To the Board of Directors of
American Performance Funds
and the
Securities and Exchange Commission:
We have examined management's assertion about the American Performance Funds'
(the Funds) compliance with the requirements of subsection (b) and (c) of Rule
17f-2 under the Investment Company Act of 1940 (the Act) as of June 30, 1998,
included in the accompanying Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940. Management is
responsible for the Funds' compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Funds' compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of June 30, 1998, and with respect to agreement of security
purchases and sales, for the period from November 28, 1997 (the date of our last
examination) through June 30, 1998:
1. Confirmation of all securities held by Bank of Oklahoma, N.A. in book
entry form;
2. Verification of all securities purchased/sold but not
received/delivered and securities in transit via examination of
underlying trade ticket or broker confirmation;
3. Reconciliation of all such securities to the books and records of the
Funds and the Bank of Oklahoma, N.A.;
4. Confirmation of all repurchase agreements with brokers/banks and
agreement of underlying collateral with the Bank of Oklahoma, N.A.
records; and
5. Agreement of fifteen selected security purchases, sales or maturities
since our last report from the books and records of the Funds to broker
confirmations.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Funds' compliance with
specified requirements.
In our opinion, management's assertion that the Funds were in compliance with
the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of June 30, 1998, with respect to securities reflected in
the investment account of the Funds is fairly stated, in all material respects.
This report is intended solely for the information and use of management of the
American Performance Funds and the Securities and Exchange Commission and should
not be used for any other purpose.
Columbus, Ohio
August 31, 1998
