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 November 28, 1997
and for the period from August 29, 1997 through November 28, 1997, 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 November 28, 1997 and for the period August 29, 1997 (the date
of our last examination) through November 28, 1997, with respect to securities
transactions, without prior notice to management:
1. Confirmation of all securities held as of November 28, 1997 by
subcustodians;
2. Verification of all securities purchased/sold but not
received/delivered and securities in transit as of November 28, 1997
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 as of November 28, 1997 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 date 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 above mentioned provisions of Rule 17f-2 of the Investment Company Act of
1940 as of November 28, 1997 and for the period from August 29, 1997 through
November 28, 1997 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
January 15, 1998
