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[LOGO APPEARS HERE]
AMERICAN PERFORMANCE FUNDS
The Right Fit For Your Investment Goals
ANNUAL REPORT
August 31, 1998
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LETTER FROM THE CHAIRMAN
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DEAR SHAREHOLDERS:
We are pleased to report that the year ended August 31, 1998, was, overall, a
good one for the American Performance Funds. While stocks did give back some of
their gains as the period drew to a close, averages were still higher than they
were twelve months ago. Moreover as volatility increased, investors sought
quality and safety--and the fixed-income markets rallied in response.
Our fixed-income funds, in particular, benefited significantly. In fact, the
American Performance Short-Term Income Fund was ranked the #1 fund among 102
short-term investment-grade debt funds by Lipper Analytical Services for the
twelve months ended August 31, 1998. For the same period, Lipper also ranked
the American Performance Bond Fund #8 among 217 intermediate investment grade-
debt funds, and ranked the American Performance Intermediate Bond Fund #9 among
90 short-intermediate investment-grade debt funds./1/,/2/
We are also pleased to report that, despite the tumultuous environment of the
year, individual investors kept the faith. While the rate of inflows to mutual
funds did slow, outflows did not increase dramatically--even as stocks pulled
back in late August. As a result, over the course of the year, net assets under
management in the American Performance Funds grew from $1.0 billion at the
start of the period to $1.4 billion on August 31, 1998.
A WORD ABOUT THE STOCK MARKET. . .
Despite the year-over-year gain, however, the last several weeks have been
disconcerting ones for all but the most determined long-term investors. As the
period ended on August 31, 1998, the average stock on the New York Stock
Exchange and the Nasdaq was down about 35% below its 1998 peak*. Reasons for
the downdraft abound, but primary among them is the fact that markets like
predictability above all else--and, in recent weeks, unsettling events in
markets abroad and clouds over the Democratic administration at home have added
an element of uncertainty to the environment. Moreover, because it is clear
that none of these situations will be resolved quickly, the market may continue
to be more volatile for some time to come.
Yet, lest we forget in all the excitement of the moment, very little has
changed in our economy or in the securities held by our funds. And given such
fundamental strength, we have every reason to believe that--as has been the
case every time in the past--stocks will weather this storm and move even
higher in the future. The key for all investors, very simply, is to sit tight.
IN CLOSING. . .
We would like to thank you for your continued confidence in us. We look forward
to providing you with superior investment management and service to 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
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/1/The American Performance Short-Term Income Fund ranked 1 out of 102 short-
term investment funds; the American Performance Bond Fund ranked 8 out of 217
intermediate investment-grade debt funds; and the American Performance
Intermediate Bond Fund ranked 9 out of 90 short-intermediate investment-grade
debt funds as reported by Lipper Analytical Services for the one-year period
ended 8/31/98. The American Performance Bond Fund ranked 42 out of 98
intermediate investment-grade debt funds, and the American Performance
Intermediate Bond Fund ranked 24 out of 44 short-intermediate investment-
grade debt funds for the five-year period ended 8/31/98. The American
Performance Short-Term Income Fund was not ranked for 5-year performance. The
funds were not ranked for ten-year performance. Lipper Rankings are based on
total return and do not include the effect of a sales charge.
/2/The Short-Term Investment Grade Debt Funds Average is comprised of funds that
invest at least 65% of their assets in investment-grade debt issues (rated in
the top four grades) with dollar-weighted average maturities of less than
three years. The Intermediate Investment Grade Debt Funds Average is
comprised of funds that invest at least 65% of their assets in investment-
grade debt issues (rated in the top four grades) with dollar-weighted average
maturities of five to ten years. The Short-Term Intermediate Investment Grade
Debt Funds Average is comprised of funds that invest at least 65% of their
assets in investment-grade debt issues (rated in the top four grades) with
dollar-weighted average maturities of one to five years.
For more complete information on any of the Funds, including fees, expenses and
sales charges, please call 1-800-762-7085 for a prospectus. This material is
authorized for distribution to prospective investors only when accompanied or
preceded by a current prospectus.
*Source: WWW.CNN.COM (CNN Interactive on the world wide web)
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LETTER FROM THE INVESTMENT ADVISOR
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DEAR SHAREHOLDERS:
Very simply, the year ended August 31, 1998, was an exciting one and, at times,
a very trying one for investors. During the first half of the period, the
economy continued to surprise everyone with its strength. Inflation remained
low, and interest rates drifted lower. As a result, the bull market roared on,
and bonds rose, as well. But, as the year wore on, momentum began to lag. Then,
what began in August as a localized currency crisis in Malaysia spread first
across Asia and then across borders worldwide.
Market sentiment, already biased in favor of larger capitalization equity
issues, grew even stronger as investors sought safety and liquidity. So, while
the stock market continued to rise, gains were concentrated in the largest and
best-known names--and small- and mid-capitalization stocks wilted from neglect.
As the period drew to a close, however, the Asian contagion deepened and
spread--and the realization set in that multinationals would eventually feel
the impact of turmoil abroad. At the same time, a leadership crisis in three of
the world's major markets, Japan, Russia and the United States, contributed to
uncertainty.
A ROLLER-COASTER RIDE
The stock market grew increasingly volatile as a result and, in the final days
of the period, dropped dramatically, only to gain back some of the ground lost
in the days that followed and then to slide back the next. But, while this has
been somewhat disconcerting, it was hardly unexpected--if for no other reason
than that stock valuations, particularly among the largest capitalization
companies, were extremely high. Moreover, in the latter half of the period,
there were indications that the U.S. economy was beginning to slow. Retailers
reported weaker sales. Oil and gold prices were under pressure. More
importantly, fueled by a constant stream of good news for the past several
years, investor sentiment was somewhat overly optimistic. In fact, in the eyes
of some experts--Mr. Greenspan chief among them--investors were much too
complacent. In such an environment, any bad news had the potential to trigger a
sell-off--and in the final days of the period, bad news was plentiful.
BUT WHAT HAS REALLY CHANGED?
Certainly, there is more uncertainty in the marketplace than even three or four
months ago: Asia's troubles have deepened; the Russian economy is in serious
trouble; and our own domestic political drama continues to unfold. The longer
these situations continue, the more they sap the strength of our economy and
the fortitude of investors. But, none of these situations has--to date--
significantly altered the fundamental strength of our economy. Interest rates
remain low and may move even lower. Inflation is benign. While the rate of
corporate profit growth is slowing, and there have been disappointments,
profits are, in general, still strong and expected to remain that way.
Consequently, given its strong foundation, we do not believe that the economy
is going to roll over into a recession in the foreseeable future, or that the
recent deterioration of stock prices signals the beginning of a bear market.
Moreover, with interest rates low and perhaps going lower, and inflationary
pressures almost nonexistent, the environment for the fixed-income markets
should be very positive in the months ahead.
TOO PERFECT FOR TOO LONG
At the same time, however, it is clear that the environment in the stock market
has changed--which may be difficult for investors to adjust to after several
years of virtually perfect weather. As a result, we see choppy seas ahead.
Nonetheless, opportunity still exists, particularly in the smaller and mid-cap
sectors. Overlooked in favor of larger cap stocks for some time, these stocks
were attractively valued before the correction and have now fallen even lower.
Now is the time, we believe, to diversify and hold on--for while there will be
ups and downs, we expect recent bottoms to hold. Historically, those who have
held on through good weather and bad have benefited in the long run.
Sincerely,
/s/ James L. Huntzinger
James L. Huntzinger
Bank of Oklahoma, N.A.
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THE AMERICAN PERFORMANCE MONEY MARKET FUNDS
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While there were moments when rates spiked slightly higher on market rumors,
the year ended August 31, 1998, was a relatively calm one in the money markets.
Still, continued prosperity, dormant inflation and events in Asia did have an
impact--short-term rates dropped over the course of the year. And, given the
uncertainty created by events overseas, U.S. Treasury securities, even in the
shortest end of the curve, were popular.
Looking ahead, it is clear that the crises abroad will affect U.S. economic
momentum and corporate profits--although it is impossible to predict the
timing, or the degree or depth, at this moment. Our own domestic leadership
crisis, too, may affect the markets if it drags on indefinitely. Given the
underlying strength of our economy, however, we are optimistic about the
prospects for the Funds, and for the money markets in the months ahead.
THE AMERICAN PERFORMANCE CASH MANAGEMENT FUND
The Fund achieved its performance during this period of steady Fed monetary
policy by investing principally in securities that have a final maturity of one
year and whose coupon rates reset quarterly. This enabled us to achieve higher
yields than with an alternative strategy such as buying and rolling securities
with three-month final maturities. We believe interest rates may, in fact,
continue to move downward in the months ahead; therefore, no major changes are
anticipated in our approach to the marketplace or in the allocation of the our
portfolio in the foreseeable future.
THE U.S. TREASURY FUND
Invested primarily in the very highest quality short-term securities, the Fund
performed very well over the course of the year. Providing solid yields, these
securities offered safety and liquidity--critical factors to investors in the
uncertain environment of the past six months. Of course, it is impossible to
predict how events in markets worldwide will play out, or how they will affect
the U.S. domestic markets, but it is clear uncertainty may dominate the
environment for some time to come. Consequently, no major changes are
anticipated in the allocation of the portfolio in the near future.
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An investment in the fund is not insured or guaranteed by the FDIC or any other
government agency. Although the fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in the
fund.
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 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.
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THE AMERICAN PERFORMANCE BOND FUNDS
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Very simply, the year ended August 31, 1998, was a very good one for fixed-
income investors. Throughout the period, turmoil in Asia, benign inflation and
an economy that began to show some signs of slowing put downward pressure on
interest rates. Moreover, as the year drew to an end, expectations arose,
prompted by Mr. Greenspan's remarks, that the next Fed move would be an easing,
rather than the tightening anticipated earlier in the year. As a result, over
the course of the year, interest rates dropped significantly--and the bond
markets rallied.
Sentiment throughout the markets clearly favored quality; the degree to which
each sector participated in the rise depended to some degree on investors'
perceptions regarding the potential impact of events in Asia. Corporate bonds,
for instance, did appreciate, but investors were wary--fearful of the effects
of the currency crises on U.S. multinationals and equities. U.S. Treasuries,
perceived to be virtually invulnerable, were among some of the market's
strongest performers.
Looking ahead, it is clear that we will, at some point, be impacted by events
overseas--but much of this has already been priced into the markets. Of greater
concern, is that the markets now anticipate that the Federal Reserve will lower
interest rates significantly in the near future. That cut, if it does come, may
be smaller than expected and disappoint investors. Nonetheless, with signs that
the economy is slowing and with inflationary pressures virtually nonexistent,
interest rates may move lower in the coming months. As a result, we remain
optimistic about the markets' prospects.
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AMERICAN PERFORMANCE INTERMEDIATE TAX-FREE BOND FUND/1/
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In contrast to the volatility of the equity markets, the municipal markets were
positively placid during the year ended August 31, 1998. Throughout the period,
investors were buoyed by continued growth and benign inflation. In the latter
half of the period, economic turmoil abroad sparked a flight to quality--and
many of those investors found their way to the muni markets. As a result, very
quietly, muni bonds, particularly high-quality muni bonds, appreciated.
Anticipating that rates would drift lower, the portfolio's average maturity was
lengthened early on, and then maintained at a level slightly longer than
industry averages over the course of the period. As a result, for the year
ended August 31, 1998, the Fund produced a total return of 7.28% (without the
sales charge),+ versus a return of 8.65% for its benchmark, the Lehman Brothers
Municipal Bond Index.
MORE OF THE SAME AHEAD. . .
While economic growth may slow in the months ahead, we believe that the
fundamentals of the current environment are still intact. Moreover, when Mr.
Greenspan, Chairman of the Federal Reserve Board, has cut interest rates in the
past, such cuts have triggered a wave of refinancing--but, in the low interest
rate environment of the past year, municipalities have done much of this work
by issuing new securities at lower rates. As a result, we believe the months
ahead could be good ones for the municipal bond market.
As of August 31, 1998, approximately 98% of the Fund's net assets was invested
in a laddered portfolio of securities issued by municipalities in some 20
states across the country. The average credit quality of these securities was
AA+; the average maturity was 5.8 years. The remainder of the Fund's assets,
approximately 2%, was held in cash.++
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Average Annual Total Return
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8/31/98 LOAD* NO-LOAD
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1 Year 4.09% 7.28%
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5 Year 4.77% 5.40%
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Since Inception 6.14% 6.66%
(5/29/92)
[LINE GRAPH APPEARS HERE]
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VALUE OF A $10,000 INVESTMENT
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Intermediate Tax-Free Intermediate Tax-Free Lehman Brothers
Bond Fund (No-Load) Bond Fund (Load) Municipal Bond Index
------------------- ---------------- --------------------
5/29/92 10000 9699 10000
8/31/92 10314 10004 10347
8/31/93 11506 11160 11636
8/31/94 11709 11357 11652
8/31/95 12601 12222 12685
8/31/96 13065 12673 13480
8/31/97 13952 13532 14726
8/31/98 14967 14517 16000
* Reflects 3.00% maximum sales charge.
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PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND
NET ASSET VALUE WILL FLUCTUATE, SO THAT THE INVESTOR'S SHARES, WHEN REDEEMED,
MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST.
/1/The Fund's income may be subject to certain state and local taxes and,
depending on your tax status, the federal alternative minimum tax.
+With a maximum sales charge of 3.00%, the Fund's return for the period was
4.09%.
++The composition of the Fund's portfolio is subject to change.
Certain 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 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.
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THE AMERICAN PERFORMANCE SHORT-TERM INCOME FUND
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The year ended August 31, 1998, was a very good one for the Fund, due primarily
to strong security selection. Throughout the period, the portfolio was heavily
weighted in seasoned mortgage-backed securities--and these positions were
increased whenever the opportunity arose. While the prepayment risk involved in
these securities did increase as interest rates dropped over the period, the
valuations far outweighed the downside potential.
As a result of the strong performance of these securities, we are very pleased
to report that the Fund beat its benchmark, the Merrill Lynch U.S. Gov't/Corp.
1-5-Year Index, for the year ended August 31, 1998. For the twelve-month
period, the Fund produced a total return of 8.47% (without the sales charge),+
versus its benchmark, which produced a total return of 8.14% for the period.
As of August 31, 1998, approximately 3.6% of the Fund's net assets were
invested in asset-backed securities, 75.5% in mortgage-backed securities, 6.9%
in corporate bonds, and 17.0% in Treasury and agency-related securities, with
the remainder held in cash and cash equivalents. The average maturity of the
portfolio's holdings was 1.4 years; the average credit quality was AAA.++
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Average Annual Total Return
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8/31/98 LOAD* NO-LOAD
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1 Year 6.33% 8.47%
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Since Inception 6.11% 6.66%
(10/19/94)
[LINE GRAPH APPEARS HERE]
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VALUE OF A $10,000 INVESTMENT
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Short-Term Short-Term Merrill Lynch U.S.
Income Fund (No-Load) Income Fund (Load) Govt./Corp. 1-5 yr. Index
--------------------- ------------------ -------------------------
10/19/94 10000 9804 10000
8/31/95 10481 10276 10879
8/31/96 10967 10752 11418
8/31/97 11828 11596 12288
8/31/98 12830 12578 13288
* Reflects 2.00% maximum sales charge.
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PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND
NET ASSET VALUE WILL FLUCTUATE, SO THAT THE INVESTOR'S SHARES, WHEN REDEEMED,
MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST.
+With a maximum sales charge of 2.00%, the Fund's return for the period was
6.33%.
++The composition of the Fund's portfolio is subject to change.
Certain 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 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.
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THE AMERICAN PERFORMANCE INTERMEDIATE BOND FUND
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Positioned at the longer end of its maturity range throughout much of the year
ended August 31, 1998, the Fund captured much of the market's rally. Also, our
emphasis on quality and careful management of exposures contributed to the
results. Nonetheless, as investors' flight to quality became a stampede in the
latter half of the period, Treasury securities showed strong performance.
Consequently, because the portfolio's assets were diversified, the Fund
slightly lagged its benchmark, which tracks Treasury securities very closely.
For the twelve months ended August 31, 1998, the Fund produced a total return
of 8.80% (without the sales charge),+ versus a return of 8.98% produced by the
Lehman Brothers Intermediate Government/Corporate Bond Index over the same
period.
As of August 31, 1998, approximately 9.0% of the Fund's net assets were
invested in asset-backed securities, 39.3% in mortgage-related securities,
26.3% in corporate bonds, 5.4% in taxable municipal bonds, and 19.2% in
Treasury and agency related securities, with the remainder invested in cash and
cash equivalents. The average maturity of the Fund's portfolio was 4.3 years;
the average credit quality of the Fund's holdings was AA1.++
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Average Annual Total Return
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8/31/98 LOAD* NO-LOAD
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1 Year 5.50% 8.80%
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5 Year 4.55% 5.19%
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Since Inception 6.97% 7.39%
(9/28/90)
[LINE GRAPH APPEARS HERE]
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VALUE OF A $10,000 INVESTMENT
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Intermediate Bond Intermediate Lehman Brothers Inter.
Fund (No-Load) Bond Fund (Load) Govt./Corp. Bond Index
-------------- ---------------- ----------------------
9/28/90 10000 9699 10000
8/31/91 11142 10807 11194
8/31/92 12525 12148 12663
8/31/93 13657 13247 13825
8/31/94 13502 13096 13776
8/31/95 14422 13988 15079
8/31/96 14914 14466 15747
8/31/97 16163 15678 17076
8/31/98 17587 17058 18609
* Reflects a 3.00% maximum sales charge.
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PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND
NET ASSET VALUE WILL FLUCTUATE, SO THAT THE INVESTOR'S SHARES, WHEN REDEEMED,
MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST.
+With a maximum sales charge of 3.00%, the Fund's return for the period was
5.50%.
++The composition of the Fund's portfolio is subject to change.
Certain 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.
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THE AMERICAN PERFORMANCE BOND FUND
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Smart security selection and sound decisions were primarily responsible for the
Fund's strong performance during the year ended August 31, 1998. Early in the
period, as interest rates appeared to be headed downward, maturities were
lengthened. In addition, positions in corporate bonds were decreased, and
exposures in longer-than-average life mortgage-backed securities were
increased. Because these securities did not carry high coupons, prepayment risk
was relatively low--and thus they performed strongly over the course of the
year. Moreover, the Fund's holdings in taxable municipals also made a solid
contribution to performance.
We are pleased to report that for the year ended August 31, 1998, the Fund
produced a total return of 11.54% (without the sales charge),+ versus the
10.50% for its benchmark, the Salomon Brothers Broad (Investment Grade) Bond
Index.
As of August 31, 1998, approximately 3.2% of the Fund's net assets were
invested in asset-backed securities, 43.4% in mortgage-backed securities, 25.9%
in corporate bonds, 14.7% in Treasury and agency-related securities, and 11.6%
in taxable municipal bonds, with the remainder held in cash and cash
equivalents. The average maturity of the portfolio's holdings was 8.1 years;
the average credit quality was AA1.++
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Average Annual Total Return
-------------------------------
8/31/98 LOAD* NO-LOAD
-------------------------------
1 Year 7.04% 11.54%
-------------------------------
5 Year 5.16% 6.02%
-------------------------------
Since Inception 7.94% 8.50%
(9/28/90)
[LINE GRAPH APPEARS HERE]
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VALUE OF A $10,000 INVESTMENT
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Salomon Brothers
Bond Fund (No-Load) Bond Fund (Load) (Investment Grade) Bond Index
------------------- ---------------- -----------------------------
9/28/90 10000 9597 10000
8/31/91 11312 10856 11365
8/31/92 12750 12236 12922
8/31/93 14248 13675 14354
8/31/94 13975 13412 14146
8/31/95 15122 14513 15754
8/31/96 15552 14925 16404
8/31/97 17111 16422 18044
8/31/98 19091 18322 19939
* Reflects a 4.00% maximum sales charge.
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PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND
NET ASSET VALUE WILL FLUCTUATE, SO THAT THE INVESTOR'S SHARES, WHEN REDEEMED,
MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST.
+With a maximum sales charge of 4.00%, the Fund's return for the period was
7.04%.
++The composition of the Fund's portfolio is subject to change.
Certain 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 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.
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- 8 -
<PAGE>
THE AMERICAN PERFORMANCE BALANCED FUND
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Benign inflation and a surprisingly strong economy provided a very positive
backdrop for the financial markets during the year ended August 31, 1998.
Anticipating such an environment, the portfolio's weighting in stocks was
increased from 55% to 62% early in the year. Since August 1997, the Fund
increased their holdings in current securities such as, names like Bristol-
Meyers Squibb (1.76% of the Fund's net assets at August 31, 1998), Cisco
Systems (1.39%), Pfizer (1.44%), Dell Computer (0.59%) and Merck (1.83%). At
that point, too, fixed-income positions were increased, and the average
maturity of the portfolio was lengthened.++
As the year wore on, the crisis in Asia deepened, and investors sought the
safety and liquidity of larger capitalization stocks to the almost complete
exclusion of all others. Therefore, the Fund's holdings in the small-cap sector
were a bit of a drag on performance. The performance of the new additions in
the large-cap growth sector and Treasury securities, however, helped compensate
for these laggards. For the period ended August 31, 1998, the Fund produced a
return of 4.55% (without sales charge),+ compared to 8.12% and 10.50% for its
benchmarks, the S&P 500 Stock Index and the Salomon Brothers Broad (Investment
Grade) Bond Index.
A MORE DIFFICULT ENVIRONMENT
Looking ahead, it is apparent that problems in the world's currency markets
will not be solved overnight.
As a result, investors may continue to emphasize liquidity. But the
fundamentals of the U.S. economy and U.S. corporations are still strong--and,
to some degree, investors may be overly pessimistic. Nevertheless, in the
months ahead, we expect to approach the markets cautiously and will reevaluate
large-cap equity allocations if valuations appear to get too high. At the same
time, the small-cap sector--having been overlooked and undervalued for more
than two years and severely battered in recent months--now offers some
intriguing values, and we may increase exposures here.
As of August 31, 1998, approximately 56% of the Fund's net assets were invested
in stocks, 40% in bonds, mortgage-backed securities, and Treasury and agency-
related securities, with the remainder held in cash and cash equivalents. The
average credit quality of the fixed-income holdings in the portfolio was AAA;
the average maturity was 10 years. The top five holdings in the equity portion
of the Fund's portfolio were Microsoft Corp. (2.27% of the Fund's net assets),
General Electric Co. (2.16%), Coca-Cola (1.92%), Merck (1.83%) and Bristol-
Meyers Squibb Co. (1.76%).++
--------------------------------
Average Annual Total Return
--------------------------------
8/31/98 LOAD* NO-LOAD
--------------------------------
1 Year -0.64% 4.55%
--------------------------------
Since Inception 13.00% 14.81%
(6/1/95)
[LINE GRAPH APPEARS HERE]
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VALUE OF A $10,000 INVESTMENT
- --------------------------------------------------------------------------------
Salomon Brothers
Balanced Fund Balanced S&P 500 (Investment Grade Lipper Balanced
(No-Load) Fund (Load) Stock Index Bond Index) Funds Average
6/1/95 10000 9497 10000 10000 10000
8/31/95 10698 10159 10361 10165 10528
8/31/96 11860 11263 12229 10584 11673
8/31/97 14983 14229 17295 11642 14527
8/31/98 15665 14877 18699 12864 14931
* Reflects a 5.00% maximum sales charge.
- --------------------------------------------------------------------------------
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND
NET ASSET VALUE WILL FLUCTUATE, SO THAT THE INVESTOR'S SHARES, WHEN REDEEMED,
MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST.
+With a maximum sales charge of 5.00%, the Fund's return for the period was-
0.64%.
++The composition of the Fund's portfolio is subject to change.
Certain fees of the funds are currently being waived, resulting in higher
returns than would occur if full fees were charged.
The Fund's performance is measured against the S&P 500 Stock Index, an
unmanaged index that 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 Fund's performance is also
compared to the Lipper Balanced Funds Average, which is comprised of funds
whose primary objectives are to conserve principal by maintaining, at all
times, a balanced portfolio of both stocks and bonds. Typically, the stock/bond
ratio ranges around 60%/40%. The S&P 500 and Salomon Brothers Broad (Investment
Grade) Bond Index do not reflect the deduction of fees associated with a mutual
fund, such as investment management and fund accounting fees. The Lipper
Balanced Funds Average and the Fund's performance do reflect the deduction of
fees associated with a mutual fund, such as investment management and fund
accounting fees.
- --------------------------------------------------------------------------------
- 9 -
<PAGE>
THE AMERICAN PERFORMANCE EQUITY FUND
- --------------------------------------------------------------------------------
Market action favored liquidity during the period, as well as the largest and
best-known names. Moreover, throughout the year, as the currency crises abroad
deepened and spread, the list of the "favored few" grew narrower and narrower.
While the Fund is focused on larger cap issues and held a number of these
names, it also held others--and very simply, the vast majority of stocks
outside the Nifty Fifty were overlooked and undervalued as investors stampeded
to the big names.
As a result, the Fund considerably lagged its benchmark, the S&P 500 Stock
Index. Over the twelve months ended August 31, 1998, the Fund produced a total
return of 0.79% (without the sales charge),+ versus the return of 8.12%
produced by the S&P 500.
THE NIFTY FIFTY AND BEYOND
In the months ahead, many of the biggest and best-known names may be affected
as demand around the world declines due to the currency crises. Clearly, there
are no quick fixes in sight. At the same time, however, while these economies
are under stress, the problems are now recognized and, in that, we believe, are
somewhat closer to being solved. In addition, while the U.S. economy is showing
signs of slowing, we believe it is still very strong.
Of course, given the uncertain environment, the market may be more volatile in
the months ahead--and security selection and diversification will be key to
success. Nevertheless, this too shall pass, and we remain optimistic about the
long-term prospects for stocks in general and for our holdings in particular.
As of August 31, 1998, the top five holdings in the Fund were Allstate Corp.
(3.89% of the Fund's net assets), Microsoft (3.79%), General Electric Co.
(3.40%), Coca Cola (2.75%) and Merck & Co. (2.55%).++
--------------------------------
Average Annual Total Return
8/31/98 LOAD* NO-LOAD
--------------------------------
1 Year -4.24% 0.79%
--------------------------------
5 Year 14.81% 15.99%
--------------------------------
Since Inception 13.59% 14.34%
(9/28/90)
[LINE GRAPH APPEARS HERE]
- --------------------------------------------------------------------------------
VALUE OF A $10,000 INVESTMENT
- --------------------------------------------------------------------------------
Equity (No-Load) Equity (Load) S&P 500 Stock Index
---------------- ------------- -------------------
9/28/90 10000 9497 10000
8/31/91 12457 11830 13345
8/31/92 11961 11359 14406
8/31/93 13770 13077 16586
8/31/94 14411 13686 17491
8/31/95 17256 16388 21243
8/31/96 20453 19424 25216
8/31/97 28681 27230 35459
8/31/98 28910 27455 38338
* Reflects 5.00% maximum sales charge.
- --------------------------------------------------------------------------------
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND
NET ASSET VALUE WILL FLUCTUATE, SO THAT THE INVESTOR'S SHARES, WHEN REDEEMED,
MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST.
+With a maximum sales charge of 5.00%, the Fund's return for the period was -
4.24%.
++The composition of the Fund's portfolio is subject to change.
Certain 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 Stock Index, an unmanaged index that 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>
THE AMERICAN PERFORMANCE GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
We are very pleased to report that the Fund's performance over its first ten
months of operations was very strong. Invested primarily in large mid-cap and
large-cap growth companies with strong earnings track records, the portfolio
benefited handsomely as these stocks led the market higher. In particular, the
portfolio's positions in the technology sector made substantial contributions
to its performance. Over the period, Dell Computer (2.05% of the Fund's net
assets) climbed 71%; Cisco Systems (2.81%) rose 41%; Lucent Technologies
(2.41%) and AirTouch (2.06%) gained over 30%.++
As result, while it is far too early to make any definitive judgment regarding
long-term performance, initial results were very encouraging. From its
inception on November 3, 1997, to the end of the period on August 31, 1998, the
Fund produced a total return of 12.69% (without sales charge),+ outperforming
its benchmark, the S&P 500, which produced a return of 6.05% for the period.
BUMPS AHEAD?
While we are optimistic about prospects for stocks in the coming months, we are
also cautious. Corporate profits are still strong, but, we believe, it is now
clear that our economy is slowing.
Moreover, many U.S. corporations are beginning to feel the effects of the
global currency crisis. However, many large-cap stocks are still rather highly
valued, and because investors have become so accustomed to stellar earnings
reports over the past several years, any earnings disappointment or minor
decline could be treated harshly. Consequently, while the long-term prospects
for stocks remain very bright, we expect the market to be rather volatile over
the next several months.
As of August 31, 1998, the top five holdings in the Fund were General Electric
(4.45% of the Fund's net assets), Microsoft (4.44%), Coca-Cola (3.97%), Merck
(3.82%) and Intel (3.45%).++
-------------------------------
Aggregate Total Return
-------------------------------
8/31/98 LOAD* NO-LOAD
-------------------------------
Since Inception 7.02% 12.69%
(11/3/97)
[LINE GRAPH APPEARS HERE]
- --------------------------------------------------------------------------------
VALUE OF A $10,000 INVESTMENT
- --------------------------------------------------------------------------------
Growth Equity Growth Equity
Fund (No-Load) Fund (Load) S&P 500 Index
-------------- ----------- -------------
11/3/97 10000 9500 10000
8/31/98 11269 10702 10605
* Reflects 5.00% maximum sales charge.
- --------------------------------------------------------------------------------
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND
NET ASSET VALUE WILL FLUCTUATE, SO THAT THE INVESTOR'S SHARES, WHEN REDEEMED,
MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST.
+With a maximum sales charge of 5.00%, the Fund's return for the period was
7.02%.
++The composition of the Fund's portfolio is subject to change.
Certain 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 Growth Equity Fund is measured
against the S&P 500 Stock Index, an unmanaged index that 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
- --------------------------------------------------------------------------------
In short, it was a very frustrating year for small-cap investors. Reaping the
benefits of restructuring, larger capitalization stocks stole the limelight in
the first half of the period ended August 31, 1998. Then, as volatility
increased and investors sought safety, larger cap stocks pushed all others off
stage. As a result, the smaller cap issues severely lagged the performance of
larger cap stocks--despite attractive valuations that grew only more attractive
as the period wore on.
This became even more exasperating as strategists on Wall Street repeatedly
pointed out the situation--and market sentiment refused to change. During the
second quarter of 1998, many of the sectors in the small-cap market registered
a positive return. However, over the course of the year ended August 31, 1998,
the S&P 600* and the Fund's benchmark, the Russell 2000, produced negative
returns of 18.30% and 19.40%, respectively. For the same time period, the Fund
produced a total return of -30.85% (without sales charge).+
A TURNAROUND IS OVERDUE. . .
After this confounding year, it is clear that just because smaller cap stocks
are cheap, fundamentally strong and represent outstanding value for investors,
it does not mean they are poised for an explosive move any time soon. Given the
uncertain environment, investors may continue to put emphasis on safety and
liquidity.
Ironically, however, most smaller capitalization companies have little, if any,
exposure to fallout from Asia--while many multinationals are positioned
squarely on the frontlines. Also, in times of slowing growth, smaller cap
issues have historically offered investors more potential for growth than their
large-cap counterparts. So we believe that smaller cap stocks, now extremely
cheap, are unlikely to go much lower. And while we hesitate to predict when the
environment will change, inevitably, we believe it will. From a long-term
perspective, it's our view that small-cap stocks represent simply outstanding
opportunities.
---------------------------------
Average Annual Total Return
8/31/98 LOAD* NO-LOAD
---------------------------------
1 Year -34.29% -30.85%
---------------------------------
5 Year 1.11% 2.15%
---------------------------------
Since Inception 3.67% 4.49%
(2/3/92)
As of August 31, 1998, the top five holdings in the fund were Quest Diagnostics
(2.52% of the Fund's net assets), Chiquita Brands (2.41%), WHX (2.41%), Ryan's
Family Steakhouse (2.33%) and Burlington Coat Factory (2.23%).++
[LINE GRAPH APPEARS HERE]
- --------------------------------------------------------------------------------
VALUE OF A $10,000 INVESTMENT
- --------------------------------------------------------------------------------
Aggresive Growth Aggresive Growth Russell 2000
Fund (No-Load) Fund (Load) Stock Index
-------------- ----------- -----------
2/3/92 10000 9497 10000
8/31/92 8398 7975 9052
8/31/93 12000 11396 11992
8/31/94 12030 11424 12704
8/31/95 16364 15540 15345
8/31/96 16654 15816 17005
8/31/97 19302 18330 22581
8/31/98 13348 12676 18200
* Reflects 5.00% maximum sales charge.
- --------------------------------------------------------------------------------
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE RESULTS. THE INVESTMENT RETURN AND
NET ASSET VALUE WILL FLUCTUATE, SO THAT THE INVESTOR'S SHARES, WHEN REDEEMED,
MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST.
*The S&P 600 consists of 600 domestic stocks chosen for market size, liquidity
and industry group representation. It is a market-value weighted index, with
each stock's weight in the index proportionate to its market value.
+With a maximum sales charge of 5.00%, the Fund's return for the period was -
34.29%.
++The composition of the Fund's portfolio is subject to change.
Certain 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 Aggressive Growth Fund is compared
to the Russell 2000 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
Independent Auditors' Report
Page 14
Statements of Assets and Liabilities
Page 15
Statements of Operations
Page 18
Statements of Changes in Net Assets
Page 21
Schedules of Portfolio Investments
Page 26
Notes to Financial Statements
Page 69
Financial Highlights
Page 75
- 13 -
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Shareholders and Board of Trustees of
the American Performance Funds:
We have audited the accompanying statements of assets and liabilities of the
American Performance Funds--U.S. Treasury Fund, Cash Management Fund,
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, including the schedules of portfolio investments, as
of August 31, 1998, and the related statements of operations, statements of
changes in net assets and the financial highlights for the periods indicated
herein. These financial statements and the financial highlights are the
responsibility of the American Performance Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included verification of securities
owned as of August 31, 1998 by examination and other appropriate audit
procedures. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
each of the aforementioned funds comprising the American Performance Funds at
August 31, 1998, the results of their operations, the changes in their net
assets and the financial highlights for each of the periods indicated herein,
in conformity with generally accepted accounting principles.
KPMG Peat Marwick LLP
Columbus, Ohio
October 9, 1998
- 14 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 1998
<TABLE>
<CAPTION>
U.S. CASH
TREASURY MANAGEMENT
FUND FUND
------------ ------------
<S> <C> <C>
ASSETS:
Investments, at amortized cost...................... $159,663,417 $376,641,847
Repurchase agreements, at amortized cost............ 230,422,341 89,125,947
------------ ------------
Total Investments................................... 390,085,758 465,767,794
Interest and dividends receivable................... 36,606 3,004,339
Receivable for capital shares issued................ 30,218 --
Prepaid expenses and other assets................... 3,057 2,831
------------ ------------
Total Assets...................................... 390,155,639 468,774,964
------------ ------------
LIABILITIES:
Dividends payable................................... 1,631,482 1,948,809
Accrued expenses and other payables:
Investment advisory fees........................... 134,905 156,989
Administration fees................................ 10,842 12,947
Custodian fees..................................... 10,118 11,774
Other liabilities.................................. 49,321 73,717
------------ ------------
Total Liabilities................................. 1,836,668 2,204,236
------------ ------------
COMPOSITION OF NET ASSETS:
Capital............................................. 388,311,039 466,563,221
Accumulated undistributed net realized gains on
investment transactions............................ 7,932 7,507
------------ ------------
Net Assets........................................ $388,318,971 $466,570,728
============ ============
Shares of beneficial interest issued and
outstanding........................................ 388,311,038 466,563,221
============ ============
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.
- 15 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 1998
<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 (Cost
$28,672,123; $33,426,019;
$82,902,577; and
$50,358,534; respectively). $30,189,892 $33,861,598 $85,273,869 $52,701,259
Interest and dividends
receivable................. 384,642 211,910 782,297 622,744
Receivable for investments
sold....................... -- 12,187 28,482 --
Receivable for capital
shares issued.............. 287 15,218 45,218 60,218
Prepaid expenses and other
assets..................... 1,460 1,983 1,886 1,963
----------- ----------- ----------- -----------
Total Assets.............. 30,576,281 34,102,896 86,131,752 53,386,184
----------- ----------- ----------- -----------
LIABILITIES:
Dividends payable........... 109,134 154,098 408,972 259,399
Payable to custodian........ -- 14,148 715 163
Payable for investments
purchased.................. -- 1,540,392 288,908 383,132
Accrued expenses and other
payables:
Investment advisory fees... 8,996 -- 24,756 15,451
Administration fees........ 836 882 2,337 1,438
Distribution fees.......... -- -- 17,930 11,105
Custodian fees............. 771 785 2,152 1,333
Other liabilities.......... 2,838 2,854 4,325 8,152
----------- ----------- ----------- -----------
Total Liabilities......... 122,575 1,713,159 750,095 680,173
----------- ----------- ----------- -----------
COMPOSITION OF NET ASSETS:
Capital..................... 28,825,159 31,946,578 83,650,736 50,520,944
Undistributed (distributions
in excess of) net
investment income.......... 15,281 2,535 (35,792) 9,225
Net unrealized
appreciation/depreciation
on investments............. 1,517,769 435,579 2,371,292 2,342,725
Accumulated undistributed
net realized gains (losses)
from investment
transactions............... 95,497 5,045 (604,579) (166,883)
----------- ----------- ----------- -----------
Net Assets................ $30,453,706 $32,389,737 $85,381,657 $52,706,011
=========== =========== =========== ===========
Shares of beneficial
interest issued and
outstanding................ 2,770,180 3,201,355 8,128,014 5,402,892
=========== =========== =========== ===========
Net asset value and
redemption price per share:
($0.00001 par value per
share, unlimited number of
shares authorized)........ $ 10.99 $ 10.12 $ 10.50 $ 9.76
=========== =========== =========== ===========
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.................. $ 11.33 $ 10.33 $ 10.82 $ 10.17
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
- 16 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
AUGUST 31, 1998
<TABLE>
<CAPTION>
GROWTH AGGRESSIVE
BALANCED EQUITY EQUITY GROWTH
FUND FUND FUND FUND
----------- ------------ ----------- -----------
<S> <C> <C> <C> <C>
ASSETS:
Investments at value (Cost
$39,427,430; $138,944,012;
$60,638,124; and
$30,919,446;
respectively)............. $40,464,711 $166,770,427 $78,614,882 $22,984,502
Interest and dividends
receivable................ 206,499 295,561 91,911 30,707
Receivable for capital
shares issued............. -- 46,092 15,655 218
Unamortized organization
costs..................... -- -- 35,362 --
Prepaid expenses and other
assets.................... 38 2,752 1,869 2,024
----------- ------------ ----------- -----------
Total Assets............. 40,671,248 167,114,832 78,759,679 23,017,451
----------- ------------ ----------- -----------
LIABILITIES:
Accrued expenses and other
payables:
Investment advisory fees.. 5,763 80,735 36,000 11,349
Administration fees....... 1,172 4,986 2,358 682
Distribution fees......... -- 40,746 18,536 5,942
Custodian fees............ 1,105 4,889 2,224 713
Other liabilities......... 7,455 18,941 23,715 1,036
----------- ------------ ----------- -----------
Total Liabilities........ 15,495 150,297 82,833 19,722
----------- ------------ ----------- -----------
COMPOSITION OF NET ASSETS:
Capital.................... 37,257,754 128,880,834 57,476,633 19,808,546
Undistributed net
investment income......... 193,950 112,541 36,628 7,443
Net unrealized
appreciation/depreciation
on investments............ 1,037,281 27,826,415 17,976,758 (7,934,944)
Accumulated undistributed
net realized gains on
investment transactions... 2,166,768 10,144,745 3,186,827 11,116,684
----------- ------------ ----------- -----------
Net Assets............... $40,655,753 $166,964,535 $78,676,846 $22,997,729
=========== ============ =========== ===========
Shares of beneficial
interest issued and
outstanding............... 3,287,054 11,084,948 6,991,372 2,080,770
Net asset value and
redemption price per
share:
($0.00001 par value per
share, unlimited number
of shares authorized).... $ 12.37 $ 15.06 $ 11.25 $ 11.05
=========== ============ =========== ===========
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................. $ 13.02 $ 15.85 $ 11.84 $ 11.63
=========== ============ =========== ===========
</TABLE>
See notes to financial statements.
- 17 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED AUGUST 31, 1998
<TABLE>
<CAPTION>
U.S. CASH
TREASURY MANAGEMENT
FUND FUND
----------- -----------
<S> <C> <C>
INVESTMENT INCOME:
Interest income..................................... $20,758,785 $23,362,263
----------- -----------
Total Income...................................... 20,758,785 23,362,263
----------- -----------
EXPENSES:
Investment advisory fees............................ 1,495,245 1,630,192
Administration fees................................. 747,624 815,098
Distribution fees................................... 934,531 1,018,870
Fund accounting fees................................ 83,758 90,634
Transfer agent fees................................. 80,355 88,530
Custodian fees...................................... 112,143 122,264
Other expenses...................................... 175,854 147,370
----------- -----------
Total Expenses.................................... 3,629,510 3,912,958
Expenses voluntarily reduced........................ (934,531) (1,018,870)
----------- -----------
Net Expenses...................................... 2,694,979 2,894,088
----------- -----------
Net Investment Income............................... 18,063,806 20,468,175
----------- -----------
REALIZED/UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment
transactions....................................... 21,082 12,486
----------- -----------
Net realized/unrealized gains (losses) on
investments........................................ 21,082 12,486
----------- -----------
Change in net assets resulting from operations....... $18,084,888 $20,480,661
=========== ===========
</TABLE>
See notes to financial statements.
- 18 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED AUGUST 31, 1998
<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............... $1,460,444 $1,372,252 $5,494,846 $3,195,730
Dividend income from
affiliates................... 25,354 34,523 41,907 48,001
---------- ---------- ---------- ----------
Total Income................ 1,485,798 1,406,775 5,536,753 3,243,731
---------- ---------- ---------- ----------
EXPENSES:
Investment advisory fees...... 157,712 117,712 447,017 255,391
Administration fees........... 57,350 42,805 162,552 92,870
Distribution fees............. 71,687 53,506 203,189 116,086
Fund accounting fees.......... 15,888 27,232 47,533 28,904
Transfer agent fees........... 15,943 4,332 22,734 11,076
Custodian fees................ 9,074 6,421 24,383 13,930
Other expenses................ 12,272 9,869 28,086 21,550
---------- ---------- ---------- ----------
Total Expenses.............. 339,926 261,877 935,494 539,807
Expenses voluntarily reduced.. (129,037) (173,333) (162,552) (92,870)
---------- ---------- ---------- ----------
Net Expenses................ 210,889 88,544 772,942 446,937
---------- ---------- ---------- ----------
Net Investment Income......... 1,274,909 1,318,231 4,763,811 2,796,794
---------- ---------- ---------- ----------
REALIZED/UNREALIZED GAINS
(LOSSES) ON INVESTMENTS:
Net realized gains (losses) on
investment transactions...... 137,152 45,164 122,855 293,685
Change in unrealized
appreciation/depreciation on
investments.................. 602,188 392,685 1,996,594 1,891,340
---------- ---------- ---------- ----------
Net realized/unrealized gains
(losses) on investments...... 739,340 437,849 2,119,449 2,185,025
---------- ---------- ---------- ----------
Change in net assets resulting
from operations............... $2,014,249 $1,756,080 $6,883,260 $4,981,819
========== ========== ========== ==========
</TABLE>
See notes to financial statements.
- 19 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED AUGUST 31, 1998
<TABLE>
<CAPTION>
GROWTH AGGRESSIVE
BALANCED EQUITY EQUITY GROWTH
FUND FUND FUND (A) FUND
----------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income........... $ 959,546 $ -- $ 12,605 $ 63,319
Dividend income........... 279,550 2,750,539 627,690 157,163
Dividend income from
affiliates............... 97,335 203,819 134,725 139,123
----------- ------------ ---------- ------------
Total Income............ 1,336,431 2,954,358 775,020 359,605
----------- ------------ ---------- ------------
EXPENSES:
Investment advisory fees.. 283,321 1,344,396 396,201 296,900
Administration fees....... 76,574 389,681 114,841 86,058
Distribution fees......... 95,717 487,100 143,551 107,572
Fund accounting fees...... 24,050 58,354 18,873 16,705
Transfer agent fees....... 9,020 47,141 13,325 21,120
Custodian fees............ 11,486 58,452 17,226 12,909
Other expenses............ 14,393 73,305 44,172 14,369
----------- ------------ ---------- ------------
Total Expenses.......... 514,561 2,458,429 748,189 555,633
Expenses voluntarily
reduced.................. (335,445) (370,196) (109,099) (81,755)
----------- ------------ ---------- ------------
Net Expenses............ 179,116 2,088,233 639,090 473,873
----------- ------------ ---------- ------------
Net Investment Income
(Loss)................... 1,157,315 866,125 135,930 (114,273)
----------- ------------ ---------- ------------
REALIZED/UNREALIZED GAINS
(LOSSES) ON INVESTMENTS:
Net realized gains
(losses) on investment
transactions............. 2,957,980 17,019,219 3,186,827 13,100,218
Change in unrealized
appreciation/depreciation
on investments........... (2,919,423) (14,850,993) 1,516,703 (24,766,819)
----------- ------------ ---------- ------------
Net realized/unrealized
gains (losses) on
investments.............. 38,557 2,168,226 4,703,530 (11,666,601)
----------- ------------ ---------- ------------
Change in net assets
resulting from operations. $ 1,195,872 $ 3,034,351 $4,839,460 $(11,780,874)
=========== ============ ========== ============
</TABLE>
- --------
(a) For the period November 3, 1997 (commencement of operations) through August
31, 1998.
See notes to financial statements.
- 20 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
U.S. TREASURY FUND CASH MANAGEMENT FUND
----------------------------- -----------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
1998 1997 1998 1997
-------------- ------------- -------------- -------------
<S> <C> <C> <C> <C>
FROM INVESTMENT
ACTIVITIES:
OPERATIONS:
Net investment income. $ 18,063,806 $ 11,447,244 $ 20,468,175 $ 18,208,824
Net realized gains
(losses) on
investment
transactions......... 21,082 43,118 12,486 (3,389,450)
-------------- ------------- -------------- -------------
Change in net assets
resulting from
operations............ 18,084,888 11,490,362 20,480,661 14,819,374
-------------- ------------- -------------- -------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income............... (18,063,806) (11,447,244) (20,468,175) (18,208,824)
From net realized
gains................ (56,293) -- -- (10,335)
-------------- ------------- -------------- -------------
Change in net assets
from shareholder
distributions......... (18,120,099) (11,447,244) (20,468,175) (18,219,159)
-------------- ------------- -------------- -------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued............... 1,070,787,836 722,431,270 1,129,291,958 918,306,763
Dividends reinvested.. 42,811 28,693 25,815 35,242
Cost of shares
redeemed............. (980,900,895) (641,485,064) (993,854,941) (963,038,828)
-------------- ------------- -------------- -------------
Change in net assets
from capital
transactions.......... 89,929,752 80,974,899 135,462,832 (44,696,823)
-------------- ------------- -------------- -------------
Capital contribution... -- -- -- 3,394,524
-------------- ------------- -------------- -------------
Change in net assets... 89,894,541 81,018,017 135,475,318 (44,702,084)
NET ASSETS:
Beginning of period... 298,424,430 217,406,413 331,095,410 375,797,494
-------------- ------------- -------------- -------------
End of period......... $ 388,318,971 $ 298,424,430 $ 466,570,728 $ 331,095,410
============== ============= ============== =============
SHARE TRANSACTIONS:
Issued................ 1,070,787,836 722,431,270 1,129,291,958 918,306,763
Reinvested............ 42,811 28,693 25,815 35,242
Redeemed.............. (980,900,895) (641,485,064) (993,854,941) (963,038,828)
-------------- ------------- -------------- -------------
Change in shares....... 89,929,752 80,974,899 135,462,832 (44,696,823)
============== ============= ============== =============
</TABLE>
See notes to financial statements.
- 21 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
INTERMEDIATE
TAX-FREE SHORT-TERM
BOND FUND INCOME FUND
------------------------ ------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
1998 1997 1998 1997
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income..... $ 1,274,909 $ 1,254,496 $ 1,318,231 $ 903,003
Net realized gains
(losses) on investment
transactions............. 137,152 192,740 45,164 (11,257)
Net change in unrealized
appreciation/depreciation
on investments........... 602,188 392,909 392,685 213,958
----------- ----------- ----------- -----------
Change in net assets
resulting from operations. 2,014,249 1,840,145 1,756,080 1,105,704
----------- ----------- ----------- -----------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income................... (1,274,909) (1,254,496) (1,318,231) (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. (1,456,611) (1,254,496) (1,318,231) (918,528)
----------- ----------- ----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued................... 8,350,420 3,343,263 19,931,828 4,027,197
Dividends reinvested...... 356,309 240,397 699,140 498,838
Cost of shares redeemed... (5,354,470) (8,661,943) (4,337,290) (3,454,384)
----------- ----------- ----------- -----------
Change in net assets from
capital transactions...... 3,352,259 (5,078,283) 16,293,678 1,071,651
----------- ----------- ----------- -----------
Change in net assets....... 3,909,897 (4,492,634) 16,731,527 1,258,827
NET ASSETS:
Beginning of period....... 26,543,809 31,036,443 15,658,210 14,399,383
----------- ----------- ----------- -----------
End of period............. $30,453,706 $26,543,809 $32,389,737 $15,658,210
=========== =========== =========== ===========
SHARE TRANSACTIONS:
Issued.................... 766,891 311,848 1,986,244 408,000
Reinvested................ 32,766 22,503 69,739 50,561
Redeemed.................. (491,985) (806,989) (433,553) (349,764)
----------- ----------- ----------- -----------
Change in shares........... 307,672 (472,638) 1,622,430 108,797
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
- 22 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
INTERMEDIATE BOND FUND BOND FUND
------------------------- -------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
1998 1997 1998 1997
----------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income.... $ 4,763,811 $ 3,774,730 $ 2,796,794 $ 2,068,112
Net realized gains
(losses) on investment
transactions............ 122,855 86,579 293,685 125,155
Net change in unrealized
appreciation/depreciation
on investments.......... 1,996,594 1,499,963 1,891,340 989,409
----------- ------------ ----------- ------------
Change in net assets
resulting from
operations............... 6,883,260 5,361,272 4,981,819 3,182,676
----------- ------------ ----------- ------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income.................. (4,763,811) (3,774,730) (2,796,794) (2,068,112)
----------- ------------ ----------- ------------
Change in net assets from
shareholder
distributions............ (4,763,811) (3,774,730) (2,796,794) (2,068,112)
----------- ------------ ----------- ------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued.................. 15,610,472 27,373,484 21,515,847 10,459,668
Dividends reinvested..... 1,637,548 1,590,744 1,537,768 1,376,877
Cost of shares redeemed.. (11,304,364) (16,320,024) (7,986,780) (10,303,647)
----------- ------------ ----------- ------------
Change in net assets from
capital transactions..... 5,943,656 12,644,204 15,066,835 1,532,898
----------- ------------ ----------- ------------
Change in net assets...... 8,063,105 14,230,746 17,251,860 2,647,462
NET ASSETS:
Beginning of period...... 77,318,552 63,087,806 35,454,151 32,806,689
----------- ------------ ----------- ------------
End of period............ $85,381,657 $ 77,318,552 $52,706,011 $ 35,454,151
=========== ============ =========== ============
SHARE TRANSACTIONS:
Issued................... 1,504,780 2,699,433 2,260,859 1,139,743
Reinvested............... 158,104 156,695 161,484 150,226
Redeemed................. (1,090,310) (1,606,065) (835,283) (1,122,919)
----------- ------------ ----------- ------------
Change in shares.......... 572,574 1,250,063 1,587,060 167,050
=========== ============ =========== ============
</TABLE>
See notes to financial statements.
- 23 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
BALANCED FUND EQUITY FUND
------------------------ --------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
AUGUST 31, AUGUST 31, AUGUST 31, AUGUST 31,
1998 1997 1998 1997
----------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income.... $ 1,157,315 $ 887,689 $ 866,125 $ 1,060,671
Net realized gains
(losses) on investment
transactions............ 2,957,980 2,584,874 17,019,219 20,769,620
Net change in unrealized
appreciation/depreciation
on investments.......... (2,919,423) 2,714,005 (14,850,993) 16,959,674
----------- ----------- ------------ ------------
Change in net assets
resulting from
operations............... 1,195,872 6,186,568 3,034,351 38,789,965
----------- ----------- ------------ ------------
DISTRIBUTIONS TO
SHAREHOLDERS:
From net investment
income.................. (967,598) (890,051) (755,719) (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............ (4,038,233) (1,646,029) (25,829,996) (10,049,529)
----------- ----------- ------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued.................. 12,096,163 6,085,133 30,278,446 64,396,719
Dividends reinvested..... 4,255,914 1,610,401 25,561,376 9,491,947
Cost of shares redeemed.. (3,102,619) (4,579,846) (36,966,169) (18,094,633)
----------- ----------- ------------ ------------
Change in net assets from
capital transactions..... 13,249,458 3,115,688 18,873,653 55,794,033
----------- ----------- ------------ ------------
Change in net assets...... 10,407,097 7,656,227 (3,921,992) 84,534,469
NET ASSETS:
Beginning of period...... 30,248,656 22,592,429 170,886,527 86,352,058
----------- ----------- ------------ ------------
End of period............ $40,655,753 $30,248,656 $166,964,535 $170,886,527
=========== =========== ============ ============
SHARE TRANSACTIONS:
Issued................... 922,140 502,409 1,738,159 4,071,242
Reinvested............... 334,333 134,601 1,607,102 671,632
Redeemed................. (230,322) (378,764) (2,121,689) (1,171,162)
----------- ----------- ------------ ------------
Change in shares.......... 1,026,151 258,246 1,223,572 3,571,712
=========== =========== ============ ============
</TABLE>
See notes to financial statements.
- 24 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
GROWTH EQUITY FUND AGGRESSIVE GROWTH FUND
------------------ --------------------------
NOVEMBER 3, 1997
THROUGH YEAR ENDED YEAR ENDED
AUGUST 31, AUGUST 31, AUGUST 31,
1998 (A) 1998 1997
------------------ ------------ ------------
<S> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss).. $ 135,930 $ (114,273) $ (251,730)
Net realized gains (losses) on
investment transactions...... 3,186,827 13,100,218 6,976,334
Net change in unrealized
appreciation/depreciation on
investments.................. 1,516,703 (24,766,819) 1,248,696
----------- ------------ ------------
Change in net assets resulting
from operations............... 4,839,460 (11,780,874) 7,973,300
----------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income.... (101,819) -- --
From net realized gains....... -- (7,598,060) --
----------- ------------ ------------
Change in net assets from
shareholder distributions..... (101,819) (7,598,060) --
----------- ------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued... $80,122,291 43,627,986 20,084,258
Dividends reinvested.......... 12,716 7,566,993 --
Cost of shares redeemed....... (6,195,802) (67,800,345) (12,353,220)
----------- ------------ ------------
Change in net assets from
capital transactions.......... 73,939,205 (16,605,366) 7,731,038
----------- ------------ ------------
Change in net assets........... 78,676,846 (35,984,300) 15,704,338
NET ASSETS:
Beginning of period........... -- 58,982,029 43,277,691
----------- ------------ ------------
End of period................. $78,676,846 $ 22,997,729 $ 58,982,029
=========== ============ ============
SHARE TRANSACTIONS:
Issued........................ 7,516,651 2,897,199 1,209,715
Reinvested.................... 1,070 530,273 --
Redeemed...................... (526,349) (4,470,281) (742,123)
----------- ------------ ------------
Change in shares............... 6,991,372 (1,042,809) 467,592
=========== ============ ============
</TABLE>
- --------
(a) Period from commencement of operations.
See notes to financial statements.
- 25 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
U.S. TREASURY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
--------- -------------------------------------------------- ------------
<C> <S> <C>
U.S. TREASURY BILLS (41.1%):
$160,000,000 9/15/98........................................... $159,663,417
------------
Total U.S. Treasury Bills 159,663,417
------------
REPURCHASE AGREEMENTS (59.4%):
17,000,000 Bear Stearns, 5.73%, 9/1/98, (Purchased on
8/31/98, proceeds at maturity $17,002,706,
collateralized by $17,045,000 U.S. Treasury
Notes, 5.25%, 8/15/03, market value $17,339,582). 17,000,000
17,000,000 Deutsche Bank, 5.72%, 9/1/98, (Purchased on
8/31/98, proceeds at maturity $17,002,701,
collateralized by $16,460,000 U.S. Treasury
Notes, 5.88%, 9/30/02, market value $17,337,473). 17,000,000
17,000,000 Merrill Lynch, 5.77%, 9/1/98, (Purchased on
8/31/98, proceeds at maturity $17,002,725,
collateralized by $17,065,000 U.S. Treasury
Notes, 5.63%, 12/31/99, market value
$17,333,380)..................................... 17,000,000
17,000,000 Morgan Stanley, 5.75%, 9/1/98, (Purchased on
8/31/98, proceeds at maturity $17,002,715,
collateralized by $14,660,000 U.S. Treasury
Notes, 8.75%, 11/15/08, market value
$17,359,153)..................................... 17,000,000
55,422,341 Nomura Securities, 5.70%, 9/1/98, (Purchased on
8/31/98, proceeds at maturity $55,431,116,
collateralized by $53,740,000 various U.S.
Treasury Notes, 6.63%, 6/30/02-5/15/07, market
value $56,540,526)............................... 55,422,341
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL SECURITY AMORTIZED
AMOUNT DESCRIPTION COST
--------- ------------------------------------------------- ------------
<C> <S> <C>
REPURCHASE AGREEMENTS, CONTINUED:
$ 17,000,000 SunTrust, 5.63%, 9/1/98, (Purchased on 8/31/98,
proceeds at maturity $17,002,658, collateralized
by $17,075,000 U.S. Treasury Notes, 5.38%,
6/30/00, market value $17,347,017).............. $ 17,000,000
90,000,000 UBS Securities, 5.73%, 9/1/98, (Purchased on
8/31/98, proceeds at maturity $90,014,325,
collateralized by $66,886,000 U.S. Treasury
Bonds, 8.50%, 2/15/20, market value
$92,037,771).................................... 90,000,000
------------
Total Repurchase Agreements 230,422,341
------------
Total Investments
(Cost $390,085,758)(a)--100.5% 390,085,758
Liabilities in excess of other assets--(0.5)% (1,766,787)
------------
Total Net Assets--100.0% $388,318,971
============
</TABLE>
- --------
(a) Cost and value for federal income tax and financial reporting purposes are
the same.
See notes to financial statements.
- 26 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
CASH MANAGEMENT FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT SECURITY DESCRIPTION COST
--------- --------------------------------------------------- ------------
<C> <S> <C>
CERTIFICATES OF DEPOSIT (15.0%):
Domestic (4.3%):
$10,000,000 CoreStates Bank, N.A.,
5.61%*, 11/18/98.................................. $ 10,000,000
10,000,000 Mercantile Safe Deposit & Trust, 5.74%*, 9/8/98... 10,009,338
------------
20,009,338
------------
Yankee (10.7%):
10,000,000 Banco Popular de Puerto Rico, 5.69%*, 11/10/98.... 10,000,000
10,000,000 Banque Paribas, 5.66%, 7/8/99...................... 9,995,117
10,000,000 Barclays Bank, 5.52%*, 9/4/98...................... 9,994,034
10,000,000 Instit Banc San Paolo,
5.56%*, 9/8/98.................................... 9,994,731
10,000,000 Societe Generale,
5.59%*, 10/16/98.................................. 9,998,147
------------
49,982,029
------------
Total Certificates of Deposit 69,991,367
------------
MEDIUM TERM NOTES (61.4%):
Automotive (2.1%):
10,000,000 American Honda Financial Corp., 5.67%*, 10/20/98
(b)................................................ 10,000,000
------------
Banking (24.6%):
10,000,000 Abbey National PLC,
5.54%*, 10/20/98, (b)............................. 9,993,012
5,000,000 Bank of Boston Corp.,
5.85%*, 10/26/98.................................. 5,003,711
10,000,000 Chase Manhattan Corp.,
5.69%*, 10/15/98.................................. 10,000,629
10,000,000 Comerica Bank,
5.55%*, 9/11/98................................... 9,999,826
10,000,000 First Chicago Corp.,
5.84%*, 11/09/98.................................. 10,003,622
10,000,000 First USA Bank,
5.99%*, 9/16/98................................... 10,000,774
10,000,000 Key Bank, N.A.,
5.56%*, 11/20/98.................................. 9,997,456
9,500,000 NationsBank Corp.,
5.81%*, 9/28/98................................... 9,507,538
10,000,000 PNC Bank, N.A.,
5.58%*, 10/19/98.................................. 9,997,792
10,000,000 St. George Bank Ltd.,
5.84%*, 11/12/98.................................. 10,002,356
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT SECURITY DESCRIPTION COST
--------- --------------------------------------------------- ------------
<C> <S> <C>
MEDIUM TERM NOTES, CONTINUED:
$10,000,000 US Bank, N.A.,
5.52%*, 9/16/98................................... $ 9,996,482
10,000,000 Wells Fargo & Co.,
5.54%*, 9/16/98................................... 9,999,174
------------
114,502,372
------------
Brokerage Services (9.9%):
10,000,000 Bear Stearns,
5.63%*, 11/23/98.................................. 10,000,000
10,000,000 Goldman Sachs Group LP, 5.67%*, 10/2/98........... 10,000,000
6,000,000 Lehman Brothers Holdings, Inc., 5.70%*, 10/20/98.. 6,000,000
5,000,000 Merrill Lynch & Co, Inc., 5.94%*, 11/25/98........ 5,008,548
5,000,000 Merrill Lynch & Co., Inc., 5.67%*, 9/17/98........ 5,002,187
5,000,000 Morgan Stanley Dean Witter & Co., 5.91%*, 9/16/98. 5,007,480
5,000,000 Morgan Stanley Dean Witter & Co., 5.92%*, 9/25/98. 5,000,765
------------
46,018,980
------------
Computers (2.1%):
10,000,000 IBM, 5.55%*, 9/8/98................................ 9,996,566
------------
Financial Services (12.0%):
5,000,000 Aktiebolaget Spintab,
5.69%*, 9/14/98................................... 5,000,588
5,000,000 Aktiebolaget Spintab,
5.75%*, 10/26/98.................................. 5,000,512
10,000,000 Fleet Financial Group,
6.04%*, 9/15/98................................... 10,021,496
6,100,000 Ford Motor Credit Co.,
5.94%*, 11/23/98.................................. 6,109,477
10,000,000 General Electric Capital Corp. (Stars), 5.61%*,
10/19/98........................................... 10,000,000
10,000,000 General Motors Acceptance Corp., 5.74%*, 11/2/98.. 10,000,000
10,000,000 John Deere Capital Corp., 5.68%*, 10/9/98......... 10,000,489
------------
56,132,562
------------
</TABLE>
Continued
- 27 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
CASH MANAGEMENT FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT SECURITY DESCRIPTION COST
--------- -------------------------------------------------- ------------
<C> <S> <C>
MEDIUM TERM NOTES, CONTINUED:
Insurance (10.7%):
$ 10,000,000 Combined Insurance Co., 5.75%*, 9/10/98**........ $ 10,000,000
10,000,000 First Allmerica Financial Life Insurance Co.,
5.76%*, 11/5/98**................................ 10,000,000
10,000,000 General American,
5.74%*, 10/1/98.................................. 10,000,000
10,000,000 Jackson National Life Insurance Co., 5.71%*,
9/1/98............................................ 10,000,000
10,000,000 Security Life of Denver, 5.74%*, 9/24/98**....... 10,000,000
------------
50,000,000
------------
Total Medium Term Notes 286,650,480
------------
TIME DEPOSITS (4.3%):
Banking (4.3%):
10,000,000 Den Danske Bank,
5.62%*, 10/6/98.................................. 10,000,000
10,000,000 Skandinaviska Enskilda Banken, 5.63%*, 9/15/98... 10,000,000
------------
Total Time Deposits 20,000,000
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
AMOUNT SECURITY DESCRIPTION COST
--------- --------------------------------------------------- ------------
<C> <S> <C>
REPURCHASE AGREEMENTS (19.1%):
$89,125,947 C.S. First Boston Corp., 5.80%, 9/1/98, (Purchased
on 8/31/98, proceeds at maturity $89,140,307,
collateralized by $86,799,000 U.S. Treasury
Notes, 5.75%, 4/30/03, market value $90,962,840). $ 89,125,947
------------
Total Repurchase Agreements 89,125,947
------------
Total Investments
(Cost $465,767,794)(a)--99.8% 465,767,794
Other assets in excess of liabilities--0.2% 802,934
------------
Total Net Assets--100.0% $466,570,728
============
</TABLE>
- --------
(a) Cost and value for federal income tax and financial reporting purposes are
the same.
(b) 144a security which is restricted as to resale to institutional investors.
* Variable rate investments. The rate presented on the Schedule of Portfolio
Investments is the rate in effect at August 31, 1998. The date presented
reflects the next rate change date.
** These securities may be sold only pursuant to certain legal restrictions,
and may be difficult to sell. The Fund will invest no more than 10% of the
value of its net assets in securities that are illiquid.
See notes to financial statements.
- 28 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
ALTERNATIVE MINIMUM TAX PAPER (3.4%):
Delaware (0.4%):
$130,000 Delaware State Housing Authority, Senior Home
Mortgage, Series A, 6.90%, 12/1/99.................... $ 132,753
-----------
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............................... 372,180
-----------
Texas (1.8%):
250,000 Texas State Student Loan, GO, 6.50%, 8/1/07, Callable
8/1/02 @ 100*......................................... 267,297
250,000 Texas State Student Loan, GO, 5.75%, 8/1/08, Callable
8/1/04 @ 100*......................................... 263,148
-----------
530,445
-----------
Total Alternative Minimum Tax Paper 1,035,378
-----------
MUNICIPAL BONDS (93.4%):
Alaska (1.7%):
500,000 Alaska State Housing Financial Corp., Series A, 6.10%,
12/1/06............................................... 528,455
-----------
Arizona (3.5%):
500,000 Arizona State Transportation Board, Highway Revenue,
Sub-Series A, 6.10%, 7/1/01........................... 531,775
500,000 Arizona State University Revenue Refunding, Series A,
5.80%, 7/1/07, Callable 7/1/02 @ 101*................. 532,100
-----------
1,063,875
-----------
California (2.8%):
500,000 Folsom, School Facilities Project, GO, Series B,
6.00%, 8/1/06, Callable 8/1/04 @ 102*, Insured by:
FGIC.................................................. 555,910
285,000 Los Angeles, Public Facilities Corp. Revenue, 5.40%,
8/1/07, Callable 2/1/99 @ 101.5*, ETM................. 298,406
-----------
854,316
-----------
Colorado (1.7%):
500,000 University of Colorado Hospital Authority, Revenue
Bond, Series A, 5.00%, 11/15/12, Callable 11/15/07 @
102*, Insured by: AMBAC.............................. 512,915
-----------
Dist of Columbia (1.7%):
500,000 District of Columbia Refunding, GO, Series B-1, 5.20%,
6/1/04, Insured by: AMBAC............................. 525,275
-----------
Florida (1.7%):
500,000 Jacksonville Electrical Authority Revenue, Water and
Sewer System, Series A, 5.38%, 10/1/14, Callable
10/1/02 @ 101*, Insured by: FGIC..................... 516,910
-----------
Hawaii (1.7%):
500,000 State, GO, 5.125%, 2/1/07, Insured by: FGIC--TCRS..... 529,215
-----------
Illinois (8.5%):
500,000 Chicago Park District Refunding, GO, 5.45%, 1/1/04,
Callable 1/1/03 @ 102, Insured by: FGIC............... 532,260
500,000 Chicago School Finance Authority Refunding, GO, Series
A, 5.38%, 6/1/08, Callable 6/1/03 @ 102*, Insured by:
FGIC................................................. 528,345
400,000 Cook County, Series B, GO, 5.75%, 11/15/07, Pre-
refunded 11/15/02 @ 102, Insured by: FGIC............. 436,040
500,000 Illinois Development Finance Authority, Pollution
Control Revenue Refunding, Commonwealth Edison Co.,
5.70%, 1/15/09, Insured by: AMBAC.................... 551,445
500,000 Illinois Health Facilities Revenue, OSF Healthcare
System, 5.75%, 11/15/07, Callable 11/15/03 @ 102*..... 536,855
-----------
2,584,945
-----------
Indiana (5.3%):
500,000 Blackford County School Building, Revenue Bond, First
Mortgage, 5.10%, 1/15/16, Callable 7/15/06 @ 101*,
Insured by: AMBAC State Aid Withholding.............. 502,900
</TABLE>
Continued
- 29 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
$600,000 Indiana State Office Building, Revenue Bond, Series B,
5.25%, 7/1/15, Callable 7/1/03 @ 102*, Insured by:
AMBAC................................................ $ 607,854
500,000 South Bend Water Works, Revenue Bond, 4.75%, 1/1/12,
Callable 1/1/06 @ 101*, Insured by: FSA............... 500,650
-----------
1,611,404
-----------
Louisiana (3.5%):
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................................................. 543,065
500,000 Lousiana Public Facilities Authority, Lousiana Water
Co. Project, 5.45%, 2/1/13, Callable 8/1/07 @ 100*,
Insured by: AMBAC.................................... 527,335
-----------
1,070,400
-----------
Michigan (2.7%):
550,000 Detroit Sewer Disposal, Revenue Bond, Series A, 5.25%,
7/1/15, Callable 7/1/05 @ 101*, Insured by: MBIA...... 568,013
250,000 Holly, Area School District, GO, 5.30%, 5/1/09,
Callable 5/1/05 @101*, Insured by: FGIC............... 264,050
-----------
832,063
-----------
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............ 565,598
-----------
Nevada (6.1%):
250,000 Clark County, Series A, Limited GO, 6.00%, 7/1/06,
Callable 7/1/03 @ 101*................................ 272,560
500,000 Las Vegas, Downtown Redevelopment Agency, Tax
Increment Revenue Refunding, 5.40%, 6/1/07, Callable
6/1/05 @ 101*, Insured by: FSA....................... 532,620
500,000 Reno, Hospital Revenue, St. Mary's Regional Medical
Center, 5.25%, 5/15/07, Callable 5/15/03 @ 102*,
Insured by: MBIA..................................... 526,195
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..... 531,335
-----------
1,862,710
-----------
New Jersey (1.8%):
500,000 Ocean City, GO, Series A, 6.25%, 10/1/06, Callable
10/1/01 @ 102*........................................ 543,140
-----------
New Mexico (0.3%):
80,000 New Mexico Mortgage Finance Authority, Refunding
Single Family Mortgage, Series A-1, 6.30%, 1/1/02..... 83,705
-----------
New York (1.3%):
400,000 Suffolk County Water Authority, Revenue Bond, Series
A, 5.00%, 6/1/14, Callable 6/1/07 @ 102*, Insured by:
AMBAC................................................ 406,964
-----------
Ohio (3.5%):
500,000 Ohio Municipal Electric Generation Agency, 5.38%,
2/15/13, Callable 2/15/03 @ 102*, Insured by: AMBAC... 521,135
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............ 538,225
-----------
1,059,360
-----------
Oklahoma (15.1%):
600,000 Edmond, Oklahoma Public Works Authority, Revenue
Refunding, 5.00%, 7/1/15, Callable 7/1/08 @ 100*,
Insured by: MBIA..................................... 601,343
485,000 Grand River Dam Authority, Revenue Bond, 5.90%,
11/1/08, Callable 11/02/98 @ 101*, ETM................ 520,803
</TABLE>
Continued
- 30 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
$500,000 Oklahoma City, GO, 5.60%, 5/1/10, Callable 5/1/03 @
100*.................................................. $ 524,235
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........................................... 527,020
500,000 Tulsa Industrial Authority, Hospital Revenue, St.
John's Medical Center Project, 5.70%, 2/15/04........ 536,470
500,000 Tulsa International Airport, Revenue Refunding, 5.40%,
6/1/03, Insured by: FGIC............................. 531,090
200,000 Tulsa Public Facilities Authority, 5.80%, 7/1/01...... 209,814
540,000 Tulsa Public Facilities Authority, Capital
Improvement, Series 1988-B, 5.70%, 3/1/05, Callable
3/1/03 @ 102*........................................ 577,714
500,000 Tulsa Public Facilities Authority, Revenue Refunding,
Solid Waste, Ogden Martin Systems, 5.65%, 11/1/06,
Insured by: AMBAC.................................... 542,455
-----------
4,570,944
-----------
Pennsylvania (4.5%):
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................................ 520,405
500,000 Harrisburg, Recovery Facilities Revenue Bond, Series
A, 5.00%, 9/1/12, Callable 9/1/08 @ 101, Insured by:
FSA.................................................. 508,585
320,000 Philadelphia Water & Sewer, Revenue Refunding, 15th
Series, 6.88%, 10/1/06, Callable 10/1/99 @ 102*,
Insured by: MBIA..................................... 337,040
-----------
1,366,030
-----------
Rhode Island (1.4%):
400,000 Rhode Island Depositors Economic Protection Corp.,
Special Obligations, Series A, 6.38%, 8/1/01, Insured
by: MBIA............................................. 427,940
-----------
South Carolina (1.2%):
350,000 Georgetown County, Pollution Control Facilities,
Revenue Refunding, International Paper Co. Project,
6.25%, 6/15/05, Callable 6/15/02 @ 102*.............. 379,687
-----------
South Dakota (2.4%):
700,000 South Dakota Housing Development Authority,
Homeownership Mortgage, Series A, 5.70%, 5/1/08,
Callable 5/1/06 @ 102*............................... 739,788
-----------
Texas (6.5%):
250,000 Brownsville Utilities System, Revenue Refunding,
6.25%, 9/1/07, Callable 9/1/02 @ 100*, Insured by:
MBIA................................................. 270,028
500,000 Coastal Bend, Health Facilities Development, Revenue
Bond, Series A, 5.60%, 11/15/02, Insured by: AMBAC... 531,250
400,000 Houston Water & Sewer System, Revenue Refunding,
Series B, 6.10%, 12/1/05, Callable 12/1/02 @ 102*.... 434,828
220,000 Montgomery County Hospital District, Series B, 6.30%,
4/1/04, Pre-refunded 4/1/02 @ 102, Insured by: FSA... 241,476
500,000 Tarrant County Water Control, Revenue Bond, 4.75%,
3/1/12, Callable 3/1/03 @ 100*, Insured by: AMBAC.... 500,805
-----------
1,978,387
-----------
Washington (10.9%):
400,000 Grays Harbor County Public Utility, Revenue Bond,
5.13%, 1/1/14, Callable 1/1/07 @ 100*, Insured by:
AMBAC................................................ 408,900
500,000 Port Tacoma, Revenue Refunding, Series A, 5.50%,
11/1/04, Callable 11/1/02 @ 100*, Insured by: AMBAC.. 526,725
500,000 Seattle Municipality Sewer, Revenue Bond, Series X,
5.50%, 1/1/16, Callable 1/1/03 @ 102*, Insured by:
FGIC................................................. 515,305
</TABLE>
Continued
- 31 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE TAX-FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
MUNICIPAL BONDS, CONTINUED:
$410,000 State, GO Limited, Revenue Refunding, Series R-92-A,
6.40%, 9/1/03, Callable 9/1/01 @ 101*................ $ 441,681
500,000 Tacoma Electric System, Revenue Refunding, 5.70%,
1/1/03, Insured by: FGIC............................. 534,299
500,000 Washington State Health Care Facilities, Revenue Bond,
5.13%, 12/1/12, Callable 12/1/07 @ 101*, Insured by:
MBIA................................................. 514,400
350,000 Washington State Health Care Facilities, Revenue Bond,
5.50%, 11/15/13, Callable 11/15/08 @ 101*, Insured
by: AMBAC............................................ 373,762
-----------
3,315,072
-----------
West Virginia (1.7%):
500,000 Pleasants County Polution Control, Revenue Bond,
4.70%, 11/1/07........................................ 510,050
-----------
Total Municipal Bonds 28,439,148
-----------
INVESTMENT COMPANIES (2.3%):
715,366 SEI Institutional Tax-Free Fund....................... 715,366
-----------
Total Investment Companies 715,366
-----------
Total Investments (Cost $28,672,123)(a)--99.1% 30,189,892
Other assets in excess of liabilities--0.9% 263,814
-----------
Total Net Assets--100.0% $30,453,706
===========
</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............... $1,518,492
Unrealized depreciation............... (723)
----------
Net unrealized appreciation........... $1,517,769
==========
</TABLE>
* Represents next call date. Additional subsequent call dates and amounts may
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
TCRS -- Transferable Custodial Receipts
See notes to financial statements.
- 32 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
SHORT-TERM INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- -------------------------------------------------------- ---------
<C> <S> <C>
ASSET BACKED SECURITIES (3.6%):
$ 6,322 AFC Home Equity Loan Trust, Series 1993-2, Class A,
6.00%, 1/20/13......................................... $ 6,371
94,251 AFC Home Equity Loan Trust, Series 1995-3, Class 1A2,
6.80%, 10/26/26........................................ 95,900
33,934 Contimortgage Home Equity Loan Trust, Series 1996-1,
Class A3,
5.81%, 1/15/11......................................... 34,392
234,836 CoreStates Home Equity Trust, Series 1993-2, Class A,
5.10%, 3/15/09......................................... 232,909
69,275 CPS Auto Trust,
Series 1997-3, Class A1,
6.10%, 12/15/02........................................ 69,546
300,000 Crown Home Equity Loan Trust, Series 1996-1, Class A3,
6.81%, 6/25/11......................................... 313,822
22,876 IBM Credit Receivables Lease Asset Master Trust, Series
1993-1,
Class A, 4.55%, 11/15/00............................... 22,796
40,536 Nafco Auto Trust,
Series 2, Class A,
7.00%, 12/31/01........................................ 40,783
200,000 Nomura Asset Securities Corp.,
Series 1995-2, Class 2M,
7.12%, 1/25/26......................................... 207,462
47,111 The Money Store Home Equity Trust, Series 1992-B, Class
A,
6.90%, 7/15/07......................................... 48,102
54,000 The Money Store Home Equity Trust, Series 1997-A, Class
A4,
6.89%, 3/15/16......................................... 55,378
19,964 UCFC Home Equity Loan,
Series 1996-A1, Class A3,
6.18%, 4/15/09......................................... 20,014
21,709 UCFC Home Equity Loan,
Series 1993-D1, Class A1,
5.45%, 7/10/13......................................... 21,648
---------
Total Asset Backed Securities 1,169,123
---------
COLLATERALIZED MORTGAGE OBLIGATIONS (75.5%):
168,564 Chase Mortgage Finance Corp.,
Series 1992-K, Class A5,
7.50%, 10/25/24........................................ 170,194
96,000 Chase Mortgage Finance Corp.,
Series 1994-K, Class A5,
8.00%, 9/25/25......................................... 97,980
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------------------------------- ----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 14,715 Citicorp Mortgage Securities, Inc.,
Series 1992-11, Class A6,
8.00%, 6/25/07.......................................... $ 15,018
317,749 CMC Securities Corp.,
Series 1994-H1, Class 30A2,
8.25%, 10/25/24......................................... 320,764
46,128 Collateralized Mortgage Obligation Trust, Series 54,
Class C,
9.25%, 11/1/13.......................................... 49,088
801,043 Collateralized Mortgage Obligation Trust, Series 34,
Class D,
6.00%, 10/1/17.......................................... 801,880
25,000 Collateralized Mortgage Securities Corp., Series 1991-5,
Class PI,
8.00%, 7/20/21.......................................... 25,073
111,000 Collateralized Mortgage Securities Corp., Series 1991-6,
Class PI,
7.00%, 9/20/21.......................................... 111,059
406,713 Consumer Obligation Structured Trust, Series 1993-1,
Class A2,
6.35%, 1/25/20.......................................... 404,028
288,000 Countrywide Home Loan, Series 1997-1, Class A4,
7.40%, 3/25/27.......................................... 291,813
10,000 Federal Home Loan Mortgage Corp., Series 1301, Class EA,
7.00%, 8/15/05.......................................... 10,151
6,345 Federal Home Loan Mortgage Corp., Series 1322, Class F,
7.50%, 8/15/05.......................................... 6,338
51,675 Federal Home Loan Mortgage Corp., Series 1243, Class I,
7.50%, 9/15/05.......................................... 51,771
1,727 Federal Home Loan Mortgage Corp., Series 1024, Class I,
9.00%, 11/15/05......................................... 1,724
10,000 Federal Home Loan Mortgage Corp., Series 1317, Class G,
7.00%, 5/15/06.......................................... 10,135
12,495 Federal Home Loan Mortgage Corp., Series 1561, Class D,
6.00%, 8/15/06.......................................... 12,553
18,919 Federal Home Loan Mortgage Corp., Series 1229, Class I,
7.00%, 8/15/06.......................................... 19,048
15,000 Federal Home Loan Mortgage Corp., Series 1575, Class PE,
6.00%, 3/15/07.......................................... 15,061
</TABLE>
Continued
- 33 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
SHORT-TERM INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------------- --------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 754 Federal Home Loan Mortgage Corp., Series 1458, Class L,
7.00%, 9/15/07............................................ $ 753
30,125 Federal Home Loan Mortgage Corp., Series 1423, Class I,
7.00%, 12/15/07........................................... 30,300
48,045 Federal Home Loan Mortgage Corp., Series 1475, Class O,
7.00%, 2/15/08............................................ 48,715
62,117 Federal Home Loan Mortgage Corp., Series 1667, Class C,
6.00%, 1/15/09............................................ 62,145
51,354 Federal Home Loan Mortgage Corp., Series 1103, Class M,
8.50%, 3/15/09............................................ 52,119
13,751 Federal Home Loan Mortgage Corp., Series 1546, Class C,
5.50%, 10/15/13........................................... 13,722
14,434 Federal Home Loan Mortgage Corp., Series 140, Class E,
9.50%, 5/15/17............................................ 14,439
14,032 Federal Home Loan Mortgage Corp., Series 1262, Class G,
7.50%, 7/15/17............................................ 14,090
22,324 Federal Home Loan Mortgage Corp., Series 1437, Class E,
7.00%, 10/15/17........................................... 22,373
14,191 Federal Home Loan Mortgage Corp., Series 1332, Class F,
7.00%, 3/15/18............................................ 14,174
11,477 Federal Home Loan Mortgage Corp., Series 1517, Class E,
6.00%, 4/15/18............................................ 11,464
4,876 Federal Home Loan Mortgage Corp., Series 1252, Class F,
6.80%, 4/15/18............................................ 4,864
6,866 Federal Home Loan Mortgage Corp., Series 1240, Class I,
5.00%, 6/15/18............................................ 6,850
43,852 Federal Home Loan Mortgage Corp., Series 1350, Class F,
7.20%, 6/15/18............................................ 43,933
25,000 Federal Home Loan Mortgage Corp., Series 1394, Class F,
6.00%, 7/15/18............................................ 25,079
22,081 Federal Home Loan Mortgage Corp., Series 1382, Class F,
6.50%, 11/15/18........................................... 22,122
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------------- --------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 15,000 Federal Home Loan Mortgage Corp., Series 1518, Class C,
7.00%, 3/15/19............................................ $ 15,328
19,155 Federal Home Loan Mortgage Corp., Series 1188, Class GB,
7.50%, 3/15/19............................................ 19,198
225,000 Federal Home Loan Mortgage Corp., Series 1493, Class B,
7.00%, 6/15/19............................................ 226,473
25,000 Federal Home Loan Mortgage Corp., Series 1222, Class G,
7.80%, 6/15/19............................................ 25,256
1,523 Federal Home Loan Mortgage Corp., Series 1059, Class G,
7.00%, 11/15/19........................................... 1,522
10,000 Federal Home Loan Mortgage Corp., Series 1437, Class F,
7.00%, 11/15/19........................................... 10,079
71,184 Federal Home Loan Mortgage Corp., Series 1358, Class G,
7.00%, 11/15/19........................................... 71,231
97,445 Federal Home Loan Mortgage Corp., Series 1177, Class HC,
7.50%, 12/15/19........................................... 97,516
50,000 Federal Home Loan Mortgage Corp., Series 1499, Class B,
6.75%, 2/15/20............................................ 50,928
178,975 Federal Home Loan Mortgage Corp., Series 1250, Class G,
7.00%, 4/15/20............................................ 179,774
255,000 Federal Home Loan Mortgage Corp., Series 1332, Class H,
7.50%, 4/15/20............................................ 260,008
25,840 Federal Home Loan Mortgage Corp., Series 1397, Class C,
7.00%, 6/15/20............................................ 25,980
37,000 Federal Home Loan Mortgage Corp., Series 1184, Class H,
8.00%, 6/15/20............................................ 37,883
26,206 Federal Home Loan Mortgage Corp., Series 1149, Class K,
7.50%, 7/15/20............................................ 26,241
59,919 Federal Home Loan Mortgage Corp., Series 1038, Class F,
9.00%, 7/15/20............................................ 60,459
54,167 Federal Home Loan Mortgage Corp., Series 1101, Class L,
6.95%, 9/15/20............................................ 54,535
</TABLE>
Continued
- 34 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
SHORT-TERM INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------------- --------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 37,272 Federal Home Loan Mortgage Corp., Series 1137, Class I,
7.00%, 10/15/20........................................... $ 37,416
23,595 Federal Home Loan Mortgage Corp., Series 1254, Class H,
7.50%, 10/15/20........................................... 23,770
67,390 Federal Home Loan Mortgage Corp., Series 1384, Class B,
7.00%, 11/15/20........................................... 67,337
56,783 Federal Home Loan Mortgage Corp., Series 1288, Class H,
7.00%, 11/15/20........................................... 57,569
76,296 Federal Home Loan Mortgage Corp., Series 1152, Class K,
7.00%, 11/15/20........................................... 76,785
49,000 Federal Home Loan Mortgage Corp., Series 1358, Class H,
7.00%, 11/15/20........................................... 49,258
39,367 Federal Home Loan Mortgage Corp., Series 1165, Class K,
7.00%, 12/15/20........................................... 39,727
65,000 Federal Home Loan Mortgage Corp., Series 1250, Class H,
7.00%, 12/15/20........................................... 65,980
110,202 Federal Home Loan Mortgage Corp., Series 1109, Class H,
6.95%, 12/15/20........................................... 111,174
37,354 Federal Home Loan Mortgage Corp., Series 1163, Class I,
6.95%, 12/15/20........................................... 37,504
65,000 Federal Home Loan Mortgage Corp., Series 1186, Class H,
7.50%, 12/15/20........................................... 66,670
10,000 Federal Home Loan Mortgage Corp., Series 1177, Class I,
6.95%, 1/15/21............................................ 10,141
15,000 Federal Home Loan Mortgage Corp., Series 1228, Class G,
7.00%, 1/15/21............................................ 15,320
121,000 Federal Home Loan Mortgage Corp., Series 1191, Class D,
7.00%, 2/15/21............................................ 122,105
57,000 Federal Home Loan Mortgage Corp., Series 1069, Class I,
6.95%, 2/15/21............................................ 58,137
22,000 Federal Home Loan Mortgage Corp., Series 1406, Class G,
6.75%, 3/15/21............................................ 22,466
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------------- --------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$134,604 Federal Home Loan Mortgage Corp., Series 1646, Class MA,
6.50%, 3/15/21............................................ $134,633
80,000 Federal Home Loan Mortgage Corp., Series 1350, Class H,
7.50%, 3/15/21............................................ 82,655
90,000 Federal Home Loan Mortgage Corp., Series 139, Class G,
7.00%, 4/15/21............................................ 92,792
30,000 Federal Home Loan Mortgage Corp., Series 1303, Class K,
8.00%, 4/15/21............................................ 30,555
150,000 Federal Home Loan Mortgage Corp., Series 1351, Class TD,
7.00%, 5/15/21............................................ 153,421
15,000 Federal Home Loan Mortgage Corp., Series 1302, Class PJ,
8.00%, 5/15/21............................................ 15,495
49,052 Federal Home Loan Mortgage Corp., Series 1278, Class H,
7.00%, 6/15/21............................................ 49,200
25,000 Federal Home Loan Mortgage Corp., Series 1714, Class LD,
7.00%, 6/15/21............................................ 25,225
16,000 Federal Home Loan Mortgage Corp., Series 1237, Class I,
8.00%, 6/15/21............................................ 16,425
45,000 Federal Home Loan Mortgage Corp., Series 1702-B, Class L,
7.00%, 7/15/21............................................ 45,522
38,358 Federal Home Loan Mortgage Corp., Series 1255, Class G,
7.50%, 7/15/21............................................ 39,179
25,000 Federal Home Loan Mortgage Corp., Series 1241, Class J,
7.00%, 9/15/21............................................ 25,499
175,000 Federal Home Loan Mortgage Corp., Series 1278, Class I,
7.00%, 9/15/21............................................ 178,051
11,000 Federal Home Loan Mortgage Corp., Series 1397, Class D,
7.00%, 10/15/21........................................... 11,039
8,724 Federal Home Loan Mortgage Corp., Series 189, Class C,
8.00%, 10/15/21........................................... 8,865
168,000 Federal Home Loan Mortgage Corp., Series 1754, Class B,
8.50%, 2/15/22............................................ 171,652
</TABLE>
Continued
- 35 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
SHORT-TERM INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ---------------------------------------------------------- ---------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 77,000 Federal Home Loan Mortgage Corp., Series 1890, Class K,
7.00%, 3/15/22........................................... $ 77,687
122,000 Federal Home Loan Mortgage Corp., Series 1312, Class I,
8.00%, 7/15/22........................................... 129,009
17,151 Federal Home Loan Mortgage Corp., Series 1653, Class B,
6.00%, 8/15/22........................................... 17,170
15,236 Federal Home Loan Mortgage Corp., Series 1574, Class L,
6.50%, 9/15/22........................................... 15,238
99,195 Federal Home Loan Mortgage Corp., Series 1474, Class C,
7.00%, 10/15/22.......................................... 100,657
111,082 Federal Home Loan Mortgage Corp., Series 1774, Class C,
8.00%, 12/15/22.......................................... 111,678
245,000 Federal Home Loan Mortgage Corp., Series 1648, Class JA,
6.00%, 1/15/23........................................... 244,994
17,845 Federal Home Loan Mortgage Corp., Series 1543, Class XU,
7.00%, 5/15/23........................................... 18,005
119,339 Federal Home Loan Mortgage Corp., Series 1559, Class WD,
7.00%, 5/15/23........................................... 119,438
23,000 Federal Home Loan Mortgage Corp., Series 1749, Class C,
8.00%, 6/15/23........................................... 23,444
9,659 Federal Home Loan Mortgage Corp., Series 42, Class J,
8.00%, 6/17/23........................................... 9,836
200,000 Federal Home Loan Mortgage Corp., Series 1869, Class TD,
7.50%, 7/15/23........................................... 203,208
55,000 Federal Home Loan Mortgage Corp., Series 1853, Class B,
7.50%, 4/15/24........................................... 56,197
19,712 Federal Home Loan Mortgage Corp., Series 1729, Class M,
7.50%, 5/15/24........................................... 19,763
34,000 Federal Home Loan Mortgage Corp., Series 1935, Class CA,
7.50%, 9/15/24........................................... 34,735
70,000 Federal Home Loan Mortgage Corp., Series 1935, Class JC,
7.00%, 12/15/24.......................................... 71,221
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------------- --------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 7,543 Federal National Mortgage Assoc., Series 1993-118, Class E,
6.10%, 12/25/04........................................... $ 7,561
22,000 Federal National Mortgage Assoc., Series 1992-41, Class G,
8.00%, 3/25/05............................................ 22,980
13,716 Federal National Mortgage Assoc., Series G92-2, Class C,
8.00%, 6/25/05............................................ 13,662
24,687 Federal National Mortgage Assoc., Series 1992-32, Class D,
7.25%, 7/25/05............................................ 24,761
47,130 Federal National Mortgage Assoc., Series 1992-57, Class G,
7.00%, 8/25/05............................................ 47,440
11,311 Federal National Mortgage Assoc., Series 1992-70, Class G,
7.00%, 10/25/05........................................... 11,307
5,000 Federal National Mortgage Assoc., Series G92-44, Class H,
8.00%, 11/25/06........................................... 5,334
62,069 Federal National Mortgage Assoc., Series 1993-106, Class K,
7.00%, 8/25/09............................................ 62,330
100,000 Federal National Mortgage Assoc., Series 1992-124, Class D,
7.00%, 4/25/10............................................ 103,200
45,000 Federal National Mortgage Assoc., Series G93-22, Class BA,
7.30%, 3/25/13............................................ 45,319
21,416 Federal National Mortgage Assoc., Series 1994-10, Class D,
5.60%, 6/25/14............................................ 21,358
8,492 Federal National Mortgage Assoc., Series 1991-65, Class K,
6.80%, 11/25/15........................................... 8,461
25,000 Federal National Mortgage Assoc., Series 1992-38, Class L,
6.50%, 11/25/16........................................... 25,210
7,000 Federal National Mortgage Assoc., Series 1993-202, Class
EA,
5.50%, 12/25/16........................................... 6,984
127,776 Federal National Mortgage Assoc., Series 1992-71, Class D,
8.25%, 3/25/17............................................ 129,971
99,109 Federal National Mortgage Assoc., Series 1992-161, Class C,
6.75%, 8/25/17............................................ 98,990
</TABLE>
Continued
- 36 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
SHORT-TERM INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------------------------------- ---------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 41,021 Federal National Mortgage Assoc., Series 1992-84, Class
H,
7.50%, 1/25/18.......................................... $ 41,241
8,000 Federal National Mortgage Assoc., Series 1992-198, Class
H,
6.00%, 2/25/18.......................................... 7,952
1,491 Federal National Mortgage Assoc., Series 1992-16, Class
HA,
7.00%, 2/25/18.......................................... 1,485
15,000 Federal National Mortgage Assoc., Series 1992-118, Class
PG,
7.00%, 3/25/18.......................................... 15,040
8,665 Federal National Mortgage Assoc., Series 1992-41, Class
PL,
7.50%, 5/25/18.......................................... 8,674
12,334 Federal National Mortgage Assoc., Series 1992-177, Class
B, 6.75%, 6/25/18....................................... 12,363
15,000 Federal National Mortgage Assoc., Series 1992-159, Class
PG, 6.50%, 6/25/18...................................... 15,011
7,048 Federal National Mortgage Assoc., Series 1988-26, Class
C, 7.50%, 7/25/18....................................... 7,194
39,676 Federal National Mortgage Assoc., Series 1992-169, Class
H, 6.50%, 1/25/19....................................... 39,772
29,164 Federal National Mortgage Assoc., Series G92-41, Class H,
7.50%, 1/25/19.......................................... 29,154
12,970 Federal National Mortgage Assoc., Series 1993-2, Class
PE, 7.00%, 3/25/19...................................... 12,993
10,000 Federal National Mortgage Assoc., Series 1992-148, Class
B, 7.00%, 4/25/19....................................... 10,142
5,504 Federal National Mortgage Assoc., Series 1992-49, Class
G, 7.00%, 4/25/19....................................... 5,488
48,000 Federal National Mortgage Assoc., Series 1992-31, Class
H, 7.50%, 4/25/19....................................... 48,280
5,828 Federal National Mortgage Assoc., Series G93-19, Class K,
6.50%, 6/25/19.......................................... 5,855
48,608 Federal National Mortgage Assoc., Series 1990-31, Class
H, 7.00%, 6/25/19....................................... 48,842
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------------------------------- ---------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 10,000 Federal National Mortgage Assoc., Series 1992-159, Class
PH, 6.50%, 6/25/19...................................... $ 10,074
82,434 Federal National Mortgage Assoc., Series 1992-65, Class
E, 7.50%, 9/25/19....................................... 82,240
30,000 Federal National Mortgage Assoc., Series 1992-34, Class
EB, 7.00%, 10/25/19..................................... 30,155
189,041 Federal National Mortgage Assoc., Series 1993-16, Class
B, 7.50%, 10/25/19...................................... 188,888
85,000 Federal National Mortgage Assoc., Series 1992-188, Class
PJ, 7.50%, 10/25/19..................................... 88,530
193,362 Federal National Mortgage Assoc., Series 1992-98, Class
PJ, 7.50%, 11/25/19..................................... 194,066
15,000 Federal National Mortgage Assoc., Series 1992-7, Class
PN, 7.50%, 11/25/19..................................... 15,263
55,154 Federal National Mortgage Assoc., Series 1992-6, Class H,
6.75%, 12/25/19......................................... 55,175
30,000 Federal National Mortgage Assoc., Series G93-5, Class C,
6.50%, 1/25/20.......................................... 30,181
47,028 Federal National Mortgage Assoc., Series 1991-173, Class
PH, 6.95%, 1/25/20...................................... 47,327
449,000 Federal National Mortgage Assoc., Series 1992-161, Class
D, 7.00%, 3/25/20....................................... 451,833
15,000 Federal National Mortgage Assoc., Series G92-15, Class G,
7.00%, 4/25/20.......................................... 15,396
30,000 Federal National Mortgage Assoc., Series 1993-74, Class
B, 6.50%, 4/25/20....................................... 30,164
12,837 Federal National Mortgage Assoc., Series 1992-174, Class
G, 7.25%, 4/25/20....................................... 12,874
43,000 Federal National Mortgage Assoc., Series 1992-49, Class
H, 7.00%, 5/25/20....................................... 43,240
43,214 Federal National Mortgage Assoc., Series 1992-15, Class
H, 6.75%, 6/25/20....................................... 43,620
</TABLE>
Continued
- 37 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
SHORT-TERM INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------------------------------- ---------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 47,000 Federal National Mortgage Assoc., Series G92-48, Class D,
7.50%, 7/25/20.......................................... $ 47,145
39,057 Federal National Mortgage Assoc., Series G92-35, Class C,
7.50%, 7/25/20.......................................... 39,420
39,599 Federal National Mortgage Assoc., Series 1992-150, Class
J, 7.00%, 8/25/20....................................... 39,621
109,244 Federal National Mortgage Assoc., Series 1991-42, Class
K, 7.00%, 8/25/20....................................... 109,731
2,014 Federal National Mortgage Assoc., Series 1991-108, Class
J, 7.00%, 8/25/20....................................... 2,005
20,000 Federal National Mortgage Assoc., Series 1992-201, Class
B, 7.00%, 9/25/20....................................... 20,232
30,090 Federal National Mortgage Assoc., Series 1991-154, Class
PH, 7.50%, 9/25/20...................................... 30,263
87,494 Federal National Mortgage Assoc., Series 1991-108, Class
JB, 7.67%, 9/25/20...................................... 87,457
10,000 Federal National Mortgage Assoc., Series 1991-135, Class
J, 7.50%, 9/25/20....................................... 10,033
10,305 Federal National Mortgage Assoc., Series 1992-74, Class
C, 8.00%, 10/25/20...................................... 10,288
96,210 Federal National Mortgage Assoc., Series G92-13, Class
PH, 7.00%, 11/25/20..................................... 96,826
110,713 Federal National Mortgage Assoc., Series 1991-77, Class
PH, 7.00%, 11/25/20..................................... 111,423
50,000 Federal National Mortgage Assoc., Series 1992-103, Class
JA, 7.50%, 11/25/20..................................... 50,583
35,570 Federal National Mortgage Assoc., Series 1991-74, Class
K, 7.95%, 11/25/20...................................... 35,759
147,203 Federal National Mortgage Assoc., Series G92-38, Class E,
7.50%, 11/25/20......................................... 147,821
43,719 Federal National Mortgage Assoc., Series 1991-82, Class
PL, 7.00%, 12/25/20..................................... 44,043
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------------------------------- ---------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 32,000 Federal National Mortgage Assoc., Series F92-44, Class D,
8.00%, 12/25/20......................................... $ 32,890
16,627 Federal National Mortgage Assoc., Series G92-31, Class H,
7.50%, 12/25/20......................................... 16,716
196,126 Federal National Mortgage Assoc., Series 1993-91, Class
A, 6.00%, 1/25/21....................................... 195,562
20,000 Federal National Mortgage Assoc., Series 1995-15, Class
LL, 7.38%, 1/25/21...................................... 20,718
258,311 Federal National Mortgage Assoc., Series 1991-147, Class
K, 7.00%, 1/25/21....................................... 260,583
20,000 Federal National Mortgage Assoc., Series 1993-29, Class
D, 7.00%, 2/25/21....................................... 20,280
14,000 Federal National Mortgage Assoc., Series 1992-172, Class
C, 7.00%, 2/25/21....................................... 13,745
10,000 Federal National Mortgage Assoc., Series 1991-163, Class
K, 6.95%, 2/25/21....................................... 10,024
25,000 Federal National Mortgage Assoc., Series 1992-83, Class
G, 7.00%, 3/25/21....................................... 25,426
15,000 Federal National Mortgage Assoc., Series 1992-89, Class
K, 7.00%, 3/25/21....................................... 15,235
15,000 Federal National Mortgage Assoc., Series G92-8, Class K,
7.50%, 3/25/21.......................................... 15,286
29,847 Federal National Mortgage Assoc., Series 1992-97, Class
D, 8.00%, 4/25/21....................................... 29,966
50,981 Federal National Mortgage Assoc., Series 1991-142, Class
PK, 8.00%, 4/25/21...................................... 51,957
21,090 Federal National Mortgage Assoc., Series 1992-123, Class
D, 7.50%, 4/25/21....................................... 21,160
10,000 Federal National Mortgage Assoc., Series 1992-131, Class
H, 7.50%, 6/25/21....................................... 10,104
7,611 Federal National Mortgage Assoc., Series 1992-123, Class
D, 7.50%, 8/25/21....................................... 7,731
</TABLE>
Continued
- 38 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
SHORT-TERM INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------------------------------- ---------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 43,792 Federal National Mortgage Assoc., Series 1991-108, Class
J, 7.00%, 9/25/21....................................... $ 44,933
10,000 Federal National Mortgage Assoc., Series 1992-161, Class
G, 7.50%, 11/25/21...................................... 10,357
18,000 Federal National Mortgage Assoc., Series 1992-82, Class
E, 7.00%, 4/25/22....................................... 18,417
79,000 Federal National Mortgage Assoc., Series 1996-51, Class
AJ, 7.00%, 6/18/22...................................... 80,056
16,000 Federal National Mortgage Assoc., Series 1992-126, Class
YY, 7.63%, 6/25/22...................................... 16,164
37,519 Federal National Mortgage Assoc., Series 1992-163, Class
E, 6.75%, 9/25/22....................................... 37,414
310,459 Federal National Mortgage Assoc., Series 1994-23, Class
A, 6.00%, 12/25/22...................................... 309,493
119,149 Federal National Mortgage Assoc., Series 1993-27, Class
A, 5.50%, 2/25/23....................................... 117,618
4,506 Federal National Mortgage Assoc., Series 1993-41, Class
J, 6.00%, 3/25/23....................................... 4,460
23,428 Federal National Mortgage Assoc., Series 1993-2251, Class
A, 6.50%, 3/25/23....................................... 23,478
339,049 Federal National Mortgage Assoc., Series 1994-23, Class
G, 6.00%, 5/25/23....................................... 337,993
43,549 Federal National Mortgage Assoc., Series 1993-155, Class
LA, 6.50%, 5/25/23...................................... 43,404
248,481 Federal National Mortgage Assoc., Series 1993-252, Class
M, 6.50%, 5/25/23....................................... 252,867
29,481 Federal National Mortgage Assoc., Series 1994-38, Class
A, 7.00%, 7/25/23....................................... 29,780
10,705 Federal National Mortgage Assoc., Series 1993-147, Class
N, 7.00%, 8/25/23....................................... 10,719
18,149 Federal National Mortgage Assoc., Series 1994-75, Class
M, 7.00%, 10/25/23...................................... 18,247
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------------------------------- ---------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 17,905 Federal National Mortgage Assoc., Series 1994-42, Class
L, 6.50%, 4/25/24....................................... $ 17,959
21,849 Federal National Mortgage Assoc., Series 1994-88, Class
D, 7.50%, 7/25/24....................................... 21,888
10,000 Federal National Mortgage Assoc., Series 1997-27, Class
BL, 7.00%, 9/18/24...................................... 10,100
106,687 Federal National Mortgage Assoc., Series 1997-55, Class
A, 7.00%, 3/18/26....................................... 107,679
136,502 Financial Asset Securitization Inc., Series 1997-NAM2,
Class FA8, 10.00%, 7/25/27............................. 140,879
25,000 First Plus Home Loan Trust, Series 1997-2, Class A7,
7.54%, 4/10/23.......................................... 27,399
500,000 General Electric Capital Mortgage Services, Inc., Series
1996-HE2, Class A3,
7.30%, 3/25/12.......................................... 507,035
78,475 General Electric Capital Mortgage Services, Inc., Series
1993-12, Class A-2,
6.50%, 10/25/23......................................... 78,630
53,779 General Electric Capital Mortgage Services, Inc., Series
1994-18, Class A3,
7.00%, 8/25/24.......................................... 53,669
100,000 General Electric Capital Mortgage Services, Inc., Series
1994-28, Class A5,
8.00%, 8/25/24.......................................... 101,590
29,631 General Electric Capital Mortgage Services, Inc., Series
1994-23, Class A3,
7.75%, 8/25/24.......................................... 29,904
162,527 General Electric Capital Mortgage Services, Inc., Series
1994-29, Class A4,
8.13%, 11/25/24......................................... 162,841
15,513 General Electric Capital Mortgage Services, Inc., Series
1994-29, Class A3,
8.00%, 11/25/24......................................... 15,561
120,651 General Electric Capital Mortgage Services, Inc., Series
1995-6, Class A3,
7.00%, 8/25/25.......................................... 121,410
</TABLE>
Continued
- 39 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
SHORT-TERM INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------------------------------- ---------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$308,000 General Electric Capital Mortgage Services, Inc., Series
1997-3, Class A12,
7.50%, 4/25/27.......................................... $ 317,681
115,000 General Electric Capital Mortgage Services, Inc., Series
1997-4, Class A10,
7.50%, 5/25/27.......................................... 118,992
300,000 General Electric Capital Mortgage Services, Inc., Series
1997-6, Class A15,
7.50%, 7/25/27.......................................... 307,959
384,733 General Electric Capital Mortgage Services, Inc., Series
1997-7, Class A2,
7.20%, 8/25/27.......................................... 388,641
13,050 Government National Mortgage Assoc., Series 1994-6, Class
B, 7.88%, 11/16/17...................................... 13,163
53,000 Government National Mortgage Assoc., Series 1994-6, Class
G, 7.99%, 12/16/19...................................... 53,879
40,000 Government National Mortgage Assoc., Series 1996-15,
Class 0, 7.00%, 11/20/21................................ 40,466
308,827 Government National Mortgage Assoc., Series 1995-2, Class
H, 8.00%, 7/20/22....................................... 311,992
36,168 Government National Mortgage Assoc., Series 1994-5, Class
A, 7.50%, 12/16/22...................................... 36,378
139,000 Government National Mortgage Assoc., Series 1995-8, Class
G, 7.00%, 12/20/22...................................... 142,871
43,000 Government National Mortgage Assoc., Series 1994-5, Class
B, 7.50%, 7/16/23....................................... 43,322
6,000 Government National Mortgage Assoc., Series 1994-5, Class
CA, 8.00%, 8/16/23...................................... 6,206
15,000 Government National Mortgage Assoc., Series 1997-6, Class
B, 7.50%, 5/20/24....................................... 15,557
90,294 Government National Mortgage Assoc., Series 1997-4, Class
B, 7.00%, 8/20/26....................................... 91,411
68,732 Headlands Mortgage Securities Inc.,
Series 1997-5, Class AII1, 6.75%, 11/25/27.............. 69,753
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------------------------------- ---------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 12,915 Housing Securities Inc.,
Series 1992-B, Class 5, 8.50%, 3/25/22.................. $ 13,202
151,000 Housing Securities, Inc.,
Series 1994-3, Class A4,
7.25%, 11/25/17......................................... 152,718
490,244 IMC Home Equity Loan Trust,
Series 1996-3, Class A3,
7.27%, 4/25/11.......................................... 502,500
261,000 Independent National Mortgage Corp., Series 1994-L, Class
A6, 8.00%, 8/25/24...................................... 271,800
526,866 Independent National Mortgage Corp., Series 1994-0, Class
A3, 8.00%, 9/25/24...................................... 531,691
10,000 Independent National Mortgage Corp., Series 1994-O, Class
A5, 8.50%, 9/25/24...................................... 10,716
20,000 Independent National Mortgage Corp., Series 1994-N, Class
A6, 8.00%, 10/25/24..................................... 20,310
146,000 Independent National Mortgage Corp., Series 1994-T, Class
A5, 8.38%, 11/25/24..................................... 152,195
479,472 Independent National Mortgage Corp., Series 1995-A, Class
A3, 8.75%, 3/25/25...................................... 484,022
268,000 Independent National Mortgage Corp., Series 1995-A, Class
A4, 8.75%, 3/25/25...................................... 275,349
133,796 Independent National Mortgage Corp., Series 1995-D, Class
A6, 9.00%, 3/25/25...................................... 135,081
209,000 Independent National Mortgage Corp., Series 1995-N, Class
A4, 7.50%, 10/25/25..................................... 212,091
74,609 Independent National Mortgage Corp., Series 1995-Q, Class
A5, 7.25%, 11/25/25..................................... 74,896
163,141 Independent National Mortgage Corp., Series 1995-S, Class
A3, 7.00%, 1/25/26...................................... 163,944
67,076 Independent National Mortgage Corp., Series 1995-V, Class
A1, 7.25%, 2/25/26...................................... 67,541
49,000 Independent National Mortgage Corp., Series 1995-V, Class
A2, 7.25%, 2/25/26...................................... 49,795
</TABLE>
Continued
- 40 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
SHORT-TERM INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------------------------------- ---------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$536,000 Independent National Mortgage Corp., Series 1996-S, Class
A7, 7.00%, 5/25/26...................................... $ 542,950
4,988 Investors Government National Mortgage Assoc. Mortgage
Backed Sec. Trust Inc., Series 1984-2,
Class E, 7.88%, 4/25/08................................. 5,131
215,000 Norwest Asset Securities Corp.,
Series 1996-3, Class A8, 7.25%, 9/25/26................. 221,885
300,000 Norwest Asset Securities Corp., Series 1996-5, Class A10,
7.25%, 11/25/26......................................... 301,857
266,065 Norwest Asset Securities Corp., Series 1997-6, Class A12,
7.50%, 5/25/27.......................................... 279,533
240,000 Norwest Asset Securities Corp., Series 1997-10, Class A2,
6.50%, 8/25/27.......................................... 241,997
256,548 Prudential Home Mortgage Securities, Series 1992-47,
Class A9, 8.00%, 1/25/23................................ 261,384
516,799 Prudential Home Mortgage Securities, Series 1993-8, Class
A4, 7.40%, 3/25/23...................................... 522,419
635,332 Prudential Home Mortgage Securities, Series 1993-14,
Class A7, 6.25%, 5/25/23................................ 635,560
91,029 Prudential Home Mortgage Securities, Series 1993-14,
Class A6, 6.50%, 5/25/23................................ 90,652
181,586 Prudential Home Mortgage Securities, Series 1993-38,
Class A3, 6.15%, 9/25/23................................ 180,262
35,233 Prudential Home Mortgage Securities, Series 1993-44,
Class A10, 6.00%, 11/25/23.............................. 35,028
34,542 Prudential Home Mortgage Securities, Series 1994-15,
Class A2, 6.00%, 5/25/24................................ 34,370
326,558 Prudential Home Mortgage Securities, Series 1994-15,
Class A5, 6.80%, 5/25/24................................ 326,630
185,000 Prudential Home Mortgage Securities, Series 1996-5, Class
A2, 7.25%, 4/25/26...................................... 185,916
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- ----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$520,000 Residential Accredit Loans, Inc., Series 1998-QS9,
Class A3, 6.75%, 7/25/28.............................. $ 528,413
106,387 Residential Asset Securitization Trust, Series 1997-A3,
Class A7, 10.00%, 5/25/27............................. 109,397
15,431 Residential Funding Mortgage Securities,
Series 1992-S43, Class A9, 8.00%, 12/25/22............ 15,477
50,000 Residential Funding Mortgage Securities,
Series 1992-S43, Class A10, 8.00%, 12/25/22........... 51,319
250,000 Residential Funding Mortgage Securities,
Series 1993-S28, Class A6, 7.00%, 8/25/23............. 251,645
119,984 Residential Funding Mortgage Securities,
Series 1993-S40, Class A5, 6.20%, 11/25/23............ 120,117
28,921 Residential Funding Mortgage Securities,
Series 1994-S17, Class A3, 8.00%, 8/25/24............. 29,097
5,000 Residential Funding Mortgage Securities, Series 1995-
S11, Class A13, 7.40%, 9/25/25........................ 5,085
50,000 Residential Funding Mortgage Securities, Series 1996-
S15, Class A11, 7.75%, 6/25/26........................ 51,071
20,000 Residential Funding Mortgage Securities, Series 1996-
S16, Class A10, 8.00%, 7/25/26........................ 20,627
13,070 Residential Funding Mortgage Securities I, Series 1996-
S18, Class A7, 7.25%, 8/25/26......................... 13,148
42,000 Residential Funding Mortgage Securities I, Series 1996-
S23, Class A3,
7.25%, 11/25/26....................................... 42,838
37,289 Vendee Mortgage Trust,
Series 1993-1, Class D,
7.00%, 11/15/12....................................... 37,547
118,000 Vendee Mortgage Trust,
Series 1992-2, Class D,
7.00%, 9/15/15........................................ 119,393
152,000 Vendee Mortgage Trust,
Series 1992-1, Class 2E,
7.75%, 3/15/16........................................ 156,863
149,000 Vendee Mortgage Trust,
Series 1992-1, Class 2F,
7.75%, 7/15/17........................................ 155,695
----------
Total Collateralized Mortgage Obligations 24,471,863
----------
</TABLE>
Continued
- 41 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
SHORT-TERM INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- ----------
<C> <S> <C>
CORPORATE BONDS (6.9%):
Brokerage Services (3.4%):
$ 335,000 Merrill Lynch & Co., Inc., 6.38%, 3/30/99.............. $ 336,749
500,000 Morgan Stanley Dean Witter & Co., 5.75%, 2/15/01....... 502,500
250,000 Salomon Smith Barney Holdings, Inc., 5.88%, 2/1/01..... 251,875
----------
1,091,124
----------
Financial Services (3.5%):
135,000 Associates Corp. of North America, 7.50%, 5/15/99...... 136,895
250,000 Commercial Credit Co.,
6.70%, 8/1/99......................................... 252,635
260,000 Ford Motor Credit Corp., 7.25%, 5/15/99................ 263,211
500,000 Ford Motor Credit Corp., 5.75%, 1/25/01................ 503,750
----------
1,156,491
----------
Total Corporate Bonds 2,247,615
----------
U.S. GOVERNMENT AGENCIES (17.0%):
Federal Home Loan Bank (10.6%):
1,500,000 9/2/98................................................. 1,499,551
1,900,000 7.02%, 7/6/99, Series HA99............................. 1,924,168
----------
3,423,719
----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY
AMOUNT DESCRIPTION MARKET VALUE
--------- ---------------------------------------------------- ------------
<C> <S> <C>
U.S. GOVERNMENT AGENCIES, CONTINUED:
Federal Home Loan Mortgage Corp. (5.2%):
$ 248,359 6.00%, 7/1/99, Gold Pool #G50188.................... $ 251,866
224,780 6.50%, 2/1/00, Gold Pool #N92990.................... 229,210
1,185,905 6.50%, 12/1/11, Gold Pool #E20275................... 1,201,227
------------
1,682,303
------------
Government National Mortgage Assoc (1.2%):
18,297 6.50%, 7/15/23, Pool #350795........................ 18,419
30,660 7.50%, 3/15/24, Pool #376439........................ 31,554
19,023 7.00%, 4/20/24, Pool #1655.......................... 19,336
31,556 6.50%, 12/15/25, Pool #414856....................... 31,771
249,440 8.00%, 6/15/26, Pool #423563........................ 258,639
29,859 7.00%, 11/20/26, Pool #2320......................... 30,357
------------
390,076
------------
Total U.S. Government Agencies 5,496,098
------------
INVESTMENT COMPANIES (1.5%):
476,899 American Performance Cash Management Fund........... 476,899
------------
Total Investment Companies 476,899
------------
Total Investments (Cost $33,426,019)(a)--104.5% 33,861,598
Liabilities in excess of other assets--(4.5)% (1,471,861)
------------
Total Net Assets--100.0% $ 32,389,737
============
</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................. $491,170
Unrealized depreciation................. (55,591)
--------
Net unrealized appreciation............. $435,579
========
</TABLE>
See notes to financial statements.
- 42 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
ASSET BACKED SECURITIES (9.0%):
$ 103,161 Advanta Mortgage Loan Trust, Series 1993-3, Class A3,
4.75%, 2/25/10....................................... $ 102,036
1,390,200 AFC Home Equity Loan Trust, Series 1995-3, Class 1A2,
6.80%, 10/26/26...................................... 1,414,529
611,667 CoreStates Home Equity Trust, Series 1993-2, Class A,
5.10%, 3/15/09....................................... 606,645
1,500,000 Crown Home Equity Loan Trust, Series 1996-1, Class A3,
6.81%, 6/25/11....................................... 1,569,105
239,331 Equicon Home Equity Loan Trust, Series 1992-7, Class
A, 5.90%, 9/18/05.................................... 239,207
54,984 First Plus Home Loan Trust, Series 1996-2, Class A6,
7.85%, 8/20/13....................................... 58,829
588,405 First Plus Home Loan Trust, Series 1996-4, Class A2,
6.14%, 10/10/08...................................... 590,976
2,050,000 Ford Credit Auto Loan Master Trust, Series 1995-1,
Class A, 6.50%, 8/15/02.............................. 2,095,059
1,000,000 Nomura Asset Securities Corp., Series 1995-2, Class
2M, 7.12%, 1/25/26................................... 1,037,310
-----------
Total Asset Backed Securities 7,713,696
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS (39.3%):
300,000 BA Mortgage Securities, Inc., Series 1997-3, Class A2,
7.00%, 12/25/27...................................... 309,015
108,000 Chase Mortgage Finance Corp., Series 1994-G, Class A8,
7.50%, 4/25/25....................................... 109,913
173,000 Chemical Mortgage Securities Inc., Series 1996-1,
Class A4, 7.00%, 1/25/26............................. 173,728
140,000 Citicorp Mortgage Securities, Inc., Series 1993-1,
Class A3, 7.50%, 1/25/23............................. 145,071
200,000 Citicorp Mortgage Securities, Inc., Series 1993-2,
Class A6, 7.50%, 3/25/23............................. 204,838
267,000 Citicorp Mortgage Securities, Inc., Series 1996-1,
Class A4, 7.50%, 12/25/26............................ 272,677
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 88,000 Citicorp Mortgage Securities, Inc., Series 1997-2,
Class A2, 7.25%, 5/25/27............................. $ 90,693
100,000 Citicorp Mortgage Securities, Inc., Series 1997-5,
Class A5, 7.25%, 11/25/27............................ 100,943
79,000 Countrywide Funding Corp., Series 1994-17, Class A5,
7.50%, 7/25/24....................................... 81,418
179,000 Countrywide Funding Corp., Series 1994-17, Class A7,
7.88%, 7/25/24....................................... 187,278
16,000 Countrywide Funding Corp., Series 1994-17, Class A9,
8.00%, 7/25/24....................................... 17,296
50,000 Countrywide Funding Corp., Series 1995-4, Class A7,
7.50%, 9/25/25....................................... 52,362
121,000 Countrywide Home Loan, Series 1997-1, Class A4,
7.40%, 3/25/27....................................... 122,602
238,000 Countrywide Home Loan, Series 1997-1, Class A13,
7.50%, 3/25/27....................................... 242,239
148,000 Countrywide Home Loan, Series 1997-1, Class A12,
7.50%, 3/25/27....................................... 150,728
180,000 Countrywide Home Loan, Series 1997-2, Class A3,
7.50%, 4/25/27....................................... 184,942
1,638,699 Federal Home Loan Mortgage Corp., Series 1538, Class
E, 6.00%, 3/15/05.................................... 1,646,105
8,448 Federal Home Loan Mortgage Corp., Series 1344, Class
B, 6.00%, 10/15/05................................... 8,448
10,000 Federal Home Loan Mortgage Corp., Series 1176, Class
H, 8.00%, 12/15/06................................... 10,909
34,527 Federal Home Loan Mortgage Corp., Series 1513, Class
P, 6.50%, 5/15/08.................................... 34,480
11,000 Federal Home Loan Mortgage Corp., Series 1156, Class
ID, 7.00%, 1/15/09................................... 11,313
2,000,000 Federal Home Loan Mortgage Corp., Series 1482, Class
F, 6.50%, 5/15/19.................................... 2,039,519
</TABLE>
Continued
- 43 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 100,000 Federal Home Loan Mortgage Corp., Series 1332, Class
H, 7.50%, 4/15/20.................................... $ 101,964
25,000 Federal Home Loan Mortgage Corp., Series 1050, Class
G, 7.00%, 6/15/20.................................... 25,136
40,547 Federal Home Loan Mortgage Corp., Series 1038, Class
F, 9.00%, 7/15/20.................................... 40,912
25,000 Federal Home Loan Mortgage Corp., Series 1281, Class
G, 8.00%, 9/15/20.................................... 25,593
1,000,000 Federal Home Loan Mortgage Corp., Series 1268, Class
G, 8.00%, 9/15/20.................................... 1,022,559
8,567 Federal Home Loan Mortgage Corp., Series 176, Class G,
7.00%, 12/15/20...................................... 8,570
6,651 Federal Home Loan Mortgage Corp., Series 1189, Class
F, 7.50%, 1/15/21.................................... 6,676
50,000 Federal Home Loan Mortgage Corp., Series 1052, Class
G, 7.50%, 3/15/21.................................... 52,098
131,000 Federal Home Loan Mortgage Corp., Series 1383, Class
E, 7.50%, 3/15/21.................................... 134,636
130,000 Federal Home Loan Mortgage Corp., Series 1350, Class
H, 7.50%, 3/15/21.................................... 134,315
10,000 Federal Home Loan Mortgage Corp., Series 138, Class E,
8.07%, 7/15/21....................................... 10,531
39,320 Federal Home Loan Mortgage Corp., Series 1128, Class
IB, 7.00%, 8/15/21................................... 39,879
48,000 Federal Home Loan Mortgage Corp., Series 1753, Class
B, 8.50%, 11/15/21................................... 48,598
13,000 Federal Home Loan Mortgage Corp., Series 1264, Class
I, 8.30%, 4/15/22.................................... 14,065
63,000 Federal Home Loan Mortgage Corp., Series 1281, Class
I, 8.00%, 5/15/22.................................... 67,900
42,183 Federal Home Loan Mortgage Corp., Series 1461, Class
B, 7.00%, 6/15/22.................................... 42,499
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 82,000 Federal Home Loan Mortgage Corp., Series 1310, Class
J, 8.00%, 6/15/22.................................... $ 89,118
82,000 Federal Home Loan Mortgage Corp., Series 1754, Class
CA, 8.50%, 11/15/22.................................. 84,375
116,000 Federal Home Loan Mortgage Corp., Series 1856, Class
B, 7.50%, 3/15/23.................................... 117,516
98,000 Federal Home Loan Mortgage Corp., Series 1665, Class
M, 6.50%, 1/15/24.................................... 99,462
40,000 Federal Home Loan Mortgage Corp., Series 1748, Class
EA, 8.00%, 3/15/24................................... 40,203
40,000 Federal Home Loan Mortgage Corp., Series 1853, Class
B, 7.50%, 4/15/24.................................... 40,870
100,000 Federal Home Loan Mortgage Corp., Series 1723, Class
PN, 7.00%, 5/15/24................................... 100,388
70,000 Federal Home Loan Mortgage Corp., Series 1931, Class
D, 7.25%, 7/15/25.................................... 71,684
62,000 Federal Home Loan Mortgage Corp., Series 1966, Class
Y, 7.75%, 6/15/27.................................... 58,879
66,000 Federal National Mortgage Assoc., Series 1992-7, Class
E, 8.00%, 6/25/08.................................... 70,081
91,000 Federal National Mortgage Assoc., Series 19919-147,
Class LD, 7.00%, 10/25/08............................ 93,579
10,000 Federal National Mortgage Assoc., Series 1992-147,
Class PK, 7.25%, 4/25/19............................. 10,045
142,022 Federal National Mortgage Assoc., Series X-G2A, Class
O, 8.00%, 5/25/19.................................... 144,559
166,000 Federal National Mortgage Assoc., Series 1992-202,
Class H, 7.50%, 5/25/19.............................. 170,785
35,000 Federal National Mortgage Assoc., Series 1992-188,
Class PJ, 7.50%, 10/25/19............................ 36,454
1,000,000 Federal National Mortgage Assoc., Series 1993-102,
Class G, 6.25%, 1/25/20.............................. 1,021,890
</TABLE>
Continued
- 44 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- ----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 55,344 Federal National Mortgage Assoc., Series 1990-62, Class
G, 9.00%, 6/25/20..................................... $ 58,834
36,000 Federal National Mortgage Assoc., Series 1991-162,
Class E, 7.50%, 9/25/20............................... 36,336
131,000 Federal National Mortgage Assoc., Series 1992-177,
Class CB, 7.50%, 2/25/21.............................. 134,478
103,000 Federal National Mortgage Assoc., Series 1993-2, Class
PH, 7.35%, 3/25/21.................................... 105,283
69,000 Federal National Mortgage Assoc., Series 1992-132,
Class PL, 8.00%, 3/25/21.............................. 71,685
41,135 Federal National Mortgage Assoc., Series G-7, Class E,
8.90%, 3/25/21........................................ 44,201
25,000 Federal National Mortgage Assoc., Series G97-1, Class
A3, 7.00%, 5/20/21.................................... 25,344
49,987 Federal National Mortgage Assoc., Series 1991-66, Class
J, 8.13%, 6/25/21..................................... 52,114
211,000 Federal National Mortgage Assoc., Series X-89A, Class
B, 8.00%, 9/25/21..................................... 213,752
52,007 Federal National Mortgage Assoc., Series G-32, Class N,
8.10%, 10/25/21....................................... 54,110
49,927 Federal National Mortgage Assoc., Series D-32, Class L,
8.00%, 10/25/21....................................... 51,886
50,000 Federal National Mortgage Assoc., Series 1993-2, Class
PK, 7.50%, 2/25/22.................................... 51,771
100,000 Federal National Mortgage Assoc., Series 1992-210,
Class M, 7.50%, 8/25/22............................... 99,653
55,000 Federal National Mortgage Assoc., Series 1993-155,
Class M, 7.00%, 9/25/23............................... 55,563
30,000 Federal National Mortgage Assoc., Series 1996-22, Class
C, 7.25%, 2/25/24..................................... 30,403
90,000 Federal National Mortgage Assoc., Series 1995-6, Class
D, 8.00%, 5/25/25..................................... 90,447
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- ----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 500,000 Financial Asset Securitization, Inc., Series 1997-NAM1,
Class A2, 7.75%, 5/25/27.............................. $ 516,073
225,000 Financial Asset Securitization, Inc., Series 1997-NAM1,
Class A3, 7.75%, 5/25/27.............................. 233,211
54,000 Financial Asset Securitization, Inc., Series 1997-NAM2,
Class FA7, 8.00%, 7/25/27............................. 56,080
675,540 General Electric Capital Mortgage Services, Inc.,
Series 1995-HE1, Class A2, 6.90%, 2/25/10............. 684,828
25,000 General Electric Capital Mortgage Services, Inc.,
Series 1992-12A, Class A7, 7.50%, 10/25/22............ 26,060
816,140 General Electric Capital Mortgage Services, Inc.,
Series 1993-12, Class A-2, 6.50%, 10/25/23............ 817,748
45,600 General Electric Capital Mortgage Services, Inc.,
Series 1994-18, Class A4, 6.25%, 12/25/23............. 45,642
58,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-18, Class A4, 7.75%, 8/25/24.............. 59,528
78,002 General Electric Capital Mortgage Services, Inc.,
Series 1994-23, Class A3, 7.75%, 8/25/24.............. 78,720
76,132 General Electric Capital Mortgage Services, Inc.,
Series 1994-29, Class A3, 8.00%, 11/25/24............. 76,367
30,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-29, Class A10, 8.88%, 11/25/24............ 32,451
125,000 General Electric Capital Mortgage Services, Inc.,
Series 1995-6, Class A4, 7.00%, 8/25/25............... 128,133
40,000 General Electric Capital Mortgage Services, Inc.,
Series 1996-15, Class A12, 7.75%, 10/25/26............ 41,196
53,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A-11, 7.50%, 4/25/27............. 54,399
507,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A12, 7.50%, 4/25/27.............. 522,937
134,754 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A4, 7.50%, 4/25/27............... 135,524
</TABLE>
Continued
- 45 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 196,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A8, 7.50%, 4/25/27.............. $ 202,124
505,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A9, 7.50%, 4/25/27.............. 514,190
772,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4, Class A10, 7.50%, 5/25/27............. 798,798
75,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-5, Class A2, 7.50%, 6/25/27.............. 77,490
84,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-5, Class A4, 7.50%, 6/25/27.............. 86,848
50,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-8, Class A17, 7.13%, 10/25/27............ 50,998
68,000 Government National Mortgage Assoc., Series 1994-6,
Class G, 7.99%, 12/16/19............................. 69,128
12,132 Government National Mortgage Assoc., Series 1994-1,
Class A, 7.55%, 9/16/22.............................. 12,634
161,000 Government National Mortgage Assoc., Series 1996-7,
Class C, 7.50%, 2/16/23.............................. 165,894
51,000 Government National Mortgage Assoc., Series 1997-6,
Class B, 7.50%, 5/20/24.............................. 52,895
50,000 Government National Mortgage Assoc., Series 1994-5,
Class D, 7.50%, 7/16/24.............................. 50,821
326,000 Headlands Mortgage Securities, Series 1997-1, Class
AI10, 7.75%, 3/25/27................................. 336,372
980,487 IMC Home Equity Loan Trust, Series 1996-3, Class A3,
7.27%, 4/25/11....................................... 1,004,999
10,000 Independent National Mortgage Corp., Series 1994-17,
Class A5, 8.38%, 10/25/24............................ 10,476
100,000 Independent National Mortgage Corp., Series 1994-T,
Class A5, 8.38%, 11/25/24............................ 104,243
403,962 Independent National Mortgage Corp., Series 1995-D,
Class A6, 9.00%, 3/25/25............................. 407,840
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 661,000 Independent National Mortgage Corp., Series 1995-A,
Class A4, 8.75%, 3/25/25............................. $ 679,125
112,000 Independent National Mortgage Corp., Series 1995-N,
Class A4, 7.50%, 10/25/25............................ 113,656
15,000 Independent National Mortgage Corp., Series 1995-N,
Class A4, 7.50%, 10/25/25............................ 15,561
177,211 Independent National Mortgage Corp., Series 1995-Q,
Class A5, 7.25%, 11/25/25............................ 177,893
140,000 Independent National Mortgage Corp., Series 1995-Q,
Class A5, 7.50%, 11/25/25............................ 144,724
113,000 Independent National Mortgage Corp., Series 1995-U,
Class A5, 7.13%, 1/25/26............................. 115,547
75,000 Independent National Mortgage Corp., Series 1995-V,
Class A6, 7.13%, 2/25/26............................. 75,191
209,181 Independent National Mortgage Corp., Series 1996-S,
Class A2, 6.93%, 5/25/26............................. 210,386
100,000 Independent National Mortgage Corp., Series 1996-S,
Class A7, 7.00%, 5/25/26............................. 101,297
201,000 Norwest Asset Securities Corp., Series 1997-2, Class
A7, 7.70%, 3/25/27................................... 208,803
166,291 Norwest Asset Securities Corp., Series 1997-6, Class
A12, 7.50%, 5/25/27.................................. 174,708
199,000 Norwest Asset Securities Corp., Series 1997-6, Class
A2, 7.75%, 5/25/27................................... 205,478
140,000 Norwest Asset Securities Corp., Series 1997-8, Class
A3, 7.50%, 6/25/27................................... 143,789
24,000 Norwest Asset Securities Corp., Series 1997-21, Class
A6, 7.00%, 1/25/28................................... 24,561
2,035,000 Norwest Asset Securities Corp., Series 1997-21, Class
A7, 7.00%, 1/25/28................................... 2,082,964
132,000 PNC Mortgage Securities Corp., Series 1996-1, Class
A16, 7.38%, 6/25/26.................................. 136,587
</TABLE>
Continued
- 46 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------- -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 50,000 PNC Mortgage Securities Corp., Series
1996-1, Class A18, 7.38%, 6/25/26... $ 51,590
31,000 PNC Mortgage Securities Corp., Series
1996-3, Class A3, 7.25%, 12/25/26... 31,385
204,000 PNC Mortgage Securities Corp., Series
1997-2, Class A3, 7.50%, 3/35/27.... 210,531
63,000 Prudential Home Mortgage Securities,
Series 1992-33, Class A8, 7.50%,
11/25/22............................ 65,651
450,000 Prudential Home Mortgage Securities,
Series 1992-40, Class A10, 7.50%,
12/25/22............................ 458,204
294,000 Prudential Home Mortgage Securities,
Series 1992-43, Class A6, 7.50%,
1/25/23............................. 304,781
246,000 Prudential Home Mortgage Securities,
Series 1992-51, Class A10, 7.75%,
2/25/23............................. 251,550
181,000 Prudential Home Mortgage Securities,
Series 1992-50, Class A5, 7.63%,
2/25/23............................. 184,305
177,188 Prudential Home Mortgage Securities,
Series 1993-8, Class A4, 7.40%,
3/25/23............................. 179,115
100,000 Prudential Home Mortgage Securities,
Series 1993-8, Class A3, 7.90%,
3/25/23............................. 103,091
115,000 Prudential Home Mortgage Securities,
Series 1993-19, Class A11, 7.49%,
6/25/23............................. 116,797
300,000 Prudential Home Mortgage Securities,
Series 1993-19, Class A13, 7.50%,
6/25/23............................. 312,108
455,558 Prudential Home Mortgage Securities,
Series 1993-38, Class A3, 6.15%,
9/25/23............................. 452,237
131,000 Prudential Home Mortgage Securities,
Series 1993-44, Class A17, 6.00%,
11/25/23............................ 129,305
1,306,234 Prudential Home Mortgage Securities,
Series 1994-15, Class A5, 6.80%,
5/25/24............................. 1,306,520
550,000 Prudential Home Mortgage Securities,
Series 1994-18, Class A6, 7.50%,
5/25/24............................. 560,395
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 374,000 Prudential Home Mortgage Securities, Series 1994-22,
Class A6, 7.30%, 6/25/24............................. $ 385,954
433,824 Prudential Home Mortgage Securities, Series 1994-21,
Class A8, 7.80%, 6/25/24............................. 467,007
81,000 Prudential Home Mortgage Securities, Series 1994-27,
Class A5, 8.25%, 9/25/24............................. 85,246
107,000 Prudential Home Mortgage Securities, Series 1996-5,
Class A9, 7.25%, 4/25/26............................. 110,263
22,534 Residential Asset Securitization Trust, Series 1996-
A8, Class A1, 8.00%, 12/25/26........................ 22,633
50,000 Residential Asset Securitization Trust, Series 1997-
A5, Class A7, 7.13%, 7/25/27......................... 50,152
125,000 Residential Funding Mortgage Securities, Series 1997,
Class A8, 7.30%, 2/25/27............................. 129,647
234,902 Residential Funding Mortgage Securities, Series 1992-
S36, Class A4, 6.75%, 11/25/07....................... 236,471
850,000 Residential Funding Mortgage Securities, Series 1993-
S28, Class A6, 7.00%, 8/25/23........................ 855,593
85,000 Residential Funding Mortgage Securities, Series 1995-
S11, Class A13, 7.40%, 9/25/25....................... 86,451
213,000 Residential Funding Mortgage Securities, Series 1995-
S11, Class A19, 7.50%, 9/25/25....................... 220,034
194,000 Residential Funding Mortgage Securities, Series 1996-
S14, Class A15, 7.50%, 5/25/26....................... 201,436
242,000 Residential Funding Mortgage Securities, Series 1996-
S16, Class A9, 7.75%, 7/25/26........................ 247,180
100,000 Residential Funding Mortgage Securities, Series 1996-
S16, Class A10, 8.00%, 7/25/26....................... 103,134
700,000 Residential Funding Mortgage Securities, Series 1997-
S2, Class A2, 7.50%, 1/25/27......................... 718,586
35,000 Residential Funding Mortgage Securities, Series 1997-
S2, Class A4, 7.50%, 1/25/27......................... 36,063
</TABLE>
Continued
- 47 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 714,000 Residential Funding Mortgage Securities, Series 1997-
S13, Class A2, 7.25%, 9/25/27....................... $ 735,918
162,000 Ryland Acceptance Corp., Series 1997, Class JA,
8.75%, 4/20/21...................................... 169,902
180,834 Salomon Brothers Mortgage Securities, Series 1987-1,
Class A, 8.50%, 1/25/17............................. 187,863
333,000 Vendee Mortgage Trust, Series 1992-2, Class F,
7.00%, 2/15/18...................................... 349,417
-----------
Total Collateralized Mortgage Obligations 33,579,628
-----------
CORPORATE BONDS (26.3%):
Banking (2.5%):
1,000,000 BankAmerica Corp., 7.75%, 7/15/02.................... 1,063,750
1,000,000 First Chicago NBD Bancorp, 7.25%, 8/15/04............ 1,065,000
-----------
2,128,750
-----------
Brokerage Services (7.0%):
500,000 Bear Stearns Co., Inc., 6.75%, 8/15/00............... 511,250
2,000,000 Bear Stearns Co., Inc., 6.75%, 4/15/03............... 2,082,500
1,500,000 Merrill Lynch & Co., Inc., 6.64%, 9/19/02............ 1,554,375
1,000,000 Salomon Smith Barney Holdings, Inc., 6.63%, 6/1/00... 1,018,750
750,000 Salomon Smith Barney Holdings, Inc., 6.88%, 6/15/05.. 786,563
-----------
5,953,438
-----------
Financial Services (8.0%):
500,000 Cincinnati Financial Corp., 6.90%, 5/15/28........... 520,000
2,100,000 CNA Financial Corp., 6.25%, 11/15/03................. 2,126,250
2,000,000 Commercial Credit Co., 6.38%, 9/15/02................ 2,060,000
1,000,000 General Motors Acceptance Corp., 6.63%, 10/1/02...... 1,035,000
1,000,000 General Motors Acceptance Corp., 6.63%, 10/15/05..... 1,037,500
-----------
6,778,750
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
CORPORATE BONDS, CONTINUED:
Food Products & Services (4.1%):
$2,200,000 Grand Metropolitan Investment, 8.63%, 8/15/01........ $ 2,389,750
1,000,000 McCormick & Co., 8.95%, 7/1/01....................... 1,090,000
-----------
3,479,750
-----------
Leasing (3.5%):
1,500,000 Hertz Corp., 6.00%, 1/15/03.......................... 1,511,250
1,500,000 International Lease Finance Corp., 6.50%, 8/15/99.... 1,513,500
-----------
3,024,750
-----------
Pharmaceuticals (0.6%):
500,000 American Home Products Corp., 6.50%, 10/15/02........ 516,875
-----------
Telecommunications (0.6%):
500,000 COMSAT Corp., 8.95%, 5/15/01......................... 541,250
-----------
Total Corporate Bonds 22,423,563
-----------
TAXABLE MUNICIPAL BONDS (5.4%):
California (0.6%):
500,000 Monrovia Redevelopment Agency Tax Allocation, 6.90%,
5/1/17, Callable 5/1/08 @ 102*, Insured by: AMBAC... 521,875
-----------
Connecticut (0.6%):
500,000 Stratford, 6.55%, 2/15/13, Callable 2/15/10 @ 102*,
Insured by: FGIC.................................... 515,625
-----------
Georgia (1.2%):
1,000,000 Atlanta & Fulton County Downtown Arena Project
Revenue Bond, Recreational Facilities Improvements,
7.00%, 12/1/28, Callable 12/1/07 @ 102*, Insured by:
FSA................................................. 1,048,750
-----------
Louisiana (2.5%):
1,000,000 Orleans Parish School Board Refunding Bonds, Series
A, 6.45%, 2/1/05, Insured by: FGIC.................. 1,048,750
1,000,000 Orleans Parish School Board Refunding Bonds, Series
A, 6.50%, 2/1/06, Insured by: FGIC.................. 1,047,500
-----------
2,096,250
-----------
</TABLE>
Continued
- 48 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
INTERMEDIATE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
TAXABLE MUNICIPAL BONDS, CONTINUED:
Wisconsin (0.5%):
$ 400,000 State GO, Series D, 6.90%, 11/1/11, Callable 11/1/08
@ 100*.............................................. $ 426,000
-----------
Total Taxable Municipal Bonds 4,608,500
-----------
U.S. GOVERNMENT AGENCIES (16.3%):
Federal Home Loan Mortgage Corp. (4.6%):
252,343 8.00%, 7/1/99, Gold Pool #M80108..................... 257,940
240,259 7.00%, 10/1/07, Gold Pool #E40422.................... 245,182
3,388,301 6.50%, 12/1/11, Gold Pool #E20275.................... 3,432,078
-----------
3,935,200
-----------
Federal National Mortgage Assoc (2.2%):
723,172 5.00%, 2/1/09, Pool #266453.......................... 699,511
295,464 7.45%, 11/1/22, Pool #188965......................... 305,988
341,144 7.53%, 11/1/22, Pool #189916......................... 351,805
479,821 7.86%, 7/1/23, Pool #224951.......................... 493,016
-----------
1,850,320
-----------
Government National Mortgage Assoc (9.5%):
6,680 9.00%, 11/15/01, Pool #194441........................ 6,978
17,724 9.00%, 8/15/03, Pool #229571......................... 18,514
19,952 9.00%, 12/15/04, Pool #284008........................ 20,937
64,789 9.00%, 1/15/05, Pool #247502......................... 67,987
45,193 9.00%, 3/15/06, Pool #299211......................... 47,424
117,957 9.00%, 12/15/06, Pool #316045........................ 123,308
345,684 7.50%, 6/15/07, Pool #329595......................... 358,322
760,818 6.00%, 1/15/09, Pool #371901......................... 762,415
12,971 10.00%, 2/15/19, Pool #269976........................ 14,061
175,747 8.00%, 11/15/21, Pool #308330........................ 182,004
67,736 8.00%, 2/15/22, Pool #319029......................... 70,065
181,833 8.00%, 5/15/23, Pool #343406......................... 188,357
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. GOVERNMENT AGENCIES, CONTINUED:
$ 126,316 8.00%, 10/20/24, Pool #1884........................... $ 130,281
25,241 8.00%, 2/20/26, Pool #2171............................ 26,042
814,352 7.00%, 3/15/26, Pool #419128.......................... 831,364
53,583 8.00%, 3/20/26, Pool #2187............................ 55,297
238,365 8.00%, 4/20/26, Pool #2205............................ 245,942
1,053,316 8.00%, 5/20/26, Pool #2219............................ 1,086,801
1,665,721 8.00%, 6/15/26, Pool #423563.......................... 1,727,153
2,033,299 8.00%, 6/15/26, Pool #426149.......................... 2,107,129
22,728 7.00%, 3/20/27, Pool #2394............................ 23,108
-----------
8,093,489
-----------
Total U.S. Government Agencies 13,879,009
-----------
U.S. TREASURY BONDS (1.3%):
1,000,000 6.13%, 11/15/27....................................... 1,108,360
-----------
Total U.S. Treasury Bonds 1,108,360
-----------
U.S. TREASURY NOTES (1.6%):
300,000 8.00%, 8/15/99........................................ 307,872
1,000,000 8.88%, 5/15/00........................................ 1,062,910
-----------
Total U.S. Treasury Notes 1,370,782
-----------
INVESTMENT COMPANIES (0.7%):
590,331 American Performance Cash Management Fund............. 590,331
-----------
Total Investment Companies 590,331
-----------
Total Investments (Cost $82,902,577)(a)--99.9% 85,273,869
-----------
Other assets in excess of liabilities--0.1% 107,788
-----------
Total Net Assets--100.0% $85,381,657
-----------
</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.............. $ 2,470,264
Unrealized depreciation.............. (98,972)
-----------
Net unrealized appreciation.......... $ 2,371,292
===========
</TABLE>
* Represents next call date. Additional subsequent call dates and amounts may
apply to this security.
AMBAC -- AMBAC Indemnity Corporation
FGIC -- Financial Guaranty Insurance Corporation
FSA -- Financial Security Assurance
GO -- General Obligations Bond
See notes to financial statements.
- 49 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
ASSET BACKED SECURITIES (3.2%):
$1,000,000 Crown Home Equity Loan Trust, Series 1996-1, Class
A3,
6.81%, 6/25/11...................................... $ 1,046,070
141,000 Norwest Asset Securities Corp., Series 1996-4, Class
A3,
7.75%, 9/25/26...................................... 145,517
500,000 UCFC Home Equity Loan, Series 1996-D1, Class A4,
6.78%, 2/15/16...................................... 517,330
-----------
Total Asset Backed Securities 1,708,917
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS (43.5%):
800,000 BA Mortgage Securities, Inc., Series 1997-3, Class
A2, 7.00%, 12/25/27................................. 824,039
75,000 Capstead Securities Corp., Series 1993-1, Class E,
7.50%, 2/1/23....................................... 77,512
306,076 Chase Mortgage Finance Corp., Series 1994-L, Class
2A9, 7.50%, 11/25/25................................ 310,708
100,000 Chemical Mortgage Securities, Inc., Series 1993-1,
Class A7, 7.45%, 2/25/23............................ 103,208
175,000 Chemical Mortgage Securities, Inc., Series 1996-1,
Class A6, 8.00%, 1/25/26............................ 181,039
149,623 Citicorp Mortgage Securities, Inc., Series 1997-1,
Class A2,
7.25%, 2/25/27...................................... 150,301
339,000 Countrywide Funding Corp., Series 1994-17, Class A6,
7.63%, 7/25/24...................................... 352,517
195,000 Countrywide Funding Corp., Series 1994-17, Class A7,
7.88%, 7/25/24...................................... 204,018
110,000 Countrywide Funding Corp., Series 1994-17, Class A9,
8.00%, 7/25/24...................................... 118,911
382,000 Countrywide Funding Corp., Series 1995-4, Class A7,
7.50%, 9/25/25...................................... 400,044
256,000 Countrywide Home Loan, Series 1997-1, Class A13,
7.50%, 3/25/27...................................... 260,559
77,000 Countrywide Mortgage Backed Securities, Inc., Series
1994-J, Class A7, 8.00%, 6/25/24.................... 82,825
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 171,000 Federal Home Loan Mortgage Corp., Series 1281, Class
I, 8.00%, 5/15/22.................................... $ 184,299
50,000 Federal Home Loan Mortgage Corp., Series 1753, Class
CB, 8.13%, 5/15/23................................... 51,337
109,000 Federal Home Loan Mortgage Corp., Series 1853, Class
B, 7.50%, 4/15/24.................................... 111,371
118,000 Federal Home Loan Mortgage Corp., Series 1847, Class
B, 7.50%, 7/15/24.................................... 120,751
50,000 Federal Home Loan Mortgage Corp., Series 54, Class C,
7.75%, 3/18/25....................................... 52,844
21,656 Federal National Mortgage Assoc., Series 1992-81,
Class ZA, 7.50%, 1/25/21............................. 21,648
85,000 Federal National Mortgage Assoc., Series 1992-118,
Class PJ, 7.50%, 2/25/21............................. 88,014
88,000 Federal National Mortgage Assoc., Series 1992-168,
Class KA, 7.50%, 11/25/21............................ 92,028
103,000 Federal National Mortgage Assoc., Series 1992-88,
Class L, 8.00%, 12/25/21............................. 108,402
70,000 Federal National Mortgage Assoc., Series 1994-88,
Class A, 7.50%, 3/25/23.............................. 70,124
55,000 Federal National Mortgage Assoc., Series 1997-16,
Class HA, 7.00%, 2/18/25............................. 56,156
500,000 Financial Asset Securitization, Inc., Series 1997-
NAM1, Class A2, 7.75%, 5/25/27....................... 516,073
500,000 Financial Asset Securitization, Inc., Series 1997-
NAM2, Class FA5, 7.70%, 7/25/27...................... 514,412
83,000 Fund America Investors Corp., Series 1991-1, Class K,
7.95%, 10/20/21...................................... 83,071
1,200,000 General Electric Capital Mortgage Services, Inc.,
Series 1996-HE2, Class A3, 7.30%, 3/25/12............ 1,216,884
99,672 General Electric Capital Mortgage Services, Inc.,
Series 1993-17, Class A13, 6.50%, 12/25/23........... 100,154
</TABLE>
Continued
- 50 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<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....................... $ 97,997
46,000 General Electric Capital Mortgage Services, Inc., Series
1994-29, Class A9, 8.63%, 11/25/24...................... 49,334
175,000 General Electric Capital Mortgage Services, Inc., Series
1995-5, Class A6, 7.50%, 8/25/25........................ 180,484
90,000 General Electric Capital Mortgage Services, Inc., Series
1996-13, Class A13, 7.75%, 8/25/26...................... 92,870
876,000 General Electric Capital Mortgage Services, Inc., Series
1997-3, Class A12, 7.50%, 4/25/27....................... 903,535
420,000 General Electric Capital Mortgage Services, Inc., Series
1997-3, Class A9, 7.50%, 4/25/27........................ 427,643
250,000 General Electric Capital Mortgage Services, Inc., Series
1997-4, Class A10, 7.50%, 5/25/27....................... 258,678
270,000 General Electric Capital Mortgage Services, Inc., Series
1997-6, Class A2, 7.50%, 7/25/27........................ 278,287
191,000 Government National Mortgage Assoc., Series 1996-15,
Class CA, 7.50%, 1/20/24................................ 196,427
70,000 Government National Mortgage Assoc., Series 1996-15,
Class H, 7.50%, 8/16/26................................. 73,119
252,000 Government National Mortgage Assoc., Series 1996-20,
Class J, 7.50%, 9/20/26................................. 266,925
214,000 Government National Mortgage Assoc., Series 1996-22,
Class E, 7.00%, 5/16/24................................. 220,283
250,000 Headlands Mortgage Securities, Series 1997-1, Class AI10,
7.75%, 3/25/27.......................................... 257,954
130,000 Headlands Mortgage Securities, Series 1997-3, Class 1A6,
7.00%, 7/25/27.......................................... 133,141
500,000 Headlands Mortgage Securities, Series 1997-5, Class A17,
7.25%, 11/25/27......................................... 514,065
268,000 Housing Securities, Inc., Series 1992-EB, Class B5B,
7.63%, 9/25/22.......................................... 277,796
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------------------------------- ---------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 101,000 Independent National Mortgage Corp., Series 1994-L, Class
A5, 8.00%, 8/25/24...................................... $ 107,964
37,000 Independent National Mortgage Corp., Series 1994-N, Class
A7, 8.25%, 10/25/24..................................... 38,264
106,000 Independent National Mortgage Corp., Series 1994-U, Class
A10, 8.75%, 12/25/24.................................... 113,920
54,000 Independent National Mortgage Corp., Series 1995-A, Class
A4, 8.75%, 3/25/25...................................... 55,481
84,000 Independent National Mortgage Corp., Series 1995-U, Class
A5, 7.13%, 1/25/26...................................... 85,893
100,000 Independent National Mortgage Corp., Series 1995-U, Class
A2, 7.13%, 1/25/26...................................... 102,254
125,000 Independent National Mortgage Corp., Series 1995-U, Class
A4, 7.25%, 1/25/26...................................... 129,025
185,000 Independent National Mortgage Corp., Series 1995-W, Class
A4, 7.13%, 2/25/26...................................... 188,786
628,257 Merrill Lynch Trust, Series 45, Class F, 9.10%, 9/20/14.. 646,979
175,000 Norwest Asset Securities Corp., Series 1996-1, Class A11,
7.50%, 8/25/26.......................................... 200,571
78,000 Norwest Asset Securities Corp., Series 1996-4, Class A,
7.75%, 9/25/26.......................................... 81,559
107,000 Norwest Asset Securities Corp., Series 1996-8, Class A3,
7.50%, 12/25/26......................................... 109,603
330,000 Norwest Asset Securities Corp., Series 1997-2, Class A7,
7.70%, 3/25/27.......................................... 342,811
665,163 Norwest Asset Securities Corp., Series 1997-6, Class A12,
7.50%, 5/25/27.......................................... 698,833
356,000 Norwest Asset Securities Corp., Series 1997-6, Class A2,
7.75%, 5/25/27.......................................... 367,589
332,000 Norwest Asset Securities Corp., Series 1997-8, Class A3,
7.50%, 6/25/27.......................................... 340,984
</TABLE>
Continued
- 51 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$1,000,000 Norwest Asset Securities Corp., Series 1997-21, Class
A7, 7.00%, 1/25/28................................... $ 1,023,570
203,000 Paine Webber Mortgage Acceptance Corp., Series 1994-
5A, Class A4, 8.13%, 7/25/24......................... 210,827
148,000 PNC Mortgage Securities Corp., Series 1996-1, A4,
7.50%, 6/25/26....................................... 151,516
205,000 PNC Mortgage Securities Corp., Series 1997-2, Class
A3, 7.50%, 3/35/27................................... 211,563
286,000 Prudential Home Mortgage Securities, Series 1992-33,
Class A8, 7.50%, 11/25/22............................ 298,034
1,301,471 Prudential Home Mortgage Securities, Series 1994-21,
Class A8, 7.80%, 6/25/24............................. 1,401,021
517,000 Prudential Home Mortgage Securities, Series 1996-5,
Class A9, 7.25%, 4/25/26............................. 532,767
25,000 Prudential Home Mortgage Securities, Series 1992-32,
Class A9, 7.45%, 10/25/22............................ 25,513
194,000 Prudential Home Mortgage Securities, Series 1993-22,
Class A11, 6.50%, 7/25/23............................ 195,720
217,000 Prudential Home Mortgage Securities, Series 1993-51,
Class A9, 6.00%, 12/25/23............................ 214,843
100,000 Residential Funding Mortgage Securities, Series 1992-
S43, Class A10, 8.00%, 12/25/22...................... 102,639
20,000 Residential Funding Mortgage Securities, Series 1993-
S26, Class A9, 7.50%, 7/25/23........................ 20,784
500,000 Residential Funding Mortgage Securities, Series 1993-
S28, Class A6, 7.00%, 8/25/23........................ 503,290
713,000 Residential Funding Mortgage Securities, Series 1995-
S11, Class A11, 6.00%, 9/25/25....................... 692,801
95,000 Residential Funding Mortgage Securities, Series 1995-
S11, Class A7, 7.50%, 9/25/25........................ 98,137
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 90,000 Residential Funding Mortgage Securities, Series 1995-
S11, Class A10, 7.75%, 9/25/25....................... $ 95,851
200,000 Residential Funding Mortgage Securities, Series 1996-
S15, Class A14, 8.00%, 9/25/25....................... 215,945
67,000 Residential Funding Mortgage Securities, Series 1996-
S14, Class A15, 7.50%, 5/25/26....................... 69,568
21,000 Residential Funding Mortgage Securities, Series 1996-
S14, Class A5, 7.75%, 5/25/26........................ 22,418
100,000 Residential Funding Mortgage Securities, Series 1996-
S15, Class A11, 7.75%, 6/25/26....................... 102,142
1,000,000 Residential Funding Mortgage Securities, Series 1997-
S2, Class A2, 7.50%, 1/25/27......................... 1,026,551
150,000 Residential Funding Mortgage Securities, Series 1997-
S9, Class A14, 7.50%, 7/25/27........................ 152,255
1,074,000 Residential Funding Mortgage Securities, Series 1997-
S13, Class A2, 7.25%, 9/25/27........................ 1,106,969
76,000 Ryland Acceptance Corp., Series 1997, Class JA,
8.75%, 4/20/21....................................... 79,707
10,000 Ryland Mortgage Securities Corp., Series 1992-2, Class
E, 8.00%, 2/25/23.................................... 10,321
15,000 Securitized Asset Sales, Series 1995-A, Class A7,
8.00%, 3/25/24....................................... 16,256
25,000 Vendee Mortgage Trust, Series 1996-3, Class 2F,
7.75%, 11/15/22...................................... 27,188
-----------
Total Collateralized Mortgage Obligations 22,900,499
-----------
CORPORATE BONDS (25.9%):
Automotive (1.0%):
500,000 General Motors Corp.,
7.70%, 4/15/16....................................... 541,875
-----------
Banking (3.0%):
1,500,000 BankAmerica Corp.,
7.13%, 5/12/05....................................... 1,584,375
-----------
</TABLE>
Continued
- 52 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ----------------------------------------------------- -----------
<C> <S> <C>
CORPORATE BONDS, CONTINUED:
Brokerage Services (3.6%):
$1,000,000 Merrill Lynch & Co., Inc., 8.00%, 2/1/02............. $ 1,073,750
800,000 Salomon Smith Barney Holdings, Inc., 6.88%, 6/15/05.. 839,000
-----------
1,912,750
-----------
Financial Services (10.2%):
1,000,000 Associates Corp. of North America, 7.50%, 4/15/02.... 1,061,250
500,000 Cincinnati Financial Corp., 6.90%, 5/15/28........... 520,000
1,000,000 CNA Financial Corp.,
7.25%, 11/15/23..................................... 1,055,000
1,050,000 Ford Motor Credit Corp., 7.75%, 3/15/05.............. 1,148,438
500,000 General Electric Capital Corp., 7.50%, 6/15/09....... 569,375
1,000,000 General Motors Acceptance Corp., 6.63%, 10/1/02...... 1,035,000
-----------
5,389,063
-----------
Leasing (2.0%):
1,000,000 Hertz Corp., 7.38%, 6/15/01.......................... 1,040,000
-----------
Office Equipment & Services (2.0%):
1,000,000 Xerox Corp., 8.13%, 4/15/02.......................... 1,080,000
-----------
Retail (2.1%):
1,000,000 May Department Stores, 8.38%, 10/1/22................ 1,088,750
-----------
Telecommunications (2.0%):
1,000,000 Alltel Corp., 7.00%, 3/15/16......................... 1,035,000
-----------
Total Corporate Bonds 13,671,813
-----------
TAXABLE MUNICIPAL BONDS (11.5%):
California (1.0%):
500,000 Monrovia Redevelopment Agency Tax Allocation, 6.90%,
5/1/17, Callable 5/1/08 @ 102*, Insured by: AMBAC... 521,875
-----------
Colorado (2.3%):
1,195,000 Boulder County Revenue Bond, Series B, 7.63%, 9/1/21,
Callable 9/1/07 @ 100*, Insured by: AMBAC........... 1,266,700
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ ----------
<C> <S> <C>
TAXABLE MUNICIPAL BONDS, CONTINUED:
Connecticut (1.0%):
$ 500,000 Stratford GO, 6.60%, 2/15/14, Callable 2/15/10 @ 102*,
Insured by: FGIC..................................... $ 514,375
----------
Georgia (2.0%):
1,000,000 Atlanta & Fulton County Downtown Arena Project Revenue
Bond, Recreational Facilities Improvements, 7.00%,
12/1/28, Callable 12/1/07 @ 102*, Insured by: FSA.... 1,048,750
----------
Illinois (0.3%):
150,000 Springfield Tax Allocation, 7.50%, 2/1/12, Callable
2/1/05 @ 100*, Insured by: AMBAC..................... 160,875
----------
Missouri (2.0%):
1,005,000 St. Louis, Municipal Finance Corp., Firemens'
Retirement System, Revenue Bond, 6.55%, 8/1/09,
Insured By: MBIA..................................... 1,065,300
----------
Virginia (1.0%):
500,000 Portsmouth GO, 6.63%, 7/15/14, Callable 7/15/07 @
102*, Insured by: FGIC............................... 514,375
----------
Wisconsin (1.9%):
415,000 State GO, Series D, 6.90%, 11/1/11, Callable 11/1/08 @
100*................................................. 441,975
500,000 Wisconsin Housing & Economic Development Revenue
Bonds, Series H, 7.88%, 3/1/26, Callable 9/1/05 @
102.................................................. 537,500
----------
979,475
----------
Total Taxable Municipal Bonds 6,071,725
----------
U.S. GOVERNMENT AGENCIES (11.0%):
Federal Home Loan Mortgage Corp. (4.9%):
2,541,226 6.50%, 12/1/11, Gold Pool #E20275..................... 2,574,058
----------
Government National Mortgage Assoc (6.1%):
25,482 10.50%, 11/15/15, Pool #268347........................ 28,062
64,001 11.00%, 2/15/16, Pool #279067......................... 71,861
21,834 9.00%, 1/15/20, Pool #280664.......................... 23,512
64,858 9.00%, 10/15/20, Pool #289412......................... 69,844
175,340 9.00%, 7/15/21, Pool #308511.......................... 188,818
</TABLE>
Continued
- 53 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- -------------------------------------------------------- ----------
<C> <S> <C>
U.S. GOVERNMENT AGENCIES, CONTINUED:
Government National Mortgage Assoc, continued:
$ 530,112 7.00%, 9/15/23, Pool #347688............................ $ 541,043
853,533 7.50%, 11/15/23, Pool #354701........................... 878,585
667,546 7.50%, 12/15/25, Pool #401510........................... 687,098
640,393 8.00%, 5/15/26, Pool #428480............................ 663,658
41,077 8.00%, 6/15/26, Pool #426149............................ 42,568
----------
3,195,049
----------
Total U.S. Government Agencies 5,769,107
----------
U.S. TREASURY BONDS (3.7%):
1,000,000 7.63%, 2/15/25.......................................... 1,300,480
600,000 6.13%, 11/15/27......................................... 665,016
----------
Total U.S. Treasury Bonds 1,965,496
----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
INVESTMENT COMPANIES (1.2%):
613,702 American Performance Cash Management Fund.............. $ 613,702
-----------
Total Investment Companies 613,702
-----------
Total Investments (Cost $50,358,534)(a)--100.0% 52,701,259
Other assets in excess of liabilities--0.0% 4,752
-----------
Total Net Assets--100.0% $52,706,011
===========
</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................. $2,361,995
Unrealized depreciation................. (19,270)
----------
Net unrealized appreciation............. $2,342,725
==========
</TABLE>
* Represents next call date. Additional subsequent call dates and amounts may
apply to this security.
AMBAC -- AMBAC Indemnity Corporation
FSA -- Financial Security Assurance
GO -- General Obligations Bond
FGIC -- Financial Guaranty Insurance Corp.
MBIA -- Municipal Bond Insurance Association
See notes to financial statements.
- 54 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (55.8%):
Advertising (0.1%):
1,200 True North Communications, Inc. ................... $ 27,300
-----------
Aerospace/Defense (0.5%):
200 Alliant Techsystems, Inc.(b)....................... 13,125
4,300 Allied Signal, Inc. ............................... 147,544
2,100 B. F. Goodrich Co. ................................ 56,831
-----------
217,500
-----------
Airlines (0.0%):
600 America West Holdings Corp., Class B(b)............ 11,663
-----------
Auto Parts (0.4%):
3,500 SPX Corp.(b)....................................... 174,125
-----------
Automotive Parts (0.8%):
300 Borg-Warner Automotive, Inc. ...................... 12,150
2,800 Federal-Mogul Corp. ............................... 149,450
4,900 ITT Industries, Inc. .............................. 147,613
400 Tower Automotive, Inc.(b).......................... 7,325
-----------
316,538
-----------
Banking (2.6%):
3,800 BankBoston Corp. .................................. 135,613
8,200 Chase Manhattan Corp. ............................. 430,499
7,400 First Union Corp. ................................. 356,125
400 GBC Bancorp........................................ 8,400
515 HUBCO, Inc. ....................................... 13,648
2,000 NationsBank Corp. ................................. 115,000
500 Washington Federal, Inc. .......................... 11,313
-----------
1,070,598
-----------
Beverages (2.2%):
12,000 Coca-Cola Co. ..................................... 781,500
4,100 PepsiCo, Inc. ..................................... 114,288
-----------
895,788
-----------
Broadcasting/Cable (0.1%):
600 Adelphia Communications,
Class A(b)........................................ 20,700
-----------
Chemicals (1.2%):
1,300 Carbide/Graphite Group, Inc.(b).................... 16,900
7,200 E.I. du Pont de Nemours & Co. ..................... 416,700
1,100 Ferro Corp. ....................................... 22,206
1,900 NL Industries, Inc. ............................... 37,763
-----------
493,569
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Commercial Services (0.2%):
700 InaCom Corp.(b)........................................ $ 13,475
500 NCO Group, Inc.(b)..................................... 8,813
2,300 Rollins, Inc. ......................................... 42,118
500 SPS Transaction Service, Inc.(b)....................... 15,594
-----------
80,000
-----------
Computer Software (2.7%):
2,000 Inprise Corp.(b)....................................... 10,625
9,600 Microsoft Corp.(b)..................................... 920,999
900 Midway Games, Inc.(b).................................. 8,494
4,600 Oracle Corp.(b)........................................ 91,712
1,200 QuadraMed Corp.(b)..................................... 28,500
500 Symantec Corp.(b)...................................... 8,188
1,100 The Learning Company, Inc.(b).......................... 19,456
-----------
1,087,974
-----------
Computers (0.9%):
3,700 Apple Computer, Inc.(b)................................ 115,394
800 Cylink Corp.(b)........................................ 6,500
2,400 Dell Computer Corp.(b)................................. 239,999
1,500 HMT Technology Corp.(b)................................ 10,313
1,300 MTI Technology Corp.(b)................................ 5,850
-----------
378,056
-----------
Computers & Peripherals (1.9%):
6,900 Cisco Systems, Inc.(b)................................. 564,937
1,700 International Business Machines Corp. ................. 191,463
900 Pomeroy Computer Resources, Inc.(b).................... 11,925
-----------
768,325
-----------
Cosmetics/Personal Care (2.6%):
5,800 Gillette Co. .......................................... 238,525
8,200 Kimberly-Clark Corp. .................................. 312,113
6,600 Procter & Gamble Co. .................................. 504,900
-----------
1,055,538
-----------
Distribution (0.3%):
2,800 Aviall, Inc.(b)........................................ 35,700
1,000 CellStar Corp.(b)...................................... 6,625
11,000 Unisource Worldwide, Inc. ............................. 72,875
-----------
115,200
-----------
Diversified (0.1%):
1,000 Triarc Companies, Inc.(b).............................. 14,938
1,600 Walter Industries, Inc.(b)............................. 22,600
-----------
37,538
-----------
</TABLE>
Continued
- 55 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Diversified Manufacturing Operations (2.3%):
1,700 ACX Technologies, Inc.(b).............................. $ 26,881
1,300 Furon Co. ............................................. 21,369
11,000 General Electric Co. .................................. 880,000
-----------
928,250
-----------
Electrical Equipment (0.0%):
300 Jabil Circuit, Inc.(b)................................. 7,050
-----------
Electronics (0.1%):
1,000 CHS Electronics, Inc.(b)............................... 12,562
900 DII Group, Inc.(b)..................................... 11,588
900 LoJack Corp.(b)........................................ 10,238
-----------
34,388
-----------
Engineering (0.0%):
500 Dycom Industries, Inc.(b).............................. 13,813
-----------
Entertainment (0.8%):
1,500 Ascent Entertainment Group, Inc.(b).................... 11,625
1,700 Grand Casinos., Inc.(b)................................ 14,875
500 International Speedway Corp., Class A.................. 13,750
300 International Speedway Corp.,
Class B............................................... 8,250
9,500 The Walt Disney Co. ................................... 260,656
-----------
309,156
-----------
Environmental Services (0.2%):
5,300 U.S. Filter Corp.(b)................................... 95,400
-----------
Financial Services (1.9%):
1,600 AMRESCO, INC.(b)....................................... 19,800
2,800 Associates First Capital Corp., Class A................ 165,550
3,400 Federal Home Loan Mortgage Corp. ...................... 134,300
500 FIRSTPLUS Financial Group, Inc.(b)..................... 11,375
11,900 Household International, Inc. ......................... 439,556
1,200 Resource Bancshares Mortgage Group, Inc. .............. 18,900
-----------
789,481
-----------
Food Products & Services (1.6%):
2,400 Campbell Soup Corp. ................................... 120,900
4,300 Chiquita Brands International, Inc. ................... 48,106
2,600 General Mills, Inc. ................................... 170,138
1,600 Pilgrim's Pride Corp., Class B......................... 31,300
4,600 Quaker Oats Co. ....................................... 244,375
2,700 Ralcorp Holdings, Inc.(b).............................. 52,144
-----------
666,963
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Health Care (1.8%):
1,500 CareMatrix Corp.(b).................................... $ 25,875
500 CONMED Corp.(b)........................................ 10,156
7,500 Integrated Health Services, Inc. ...................... 145,313
6,600 Johnson & Johnson...................................... 455,399
2,900 Mariner Post-Acute Network, Inc.(b).................... 20,663
6,100 Matria Healthcare, Inc.(b)............................. 13,916
3,000 Quest Diagnostics, Inc.(b)............................. 49,875
2,400 Sun Healthcare Group, Inc.(b).......................... 21,000
-----------
742,197
-----------
Home Builders (0.3%):
1,200 Crossmann Communities, Inc.(b)......................... 30,600
500 Del Webb Corp. ........................................ 9,844
1,000 Lennar Corp............................................ 18,125
1,100 Standard Pacific Corp.................................. 12,994
400 Toll Brothers, Inc.(b)................................. 10,225
1,200 U.S. Home Corp.(b)..................................... 33,975
-----------
115,763
-----------
Insurance (3.5%):
1,400 20th Century Industries................................ 34,825
11,400 Allstate Corp. ........................................ 427,499
400 Amerin Corp.(b)........................................ 9,125
600 Capital Re Corp. ...................................... 15,900
700 E.W. Blanch Holdings, Inc. ............................ 24,981
600 First American Financial Corp. ........................ 15,450
1,430 Frontier Insurance Group, Inc. ........................ 19,752
9,400 Hartford Financial Services Group, Inc. ............... 420,649
1,200 John Alden Financial Corp. ............................ 26,925
900 MMI Cos., Inc. ........................................ 14,513
2,600 Torchmark Corp. ....................................... 92,950
6,600 Travelers Group, Inc. ................................. 292,875
900 Vesta Insurance Group, Inc. ........................... 8,494
-----------
1,403,938
-----------
Machine--Diversified (1.0%):
4,100 Caterpillar, Inc. ..................................... 172,200
2,200 Lincoln Electric Holdings.............................. 38,500
2,500 MagnaTek, Inc. ........................................ 32,500
2,400 Sundstrand Corp. ...................................... 109,350
2,400 Terex Corp.(b)......................................... 37,800
-----------
390,350
-----------
Machinery & Equipment (0.0%):
1,200 Chart Industries, Inc. ................................ 8,475
-----------
</TABLE>
Continued
- 56 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Manufacturing (0.0%):
400 Westinghouse Air Brake Co. ............................ $ 8,075
-----------
Manufacturing-Diversified (0.7%):
1,700 Eaton Corp. ........................................... 99,556
3,700 Tyco International Ltd. ............................... 204,425
-----------
303,981
-----------
Medical--Biotechnology (0.1%):
400 Aviron(b).............................................. 8,675
6,300 XOMA Corp.(b).......................................... 12,994
-----------
21,669
-----------
Medical Equipment & Supplies (0.2%):
1,800 Arterial Vascular Engineering, Inc.(b)................. 63,000
800 Patterson Dental Co.(b)................................ 23,850
-----------
86,850
-----------
Metals (0.2%):
3,600 Maverick Tube Corp.(b)................................. 20,250
2,300 NS Group, Inc.(b)...................................... 13,656
200 Precision Castparts Corp. ............................. 7,538
900 Shaw Group, Inc.(b).................................... 7,256
4,900 WHX Corp.(b)........................................... 49,000
-----------
97,700
-----------
Oil & Gas--Equipment & Services (0.1%):
1,500 Giant Industries, Inc. ................................ 20,250
700 Input/Output, Inc.(b).................................. 6,825
-----------
27,075
-----------
Oil & Gas Exploration (0.0%):
2,000 Belco Oil & Gas Corp.(b)............................... 14,125
-----------
Oil--Intergrated Companies (2.4%):
6,400 Anadarko Petroleum Corp. .............................. 184,000
5,600 Coastal Corp. ......................................... 146,650
2,600 Exxon Corp. ........................................... 170,138
500 Leviathan Gas Pipeline Partners, L.P.(b)............... 10,906
3,500 Royal Dutch Petroleum-New York Shares.................. 140,000
10,200 Sun Co., Inc. ......................................... 337,237
-----------
988,931
-----------
Paper & Forest Products (0.0%):
500 Schweitzer Mauduit International, Inc. ................ 12,406
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Pharmaceuticals (8.3%):
6,200 Abbott Laboratories.................................... $ 238,700
3,800 American Home Products Corp. .......................... 190,475
7,300 Bristol-Myers Squibb Co. .............................. 714,487
2,400 Eli Lilly & Co. ....................................... 157,800
1,500 Herbalife International, Inc., Class A................. 19,969
200 MedImmune, Inc.(b)..................................... 9,650
6,400 Merck & Co., Inc. ..................................... 741,999
6,300 Pfizer, Inc. .......................................... 585,900
3,100 Schering-Plough Corp. ................................. 266,600
1,300 Triangle Pharmaceuticals, Inc.(b)...................... 10,969
6,300 Warner-Lambert Co. .................................... 411,075
-----------
3,347,624
-----------
Printing & Publishing (0.1%):
1,100 Valassis Communications, Inc.(b)....................... 32,794
-----------
Radio (0.1%):
600 Clear Channel Communications, Inc.(b).................. 27,000
-----------
Real Estate (0.5%):
16,000 Catellus Development Corp.(b).......................... 201,000
-----------
Real Estate Investment Trusts (0.1%):
2,300 Bradley Real Estate, Inc. ............................. 45,713
900 Impac Mortgage Holdings, Inc. ......................... 11,531
-----------
57,244
-----------
Restaurants (0.1%):
500 Bob Evans Farms, Inc. ................................. 9,219
4,300 Ryan's Family Steak Houses, Inc.(b).................... 43,806
-----------
53,025
-----------
Retail (3.1%):
700 Ames Department Stores, Inc.(b)........................ 10,325
500 Brylane, Inc.(b)....................................... 12,969
2,300 Burlington Coat Factory Warehouse Corp. ............... 48,444
500 Claire's Stores, Inc. ................................. 7,500
6,400 CVS Corp. ............................................. 232,800
15,300 Home Depot, Inc. ...................................... 583,312
1,100 Micro Warehouse, Inc.(b)............................... 17,875
1,700 Sunglass Hut International, Inc.(b).................... 9,775
500 The Dress Barn, Inc.(b)................................ 8,688
5,300 Wal-Mart Stores, Inc. ................................. 312,699
-----------
1,244,387
-----------
</TABLE>
Continued
- 57 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Semiconductors (1.6%):
8,800 Intel Corp. ........................................... $ 626,450
800 Novellus Systems, Inc.(b).............................. 21,300
800 VLSI Technology, Inc.(b)............................... 7,250
-----------
655,000
-----------
Shipbuilding (0.0%):
800 Halter Marine Group, Inc.(b)........................... 7,200
-----------
Steel (0.4%):
5,000 Carpenter Technology Corp. ............................ 180,938
-----------
Telecommunications (4.7%):
7,800 Airtouch Communications, Inc.(b)....................... 438,749
2,900 AT&T Corp. ............................................ 145,363
9,900 Bell Atlantic Corp. ................................... 436,837
1,300 Clearnet Communications, Inc., Class A(b).............. 7,800
4,100 GTE Corp. ............................................. 205,256
4,200 Lucent Technologies, Inc. ............................. 297,675
1,200 Metromedia International Group, Inc.(b)................ 4,950
1,500 Omnipoint Corp.(b)..................................... 16,500
1,200 Powertel, Inc.(b)...................................... 12,000
1,700 SmarTalk TeleServices, Inc.(b)......................... 10,731
1,600 Tellabs, Inc.(b)....................................... 67,600
700 WinStar Communications, Inc.(b)........................ 12,775
5,700 Worldcom, Inc.(b)...................................... 233,344
-----------
1,889,580
-----------
Textile Products (0.1%):
1,000 Guilford Mills, Inc. .................................. 14,688
500 Mohawk Industries, Inc.(b)............................. 13,281
-----------
27,969
-----------
Tobacco & Tobacco Product (1.0%):
1,400 Dimon, Inc. ........................................... 12,863
9,900 Philip Morris Cos., Inc. .............................. 411,468
-----------
424,331
-----------
Transportation (0.3%):
4,000 Coach USA, Inc.(b)..................................... 105,250
-----------
Transportation Leasing & Trucking (0.1%):
1,800 Consolidated Freightways Corp.(b)...................... 15,750
1,000 Motivepower Industries, Inc.(b)........................ 20,000
-----------
35,750
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Utilities--Electric (1.4%):
7,500 AES Corp.(b).......................................... $ 204,375
700 Hawaiian Electric Industries, Inc. ................... 26,294
400 Idaho Power Co. ...................................... 12,175
7,700 Texas Utilities Co. .................................. 327,250
-----------
570,094
-----------
Utilities--Natural Gas (0.1%):
1,000 Indiana Energy, Inc. ................................. 28,688
400 Piedmont Natural Gas Company, Inc. ................... 11,275
-----------
39,963
-----------
Utilities--Water (0.0%):
900 United Water Resources, Inc. ......................... 15,975
-----------
Total Common Stocks 22,731,572
-----------
ASSET BACKED SECURITIES (1.6%):
$140,902 CoreStates Home Equity Trust, Series 1993-2, Class A,
5.10%, 3/15/09....................................... 139,745
300,000 Crown Home Equity Loan Trust, Series 1996-1, Class A3,
6.81%, 6/25/11....................................... 313,821
200,000 Nomura Asset Securities Corp., Series 1995-2, Class
2M, 7.12%, 1/25/26................................... 207,462
-----------
Total Asset Backed Securities 661,028
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS (12.0%):
500,000 BA Mortgage Securities, Inc., Series 1997-3, Class A2,
7.00%, 12/25/27...................................... 515,024
80,000 Federal National Mortgage Assoc., Series 1997-16,
Class HA, 7.00%, 2/18/25............................. 81,682
300,000 Federal National Mortgage Association, 7.50%, 4/16/07. 320,463
250,000 Financial Asset Securitization, Inc., Series 1997-
NAM1, Class A2, 7.75%, 5/25/27....................... 258,037
300,000 General Electric Capital Mortgage Services, Inc.,
Series 1996-HE2, Class A3, 7.30%, 3/25/12............ 304,221
94,170 General Electric Capital Mortgage Services, Inc.,
Series 1993-12, Class A-2, 6.50%, 10/25/23........... 94,356
50,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A12, 7.50%, 4/25/27............. 51,572
</TABLE>
Continued
- 58 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$200,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4, Class A10, 7.50%, 5/25/27............. $ 206,943
425,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-9, Class 1A17, 7.25%, 10/25/27........... 440,886
500,000 Headlands Mortgage Securities, Series 1997-5, Class
A17, 7.25%, 11/25/27................................. 514,064
294,146 IMC Home Equity Loan Trust, Series 1996-3, Class A3,
7.27%, 4/25/11....................................... 301,500
250,000 Independent National Mortgage Corp., Series 1995-M,
Class A4, 7.50%, 9/25/25............................. 259,366
134,000 Norwest Asset Securities Corp., Series 1996-3, Class
A8, 7.25%, 9/25/26................................... 138,291
155,115 Prudential Home Mortgage Securities, Series 1994-15,
Class A5, 6.80%, 5/25/24............................. 155,149
216,912 Prudential Home Mortgage Securities, Series 1994-21,
Class A8, 7.80%, 6/25/24............................. 233,503
100,000 Prudential Home Mortgage Securities, Series 1994-18,
Class A7, 6.88%, 5/25/24............................. 102,381
190,000 Prudential Home Mortgage Securities, Series 1996-2,
Class A13, 7.00%, 3/25/26............................ 195,230
200,000 Residential Funding Mortgage Securities, Series 1993-
S28, Class A6, 7.00%, 8/25/23........................ 201,316
500,000 Residential Funding Mortgage Securities, Series 1997-
S2, Class A2, 7.50%, 1/25/27......................... 513,276
-----------
Total Collateralized Mortgage Obligations 4,887,260
-----------
CORPORATE BONDS (8.2%):
Banking (1.3%):
250,000 BankAmerica Corp., 7.13%, 5/12/05..................... 264,062
250,000 J.P. Morgan, 6.25%, 12/15/05.......................... 250,938
-----------
515,000
-----------
Beverages (0.6%):
250,000 Anheuser Busch Co., 6.90%, 10/1/02.................... 258,125
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
CORPORATE BONDS, CONTINUED:
Brokerage Services (1.8%):
$250,000 Bear Stearns Co., Inc.,
6.75%, 8/15/00....................................... $ 255,625
200,000 Salomon Smith Barney Holdings, Inc., 6.63%, 7/1/02.... 206,750
250,000 Salomon Smith Barney Holdings, Inc., 6.88%, 6/15/05... 262,188
-----------
724,563
-----------
Financial Services (3.0%):
250,000 Associate Corp., 6.00%, 12/1/02....................... 253,125
500,000 Cincinnati Financial Corp., 6.90%, 5/15/28............ 519,999
250,000 Ford Motor Credit Co., 6.38%, 9/15/99................. 252,235
200,000 General Motors Acceptance Corp., 6.63%, 10/15/05...... 207,500
-----------
1,232,859
-----------
Retail Stores (1.5%):
300,000 Penney J.C. & Co., 7.25%, 4/1/02...................... 312,375
250,000 Wal-Mart Stores, Inc., 7.25%, 6/1/13.................. 278,438
-----------
590,813
-----------
Total Corporate Bonds 3,321,360
-----------
TAXABLE MUNICIPAL BONDS (2.6%):
Georgia (0.9%):
350,000 Cedartown Development Authority, 7.00%, 2/1/22,
Callable 2/1/07 @ 102*, Insured by: AMBAC............ 364,438
-----------
Louisiana (0.4%):
170,000 Orleans Parish School Board Refunding Bonds, Series A,
6.45%, 2/1/05, Insured by: FGIC...................... 178,288
-----------
Virginia (1.3%):
500,000 Portsmouth GO, 6.63%, 7/15/14, Callable 7/15/07 @
102*,
Insured by: FGIC..................................... 514,374
-----------
Total Taxable Municipal Bonds 1,057,100
-----------
U.S. GOVERNMENT AGENCIES (5.0%):
Federal Home Loan Mortgage Corp. (1.5%):
248,359 6.00%, 7/1/99, Gold Pool #G50188...................... 251,866
105,452 6.50%, 2/1/00, Gold Pool #N92990...................... 107,531
254,123 6.50%, 12/1/11, Gold Pool #E20275..................... 257,405
-----------
616,802
-----------
</TABLE>
Continued
- 59 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. GOVERNMENT AGENCIES, CONTINUED:
Government National Mortgage Assoc (3.5%):
$ 563,453 7.00%, 1/15/26, Pool #421420.......................... $ 575,297
159,498 6.00%, 2/20/26, Pool #2166............................ 157,286
662,940 8.00%, 6/15/26, Pool #423563.......................... 687,390
-----------
1,419,973
-----------
Total U.S. Government Agencies 2,036,775
-----------
U.S. TREASURY BONDS (6.9%):
525,000 6.25%, 8/15/23........................................ 580,802
2,000,000 6.13%, 11/15/27....................................... 2,216,719
-----------
Total U.S. Treasury Bonds 2,797,521
-----------
U.S. TREASURY NOTES (3.1%):
500,000 6.50%, 4/30/99........................................ 504,395
200,000 7.75%, 2/15/01........................................ 212,546
500,000 6.25%, 2/15/03........................................ 523,535
-----------
Total U.S. Treasury Notes 1,240,476
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
INVESTMENT COMPANIES (4.3%):
1,199,220 American Performance
Cash Management Fund.................................. $ 1,199,220
532,399 American Performance
U.S. Treasury Fund.................................... 532,399
-----------
Total Investment Companies 1,731,619
-----------
Total Investments (Cost $39,427,430) (a)--99.5% 40,464,711
Other assets in excess of liabilities--0.5% 191,042
-----------
Total Net Assets--100.0% $40,655,753
===========
</TABLE>
- --------
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$16,286. Cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............. $ 3,792,793
Unrealized depreciation............. (2,771,798)
-----------
Net unrealized appreciation......... $ 1,020,995
===========
</TABLE>
* Represents next call date. Additional call dates and amounts may apply to
this security.
(b) Represents non-income producing securities.
AMBAC -- AMBAC Indemnity Corporation
FGIC -- Financial Guaranty Insurance Corporation
See notes to financial statements.
- 60 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1998
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (98.8%):
Advertising (0.3%):
17,200 Snyder Communication, Inc.(b).......................... $ 518,150
-----------
Aerospace/Defense (0.2%):
14,500 B. F. Goodrich Co. .................................... 392,406
-----------
Apparel (0.9%):
38,100 Fruit of the Loom, Inc., Class A(b).................... 854,868
27,000 Kellwood Co. .......................................... 720,563
-----------
1,575,431
-----------
Auto Parts (0.9%):
30,000 SPX Corp.(b)........................................... 1,492,500
-----------
Automotive Parts (2.2%):
13,200 Autoliv, Inc. ......................................... 389,400
27,900 Federal-Mogul Corp. ................................... 1,489,163
61,900 ITT Industries, Inc. .................................. 1,864,737
-----------
3,743,300
-----------
Banking (8.1%):
22,900 BankAmerica Corp. ..................................... 1,467,031
7,100 BankBoston Corp. ...................................... 253,381
12,500 Bankers' Trust New York Corp. ......................... 928,906
65,800 Chase Manhattan Corp. ................................. 3,487,400
15,700 First Chicago NBD Corp. ............................... 994,988
73,200 First Union Corp. ..................................... 3,550,200
28,900 NationsBank Corp. ..................................... 1,647,300
27,400 PNC Bank Corp. ........................................ 1,178,200
-----------
13,507,406
-----------
Beverages (3.5%):
70,600 Coca-Cola Co. ......................................... 4,597,825
42,000 PepsiCo, Inc. ......................................... 1,162,875
-----------
5,760,700
-----------
Chemicals (1.4%):
40,600 E.I. du Pont de Nemours & Co. ......................... 2,342,113
-----------
Computer Software (4.5%):
19,100 Keane, Inc.(b)......................................... 802,200
1,100 Mastech Corp.(b)....................................... 22,584
66,000 Microsoft Corp.(b)..................................... 6,331,875
15,600 The Learning Company, Inc.(b).......................... 275,925
-----------
7,432,584
-----------
Computers (2.9%):
33,300 Apple Computer, Inc.(b)................................ 1,038,544
37,400 Compaq Computer Corp. ................................. 1,044,863
12,500 Dell Computer Corp.(b)................................. 1,249,999
15,400 Hewlett-Packard Co. ................................... 747,863
40,100 Unisys Corp.(b)........................................ 719,294
-----------
4,800,563
-----------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------ ------------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Computers & Peripherals (2.1%):
36,600 Cisco Systems, Inc.(b)................................ $ 2,996,625
42,100 Quantum Corp.(b)...................................... 481,519
------------
3,478,144
------------
Cosmetics/Personal Care (4.5%):
42,600 Gillette Co. ......................................... 1,751,925
74,800 Kimberly-Clark Corp. ................................. 2,851,750
37,200 Procter & Gamble Co. ................................. 2,845,800
------------
7,449,475
------------
Distribution (0.3%):
81,600 Unisource Worldwide, Inc. ............................ 540,600
------------
Diversified Manufacturing Operations (3.4%):
71,000 General Electric Co. ................................. 5,680,000
------------
Electronics (0.2%):
52,400 Sensormatic Electronics Corp.(b)...................... 399,550
------------
Entertainment (1.3%):
80,400 The Walt Disney Co. .................................. 2,205,975
------------
Environmental Services (0.8%):
74,300 U.S. Filter Corp.(b).................................. 1,337,400
------------
Financial Services (2.3%):
27,300 AMRESCO, INC.(b)...................................... 337,838
18,700 Associates First Capital Corp.,
Class A.............................................. 1,105,638
66,000 Household International, Inc. ........................ 2,437,874
------------
3,881,350
------------
Food Processing & Packaging (1.0%):
32,600 ConAgra, Inc. ........................................ 806,850
45,400 Smithfield Foods, Inc.(b)............................. 828,550
------------
1,635,400
------------
Food Products & Services (1.7%):
74,500 Chiquita Brands International, Inc. .................. 833,469
37,700 Quaker Oats Co. ...................................... 2,002,812
------------
2,836,281
------------
Health Care (2.3%):
73,400 Integrated Health Services, Inc. ..................... 1,422,125
36,000 Johnson & Johnson..................................... 2,484,000
------------
3,906,125
------------
Home Builders (0.1%):
15,600 Standard Pacific Corp. ............................... 184,275
------------
Insurance (7.1%):
173,200 Allstate Corp. ....................................... 6,494,999
77,800 Hartford Financial Services Group, Inc. .............. 3,481,550
26,500 Travelers Group, Inc. ................................ 1,175,938
23,700 Travelers Property Casualty Corp., Class A............ 780,619
------------
11,933,106
------------
</TABLE>
Continued
- 61 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ------------------------------------------------------ ------------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Machine--Diversified (0.6%):
25,600 Caterpillar, Inc. .................................... $ 1,080,000
------------
Manufacturing--Diversified (1.8%):
43,000 Tyco International Ltd. .............................. 2,386,500
35,600 Watts Industries, Inc., Class A....................... 594,075
------------
2,980,575
------------
Medical Equipment & Supplies (0.3%):
15,890 Arterial Vascular Engineering, Inc.(b)................ 556,150
------------
Medical Services (0.4%):
33,000 Alternative Living Services, Inc.(b).................. 585,750
------------
Metals (0.3%):
12,300 Precision Castparts Corp. ............................ 463,556
------------
Oil--Intergrated Companies (7.4%):
39,200 Anadarko Petroleum Corp. ............................. 1,127,000
9,900 Chevron Corp. ........................................ 733,219
48,600 Exxon Corp. .......................................... 3,180,262
22,100 Mobil Corp. .......................................... 1,527,663
75,200 Royal Dutch Petroleum-New York Shares................. 2,989,200
46,000 Sun Co., Inc. ........................................ 1,520,875
51,300 USX--Marathon Group................................... 1,333,800
------------
12,412,019
------------
Pharmaceuticals (10.1%):
2,800 American Home Products Corp. ......................... 140,350
37,300 Bristol-Myers Squibb Co. ............................. 3,650,738
23,800 Eli Lilly & Co. ...................................... 1,558,900
26,000 ICN Pharmaceuticals, Inc. ............................ 399,750
36,700 Merck & Co., Inc. .................................... 4,254,905
42,300 Pfizer, Inc. ......................................... 3,933,900
43,800 Warner-Lambert Co. ................................... 2,857,950
------------
16,796,493
------------
Real Estate (0.1%):
12,600 Catellus Development Corp.(b)......................... 158,288
------------
Real Estate Investment Trusts (0.7%):
44,800 Criimi Mae Inc. ...................................... 562,800
34,000 Indymac Mortgage Holdings, Inc. ...................... 667,250
------------
1,230,050
------------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ------------------------------------------------------ ------------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Retail (4.4%):
64,000 CVS Corp. ............................................ $ 2,328,000
23,000 Federated Department Stores, Inc.(b).................. 1,001,938
105,800 Home Depot, Inc. ..................................... 4,073,300
------------
7,403,238
------------
Semiconductors (2.2%):
50,900 Intel Corp. .......................................... 3,623,444
------------
Services (Non-Financial) (0.5%):
26,100 Service Corp. International........................... 884,138
------------
Soap & Cleaning Agent (0.7%):
15,600 Colgate Palmolive Co. ................................ 1,125,150
------------
Steel (0.4%):
18,400 Carpenter Technology Corp. ........................... 665,850
------------
Telecommunications (11.7%):
51,200 Airtouch Communications, Inc.(b)...................... 2,880,000
38,800 AT&T Corp. ........................................... 1,944,850
71,800 Bell Atlantic Corp. .................................. 3,168,174
25,500 GTE Corp. ............................................ 1,275,000
19,200 Lucent Technologies, Inc. ............................ 1,360,800
35,600 Metromedia International Group, Inc.(b)............... 146,850
65,800 SBC Communications, Inc. ............................. 2,500,400
38,100 Superior TeleCom, Inc. ............................... 1,452,563
43,800 Telefonaktiebolaget L.M. Ericsson, ADR................ 938,963
94,400 Worldcom, Inc.(b)..................................... 3,864,499
------------
19,532,099
------------
Tobacco & Tobacco Product (1.4%):
53,700 Philip Morris Cos., Inc. ............................. 2,231,906
------------
Transportation (1.3%):
11,800 Burlington Northern Santa Fe Corp. ................... 1,098,138
38,500 Coach USA, Inc.(b).................................... 1,013,031
------------
2,111,169
------------
Utilities-Electric (2.5%):
58,400 AES Corp.(b).......................................... 1,591,400
59,600 Texas Utilities Co. .................................. 2,533,000
------------
4,124,400
------------
Total Common Stocks 164,997,109
------------
</TABLE>
Continued
- 62 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ------------------------------------------------------ ------------
<C> <S> <C>
INVESTMENT COMPANIES (1.1%):
1,773,318 American Performance Cash Management Fund............. $ 1,773,318
------------
Total Investment Companies 1,773,318
------------
Total Investments (Cost $138,944,012)(a)--99.9% 166,770,427
Other assets in excess of liabilities--0.1% 194,108
------------
Total Net Assets--100.0% $166,964,535
============
</TABLE>
- --------
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$146,136. Cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............ $ 42,360,233
Unrealized depreciation............ (14,679,954)
------------
Net unrealized appreciation........ $ 27,680,279
============
</TABLE>
(b) Represents non-income producing securities.
ADR -- American Depository Receipt
See notes to financial statements.
- 63 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
GROWTH EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1998
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (96.2%):
Banking (3.8%):
31,700 Chase Manhattan Corp. .................................... $ 1,680,100
30,900 MBNA Corp. ............................................... 726,150
17,100 U.S. Bancorp.............................................. 583,538
-----------
2,989,788
-----------
Beverages (4.8%):
48,000 Coca-Cola Co. ............................................ 3,126,000
23,800 PepsiCo, Inc. ............................................ 658,963
-----------
3,784,963
-----------
Chemicals (2.6%):
35,300 E.I. du Pont de Nemours & Co. ............................ 2,036,369
-----------
Computer Software (5.3%):
36,400 Microsoft Corp.(b)........................................ 3,492,125
32,600 Oracle Corp.(b)........................................... 649,963
-----------
4,142,088
-----------
Computers (2.0%):
16,100 Dell Computer Corp.(b).................................... 1,610,000
-----------
Computers & Peripherals (5.1%):
27,000 Cisco Systems, Inc.(b).................................... 2,210,625
15,800 International Business Machines Corp. .................... 1,779,475
-----------
3,990,100
-----------
Cosmetics/Personal Care (6.4%):
10,200 Avon Products, Inc. ...................................... 641,325
34,800 Gillette Co. ............................................. 1,431,150
27,000 Kimberly-Clark Corp. ..................................... 1,029,375
25,600 Procter & Gamble Co. ..................................... 1,958,399
-----------
5,060,249
-----------
Diversified Manufacturing Operations (4.5%):
43,800 General Electric Co. ..................................... 3,504,000
-----------
Entertainment (0.8%):
24,300 The Walt Disney Co. ...................................... 666,731
-----------
Financial Services (1.2%):
24,700 Household International, Inc. ............................ 912,356
-----------
Food Processing & Packaging (0.9%):
14,400 Bestfoods................................................. 722,700
-----------
Food Products & Services (2.8%):
22,300 General Mills, Inc. ...................................... 1,459,256
15,500 Suiza Foods Corp.(b)...................................... 749,813
-----------
2,209,069
-----------
Health Care (2.4%):
27,500 Johnson & Johnson......................................... 1,897,500
-----------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Insurance (3.8%):
26,900 Allstate Corp. ........................................... $ 1,008,750
14,000 American International Group, Inc. ....................... 1,082,375
27,200 Travelers Property Casualty Corp.,
Class A.................................................. 895,900
-----------
2,987,025
-----------
Machine--Diversified (1.5%):
27,700 Caterpillar, Inc. ........................................ 1,168,594
-----------
Manufacturing--Diversified (1.9%):
26,600 Tyco International Ltd. .................................. 1,476,300
-----------
Metals (0.7%):
15,000 Precision Castparts Corp. ................................ 565,313
-----------
Oil--Intergrated Companies (1.0%):
30,100 Coastal Corp. ............................................ 782,600
-----------
Pharmaceuticals (19.3%):
38,000 Abbott Laboratories....................................... 1,463,000
24,600 American Home Products Corp. ............................. 1,233,075
26,800 Bristol-Myers Squibb Co. ................................. 2,623,050
16,100 Eli Lilly & Co. .......................................... 1,054,550
25,900 Merck & Co., Inc. ........................................ 3,002,780
27,800 Pfizer, Inc. ............................................. 2,585,400
17,800 Schering-Plough Corp. .................................... 1,530,800
26,100 Warner-Lambert Co. ....................................... 1,703,025
-----------
15,195,680
-----------
Radio (1.1%):
18,800 Clear Channel Communications, Inc.(b)..................... 846,000
-----------
Retail (5.7%):
52,600 Home Depot, Inc. ......................................... 2,025,100
41,300 Wal-Mart Stores, Inc. .................................... 2,426,375
-----------
4,451,475
-----------
Semiconductors (3.4%):
38,100 Intel Corp. .............................................. 2,712,244
-----------
Telecommunications (11.7%):
28,800 Airtouch Communications, Inc.(b).......................... 1,620,000
40,100 Bell Atlantic Corp. ...................................... 1,769,413
29,200 GTE Corp. ................................................ 1,460,000
26,800 Lucent Technologies, Inc. ................................ 1,899,449
16,800 Panamsat Corp.(b)......................................... 711,900
34,700 SBC Communications, Inc. ................................. 1,318,600
10,200 Tellabs, Inc.(b).......................................... 430,950
-----------
9,210,312
-----------
</TABLE>
Continued
- 64 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
GROWTH EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Tobacco & Tobacco Product (2.5%):
47,900 Philip Morris Cos., Inc. ................................. $ 1,990,844
-----------
Utilities--Electric (1.0%):
29,600 AES Corp.(b).............................................. 806,600
-----------
Total Common Stocks 75,718,900
-----------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ -------------------------------------------------------- -----------
<C> <S> <C>
INVESTMENT COMPANIES (3.7%):
2,895,982 American Performance Cash Management Fund............... $ 2,895,982
-----------
Total Investment Companies 2,895,982
-----------
Total Investments (Cost $60,638,124)(a)--99.9% 78,614,882
Other assets in excess of liabilities--0.1% 61,964
-----------
Total Net Assets--100.0% $78,676,846
===========
</TABLE>
- --------
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$1,756. Cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation................ $22,699,264
Unrealized depreciation................ (4,724,262)
-----------
Net unrealized appreciation............ $17,975,002
===========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
- 65 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
AGGRESSIVE GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
AUGUST 31, 1998
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (96.1%):
Advertising (0.9%):
9,100 True North Communications, Inc. .......................... $ 207,025
-----------
Aerospace/Defense (0.8%):
2,900 Alliant Techsystems, Inc.(b).............................. 190,313
-----------
Airlines (0.5%):
6,300 America West Holdings Corp., Class B(b)................... 122,456
-----------
Auto Parts (0.6%):
3,000 SPX Corp.(b).............................................. 149,250
-----------
Automotive Parts (1.3%):
4,500 Borg-Warner Automotive, Inc. ............................. 182,250
6,200 Tower Automotive, Inc.(b)................................. 113,538
-----------
295,788
-----------
Banking (1.9%):
2,574 First Union Corp.......................................... 124,839
5,665 HUBCO, Inc. .............................................. 150,123
7,000 Washington Federal, Inc. ................................. 158,375
-----------
433,337
-----------
Broadcasting/Cable (1.2%):
7,900 Adelphia Communications, Class A(b)....................... 272,550
-----------
Chemicals (3.6%):
14,900 Carbide/Graphite Group, Inc.(b)........................... 193,700
12,000 Ferro Corp. .............................................. 242,250
20,200 NL Industries, Inc. ...................................... 401,475
-----------
837,425
-----------
Commercial Services (2.6%):
5,600 NCO Group, Inc.(b)........................................ 98,700
17,500 Rollins, Inc. ............................................ 320,469
5,600 SPS Transaction Service, Inc.(b).......................... 174,650
-----------
593,819
-----------
Computer Software (4.2%):
3,100 CSG Systems International, Inc.(b)........................ 113,925
22,200 Inprise Corp.(b).......................................... 117,938
6,700 Midway Games, Inc.(b)..................................... 63,231
14,400 QuadraMed Corp.(b)........................................ 341,999
6,900 Symantec Corp.(b)......................................... 112,988
12,200 The Learning Company, Inc.(b)............................. 215,787
-----------
965,868
-----------
Computers (1.4%):
9,900 Cylink Corp.(b)........................................... 80,438
16,800 HMT Technology Corp.(b)................................... 115,500
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (CONTINUED):
Computers, continued:
13,500 MTI Technology Corp.(b)................................... $ 60,750
4,800 Systems & Computer Technology Corp.(b).................... 65,400
-----------
322,088
-----------
Computers & Peripherals (0.6%):
9,600 Pomeroy Computer Resources, Inc.(b)....................... 127,200
-----------
Distribution (0.3%):
10,800 CellStar Corp.(b)......................................... 71,550
-----------
Diversified (0.9%):
13,900 Walter Industries, Inc.(b)................................ 196,338
-----------
Diversified Manufacturing Operations (1.4%):
19,700 ACX Technologies, Inc.(b)................................. 311,506
-----------
Electronics (1.5%):
10,800 CHS Electronics, Inc.(b).................................. 136,350
8,000 DII Group, Inc.(b)........................................ 103,000
8,500 LoJack Corp.(b)........................................... 96,688
-----------
336,038
-----------
Engineering (0.9%):
7,200 Dycom Industries, Inc.(b)................................. 198,900
-----------
Entertainment (1.7%):
15,300 Ascent Entertainment Group, Inc.(b)....................... 118,575
18,800 Grand Casinos., Inc.(b)................................... 164,500
4,000 International Speedway Corp., Class B..................... 110,000
-----------
393,075
-----------
Financial Services (2.3%):
13,200 Advanta Corp., Class A.................................... 149,325
18,700 AMRESCO, INC.(b).......................................... 231,413
6,100 FIRSTPLUS Financial Group,
Inc.(b).................................................. 138,775
-----------
519,513
-----------
Food Products & Services (6.3%):
49,600 Chiquita Brands International, Inc. ...................... 554,899
7,200 Nash-Finch Co. ........................................... 100,800
18,300 Pilgrim's Pride Corp., Class B............................ 357,994
22,900 Ralcorp Holdings, Inc.(b)................................. 442,256
-----------
1,455,949
-----------
Health Care (5.1%):
7,100 CONMED Corp.(b)........................................... 144,219
29,700 Mariner Post-Acute Network, Inc.(b)....................... 211,613
63,400 Matria Healthcare, Inc.(b)................................ 144,631
34,800 Quest Diagnostics, Inc.(b)................................ 578,549
5,550 Sierra Health Services, Inc.(b)........................... 88,800
-----------
1,167,812
-----------
</TABLE>
Continued
- 66 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
AGGRESSIVE GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- ------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (CONTINUED):
Home Builders (4.1%):
9,400 Crossmann Communities, Inc.(b)......................... $ 239,700
7,500 Lennar Corp. .......................................... 135,938
12,900 Standard Pacific Corp. ................................ 152,381
14,500 U.S. Home Corp.(b)..................................... 410,530
-----------
938,549
-----------
Insurance (8.8%):
15,100 20th Century Industries................................ 375,612
7,400 Amerin Corp.(b)........................................ 168,813
5,800 Capital Re Corp. ...................................... 153,700
6,200 E.W. Blanch Holdings, Inc. ............................ 221,263
6,600 First American Financial Corp. ........................ 169,950
9,900 FPIC Insurance Group, Inc.(b).......................... 262,349
14,520 Frontier Insurance Group, Inc. ........................ 200,558
11,200 John Alden Financial Corp. ............................ 251,299
9,500 MMI Cos., Inc. ........................................ 153,188
9,100 Vesta Insurance Group, Inc. ........................... 85,881
-----------
2,042,613
-----------
Machine--Diversified (5.7%):
9,200 Allied Products Corp. ................................. 83,950
24,200 Lincoln Electric Holdings.............................. 423,499
30,100 MagnaTek, Inc.(b)...................................... 391,300
26,000 Terex Corp.(b)......................................... 409,500
-----------
1,308,249
-----------
Machinery & Equipment (0.5%):
14,800 Chart Industries, Inc. ................................ 104,525
-----------
Manufacturing (0.4%):
4,800 Westinghouse Air Brake Co. ............................ 96,900
-----------
Medical--Biotechnology (0.5%):
4,900 Aviron(b).............................................. 106,269
-----------
Medical Equipment & Supplies (1.3%):
5,100 Ballard Medical Products............................... 94,669
7,200 Patterson Dental Co.(b)................................ 214,649
7 U.S. Surgical Corp. ................................... 280
-----------
309,598
-----------
Medical Services (0.5%):
16,200 Prime Medical Services, Inc.(b)........................ 113,400
-----------
Metals (4.8%):
35,700 Maverick Tube Corp.(b)................................. 200,812
24,600 NS Group, Inc.(b)...................................... 146,063
2,800 Precision Castparts Corp. ............................. 105,525
11,500 Shaw Group, Inc.(b).................................... 92,719
55,400 WHX Corp.(b)........................................... 553,999
-----------
1,099,118
-----------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
--------- --------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (CONTINUED):
Oil & Gas--Equipment & Services (1.7%):
18,200 Giant Industries, Inc. ............................ $ 245,700
7,300 Input/Output, Inc.(b).............................. 71,175
8,100 Tuboscope, Inc.(b)................................. 74,419
-----------
391,294
-----------
Oil & Gas Exploration (0.4%):
12,300 Belco Oil & Gas Corp.(b)........................... 86,869
-----------
Oil--Intergrated Companies (0.7%):
7,500 Leviathan Gas Pipeline Partners, L.P.(b)........... 163,594
-----------
Pharmaceuticals (2.7%):
22,600 Herbalife International, Inc., Class A............. 300,862
2,600 MedImmune, Inc.(b)................................. 125,450
9,000 Theragenics Corp.(b)............................... 113,625
10,900 Triangle Pharmaceuticals, Inc.(b).................. 91,969
-----------
631,906
-----------
Printing & Publishing (0.4%):
3,100 Valassis Communications, Inc.(b)................... 92,419
-----------
Real Estate (0.7%):
16,800 Grubb & Ellis Co.(b)............................... 159,600
-----------
Real Estate Investment Trusts (1.1%):
8,900 Bradley Real Estate, Inc. ......................... 176,888
6,100 Impac Mortgage Holdings, Inc. ..................... 78,156
-----------
255,044
-----------
Restaurants (2.8%):
6,300 Bob Evans Farms, Inc. ............................. 116,156
52,700 Ryan's Family Steak Houses, Inc.(b)................ 536,882
-----------
653,038
-----------
Retail (6.5%):
7,900 Ames Department Stores, Inc.(b).................... 116,525
5,800 Brylane, Inc.(b)................................... 150,438
24,400 Burlington Coat Factory Warehouse Corp. ........... 513,924
6,900 Claire's Stores, Inc. ............................. 103,500
3,400 Department 56, Inc.(b)............................. 100,300
10,500 Micro Warehouse, Inc.(b)........................... 170,625
18,500 Sunglass Hut International, Inc.(b)................ 106,375
5,400 The Dress Barn, Inc.(b)............................ 93,825
6,300 The Men's Wearhouse, Inc.(b)....................... 147,656
-----------
1,503,168
-----------
</TABLE>
Continued
- 67 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
AGGRESSIVE GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ ---------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (CONTINUED):
Semiconductors (1.0%):
4,900 Novellus Systems, Inc.(b)................................. $ 130,463
11,300 VLSI Technology, Inc.(b).................................. 102,406
-----------
232,869
-----------
Shipbuilding (0.4%):
9,800 Halter Marine Group, Inc.(b).............................. 88,200
-----------
Telecommunications (2.7%):
14,300 Metromedia International Group, Inc.(b)................... 58,988
16,900 Omnipoint Corp.(b)........................................ 185,900
12,200 Powertel, Inc.(b)......................................... 122,000
20,800 SmarTalk TeleServices, Inc.(b)............................ 131,300
6,900 WinStar Communications, Inc.(b)........................... 125,925
-----------
624,113
-----------
Textile Products (1.3%):
9,600 Guilford Mills, Inc. ..................................... 141,000
6,000 Mohawk Industries, Inc.(b)................................ 159,375
-----------
300,375
-----------
Transportation (0.4%):
14,500 Arkansas Best Corp.(b).................................... 97,875
-----------
Transportation Leasing & Trucking (2.4%):
18,300 Consolidated Freightways Corp.(b)......................... 160,125
14,000 Motivepower Industries, Inc.(b)........................... 280,000
8,100 Roadway Express, Inc. .................................... 122,513
-----------
562,638
-----------
</TABLE>
<TABLE>
<CAPTION>
SECURITY MARKET
SHARES DESCRIPTION VALUE
------ --------------------------------------------------------- -----------
<C> <S> <C>
COMMON STOCKS (CONTINUED):
Utilities--Electric (2.2%):
8,500 Hawaiian Electric Industries, Inc. ...................... $ 319,281
5,800 Idaho Power Co. ......................................... 176,538
-----------
495,819
-----------
Utilities--Natural Gas (1.4%):
11,200 Indiana Energy, Inc. .................................... 321,300
-----------
Utilities--Water (0.7%):
9,200 United Water Resources, Inc. ............................ 163,300
-----------
Total Common Stocks 22,110,442
===========
INVESTMENT COMPANIES (3.8%):
874,060 American Performance Cash Management Fund................ 874,060
-----------
Total Investment Companies 874,060
-----------
Total Investments (Cost $30,919,446)(a)--99.9% 22,984,502
Other assets in excess of liabilities--0.1% 13,227
-----------
Total Net Assets--100.0% $22,997,729
===========
</TABLE>
- --------
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............. $ 810,826
Unrealized depreciation............. (8,745,772)
-----------
Net unrealized depreciation......... $(7,934,946)
===========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
- 68 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS
AUGUST 31, 1998
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 adviser to the Funds.
AMR Investment Services, Inc. ("AMR") a subsidiary of AMR Corporation, the
parent company of American Airlines, Inc., serves as sub-investment adviser
to the Cash Management Fund. BOK also serves as custodian to the Funds.
The investment objective of the U.S. Treasury Fund and the Cash Management
Fund (the "Money Market Funds") is to seek current income with liquidity and
stability of principal. The Intermediate Tax-Free Bond Fund, the 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 (GAAP). The
preparation of financial statements in conformity with GAAP 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 in accordance with Rule
2a-7 of the 1940 Act, at amortized cost, which approximates market value.
Under the amortized cost method, discount or premium is amortized on a
constant basis to the maturity of the security.
Investments in common stocks, corporate bonds, commercial paper,
municipal 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 based upon the current available prices in the principal market
(closing sales price if the principal market is an exchange) in which
such securities are normally traded. Investments in investment companies
are valued at their net asset values as reported by such companies. Other
securities for which quotations are not readily available are valued at
their fair value under procedures established by the Group's Board of
Trustees, including the use of approved independent pricing services. 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
- 69 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
AUGUST 31, 1998
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 Funds held no when-issued securities as of August 31, 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.
Continued
- 70 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
AUGUST 31, 1998
As of August 31, 1998, the following reclassifications have been made to
increase (decrease) such accounts with offsetting adjustments made to
capital:
<TABLE>
<CAPTION>
ACCUMULATED NET
UNDISTRIBUTED NET REALIZED GAIN/(LOSS)
INVESTMENT INCOME ON INVESTMENTS
----------------- --------------------
<S> <C> <C>
Cash Management Fund................. $ 4,977 $ (4,977)
Short-Term Income Fund............... 9,906 (9,906)
Intermediate Bond Fund............... (16,272) 16,272
Bond Fund............................ (8,700) 821
Balanced Fund........................ 3,549 (3,549)
Growth Equity Fund................... 2,517 --
Aggressive Growth Fund............... 145,824 (145,824)
</TABLE>
FEDERAL INCOME TAXES:
It is the policy of each Fund to qualify, or continue to qualify, as a
regulated investment company by complying with the provisions available
to certain investment companies, as defined in applicable sections of the
Internal Revenue Code, and to make distributions of net investment income
and net realized capital gains sufficient to relieve it from all, or
substantially all, federal income taxes.
As of August 31, 1998 the following Funds had net capital loss
carryforwards which will be available through the stated years to offset
future net capital gains, if any, to the extent provided by the
applicable regulations. To the extent this carryforward is used to offset
future capital gains, it is probable that the gains so offset will not be
distributed to shareholders:
<TABLE>
<CAPTION>
AMOUNT YEAR EXPIRES
--------- ------------
<S> <C> <C>
Intermediate Bond Fund............................... $ 604,579 2004
---------
Bond Fund............................................ $ 27,615 2003
139,268 2005
---------
$ 166,883
=========
</TABLE>
Capital losses incurred after October 31 of the Fund's current fiscal
year are deemed to arise on the first business day of the following
fiscal year for tax purposes. The Short-Term Income Fund has incurred and
will elect to defer such capital losses of $11,402 after October 31,
1997.
3.PURCHASES AND SALES OF SECURITIES:
Purchases and sales of securities (excluding short-term securities) for the
year or period ended August 31, 1998 are as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
------------ ------------
<S> <C> <C>
Intermediate Tax-Free Bond Fund.................... $ 8,000,711 $ 5,310,147
Short-Term Income Fund............................. 29,148,458 12,688,935
Intermediate Bond Fund............................. 31,515,280 25,585,262
Bond Fund.......................................... 36,531,465 21,626,623
Balanced Fund...................................... 38,630,979 27,852,257
Equity Fund........................................ 135,640,944 139,682,179
Growth Equity Fund................................. 52,273,712 23,370,539
Aggressive Growth Fund............................. 54,454,262 75,294,669
</TABLE>
Continued
- 71 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
AUGUST 31, 1998
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. No related party capital contribution transactions occurred
during the year ended August 31, 1998.
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 and
distributor. 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 management and administration contract as
a percentage of the average net assets of each of the Funds. BISYS Ohio
serves the Funds as transfer agent and mutual fund accountant.
The Funds have adopted a Distribution and Shareholder Services Plan in
accordance with Rule 12b-1 under the 1940 Act, pursuant to which the Funds
are authorized to pay or reimburse BISYS, as distributor, a periodic amount,
calculated at an annual rate not to exceed .25% of the average daily net
asset value of the Funds, and may be used by BISYS to pay banks, including
the adviser, broker dealers and other institutions. As distributor, BISYS is
entitled to receive commissions on sales of shares of the variable net asset
value funds. For the year ended August 31, 1998, BISYS received $19,123 from
commissions earned on sales of shares of the Funds' variable net asset value
funds, $1,836 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.
Information regarding these transactions for the year or period ended August
31, 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.............................. $934,531 $1,018,870
CUSTODIAN FEES:
Annual fee (percentage of net assets)................. 0.03% 0.03%
TRANSFER AGENT AND MUTUAL FUND ACCOUNTANT FEES......... $164,113 $ 179,164
</TABLE>
Continued
- 72 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
AUGUST 31, 1998
<TABLE>
<CAPTION>
INTERMEDIATE SHORT-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 assets).............. 0.55% 0.55% 0.55% 0.55%
Voluntary fee reductions.. $ 57,350 $117,712 $162,552 $92,870
ADMINISTRATION FEES:
Annual fee (percentage of
average net assets)...... 0.20% 0.20% 0.20% 0.20%
12B-1 FEES:
Annual fee before
voluntary fee reductions
(percentage of average
net assets).............. 0.25% 0.25% 0.25% 0.25%
Voluntary fee reductions.. $ 71,687 $ 53,506 -- --
CUSTODIAN FEES:
Annual fee before
voluntary fee reductions
(percentage of average
net assets).............. 0.03% 0.03% 0.03% 0.03%
Voluntary fee reductions.. -- $ 2,115 -- --
TRANSFER AGENT AND MUTUAL
FUND ACCOUNTANT FEES...... $331,831 $ 31,564 $ 70,267 $39,980
<CAPTION>
BALANCED GROWTH AGGRESSIVE
FUND EQUITY FUND EQUITY FUND GROWTH FUND
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
INVESTMENT ADVISORY FEES:
Annual fee before
voluntary fee reductions
(percentage of average
net assets).............. 0.74% 0.69% 0.69% 0.69%
Voluntary fee reductions.. $236,504 $370,196 $109,099 $81,755
ADMINISTRATION FEES:
Annual fee (percentage of
average net assets)...... 0.20% 0.20% 0.20% 0.20%
12B-1 FEES:
Annual fee before
voluntary fee reductions
(percentage of average
net assets).............. 0.25% 0.25% 0.25% 0.25%
Voluntary fee reductions.. $ 95,717 -- -- --
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...... $ 33,070 $105,495 $ 32,198 $37,825
</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 as of
the date acquired:
<TABLE>
<CAPTION>
NET ASSET UNREALIZED
SHARES NET ASSETS VALUE APPRECIATION
--------- ----------- --------- ------------
<S> <C> <C> <C> <C>
Growth Equity Fund............... 4,285,041 $42,850,409 $10.00 $16,460,055
</TABLE>
Continued
- 73 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
NOTES TO FINANCIAL STATEMENTS, CONTINUED
AUGUST 31, 1998
6.FEDERAL INCOME TAX INFORMATION (UNAUDITED)
During the year ended August 31, 1998, the funds declared long-term capital
distributions in the following amounts:
<TABLE>
<S> <C>
Intermediate Tax-Free Bond Fund.................................. $ 181,702
Balanced Fund.................................................... 1,736,199
Equity Fund...................................................... 15,023,573
Aggressive Growth Fund........................................... 7,598,060
</TABLE>
For the taxable year ended August 31, 1998, the following percentages of
income dividends paid by the Funds qualify for the dividends received
deduction available to corporations:
<TABLE>
<CAPTION>
QUALIFIED
DIVIDEND INCOME
---------------
<S> <C>
Balanced Fund................................................. 12.50%
Equity Fund................................................... 33.88%
Growth Equity Fund............................................ 100.00%
</TABLE>
During the year ended August 31, 1998, the American Performance Intermediate
Tax-Free Bond Fund declared tax-exempt income distributions of $1,267,857.
- 74 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
U.S. TREASURY FUND
-----------------------------------------------------
YEAR ENDED AUGUST 31,
-----------------------------------------------------
1998 1997 1996 1995 1994
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
--------- --------- --------- --------- ---------
INVESTMENT ACTIVITIES
Net investment income.. 0.048 0.046 0.047 0.048 0.028
--------- --------- --------- --------- ---------
DISTRIBUTIONS
Net investment income.. (0.048) (0.046) (0.047) (0.048) (0.028)
--------- --------- --------- --------- ---------
NET ASSET VALUE, END OF
PERIOD................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========= ========= ========= ========= =========
Total Return............ 4.94% 4.74% 4.85% 4.95% 2.87%
RATIOS/SUPPLEMENTAL
DATA:
Net Assets at end of
period (000).......... $ 388,319 $ 298,424 $ 217,406 $ 187,007 $ 165,353
Ratio of expenses to
average net assets.... 0.72% 0.72% 0.74% 0.75% 0.81%
Ratio of net investment
income to average net
assets................ 4.83% 4.65% 4.74% 4.88% 2.81%
Ratio of expenses to
average net assets*... 0.97% 0.97% 0.99% 1.00% 1.01%
Ratio of net investment
income to average net
assets*............... 4.58% 4.40% 4.49% 4.63% 2.61%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
- 75 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
CASH MANAGEMENT FUND
---------------------------------------------------
YEAR ENDED AUGUST 31,
---------------------------------------------------
1998 1997 1996 1995 1994
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING
OF PERIOD................ $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- --------
INVESTMENT ACTIVITIES
Net investment income.... 0.050 0.049 0.050 0.052 0.030
Net realized gains
(losses) on investments. -- (0.010) -- -- --
-------- -------- -------- -------- --------
Total from Investment
Activities............. 0.050 0.039 0.050 0.052 0.030
-------- -------- -------- -------- --------
DISTRIBUTIONS
Net investment income.... (0.050) (0.049) (0.050) (0.052) (0.030)
-------- -------- -------- -------- --------
Total Distributions..... (0.050) (0.049) (0.050) (0.052) (0.030)
-------- -------- -------- -------- --------
Capital contribution..... -- 0.010 -- -- --
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF
PERIOD................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ========
Total Return.............. 5.14% 5.05%(a) 5.14% 5.30% 3.08%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of
period (000)............ $466,571 $331,095 $375,797 $194,807 $195,490
Ratio of expenses to
average net assets...... 0.71% 0.72% 0.71% 0.74% 0.78%
Ratio of net investment
income to average net
assets.................. 5.02% 4.93% 5.01% 5.18% 3.05%
Ratio of expenses to
average net assets*..... 0.96% 0.97% 0.96% 0.99% 0.98%
Ratio of net investment
income to average net
assets*................. 4.77% 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%.
See notes to financial statements.
- 76 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERMEDIATE TAX-FREE BOND FUND
-------------------------------------------
YEAR ENDED AUGUST 31,
-------------------------------------------
1998 1997 1996 1995 1994
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD........................... $ 10.78 $ 10.57 $ 10.67 $ 10.42 $ 10.77
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income............ 0.48 0.49 0.49 0.51 0.54
Net realized and unrealized gains
(losses) on investments......... 0.28 0.21 (0.10) 0.25 (0.35)
------- ------- ------- ------- -------
Total from Investment
Activities..................... 0.76 0.70 0.39 0.76 0.19
------- ------- ------- ------- -------
DISTRIBUTIONS
Net investment income............ (0.48) (0.49) (0.49) (0.51) (0.54)
Net realized gains............... (0.07) -- -- -- --
------- ------- ------- ------- -------
Total Distributions............. (0.55) (0.49) (0.49) (0.51) (0.54)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD.... $ 10.99 $ 10.78 $ 10.57 $ 10.67 $ 10.42
======= ======= ======= ======= =======
Total Return (excludes sales
charge).......................... 7.28% 6.79% 3.68% 7.62% 1.76%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000)........................... $30,454 $26,544 $31,036 $28,114 $30,097
Ratio of expenses to average net
assets.......................... 0.74% 0.74% 0.75% 0.51% 0.25%
Ratio of net investment income to
average net assets.............. 4.44% 4.61% 4.58% 4.99% 5.06%
Ratio of expenses to average net
assets*......................... 1.19% 1.19% 1.20% 1.24% 1.44%
Ratio of net investment income to
average net assets*............. 3.99% 4.16% 4.13% 4.25% 3.87%
Portfolio turnover............... 19.10% 11.38% 19.53% 8.35% 14.33%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
- 77 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SHORT-TERM INCOME FUND
----------------------------------------
YEAR ENDED AUGUST 31, OCTOBER 19,
------------------------- 1994
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............... 0.62 0.61 0.59 0.52
Net realized and unrealized gains
(losses) on investments............ 0.20 0.14 (0.14) (0.05)
------- ------- ------- -------
Total from Investment Activities... 0.82 0.75 0.45 0.47
------- ------- ------- -------
DISTRIBUTIONS
Net investment income............... (0.62) (0.61) (0.59) (0.52)
In excess of net investment income.. -- (0.01) -- --
Net realized gains.................. -- -- (0.01) --
In excess of net realized gains..... -- -- (0.01) --
------- ------- ------- -------
Total Distributions................ (0.62) (0.62) (0.61) (0.52)
------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD....... $ 10.12 $ 9.92 $ 9.79 $ 9.95
======= ======= ======= =======
Total Return (excludes sales charge). 8.47% 7.85% 4.64% 4.81%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period (000)... $32,390 $15,658 $14,399 $10,228
Ratio of expenses to average net
assets............................. 0.41% 0.33% 0.41% 0.57%(b)
Ratio of net investment income to
average net assets................. 6.15% 6.14% 5.95% 5.96%(b)
Ratio of expenses to average net
assets*............................ 1.22% 1.16% 1.24% 1.47%(b)
Ratio of net investment income to
average net assets*................ 5.34% 5.31% 5.12% 5.06%(b)
Portfolio turnover.................. 60.02% 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.
- 78 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERMEDIATE BOND FUND
-------------------------------------------
YEAR ENDED AUGUST 31,
-------------------------------------------
1998 1997 1996 1995 1994
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD.......................... $ 10.23 $ 10.01 $ 10.26 $ 10.23 $ 11.06
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income........... 0.61 0.60 0.60 0.61 0.61
Net realized and unrealized
gains (losses) on investments.. 0.27 0.22 (0.25) 0.06 (0.73)
------- ------- ------- ------- -------
Total from Investment
Activities.................... 0.88 0.82 0.35 0.67 (0.12)
------- ------- ------- ------- -------
DISTRIBUTIONS:
Net investment income........... (0.61) (0.60) (0.60) (0.61) (0.61)
Net realized gains.............. -- -- -- -- (0.06)
In excess of net realized gains. -- -- -- (0.03) (0.04)
------- ------- ------- ------- -------
Total Distributions............ (0.61) (0.60) (0.60) (0.64) (0.71)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD... $ 10.50 $ 10.23 $ 10.01 $ 10.26 $ 10.23
======= ======= ======= ======= =======
Total Return (excludes sales
charge)......................... 8.80% 8.38% 3.41% 6.81% (1.14)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000).......................... $85,382 $77,319 $63,088 $74,395 $84,144
Ratio of expenses to average net
assets......................... 0.95% 0.93% 0.95% 0.98% 0.98%
Ratio of net investment income
to average net assets.......... 5.86% 5.89% 5.84% 6.00% 5.72%
Ratio of expenses to average net
assets*........................ 1.15% 1.13% 1.15% 1.18% 1.18%
Ratio of net investment income
to average net assets*......... 5.66% 5.69% 5.64% 5.80% 5.52%
Portfolio turnover.............. 31.98% 40.77% 129.97% 154.43% 76.30%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
- 79 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
BOND FUND
----------------------------------------------
YEAR ENDED AUGUST 31,
----------------------------------------------
1998 1997 1996 1995 1994
------- ------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD....................... $ 9.29 $ 8.99 $ 9.29 $ 9.36 $ 11.05
------- ------- -------- -------- --------
INVESTMENT ACTIVITIES
Net investment income........ 0.57 0.58 0.57 0.56 0.58
Net realized and unrealized
gains (losses) on
investments................. 0.47 0.30 (0.30) 0.15 (0.77)
------- ------- -------- -------- --------
Total from Investment
Activities................. 1.04 0.88 0.27 0.71 (0.19)
------- ------- -------- -------- --------
DISTRIBUTIONS
Net investment income........ (0.57) (0.58) (0.57) (0.56) (0.58)
Net realized gains........... -- -- -- -- (0.43)
In excess of net realized
gains....................... -- -- -- (0.22) (0.49)
------- ------- -------- -------- --------
Total Distributions......... (0.57) (0.58) (0.57) (0.78) (1.50)
------- ------- -------- -------- --------
NET ASSET VALUE, END OF
PERIOD....................... $ 9.76 $ 9.29 $ 8.99 $ 9.29 $ 9.36
======= ======= ======== ======== ========
Total Return (excludes sales
charge)...................... 11.54% 10.03% 2.84% 8.21% (1.92)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000)....................... $52,706 $35,454 $ 32,807 $ 37,293 $ 38,257
Ratio of expenses to average
net assets.................. 0.96% 0.94% 0.96% 1.03% 1.05%
Ratio of net investment
income to average net
assets...................... 6.02% 6.29% 6.08% 6.18% 5.72%
Ratio of expenses to average
net assets*................. 1.16% 1.14% 1.16% 1.23% 1.25%
Ratio of net investment
income to average net
assets*..................... 5.82% 6.09% 5.88% 5.98% 5.52%
Portfolio turnover........... 47.80% 83.65% 61.02% 185.48% 122.14%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
- 80 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
BALANCED FUND
--------------------------------------
JUNE 1,
YEAR ENDED AUGUST 31, 1995 TO
-------------------------- 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............... 0.40 0.41 0.35 0.08
Net realized and unrealized gains on
investments........................ 0.21 2.46 0.79 0.62
------- ------- -------- --------
Total from Investment Activities... 0.61 2.87 1.14 0.70
------- ------- -------- --------
DISTRIBUTIONS
Net investment income............... (0.34) (0.41) (0.35) (0.08)
Net realized gains.................. (1.28) (0.36) (0.13) --
------- ------- -------- --------
Total Distributions................ (1.62) (0.77) (0.48) (0.08)
------- ------- -------- --------
NET ASSET VALUE, END OF PERIOD....... $ 12.37 $ 13.38 $ 11.28 $ 10.62
======= ======= ======== ========
Total Return (excludes sales charge). 4.55% 26.33% 10.87% 6.98%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period (000)... $40,656 $30,249 $ 22,592 $ 12,842
Ratio of expenses to average net
assets............................. 0.47% 0.36% 0.38% 0.90%(b)
Ratio of net investment income to
average net assets................. 3.02% 3.34% 3.27% 3.17%(b)
Ratio of expenses to average net
assets*............................ 1.34% 1.38% 1.40% 1.92%(b)
Ratio of net investment income to
average net assets*................ 2.15% 2.32% 2.25% 2.15%(b)
Portfolio turnover.................. 78.07% 66.12% 71.89% 18.68%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Annualized.
(c) Not annualized.
See notes to financial statements.
- 81 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY FUND
---------------------------------------------
YEAR ENDED AUGUST 31,
---------------------------------------------
1998 1997 1996 1995 1994
-------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD......................... $ 17.33 $ 13.73 $ 12.33 $ 11.85 $ 12.78
-------- -------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment income.......... 0.08 0.13 0.18 0.20 0.14
Net realized and unrealized
gains on investments.......... 0.19 5.03 2.04 1.77 0.40
-------- -------- ------- ------- -------
Total from Investment
Activities................... 0.27 5.16 2.22 1.97 0.54
-------- -------- ------- ------- -------
DISTRIBUTIONS
Net investment income.......... (0.07) (0.13) (0.18) (0.19) (0.14)
In excess of net investment
income........................ -- (0.01) -- -- --
Net realized gains............. (2.47) (1.42) (0.64) (0.39) (1.33)
In excess of net realized
gains......................... -- -- -- (0.91) --
-------- -------- ------- ------- -------
Total Distributions........... (2.54) (1.56) (0.82) (1.49) (1.47)
-------- -------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD.. $ 15.06 $ 17.33 $ 13.73 $ 12.33 $ 11.85
======== ======== ======= ======= =======
Total Return (excludes sales
charge)........................ 0.79% 40.23% 18.53% 19.74% 4.66%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period
(000)......................... $166,965 $170,887 $86,352 $76,398 $84,618
Ratio of expenses to average
net assets.................... 1.07% 1.06% 1.08% 1.14% 1.12%
Ratio of net investment income
to average net assets......... 0.44% 0.88% 1.35% 1.73% 1.32%
Ratio of expenses to average
net assets*................... 1.26% 1.25% 1.27% 1.33% 1.31%
Ratio of net investment income
to average net assets*........ 0.25% 0.69% 1.16% 1.54% 1.13%
Portfolio turnover............. 72.10% 93.82% 67.46% 100.44% 159.30%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
- 82 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
GROWTH EQUITY
-------------
NOVEMBER 3,
1997 THROUGH
AUGUST 31,
1998(A)
-------------
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD............................. $ 10.00
-------
INVESTMENT ACTIVITIES
Net investment income........................................... 0.02
Net realized and unrealized gains on investments................ 1.25
-------
Total from Investment Activities............................... 1.27
-------
DISTRIBUTIONS
Net investment income........................................... (0.02)
-------
NET ASSET VALUE, END OF PERIOD................................... $ 11.25
=======
Total Return (excludes sales charge)............................. 12.69%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of period (000)............................... $78,677
Ratio of expenses to average net assets......................... 1.12%(b)
Ratio of net investment income to average net assets............ 0.24%(b)
Ratio of expenses to average net assets*........................ 1.31%(b)
Ratio of net investment income to average net assets*........... 0.05%(b)
Portfolio turnover.............................................. 36.08%
</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.
- 83 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
AGGRESSIVE GROWTH FUND
-----------------------------------------------
YEAR ENDED AUGUST 31,
-----------------------------------------------
1998 1997 1996 1995 1994
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD..... $ 18.88 $ 16.29 $ 16.31 $ 11.99 $ 11.96
------- ------- ------- ------- -------
INVESTMENT ACTIVITIES
Net investment loss..... (0.06) (0.06) (0.04) (0.06) (0.04)
Net realized and
unrealized gains
(losses) on
investments............ (5.18) 2.65 0.30 4.38 0.07
------- ------- ------- ------- -------
Total from Investment
Activities............ (5.24) 2.59 0.26 4.32 0.03
------- ------- ------- ------- -------
DISTRIBUTIONS
Net realized gains...... (2.59) -- (0.28) -- --
------- ------- ------- ------- -------
Total Distributions.... (2.59) -- (0.28) -- --
------- ------- ------- ------- -------
NET ASSET VALUE, END OF
PERIOD.................. $ 11.05 $ 18.88 $ 16.29 $ 16.31 $ 11.99
======= ======= ======= ======= =======
Total Return (excludes
sales charge)........... (30.85)% 15.90 % 1.77% 36.03% 0.25%
RATIOS/SUPPLEMENTAL DATA:
Net Assets at end of
period (000)........... $22,998 $58,982 $43,278 $38,008 $24,775
Ratio of expenses to
average net assets..... 1.10% 1.08% 1.11% 1.27% 1.35%
Ratio of net investment
loss to average net
assets................. (0.27)% (0.56)% (0.35)% (0.62)% (0.69)%
Ratio of expenses to
average net assets*.... 1.29% 1.27% 1.30% 1.45% 1.55%
Ratio of net investment
loss to average net
assets*................ (0.46)% (0.75)% (0.54)% (0.81)% (0.89)%
Portfolio turnover...... 138.15% 76.47% 32.89% 27.16% 18.76%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
- 84 -
<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 43215
