCIES (24.5%):
Federal Home Loan Bank (11.6%):
2,300,000 7.02%, 7/6/99, Series HA99............................ 2,335,811
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. GOVERNMENT AGENCIES, CONTINUED:
Federal Home Loan Mortgage Corp. (9.5%):
$ 332,072 6.00%, 7/1/99, Gold Pool #G50188...................... $ 335,044
282,660 6.50%, 2/1/00, Gold Pool #N92990...................... 287,366
1,286,873 6.50%, 12/1/11, Gold Pool #E20275..................... 1,292,047
-----------
1,914,457
-----------
Federal National Mortgage Assoc (1.3%):
250,000 6.45%, 2/14/02,
Callable 2/14/00 @ 100............................... 251,298
-----------
Government National Mortgage Assoc (2.1%):
18,450 6.50%, 7/15/23, Pool #350795.......................... 18,307
32,403 7.50%, 3/15/24, Pool #376439.......................... 33,233
20,337 7.00%, 4/20/24, Pool #1655............................ 20,468
33,253 6.50%, 12/15/25, Pool #414856......................... 32,952
271,205 8.00%, 6/15/26, Pool #423563.......................... 281,031
31,655 7.00%, 11/20/26, Pool #2320........................... 31,862
-----------
417,853
-----------
Total U.S. Government Agencies 4,919,419
-----------
U.S. TREASURY NOTES (3.5%):
500,000 5.63%, 12/31/99....................................... 500,340
200,000 6.50%, 5/31/01........................................ 205,194
-----------
Total U.S. Treasury Notes 705,534
-----------
INVESTMENT COMPANIES (1.7%):
331,009 American Performance Cash Management Fund............. 331,009
-----------
Total Investment Companies 331,009
-----------
Total Investments (Cost $19,760,454)(a)--99.8% 19,972,075
Other assets in excess of liabilities 0.2% 32,754
-----------
Total Net Assets--100.0% $20,004,829
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation................. $272,776
Unrealized depreciation................. (61,154)
--------
Net unrealized appreciation............. $211,622
========
</TABLE>
See notes to financial statements.
- 35 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
ASSET BACKED SECURITIES (11.2%):
$ 138,452 Advanta Mortgage Loan Trust,
Series 1993-3, Class A3,
4.75%, 2/25/10...................................... $ 135,539
2,128,440 AFC Home Equity Loan Trust,
Series 1995-3, Class 1A2,
6.80%, 10/26/26..................................... 2,159,941
800,457 CoreStates Home Equity Trust,
Series 1993-2, Class A,
5.10%, 3/15/09...................................... 784,320
1,500,000 Crown Home Equity Loan Trust, Series 1996-1, Class A3,
6.81%, 6/25/11...................................... 1,527,510
386,677 Equicon Home Equity Loan Trust, Series 1992-7, Class A,
5.90%, 9/18/05...................................... 385,536
1,000,000 First Plus Home Loan Trust,
Series 1996-4, Class A2,
6.14%, 10/10/08..................................... 1,000,380
2,050,000 Ford Credit Auto Loan Master Trust, Series 1995-1,
Class A,
6.50%, 8/15/02...................................... 2,076,445
1,000,000 Nomura Asset Securities Corp., Series 1995-2, Class 2M,
7.12%, 1/25/26...................................... 1,009,580
-----------
Total Asset Backed Securities 9,079,251
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS (31.4%):
300,000 BA Mortgage Securities Inc.,
Series 1997-3, Class A2,
7.00%, 12/25/27..................................... 300,945
140,000 Chemical Mortgage Securities Inc., Series 1996-1,
Class A4,
7.00%, 1/25/26...................................... 139,356
100,000 Citicorp Mortgage Securities Inc., Series 1996-1,
Class A4,
7.50%, 12/25/26..................................... 101,877
106,892 Collateralized Mortgage Securities Corp., Series
1988-6, Class D, 9.05%, 4/20/19..................... 112,144
117,000 Countrywide Funding Corp.,
Series 1994-17, Class A7,
7.88%, 7/25/24...................................... 121,019
80,000 Countrywide Home Loan,
Series 1997-1, Class A4,
7.40%, 3/25/27...................................... 80,526
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 177,000 Countrywide Home Loan,
Series 1997-1, Class A13,
7.50%, 3/25/27....................................... $ 178,342
2,098,533 Federal Home Loan Mortgage Corp., Series 1538E, 6.00%,
3/15/05.............................................. 2,102,059
87,134 Federal Home Loan Mortgage Corp., Series 1513, Class P,
6.50%, 5/15/08....................................... 86,936
165,682 Federal Home Loan Mortgage Corp., Series 1927, Class N,
7.50%, 9/15/18....................................... 166,605
2,000,000 Federal Home Loan Mortgage Corp., Series 1482, Class F,
6.50%, 5/15/19....................................... 2,016,180
100,000 Federal Home Loan Mortgage Corp., Series 1332, Class H,
7.50%, 4/15/20....................................... 102,397
73,465 Federal Home Loan Mortgage Corp., Series 1038, Class F,
9.00%, 7/15/20....................................... 74,658
1,000,000 Federal Home Loan Mortgage Corp., Series 1268, Class G,
8.00%, 9/15/20....................................... 1,029,500
25,000 Federal Home Loan Mortgage Corp., Series 1281, Class G,
8.00%, 9/15/20....................................... 25,760
130,000 Federal Home Loan Mortgage Corp., Series 1350, Class H,
7.50%, 3/15/21....................................... 132,798
101,000 Federal Home Loan Mortgage Corp., Series 1383, Class E,
7.50%, 3/15/21....................................... 103,343
43,000 Federal Home Loan Mortgage Corp., Series 1128, Class IB,
7.00%, 8/15/21....................................... 43,050
50,000 Federal Home Loan Mortgage Corp., Series 1281, Class I,
8.00%, 5/15/22....................................... 53,835
71,000 Federal Home Loan Mortgage Corp., Series 1310, Class J,
8.00%, 6/15/22....................................... 76,663
42,000 Federal Home Loan Mortgage Corp., Series 1754, Class CA,
8.50%, 11/15/22...................................... 44,162
267,785 Federal Home Loan Mortgage Corp., Series 1502, Class K,
6.25%, 12/15/22...................................... 267,440
</TABLE>
Continued
- 36 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 111,000 Federal Home Loan Mortgage Corp., Series 1856, Class B,
7.50%, 3/15/23........................................ $ 113,209
148,635 Federal Home Loan Mortgage Corp., Series 1663, Class A,
7.00%, 7/15/23........................................ 149,363
98,000 Federal Home Loan Mortgage Corp., Series 1665, Class M,
6.50%, 1/15/24........................................ 97,898
40,000 Federal Home Loan Mortgage Corp., Series 1853, Class B,
7.50%, 4/15/24........................................ 40,957
100,000 Federal Home Loan Mortgage Corp., Series 1723, Class PN,
7.00%, 5/15/24........................................ 101,080
34,000 Federal National Mortgage Assoc., Series 1992-7, Class E,
8.00%, 6/25/08........................................ 35,913
50,000 Federal National Mortgage Assoc., Series 1991-147,
Class LD,
7.00%, 10/25/08....................................... 50,681
128,000 Federal National Mortgage Assoc., Series 1992-202,
Class H,
7.50%, 5/25/19........................................ 131,069
189,209 Federal National Mortgage Assoc., Series X-G2A, Class O,
8.00%, 5/25/19........................................ 192,812
20,000 Federal National Mortgage Assoc., Series 1992-188,
Class PJ,
7.50%, 10/25/19....................................... 21,004
28,968 Federal National Mortgage Assoc., Series 1992-123,
Class C,
7.50%, 11/25/19....................................... 28,894
1,000,000 Federal National Mortgage Assoc., Series 1993-102,
Class G,
6.25%, 1/25/20........................................ 1,005,490
67,624 Federal National Mortgage Assoc., Series 1990-62, Class G,
9.00%, 6/25/20........................................ 70,782
24,000 Federal National Mortgage Assoc., Series 1991-162,
Class E,
7.50%, 9/25/20........................................ 24,319
92,000 Federal National Mortgage Assoc., Series 1992-177,
Class CB,
7.50%, 2/25/21........................................ 93,491
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 50,000 Federal National Mortgage Assoc., Series 1993-2, Class PH,
7.35%, 3/25/21....................................... $ 50,979
69,000 Federal National Mortgage Assoc., Series 1992-132,
Class PL,
8.00%, 3/25/21....................................... 70,931
48,994 Federal National Mortgage Assoc., Series G-7, Class E,
8.90%, 3/25/21....................................... 51,580
25,000 Federal National Mortgage Assoc., Series G97-1, Class A3,
7.00%, 5/20/21....................................... 25,045
50,000 Federal National Mortgage Assoc., Series 1991-66, Class J,
8.13%, 6/25/21....................................... 51,853
207,000 Federal National Mortgage Assoc., Series X-89A, Class B,
8.00%, 9/25/21....................................... 213,206
61,847 Federal National Mortgage Assoc., Series D-32, Class L,
8.00%, 10/25/21...................................... 63,774
62,671 Federal National Mortgage Assoc., Series G-32, Class N,
8.10%, 10/25/21...................................... 64,688
50,000 Federal National Mortgage Assoc., Series 1993-2, Class PK,
7.50%, 2/25/22....................................... 50,758
30,000 Federal National Mortgage Assoc., Series 1996-22,
Class C,
7.25%, 2/25/24....................................... 30,381
500,000 Financial Asset Securitization, Inc., Series 1997-
NAM1, Class A2, 7.75%, 5/25/27....................... 514,485
1,474,244 General Electric Capital Mortgage Services, Inc.,
Series 1995-HE1, Class A2, 6.90%, 2/25/10............ 1,498,098
893,404 General Electric Capital Mortgage Services, Inc.,
Series 1993-12, Class A-2, 6.50%, 10/25/23........... 887,168
55,562 General Electric Capital Mortgage Services, Inc.,
Series 1994-18, Class A4, 6.25%, 12/25/23............ 55,351
68,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-23, Class A3, 7.75%, 8/25/24............. 69,145
</TABLE>
Continued
- 37 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 45,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-18, Class A4, 7.75%, 8/25/24............. $ 46,111
50,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-29, Class A3, 8.00%, 11/25/24............ 50,576
400,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3,
Class A9, 7.50%, 4/25/27............................. 407,015
200,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3,
Class A4, 7.50%, 4/25/27............................. 202,123
55,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3,
Class A8, 7.50%, 4/25/27............................. 56,246
600,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4,
Class A10, 7.50%, 5/25/27............................ 615,062
68,000 Government National Mortgage Assoc., Series 1994-6,
Class G, 7.99%, 12/16/19............................. 69,981
161,000 Government National Mortgage Assoc., Series 1996-7,
Class C, 7.50%, 2/16/23.............................. 165,647
300,000 Headlands Mortgage Securities, Series 1997-1, Class AI10,
7.75%, 3/25/27....................................... 308,525
1,000,000 IMC Home Equity Loan Trust, Series 1996-3, Class A3,
7.27%, 4/25/11....................................... 1,022,090
661,000 Independent National Mortgage Corp., Series 1995-A,
Class A4, 8.75%, 3/25/25............................. 678,530
628,000 Independent National Mortgage Corp., Series 1995-D,
Class A6, 9.00%, 3/25/25............................. 638,349
112,000 Independent National Mortgage Corp., Series 1995-N,
Class A4, 7.50%, 10/25/25............................ 112,366
144,079 Independent National Mortgage Corp., Series 1995-Q,
Class A5, 7.25%, 11/25/25............................ 144,946
50,000 Independent National Mortgage Corp., Series 1995-U,
Class A5, 7.13%, 1/25/26............................. 50,478
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 277,031 Independent National Mortgage Corp., Series 1996-S,
Class A2, 6.93%, 5/25/26............................. $ 277,335
100,000 Independent National Mortgage Corp., Series 1996-S,
Class A7, 7.00%, 5/25/26............................. 100,711
125,000 Norwest Asset Securities Corp., Series 1997-2, Class A7,
7.70%, 3/25/27....................................... 128,997
429,147 Norwest Asset Securities Corp., Series 1997-6, Class A12,
7.50%, 5/25/27....................................... 438,970
50,000 PNC Mortgage Securities Corp., Series 1996-1, Class A18,
7.38%, 6/25/26....................................... 50,949
181,000 Prudential Home Mortgage Securities, Series 1992-50,
Class A5, 7.63%, 2/25/23............................. 182,490
115,000 Prudential Home Mortgage Securities, Series 1993-8,
Class A4, 7.40%, 3/25/23............................. 116,272
115,000 Prudential Home Mortgage Securities, Series 1993-19,
Class A11, 7.49%, 6/25/23............................ 115,758
535,283 Prudential Home Mortgage Securities, Series 1993-38,
Class A3, 6.15%, 9/25/23............................. 526,772
131,000 Prudential Home Mortgage Securities, Series 1993-44,
Class A17, 6.00%, 11/25/23........................... 123,236
1,433,960 Prudential Home Mortgage Securities, Series 1994-15,
Class A5, 6.80%, 5/25/24............................. 1,421,542
45,000 Prudential Home Mortgage Securities, Series 1994-18,
Class A6, 7.50%, 5/25/24............................. 45,058
500,000 Prudential Home Mortgage Securities, Series 1994-21,
Class A8, 7.80%, 6/25/24............................. 521,370
65,000 Prudential Home Mortgage Securities, Series 1994-27,
Class A5, 8.25%, 9/25/24............................. 68,107
265,000 Residential Funding Mortgage Securities, Series 1992-S36,
Class A4, 6.75%, 11/25/07............................ 264,751
</TABLE>
Continued
- 38 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 850,000 Residential Funding Mortgage Securities, Series 1993-S28,
Class A6, 7.00%, 8/25/23............................ $ 840,548
75,000 Residential Funding Mortgage Securities, Series 1995-S11,
Class A13, 7.40%, 9/25/25........................... 76,178
68,000 Residential Funding Mortgage Securities, Series 1996-S14,
Class A15, 7.50%, 5/25/26........................... 69,741
242,000 Residential Funding Mortgage Securities, Series 1996-S16,
Class A9, 7.75%, 7/25/26............................ 247,049
100,000 Residential Funding Mortgage Securities, Series 1996-S16,
Class A10, 8.00%, 7/25/26........................... 102,832
700,000 Residential Funding Mortgage Securities, Series 1997-S2,
Class A2, 7.50%, 1/25/27............................ 715,108
700,000 Residential Funding Mortgage Securities, Series 1997-S13,
Class A2, 7.25%, 9/25/27............................ 710,314
162,000 Ryland Acceptance Corp., Series 1997, Class JA,
8.75%, 4/20/21...................................... 172,534
202,603 Salomon Brothers Mortgage Securities, Series 1987-1,
Class A, 8.50%, 1/25/17............................. 208,458
292,000 Vendee Mortgage Trust, Series 1992-2, Class F,
7.00%, 2/15/18...................................... 298,433
-----------
Total Collateralized Mortgage Obligations 25,605,557
-----------
CORPORATE BONDS (27.0%):
Banking (2.6%):
1,000,000 BankAmerica Corp., 7.75%, 7/15/02.................... 1,058,750
1,000,000 First Chicago NBD Bancorp,
7.25%, 8/15/04...................................... 1,046,250
-----------
2,105,000
-----------
Brokerage Services (7.2%):
500,000 Bear Stearns Co., Inc.,
6.75%, 8/15/00...................................... 508,750
2,000,000 Bear Stearns Co., Inc.,
6.75%, 4/15/03...................................... 2,030,000
1,500,000 Merrill Lynch & Co., Inc.,
6.64%, 9/19/02...................................... 1,524,375
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
CORPORATE BONDS, CONTINUED:
$1,000,000 Smith Barney Holdings, Inc.,
6.63%, 6/1/00....................................... $ 1,013,750
750,000 Smith Barney Holdings, Inc.,
6.88%, 6/15/05...................................... 771,563
-----------
5,848,438
-----------
Financial Services (7.9%):
2,100,000 CNA Financial Corp.,
6.25%, 11/15/03..................................... 2,092,125
2,000,000 Commercial Credit Co.,
6.38%, 9/15/02...................................... 2,022,500
400,000 General Motors Acceptance Corp., 6.30%, 6/11/98...... 400,512
1,000,000 General Motors Acceptance Corp., 6.63%, 10/1/02...... 1,017,500
1,000,000 General Motors Acceptance Corp., 6.63%, 10/15/05..... 1,015,000
-----------
6,547,637
-----------
Food Products & Services (4.3%):
2,200,000 Grand Metropolitan Investment, 8.62%, 8/15/01........ 2,373,250
1,000,000 McCormick & Co., 8.95%, 7/1/01....................... 1,087,500
-----------
3,460,750
-----------
Leasing (3.7%):
1,500,000 Hertz Corp., 6.00%, 1/15/03.......................... 1,473,750
1,500,000 International Lease Finance Corp., 6.50%, 8/15/99.... 1,508,925
-----------
2,982,675
-----------
Pharmaceuticals (0.6%):
500,000 American Home Products Corp., 6.50%, 10/15/02........ 505,625
-----------
Telecommunications (0.7%):
500,000 COMSAT Corp., 8.95%, 5/15/01......................... 541,250
-----------
Total Corporate Bonds 21,991,375
-----------
TAXABLE MUNICIPAL BONDS (4.2%):
Georgia (1.2%):
1,000,000 Atlanta & Fulton County Downtown Arena Project,
Recreational Facilities Improvements, 7.00%,
12/1/28, Callable 12/1/07 @ 102, Insured by: FSA.... 1,003,750
-----------
</TABLE>
Continued
- 39 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
TAXABLE MUNICIPAL BONDS, CONTINUED:
Louisiana (2.5%):
$1,000,000 Orleans Parish School Board Refunding Bonds, Series
A,
6.45%, 2/1/05, Insured by: FGIC..................... $ 1,015,000
1,000,000 Orleans Parish School Board Refunding Bonds, Series
A,
6.50%, 2/1/06, Insured by: FGIC..................... 1,012,500
-----------
2,027,500
-----------
Wisconsin (0.5%):
400,000 Wisconsin State GO, Series D, 6.90%, 11/1/11,
Callable 11/1/08 @ 100.............................. 409,000
-----------
Total Taxable Municipal Bonds 3,440,250
-----------
U.S. GOVERNMENT AGENCIES (20.3%):
Federal Home Loan Mortgage Corp. (5.3%):
352,150 8.00%, 7/1/99, Gold Pool #M80108..................... 358,862
289,193 7.00%, 10/1/07, Gold Pool #E40422.................... 293,973
3,676,781 6.50%, 12/1/11, Gold Pool #E20275.................... 3,691,562
-----------
4,344,397
-----------
Federal National Mortgage Assoc (3.1%):
755,237 5.00%, 2/1/09, Pool #266453.......................... 720,254
449,638 7.68%, 11/1/22, Pool #188965......................... 465,092
575,462 7.77%, 11/1/22, Pool #189916......................... 593,082
719,277 8.39%, 7/1/23, Pool #224951.......................... 746,250
-----------
2,524,678
-----------
Government National Mortgage Assoc (11.9%):
7,887 9.00%, 11/15/01, Pool #194441........................ 8,248
34,941 9.00%, 8/15/03, Pool #229571......................... 36,544
24,245 9.00%, 12/15/04, Pool #284008........................ 25,472
68,456 9.00%, 1/15/05, Pool #247502......................... 71,921
55,365 9.00%, 3/15/06, Pool #299211......................... 58,168
151,217 9.00%, 12/15/06, Pool #316045........................ 158,289
405,788 7.50%, 6/15/07, Pool #329595......................... 420,117
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
U.S. GOVERNMENT AGENCIES, CONTINUED:
$ 798,320 6.00%, 1/15/09, Pool #371901......................... $ 792,308
14,260 10.00%, 2/15/19, Pool #269976........................ 15,452
191,983 8.00%, 11/15/21, Pool #308330........................ 198,680
110,278 8.00%, 2/15/22, Pool #319029......................... 114,018
212,510 8.00%, 5/15/23, Pool #343406......................... 220,020
165,167 8.00%, 10/20/24, Pool #1884.......................... 170,283
32,080 8.00%, 2/20/26, Pool #2171........................... 33,086
932,591 7.00%, 3/15/26, Pool #419128......................... 942,738
63,125 8.00%, 3/20/26, Pool #2187........................... 65,111
292,960 8.00%, 4/20/26, Pool #2205........................... 302,138
1,375,123 8.00%, 5/20/26, Pool #2219........................... 1,418,399
1,811,069 8.00%, 6/15/26, Pool #423563......................... 1,876,684
2,577,769 8.00%, 6/15/26, Pool #426149......................... 2,670,749
24,267 7.00%, 3/20/27, Pool #2394........................... 24,426
-----------
9,622,851
-----------
Total U.S. Government Agencies 16,491,926
-----------
U.S. TREASURY BONDS (2.5%):
2,000,000 6.13%, 11/15/27...................................... 2,058,360
-----------
Total U.S. Treasury Bonds 2,058,360
-----------
U.S. TREASURY NOTES (2.5%):
900,000 8.00%, 8/15/99....................................... 930,447
1,000,000 8.88%, 5/15/00....................................... 1,068,320
-----------
Total U.S. Treasury Notes 1,998,767
-----------
INVESTMENT COMPANIES (3.1%):
2,510,392 American Performance Cash Management Fund............ 2,510,392
-----------
Total Investment Companies 2,510,392
-----------
Total Investments (Cost $81,811,103)(a)--102.2% 83,175,878
Liabilities in excess of other assets (2.2)% (1,780,781)
-----------
Total Net Assets--100.0% $81,395,097
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............... $1,555,822
Unrealized depreciation............... (191,050)
----------
Net unrealized appreciation........... $1,364,772
==========
</TABLE>
FGIC -- Financial Guaranty Insurance Corporation
FSA -- Financial Security Assurance
See notes to financial statements.
- 40 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
ASSET BACKED SECURITIES (3.5%):
$1,000,000 Crown Home Equity Loan Trust, Series 1996-1, Class A3,
6.81%, 6/25/11...................................... $ 1,018,340
131,000 Norwest Asset Securities Corp., Series 1996-4, Class A3,
7.75%, 9/25/26...................................... 134,967
500,000 UCFC Home Equity Loan, Series 1996-D1, Class A4,
6.78%, 2/15/16...................................... 507,800
-----------
Total Asset Backed Securities 1,661,107
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS (35.8%):
800,000 BA Mortgage Securities Inc., Series 1997-3, Class A2,
7.00%, 12/25/27..................................... 802,520
100,000 Chase Mortgage Finance Corp., Series 1994-L, Class 2A9,
7.50%, 11/25/25..................................... 102,185
75,000 Chemical Mortgage Securities, Inc., Series 1996-1,
Class A6,
8.00%, 1/25/26...................................... 77,796
200,000 Citicorp Mortgage Securities, Inc., Series 1997-1,
Class A2,
7.25%, 2/25/27...................................... 200,626
22,555 Collateralized Mortgage Securities Corp., Series
1991-3, Class I, 8.55%, 8/20/20..................... 22,611
3,480 Countrywide Funding Corp., Series 1994-12, Class A5,
7.00%, 10/25/14..................................... 3,480
107,000 Countrywide Funding Corp., Series 1994-17, Class A6,
7.63%, 7/25/24...................................... 110,210
123,000 Countrywide Funding Corp., Series 1994-17, Class A7,
7.88%, 7/25/24...................................... 127,225
30,000 Countrywide Funding Corp., Series 1994-17, Class A9,
8.00%, 7/25/24...................................... 31,652
56,000 Countrywide Home Loan, Series 1997-1, Class A13,
7.50%, 3/25/27...................................... 56,424
171,000 Federal Home Loan Mortgage Corp., Series 1281, Class I,
8.00%, 5/15/22...................................... 184,114
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 144,192 Federal Home Loan Mortgage Corp., Series 1502, Class K,
6.25%, 12/15/22...................................... $ 144,006
819,311 Federal Home Loan Mortgage Corp., Series 1514, Class I,
6.50%, 2/15/23....................................... 818,860
40,000 Federal Home Loan Mortgage Corp., Series 1753, Class CB,
8.13%, 5/15/23....................................... 41,686
74,317 Federal Home Loan Mortgage Corp., Series 1663, Class A,
7.00%, 7/15/23....................................... 74,682
39,000 Federal Home Loan Mortgage Corp., Series 1853, Class B,
7.50%, 4/15/24....................................... 39,933
84,000 Federal Home Loan Mortgage Corp., Series 1847, Class B,
7.50%, 7/15/24....................................... 86,031
50,000 Federal Home Loan Mortgage Corp., Series 54, Class C,
7.75%, 3/18/25....................................... 53,013
54,385 Federal National Mortgage Assoc., Series 1992-81,
Class ZA,
7.50%, 1/25/21....................................... 54,659
85,000 Federal National Mortgage Assoc., Series 1992-118,
Class PJ,
7.50%, 2/25/21....................................... 87,606
88,000 Federal National Mortgage Assoc., Series 1992-168,
Class KA,
7.50%, 11/25/21...................................... 91,580
100,000 Federal National Mortgage Assoc., Series 1992-88,
Class L,
8.00%, 12/25/21...................................... 105,631
500,000 Financial Asset Securitization, Inc., Series 1997-
NAM1, Class A2, 7.75%, 5/25/27....................... 514,485
500,000 Financial Asset Securitization, Inc., Series 1997-
NAM2, Class FA5, 7.70%, 7/25/27...................... 511,931
52,000 Fund America Investors Corp., Series 1991-1, Class K,
7.95%, 10/20/21...................................... 52,197
1,200,000 General Electric Capital Mortgage Services, Inc.,
Series 1996-HE2, Class A3, 7.30%, 3/25/12............ 1,218,444
99,672 General Electric Capital Mortgage Services, Inc.,
Series 1993-17, Class A13, 6.50%, 12/25/23........... 99,243
</TABLE>
Continued
- 41 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 97,134 General Electric Capital Mortgage Services, Inc.,
Series 1994-13, Class A7, 6.50%, 4/25/24............. $ 96,488
46,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-29, Class A9, 8.63%, 11/25/24............ 49,145
175,000 General Electric Capital Mortgage Services, Inc.,
Series 1995-5,
Class A6, 7.50%, 8/25/25............................. 178,481
400,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3,
Class A9, 7.50%, 4/25/27............................. 407,015
396,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3,
Class A12, 7.50%, 4/25/27............................ 405,001
129,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4,
Class A10, 7.50%, 5/25/27............................ 132,238
70,000 Government National Mortgage Assoc., Series 1996-15,
Class CA, 7.50%, 1/20/24............................. 70,862
50,000 Government National Mortgage Assoc., Series 1996-15,
Class H, 7.50%, 8/16/26.............................. 52,230
58,000 Government National Mortgage Assoc., Series 1996-20,
Class J, 7.50%, 9/20/26.............................. 60,404
250,000 Headlands Mortgage Securities, Series 1997-1, Class
AI10,
7.75%, 3/25/27....................................... 257,104
500,000 Headlands Mortgage Securities, Series 1997-5, Class A17,
7.25%, 11/25/27...................................... 506,988
54,000 Independent National Mortgage Corp., Series 1995-A,
Class A4, 8.75%, 3/25/25............................. 55,432
52,000 Independent National Mortgage Corp., Series 1994-L,
Class A9, 8.00%, 8/25/24............................. 54,315
37,000 Independent National Mortgage Corp., Series 1994-N,
Class A7, 8.25%, 10/25/24............................ 38,259
106,000 Independent National Mortgage Corp., Series 1994-U,
Class A10, 8.75%, 12/25/24........................... 112,429
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 100,000 Independent National Mortgage Corp., Series 1995-W,
Class A6, 7.13%, 2/25/26............................. $ 100,845
875,274 Merrill Lynch Trust, Series 45,
Class F, 9.10%, 9/20/14.............................. 897,873
210,000 Norwest Asset Securities Corp., Series 1997-2, Class A7,
7.70%, 3/25/27....................................... 216,715
1,716,587 Norwest Asset Securities Corp., Series 1997-6, Class A12,
7.50%, 5/25/27....................................... 1,755,881
176,000 Norwest Asset Securities Corp., Series 1997-6, Class A2,
7.75%, 5/25/27....................................... 181,452
100,000 Paine Webber Mortgage Acceptance Corp., Series 1994-
5A, Class A4, 8.13%, 7/25/24......................... 103,644
1,500,000 Prudential Home Mortgage Securities, Series 1994-21,
Class A8, 7.80%, 6/25/24............................. 1,564,110
82,000 Prudential Home Mortgage Securities, Series 1992-33,
Class A8, 7.50%, 11/25/22............................ 84,463
119,000 Prudential Home Mortgage Securities, Series 1993-22,
Class A11, 6.50%, 7/25/23............................ 117,827
217,000 Prudential Home Mortgage Securities, Series 1993-51,
Class A9, 6.00%, 12/25/23............................ 205,182
100,000 Residential Funding Mortgage Securities, Series 1992-S43,
Class A10, 8.00%, 12/25/22........................... 103,131
500,000 Residential Funding Mortgage Securities, Series 1993-S28,
Class A6, 7.00%, 8/25/23............................. 494,440
375,000 Residential Funding Mortgage Securities, Series 1995-S11,
Class A11, 6.00%, 9/25/25............................ 344,280
50,000 Residential Funding Mortgage Securities, Series 1995-S11,
Class A10, 7.75%, 9/25/25............................ 52,058
200,000 Residential Funding Mortgage Securities, Series 1996-S15,
Class A14, 8.00%, 9/25/25............................ 211,221
100,000 Residential Funding Mortgage Securities, Series 1996-S15,
Class A11, 7.75%, 6/25/26............................ 102,112
</TABLE>
Continued
- 42 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$1,000,000 Residential Funding Mortgage Securities, Series 1997-S2,
Class A2, 7.50%, 1/25/27............................ $ 1,021,584
1,000,000 Residential Funding Mortgage Securities, Series 1997-S13,
Class A2, 7.25%, 9/25/27............................ 1,014,734
76,000 Ryland Acceptance Corp., Series 1997, Class JA,
8.75%, 4/20/21...................................... 80,942
-----------
Total Collateralized Mortgage Obligations 16,841,715
-----------
CORPORATE BONDS (27.8%):
Automotive (1.2%):
500,000 General Motors Corp.,
7.70%, 4/15/16...................................... 548,125
-----------
Banking (3.3%):
1,500,000 BankAmerica Corp., 7.13%, 5/12/05.................... 1,561,875
-----------
Brokerage Services (4.0%):
1,000,000 Merrill Lynch & Co., Inc.,
8.00%, 2/1/02....................................... 1,065,000
800,000 Smith Barney Holdings, Inc.,
6.88%, 6/15/05...................................... 823,000
-----------
1,888,000
-----------
Financial Services (10.1%):
1,000,000 Associates Corp. of North America, 7.50%, 4/15/02.... 1,047,500
1,000,000 CNA Financial Corp.,
7.25%, 11/15/23..................................... 1,026,250
1,050,000 Ford Motor Credit Corp.,
7.75%, 3/15/05...................................... 1,130,063
500,000 General Electric Capital Corp., 7.50%, 6/15/09....... 555,000
1,000,000 General Motors Acceptance Corp., 6.63%, 10/1/02...... 1,017,500
-----------
4,776,313
-----------
Leasing (2.2%):
1,000,000 Hertz Corp., 7.38%, 6/15/01.......................... 1,031,250
-----------
Office Equipment & Services (2.3%):
1,000,000 Xerox Corp., 8.13%, 4/15/02.......................... 1,072,500
-----------
Retail (2.3%):
1,000,000 May Department Stores, 8.38%, 10/1/22, Callable
10/1/02 @ 104....................................... 1,077,500
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
CORPORATE BONDS, CONTINUED:
Telecommunications (2.4%):
$1,000,000 Alltel Corp., 7.00%, 3/15/16......................... $ 1,031,250
100,000 MCI Communications Corp.,
7.13%, 1/20/00...................................... 101,750
-----------
1,133,000
-----------
Total Corporate Bonds 13,088,563
-----------
MEDIUM TERM NOTES (0.9%):
400,000 Beneficial Corp., 7.75%, 3/1/99...................... 406,596
-----------
Total Medium Term Notes 406,596
-----------
TAXABLE MUNICIPAL BONDS (8.1%):
Colorado (2.7%):
1,195,000 Boulder County, Series B,
7.63%, 9/1/21, Callable 9/1/07 @ 100, Insured by:
AMBAC............................................... 1,224,875
-----------
Georgia (2.1%):
1,000,000 Atlanta & Fulton County Downtown Arena Project,
Recreational Facilities Improvements,
7.00%, 12/1/28, Callable
12/1/07 @ 102, Insured by: FSA...................... 1,003,750
-----------
Illinois (0.3%):
150,000 Springfield, 7.50%, 2/1/12, Callable 2/1/05 @ 100,
Insured by: AMBAC................................... 156,750
-----------
Virginia (1.0%):
500,000 Portsmouth GO, 6.63%, 7/15/14, Callable 7/15/07 @
102................................................. 492,500
-----------
Wisconsin (2.0%):
500,000 Wisconsin Housing & Economic Development Revenue
Bonds, Series H, 7.88%, 3/1/26, Callable 9/1/05 @
102................................................. 518,750
415,000 Wisconsin State GO, Series D, 6.90%, 11/1/11, Callable
11/1/08 @ 100....................................... 424,338
-----------
943,088
-----------
Total Taxable Municipal Bonds 3,820,963
-----------
U.S. GOVERNMENT AGENCIES (14.0%):
Federal Home Loan Mortgage Corp. (5.9%):
2,757,586 6.50%, 12/1/11, Gold Pool #E20275.................... 2,768,671
-----------
</TABLE>
Continued
- 43 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. GOVERNMENT AGENCIES, CONTINUED:
Government National Mortgage Assoc (8.1%):
$ 25,893 10.50%, 11/15/15, Pool #268347........................ $ 28,579
80,558 11.00%, 2/15/16, Pool #279067......................... 90,300
69,067 9.00%, 1/15/20, Pool #280664.......................... 75,197
65,291 9.00%, 10/15/20, Pool #289412......................... 71,085
242,627 9.00%, 7/15/21, Pool #308511.......................... 263,704
576,438 7.00%, 9/15/23, Pool #347688.......................... 582,594
901,805 7.50%, 11/15/23, Pool #354701......................... 925,090
811,006 7.50%, 12/15/25, Pool #401510......................... 832,125
870,871 8.00%, 5/15/26, Pool #428480.......................... 902,510
52,076 8.00%, 6/15/26, Pool #426149.......................... 53,955
-----------
3,825,139
-----------
Total U.S. Government Agencies 6,593,810
-----------
U.S. TREASURY BONDS (7.4%):
1,000,000 7.63%, 2/15/25........................................ 1,215,100
200,000 6.63%, 2/15/27........................................ 217,522
2,000,000 6.13%, 11/15/27....................................... 2,058,360
-----------
Total U.S. Treasury Bonds 3,490,982
-----------
U.S. TREASURY NOTES (1.3%):
550,000 6.25%, 8/31/02........................................ 562,810
-----------
Total U.S. Treasury Notes 562,810
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
INVESTMENT COMPANIES (4.8%):
2,257,570 American Performance Cash Management Fund............. $ 2,257,570
-----------
Total Investment Companies 2,257,570
-----------
Total Investments (Cost $47,294,341)(a)--103.6% 48,724,116
Liabilities in excess of other assets (3.6)% (1,689,799)
-----------
Total Net Assets--100.0% $47,034,317
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............... $1,469,543
Unrealized depreciation............... (39,768)
----------
Net unrealized appreciation........... $1,429,775
==========
</TABLE>
AMBAC -- AMBAC Indemnity Corporation
FSA -- Financial Security Assurance
GO -- General Obligations Bond
See notes to financial statements.
- 44 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (51.6%):
Airlines (0.5%):
1,800 Delta Air Lines, Inc................................... $ 203,513
-----------
Apparel (0.1%):
1,100 Nautica Enterprises, Inc.(b)........................... 31,694
-----------
Audio/Video Products (0.1%):
1,250 Harman International Industries, Inc. ................. 58,125
-----------
Automotive Parts (1.3%):
3,300 Eaton Corp............................................. 317,007
2,700 SPX Corp.(b)........................................... 201,656
-----------
518,663
-----------
Banking (3.8%):
2,500 BankBoston Corp. ...................................... 249,219
5,200 Chase Manhattan Corp................................... 645,124
7,500 First Union Corp....................................... 395,156
3,300 NationsBank Corp. ..................................... 226,050
-----------
1,515,549
-----------
Beverages (1.6%):
9,200 Coca-Cola Co. ......................................... 631,925
-----------
Building Materials (0.6%):
4,200 USG Corp.(b)........................................... 229,425
-----------
Chemicals (2.6%):
6,400 E.I. du Pont de Nemours & Co........................... 392,400
3,900 W.R. Grace & Co........................................ 327,356
7,400 Witco Corp. ........................................... 294,613
-----------
1,014,369
-----------
Computer Software (1.7%):
7,800 Microsoft Corp.(b)..................................... 661,050
-----------
Computers (0.7%):
2,000 Dell Computer Corp.(b)................................. 279,750
-----------
Computers & Peripherals (1.1%):
2,000 Cisco Systems, Inc.(b)................................. 131,750
2,800 International Business Machines Corp. ................. 292,425
-----------
424,175
-----------
Cosmetics/Personal Care (2.1%):
7,300 Kimberly-Clark Corp.................................... 406,519
4,800 Procter & Gamble Co. .................................. 407,700
-----------
814,219
-----------
Diversified Manufacturing Operations (2.4%):
8,400 General Electric Co. .................................. 653,100
8,700 ITT Industries, Inc.................................... 297,975
-----------
951,075
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Electronics (0.1%):
2,675 CHS Electronics, Inc.(b)............................... $ 55,172
-----------
Engineering (0.1%):
2,000 Dycom Industries, Inc.(b).............................. 51,000
-----------
Entertainment (0.9%):
3,200 The Walt Disney Co..................................... 358,200
-----------
Financial Services (3.1%):
6,000 Federal Home Loan Mortgage Corp........................ 283,500
2,800 Household International, Inc........................... 363,650
2,737 Paychex, Inc. ......................................... 141,298
1,075 The Money Store, Inc. ................................. 26,808
7,000 Travelers Group, Inc. ................................. 390,249
-----------
1,205,505
-----------
Health Care (1.7%):
1,300 Access Health, Inc.(b)................................. 47,125
1,000 Capital Senior Living Corp.(b)......................... 12,813
2,650 Concentra Managed Care, Inc.(b)........................ 90,928
2,893 FPA Medical Management, Inc.(b)........................ 66,901
5,300 Johnson & Johnson...................................... 400,149
1,800 Orthodontic Centers Of America, Inc.(b)................ 34,763
-----------
652,679
-----------
Insurance (3.3%):
1,050 Amerin Corp.(b)........................................ 30,713
2,400 Cigna Corp............................................. 458,400
1,600 FPIC Insurance Group, Inc.(b).......................... 46,400
5,700 Hartford Financial Services Group...................... 560,024
4,600 Torchmark Corp. ....................................... 214,188
-----------
1,309,725
-----------
Manufacturing--Diversified (0.8%):
6,300 Tyco International Ltd................................. 319,725
-----------
Medical Services (0.2%):
1,700 Hologic, Inc.(b)....................................... 38,888
4,125 Prime Medical Services, Inc.(b)........................ 51,562
-----------
90,450
-----------
Oil & Gas--Equipment & Services (0.1%):
2,200 American Oilfield Divers, Inc.(b)...................... 26,125
1,325 Tuboscope Vetco International Corp.(b)................. 25,920
-----------
52,045
-----------
Oil & Gas Exploration (0.1%):
1,400 Newfield Exploration Co.(b)............................ 33,600
-----------
</TABLE>
Continued
- 45 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Oil--Intergrated Companies (3.5%):
4,600 Exxon Corp............................................. $ 293,825
5,600 Pennzoil Co............................................ 374,850
6,700 Royal Dutch Petroleum--New York Shares................. 363,894
8,400 Sun Co., Inc........................................... 335,475
-----------
1,368,044
-----------
Pharmaceuticals (3.7%):
5,300 Bristol-Myers Squibb Co................................ 530,993
1,050 Cardinal Health, Inc................................... 85,969
2,000 ChiRex, Inc.(b)........................................ 30,750
3,900 Merck & Co., Inc....................................... 497,493
3,500 Pfizer, Inc............................................ 309,750
-----------
1,454,955
-----------
Printing & Publishing (0.8%):
4,900 Times Mirror Co........................................ 301,656
-----------
Real Estate (0.7%):
550 Bay Apartment Communities, Inc......................... 20,797
13,800 Catellus Development Corp.(b).......................... 250,125
-----------
270,922
-----------
Recreation (0.1%):
1,400 Family Golf Centers, Inc.(b)........................... 47,075
-----------
Restaurants (0.3%):
1,800 Apple South, Inc....................................... 24,525
1,325 Landry's Seafood Restaurants(b)........................ 35,113
1,500 Showbiz Pizza Time, Inc.(b)............................ 43,500
-----------
103,138
-----------
Retail (2.4%):
5,100 CVS Corp............................................... 377,718
5,400 Home Depot, Inc........................................ 344,588
1,287 Petco Animal Supplies, Inc.(b)......................... 18,420
950 Proffitt's, Inc.(b).................................... 32,181
2,400 Stage Stores, Inc.(b).................................. 100,800
1,525 The Men's Wearhouse, Inc.(b)........................... 55,091
-----------
928,798
-----------
Semiconductors (1.5%):
5,000 Intel Corp............................................. 448,437
1,800 QLogic Corp.(b)........................................ 72,225
2,850 Semtech Corp.(b)....................................... 81,938
-----------
602,600
-----------
Shipbuilding (0.0%):
975 Halter Marine Group, Inc.(b)........................... 19,134
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Steel (0.9%):
7,300 Carpenter Technology Corp............................. $ 345,381
-----------
Telecommunications (4.4%):
7,100 Airtouch Communications, Inc.(b)...................... 319,056
3,300 AT&T Corp............................................. 200,888
4,200 Bell Atlantic Corp.................................... 376,949
2,400 Boston Communication Group, Inc.(b)................... 21,300
4,675 LCC International, Inc.(b)............................ 59,022
3,700 Lucent Technologies, Inc.............................. 400,987
2,275 Smartalk Teleservices, Inc.(b)........................ 76,497
7,000 Worldcom, Inc.(b)..................................... 267,313
-----------
1,722,012
-----------
Tobacco & Tobacco Product (0.8%):
2,000 Consolidated Cigar Holdings, Inc.(b).................. 46,375
100 General Cigar Holdings, Inc.(b)....................... 1,663
5,800 Philip Morris Cos., Inc............................... 251,937
-----------
299,975
-----------
Transportation (0.2%):
3,100 Arkansas Best Corp.(b)................................ 34,875
1,500 Offshore Logistics, Inc.(b)........................... 26,438
-----------
61,313
-----------
Transportation Leasing & Trucking (0.1%):
1,550 Motivepower Industries, Inc.(b)....................... 41,366
-----------
Utilities--Electric (1.9%):
8,700 AES Corp.(b).......................................... 382,800
9,000 Texas Utilities Co.................................... 363,938
-----------
746,738
-----------
Utilities--Natural Gas (1.2%):
6,300 Columbia Energy Group................................. 480,769
-----------
Vitamins & Nutrition (0.1%):
1,700 Twinlab Corp.......................................... 55,250
-----------
Total Common Stocks 20,310,759
-----------
ASSET BACKED SECURITIES (1.7%):
$184,391 CoreStates Home Equity Trust, Series 1993-2, Class A,
5.10%, 3/15/09....................................... 180,674
300,000 Crown Home Equity Loan Trust, Series 1996-1, Class A3,
6.81%, 6/25/11....................................... 305,502
200,000 Nomura Asset Securities Corp., Series 1995-2, Class
2M, 7.12%, 1/25/26................................... 201,916
-----------
Total Asset Backed Securities 688,092
-----------
</TABLE>
Continued
- 46 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS (11.6%):
$500,000 BA Mortgage Securities Inc., Series 1997-3, Class A2,
7.00%, 12/25/27...................................... $ 501,575
300,000 Federal National Mortgage Association, 7.50%, 4/16/07. 315,588
80,000 Federal National Mortgage Association, 7.00%, 2/18/25. 80,158
250,000 Financial Asset Securitization, Inc., Series 1997-
NAM1, Class A2, 7.75%, 5/25/27....................... 257,243
300,000 General Electric Capital Mortgage Services, Inc.,
Series 1996-HE2, Class A3, 7.30%, 3/25/12............ 304,611
103,085 General Electric Capital Mortgage Services, Inc.,
Series 1993-12,
Class A-2, 6.50%, 10/25/23........................... 102,366
200,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4,
Class A10, 7.50%, 5/25/27............................ 205,021
400,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-9,
Class 1A17, 7.25%, 10/25/27.......................... 407,727
500,000 Headlands Mortgage Securities,
Series 1997-5, Class A17,
7.25%, 11/25/27...................................... 506,988
300,000 IMC Home Equity Loan Trust, Series 1996-3, Class A3,
7.27%, 4/25/11....................................... 306,627
134,000 Norwest Asset Securities Corp., Series 1996-3, Class
A8, 7.25%, 9/25/26................................... 135,984
170,283 Prudential Home Mortgage Securities, Series 1994-15,
Class A5,
6.80%, 5/25/24....................................... 168,808
250,000 Prudential Home Mortgage Securities, Series 1994-21,
Class A8,
7.80%, 6/25/24....................................... 260,685
100,000 Prudential Home Mortgage Securities, Series 1994-18,
Class A7,
6.88%, 5/25/24....................................... 99,823
190,000 Prudential Home Mortgage Securities, Series 1996-2,
Class A13,
7.00%, 3/25/26....................................... 191,030
200,000 Residential Funding Mortgage Securities, Series 1993-
S28,
Class A6, 7.00%, 8/25/23............................. 197,776
500,000 Residential Funding Mortgage Securities, Series 1997-
S2,
Class A2, 7.50%, 1/25/27............................. 510,791
-----------
Total Collateralized Mortgage Obligations 4,552,801
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
CORPORATE BONDS (7.0%):
Banking (1.3%):
$250,000 BankAmerica Corp., 7.13%, 5/12/05..................... $ 260,313
250,000 J.P. Morgan, 6.25%, 12/15/05.......................... 247,500
-----------
507,813
-----------
Beverages (0.6%):
250,000 Anheuser Busch Co., 6.90%, 10/1/02.................... 254,375
-----------
Brokerage Services (1.8%):
250,000 Bear Stearns Co., Inc., 6.75%, 8/15/00................ 254,375
200,000 Smith Barney Holdings, Inc.,
6.63%, 7/1/02........................................ 202,750
250,000 Smith Barney Holdings, Inc.,
6.88%, 6/15/05....................................... 257,187
-----------
714,312
Financial Services (1.8%):
250,000 Associate Corp., 6.00%, 12/1/02....................... 248,125
250,000 Ford Motor Credit Co.,
6.38%, 9/15/99....................................... 251,378
200,000 General Motors Acceptance Corp., 6.63%, 10/15/05...... 203,000
-----------
702,503
-----------
Retail Stores (1.5%):
300,000 Penny J.C. & Co., 7.25%, 4/1/02....................... 310,875
250,000 Wal-Mart Stores, Inc., 7.25%, 6/1/13.................. 271,250
-----------
582,125
-----------
Total Corporate Bonds 2,761,128
-----------
TAXABLE MUNICIPAL BONDS (2.6%):
Georgia (0.9%):
350,000 Cedartown Development Authority, 7.00%, 2/01/22,
Callable 2/1/07 @ 102, Insured by: AMBAC............. 350,000
-----------
Louisiana (0.4%):
170,000 Orleans Parish School Board Refunding Bonds, Series A,
6.45%, 2/1/05, Insured by: FGIC...................... 172,550
-----------
Virginia (1.3%):
500,000 Portsmouth GO, 6.63%, 7/15/14, Callable 7/15/07 @ 102,
Insured by: FGIC..................................... 492,500
-----------
Total Taxable Municipal Bonds 1,015,050
-----------
U.S. GOVERNMENT AGENCIES (12.1%):
Federal Home Loan Bank (2.5%):
1,000,000 3/2/98................................................ 999,702
-----------
</TABLE>
Continued
- 47 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
U.S. GOVERNMENT AGENCIES, CONTINUED:
Federal Home Loan Mortgage Corp. (1.9%):
$332,072 6.00%, 7/1/99, Gold Pool #G50188....................... $ 335,044
132,606 6.50%, 2/1/00, Gold Pool #N92990....................... 134,814
275,759 6.50%, 12/1/11, Gold Pool #E20275...................... 276,867
-----------
746,725
-----------
Federal National Mortgage Assoc (3.8%):
1,500,000 3/10/98................................................ 1,497,754
-----------
Government National Mortgage Assoc (3.9%):
596,629 7.00%, 1/15/26, Pool# 421420........................... 603,114
164,347 6.00%, 2/20/26, Pool #2166............................. 159,170
720,787 8.00%, 6/15/26, Pool #423563........................... 746,901
-----------
1,509,185
Total U.S. Government Agencies 4,753,366
-----------
U.S. TREASURY BONDS (6.6%):
525,000 6.25%, 8/15/23......................................... 541,669
2,000,000 6.13%, 11/15/27........................................ 2,058,360
-----------
Total U.S. Treasury Bonds 2,600,029
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. TREASURY NOTES (4.9%):
$300,000 6.13%, 5/15/98........................................ $ 300,447
400,000 6.25%, 6/30/98........................................ 401,080
500,000 6.50%, 4/30/99........................................ 505,325
200,000 7.75%, 2/15/01........................................ 211,542
500,000 6.25%, 2/15/03........................................ 513,340
-----------
Total U.S. Treasury Notes 1,931,734
-----------
INVESTMENT COMPANIES (6.7%):
1,870,382 American Performance
Cash Management Fund................................. 1,870,381
760,059 American Performance
U.S. Treasury Fund................................... 760,059
-----------
Total Investment Companies 2,630,440
-----------
Total Investments (Cost $36,252,961)(a)--104.8% 41,243,399
Liabilities in excess of other assets (4.8)% (1,875,048)
-----------
Total Net Assets--100.0% $39,368,351
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............... $5,203,895
Unrealized depreciation............... (213,457)
----------
Net unrealized appreciation........... $4,990,438
==========
</TABLE>
(b) Represents non-income producing securities.
AMBAC -- AMBAC Indemnity Corporation
FGIC -- Financial Guaranty Insurance Corporation
See notes to financial statements.
- 48 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
COMMON STOCKS (98.5%):
Aerospace/Defense (1.4%):
32,200 Boeing Co............................................. $ 1,746,850
11,800 Thiokol Corp.......................................... 1,128,375
------------
2,875,225
------------
Airlines (0.8%):
13,600 Delta Air Lines, Inc.................................. 1,537,650
------------
Automotive Parts (1.9%):
13,700 Eaton Corp............................................ 1,316,056
19,200 Federal-Mogul Corp.................................... 942,000
20,200 SPX Corp.(b).......................................... 1,508,688
------------
3,766,744
------------
Banking (9.2%):
22,900 BankAmerica Corp...................................... 1,774,750
12,700 BankBoston Corp....................................... 1,266,031
12,500 Bankers' Trust New York Corp.......................... 1,478,125
32,900 Chase Manhattan Corp.................................. 4,081,655
15,700 First Chicago NBD Corp.(b)............................ 1,290,344
73,200 First Union Corp...................................... 3,856,725
28,900 NationsBank Corp...................................... 1,979,650
27,400 PNC Financial Corp.................................... 1,520,700
9,900 U.S. Bancorp.......................................... 1,139,119
------------
18,387,099
------------
Beverages (3.2%):
70,600 Coca-Cola Co.......................................... 4,849,338
42,000 PepsiCo, Inc.......................................... 1,535,625
------------
6,384,963
------------
Capital Goods (0.5%):
17,700 Precision Castparts Corp.............................. 981,244
------------
Chemicals (3.5%):
40,600 E.I. du Pont de Nemours & Co.......................... 2,489,287
28,600 W.R. Grace & Co....................................... 2,400,613
50,800 Witco Corp............................................ 2,022,475
------------
6,912,375
------------
Computer Software (3.2%):
66,000 Microsoft Corp.(b).................................... 5,593,500
33,200 Oracle Corp.(b)....................................... 817,550
------------
6,411,050
------------
Computers (2.0%):
37,400 Compaq Computer Corp.(b).............................. 1,199,138
13,100 Dell Computer Corp.(b)................................ 1,832,362
15,400 Hewlett-Packard Co.................................... 1,031,800
------------
4,063,300
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Computers & Peripherals (2.2%):
36,600 Cisco Systems, Inc.(b)................................ $ 2,411,025
19,300 International Business Machines Corp.................. 2,015,644
------------
4,426,669
------------
Cosmetics/Personal Care (4.7%):
17,700 Avon Products, Inc.................................... 1,246,744
21,300 Gillette Co........................................... 2,297,738
46,500 Kimberly-Clark Corp................................... 2,589,469
37,200 Procter & Gamble Co................................... 3,159,674
------------
9,293,625
------------
Diversified Manufacturing Operations (3.8%):
71,000 General Electric Co................................... 5,520,250
61,900 ITT Industries, Inc................................... 2,120,075
------------
7,640,325
------------
Entertainment (1.5%):
27,300 The Walt Disney Co.................................... 3,055,894
------------
Financial Services (3.5%):
33,000 Contifinancial Corp................................... 895,125
29,600 Federal Home Loan Mortgage Corp....................... 1,398,600
22,000 Household International, Inc.......................... 2,857,250
32,600 Travelers Group, Inc.................................. 1,817,450
------------
6,968,425
------------
Food Processing & Packaging (1.2%):
32,600 ConAgra, Inc.......................................... 978,000
45,400 Smithfield Foods, Inc.(b)............................. 1,435,775
------------
2,413,775
------------
Health Care (2.0%):
35,000 Integrated Health Services, Inc....................... 1,187,813
36,000 Johnson & Johnson..................................... 2,718,000
------------
3,905,813
------------
Hotels & Lodging (0.4%):
25,800 Capstar Hotel Co.(b).................................. 870,750
------------
Insurance (6.0%):
12,100 Allstate Corp......................................... 1,128,325
16,700 Cigna Corp............................................ 3,189,700
23,400 Everest Reinsurance Holdings, Inc..................... 862,875
45,400 Hartford Financial Services Group..................... 4,460,549
27,500 Torchmark Corp........................................ 1,280,469
23,700 Travelers Property Casualty Corp., Class A............ 971,700
------------
11,893,618
------------
</TABLE>
Continued
- 49 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Machine--Diversified (1.0%):
20,300 Caterpillar, Inc...................................... $ 1,108,888
50,900 MagnaTek, Inc.(b)..................................... 903,475
------------
2,012,363
Manufacturing (0.5%):
35,600 Watts Industries, Inc................................. 1,070,225
------------
Manufacturing-Diversified (1.1%):
41,700 Tyco International Ltd................................ 2,116,275
------------
Metals & Mining (0.4%):
52,400 Freeport McMoran Copper & Gold, Inc., Class B......... 789,275
------------
Oil--Intergrated Companies (7.9%):
9,900 Chevron Corp.......................................... 803,138
48,600 Exxon Corp............................................ 3,104,324
22,100 Mobil Corp............................................ 1,600,869
29,300 Pennzoil Co........................................... 1,961,269
75,200 Royal Dutch Petroleum--New York Shares................ 4,084,299
51,100 Sun Co., Inc.......................................... 2,040,806
20,800 Tidewater, Inc........................................ 925,600
35,300 Valero Energy Corp.................................... 1,253,150
------------
15,773,455
------------
Paper Products (0.4%):
39,000 Wausau Paper Mills Co................................. 843,375
------------
Pharmaceuticals (10.0%):
17,400 American Home Products Corp........................... 1,631,250
21,300 Biogen, Inc.(b)....................................... 939,863
37,300 Bristol-Myers Squibb Co............................... 3,736,994
23,800 Eli Lilly & Co........................................ 1,566,338
19,400 ICN Pharmaceuticals, Inc.............................. 1,120,350
36,700 Merck & Co., Inc...................................... 4,681,543
42,300 Pfizer, Inc........................................... 3,743,549
17,500 Warner-Lambert Co..................................... 2,559,375
------------
19,979,262
------------
Photography (0.5%):
22,400 Polaroid Corp......................................... 1,026,200
------------
Printing & Publishing (0.8%):
24,500 Times Mirror Co....................................... 1,508,281
------------
Real Estate (1.0%):
107,400 Catellus Development Corp.(b)......................... 1,946,625
------------
Retail (2.9%):
32,000 CVS Corp.............................................. 2,370,000
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
23,000 Federated Department Stores, Inc.(b).................. $ 1,078,125
36,500 Home Depot, Inc....................................... 2,329,156
------------
5,777,281
------------
Semiconductors (3.0%):
29,000 Applied Materials, Inc. (b)........................... 1,067,563
54,600 Intel Corp............................................ 4,896,937
------------
5,964,500
------------
Services (Non-Financial) (0.5%):
26,100 Service Corp. International........................... 988,538
------------
Soap & Cleaning Agent (0.6%):
15,600 Colgate Palmolive, Inc................................ 1,266,525
------------
Telecommunications (8.3%):
51,200 Airtouch Communications, Inc.(b)...................... 2,300,800
28,100 AT&T Corp............................................. 1,710,588
35,900 Bell Atlantic Corp.................................... 3,222,024
25,500 GTE Corp.............................................. 1,380,188
26,700 Lucent Technologies, Inc.............................. 2,893,612
32,900 SBC Communications, Inc............................... 2,488,062
21,900 Telefonaktiebolaget L.M. Ericsson, ADR................ 992,344
43,300 Worldcom, Inc.(b)..................................... 1,653,519
------------
16,641,137
------------
Textile Products (0.4%):
27,000 Kellwood Co........................................... 875,813
------------
Tobacco & Tobacco Product (2.4%):
68,200 Dimon, Inc............................................ 1,193,500
53,700 Philip Morris Cos., Inc............................... 2,332,594
36,000 RJR Nabisco Holdings Corp............................. 1,244,250
------------
4,770,344
------------
Utilities--Electric (4.2%):
64,800 AES Corp.(b).......................................... 2,851,200
28,300 CMS Energy Corp....................................... 1,252,275
64,000 Entergy Corp.......................................... 1,852,000
59,600 Texas Utilities Co.................................... 2,410,075
------------
8,365,550
------------
Utilities--Natural Gas (1.6%):
29,500 Columbia Energy Group................................. 2,251,219
15,200 Consolidated Natural Gas Co........................... 874,000
------------
3,125,219
------------
Total Common Stocks 196,628,787
------------
</TABLE>
Continued
- 50 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
INVESTMENT COMPANIES (1.4%):
2,696,646 American Performance
Cash Management Fund................................. $ 2,696,646
------------
Total Investment Companies 2,696,646
------------
Total Investments (Cost $142,401,433)(a)--99.9% 199,325,433
Other assets in excess of liabilities 0.1% 194,967
------------
Total Net Assets--100.0% $199,520,400
============
</TABLE>
- --------
(a) Represents cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.............. $59,760,222
Unrealized depreciation.............. (2,836,222)
-----------
Net unrealized appreciation.......... $56,924,000
===========
</TABLE>
(b) Represents non-income producing securities.
ADR -- American Depository Receipt
See notes to financial statements.
- 51 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
GROWTH EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (97.3%):
Banking (7.0%):
9,700 BankAmerica Corp....................................... $ 751,750
13,200 Chase Manhattan Corp................................... 1,637,625
14,100 First Union Corp....................................... 742,894
23,000 MBNA Corp. ............................................ 823,688
5,300 U.S. Bancorp........................................... 609,831
-----------
4,565,788
-----------
Beverages (5.1%):
39,000 Coca-Cola Co. ......................................... 2,678,812
17,400 PepsiCo, Inc........................................... 636,188
-----------
3,315,000
-----------
Capital Goods (1.2%):
14,100 Precision Castparts Corp............................... 781,669
-----------
Chemicals (5.2%):
37,200 E.I. du Pont de Nemours & Co........................... 2,280,825
13,200 W.R. Grace & Co........................................ 1,107,975
-----------
3,388,800
-----------
Computer Software (5.2%):
34,800 Microsoft Corp.(b)..................................... 2,949,300
19,500 Oracle Corp.(b)........................................ 480,188
-----------
3,429,488
-----------
Computers (5.1%):
25,200 Compaq Computer Corp.(b)............................... 807,975
9,200 Dell Computer Corp.(b)................................. 1,286,850
18,100 Hewlett-Packard Co..................................... 1,212,700
-----------
3,307,525
-----------
Computers & Peripherals (2.1%):
20,700 Cisco Systems, Inc.(b)................................. 1,363,613
-----------
Cosmetics/Personal Care (6.5%):
16,200 Gillette Co. .......................................... 1,747,575
16,600 Kimberly-Clark Corp.................................... 924,413
18,800 Procter & Gamble Co.................................... 1,596,825
-----------
4,268,813
-----------
Diversified Manufacturing Operations (4.2%):
35,300 General Electric Co. .................................. 2,744,575
-----------
Entertainment (1.6%):
9,500 The Walt Disney Co..................................... 1,063,406
-----------
Financial Services (1.2%):
14,800 Franklin Resources, Inc................................ 754,800
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- -------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Food Processing & Packaging (2.1%):
6,700 Bestfoods............................. $ 706,012
21,300 Smithfield Foods, Inc.(b)............. 673,613
-----------
1,379,625
-----------
Food Products & Services (1.8%):
15,900 General Mills, Inc.................... 1,143,806
-----------
Health Care (2.7%):
23,000 Johnson & Johnson..................... 1,736,500
-----------
Insurance (3.0%):
5,400 American International Group, Inc.(b). 649,013
7,000 Cigna Corp............................ 1,337,000
-----------
1,986,013
-----------
Pharmaceuticals (18.3%):
15,300 Abbott Laboratories................... 1,144,631
8,500 American Home Products Corp. ......... 796,875
22,000 Bristol-Myers Squibb Co. ............. 2,204,125
14,800 Eli Lilly & Co........................ 974,025
22,800 Merck & Co., Inc. .................... 2,908,424
19,000 Pfizer, Inc........................... 1,681,500
14,700 Schering-Plough Corp. ................ 1,118,119
8,100 Warner-Lambert Co..................... 1,184,625
-----------
12,012,324
-----------
Radio (1.3%):
9,600 Clear Channel Communications, Inc.(b). 870,000
-----------
Retail (4.3%):
24,800 Home Depot, Inc. ..................... 1,582,550
25,900 Wal-Mart Stores, Inc.................. 1,199,494
-----------
2,782,044
-----------
Semiconductors (4.4%):
16,600 Applied Materials, Inc.(b)............ 611,088
25,500 Intel Corp............................ 2,287,031
-----------
2,898,119
-----------
Telecommunications (9.8%):
26,800 Airtouch Communications, Inc.(b)...... 1,204,325
15,000 Ameritech Corp........................ 625,313
14,700 Bell Atlantic Corp.................... 1,319,324
15,800 Lucent Technologies, Inc.............. 1,712,324
13,400 SBC Communications, Inc............... 1,013,375
18,900 U.S. Cellular Corp. (b)................. 570,544
-----------
6,445,205
-----------
</TABLE>
Continued
- 52 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
GROWTH EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Tobacco & Tobacco Product (2.3%):
34,400 Philip Morris Cos., Inc................................ $ 1,494,250
-----------
Utilities--Electric (2.9%):
25,700 AES Corp.(b)........................................... 1,130,800
28,100 Calenergy Co., Inc.(b)................................. 753,431
-----------
1,884,231
-----------
Total Common Stocks 63,615,594
-----------
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
INVESTMENT COMPANIES (2.6%):
1,694,255 American Performance Cash Management Fund.............. $ 1,694,255
-----------
Total Investment Companies 1,694,255
-----------
Total Investments (Cost $40,279,978)(a)--99.9% 65,309,849
Other assets in excess of liabilities 0.1% 35,423
-----------
Total Net Assets--100.0% $65,345,272
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.............. $25,409,539
Unrealized depreciation.............. (379,668)
-----------
Net unrealized appreciation.......... $25,029,871
===========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
- 53 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
AGGRESSIVE GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (83.5%):
Apparel (2.2%):
29,100 Nautica Enterprises, Inc.(b)........................... $ 838,444
-----------
Audio/Video Products (1.3%):
10,805 Harman International Industries, Inc................... 502,433
-----------
Computers & Peripherals (1.8%):
10,500 Cisco Systems, Inc.(b)................................. 691,688
-----------
Electronics (2.5%):
46,700 CHS Electronics, Inc.(b)............................... 963,188
-----------
Engineering (2.0%):
31,200 Dycom Industries, Inc.(b).............................. 795,600
-----------
Financial Services (4.1%):
20,770 Paychex, Inc........................................... 1,072,251
20,525 The Money Store, Inc................................... 511,842
-----------
1,584,093
-----------
Health Care (8.0%):
16,200 Access Health, Inc.(b)................................. 587,250
25,100 Capital Senior Living Corp.(b)......................... 321,594
26,100 Concentra Managed Care, Inc.(b)........................ 895,555
28,356 FPA Medical Management, Inc.(b)........................ 655,732
33,858 Orthodontic Centers Of America, Inc.(b)................ 653,883
-----------
3,114,014
-----------
Insurance (4.1%):
30,700 Amerin Corp.(b)........................................ 897,975
24,200 FPIC Insurance Group, Inc.(b).......................... 701,800
-----------
1,599,775
-----------
Medical Services (4.5%):
32,800 Hologic, Inc.(b)....................................... 750,300
79,000 Prime Medical Services, Inc.(b)........................ 987,500
-----------
1,737,800
-----------
Oil & Gas--Equipment & Services (2.5%):
45,000 American Oilfield Divers, Inc.(b)...................... 534,375
22,000 Tuboscope Vetco International Corp.(b)................. 430,375
-----------
964,750
-----------
Oil & Gas Exploration (1.5%):
24,800 Newfield Exploration Co.(b)............................ 595,200
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Pharmaceuticals (3.6%):
10,648 Cardinal Health, Inc................................... $ 871,805
33,200 ChiRex, Inc.(b)........................................ 510,450
-----------
1,382,255
-----------
Real Estate (1.8%):
19,000 Bay Apartment Communities, Inc......................... 718,438
-----------
Recreation (2.9%):
33,000 Family Golf Centers, Inc.(b)........................... 1,109,625
-----------
Restaurants (5.5%):
32,400 Apple South, Inc....................................... 441,450
23,200 Landry's Seafood Restaurants(b)........................ 614,800
37,100 Showbiz Pizza Time, Inc.(b)............................ 1,075,900
-----------
2,132,150
-----------
Retail (7.1%):
22,400 Petco Animal Supplies, Inc.(b)......................... 320,600
9,900 Proffitt's, Inc.(b).................................... 335,363
25,900 Stage Stores, Inc.(b).................................. 1,087,799
28,500 The Men's Wearhouse, Inc.(b)........................... 1,029,563
-----------
2,773,325
-----------
Semiconductors (7.3%):
36,900 QLogic Corp.(b)........................................ 1,480,612
47,800 Semtech Corp.(b)....................................... 1,374,250
-----------
2,854,862
-----------
Shipbuilding (0.9%):
18,450 Halter Marine Group, Inc.(b)........................... 362,081
-----------
Telecommunications (8.9%):
61,100 Boston Communication Group, Inc.(b).................... 542,263
89,300 LCC International, Inc.(b)............................. 1,127,412
53,000 Smartalk Teleservices, Inc.(b)......................... 1,782,124
-----------
3,451,799
-----------
Tobacco & Tobacco Product (2.9%):
45,300 Consolidated Cigar Holdings, Inc.(b)................... 1,050,393
5,161 General Cigar Holdings, Inc.(b)........................ 85,802
-----------
1,136,195
-----------
Transportation (2.7%):
50,400 Arkansas Best Corp.(b)................................. 567,000
28,100 Offshore Logistics, Inc.(b)............................ 495,263
-----------
1,062,263
-----------
</TABLE>
Continued
- 54 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
AGGRESSIVE GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Transportation Leasing & Trucking (2.3%):
34,200 Motivepower Industries, Inc.(b)........................ $ 912,713
-----------
Vitamins & Nutrition (3.1%):
36,700 Twinlab Corp........................................... 1,192,750
-----------
Total Common Stocks 32,475,441
-----------
U.S. GOVERNMENT AGENCIES (12.8%):
Federal Home Loan Bank (5.1%):
2,000,000 3/3/98................................................. 1,999,108
-----------
Federal National Mortgage Assoc. (7.7%):
3,000,000 3/3/98................................................. 2,998,658
-----------
Total U.S. Government Agencies 4,997,766
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
INVESTMENT COMPANIES (3.8%):
$1,470,370 American Performance
Cash Management Fund................................ $ 1,470,370
-----------
Total Investment Companies 1,470,370
-----------
Total Investments (Cost $33,464,686)(a)--100.1% 38,943,577
Liabilities in excess of other assets (0.1)% (22,381)
-----------
Total Net Assets--100.0% $38,921,196
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............. $ 7,650,042
Unrealized depreciation............. (2,171,151)
-----------
Net unrealized appreciation......... $ 5,478,891
===========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
- 55 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS
FEBRUARY 28, 1998
(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, as
amended (the "1940 Act"), as a diversified, open-end investment company
established as a Massachusetts business trust. The Funds presently offer
shares of the U.S. Treasury Fund, the Cash Management Fund, the Intermediate
Tax-Free Bond Fund, the Short-Term Income Fund, the Intermediate Bond Fund,
the Bond Fund, the Balanced Fund, the Equity Fund, the Growth Equity Fund
and the Aggressive Growth Fund (individually referred to as a "Fund"). Bank
of Oklahoma N.A. ("BOK") (successor to BankOklahoma Trust Company), a
subsidiary of BancOklahoma Corp., serves as investment advisor 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 U.S. Treasury Fund and Cash Management Fund
(the "money market funds") is to seek current income with liquidity and
stability of principal. The Intermediate Tax-Free Bond Fund, Short-Term
Income Fund, and the Intermediate Bond Fund seek current income, consistent
with the preservation of capital. The Bond Fund's objective is to maximize
total return. The Balanced Fund seeks current income and, secondarily, long-
term capital growth. The Equity Fund seeks growth of capital. The Growth
Equity Fund seeks long-term capital appreciation and growth of income. The
Aggressive Growth Fund seeks long-term capital appreciation.
2.SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies followed by
the Funds in the preparation of their financial statements. The policies are
in conformity with generally accepted accounting principles. The preparation
of financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of income and
expenses for the period. Actual results could differ from those estimates.
SECURITIES VALUATION:
Investments of the money market funds are valued at amortized cost, which
approximates market value. Discount or premium is amortized on a constant
basis to the maturity of the security under the amortized cost method. In
addition, the money market funds may not a) purchase any instrument with
a remaining maturity greater than thirteen months unless such investment
is subject to a demand feature, or b) maintain a dollar weighted average
portfolio maturity which exceeds 90 days.
Investments in common stocks, corporate bonds, commercial paper,
municipal government bonds, and U.S. Government securities of the
Intermediate Tax-Free Bond Fund, Short-Term Income Fund, Intermediate
Bond Fund, Bond Fund, Balanced Fund, Equity Fund, Growth Equity Fund and
Aggressive Growth Fund (collectively, "the variable net asset value
funds"), are valued at their market value determined on the basis of the
latest available bid prices in the principal market (closing sales prices
if the principal market is an exchange) in which such securities are
normally traded. The variable net asset value funds may also use an
independent pricing service approved by the Board of Trustees to value
certain securities. Such prices reflect market values which may be
established through the use of electronic and matrix techniques.
Investments in investment companies are valued at their net asset values
as reported by such companies. The differences between the cost and
market values of investments held by the variable net asset value funds
are reflected as either unrealized appreciation or depreciation.
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.
Continued
- 56 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
SECURITIES PURCHASED ON A WHEN-ISSUED BASIS AND DELAYED DELIVERY BASIS:
Each Fund may purchase securities on a "when-issued" basis. When-issued
securities are securities purchased for delivery beyond the normal
settlement date at a stated price and/or yield, thereby involving the
risk that the price and/or yield obtained may be more or less than those
available in the market when delivery takes place. The Fund records the
transaction and reflects the value of the security in determining net
asset value at the time the Fund makes the commitment to purchase a
security on a when-issued basis. Normally, the settlement date occurs
within one month of the purchase. No payment is made by the Fund and no
interest accrues to the Fund during the period between purchase and
settlement. The Fund establishes a segregated account in which it
maintains cash and marketable securities equal in value to commitments
for when-issued securities. Securities purchased on a when-issued basis
or delayed delivery basis do not earn income until the settlement date.
The Fund held no when-issued securities as of February 28, 1998.
EXPENSES:
Expenses that are directly related to one of the Funds are charged
directly to that Fund. Other operating expenses of the Funds are prorated
to each Fund on the basis of relative net assets.
REPURCHASE AGREEMENTS:
Each Fund may acquire securities from financial institutions such as
member banks of the Federal Deposit Insurance Corporation or from
registered broker/dealers which the respective investment adviser deems
creditworthy under guidelines approved by the Board of Trustees, subject
to the seller's agreement to repurchase such securities at a mutually
agreed-upon date and price. The repurchase price generally equals the
price paid by the Fund plus interest negotiated on the basis of current
short-term rates, which may be more or less than the rate on the
underlying portfolio securities. The seller, under a repurchase
agreement, is required to maintain the value of collateral held pursuant
to the agreement at not less than the repurchase price (including accrued
interest). Securities subject to repurchase agreements are held by the
Fund's custodian, another qualified sub-custodian or in the Federal
Reserve/Treasury book-entry system.
DIVIDENDS TO SHAREHOLDERS:
Dividends from net investment income are declared daily and paid monthly
for the money market funds. Dividends from net investment income are
declared daily and paid monthly for the Intermediate Tax-Free Bond Fund,
Short-Term Income Fund, Intermediate Bond Fund, and Bond Fund. Dividends
from net investment income are declared and paid quarterly for the
Balanced Fund, Equity Fund, Growth Equity Fund and Aggressive Growth
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.
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
Continued
- 57 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
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.
3.PURCHASES AND SALES OF SECURITIES:
Purchases and sales of securities (excluding short-term securities) for the
six months ended February 28, 1998 are as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
----------- -----------
<S> <C> <C>
Intermediate Tax-Free Bond Fund...................... $ 5,045,937 $ 3,013,874
Short-Term Income Fund............................... 10,253,331 6,184,529
Intermediate Bond Fund............................... 17,946,840 14,987,181
Bond Fund............................................ 21,588,749 11,201,170
Balanced Fund........................................ 20,422,934 15,412,748
Equity Fund.......................................... 79,095,616 73,748,547
Growth Equity Fund................................... 19,243,802 6,184,549
Aggressive Growth Fund............................... 15,686,970 35,496,333
</TABLE>
4.RELATED PARTY TRANSACTIONS:
Investment advisory services are provided to the Funds by BOK. AMR serves as
sub-investment adviser to the Cash Management Fund. Under the terms of the
investment advisory agreements, BOK and AMR are entitled to receive fees
based on a percentage of the average net assets of each of the Funds. BOK
also serves the Funds as custodian.
During the year ended August 31, 1997, BOK Financial Corp., an affiliate of
BOK, and AMR purchased securities from the Cash Management Fund for their
carrying value of approximately $20 million. At the time of the
transactions, the difference between the market value and carrying value of
the securities was approximately $3.4 million, which is reflected in the
accompanying financial statements as capital contribution to the Cash
Management Fund.
BISYS Fund Services Limited Partnership d/b/a BISYS Fund Services ("BISYS"),
an Ohio Limited Partnership, and BISYS Fund Services Ohio, Inc. ("BISYS
Ohio") are subsidiaries of the BISYS Group, Inc. BISYS, whom certain
officers of the Funds are affiliated, serves the Funds as administrator.
Such officers and trustees are paid no fees directly by the Funds for
serving as officers of the Funds. Fees for administration services are
established under terms of the administration contract as a percentage of
the average net assets of each of the Funds. BISYS Ohio serves the Funds as
transfer agent and mutual fund accountant.
The Funds have adopted a Distribution and Shareholder Services Plan in
accordance with Rule 12b-1 under the 1940 Act, pursuant to which the Funds
are authorized to pay or reimburse BISYS, as distributor, a periodic amount,
calculated at an annual rate not to exceed .25% of the average daily net
asset value of the Funds, and may be used by BISYS to pay banks, including
the adviser, broker dealers and other institutions. As distributor, BISYS is
entitled to receive commissions on sales of shares of the variable net asset
value funds. For the six months ended February 28, 1998, BISYS received
$7,391 from commissions earned on sales of shares of the Funds' variable net
asset value funds, $4,745 of which was reallowed to affiliated
broker/dealers of the Funds.
From time to time, fees may be voluntarily reduced or reimbursed in order to
assist each of the Funds in maintaining more competitive expense ratios.
Continued
- 58 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
Information regarding these transactions for the six months ended February
28, 1998 is as follows:
<TABLE>
<CAPTION>
U.S. CASH
TREASURY MANAGEMENT
FUND FUND
-------- ----------
<S> <C> <C>
INVESTMENT ADVISORY FEES:
Annual fee (percentage of average net assets)........... 0.40% 0.40%
ADMINISTRATION FEES:
Annual fee (percentage of average net assets)........... 0.20% 0.20%
12B-1 FEES:
Annual fee before voluntary fee reductions
(percentage of average net assets)..................... 0.25% 0.25%
Voluntary fee reductions................................ $447,957 $466,346
CUSTODIAN FEES:
Annual fee (percentage of net assets)................... 0.03% 0.03%
TRANSFER AGENT AND MUTUAL FUND ACCOUNTANT FEES........... $ 77,976 $ 82,786
</TABLE>
<TABLE>
<CAPTION>
SHORT-
INTERMEDIATE TERM
TAX-FREE INCOME INTERMEDIATE
BOND FUND FUND BOND FUND BOND FUND
------------ ------- ------------ ---------
<S> <C> <C> <C> <C>
INVESTMENT ADVISORY FEES:
Annual fee before voluntary fee
reductions
(percentage of average net as-
sets)............................ 0.55% 0.55% 0.55% 0.55%
Voluntary fee reductions........ $27,453 $47,323 $78,734 $41,022
ADMINISTRATION FEES:
Annual fee (percentage of aver-
age net assets)................ 0.20% 0.20% 0.20% 0.20%
12B-1 FEES:
Annual fee before voluntary fee
reductions
(percentage of average net as-
sets).......................... 0.25% 0.25% 0.25% 0.25%
Voluntary fee reductions........ $34,317 $21,510 -- --
CUSTODIAN FEES:
Annual fee before voluntary fee
reductions
(percentage of average net as-
sets).......................... 0.03% 0.03% 0.03% 0.03%
Voluntary fee reductions........ -- $ 2,115 -- --
TRANSFER AGENT AND MUTUAL FUND
ACCOUNTANT FEES................. $14,660 $ 9,040 $30,121 $15,631
</TABLE>
Continued
- 59 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
FEBRUARY 28, 1998
(UNAUDITED)
<TABLE>
<CAPTION>
BALANCED EQUITY GROWTH AGGRESSIVE
FUND FUND EQUITY FUND GROWTH FUND
-------- -------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ADVISORY FEES:
Annual fee before voluntary fee
reductions
(percentage of average net as-
sets)......................... 0.74% 0.69% 0.69% 0.69%
Voluntary fee reductions....... $113,775 $174,051 $32,637 $49,825
ADMINISTRATION FEES:
Annual fee (percentage of aver-
age net assets)............... 0.20% 0.20% 0.20% 0.20%
12B-1 FEES:
Annual fee before voluntary fee
reductions or credits
(percentage of average net as-
sets) 0.25% 0.25% 0.25% 0.25%
Voluntary fee reductions....... $ 41,888 -- -- --
CUSTODIAN FEES:
Annual fee before voluntary fee
reductions
(percentage of net assets).... 0.03% 0.03% 0.03% 0.03%
Voluntary fee reductions....... $ 3,224 -- -- --
TRANSFER AGENT AND MUTUAL FUND
ACCOUNTANT FEES................ $ 15,648 $ 48,957 $10,268 $19,726
</TABLE>
5.CONVERSION OF COMMON TRUST FUNDS
On October 31, 1997 the Growth Equity Fund of the American Performance Funds
issued shares to acquire the assets and liabilities of the Common Fund "B"
Growth Equity of BOK. The following is a summary of the shares issued, net
assets acquired, net asset value per share and unrealized
appreciation/(depreciation) as of the date acquired:
<TABLE>
<CAPTION>
UNREALIZED
NET ASSET APPRECIATION/
SHARES NET ASSETS VALUE (DEPRECIATION)
--------- ----------- --------- --------------
<S> <C> <C> <C> <C>
Growth Equity Fund............. 4,285,041 $42,850,409 $10.00 $16,460,055
</TABLE>
Continued
- 60 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
(UNAUDITED)
<TABLE>
<CAPTION>
U.S. TREASURY FUND
---------------------------------------------------------------
SIX MONTHS YEAR ENDED AUGUST 31,
ENDED ------------------------------------------------
FEBRUARY 28,
1998 1997 1996 1995 1994 1993
------------ -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGIN-
NING OF PERIOD......... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- -------- --------
INVESTMENT ACTIVITIES
Net investment income.. 0.024 0.046 0.047 0.048 0.028 0.025
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS
Net investment income.. (0.024) (0.046) (0.047) (0.048) (0.028) (0.025)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF
PERIOD................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ======== ========
Total Return............ 2.46%(b) 4.74% 4.85% 4.95% 2.87% 2.57%
RATIOS/SUPPLEMENTAL DA-
TA:
Net Assets at end of
period (000).......... $369,901 $298,424 $217,406 $187,007 $165,353 $169,428
Ratio of expenses to
average net assets.... 0.71%(a) 0.72% 0.74% 0.75% 0.81% 0.81%
Ratio of net investment
income to average net
assets................ 4.86%(a) 4.65% 4.74% 4.88% 2.81% 2.51%
Ratio of expenses to
average net assets*... 0.96%(a) 0.97% 0.99% 1.00% 1.01% 1.01%
Ratio of net investment
income to average net
assets*............... 4.61%(a) 4.40% 4.49% 4.63% 2.61% 2.31%
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Annualized.
(b) Not annualized.
See notes to financial statements.
- 61 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
(UNAUDITED)
<TABLE>
<CAPTION>
CASH MANAGEMENT FUND
--------------------------------------------------------
SIX MONTHS YEAR ENDED AUGUST 31,
ENDED -----------------------------------------
FEBRUARY 28,
1998 1997 1996 1995 1994
------------ -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGIN-
NING OF PERIOD......... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- --------
INVESTMENT ACTIVITIES
Net investment income.. 0.025 0.049 0.050 0.052 0.030
Net realized gains
(losses) on invest-
ments................. -- (0.010) -- -- --
-------- -------- -------- -------- --------
Total from Investment
Activities........... 0.025 0.039 0.050 0.052 0.030
-------- -------- -------- -------- --------
DISTRIBUTIONS
Net investment income.. (0.025) (0.049) (0.050) (0.052) (0.030)
-------- -------- -------- -------- --------
Capital Transactions... -- 0.010 -- -- --
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF
PERIOD................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ========
Total Return............ 2.52%(c) 5.05%(a) 5.14% 5.30% 3.08%
RATIOS/SUPPLEMENTAL DA-
TA:
Net Assets at end of
period (000).......... $408,870 $331,095 $375,797 $194,807 $195,490
Ratio of expenses to
average net assets.... 0.70%(b) 0.72% 0.71% 0.74% 0.78%
Ratio of net investment
income to average net
assets................ 5.07%(b) 4.93% 5.01% 5.18% 3.05%
Ratio of expenses to
average net assets*... 0.95%(b) 0.97% 0.96% 0.99% 0.98%
Ratio of net investment
income to average net
assets*............... 4.82%(b) 4.68% 4.76% 4.94% 2.85%
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) The total return includes the effect of a capital contribution of $0.010
per share. The return without the capital contribution would have been
4.05%.
(b) Annualized.
(c) Not Annualized.
See notes to financial statements.
- 62 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
(UNAUDITED)
<TABLE>
<CAPTION>
INTERMEDIATE TAX-FREE BOND FUND
----------------------------------------------------------
SIX MONTHS YEAR ENDED AUGUST 31,
ENDED -------------------------------------------
FEBRUARY 28,
1998 1997 1996 1995 1994 1993
------------ ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGIN-
NING OF PERIOD......... $ 10.78 $ 10.57 $ 10.67 $ 10.42 $ 10.77 $ 10.18
------- ------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income.. 0.24 0.49 0.49 0.51 0.54 0.55
Net realized and
unrealized gains
(losses) on
investments........... 0.20 0.21 (0.10) 0.25 (0.35) 0.59
------- ------- ------- ------- ------- -------
Total from Investment
Activities........... 0.44 0.70 0.39 0.76 0.19 1.14
------- ------- ------- ------- ------- -------
DISTRIBUTIONS
Net investment income.. (0.24) (0.49) (0.49) (0.51) (0.54) (0.55)
Net realized gains..... (0.07) -- -- -- -- --
------- ------- ------- ------- ------- -------
Total Distributions... (0.31) (0.49) (0.49) (0.51) (0.54) (0.55)
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD................. $ 10.91 $ 10.78 $ 10.57 $ 10.67 $ 10.42 $ 10.77
======= ======= ======= ======= ======= =======
Total Return (excludes
sales charge).......... 4.19%(b) 6.79% 3.68% 7.62% 1.76% 11.56%
RATIOS/SUPPLEMENTAL DA-
TA:
Net Assets at end of
period (000).......... $29,324 $26,544 $31,036 $28,114 $30,097 $17,415
Ratio of expenses to
average net assets.... 0.72%(a) 0.74% 0.75% 0.51% 0.25% 0.25%
Ratio of net investment
income to average net
assets................ 4.50%(a) 4.61% 4.58% 4.99% 5.06% 5.34%
Ratio of expenses to
average net assets*... 1.17%(a) 1.19% 1.20% 1.24% 1.44% 1.63%
Ratio of net investment
income to average net
assets*............... 4.05%(a) 4.16% 4.13% 4.25% 3.87% 3.96%
Portfolio turnover..... 11.17% 11.38% 19.53% 8.35% 14.33% 13.19%
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Annualized.
(b) Not annualized.
See notes to financial statements.
- 63 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
(UNAUDITED)
<TABLE>
<CAPTION>
SHORT-TERM INCOME FUND
----------------------------------------------------
SIX MONTHS YEAR ENDED AUGUST 31, OCTOBER 19,
ENDED ---------------------- 1994
FEBRUARY 28, TO AUGUST 31,
1998 1997 1996 1995 (A)
------------ ---------- ---------- -------------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING
OF PERIOD................ $ 9.92 $ 9.79 $ 9.95 $ 10.00
------- ---------- ---------- -------
Investment Activities
Net investment income.... 0.31 0.61 0.59 0.52
Net realized and
unrealized gains (loss-
es) on investments...... 0.11 0.14 (0.14) (0.05)
------- ---------- ---------- -------
Total from Investment
Activities............. 0.42 0.75 0.45 0.47
------- ---------- ---------- -------
DISTRIBUTIONS
Net investment income.... (0.31) (0.61) (0.59) (0.52)
In excess of net invest-
ment income............. -- (0.01) -- --
Net realized gains....... -- -- (0.01) --
In excess of net realized
gains................... -- -- (0.01) --
------- ---------- ---------- -------
Total Distributions..... (0.31) (0.62) (0.61) (0.52)
------- ---------- ---------- -------
NET ASSET VALUE, END OF
PERIOD................... $ 10.03 $ 9.92 $ 9.79 $ 9.95
======= ========== ========== =======
Total Return (excludes
sales charge)............ 4.30%(c) 7.85% 4.64% 4.81%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of pe-
riod (000).............. $20,005 $ 15,658 $ 14,399 $10,228
Ratio of expenses to av-
erage net assets........ 0.35%(b) 0.33% 0.41% 0.57%(b)
Ratio of net investment
income to average net
assets.................. 6.29%(b) 6.14% 5.95% 5.96%(b)
Ratio of expenses to av-
erage net assets*....... 1.17%(b) 1.16% 1.24% 1.47%(b)
Ratio of net investment
income to average net
assets*................. 5.47%(b) 5.31% 5.12% 5.06%(b)
Portfolio turnover....... 35.31% 37.55% 80.98% 212.35%
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a)Period from commencement of operations.
(b)Annualized.
(c)Not annualized.
See notes to financial statements.
- 64 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
(UNAUDITED)
<TABLE>
<CAPTION>
INTERMEDIATE BOND FUND
----------------------------------------------------------
SIX MONTHS YEAR ENDED AUGUST 31,
ENDED -------------------------------------------
FEBRUARY 28,
1998 1997 1996 1995 1994 1993
------------ ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGIN-
NING OF PERIOD......... $ 10.23 $ 10.01 $ 10.26 $ 10.23 $ 11.06 $ 10.89
------- ------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income.. 0.30 0.60 0.60 0.61 0.61 0.64
Net realized and
unrealized gains
(losses) on
investments........... 0.14 0.22 (0.25) 0.06 (0.73) 0.30
------- ------- ------- ------- ------- -------
Total from Investment
Activities........... 0.44 0.82 0.35 0.67 (0.12) 0.94
------- ------- ------- ------- ------- -------
DISTRIBUTIONS:
Net investment income.. (0.30) (0.60) (0.60) (0.61) (0.61) (0.64)
Net realized gains..... -- -- -- -- (0.06) (0.13)
In excess of net real-
ized gains............ -- -- -- (0.03) (0.04) --
------- ------- ------- ------- ------- -------
Total Distributions... (0.30) (0.60) (0.60) (0.64) (0.71) (0.77)
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD................. $ 10.37 $ 10.23 $ 10.01 $ 10.26 $ 10.23 $ 11.06
======= ======= ======= ======= ======= =======
Total Return (excludes
sales charge).......... 4.38%(b) 8.38% 3.41% 6.81% (1.14)% 9.04%
RATIOS/SUPPLEMENTAL DA-
TA:
Net Assets at end of
period (000).......... $81,395 $77,319 $63,088 $74,395 $84,144 $57,085
Ratio of expenses to
average net assets.... 0.93%(a) 0.93% 0.95% 0.98% 0.98% 1.02%
Ratio of net investment
income to average net
assets................ 5.91%(a) 5.89% 5.84% 6.00% 5.72% 5.95%
Ratio of expenses to
average net assets*... 1.13%(a) 1.13% 1.15% 1.18% 1.18% 1.24%
Ratio of net investment
income to average net
assets*............... 5.71%(a) 5.69% 5.64% 5.80% 5.52% 5.74%
Portfolio turnover..... 19.09% 40.77% 129.97% 154.43% 76.30% 47.79%
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a)Annualized.
(b)Not annualized.
See notes to financial statements.
- 65 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
(UNAUDITED)
<TABLE>
<CAPTION>
BOND FUND
----------------------------------------------------------
SIX MONTHS YEAR ENDED AUGUST 31,
ENDED -------------------------------------------
FEBRUARY 28,
1998 1997 1996 1995 1994 1993
------------ ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGIN-
NING OF PERIOD......... $ 9.29 $ 8.99 $ 9.29 $ 9.36 $ 11.05 $ 10.99
------- ------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income.. 0.29 0.58 0.57 0.56 0.58 0.70
Net realized and
unrealized gains
(losses) on
investments........... 0.26 0.30 (0.30) 0.15 (0.77) 0.50
------- ------- ------- ------- ------- -------
Total from Investment
Activities........... 0.55 0.88 0.27 0.71 (0.19) 1.20
------- ------- ------- ------- ------- -------
DISTRIBUTIONS
Net investment income.. (0.29) (0.58) (0.57) (0.56) (0.58) (0.70)
Net realized gains..... -- -- -- -- (0.43) (0.44)
In excess of net real-
ized gains............ -- -- -- (0.22) (0.49) --
------- ------- ------- ------- ------- -------
Total Distributions... (0.29) (0.58) (0.57) (0.78) (1.50) (1.14)
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD................. $ 9.55 $ 9.29 $ 8.99 $ 9.29 $ 9.36 $ 11.05
======= ======= ======= ======= ======= =======
Total Return (excludes
sales charge).......... 5.96%(b) 10.03% 2.84% 8.21% (1.92)% 11.76%
RATIOS/SUPPLEMENTAL DA-
TA:
Net Assets at end of
period (000).......... $47,034 $35,454 $32,807 $37,293 $38,257 $23,554
Ratio of expenses to
average net assets.... 0.93%(a) 0.94% 0.96% 1.03% 1.05% 1.12%
Ratio of net investment
income to average net
assets................ 6.13%(a) 6.29% 6.08% 6.18% 5.72% 6.49%
Ratio of expenses to
average net assets*... 1.13%(a) 1.14% 1.16% 1.23% 1.25% 1.33%
Ratio of net investment
income to average net
assets*............... 5.93%(a) 6.09% 5.88% 5.98% 5.52% 6.28%
Portfolio turnover..... 27.55% 83.65% 61.02% 185.48% 122.14% 26.27%
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Annualized.
(b) Not annualized.
See notes to financial statements.
- 66 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
(UNAUDITED)
<TABLE>
<CAPTION>
BALANCED FUND
-------------------------------------------------
SIX MONTHS YEAR ENDED AUGUST 31, JUNE 1,
ENDED ---------------------- 1995 TO
FEBRUARY 28, AUGUST 31,
1998 1997 1996 1995(A)
------------ ---------- ---------- ----------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING
OF PERIOD................. $ 13.38 $ 11.28 $ 10.62 $ 10.00
------- ---------- ---------- -------
INVESTMENT ACTIVITIES
Net investment income..... 0.18 0.41 0.35 0.08
Net realized and
unrealized gains on
investments.............. 0.94 2.46 0.79 0.62
------- ---------- ---------- -------
Total from Investment
Activities.............. 1.12 2.87 1.14 0.70
------- ---------- ---------- -------
DISTRIBUTIONS
Net investment income..... (0.15) (0.41) (0.35) (0.08)
Net realized gains........ (1.28) (0.36) (0.13) --
------- ---------- ---------- -------
Total Distributions...... (1.43) (0.77) (0.48) (0.08)
------- ---------- ---------- -------
NET ASSET VALUE, END OF
PERIOD.................... $ 13.07 $ 13.38 $ 11.28 $ 10.62
======= ========== ========== =======
Total Return (excludes
sales charge)............. 8.87%(c) 26.33% 10.87% 6.98%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of
period (000)............. $39,368 $ 30,249 $ 22,592 $12,842
Ratio of expenses to
average net assets....... 0.36%(b) 0.36% 0.38% 0.90%(b)
Ratio of net investment
income to average net
assets................... 3.25%(b) 3.34% 3.27% 3.17%(b)
Ratio of expenses to
average net assets*...... 1.31%(b) 1.38% 1.40% 1.92%(b)
Ratio of net investment
income to average net
assets*.................. 2.30%(b) 2.32% 2.25% 2.15%(b)
Portfolio turnover........ 49.68% 66.12% 71.89% 18.68%
Average commission rate
(d)...................... $0.0583 $ 0.0531 $ 0.0792 --
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Annualized.
(c) Not annualized.
(d) Represents the total dollar amount of commissions paid on portfolio equity
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged. Disclosure is not required for
periods ending prior to September 1, 1995.
See notes to financial statements.
- 67 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
(UNAUDITED)
<TABLE>
<CAPTION>
EQUITY FUND
-----------------------------------------------------------
SIX MONTHS YEAR ENDED AUGUST 31,
ENDED --------------------------------------------
FEBRUARY 28,
1998 1997 1996 1995 1994 1993
------------ -------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.... $ 17.33 $ 13.73 $ 12.33 $ 11.85 $ 12.78 $ 11.31
-------- -------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income.. 0.04 0.13 0.18 0.20 0.14 0.14
Net realized and
unrealized gains on
investments........... 2.25 5.03 2.04 1.77 0.40 1.56
-------- -------- ------- ------- ------- -------
Total from Investment
Activities........... 2.29 5.16 2.22 1.97 0.54 1.70
-------- -------- ------- ------- ------- -------
DISTRIBUTIONS
Net investment income.. (0.03) (0.13) (0.18) (0.19) (0.14) (0.14)
In excess of net
investment income..... -- (0.01) -- -- -- --
Net realized gains..... (2.47) (1.42) (0.64) (0.39) (1.33) (0.09)
In excess of net
realized gains........ -- -- -- (0.91) -- --
-------- -------- ------- ------- ------- -------
Total Distributions... (2.50) (1.56) (0.82) (1.49) (1.47) (0.23)
-------- -------- ------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD................. $ 17.12 $ 17.33 $ 13.73 $ 12.33 $ 11.85 $ 12.78
======== ======== ======= ======= ======= =======
Total Return (excludes
sales charge).......... 14.34%(c) 40.23% 18.53% 19.74% 4.66% 15.12%
RATIOS/SUPPLEMENTAL
DATA:
Net Assets at end of
period (000).......... $199,520 $170,887 $86,352 $76,398 $84,618 $58,015
Ratio of expenses to
average net assets.... 1.05%(b) 1.06% 1.08% 1.14% 1.12% 1.16%
Ratio of net investment
income to average net
assets................ 0.54%(b) 0.88% 1.35% 1.73% 1.32% 1.09%
Ratio of expenses to
average net assets*... 1.24%(b) 1.25% 1.27% 1.33% 1.31% 1.36%
Ratio of net investment
income to average net
assets*............... 0.35%(b) 0.69% 1.16% 1.54% 1.13% 0.88%
Portfolio turnover..... 40.89% 93.82% 67.46% 100.44% 159.30% 66.54%
Average commission rate
(a)................... $ 0.0501 $ 0.0502 $0.0504 -- -- --
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Represents the total dollar amount of commissions paid on portfolio equity
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged. Disclosure is not required for
periods ending prior to September 1, 1995.
(b) Annualized.
(c) Not annualized.
See notes to financial statements.
- 68 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
(UNAUDITED)
<TABLE>
<CAPTION>
GROWTH EQUITY
-------------
NOVEMBER 1,
1997 THROUGH
FEBRUARY 28,
1998(A)
-------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD............................ $ 10.00
-------
INVESTMENT ACTIVITIES
Net investment income.......................................... 0.01
Net realized and unrealized gains on investments............... 1.59
-------
Total from Investment Activities.............................. 1.60
-------
DISTRIBUTIONS
Net investment income.......................................... (0.01)
Net realized gains............................................. --
-------
Total Distributions........................................... (0.01)
-------
NET ASSET VALUE, END OF PERIOD.................................. $ 11.59
=======
Total Return (excludes sales charge)............................ 16.13%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period (000).............................. $65,345
Ratio of expenses to average net assets........................ 1.09%(b)
Ratio of net investment income to average net assets........... 0.37%(b)
Ratio of expenses to average net assets*....................... 1.28%(b)
Ratio of net investment income to average net assets*.......... 0.18%(b)
Portfolio turnover............................................. 12.21%
Average commission rate(d)..................................... $0.0502
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Annualized.
(c) Not annualized.
(d) Represents the total dollar amount of commissions paid on portfolio equity
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged.
See notes to financial statements.
- 69 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
(UNAUDITED)
<TABLE>
<CAPTION>
AGGRESSIVE GROWTH FUND
---------------------------------------------------------------
SIX MONTHS YEAR ENDED AUGUST 31,
ENDED -----------------------------------------------
FEBRUARY 28,
1998 1997 1996 1995 1994 1993
------------ ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.... $ 18.88 $ 16.29 $ 16.31 $ 11.99 $ 11.96 $ 8.37
------- ------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income
(loss)................ (0.04) (0.06) (0.04) (0.06) (0.04) (0.03)
Net realized and
unrealized gains
(losses) on
investments........... (0.76) 2.65 0.30 4.38 0.07 3.62
------- ------- ------- ------- ------- -------
Total from Investment
Activities........... (0.80) 2.59 0.26 4.32 0.03 3.59
------- ------- ------- ------- ------- -------
DISTRIBUTIONS
Net realized gains..... (2.59) -- (0.28) -- -- --
------- ------- ------- ------- ------- -------
Total Distributions... (2.59) -- (0.28) -- -- --
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD................. $ 15.49 $ 18.88 $ 16.29 $ 16.31 $ 11.99 $ 11.96
======= ======= ======= ======= ======= =======
Total Return (excludes
sales charge).......... (3.06)%(c) 15.90 % 1.77 % 36.03 % 0.25 % 42.89 %
RATIOS/SUPPLEMENTAL
DATA:
Net Assets at end of
period (000).......... $38,921 $58,982 $43,278 $38,008 $24,775 $11,012
Ratio of expenses to
average net assets.... 1.05 %(b) 1.08 % 1.11 % 1.27 % 1.35 % 0.62 %
Ratio of net investment
income (loss) to
average net assets.... (0.42)%(b) (0.56)% (0.35)% (0.62)% (0.69)% (0.24)%
Ratio of expenses to
average net assets*... 1.24 %(b) 1.27 % 1.30 % 1.45 % 1.55 % 1.64 %
Ratio of net investment
income (loss) to
average net assets*... (0.61)%(b) (0.75)% (0.54)% (0.81)% (0.89)% (1.26)%
Portfolio turnover..... 32.71 % 76.47 % 32.89 % 27.16 % 18.76 % 59.47 %
Average commission rate
(a)................... $0.0626 $0.0601 $0.0665 -- -- --
</TABLE>
- ----------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Represents the total dollar amount of commissions paid on portfolio equity
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged. Disclosure is not required for
periods ending prior to September 1, 1995.
(b) Annualized.
(c) Not annualized.
See notes to financial statements.
- 70 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
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 4315
